Allianz Variable Insurance Products Trust

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Ste.200, Columbus, OH 43219-8000

This report is submitted for the general information of the shareholder of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus, which contains details concerning the sales charges and other pertinent information.

As a shareholder of the AZL BlackRock Global Allocation Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.

The Actual Expense table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Consolidated Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
Common Stocks		52.1	%
U.S. Treasury Obligations		21.8
Foreign Bonds		9.6
Securities Held as Collateral for Securities on Loan		6.7
Corporate Bonds		4.2
Exchange Traded Funds		3.7
Yankee Dollars		2.6
Money Markets		2.3
Preferred Stocks		1.2
Convertible Bonds		1.0
Bank Loans		0.4
Purchased Options		0.4
Convertible Preferred Stocks		0.3
Collateralized Mortgage Obligations		0.1
Private Placements		—	^
Purchased Swaptions		—	^
Warrants		—	^

Total Investment Securities		106.4
Net other assets (liabilities)		(6.4	)

Net Assets		100.0	%

^	Represents less than 0.05%

Consolidated Portfolio Composition

(Unaudited)


Investments	Percent of Net Assets
United States		67.3	%
Japan		9.5
United Kingdom		5.0
France		3.0
Germany		2.4
Australia		1.7
Netherlands		1.5
Mexico		1.4
Poland		1.3
Canada		1.3
All other countries		12.0

Total Investment Securities		106.4
Net other assets (liabilities)		(6.4	)

Net Assets		100.0	%


Shares			Fair Value
	Common Stocks (52.1%):
	Aerospace & Defense (0.8%):
	67,754	BAE Systems plc	$	559,742
	301	Boeing Co. (The)		59,523
	476	Dassault Aviation SA		665,201
	389	General Dynamics Corp.		77,060
	71,100	Meggitt plc		442,221
	276	Northrop Grumman Corp.		70,852
	314	Raytheon Co.		50,705
	16,533	Safran SA^		1,516,300

				3,441,604

	Airlines (1.1%):
	16,620	Azul SA, ADR*		350,350
	21,110	Delta Air Lines, Inc.		1,134,451
	43,600	Japan Airlines Co., Ltd.		1,348,998
	25,414	United Continental Holdings, Inc.*		1,912,404

				4,746,203

	Auto Components (1.5%):
	9,900	Aisin Sieki Co., Ltd.		507,796
	21,300	Bridgestone Corp.		919,903
	112,683	Cheng Shin Rubber Industry Co., Ltd.		239,877
	4,508	Compagnie Generale des Establissements Michelin SCA, Class B^		599,252
	23,800	Denso Corp.		1,007,388
	2,600	Exedy Corp.		73,398
	8,200	Futaba Industrial Co., Ltd.		74,288
	1,039	Goodyear Tire & Rubber Co.		36,323
	5,400	Koito Manufacturing Co., Ltd.		278,975
	330	Lear Corp.		46,887
	3,600	Stanley Electric Co., Ltd.		108,894
	32,400	Sumitomo Electric Industries, Ltd.		500,056
	25,300	Toyota Industries Corp.		1,334,921

				5,727,958

	Automobiles (1.0%):
	152,000	Brilliance China Automotive Holdings, Ltd.		276,868
	45,864	Ford Motor Co.		513,218
	19,600	Fuji Heavy Industries, Ltd.		662,576
	2,666	Hero MotoCorp, Ltd.		152,550
	4,141	Hyundai Motor Co.		577,412
	3,540	Maruti Suzuki India, Ltd.		395,572
	39,800	Suzuki Motor Corp.		1,891,776

				4,469,972

	Banks (3.7%):
	24,167	ABN AMRO Group NV		645,698
	140,966	Bank of America Corp.		3,419,836
	28,770	Citigroup, Inc.		1,924,138
	1,048	Fifth Third Bancorp		27,206
	226,023	HSBC Holdings plc		2,097,562
	79,069	ING Groep NV		1,374,977
	18,558	JPMorgan Chase & Co.		1,696,201
	34,390	Kotak Mahindra Bank, Ltd.		507,902
	45,636	State Bank of India		193,355
	39,000	Sumitomo Mitsui Financial Group, Inc.		1,525,913


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	11,000	SunTrust Banks, Inc.	$	623,920
	48,593	Svenska Handelsbanken AB, Class A		698,072
	10,489	Yes Bank, Ltd.		237,305

				14,972,085

	Beverages (0.6%):
	15,057	Anheuser-Busch InBev NV		1,665,910
	14,500	Asahi Breweries, Ltd.		545,993
	376	Constellation Brands, Inc., Class C		72,842
	1,304	PepsiCo, Inc.		150,599

				2,435,344

	Biotechnology (0.9%):
	815	AbbVie, Inc.		59,096
	474	Amgen, Inc.		81,637
	2,250	Biogen Idec, Inc.*		610,560
	30,516	Gilead Sciences, Inc.		2,159,922
	9,025	Invitae Corp.*^		86,279
	6,441	Shire plc		354,796
	1,856	Tesaro, Inc.*^		259,580

				3,611,870

	Building Products (0.6%):
	10,735	Compagnie de Saint-Gobain SA		574,192
	5,000	Daikin Industries, Ltd.		511,430
	12,181	Fortune Brands Home & Security, Inc.^		794,688
	21,659	Masco Corp.		827,591

				2,707,901

	Capital Markets (1.1%):
	299	Ameriprise Financial, Inc.		38,060
	601	Bank of New York Mellon Corp. (The)		30,663
	19,240	Charles Schwab Corp. (The)		826,550
	4,896	Goldman Sachs Group, Inc. (The)		1,086,422
	36,123	Morgan Stanley		1,609,641
	47,706	UBS Group AG		810,094

				4,401,430

	Chemicals (2.9%):
	14,005	Air Products & Chemicals, Inc.		2,003,555
	56,000	Asahi Kasei Corp.		603,322
	40,705	Axalta Coating Systems, Ltd.*		1,304,188
	30,349	E.I. du Pont de Nemours & Co.		2,449,468
	13,413	Evonik Industries AG		428,694
	29,000	Formosa Chemicals & Fibre Corp.		91,064
	31,000	Formosa Plastics Corp.		94,494
	16,600	Hitachi Chemical Co., Ltd.		496,304
	5,600	Kuraray Co., Ltd.		101,755
	623	LG Chem, Ltd.		158,491
	39,000	Nan Ya Plastics Corp.		96,638
	8,600	Nitto Denko Corp.		709,531
	64,100	PTT Global Chemical Public Co., Ltd.		129,277
	19,300	Shin-Etsu Chemical Co., Ltd.		1,753,484
	60,200	Toray Industries, Inc.		504,402
	153,000	Ube Industries, Ltd.		394,411


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	7,475	Umicore SA	$	520,726

				11,839,804

	Commercial Services & Supplies (0.0%):
	1,600	SECOM Co., Ltd.		121,584

	Communications Equipment (0.6%):
	1,248	Cisco Systems, Inc.		39,062
	30,996	CommScope Holding Co., Inc.*		1,178,778
	228,262	Nokia OYJ		1,402,685

				2,620,525

	Construction & Engineering (0.4%):
	11,000	Chiyoda Corp.		64,816
	4,400	ComSys Holdings Corp.		90,711
	13,300	Kinden Corp.		214,625
	5,000	Maeda Road Construction Co., Ltd.		99,849
	5,000	Nippo Corp.		100,675
	36,000	Okumura Corp.		242,494
	1,000	Sho-Bond Holdings Co., Ltd.		50,508
	38,000	Toda Corp.		237,271
	6,840	Vinci SA		584,195

				1,685,144

	Construction Materials (0.0%):
	8,700	Siam Cement PCL		128,595
	900	The Siam Cement Public Co., Ltd.		13,356

				141,951

	Consumer Finance (0.2%):
	587	Capital One Financial Corp.		48,498
	10,088	Discover Financial Services		627,373

				675,871

	Containers & Packaging (0.2%):
	811	Crown Holdings, Inc.*		48,384
	1,124	International Paper Co.		63,630
	704	Packaging Corp. of America		78,419
	12,009	WestRock Co.		680,429

				870,862

	Distributors (0.0%):
	3,700	Canon Marketing Japan, Inc.		84,308

	Diversified Consumer Services (0.0%):
	2,618	H&R Block, Inc.		80,922

	Diversified Financial Services (0.4%):
	1	Berkshire Hathaway, Inc., Class A*		254,700
	8,738	Berkshire Hathaway, Inc., Class B*		1,479,955
	68,000	Fubon Financial Holdings Co., Ltd.		108,425

				1,843,080

	Diversified Telecommunication Services (1.2%):
	54,310	Cellnex Telecom SAU		1,122,644
	41,000	Chunghwa Telecom Co., Ltd.		145,501
	56,468	Deutsche Telekom AG, Registered Shares		1,014,689
	13,076	El Towers SpA		757,565
	82,000	HKT Trust & HKT, Ltd.		107,555


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services, continued
	3,400	Nippon Telegraph & Telephone Corp.	$	160,855
	65,200	Singapore Telecommunications, Ltd.		184,276
	1,090,643	Telecom Italia SpA*^		1,010,671
	32,883	Telecom Italia SpA		24,324
	40,207	Verizon Communications, Inc.		1,795,645

				6,323,725

	Electric Utilities (0.8%):
	6,692	CEZ		116,753
	13,100	Chubu Electric Power Co., Inc.		174,278
	13,000	CK Infrastructure Holdings, Ltd.		109,151
	14,000	CLP Holdings, Ltd.		148,136
	179,491	Enel SpA		966,442
	12,000	Hongkong Electric Holdings, Ltd.		105,906
	14,095	NextEra Energy, Inc.		1,975,132

				3,595,798

	Electrical Equipment (0.4%):
	40,000	GS Yuasa Corp.		174,409
	2,200	Mabuchi Motor Co., Ltd.		109,756
	99,500	Mitsubishi Electric Corp.		1,435,334
	287	Rockwell Automation, Inc.		46,483

				1,765,982

	Electronic Equipment, Instruments & Components (0.5%):
	700	Hirose Electric Co., Ltd.		100,003
	39,400	Hon Hai Precision Industry Co., Ltd.		150,638
	400	Keyence Corp.		176,091
	2,200	Kyocera Corp.		127,565
	7,000	Murata Manufacturing Co., Ltd.		1,066,721
	28,605	VeriFone Systems, Inc.*^		517,751

				2,138,769

	Energy Equipment & Services (0.2%):
	622	Helmerich & Payne, Inc.^		33,799
	9,677	Schlumberger, Ltd.		637,134

				670,933

	Equity Real Estate Investment Trusts (0.2%):
	650	American Tower Corp.		86,008
	17,000	Link REIT (The)		129,348
	300	Simon Property Group, Inc.		48,528
	2,675	Unibail-Rodamco SE^		674,420

				938,304

	Food & Staples Retailing (0.1%):
	7,283	CVS Health Corp.		585,990
	2,579	Jeronimo Martins SGPS SA		50,479
	1,400	Seven & I Holdings Co., Ltd.		57,735

				694,204

	Food Products (1.5%):
	38,200	Ajinomoto Co., Inc.		825,627
	36,480	Danone SA		2,741,809
	3,776	Mondelez International, Inc., Class A		163,085
	22,809	Nestle SA, Registered Shares		1,987,515
	544	Tyson Foods, Inc., Class A		34,071


Shares			Fair Value
	Common Stocks, continued
	Food Products, continued
	77,000	Uni-President Enterprises Corp.	$	154,450
	113,000	Want Want China Holdings, Ltd.^		76,282

				5,982,839

	Gas Utilities (0.4%):
	13,556	Gas Natural SDG SA		318,482
	225,000	Tokyo Gas Co., Ltd.		1,171,939

				1,490,421

	Health Care Equipment & Supplies (0.8%):
	2,822	Baxter International, Inc.		170,844
	65	Cooper Cos., Inc. (The)		15,562
	23,600	HOYA Corp.		1,229,292
	1,921	Medtronic plc		170,489
	220	Stryker Corp.^		30,532
	12,437	Zimmer Holdings, Inc.		1,596,910

				3,213,629

	Health Care Providers & Services (2.2%):
	12,078	Acadia Healthcare Co., Inc.*^		596,412
	13,853	Aetna, Inc.		2,103,302
	4,300	Alfresa Holdings Corp.		83,052
	5,900	Anthem, Inc.		1,109,967
	43,744	Brookdale Senior Living, Inc.*		643,474
	822	Cardinal Health, Inc.		64,050
	13,621	HCA Holdings, Inc.*		1,187,751
	260	McKesson Corp.		42,780
	5,000	Medipal Holdings Corp.		92,630
	36,832	NMC Health plc		1,047,982
	456,898	PT Siloam International Hospital Tbk*		387,356
	99,143	Spire Healthcare Group plc		418,692
	2,200	Suzuken Co., Ltd.		73,159
	42,551	Tenet Healthcare Corp.*^		822,936
	1,034	UnitedHealth Group, Inc.		191,724

				8,865,267

	Hotels, Restaurants & Leisure (0.5%):
	13,260	Accor SA		624,769
	524	McDonald’s Corp.		80,256
	257	Royal Caribbean Cruises, Ltd.		28,072
	4,509	Sodexo SA		582,903
	9,532	Starbucks Corp.		555,810
	692	Wyndham Worldwide Corp.		69,484

				1,941,294

	Household Durables (0.4%):
	3,000	Alpine Electronics, Inc.		44,962
	11,576	Berkeley Group Holdings plc (The)		486,519
	1,379	Coway Co., Ltd.		125,381
	3,250	Mohawk Industries, Inc.*		785,493
	2,800	Rinnai Corp.		261,284

				1,703,639

	Household Products (0.0%):
	1,759	Colgate-Palmolive Co.		130,395


Shares			Fair Value
	Common Stocks, continued
	Independent Power & Renewable Electricity Producers (0.2%):
	14,830	NextEra Energy Partners LP^	$	548,561
	13,583	Vistra Energy Corp.^		228,059

				776,620

	Industrial Conglomerates (0.8%):
	243	3M Co., Class C		50,590
	6,695	General Electric Co.		180,832
	1,900	Jardine Matheson Holdings, Ltd.		122,017
	58,641	Koninklijke Philips Electronics NV		2,087,131
	3,963	Siemens AG, Registered Shares		544,828
	27,412	Smiths Group plc		571,007

				3,556,405

	Insurance (1.5%):
	11,212	Allstate Corp. (The)		991,589
	486	American International Group, Inc.		30,385
	25,136	AXA SA		692,635
	834	Axis Capital Holdings, Ltd.		53,926
	68,000	Cathay Financial Holding Co., Ltd.		112,068
	6,959	Chubb, Ltd.		1,011,699
	2,255	Hartford Financial Services Group, Inc. (The)		118,545
	11,249	Marsh & McLennan Cos., Inc.		876,972
	18,654	MetLife, Inc.		1,024,852
	567	Prudential Financial, Inc.		61,315
	483	Reinsurance Group of America, Inc.		62,012
	20,800	Tokio Marine Holdings, Inc.		864,304
	1,187	Travelers Cos., Inc. (The)		150,191
	9,403	UnumProvident Corp.		438,462

				6,488,955

	Internet & Direct Marketing Retail (1.1%):
	3,796	Amazon.com, Inc.*		3,674,528
	4,385	Expedia, Inc.^		653,146
	10,345	TripAdvisor, Inc.*^		395,179

				4,722,853

	Internet Software & Services (1.7%):
	11,883	Alibaba Group Holding, Ltd., ADR*^		1,674,315
	2,192	Alphabet, Inc., Class C*		1,991,936
	95,700	Dropbox, Inc.(a)(b)		1,149,357
	15,880	Facebook, Inc., Class A*		2,397,563
	5,547	Lookout, Inc.(a)(b)		3,550
	774	VeriSign, Inc.*^		71,951

				7,288,672

	IT Services (0.8%):
	541	Accenture plc, Class C		66,911
	158	Alliance Data Systems Corp.		40,557
	1,119	Amdocs, Ltd.		72,131
	6,193	Global Payments, Inc.		559,352
	61,888	Infosys, Ltd.		899,377
	6,112	MasterCard, Inc., Class A		742,302
	28,949	Sabre Corp.^		630,220
	7,562	Visa, Inc., Class A^		709,164

				3,720,014


Shares			Fair Value
	Common Stocks, continued
	Leisure Products (0.0%):
	3,100	Yamaha Corp.	$	107,320

	Life Sciences Tools & Services (0.0%):
	743	Thermo Fisher Scientific, Inc.		129,631

	Machinery (1.2%):
	222	Cummins, Inc.		36,013
	21,548	Doosan Bobcat, Inc.		670,637
	10,965	GEA Group AG^		449,895
	7,600	Hino Motors, Ltd.		84,542
	329	Illinois Tool Works, Inc.		47,129
	29,900	Komatsu, Ltd.		762,354
	31,400	Kubota Corp.		529,212
	3,100	Kurita Water Industries, Ltd.		84,606
	2,500	Makita Corp.		92,587
	83,839	SKF AB, Class B		1,707,371
	349	WABCO Holdings, Inc.*		44,501

				4,508,847

	Media (2.0%):
	3,442	Charter Communications, Inc., Class A*		1,159,439
	76,732	Comcast Corp., Class A		2,986,410
	9,119	DISH Network Corp., Class A*		572,308
	2,791	Liberty Broadband Corp., Class A*		239,440
	6,835	Liberty Broadband Corp., Class C*^		592,936
	6,520	Liberty Global plc, Class A*		209,422
	4,089	Liberty Media Group, Class C*(a)		149,739
	10,006	Liberty SiriusXM Group, Class A*		420,052
	16,601	Liberty SiriusXM Group, Class C*		692,262
	7,600	Nippon Television Holdings, Inc.		127,925
	340	Omnicom Group, Inc.^		28,186
	67,324	RAI Way SpA		336,152
	594	Scripps Networks Interactive, Class C^		40,576
	8,600	SKY Perfect JSAT Holdings, Inc.		37,030
	3,300	Toho Co., Ltd.		101,725
	5,200	TV Asahi Holdings Corp.		93,910
	36,349	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA		220,808

				8,008,320

	Metals & Mining (0.0%):
	16,186	Platinum Group Metals, Ltd.*^		13,607
	78,543	Platinum Group Metals, Ltd.*^		65,630
	483	POSCO		120,999
	10,300	Tokyo Steel Manufacturing Co., Ltd.		87,104
	2,300	Yamato Kogyo Co., Ltd.		59,072

				346,412

	Multiline Retail (0.3%):
	20,724	Target Corp.^		1,083,658

	Multi-Utilities (0.8%):
	846	CenterPoint Energy, Inc.		23,163
	54,374	Innogy Se		2,139,715
	3,860	National Grid plc		47,900
	7,386	Sempra Energy		832,772

				3,043,550


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels (4.2%):
	37,395	Anadarko Petroleum Corp.	$	1,695,489
	36,927	BP plc, ADR		1,279,521
	56,427	BP plc		325,920
	224	Chevron Corp.		23,370
	117,372	Coal India, Ltd.		443,662
	131,236	EnCana Corp.		1,154,877
	11,575	EQT Corp.^		678,179
	21,000	Formosa Petrochemical Corp.		72,511
	78,400	INPEX Corp.		756,204
	71,085	Marathon Oil Corp.^		842,357
	42,491	Marathon Petroleum Corp.		2,223,555
	33,753	Oil & Natural Gas Corp., Ltd.		82,072
	614	Phillips 66		50,772
	67,105	Reliance Industries, Ltd.*		1,430,057
	37,786	Royal Dutch Shell plc, Class A, ADR		2,009,838
	40,598	Royal Dutch Shell plc, Class A		1,079,678
	13,209	Snam SpA		57,766
	29,200	Thai Oil Public Co., Ltd.		67,921
	680	Total SA, ADR		33,721
	17,782	Total SA		880,918
	1,278	Valero Energy Corp.		86,214
	55,727	Williams Cos., Inc. (The)		1,687,414

				16,962,016

	Personal Products (0.4%):
	21,630	Edgewell Personal Care Co.*^		1,644,313
	1,724	Unilever NV		95,264

				1,739,577

	Pharmaceuticals (2.4%):
	5,200	Astellas Pharma, Inc.		63,678
	14,043	Bayer AG, Registered Shares		1,816,695
	1,603	Bristol-Myers Squibb Co.		89,319
	15,504	Catalent, Inc.*		544,190
	91,959	GlaxoSmithKline plc		1,958,459
	872	Gw Pharmaceuticals, ADR*		87,418
	1,304	Johnson & Johnson Co.		172,506
	1,522	Novartis AG, Registered Shares		127,140
	3,000	Otsuka Holdings Co., Ltd.		127,959
	16,621	Perrigo Co. plc^		1,255,218
	79,629	Pfizer, Inc.		2,674,739
	10,224	Sanofi-Aventis SA		982,517
	1,500	Sawai Pharmaceutical Co., Ltd.		84,326

				9,984,164

	Professional Services (0.1%):
	303	Manpower, Inc.		33,830
	8,876	Randstad Holding NV		518,976

				552,806

	Real Estate Management & Development (1.3%):
	322,400	CapitaLand, Ltd.		819,884
	28,000	Hang Lung Properties, Ltd.		69,940
	34,600	Mitsubishi Estate Co., Ltd.		646,460
	50,000	Sino Land Co., Ltd.		81,982


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development, continued
	111,666	Sun Hung Kai Properties, Ltd.	$	1,640,646
	11,000	Swire Pacific, Ltd., Class A		107,436
	49,034	The St. Joe Co.*^		919,388
	15,541	Vonovia SE		617,434
	17,000	Wharf Holdings, Ltd. (The)		140,924

				5,044,094

	Road & Rail (1.0%):
	76,500	ComfortDelGro Corp., Ltd.		127,987
	18,300	East Japan Railway Co.		1,751,773
	14,885	Kansas City Southern		1,557,715
	9,800	Kyushu Railway Co.		318,165
	5,700	Seino Holdings Co., Ltd.		75,866
	7,100	West Japan Railway Co.		502,111

				4,333,617

	Semiconductors & Semiconductor Equipment (1.0%):
	367	Analog Devices, Inc.		28,553
	1,448	Intel Corp.		48,856
	579	KLA-Tencor Corp.		52,984
	48,512	QUALCOMM, Inc.		2,678,832
	30,300	Renesas Electronics Corp.*		265,136
	12,200	ROHM Co., Ltd.		940,004

				4,014,365

	Software (1.9%):
	488	Adobe Systems, Inc.*		69,023
	5,969	Electronic Arts, Inc.*		631,043
	2,015	Intuit, Inc.		267,612
	11,965	Microsoft Corp.		824,747
	2,300	Nintendo Co., Ltd.		769,890
	7,986	Nuance Communications, Inc.*		139,036
	26,331	Snap, Inc., Class A*^		467,902
	3,000	Trend Micro, Inc.		154,801
	68,532	Uber Technologies, Inc.(a)(b)		3,692,504
	9,730	UbiSoft Entertainment SA*		552,358
	6,327	VMware, Inc., Class A*^		553,170

				8,122,086

	Specialty Retail (1.3%):
	5,634	Advance Auto Parts, Inc.		656,868
	6,749	Bed Bath & Beyond, Inc.^		205,170
	5,846	Home Depot, Inc. (The)		896,776
	27,039	Lowe’s Cos., Inc.		2,096,334
	2,641	O’Reilly Automotive, Inc.*^		577,692
	800	Shimamura Co., Ltd.		97,921
	14,777	Urban Outfitters, Inc.*^		273,966
	12,502	Williams-Sonoma, Inc.^		606,347
	12,900	Yamada Denki Co., Ltd.		64,111

				5,475,185

	Technology Hardware, Storage & Peripherals (1.1%):
	28,338	Apple, Inc.(c)		4,081,238
	2,800	Fujifilm Holdings Corp.		100,805
	48,350	Pure Storage, Inc., Class A*^		619,364


Shares			Fair Value
	Common Stocks, continued
	Technology Hardware, Storage & Peripherals, continued
	397	Western Digital Corp.	$	35,174

				4,836,581

	Textiles, Apparel & Luxury Goods (0.5%):
	11,137	Luxottica Group SpA		646,123
	25,337	Michael Kors Holdings, Ltd.*		918,466
	250	PVH Corp.		28,625
	6,644	Ralph Lauren Corp.		490,327

				2,083,541

	Tobacco (0.1%):
	1,380	Altria Group, Inc.		102,769
	3,200	Japan Tobacco, Inc.		112,488
	4,328	KT&G Corp.		442,385

				657,642

	Trading Companies & Distributors (0.0%):
	453	United Rentals, Inc.*^		51,058

	Transportation Infrastructure (0.0%):
	8,000	Kamigumi Co., Ltd.		83,967

	Wireless Telecommunication Services (1.2%):
	30,300	Advanced Information Service plc		158,416
	2,383	China Mobile, Ltd., ADR		126,513
	44,000	Far EasTone Telecommunications Co., Ltd.		112,112
	89,900	Intouch Holdings Public Co., Ltd.		150,884
	14,100	KDDI Corp.		373,588
	9,900	NTT DoCoMo, Inc.		233,722
	562	SK Telecom Co., Ltd.		130,495
	46,000	Taiwan Mobile Co., Ltd.		172,900
	21,410	Vodafone Group plc, ADR		615,109
	648,566	Vodafone Group plc		1,840,143

				3,913,882

	Total Common Stocks (Cost $180,273,787)			217,569,455

	Preferred Stocks (1.2%):
	Banks (0.2%):
	14,703	Citigroup Capital XIII, Series A, 7.54%^		381,983
	7,094	U.S. Bancorp, Series F, 6.50%^		210,621
	84,000	USB Capital IX, 3.50%		74,584

				667,188

	Commercial Services & Supplies (0.0%):
	2,054	Stericycle, Inc., 5.25%^		137,495

	Consumer Finance (0.1%):
	16,151	GMAC Capital Trust I, Series 2, 6.97%		423,156

	Equity Real Estate Investment Trusts (0.1%):
	6,282	Welltower, Inc., Series I, 6.50%		416,245

	Health Care Providers & Services (0.2%):
	16,242	Anthem, Inc., 5.25%		857,903
	143,925	Grand Rounds, Inc.(a)(b)		437,532

				1,295,435

	Internet Software & Services (0.2%):
	63,925	Lookout, Inc., Preferred Shares, Series F*(a)(b)		636,693


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Preferred Stocks, continued
	Multi-Utilities (0.2%):
	13,401	Dominion Resources, Inc., 6.75%^	$	674,338

	Software (0.2%):
	116,157	Palantir Technologies, Inc., Series I*(a)(b)		930,418

	Total Preferred Stocks (Cost $4,722,123)			5,180,968

	Warrant (0.0%):
	Paper & Forest Products (0.0%):
	157,250	TFS Corp., Ltd.		169

	Total Warrant (Cost $—)			169

	Convertible Preferred Stocks (0.3%):
	Banks (0.0%):
	131	Wells Fargo & Co., Series L, Class A, 7.50%		171,774

	Internet Software & Services (0.3%):
	144,482	Domo, Inc., Series E*(a)(b)		1,277,221

	Total Convertible Preferred Stocks (Cost $1,361,004)			1,448,995

	Private Placements (0.0%):
	Household Durables (0.0%):
$	3,065,000	AliphCom, Inc., 12.00%, 4/1/20(a)(b)(d)		76,931
	23,389	Jawbone, 0.00%*(a)(b)		63,852

				140,783

	Oil, Gas & Consumable Fuels (0.0%):
	268,000	Project Samson BND Corp., 12.00%, 4/1/20(a)(b)(d)		6,727

	Total Private Placements (Cost $3,333,000)			147,510

	Convertible Bonds (1.0%):
	Diversified Telecommunication Services (0.2%):
	300,000	Telefonica SA, Series TIT, 6.00%, 7/24/17+(e)		323,002
	500,000	Telefonica SA, Series TEF, 4.90%, 9/25/17+		530,457

				853,459

	Electrical Equipment (0.0%):
	56,000	Suzlon Energy, Ltd., Series SUEL, 5.75%, 7/16/19(d)(e)		61,600

	Food Products (0.0%):
	400,000	REI Agro, Ltd., Registered Shares, 5.50%, 11/13/14(b)(f)		2,000

	Multi-Utilities (0.0%):
	3,561	Dominion Resources, Inc., 6.38%, 7/1/17^		170,216

	Oil, Gas & Consumable Fuels (0.2%):
	486,000	Cobalt International Energy, Inc., 2.63%, 12/1/19		126,360
	596,000	Cobalt International Energy, Inc., 3.13%, 5/15/24		119,200
	631,620	Dana Gas Sukuk, Ltd., 7.00%, 10/31/17(e)		486,347

				731,907

	Pharmaceuticals (0.3%):
	700,000	Bayer Capital Corp. BV, 5.63%, 11/22/19+(e)		973,186

	Real Estate Management & Development (0.0%):
	250,000	CapitaLand, Ltd., 1.95%, 10/17/23+(e)		185,992

	Wireless Telecommunication Services (0.3%):
	6,358	Mandatory Exchange Trust, 5.75%, 6/1/19		1,038,961

	Total Convertible Bonds (Cost $4,943,518)			4,017,321


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Bank Loans (0.4%):
	Capital Markets (0.2%):
$	102,223	Sheridan Production Partners, 4.25%, 12/2/20(d)	$	86,890
	38,134	Sheridan Production Partners, 4.25%, 12/16/20(d)		32,414
	734,687	Sheridan Production Partners, 4.25%, 12/16/20(d)		624,483

				743,787

	Energy Equipment & Services (0.1%):
	178,464	Drillships Financing Holdings, Inc., 5.50%, 3/31/21(d)		114,440
	373,668	Seadrill, Ltd., 4.00%, 2/21/21(d)		237,653

				352,093

	Hotels, Restaurants & Leisure (0.1%):
	525,310	Hilton Worldwide Finance LLC, 3.50%, 10/25/20(d)		526,681

	Oil, Gas & Consumable Fuels (0.0%):
	151,147	Fieldwood Energy LLC, 8.38%, 9/20/20(d)		83,509
	111,961	Fieldwood Holdings LLC, 0.00%, 8/31/20(d)		104,404

				187,913

	Total Bank Loans (Cost $2,198,148)			1,810,474

	Collateralized Mortgage Obligations (0.1%):
	459,000	Logistics UK, Class F, Series 2015-1A, 4.05%, 8/20/25(a)(d)		583,826

	Total Collateralized Mortgage Obligations (Cost $690,565)			583,826

	Corporate Bonds (4.2%):
	Banks (0.5%):
	163,000	Bank of America Corp., 2.60%, 1/15/19		164,535
	348,000	Bank of America Corp., 3.30%, 1/11/23, MTN		354,855
	325,000	Citigroup, Inc., 2.70%, 3/30/21		327,157
	149,000	Citigroup, Inc., 2.90%, 12/8/21, Callable 11/8/21 @ 100		150,510
	389,000	Citigroup, Inc., Series O, 5.87%, 12/29/49, Callable 3/27/20 @ 100^(d)		408,531
	449,000	JPMorgan Chase & Co., 2.30%, 8/15/21, Callable 8/15/20 @ 100		446,387
	137,000	JPMorgan Chase & Co., 4.35%, 8/15/21		146,639
	360,000	JPMorgan Chase & Co., 2.16%, 1/15/23, Callable 1/15/22 @ 100(d)		362,182

				2,360,796

	Biotechnology (0.2%):
	353,000	AbbVie, Inc., 2.50%, 5/14/20, Callable 4/14/20 @ 100		357,093
	286,000	AbbVie, Inc., 2.30%, 5/14/21, Callable 4/14/21 @ 100		285,290

				642,383

	Capital Markets (0.5%):
	1,033,000	Goldman Sachs Group, Inc., 2.60%, 12/27/20, Callable 12/27/19 @ 100		1,038,500
	321,000	Goldman Sachs Group, Inc. (The), Series L, 5.70%, 12/29/49, Callable 5/10/19 @ 100(d)		334,081
	337,000	Goldman Sachs Group, Inc. (The), Series M, 5.38%, 12/31/49, Callable 5/10/20 @ 100(d)		354,119
	238,000	Morgan Stanley, Series H, 5.45%, 7/29/49, Callable 7/15/19 @ 100^(d)		246,449

				1,973,149


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Chemicals (0.2%):
$	351,000	E.I. Du Pont De Nemours & Co., 2.20%, 5/1/20	$	352,905
	195,000	Sherwin Williams Co., 2.25%, 5/15/20		195,436
	115,000	Sherwin Williams Co., 2.75%, 6/1/22, Callable 5/1/22 @ 100		114,931

				663,272

	Communications Equipment (0.0%):
	53,000	Hughes Satellite Systems Corp., 7.63%, 6/15/21		60,221

	Consumer Finance (0.4%):
	203,000	Ally Financial, Inc., 3.50%, 1/27/19^		205,791
	209,000	American Express Co., Series C, 5.01%, 12/29/49, Callable 3/15/20 @ 100^(d)		212,449
	640,000	American Express Credit, 2.70%, 3/3/22, Callable 1/31/22 @ 100, MTN^		645,896
	264,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		270,753
	200,000	Ford Motor Credit Co. LLC, 2.26%, 3/28/19		200,545
	132,000	General Motors Financial Co., Inc., 3.45%, 4/10/22, Callable 2/10/22 @ 100		134,165
	87,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100		89,360

				1,758,959

	Diversified Financial Services (0.1%):
	231,000	Berkshire Hathaway, Inc., 2.75%, 3/15/23, Callable 1/15/23 @ 100		234,061

	Diversified Telecommunication Services (0.5%):
	648,000	AT&T, Inc., 3.00%, 6/30/22, Callable 4/30/22 @ 100		648,335
	1,576,000	Verizon Communications, 3.13%, 3/16/22^		1,599,260
	80,000	Verizon Communications, Inc., 2.45%, 11/1/22, Callable 8/1/22 @ 100^		78,417
	156,000	Verizon Communications, Inc., 2.63%, 8/15/26		143,488

				2,469,500

	Equity Real Estate Investment Trusts (0.0%):
	140,000	American Tower Corp., 3.40%, 2/15/19		142,925

	Health Care Equipment & Supplies (0.3%):
	135,000	Becton, Dickinson & Co., 2.68%, 12/15/19		136,653
	306,000	Becton, Dickinson & Co., 3.13%, 11/8/21^		311,688
	245,000	Becton, Dickinson & Co., 2.89%, 6/6/22, Callable 5/6/22 @ 100		245,766
	368,000	Medtronic, Inc., 3.15%, 3/15/22		380,820

				1,074,927

	Hotels, Restaurants & Leisure (0.1%):
	231,000	Hilton Worldwide Finance LLC, 4.63%, 4/1/25, Callable 4/1/20 @ 102.31(e)		238,219

	Industrial Conglomerates (0.1%):
	38,000	General Electric Capital Corp., Series A, 5.55%, 5/4/20, MTN		41,743
	196,000	General Electric Capital Corp., 6.38%, 11/15/67, Callable 11/15/17 @ 100(d)		197,960
	332,000	General Electric Co., Series D, 5.00%, 12/31/49, Callable 1/21/21 @ 100(d)		352,385

				592,088


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Insurance (0.1%):
$	184,000	Prudential Financial, Inc., 5.87%, 9/15/42, Callable 9/15/22 @ 100(d)	$	205,012
	122,000	Prudential Financial, Inc., 5.62%, 6/15/43, Callable 6/15/23 @ 100(d)		134,048

				339,060

	Internet Software & Services (0.0%):
	163,000	eBay, Inc., 3.80%, 3/9/22, Callable 2/9/22 @ 100^		170,335

	Media (0.2%):
	114,000	Cablevision Systems Corp., 5.88%, 9/15/22^		119,843
	265,000	CCO Holdings LLC/Capital Corp., 5.13%, 5/1/27, Callable 5/1/22 @ 102.56(e)		270,962
	47,150	Delta Topco, Ltd., 2.00%, 7/23/19(a)(b)		70,187
	200,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100		212,572

				673,564

	Multiline Retail (0.0%):
	156,194	Neiman Marcus Group, Ltd., Inc., 0.00%, 10/25/20(d)		116,821

	Oil, Gas & Consumable Fuels (0.0%):
	254,386	Fieldwood Energy LLC, 0.00%, 9/30/20(d)		200,329

	Personal Products (0.1%):
	179,000	Edgewell Personal Care Co., 4.70%, 5/19/21		190,635
	167,000	Edgewell Personal Care Co., 4.70%, 5/24/22		178,273

				368,908

	Pharmaceuticals (0.1%):
	149,000	Forest Laboratories, Inc., 5.00%, 12/15/21, Callable 9/16/21 @ 100(e)		162,679
	228,000	Mylan, Inc., 2.55%, 3/28/19		229,646

				392,325

	Real Estate Management & Development (0.1%):
	473,000	Global Logistic Properties, Ltd., 3.88%, 6/4/25(b)(e)		449,768

	Semiconductors & Semiconductor Equipment (0.2%):
	386,000	QUALCOMM, Inc., 3.00%, 5/20/22		395,856
	315,000	QUALCOMM, Inc., 2.60%, 1/30/23, Callable 12/30/22 @ 100		313,851

				709,707

	Software (0.1%):
	80,000	Activision Blizzard, Inc., 2.30%, 9/15/21, Callable 8/15/21 @ 100		79,479
	502,000	Oracle Corp., 1.90%, 9/15/21, Callable 8/15/21 @ 100		497,586

				577,065

	Technology Hardware, Storage & Peripherals (0.3%):
	544,000	Apple, Inc., 3.35%, 2/9/27, Callable 11/9/26 @ 100		556,149
	510,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100		515,957

				1,072,106


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Wireless Telecommunication Services (0.1%):
$	53,000	T-Mobile USA, Inc., 4.00%, 4/15/22, Callable 3/16/22 @ 100^	$	55,157
	210,000	T-Mobile USA, Inc., 6.00%, 4/15/24, Callable 4/15/19 @ 104.5		224,700

				279,857

	Total Corporate Bonds (Cost $17,327,281)			17,560,345

	Foreign Bonds (9.6%):
	Banks (0.2%):
	330,000	Lloyds TSB Bank plc, Series E, 13.00%, 1/29/49, Callable 1/21/29 @ 126+(d)		806,382

	Sovereign Bond (9.4%):
	1,976,000	Australian Government, Series 124, 5.75%, 5/15/21+(e)		1,725,484
	3,549,000	Australian Government, Series 128, 5.75%, 7/15/22+(e)		3,187,180
	598,000	Australian Government, Series 133, 5.50%, 4/21/23+(e)		539,499
	1,328,000	Australian Government, 3.00%, 3/21/47+(e)		928,398
	2,485,000	Brazil Nota do Tesouro Nacional, Series NTNF, 10.00%, 1/1/18+(g)		754,135
	1,221,000	Brazil Nota do Tesouro Nacional, Series NTNB, 6.00%, 8/15/22+(g)		1,147,131
	6,378,000	Brazil Nota do Tesouro Nacional, Series NTNF, 0.20%, 1/1/23+(g)		1,904,566
	1,778,707	Bundesrepub. Deutshland, 0.40%, 8/15/26+(e)		1,958,946
	4,246,000	Canadian Government, 0.50%, 8/1/18+		3,256,150
	1,043,000	Canadian Government, 0.75%, 3/1/21+		788,734
	218,500,000	Japan Treasury Discount Bill, Series 362, 0.10%, 3/15/18+		1,946,080
	273,450,000	Japan Treasury Discount Bill, Series 369, 0.10%, 10/15/18+		2,438,121
	29,939,200	Mexican Bonos Desarr, 8.50%, 12/13/18+(d)(h)		1,687,498
	59,970,300	Mexican Bonos Desarr, Series M, 6.50%, 6/10/21+(d)(h)		3,292,003
	2,364,000	New Zealand Government, Series 0521, 6.00%, 5/15/21+		1,960,913
	3,897,000	Poland Government Bond, Series 0725, 3.25%, 7/25/25+		1,060,813
	3,922,000	Poland Government Bond, Series 0726, 2.50%, 7/25/26+		1,000,325
	12,960,000	Poland Government Bond, 2.50%, 7/25/27+		3,255,133
	217,000	Republic of Argentina, 3.88%, 1/15/22^+(e)		246,264
	488,000	Republic of Indonesia, 2.63%, 6/14/23+(e)		584,758
	3,995,000	Republic of Turkey, 11.00%, 3/2/22+(d)		1,157,263
	997,092	United Kingdom Treasury, 0.50%, 7/22/22+		1,285,975
	2,126,818	United Kingdom Treasury, 2.75%, 9/7/24+(e)		3,119,091

				39,224,460

	Total Foreign Bonds (Cost $39,470,494)			40,030,842

	Yankee Dollars (2.6%):
	Banks (0.5%):
	485,000	BNP Paribas SA, 2.40%, 12/12/18		489,108


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Banks, continued
$	273,000	Export-Import Bank of Korea, 2.63%, 12/30/20	$	274,188
	614,000	HSBC Holdings plc, 6.38%, 12/29/49, Callable 9/17/24 @ 100^(d)		643,165
	403,000	Intesa Sanpaolo SpA, 3.88%, 1/15/19		412,942

				1,819,403

	Capital Markets (0.1%):
	207,000	UBS Group AG, 4.13%, 9/24/25(e)		216,985

	Diversified Telecommunication Services (0.2%):
	272,000	Intelsat Jackson Holdings SA, 7.50%, 4/1/21, Callable 8/7/17 @ 102.5		250,920
	89,000	Intelsat Jackson Holdings SA, 8.00%, 2/15/24, Callable 2/15/19 @ 104(e)		95,898
	289,000	Telecom Italia SpA, 5.30%, 5/30/24^(e)		309,953

				656,771

	Food Products (0.1%):
	408,000	Danone SA, 2.59%, 11/2/23, Callable 9/2/23 @ 100(e)		398,076

	Hotels, Restaurants & Leisure (0.0%):
	107,000	1011778 BC ULC New Red Finance, Inc., 4.25%, 5/15/24, Callable 5/15/20 @ 102.13^(e)		106,325

	Industrial Conglomerates (0.0%):
	200,000	Odebrecht Finance, Ltd., 4.38%, 4/25/25(e)		77,000

	Oil, Gas & Consumable Fuels (0.4%):
	634,000	Petrobras Global Finance, 6.13%, 1/17/22		653,971
	339,000	Petroleos Mexicanos, 4.88%, 3/11/22(d)(e)		365,612
	358,000	Petroleos Mexicanos, 4.63%, 9/21/23		362,296

				1,381,879

	Paper & Forest Products (0.2%):
	1,018,000	TFS Corp., Ltd., 8.75%, 8/1/23, Callable 8/1/19 @ 106.56(a)		763,500

	Pharmaceuticals (0.1%):
	300,000	Actavis Funding SCS, 3.45%, 3/15/22, Callable 1/15/22 @ 100		309,245

	Road & Rail (0.0%):
	527,380	Inversiones Alsacia SA, 8.00%, 12/31/18, Callable 7/24/17 @ 100(a)		18,458

	Sovereign Bond (1.0%):
	234,000	Federal Republic of Brazil, 4.88%, 1/22/21		245,232
	257,000	Federal Republic of Brazil, 2.63%, 1/5/23^		238,046
	279,000	Republic of Argentina, 6.88%, 4/22/21		298,530
	356,000	Republic of Argentina, 5.63%, 1/26/22^		364,544
	812,000	Republic of Argentina, 7.50%, 4/22/26^		874,930
	527,000	Republic of Argentina, 6.88%, 1/26/27^		545,972
	322,000	Republic of Hungary, 6.25%, 1/29/20		352,268
	894,000	Republic of Hungary, 6.38%, 3/29/21		1,005,303
	233,000	Republic of Indonesia, 6.88%, 1/17/18(e)		239,058
	200,000	Republic of Indonesia, 3.70%, 1/8/22(e)		205,539
	144,000	Republic of Poland, 5.00%, 3/23/22^		159,840


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Sovereign Bond, continued
$	461,000	Saudi International Bond, 2.38%, 10/26/21(e)	$	453,624

				4,982,886

	Total Yankee Dollars (Cost $11,312,800)			10,730,528

	U.S. Treasury Obligations (21.8%):
	U.S. Treasury Bills (8.4%)
	8,000,000	0.38%, 7/6/17(i)		7,999,496
	6,000,000	0.60%, 7/13/17(i)		5,998,710
	7,382,000	0.66%, 7/20/17(i)		7,379,276
	14,000,000	0.85%, 8/17/17(i)		13,984,180

				35,361,662

	U.S. Treasury Notes (12.5%)
	1,000,000	0.75%, 12/31/17(j)		997,995
	893,300	1.13%, 7/31/21		870,689
	14,210,400	1.88%, 4/30/22		14,207,629
	14,545,600	1.75%, 5/31/22		14,460,376
	13,110,500	1.75%, 6/30/22		13,025,492
	8,260,200	2.25%, 2/15/27		8,221,807

				51,783,988

	U.S. Treasury Inflation Index Notes (0.9%)
	3,842,600	0.38%, 1/15/27		3,820,273

	Total U.S. Treasury Obligations (Cost $91,049,117)			90,965,923


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Purchased Swaptions (0.0%):
	Total Purchased Swaptions (Cost $184,799)		$	134,714

	Purchased Options (0.4%):
	Total Purchased Options (Cost $1,518,547)			1,547,230

	Exchange Traded Funds (3.7%):
$	2,334	ETFS Platinum Trust(j)		206,209
	2,764	ETFS Physical Palladium Shares(j)		223,025
	61,700	iShares Gold Trust(j)		736,698
	119,724	SPDR Gold Trust(c)(j)		14,129,826

	Total Exchange Traded Fund (Cost $15,545,875)			15,295,758

	Securities Held as Collateral for Securities on Loan (6.7%):
	27,944,075	AZL BlackRock Global Allocation Fund Securities Lending Collateral Account(k)		27,944,075

	Total Securities Held as Collateral for Securities on Loan (Cost $27,944,075)			27,944,075

	Unaffiliated Investment Company (2.3%):
	9,831,542	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.75%(i)		9,831,542

	Total Unaffiliated Investment Company (Cost $9,831,542)			9,831,542

	Total Investment Securities (Cost $411,706,676)(l) — 106.4%			444,799,675
	Net other assets (liabilities) — (6.4)%			(27,067,406	)

	Net Assets — 100.0%		$	417,732,269

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2017:


Country	Percentage
Argentina		0.7	%
Australia		1.7	%
Belgium		0.5	%
Bermuda		—	%^
Brazil		1.1	%
Canada		0.9	%
Cayman Islands		—	%^
Chile		—	%^
China		0.4	%
Czech Republic		—	%^
European Community		0.1	%
Finland		0.3	%
France		2.9	%
Germany		2.2	%
Guernsey		—	%^
Hong Kong		0.9	%
Hungary		0.3	%
India		1.0	%
Indonesia		0.3	%
Ireland (Republic of)		0.3	%
Italy		1.1	%
Japan		8.9	%


Country	Percentage
Jersey		0.1	%
Liberia		—	%^
Luxembourg		0.1	%
Mexico		1.3	%
Netherlands		1.3	%
New Zealand		0.4	%
Poland		1.2	%
Portugal		0.1	%
Republic of Korea (South)		0.6	%
Saudi Arabia		0.1	%
Singapore		0.3	%
Spain		0.5	%
Sweden		0.5	%
Switzerland		0.9	%
Taiwan, Province Of China		0.4	%
Thailand		0.1	%
Turkey		0.3	%
United Arab Emirates		0.2	%
United Kingdom		4.6	%
United States		63.4	%

		100.0	%

Cash of $229,430 has been segregated to cover margin requirements for the following open contracts as of June 30, 2017:

Over-the-counter currency options purchased as of June 30, 2017 were as follows:

Over-the-counter interest rate swaptions purchased as of June 30, 2017 were as follows:

Over-the-counter interest rate swaptions written as of June 30, 2017 were as follows:

At June 30, 2017, the Fund’s open forward cross currency contracts were as follows:

At June 30, 2017, the Fund’s open centrally cleared credit default swap agreements were as follows:

At June 30, 2017, the Fund’s open over-the-counter currency swap agreements were as follows:

At June 30, 2017, the Fund’s open centrally cleared interest rate swap agreements were as follows:

At June 30, 2017, the Fund’s open over-the-counter total return swap agreements were as follows:

Consolidated Statement of Assets and Liabilities

June 30, 2017


Assets:
Investment securities, at cost	$	411,706,676

Investment securities, at value*	$	444,799,675
Cash		37,746
Segregated cash for collateral		591,315
Deposits with brokers for securities sold short		2,992,044
Interest and dividends receivable		1,415,553
Foreign currency, at value (cost $199,249)		199,234
Unrealized appreciation on forward currency contracts		74,235
Unrealized appreciation on swap agreements		718,755
Receivable for investments sold		3,787,161
Receivable for capital shares issued		6,296
Receivable for variation margin on swap agreements		19,026
Receivable for variation margin on futures contracts		11,150
Reclaims receivable		229,390
Prepaid expenses		964

Total Assets		454,882,544

Liabilities:
Cash received as collateral for derivatives		2,180,000
Written options (Premiums received $776,133)		613,096
Unrealized depreciation on swap agreements		10,617
Unrealized depreciation on forward currency contracts		205,817
Payable for investments purchased		2,114,550
Payable for capital shares redeemed		156,700
Payable for collateral received on loaned securities		27,944,075
Securities sold short (Proceeds received $3,004,181)		3,325,158
Payable for variation margin on futures contracts		4,832
Payable for variation margin on swap agreements		11,764
Accrued foreign taxes		60,939
Manager fees payable		259,195
Administration fees payable		25,945
Distribution fees payable		86,398
Custodian fees payable		98,011
Administrative and compliance services fees payable		4,105
Transfer agent fees payable		2,220
Trustee fees payable		8,191
Other accrued liabilities		38,662

Total Liabilities		37,150,275

Net Assets	$	417,732,269

Net Assets Consist of:
Capital	$	371,834,952
Accumulated net investment income/(loss)		5,708,897
Accumulated net realized gains/(losses) from investment transactions		6,692,893
Net unrealized appreciation/(depreciation) on investments		33,495,527

Net Assets	$	417,732,269

Shares of beneficial interest (unlimited number of shares authorized, no par value)		34,863,958
Net Asset Value (offering and redemption price per share)	$	11.98

*	Includes securities on loan of $27,069,390

Consolidated Statement of Operations

For the Period Ended June 30, 2017


Investment Income:
Dividends	$	3,190,682
Interest		1,483,191
Income from securities lending		81,251
Foreign withholding tax		(191,768	)

Total Investment Income		4,563,356

Expenses:
Manager fees		1,546,543
Administration fees		110,642
Distribution fees — Class 2		515,514
Custodian fees		219,358
Administrative and compliance services fees		5,775
Trustee fees		18,795
Transfer agency fees		5,000
Professional fees		19,852
Shareholder reports		5,165
Dividends on securities sold short		17,554
Other expenses		42,922

Total expenses before reductions		2,507,120
Less expense contractually waived/reimbursed by the Manager		(2,040	)

Net expenses		2,505,080

Net Investment Income/(Loss)		2,058,276

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		10,543,366
Net realized gains/(losses) on futures contracts		(1,310,442	)
Net realized gains/(losses) on options contracts		1,472,054
Net realized gains (losses) on securities transactions held short		(15,216	)
Net realized gains/(losses) on swap agreements		54,896
Net realized gains/(losses) on forward currency contracts		911,614
Change in net unrealized appreciation/depreciation on investments		15,918,399
Net change in foreign taxes on unrealized gains/losses		(60,939	)

Net Realized/Unrealized Gains/(Losses) on Investments		27,513,732

Change in Net Assets Resulting From Operations	$	29,572,008

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL BlackRock Global Allocation Fund (the “Fund”), and 22 are presented in separate reports.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and variable life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund may enter into contracts with its vendors and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Investment transactions are recorded not later than on the business day following trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date. Net realized gains and losses on investments sold and on foreign currency transactions are recorded on the basis of identified cost. Interest income is recorded on the accrual basis and includes, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date except in the case of foreign securities, in which case dividends are recorded as soon as such information becomes available. Income received by the Fund from sources within foreign countries may be subject to withholding or similar taxes imposed by such countries. The Fund accrues such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

The Fund’s primary vehicle for gaining exposure to the commodities markets is through investment in the AZL Cayman Global Allocation Fund I, Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary of the Fund formed in the Cayman Islands, which invests primarily in commodity-related instruments.

As of June 30, 2017, the Fund’s aggregate investment in the Subsidiary was $16,330,540, representing 3.91% of the Fund’s net assets. The Fund’s operations have been consolidated with the operations of the Subsidiary.

The Fund may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT.

The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Funds does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

The Fund may invest in floating rate loans, which usually take the form of loan participations and assignments. These loans are made by banks and other large financial institutions to various companies and are typically senior in the borrowing companies’ capital structure. Coupon rates are variable and are tied to a benchmark lending rate. Loans involve a risk of loss in case of default or insolvency of the financial intermediaries who are parties to the transactions. A Fund records an investment when the borrower withdraws money and records the interest as earned.

The Fund may engage in short sales against the box (i.e., where the Fund owns or has an unconditional right to acquire at no additional cost a security substantially similar to the security sold short) for hedging purposes to limit exposure to a possible market decline in the value of its portfolio securities. In a short sale, the Fund sells a borrowed security and has a corresponding obligation to the lender to return the identical security. The Fund may also incur an interest expense if a security that has been sold short has an interest payment. When a Fund engages in a short sale, the Fund records a liability for securities sold short and records an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. To borrow the security, a Fund also may be required to pay a premium, which would increase the cost of the security sold.

Dividends to shareholders are recorded on the ex-dividend date. The Fund distributes its dividends from net investment income and net realized capital gains, if any, on an annual basis. The amount of dividends from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and differing treatment on certain investments) do not require reclassification. Dividends to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

Expenses directly attributable to the Fund are charged directly to the Fund, while expenses attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or some other reasonable method. Expenses which are attributable to more than one Trust are allocated across the Allianz Variable Insurance Products and Allianz Variable Insurance Products Fund of Funds Trusts based upon relative net assets or another reasonable basis. Allianz Investment Management LLC (the “Manager”), serves as the investment manager for the Trust and the Allianz Variable Insurance Products Fund of Funds Trust.

The Fund may invest in bank loans, which generally have interest rates which are reset periodically by reference to a base lending rate plus a premium. These base rates are primarily the London-Interbank Offered Rate and, secondarily, the prime rate offered by one or more major U.S. banks and the certificate of deposit rate or other base lending rates used by commercial lenders. Bank loans often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the anticipated or actual maturity may be considerably earlier than the stated maturity shown in the Consolidated Schedule of Portfolio of Investments.

All or a portion of any bank loans may be unfunded. The Portfolio is obligated to fund any commitments at the borrower’s discretion. Therefore, the Portfolio must have funds sufficient to cover its contractual obligation.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Consolidated Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $26 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $8,430 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Consolidated Statement of Operations.

The Portfolio has adopted the disclosure provisions of FASB Accounting Standards Update No. 2014-11 (“ASU No. 2014-11”), “Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. ASU No. 2014-11 is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowing.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of June 30, 2017.

The Fund may enter into to-be-announced (TBA) purchase or sale commitments, pursuant to which it agrees to purchase or sell, respectively, mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted “good delivery” standards. The Fund may enter into TBA purchase transactions with the intention of taking possession of the underlying securities, may elect to extend the settlement by “rolling” the transaction, and/or may use TBAs to gain interim exposure to underlying securities. Until settlement, the Fund maintains liquid assets sufficient to settle its TBA commitments.

To mitigate counterparty risk, the Fund has entered into agreements with TBA counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral held, if any, by such counterparty. As of June 30, 2017, no collateral had been posted by the Fund to counterparties for TBAs.

Certain Funds of the Trust participate in a commission recapture program. The Fund will utilize the recaptured commissions to pay for, in whole or part, certain expenses of the Fund, excluding investment advisory fees. Any amounts received by the Fund, if applicable, are disclosed as “Expenses paid indirectly” on the Consolidated Statement of Operations. The Fund ceased participation in the program in June 2014.

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and sub-adviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2017, the Fund engaged in such affiliated transactions at the current market price.

During the period ended June 30, 2017, the Fund did not engage in any Rule 17a-7 transactions under the 1940 Act.

The Fund is permitted to purchase and sell securities (“crosstrade”) from and to other Allianz Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the “Rule”). Each crosstrade is executed at the current market price in compliance with provisions of the Rule. For the period ended June 30, 2017, the Fund participated in following cross-trade transactions:

All open derivative positions at period end are reflected on the Fund’s Consolidated Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

During the period ended June 30, 2017, the Fund entered into forward currency contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $10.6 million as of June 30, 2017. The monthly average for these contracts was $29.2 million for the period ended June 30, 2017.

During the period ended June 30, 2017, the Fund used futures contracts to gain exposure to, or economically hedge against changes in the value of equity securities. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Consolidated Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $10.0 million as of June 30, 2017. The monthly average notional amount for these contracts was $12.9 million for the period ended June 30, 2017. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Consolidated Statement of Operations.

The Fund may purchase or write put and call options on a security or an index of securities. During the period ended June 30, 2017, the Fund purchased and wrote call and put options to increase or decrease its exposure to underlying instruments (including equity risk, interest rate risk and/or foreign currency exchange rate risk) and/or, in the case of options written, to generate gains from options premiums.

Purchased Options Contracts — The Fund pays a premium which is included in “Investments, at value” on the Consolidated Statement of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options Contracts — The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value.

Realized gains and losses are reported as “Net realized gains/(losses) on options contracts” on the Consolidated Statement of Operations.

The Fund had the following transactions in purchased call and put options during the period ended June 30, 2017:

The Fund had the following transactions in written call and put options during the period ended June 30, 2017:

The Fund may invest in swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). The Fund may enter into swap agreements to manage its exposure to market, interest rate, foreign currencies and credit risk. The value of swap agreements are equal to the Fund’s obligations (or rights) under swap agreements, which will generally be equal to the net amounts to be paid or received under the agreements based upon the relative values of the positions held by each party to the agreements. In connection with these arrangements, securities may be identified as collateral in accordance with the terms of the swap agreements to provide assets of value and recourse in the event of default or bankruptcy by the counterparty.

made at the termination of the OTC swap is recorded as a realized gain or loss. Net periodic payments received or paid by the Fund are included as part of realized gains (losses). Upon entering a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or assets determined to be liquid (the amount is subject to the clearing organization that clears the trade). Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable, as applicable, for variation margin on centrally cleared swaps.

Swap agreements involve, to varying degrees, elements of market risk and exposure to loss. The primary risks associated with the use of swap agreements are imperfect correlation between movements in the notional amount and the price of the underlying instruments and the inability of counterparties or clearing house to perform. The counterparty risk for centrally cleared swap agreements is generally lower than for OTC swap agreements because generally a clearing organization becomes substituted for each counterparty to a centrally cleared swap agreement and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to a clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members will satisfy its obligations to the Fund.

The notional amounts reflect the extent of the total investment exposure the Fund has under the swap agreement. The Fund bears the risk of loss of the amount expected to be received under a swap agreement (i.e., any unrealized appreciation) in the event of the default or bankruptcy of the swap agreement counterparty. The notional amount and related unrealized appreciation (depreciation) of each swap agreement at period end is disclosed in the swap tables in the Consolidated Schedule of Portfolio Investments. The Fund is a party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, such as OTC swap contracts, entered into by the Fund, through the VIP Subsidiary or Cayman Subsidiary, and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding OTC swap transactions under the applicable ISDA Master Agreement.

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional amount and are subject to interest rate risk exposure. Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of June 30, 2017, the Fund entered into OTC and centrally cleared interest rate swap agreements to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). The gross notional amount of interest rate swaps outstanding was $19.7 million as of June 30, 2017. The monthly average gross notional amount for interest rate swaps was $35.7 for the period ended June 30, 2017.

Currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Currency swaps may also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate. The gross notional amount of currency swaps outstanding was $4.4 million as of June 30, 2017. The monthly average gross notional amount for currency swaps was $4.3 million for the period ended June 30, 2017.

Total return swap agreements involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. The gross notional amount of total return swaps outstanding was $4.4 million as of June 30, 2017. The monthly average gross notional amount for total return swaps was $3.9 for the period ended June 30, 2017.

Credit default swap agreements may have as reference obligations one or more securities that are not currently held by the Fund. The protection “buyer” in a credit default contract is generally obligated to pay the protection “seller” an upfront, periodic, or daily stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront, periodic, or daily payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. The Fund’s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owed to the Fund). In connection with credit default swaps in which a Fund is the buyer, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund’s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Fund is the seller, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or “earmarking” will ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and will limit any potential leveraging of the Fund’s portfolio. Such segregation or “earmarking” will not limit the Fund’s exposure to loss.

As of June 30, 2017, the Fund entered into centrally cleared credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk). The gross notional amount of centrally cleared credit default swaps outstanding was $0.7 million as of June 30, 2017. The monthly average gross notional amount for credit default swaps was $1.2 million for the period ended June 30, 2017.

The following is a summary of the fair values of derivative instruments on the Fund’s Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2017:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statement of Assets and Liabilities Location

Total Fair
Value

Statement of Assets and Liabilities Location

Total Fair
Value

Equity Risk Exposure

Futures Contracts

Receivable for variation margin on futures contracts*

66,085

Payable for variation margin on futures contracts*

20,137

Option Contracts

Investment securities, at value (purchased options)

1,007,621

Written options

383,962

Total Return Swap

Agreements

Unrealized appreciation on swap agreements

503,051

Unrealized depreciation on swap agreements

2,398

Credit Risk Exposure

Credit Default Swap

Agreements

Unrealized appreciation on swap agreements*

225

Unrealized depreciation on swap agreements*

27,703

Interest Rate Risk

Interest Rate Swap

Agreements

Unrealized appreciation on swap agreements

154,602

Unrealized depreciation on swap agreements*

114,254

Swaption Contracts

Investment securities, at value (purchased options)

134,714

Written options

154,958

Foreign Exchange Risk Exposure

Currency Swap Agreements

Unrealized appreciation on swap agreements

215,704

Unrealized depreciation on swap agreements

8,219

Forward Currency Contracts

Unrealized appreciation on forward currency contracts

74,235

Unrealized depreciation on forward currency contracts

205,817

Options Contracts

Investment securities, at value (purchased options)

539,609

Written options

74,176

The following is a summary of the effect of derivative instruments on the Consolidated Statement of Operations, categorized by risk exposure, for the period ended June 30, 2017:

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Consolidated Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to transact net amounts in accordance with the master netting agreements at June 30, 2017. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Consolidated Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2017.

At June 30, 2017, the Fund’s derivative assets and liabilities by type were as follows:

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of June 30, 2017:

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under MNA and net of the related collateral received by the Fund as of June 30, 2017:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Consolidated Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Consolidated Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.”

At June 30, 2017, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Consolidated Statement of Operations. During the period ended June 30, 2017, there were no voluntary waivers.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Consolidated Statement of Operations as “Administration fees.”

FIS Investor Services LLC (“FIS”) serves as the Fund’s transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services.

The Bank of New York Mellon (“BNY Mellon” or the “Custodian”) serves as the Trust’s custodian and securities lending agent. For these services as custodian, the Funds pay BNY Mellon a fee based on a percentage of assets held on behalf of the Funds, plus certain out-of-pocket charges.

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the Fund’s average daily net assets, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $2,490 was paid from the Fund relating to these fees and expenses.

Certain Officers and Trustees of the Trust are affiliated with the Manager or the Administrator. Such Officers (except for the Trust’s CCO as noted above) and Trustees receive no compensation from the Trust for serving in their respective roles. For their service to the Trust and to the Allianz Variable Insurance Products Fund of Funds Trust, each non-interested Trustee receives a $170,000 annual Board retainer and the Lead Director receives an additional $42,500 annually. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the period ended June 30, 2017, actual Trustee compensation was $435,200 in total for both trusts.

The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund’s investments are summarized in the three broad levels listed below:

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Fund determines transfers between fair value hierarchy levels at the reporting period end. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

Security prices are generally provided by an independent third party pricing service approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). Equity securities are valued at the last quoted sale price or, if there is no sale, the last quoted bid price is used for long securities and the last quoted ask price is used for securities sold short. Securities listed on NASDAQ Stock Market, Inc. (“NASDAQ”) are valued at the official closing price as reported by NASDAQ. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities are generally valued at an evaluated bid price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

Options are generally valued at the average of the closing bid and ask quotations on the principal exchange on which the option is traded, which are then typically categorized as Level 1 in the fair value hierarchy. The Fund generally values index options at the average of the closing bid and ask quotations on the principal exchange on which the option is traded and are typically categorized as Level 1 in the fair value hierarchy. For options where market quotations are not readily available, fair value procedures as described below may be applied.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

Non exchange-traded derivatives, such as swaps and certain options, are generally valued by approved independent pricing services utilizing techniques which take into account factors such as yields, quality, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes and are typically categorized as Level 2 in the fair value hierarchy. The Fund generally values index options at the average of the closing bid and ask quotations on the principal exchange on which the option is traded and are typically categorized as Level 1 in the fair value hierarchy. For options where market quotations are not readily available, fair value procedures as described below may be applied.

Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

In accordance with procedures adopted by the Trustees, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. Management identifies possible fluctuation in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Fund may use a systematic valuation model provided by an independent third party to fair value its international equity securities which are then typically categorized as Level 2 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

A reconciliation of assets in which Level 3 inputs are used in determining fair value, along with additional quantitative disclosures, are presented when there are significant Level 3 investments at the end of the period.

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the period ended June 30, 2017, purchases and sales of long-term U.S. government securities were as follows:

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Trustees. Not all restricted securities are considered illiquid. The illiquid restricted securities held as of June 30, 2017 are identified below.

Bank Loan Risk: There are a number of risks associated with an investment in bank loans including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding bank loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns. The value of bank loans can be affected by and sensitive to changes in government regulation and to economic downturns in the United States and abroad. Bank loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates.

Commodities-Related Investment Risk: Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. The U.S. Commodities Futures Trading Commission has proposed changes to certain of its rules governing investment in commodities by mutual funds, such as the Fund. In the event these changes are adopted, or if there are changes in the tax treatment of the Fund’s direct and indirect investments in commodities, the Fund may be unable to obtain exposure to commodity markets, or may be limited in the extent to which or manner in which it can obtain such exposure.

Derivatives Risk: The Fund may invest in derivatives as a principal strategy. A derivative is a financial contract whose value depends on, or is derived from, the value of an underlying asset, reference rate, or risk. Use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of other risks, such as liquidity risk, interest rate risk, market risk, credit risk, and selection risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value may not correlate perfectly with the underlying asset, rate, or index. Using derivatives may result in losses, possibly in excess of the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances. The counterparty to a derivatives contract could default. As required by applicable law, a Fund that invests in derivatives segregates cash or liquid securities, or both, to the extent that its obligations under the instrument are not covered through ownership of the underlying security, financial instrument, or currency.

Emerging Markets Risk: Emerging markets may have less developed trading markets and exchanges which may make it more difficult to sell securities at an acceptable price and their prices may be more volatile than securities of companies in more developed markets. Settlements of trades may be subject to greater delays so that the Fund may not receive the proceeds of a sale of a security on a timely basis. Emerging countries may also have less developed legal and accounting systems and investments may be subject to greater risks of government restrictions, nationalization, or confiscation.

Foreign Securities and Currencies Risk: Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those securities.

Security Quality Risk (also known as “High Yield Risk”): The Fund may invest in high yield, high risk debt securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and may be subject to greater levels of credit and liquidity risk than funds that do not invest in such securities. These securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose the value of its entire investment.

It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Cost for federal income tax purposes at June 30, 2017 is $417,533,257. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

As of the end of its tax year ended December 31, 2016, the Fund has capital loss carry forwards (“CLCFs”) as summarized in the table below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or long-term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset or expires.

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any net capital loss carry forwards will be determined at the end of the current tax year ending December 31, 2017.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2017, the Fund had an individual shareholder account which is affiliated with the Investment Adviser representing ownership in excess of 25% of the Fund.

In October 2016, the Securities and Exchange Commission (SEC) released its Final Rules on Investment Company Reporting Modernization (the “Rules”). The Rules which introduce two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contain amendments to Regulation S-X which require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments are effective for filings made with the SEC after August 1, 2017. Management is currently evaluating the impact of the amendments on the fund’s financial statements. The adoption will have no effect on the Funds’ net assets or results of operations.

Management of the Fund has evaluated the need for additional disclosures or adjustments resulting from events through the date the financial statements were issued. Based on this evaluation, there were no subsequent events to report that would have material impact on the Fund’s financial statements.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, without charge, upon request, by visiting the Securities and Exchange Commission’s (‘‘Commission’’) website at www.sec.gov, or by calling 800-624-0197.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 800-624-0197; (ii) on the Allianz Variable Insurance Products Trust’s website at https://www.allianzlife.com; and (iii) on the Commission’s website at http://www.sec.gov.

The Fund files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. Schedules of Portfolio Holdings for the Fund in this report are available without charge on the Commission’s website at http://www.sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

As a shareholder of the AZL DFA Emerging Markets Core Equity Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (99.3%):
	Aerospace & Defense (0.2%):
	1,236	Aselsan Elektronik Sanayi Ve Ticaret AS	$	7,680
	20,000	AviChina Industry & Technology Co., Ltd.		11,733
	9,630	Bharat Electronics, Ltd.		24,028
	3,789	Embraer SA		17,307
	4,100	Embraer SA, ADR		74,743
	650	Korea Aerospace Industries, Ltd.		32,383
	174	S&T Dynamics Co., Ltd.*		1,497
	2	Samsung Techwin Co., Ltd.*		78

				169,449

	Air Freight & Logistics (0.1%):
	39	Blue Dart Express, Ltd.		2,841
	247	Hyundai Glovis Co., Ltd.		33,902
	26,000	Sinotrans, Ltd.		13,326

				50,069

	Airlines (0.8%):
	20,000	Air China, Ltd.		20,616
	60,200	AirAsia Berhad		45,607
	92,600	Asia Aviation Public Co., Ltd.		17,043
	3,987	Asiana Airlines, Inc.*		21,366
	15,130	Cebu Air, Inc.		29,390
	70,000	China Airlines, Ltd.		21,243
	66,000	China Eastern Airlines Corp., Ltd., Class H		40,749
	443	China Southern Airlines Co., Ltd., ADR^		18,340
	18,000	China Southern Airlines Co., Ltd., Class H		15,220
	14,200	Controladora Vuela Compania de Aviacion SAB de C.V., Class A*		20,784
	48,300	Eva Airways Corp.		23,902
	16,124	Grupo Aeromexico SAB de C.V.*		33,179
	472	Hanjin Kal Corp.*		10,917
	1,305	Korean Air Lines Co., Ltd.*		44,152
	5,331	Latam Airlines Group SA, ADR^		59,014
	37,400	Thai Airways International Public Co., Ltd.*		21,365
	23,346	Turk Hava Yollari Anonim Ortakligi*		53,416

				496,303

	Auto Components (1.3%):
	6,717	Apollo Tyres, Ltd.		24,965
	1,368	Balkrishna Industries, Ltd.		35,161
	2,589	Bharat Forge, Ltd.		43,824
	50	Bosch, Ltd.		18,056
	1,215	Ceat, Ltd.*		33,778
	22,000	Chaowei Power Holdings, Ltd.		12,965
	28,000	Cheng Shin Rubber Industry Co., Ltd.		59,605
	1,000	Cub Elecparts, Inc.		13,056
	5,000	Depo Auto Parts Industries Co., Ltd.		13,971
	6,474	Exide Industries, Ltd.		22,075
	49	Global & Yuasa Battery Co., Ltd.		1,703
	1,436	Hankook Tire Co., Ltd.		79,759
	5,319	Hota Industrial Manufacturing Co., Ltd.		26,240
	3,000	Hu Lane Associate, Inc.		17,474
	503	Hyundai Mobis Co., Ltd.		109,907
	434	Hyundai Wia Corp.		26,495


Shares			Fair Value
	Common Stocks, continued
	Auto Components, continued
	13,923	Kenda Rubber Industrial Co., Ltd.	$	22,141
	3,107	Kumho Tire Co., Inc.*		20,422
	133	Mando Corp.		7,472
	274	Mando Corp.		61,656
	10,537	Metair Investments, Ltd.		15,302
	2,000	Minth Group, Ltd.		8,482
	6,237	Motherson Sumi Systems, Ltd.*		44,630
	33	Mrf, Ltd.		34,909
	13,000	Nan Kang Rubber Tire Co., Ltd.		12,247
	446	Nexen Tire Corp.		5,208
	25,000	Nexteer Automotive Group, Ltd.		39,197
	1,045	Pyeong Hwa Automotive Co., Ltd.		13,347
	5,900	Rassini, S.A.B. de C.V., Class A*		14,462
	18,200	Sri Trang Agro-Industry Public Co., Ltd.		7,974
	1,653	Sungwoo Hitech Co., Ltd.		11,142
	24,000	Tianneng Power International, Ltd.		19,706
	10,000	Tong Yang Industry Co., Ltd.		18,618
	1,581	Tube Investments of India, Ltd.		16,315
	2,000	Tung Thih Electronic Co., Ltd.		12,423
	11,000	TYC Brother Industrial Co., Ltd.		11,647
	26	WABCO India, Ltd.		2,219

				938,553

	Automobiles (2.2%):
	19,500	Baic Motor Corp. Limited(a)		18,912
	1,346	Bajaj Auto, Ltd.		58,144
	18,000	Brilliance China Automotive Holdings, Ltd.		32,787
	4,000	BYD Co., Ltd., Class H		24,543
	14,000	China Motor Corp.		13,153
	32,000	Dongfeng Motor Corp., Series H		37,833
	46,000	DRB-HICOM Berhad		19,127
	2,890	Ford Otomotiv Sanayi AS		35,242
	60,000	Geely Automobile Holdings, Ltd.		129,482
	28,500	Great Wall Motor Co.		35,192
	530	Hero MotoCorp, Ltd.		30,327
	1,285	Hyundai Motor Co.		179,178
	2,261	Kia Motors Corp.		75,586
	4,375	Mahindra & Mahindra, Ltd., GDR		93,684
	1,029	Maruti Suzuki India, Ltd.		114,984
	160,100	PT Astra International TbK		107,055
	10,000	Sanyang Industry Co., Ltd.		7,210
	29,039	Tata Motors, Ltd.		193,477
	4,665	Tvs Motor Co., Ltd.		39,590
	14,900	UMW Holdings Berhad*		20,762
	18,000	Yulon Motor Co., Ltd.		16,157

				1,282,425

	Banks (11.4%):
	16,900	Affin Holdings Berhad		10,571
	173,000	Agricultural Bank of China, Ltd.		81,796
	21,127	Akbank T.A.S.		58,847
	1,674	Alior Bank SA*		27,921
	28,700	Alliance Financial Group Berhad		25,695
	21,400	AMMB Holdings Berhad		24,346


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	2,216	Axis Bank, Ltd.	$	88,197
	31,232	Banco Bradesco SA, ADR		265,472
	6,055	Banco Bradesco SA		50,673
	433	Banco de Chile, ADR		33,743
	564	Banco de Credito e Inversiones		31,598
	11,100	Banco do Brasil SA		89,878
	5,800	Banco do Esrado do Rio Grande do Sul SA, Class B		22,764
	1,391	Banco Santander Brasil SA		10,545
	1,433	Banco Santander Chile, ADR		36,412
	790	Bancolombia SA, ADR^		35,195
	11,490	Bank Millennium SA*		23,080
	8,715	Bank of Baroda		21,826
	546,000	Bank of China, Ltd.		267,964
	20,000	Bank of Chongqing Co., Ltd., Class H		15,986
	49,000	Bank of Communications Co., Ltd., Class H		34,584
	11,030	Bank of India*		23,772
	3,440	Bank of the Philippine Islands		7,091
	502	Bank Pekao SA		16,908
	165,100	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk		27,542
	341	Bank Zachodni WBK SA		31,475
	11,009	Banregio Grupo Financiero SAB de C.V.		69,770
	8,434	Barclays Africa Group, Ltd.		92,725
	26,688	BDO Unibank, Inc.		65,628
	16,400	BIMB Holdings Berhad		17,404
	7,896	BNK Financial Group, Inc.		75,462
	6,971	Canara Bank, Ltd.*		35,423
	955	Capitec Bank Holdings, Ltd.		60,685
	52,173	Chang Hwa Commercial Bank		29,935
	61,000	China Citic Bank Co., Ltd.		37,349
	650,000	China Construction Bank		503,891
	159,000	China Development Financial Holding Corp.		46,165
	31,000	China Everbright Bank Co., Series H		14,496
	34,000	China Merchants Bank Co., Ltd.		102,603
	53,000	China Minsheng Banking Corp., Ltd.		52,885
	159,944	Chinatrust Financial Holding Co., Ltd.		104,926
	32,000	Chongqing Rural Commercial Bank Co., Ltd.		21,606
	18,045	CIMB Group Holdings Berhad		27,679
	12,534	Commercial International Bank Egypt SAE, GDR		56,417
	1,120	Credicorp, Ltd.		200,917
	8,352	Dcb Bank, Ltd.		25,638
	2,129	DGB Financial Group, Inc.		21,963
	63,107	E.Sun Financial Holding Co., Ltd.		38,770
	9,000	EnTie Commercial Bank		3,947
	78,458	Far Eastern International Bank		25,229
	25,419	Federal Bank, Ltd.		44,408
	97,399	First Financial Holdings Co., Ltd.		65,170
	2,676	Grupo Aval Acciones y Valores SA, ADR		22,157
	1,028	Grupo Elektra, SAB de C.V.		42,941
	13,980	Grupo Financiero Banorte SAB de C.V.		88,714
	27,019	Grupo Financiero Inbursa SAB de C.V., Class O		46,113
	5,152	Grupo Financiero Interacciones SAB de C.V.		27,111
	2,961	Grupo Financiero Santander Mexico SAB de C.V., Class B, ADR		28,544


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	39,050	Grupo Security SA	$	13,604
	2,580	Hana Financial Holdings Group, Inc.		102,400
	7,684	Hong Leong Bank Berhad		28,082
	6,680	Hong Leong Financial Group Berhad		26,142
	100,378	Hua Nan Financial Holdings Co., Ltd.		58,254
	25,046	ICICI Bank, Ltd.		112,666
	22,777	Idbi Bank, Ltd.*		18,843
	2,401	Indian Bank		10,492
	1,977	IndusInd Bank, Ltd.		45,264
	582,000	Industrial & Commercial Bank of China		393,007
	3,544	Industrial Bank of Korea (IBK)		44,079
	412	ING Bank Slaski SA*		20,278
	2,289	Itau Corpbanca, ADR^		30,467
	39,597	Itau Unibanco Banco Multiplo SA, ADR		437,547
	3,960	Itau Unibanco Holding SA		38,879
	4,150	JB Financial Group Co., Ltd.		23,074
	9,906	Karnataka Bank, Ltd.		24,920
	1,585	Karur Vysya Bank, Ltd.		3,544
	15,100	Kasikornbank Public Co., Ltd.		88,207
	2,372	KB Financial Group, Inc., ADR		119,762
	704	KB Financial Group, Inc.		35,456
	25,000	King’s Town Bank		25,813
	620	Komercni Banka AS		24,890
	3,158	Kotak Mahindra Bank, Ltd.		46,640
	54,800	Krung Thai Bank Public Co., Ltd.		30,326
	124,300	LH Financial Group Public Co., Ltd.		6,584
	42,892	Malayan Banking Berhad		96,283
	234	mBank SA*		29,177
	64,871	Mega Financial Holdings Co., Ltd.		53,968
	10,930	Metropolitan Bank & Trust		18,965
	3,537	Nedcor, Ltd.		56,535
	2,817	OTP Bank Nyrt		94,303
	19,740	Philippine National Bank		26,118
	4,627	Powszechna Kasa Oszczednosci Bank Polski SA		43,029
	66,800	PT Bank Central Asia Tbk		91,032
	86,000	PT Bank Danamon Indonesia Tbk		33,317
	54,000	PT Bank Mandiri Tbk		51,538
	66,500	PT Bank Negara Indonesia Tbk		32,885
	80,800	PT Bank Pan Indonesia Tbk*		5,925
	138,000	PT Bank Rakyat Indonesia Tbk		157,618
	293,200	PT Bank Tabungan Negara Tbk		57,066
	39,700	Public Bank Berhad		188,045
	18,519	RHB Capital Berhad(b)		21,843
	11,873	Sberbank of Russia, ADR		123,360
	8,240	Security Bank Corp.		35,462
	3,341	Shinhan Finnancial Group Co., Ltd., ADR		145,301
	7,800	Siam Commercial Bank Public Co., Ltd.		35,702
	66,399	SinoPac Financial Holdings Co., Ltd.		20,302
	53,375	South Indian Bank, Ltd.		22,884
	13,292	Standard Bank Group, Ltd.		146,594
	1,013	State Bank of India, GDR		42,886
	80,074	Taichung Commercial Bank Co., Ltd.		26,949
	89,006	Taishin Financial Holding Co., Ltd.		40,470


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	112,665	Taiwan Business Bank	$	31,486
	68,480	Taiwan Cooperative Financial Holding Co., Ltd.		36,364
	20,600	Thanachart Capital Public Co., Ltd.		27,864
	3,859	The Jammu & Kashmir Bank, Ltd.		5,071
	13,200	Tisco Financial Group Public Co., Ltd.		29,530
	304,300	TMB Bank Public Co., Ltd.		20,618
	28,257	Turkiye Garanti Bankasi AS		78,628
	4,117	Turkiye Halk Bankasi AS		15,344
	19,903	Turkiye Is Bankasi AS, Class C		42,144
	36,629	Turkiye Sinai Kalkinma Bankasi AS		14,785
	17,464	Turkiye Vakiflar Bankasi T.A.O., Class D		32,115
	4,181	UCO Bank*		2,154
	10,503	Union Bank of India*		23,922
	27,560	Union Bank of Taiwan		8,409
	15,477	VTB Bank OJSC, GDR		32,571
	5,313	Woori Bank		85,803
	11,245	Yapi ve Kredi Bankasi AS*		14,350
	3,122	Yes Bank, Ltd.		70,634

				7,539,121

	Beverages (1.5%):
	70,617	Ambev SA, ADR		387,687
	2,470	Anadolu Efes Biracilik ve Malt Sanayii AS		15,335
	7,426	Arca Continental SAB de C.V.		55,873
	8,100	Carlsberg Brewery Malaysia Berhad		28,332
	29,333	China Resources Enterprises, Ltd.		74,019
	482	Coca-Cola Femsa SAB de C.V., ADR		40,811
	2,108	Coca-Cola Icecek AS		24,194
	1,728	Compania Cervecerias Unidas SA, ADR		45,343
	763	Distell Group, Ltd.		7,997
	1,016	Embotelladora Andina SA, Class B, ADR		25,806
	706	Fomento Economico Mexicano SAB de C.V., ADR		69,427
	7,400	Guinness Anchor Berhad		31,911
	13,000	Hey Song Corp.		14,344
	3	Lotte Chilsung Beverage Co., Ltd.		4,490
	106	Muhak Co., Ltd.		2,201
	21,020	Organizacion Cultiba SAB de C.V.*		19,125
	2,000	Tsingtao Brewery Co., Ltd., Class H		8,851
	1,491	United Breweries, Ltd.		18,065
	925	United Spirits, Ltd.*		34,312
	1,100	Vina Concha y Toro SA, ADR^		34,100

				942,223

	Biotechnology (0.3%):
	6,375	Biocon, Ltd.*		32,676
	37	Cell Biotech Co., Ltd.		1,257
	660	Celltrion, Inc.*		66,394
	519	Green Cross Holdings Corp.		14,428
	130	Medy-Tox, Inc.		63,643

				178,398

	Building Products (0.2%):
	31,000	China Lesso Group Holdings, Ltd.		23,831
	714	IS Dongseo Co., Ltd.		27,464
	1,328	Kajaria Ceramics, Ltd.*		13,656
	55	KCC Corp.		20,970


Shares			Fair Value
	Common Stocks, continued
	Building Products, continued
	241	LG Hausys, Ltd.	$	23,066
	20,964	Sintex Industries, Ltd.		7,796
	30,444	Taiwan Glass Industry Corp.*		14,710
	9,000	Xxentria Technology Materials Co., Ltd.*		20,934

				152,427

	Capital Markets (1.2%):
	9,897	BM&F Bovespa SA		58,594
	18,116	Bolsa Mexicana de Valores SA		31,827
	15,800	Bursa Malaysia Berhad		39,129
	79,000	Capital Securities Corp.		25,951
	38,000	China Bills Finance Corp.		18,789
	94,000	China Cinda Asset Management Co., Ltd., Class H		35,047
	18,000	China Everbright, Ltd.		39,206
	6,000	Citic Securities Co., Ltd.		12,406
	9,732	Coronation Fund Managers, Ltd.		48,532
	137	Credit Analysis & Research, Ltd.		3,396
	264	Crisil, Ltd.		7,939
	4,413	Daewoo Securities Co., Ltd.		42,632
	1,533	Daishin Securities Co., Ltd.		20,706
	10,902	Edelweiss Financial Services, Ltd.		32,387
	16,800	Haitong Securities Co., Ltd.		27,158
	2,603	Hanwha Investment & Securities Co., Ltd.*		8,534
	4,000	Huatai Securities Co., Ltd., Class H(a)		7,686
	4,088	IIFL Holdings, Ltd.		38,427
	7,272	Investec, Ltd.		53,694
	37,459	Jih Sun Financial Holdings Co., Ltd.		8,498
	2,838	JSE, Ltd.		26,611
	877	Korea Investment Holdings Co., Ltd.		53,612
	5,845	Macquarie Korea Infrastructure Fund		44,047
	38,295	MasterLink Securities Corp.		10,426
	6,404	Meritz Securities Co., Ltd.		28,329
	2,377	NH Investment & Securities Co., Ltd.		30,860
	500	Noah Holdings Limited, ADR*^		14,325
	42,800	OSK Holdings Berhad		16,228
	11,682	Peregrine Holdings, Ltd.		25,820
	5,156	President Securities Corp.		2,433
	852	Samsung Securities Co., Ltd.		30,762
	22	Shinyoung Securities Co., Ltd.		1,057
	22,580	Waterland Financial Holdings Co., Ltd.		7,055
	47,965	Yuanta Financial Holding Co., Ltd.		21,134
	1,321	Yuanta Securities Korea Co., Ltd.*		4,735

				877,972

	Chemicals (2.8%):
	1,032	Aarti Industries Ltd.*		14,630
	2,422	AECI, Ltd.		19,699
	230	Akzo Nobel India, Ltd.		6,514
	22,113	Alpek SAB de C.V.		26,517
	4,280	Asian Paints, Ltd.		73,087
	641	Atul, Ltd.		23,957
	2,500	Barito Pacific Tbk PT*		551
	2,536	Berger Paints India, Ltd.		9,655
	2,276	Castrol (India), Ltd.		14,244


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	50,000	China BlueChemical, Ltd., Class H	$	11,851
	64,000	China Man-Made Fiber Corp.*		17,214
	53,000	China Petrochemical Development Corp.*		20,306
	3,000	China Steel Chemical Corp.		11,490
	28,340	China Synthetic Rubber Corp.		30,193
	1,811	Coromandel International, Ltd.		11,780
	138,600	D&L Industries, Inc.*		33,035
	2,370	Dongjin Semichem Co., Ltd.		29,939
	52,000	Dongyue Group, Ltd.*		25,044
	23,760	Eternal Materials Co., Ltd.		26,664
	24,000	Everlight Chemical Industrial Corp.		14,431
	543	Finolex Industries, Ltd.		5,068
	23,000	Formosa Chemicals & Fibre Corp.		72,225
	15,000	Formosa Plastics Corp.		45,723
	8,100	Formosan Rubber Group, Inc.		4,027
	27,000	Fufeng Group, Ltd.		14,518
	22,000	Grand Pacific Petrochemical Corp.		15,307
	1,098	Grupa Azoty SA, ADR		18,766
	697	Gujarat Fluorochemicals, Ltd.*		7,957
	1,843	H.S. Industries Co., Ltd.		15,316
	140	Hansol Chemical Co., Ltd.		8,682
	1,957	Hanwha Chemical Corp.		51,668
	191	Huchems Fine Chemical Corp.		4,470
	486	Hyosung Corp.		71,166
	23,600	Indorama Ventures Public Co., Ltd.		26,421
	1,072	Kansai Nerolac Paints, Ltd.		7,308
	478	Kolon Industries, Inc.		28,792
	74	Korea Petrochemical Industry Co., Ltd.		16,367
	179	Kumho Petrochemical Co., Ltd.		11,502
	11,000	LCY Chemical Corp.		15,121
	457	LG Chem, Ltd.		116,262
	185	Lotte Chemical Corp.		55,690
	23,536	Mexichem SAB de C.V.		63,048
	30,000	Nan Ya Plastics Corp.		74,338
	343	OCI Co., Ltd.		26,897
	200	OCI Materials Co., Ltd.		34,619
	2,670	Omnia Holdings, Ltd.		26,767
	9,000	Oriental Union Chemical Corp.		7,192
	18,756	Petkim Petrokimya Holding AS		32,307
	37,900	Petronas Chemicals Group Berhad		62,725
	1,007	PI Industries, Ltd.		13,032
	2,178	Pidilite Industries, Ltd.		27,161
	18,400	PTT Global Chemical Public Co., Ltd.		37,109
	614	Samsung Fine Chemicals Co., Ltd.		21,138
	11,600	Scientex Berhad		23,794
	24,000	Shinkong Synthetic Fibers Corp.		7,260
	82,000	Sinofert Holdings, Ltd.*		10,400
	418	Sinopec Shanghai Petrochemical Co., Ltd., ADR^		22,367
	20,964	Sintex Plastics Technology, Ltd.*(b)(c)		27,717
	78	SK Chemicals Co., Ltd.		5,019
	846	Sociedad Quimica y Minera de Chile SA, ADR		27,935
	1,185	Songwon Industrial Co., Ltd.		22,687
	268	Soulbrain Co., Ltd.		17,408


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	1,005	Supreme Industries, Ltd.	$	19,059
	1,000	Swancor Holdings Co., Ltd.		2,190
	18,165	Synthos SA		23,769
	22	Taekwang Industrial Co., Ltd.		20,698
	14,000	Taiwan Fertilizer Co., Ltd.		18,593
	29,000	Taiwan Styrene Monomer		20,459
	22,000	TSRC Corp.		25,320
	45,000	UPC Technology Corp.		20,051
	7,103	UPL, Ltd.		92,568
	33,000	USI Corp.		16,819

				1,883,603

	Commercial Services & Supplies (0.2%):
	63	3M India, Ltd.*		12,875
	32,000	China Everbright International, Ltd.		39,923
	5,000	Cleanaway Co., Ltd.		29,821
	155	S1 Corp.		13,148
	9,000	Taiwan Secom Co., Ltd.		27,135
	8,000	Taiwan-Sogo ShinKong Security Corp.		10,418
	1,980	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		8,877

				142,197

	Communications Equipment (0.3%):
	16,000	Accton Technology Corp.		40,713
	1,000	Advanced Ceramic X Corp.		12,185
	17,000	BYD Electronic International Co., Ltd.		33,711
	69,600	China Fiber Optic Network System Group, Ltd.*(b)(c)		2,340
	42,000	D-Link Corp.		16,436
	13,000	Sercomm Corp.		33,770
	1,467	Sterlite Technologies, Ltd.		3,322
	7,354	Wistron NeWeb Corp.		21,926
	2,000	Zinwell Corp.		2,049

				166,452

	Construction & Engineering (1.5%):
	971	Ashoka Buildcon, Ltd.		2,771
	24,450	Aveng, Ltd.*		10,940
	28,000	BES Engineering Corp.		5,911
	515	Budimex SA		33,064
	39,000	China Communications Construction Co., Ltd.		50,276
	21,000	China Machinery Engineering Corp.		14,824
	16,500	China Railway Contstruction Corp., Ltd.		21,525
	15,000	China Railway Group, Ltd.		11,820
	15,600	China Singyes Solar Technologies Holdings, Ltd.		6,534
	22,000	China State Construction International Holdings, Ltd.		37,659
	16,000	CTCI Corp.		27,251
	363	Daelim Industrial Co., Ltd.		28,244
	78,200	Ekovest Berhad		21,885
	37,002	Empresas ICA SAB de C.V.*		3,140
	30,400	Gamuda Berhad		38,974
	1,205	GS Engineering & Construction Corp.*		32,160
	320	Hyandai Development Co.		13,147
	1,142	Hyundai Engineering & Construction Co., Ltd.		45,974


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering, continued
	51,500	IJM Corporation Berhad	$	41,562
	28,675	Impulsora del Desarrollo y el Empleo en America Latina SAB de C.V.*		48,987
	3,941	IRB Infrastructure Developers, Ltd.		12,742
	4,020	Larsen & Tourbo, Ltd., Class S, GDR		104,957
	2,000	Metallurgical Corporation of China, Ltd., Series H*		677
	20,858	Murray & Roberts Holdings, Ltd.		20,865
	5,084	NCC, Ltd.		6,861
	120,300	PT Adhi Karya Persero Tbk		19,382
	117,918	PT Pembangunan Perumahan Persero Tbk		27,868
	211,300	PT Surya Semesta Internusa Tbk		10,271
	4,248	Sadbhav Engineering, Ltd.		20,559
	15,960	Seohee Construction Co., Ltd.		16,837
	25,000	Sinopec Engineering Group Co., Ltd.		22,532
	2,990	Sunway Construction Group Berhad		1,411
	1,031	Taeyoung Engineering & Construction*		7,887
	24,900	Unique Engineering & Construction Public Co., Ltd.		13,483
	4,000	United Integrated Services Co., Ltd.*		9,234
	3,558	Voltas, Ltd.		25,107
	27,762	WCT Holdings Berhad*		13,331
	2,230	Wilson Bayly Holmes-Ovcon, Ltd.		23,909

				854,561

	Construction Materials (1.2%):
	669	ACC, Ltd.		16,222
	3,011	Akcansa Cimento AS		10,000
	11,945	Ambuja Cements, Ltd.		45,497
	5,000	Anhui Conch Cement Co., Ltd.		17,389
	35,000	Asia Cement Corp.		30,036
	37,000	BBMG Corp.		18,679
	1,772	Birla Corp., Ltd*		23,730
	21,000	Cahya Mata Sarawak Berhad		19,667
	6,902	Cemex Latam Holdings SA*		26,535
	14,291	Cemex SAB de C.V., ADR*		134,621
	70,000	China National Buildings Material Co., Ltd.		41,624
	63,000	China National Materials Co., Ltd., Class H		21,067
	50,000	China Resources Cement Holdings, Ltd.		24,851
	2,324	Cimsa Cimento Sanayi ve Ticaret AS		9,998
	568	Dalmia Bharat, Ltd.*		21,729
	4,269	Eugene Corp.		22,467
	63,000	Goldsun Building Materials Co., Ltd.		18,873
	30	Hanil Cement Co., Ltd.		3,014
	27,300	Holcim Philippines, Inc.		7,145
	22	Hyundai Cement Co.*		348
	13,528	India Cements, Ltd.		41,413
	9,900	Lafarge Malaysia Berhad		12,837
	73,801	PPC, Ltd.*		29,888
	20,300	PT Indocement Tunggal Prakarsa Tbk		28,076
	63,300	PT Semen Indonesia (Persero) Tbk		47,451
	34	Shree Cement, Ltd.		8,923
	19	Siam City Cement Public Co., Ltd.		182
	36,000	Taiwan Cement Corp.		41,668
	78,000	TCC International Holdings, Ltd.		35,173


Shares			Fair Value
	Common Stocks, continued
	Construction Materials, continued
	1,782	The Ramco Cements, Ltd.*	$	19,169
	4,300	The Siam Cement Public Co., Ltd.		63,814
	7,780	Tongyang, Inc.		15,464
	142,600	TPI Polene PCL		9,577
	345	Ultra Tech Cement, Ltd.		21,120
	11,110	Universal Cement Corp.		9,169

				897,416

	Consumer Finance (0.3%):
	720	Bajaj Finance, Ltd.*		15,286
	165	Bharat Financial Inclusion, Ltd.*		1,843
	1,439	Cholamandalam Investment And Finance Co., Ltd.		25,005
	13,000	Gentera SAB de C.V.		19,515
	666	Kruk SA		55,420
	5,400	Krungthai Card Public Co., Ltd.		19,086
	3,968	Mahindra & Mahindra Financial Services		21,164
	9,321	Manappuram Finance, Ltd.		14,092
	653	Muthoot Finance, Ltd.		4,599
	209	Samsung Card Co., Ltd.		7,127
	680	Shriram City Union Finance, Ltd.		25,067
	1,293	Shriram Transport Finance		19,984
	188	Sundaram Finance, Ltd.		4,678
	5,000	Taiwan Acceptance Corp.		17,840

				250,706

	Containers & Packaging (0.2%):
	7,000	Cheng Loong Corp.		3,293
	37,000	Greatview Aspetic Packaging Co., Ltd.		23,145
	5,100	Klabin SA		25,005
	5,146	Mpact, Ltd.		11,058
	22,427	Nampak, Ltd.*		32,673
	15,000	Taiwan Hon Chuan Enterprise Co., Ltd.		29,939

				125,113

	Distributors (0.2%):
	8,529	Imperial Holdings, Ltd.		105,020

	Diversified Consumer Services (0.2%):
	7,283	Advtech, Ltd.		9,947
	6,218	Estacio Participacoes SA		27,427
	18,000	Fu Shou Yuan International Group, Ltd.		10,860
	14,587	Kroton Educacional SA		65,353
	297	New Oriental Education & Technology Group, Inc., ADR*		20,936
	200	TAL Education Group, ADR		24,463
	597	Tarena International, Inc., ADR		10,692

				169,678

	Diversified Financial Services (1.0%):
	1,970	Ayala Corp.		33,213
	533	Bajaj Holdings And Investment, Ltd.		17,403
	18,680	Chailease Holding Co., Ltd.		52,092
	30,000	Far East Horizon, Ltd.		26,169
	60,039	FirstRand, Ltd.		216,708
	47,000	Fubon Financial Holdings Co., Ltd.		74,941
	945	GT Capital Holdings, Inc.		22,687
	7,641	IFCI, Ltd.*		2,867


Shares			Fair Value
	Common Stocks, continued
	Diversified Financial Services, continued
	17,967	L&t Finance Holdings, Ltd.	$	40,089
	348	Meritz Financial Group, Inc.		4,335
	232,500	Metro Pacific Investments Corp.		29,454
	422	NICE Holdings Co., Ltd.		6,460
	1,950	Nice Information Service Co., Ltd.		13,826
	17,218	Power Finance Corp., Ltd.		32,644
	2,235	PSG Group, Ltd.		41,058
	3,693	Reliance Capital, Ltd.		36,746
	13,298	Rural Electrification Corp., Ltd.		35,377
	2,402	SREI Infrastucture Finance, Ltd.		4,298

				690,367

	Diversified Telecommunication Services (1.8%):
	63,000	Asia Pacific Telecom Co., Ltd.*		22,637
	33,142	Axtel SAB de C.V.*		6,849
	5,126	Bharti Infratel, Ltd.		29,656
	34,000	China Communications Services Corp., Ltd.		19,598
	637	China Telecom Corp., Ltd., ADR		30,532
	18,000	China Telecom Corp., Ltd., Class H		8,554
	4,785	China Unicom (Hong Kong), Ltd., ADR*		71,584
	80,000	China Unicom (Hong Kong), Ltd.*		119,338
	4,007	Chunghwa Telecom Co., Ltd., ADR		141,126
	70,754	Jasmine International PCL		16,980
	4,168	LG Uplus Corp.		56,956
	3,992	Magyar Telekom Telecommunications plc		6,986
	11,536	Netia SA		12,859
	1,985	O2 Czech Republic AS		23,569
	27,003	Orange Polska SA*		37,393
	6,376	PT Telekomunik Indonesia Persero Tbk, ADR		214,679
	78,300	PT Tower Bersama Infrastructure Tbk		39,933
	2,225	Rostelecom, ADR		16,165
	5,200	Samart Telcoms Public Co., Ltd.		1,961
	939	Tata Communications, Ltd.		10,509
	4,040	Telefonica Brasil SA, ADR^		54,500
	21,900	Telekom Malaysia Berhad		33,983
	27,916	Telesites SAB*		20,522
	14,405	Telkom SA SOC, Ltd.		67,870
	166,924	True Corp. Public Co., Ltd.*		30,455

				1,095,194

	Electric Utilities (1.9%):
	2,000	Alupar Investimento SA		10,796
	3,266	Centrais Electricas Brasileiras SA, ADR		16,134
	3,489	Centrais Electricas Brasileiras SA, ADR*		13,084
	1,597	CESC, Ltd.		21,473
	1,023	CEZ		17,848
	14,978	Companhia Energetica de Minas Gerais, ADR		35,947
	4,205	Companhia Paranaense de Energia, ADR		30,865
	1,769	CPFL Energia SA, ADR		28,216
	17,871	E.CL SA		32,610
	10,066	EDP — Energias do Brasil SA		42,910
	9,559	Enea SA*		34,505
	4,132	Energa SA		11,672
	15,097	Enersis Chile SA, ADR		83,034


Shares			Fair Value
	Common Stocks, continued
	Electric Utilities, continued
	10,156	Enersis SA, ADR	$	95,770
	4,700	Equatorial Energia SA		77,191
	20,840	First Philippine Holdings Corp.		28,922
	8,067	Interconexion Electrica SA ESP		35,361
	5,734	Korea Electric Power Corp., ADR		103,040
	2,200	Light SA*		14,911
	3,800	Manila Electric Co.		19,665
	14,679	PGE SA		47,938
	16,884	Power Grid Corp. of India, Ltd.		54,977
	3,165	Reliance Infrastructure, Ltd.		24,372
	24,460	Tata Power Co., Ltd.		30,466
	39,533	Tauron Polska Energia SA*		38,179
	39,000	Tenega Nasional Berhad		128,546
	2,361	Torrent Power, Ltd.		6,477
	7,240	Transmissora Alianca de Energia Eletrica SA		48,590

				1,133,499

	Electrical Equipment (0.6%):
	14,000	AcBel Polytech, Inc.		10,887
	947	Amara Raja Batteries, Ltd.*		12,280
	10,265	Bharat Heavy Electricals, Ltd.		21,447
	4,000	Bizlink Holdings, Inc.*		28,284
	10,196	Crompton Greaves, Ltd.*		12,911
	1,407	Doosan Heavy Industries & Construction Co., Ltd.		25,769
	1,360	Finolex Cables, Ltd.		9,619
	26,000	Harbin Electric Co., Ltd.		13,125
	2,971	Havells India, Ltd.		21,171
	15	Hyundai Electric & Energy Systems Co., Ltd.*		4,085
	6,000	Jiangnan Group, Ltd.*		523
	451	LG Industrial Systems Co., Ltd.		22,010
	412	LS Corp.		26,258
	1,000	Shihlin Electric & Engineering Corp.		1,357
	88,553	Suzlon Energy, Ltd.*		25,626
	34,000	Teco Electric & Machinery Co., Ltd.		32,544
	2,000	Voltronic Power Technology Corp.		32,948
	90,000	Walsin Lihwa Corp.		39,657
	7,500	Zhuzhou CSR Times Electric Co., Ltd.		36,807

				377,308

	Electronic Equipment, Instruments & Components (4.9%):
	9,000	AAC Technologies Holdings, Inc.		112,080
	23,085	AU Optronics Corp., ADR^		105,268
	127,800	Cal-comp Electronics (Thailand) Public Co., Ltd., Class F		11,286
	3,000	Career Technology(MFG.) Co., Ltd.		2,057
	4,000	Chaun-Choung Technology Corp.		16,969
	13,000	Cheng Uei Precision Industry Co., Ltd.		17,818
	13,000	Chin-Poon Industrial Co., Ltd.		26,504
	40,000	Compeq Manufacturing Co., Ltd.		32,424
	24,800	Coretronic Corp.		33,925
	296	Daeduck Electronics Co., Ltd.		2,862
	1,670	Daeduck Gds Co., Ltd.		27,520
	10,712	Datatec, Ltd.		49,387
	10,600	Delta Electronics (Thailand) Public Co., Ltd.		27,109
	13,682	Delta Electronics, Inc.		74,885


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	28,000	Digital China Holdings, Ltd.*	$	21,555
	11,000	Elite Material Co., Ltd.		53,362
	13,909	Flexium Interconnect, Inc.		52,124
	2,000	Flytech Technology Co., Ltd.		6,524
	119,000	HannStar Display Corp.*		35,728
	14,031	Hon Hai Precision Industry Co., Ltd., GDR		108,740
	178,800	Hon Hai Precision Industry Co., Ltd.		683,605
	55,750	Inari Amertron Berhad		27,417
	107,000	Innolux Corp.		55,952
	2,118	INTOPS Co., Ltd.		22,094
	32,000	JU Teng International Holdings, Ltd.		13,120
	9,500	KCE Electronics Public Co., Ltd.		30,351
	18,000	Kingboard Chemical Holdings, Ltd.		71,723
	25,000	Kingboard Laminates Holdings, Ltd.		30,175
	1,000	Largan Precision Co., Ltd.		158,959
	16,250	LG Display Co., Ltd., ADR		261,137
	413	LG Innotek Co., Ltd.		59,575
	2,000	Merry Electronics Co., Ltd.		12,433
	11,000	Min Aik Technology Co., Ltd.		12,099
	39,000	PAX Global Technology, Ltd.		25,028
	1,000	Posiflex Technology, Inc.*		5,431
	4,974	Redington India, Ltd.		10,065
	36,200	Samart Corporation Public Co., Ltd.		15,447
	927	Samsung Electro-Mechanics Co., Ltd., Series L		82,663
	460	Samsung SDI Co., Ltd.		68,786
	520	SFA Engineering Corp.		20,388
	9,000	Simplo Technology Co., Ltd.		30,629
	10,299	Sinbon Electronics Co., Ltd.		24,267
	14,000	Sunny Optical Technology Group Co., Ltd.		125,433
	23,100	Synnex Technology International Corp.		25,886
	13,000	Taiwan PCB Techvest Co., Ltd.		13,380
	15,000	Taiwan Union Technology Corp.		27,517
	2,000	Test Research, Inc.		2,483
	4,000	Tong Hsing Electronic Industries, Ltd.		16,562
	100,000	Tongda Group Holdings, Ltd.		29,855
	12,000	TPK Holding Co., Ltd.*		36,569
	13,000	Tripod Technology Corp.		41,500
	42,000	Truly International Holdings, Ltd., Series L		14,525
	4,000	TXC Corp.		5,915
	35,000	Unimicron Technology Corp.		20,306
	69,600	V.S. Industry Berhad		33,623
	11,000	Wah Lee Industrial Corp.		18,340
	2,000	Waison Group Holdings, Ltd.		921
	1,338	Wisol Co., Ltd.		18,330
	27,000	WPG Holdings, Ltd.		36,044
	21,945	WT Microelectronics Co., Ltd.		32,543
	15,208	Yageo Corp.		53,004
	9,000	Zhen Ding Technology Holding, Ltd.		21,364

				3,113,571

	Energy Equipment & Services (0.1%):
	91,600	Bumi Armada Berhad		16,228
	28,000	China Oilfield Services, Ltd.		22,452


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services, continued
	160,000	Sapurakencana Petroleum Berhad	$	59,288
	33,200	UMW Oil & Gas Corp. Berhad*		3,405
	6,400	Yinson Holdings BHD		5,471

				106,844

	Food & Staples Retailing (1.9%):
	4,656	Bid Corp., Ltd.		106,689
	2,846	BIM Birlesik Magazalar AS		52,744
	91	CJ Freshway Corp.		3,306
	11,195	Clicks Group, Ltd.		119,997
	2,733	Companhia Brasileira de Distribuicao Grupo Pao de Acucar, ADR*		53,430
	157,900	Cosco Capital, Inc.		24,732
	30,500	CP ALL Public Co., Ltd.		56,377
	183	E-Mart Co., Ltd.		37,515
	2,923	Eurocash SA		24,478
	12,811	Grupo Comercial Chedraui SAB de C.V.		26,263
	245	GS Retail Co., Ltd.		11,048
	1,487	Hyundai Greenfood Co., Ltd.		23,015
	25,927	La comer,SAB de C.V.*		23,418
	5,868	Massmart Holdings, Ltd.		47,391
	2,386	Migros Ticaret AS*		18,693
	9,708	Organizacion Soriana SAB de C.V.*		22,630
	13,353	Pickn Pay Stores, Ltd.		60,282
	8,000	President Chain Store Corp.		71,717
	16,000	Puregold Price Club, Inc.		14,130
	2,563	Raia Drogasil SA		54,552
	11,326	Shoprite Holdings, Ltd.		172,758
	39,000	Sun Art Retail Group, Ltd.		31,072
	16,000	Taiwan Tea Corp.		8,655
	6,066	The Spar Group, Ltd.		71,544
	62,376	Wal-Mart de Mexico SAB de C.V.		144,647
	1,349	X5 Retail Group NV, GDR*		46,776

				1,327,859

	Food Products (3.3%):
	2,860	Astral Foods, Ltd.		32,397
	13,707	AVI, Ltd.		99,646
	11,208	Balrampur Chini Mills, Ltd.		26,211
	266	Binggrae Co., Ltd.		15,855
	5,333	BRF SA, ADR		62,876
	518	Britannia Industries, Ltd.		29,604
	190,000	C.P. Pokphand Co., Ltd.		14,604
	10,000	Charoen Pokphand Enterprise		24,530
	48,200	Charoen Pokphand Foods Public Co., Ltd.		35,204
	55,000	China Agri-Industries Holdings, Ltd.		22,846
	16,000	China Mengniu Dairy Co., Ltd.		31,383
	2,557	China Ocean Resources Co., Ltd.*(b)(c)		2,235
	61,000	China Yurun Food Group, Ltd.*		8,051
	198	CJ CheilJedang Corp.		62,553
	13,949	Clover Industries, Ltd.		17,659
	603	Daesang Corp.		13,943
	38	Dongwon Industries Co., Ltd.		10,730
	3,401	Easy Bio, Inc.		20,037


Shares			Fair Value
	Common Stocks, continued
	Food Products, continued
	53,000	Felda Global Ventures Holdings	$	21,156
	65	Glaxo SmithKline Consumer Healthcare, Ltd.		5,389
	26,000	Great Wall Enterprise Co., Ltd.		27,615
	6,338	Gruma, SAB de C.V., Class B		82,701
	17,799	Grupo Bimbo SAB de C.V., Series A		44,865
	12,529	Grupo Herdez SAB de C.V.		26,707
	1,920	Grupo Nutresa SA		16,655
	3,000	Health And Happiness H&H International Holdings, Ltd.*		7,595
	6,838	Industrias Bachoco, SAB de C.V.		32,645
	40,200	IOI Corp. Berhad		41,730
	12,000	JBS SA		23,875
	2,092	Kernel Holding SA		36,616
	2,569	KRBL, Ltd.*		15,081
	4,800	Kuala Lumpur Kepong Berhad		27,853
	19,188	Lien Hwa Industrial Corp.		17,791
	43	Lotte Confectionery Co., Ltd.		7,433
	8	Lotte Food Co., Ltd.		4,447
	1,800	M Dias Branco SA		26,927
	19,100	Marfrig Global Foods SA*		38,981
	3,000	Namchow Chemical Industrial Co., Ltd.		6,357
	240	Nestle India, Ltd.		25,009
	50	NongShim Co., Ltd.		14,758
	1,981	Oceana Group, Ltd.		13,779
	53	Orion Corp.(b)(c)		36,974
	3,462	Pioneer Foods, Ltd.		35,906
	6,500	PPB Group Berhad		26,021
	24,688	PT Astra Agro Lestari Tbk		27,209
	96,300	PT Charoen Pokphand Indonesia Tbk		22,957
	2,000	PT Indofood CBP Sukses Makmur Tbk		1,319
	147,200	PT Indofood Sukses Makmur Tbk		94,841
	163,300	PT Japfa Comfeed Indonesia Tbk		16,568
	212,100	PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		21,771
	600	PT Sawit Sumbermas Sarana TbK		76
	33,700	PT Tiga Pilar Sejahtera Food Tbk*		4,218
	1,800	Qinqin Foodstuffs Group*		542
	21,400	QL Resources Berhad		24,668
	118	Samyang Holdings Corp.		12,640
	3,900	Sao Martinho SA		20,216
	48,000	Shenguan Holdings Group, Ltd.		3,044
	7,326	Standard Foods Corp.		19,690
	10,893	Tata Global Beverages, Ltd.		25,407
	48,000	Thai Union Group Public Co., Ltd.		29,832
	18,300	Thai Vegetable Oil Public Co., Ltd.		16,306
	3,028	Tiger Brands, Ltd.		85,271
	34,000	Tingyi (Caymen Is) Holding Corp.		40,331
	1,918	Tongaat Hulett, Ltd.		17,106
	5,919	Ulker Biskuvi Sanayi AS		37,320
	28,000	Uni-President China Holdings, Ltd.		22,680
	67,600	Uni-President Enterprises Corp.		135,596
	12,130	Universal Robina Corp.		39,182
	51,000	Want Want China Holdings, Ltd.		34,428

				1,948,448


Shares			Fair Value
	Common Stocks, continued
	Gas Utilities (0.6%):
	24,000	China Gas Holdings, Ltd.	$	48,453
	36,000	China Oil & Gas Group, Ltd.		2,445
	20,000	China Resources Gas Group, Ltd.		68,433
	410	Cia de Gas de Sao Paulo		5,695
	10,000	ENN Energy Holdings, Ltd.		60,483
	1,849	GAIL India, Ltd., GDR		61,049
	1,851	Gujarat State Petronet, Ltd.		5,064
	7,465	Infraestructura Energetica Nova, SAB de C.V.		39,793
	501	Korea Gas Corp.*		23,306
	10,000	Petronas Gas Berhad		43,264
	130,200	PT Perusahaan Gas Negara Tbk		21,992
	20,000	Towngas China Co., Ltd.		13,067

				393,044

	Health Care Equipment & Supplies (0.4%):
	44	Dio Corp.*		1,270
	3,000	Ginko International Co., Ltd.		22,925
	29,000	Hartalega Holdings Berhad		49,887
	185	Huons Co., Ltd.		6,300
	580	Inbody Co., Ltd.		13,834
	22,300	Kossan Rubber Industries Berhad		33,122
	26,000	Lifetech Scientific Corp.*		6,169
	348	Osstem Implant Co., Ltd.*		15,941
	12,000	Shandong Weigao Group Medical Polymer Co., Ltd., Class H		9,424
	1,000	St.Shine Optical Co., Ltd.		20,916
	21,600	Top Glove Corp. Berhad		28,951
	357	Vieworks Co., Ltd.		17,946

				226,685

	Health Care Providers & Services (0.7%):
	1,802	Apollo Hospitals Enterprise, Ltd.*		35,521
	39,600	Bangkok Dusit Medical Services Public Co., Ltd., Class F		22,395
	5,800	Bumrungrad Hospital Public Co., Ltd.		29,295
	93,300	Chularat Hospital Public Co., Ltd.		6,701
	18,400	IHH Healthcare Berhad		24,676
	22,200	KPJ Healthcare Berhad		21,838
	36,395	Life Healthcare Group Holdings Pte, Ltd.		71,384
	39,623	Netcare, Ltd.		78,015
	6,700	OdontoPrev SA		23,545
	5,066	Qualicorp SA		44,125
	6,700	Shanghai Pharmaceuticals Holding Co., Ltd.		19,954
	13,600	Sinopharm Group Co., Series H		61,662

				439,111

	Hotels, Restaurants & Leisure (1.0%):
	22,435	Alsea SAB de C.V.		85,061
	34,444	Berjaya Sports Toto Berhard		20,313
	33,400	Central Plaza Hotel Public Co., Ltd.		37,383
	72,000	China Travel International Investment Hong Kong, Ltd.		20,777
	2,525	City Lodge Hotels, Ltd.		27,072
	4,276	Cox & Kings, Ltd.		18,331
	3,400	Cvc Brasil Operadora E Agenc		33,094
	3,511	Famous Brands, Ltd.		33,882


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	38,300	Genting Berhard	$	84,065
	30,700	Genting Malaysia Berhad		39,393
	3,300	Gourmet Master Co., Ltd.		35,649
	694	Grand Korea Leisure Co., Ltd.		13,582
	179	Hana Tour Service, Inc.		14,317
	9,410	Jollibee Foods Corp.		38,116
	1,170	Jubilant Foodworks, Ltd.		17,134
	884	Kangwon Land, Inc.		26,939
	31,800	Magnum Berhad		12,827
	28,900	MINI International Public Co., Ltd.		34,253
	8,900	MK Restaurants Group Public Co., Ltd.		16,382
	301	Modetour Network, Inc.		8,340
	14,674	Net Holding AS*		12,184
	353	Paradise Co., Ltd.		4,430
	275,000	Rexlot Holdings, Ltd.*		3,453
	7,724	Sun International, Ltd.		32,613
	15,271	Tsogo Sun Holdings, Ltd.		26,194
	2,000	Wowprime Corp.		12,133

				707,917

	Household Durables (1.4%):
	34,000	Ability Enterprise Co., Ltd.		21,299
	384	Amica Wronki SA		18,832
	11,000	Amtran Technology Co., Ltd.		7,578
	6,055	Arcelik AS		44,851
	5,000	Basso Industry Corp.		14,011
	1,335	Construtora Tenda SA*		5,892
	589	Coway Co., Ltd.		53,553
	10,196	Crompton Greaves Consumer Electricals, Ltd.*		35,667
	12,000	Cyrela Brazil Realty SA Empreendimentos e Participacoes		40,105
	12,000	Even Construtora e Incorporadora SA*		14,238
	544	Fabryki Mebli “Forte” SA		12,093
	1,335	Gafisa SA*		4,373
	29,000	Haier Electronics Group Co., Ltd.		75,446
	121	Hanssem Co., Ltd.		19,451
	49	Hyundai Livart Furniture Co., Ltd.		1,020
	27,000	Kinpo Electronics, Inc.		10,033
	1,526	LG Electronics, Inc.		106,992
	8,200	MRV Engenharia e Participacoes SA		33,322
	3,000	Nien Made Enterprise Co., Ltd.		33,351
	44,771	Skyworth Digital Holdings, Ltd.		27,822
	31,722	Steinhoff International Holdings NV		162,665
	55,000	Tatung Co., Ltd.*		23,786
	363	Whirlpool of India, Ltd.*		6,391
	3,000	Zeng Hsing Industrial Co., Ltd.		14,302

				787,073

	Household Products (0.4%):
	9,507	Hindustan Unilever, Ltd.		158,746
	41,435	Kimberl- Clark de Mexico SAB de C.V.		87,706
	14,900	PT Unilever Indonesia Tbk		54,531

				300,983


Shares			Fair Value
	Common Stocks, continued
	Independent Power & Renewable Electricity Producers (0.9%):
	40,100	Aboitiz Power Corp.	$	30,925
	10,952	Adani Power, Ltd.*		5,044
	25,005	AES Gener SA		8,820
	7,121	AES Tiete Energia SA		29,388
	46,000	Beijing Jingneng Clean Energy Co., Ltd., Series H		13,554
	37,000	China Longyuan Power Group Corp.		26,919
	59,000	China Power International Develpoment, Ltd.		20,937
	14,000	China Resources Power Holdings Co.		27,474
	118,755	Colbun SA		25,431
	34,000	Datang International Power Generation Co., Ltd.		10,845
	3,700	Electricity Generating Public Co., Ltd.		23,316
	1,528	Empresa Nacional de Electricidad SA, ADR		34,594
	446,900	Energy Development Corp.		53,600
	2,800	Engie Brasil Energia SA		28,953
	68,600	First Gen Corp.		25,701
	14,300	Glow Energy Public Co., Ltd.		33,154
	38,000	Huadian Fuxin Energy Corp., Class H		10,482
	20,000	Huadian Power International Corp., Ltd.*		8,941
	708	Huaneng Power International, Inc., ADR		19,675
	132,000	Huaneng Renewables Corp., Ltd.		40,759
	10,150	JSW Energy, Ltd.		10,039
	208,800	Lopez Holdings Corp.		29,748
	25,620	NHPC, Ltd.		12,431
	11,558	NTPC, Ltd.		28,401
	9,799	PTC India, Ltd.		14,611
	11,263	Reliance Power, Ltd.*		7,396
	6,000	Taiwan Cogeneration Corp.		4,636

				585,774

	Industrial Conglomerates (1.9%):
	20,580	Aboitiz Equity Ventures, Inc.		31,008
	906	Aditya Birla Nuvo, Ltd.		26,068
	114,747	Alfa SAB de C.V., Class A		162,830
	119,100	Alliance Global Group, Inc.		33,763
	6,000	Beijing Enterprises Holdings, Ltd.		28,935
	10,650	Berli Jucker Public Co., Ltd.		14,967
	10,712	Bidvest Group, Ltd.		129,126
	33,516	Boustead Holdings Berhad		20,545
	46,000	Citic, Ltd.		69,184
	239	CJ Corp.		39,594
	167,000	DMCI Holdings, Inc.		46,670
	234	Doosan Corp.		24,299
	4,967	Enka Insaat ve Sanayi AS		7,586
	31,620	Far Eastern New Century Corp.		25,674
	15,000	Fosun International, Ltd.		23,441
	10,759	Grupo Carso SAB de C.V.		45,464
	21,847	GRUPO KUO SAB de C.V., Series B*		47,797
	699	Hanwha Corp.		28,965
	15,100	Hap Seng Consolidated Berhad		32,500
	47,440	JG Summit Holdings, Inc.*		76,123
	72,431	KAP Industrial Holdings, Ltd.		45,043
	290	Kolon Corp.		20,789
	770	LG Corp.		51,916


Shares			Fair Value
	Common Stocks, continued
	Industrial Conglomerates, continued
	7,416	Reunert, Ltd.	$	41,609
	221	Samsung C&T Corp.		28,595
	21,330	San Miguel Corp.		44,023
	13,000	Shanghai Industrial Holdings, Ltd.		38,556
	21,995	Sime Darby Berhad		48,707
	408	SK C&C Co., Ltd.		99,006
	1,290	SM Investments Corp.		20,626
	25,919	Turkiye Sise ve Cam Fabrikalari AS		33,915

				1,387,324

	Insurance (2.9%):
	595	Bajaj Finserv, Ltd.*		37,895
	7,200	Bangkok Life Assurance Public Co., Ltd.		9,431
	6,175	BB Seguridade Participacoes SA		53,355
	55,000	Cathay Financial Holding Co., Ltd.		90,643
	59,488	China Life Insurance Co., Ltd.		59,268
	11,000	China Life Insurance Co., Ltd.		33,649
	1,973	China Life Insurance Co., Ltd., ADR^		30,266
	7,200	China Pacific Insurance Group Co., Ltd., Class H		29,421
	13,600	China Taiping Insurance Holdings Co., Ltd.		34,472
	10,800	Dhipaya Insurance Public Co., Ltd.		13,913
	6,419	Discovery, Ltd.		62,809
	1,507	Dongbu Insurance Co., Ltd.		89,618
	2,194	Hanwha General Insurance Co., Ltd.		16,263
	3,119	Hanwha Life Insurance Co., Ltd.		18,993
	2,150	Hyundai Marine & Fire Insurance Co., Ltd.		74,014
	2,724	Korean Reinsurance Co.		28,810
	5,916	Liberty Holding, Ltd.		50,938
	10,400	LPI Capital Berhad		45,769
	27,465	Mercuries Life Insurance Co., Ltd.*		14,269
	1,882	Meritz Fire & Marine Insurance Co., Ltd.		32,976
	28,993	MMI Holdings, Ltd.		44,937
	68,000	People’s Insurance Co. Group of China, Ltd.		28,570
	48,000	Picc Property & Casuality Co., Ltd., Class H		80,176
	47,500	Ping An Insurance Group Co. of China, Ltd.		313,183
	2,500	Porto Seguro SA		23,111
	7,140	Powszechny Zaklad Ubezpieczen SA		85,854
	518,000	PT Panin Financial Tbk*		9,130
	250	Samsung Fire & Marine Insurance Co., Ltd.		61,495
	520	Samsung Life Insurance Co., Ltd.		53,123
	31,280	Sanlam, Ltd.		155,071
	2,021	Santam, Ltd.		37,000
	232,105	Shin Kong Financial Holdings Co., Ltd.*		61,792
	6,763	Sul America SA		36,242
	675	Tongyang Life Insurance		5,895

				1,822,351

	Internet & Direct Marketing Retail (0.3%):
	11,230	B2w Cia Digital*		39,464
	108	CJ O Shopping Co., Ltd.		18,063
	239	Ctrip.com International, ADR*^		12,873
	91	GS Home Shopping, Inc.		18,408
	959	JD.com, Inc., ADR*		37,612
	4,208	Vipshop Holdings, Ltd., ADR*		44,394

				170,814


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services (3.3%):
	3,922	21vianet Group, Inc., ADR*^	$	19,688
	725	58.com, Inc., ADR*^		31,980
	1,817	Alibaba Group Holding, Ltd., ADR*^		256,015
	436	Baidu, Inc., ADR*		77,983
	1,080	Bitauto Holdings, Ltd., ADR*		31,050
	1,139	Daou Technology, Inc.		21,857
	194	Daum Kakao Corp.		17,208
	2,344	Just Dial, Ltd.*		13,468
	308	NetEase, Inc., ADR		92,594
	234	NHN Corp.		170,932
	2,505	Pchome Online, Inc.		19,359
	37,400	Tencent Holdings, Ltd.		1,334,668
	399	YY, Inc., ADR*		23,154

				2,109,956

	IT Services (2.4%):
	10,000	Chinasoft International, Ltd.		5,303
	7,536	Cielo SA		56,196
	639	eClerx Services, Ltd.		13,053
	3,739	EOH Holdings, Ltd.		35,998
	10,448	HCL Technologies, Ltd.		137,496
	2,673	Hexaware Technologies, Ltd.		10,021
	37,860	Infosys, Ltd., ADR^		568,657
	3,450	Mindtree, Ltd.		28,209
	2,374	Mphasis, Ltd.		22,008
	65,500	MyEG Services Berhad		33,438
	954	Persistent Systems, Ltd.		10,065
	231	Samsung SDS Co., Ltd.		37,273
	12,199	Sonda SA		20,053
	7,000	Systex Corp.		14,941
	7,574	Tata Consultancy Services, Ltd.		276,865
	5,583	Tech Mahindra, Ltd.		32,993
	14,000	Travelsky Technology, Ltd., Series H		41,270
	5,423	Vakrangee, Ltd.		36,130
	7,636	Wipro, Ltd.		30,507

				1,410,476

	Leisure Products (0.1%):
	6,000	Giant Manufacturing Co., Ltd.		34,261
	3,000	Merida Industry Co., Ltd.		16,096

				50,357

	Life Sciences Tools & Services (0.0%):
	1,081	Divi’s Laboratories, Ltd.*		10,825

	Machinery (1.1%):
	816	AIA Engineering, Ltd.		17,626
	3,000	AirTac International Group		35,548
	15,517	Ashok Leyland, Ltd.		22,481
	1,004	BEML, Ltd.		23,853
	28,600	Changsha Zoomlion Heavy Industry Science & Technology		13,930
	10,500	China Conch Venture Holdings, Ltd.		19,233
	7,600	China International Marine Containers Group Co., Ltd.		13,593
	18,000	CRRC Corp., Ltd., Class H		16,189


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	26,000	CSBC Corp. Taiwan	$	11,009
	1,465	Cummins India, Ltd.		20,843
	352	Daewoo Shipbuilding & Marine Engineering Co., Ltd.*(b)(c)		2,585
	4,412	Doosan Infracore Co., Ltd.*		32,593
	176	Eicher Motors, Ltd.*		73,494
	3,744	Escorts Ltd		37,431
	8,000	Haitian International Holdings, Ltd.		22,442
	4,202	Hiwin Technologies Corp.		28,488
	14	Hyundai Construction Equipment Co., Ltd.*		4,210
	234	Hyundai Heavy Industries Co.*		36,256
	337	Hyundai Mipo Dockyard Co., Ltd.*		32,113
	50	Hyundai Rotem Co., Ltd.*		903
	3,800	Iochpe-Maxion SA		19,320
	9,940	Jain Irrigation Systems, Ltd.		15,737
	1,000	King Slide Works Co., Ltd.		14,044
	136	Otokar Otomotiv Ve Savunma Sanayi AS		4,282
	7,000	Rechi Precision Co., Ltd.		8,007
	4,062	Samsung Heavy Industries Co., Ltd.*		44,211
	8,000	San Shing Fastech Corp.		13,388
	2,000	Shin Zu Shing Co., Ltd.		6,373
	29,500	Sinotruk Hong Kong, Ltd.		21,425
	16,000	Sunonwealth Electric Machine Industry Co., Ltd.		20,677
	8,000	Syncmold Enterprise Corp.		18,597
	304	Timken India, Ltd.		3,145
	837	Turk Traktor ve Ziraat Makineleri AS		18,790
	6,446	WEG SA		34,484
	20,000	Weichai Power Co., Ltd., Class H		17,531
	11,000	Yungtay Engineering Co., Ltd.		18,735

				743,566

	Marine (0.1%):
	24,000	China Shipping Development Co., Ltd., Class H		13,406
	38,380	Evergreen Marine Corp. (Taiwan), Ltd.*		19,499
	33,207	Grindrod, Ltd.*^		28,097
	773	Korea Line Corp.*		24,801
	16,500	MISC Berhad		28,693
	4,000	U-Ming Marine Transport Corp.		4,183
	5,000	Wan HAI Lines, Ltd.		2,820
	22,304	Wisdom Marine Lines Co., Ltd.		22,952
	17,289	Yang Ming Marine Transport*		7,136

				151,587

	Media (1.4%):
	160,000	Alibaba Pictures Group, Ltd.*		26,642
	52,700	Astro Malaysia Holdings Berhad		31,091
	47,000	BEC World Public Co., Ltd.		29,062
	748	Cheil Worldwide, Inc.		12,032
	408	CJ CGV Co., Ltd.		26,252
	301	CJ E&M Corp.		19,950
	546	CJ Hellovision Co., Ltd.		4,353
	4,478	Cyfrowy Polsat SA*		29,808
	13,912	Dish Tv India, Ltd.*		17,240
	7,145	Grupo Televisa SA, ADR		174,124


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	2,348	Jagran Prakashan, Ltd.*	$	6,648
	193	Loen Entertainment, Inc.		14,746
	14,606	Megacable Holdings SAB de C.V.		59,161
	800	Multiplus SA		9,250
	992	Naspers, Ltd.		193,096
	327,000	PT Global MediaCom Tbk*		14,237
	177,400	PT Media Nusantara Citra Tbk*		24,502
	190,700	PT Surya Citra Media Tbk		37,017
	750	PVR, Ltd.		16,331
	25,700	RS Public Co., Ltd.*		9,605
	413	S.M.Entertainment Co.*		9,496
	27,200	SMI Holdings Group, Ltd.		12,077
	1,500	Smiles SA		27,117
	4,534	Sun Tv Network, Ltd.		57,297
	20,498	Tv18 Broadcast, Ltd.*		11,455
	81,100	Vgi Global Media plc		13,607
	6,072	ZEE Entertainment Enterprises, Ltd.		46,189

				932,385

	Metals & Mining (4.1%):
	4,055	African Rainbow Minerals, Ltd.		26,185
	26,000	Angang Steel Co., Ltd.		19,391
	16,621	AngloGold Ashanti, Ltd., ADR		161,557
	2,033	ArcelorMittal South Africa, Ltd.*		824
	1,677	Assore, Ltd.		25,025
	3,325	Capital SA		26,531
	29,500	China Hongqiao Group, Ltd.*(b)(c)		26,639
	3,000	China Metal Products Co., Ltd.		2,996
	56,000	China Steel Corp.		45,573
	44,400	China Zhongwang Holdings, Ltd.		19,507
	56,000	Chung Hung Steel Corp.*		19,615
	24,250	Companhia Siderurgica Nacional SA, ADR*^		52,138
	1,666	Dongkuk Steel Mill Co., Ltd.		21,338
	14,863	Eregli Demir ve Celik Fabrikalari T.A.S.		29,782
	21,000	Feng Hsin Steel Co., Ltd.		34,939
	23,807	Gerdau SA, ADR		72,611
	28,000	Gloria Material Technology Corp.*		18,551
	41,553	Gold Field, Ltd., ADR^		144,605
	471	Grupa Kety SA		55,305
	84,574	Grupo Mexico SAB de C.V., Series B		237,650
	4,210	Grupo Simec SA de C.V., Series B*		14,844
	19,883	Hindalco Industries, Ltd.		58,602
	1,195	Hyundai Steel Co.		65,200
	18,316	Impala Platinum Holdings, Ltd.*		51,676
	7,412	Industrias CH, SAB de C.V., Series B*		36,762
	2,595	Industrias Penoles SAB de C.V.		58,703
	15,000	Jiangxi Copper Co., Ltd.		24,644
	20,933	Jindal Steel & Power, Ltd.*		39,851
	25,310	Jsw Steel, Ltd.		79,592
	43,143	Kardemir Karabuk Demir Celik Sanayi VE Ticaret AS, Class D*		21,460
	1,235	KGHM Polska Miedz SA		36,828
	40	KISWIRE, Ltd.		1,346


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	115	Korea Zinc Co.	$	45,848
	1,878	Koza Altin Isletmeleri AS*		10,914
	1,922	Kumba Iron Ore, Ltd.*		25,206
	166	Kumkang Kind Co., Ltd.		5,662
	52,000	Maanshan Iron & Steel Co., Ltd.*		20,796
	23,056	Minera Frisco SAB de C.V.*		14,421
	3,766	MMC Norilsk Nickel PJSC, ADR		51,707
	78,000	MMG, Ltd.*		28,957
	30,384	National Aluminum Co., Ltd.		30,452
	7,353	Northam Platinum, Ltd.*		22,778
	364	Poongsan Corp.		13,683
	1,832	POSCO, ADR		114,665
	57,140	Press Metal Berhad(b)(c)		35,695
	449,100	PT Aneka Tambang Persero Tbk*		23,385
	71,800	PT Vale Indonesia Tbk*		9,942
	3,505	Royal Bafokeng Platinum, Ltd.*		9,164
	697	Seah Besteel Corp.		18,666
	2,792	Severstal PAO, GDR		36,714
	88,000	Shougang Fushan Resources Group, Ltd.		16,391
	76,576	Sibanye Gold, Ltd.		88,109
	11,722	Steel Authority of India, Ltd.*		10,572
	29,000	TA Chen Stainless Pipe		16,521
	9,813	Tata Steel, Ltd., GDR		82,605
	7,000	Ton Yi Industrial Corp.		3,372
	22,000	Tung Ho Steel Enterprise Corp.		17,506
	7,991	Vale SA, ADR		69,921
	5,402	Vedanta, Ltd.		20,796
	7,373	Vedanta, Ltd., ADR		114,430
	3,000	Yeong Guan Energy Technology Group Co., Ltd.		9,293
	36,050	Yieh Phui Enterprise Co., Ltd.*		15,870
	3,500	Zhaojin Mining Industry Co., Ltd.		2,856
	72,000	Zijin Mining Group Co., Ltd.		23,752

				2,540,919

	Multiline Retail (0.8%):
	59,000	Far Eastern Department Stores, Ltd.		30,553
	15,000	Golden Eagle Retail Group, Ltd.		20,782
	23,569	Grupo Sanborsn SAB de C.V.		27,626
	295	Hyundai Department Store Co., Ltd.		28,497
	7,326	Lojas Americanas SA		26,762
	12,854	Lojas Renner SA		106,719
	121	Lotte Shopping Co., Ltd.		32,105
	48,500	Mitra Adiperkasa TBK PT		24,891
	3,060	Poya International Co., Ltd.		38,837
	8,500	PT Matahari Department Store Tbk		9,033
	489,200	PT Multipolar Tbk		7,586
	39,838	Ripley Corp SA		30,580
	1,378	S.A.C.I. Falabella		11,298
	130	Shinsegae Department Store Co.		26,060
	20,564	Woolworths Holdings, Ltd.		97,041

				518,370

	Multi-Utilities (0.1%):
	151,000	YTL Corporation Berhad		51,390


Shares			Fair Value
	Common Stocks, continued
	Multi-Utilities, continued
	65,800	YTL Power International Berhad	$	22,240

				73,630

	Oil, Gas & Consumable Fuels (5.9%):
	30,900	Bangchak Corp. PCL		30,473
	3,242	Bharat Pertoleum Corp., Ltd.		32,093
	1,639	Chennai Petroleum Corp., Ltd.		8,970
	42,000	China Coal Energy Co., Ltd., Class H		20,340
	186,000	China Petroleum & Chemical Corp., Class H		145,097
	12,000	China Shenhua Energy Co., Ltd.		26,718
	326	CNOOC, Ltd., ADR^		35,668
	42,000	CNOOC, Ltd.		46,083
	2,482	Coal India, Ltd.		9,382
	1,750	Cosan sa industria e Comercio		18,222
	336,100	Delta Dunia Makmur Tbk PT*		21,521
	4,782	Ecopetrol SA, ADR^		43,468
	1,700	Empresas Copec SA		18,625
	31,400	Energy Absolute Public Co., Ltd.		31,895
	70,800	Esso Thailand Public Co., Ltd.*		21,050
	6,797	Exxaro Resources, Ltd.		48,343
	7,000	Formosa Petrochemical Corp.		24,170
	15,137	Gazprom OAO, ADR		60,023
	4,041	Grupa Lotos SA*		55,616
	1,737	GS Holdings		103,495
	5,897	Hindustan Petroleum Corp., Ltd.		46,580
	15,536	Indian Oil Corp., Ltd.		92,541
	168,900	IRPC Public Co., Ltd.		26,595
	64,000	Kunlun Energy Co., Ltd.		54,341
	340	Lubelski Wegiel Bogdanka SA*		6,124
	2,859	LUKOIL PJSC, ADR		139,490
	10,280	Mangalore Refinery & Petrochemicals Ltd.*		18,820
	698	MOL Hungarian Oil & Gas plc		54,969
	288	NovaTek OAO, Registered Shares, GDR		32,157
	7,632	Oil & Natural Gas Corp., Ltd.		18,557
	3,702	Oil India, Ltd.		14,856
	407	PetroChina Co., Ltd., ADR		24,941
	48,000	PetroChina Co., Ltd., Class H		29,409
	26,379	Petroleo Brasileiro SA, ADR*		196,787
	10,434	Petroleo Brasileiro SA, ADR*^		83,368
	144,200	Petron Corp.		27,679
	3,800	Petronas Dagangan Berhad		21,361
	5,372	Petronet LNG, Ltd.		35,910
	6,621	Polski Koncern Naftowy Orlen SA		199,786
	12,311	Polskie Gornictwo Naftowe i Gazownictwo SA		20,981
	490,000	PT Adaro Energy Tbk		58,404
	19,800	PT Indo Tambangraya Megah Tbk		25,693
	475,000	PT Sugih Energy Tbk*(b)(c)		1,782
	41,200	PT United Tractors Tbk		84,888
	26,700	PTT Exploration & Production Public Co., Ltd.		67,754
	29,100	PTT Public Co., Ltd.		317,029
	5,022	Reliance Industries, Ltd., GDR*(a)		214,437
	10,622	Rosneft Oil Co., Registered Shares, GDR		57,776
	6,443	Sasol, Ltd., ADR		180,082


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	12,270	Semirara Mining and Power Corp.	$	39,027
	607	SK Energy Co., Ltd.		84,109
	352	SK Gas, Ltd.		39,696
	341	S-Oil Corp.		28,261
	25,300	Tambang Batubara Bukit Asam Tbk PT		22,749
	867	Tatneft Pjsc, ADR		32,714
	22,600	Thai Oil Public Co., Ltd.		52,569
	2,493	The Great Eastern Shipping Co., Ltd.		15,651
	2,548	Tupras-Turkiye Petrol Rafine		73,295
	7,854	Ultrapar Participacoes SA, ADR		184,805
	252,000	United Energy Group, Ltd.*		9,686
	2,362	Yanzhou Coal Mining Co., Ltd., ADR^		20,573

				3,557,484

	Paper & Forest Products (0.8%):
	7,803	Duratex SA		19,105
	5,996	Empresas CMPC SA		14,376
	6,912	Fibria Celulose SA, ADR		70,226
	146	Hansol Paper Co., Ltd.		2,457
	19,000	Lee & Man Paper Manufacturing, Ltd.		17,645
	23,000	Long Chen Paper Co., Ltd.		25,792
	3,790	Mondi, Ltd.		98,398
	43,000	Nine Dragons Paper Holdings, Ltd.		57,309
	24,247	Sappi, Ltd.		161,637
	6,600	Suzano Papel e Celulose SA, Class A		28,295
	12,900	Ta Ann Holdings Berhad		10,645
	47,000	YFY, Inc.		14,651

				520,536

	Personal Products (0.8%):
	267	Amorepacific Corp.		70,957
	384	Amorepacific Group		43,602
	926	Bajaj Corp., Ltd.		5,458
	945	Colgate-Palmolive India, Ltd.		16,253
	173	Cosmax, Inc.		17,414
	8,409	Dabur India, Ltd.		38,036
	1,393	Emami, Ltd.		23,150
	101	Gillette India, Ltd.		7,981
	2,030	Godrej Consumer Products, Ltd.		30,421
	3,000	Grape King BIO, Ltd.		20,017
	9,000	Hengan International Group Co., Ltd.		66,403
	499	Korea Kolmar Co., Ltd.		31,496
	113	LG Household & Health Care, Ltd.		98,081
	8,551	Marico, Ltd.		41,563
	4,000	Natura Cosmeticos SA		30,903
	174	Procter & Gamble Hygiene & Healthcare, Ltd.		21,585

				563,320

	Pharmaceuticals (1.4%):
	154	Abbott India Ltd		10,172
	510	Ajanta Pharma, Ltd.		12,193
	840	Alembic Pharmaceuticals, Ltd.		6,570
	3,947	Aspen Pharmacare Holdings, Ltd.		86,682
	7,287	Aurobindo Pharma, Ltd.		77,045


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals, continued
	3,311	Cadila Healthcare, Ltd.	$	26,864
	21,000	China Medical System Holdings, Ltd.		36,314
	22,000	China Pharmaceutical Enterprise & Investment Corp.		32,135
	3,000	China Shineway Pharmaceutical Group, Ltd.		3,036
	12,000	China Traditional Chinese Medicine Co., Ltd.		6,927
	181	Chong Kun Dang Pharmaceutical Corp.		19,305
	3,827	Cipla, Ltd.		32,894
	12,000	Dawnrays Pharmaceutical Holdings, Ltd.		7,810
	2,231	Dr. Reddy’s Laboratories, Ltd., ADR		94,014
	8	Glaxo smithkline Pharmaceuticals, Ltd.		311
	3,004	Glenmark Pharmaceuticals, Ltd.		29,395
	124	Hanmi Pharm Co., Ltd.*		40,374
	204,000	Hua Han Bio-Pharmaceutical Holdings, Ltd.*(b)(c)		5,195
	2,700	Hypermarcas SA		22,588
	2,351	Ipca Laboratories, Ltd.*		17,880
	2,206	Jubilant Life Sciences, Ltd.		23,364
	3,131	Lupin, Ltd.		51,377
	469	Pfizer Ltd.*		13,114
	898	Piramal Enterprises, Ltd.*		38,837
	287,900	PT Kalbe Farma Tbk		35,108
	697	Richter Gedeon Nyrt		18,223
	57	Sanofi India, Ltd.		3,663
	91,000	Sihuan Pharmaceutical Holdings Group, Ltd.		38,129
	60,000	Sino Biopharmaceutical, Ltd.		53,050
	40,172	SSY Group, Ltd.		16,398
	803	Strides Shasun, Ltd.		12,439
	5,115	Sun Pharmaceutical Industries, Ltd.		43,970
	11,000	Tong Ren Tang Technologies Co., Ltd.		16,993
	695	Torrent Pharmaceuticals, Ltd.		13,108
	5,000	TTY Biopharm Co., Ltd.		16,619
	1,348	Wockhardt, Ltd.		12,577
	91	Yuhan Corp.		19,570

				994,243

	Professional Services (0.0%):
	5,146	Sporton International, Inc.		26,028

	Real Estate Management & Development (3.6%):
	42,000	Agile Property Holdings, Ltd.		38,468
	3,615	Aliansce Shopping Centers SA*		16,251
	38,800	Ayala Land, Inc.		30,579
	438,000	Bangkok Land Public Co., Ltd.		23,612
	30,000	Beijing Capital Land, Ltd.		14,258
	268,000	Belle Corp.		20,352
	19,423	BR Malls Participacoes SA*		70,015
	93,000	C C Land Holdings, Ltd.*		21,203
	15,400	Cathay Real Estate Development Co., Ltd.		9,976
	20,700	Central Pattana Public Co., Ltd.		42,216
	67,000	China Evergrande Group*		120,356
	62,000	China Merchants Land, Ltd.		12,631
	38,000	China Overseas Grand Oceans Group, Ltd.		20,299
	30,000	China Overseas Land & Investment, Ltd.		87,833
	12,000	China Overseas Property Holdings, Ltd.		2,337
	30,000	China Resources Land, Ltd.		87,450


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development, continued
	15,000	China Sce Property Holdings, Ltd.	$	6,821
	50,000	China South City Holdings, Ltd.		9,287
	16,300	China Vanke Co., Ltd., Class H		46,143
	8,400	Chong Hong Construction Co., Ltd.		18,975
	112,000	CIFI Holdings Group Co., Ltd.		49,791
	22,208	Corporacion Inmobiliaria Vesta SAB de C.V.		32,799
	110,000	Country Garden Holdings Co., Ltd.		127,569
	13,178	DLF, Ltd.*		38,858
	44,500	Eco World Development Group Bhd*		17,348
	2,544	Etalon Group, Ltd.		9,155
	16,000	Farglory Land Development Co., Ltd.		20,518
	754,000	Filinvest Land, Inc.		24,965
	96,000	Franshion Properties China, Ltd.		39,595
	65,000	Fullshare Holdings, Ltd.^		26,010
	16,000	Greenland Hong Kong Holdings, Ltd.		5,494
	12,500	Greentown China Holdings, Ltd.		13,775
	26,800	Guangzhou R&F Properties Co., Ltd., Class H		41,675
	15,600	Highwealth Construction Corp.		25,853
	20,000	Hopson Development Holdings, Ltd.		18,807
	18,760	Housing Development & Infrastructure, Ltd.*		24,695
	4,000	Huaku Development Co., Ltd.		9,218
	19,000	Hung Sheng Construction, Ltd.		12,181
	14,324	Indiabulls Real Estate, Ltd.*		44,383
	21,700	IOI Properties Group BHD		11,156
	31,500	KWG Property Holding, Ltd.		21,123
	36,400	L.P.N. Development Public Co., Ltd.		12,760
	18,500	Longfor Properties Co., Ltd.		39,777
	52,975	Mah Sing Group Berhad		20,023
	29,166	Matrix Concepts Holdings Berhad		18,640
	190,500	Megaworld Corp.		16,241
	59,000	Mingfa Group International Co., Ltd.*(b)(c)		2,267
	1,265	Multiplan Empreendimentos Imobiliarios SA		24,931
	1,588	New Europe Property Investment plc		20,101
	938	Oberoi Realty, Ltd.*		5,189
	15,342	Parque Arauco SA		38,685
	53,000	Poly Property Group Co., Ltd.*		23,307
	1,252	Prestige Estates Projects, Ltd.*		4,897
	33,000	Prince Housing & Development Corp.		13,240
	49,600	Pruksa Holding PCL		32,572
	417,700	PT Alam Sutera Realty Tbk		9,962
	271,500	PT Bumi Serpong Damai		37,249
	434,245	PT Ciputra Development Tbk		38,420
	2,256,500	PT Hanson International Tbk*		22,207
	397,700	PT Intiland Development Tbk		12,527
	23,200	PT Lippo Cikarang Tbk*		7,164
	577,600	PT Lippo Karawaci Tbk		28,607
	177,300	PT Modernland Realty Tbk*		3,586
	817,900	PT Pakuwon Jati Tbk		37,653
	251,500	PT Summarecon Agung Tbk		24,310
	53,040	Radium Life Tech Co., Ltd.*		24,853
	20,000	Redco Properties Group, Ltd.*(a)		8,046
	464,000	Renhe Commercial Holdings Co., Ltd.*		10,401
	38,900	Robinsons Land Corp.		18,735


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development, continued
	13,000	Ruentex Development Co., Ltd.*	$	14,685
	14,000	Shanghai Industrial Urban development Group, Ltd.		3,156
	75,023	Shenzhen Investment, Ltd.		33,163
	41,500	Shimao Property Holdings, Ltd.		71,022
	95,500	Shui On Land, Ltd.		23,124
	48,500	Sino-Ocean Land Holdings, Ltd.		23,740
	65,700	SM Prime Holdings, Inc.		42,980
	707	Sobha, Ltd.		4,017
	36,500	Soho China, Ltd.		18,003
	32,000	Sunac China Holdings, Ltd.		66,898
	30,199	Sunway Berhad		27,595
	83,000	UEM Sunrise Berhad*		23,217
	41,000	UOA Development Berhad		24,402
	245,700	Vista Land & Lifescapes, Inc.		28,325
	236,000	Yuexiu Property Co., Ltd.		40,215
	24,000	Yuzhou Properties Co., Ltd.		14,203

				2,329,125

	Road & Rail (0.2%):
	23,000	CAR, Inc.*		21,125
	102	CJ Korea Express Co., Ltd.*		16,095
	1,287	Container Corporation of India, Ltd.		22,825
	34,000	Guangshen Railway Co., Ltd.		16,854
	3,990	Localiza Rent a Car SA		54,544
	821	PKP Cargo SA*		13,399

				144,842

	Semiconductors & Semiconductor Equipment (6.5%):
	9,000	A-DATA Technology Co., Ltd.		22,136
	30,191	Advanced Semiconductor Engineering, Inc., ADR		190,505
	5,000	Advanced Wireless Semiconductor Co.		10,543
	5,100	Ardentec Corp.		4,519
	13,000	Chipbond Technology Corp.		19,995
	483	Dongbu Hitek Co., Ltd.*		9,486
	14,000	Elan Microelectronics Corp.		19,475
	8,400	Elite Advanced Laser Corp.		37,983
	2,000	eMemory Technology, Inc.		26,140
	23,000	Epistar Corp.*		21,201
	20,000	Everlight Electronics Co., Ltd.		32,224
	369,000	GCL-Poly Energy Holdings, Ltd.*		40,182
	1,000	Gigasolar Materials Corp.		9,062
	9,000	Gigastorage Corp.*		5,298
	15,634	Gintech Energy Corp.*		8,226
	13,200	Globetronics Technology Berhad		18,750
	12,000	Greatek Electronics, Inc.		19,493
	11,000	Holtek Semiconductor, Inc.		20,630
	50	Hyundai Robotics Co., Ltd.*		16,894
	737	KC Tech Co., Ltd.		15,079
	31,000	King Yuan Electronics Co., Ltd.		31,779
	9,000	Kinsus Interconnect Technology Corp.		23,883
	410	Koh Young Technology, Inc.		21,444
	121	LEENO Industrial, Inc.		5,079
	70,000	Macronix International Co., Ltd.*		38,542
	10,000	MediaTek, Inc.		85,663


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	10,000	Motech Industries, Inc.*	$	8,189
	11,424	Nanya Technology Corp.		20,573
	26,430	Neo Solar Power Corp.*		12,691
	1,962	NEPES Corp.*		19,109
	9,000	Novatek Microelectronics Corp.		36,381
	48,000	Orient Semiconductor Electronics, Ltd.*		12,858
	1,000	Parade Technologies, Ltd.		12,298
	3,000	Phison Electronics Corp.		37,044
	15,000	Powertech Technology, Inc.		46,343
	9,000	Radiant Opto-Electronics Corp.		20,038
	6,000	Realtek Semiconductor Corp.		21,485
	10,057	Semiconductor Manufacturing International Corp., ADR*^		57,325
	1,476	Seoul Semiconductor Co., Ltd.		27,936
	5,300	SFA Semicon Co., Ltd.*		11,540
	4,000	Sigurd Microelectronics Corp.		3,624
	10,138	Siliconware Precision Industries Co., ADR*^		80,800
	14,000	Sino-American Silicon Products, Inc.		20,788
	5,000	Sitronix Technology Corp.		15,439
	6,595	SK Hynix, Inc.		388,850
	9,000	Taiwan Semiconductor Co., Ltd.		12,307
	58,695	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		2,051,978
	14,000	Taiwan Surface Mounting Technology Corp.		11,647
	3,000	Topco Scientific Co., Ltd.		9,237
	744	Toptec Co., Ltd.		21,114
	35,700	Unisem (M) Berhad		29,792
	102,670	United Microelectronics Corp., ADR		250,516
	20,000	Vanguard International Semiconductor Corp.		39,498
	5,250	Visual Photonics Epitaxy Co., Ltd.		10,531
	10,153	Win Semiconductors Corp.		55,764
	82,000	Winbond Electronics Corp.		49,301
	750	Wonik Ips Co., Ltd.*		19,410
	74,000	Xinyi Solar Holdings, Ltd.		21,142

				4,189,759

	Software (0.4%):
	368	Asseco Poland SA		4,843
	3,197	CD Projekt SA		74,191
	244	Com2uS Corp.		25,128
	1,953	Cyient, Ltd.		15,329
	333	DuzonBIzon Co., Ltd.		8,954
	4,341	Kpit Technologies, Ltd.		8,232
	107	Ncsoft Corp.		35,511
	271	NHN Entertainment Corp.*		19,024
	548	NIIT Technologies, Ltd.		4,893
	424	Oracle Financial Services Software, Ltd.		23,651
	879	Tata Elxsi, Ltd.		21,512
	2,500	Totvs SA		22,756
	989	Webzen, Inc.*		18,970

				282,994

	Specialty Retail (0.9%):
	331	Cashbuild, Ltd.		8,864
	11,000	China Harmony New Energy Auto Holding, Ltd.*		5,256


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	2,900	Cia. Hering	$	17,292
	255,000	GOME Electrical Appliances Holdings, Ltd.		31,364
	147,000	Home Product Center Public Co., Ltd.		41,563
	3,000	Hotai Motor Co., Ltd.		37,470
	6,696	Lewis Group, Ltd.		16,724
	291	Lotte Himart Co., Ltd.		17,757
	6,092	Mr.Price Group, Ltd.		72,741
	16,800	Padini Holdings Berhad		13,784
	347,300	PT ACE Hardware Indonesia Tbk		27,638
	21,783	Super Group, Ltd.*		61,494
	9,034	The Foschini Group, Ltd.		94,972
	18,143	Truworths International, Ltd.		99,236
	4,908	Via Varejo SA		15,588
	17,500	Zhongsheng Group Holdings, Ltd.		32,652

				594,395

	Technology Hardware, Storage & Peripherals (5.7%):
	57,000	Acer, Inc.		29,904
	4,400	Advantech Co., Ltd.		31,120
	13,000	Asia Vital Components Co., Ltd.		11,393
	5,000	Asustek Computer, Inc.		47,297
	3,000	Casetek Holdings, Ltd.		10,024
	13,000	Catcher Technology Co., Ltd.		154,883
	8,045	Chicony Electronics Co., Ltd.		20,396
	14,000	Clevo Co.		12,567
	99,967	CMC Magnetics Corp.*		13,116
	87,000	Compal Electronics, Inc.		58,528
	92,000	Coolpad Group, Ltd.*(b)(c)		8,484
	16,220	Foxconn Technology Co., Ltd.		48,961
	15,000	Getac Technology Corp.		19,977
	11,000	Gigabyte Technology Co., Ltd.		14,830
	9,000	High Tech Computer Corp.*		21,492
	20,000	Inventec Corp.		16,324
	4,000	Legend Holdings Corp.-H(a)		10,958
	122,000	Lenovo Group, Ltd.		77,043
	46,460	Lite-On Technology Corp.		76,386
	11,000	Micro-Star International Co., Ltd.		25,548
	26,119	Mitac Holding Corp.		33,367
	37,000	Pegatron Corp.		115,964
	7,000	Primax Electronics, Ltd.		14,365
	82,000	Qisda Corp.		62,698
	22,000	Quanta Computer, Inc.		51,927
	49,360	Ritek Corp.*		8,571
	2,455	Samsung Electronics Co., Ltd., GDR		2,536,907
	8,000	Transcend Infromation, Inc.		26,762
	2,000	Tsc Auto Id Technology Co., Ltd.		14,470
	67,339	Wistron Corp.		68,654

				3,642,916

	Textiles, Apparel & Luxury Goods (1.0%):
	6,255	Aksa Akrilik Kimya Sanayii AS		23,788
	4,500	Alpargatas SA		18,681
	16,000	Anta Sports Products, Ltd.		52,876
	1,300	Arezzo Industria E Comercio SA		12,759


Shares			Fair Value
	Common Stocks, continued
	Textiles, Apparel & Luxury Goods, continued
	3,289	Arvind, Ltd.	$	18,296
	92,000	Belle International Holdings, Ltd.		72,598
	150,000	Bosideng International Holdings, Ltd.		12,882
	587	CCC SA		35,645
	76,000	China Dongxiang Group Co., Ltd.		13,533
	23,000	China Lilang, Ltd.		15,323
	10,000	Cosmo Lady China Holdings Co., Ltd.(a)		4,082
	17,000	De Licacy Industrial Co., Ltd.		16,364
	2,045	Eclat Textile Co., Ltd.		24,864
	22,000	Everest Textile Co., Ltd.		11,774
	8,075	Feng Tay Enterprise Co., Ltd.		35,598
	177	Fila Korea, Ltd.		13,233
	25	Handsome Co., Ltd.		715
	585	Hansae Co., Ltd.		13,706
	1,315	Indo Count Industies, Ltd.		3,378
	459	LF Corp.		12,032
	4	LPP SA		7,714
	3,212	Makalot Industrial Co., Ltd.		15,527
	68	Page Industries, Ltd.		17,591
	30,000	Pou Chen Corp.		41,471
	776,900	PT Sri Rejeki Isman Tbk		18,643
	2,940	Rajesh Exports, Ltd.		31,344
	7,000	Shenzhou International Group		46,039
	388	SRF, Ltd.		9,256
	34,140	Tainan Spinning Co., Ltd.		14,650
	7,000	Taiwan Paiho, Ltd.		26,357
	4,591	Titan Co., Ltd.*		37,219
	627	Vardhman Textiles Ltd*		11,054
	16,000	Weiqiao Textile Co., Ltd.*(b)(c)		11,436
	5,586	Welspun India, Ltd.		7,156
	337	Youngone Corp.		10,041

				717,625

	Thrifts & Mortgage Finance (0.6%):
	227	Can Finance Homes Ltd.		11,347
	5,015	Dewan Housing Finance Corp., Ltd.		33,936
	786	Gruh Finance, Ltd.		5,409
	5,999	Housing Development Finance Corp., Ltd.		149,610
	4,313	Indiabulls Housing Finance, Ltd.		71,843
	7,284	LIC Housing Finance, Ltd.		83,688
	61,360	Malaysia Building Society Berhad		19,033

				374,866

	Tobacco (0.6%):
	3,300	British American Tobacco Malaysia Berhad		33,395
	42,598	ITC, Ltd.		213,439
	599	KT&G Corp.		61,227
	7,000	PT Gudang Garam Tbk		41,092

				349,153

	Trading Companies & Distributors (0.2%):
	709	Adani Enterprises, Ltd.*		1,451
	9,275	Barloworld, Ltd.		77,187
	270,000	Bep International Holdings, Ltd.		8,684


Shares			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	1,537	Daewoo International Corp.	$	29,965
	1,664	Hudaco Industries, Ltd.		16,361
	590	LG International Corp.		16,008
	47,200	PT AkR Corporindo Tbk		23,114
	2,473	SK Network Co., Ltd.		13,512
	88	Trencor, Ltd.		249

				186,531

	Transportation Infrastructure (1.5%):
	11,046	Adani Ports & Special Economic Zone, Ltd.*		62,163
	50,600	Airports of Thailand Public Co., Ltd.		70,375
	13,600	Bangkok Aviation Fuel Services Public Co., Ltd.		18,631
	140,782	Bangkok Exressway & Metro Public Co., Ltd.		30,869
	20,000	Beijing Capital International Airport Co., Ltd.		28,180
	20,000	China Merchants Holdings International Co., Ltd.		55,472
	11,900	Companhia de Concessoes Rodoviarias		60,644
	48,000	Cosco Pacific, Ltd.		56,423
	3,700	Ecorodovias Infraestrutura e Logistica SA		11,573
	1,854	Gateway Distriparks, Ltd.		7,393
	8,915	Grupo Aeroportuario del Centro Norte, SAb de C.V.		53,703
	369	Grupo Aeroportuario del Sureste SAB de C.V., ADR		77,638
	5,545	Grupo Aeroporturaio del Pacifico SAB de C.V.		62,490
	19,750	International Container Terminal Services, Inc.		38,312
	16,000	Jiangsu Expressway Co., Ltd., Series H		22,585
	12,000	Malaysia Airports Holdings Berhad		23,944
	24,684	OHL Mexico SAB de C.V.		35,612
	1,675	Promotora y Operadora de Infraestructura SAB de C.V.		20,012
	57,956	PT Jasa Marga Persero Tbk		23,303
	20,000	Shenzhen Expressway Co., Ltd.		18,217
	22,789	Shenzhen International Holdings, Ltd.		41,830
	58,253	Sociedad Matriz SAAM SA		5,359
	18,000	Taiwan High Speed Rail Corp.		15,062
	6,974	TAV Havalimanlari Holding AS		37,405
	70,000	Tianjin Port Development Holdings, Ltd.		11,659
	29,300	Westports Holding Berhad		24,861
	20,000	Zhejiang Expressway Co., Ltd.		26,131

				939,846

	Water Utilities (0.4%):
	36,941	Aguas Andinas SA, Class A		21,693
	22,000	Beijing Enterprises Water Group, Ltd.		17,082
	38,000	China Water Affairs Group, Ltd.		22,830
	8,623	Companhia de Saneamento Basico do Estado de Sao Paulo, ADR		82,091
	1,200	Companhia de Saneamento de Minas Gerais- Copasa MG		14,618
	64,000	CT Environmental Group, Ltd.		11,188
	22,000	Guangdong Investment, Ltd.		30,324
	16,068	Inversiones Aguas Metropolitanas SA		26,970
	67,400	Manila Water Co.		41,485
	95,500	TTW Public Co., Ltd.		29,807

				298,088


Shares			Fair Value
	Common Stocks, continued
	Wireless Telecommunication Services (3.3%):
	11,500	Advanced Information Service plc	$	60,125
	22,316	America Movil SAB de C.V., Series L, ADR		355,272
	37,684	Axiata Group Berhad		42,428
	13,131	Bharti Airtel, Ltd.		77,148
	19,500	China Mobile, Ltd.		206,543
	7,027	China Mobile, Ltd., ADR		373,064
	52,600	DIGI.com Berhad		61,305
	2,969	Empresa Nacional de Telecomunicaciones SA		32,314
	18,000	Far EasTone Telecommunications Co., Ltd.		45,864
	520	Globe Telecom, Inc.		21,106
	29,245	Idea Cellular, Ltd.		38,496
	16,200	Maxis Berhad		20,958
	2,220	MegaFon PJSC, Registered Shares, GDR		20,350
	37,648	MTN Group, Ltd.		328,574
	1,112	PLDT, Inc., ADR		39,265
	30,600	PT Indosat Tbk		14,948
	68,700	PT XL Axiata Tbk*		17,561
	25,752	Reliance Communications, Ltd.*		8,547
	1,682	SK Telecom Co., Ltd., ADR		43,177
	14,000	Taiwan Mobile Co., Ltd.		52,621
	2,816	Tim Participacoes SA, ADR		41,677
	34,600	Total Access Communication Public Co., Ltd.		53,485
	5,607	Turkcell Iletisim Hizmetleri AS, ADR		45,977
	11,621	Veon, Ltd., ADR		45,438
	4,438	Vodacom Group, Ltd.		55,770

				2,102,013

	Total Common Stocks (Cost $61,374,944)			64,191,687

	Preferred Stocks (0.4%):
	Chemicals (0.1%):
	2,900	Braskem SA, Class A, 3.66%		30,048

	Electric Utilities (0.0%):
	723	Companhia de Transmissao de Energia Eletrica Paulista, 3.55%		14,291

	Independent Power & Renewable Electricity Producers (0.0%):
	4,100	Companhia Energetica de Sao Paulo, Class B, 3.17%		18,877


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Preferred Stocks, continued
	Machinery (0.0%):
	17,000	Marcopolo SA, 1.17%	$	14,473

	Metals & Mining (0.3%):
	22,400	Usinas Siderurgicas de Minas Gerais SA, Class A, 0.69%*		31,176
	15,235	Vale SA, ADR, 1.12%		124,165
	21,608	Vendanta, Ltd., 7.50%(b)(c)		1,575

				156,916

	Multiline Retail (0.0%):
	6,618	Lojas Americanas SA, 0.11%		27,772

	Total Preferred Stocks (Cost $193,648)			262,377

	Warrant (0.0%):
	Media (0.0%):
	5,140	RS PCL		602

	Total Warrant (Cost $—)			602

	Rights (0.0%):
	Insurance (0.0%):
	1,235	Mercuries Life Insurance Co., Ltd., Expires on 7/14/17*(b)(c)		102

	Semiconductors & Semiconductor Equipment (0.0%):
	816	Motech Industries, Inc., Expires on 7/13/17*(b)(c)		24

	Textiles, Apparel & Luxury Goods (0.0%):
	1,974	De Licacy Industrial Co., Ltd., Expires on 7/31/17*(b)(c)		246

	Total Rights (Cost $—)			372

	Securities Held as Collateral for Securities on Loan (2.6%):
$	1,671,428	AZL DFA Emerging Markets Core Equity Fund Securities Lending Collateral Account(d)		1,671,428

	Total Securities Held as Collateral for Securities on Loan (Cost $1,671,428)			1,671,428

	Total Investment Securities (Cost $63,240,020)(e) — 102.3%			66,126,466
	Net other assets (liabilities) — (2.3)%			(1,463,783	)

	Net Assets — 100.0%		$	64,662,683

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2017:

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	63,240,020

Investment securities, at value*	$	66,126,466
Interest and dividends receivable		229,853
Foreign currency, at value (cost $152,466)		153,914
Receivable for investments sold		375,509
Reclaims receivable		5,902

Total Assets		66,891,644

Liabilities:
Cash overdraft		384,153
Payable for investments purchased		17,086
Payable for collateral received on loaned securities		1,671,428
Accrued foreign taxes		44,619
Manager fees payable		25,499
Administration fees payable		27,822
Distribution fees payable		13,494
Custodian fees payable		37,900
Administrative and compliance services fees payable		507
Transfer agent fees payable		1,583
Trustee fees payable		1,064
Other accrued liabilities		3,806

Total Liabilities		2,228,961

Net Assets	$	64,662,683

Net Assets Consist of:
Capital	$	65,429,395
Accumulated net investment income/(loss)		908,930
Accumulated net realized gains/(losses) from investment transactions		(4,518,880	)
Net unrealized appreciation/(depreciation) on investments		2,843,238

Net Assets	$	64,662,683

Shares of beneficial interest (unlimited number of shares authorized, no par value)		6,486,247
Net Asset Value (offering and redemption price per share)	$	9.97

*	Includes securities on loan of $1,638,250.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Dividends	$	810,708
Income from securities lending		4,583
Foreign withholding tax		(74,804	)

Total Investment Income		740,487

Expenses:
Manager fees		398,294
Administration fees		142,742
Distribution fees		79,659
Custodian fees		96,194
Administrative and compliance services fees		829
Transfer agent fees		4,150
Trustee fees		2,653
Professional fees		2,832
Shareholder reports		742
Other expenses		1,080

Total expenses before reductions		729,175
Less expenses voluntarily waived/reimbursed by the Manager		(95,591	)
Less expense contractually waived/reimbursed by the Manager		(155,630	)

Net expenses		477,954

Net Investment Income/(Loss)		262,533

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		548,821
Change in net unrealized appreciation/depreciation on investments		9,893,585
Net change in foreign taxes on unrealized gains/losses		11,915

Net Realized/Unrealized Gains/(Losses) on Investments		10,454,321

Change in Net Assets Resulting From Operations	$	10,716,854

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA Emerging Markets Core Equity Fund (the “Fund”), and 22 are presented in separate reports.

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the fair value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included in the net realized and unrealized gain or loss on investments and foreign currencies.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $1.6 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $451 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and sub-adviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2017, the Fund did not engage in any Rule 17a-7 transactions under the 1940 Act.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.”

At June 30, 2017, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $374 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2017, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2017 is $63,270,343. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any net CLCFs will be determined at the end of the current tax year ending December 31, 2017.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2017, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 25% of the Fund.

As a shareholder of the AZL DFA Five-Year Global Fixed Income Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Principal Amount			Fair Value
	Corporate Bonds (36.3%):
	Beverages (2.8%):
$	10,895,000	Coca-Cola Co. (The), 1.88%, 10/27/20	$	10,874,441
	2,000,000	Coca-Cola Co. (The), 2.45%, 11/1/20^		2,034,132
	728,000	Coca-Cola Co. (The), 1.55%, 9/1/21^		713,489
	210,000	Coca-Cola Co. (The), 2.20%, 5/25/22^		209,791

				13,831,853

	Communications Equipment (2.8%):
	12,000,000	Cisco Systems, Inc., 2.20%, 2/28/21		12,064,848
	2,000,000	Cisco Systems, Inc., 1.85%, 9/20/21, Callable 8/20/21 @ 100		1,975,346

				14,040,194

	Consumer Finance (2.8%):
	2,000,000	Toyota Motor Credit Corp., 2.15%, 3/12/20		2,011,430
	12,000,000	Toyota Motor Credit Corp., 2.60%, 1/11/22		12,126,516

				14,137,946

	Diversified Financial Services (2.7%):
	6,200,000	Berkshire Hathaway Finance, 4.25%, 1/15/21		6,674,598
	6,810,000	Berkshire Hathaway, Inc., 2.20%, 3/15/21, Callable 2/15/21 @ 100^		6,862,266

				13,536,864

	Food & Staples Retailing (1.0%):
	3,922,000	Wal-Mart Stores, Inc., 3.25%, 10/25/20		4,084,500
	1,000,000	Wal-Mart Stores, Inc., 4.25%, 4/15/21		1,080,837

				5,165,337

	Food Products (1.8%):
	3,250,000	Nestle Holdings, Inc., Series E, 1.88%, 3/9/21		3,237,803
	6,000,000	Nestle Holdings, Inc., Series E, 1.38%, 7/13/21		5,842,950

				9,080,753

	Household Products (2.0%):
	2,000,000	Colgate-Palmolive Co., 2.30%, 5/3/22		2,017,676
	5,015,000	Procter & Gamble Co. (The), 1.85%, 2/2/21		4,985,953
	2,000,000	Procter & Gamble Co. (The), 1.70%, 11/3/21		1,973,848
	1,000,000	Procter & Gamble Co. (The), 2.30%, 2/6/22		1,011,842

				9,989,319

	Internet Software & Services (0.2%):
	1,000,000	Alphabet, Inc., 3.63%, 5/19/21		1,058,598

	IT Services (2.6%):
	2,500,000	Automatic Data Processing, Inc., 2.25%, 9/15/20, Callable 8/15/20 @ 100		2,530,920
	1,500,000	IBM Corp., 1.63%, 5/15/20^		1,487,363
	1,000,000	IBM Corp., 2.25%, 2/19/21^		1,003,606
	8,000,000	IBM Corp., 2.50%, 1/27/22^		8,070,512

				13,092,401

	Oil, Gas & Consumable Fuels (4.7%):
	6,000,000	Chevron Corp., 1.96%, 3/3/20, Callable 2/3/20 @ 100		6,018,198
	1,000,000	Chevron Corp., 2.10%, 5/16/21, Callable 4/15/21 @ 100		996,978
	7,000,000	Chevron Corp., 2.50%, 3/3/22, Callable 2/3/22 @ 100^		7,065,429
	4,718,000	Exxon Mobil Corp., 1.91%, 3/6/20, Callable 2/6/20 @ 100^		4,729,517


Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	4,613,000	Exxon Mobil Corp., 2.22%, 3/1/21, Callable 2/1/21 @ 100	$	4,643,247

				23,453,369

	Pharmaceuticals (5.1%):
	1,800,000	Johnson & Johnson, 2.25%, 3/3/22, Callable 2/3/22 @ 100^		1,809,565
	4,900,000	Johnson & Johnson Co., 1.65%, 3/1/21, Callable 2/1/21 @ 100^		4,851,720
	6,500,000	Merck & Co., Inc., 1.85%, 2/10/20^		6,512,539
	2,000,000	Merck & Co., Inc., 2.35%, 2/10/22		2,017,610
	10,000,000	Pfizer, Inc., 1.95%, 6/3/21^		9,984,630

				25,176,064

	Software (4.8%):
	700,000	Microsoft Corp., 2.00%, 11/3/20, Callable 10/3/20 @ 100		702,521
	1,111,000	Microsoft Corp., 1.55%, 8/8/21, Callable 7/8/21 @ 100		1,087,034
	6,551,000	Microsoft Corp., 2.40%, 2/6/22, Callable 1/6/22 @ 100^		6,612,599
	2,500,000	Microsoft Corp., 2.38%, 2/12/22, Callable 1/12/22 @ 100		2,518,350
	2,500,000	Oracle Corp., 2.80%, 7/8/21		2,567,550
	10,307,000	Oracle Corp., 1.90%, 9/15/21, Callable 8/15/21 @ 100		10,216,370

				23,704,424

	Technology Hardware, Storage & Peripherals (2.8%):
	11,605,000	Apple, Inc., 2.25%, 2/23/21, Callable 1/23/21 @ 100		11,681,918
	2,000,000	Apple, Inc., 2.85%, 5/6/21		2,056,336

				13,738,254

	Thrifts & Mortgage Finance (0.2%):
	1,000,000	USAA Capital Corp., 2.00%, 6/1/21(a)		984,243

	Total Corporate Bonds (Cost $181,016,180)			180,989,619

	Foreign Bonds (5.9%):
	Banks (0.9%):
	150,000	ANZ New Zealand Int’l Ltd/London, Series E, 0.40%, 3/1/22+		169,793
	300,000	Cooperatieve Rabobank UA, Series G, 4.00%, 1/11/22+		397,956
	2,000,000	Cooperatieve Rabobank UA, Series E, 4.75%, 6/6/22+		2,763,511
	250,000	Nordea Bank AB, Series E, 2.00%, 2/17/21+		303,301
	600,000	Skandinaviska Enskilda Banken AB, Series G, 0.30%, 2/17/22+		681,959

				4,316,520

	Diversified Financial Services (0.9%):
	35,000,000	Kommuninvest I Sverige AB, 0.25%, 6/1/22+		4,083,606
	400,000	Op Corporate Bank plc, Series E, 0.75%, 3/3/22+		461,983

				4,545,589


Principal Amount			Fair Value
	Foreign Bonds, continued
	Industrial Conglomerates (0.1%):
$	200,000	3M Co., 0.38%, 2/15/22, Callable 11/15/21 @ 100+	$	228,276
	300,000	General Electric Co., 0.38%, 5/17/22, Callable 4/17/22 @ 100+		340,523

				568,799

	Oil, Gas & Consumable Fuels (0.1%):
	500,000	Shell International Finance BV, Series E, 1.25%, 3/15/22+		594,371

	Pharmaceuticals (0.3%):
	500,000	Pfizer, Inc., 5.75%, 6/3/21+		692,044
	220,000	Pfizer, Inc., 0.25%, 3/6/22, Callable 2/6/22 @ 100+		249,062
	400,000	Roche Holdings, Inc., Series E, 6.50%, 3/4/21+		563,600

				1,504,706

	Sovereign Bond (3.6%):
	2,000,000	French Republic Government Bond OAT, 3.00%, 4/25/22+		2,623,475
	3,000,000	Province of Alberta Canada, 1.35%, 9/1/21+		2,271,124
	2,000,000	Province of Quebec, 4.25%, 12/1/21+		1,699,630
	3,500,000	Singapore Government, 2.25%, 6/1/21+		2,615,591
	4,000,000	Singapore Government, 1.25%, 10/1/21+		2,879,686
	3,500,000	Singapore Government, 1.75%, 4/1/22+		2,569,515
	24,000,000	Swedish Government, 3.50%, 6/1/22+		3,339,307

				17,998,328

	Total Foreign Bonds (Cost $29,265,129)			29,528,313

	Yankee Dollars (55.8%):
	Banks (28.8%):
	1,578,000	Australia & New Zealand Banking Group, Ltd., Regisetred Shares, 2.25%, 6/13/19^		1,589,463
	8,000,000	Australia & New Zealand Banking Group, Ltd., Registered Shares, 5.10%, 1/13/20		8,575,951
	7,500,000	Bank Nederlandse Gemeenten, 2.38%, 2/1/22(a)		7,594,882
	13,195,000	Bank of Montreal, 1.90%, 8/27/21		12,948,716
	1,000,000	Bank of Nova Scotia, 2.70%, 3/7/22		1,006,244
	4,000,000	BK Nederlandse Gemeenten, Registered Shares, 1.63%, 4/19/21		3,946,316
	625,000	Commonwealth Bank of Australia, 2.75%, 3/10/22(a)		630,445
	7,000,000	Commonwealth Bank of Australia NY, Series G, 2.30%, 3/12/20		7,024,437
	1,000,000	Cooperatieve Rabobank UA, 4.50%, 1/11/21		1,074,787
	1,000,000	Cooperatieve Rabobank UA, 3.88%, 2/8/22		1,060,887
	8,650,000	Dexia Credit Local SA NY, Registered Shares, 1.88%, 1/29/20		8,583,118
	1,000,000	KFW, 1.63%, 3/15/21		991,401
	2,000,000	Kreditanstalt fuer Wiederaufbau, 2.13%, 3/7/22		2,008,484
	1,000,000	L-Bank BW Foerderbank, Series E, 1.38%, 7/21/21		975,438
	2,587,000	National Australia Bank, Ltd, Series G, 2.50%, 5/22/22^		2,572,733
	2,000,000	National Australia Bank, Ltd., 1.88%, 7/12/21		1,956,898
	5,500,000	National Australia Bank, Ltd., 2.80%, 1/10/22		5,557,646
	600,000	National Australian Bank of New York, Series G, 2.63%, 1/14/21		605,209
	3,000,000	Nordea Bank AB, Registered Shares, 4.88%, 1/27/20		3,206,559


Contracts, Shares, or Principal Amount			Fair Value
	Yankee Dollars, continued
	Banks, continued
$	2,000,000	Nordea Bank AB, Registered Shares, 2.50%, 9/17/20(a)	$	2,019,082
	9,000,000	Nordic Investment Bank, 2.13%, 2/1/22		9,051,714
	5,000,000	Oesterreichische Kontrollbank, 2.38%, 10/1/21^		5,066,695
	4,000,000	Oesterreichische Kontrollbank AG, 1.88%, 1/20/21		3,990,280
	3,000,000	Rabobank Nederland NY, Series G, 2.50%, 1/19/21		3,017,757
	2,500,000	Rabobank Nederland NY, 2.75%, 1/10/22		2,538,020
	2,500,000	Royal Bank of Canada, 2.50%, 1/19/21^		2,517,025
	8,031,000	Royal Bank of Canada, Series G, 2.75%, 2/1/22^		8,167,302
	9,327,000	Svenska Handelsbanken AB, Series G, 2.40%, 10/1/20		9,388,055
	448,000	Svenska Handelsbanken AB, 1.88%, 9/7/21		438,148
	2,700,000	Toronto-Dominion Bank (The), Series G, 2.50%, 12/14/20		2,731,153
	7,500,000	Toronto-Dominion Bank (The), 2.13%, 4/7/21^		7,468,455
	3,000,000	Toronto-Dominion Bank (The), 1.80%, 7/13/21^		2,938,854
	2,000,000	Westpac Banking Corp., 2.30%, 5/26/20		2,005,610
	7,500,000	Westpac Banking Corp., 2.60%, 11/23/20		7,580,797
	3,000,000	Westpac Banking Corp., 2.80%, 1/11/22^		3,043,590

				143,872,151

	Diversified Financial Services (10.9%):
	2,978,000	Agence Francaise Develop, 1.63%, 1/21/20		2,954,417
	334,000	Asian Development Bank, Series G, 1.63%, 3/16/21		331,105
	13,000,000	Council of Europe Development Bank, 1.63%, 3/16/21		12,849,641
	11,000,000	European Investment Bank, Series DIP, 1.38%, 9/15/21^		10,723,152
	1,000,000	Export Development Canada, 1.38%, 10/21/21		976,127
	3,000,000	Kommunalbanken AS, Registered Shares, 1.63%, 2/10/21		2,968,602
	7,000,000	Kommunalbanken AS, Registered Shares, 2.25%, 1/25/22		7,057,617
	1,000,000	Municipality Finance plc, Registered Shares, 1.38%, 9/21/21		970,998
	2,000,000	Swedish Export Credit Corp., Series G, 1.75%, 8/28/20		1,992,812
	11,000,000	Swedish Export Credit Corp., Series G, 1.75%, 3/10/21		10,935,122
	2,264,000	The International Bank for Reconstruction and Development, 2.13%, 11/1/20		2,284,338

				54,043,931

	Industrial Conglomerates (2.8%):
	13,706,000	GE Capital International Funding, 2.34%, 11/15/20		13,815,579

	Oil, Gas & Consumable Fuels (4.2%):
	2,700,000	Shell International Finance BV, 2.13%, 5/11/20		2,714,780
	10,000,000	Shell International Finance BV, 1.75%, 9/12/21		9,812,640
	1,000,000	Total Capital International SA, 2.88%, 2/17/22		1,018,710
	7,000,000	Total Capital SA, 4.45%, 6/24/20		7,496,097

				21,042,227

	Sovereign Bond (9.1%):
	6,000,000	Caisse D’amort Dette SOC, Registered Shares, 1.88%, 2/12/22		5,923,050


Contracts, Shares, or Principal Amount			Fair Value
	Yankee Dollars, continued
	Sovereign Bond, continued
$	2,600,000	Caisse D’amortissement de La Dette Sociale, 2.00%, 3/22/21	$	2,601,547
	5,000,000	CPPIB Capital Inc., 2.25%, 1/25/22(a)		5,019,440
	8,000,000	CPPIB Capital, Inc., Registered Shares, 2.25%, 1/25/22		8,031,104
	1,000,000	Province of Alberta, Registered Shares, 1.75%, 8/26/20		994,873
	2,000,000	Province of Manitoba, 2.05%, 11/30/20		2,005,450
	1,500,000	Province of Manitoba Canada, 2.13%, 5/4/22		1,493,409
	8,500,000	Province of Ontario, 2.40%, 2/8/22		8,565,586
	1,000,000	Province OF Ontario, 2.50%, 9/10/21		1,013,687
	3,700,000	Province of Quebec, 3.50%, 7/29/20		3,872,531
	6,000,000	Province of Quebec, 2.38%, 1/31/22		6,052,080

				45,572,757

	Total Yankee Dollars (Cost $278,209,451)			278,346,645


Contracts, Shares, or Principal Amount			Fair Value
	Securities Held as Collateral for Securities on Loan (9.0%):
$	44,666,934	AZL DFA Five-Year Global Fixed Income Fund Securities Lending Collateral Account(b)	$	44,666,934

	Total Securities Held as Collateral for Securities on Loan (Cost $44,666,934)			44,666,934

	Unaffiliated Investment Company (0.5%):
	2,725,752	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.75%(c)		2,725,752

	Total Unaffiliated Investment Company (Cost $2,725,752)			2,725,752

	Total Investment Securities (Cost $535,883,446)(d) — 107.5%			536,257,263
	Net other assets (liabilities) — (7.5)%			(37,331,339	)

	Net Assets — 100.0%		$	498,925,924

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2017:

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	535,883,446

Investment securities, at value*	$	536,257,263
Interest and dividends receivable		3,579,490
Foreign currency, at value (cost $30)		32
Receivable for investments sold		4,744,468

Total Assets		544,581,253

Liabilities:
Unrealized depreciation on forward currency contracts		638,679
Payable for collateral received on loaned securities		44,666,934
Manager fees payable		205,487
Administration fees payable		12,987
Distribution fees payable		102,743
Custodian fees payable		3,628
Administrative and compliance services fees payable		2,253
Transfer agent fees payable		1,042
Trustee fees payable		4,573
Other accrued liabilities		17,003

Total Liabilities		45,655,329

Net Assets	$	498,925,924

Net Assets Consist of:
Capital	$	494,188,116
Accumulated net investment income/(loss)		8,624,700
Accumulated net realized gains/(losses) from investment transactions		(3,623,770	)
Net unrealized appreciation/(depreciation) on investments		(263,122	)

Net Assets	$	498,925,924

Shares of beneficial interest (unlimited number of shares authorized, no par value)		49,392,353
Net Asset Value (offering and redemption price per share)	$	10.10

*	Includes securities on loan of $43,252,069.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Interest	$	4,822,574
Dividends		9,576
Income from securities lending		54,264

Total Investment Income		4,886,414

Expenses:
Manager fees		1,467,624
Administration fees		69,134
Distribution fees		611,507
Custodian fees		12,788
Administrative and compliance services fees		4,749
Transfer agent fees		3,571
Trustee fees		15,399
Professional fees		16,285
Shareholder reports		4,265
Other expenses		6,963

Total expenses before reductions		2,212,285
Less expenses voluntarily waived/reimbursed by the Manager		(244,601	)

Net expenses		1,967,684

Net Investment Income/(Loss)		2,918,730

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(682,774	)
Net realized gains/(losses) on forward currency contracts		(84,210	)
Change in net unrealized appreciation/depreciation on investments		4,640,563

Net Realized/Unrealized Gains/(Losses) on Investments		3,873,579

Change in Net Assets Resulting From Operations	$	6,792,309

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA Five-Year Global Fixed Income Fund (the “Fund”), and 22 are presented in separate reports.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $35 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $5,369 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Pursuant to Rule 17a-7 under the 1940 Act (the “Rule”), the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and sub-adviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period, the Fund engaged in such affiliated transactions at the current market price. During the period ended June 30, 2017 the Fund did not engage in any Rule 17a-7 transactions under the 1940 Act.

All open derivative positions at period end are reflected on the Fund’s Schedule of Portfolio Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposures related to each instrument type.

During the period ended June 30, 2017, the Fund entered into forward currency contracts in connections with planned purchases or sales of securities or to hedge the U.S. dollar value of securities denominated in a particular currency. In addition to the foreign currency risk related to the use of these contracts, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In the event of default by the counterparty to the transaction, the Fund’s maximum amount of loss, as either the buyer or the seller, is the unrealized appreciation of the contract. The forward currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The contract amount of forward currency contracts outstanding was $29.2 million as of June 30, 2017. The monthly average for these contracts was $9.3 million for the period ended June 30, 2017.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2017:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2017:

The Fund is generally subject to master netting agreements that allow for amounts owed between the Fund and the counterparty to be netted. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties. The amounts shown in the Statement of Assets and Liabilities do not take into consideration the effects of legally enforceable master netting agreements. The table below presents the gross and net amounts of these assets and liabilities with any offsets to reflect the Fund’s ability to transact net amounts in accordance with the master netting agreements at June 30, 2017. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to master netting arrangements in the Statement of Assets and Liabilities. This table also summarizes the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2017.

As of June 30, 2017, the Fund’s derivative assets and liabilities by type are as follows:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2017, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $2,937 was paid from the Fund relating to these fees and expenses.

Forward currency contracts are generally valued at the foreign currency exchange rate as of the close of the NYSE and are typically categorized as Level 2 in the fair value hierarchy.

For the period ended June 30, 2017, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2017 is $535,883,446. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2016, the Fund utilized $847,495 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

In October 2016, the Securities and Exchange Commission (SEC) released its Final Rules on Investment Company Reporting Modernization (the “Rules”). The Rules which introduce two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contain amendments to Regulation S-X which require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments are effective for filings made with the SEC after August 1, 2017. Management is currently evaluating the impact of the amendments on the fund’s financial statements. The adoption will have no effect on the Funds’ net assets or results of operations.

As a shareholder of the AZL DFA International Core Equity Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (99.4%):
	Aerospace & Defense (1.3%):
	15,989	Austal, Ltd.	$	22,502
	44,779	BAE Systems plc		369,936
	5,900	Bombardier, Inc., Class B*		10,739
	11,887	CAE, Inc.		204,992
	3,081	Chemring Group plc		7,433
	143,607	Cobham plc		242,880
	504	Elbit Systems, Ltd.		62,239
	3,429	European Aeronautic Defence & Space Co. NV		282,500
	14,340	Finmeccanica SpA		239,506
	2,535	Heroux-Devtek, Inc.*		28,603
	1,132	LiSi		53,957
	539	Macdonald Dettwiler & Associates, Ltd.		28,052
	41,242	Meggitt plc		256,513
	3,010	MTU Aero Engines AG		425,847
	37,946	QinetiQ Group plc		133,622
	25,323	Rolls-Royce Holdings plc*		294,237
	2,493	Saab AB		123,432
	1,661	Safran SA		152,336
	31,537	Senior plc		96,534
	17,700	Singapore Technologies Engineering, Ltd.		47,326
	1,426	Thales SA		153,615
	4,635	Ultra Electronics Holdings plc		123,739
	3,131	Zodiac Aerospace		85,129

				3,445,669

	Air Freight & Logistics (0.5%):
	6,697	Bollore, Inc.		30,494
	7,355	BPOST SA		177,705
	1,468	Compania de Distribucion Integral Logista Holdings SA		38,596
	19,100	Cwt, Ltd.		30,946
	7,375	Deutsche Post AG		276,702
	5,804	Freightways, Ltd.		32,595
	37,500	Kerry Network, Ltd.		55,436
	2,300	Kintetsu World Express, Inc.		40,636
	1,800	Konoike Transport Co., Ltd.		24,573
	5,936	Mainfreight, Ltd.		102,244
	4,000	Mitsui-Soko Holdings Co., Ltd.		10,938
	1,146	Oesterreichische Post AG		49,805
	552	Panalpina Welttransport Holdings		77,701
	22,252	PostNL NV		103,916
	23,649	Royal Mail plc		129,794
	58,500	Singapore Post, Ltd.		56,528
	3,900	Yamato Holdings Co., Ltd.		79,225

				1,317,834

	Airlines (0.4%):
	2,930	Air Canada*		39,275
	4,229	Air France-KLM*		60,434
	26,921	Air New Zealand, Ltd.		64,339
	12,000	All Nippon Airways Co., Ltd.		41,740
	91,046	Cathay Pacific Airways, Ltd.		141,441
	7,741	Deutsche Lufthansa AG, Registered Shares		176,741
	2,130	easyJet plc		37,708
	28,658	El Al Israel Airlines		26,368


Shares			Fair Value
	Common Stocks, continued
	Airlines, continued
	2,128	Exchange Income Corp.	$	54,258
	13,156	International Consolidated Airlines Group SA		104,748
	28,692	Qantas Airways, Ltd.		126,271
	21,400	Singapore Airlines, Ltd.		157,377

				1,030,700

	Auto Components (2.9%):
	6,300	Aisin Sieki Co., Ltd.		323,142
	7,300	Akebono Brake Industry Co., Ltd.*		22,929
	2,288	Arb Corp., Ltd.		27,653
	266	Autoneum Holding AG		73,077
	6,935	Brembo SpA		101,783
	12,900	Bridgestone Corp.		557,123
	3,874	CIE Automotive SA		88,932
	7,997	Compagnie Generale des Establissements Michelin SCA, Class B		1,063,047
	887	Continental AG		191,396
	2,800	Daido Metal Co., Ltd.		25,416
	2,400	Daikyonishikawa Corp.		32,128
	4,700	Denso Corp.		198,938
	1,800	Eagle Industry Co., Ltd.		30,442
	1,724	ElringKlinger AG		33,039
	1,700	Exedy Corp.		47,991
	5,121	Faurecia		260,074
	2,300	FCC Co., Ltd.		46,453
	500	Futaba Industrial Co., Ltd.		4,530
	70,607	GKN plc		300,070
	874	Grammer AG		45,963
	1,400	G-Tekt Corp.		26,163
	2,186	Hella KGAA Hueck & Co.		107,581
	1,600	Hi-Lex Corp.		40,626
	200	Kasai Kogyo Co., Ltd.		2,585
	2,500	Keihin Corp.		34,201
	1,600	Koito Manufacturing Co., Ltd.		82,659
	31,203	Kongsberg Automotive ASA*		27,667
	5,000	KYB Co., Ltd.		25,688
	2,493	Leoni AG		128,774
	3,233	Linamar Corp.		159,381
	8,141	Magna International, Inc., ADR		377,173
	6,366	Martinrea International, Inc.		51,994
	1,027	Mgi Coutier		41,069
	2,000	Mitsuba Corp.		36,984
	1,600	Musashi Seimitsu Industry Co. L		46,433
	6,000	NGK Spark Plug Co., Ltd.		128,105
	12,000	NHK SPRING Co., Ltd.		126,421
	1,800	Nifco, Inc./Japan		96,746
	4,000	Nippon Seiki Co., Ltd.		80,546
	700	Nissin Kogyo Co., Ltd.		11,139
	2,700	NOK Corp.		57,208
	6,062	Nokian Renkaat OYJ		251,154
	2,600	Pacific Industrial Co., Ltd.		33,829
	1,800	Piolax, Inc.		50,284
	2,839	Plastic Omnium SA		104,081


Shares			Fair Value
	Common Stocks, continued
	Auto Components, continued
	6,300	Press Kogyo Co., Ltd.	$	29,321
	1,519	Saf-Holland SA		26,023
	8,000	Sanden Holdings Corp.*		23,120
	3,200	Showa Corp.		31,076
	2,500	Stanley Electric Co., Ltd.		75,621
	17,200	Sumitomo Electric Industries, Ltd.		265,461
	2,900	Sumitomo Riko Co., Ltd.		29,916
	7,600	Sumitomo Rubber Industries, Ltd.		128,546
	2,000	Tachi-S Co., Ltd.		36,571
	3,900	Tokai Rika Co., Ltd.		71,998
	2,500	Topre Corp.		67,847
	7,500	Toyo Tire & Rubber Co., Ltd.		153,176
	4,500	Toyoda Gosei Co., Ltd.		107,631
	3,500	Toyota Boshoku Corp.		65,872
	1,100	Toyota Industries Corp.		58,040
	1,500	TPR Co., Ltd.		48,556
	3,600	TS Tech Co., Ltd.		105,099
	2,000	Unipres Corp.		44,595
	2,847	Valeo SA		193,095
	82,000	Xinyi Glass Holdings, Ltd.		81,311
	6,500	Yokohama Rubber Co., Ltd. (The)		130,795

				7,376,287

	Automobiles (3.4%):
	9,641	Bayerische Motoren Werke AG (BMW)		897,231
	17,431	Daimler AG, Registered Shares		1,264,337
	958	Ferrari NV		82,407
	72,307	Fiat Chrysler Automobiles NV*		762,668
	4,300	Fuji Heavy Industries, Ltd.		145,361
	23,400	Honda Motor Co., Ltd.		639,445
	12,200	Isuzu Motors, Ltd.		150,913
	23,400	Mazda Motor Corp.		327,530
	6,800	Mitsubishi Motors Corp.		44,941
	48,200	Nissan Motor Co., Ltd.		480,596
	14,678	Piaggio & C SpA		36,296
	27,636	PSA Peugeot Citroen SA		551,599
	3,686	Renault SA		334,326
	5,000	Suzuki Motor Corp.		237,660
	45,438	Toyota Motor Corp.		2,383,764
	794	Volkswagen AG		123,289
	4,800	Yamaha Motor Co., Ltd.		124,120

				8,586,483

	Banks (9.4%):
	20,000	77th Bank		98,724
	500	Aichi Bank, Ltd. (The)		28,219
	12,000	Aomori Bank, Ltd. (The)		42,574
	25,839	Australia & New Zealand Banking Group, Ltd.		569,387
	10,000	Awa Bank, Ltd. (The)		68,150
	23,992	Banca Popolare dell’Emilia Romarna		120,573
	23,223	Banca Popolare di Sondrio SCARL		91,682
	29,024	Banco Bilbao Vizcaya Argentaria SA		242,545
	61,025	Banco Bpm SpA*		205,986
	100,929	Banco de Sabadell SA		206,562


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	23,927	Banco Popular Espanol SA*(a)		—
	80,243	Banco Santander SA	$	534,159
	6,708	Bank Hapoalim BM		45,226
	28,290	Bank Leumi Le-Israel Corp.		137,415
	2,674	Bank of Georgia Holdings		121,696
	525,912	Bank of Ireland*		139,102
	900	Bank of Iwate, Ltd. (The)		35,963
	10,000	Bank of Kyoto, Ltd. (The)		94,535
	15,317	Bank of Montreal		1,124,880
	900	Bank of Nagoya, Ltd. (The)		34,047
	13,051	Bank of Nova Scotia		784,757
	1,320	Bank of Okinawa, Ltd. (The)		53,726
	13,707	Bank of Queensland, Ltd.		120,450
	11,000	Bank of Saga, Ltd. (The)		25,517
	14,743	Bankia SA		71,311
	5,297	Bankinter SA		49,010
	84	Banque Cantonale Vaudoise,Registered Shares		62,260
	32,755	Barclays plc, ADR		346,875
	16,543	Bendigo & Adelaide Bank, Ltd.		141,140
	206	Berner Kantonalbank AG		39,399
	15,820	BNP Paribas SA		1,150,462
	66,542	BOC Hong Kong Holdings, Ltd.		318,997
	6,760	Canadian Imperial Bank of Commerce		548,642
	5,927	Canadian Western Bank		125,159
	12,000	Chiba Bank, Ltd. (The)		87,265
	7,000	Chugoku Bank, Ltd. (The)		104,897
	2,600	Chuo Mitsui Trust Holdings, Inc.		93,289
	9,830	Commerzbank AG*		117,713
	10,374	Commonwealth Bank of Australia		660,134
	15,000	Concordia Financial Group, Ltd.		75,981
	11,349	Credit Agricole SA		184,502
	4,185	Credito Emiliano SpA		33,959
	5,520	Credito Valtellinese SpA*		23,590
	42,231	Criteria Caixacorp SA		202,116
	12,800	Dah Sing Banking Group, Ltd.		27,251
	11,200	Dah Sing Financial Holdings, Ltd.		94,046
	13,000	Daishi Bank, Ltd. (The)		59,981
	5,836	Danske Bank A/S		225,315
	14,338	DBS Group Holdings, Ltd.		216,071
	4,975	DnB NOR ASA		84,937
	900	Ehime Bank, Ltd. (The)		11,355
	6,408	Erste Group Bank AG		245,767
	6,500	Fidea Holdings Co., Ltd.		10,842
	1,816	First International Bank of Israel		32,931
	15,000	Fukui Bank, Ltd. (The)		37,607
	13,000	Fukuoka Financial Group, Inc.		61,934
	11,600	Gunma Bank, Ltd. (The)		69,835
	14,200	Hachijuni Bank, Ltd. (The)		90,422
	2,805	Hang Seng Bank, Ltd.		58,673
	25,589	Heartland Bank, Ltd.		33,371
	16,000	Hiroshima Bank, Ltd. (The)		71,123
	10,000	Hokkoku Bank, Ltd. (The)		38,472
	1,400	Hokuetsu Bank, Ltd. (The)		33,340


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	4,900	Hokuhoku Financial Group, Inc.	$	78,366
	33,646	HSBC Holdings plc, ADR		1,560,838
	11,000	Hyakugo Bank, Ltd. (The)		44,812
	13,000	Hyakujushi Bank, Ltd. (The)		43,017
	28,937	ING Groep NV		503,203
	22,660	Intesa Sanpaolo SpA		72,278
	24,232	Isreal Discount Bank*		63,804
	8,200	Iyo Bank, Ltd. (The)		68,040
	12,000	Juroku Bank, Ltd. (The)		37,926
	3,367	Jyske Bank A/S		195,190
	200	Kansai Urban Banking Corp.		2,396
	2,633	KBC Groep NV		199,847
	8,000	Keiyo Bank, Ltd. (The)		34,696
	3,700	Kiyo Bank, Ltd. (The)		64,209
	15,790	Kyushu Financial Group, Inc.		99,964
	2,101	Laurentian Bank of Canada		87,777
	8,880	Liberbank SA*^		9,139
	696	Liechtenstein Landesbank AG		35,617
	143,580	Lloyds TSB Group plc, ADR		506,837
	185	Luzerner Kantonalbank AG		84,029
	12,870	Mebuki Financial Group, Inc.		47,983
	15,012	Mediobanca SpA		148,937
	76,800	Mitsubishi UFJ Financial Group, Inc.		517,978
	8,000	Miyazaki Bank, Ltd. (The)		26,358
	5,533	Mizrahi Tefahot Bank, Ltd.		100,725
	100,500	Mizuho Financial Group, Inc.		184,210
	1,700	Musashino Bank, Ltd. (The)		52,294
	1,300	Nanto Bank, Ltd. (The)		36,992
	28,207	National Australia Bank, Ltd.		641,367
	11,556	National Bank of Canada		486,001
	18,651	Natixis		126,461
	5,000	Nishi-Nippon Holdings, Inc.		52,116
	26,792	Nordea Bank AB		342,040
	14,600	North Pacific Bank, Ltd.		51,210
	9,000	Ogaki Kyoritsu Bank, Ltd. (The)		25,988
	25,452	Oversea-Chinese Banking Corp., Ltd.		199,541
	7,725	Raiffeisen International Bank-Holding AG*		195,480
	31,500	Resona Holdings, Inc.		174,089
	880	Ringkjoebing Landbobank A/S		43,942
	10,304	Royal Bank of Canada		747,246
	12,603	Royal Bank of Scotland, ADR*		82,298
	11,600	Senshu Ikeda Holdings, Inc.		49,047
	24,500	Seven Bank, Ltd.		87,865
	13,000	Shiga Bank, Ltd. (The)		67,194
	13,000	Shikoku Bank, Ltd. (The)		36,322
	31,000	Shinsei Bank, Ltd.		54,237
	5,000	Shizuoka Bank, Ltd. (The)		45,299
	12,739	Skandinaviska Enskilda Banken AB, Class A		154,695
	10,424	Societe Generale		566,684
	5,219	Spar Nord Bank A/S		68,472
	8,827	Sparebank 1 Sr-Bank ASA		75,620
	121	St. Galler Kantonalbank AG		53,400


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	24,615	Standard Chartered plc*	$	249,631
	5,100	Sumitomo Mitsui Financial Group, Inc.		199,541
	1,500	Suruga Bank, Ltd.		36,454
	4,946	Svenska Handelsbanken AB, Class A		71,053
	6,195	Swedbank AB, Class A		151,177
	3,864	Sydbank A/S		145,648
	12,000	Toho Bank, Ltd. (The)		42,254
	1,700	Tokyo Ty Financial Group, Inc.		46,991
	7,500	Tomony Holdings, Inc.		36,637
	19,576	Toronto-Dominion Bank (The)		986,239
	21,000	Towa Bank, Ltd. (The)		23,585
	36,343	UBI Banca — Unione di Banche Italiane SCPA		157,677
	6,613	Unicredit SpA*		124,686
	8,427	United Overseas Bank, Ltd.		141,618
	782	Valiant Holding AG		90,091
	6,876	Virgin Money Holdings UK		23,911
	582	Walliser Kantonalbank, Registered Shares		54,378
	50,201	Westpac Banking Corp.		1,171,362
	8,000	Yamagata Bank, Ltd. (The)		35,873
	3,000	Yamaguchi Financial Group, Inc.		36,322
	9,000	Yamanashi Chuo Bank, Ltd. (The)		38,079
	8	Zuger Kantonalbank AG		44,205

				24,107,337

	Beverages (1.3%):
	10,537	A.G. Barr plc		84,575
	3,767	Anheuser-Busch InBev NV		416,781
	2,300	Asahi Breweries, Ltd.		86,606
	8,796	Britvic plc		79,382
	12,528	C&C Group plc		46,146
	1,327	Carlsberg A/S, Class B		142,079
	5,367	Coca-Cola Amatil, Ltd.		38,030
	7,885	Coca-Cola European Partners plc		320,196
	7,048	Coca-Cola HBC AG		207,289
	1,250	Coca-Cola West Co., Ltd.		36,201
	9,750	Cott Corp.		140,843
	8,506	Davide Campari — Milano SpA		60,119
	4,154	Diageo plc, ADR		497,774
	1,867	Heineken NV		181,857
	2,200	ITO EN, Ltd.		80,376
	10,600	Kirin Holdings Co., Ltd.		216,164
	938	Olvi OYJ		32,834
	1,800	Refresco Group NV(b)		36,737
	2,807	Royal Unibrew A/S		134,678
	4,000	Sapporo Breweries, Ltd.		110,267
	14,566	Stock Spirits Group plc		32,244
	1,000	Suntory Beverage & Food, Ltd.		46,527
	24,033	Treasury Wine Estates, Ltd.		242,821

				3,270,526

	Biotechnology (0.3%):
	1,328	Bavarian Nordic A/S*^		78,570
	1,137	Biotest AG*		28,648
	2,219	CSL, Ltd.		235,722


Shares			Fair Value
	Common Stocks, continued
	Biotechnology, continued
	476	Galapagos NV*	$	36,525
	3,624	Genus plc		84,041
	2,522	Grifols SA		70,324
	999	Idorsia, Ltd.		18,863
	7,447	Knight Therapeutics, Inc.*		59,100
	1,222	Shire plc		67,313
	3,118	Sirtex Medical, Ltd.		38,903

				718,009

	Building Products (1.1%):
	1,800	AICA Kogyo Co., Ltd.		54,939
	2,028	Arbonia AG*		37,155
	5,600	Asahi Glass Co., Ltd.		236,362
	5,702	Assa Abloy AB, Class B		125,392
	15	Belimo Holding AG, Registered Shares		64,675
	3,700	Bunka Shutter Co., Ltd.		28,431
	11,000	Central Glass Co., Ltd.		47,438
	2,051	Compagnie de Saint-Gobain SA		109,703
	1,500	Daikin Industries, Ltd.		153,428
	119	dorma kaba Holding AG		103,464
	434	Geberit AG, Registered Shares		202,660
	12,489	Gwa Group, Ltd.		30,291
	2,938	Inwido AB		41,398
	10,573	Kingspan Group plc		363,329
	3,279	Lindab International AB		35,789
	5,800	Lixil Group Corp.		145,230
	7,562	Nibe Industrier AB, Class B		71,489
	8,000	Nichias Corp.		92,611
	1,500	Nichiha Corp.		52,991
	1,500	Nippon Sheet Glass Co., Ltd.*		12,424
	10,000	Nitto Boseki Co., Ltd.		48,184
	1,500	Noritz Corp.		29,800
	1,400	Okabe Co., Ltd.		12,921
	12,336	Polypipe Group plc		61,466
	435	Rockwool International A/S		95,839
	22	Rockwool International A/S		4,648
	1,900	Sankyo Tateyama, Inc.		29,041
	11,100	Sanwa Holdings Corp.		117,182
	52	Schweiter Technologies AG		67,554
	1,700	Sekisui Jushi Corp.		31,241
	1,800	Takara Standard Co., Ltd.		29,462
	1,348	Tarkett SA		62,674
	2,500	TOTO, Ltd.		95,677
	2,051	Uponor OYJ		37,413
	638	Zehnder Group AG		23,231

				2,755,532

	Capital Markets (2.6%):
	19,529	3i Group plc		229,885
	33,955	Aberdeen Asset Management plc		133,743
	3,200	AGF Management, Ltd.		16,634
	1,200	Alaris Royalty Corp.		21,314
	2,199	Altamir		40,969
	17,351	Ashmore Group plc		79,833


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	851	Avanza Bank Holding AB	$	37,178
	3,389	Azimut Holding SpA		68,156
	1,975	Banca Generali SpA		59,080
	1,725	Binckbank NV		8,759
	3,505	Bolsas y Mercados Espanoles		126,804
	25,002	Brewin Dolphin Holdings plc		111,606
	3,984	Brookfield Asset Management, Inc., Class A		156,212
	4,759	BT Investment Management, Ltd.		41,551
	2,895	Bure Equity AB		33,706
	8,265	Canaccord Genuity Group, Inc.		33,975
	940,000	China Lng Group, Ltd.*		17,463
	2,455	CI Financial Corp.		52,334
	10,072	Close Brothers Group plc		198,044
	11,961	Credit Suisse Group AG		173,361
	14,000	Daiwa Securities Group, Inc.		83,197
	10,467	Deutsche Bank AG, Registered Shares		186,208
	8,446	Deutsche Bank AG, Registered Shares		149,966
	2,513	EFG International AG		16,349
	258,000	Emperor Capital Group, Ltd.		23,134
	2,185	Euronext NV(b)		113,544
	7,427	GAM Holding AG		100,041
	1,012	Gimv NV		61,284
	1,675	Guardian Capital Group, Ltd., Class A		33,782
	142,000	Guotai Junan International Hol		44,029
	66,000	Haitong International Securiti		38,989
	5,422	Hargreaves Lansdown plc		91,985
	6,123	Hong Kong Exchanges & Clearing, Ltd.		158,311
	22,233	IG Group Holdings plc		164,570
	2,132	IGM Financial, Inc.		66,134
	13,922	Intermediate Capital Group plc		151,103
	29,861	Investec plc		223,111
	8,734	IOOF Holdings, Ltd.		65,719
	20,157	Ip Group plc*		35,352
	7,617	IRESS, Ltd.		74,218
	900	Jafco Co., Ltd.		36,391
	4,080	Janus Henderson Group plc*		135,089
	7,200	Japan Exchange Group, Inc.		130,803
	3,150	Julius Baer Group, Ltd.		166,063
	25,444	Jupiter Fund Management plc		167,420
	186,000	Kingston Financial Group, Ltd.		67,121
	3,928	London Stock Exchange Group plc		186,654
	3,369	Macquarie Group, Ltd.		229,117
	4,411	Magellan Financial Group, Ltd.		97,674
	63,933	Man Group plc		128,984
	3,600	Matsui Securities Co., Ltd.		29,409
	12,700	Monex Group, Inc.		33,682
	10,500	Nex Group plc		85,448
	23,000	Nomura Holdings, Inc.		138,438
	8,000	Okasan Securities Group, Inc.		51,530
	226	Partners Group Holding AG		140,160
	1,867	Perpetual, Ltd.		80,064
	5,913	Platinum Asset Management, Ltd.		21,037
	3,209	Rathbone Brothers plc		105,966


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	9,785	Ratos AB, Class B^	$	46,695
	1,124	Rothschild & Co.		41,158
	7,300	SBI Holdings, Inc.		99,125
	2,045	Schroders plc		82,697
	559	Schroders plc		16,118
	9,000	Singapore Exchange, Ltd.		48,005
	9,300	Sprott, Inc.		16,354
	2,878	Thomson Reuters Corp.		133,223
	2,731	TMX Group, Ltd.		148,619
	6,294	Tullett Prebon plc		38,324
	14,503	UBS Group AG		246,274
	3,019	UBS Group AG		51,263
	1,793	Vontobel Holding AG		116,889
	122	Vp Bank AG, Registered Shares		15,106
	96	VZ Holding AG		30,822

				6,683,355

	Chemicals (5.5%):
	5,100	Adeka Corp.		77,796
	705	Agrium, Inc.		63,795
	2,927	Air Liquide SA		363,697
	6,000	Air Water, Inc.		110,600
	9,273	AkzoNobel NV		804,889
	4,212	Arkema SA		449,712
	24,000	Asahi Kasei Corp.		258,567
	15,764	BASF SE		1,465,131
	7,920	Borregaard ASA		97,942
	1,529	Christian Hansen Holding A/S		111,203
	4,200	Chugoku Marine Paints, Ltd.		32,381
	16,684	Clariant AG		368,802
	4,087	Corbion NV		130,762
	2,800	Croda International plc		141,718
	9,800	Daicel Chemical Industries, Ltd.		122,190
	2,000	Dainichiseika Color & Chemical		15,877
	5,100	Dainippon Ink & Chemicals, Inc.		183,748
	28,000	Denka Co., Ltd.		144,804
	17,121	DuluxGroup, Ltd.		91,236
	35,867	Elementis plc		137,439
	88	EMS-Chemie Holding AG		65,115
	8,260	Essentra plc		60,736
	5,499	Evonik Industries AG		175,754
	905	Frutarom Industries, Ltd.		63,322
	1,815	Fuchs Petrolub AG		99,166
	679	FUCHS Petrolub SE		32,069
	1,100	Fujimori Kogyo Co., Ltd.		34,582
	1,400	Fuso Chemical Co., Ltd.		45,480
	100	Givaudan SA, Registered Shares		200,178
	29	Gurit Holding AG		34,862
	4,570	Hexpol AB		49,934
	3,500	Hitachi Chemical Co., Ltd.		104,642
	63,732	Incitec Pivot, Ltd.		167,498
	10,087	Israel Chemicals, Ltd.		47,551
	200	JCU Corp.		7,113


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	2,998	Johnson Matthey plc	$	112,121
	1,700	JSR Corp.		29,357
	8,974	K+S AG, Registered Shares		229,966
	16,000	Kaneka Corp.		122,175
	2,000	Kansai Paint Co., Ltd.		46,095
	5,000	Kanto Denka Kogyo Co., Ltd.		44,120
	7,358	Kemira OYJ		92,966
	1,162	Koninklijke DSM NV		84,881
	300	Konishi Co., Ltd.		4,298
	11,300	Kuraray Co., Ltd.		205,327
	900	Kureha Corp.		44,603
	5,438	Lanxess AG		411,779
	294	Lenzing AG		52,725
	1,230	Linde AG		233,602
	1,300	Lintec Corp.		31,155
	2,350	Methanex Corp.		103,518
	53,900	Mitsubishi Chemical Holdings Corp.		447,688
	9,400	Mitsubishi Gas Chemical Co., Inc.		199,266
	40,000	Mitsui Chemicals, Inc.		212,396
	3,600	Nihon Parkerizing Co., Ltd.		53,760
	8,000	Nippon Kayaku Co., Ltd.		113,351
	700	Nippon Shokubai Co., Ltd.		45,125
	8,000	Nippon Soda Co., Ltd.		44,299
	2,300	Nissan Chemical Industries, Ltd.		76,092
	900	Nitto Denko Corp.		74,253
	10,000	NOF Corp.		127,487
	3,646	Novozymes A/S, Class B		159,695
	4,795	Nufarm, Ltd./Australia		35,461
	14,387	Orica, Ltd.		228,336
	11,070	Potash Corp. of Saskatchewan, Inc.		180,441
	1,343	Recticel SA		10,412
	2,400	Sakata Inx Corp.		38,310
	700	Sanyo Chemical Industries, Ltd.		32,970
	2,500	Shin-Etsu Chemical Co., Ltd.		227,135
	1,700	Shin-Etsu Polymer Co., Ltd.		13,312
	8,800	Showa Denko K.K.		204,864
	29	Sika AG, Class B		186,745
	1,754	SOL SPA		21,337
	1,427	Solvay SA		191,575
	11,000	Sumitomo Bakelite Co., Ltd.		77,685
	68,000	Sumitomo Chemical Co., Ltd.		392,292
	300	Sumitomo Seika Chemicals Co. Ltd.		14,757
	2,206	Symrise AG		156,282
	22,357	Synthomer plc		142,139
	500	T Hasegawa Co., Ltd.		10,592
	1,200	Taiyo Holdings Co., Ltd.		54,036
	5,700	Taiyo Nippon Sanso Corp.		64,187
	1,000	Takasago International Corp.		37,717
	9,600	Teijin, Ltd.		184,912
	1,223	Tessenderlo Chemie NV*		52,594
	1,434	Tikkurila OYJ		31,029
	3,700	Toagosei Co., Ltd.		48,207
	4,500	Tokai Carbon Co., Ltd.		24,984


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	11,000	Tokuyama Corp.*	$	53,134
	1,300	Tokyo Ohka Kogyo Co., Ltd.		43,293
	11,000	Toray Industries, Inc.		92,166
	27,000	Tosoh Corp.		277,679
	4,000	Toyo Ink SC Holdings Co., Ltd.		21,060
	63,000	Toyobo Co., Ltd.		115,622
	72,000	Ube Industries, Ltd.		185,605
	4,419	Umicore SA		307,837
	6,476	Victrex plc		158,437
	1,157	Wacker Chemie AG^		125,619
	1,514	Yara International ASA		56,926
	10,000	Zeon Corp.		106,823

				13,968,903

	Commercial Services & Supplies (1.7%):
	1,200	AEON Delight Co., Ltd.		38,881
	17,026	Aggreko plc		204,245
	25,551	Babcock International Group plc		293,214
	12,295	Berendsen plc		197,095
	1,644	Bilfinger SE^		64,471
	1,670	Black Diamond Group, Ltd.		3,555
	14,490	Brambles, Ltd.		108,337
	282	Cewe Stiftung & Co. KGAA		23,804
	71,156	Cleanaway Waste Management, Ltd.		75,086
	5,000	Dai Nippon Printing Co., Ltd.		55,652
	1,500	Daiseki Co., Ltd.		33,382
	4,203	De La Rue plc		36,557
	23,066	Downer EDI, Ltd.		113,497
	1,000	Duskin Co., Ltd.		25,751
	8,275	Edenred		215,967
	1,912	Elis SA		43,817
	90,603	G4S plc		385,418
	18,123	HomeServe plc		173,685
	2,747	Intrum Justitia AB		93,720
	7,191	ISS A/S		283,142
	34,804	IWG plc		146,772
	1,500	Kokuyo Co., Ltd.		20,500
	3,638	Lassila & Tikanoja OYJ		76,540
	5,185	Loomis AB		185,863
	5,449	Mears Group plc		33,749
	27,717	Mitie Group plc		99,712
	3,300	Okamura Corp.		31,367
	2,100	Park24 Co., Ltd.		53,338
	2,696	PayPoint plc		31,055
	1,400	Pilot Corp.		59,481
	10,575	Programmed Maintenance Service		15,155
	11,442	Prosegur Compania de Seguridad SA		74,520
	58,477	Rentokil Initial plc		208,425
	2,308	Ritchie Brothers Auctioneers, Inc.		66,332
	9,539	RPS Group plc		32,576
	1,600	Sato Holdings Corp.		40,038
	1,000	SECOM Co., Ltd.		75,991
	9,943	Securitas AB, Class B		168,139


Shares			Fair Value
	Common Stocks, continued
	Commercial Services & Supplies, continued
	20,809	Shanks Group plc	$	22,454
	659	Societe BIC SA		78,202
	700	Sohgo Security Services Co., Ltd.		31,558
	61,914	Spotless Group Holdings, Ltd.		54,792
	5,578	Tomra Systems ASA		68,251
	2,900	Toppan Forms Co., Ltd.		30,008
	5,000	Toppan Printing Co., Ltd.		54,937
	4,920	Tox Free Solutions, Ltd.		9,070
	4,470	Transcontinental, Inc.		88,600

				4,326,701

	Communications Equipment (0.2%):
	2,792	Adva Optical Networking Se*		28,904
	2,052	Ascom Holding AG		41,963
	991	Evs Broadcast Equipment SA		39,835
	6,772	Mitel Networks Corp.*		49,774
	12,971	Nokia OYJ		79,708
	11,829	Sandvine Corp.		39,138
	1,431	Sierra Wireless, Inc.*		40,195
	26,263	Spirent Communications plc		39,937
	17,805	Telefonaktiebolaget LM Ericsson, Class B		128,471
	6,200	VTech Holdings, Ltd.		98,237

				586,162

	Construction & Engineering (2.3%):
	6,583	ACS Actividades de Construccion y Servicios SA		254,590
	3,353	Aecon Group, Inc.		41,738
	3,088	Arcadis NV		55,873
	4,202	Astaldi SpA		26,287
	2,110	Badger Daylighting, Ltd.		43,320
	375	Bauer AG		9,032
	3,563	Bird Construction, Inc.		23,413
	7,647	Bouygues SA		322,776
	209	Burkhalter Holding AG		29,980
	25,120	Carillion plc		61,122
	1,000	Chiyoda Corp.		5,892
	1,900	Chudenko Corp.		49,312
	589	CIE d’Entreprises CFE SA		83,504
	2,966	Cimic Group, Ltd.		88,433
	6,098	Costain Group plc		36,661
	6,000	Daiho Corp.		28,560
	2,773	Eiffage SA		252,168
	2,783	Elecnor SA		38,468
	7,737	Eltel AB*^(b)		26,897
	4,271	Ferrovial SA		94,920
	2,220	FLSmidth & Co. A/S		140,380
	4,400	Fudo TETRA Corp.		7,064
	5,231	Galliford Try plc		79,120
	14,200	Hazama Ando Corp.		89,601
	832	Hochtief AG		152,529
	1,093	Implenia AG		82,118
	9,361	Interserve plc		28,210
	23,374	John Laing Group plc(b)		92,046
	15,000	Kajima Corp.		126,680


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering, continued
	3,000	Kandenko Co., Ltd.	$	31,556
	5,690	Keller Group plc		65,145
	2,043	Kier Group plc		32,632
	2,800	Kinden Corp.		45,184
	7,169	Koninklijke BAM Groep NV		39,054
	6,246	Koninklijke Boskalis Westminster NV		202,924
	27,000	Kumagai Gumi Co., Ltd.		86,813
	5,300	Kyowa Exeo Corp.		89,270
	1,300	Kyudenko Corp.		46,618
	9,000	Maeda Corp.		99,285
	3,000	Maeda Road Construction Co., Ltd.		59,909
	3,300	Mirait Holdings Corp.		37,112
	8,858	Monadelphous Group, Ltd.		95,095
	3,820	NCC AB		107,689
	3,000	Nippo Corp.		60,405
	1,600	Nippon Densetsu Kogyo Co., Ltd.		32,939
	12,000	Nishimatsu Construction Co., Ltd.		63,724
	20,800	Obayashi Corp.		244,863
	4,863	Obrascon Huarte Lain SA		17,444
	6,000	Okumura Corp.		40,416
	12,582	Peab AB		152,724
	18,100	Penta-Ocean Construction Co., Ltd.		102,987
	703	Per Aarsleff Holding A/S		17,077
	2,500	Raito Kogyo Co., Ltd.		26,468
	22,504	Sacyr SA*		59,861
	12,041	Salini Impregilo SpA		41,707
	3,300	Sanki Engineering Co., Ltd.		37,093
	5,399	Shikun & Binui, Ltd.		14,034
	19,000	Shimizu Corp.		201,734
	5,741	Skanska AB, Class B		136,675
	2,700	Spie SA		81,176
	881	Strabag Se		38,027
	61,900	Sumitomo Mitsui Construction		66,241
	2,479	Sweco AB-B Shs		61,478
	14,000	TAISEI Corp.		127,954
	16,300	Tobishima Corp.		24,393
	6,000	Toda Corp.		37,464
	5,100	Tokyu Construction Co., Ltd.		41,838
	2,000	Toshiba Plant Systems & Servic		31,556
	1,100	Totetsu Kogyo Co., Ltd.		33,660
	4,000	Toyo Engineering Corp.		9,866
	22,100	United Engineers, Ltd.		44,117
	3,109	Veidekke ASA		40,615
	3,693	Vinci SA		315,414
	3,185	WSP Global, Inc.		132,179
	2,771	YIT OYJ		23,280

				5,768,389

	Construction Materials (0.8%):
	20,647	Adelaide Brighton, Ltd.		89,254
	39,458	Boral, Ltd.		210,730
	3,157	Brickworks, Ltd.		33,411
	3,957	Buzzi Unicem SpA		99,035


Shares			Fair Value
	Common Stocks, continued
	Construction Materials, continued
	8,480	CRH plc, ADR	$	300,786
	22,791	CSR, Ltd.		74,082
	12,804	Fletcher Building, Ltd.		75,054
	2,028	HeidelbergCement AG		196,212
	175	Imerys SA		15,233
	7,436	James Hardie Industries SE		117,140
	4,762	LafargeHolcim, Ltd., Registered Shares		273,648
	20,000	Sumitomo Osaka Cement Co., Ltd.		95,048
	72,000	Taiheiyo Cement Corp.		263,020
	1,196	Vicat		84,249

				1,926,902

	Consumer Finance (0.3%):
	3,600	Aeon Credit Service Co., Ltd.		76,360
	9,830	Arrow Global Group plc		51,913
	1,360	Cembra Money Bank AG		128,988
	1,847	Credit Corp. Group, Ltd.		25,108
	5,200	Credit Saison Co., Ltd.		101,767
	18,226	Eclipx Group, Ltd.		49,928
	18,254	Flexigroup, Ltd./Australia		25,563
	4,100	Hitachi Capital Corp.		98,822
	2,988	Hoist Finance AB^(b)		30,608
	17,800	Hong Leong Finance, Ltd.		34,013
	14,415	International Personal Finance		31,654
	4,300	J Trust Co., Ltd.		33,932
	9,000	Jaccs Co., Ltd.		43,857
	15,200	Orient Corp.		26,578
	2,776	Provident Financial plc		88,002
	38,000	Sun Hung Kai Properties, Ltd.		24,469

				871,562

	Containers & Packaging (0.8%):
	11,159	Amcor, Ltd.		138,998
	10,464	BillerudKorsnas AB		166,105
	4,231	Cascades, Inc.		57,725
	1,780	CCL Industries, Inc.		90,071
	46,684	DS Smith plc		288,144
	1,400	FP Corp.		75,777
	2,200	Fuji Seal International, Inc.		60,813
	3,226	Huhtamaki OYJ		127,472
	2,589	Intertape Polymer Group, Inc.		49,300
	314	Mayr Melnhof Karton AG		41,076
	69,097	Orora, Ltd.		152,129
	5,946	Pact Group Holdings, Ltd.		27,344
	11,000	Rengo Co., Ltd.		63,874
	18,948	RPC Group plc		185,815
	16,255	Smurfit Kappa Group plc		506,007
	2,000	Toyo Seikan Kaisha, Ltd.		33,828
	5	Vetropack Holding AG		10,834
	1,101	Vidrala SA		77,984

				2,153,296

	Distributors (0.3%):
	3,600	Canon Marketing Japan, Inc.		82,030


Shares			Fair Value
	Common Stocks, continued
	Distributors, continued
	5,572	Connect Group plc	$	8,184
	1,347	D’ieteren SA/NV		62,984
	4,313	Headlam Group plc		30,227
	25,837	Inchcape plc		254,053
	1,000	Jardine Cycle & Carriage, Ltd.		32,233
	7,157	John Menzies plc		65,740
	1,400	Paltac Corp.		47,221
	3,025	Uni-Select, Inc.		73,070

				655,742

	Diversified Consumer Services (0.2%):
	23,128	Aa plc		68,745
	1,100	Benesse Holdings, Inc.		41,595
	2,634	Dignity plc		85,300
	5,045	EnerCare, Inc.		76,729
	12,438	G8 Education, Ltd.		34,502
	6,026	InvoCare, Ltd.		68,263
	8,365	Navitas, Ltd.		31,231
	13,423	Slater & Gordon, Ltd.*		835

				407,200

	Diversified Financial Services (0.7%):
	1,573	Ackermans & Van Haaren NV		262,692
	1,091	AKER ASA		35,810
	52,095	AMP, Ltd.		207,549
	2,300	Century Tokyo Leasing Corp.		92,165
	6,399	Cerved Information Solutions S		68,630
	1,634	Deutsche Boerse AG		172,774
	5,700	Ecn Capital Corp.		17,584
	15,337	Element Fleet Management Corp.		105,275
	3,300	Financial Products Group Co. LT		31,543
	158,669	First Pacific Co., Ltd.		117,064
	1,200	Fuyo General Lease Co., Ltd.		68,551
	1,236,000	G-Resources Group, Ltd.*		18,053
	1,800	Ibj Leasing Co., Ltd.		43,268
	6,500	Japan Securities Finance Co. LT		33,723
	23,000	Mitsubishi UFJ Lease & Finance Co., Ltd.		126,088
	772	Onex Corp.		61,809
	17,600	ORIX Corp.		273,611
	1,100	Ricoh Leasing Co., Ltd.		38,539
	1,000	Zenkoku Hosho Co., Ltd.		40,888

				1,815,616

	Diversified Telecommunication Services (2.3%):
	974	BCE, Inc.		43,869
	644	BCE, Inc.		29,006
	5,708	Belgacom SA		199,657
	20,307	Bezeq Israeli Telecommunication Corp., Ltd. (The)		33,716
	29,763	BT Group plc		114,273
	5,828	Cellnex Telecom SAU(b)		120,471
	18,127	Chorus, Ltd.		61,518
	94,000	CITIC Telecom International Holdings, Ltd.		30,101
	7,863	Com Hem Holding AB		109,429
	67,539	Deutsche Telekom AG, Registered Shares		1,213,627


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services, continued
	643	El Towers SpA	$	37,253
	4,973	Elisa OYJ^		192,747
	40,490	France Telecom SA		644,898
	34,000	Hkbn, Ltd.		34,013
	61,295	HKT Trust & HKT, Ltd.		80,397
	88,000	Hutchison Telecommunications Holdings, Ltd.		30,997
	271	Iliad SA		64,110
	11,262	Infrastrutture Wireless Ital(b)		64,119
	16,506	Inmarsat plc		165,494
	62,383	KCOM Group plc		72,305
	53,529	Koninklijke (Royal) KPN NV		171,742
	3,000	Nippon Telegraph & Telephone Corp.		141,931
	275,553	PCCW, Ltd.		156,733
	37,800	Singapore Telecommunications, Ltd.		106,835
	2,262	Sunrise Communications Group(b)		178,056
	230	Swisscom AG, Registered Shares		111,104
	29,050	Talktalk Telecom Group plc		68,304
	50,356	TDC A/S		293,417
	38,420	Telecom Corp. of New Zealand, Ltd.		106,502
	337,063	Telecom Italia SpA*		312,347
	38,812	Telefonica SA		401,245
	4,768	Telekom Austria AG^		37,527
	5,872	Telenor ASA		97,422
	43,030	Telia Co AB		198,581
	24,040	Telstra Corp., Ltd.		79,582
	6,023	TPG Telecom, Ltd.^		26,419
	8,402	Vocus Communications, Ltd.		21,822

				5,851,569

	Electric Utilities (1.1%):
	2,033	Acciona SA		179,414
	53,654	AusNet Services		71,526
	208	Bkw AG		12,232
	4,700	Chubu Electric Power Co., Inc.		62,527
	2,800	Chugoku Electric Power Co., Inc. (The)		30,886
	5,430	CK Infrastructure Holdings, Ltd.		45,592
	8,064	CLP Holdings, Ltd.		85,325
	17,686	EDP — Energias de Portugal SA		57,856
	18,599	Electricite de France		203,094
	531	Elia System Operator SA/NV		30,056
	4,746	Endesa SA^		109,597
	40,556	Enel SpA		218,368
	1,292	Fortis, Inc.		45,418
	7,466	Fortum OYJ		117,400
	18,530	Genesis Energy, Ltd.		33,010
	53,000	HK Electric Investments, Ltd.(b)		48,745
	7,700	Hokkaido Electric Power Co., Inc.		58,730
	5,600	Hokuriku Electric Power Co.		50,444
	4,461	Hongkong Electric Holdings, Ltd.		39,371
	47,323	Iberdrola SA		375,695
	8,200	Kansai Electric Power Co., Inc. (The)		113,096
	3,800	Kyushu Electric Power Co., Inc.		46,190
	1,655	Oesterreichische Elektrizitaetswirtschafts AG, Class A		31,568


Shares			Fair Value
	Common Stocks, continued
	Electric Utilities, continued
	1,540	Okinawa Electric Power Co., Inc.	$	35,218
	4,360	Red Electrica Corporacion SA^		91,291
	5	Romande Energie Holding SA, Registered Shares		6,802
	14,750	Scottish & Southern Energy plc		278,898
	3,300	Shikoku Electric Power Co., Inc.		38,945
	23,635	Spark Infrastructure Group		47,546
	13,794	Terna SpA		74,639
	5,600	Tohoku Electric Power Co., Inc.		77,591
	17,100	Tokyo Electric Power Co., Inc. (The)*		70,614

				2,787,684

	Electrical Equipment (1.4%):
	25,335	ABB, Ltd.		626,988
	6,000	Daihen Corp.		47,288
	18,000	Fuji Electric Holdings Co., Ltd.		95,152
	4,400	Furukawa Electric Co., Ltd. (The)		196,166
	2,000	Futaba Corp./Chiba		35,119
	26,000	GS Yuasa Corp.		113,366
	784	Huber & Suhner AG		58,656
	29,500	Johnson Electric Holdings, Ltd.		102,612
	2,829	Legrand SA		198,116
	62,530	Melrose Industries plc		197,497
	394	Mersen		12,952
	13,000	Mitsubishi Electric Corp.		187,531
	1,976	Nexans SA		108,240
	1,000	Nidec Corp.		102,702
	2,700	Nissin Electric Co., Ltd.		28,684
	2,100	Nitto Kogyo Corp.		33,204
	1,460	Nordex Se*^		17,929
	2,914	OSRAM Licht AG		232,745
	7,024	Prysmian SpA		207,301
	734	Schneider Electric SA		56,490
	11,535	Siemens Gamesa Renewable Energy^		247,075
	190	Somfy SA		19,886
	2,958	TKH Group NV		164,372
	6,000	Ushio, Inc.		75,609
	3,491	Vestas Wind Systems A/S		323,505
	170	XP Power, Ltd.		5,383

				3,494,568

	Electronic Equipment, Instruments & Components (1.9%):
	1,300	Ai Holdings Corp.		35,054
	3,100	ALPS Electric Co., Ltd.		89,871
	306	Also Holding AG, Registered Shares		39,404
	4,600	Amano Corp.		95,833
	2,000	Avigilon Corp.*		22,197
	2,800	Azbil Corp.		106,515
	564	Barco NV		57,929
	900	Canon Electronics, Inc.		18,464
	8,410	Celestica, Inc.*		114,286
	18,000	Citizen Holdings Co., Ltd.		126,635
	3,500	Dexerials Corp.		34,275
	28,281	Electrocomponents plc		212,806
	148,000	FIH Mobile, Ltd.		45,772


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	7,452	Fingerprint Cards AB^	$	27,325
	466,000	Gcl New Energy Holdings, Ltd.*		22,946
	19,182	Halma plc		275,072
	1,000	Hamamatsu Photonics K.K.		30,775
	2,590	Hexagon AB, Class B		123,251
	1,600	Hitachi High-Technologies Corp.		62,336
	99,000	Hitachi, Ltd.		608,896
	1,600	Horiba, Ltd.		97,510
	2,500	Hosiden Corp.		28,673
	7,400	IBIDEN Co., Ltd.		127,661
	91	Inficon Holding AG		45,060
	960	Ingenico Group		87,094
	700	Iriso Electronics Co., Ltd.		56,455
	4,000	Japan Aviation Electronics Industry, Ltd.		55,484
	21,200	Japan Display, Inc.*		40,056
	2,322	Jenoptik AG		61,069
	400	Keyence Corp.		176,090
	2,388	Kudelski SA		40,857
	700	Kyocera Corp.		40,589
	684	Lagercrantz Group AB, Class B^		7,534
	16,021	Laird plc		28,898
	26	Lem Holding SA, Registered Shares		33,631
	2,600	Macnica Fuji Electronics Holdings		38,108
	2,366	Micronic Mydata AB		21,581
	900	Murata Manufacturing Co., Ltd.		137,149
	3,500	Nichicon Corp.		37,681
	2,600	Nippon Electric Glass Co., Ltd.		94,888
	3,400	Nippon Signal Co., Ltd.		31,354
	5,200	OKI Electric Industry Co., Ltd.		73,849
	2,600	Omron Corp.		113,125
	3,000	Osaki Electric Co., Ltd.		22,482
	2,587	Oxford Instruments plc		35,297
	2,859	Renishaw plc		134,995
	600	Ryosan Co., Ltd.		21,875
	1,800	Shimadzu Corp.		34,318
	1,000	Siix Corp.		39,696
	7,097	Spectris plc		233,551
	8,200	Taiyo Yuden Co., Ltd.		129,120
	4,100	TDK Corp.		270,563
	3,900	Topcon Corp.		67,345
	200	V Technology Co., Ltd.		34,600
	156	Vaisala OYJ, Class A		7,782
	14,000	Venture Corp., Ltd.		122,568
	4,000	Yaskawa Electric Corp.		85,004
	3,400	Yokogawa Electric Corp.		54,665

				4,917,899

	Energy Equipment & Services (0.7%):
	7,314	Aker Solutions ASA*		12,095
	5,393	Aker Solutions ASA*		24,412
	23,615	AMEC plc		144,035
	1,801	Calfrac Well Services, Ltd.*		3,486
	1,191	Ces Energy Solutions Corp.		5,309


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services, continued
	1,554	CGG SA*	$	7,177
	6,026	Enerflex, Ltd.		87,467
	8,606	Ensign Energy Services, Inc.		45,997
	106,730	Ezion Holdings, Ltd.*		18,217
	3,192	Fugro NV*		47,441
	8,071	Hunting plc*		51,436
	6,270	John Wood Group plc		52,438
	7,196	Mullen Group, Ltd.		88,799
	3,324	Ocean Yield ASA^		25,978
	2,723	Petrofac, Ltd.		15,717
	18,993	Petroleum Geo-Services ASA*^		33,095
	19,962	Precision Drilling Corp.*		68,203
	398	ProSafe SE*		1,323
	31,016	Saipem SpA*		114,633
	8,047	SBM Offshore NV		129,156
	14,951	Seadrill, Ltd.*^		5,520
	7,277	Secure Energy Services, Inc.		49,669
	11,430	Subsea 7 SA^		154,151
	1,492	Tecnicas Reunidas SA		57,834
	5,547	TGS NOPEC Geophysical Co. ASA		113,932
	900	Total Energy Services, Inc.		9,232
	26,311	Trican Well Service, Inc.*		73,661
	18,254	Trinidad Drilling, Ltd.*		27,453
	20,411	Vallourec SA*^		125,007
	12,295	WorleyParsons, Ltd.*		105,843

				1,698,716

	Food & Staples Retailing (2.6%):
	24,500	Aeon Co., Ltd.		372,663
	500	Ain Holdings, Inc.		36,165
	2,144	Alimentation Couche-Tard, Inc.		102,785
	1,309	Amsterdam Commodities NV		42,582
	2,800	Arcs Co., Ltd.		60,662
	1,200	Axial Retailing, Inc.		45,823
	900	Belc Co., Ltd.		44,817
	97,527	Booker Group plc		236,772
	20,128	Carrefour SA		510,842
	1,795	Casino Guichard-Perrachon SA		106,345
	1,100	Cawachi, Ltd.		26,618
	1,000	Cocokara Fine, Inc.		49,495
	4,130	Colruyt SA		217,592
	300	Cosmos Pharmaceutical Corp.		58,444
	1,300	Create SD Holdings Co., Ltd.		30,089
	24,356	Distribuidora Internacional de Alimentacion SA		152,075
	8,335	Empire Co., Ltd., Class A		142,195
	1,100	FamilyMart Co., Ltd.		63,029
	8,283	Greggs plc		116,491
	1,600	Heiwado Co., Ltd.		34,282
	1,831	ICA Gruppen AB		68,290
	84,986	J Sainsbury plc		278,767
	819	Jean Coutu Group, Inc., Class A		12,570
	1,300	Kato Sangyo Co., Ltd.		34,949
	1,366	Kesko OYJ, Class A		68,123


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing, continued
	3,948	Kesko OYJ, Class B	$	201,190
	28,566	Koninklijke Ahold Delhaize NV		547,459
	400	LAWSON, Inc.		27,957
	1,111	Loblaw Cos., Ltd.		61,814
	1,430	Marr SpA		34,075
	1,500	Matsumotokiyoshi Holdings Co., Ltd.		85,423
	54,594	Metcash, Ltd.*		100,822
	6,476	Metro AG		218,677
	1,658	Metro, Inc.		54,576
	1,000	Mitsubishi Shokuhin Co., Ltd.		28,725
	600	Nihon Chouzai Co., Ltd.		19,054
	201	North West Co., Inc.		4,846
	1,002	Rallye SA		20,648
	600	San-A Co., Ltd.		26,537
	4,300	Seven & I Holdings Co., Ltd.		177,328
	1,668	Sligro Food Group NV		73,381
	900	Sogo Medical Co., Ltd.		38,893
	29,590	Sonae SGPS SA		33,098
	500	Sugi Holdings Co., Ltd.		26,807
	1,800	Sundrug Co., Ltd.		67,187
	276,116	Tesco plc*		608,013
	800	Tsuruha Holdings, Inc.		84,995
	3,100	United Supermarkets Holdings		32,781
	2,200	Valor Co., Ltd.		49,980
	1,000	Welcia Holdings Co., Ltd.		37,066
	5,821	Wesfarmers, Ltd.		179,599
	1,644	Weston (George), Ltd.		148,842
	110,386	William Morrison Supermarkets plc		347,004
	11,834	Woolworths, Ltd.		232,471
	1,200	Yaoko Co., Ltd.		51,393
	2,800	Yokohama Reito Co., Ltd.		26,437

				6,559,543

	Food Products (3.0%):
	823	AAK AB		60,168
	1,425	Agt Food and Ingredients, Inc.		25,585
	4,400	Ajinomoto Co., Inc.		95,098
	500	Ariake Japan Co., Ltd.		34,863
	5,099	Aryzta AG		168,567
	1,675	Associated British Foods plc		64,055
	5,111	Austevoll Seafood ASA		43,501
	23,247	Australian Agricultural Co., Ltd.*		33,109
	1,362	Bakkafrost P/F		51,350
	77	Barry Callebaut AG, Registered Shares		105,979
	81	Bell AG		38,763
	2,999	Bellamy’s Australia, Ltd.		15,947
	395	Bellamy’s Australia, Ltd.*(a)		2,100
	567	Bonduelle S.C.A.		21,334
	1,100	Calbee, Inc.		43,277
	8,697	Cloetta AB		35,839
	3,395	Cranswick plc		124,021
	7,971	Dairy Crest Group plc		62,211
	3,542	Danone SA		266,214


Shares			Fair Value
	Common Stocks, continued
	Food Products, continued
	10,087	Devro plc	$	27,152
	500	Dydo Drinco, Inc.		25,211
	1,596	Ebro Foods SA		36,457
	111	Emmi AG		83,631
	500	Ezaki Glico Co., Ltd.		26,949
	16,300	First Resources, Ltd.		22,442
	3,900	Fuji Oil Co., Ltd./Osaka		90,099
	7,007	Glanbia plc		137,033
	341,500	Golden Agri-Resources, Ltd.		93,047
	8,318	GrainCorp, Ltd.		60,486
	42,184	Greencore Group plc		135,269
	3,373	Grieg Seafood ASA		23,548
	1,119	Hilton Food Group plc		10,755
	1,600	Hokuto Corp.		28,170
	1,700	House Foods Group, Inc.		42,635
	700	J-Oil Mills, Inc.		24,931
	1,200	Kagome Co., Ltd.		36,545
	1,567	Kerry Group plc, Class A		134,802
	1,100	Kewpie Corp.		28,856
	1,000	Kikkoman Corp.		31,993
	6,130	Leroy Seafood Group ASA		33,303
	3,564	Maple Leaf Foods, Inc.		89,993
	5,482	Marine Harvest		93,865
	6,000	Marudai Food Co., Ltd.		28,064
	2,600	Maruha Nichiro Corp.		68,679
	900	Megmilk Snow Brand Co., Ltd.		25,093
	1,600	Meiji Holdings Co., Ltd.		129,787
	1,000	Mitsui Sugar Co., Ltd.		29,006
	700	Morinaga & Co., Ltd./Japan		39,712
	15,000	Morinaga Milk Industry Co., Ltd.		114,174
	30,347	Nestle SA, Registered Shares		2,644,354
	5,400	Nichirei Corp.		151,453
	3,000	Nippon Meat Packers, Inc.		91,211
	20,100	Nippon Suisan Kaisha, Ltd.		117,699
	9,000	Nisshin Oillio Group, Ltd. (The)		52,872
	1,600	Nisshin Seifun Group, Inc.		26,282
	326	Orior AG		25,916
	2,710	Orkla ASA, Class A		27,572
	11,559	Parmalat SpA		39,979
	1,700	Petra Foods, Ltd.		2,472
	51,099	Premier Foods plc*		26,933
	988	Premium Brands Holdings Corp.		70,896
	10,000	Prima Meat Packers, Ltd.		58,779
	6,968	Rogers Sugar, Inc.		34,072
	1,029	Salmar ASA		25,526
	2,923	Saputo, Inc.		92,992
	127	Savencia SA		11,974
	3,767	Scandi Standard AB		27,309
	713	Schouw & Co.		76,695
	4,718	Select Harvests, Ltd.		17,832
	6,000	Showa Sangyo Co., Ltd.		32,996
	3,852	Suedzucker AG		80,263
	4,061	SunOpta, Inc.*		41,343


Shares			Fair Value
	Common Stocks, continued
	Food Products, continued
	9,961	Tassal Group, Ltd.	$	29,195
	19,288	Tate & Lyle plc		166,404
	800	Toyo Suisan Kaisha, Ltd.		30,685
	432	Vilmorin & CIE SA		35,234
	3,689	Viscofan SA		218,532
	42,000	Vitasoy International Holdings, Ltd.		86,530
	3,198	Wessanen		54,386
	94,112	WH Group, Ltd.(b)		94,995
	600	Yakult Honsha Co., Ltd.		40,870
	2,000	Yamazaki Baking Co., Ltd.		39,873

				7,617,792

	Gas Utilities (0.5%):
	11,879	APA Group		83,639
	8,774	Enagas SA		246,449
	12,238	Gas Natural SDG SA		287,517
	36,338	Hong Kong & China Gas Co., Ltd.		68,289
	4,557	Italgas SpA		23,016
	21,000	Osaka Gas Co., Ltd.		85,943
	1,636	Rubis SA		186,219
	13,000	Saibu Gas Co., Ltd.		30,687
	3,700	Shizuoka Gas Co. Ltd.		24,666
	10,212	Superior Plus Corp.		89,944
	10,000	Toho Gas Co., Ltd.		72,848
	11,000	Tokyo Gas Co., Ltd.		57,295
	898	Valener, Inc.		15,458

				1,271,970

	Health Care Equipment & Supplies (1.1%):
	750	Ambu A/S		48,371
	8,671	Ansell, Ltd.		157,917
	1,400	Asahi Intecc Co., Ltd.		63,576
	1,072	Cochlear, Ltd.		128,147
	1,014	Coloplast A/S, Class B		84,948
	1,992	Consort Medical plc		27,110
	1,218	DiaSorin SpA		93,744
	509	Draegerwerk AG & Co. KGaA		53,584
	1,745	Essilor International SA Compagnie Generale d’Optique		223,086
	13,820	Fisher & Paykel Healthcare Corp., Ltd.		115,938
	5,613	Getinge AB, Class B		110,180
	7,376	GN Store Nord A/S		215,569
	405	Guerbet		36,381
	400	Hogy Medical Co., Ltd.		26,698
	2,000	HOYA Corp.		104,177
	726	Ion Beam Applications		40,025
	900	Nakanishi, Inc.		36,454
	1,500	Nihon Kohden Corp.		34,695
	4,000	Nikkiso Co., Ltd.		38,502
	8,900	Nipro Corp.		116,183
	1,300	Olympus Co., Ltd.		47,517
	900	Paramount Bed Holdings Co., Ltd.		39,395
	1,192	Sartorius AG		114,928
	876	Sartorius Stedim Biotech		67,938
	10,538	Smith & Nephew plc		181,991


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	1,344	Sonova Holding AG, Registered Shares	$	218,269
	268	Straumann Holding AG, Registered Shares		153,042
	1,700	Sysmex Corp.		101,680
	2,400	Terumo Corp.		94,622
	5,988	William Demant Holding A/S*		155,507

				2,930,174

	Health Care Providers & Services (0.7%):
	4,943	Al Noor Hospitals Group plc		47,720
	1,300	Alfresa Holdings Corp.		25,109
	3,417	Amplifon SpA		45,130
	18,377	Australian Pharmaceutical Industries, Ltd.		26,855
	1,100	Bml, Inc.		21,406
	4,556	Ebos Group, Ltd.		58,414
	4,012	Extendicare, Inc.		32,025
	699	Fresenius Medical Care AG & Co., KGaA		67,238
	2,812	Fresenius SE & Co. KGaA		241,766
	23,959	Healthscope, Ltd.		40,740
	1,000	Japan Lifeline Co., Ltd.		42,446
	2,680	Korian-Medica		91,425
	1,284	Lifco AB-B Shs		41,281
	1,404	Medical Facilities Corp.		15,853
	7,584	Metlifecare, Ltd.		29,839
	1,900	Miraca Holdings, Inc.		85,608
	1,507	Orpea		167,911
	21,796	Primary Health Care, Ltd.		60,913
	24,900	Raffles Medical Group, Ltd.		24,258
	1,233	Ramsay Health Care, Ltd.		69,794
	1,312	Rhoen-Klinikum AG		38,317
	2,200	Ship Healthcare Holdings, Inc.		68,533
	2,371	Sienna Senior Living, Inc.		32,861
	1,446	Sigma Healthcare, Ltd.		993
	3,860	Sonic Healthcare, Ltd.		71,840
	8,887	Spire Healthcare Group plc(b)		37,531
	10,895	Summerset Group Holdings, Ltd.		37,916
	2,400	Suzuken Co., Ltd.		79,810
	2,700	Toho Holdings Co., Ltd.		53,263
	9,162	UDG Healthcare plc		103,402
	2,800	Vital Ksk Holdings, Inc.		22,840

				1,783,037

	Health Care Technology (0.1%):
	14,160	AGFA-Gevaert NV*		68,868
	857	Compugroup Medical Se		48,102
	2,100	M3, Inc.		57,992
	1,213	Raysearch Laboratories AB*		33,996

				208,958

	Hotels, Restaurants & Leisure (2.0%):
	1,200	Amaya, Inc.*		21,453
	21,328	Ardent Leisure Group		30,811
	8,600	Aristocrat Leisure, Ltd.		148,966
	4,300	Atom Corp.		29,483
	7,557	Autogrill SpA		91,784


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	14,000	Cafe de Coral Holdings, Ltd.	$	45,369
	1,939	Carnival plc, ADR		128,207
	8,689	Collins Foods, Ltd.		39,392
	790	Collins Foods, Ltd.*(a)		3,582
	2,000	Colowide Co., Ltd.		34,103
	8,814	Compass Group plc		186,068
	2,118	Corporate Travel Management, Ltd.		37,335
	2,767	Crown, Ltd.		26,110
	1,951	Domino’s Pizza Enterprises, Ltd.		78,079
	23,341	Domino’s Pizza Group plc		89,374
	1,600	Doutor Nichires Holdings Co. LT		33,999
	6,151	Elior Group(b)		179,512
	20,405	Enterprise Inns plc*		34,147
	1,133	Flight Centre, Ltd.		33,369
	557	Fuller Smith & Turner plc, Class A		7,751
	25,010	Galaxy Entertainment Group, Ltd.		151,856
	2,773	Great Canadian Gaming Corp.*		51,071
	8,500	Greene King plc		74,593
	4,656	GVC Holdings plc		45,881
	2,400	HIS Co., Ltd.		72,346
	31,000	Hongkong & Shanghai Hotels (The)		55,989
	1,726	Intercontinental Hotels Group plc, ADR		95,845
	9,004	JD Wetherspoon plc		114,379
	2,000	Kyoritsu Maintenance Co., Ltd.		58,215
	23,554	Ladbrokes plc		35,145
	11,110	Mantra Group, Ltd.		26,077
	38,907	Marston’s plc		61,830
	200	Matsuya Foods Co., Ltd.		7,485
	22,000	Melco International Development Ltd.		59,063
	2,209	Melia Hotels International SA		33,062
	25,795	Merlin Entertainments plc		161,516
	15,327	MGM China Holdings, Ltd.		34,089
	6,833	Millennium & Copthorne Hotels		39,419
	14,000	Miramar Hotel & Investment		32,433
	17,662	Mitchells & Butlers plc		53,037
	902	Mty Food Group, Inc.		32,251
	122,000	NagaCorp, Ltd.		64,142
	10,509	NH Hotel Group SA*		63,248
	900	Oriental Land Co., Ltd.		60,974
	17,900	Oue, Ltd.		25,491
	1,016	Paddy Power Betfair plc		108,267
	1,718	Paddy Power plc		183,372
	2,047	Pandox AB		36,588
	900	Pizza Pizza Royalty Corp.		11,925
	12,439	Rank Group plc		38,429
	3,000	Resorttrust, Inc.		55,307
	1,092	Restaurant Brands International, Inc.		68,337
	6,437	Rezidor Hotel Group AB		23,849
	4,600	Round One Corp.		43,570
	1,300	Royal Holdings Co., Ltd.		29,781
	1,200	Saint Marc Holdings Co., Ltd.		36,723
	1,300	Saizeriya Co., Ltd.		37,868
	16,988	Sands China, Ltd.		77,795


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	38,000	Shangri-La Asia, Ltd.	$	64,543
	115,868	SJM Holdings, Ltd.		122,173
	705	Skistar AB		16,372
	28,970	Sky City Entertainment Group, Ltd.		86,721
	2,200	Skylark Co., Ltd.		31,692
	1,092	Sodexo SA		141,169
	36,825	Ssp Group plc		228,166
	32,367	Star Entertainment Group, Ltd. (The)		125,794
	30,186	Tabcorp Holdings, Ltd.		101,365
	17,600	Tatts Group, Ltd.		56,610
	50,634	Thomas Cook Group plc		59,310
	4,500	Tokyo Dome Corp.		40,745
	1,100	Toridoll Holding Corp.		28,342
	8,666	TUI AG		126,449
	6,856	Unibet Group plc		77,604
	2,777	Whitbread plc		143,471
	24,720	William Hill plc		81,910
	16,830	Wynn Macau, Ltd.		39,342
	5,600	Zensho Holdings Co., Ltd.		101,673

				5,213,593

	Household Durables (2.1%):
	2,000	Alpine Electronics, Inc.		29,975
	2,536	Bang & Olufsen A/S*		42,480
	43,258	Barratt Developments plc		317,571
	6,709	Bellway plc		260,079
	5,073	Berkeley Group Holdings plc (The)		213,209
	5,170	Bonava AB		88,541
	10,237	Bovis Homes Group plc		127,451
	3,865	Breville Group, Ltd.		31,007
	3,700	Casio Computer Co., Ltd.		57,003
	1,200	Chofu Seisakusho Co., Ltd.		28,630
	9,906	Crest Nicholson Holdings plc		67,547
	2,921	De’Longhi		91,718
	1,900	Dorel Industries, Inc.		50,511
	2,152	Duni AB		31,492
	266	Ekornes ASA		3,669
	3,583	Electrolux AB, Series B		117,877
	2,053	Fiskars OYJ Abp		50,400
	63	Forbo Holding AG		103,533
	1,600	Foster Electric Co., Ltd.		27,639
	1,000	Fujitsu General, Ltd.		23,208
	17,100	Haseko Corp.		207,972
	187	Hunter Douglas NV		15,921
	15,466	Husqvarna AB, Class B		154,296
	4,300	Iida Group Holdings Co., Ltd.		71,692
	5,228	JM AB		185,170
	62,400	Man Wah Holdings, Ltd.		56,045
	13	Metall Zug AG		56,531
	6,800	Nikon Corp.		108,846
	5,000	Nissei Build Kogyo Co., Ltd.		27,810
	9,589	Nobia AB		96,788
	5,000	Panahome Corp.		53,207


Shares			Fair Value
	Common Stocks, continued
	Household Durables, continued
	17,300	Panasonic Corp.	$	235,341
	14,040	Persimmon plc		410,100
	31,200	Pioneer Corp.*		62,633
	1,400	Pressance Corp.		18,519
	15,445	Redrow plc		110,069
	500	Rinnai Corp.		46,658
	1,136	SEB SA		204,071
	13,000	Sekisui Chemical Co., Ltd.		233,249
	9,100	Sekisui House, Ltd.		160,492
	9,500	Sony Corp.		362,426
	2,200	Starts Corp., Inc.		52,416
	6,900	Sumitomo Forestry Co., Ltd.		108,668
	1,000	Takamatsu Construction Group C		24,378
	137,884	Taylor Wimpey plc		316,504
	20,687	Techtronic Industries Co., Ltd.		95,129
	400	Token Corp.		49,274
	3,563	Tomtom NV*		34,187
	2,000	Zojirushi Corp.		22,782

				5,344,714

	Household Products (0.3%):
	7,429	Essity AB, Class B*		203,342
	4,000	Lion Corp.		82,888
	14,255	Mcbride plc*		34,787
	2,100	Pigeon Corp.		76,216
	12,670	PZ Cussons plc		56,461
	2,504	Reckitt Benckiser Group plc		254,014
	7,429	Svenska Cellulosa AB, Class B		56,386
	1,800	Unicharm Corp.		45,282

				809,376

	Independent Power & Renewable Electricity Producers (0.3%):
	1,967	Albioma SA		45,326
	6,518	Algonquin Power & Utilities Corp.		68,618
	3,382	Boralex, Inc., Class A		57,280
	2,496	Capital Power Corp.		46,817
	26,679	Drax Group plc		113,203
	1,951	Edp Renovaveis SA		15,532
	1,300	Electric Power Development Co., Ltd.		32,168
	5,373	ERG SpA		75,553
	54,874	Infigen Energy*		30,763
	3,741	Innergex Renewable Energy, Inc.		41,144
	4,661	Northland Power, Inc.		83,039
	12,748	Transalta Corp.		81,506
	2,389	Transalta Renewables, Inc.		28,854
	2,170	Uniper SE		40,808

				760,611

	Industrial Conglomerates (1.2%):
	26,645	Cir-Compagnie Industriali Riun		37,471
	46,430	CK Hutchison Holdings, Ltd.		582,964
	566	Daetwyler Holding AG		96,366
	1,493	DCC plc		136,037
	2,000	Guoco Group, Ltd.		22,934


Shares			Fair Value
	Common Stocks, continued
	Industrial Conglomerates, continued
	32,500	Hopewell Holdings, Ltd.	$	123,865
	980	Indus Holding AG		69,701
	538	Italmobiliare SpA		14,714
	11,000	Keihan Electric Railway Co., Ltd.		70,015
	7,700	Keppel Corp., Ltd.		35,192
	6,565	Koninklijke Philips Electronics NV		233,660
	3,787	Koninklijke Philips Electronics NV, NY Shares, NYS		135,650
	10,700	Nisshinbo Holdings, Inc.		108,779
	1,487	Nolato AB		55,892
	42,223	NWS Holdings, Ltd.		83,074
	2,675	Rheinmetall AG		254,078
	2,400	Seibu Holdings, Inc.		44,450
	57,400	SembCorp Industries, Ltd.		128,482
	70,000	Shun Tak Holdings, Ltd.*		32,237
	5,565	Siemens AG, Registered Shares		765,069
	5,436	Smiths Group plc		113,235
	5,400	Tokai Holdings Corp.		40,287

				3,184,152

	Insurance (4.0%):
	5,489	Admiral Group plc		143,223
	17,031	AEGON NV		87,504
	4,403	Ageas NV		177,372
	67,040	AIA Group, Ltd.		490,020
	4,109	Alm Brand A/S		36,646
	25,977	Assicurazioni Generali SpA		429,178
	8,915	AXA SA		245,656
	1,515	Baloise Holding AG, Registered Shares		234,321
	28,048	Beazley plc		178,402
	7,384	Chesnara plc		37,214
	2,500	CNP Assurances SA		56,138
	3,800	Coface SA		38,119
	10,200	Dai-ichi Life Insurance Co., Ltd.		185,230
	62,583	Direct Line Insurance Group plc		289,849
	182	E-L Financial Corp., Ltd.		118,610
	20,019	Esure Group plc		78,608
	359	Euler Hermes Group		42,753
	374	Fairfax Financial Holdings, Ltd.		162,110
	1,983	Gjensidige Forsikring ASA		33,855
	1,405	Great-West Lifeco, Inc.		38,089
	2,030	Grupo Catalana Occidente SA		85,487
	458	Hannover Rueck SE		55,033
	5,987	Harel Insurance Investments &		35,369
	197	Helvetia Patria Holding AG		112,965
	15,112	Hiscox, Ltd.		249,434
	5,554	Industrial Alliance Insurance & Financial Services, Inc.		240,990
	391	Intact Financial Corp.		29,541
	6,623	Jardine Lloyd Thompson Group plc		103,561
	22,877	JRP Group plc		37,933
	2,806	Lancashire Holdings, Ltd.		25,471
	205,220	Legal & General Group plc		690,595
	13,895	Manulife Financial Corp.		260,670
	5,565	Manulife Financial Corp.		104,338


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	44,734	MAPFRE SA	$	156,310
	26,388	Medibank Private, Ltd.		56,739
	4,900	MS&AD Insurance Group Holdings, Inc.		165,238
	1,095	Muenchener Rueckversicherungs-Gesellschaft AG		220,889
	19,627	NIB Holdings, Ltd.		86,428
	5,000	NKSJ Holdings, Inc.		193,987
	4,861	NN Group NV		173,048
	105,053	Old Mutual plc		264,671
	14,781	Phoenix Group Holdings		149,049
	2,827	Protector Forsikring ASA		23,711
	1,815	Prudential plc, ADR		83,508
	11,206	QBE Insurance Group, Ltd.		101,698
	11,287	RSA Insurance Group plc		90,533
	56,602	Saga plc		154,394
	3,945	Sampo OYJ, Class A		202,774
	5,507	SCOR SA		218,426
	9,598	Societa Cattolica di Assicuraz		74,791
	14,023	St. James Place plc		215,929
	41,146	Standard Life plc		213,914
	19,347	Storebrand ASA		133,483
	8,920	Sun Life Financial, Inc.		318,890
	9,260	Suncorp-Metway, Ltd.		105,325
	554	Swiss Life Holding AG, Registered Shares		187,224
	1,311	Swiss Re AG		120,140
	10,600	T&D Holdings, Inc.		162,404
	2,169	Talanx AG		81,226
	6,400	Tokio Marine Holdings, Inc.		265,940
	3,403	Topdanmark A/S*		108,676
	23	Trisura Group, Ltd.*		385
	5,039	Tryg A/S		110,315
	16,849	Unipol Gruppo Finanziario SpA		74,252
	34,458	UnipolSai SpA		75,487
	6,963	Uniqa Insurance Group AG		64,930
	2,321	Vienna Insurance Group Weiner Staeditische Versicherung AG		65,464
	1,274	Zurich Insurance Group AG		371,096

				10,225,558

	Internet & Direct Marketing Retail (0.2%):
	7,431	N Brown Group plc		30,049
	13,793	Ocado Group plc*		52,081
	3,500	Rakuten, Inc.		41,264
	4,800	Start Today Co., Ltd.		118,343
	3,151	Takkt AG		78,772
	19,250	Trade Me Group, Ltd.		75,220
	3,021	Webjet, Ltd.		28,669

				424,398

	Internet Software & Services (0.4%):
	22,069	Auto Trader Group plc(b)		109,251
	9,425	Carsales.com, Ltd.		83,404
	2,900	Cookpad, Inc.		23,573
	1,300	DeNA Co., Ltd.		29,159
	1,200	Dip Corp.		24,405


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services, continued
	3,000	GMO Internet, Inc.	$	39,022
	20,019	Gocompare.com Group plc*		27,617
	1,200	Gurunavi, Inc.		19,452
	4,400	Infomart Corp.		33,457
	2,100	Internet Initiative Japan, Inc.		38,114
	9,063	Isentia Group, Ltd.		14,973
	3,100	Kakaku.com, Inc.		44,571
	22,749	Moneysupermarket.com Group plc		104,760
	8,615	Netent AB*		75,486
	3,213	Rightmove plc		177,922
	1,200	Sms Co., Ltd.		36,461
	2,596	United Internet AG, Registered Shares		142,736
	135	Xing AG		35,960
	8,400	Yahoo! Japan Corp.		36,588
	6,786	Zoopla Property Group plc(b)		31,950

				1,128,861

	IT Services (1.2%):
	1,856	Alten SA		154,089
	6,137	Altran Technologies SA		100,157
	5,280	Amadeus IT Holding SA		315,818
	6,183	Atea ASA		82,945
	3,113	Atos Origin SA		436,732
	544	Cancom Se		33,070
	1,519	Capgemini SA		157,813
	1,045	CGI Group, Inc., Class A*		53,368
	3,428	Computacenter plc		36,216
	10,943	Computershare, Ltd.		118,739
	1,400	DTS Corp.		42,887
	8,624	Econocom Group SA/NV*		72,125
	3,891	Fdm Group Holdings plc		38,499
	457	Formula Systems 1985, Ltd.		17,103
	32,000	Fujitsu, Ltd.		236,278
	600	Gmo Payment Gateway, Inc.		33,316
	2,064	Indra Sistemas SA*		29,814
	4,300	IT Holdings Corp.		119,643
	1,900	Itochu Techno-Solutions Corp.		66,593
	3,900	Nihon Unisys, Ltd.		61,764
	1,452	Nomura Research Institute, Ltd.		57,312
	1,700	NS Solutions Corp.		40,496
	5,500	NTT Data Corp.		61,305
	600	OBIC Co., Ltd.		36,933
	700	Otsuka Corp.		43,473
	15,977	Paysafe Group plc*		106,273
	208	Reply SpA		38,509
	1,500	SCSK Corp.		67,399
	900	Sopra Steria Group		143,664
	4,001	Tieto OYJ		123,714
	1,100	Tkc Corp.		32,466
	1,237	Worldline SA*(b)		42,486

				3,000,999

	Leisure Products (0.4%):
	1,487	Accell Group		48,629


Shares			Fair Value
	Common Stocks, continued
	Leisure Products, continued
	7,303	Amer Sports OYJ	$	183,059
	1,506	Brp, Inc.		44,125
	3,600	Heiwa Corp.		80,335
	6,000	Mizuno Corp.		34,223
	3,300	Namco Bandai Holdings, Inc.		112,621
	26,132	Photo-Me International plc		56,414
	5,700	Sega Sammy Holdings, Inc.		76,851
	400	Shimano, Inc.		63,407
	3,689	Thule Group AB (The)(b)		69,499
	2,800	Tomy Co., Ltd.		33,383
	385	Trigano SA		46,144
	1,100	Universal Entertainment Corp.		33,600
	2,800	Yamaha Corp.		96,934

				979,224

	Life Sciences Tools & Services (0.5%):
	823	AddLife AB		16,779
	2,200	Eps Holdings, Inc.		34,528
	227	Eurofins Scientific SE		127,962
	1,884	Gerresheimer AG		151,571
	1,178	Lonza Group AG, Registered Shares		254,840
	13,935	Qiagen NV*		467,241
	1,837	Qiagen NV		61,159
	202	Siegfried Holding AG		57,176

				1,171,256

	Machinery (4.3%):
	6,065	Aalberts Industries NV		241,718
	2,100	Aida Engineering, Ltd.		20,143
	4,185	Alfa Laval AB		85,786
	2,630	Alstom SA*		92,025
	2,790	Andritz AG		168,247
	2,900	Asahi Diamond Industrial Co., Ltd.		21,352
	3,946	Atlas Copco AB, Class A		152,042
	2,774	Atlas Copco AB, Class B		96,057
	4,049	Ats Automation Tooling Systems, Inc.*		41,502
	1,300	Bando Chemical Industries, Ltd.		12,897
	1,558	Beijer Alma AB		45,882
	506	Bobst Group SA		48,918
	12,886	Bodycote plc		126,686
	433	Bucher Industries AG		136,316
	87	Burckhardt Compression Holding		25,075
	2,579	Cargotec OYJ		163,736
	2,600	CKD Corp.		39,694
	17,805	CNH Industrial NV		202,616
	2,050	Concentric AB		33,587
	1,110	Construcc y Aux de Ferrocarr SA*		45,613
	94	Conzzeta AG		93,387
	1,900	Daifuku Co., Ltd.		56,882
	5,736	Deutz AG		48,397
	8,100	DMG Mori Co., Ltd.		133,633
	1,230	Duerr AG		146,194
	4,500	Ebara Corp.		125,045
	9,997	Fenner plc		37,351


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	2,900	Fuji Machine MFG. Co., Ltd.	$	41,863
	3,400	Fujitec Co., Ltd.		44,485
	1,000	Fukushima Industries Corp.		38,520
	19,000	Furukawa Co., Ltd.		33,088
	303	Georg Fischer AG		294,240
	2,900	Glory, Ltd.		95,249
	2,253	Haldex AB*		28,356
	26,103	Heidelberger Druckmaschinen AG*		79,462
	9,700	Hino Motors, Ltd.		107,902
	3,100	Hitachi Construction Machinery Co., Ltd.		77,641
	12,300	Hitachi Zosen Corp.		60,654
	500	Hoshizaki Electric Co., Ltd.		45,267
	48,000	IHI Corp.		163,867
	16,053	IMI plc		249,964
	614	Industria Macchine Automatiche		56,487
	3,766	Interpump Group SpA		103,344
	40	Interroll Holding AG, Registered Shares		53,415
	1,300	Iseki & Co., Ltd.		25,490
	4,000	Japan Steel Works, Ltd. (The)		62,710
	8,700	JTEKT Corp.		127,740
	2,600	Juki Corp.		37,866
	3,751	Jungheinrich AG		137,256
	419	Kardex AG		48,170
	54,000	Kawasaki Heavy Industries, Ltd.		160,062
	2,997	Kion Group AG		230,067
	5,100	Kitz Corp.		47,687
	572	Koenig & Bauer AG		38,715
	5,600	Komatsu, Ltd.		142,782
	153	Komax Holding AG		44,790
	2,900	Komori Corp.		37,381
	3,618	Kone OYJ, Class B		184,479
	1,652	Konecranes OYJ		69,922
	438	Krones AG		50,828
	8,000	Kubota Corp.		134,831
	4,500	Kurita Water Industries, Ltd.		122,815
	1,000	Kyokuto Kaihatsu Kogyo Co., Ltd.		16,108
	4,000	Makino Milling Machine Co., Ltd.		33,140
	2,200	Makita Corp.		81,477
	260	MAN AG		27,868
	13,000	Meidensha Corp.		44,663
	4,077	Metso Corp. OYJ		141,534
	10,632	Minebea Co., Ltd.		171,626
	55,000	Mitsubishi Heavy Industries, Ltd.		225,700
	46,000	Mitsui Engineering & Shipbuilding Co., Ltd.		65,667
	12,802	Morgan Advanced Materials plc		47,346
	2,100	Morita Holdings Corp.		32,963
	2,100	Nabtesco Corp.		61,172
	11,000	Nachi-Fujikoshi Corp.		62,629
	2,000	Namura Shipbuilding Co., Ltd.		11,799
	1,637	New Flyer Industries, Inc.		68,480
	4,300	NGK Insulators, Ltd.		85,945
	1,200	Nitta Corp.		37,411
	578	NKT Holding A/S*		46,484


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	2,186	Norma Group SE	$	113,638
	14,000	NSK, Ltd.		175,912
	34,000	NTN Corp.		157,655
	700	Obara Group, Inc.		38,232
	10,003	OC Oerlikon Corp. AG		131,638
	9,000	Okuma Corp.		85,782
	5,200	OSG Corp.		106,033
	290	Pfeiffer Vacuum Technology AG		42,436
	118	Rational AG		62,808
	70	Rieter Holding AG		15,987
	51,599	Rotork plc		158,415
	9,000	Ryobi, Ltd.		36,678
	16,351	Sandvik AB		257,587
	214	Schindler Holding AG, Registered Shares		44,394
	6,600	SembCorp Marine, Ltd.		7,890
	1,010	Sfs Group AG		114,673
	4,000	Shinmaywa Industries, Ltd.		33,827
	3,300	Sintokogio, Ltd.		34,320
	5,919	SKF AB, Class B		120,540
	2,300	Sodick Co., Ltd.		26,816
	2,119	Spirax-Sarco Engineering plc		147,821
	891	Stabilus SA		69,177
	700	Sulzer AG, Registered Shares		79,502
	29,000	Sumitomo Heavy Industries, Ltd.		191,957
	8,000	Tadano, Ltd.		96,392
	3,600	Takeuchi Manufacturing Co., Ltd.		66,224
	5,000	Takuma Co., Ltd.		50,225
	5,654	Talgo SA(b)		34,305
	5,000	THK Co., Ltd.		142,140
	1,884	Trelleborg AB		43,034
	9,000	Tsubakimoto Chain Co.		77,787
	7,579	Valmet Corp.		147,285
	15,471	Vesuvius plc		107,143
	6,338	Volvo AB, Class A		108,488
	27,562	Volvo AB, Class B		470,978
	454	Vossloh AG*		29,210
	1,388	Wacker Neuson SE		33,649
	2,713	Wartsila Corp. OYJ, Class B		160,346
	560	Washtec AG		43,232
	3,000	Yamabiko Corp.		32,466
	3,876	Zardoya Otis SA		40,133

				10,916,943

	Marine (0.4%):
	35	A.P. Moeller — Maersk A/S, Class A		66,900
	54	A.P. Moeller — Maersk A/S, Class B		109,133
	373	Clarkson plc		12,276
	1,843	D/S Norden A/S*		33,554
	1,685	DFDS A/S		89,790
	3,300	Iino Kaiun Kaisha, Ltd.		14,167
	7,971	Irish Continental Group		46,220
	32,000	Kawasaki Kisen Kaisha, Ltd.*		76,972
	727	Kuehne & Nagel International AG, Registered Shares		121,562


Shares			Fair Value
	Common Stocks, continued
	Marine, continued
	19,000	Mitsui O.S.K. Lines, Ltd.	$	55,948
	50,000	Nippon Yusen Kabushiki Kaisha		93,225
	7,500	Orient Overseas International, Ltd.*		53,843
	219,000	Pacific Basin Shipping, Ltd.*		48,270
	89,000	Sitc International Holdings Co., Ltd.		70,153
	1,962	Stolt-Nielsen, Ltd.		27,653

				919,666

	Media (2.0%):
	1,267	4imprint Group plc		27,769
	5,715	Aimia, Inc.		7,625
	3,249	Altice NV, Class A*		75,545
	1,460	Altice NV, Class B*		33,689
	65	Apg Sga SA		31,569
	4,886	Atresmedia Corp. de Medios de Comuicacion SA		57,314
	2,500	Avex Group Holdings, Inc.		33,562
	2,895	Axel Springer AG		173,890
	2,465	Cineplex, Inc.		100,494
	12,985	Cineworld Group plc		118,763
	546	Cogeco Communications, Inc.		33,355
	400	Cogeco, Inc.		20,824
	7,694	Corus Entertainment, Inc.		80,880
	2,160	CTS Eventim AG & Co. KGaA		95,502
	2,400	Cyberagent, Inc.		74,544
	1,600	Daiichikosho Co., Ltd.		75,083
	16,354	Daily Mail & General Trust plc		142,108
	1,800	Dentsu, Inc.		86,237
	5,339	Dhx Media, Ltd.		23,636
	2,163	Euromoney Institutional Investor plc		30,226
	6,151	Eutelsat Communications SA		157,225
	6,450	Event Hospitality And Entertainment, Ltd.		66,304
	2,200	Fuji Media Holdings, Inc.		29,949
	2,500	Hakuhodo DY Holdings, Inc.		33,246
	85	Havas SA		897
	5,260	Informa plc		45,864
	1,600	Intage Holdings, Inc.		31,699
	1,711	Ipsos		64,188
	33,776	ITE Group plc		67,699
	40,885	ITV plc		96,677
	1,949	JCDecaux SA		64,005
	109,074	John Fairfax Holdings, Ltd.		92,113
	2,300	Kadokawa Dwango Corp.		29,773
	594	Kinepolis Group NV		32,956
	8,410	Lagardere SCA		265,932
	3,548	Liberty Global plc, Series C*		110,627
	180	Liberty Global plc, Class A*		3,919
	1,449	Liberty Global plc, Class A*		46,542
	442	Liberty Global plc, Class C*		9,463
	3,440	M6 Metropole Television SA		80,084
	11,389	Mediaset Espana Comunicacion SA		141,880
	15,032	Mediaset SpA*		59,112
	1,809	Modern Times Group, Class B		62,337
	21,188	Nine Entertainment Co. Holdings, Ltd.		22,443


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	7,599	Pearson plc, ADR	$	68,163
	2,127	Pearson plc		19,153
	2,882	Publicis Groupe SA		215,886
	2,013	Quebecor, Inc., Class B		66,634
	1,012	REA Group, Ltd.		51,708
	414	RTL Group		31,307
	5,428	Sanoma OYJ		50,726
	1,013	Schibsted ASA, Class A		24,495
	5,562	SES Global, Class A		130,410
	33,424	Seven West Media, Ltd.		18,395
	7,456	Shaw Communications, Inc.		162,466
	18,618	Sky Network Television, Ltd.		47,061
	13,400	SKY Perfect JSAT Holdings, Inc.		57,699
	19,081	Sky plc		246,985
	4,175	Societe Television Francaise 1		58,535
	44,663	Southern Cross Media Group, Ltd.		42,683
	983	Stroeer Media SE		58,958
	41	Tamedia AG, Registered Shares		6,535
	13,788	Technicolor SA		60,161
	1,586	Telenet Group Holding NV*		99,913
	8,900	Television Broadcasts, Ltd.		33,508
	1,000	Toho Co., Ltd.		30,826
	1,900	Tokyo Broadcasting System Hold		33,686
	13,261	Trinity Mirror plc		16,997
	1,600	TV Asahi Holdings Corp.		28,895
	11,823	Ubm plc		106,233
	6,948	Village Roadshow, Ltd.		21,595
	7,971	Vivendi Universal SA		177,418
	8,417	WPP plc		177,060
	1,895	Yellow Pages, Ltd.*^		10,874
	719	Zon Multimedia Servicos de Telecommunicacoes e Multimedia SGPS SA		4,368

				5,096,882

	Metals & Mining (4.9%):
	8,736	Acacia Mining plc		33,916
	1,753	Agnico Eagle Mines, Ltd.		79,095
	2,800	Agnico Eagle Mines, Ltd.		126,288
	900	Aichi Steel Corp.		35,638
	16,681	Alacer Gold Corp.*		26,760
	17,161	Alamos Gold, Inc., Class A		121,766
	97,115	Alumina, Ltd.		143,071
	1,580	Amg Advanced Metallurgical Group N.V.		46,518
	23,363	Anglo American plc*		313,048
	7,033	Antofagasta plc		73,423
	3,276	Aperam SA		152,991
	6,193	ArcelorMittal*		140,941
	12,400	Argonaut Gold, Inc.*		22,665
	1,900	Asahi Holdings, Inc.		31,267
	8,215	Asanko Gold, Inc.*		12,608
	1,158	AuRico Metals, Inc.*		1,018
	1,317	Aurubis AG		103,736
	42,442	B2Gold Corp.*		119,477


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	2,708	Bekaert NV	$	137,842
	62,786	BHP Billiton, Ltd.		1,119,636
	17,844	Billiton plc, ADR		548,881
	25,458	BlueScope Steel, Ltd.		258,055
	9,186	Boliden AB		251,125
	17,700	Capstone Mining Corp.*		12,832
	73,572	Centamin plc		148,507
	13,877	Centerra Gold, Inc.		75,774
	16,254	China Gold International Resources Corp., Ltd.*		24,821
	21,000	Daido Steel Co., Ltd.		121,252
	7,325	Detour Gold Corp.*		85,758
	2,700	Dominion Diamond Corp.		33,984
	4,038	Dominion Diamond Corp.		50,717
	15,000	DOWA Mining Co.		113,516
	38,811	Eldorado Gold Corp.		102,969
	3,320	Endeavour Mining Corp.*		57,305
	40,854	Evolution Mining, Ltd.		75,890
	20,239	EVRAZ plc*		54,594
	13,802	First Quantum Minerals, Ltd.		116,773
	83,540	Fortescue Metals Group, Ltd.		334,512
	3,312	Fresnillo plc		64,261
	163,494	Glencore International plc		613,542
	5,148	Goldcorp, Inc.		66,385
	6,771	Goldcorp, Inc.		87,414
	4,758	Granges AB		43,909
	5,096	Guyana Goldfields, Inc.*		23,896
	7,250	Hill & Smith Holdings plc		130,312
	6,200	Hitachi Metals, Ltd.		86,539
	9,182	Hochschild Mining plc		32,747
	18,195	Hudbay Minerals, Inc.		105,246
	24,142	IAMGOLD Corp.*		124,565
	1,801	Iluka Resources, Ltd.		11,998
	22,741	Independence Group NL		55,005
	18,581	Ivanhoe Mines, Ltd., Class A*		59,758
	4,200	JFE Holdings, Inc.		73,072
	18,872	Kazakhmys plc*		127,767
	84,792	Kinross Gold Corp.*		344,636
	4,744	Kirkland Lake Gold, Ltd.		44,893
	5,400	Klondex Mines, Ltd.*		18,200
	9,900	Kobe Steel, Ltd.*		102,069
	1,600	Kyoei Steel, Ltd.		26,568
	3,792	Labrador Iron Ore Royalty Corp.		45,974
	17,782	Lonmin PLC*		15,250
	14,207	Lucara Diamond Corp.		30,242
	42,535	Lundin Mining Corp.		241,774
	6,045	Major Drilling Group International, Inc.*		39,582
	1,200	Maruichi Steel Tube, Ltd.		34,923
	7,616	Mineral Resources, Ltd.		63,338
	6,000	Mitsubishi Materials Corp.		182,147
	42,000	Mitsui Mining & Smelting Co., Ltd.		164,876
	17,856	Nevsun Resources, Ltd.		43,104
	34,410	New Gold, Inc.*		109,339
	11,518	Newcrest Mining, Ltd.		178,766


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	6,200	Nippon Denko Co., Ltd.	$	21,948
	37,000	Nippon Light Metal Holdings Co.		88,084
	6,600	Nippon Steel Corp.		149,412
	1,120	Nisshin Steel Co., Ltd.		12,331
	5,998	Norsk Hydro ASA		33,321
	28,837	Northern Star Resources, Ltd.		105,651
	4,300	Nyrstar NV*		26,259
	39,028	OceanaGold Corp.		117,692
	6,568	Osisko Gold Royalties, Ltd.		80,289
	18,826	Outokumpu OYJ		150,863
	17,375	OZ Minerals, Ltd.		98,938
	5,000	Pacific Metals Co., Ltd.*		13,157
	3,257	Pan American Silver Corp.		54,786
	73,744	Perseus Mining, Ltd.*		16,483
	35,638	Petra Diamonds, Ltd.*		50,691
	1,446	Randgold Resources, Ltd.		127,951
	15,628	Regis Resources, Ltd.		45,481
	21,763	Resolute Mining, Ltd.		20,004
	550	Rio Tinto plc		23,186
	12,983	Rio Tinto plc, Registered Shares, ADR		549,311
	1,547	Rio Tinto, Ltd.		75,112
	2,148	Salzgitter AG		87,740
	7,017	Sandfire Resources Nl		30,429
	9,442	Sandstorm Gold, Ltd.*		36,483
	8,000	Sanyo Special Steel Co., Ltd.		45,418
	29,450	Saracen Mineral Holdings, Ltd.*		26,575
	21,718	Schmolz + Bickenbach AG*		20,221
	21,110	Semafo, Inc.*		48,680
	21,200	Sherritt International Corp.*		12,590
	7,535	Silver Standard Resources, Inc.*		73,165
	10,033	Sims Metal Management, Ltd.		116,820
	83,964	South32, Ltd.		172,584
	15,688	SSAB AB, Class B*		58,259
	17,694	St Barbara, Ltd.*		39,704
	26,500	Stornoway Diamond Corp.*		15,737
	3,000	Sumitomo Metal & Mining Co., Ltd.		40,167
	9,125	Syrah Resources, Ltd.*		19,390
	5,574	Tahoe Resources, Inc.		48,062
	9,084	Tahoe Resources, Inc.		78,304
	6,487	Teck Cominco, Ltd., Class B		112,469
	3,720	Teck Resources, Ltd., Class B		64,468
	3,912	ThyssenKrupp AG		111,185
	7,000	Toho Zinc Co., Ltd.		29,541
	1,300	Topy Industries, Ltd.		38,793
	1,885	Torex Gold Resources, Inc.*		35,953
	17,801	Turquoise Hill Resources, Ltd.*		47,365
	15,000	UACJ Corp.		41,249
	2,041	Vedanta Resources plc		17,127
	6,764	Voestalpine AG		315,582
	14,139	Western Areas, Ltd.*		22,926
	2,702	Wheaton Precious Metals Corp.		53,743
	44,268	Yamana Gold, Inc.		106,863
	2,400	Yamato Kogyo Co., Ltd.		61,641


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	1,600	Yodogawa Steel Works, Ltd.	$	42,379

				12,633,628

	Multiline Retail (0.6%):
	24,445	B&m European Value Retail SA		107,853
	947	Canadian Tire Corp., Class A		107,774
	53,885	Debenhams plc		30,358
	1,503	Dollarama, Inc.		143,635
	1,400	Don Quijote Co., Ltd.		53,132
	5,300	H2O Retailing Corp.		96,603
	16,147	Harvey Norman Holdings, Ltd.^		47,367
	3,882	Hudson’s Bay Co.		34,640
	4,700	Isetan Mitsukoshi Holdings, Ltd.		47,226
	1,900	Izumi Co., Ltd.		107,793
	10,600	J. Front Retailing Co., Ltd.		163,166
	24,500	Lifestyle International Holdings, Ltd.		33,642
	29,029	Marks & Spencer Group plc		125,994
	2,900	MARUI GROUP Co., Ltd.		42,823
	47,139	Myer Holdings, Ltd.		30,255
	1,643	Next plc		82,501
	300	Ryohin Keikaku Co., Ltd.		74,994
	800	Seria Co., Ltd.		38,628
	11,000	Takashimaya Co., Ltd.		104,859
	8,000	Wing On Company International, Ltd.		26,284

				1,499,527

	Multi-Utilities (0.9%):
	2,276	Acea SpA		34,510
	2,016	AGL Energy, Ltd.		39,532
	1,705	Atco, Ltd.		66,683
	1,466	Canadian Utilities, Ltd., Class A		47,114
	89,794	Centrica plc		234,017
	21,702	E.ON AG		204,784
	21,960	Engie Group		333,349
	30,113	Hera SpA		91,935
	23,167	Iren SpA		53,761
	65,748	ITL AEM SpA		109,475
	98,500	Keppel Infrastructure Trust		40,371
	2,840	National Grid plc, ADR		178,409
	3,914	Ren — Redes Energeticas Nacion		12,255
	26,786	RWE AG*		534,058
	6,003	Suez Environnement Co.		111,237
	4,827	Telecom Plus plc		72,614
	3,162	Veolia Environnement SA		67,137

				2,231,241

	Oil, Gas & Consumable Fuels (3.1%):
	12,481	Advantage Oil & Gas, Ltd.*		84,420
	24,155	Africa Oil Corp.*		35,582
	2,191	AKER BP ASA		32,491
	4,305	ARC Resources, Ltd.		56,311
	18,809	Athabasca Oil Corp.*		14,651
	2,064	Baytex Energy Corp.*		5,016
	11,743	Baytex Energy Corp.*		28,529


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	89,740	Beach Energy, Ltd.	$	39,583
	5,835	Bellatrix Exploration, Ltd.*		3,330
	9,541	Birchcliff Energy, Ltd.		44,960
	15,440	Bonavista Energy Corp.		32,271
	1,208	Bonterra Energy Corp.		15,596
	19,163	BP plc, ADR		663,998
	173,000	Brightoil Petroleum Holdings, Ltd.*		46,852
	28,569	Cairn Energy plc*		64,131
	2,676	Caltex Australia, Ltd.		64,924
	8,658	Cameco Corp.		78,861
	5,227	Cameco Corp.		47,566
	2,631	Canadian Natural Resources, Ltd.		75,878
	11,375	Cenovus Energy, Inc.		83,834
	3,134	Cenovus Energy, Inc.		23,107
	900	Cosmo Energy Holdings Co., Ltd.		14,216
	8,781	Crescent Point Energy		67,175
	6,461	Crescent Point Energy Corp.		49,432
	8,223	Crew Energy, Inc.*		25,431
	54	Delek Group, Ltd.		11,799
	26,109	Dno ASA*		23,944
	4,552	Enbridge Income Fund Holding		113,010
	4,263	Enbridge, Inc.		169,848
	1,055	EnCana Corp.		9,284
	10,537	EnCana Corp.		92,725
	21,419	ENI SpA		323,190
	5,510	Euronav NV		43,570
	3,784	Frontline, Ltd.		21,355
	1,464	Galp Energia SGPS SA		22,234
	591	Gaztransport et Technigaz SA		23,678
	29,807	Gran Tierra Energy, Inc.*		66,207
	78	Granite Oil Corp.		279
	5,867	Husky Energy, Inc.*		66,607
	4,500	Idemitsu Kosan Co., Ltd.		127,520
	1,000	Imperial Oil, Ltd.		29,153
	7,900	INPEX Corp.		76,199
	4,194	Inter Pipeline, Ltd.		82,159
	3,600	ITOCHU Enex Co., Ltd.		31,934
	4,263	James Fisher & Sons plc		90,428
	547	Jerusalem Oil Exploration*		32,836
	37,800	JX Holdings, Inc.		165,410
	4,200	Keyera Corp.		132,226
	3,106	Koninklijke Vopak NV		144,174
	10,707	MEG Energy Corp.*		31,462
	5,186	Neste Oil OYJ		204,549
	64,000	NewOcean Energy Holdings, Ltd.*		19,602
	1,300	Nippon Gas Co., Ltd.		42,181
	7,654	Nuvista Energy, Ltd.*		38,666
	32,810	Obsidian Energy, Ltd.*		41,247
	54,541	Oil Refineries, Ltd.		24,016
	11,004	Oil Search, Ltd.		57,677
	44,010	Ophir Energy plc*		48,989
	31,951	Origin Energy, Ltd.*		168,173
	7,550	Painted Pony Energy, Ltd.*		27,542


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	260	Paz Oil Co., Ltd.	$	44,381
	2,884	Pembina Pipeline Corp.		95,518
	40,966	Pengrowth Energy Corp.*		32,227
	3,828	Peyto Exploration & Development Corp.		69,439
	43,203	Premier Oil plc*		28,266
	3,769	Raging River Exploration, Inc.*		23,516
	18,187	Repsol SA		278,974
	8,290	Royal Dutch Shell plc, Class A, ADR		440,945
	7,285	Royal Dutch Shell plc, Class B, ADR		396,523
	4,000	San-Ai Oil Co., Ltd.		40,944
	14,064	Santos, Ltd.*		32,702
	27,521	Saras SpA		64,147
	22,787	Snam SpA		99,652
	12,892	Soco International plc		19,616
	4,805	Spartan Energy Corp.*		22,791
	20,589	Statoil ASA		342,315
	13,430	Stobart Group, Ltd.		51,865
	8,674	Suncor Energy, Inc.		253,280
	4,384	Suncor Energy, Inc.		128,112
	11,456	Surge Energy, Inc.		18,466
	8,990	Torc Oil & Gas, Ltd.		35,153
	8,351	Total SA		413,708
	5,452	Transcanada Corp.		259,896
	2,255	Trilogy Energy Corp.*		8,470
	22,046	Tullow Oil plc*		43,485
	6,627	Veresen, Inc.		93,737
	19,728	Whitecap Resources, Inc.		140,893
	32,833	Whitehaven Coal, Ltd.*		72,351
	5,106	Woodside Petroleum, Ltd.		117,019
	5,501	Z Energy, Ltd.		31,864

				8,002,273

	Paper & Forest Products (0.9%):
	1,344	Ahlstrom-Munksjo oyj		27,409
	5,029	Canfor Corp.*		75,982
	1,251	Canfor Pulp Products, Inc.		12,118
	6,000	Daio Paper Corp.		81,010
	6,700	Hokuetsu Kishu Paper Co., Ltd.		52,563
	1,022	Holmen ABN AB, Class B		44,409
	4,627	Interfor Corp.*		66,304
	7,061	Metsa Board OYJ		51,438
	6,301	Mondi plc		165,327
	5,457	Navigator Co. SA (The)		23,586
	5,800	Nippon Paper Industries Co., Ltd.		118,813
	1,614	Norbord, Inc.		50,252
	37,000	OYI Paper Co., Ltd.		191,486
	23,088	Quintis, Ltd.(a)(c)		5,541
	37,839	Stora Enso OYJ, Registered Shares		489,216
	24,703	UPM-Kymmene OYJ		704,434
	4,046	West Fraser Timber Co., Ltd.		191,534
	24,618	Western Forest Products, Inc.		44,429

				2,395,851


Shares			Fair Value
	Common Stocks, continued
	Personal Products (0.5%):
	1,100	Ci:z Holdings Co., Ltd.	$	41,553
	2,300	Kao Corp.		136,722
	400	KOSE Corp.		43,770
	724	L’Oreal SA		150,874
	4,476	Ontex Group NV		159,027
	1,486	Oriflame Holding AG		55,878
	1,400	Shiseido Co., Ltd.		49,881
	8,564	Unilever NV, NYS		473,332
	4,976	Unilever plc, ADR		269,301

				1,380,338

	Pharmaceuticals (2.9%):
	194	Alk-Abello A/S		28,953
	6,600	Astellas Pharma, Inc.		80,822
	16,897	AstraZeneca plc, ADR		576,019
	3,059	Bayer AG, Registered Shares		395,733
	314	Boiron SA		30,990
	1,900	Daiichi Sankyo Co., Ltd.		44,815
	1,600	Dainippon Sumitomo Pharma Co., Ltd.		21,861
	1,767	Dechra Pharmaceuticals plc		39,104
	500	Eisai Co., Ltd.		27,645
	7,475	Faes Farma SA		24,867
	9,143	GlaxoSmithKline plc, ADR		394,246
	1,067	GlaxoSmithKline plc		22,724
	1,522	H. Lundbeck A/S		85,726
	7,200	Haw Par Corp., Ltd.		58,588
	4,811	Hikma Pharmaceuticals plc		92,128
	700	Hisamitsu Pharmaceutical Co., Inc.		33,562
	26,202	Indivior plc*		106,826
	1,661	Ipsen SA		227,432
	1,000	Kaken Pharmaceutical Co., Ltd.		54,629
	500	Kissei Pharmaceutical Co., Ltd.		13,561
	1,300	Kyorin Holdings, Inc.		28,896
	30,175	Mayne Pharma Group, Ltd.*		25,134
	501	Merck KGaA		60,642
	400	Mochida Pharmaceutical Co., Ltd.		28,875
	3,200	Nichi-Iko Pharmaceutical Co., Ltd.		49,987
	600	Nippon Shinyaku Co., Ltd.		38,465
	22,726	Novartis AG, Registered Shares		1,898,418
	8,066	Novo Nordisk A/S, Class B		346,048
	1,259	Orion OYJ		80,146
	3,799	Orion OYJ, Class B		242,548
	1,695	Recipharm AB		24,761
	3,141	Recordati SpA		127,786
	127	Roche Holding AG		32,840
	3,082	Roche Holding AG		787,192
	2,700	Rohto Pharmaceutical Co., Ltd.		55,896
	327	Sanofi-Aventis SA		31,424
	4,200	Santen Pharmaceutical Co., Ltd.		57,051
	1,200	Sawai Pharmaceutical Co., Ltd.		67,461
	600	Shionogi & Co., Ltd.		33,472
	3,646	Stada Arzneimittel AG		258,625
	500	Taisho Pharmaceutical Holdings Co., Ltd.		38,092


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals, continued
	3,900	Takeda Pharmacuetical Co., Ltd.	$	198,315
	490	Teva Pharmaceutical Industries, Ltd., ADR		16,278
	3,429	Teva Pharmaceutical Industries, Ltd.		113,916
	800	Torii Pharmaceutical Co., Ltd.		19,518
	600	Towa Pharmaceutical Co., Ltd.		28,091
	1,400	Tsumura & Co.		56,864
	1,152	UCB SA		79,264
	46,000	United Laboratories International Holdings, Ltd.*		30,346
	1,145	Valeant Pharmaceuticals International, Inc.*		19,809
	16,134	Vectura Group plc*		23,511
	2,110	Vifor Pharma AG		233,332
	178	Virbac SA*		28,569

				7,521,803

	Professional Services (1.6%):
	4,530	Adecco SA, Registered Shares		344,981
	2,780	AF AB		57,627
	734	Akka Technologies SA		38,226
	9,096	Applus Services SA		114,732
	900	Benefit One, Inc.		36,010
	372	Bertrandt AG^		37,306
	5,622	Bureau Veritas SA		124,519
	2,111	Capita Group plc		19,012
	1,480	DKSH Holding, Ltd.		120,622
	1,400	EN-Japan, Inc.		36,579
	11,350	Experian plc		233,037
	89,376	Hays plc		193,358
	6,806	Intertek Group plc		374,267
	2,947	McMillan Shakespeare, Ltd.		30,329
	1,100	Meitec Corp.		46,901
	10,129	Michael Page International plc		62,773
	3,497	Morneau Shepell, Inc.		56,207
	2,600	Nihon M&A Center, Inc.		95,186
	1,800	Nomura Co., Ltd.		41,085
	600	Outsourcing, Inc.		29,305
	3,772	Randstad Holding NV		220,547
	11,910	RELX NV		245,048
	5,236	RELX plc, ADR		114,668
	3,973	Ricardo plc		40,230
	6,390	Robert Walters plc		35,401
	7,390	Seek, Ltd.		95,988
	58	SGS SA, Registered Shares		140,655
	2,421	Stantec, Inc.		60,767
	1,200	Technopro Holdings, Inc.		48,365
	2,255	Teleperformance*		290,053
	1,700	Temp Holdings Co., Ltd.		31,884
	10,595	Wolters Kluwer NV		448,927
	5,987	WS Atkins plc		162,152

				4,026,747

	Real Estate Management & Development (2.2%):
	2,400	AEON Mall Co., Ltd.		47,294
	915	Airport City, Ltd.*		12,664
	691	Allreal Holding AG		125,056
	2,393	Amot Investments, Ltd.		12,540


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development, continued
	3,703	Atrium European Real Estate, Ltd.	$	16,535
	1,733	Atrium Ljungberg AB, Class B		28,965
	6,142	BUWOG-Bauen Und Wohnen Gesellschaft mbH		176,521
	1,503	CA Immobilien Anlagen AG		36,656
	8,076	Capital & Counties Properties plc		30,792
	2,035	Castellum AB		29,960
	13,430	Cheung Kong Property Holdings, Ltd.		105,202
	12,500	Chinese Estates Holdings, Ltd.		17,455
	6,400	City Developments, Ltd.		49,896
	3,941	Citycon OYJ		10,361
	1,625	Colliers International Group		91,731
	5,265	Countrywide plc		11,492
	340,000	Csi Properties, Ltd.		16,341
	138	Daejan Holdings plc		11,096
	3,400	Daibiru Corp.		35,445
	900	Daito Trust Construction Co., Ltd.		140,081
	9,500	Daiwa House Industry Co., Ltd.		325,084
	660	Deutsche Euroshop AG		26,033
	6,254	Deutsche Wohnen AG		239,362
	1,818	Fabege AB		34,980
	68,000	Far East Consortium Internatio		37,979
	1,175	Fastighets AB Balder*		28,466
	1,503	First Capital Realty, Inc.		22,906
	1,529	FirstService Corp.		97,825
	25,500	Frasers Centrepoint, Ltd.		34,834
	15,974	Gateway Lifestyle		23,935
	9,400	Global Logistic Properties, Ltd.		19,541
	1,100	Goldcrest Co., Ltd.		24,372
	10,831	Grainger Trust plc		37,105
	11,000	Great Eagle Holdings, Ltd.		55,937
	46,000	Hang Lung Group, Ltd.		190,320
	25,984	Hang Lung Properties, Ltd.		64,905
	2,300	Heiwa Real Estate Co., Ltd.		37,106
	3,426	Helical Bar plc		13,427
	3,482	Hemfosa Fastigheter AB		37,705
	10,865	Henderson Land Development Co., Ltd.		60,610
	148	Hiag Immobilien AG		19,146
	2,450	Hufvudstaden AB		40,680
	3,000	Hulic Co., Ltd.		30,668
	9,025	Hysan Development Co., Ltd.		43,108
	6,500	Ichigo, Inc.		19,434
	18,930	Immofinanz Immobilien Anlagen AG		43,301
	4,517	Inmobiliaria Colonial SA*		39,408
	24,725	Kerry Properties, Ltd.		83,931
	10,062	Klovern AB		11,033
	26,000	Kowloon Development Co., Ltd.		28,275
	10,797	Kungsleden AB		66,162
	570,000	Lai Sun Development Co., Ltd.		20,813
	982	LEG Immobilien AG		92,374
	6,225	Lend Lease Group		79,645
	14,300	Leopalace21 Corp.		88,829
	4,644	LSL Property Services plc		13,318
	578	Melisron, Ltd.		30,341


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development, continued
	6,000	Mitsubishi Estate Co., Ltd.	$	112,103
	2,000	Mitsui Fudosan Co., Ltd.		47,821
	329	Mobimo Holding AG, Registered Shares		92,367
	104	Morguard Corp.		14,819
	99,722	New World Development Co., Ltd.		126,590
	857	Nexity SA		49,812
	6,600	Nomura Real Estate Holdings, Inc.		129,352
	3,300	NTT Urban Development Corp.		31,810
	2,200	Open House Co., Ltd.		67,897
	1,440	Patrizia Immobilien AG*		27,193
	52	Plazza AG		12,550
	457	PSP Swiss Property AG		42,747
	4,000	Relo Holdings, Inc.		77,955
	2,615	S Immo AG		37,932
	2,892	Sagax AB, Class B		34,694
	9,229	Savills plc		105,571
	1,300	Shinoken Group Co., Ltd.		26,218
	100,800	Sinarmas Land, Ltd.		31,492
	49,879	Sino Land Co., Ltd.		81,783
	5,343	Sponda Oyj		30,935
	15,105	St. Modwen Properties plc		70,586
	5,000	Sumitomo Realty & Development Co., Ltd.		154,567
	5,921	Sun Hung Kai Properties, Ltd.		86,994
	8,646	Swire Pacific, Ltd., Class A		84,445
	17,500	Swire Pacific, Ltd., Class B		30,620
	334	Swiss Prime Site AG		30,349
	2,799	Tag Immobilien AG		44,010
	4,200	Takara Leben Co., Ltd.		18,878
	7,842	Technopolis OYJ		33,103
	1,176	Tlg Immobilien AG		24,067
	4,800	Tokyo Tatemono Co., Ltd.		62,999
	26,300	Tokyu Fudosan Holdings Corp.		155,744
	13,900	United Industrial Corp., Ltd.		32,014
	1,200	Unizo Holdings Co., Ltd.		33,343
	12,600	UOL Group, Ltd.		69,968
	2,129	Vonovia SE		84,584
	2,534	Wallenstam AB		24,423
	10,324	Wharf Holdings, Ltd. (The)		85,582
	15,829	Wheelock & Co., Ltd.		119,451
	8,400	Wheelock Properties Singapore		11,445
	1,858	Wihlborgs Fastigheter AB		39,277
	20,700	Wing Tai Holdings, Ltd.		29,948
	17	Zug Estates Holding AG		32,776

				5,709,795

	Road & Rail (1.4%):
	13,493	Aurizon Holdings, Ltd.		55,515
	5,353	Canadian National Railway Co.		433,861
	883	Canadian Pacific Railway, Ltd.		141,995
	800	Central Japan Railway Co.		130,543
	44,100	ComfortDelGro Corp., Ltd.		73,781
	1,888	DSV A/S		116,372
	1,400	East Japan Railway Co.		134,016


Shares			Fair Value
	Common Stocks, continued
	Road & Rail, continued
	79,447	FirstGroup plc*	$	130,166
	8,000	Fukuyama Transporting Co., Ltd.		50,878
	2,158	Go-Ahead Group plc		49,456
	5,000	Hankyu Hanshin Holdings, Inc.		179,967
	3,700	Hitachi Transport System, Ltd.		87,160
	102	Jungfraubahn Holding AG, Registered Shares		12,102
	5,000	Keihin Electric Express Railway Co., Ltd.		60,314
	6,000	Keio Corp.		50,252
	1,500	Keisei Electric Railway Co., Ltd.		40,111
	15,000	Kintetsu Corp.		57,847
	15,830	MTR Corp., Ltd.		89,201
	18,000	Nagoya Railroad Co., Ltd.		83,982
	12,000	Nankai Electric Railway Co., Ltd.		62,113
	29,502	National Express Group plc		140,817
	20,000	Nippon Express Co., Ltd.		125,388
	4,200	Nippon Konpo Unyu Soko Co., Ltd.		97,265
	13,000	Nishi-Nippon Railroad Co., Ltd.		58,489
	8,429	Northgate plc		48,642
	2,800	Odakyu Electric Railway Co., Ltd.		56,533
	20,000	Sankyu, Inc.		130,570
	3,800	Seino Holdings Co., Ltd.		50,577
	11,100	Senko Co., Ltd.		72,227
	823	Sixt Leasing Se		17,391
	1,659	Sixt SE*		82,273
	1,209	Sixt SE*^		73,088
	10,000	Sotetsu Holdings, Inc.		49,614
	6,338	Stagecoach Group plc		15,382
	80	Stef S.A.		8,402
	4,596	Student Transportation, Inc., Class BR		27,861
	6,961	Tfi International, Inc.		150,161
	10,000	Tobu Railway Co., Ltd.		54,595
	10,000	Tokyu Corp.		76,377
	400	Trancom Co., Ltd.		19,551
	20,000	Transport International Holdings, Ltd.		64,685
	824	VTG AG^		32,144
	1,400	West Japan Railway Co.		99,008

				3,590,672

	Semiconductors & Semiconductor Equipment (0.8%):
	2,200	Advantest Corp.		37,780
	4,797	Aixtron SE*		33,740
	1,721	AMS AG		111,684
	1,526	ASM International NV		88,809
	5,119	ASM Pacific Technology, Ltd.		69,109
	1,629	ASML Holding NV, NYS		212,275
	1,837	BE Semiconductor Industries NV		98,701
	891	Dialog Semiconductor plc*		38,192
	200	Disco Corp.		32,020
	2,300	Ferrotec Corp.		29,794
	10,836	Infineon Technologies AG		229,601
	200	Lasertec Corp.		2,795
	1,090	Melexis NV		89,448
	4,926	Meyer Burger Technology AG*		6,174


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	167,251	Rec Silicon ASA*	$	21,814
	800	ROHM Co., Ltd.		61,640
	8,000	Sanken Electric Co., Ltd.		33,715
	1,600	Screen Holdings Co., Ltd.		106,400
	4,800	Shinko Electric Industries Co., Ltd.		40,784
	992	Siltronic AG*		84,149
	15,549	STMicroelectronics NV		222,933
	2,000	SUMCO Corp.		28,938
	700	Tokyo Electron, Ltd.		94,845
	2,000	Tokyo Seimitsu Co., Ltd.		64,506
	2,312	Tower Semiconductor, Ltd.*		55,141
	372	U-Blox AG		69,825
	3,400	ULVAC, Inc.		164,039

				2,128,851

	Software (1.1%):
	1,917	Aveva Group plc		48,447
	1,300	Capcom Co., Ltd.		30,851
	2,000	Colopl, Inc.		20,297
	2,326	Computer Modelling Group, Ltd.		18,262
	301	Constellation Software, Inc./Canada		157,490
	1,252	Dassault Systemes SA		112,188
	1,064	Descartes Systems Group, Inc.*		25,908
	2,942	Fidessa Group plc		88,816
	1,200	Fuji Soft, Inc.		33,956
	5,123	Gemalto NV		309,353
	15,900	Gungho Online Enetertainment, Inc.		40,938
	7,918	Hansen Technology, Ltd.		24,580
	38,000	Igg, Inc.		58,474
	2,500	Konami Corp.		139,113
	7,403	Micro Focus International plc		219,006
	1,541	Myob Group, Ltd.		4,060
	518	Nemetschek Se		38,578
	339	NICE Systems, Ltd.		26,898
	2,818	Open Text Corp.		88,880
	700	Oracle Corp.		45,497
	8,199	PlayTech plc		101,504
	19,513	Sage Group plc		174,949
	2,404	SAP AG		251,230
	2,151	SimCorp A/S		130,315
	854	Software AG		37,427
	8,525	Technology One, Ltd.		37,705
	2,386	Temenos Group AG		212,889
	1,300	Trend Micro, Inc.		67,080
	5,915	UbiSoft Entertainment SA*		335,786

				2,880,477

	Specialty Retail (1.5%):
	2,400	Adastria Co., Ltd.		66,919
	900	Alpen Co., Ltd.		16,056
	2,600	Aoki Holdings, Inc.		33,002
	2,200	Aoyama Trading Co., Ltd.		78,448
	1,900	Arcland Sakamoto Co., Ltd.		25,543
	2,000	Autobacs Seven Co., Ltd.		32,485


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	1,813	Autocanada, Inc.	$	26,679
	20,415	Automotive Holdings Group, Ltd.		52,541
	7,300	BIC Camera, Inc.		77,562
	4,928	Bilia AB, Class A		48,816
	18,000	Chow Sang Sang Holdings International, Ltd.		42,029
	18,800	Chow Tai Fook Jewellery Group, Ltd.		19,908
	2,205	Clas Ohlson AB		42,411
	4,700	DCM Holdings Co., Ltd.		41,274
	32,869	Dixons Carphone plc		121,509
	2,047	Dufry AG, Registered Shares*		336,949
	5,850	Dunelm Group plc		45,840
	4,900	Edion Corp.		44,520
	59,800	Esprit Holdings, Ltd.*		31,865
	400	Fast Retailing Co., Ltd.		133,455
	534	Fielmann AG		41,186
	2,300	Geo Holdings Corp.		23,856
	130,000	Giordano International, Ltd.		74,106
	1,436	Grandvision BV(b)		38,464
	505	Groupe FNAC SA*		41,161
	13,359	Halfords Group plc		59,535
	4,280	Hennes & Mauritz AB, Class B		106,941
	300	Hikari Tsushin, Inc.		31,596
	5,100	Idom, Inc.		35,212
	4,686	Industria de Diseno Textil SA		180,430
	4,647	JB Hi-Fi, Ltd.		83,501
	20,850	JD Sports Fashion plc		95,051
	700	Jin Co., Ltd.		39,055
	3,000	Joshin Denki Co., Ltd.		43,363
	800	Joyful Honda Co., Ltd.		24,456
	1,455	Kappahl AB		7,919
	45,977	Kingfisher plc		180,035
	1,600	Komeri Co., Ltd.		40,747
	4,200	K’s Holding Corp.		82,091
	2,366	Leon’s Furniture, Ltd.		32,025
	25,750	L’occitane International SA		59,106
	19,046	Lookers plc		28,420
	31,000	Luk Fook Holdings International, Ltd.		106,024
	2,347	Matas A/S		37,160
	900	Nitori Co., Ltd.		120,456
	2,300	Nojima Corp.		35,731
	76,677	Pendragon plc		30,991
	19,618	Pets At Home Group plc		41,174
	1,500	Sanrio Co., Ltd.		29,411
	2,800	Shimachu Co., Ltd.		66,793
	300	Shimamura Co., Ltd.		36,721
	9,000	Sports Direct International*		34,135
	4,622	Super Retail Group, Ltd.		29,124
	3,968	Supergroup plc		77,316
	1,900	United Arrows, Ltd.		61,636
	2,400	USS Co., Ltd.		47,753
	155	Valora Holding AG		49,602
	8,200	VT Holdings Co., Ltd.		40,477
	4,080	WHSmith plc		91,180


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	1,900	Xebio Holdings Co., Ltd.	$	33,572
	1,990	XXL ASA(b)		19,139
	12,300	Yamada Denki Co., Ltd.		61,129

				3,715,591

	Technology Hardware, Storage & Peripherals (0.6%)
	2,488	BlackBerry, Ltd.*		24,868
	6,400	Brother Industries, Ltd.		148,118
	8,000	Canon, Inc.		272,272
	1,300	Fujifilm Holdings Corp.		46,803
	900	Hitachi Maxell, Ltd.		18,465
	13,700	Konica Minolta Holdings, Inc.		114,049
	6,508	Logitech International SA		238,583
	3,100	Mcj Co., Ltd.		32,694
	73,000	NEC Corp.		193,928
	2,343	Neopost		108,846
	15,900	Ricoh Co., Ltd.		140,693
	100	Roland Dg Corp.		2,278
	8,300	Seiko Epson Corp.		185,028
	9,000	Toshiba Tec Corp.		46,622
	4,372	Xaar plc		21,539

				1,594,786

	Textiles, Apparel & Luxury Goods (1.4%):
	689	Adidas AG		132,064
	1,500	ASICS Corp.		27,857
	1,383	Brunello Cucinelli SpA		36,351
	6,313	Burberry Group plc		136,746
	528	Christian Dior SE		151,588
	3,038	Compagnie Financiere Richemont SA		250,767
	485	Delta-Galil Industries, Ltd.		14,321
	2,100	Descente, Ltd.		28,462
	900	Fujibo Holdings, Inc.		25,312
	1,311	Gildan Activewear, Inc.		40,287
	280,000	Global Brands Group Holdings, Ltd.*		29,409
	189	Hermes International SA		93,449
	2,445	Hugo Boss AG		171,589
	4,000	Japan Wool Textile Co., Ltd. (The)		33,377
	48	Kering		16,433
	15,000	Kurabo Industries, Ltd.		34,688
	399,238	Li & Fung, Ltd.		145,449
	1,682	Luxottica Group SpA		97,583
	2,321	LVMH Moet Hennessy Louis Vuitton SA		582,172
	5,170	Moncler SpA		121,236
	1,495	New Wave Group AB		10,118
	7,000	Onward Holdings Co., Ltd.		51,838
	9,893	Ovs SpA(b)		70,405
	27,000	Pacific Textiles Holdings, Ltd.(a)		31,160
	2,465	Pandora A/S		231,144
	6,400	Prada SpA		23,858
	58	Puma Se		22,328
	2,618	Safilo Group SpA*		19,411
	2,218	Salvatore Ferragamo Italia SpA		59,292
	36,000	Samsonite International SA		150,332
	9,000	Seiko Holdings Corp.		36,853


Shares			Fair Value
	Common Stocks, continued
	Textiles, Apparel & Luxury Goods, continued
	2,500	Seiren Co., Ltd.	$	39,378
	28,000	Stella International Holdings, Ltd.		50,210
	277	Swatch Group AG (The), Class B		102,439
	819	Swatch Group AG (The), Registered Shares		59,849
	1,909	Ted Baker plc		59,496
	36,000	Texwinca Holdings, Ltd.		21,904
	404	Tod’s SpA		25,191
	5,000	Tsi Holdings Co., Ltd.		36,046
	27,000	Unitika, Ltd.*		19,974
	4,000	Wacoal Holdings Corp.		54,134
	45,514	Yue Yuen Industrial Holdings, Ltd.		188,889

				3,533,389

	Thrifts & Mortgage Finance (0.2%):
	3,155	Aareal Bank AG		125,046
	615	Equitable Group, Inc.		28,212
	2,826	Genworth MI Canada, Inc.		77,766
	16,190	Genworth Mortgage Insurance AU		36,508
	1,812	Home Capital Group, Inc.		23,744
	7,866	Onesavings Bank plc		38,429
	10,982	Paragon Group of Cos. plc (The)		61,102

				390,807

	Tobacco (0.4%):
	9,312	British American Tobacco plc, ADR^		638,244
	4,936	Imperial Tobacco Group plc, Class A		221,916
	4,800	Japan Tobacco, Inc.		168,732
	2,105	Swedish Match AB, Class B		74,251

				1,103,143

	Trading Companies & Distributors (1.8%):
	2,637	AddTech AB, Class B		50,366
	21,185	Ashtead Group plc		439,353
	1,271	B&b Tools AB		18,757
	537	Beijer Ref AB		14,882
	210,000	Bep International Holdings, Ltd.		6,754
	583	Bossard Holding AG		118,733
	3,484	Brenntag AG		201,700
	4,067	Bunzl plc		121,292
	3,143	Cramo OYJ		94,063
	10,848	Diploma plc		156,363
	6,630	Finning International, Inc.		129,982
	7,080	Grafton Group plc		65,115
	4,000	Hanwa Co., Ltd.		28,688
	36,721	Howden Joinery Group plc		194,717
	1,788	Imcd Group NV		96,989
	2,800	Inabata & Co., Ltd.		37,224
	4,621	Indutrade AB		105,990
	2,800	ITOCHU Corp.		41,679
	13,000	Iwatani Corp.		80,743
	2,000	Japan Pulp & Paper Co., Ltd.		7,555
	1,700	Kanamoto Co., Ltd.		56,624
	24,000	Kanematsu Corp.		49,201
	3,917	Kloeckner & Co. SE		41,408


Shares			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	1,600	Kuroda Electric Co., Ltd.	$	31,381
	14,000	Marubeni Corp.		90,650
	5,100	Misumi Group, Inc.		116,598
	1,100	Mitani Corp.		41,522
	5,600	Mitsubishi Corp.		117,654
	6,400	Mitsui & Co., Ltd.		91,633
	1,271	Momentum Group AB, Class B*		12,301
	1,400	Monotaro Co., Ltd.		45,203
	6,300	Nagase & Co., Ltd.		96,002
	1,100	Nippon Steel & Sumikin Bussan		52,878
	1,200	Nishio Rent All Co., Ltd.		38,334
	52,580	Noble Group Ltd.*		17,836
	7,777	Ramirent OYJ		78,505
	803	Reece, Ltd.		25,942
	17,695	Rexel SA		289,979
	2,192	Richelieu Hardware, Ltd.		50,802
	1,304	Russel Metals, Inc.		26,108
	5,168	Seven Group Holdings, Ltd.		43,360
	33,067	SIG plc		64,064
	39,500	Sojitz Corp.		97,226
	4,700	Sumitomo Corp.		61,282
	3,072	Toromont Industries, Ltd.		113,109
	8,700	Toyota Tsushu Corp.		261,290
	8,978	Travis Perkins plc		170,229
	1,000	Trusco Nakayama Corp.		23,896
	800	Wajax Corp.		13,969
	2,700	Wakita & Co., Ltd.		31,360
	3,709	Wolseley plc		228,050
	3,800	Yamazen Corp.		38,625
	800	Yuasa Trading Co., Ltd.		24,329

				4,552,295

	Transportation Infrastructure (0.7%):
	10,833	Abertis Infraestructuras SA		200,835
	493	Aena SA(b)		96,316
	384	Aeroports de Paris		62,021
	3,529	Ansaldo Sts SpA*		45,021
	7,311	Atlantia SpA		206,445
	38,960	BBA Aviation plc		156,179
	960	Flughafen Zuerich AG		235,805
	1,696	Fraport AG		150,008
	3,270	Groupe Eurotunnel SA		34,890
	1,679	Hamburger Hafen und Logistik AG		36,676
	129,000	Hutchison Port Holdings Trust		55,473
	700	Japan Airport Terminal Co., Ltd.		26,817
	5,000	Kamigumi Co., Ltd.		52,480
	2,000	Mitsubishi Logistics Corp.		26,658
	34,274	Qube Holdings, Ltd.		69,266
	15,500	SATS, Ltd.		57,566
	985	Save SpA		23,381
	6,407	SIAS SpA		70,781
	8,000	Sumitomo Warehouse Co., Ltd. (The)		50,814
	14,036	Sydney Airport		76,437


Shares			Fair Value
	Common Stocks, continued
	Transportation Infrastructure, continued
	8,406	Transurban Group	$	76,488
	2,729	Westshore Terminals Investment Corp.		44,220

				1,854,577

	Water Utilities (0.2%):
	15,034	Pennon Group plc		161,506
	5,341	Severn Trent plc		151,871
	7,737	United Utilities Group plc		87,463

				400,840

	Wireless Telecommunication Services (1.0%):
	2,035	Cellcom Israel, Ltd.*		19,603
	1,335	Drillisch AG		80,596
	4,802	Freenet AG		153,378
	13,800	KDDI Corp.		365,640
	13,000	M1, Ltd./Singapore		20,594
	3,522	Millicom International Cellular SA, SDR		208,395
	2,104	Mobistar SA		49,255
	23,100	NTT DoCoMo, Inc.		545,352
	1,000	Okinawa Cellular Telephone Co.		33,492
	1,708	Rogers Communications, Inc., Class B		80,635
	17,000	Smartone Telecommunications Ho		22,256
	4,700	SoftBank Group Corp.		381,900
	21,800	StarHub, Ltd.		43,136
	3,836	Tele2 AB		40,330
	214,441	Vodafone Group plc		608,423

				2,652,985

	Total Common Stocks (Cost $237,428,040)			253,869,964

	Preferred Stocks (0.4%):
	Automobiles (0.4%):
	1,600	Bayerische Motoren Werke AG (BMW), 4.87%		132,001
	2,390	Porsche Automobil Holding SE, 2.05%		134,266
	4,515	Volkswagen AG, 1.54%		688,529

				954,796

	Total Preferred Stocks (Cost $1,264,522)			954,796

	Rights (0.0%):
	Aerospace & Defense (0.0%):
	1,797,933	Rolls-Royce Holdings plc, Expires on 7/05/17*(c)		2,341

	Construction & Engineering (0.0%):
	6,583	ACS Actividades de Construccion y Servicios SA, Expires on 7/12/17*		5,263
	22,504	Sacyr SA, Expires on 7/17/17*		1,799

				7,062

	Hotels, Restaurants & Leisure (0.0%):
	789	Collins Foods, Ltd., Expires on 7/13/17*(a)		—

	Oil, Gas & Consumable Fuels (0.0%):
	9,848	Maurel Et Prom — CVR, Expires on 1/02/18*(a)(c)		450

	Total Rights (Cost $—)			9,853

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2017:


Country	Percentage
Australia		5.8	%
Austria		0.6	%
Belgium		1.4	%
Bermuda		—	%^
Cambodia		—	%^
Canada		8.5	%
Cayman Islands		—	%^
China		0.1	%
Denmark		1.8	%
Egypt		0.1	%
European Community		—	%^
Faroe Islands		—	%^
Finland		1.9	%
France		7.1	%
Georgia		—	%^
Germany		7.4	%
Hong Kong		2.7	%
Ireland (Republic of)		1.1	%
Isle of Man		0.1	%
Israel		0.4	%


Country	Percentage
Italy		2.7	%
Japan		23.7	%
Jersey		—	%^
Liechtenstein		—	%^
Luxembourg		0.5	%
Malta		—	%^
Monaco		—	%^
Netherlands		3.2	%
New Zealand		0.4	%
Norway		0.7	%
Peru		—	%^
Portugal		0.1	%
Singapore		0.9	%
Spain		2.7	%
Sweden		2.9	%
Switzerland		7.0	%
United Arab Emirates		—	%^
United Kingdom		15.4	%
United States		0.8	%

		100.0	%

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	240,330,216

Investment securities, at value*	$	256,472,267
Interest and dividends receivable		486,557
Foreign currency, at value (cost $706,480)		708,672
Receivable for investments sold		1,108,336
Reclaims receivable		586,572
Prepaid expenses		18,636

Total Assets		259,381,040

Liabilities:
Cash overdraft		1,552,505
Payable for investments purchased		13,434
Payable for capital shares redeemed		535,704
Payable for collateral received on loaned securities		1,637,654
Manager fees payable		159,388
Distribution fees payable		53,129
Other accrued liabilities		11,780

Total Liabilities		3,963,594

Net Assets	$	255,417,446

Net Assets Consist of:
Capital	$	234,764,394
Accumulated net investment income/(loss)		5,810,102
Accumulated net realized gains/(losses) from investment transactions		(1,318,248	)
Net unrealized appreciation/(depreciation) on investments		16,161,198

Net Assets	$	255,417,446

Shares of beneficial interest (unlimited number of shares authorized, no par value)		24,334,839
Net Asset Value (offering and redemption price per share)	$	10.50

*	Includes securities on loan of $1,537,725.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Dividends	$	5,092,165
Income from securities lending		22,187
Foreign withholding tax		(613,781	)

Total Investment Income		4,500,571

Expenses:
Manager fees		1,220,742
Administration fees		166,357
Distribution fees		321,247
Custodian fees		63,214
Administrative and compliance services fees		2,049
Transfer agent fees		2,757
Trustee fees		6,642
Professional fees		6,998
Shareholder reports		1,827
Other expenses		3,274

Total expenses before reductions		1,795,107
Less expenses voluntarily waived/reimbursed by the Manager		(257,001	)

Net expenses		1,538,106

Net Investment Income/(Loss)		2,962,465

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		14,015
Change in net unrealized appreciation/depreciation on investments		30,769,460

Net Realized/Unrealized Gains/(Losses) on Investments		30,783,475

Change in Net Assets Resulting From Operations	$	33,745,940

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA International Core Equity Fund (the “Fund”), and 22 are presented in separate reports.

To generate additional income, the Fund may lend up to 33¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $2 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $2,194 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2017, the Fund did not enter into any futures contracts. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $– million as of June 30, 2017. The monthly average notional amount for these contracts was $– million for the period ended June 30, 2017. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2017, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $1,546 was paid from the Fund relating to these fees and expenses.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2017 is $240,856,598. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2016, the Fund utilized $138,827 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2017, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 25% of the Fund.

As a shareholder of the AZL DFA U.S. Core Equity Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (99.8%):
	Aerospace & Defense (2.7%):
	1,674	AAR Corp.	$	58,188
	4,560	Aerojet Rocketdyne Holdings, Inc.*		94,848
	1,321	AeroVironment, Inc.*		50,462
	9,657	Arconic, Inc.		218,731
	1,124	Astronics Corp.*		34,248
	361	Astronics Corp., Class B*		11,039
	1,481	Axon Enterprise, Inc.*^		37,232
	15,922	Boeing Co. (The)		3,148,576
	4,229	BWX Technologies, Inc.		206,164
	685	CPI Aerostructures, Inc.*		6,439
	1,202	Cubic Corp.		55,653
	3,138	Curtiss-Wright Corp.		288,006
	5,683	DigitalGlobe, Inc.*		189,244
	625	Ducommun, Inc.*		19,738
	2,101	Engility Holdings, Inc.*		59,668
	1,949	Esterline Technologies Corp.*		184,765
	5,622	General Dynamics Corp.		1,113,718
	2,051	HEICO Corp.^		147,344
	3,028	HEICO Corp., Class A		187,887
	5,758	Hexcel Corp.		303,965
	1,576	Huntington Ingalls Industries, Inc.		293,388
	3,059	KLX, Inc.*		152,950
	4,471	Kratos Defense & Security Solutions, Inc.*		53,071
	1,421	L3 Technologies, Inc.		237,421
	6,622	Lockheed Martin Corp.		1,838,333
	2,233	Mercury Computer Systems, Inc.*		93,987
	2,746	Moog, Inc., Class A*		196,943
	140	Moog, Inc., Class B*		10,080
	343	National Presto Industries, Inc.		37,902
	4,013	Northrop Grumman Corp.		1,030,177
	2,436	Orbital ATK, Inc.		239,605
	5,365	Raytheon Co.		866,340
	5,807	Rockwell Collins, Inc.		610,200
	6,089	Spirit AeroSystems Holdings, Inc., Class A		352,797
	2,012	Teledyne Technologies, Inc.*		256,832
	10,527	Textron, Inc.		495,822
	2,316	The KEYW Holding Corp.*^		21,655
	1,412	TransDigm Group, Inc.^		379,644
	2,979	Triumph Group, Inc.^		94,136
	13,783	United Technologies Corp.		1,683,042
	6,897	WESCO Aircraft Holdings, Inc.*		74,832

				15,435,072

	Air Freight & Logistics (0.8%):
	4,941	Air Transport Services Group, Inc.*		107,615
	1,400	Atlas Air Worldwide Holdings, Inc.*		73,010
	5,521	C.H. Robinson Worldwide, Inc.^		379,182
	1,026	Echo Global Logistics, Inc.*		20,417
	5,128	Expeditors International of Washington, Inc.^		289,629
	5,735	FedEx Corp.		1,246,388
	1,779	Forward Air Corp.		94,785
	2,393	Hub Group, Inc.*		91,772
	1,058	Park-Ohio Holdings Corp.		40,310


Shares			Fair Value
	Common Stocks, continued
	Air Freight & Logistics, continued
	3,266	Radiant Logistics, Inc.*	$	17,571
	17,821	United Parcel Service, Inc., Class B		1,970,824
	5,560	XPO Logistics, Inc.*		359,343

				4,690,846

	Airlines (0.9%):
	5,917	Alaska Air Group, Inc.		531,110
	998	Allegiant Travel Co.^		135,329
	12,720	American Airlines Group, Inc.^		640,070
	1,909	Copa Holdings SA, Class A		223,353
	19,429	Delta Air Lines, Inc.		1,044,114
	5,008	Hawaiian Holdings, Inc.*^		235,126
	20,928	JetBlue Airways Corp.*		477,786
	2,917	SkyWest, Inc.		102,387
	17,047	Southwest Airlines Co.		1,059,301
	5,511	Spirit Airlines, Inc.*		284,643
	12,861	United Continental Holdings, Inc.*		967,790

				5,701,009

	Auto Components (0.9%):
	1,777	Adient plc		116,180
	5,496	American Axle & Manufacturing Holdings, Inc.*^		85,738
	3,449	Autoliv, Inc.^		378,700
	7,442	BorgWarner, Inc.		315,243
	5,300	Cooper Tire & Rubber Co.^		191,330
	1,615	Cooper-Standard Holding, Inc.*		162,905
	13,476	Dana Holding Corp.		300,919
	6,860	Delphi Automotive plc		601,279
	1,595	Dorman Products, Inc.*		132,018
	2,274	Fox Factory Holding Corp.*		80,954
	16,274	Gentex Corp.		308,718
	2,720	Gentherm, Inc.*		105,536
	20,050	Goodyear Tire & Rubber Co.^		700,948
	1,365	Horizon Global Corp.*^		19,601
	1,483	LCI Industries^		151,859
	3,870	Lear Corp.		549,850
	3,637	Modine Manufacturing Co.*		60,192
	1,190	Motorcar Parts of America, Inc.*		33,606
	2,574	Spartan Motors, Inc.		22,780
	1,736	Standard Motor Products, Inc.^		90,654
	1,582	Stoneridge, Inc.*		24,379
	275	Strattec Security Corp.		9,735
	3,917	Tenneco, Inc.		226,520
	1,187	Tower International, Inc.		26,648
	2,847	Visteon Corp.*		290,565
	1,621	VOXX International Corp.*		13,292

				5,000,149

	Automobiles (0.6%):
	100,821	Ford Motor Co.		1,128,187
	36,273	General Motors Co.		1,267,016
	7,220	Harley-Davidson, Inc.^		390,024
	629	Tesla Motors, Inc.*		227,453
	3,270	Thor Industries, Inc.		341,780


Shares			Fair Value
	Common Stocks, continued
	Automobiles, continued
	1,652	Winnebago Industries, Inc.^	$	57,820

				3,412,280

	Banks (6.8%):
	958	1st Constitution Bancorp		17,005
	2,060	1st Source Corp.		98,756
	1,429	Access National Corp.		37,897
	504	ACNB Corp.		15,372
	661	American National Bankshares, Inc.		24,424
	587	American River Bankshares		8,517
	2,047	Ameris Bancorp		98,665
	704	Ames National Corp.		21,542
	880	Arrow Financial Corp.^		27,852
	7,268	Associated Banc-Corp.		183,154
	2,876	Banc of California, Inc.^		61,834
	1,178	BancFirst Corp.		113,795
	2,831	Bancorp, Inc. (The)*		21,459
	4,136	BancorpSouth, Inc.		126,148
	160,284	Bank of America Corp.		3,888,490
	899	Bank of Commerce Holdings		9,934
	2,471	Bank of Hawaii Corp.^		205,019
	451	Bank of Marin Bancorp		27,759
	4,362	Bank of the Ozarks, Inc.		204,447
	6,277	BankUnited, Inc.		211,598
	1,941	Banner Corp.		109,686
	1,189	Bar Harbor Bankshares		36,645
	11,499	BB&T Corp.		522,170
	842	BCB Bancorp, Inc.		12,883
	1,507	Berkshire Hills Bancorp, Inc.		52,971
	1,112	Blue Hills BanCorp, Inc.^		19,905
	1,890	BOK Financial Corp.^		159,006
	7,445	Boston Private Financial Holdings, Inc.^		114,281
	668	Bridge Bancorp, Inc.		22,244
	5,707	Brookline Bancorp, Inc.		83,322
	1,162	Bryn Mawr Bank Corp.^		49,385
	74	C&F Financial Corp.		3,471
	753	California First National Bancorp		14,194
	843	Camden National Corp.		36,173
	2,172	Canadian Imperial Bank of Commerce		176,279
	2,415	Capital Bank Financial Corp., Class A		92,012
	1,309	Capital City Bank Group, Inc.		26,730
	3,741	Cathay General Bancorp		141,971
	3,426	Centerstate Banks, Inc.		85,170
	2,402	Central Pacific Financial Corp.		75,591
	933	Central Valley Community Bancorp		20,675
	273	Century Bancorp, Inc.		17,363
	3,037	Chemical Financial Corp.		147,021
	377	Chemung Financial Corp.		15,412
	4,061	CIT Group, Inc.^		197,771
	36,923	Citigroup, Inc.		2,469,410
	943	Citizens & Northern Corp.^		21,934
	9,559	Citizens Financial Group, Inc.		341,065
	552	Citizens Holding Co.		14,352


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	1,304	City Holding Co.	$	85,894
	938	Civista Bancshares, Inc.		19,585
	1,096	CNB Financial Corp.		26,271
	3,178	CoBiz Financial, Inc.		55,297
	75	Codorus Valley Bancorp, Inc.		2,130
	56	Colony Bankcorp, Inc.		767
	3,847	Columbia Banking System, Inc.		153,303
	3,043	Comerica, Inc.		222,869
	4,454	Commerce Bancshares, Inc.^		253,121
	3,040	Community Bank System, Inc.^		169,541
	2,277	Community Bankers Trust Corp.*		18,785
	1,325	Community Trust Bancorp, Inc.		57,969
	2,266	ConnectOne Bancorp, Inc.		51,098
	1,273	CU Bancorp*		46,019
	1,696	Cullen/Frost Bankers, Inc.^		159,271
	2,643	Customers Bancorp, Inc.*^		74,744
	6,990	CVB Financial Corp.^		156,786
	408	DNB Financial Corp.		13,994
	1,882	Eagle Bancorp, Inc.*		119,131
	5,717	East West Bancorp, Inc.		334,902
	1,529	Enterprise Financial Services Corp.		62,383
	312	Evans Bancorp, Inc.		12,464
	14,492	F.N.B. Corp.		205,207
	569	Farmers Capital Bank Corp.		21,935
	1,329	Farmers National Banc Corp.		19,271
	2,176	FCB Financial Holdings, Inc.*		103,904
	1,636	Fidelity Southern Corp.		37,399
	24,887	Fifth Third Bancorp		646,067
	1,053	Financial Institutions, Inc.		31,379
	16,004	First Bancorp*		92,663
	1,497	First Bancorp		46,796
	814	First Bancorp, Inc.		22,027
	611	First Bancshares, Inc. (The)		16,864
	2,931	First Busey Corp.		85,937
	664	First Business Financial Services, Inc.		15,325
	592	First Citizens BancShares, Inc., Class A		220,638
	4,012	First Commonwealth Financial Corp.		50,872
	1,419	First Community Bankshares		38,810
	1,217	First Connecticut Bancorp, Inc.		31,216
	4,645	First Financial Bancorp		128,667
	2,868	First Financial Bankshares, Inc.^		126,766
	967	First Financial Corp.		45,739
	1,138	First Financial Northwest, Inc.		18,356
	996	First Foundation, Inc.*		16,364
	12,823	First Horizon National Corp.		223,377
	2,466	First Interstate BancSystem, Class A		91,735
	2,874	First Merchants Corp.		115,362
	660	First Mid-Illinois Bancshares, Inc.		22,598
	5,901	First Midwest Bancorp, Inc.		137,552
	1,573	First of Long Island Corp. (The)		44,988
	2,717	First Republic Bank		271,972
	1,283	First South Bancorp		21,221
	2,253	Flushing Financial Corp.		63,512


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	7,870	Fulton Financial Corp.	$	149,530
	1,315	German American Bancorp, Inc.^		44,828
	4,261	Glacier Bancorp, Inc.		155,995
	1,035	Great Southern Bancorp, Inc.		55,373
	3,353	Great Western Bancorp, Inc.		136,836
	1,044	Green BanCorp, Inc.*^		20,254
	1,174	Guaranty Bancorp		31,933
	3,946	Hancock Holding Co.		193,354
	2,408	Hanmi Financial Corp.		68,508
	40	Hawthorn Bancshares, Inc.		822
	1,375	Heartland Financial USA, Inc.		64,763
	2,292	Heritage Financial Corp.		60,738
	2,010	Hertiage Commerce Corp.		27,698
	5,680	Hilltop Holdings, Inc.		148,873
	8,728	Home Bancshares, Inc.		217,327
	1,540	Hometrust Bancshares, Inc.*		37,576
	6,189	Hope BanCorp, Inc.		115,425
	1,408	Horizon Bancorp		37,101
	20,799	Huntington Bancshares, Inc.		281,202
	2,202	IBERIABANK Corp.		179,463
	1,483	Independent Bank Corp.		98,842
	855	Independent Bank Corp.		18,596
	1,288	Independent Bank Group, Inc.		76,636
	4,415	International Bancshares Corp.		154,746
	14,987	Investors Bancorp, Inc.		200,226
	65,834	JPMorgan Chase & Co.		6,017,227
	14,209	KeyCorp		266,277
	2,859	Lakeland Bancorp, Inc.		53,892
	1,656	Lakeland Financial Corp.^		75,977
	435	Landmark Bancorp, Inc.		13,398
	712	LCNB Corp.		14,240
	2,565	LegacyTexas Financial Group, Inc.^		97,803
	1,752	M&T Bank Corp.		283,736
	2,571	Macatawa Bank Corp.		24,527
	918	Mackinac Financial Corp.		12,852
	1,644	Mainsource Financial Group, Inc.		55,090
	3,721	MB Financial, Inc.		163,873
	1,869	MBT Financial Corp.		18,129
	1,293	Mercantile Bank Corp.		40,704
	638	MidWestone Financial Group, Inc.		21,622
	570	MutualFirst Financial, Inc.		20,349
	1,805	National Bank Holdings Corp.		59,764
	514	National Bankshares, Inc.		20,971
	2,730	NBT Bancorp, Inc.		100,874
	373	Nicolet Bankshares, Inc.*		20,407
	1,094	Northeast Bancorp		22,263
	510	Northrim Bancorp, Inc.^		15,504
	341	Norwood Financial Corp.		14,407
	3,309	OFG Bancorp		33,090
	440	Ohio Valley Banc Corp.		15,862
	819	Old Line Bancshares, Inc.		23,079
	7,785	Old National Bancorp		134,291
	676	Old Point Financial Corp.		22,227


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	2,225	Old Second Bancorp, Inc.	$	25,699
	1,951	Opus Bank		47,214
	638	Orrstown Financial Services, Inc.		14,578
	1,339	Pacific Continental Corp.		34,211
	1,205	Pacific Mercantile Bancorp*		10,604
	2,125	Pacific Premier Bancorp, Inc.*		78,413
	2,558	PacWest Bancorp		119,459
	401	Park National Corp.^		41,592
	3,377	Park Sterling Corp.		40,119
	986	Parke Bancorp, Inc.		22,086
	1,165	Peapack-Gladstone Financial Corp.		36,453
	364	Penns Woods Bancorp, Inc.		14,990
	553	Peoples Bancorp of NC		17,475
	1,361	Peoples Bancorp, Inc.		43,729
	9,411	People’s United Financial, Inc.		166,198
	749	People’s Utah BanCorp		20,073
	3,563	Pinnacle Financial Partners, Inc.		223,756
	6,536	PNC Financial Services Group, Inc.		816,150
	3,717	Popular, Inc.		155,036
	878	Preferred Bank Los Angeles		46,947
	757	Premier Financial Bancorp, Inc.		15,602
	3,062	Prosperity Bancshares, Inc.^		196,703
	606	QCR Holdings, Inc.		28,724
	21,681	Regions Financial Corp.		317,410
	2,391	Renasant Co.		104,582
	1,417	Republic Bancorp, Inc., Class A		50,587
	2,322	S & T Bancorp, Inc.^		83,267
	348	Salisbury Bancorp, Inc.		14,425
	1,898	Sandy Spring Bancorp, Inc.		77,173
	1,879	Seacoast Banking Corp.*		45,284
	1,252	Select Bancorp, Inc.*		15,299
	2,412	ServisFirst Bancshares, Inc.^		88,979
	1,113	Shore Bancshares, Inc.		18,309
	1,028	Sierra Bancorp		25,237
	1,267	Signature Bank*		181,853
	1,703	Simmons First National Corp., Class A^		90,089
	1,569	South State Corp.		134,463
	583	Southern First Bancshares, Inc.*		21,600
	2,003	Southern National Bancorp		35,253
	1,126	Southside Bancshares, Inc.^		39,342
	1,447	Southwest Bancorp		36,971
	2,709	State Bank Financial Corp.		73,468
	6,630	Sterling Bancorp^		154,148
	1,432	Stock Yards Bancorp, Inc.^		55,705
	689	Stonegate Bank		31,818
	557	Summit Financial Group, Inc.		12,254
	1,426	Sun Bancorp, Inc.		35,151
	6,730	SunTrust Banks, Inc.		381,726
	1,991	SVB Financial Group*		349,998
	6,676	Synovus Financial Corp.		295,346
	11,018	TCF Financial Corp.		175,627
	2,720	Texas Capital Bancshares, Inc.*		210,528
	1,121	Tompkins Financial Corp.^		88,245


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	4,008	TowneBank	$	123,446
	1,726	TriCo Bancshares		60,669
	2,154	Tristate Capital Holdings, Inc.*^		54,281
	4,028	Trustmark Corp.^		129,540
	98	Two River Bancorp		1,822
	26,616	U.S. Bancorp		1,381,903
	2,255	UMB Financial Corp.		168,809
	8,349	Umpqua Holdings Corp.		153,288
	2,871	Union Bankshares Corp.		97,327
	384	Union Bankshares, Inc.^		18,240
	4,616	United Bankshares, Inc.		180,947
	4,046	United Community Banks, Inc.		112,479
	1,190	United Security Bancshares		11,008
	42	Unity Bancorp, Inc.		722
	1,914	Univest Corp.		57,324
	11,676	Valley National Bancorp^		137,894
	1,113	Washington Trust Bancorp		57,375
	653	WashingtonFirst Bankshare, Inc.		22,548
	5,044	Webster Financial Corp.^		263,398
	87,127	Wells Fargo & Co.		4,827,706
	2,557	WesBanco, Inc.		101,104
	1,062	West Bancorp		25,116
	1,687	Westamerica Bancorp^		94,539
	5,581	Western Alliance Bancorp*		274,585
	2,646	Wintrust Financial Corp.		202,260
	83	Xenith Bankshares, Inc.*		2,578
	3,771	Zions Bancorp^		165,585

				40,019,123

	Beverages (1.8%):
	466	Boston Beer Co., Inc. (The), Class A*^		61,582
	1,935	Brown-Forman Corp., Class A		95,396
	5,468	Brown-Forman Corp., Class B		265,745
	545	Coca-Cola Bottling Co. Consolidated		124,734
	85,953	Coca-Cola Co. (The)		3,854,991
	2,550	Constellation Brands, Inc., Class C		494,012
	787	Craft Brewers Alliance, Inc.*		13,261
	5,609	Dr Pepper Snapple Group, Inc.		511,036
	1,327	MGP Ingredients, Inc.^		67,903
	2,011	Molson Coors Brewing Co., Class B		173,630
	5,703	Monster Beverage Corp.*		283,325
	1,532	National Beverage Corp.^		143,334
	36,165	PepsiCo, Inc.		4,176,695
	876	Primo Water Corp.*^		11,125

				10,276,769

	Biotechnology (2.5%):
	40,789	AbbVie, Inc.		2,957,610
	1,001	Acorda Therapeutics, Inc.*^		19,720
	1,278	Alexion Pharmaceuticals, Inc.*		155,494
	1,012	Alkermes plc*		58,666
	838	Alnylam Pharmaceuticals, Inc.*^		66,839
	13,648	Amgen, Inc.		2,350,595
	1,084	Aptevo Therapeutics, Inc.*		2,244


Shares			Fair Value
	Common Stocks, continued
	Biotechnology, continued
	3,928	Biogen Idec, Inc.*	$	1,065,902
	1,408	BioMarin Pharmaceutical, Inc.*		127,875
	579	Biospecifics Technologies Corp.*		28,666
	2,623	Bioverativ, Inc.*		157,826
	1,367	Bluebird Bio, Inc.*		143,603
	14,276	Celgene Corp.*		1,854,024
	356	Clovis Oncology, Inc.*		33,332
	2,168	Emergent Biosolutions, Inc.*^		73,517
	1,013	Enanta Pharmaceuticals, Inc.*		36,448
	785	Exact Sciences Corp.*		27,765
	9,806	Exelixis, Inc.*		241,522
	2,061	Five Prime Therapeutics, Inc.*		62,057
	35,438	Gilead Sciences, Inc.		2,508,302
	3,758	Incyte Corp.*		473,170
	83	Insys Therapeutics, Inc.*		1,050
	945	Ionis Pharmaceuticals, Inc.*		48,072
	1,605	Karyopharm Therapeutics, Inc.*		14,525
	740	Kite Pharma, Inc.*		76,716
	526	Ligand Pharmaceuticals, Inc., Class B*^		63,856
	2,391	Mimedx Group, Inc.*^		35,793
	2,033	Myriad Genetics, Inc.*		52,533
	1,067	Neurocrine Biosciences, Inc.*^		49,082
	10,235	OPKO Health, Inc.*^		67,346
	1,317	Otonomy, Inc.*		24,825
	9,565	PDL BioPharma, Inc.*		23,626
	1,298	Regeneron Pharmaceuticals, Inc.*		637,500
	585	Retrophin, Inc.*		11,343
	1,210	Seattle Genetics, Inc.*		62,605
	600	Tesaro, Inc.*^		83,916
	2,797	United Therapeutics Corp.*		362,855
	1,115	Vertex Pharmaceuticals, Inc.*		143,690
	1,496	Xencor, Inc.*		31,581

				14,236,091

	Building Products (0.6%):
	4,158	A.O. Smith Corp.		234,220
	3,058	AAON, Inc.^		112,687
	2,557	Advanced Drainage Systems, Inc.^		51,396
	2,889	Allegion plc		234,356
	1,273	American Woodmark Corp.*		121,635
	1,604	Apogee Enterprises, Inc.^		91,171
	1,778	Armstrong Flooring, Inc.*		31,951
	2,857	Armstrong World Industries, Inc.*^		131,422
	5,631	Builders FirstSource, Inc.*		86,267
	2,571	Continental Building Products, Inc.*		59,904
	889	CSW Industrials, Inc.*		34,360
	4,434	Fortune Brands Home & Security, Inc.		289,274
	1,576	Gibraltar Industries, Inc.*		56,184
	1,209	Insteel Industries, Inc.^		39,861
	8,752	Johnson Controls International plc		379,487
	1,118	Lennox International, Inc.^		205,310
	8,975	Masco Corp.		342,935
	237	Masonite International Corp.*		17,894


Shares			Fair Value
	Common Stocks, continued
	Building Products, continued
	3,362	NCI Building Systems, Inc.*^	$	56,145
	7,118	Owens Corning, Inc.		476,336
	922	Patrick Industries, Inc.*		67,168
	3,615	PGT, Inc.*		46,272
	3,674	Ply Gem Holdings, Inc.*		65,948
	1,925	Quanex Building Products Corp.		40,714
	2,822	Simpson Manufacturing Co., Inc.		123,350
	1,844	Trex Co., Inc.*^		124,765
	1,133	Universal Forest Products, Inc.		98,922
	8,391	USG Corp.*^		243,507

				3,863,441

	Capital Markets (2.6%):
	1,453	Affiliated Managers Group, Inc.		240,995
	4,874	Ameriprise Financial, Inc.		620,411
	2,502	Artisan Partners Asset Management, Inc., Class A		76,811
	18,489	Bank of New York Mellon Corp. (The)		943,309
	18,671	BGC Partners, Inc., Class A		236,001
	1,844	BlackRock, Inc., Class A		778,924
	3,218	CBOE Holdings, Inc.		294,125
	12,950	Charles Schwab Corp. (The)		556,332
	3,017	CME Group, Inc.		377,849
	2,934	Cohen & Steers, Inc.^		118,944
	190	Diamond Hill Investment Group		37,886
	1,417	Donnelley Financial Solutions, Inc.*		32,534
	5,873	ETRADE Financial Corp.		223,350
	8,521	Eaton Vance Corp.		403,214
	1,360	FactSet Research Systems, Inc.^		226,005
	6,954	Federated Investors, Inc., Class B^		196,451
	2,662	Financial Engines, Inc.^		97,429
	6,244	Franklin Resources, Inc.		279,669
	3,237	Gain Capital Holdings, Inc.		20,167
	388	GAMCO Investors, Inc., Class A		11,485
	5,346	Goldman Sachs Group, Inc. (The)		1,186,276
	1,743	Greenhill & Co., Inc.^		35,034
	211	Hennessy Advisors, Inc.		3,203
	5,199	Interactive Brokers Group, Inc., Class A^		194,547
	8,955	Intercontinental Exchange, Inc.		590,314
	1,643	INTL FCStone, Inc.*		62,040
	13,284	Invesco, Ltd.		467,464
	2,572	Investment Technology Group, Inc.		54,629
	4,134	Janus Henderson Group plc*		136,877
	5,888	KCG Holdings, Inc.*		117,407
	10,552	Ladenburg Thalmann Financial Services, Inc.*		25,747
	3,497	Lazard, Ltd., Class A		162,016
	5,004	Legg Mason, Inc.		190,953
	7,804	LPL Financial Holdings, Inc.		331,358
	1,195	MarketAxess Holdings, Inc.		240,315
	1,429	Moelis & Co., Class A		55,517
	2,964	Moody’s Corp.		360,660
	23,189	Morgan Stanley		1,033,301
	2,689	Morningstar, Inc.		210,656
	2,951	MSCI, Inc., Class A		303,923


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	5,365	NASDAQ OMX Group, Inc. (The)	$	383,544
	3,267	Northern Trust Corp.		317,585
	3,965	Om Asset Management plc		58,920
	1,024	Oppenheimer Holdings, Class A		16,794
	1,113	Pzena Investment Management, Inc.		11,308
	5,055	Raymond James Financial, Inc.		405,512
	6,983	S&P Global, Inc.		1,019,448
	1,544	Safeguard Scientifics, Inc.*^		18,374
	4,367	SEI Investments Co.		234,857
	660	Silvercrest Asset Management Group, Inc., Class A		8,877
	4,696	State Street Corp.		421,372
	2,242	Stifel Financial Corp.*		103,087
	6,118	T. Rowe Price Group, Inc.^		454,017
	4,755	TD Ameritrade Holding Corp.		204,417
	438	Virtus Investment Partners, Inc.		48,596
	7,585	Waddell & Reed Financial, Inc., Class A^		143,205
	631	Westwood Holdings, Inc.		35,771
	7,874	WisdomTree Investments, Inc.^		80,079

				15,499,891

	Chemicals (2.8%):
	2,215	A. Schulman, Inc.		70,880
	1,306	Advansix, Inc.*		40,799
	3,779	Air Products & Chemicals, Inc.		540,624
	4,230	Albemarle Corp.		446,434
	2,318	American Vanguard Corp.		39,986
	2,194	Ashland Global Holdings, Inc.		144,607
	1,338	Balchem Corp.		103,976
	3,293	Cabot Corp.		175,945
	4,019	Calgon Carbon Corp.		60,687
	3,943	Celanese Corp., Series A		374,348
	8,811	CF Industries Holdings, Inc.^		246,356
	691	Chase Corp.		73,730
	4,033	Chemours Co. (The)		152,931
	578	Core Molding Technologies, Inc.*		12,491
	23,516	Dow Chemical Co. (The)		1,483,153
	17,167	E.I. du Pont de Nemours & Co.		1,385,548
	8,309	Eastman Chemical Co.		697,873
	4,958	Ecolab, Inc.		658,175
	4,757	Ferro Corp.*		87,006
	3,093	FMC Corp.		225,944
	3,222	Futurefuel Corp.		48,620
	3,316	GCP Applied Technologies, Inc.*		101,138
	2,893	H.B. Fuller Co.^		147,861
	702	Hawkins, Inc.		32,538
	20,298	Huntsman Corp.		524,500
	1,816	Ingevity Corp.*		104,238
	1,620	Innophos Holdings, Inc.		71,021
	1,633	Innospec, Inc.		107,043
	2,701	International Flavor & Fragrances, Inc.		364,635
	743	KMG Chemicals, Inc.		36,162
	783	Koppers Holdings, Inc.*		28,305
	2,348	Kraton Performance Polymers, Inc.*		80,865


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	4,741	Kronos Worldwide, Inc.^	$	86,381
	1,233	LSB Industries, Inc.*		12,737
	9,203	Lyondellbasell Industries NV		776,641
	2,216	Minerals Technologies, Inc.		162,211
	10,517	Monsanto Co.		1,244,791
	5,492	Mosaic Co. (The)		125,382
	703	NewMarket Corp.		323,717
	8,796	Olin Corp.		266,343
	3,546	Omnova Solutions, Inc.*		34,574
	10,325	Platform Speciality Products Corp.*		130,921
	6,775	PolyOne Corp.		262,464
	5,975	PPG Industries, Inc.		657,011
	7,814	Praxair, Inc.		1,035,746
	906	Quaker Chemical Corp.		131,578
	1,835	Rayonier Advanced Materials, Inc.		28,846
	3,781	RPM International, Inc.		206,254
	3,059	Scotts Miracle-Gro Co. (The)^		273,658
	1,862	Sensient Technologies Corp.		149,947
	2,107	Sherwin Williams Co.		739,473
	1,689	Stepan Co.		147,179
	1,627	Trecora Resources*^		18,304
	1,070	Tredegar Corp.		16,318
	3,102	Trinseo SA		213,107
	4,906	Tronox, Ltd., Class A		74,179
	6,023	Valvoline, Inc.		142,866
	3,026	W.R. Grace & Co.		217,902
	1,636	Westlake Chemical Corp.		108,320

				16,255,269

	Commercial Services & Supplies (1.1%):
	2,626	ABM Industries, Inc.		109,032
	9,093	ACCO Brands Corp.*		105,933
	4,271	ARC Document Solutions, Inc.*		17,767
	2,227	Brady Corp., Class A		75,495
	3,409	Brink’s Co. (The)		228,403
	1,886	Casella Waste Systems, Inc.*		30,949
	2,003	CECO Environmental Corp.		18,388
	3,396	Cintas Corp.		428,031
	4,474	Clean Harbors, Inc.*		249,783
	9,552	Copart, Inc.*^		303,658
	7,746	Covanta Holding Corp.^		102,247
	4,117	Deluxe Corp.		284,979
	1,613	Ennis, Inc.		30,808
	2,517	Essendant, Inc.		37,327
	2,148	Healthcare Services Group, Inc.		100,591
	1,042	Heritage-Crystal Clean, Inc.*		16,568
	4,520	Herman Miller, Inc.		137,408
	2,671	HNI Corp.		106,493
	3,095	InnerWorkings, Inc.*		35,902
	4,002	Interface, Inc.		78,639
	6,809	KAR Auction Services, Inc.		285,774
	2,829	Kimball International, Inc., Class B		47,216
	3,654	Knoll, Inc.		73,263


Shares			Fair Value
	Common Stocks, continued
	Commercial Services & Supplies, continued
	1,417	LSC Communications, Inc.	$	30,324
	1,875	Matthews International Corp., Class A		114,844
	2,011	McGrath Rentcorp		69,641
	2,641	Mobile Mini, Inc.^		78,834
	2,304	MSA Safety, Inc.		187,016
	1,003	Multi-Color Corp.		81,845
	1,552	NL Industries, Inc.*		10,942
	11,428	Pitney Bowes, Inc.		172,563
	2,606	Quad Graphics, Inc.		59,730
	6,455	Republic Services, Inc., Class A		411,376
	5,347	Rollins, Inc.^		217,676
	2,114	RR Donnelley & Sons Co.^		26,510
	1,467	SP Plus Corp.*		44,817
	5,403	Steelcase, Inc., Class A		75,642
	3,365	Stericycle, Inc.*		256,817
	1,534	Team, Inc.*^		35,972
	2,583	Tetra Tech, Inc.		118,172
	1,022	UniFirst Corp.		143,795
	1,309	US Ecology, Inc.^		66,105
	1,003	Viad Corp.		47,392
	824	Vse Corp.		37,064
	11,930	Waste Management, Inc.		875,065
	5,156	West Corp.		120,238

				6,187,034

	Communications Equipment (1.2%):
	1,670	ADTRAN, Inc.		34,486
	752	Applied Optoelectronics, Inc.*^		46,466
	976	Arista Networks, Inc.*^		146,195
	8,194	ARRIS International plc*		229,596
	550	Bel Fuse, Inc., Class B		13,585
	1,000	Black Box Corp.		8,550
	27,161	Brocade Communications Systems, Inc.		342,500
	1,318	CalAmp Corp.*		26,795
	3,965	Calix, Inc.*		27,160
	7,195	Ciena Corp.*^		180,019
	80,537	Cisco Systems, Inc.		2,520,808
	4,597	CommScope Holding Co., Inc.*		174,824
	316	Communications Systems, Inc.		1,368
	1,262	Digi International, Inc.*		12,809
	2,952	EchoStar Corp., Class A*		179,186
	2,442	EMCORE Corp.		26,007
	2,598	Extreme Networks, Inc.*		23,954
	2,155	F5 Networks, Inc.*		273,814
	5,961	Finisar Corp.*		154,867
	7,060	Harmonic, Inc.*^		37,065
	3,291	Harris Corp.		358,982
	2,412	Infinera Corp.*^		25,736
	2,791	InterDigital, Inc.		215,744
	12,452	Juniper Networks, Inc.		347,162
	909	KVH Industries, Inc.*		8,636
	1,554	Lumentum Holdings, Inc.*		88,656
	3,350	Motorola Solutions, Inc.		290,579


Shares			Fair Value
	Common Stocks, continued
	Communications Equipment, continued
	2,290	NETGEAR, Inc.*	$	98,699
	3,943	NetScout Systems, Inc.*		135,639
	3,507	Oclaro, Inc.*^		32,755
	686	Palo Alto Networks, Inc.*		91,794
	1,949	Plantronics, Inc.		101,952
	2,869	ShoreTel, Inc.*		16,640
	1,714	Sonus Networks, Inc.*		12,752
	2,348	Ubiquiti Networks, Inc.*^		122,026
	2,845	ViaSat, Inc.*		188,339
	5,226	Viavi Solutions, Inc.*		55,030

				6,651,175

	Construction & Engineering (0.4%):
	6,614	Aecom Technology Corp.*^		213,831
	800	Aegion Corp.*		17,504
	2,172	Ameresco, Inc., Class A*		16,724
	1,245	Argan, Inc.		74,700
	4,618	Chicago Bridge & Iron Co. NV^		91,113
	2,767	Comfort Systems USA, Inc.		102,656
	2,560	Dycom Industries, Inc.*^		229,171
	4,493	Emcor Group, Inc.		293,752
	4,953	Fluor Corp.		226,748
	1,941	Granite Construction, Inc.^		93,634
	1,221	IES Holdings, Inc.*^		22,161
	2,148	Jacobs Engineering Group, Inc.		116,830
	5,736	KBR, Inc.^		87,302
	3,504	MasTec, Inc.*		158,206
	1,578	MYR Group, Inc.*		48,950
	574	NV5 Holdings, Inc.*^		24,395
	2,101	Orion Marine Group, Inc.*		15,694
	6,487	Quanta Services, Inc.*		213,552
	2,791	Tutor Perini Corp.*^		80,241
	928	Valmont Industries, Inc.		138,829

				2,265,993

	Construction Materials (0.2%):
	3,233	Eagle Materials, Inc., Class A		298,794
	1,291	Martin Marietta Materials, Inc.		287,351
	2,788	Summit Materials, Inc., Class A*		80,490
	1,308	U.S. Concrete, Inc.*^		102,743
	353	U.S. Lime & Minerals, Inc.^		27,700
	2,871	Vulcan Materials Co.		363,698

				1,160,776

	Consumer Finance (1.1%):
	20,883	Ally Financial, Inc.		436,455
	17,304	American Express Co.		1,457,688
	144	Asta Funding, Inc.*		1,181
	9,102	Capital One Financial Corp.		752,006
	1,912	Consumer Portfolio Services, Inc.*		8,700
	1,240	Credit Acceptance Corp.*^		318,854
	10,034	Discover Financial Services		624,014
	1,968	Encore Capital Group, Inc.*^		79,015
	1,910	Enova International, Inc.*		28,364


Shares			Fair Value
	Common Stocks, continued
	Consumer Finance, continued
	3,948	EZCORP, Inc., Class A*	$	30,400
	2,876	Firstcash, Inc.		167,671
	2,785	Green Dot Corp., Class A*		107,306
	3,302	LendingClub Corp.*^		18,194
	24,930	Navient Corp.		415,085
	2,628	Nelnet, Inc., Class A		123,542
	750	Nicholas Financial, Inc.*		6,923
	5,999	Onemain Holdings, Inc.*^		147,515
	3,076	PRA Group, Inc.*		116,580
	960	Regional Mgmt Corp.*		22,685
	19,000	Santander Consumer USA Holdings, Inc.*		242,440
	26,909	SLM Corp.*		309,454
	23,120	Synchrony Financial		689,438
	505	World Acceptance Corp.*		37,830

				6,141,340

	Containers & Packaging (0.8%):
	2,903	AptarGroup, Inc.		252,155
	3,708	Avery Dennison Corp.		327,676
	8,374	Ball Corp.^		353,467
	7,485	Bemis Co., Inc.		346,181
	4,966	Berry Global Group, Inc.*		283,112
	4,226	Crown Holdings, Inc.*		252,123
	29,466	Graphic Packaging Holding Co.		406,041
	1,930	Greif, Inc., Class A		107,655
	1,310	Greif, Inc., Class B		79,124
	8,689	International Paper Co.		491,885
	2,608	Myers Industries, Inc.		46,814
	9,463	Owens-Illinois, Inc.*		226,355
	3,877	Packaging Corp. of America		431,859
	7,676	Sealed Air Corp.		343,578
	9,148	Silgan Holdings, Inc.		290,723
	5,379	Sonoco Products Co.^		276,588
	538	UFP Technologies, Inc.*		15,225
	4,868	WestRock Co.		275,821

				4,806,382

	Distributors (0.2%):
	3,074	Core Markt Holdngs Co., Inc.^		101,626
	5,041	Genuine Parts Co.		467,604
	13,291	LKQ Corp.*		437,938
	2,491	Pool Corp.		292,867
	811	Weyco Group, Inc.		22,611

				1,322,646

	Diversified Consumer Services (0.4%):
	4,045	Adtalem Global Education, Inc.		153,508
	1,304	American Public Education, Inc.*		30,840
	273	Ascent Capital Group, Inc.*		4,193
	3,117	Bright Horizons Family Solutions, Inc.*		240,664
	3,401	Cambium Learning Group, Inc.*		17,243
	918	Capella Education Co.		78,581
	5,222	Career Education Corp.*		50,131
	1,464	Carriage Services, Inc.^		39,469


Shares			Fair Value
	Common Stocks, continued
	Diversified Consumer Services, continued
	506	Collectors Universe, Inc.	$	12,574
	270	Graham Holdings Co., Class B		161,906
	3,582	Grand Canyon Education, Inc.*		280,865
	10,527	H&R Block, Inc.		325,389
	5,384	Houghton Mifflin Harcourt Co.*		66,223
	2,988	K12, Inc.*		53,545
	482	Liberty Tax, Inc.		6,242
	2,211	National American University Holdings, Inc.		5,594
	10,458	Service Corp. International		349,819
	4,541	ServiceMaster Global Holdings, Inc.*		177,962
	2,193	Sotheby’s*^		117,698
	622	Strayer Education, Inc.^		57,983
	1,696	Universal Technical Institute, Inc.*		6,055

				2,236,484

	Diversified Financial Services (0.7%):
	21,276	Berkshire Hathaway, Inc., Class B*		3,603,516
	3,604	FNFV Group*		56,943
	6,246	Leucadia National Corp.		163,395
	974	Marlin Business Services, Inc.		24,496
	2,411	Newstar Financial, Inc.		25,316
	1,763	PICO Holdings, Inc.*		30,853
	1,767	Tiptree Financial, Inc., Class A		12,457
	3,998	Voya Financial, Inc.		147,486

				4,064,462

	Diversified Telecommunication Services (2.3%):
	168,517	AT&T, Inc.		6,358,147
	1,019	ATN International, Inc.		69,740
	26,922	CenturyLink, Inc.^		642,897
	2,524	Cincinnati Bell, Inc.*		49,344
	3,023	Cogent Communications Group, Inc.		121,222
	3,520	Consolidated Communications Holdings, Inc.^		75,574
	1,423	FairPoint Communications, Inc.*		22,270
	23,600	Frontier Communications Corp.^		27,376
	3,714	General Communication, Inc., Class A*		136,081
	815	Hawaiian Telcom Holdco, Inc.*		20,367
	1,994	IDT Corp.		28,654
	5,557	Iridium Communications, Inc.*^		61,405
	5,373	Level 3 Communications, Inc.*		318,619
	1,975	Lumos Networks Corp.*		35,293
	4,045	Orbcomm, Inc.*^		45,709
	107,305	Verizon Communications, Inc.		4,792,241
	9,821	Vonage Holdings Corp.*		64,229
	13,718	Windstream Holdings, Inc.^		53,226
	4,273	Zayo Group Holdings, Inc.*		132,036

				13,054,430

	Electric Utilities (1.5%):
	2,450	ALLETE, Inc.		175,616
	4,890	Alliant Energy Corp.		196,431
	7,641	American Electric Power Co., Inc.		530,820
	1,163	Avangrid, Inc.^		51,346
	9,835	Duke Energy Corp.		822,108


Shares			Fair Value
	Common Stocks, continued
	Electric Utilities, continued
	6,122	Edison International	$	478,679
	2,442	El Paso Electric Co.		126,251
	2,801	Entergy Corp.		215,033
	4,980	Eversource Energy		302,336
	16,319	Exelon Corp.		588,626
	9,633	FirstEnergy Corp.		280,898
	1,272	Genie Energy, Ltd., Class B		9,693
	4,971	Great Plains Energy, Inc.		145,551
	4,681	Hawaiian Electric Industries, Inc.		151,571
	2,555	IDACORP, Inc.		218,069
	1,626	MGE Energy, Inc.		104,633
	8,138	NextEra Energy, Inc.		1,140,379
	4,016	OGE Energy Corp.		139,717
	2,284	Otter Tail Power Co.		90,446
	7,605	PG&E Corp.		504,744
	2,939	Pinnacle West Capital Corp.		250,285
	3,355	PNM Resources, Inc.		128,329
	4,369	Portland General Electric Co.		199,620
	12,430	PPL Corp.		480,544
	14,349	Southern Co. (The)		687,030
	5,818	Westar Energy, Inc.		308,470
	9,733	Xcel Energy, Inc.		446,550

				8,773,775

	Electrical Equipment (0.7%):
	1,157	Acuity Brands, Inc.^		235,195
	926	Allied Motion Technologies, Inc.		25,206
	8,962	AMETEK, Inc.		542,828
	1,953	AZZ, Inc.		108,977
	1,657	Babcock & Wilcox Enterprises, Inc.*		19,486
	6,740	Eaton Corp. plc		524,574
	14,848	Emerson Electric Co.		885,237
	1,159	Encore Wire Corp.		49,489
	2,195	EnerSys		159,028
	4,065	Generac Holdings, Inc.*^		146,868
	3,673	General Cable Corp.		60,054
	1,311	Global Power Equipment Group, Inc.*		4,523
	2,775	Hubbell, Inc.		314,047
	1,831	LSI Industries, Inc.		16,571
	606	Powell Industries, Inc.		19,386
	415	Power Solutions International, Inc.*		3,694
	400	Preformed Line Products Co.		18,568
	2,269	Regal-Beloit Corp.		185,037
	3,530	Rockwell Automation, Inc.		571,719
	6,152	Sensata Technologies Holding NV*		262,813
	1,298	Thermon Group Holdings, Inc.*^		24,883

				4,178,183

	Electronic Equipment, Instruments & Components (1.5%):
	6,727	Amphenol Corp., Class A		496,587
	2,210	Anixter International, Inc.*		172,822
	3,477	Arrow Electronics, Inc.*		272,666
	3,685	Avnet, Inc.		143,273
	4,886	AVX Corp.		79,837


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	1,734	Badger Meter, Inc.	$	69,100
	2,425	Belden, Inc.		182,918
	807	Benchmark Electronics, Inc.*		26,066
	6,300	CDW Corp.		393,939
	3,912	Cognex Corp.		332,129
	1,412	Coherent, Inc.*		317,686
	1,010	Control4 Corp.*		19,806
	13,159	Corning, Inc.		395,428
	376	CTS Corp.		8,122
	1,747	CUI Global, Inc.*^		6,708
	2,838	Daktronics, Inc.		27,330
	2,277	Dolby Laboratories, Inc., Class A		111,482
	2,339	Electro Scientific Industries, Inc.*		19,273
	2,177	Fabrinet*^		92,871
	1,007	FARO Technologies, Inc.*^		38,065
	26,402	Flextronics International, Ltd.*		430,617
	7,918	FLIR Systems, Inc.		274,438
	640	Frequency Electronics, Inc.*		6,106
	1,004	Identiv, Inc.*		5,271
	4,641	II-VI, Inc.*		159,186
	2,640	IPG Photonics Corp.*^		383,064
	1,595	Itron, Inc.*		108,061
	14,490	Jabil, Inc.		422,963
	3,410	KEMET Corp.*		43,648
	6,969	Keysight Technologies, Inc.*		271,303
	1,603	Kimball Electronics, Inc.*		28,934
	5,037	Knowles Corp.*^		85,226
	736	Littlelfuse, Inc.		121,440
	214	Mesa Labs, Inc.		30,668
	2,290	Methode Electronics, Inc., Class A		94,348
	915	MTS Systems Corp.^		47,397
	1,799	Napco Security Technologies, Inc.*^		16,911
	4,833	National Instruments Corp.		194,383
	1,955	Novanta, Inc.*		70,380
	1,348	OSI Systems, Inc.*		101,302
	1,553	Park Electrochemical Corp.		28,606
	1,445	PC Connection, Inc.		39,102
	1,087	PCM, Inc.*		20,381
	772	Perceptron, Inc.*		5,620
	1,185	Plexus Corp.*		62,295
	1,193	Rogers Corp.*		129,584
	5,196	Sanmina Corp.*		197,968
	1,757	ScanSource, Inc.*		70,807
	2,996	SYNNEX Corp.		359,400
	7,195	TE Connectivity, Ltd.		566,103
	1,933	Tech Data Corp.*		195,233
	6,080	Trimble Navigation, Ltd.*		216,874
	6,321	TTM Technologies, Inc.*^		109,733
	782	Universal Display Corp.^		85,434
	5,690	VeriFone Systems, Inc.*^		102,989
	7,620	Vishay Intertechnology, Inc.^		126,492
	3,268	Zebra Technologies Corp., Class A*		328,499

				8,746,874


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services (0.7%):
	3,729	Atwood Oceanics, Inc.*^	$	30,391
	6,549	Baker Hughes, Inc.		356,985
	1,913	Core Laboratories NV		193,730
	5,986	Diamond Offshore Drilling, Inc.*^		64,828
	2,169	Dril-Quip, Inc.*^		105,847
	3,434	Ensco plc, Class A, ADR^		17,719
	1,558	Era Group, Inc.*		14,739
	2,010	Exterran Corp.*		53,667
	6,125	Forum Energy Technologies, Inc.*^		95,550
	4,200	Frank’s International NV		34,818
	760	Geospace Technologies Corp.*^		10,511
	1,086	Gulf Island Fabrication, Inc.		12,598
	4,010	Halliburton Co.		171,267
	7,826	Helix Energy Solutions Group, Inc.*		44,139
	1,803	Helmerich & Payne, Inc.^		97,975
	1,750	Matrix Service Co.*		16,363
	13,741	McDermott International, Inc.*		98,523
	11,265	Nabors Industries, Ltd.		91,697
	6,792	National-Oilwell Varco, Inc.^		223,728
	935	Natural Gas Services Group*		23,235
	4,799	Newpark Resources, Inc.*^		35,273
	12,057	Noble Corp. plc		43,646
	6,352	Oceaneering International, Inc.		145,080
	3,066	Oil States International, Inc.*^		83,242
	9,357	Parker Drilling Co.*		12,632
	6,531	Patterson-UTI Energy, Inc.		131,861
	974	PHI, Inc.*		9,506
	3,744	Pioneer Energy Services Corp.*		7,675
	5,837	Rowan Cos. plc, Class A*		59,771
	4,475	RPC, Inc.^		90,440
	12,331	Schlumberger, Ltd.		811,873
	491	SEACOR Holdings, Inc.*		16,841
	493	SEACOR Marine Holdings, Inc.*^		10,037
	6,258	Superior Energy Services, Inc.*^		65,271
	6,132	Technipfmc plc*		166,791
	2,650	Tesco Corp.*		11,793
	4,086	TETRA Technologies, Inc.*		11,400
	14,584	Transocean, Ltd.*		120,026
	2,853	U.S. Silica Holdings, Inc.^		101,253
	2,800	Unit Corp.*^		52,444
	31,453	Weatherford International plc*^		121,723

				3,866,888

	Food & Staples Retailing (1.8%):
	2,460	Casey’s General Stores, Inc.^		263,491
	1,143	Chefs’ Warehouse, Inc.*^		14,859
	9,811	Costco Wholesale Corp.		1,569,073
	22,272	CVS Health Corp.		1,792,005
	1,267	Ingles Markets, Inc., Class A		42,191
	24,620	Kroger Co. (The)		574,138
	1,720	Natural Grocers by Vitamin Cottage, Inc.*		14,224
	712	Performance Food Group Co.*		19,509
	1,852	PriceSmart, Inc.^		162,235


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing, continued
	27,665	Rite Aid Corp.*	$	81,612
	71	Smart & Final Stores, Inc.*		646
	1,100	SpartanNash Co.		28,556
	5,794	Sprouts Farmers Market, Inc.*^		131,350
	16,013	Supervalu, Inc.*		52,683
	12,641	Sysco Corp.		636,222
	1,610	The Andersons, Inc.		54,982
	3,347	United Natural Foods, Inc.*^		122,835
	738	Village Super Market, Inc., Class A^		19,129
	13,906	Walgreens Boots Alliance, Inc.		1,088,979
	41,899	Wal-Mart Stores, Inc.		3,170,915
	2,107	Weis Markets, Inc.		102,653
	15,634	Whole Foods Market, Inc.		658,348

				10,600,635

	Food Products (1.7%):
	6,637	Archer-Daniels-Midland Co.		274,639
	3,898	B&G Foods, Inc.^		138,769
	10,796	Blue Buffalo Pet Products, Inc.*^		246,257
	5,171	Bunge, Ltd.		385,757
	808	Calavo Growers, Inc.		55,792
	1,799	Cal-Maine Foods, Inc.*^		71,240
	5,711	Campbell Soup Co.		297,829
	5,964	ConAgra Foods, Inc.		213,273
	9,405	Darling International, Inc.*		148,035
	5,447	Dean Foods Co.^		92,599
	1,004	Farmer Brothers Co.*		30,371
	13,535	Flowers Foods, Inc.^		234,291
	2,396	Fresh Del Monte Produce, Inc.^		121,980
	13,416	General Mills, Inc.		743,247
	3,802	Hain Celestial Group, Inc.*		147,594
	3,976	Hershey Co. (The)		426,903
	5,718	Hormel Foods Corp.^		195,041
	3,607	Ingredion, Inc.		429,990
	1,198	Inventure Foods, Inc.*^		5,163
	576	J & J Snack Foods Corp.		76,072
	4,229	JM Smucker Co. (The)		500,418
	300	John B Sanfilippo And Son, Inc.^		18,933
	6,185	Kellogg Co.^		429,610
	5,414	Kraft Heinz Co. (The)		463,655
	3,986	Lamb Weston Holding, Inc.		175,543
	1,462	Lancaster Colony Corp.		179,270
	1,028	Landec Corp.*		15,266
	3,829	McCormick & Co.		373,366
	389	McCormick & Co., Inc.^		37,978
	13,760	Mondelez International, Inc., Class A		594,295
	1,260	Omega Protein Corp.		22,554
	4,222	Pilgrim’s Pride Corp.*^		92,546
	2,962	Pinnacle Foods, Inc.		175,943
	3,793	Post Holdings, Inc.*^		294,526
	1,270	Sanderson Farms, Inc.^		146,876
	43	Seaboard Corp.		171,785
	677	Seneca Foods Corp., Class A*		21,021


Shares			Fair Value
	Common Stocks, continued
	Food Products, continued
	4,115	Snyders-Lance, Inc.^	$	142,461
	1,737	Tootsie Roll Industries, Inc.^		60,534
	2,148	TreeHouse Foods, Inc.*^		175,470
	7,886	Tyson Foods, Inc., Class A		493,900

				8,920,792

	Gas Utilities (0.3%):
	2,329	Atmos Energy Corp.		193,191
	900	Chesapeake Utilities Corp.		67,455
	519	Delta Natural Gas Co., Inc.		15,814
	1,024	Gas Natural, Inc.		13,210
	3,236	National Fuel Gas Co.^		180,698
	4,213	New Jersey Resources Corp.		167,256
	1,671	Northwest Natural Gas Co.^		100,009
	2,727	ONE Gas, Inc.		190,372
	232	RGC Resources, Inc.^		6,573
	4,168	South Jersey Industries, Inc.		142,421
	2,850	Southwest Gas Corp.		208,221
	2,233	Spire, Inc.		155,752
	4,738	UGI Corp.		229,366
	2,516	WGL Holdings, Inc.		209,909

				1,880,247

	Health Care Equipment & Supplies (2.1%):
	1,143	Abaxis, Inc.^		60,602
	18,825	Abbott Laboratories		915,083
	886	ABIOMED, Inc.*		126,964
	2,269	Accuray, Inc.*^		10,778
	5,108	Alere, Inc.*^		256,371
	2,170	Align Technology, Inc.*		325,760
	703	Analogic Corp.		51,073
	2,726	AngioDynamics, Inc.*		44,188
	1,103	Anika Therapeutics, Inc.*^		54,422
	115	Atrion Corp.		73,980
	4,834	Baxter International, Inc.		292,650
	3,074	Becton, Dickinson & Co.^		599,768
	7,099	Boston Scientific Corp.*		196,784
	2,558	C.R. Bard, Inc.		808,609
	2,008	Cantel Medical Corp.		156,443
	1,289	CONMED Corp.		65,662
	1,052	Cooper Cos., Inc. (The)		251,870
	1,619	CryoLife, Inc.*		32,299
	7,164	Danaher Corp.		604,570
	4,234	DENTSPLY SIRONA, Inc.		274,533
	693	Dexcom, Inc.*^		50,693
	3,806	Edwards Lifesciences Corp.*		450,021
	1,052	Exactech, Inc.*		31,350
	4,329	Globus Medical, Inc., Class A*^		143,506
	2,246	Haemonetics Corp.*		88,695
	2,733	Halyard Health, Inc.*		107,352
	2,939	Hill-Rom Holdings, Inc.		233,974
	9,284	Hologic, Inc.*		421,308
	783	ICU Medical, Inc.*		135,068
	2,916	IDEXX Laboratories, Inc.*		470,701


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	433	Inogen, Inc.*	$	41,317
	2,057	Integer Holdings Corp.*		88,965
	2,832	Integra LifeSciences Holdings Corp.*		154,372
	416	Intuitive Surgical, Inc.*		389,114
	2,327	Invacare Corp.^		30,716
	1,209	LeMaitre Vascular, Inc.		37,745
	1,168	LivaNova plc*^		71,493
	2,823	Masimo Corp.*		257,401
	12,135	Medtronic plc		1,076,980
	3,164	Meridian Bioscience, Inc.		49,833
	2,425	Merit Medical Systems, Inc.*		92,514
	952	Natus Medical, Inc.*		35,510
	1,702	Neogen Corp.*		117,625
	2,499	NuVasive, Inc.*		192,223
	481	Nuvectra Corp.*		6,388
	2,383	OraSure Technologies, Inc.*		41,131
	1,074	Orthofix International NV*		49,920
	700	Quidel Corp.*		18,998
	3,726	ResMed, Inc.^		290,144
	3,310	RTI Surgical, Inc.*		19,364
	624	SeaSpine Holdings Corp.*		7,188
	2,045	STERIS plc^		166,668
	4,858	Stryker Corp.		674,193
	785	Surmodics, Inc.*		22,098
	950	Teleflex, Inc.		197,372
	227	Utah Medical Products, Inc.		16,435
	1,038	Varex Imaging Corp.*^		35,084
	2,597	Varian Medical Systems, Inc.*		267,984
	1,615	West Pharmaceutical Services, Inc.		152,650
	3,020	Zimmer Holdings, Inc.		387,768

				12,324,270

	Health Care Providers & Services (3.1%):
	4,397	Acadia Healthcare Co., Inc.*^		217,124
	1,958	Aceto Corp.		30,251
	634	Addus HomeCare Corp.*		23,585
	3,648	Aetna, Inc.		553,876
	666	Alliance HealthCare Services, Inc.*		8,858
	542	Almost Family, Inc.*		33,414
	1,469	Amedisys, Inc.*^		92,268
	1,839	AmerisourceBergen Corp.^		173,841
	3,501	AMN Healthcare Services, Inc.*^		136,714
	5,039	Anthem, Inc.		947,987
	1,916	BioTelemetry, Inc.*		64,090
	5,253	Brookdale Senior Living, Inc.*		77,272
	2,121	Capital Senior Living Corp.*		32,260
	7,103	Cardinal Health, Inc.		553,466
	5,547	Centene Corp.*		443,094
	1,288	Chemed Corp.		263,435
	4,923	Cigna Corp.		824,061
	1,442	Civitas Solutions, Inc.*		25,235
	7,171	Community Health Systems, Inc.*^		71,423
	1,871	CorVel Corp.*		88,779


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	1,177	Cross Country Healthcare, Inc.*	$	15,195
	9,186	DaVita, Inc.*		594,885
	3,058	Ensign Group, Inc. (The)		66,573
	6,505	Envision Healthcare Corp.*^		407,668
	15,898	Express Scripts Holding Co.*		1,014,927
	784	Five Star Quality Care, Inc.*		1,176
	2,639	Hanger Orthopedic Group, Inc.*		31,404
	5,584	HCA Holdings, Inc.*		486,925
	1,272	HealthEquity, Inc.*^		63,384
	6,210	HealthSouth Corp.		300,564
	2,098	Henry Schein, Inc.*		383,976
	2,247	Humana, Inc.		540,673
	2,629	InfuSystems Holdings, Inc.*		4,732
	4,876	Kindred Healthcare, Inc.		56,805
	4,425	Laboratory Corp. of America Holdings*		682,070
	409	Landauer, Inc.		21,391
	1,326	LHC Group, Inc.*		90,022
	3,038	LifePoint Hospitals, Inc.*^		204,002
	2,025	Magellan Health Services, Inc.*		147,623
	4,913	McKesson Corp.		808,385
	3,346	MEDNAX, Inc.*		201,998
	3,666	Molina Healthcare, Inc.*^		253,614
	1,075	National Healthcare Corp.		75,401
	1,219	National Research Corp.		32,791
	4,172	Owens & Minor, Inc.^		134,297
	5,777	Patterson Cos., Inc.^		271,230
	1,669	PharMerica Corp.*		43,811
	2,269	Premier, Inc., Class A*		81,684
	835	Providence Service Corp.*		42,259
	8,208	Quest Diagnostics, Inc.		912,401
	2,317	Quorum Health Corp.*		9,616
	2,518	RadNet, Inc.*		19,515
	9,791	Select Medical Holdings Corp.*		150,292
	6,770	Tenet Healthcare Corp.*^		130,932
	2,040	Tivity Health, Inc.*		81,294
	1,240	Triple-S Management Corp., Class B*		20,968
	937	U.S. Physical Therapy, Inc.		56,595
	17,043	UnitedHealth Group, Inc.		3,160,112
	4,862	Universal Health Services, Inc., Class B		593,553
	3,389	VCA Antech, Inc.*		312,839
	2,533	WellCare Health Plans, Inc.*		454,825

				17,623,440

	Health Care Technology (0.2%):
	9,693	Allscripts Healthcare Solutions, Inc.*^		123,683
	700	athenahealth, Inc.*^		98,385
	5,336	Cerner Corp.*		354,684
	339	Computer Programs & Systems, Inc.		11,119
	1,357	HealthStream, Inc.*^		35,716
	2,872	HMS Holdings Corp.*		53,132
	1,095	Omnicell, Inc.*^		47,195
	800	Quality Systems, Inc.*		13,768
	1,747	Simulations Plus, Inc.		21,575


Shares			Fair Value
	Common Stocks, continued
	Health Care Technology, continued
	1,810	Veeva Systems, Inc., Class A*	$	110,971

				870,228

	Hotels, Restaurants & Leisure (2.6%):
	10,056	Aramark Holdings Corp.		412,095
	3,444	Belmond, Ltd., Class A*		45,805
	67	Biglari Holdings, Inc.*		26,783
	1,927	BJ’s Restaurants, Inc.*		71,781
	6,567	Bloomin’ Brands, Inc.^		139,417
	836	Bob Evans Farms, Inc.		60,050
	541	Bojangles’, Inc.*		8,791
	1,441	Bravo Brio Restaurant Group, Inc.*		6,629
	2,887	Brinker International, Inc.^		109,995
	1,469	Buffalo Wild Wings, Inc.*		186,122
	6,600	Caesars Entertainment Corp.*^		79,200
	5,584	Carnival Corp., Class A		366,143
	2,943	Carrols Restaurant Group, Inc.*		36,052
	1,723	Century Casinos, Inc.*		12,699
	4,028	Cheesecake Factory, Inc. (The)^		202,608
	140	Chipotle Mexican Grill, Inc.*		58,254
	3,453	Choice Hotels International, Inc.		221,855
	1,178	Chuy’s Holdings, Inc.*^		27,565
	4,529	ClubCorp Holdings, Inc.		59,330
	1,626	Cracker Barrel Old Country Store, Inc.^		271,949
	4,127	Darden Restaurants, Inc.		373,246
	2,412	Dave & Buster’s Entertainment, Inc.*		160,422
	1,574	Del Frisco’s Restaurant Group, Inc.*		25,341
	2,144	Del Taco Restaurants, Inc.*		29,480
	4,856	Denny’s Corp.*		57,155
	1,558	DineEquity, Inc.^		68,630
	1,346	Domino’s Pizza, Inc.		284,719
	4,546	Dunkin’ Brands Group, Inc.^		250,576
	1,277	Fiesta Restaurant Group, Inc.*		26,370
	624	Habit Restaurants, Inc. (The), Class A*		9,859
	2,724	Hilton Grand Vacations*		98,227
	3,243	Hilton Worldwide Holdings, Inc.		200,580
	1,051	Hyatt Hotels Corp., Class A*^		59,077
	7,221	Ilg, Inc.^		198,505
	6,233	International Game Technology plc		114,064
	2,548	Intrawest Resorts Holdings, Inc.*		60,490
	1,792	Jack in the Box, Inc.		176,512
	671	Jamba, Inc.*		5,227
	666	La Quinta Holdings, Inc.*		9,837
	9,975	Las Vegas Sands Corp.		637,302
	2,136	Luby’s, Inc.*		6,002
	3,634	Marriott International, Inc., Class A		364,527
	2,136	Marriott Vacations Worldwide Corp.^		251,514
	14,841	McDonald’s Corp.		2,273,047
	24,340	MGM Resorts International		761,598
	341	Nathans Famous, Inc.*		21,483
	5,162	Norwegian Cruise Line Holdings, Ltd.*		280,245
	879	Panera Bread Co., Class A*		276,569
	2,292	Papa John’s International, Inc.		164,474


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	2,267	Planet Fitness, Inc.^	$	52,912
	763	Potbelly Corp.*		8,775
	886	RCI Hospitality Holdings, Inc.		21,122
	1,501	Red Lion Hotels Corp.*		11,032
	878	Red Robin Gourmet Burgers*^		57,290
	2,889	Royal Caribbean Cruises, Ltd.		315,565
	268	Ruby Tuesday, Inc.*		539
	2,527	Ruth’s Hospitality Group, Inc.		54,962
	3,394	Scientific Games Corp., Class A*^		88,583
	6,758	SeaWorld Entertainment, Inc.		109,953
	2,739	Six Flags Entertainment Corp.		163,272
	1,933	Sonic Corp.^		51,205
	2,826	Speedway Motorsports, Inc.		51,631
	37,523	Starbucks Corp.		2,187,965
	4,257	Texas Roadhouse, Inc.		216,894
	1,604	Town Sports International Holdings, Inc.*		7,539
	1,046	Vail Resorts, Inc.		212,160
	22,020	Wendy’s Co. (The)		341,530
	1,298	Wingstop, Inc.^		40,108
	3,982	Wyndham Worldwide Corp.		399,833
	2,056	Wynn Resorts, Ltd.		275,751
	6,291	Yum! Brands, Inc.		464,024

				14,780,846

	Household Durables (1.0%):
	875	Av Homes, Inc.*^		17,544
	1,886	Beazer Homes USA, Inc.*		25,876
	6,757	CalAtlantic Group, Inc.^		238,860
	504	Cavco Industries, Inc.*		65,344
	1,150	Century Communities, Inc.*		28,520
	12,050	D.R. Horton, Inc.		416,569
	1,137	Dixie Group, Inc. (The)*		5,117
	1,910	Ethan Allen Interiors, Inc.^		61,693
	431	Flexsteel Industries, Inc.		23,321
	5,743	Garmin, Ltd.		293,065
	2,761	GoPro, Inc., Class A*^		22,447
	1,211	Helen of Troy, Ltd.*		113,955
	500	Hooker Furniture Corp.		20,575
	1,333	Installed Building Products, Inc.*		70,582
	931	iRobot Corp.*^		78,334
	4,827	KB Home^		115,703
	3,931	La-Z-Boy, Inc.		127,758
	4,024	Leggett & Platt, Inc.^		211,381
	7,538	Lennar Corp., Class A		401,926
	368	Lennar Corp., Class B		16,549
	1,206	LGI Homes, Inc.*^		48,457
	1,820	Libbey, Inc.		14,669
	1,017	Lifetime Brands, Inc.		18,459
	2,789	M.D.C. Holdings, Inc.^		98,535
	1,880	M/I Homes, Inc.*		53,674
	3,168	Meritage Corp.*		133,690
	3,206	Mohawk Industries, Inc.*		774,857
	3,741	Newell Rubbermaid, Inc.		200,592


Shares			Fair Value
	Common Stocks, continued
	Household Durables, continued
	150	NVR, Inc.*	$	361,592
	12,239	PulteGroup, Inc.		300,223
	1,730	Taylor Morrison Home Corp., Class A*		41,537
	3,400	Tempur Sealy International, Inc.*^		181,526
	4,043	Toll Brothers, Inc.		159,739
	2,205	TopBuild Corp.*		117,019
	10,253	TRI Pointe Homes, Inc.*^		135,237
	2,946	Tupperware Brands Corp.		206,898
	718	Universal Electronics, Inc.*		47,998
	3,485	Whirlpool Corp.^		667,795
	2,147	William Lyon Homes, Class A*		51,829
	1,918	Zagg, Inc.*		16,591

				5,986,036

	Household Products (1.2%):
	1,985	Central Garden & Pet Co., Class A*		59,590
	7,372	Church & Dwight Co., Inc.		382,459
	3,732	Clorox Co. (The)		497,252
	14,758	Colgate-Palmolive Co.		1,094,011
	3,074	Energizer Holdings, Inc.		147,613
	11,593	HRG Group, Inc.*		205,312
	6,541	Kimberly-Clark Corp.		844,509
	333	Oil-Dri Corp.		13,989
	582	Orchids Paper Products Co.		7,537
	39,497	Procter & Gamble Co. (The)		3,442,163
	1,069	Spectrum Brands Holdings, Inc.^		133,668
	698	WD-40 Co.^		77,024

				6,905,127

	Independent Power & Renewable Electricity Producers (0.2%):
	18,368	AES Corp. (The)		204,068
	5,810	Atlantic Power Corp.*		13,944
	1,041	Atlantica Yield plc		22,236
	22,655	Calpine Corp.*		306,523
	7,034	Dynegy, Inc.*^		58,171
	15,643	NRG Energy, Inc.		269,373
	2,123	NRG Yield, Inc., Class A		36,218
	2,753	NRG Yield, Inc., Class C		48,453
	3,058	Ormat Technologies, Inc.		179,443
	3,976	Pattern Energy Group, Inc.		94,788

				1,233,217

	Industrial Conglomerates (1.3%):
	15,522	3M Co., Class C		3,231,526
	2,346	Carlisle Cos., Inc.		223,808
	53,601	General Electric Co.		1,447,763
	15,846	Honeywell International, Inc.		2,112,113
	1,736	Raven Industries, Inc.		57,809
	1,147	Roper Industries, Inc.		265,565

				7,338,584

	Insurance (3.5%):
	7,574	Aflac, Inc.		588,348
	333	Alleghany Corp.*		198,068
	3,973	Allied World Assurance Co. Holdings AG		210,172


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	4,705	Allstate Corp. (The)	$	416,110
	4,095	AMBAC Financial Group, Inc.*(a)		71,048
	6,319	American Equity Investment Life Holding Co.		166,063
	2,316	American Financial Group, Inc.		230,141
	12,327	American International Group, Inc.		770,684
	908	American National Insurance Co.		105,773
	1,543	Amerisafe, Inc.		87,874
	12,054	AmTrust Financial Services^		182,498
	4,848	Aon plc		644,542
	2,310	Arch Capital Group, Ltd.*		215,500
	6,479	Arthur J. Gallagher & Co.		370,923
	2,735	Aspen Insurance Holdings, Ltd.		136,340
	3,262	Assurant, Inc.		338,237
	7,853	Assured Guaranty, Ltd.		327,783
	3,838	Axis Capital Holdings, Ltd.		248,165
	5,114	Brown & Brown, Inc.		220,260
	5,897	Chubb, Ltd.		857,306
	2,852	Cincinnati Financial Corp.		206,627
	2,176	Citizens, Inc.*		16,059
	1,199	CNA Financial Corp.^		58,451
	2,354	Crawford & Co.		21,892
	2,915	Crawford & Co., Class A		22,679
	1,631	Donegal Group, Inc., Class A		25,933
	1,546	EMC Insurance Group, Inc.		42,948
	1,993	Employers Holdings, Inc.		84,304
	874	Enstar Group, Ltd.*		173,620
	1,465	Erie Indemnity Co., Class A		183,228
	948	Everest Re Group, Ltd.		241,351
	1,054	Federated National Holding Co.		16,864
	6,955	First American Financial Corp.		310,819
	8,665	FNF Group		388,452
	21,335	Genworth Financial, Inc., Class A*		80,433
	695	Global Indemnity, Ltd.*^		26,945
	2,383	Greenlight Capital Re, Ltd.*		49,805
	1,469	Hallmark Financial Services, Inc.*		16,556
	2,094	Hanover Insurance Group, Inc. (The)		185,591
	7,853	Hartford Financial Services Group, Inc. (The)		412,832
	997	HCI Group, Inc.^		46,839
	387	Heritage Insurance Holdings, Inc.		5,039
	1,317	Independence Holding Co.		26,933
	566	Infinity Property & Casualty Corp.		53,204
	153	Investors Title Co.		29,596
	1,436	James River Group Holdings		57,052
	2,904	Kemper Corp.		112,094
	4,469	Lincoln National Corp.		302,015
	5,672	Loews Corp.		265,506
	5,556	Maiden Holdings, Ltd.^		61,672
	301	Markel Corp.*		293,734
	11,239	Marsh & McLennan Cos., Inc.		876,192
	2,025	Mercury General Corp.^		109,350
	12,244	MetLife, Inc.		672,685
	4,959	National General Holdings Corp.		104,635
	262	National Western Life Group, Inc., Class A		83,740


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	1,660	Navigators Group, Inc.	$	91,134
	12,854	Old Republic International Corp.^		251,039
	1,796	Onebeacon Insurance Group, Ltd.		32,741
	4,021	Primerica, Inc.		304,591
	10,693	Principal Financial Group, Inc.		685,101
	2,313	ProAssurance Corp.		140,630
	9,474	Progressive Corp. (The)		417,709
	5,604	Prudential Financial, Inc.		606,017
	1,338	Reinsurance Group of America, Inc.		171,786
	1,654	RenaissanceRe Holdings, Ltd.		229,989
	2,255	RLI Corp.^		123,168
	854	Safety Insurance Group, Inc.		58,328
	3,298	Selective Insurance Group, Inc.		165,065
	2,664	State Auto Financial Corp.		68,545
	1,761	Stewart Information Services Corp.		79,914
	3,912	Third Point Reinsurance, Ltd.*		54,377
	3,870	Torchmark Corp.		296,055
	9,620	Travelers Cos., Inc. (The)		1,217,219
	1,438	United Fire Group, Inc.		63,358
	1,616	United Insurance Holdings Co.		25,420
	3,169	Universal Insurance Holdings, Inc.		79,859
	7,583	UnumProvident Corp.		353,595
	2,825	Validus Holdings, Ltd.		146,815
	4,754	W.R. Berkley Corp.		328,834
	248	White Mountains Insurance Group, Ltd.		215,420
	2,119	Willis Towers Watson plc		308,230
	4,400	Wmih Corp.*		5,500
	4,083	XL Group, Ltd.		178,835

				18,750,784

	Internet & Direct Marketing Retail (2.1%):
	2,093	1-800 Flowers.com, Inc., Class A*		20,407
	9,398	Amazon.com, Inc.*		9,097,264
	1,658	Expedia, Inc.		246,959
	185	FTD Cos., Inc.*		3,700
	3,111	HSN, Inc.^		99,241
	1,155	Liberty Expedia Holdings, Class A*		62,393
	5,384	Liberty TripAdvisor Holdings, Inc., Class A*		62,454
	2,121	Liberty Ventures, Series A, Class A*^		110,907
	2,282	Netflix, Inc.*		340,954
	1,637	Nutri/System, Inc.		85,206
	820	Overstock.com, Inc.*		13,366
	1,164	PetMed Express, Inc.^		47,258
	824	Priceline Group, Inc. (The)*		1,541,308
	1,959	Shutterfly, Inc.*^		93,053
	1,114	TripAdvisor, Inc.*		42,555

				11,867,025

	Internet Software & Services (2.5%):
	3,020	Actua Corp.*		42,431
	6,482	Akamai Technologies, Inc.*		322,868
	3,223	Alphabet, Inc., Class A*		2,996,359
	3,562	Alphabet, Inc., Class C*		3,236,896
	429	Bankrate, Inc.*		5,513


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services, continued
	913	Bazaarvoice, Inc.*	$	4,519
	2,377	Blucora, Inc.*		50,392
	1,203	Carbonite, Inc.*^		26,225
	3,783	Cars.com, Inc.*^		100,741
	1,744	Cimpress NV*^		164,860
	304	CoStar Group, Inc.*		80,134
	2,881	DHI Group, Inc.*		8,211
	19,191	eBay, Inc.*		670,150
	990	Envestnet, Inc.*		39,204
	32,810	Facebook, Inc., Class A*		4,953,655
	1,451	GoDaddy, Inc., Class A*^		61,551
	1,546	GrubHub, Inc.*^		67,406
	2,548	GTT Communications, Inc.*^		80,644
	1,073	IAC/InterActiveCorp*		110,777
	3,284	Internap Network Services Corp.*		12,052
	2,946	j2 Global, Inc.^		250,675
	1,546	Leaf Group, Ltd.*		12,059
	5,660	Limelight Networks, Inc.*		16,357
	1,736	Liquidity Services, Inc.*		11,024
	1,785	LogMeIn, Inc.		186,533
	2,502	Marchex, Inc., Class B*		7,456
	1,146	Match Group, Inc.*		19,917
	3,759	NIC, Inc.^		71,233
	1,082	Numerex Corp., Class A*		5,334
	2,520	QuinStreet, Inc.*		10,508
	752	Qumu Corp.*		2,196
	2,745	RealNetworks, Inc.*		11,886
	401	Reis, Inc.^		8,521
	981	Shutterstock, Inc.*^		43,242
	585	Stamps.com, Inc.*^		90,602
	1,895	TechTarget*		19,651
	2,297	The Meet Group, Inc. (The)*^		11,600
	1,344	Travelzoo, Inc.*		14,717
	3,390	Tremor Video, Inc.*		8,441
	4,951	Twitter, Inc.*^		88,474
	2,732	VeriSign, Inc.*		253,967
	4,619	Web.com Group, Inc.*		116,861
	2,330	WebMD Health Corp.*^		136,655
	1,311	XO Group, Inc.*		23,100
	700	Yelp, Inc.*^		21,014
	1,125	Zillow Group, Inc., Class A*		54,945
	2,504	Zillow Group, Inc., Class C*		122,721

				14,654,277

	IT Services (4.3%):
	16,013	Accenture plc, Class C		1,980,488
	3,417	Acxiom Corp.*		88,774
	1,962	Alliance Data Systems Corp.		503,626
	5,531	Amdocs, Ltd.		356,528
	10,094	Automatic Data Processing, Inc.		1,034,230
	936	Black Knight Financial Services, Inc., Class A*^		38,329
	2,766	Blackhawk Network Holdings, Inc.*^		120,598
	7,869	Booz Allen Hamilton Holding Corp.		256,057


Shares			Fair Value
	Common Stocks, continued
	IT Services, continued
	4,071	Broadridge Financial Solutions, Inc.	$	307,605
	1,304	CACI International, Inc., Class A*		163,065
	4,434	Cardtronics plc*		145,701
	521	Cass Information Systems, Inc.^		34,198
	11,008	Cognizant Technology Solutions Corp., Class A		730,930
	4,854	Conduent, Inc.*		77,373
	5,424	Convergys Corp.^		128,983
	5,794	CoreLogic, Inc.*		251,344
	2,608	CSG Systems International, Inc.		105,833
	7,054	CSRA, Inc.		223,965
	4,304	DST Systems, Inc.		265,557
	8,526	Dxc Technology Co.		654,114
	1,894	Epam Systems, Inc.*		159,266
	3,396	Euronet Worldwide, Inc.*		296,709
	4,871	Everi Holdings, Inc.*		35,461
	1,396	Exlservice Holdings, Inc.*		77,590
	4,709	Fidelity National Information Services, Inc.		402,149
	5,647	Fiserv, Inc.*		690,853
	1,827	FleetCor Technologies, Inc.*		263,472
	825	Forrester Research, Inc.		32,299
	2,750	Gartner, Inc.*		339,653
	6,266	Genpact, Ltd.^		174,383
	2,488	Global Payments, Inc.		224,716
	1,357	Hackett Group, Inc. (The)		21,034
	23,079	International Business Machines Corp.		3,550,242
	2,731	Jack Henry & Associates, Inc.		283,669
	3,495	Leidos Holdings, Inc.		180,657
	1,840	ManTech International Corp., Class A		76,139
	24,644	MasterCard, Inc., Class A		2,993,013
	3,978	Maximus, Inc.		249,142
	3,966	ModusLink Global Solutions, Inc.*		6,782
	2,787	MoneyGram International, Inc.*		48,076
	1,007	NCI, Inc., Class A*		21,248
	3,102	NeuStar, Inc., Class A*		103,452
	8,899	Paychex, Inc.		506,709
	11,658	PayPal Holdings, Inc.*		625,685
	2,322	Perficient, Inc.*		43,282
	840	PFSweb, Inc.*		6,938
	2,200	Sabre Corp.^		47,894
	2,591	Science Applications International Corp.		179,867
	3,035	Servicesource International, Inc.*		11,776
	1,241	StarTek, Inc.*		15,190
	3,283	Sykes Enterprises, Inc.*		110,079
	4,553	Syntel, Inc.^		77,219
	2,975	TeleTech Holdings, Inc.		121,380
	7,782	Teradata Corp.*^		229,491
	6,232	Total System Services, Inc.		363,014
	5,685	Travelport Worldwide, Ltd.		78,226
	3,021	Unisys Corp.*^		38,669
	5,225	Vantive, Inc., Class A*		330,952
	899	Virtusa Corp.*		26,431
	36,614	Visa, Inc., Class A^		3,433,660
	18,683	Western Union Co.^		355,911


Shares			Fair Value
	Common Stocks, continued
	IT Services, continued
	1,662	WEX, Inc.*	$	173,297

				24,472,973

	Leisure Products (0.3%):
	3,582	American Outdoor Brands Corp.*		79,377
	5,928	Brunswick Corp.		371,863
	3,789	Callaway Golf Co.		48,423
	658	Escalade, Inc.		8,620
	4,178	Hasbro, Inc.		465,889
	503	Johnson Outdoors, Inc., Class A		24,250
	531	Malibu Boats, Inc.*^		13,737
	662	Marine Products Corp.		10,334
	9,123	Mattel, Inc.^		196,418
	1,932	Nautilus Group, Inc.*^		36,998
	3,172	Polaris Industries, Inc.^		292,554
	1,015	Sturm, Ruger & Co., Inc.^		63,082
	2,859	Vista Outdoor, Inc.*^		64,356

				1,675,901

	Life Sciences Tools & Services (0.9%):
	7,316	Agilent Technologies, Inc.		433,912
	483	Bio-Rad Laboratories, Inc., Class A*		109,308
	1,454	Bio-Techne Corp.		170,845
	7,817	Bruker Corp.		225,442
	2,131	Cambrex Corp.*		127,327
	3,826	Charles River Laboratories International, Inc.*		387,000
	1,700	Enzo Biochem, Inc.*		18,768
	1,979	Harvard Bioscience, Inc.*		5,046
	2,578	Illumina, Inc.*		447,335
	2,326	INC Research Holdings, Inc., Class A*		136,071
	2,457	Luminex Corp.		51,892
	1,028	Mettler-Toledo International, Inc.*		605,019
	1,400	Neogenomics, Inc.*^		12,544
	4,123	PAREXEL International Corp.*		358,330
	3,558	PerkinElmer, Inc.		242,442
	2,855	Pra Health Sciences, Inc.*		214,154
	1,097	Quintiles Transnational Holdings, Inc.*		98,182
	6,190	Thermo Fisher Scientific, Inc.		1,079,969
	7,549	VWR Corp.*		249,192
	2,208	Waters Corp.*		405,919

				5,378,697

	Machinery (2.7%):
	4,367	AGCO Corp.		294,292
	652	Alamo Group, Inc.		59,208
	2,170	Albany International Corp., Class A		115,878
	7,509	Allison Transmission Holdings, Inc.		281,663
	1,577	Altra Industrial Motion Corp.		62,765
	1,107	American Railcar Industries		42,398
	1,445	ARC Group Worldwide, Inc.*^		4,191
	1,605	Astec Industries, Inc.		89,094
	3,002	Barnes Group, Inc.		175,707
	911	Blue Bird Corp.*		15,487
	800	Briggs & Stratton Corp.		19,280


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	10,638	Caterpillar, Inc.	$	1,143,158
	2,289	Chart Industries, Inc.*^		79,497
	564	CIRCOR International, Inc.^		33,490
	4,930	Colfax Corp.*		194,094
	1,526	Columbus McKinnon Corp.		38,791
	2,706	Commercial Vehicle Group, Inc.*		22,866
	2,467	Crane Co.		195,830
	2,999	Cummins, Inc.		486,498
	6,563	Deere & Co.		811,120
	4,480	Donaldson Co., Inc.		204,019
	1,924	Douglas Dynamics, Inc.		63,300
	5,863	Dover Corp.		470,330
	716	EnPro Industries, Inc.		51,101
	1,435	ESCO Technologies, Inc.		85,598
	4,690	Federal Signal Corp.		81,418
	3,108	Flowserve Corp.^		144,304
	4,043	Fortive Corp.		256,124
	2,760	Franklin Electric Co., Inc.		114,264
	694	FreightCar America, Inc.		12,069
	1,569	Gencor Industries, Inc.*		25,418
	1,203	Global Brass & Copper Holdings, Inc.		36,752
	1,617	Gorman-Rupp Co. (The)		41,185
	4,041	Graco, Inc.		441,600
	1,612	Greenbrier Cos, Inc.^		74,555
	995	Hardinge, Inc.		12,358
	4,803	Harsco Corp.*		77,328
	4,461	Hillenbrand, Inc.		161,042
	490	Hurco Cos, Inc.		17,028
	896	Hyster-Yale Materials Handling, Inc., Class A		62,944
	1,996	IDEX Corp.		225,568
	8,094	Illinois Tool Works, Inc.		1,159,465
	4,692	Ingersoll-Rand plc		428,802
	5,449	ITT, Inc.		218,941
	1,662	John Bean Technologies Corp.		162,876
	598	Kadant, Inc.		44,970
	4,427	Kennametal, Inc.		165,658
	143	Key Technology, Inc.*		1,966
	787	L.B. Foster Co., Class A		16,881
	2,623	Lincoln Electric Holdings, Inc.		241,552
	539	Lindsay Corp.^		48,106
	774	Lydall, Inc.*		40,016
	1,213	Manitex International, Inc.*		8,467
	10,121	Manitowoc Co., Inc. (The)*^		60,827
	5,860	Meritor, Inc.*		97,335
	1,601	Middleby Corp. (The)*		194,538
	3,785	Mueller Industries, Inc.		115,253
	11,232	Mueller Water Products, Inc., Class A		131,190
	4,067	Navistar International Corp.*^		106,677
	1,258	NN, Inc.		34,532
	2,257	Nordson Corp.		273,819
	158	Omega Flex, Inc.		10,175
	4,104	OshKosh Corp.		282,684
	6,612	PACCAR, Inc.		436,656


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	2,522	Parker Hannifin Corp.	$	403,066
	5,836	Pentair plc		388,327
	976	Proto Labs, Inc.*^		65,636
	1,060	RBC Bearings, Inc.*		107,866
	9,209	Rexnord Corp.*		214,109
	2,202	Snap-On, Inc.^		347,916
	2,342	SPX Corp.*		58,925
	2,342	SPX FLOW, Inc.*		86,373
	775	Standex International Corp.		70,293
	2,396	Stanley Black & Decker, Inc.		337,189
	1,370	Sun Hydraulics Corp.^		58,458
	953	Supreme Industires, Inc., Class A		15,677
	1,121	Tennant Co.		82,730
	4,808	Terex Corp.^		180,300
	3,355	Timken Co.		155,169
	3,046	Titan International, Inc.		36,582
	4,051	Toro Co.		280,694
	2,913	TriMas Corp.*		60,736
	9,578	Trinity Industries, Inc.		268,471
	5,806	Wabash National Corp.^		127,616
	1,688	WABCO Holdings, Inc.*		215,237
	1,961	Wabtec Corp.^		179,432
	1,165	Watts Water Technologies, Inc., Class A		73,628
	8,494	Welbilt, Inc.*^		160,112
	3,419	Woodward, Inc.		231,056
	935	Xerium Technologies, Inc.*		6,723
	4,252	Xylem, Inc.		235,688

				15,553,007

	Marine (0.1%):
	1,680	Eagle Bulk Shipping, Inc.*^		7,946
	2,992	Kirby Corp.*^		200,016
	3,233	Matson, Inc.^		97,119

				305,081

	Media (3.1%):
	1,468	A.H. Belo Corp., Class A		8,074
	3,433	AMC Entertainment Holdings, Inc., Class A		78,101
	2,029	AMC Networks, Inc., Class A*		108,369
	270	Cable One, Inc.		191,943
	182	CBS Corp., Class A		11,795
	9,784	CBS Corp., Class B		624,024
	2,930	Charter Communications, Inc., Class A*		986,971
	7,978	Cinemark Holdings, Inc.		309,945
	1,661	Clear Channel Outdoor Holdings, Inc., Class A		8,056
	110,866	Comcast Corp., Class A		4,314,906
	7,549	Discovery Communications, Inc., Class A*^		194,991
	9,189	Discovery Communications, Inc., Class C*		231,655
	5,853	DISH Network Corp., Class A*		367,334
	4,131	E.W. Scripps Co. (The), Class A*		73,573
	2,473	Entercom Communications Corp.^		25,596
	4,792	Entravision Communications Corp., Class A		31,627
	1,834	Eros International plc*^		20,999
	6,638	Gannett Co., Inc.^		57,883


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	4,886	Gray Television, Inc.*	$	66,938
	4,727	Harte-Hanks, Inc.*		4,869
	13,729	Interpublic Group of Cos., Inc. (The)		337,733
	3,028	John Wiley & Sons, Inc., Class A		159,727
	192	John Wiley & Sons, Inc., Class B		10,115
	247	Liberty Braves Group, Class A*		5,901
	527	Liberty Braves Group, Class C*		12,632
	563	Liberty Broadband Corp., Class A*		48,300
	2,955	Liberty Broadband Corp., Class C*		256,346
	619	Liberty Media Group, Class A*		21,684
	1,318	Liberty Media Group, Class C*^		48,265
	2,477	Liberty SiriusXM Group, Class A*		103,984
	5,273	Liberty SiriusXM Group, Class C*		219,884
	4,281	Lions Gate Entertainment Corp., Class A*^		120,809
	3,786	Lions Gate Entertainment Corp., Class B*		99,496
	7,488	Live Nation, Inc.*		260,957
	776	Madison Square Garden Co. (The), Class A*		152,794
	2,449	Meredith Corp.^		145,593
	2,629	MSG Networks, Inc., Class A*^		59,021
	3,726	National CineMedia, Inc.		27,647
	2,511	New Media Investment Group, Inc.		33,848
	5,102	New York Times Co. (The), Class A		90,305
	7,481	News Corp., Class A		102,490
	2,563	News Corp., Class B		36,266
	2,981	Nexstar Broadcasting Group, Inc., Class A^		178,264
	6,406	Omnicom Group, Inc.^		531,057
	1,419	Reading International, Inc., Class A*		22,888
	8,109	Regal Entertainment Group, Class A^		165,910
	1,853	Scholastic Corp.		80,772
	4,121	Scripps Networks Interactive, Class C^		281,506
	5,191	Sinclair Broadcast Group, Inc., Class A^		170,784
	32,185	Sirius XM Holdings, Inc.^		176,052
	11,352	Tegna, Inc.^		163,582
	15,669	Time Warner, Inc.		1,573,324
	6,387	Time, Inc.		91,653
	933	Tronc, Inc.*		12,026
	23,830	Twenty-First Century Fox, Inc.		675,342
	8,290	Twenty-First Century Fox, Inc., Class B		231,042
	442	Viacom, Inc., Class A^		16,818
	12,859	Viacom, Inc., Class B		431,677
	29,471	Walt Disney Co. (The)		3,131,295
	1,692	World Wrestling Entertainment, Inc., Class A^		34,466

				18,039,904

	Metals & Mining (0.6%):
	16,272	AK Steel Holding Corp.*^		106,907
	3,218	Alcoa Corp.*		105,068
	6,283	Allegheny Technologies, Inc.^		106,874
	799	Ampco-Pittsburgh Corp.		11,785
	2,796	Carpenter Technology Corp.^		104,654
	4,968	Century Aluminum Co.*^		77,401
	10,120	Cliffs Natural Resources, Inc.*		70,030
	7,414	Commercial Metals Co.		144,054


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	2,613	Compass Minerals International, Inc.^	$	170,629
	9,823	Ferroglobe plc(a)		117,385
	33,112	Freeport-McMoRan Copper & Gold, Inc.*		397,675
	2,945	Gold Resource Corp.		12,016
	468	Handy & Harman, Ltd.*		14,695
	943	Haynes International, Inc.		34,240
	15,771	Hecla Mining Co.^		80,432
	151	Kaiser Aluminum Corp.		13,367
	1,359	Materion Corp.		50,827
	12,309	McEwen Mining, Inc.^		32,373
	10,687	Newmont Mining Corp.		346,152
	5,554	Nucor Corp.		321,410
	700	Olympic Steel, Inc.		13,636
	3,407	Reliance Steel & Aluminum Co.		248,064
	2,658	Royal Gold, Inc.		207,776
	1,500	Ryerson Holding Corp.*		14,850
	1,365	Schnitzer Steel Industries, Inc., Class A		34,398
	1,772	Southern Copper Corp.^		61,364
	11,919	Steel Dynamics, Inc.		426,819
	3,673	SunCoke Energy, Inc.*		40,036
	701	Synalloy Corp.*		7,956
	1,400	TimkenSteel Corp.*^		21,518
	7,131	United States Steel Corp.		157,880
	548	Universal Stainless & Alloy Products, Inc.*		10,686
	2,898	Worthington Industries, Inc.		145,538

				3,708,495

	Multiline Retail (0.6%):
	4,485	Big Lots, Inc.^		216,626
	2,664	Dillard’s, Inc., Class A^		153,686
	6,815	Dollar General Corp.		491,293
	4,239	Dollar Tree, Inc.*		296,391
	18,758	J.C. Penney Co., Inc.*^		87,225
	13,180	Kohl’s Corp.^		509,670
	13,447	Macy’s, Inc.		312,508
	6,850	Nordstrom, Inc.^		327,636
	2,966	Ollie’s Bargain Outlet Holdings, Inc.*^		126,352
	14,447	Target Corp.		755,433

				3,276,820

	Multi-Utilities (0.8%):
	5,932	Ameren Corp.		324,302
	2,841	Avista Corp.		120,629
	1,784	Black Hills Corp.^		120,366
	9,831	CenterPoint Energy, Inc.		269,173
	7,809	CMS Energy Corp.		361,166
	4,293	Consolidated Edison, Inc.		346,960
	10,556	Dominion Energy, Inc.		808,907
	3,156	DTE Energy Co.		333,873
	7,317	MDU Resources Group, Inc.		191,705
	9,333	NiSource, Inc.		236,685
	2,365	NorthWestern Corp.		144,312
	7,420	Public Service Enterprise Group, Inc.		319,134
	3,103	SCANA Corp.		207,932


Shares			Fair Value
	Common Stocks, continued
	Multi-Utilities, continued
	3,551	Sempra Energy	$	400,376
	844	Unitil Corp.		40,774
	5,394	Vectren Corp.		315,225
	4,778	WEC Energy Group, Inc.		293,274

				4,834,793

	Oil, Gas & Consumable Fuels (2.8%):
	332	Adams Resources & Energy, Inc.		13,639
	6,084	Alon USA Energy, Inc.		81,039
	3,389	Anadarko Petroleum Corp.		153,657
	5,191	Antero Resources Corp.*		112,178
	1,647	Apache Corp.^		78,941
	4,084	Cabot Oil & Gas Corp.		102,427
	4,230	Callon Petroleum Co.*^		44,880
	500	Cheniere Energy Partners, LP Holdings LLC		13,440
	6,161	Cheniere Energy, Inc.*		300,102
	35,729	Chesapeake Energy Corp.*^		177,573
	24,136	Chevron Corp.		2,518,110
	671	Cimarex Energy Co.		63,081
	7,534	Clean Energy Fuel Corp.*		19,136
	3,508	Cloud Peak Energy, Inc.*		12,383
	1,397	Cobalt International Energy*		3,451
	885	Concho Resources, Inc.*		107,554
	16,269	ConocoPhillips Co.		715,185
	9,959	CONSOL Energy, Inc.*^		148,787
	1,423	Contango Oil & Gas Co.*		9,449
	1,170	Continental Resources, Inc.*^		37,826
	3,623	CVR Energy, Inc.		78,836
	3,590	Delek US Holdings, Inc.		94,920
	23,516	Denbury Resources, Inc.*^		35,979
	2,702	Devon Energy Corp.		86,383
	8,860	DHT Holdings, Inc.		36,769
	706	Diamondback Energy, Inc.*		62,700
	15,555	Eclipse Resources Corp.*		44,487
	4,970	Energen Corp.*		245,369
	5,391	Enlink Midstream LLC^		94,882
	3,895	EOG Resources, Inc.		352,575
	8,400	EP Energy Corp., Class A*^		30,744
	3,072	EQT Corp.^		179,988
	34,757	Exxon Mobil Corp.		2,805,934
	4,505	Gaslog, Ltd.^		68,701
	388	Green Plains Renewable Energy, Inc.^		7,973
	5,413	Gulfport Energy Corp.*		79,842
	2,222	Hallador Energy Co.		17,265
	4,124	Hess Corp.		180,920
	7,150	HollyFrontier Corp.^		196,411
	3,525	Jones Energy, Inc., Class A*^		5,640
	26,381	Kinder Morgan, Inc.		505,460
	16,008	Kosmos Energy LLC*^		102,612
	7,106	Laredo Petroleum Holdings, Inc.*^		74,755
	14,759	Marathon Oil Corp.		174,894
	13,482	Marathon Petroleum Corp.		705,513
	6,993	Murphy Oil Corp.^		179,231


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	1,301	Newfield Exploration Co.*	$	37,026
	7,953	Noble Energy, Inc.		225,070
	11,184	Oasis Petroleum, Inc.*		90,031
	6,720	Occidental Petroleum Corp.		402,326
	8,157	ONEOK, Inc.^		425,469
	2,263	Pacific Ethanol, Inc.*		14,144
	1,401	Panhandle Oil & Gas, Inc., Class A		32,363
	751	Par Pacific Holdings, Inc.*^		13,548
	2,701	Parsley Energy, Inc., Class A*		74,953
	6,440	PBF Energy, Inc., Class A^		143,354
	2,256	PDC Energy, Inc.*		97,256
	3,477	Phillips 66		287,513
	1,015	Pioneer Natural Resources Co.		161,974
	6	PrimeEnergy Corp.*		276
	9,171	QEP Resources, Inc.*		92,627
	4,715	Range Resources Corp.		109,247
	3,344	Renewable Energy Group, Inc.*^		43,305
	374	REX American Resources Corp.*		36,113
	8,064	Rice Energy, Inc.*		214,744
	1,820	Ring Energy, Inc.*		23,660
	2,700	RSP Permian, Inc.*		87,129
	11,997	Scorpio Tankers, Inc.		47,628
	3,285	SemGroup Corp., Class A		88,695
	5,342	Ship Finance International^		72,651
	3,546	SM Energy Co.^		58,615
	8,098	SRC Energy, Inc.*^		54,500
	5,426	Targa Resources Corp.		245,255
	6,407	Teekay Shipping Corp.^		42,735
	10,540	Tesoro Corp.		986,544
	8,403	Valero Energy Corp.		566,866
	13,460	Whiting Petroleum Corp.*^		74,165
	3,976	Williams Cos., Inc. (The)		120,393
	2,914	World Fuel Services Corp.		112,043
	17,173	WPX Energy, Inc.*		165,891

				16,409,730

	Paper & Forest Products (0.2%):
	3,411	Boise Cascade Co.*		103,694
	1,659	Clearwater Paper Corp.*		77,558
	375	Deltic Timber Corp.^		27,998
	4,068	Domtar Corp.		156,293
	9,067	KapStone Paper & Packaging Corp.		187,051
	6,141	Louisiana-Pacific Corp.*		148,060
	5,575	Mercer International, Inc.		64,113
	1,274	Neenah Paper, Inc.		102,239
	700	P.H. Glatfelter Co.		13,678
	7,266	Resolute Forest Products*		31,970
	2,301	Schweitzer-Mauduit International, Inc.		85,666

				998,320

	Personal Products (0.4%):
	22,998	Avon Products, Inc.*		87,392
	14,246	Coty, Inc., Class A		267,255
	2,990	Edgewell Personal Care Co.*^		227,300


Shares			Fair Value
	Common Stocks, continued
	Personal Products, continued
	5,076	Estee Lauder Co., Inc. (The), Class A	$	487,194
	2,955	Herbalife, Ltd.*^		210,780
	1,755	Inter Parfums, Inc.		64,321
	923	Medifast, Inc.		38,277
	1,236	Natures Sunshine Products, Inc.		16,377
	4,482	Nu Skin Enterprises, Inc., Class A^		281,649
	723	Nutraceutical International Corp.		30,113
	2,385	Revlon, Inc.*		56,525
	340	United-Guardian, Inc.^		5,253
	1,364	Usana Health Sciences, Inc.*^		87,432

				1,859,868

	Pharmaceuticals (3.1%):
	7,282	Akorn, Inc.*		244,238
	4,237	Allergan plc		1,029,972
	2,003	Amphastar Pharmaceuticals, Inc.*		35,774
	400	ANI Pharmaceuticals, Inc.*		18,720
	1,490	Aralez Pharmacuticals, Inc.*		2,012
	12,668	Bristol-Myers Squibb Co.		705,861
	6,427	Catalent, Inc.*		225,588
	1,290	Corcept Therapeutics, Inc.*^		15,222
	1,468	Cumberland Pharmaceuticals, Inc.*		10,379
	16,913	Eli Lilly & Co.		1,391,940
	4,308	Endo International plc*		48,120
	5,365	Horizon Pharma plc*		63,683
	2,984	Impax Laboratories, Inc.*^		48,042
	1,011	Jazz Pharmaceuticals plc*		157,211
	47,613	Johnson & Johnson Co.		6,298,723
	2,281	Lannett Co., Inc.*^		46,532
	42	Lipocine, Inc.*		169
	3,682	Mallinckrodt plc*		164,990
	3,113	Medicines Co. (The)*^		118,325
	44,315	Merck & Co., Inc.		2,840,148
	3,026	Mylan NV*		117,469
	728	Perrigo Co. plc^		54,979
	105,721	Pfizer, Inc.		3,551,168
	793	Phibro Animal Health Corp., Class A		29,381
	3,358	Prestige Brands Holdings, Inc.*		177,336
	870	Sciclone Pharmaceuticals, Inc.*		9,570
	2,641	Sucampo Pharmaceuticals, Inc., Class A*^		27,731
	1,789	Supernus Pharmaceuticals, Inc.*^		77,106
	923	Taro Pharmaceutical Industries, Ltd.*		103,431
	12,563	Zoetis, Inc.		783,680
	817	Zogenix, Inc.*^		11,847

				18,409,347

	Professional Services (0.6%):
	846	Advisory Board Co. (The)*		43,569
	494	Barrett Business Services, Inc.		28,301
	3,745	CBIZ, Inc.*		56,175
	1,503	CDI Corp.*		8,793
	456	CRA International, Inc.		16,562
	2,185	Dun & Bradstreet Corp.		236,308
	3,281	Equifax, Inc.		450,874


Shares			Fair Value
	Common Stocks, continued
	Professional Services, continued
	1,564	Exponent, Inc.	$	91,181
	1,105	Franklin Covey Co.*		21,327
	2,551	FTI Consulting, Inc.*		89,183
	1,304	GP Strategies Corp.*		34,426
	1,205	Heidrick & Struggles International, Inc.		26,209
	3,834	Hill International, Inc.*		19,937
	1,763	Huron Consulting Group, Inc.*		76,162
	1,472	ICF International, Inc.*		69,331
	974	Insperity, Inc.		69,154
	1,623	Kelly Services, Inc., Class A		36,436
	2,263	Kforce, Inc.		44,355
	3,332	Korn/Ferry International		115,054
	3,986	Manpower, Inc.		445,036
	1,887	Mistras Group, Inc.*		41,457
	3,651	Navigant Consulting, Inc.*		72,144
	7,090	Nielsen Holdings plc		274,099
	3,930	On Assignment, Inc.*		212,810
	2,125	Resources Connection, Inc.		29,113
	5,330	Robert Half International, Inc.		255,467
	4,146	RPX Corp.*		57,837
	2,853	TransUnion*		123,563
	2,994	TriNet Group, Inc.*		98,024
	2,213	Trueblue, Inc.*		58,645
	5,710	Verisk Analytics, Inc.*		481,752
	840	Volt Information Sciences, Inc.*		3,318
	633	Willdan Group, Inc.*^		19,338

				3,705,940

	Real Estate Management & Development (0.3%):
	2,578	Alexander & Baldwin, Inc.		106,678
	400	Altisource Portfolio Solutions*		8,728
	11,461	CBRE Group, Inc., Class A*		417,179
	339	Consolidated-Tomoka Land Co.		19,306
	2,547	Forestar Group, Inc.*		43,681
	232	FRP Holdings, Inc.*		10,707
	318	Griffin Industrial Realty, Inc.		9,976
	2,632	HFF, Inc., Class A		91,515
	1,856	Howard Hughes Corp. (The)*		227,991
	2,068	Jones Lang LaSalle, Inc.		258,500
	5,386	Kennedy-Wilson Holdings, Inc.		102,603
	2,112	Marcus & Millichap, Inc.*		55,672
	988	RE/MAX Holdings, Inc., Class A		55,377
	7,526	Realogy Holdings Corp.		244,219
	1,206	Tejon Ranch Co.*		24,892
	1,038	The RMR Group, Inc., Class A		50,499
	3,157	The St. Joe Co.*^		59,194

				1,786,717

	Road & Rail (1.3%):
	943	AMERCO, Inc.^		345,195
	1,475	ArcBest Corp.		30,385
	5,102	Avis Budget Group, Inc.*^		139,132
	2,663	Celadon Group, Inc.^		8,388
	1,699	Covenant Transportation Group, Inc., Class A*^		29,783


Shares			Fair Value
	Common Stocks, continued
	Road & Rail, continued
	19,297	CSX Corp.	$	1,052,844
	2,097	Genesee & Wyoming, Inc., Class A*		143,414
	6,907	Heartland Express, Inc.^		143,804
	660	Hertz Global Holdings, Inc.*^		7,590
	3,855	J.B. Hunt Transport Services, Inc.		352,270
	4,667	Kansas City Southern		488,402
	5,215	Knight Transportation, Inc.^		193,216
	2,480	Landstar System, Inc.		212,288
	6,406	Norfolk Southern Corp.		779,610
	4,149	Old Dominion Freight Line, Inc.		395,151
	2,916	Roadrunner Transportation System, Inc.*		21,199
	5,496	Ryder System, Inc.		395,602
	1,912	Saia, Inc.*		98,086
	8,442	Swift Transportation Co.*		223,713
	18,791	Union Pacific Corp.		2,046,527
	2,010	Universal Truckload Services, Inc.		30,150
	1,023	USA Truck, Inc.*		8,859
	6,273	Werner Enterprises, Inc.^		184,113
	1,829	YRC Worldwide, Inc.*^		20,338

				7,350,059

	Semiconductors & Semiconductor Equipment (3.5%):
	1,825	Advanced Energy Industries, Inc.*		118,059
	11,593	Advanced Micro Devices, Inc.*^		144,681
	2,031	Alpha & Omega Semiconductor, Ltd.*		33,857
	22,065	Amkor Technology, Inc.*		215,575
	4,113	Analog Devices, Inc.		319,991
	16,074	Applied Materials, Inc.		664,017
	1,615	Axcelis Technologies, Inc.*		33,834
	1,701	AXT, Inc.*		10,801
	1,948	Broadcom, Ltd.		453,981
	3,846	Brooks Automation, Inc.		83,420
	1,455	Cabot Microelectronics Corp.		107,423
	1,398	Cavium, Inc.*		86,858
	437	CEVA, Inc.*		19,862
	3,276	Cirrus Logic, Inc.*^		205,471
	1,955	Cohu, Inc.		30,772
	3,874	Cree, Inc.*^		95,494
	15,763	Cypress Semiconductor Corp.^		215,165
	3,151	Diodes, Inc.*		75,719
	7,419	Entegris, Inc.*		162,847
	4,300	First Solar, Inc.*		171,484
	3,971	FormFactor, Inc.*		49,240
	1,314	GSI Technology, Inc.*		10,328
	5,415	Integrated Device Technology, Inc.*		139,653
	124,450	Intel Corp.		4,198,943
	2,413	IXYS Corp.*		39,694
	6,380	KLA-Tencor Corp.		583,834
	3,756	Kopin Corp.*^		13,935
	3,624	Kulicke & Soffa Industries, Inc.*		68,928
	3,269	Lam Research Corp.		462,335
	6,641	Lattice Semiconductor Corp.*		44,229
	740	MA-COM Technology Solutions Holdings, Inc.*^		41,270


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	12,590	Marvell Technology Group, Ltd.	$	207,987
	5,668	Maxim Integrated Products, Inc.		254,493
	2,590	MaxLinear, Inc., Class A*		72,235
	3,257	Microchip Technology, Inc.^		251,375
	44,921	Micron Technology, Inc.*		1,341,341
	4,902	Microsemi Corp.*		229,414
	2,866	MKS Instruments, Inc.		192,882
	306	Monolithic Power Systems, Inc.		29,498
	1,348	Nanometrics, Inc.*		34,091
	1,500	Neophotonics Corp.*		11,580
	150	NVE Corp.		11,550
	21,938	NVIDIA Corp.		3,171,357
	25,792	ON Semiconductor Corp.*^		362,120
	1,438	PDF Solutions, Inc.*^		23,655
	5,010	Photronics, Inc.*		47,094
	999	Power Integrations, Inc.		72,827
	2,420	Qorvo, Inc.*		153,234
	23,194	QUALCOMM, Inc.		1,280,773
	2,529	Rambus, Inc.*		28,906
	2,429	Rudolph Technologies, Inc.*		55,503
	2,922	Semtech Corp.*		104,462
	1,920	Sigma Designs, Inc.*		11,232
	867	Silicon Laboratories, Inc.*		59,259
	6,757	Skyworks Solutions, Inc.		648,334
	5,527	Sunpower Corp.*^		51,622
	1,692	Synaptics, Inc.*^		87,493
	9,087	Teradyne, Inc.		272,883
	22,921	Texas Instruments, Inc.		1,763,313
	3,598	Veeco Instruments, Inc.*		100,204
	3,439	Versum Materials, Inc.		111,768
	3,038	Xcerra Corp.*		29,681
	6,423	Xilinx, Inc.		413,127
	3,173	Xperi Corp.		94,555

				20,481,548

	Software (4.0%):
	7,811	ACI Worldwide, Inc.*		174,732
	6,622	Activision Blizzard, Inc.		381,229
	5,352	Adobe Systems, Inc.*		756,988
	1,009	American Software, Inc., Class A		10,383
	1,999	ANSYS, Inc.*		243,238
	5,023	Aspen Technology, Inc.*		277,571
	1,104	Autodesk, Inc.*		111,305
	2,272	Aware, Inc.*		11,701
	2,812	Barracuda Networks, Inc.*		64,845
	2,184	Blackbaud, Inc.^		187,278
	25,743	CA, Inc.		887,362
	8,502	Cadence Design Systems, Inc.*		284,732
	4,532	CDK Global, Inc.		281,256
	4,211	Citrix Systems, Inc.*		335,111
	5,712	Dell Technologies, Inc., Class V*		349,060
	1,468	Ebix, Inc.		79,125
	5,572	Electronic Arts, Inc.*		589,072


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	699	Ellie Mae, Inc.*	$	76,827
	1,083	Evolving Systems, Inc.*		5,577
	1,493	Fair Isaac Corp.		208,139
	1,784	FireEye, Inc.*^		27,135
	1,444	Fortinet, Inc.*		54,063
	977	Globant SA*		42,441
	1,865	Guidewire Software, Inc.*^		128,144
	6,066	Intuit, Inc.		805,626
	3,996	Manhattan Associates, Inc.*		192,048
	150,128	Microsoft Corp.		10,348,324
	430	MicroStrategy, Inc., Class A*		82,418
	1,803	Monotype Imaging Holdings, Inc.		32,995
	11,007	Nuance Communications, Inc.*		191,632
	56,415	Oracle Corp.		2,828,649
	2,127	Paycom Software, Inc.*^		145,508
	3,912	Pegasystems, Inc.		228,265
	2,433	Progress Software Corp.		75,155
	393	PTC, Inc.*		21,662
	581	QAD, Inc.		18,621
	1,224	Qualys, Inc.*		49,939
	974	RealPage, Inc.*		35,015
	4,474	Red Hat, Inc.*		428,386
	294	Rosetta Stone, Inc.*		3,169
	737	Rubicon Project, Inc.*		3,788
	3,148	Salesforce.com, Inc.*		272,617
	2,393	SeaChange International, Inc.*		6,365
	1,348	ServiceNow, Inc.*		142,888
	2,372	Silver Spring Networks, Inc.*^		26,756
	967	Splunk, Inc.*^		55,013
	6,506	SS&C Technologies Holdings, Inc.		249,895
	7,167	Symantec Corp.		202,468
	2,279	Synchronoss Technologies, Inc.*^		37,490
	3,608	Synopsys, Inc.*		263,131
	766	Tableau Software, Inc., Class A*		46,933
	3,732	Take-Two Interactive Software, Inc.*		273,854
	2,229	Telenav, Inc.*		18,055
	7,428	TiVo Corp.		138,532
	547	Tyler Technologies, Inc.*		96,091
	1,722	VASCO Data Security International, Inc.*		24,711
	2,730	Verint Systems, Inc.*		111,111
	742	VMware, Inc., Class A*^		64,873
	803	Workday, Inc., Class A*^		77,891
	664	Zedge, Inc., Class B*		1,467
	37,216	Zynga, Inc.*		135,466

				23,304,121

	Specialty Retail (3.2%):
	5,776	Aaron’s, Inc.		224,686
	2,444	Advance Auto Parts, Inc.		284,946
	13,744	American Eagle Outfitters, Inc.^		165,615
	492	America’s Car Mart, Inc.*		19,139
	2,209	Asbury Automotive Group, Inc.*		124,919
	9,258	Ascena Retail Group, Inc.*		19,905


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	6,942	AutoNation, Inc.*^	$	292,675
	600	AutoZone, Inc.*^		342,276
	3,164	Barnes & Noble Education, Inc.*		33,633
	5,007	Barnes & Noble, Inc.		38,053
	9,785	Bed Bath & Beyond, Inc.^		297,464
	18,685	Best Buy Co., Inc.^		1,071,211
	1,657	Big 5 Sporting Goods Corp.^		21,624
	1,519	Boot Barn Holdings, Inc.*		10,755
	583	Build-A-Bear Workshop, Inc.*		6,092
	1,808	Burlington Stores, Inc.*		166,318
	4,737	Cabela’s, Inc., Class A*		281,473
	3,318	Caleres, Inc.		92,174
	6,888	CarMax, Inc.*^		434,357
	1,987	Cato Corp., Class A^		34,951
	7,822	Chico’s FAS, Inc.^		73,683
	1,389	Children’s Place Retail Stores, Inc. (The)^		141,817
	1,991	Christopher & Banks Corp.*		2,608
	881	Citi Trends, Inc.		18,695
	1,097	Destination Maternity Corp.*		3,554
	2,864	Destination XL Group, Inc.*^		6,730
	4,900	Dick’s Sporting Goods, Inc.		195,167
	5,289	DSW, Inc., Class A		93,615
	6,313	Express, Inc.*		42,613
	2,165	Finish Line, Inc. (The), Class A		30,678
	2,499	Five Below, Inc.*^		123,376
	6,511	Foot Locker, Inc.		320,862
	2,397	Francesca’s Holdings Corp.*		26,223
	9,167	GameStop Corp., Class A^		198,099
	16,270	Gap, Inc. (The)		357,777
	1,571	Genesco, Inc.*		53,257
	1,600	Group 1 Automotive, Inc.		101,312
	4,368	Guess?, Inc.^		55,823
	1,166	Haverty Furniture Cos., Inc.		29,267
	1,874	Hibbett Sports, Inc.*^		38,886
	30,305	Home Depot, Inc. (The)		4,648,788
	1,036	Kirkland’s, Inc.*		10,650
	4,361	L Brands, Inc.^		235,014
	1,938	Lithia Motors, Inc., Class A^		182,618
	22,189	Lowe’s Cos., Inc.		1,720,314
	1,141	Lumber Liquidators Holdings, Inc.*		28,593
	1,427	MarineMax, Inc.*		27,898
	4,050	Michaels Cos., Inc. (The)*		75,006
	1,920	Monro Muffler Brake, Inc.^		80,160
	3,308	Murphy U.S.A., Inc.*^		245,156
	4,842	New York & Co.*		6,682
	9,321	Office Depot, Inc.		52,570
	2,277	O’Reilly Automotive, Inc.*^		498,071
	5,666	Party City Holdco, Inc.*		88,673
	7,245	Penske Automotive Group, Inc.		318,128
	1,904	Perfumania Holdings, Inc.*		3,237
	170	Pier 1 Imports, Inc.		882
	900	Rent-A-Center, Inc.		10,548
	2,425	RH*^		156,461


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	10,582	Ross Stores, Inc.	$	610,899
	9,608	Sally Beauty Holdings, Inc.*^		194,562
	2,956	Select Comfort Corp.*^		104,908
	600	Shoe Carnival, Inc.^		12,528
	3,863	Signet Jewelers, Ltd.^		244,296
	3,293	Sonic Automotive, Inc., Class A		64,049
	1,606	Sportsman’s Warehouse Holdings, Inc.*		8,672
	18,489	Staples, Inc.		186,184
	3,378	Stein Mart, Inc.		5,709
	289	Tandy Leather Factory, Inc.*		2,572
	2,860	The Tile Shop Holdings, Inc.^		59,059
	4,460	Tiffany & Co.		418,660
	854	Tilly’s, Inc.		8,668
	16,646	TJX Cos., Inc. (The)		1,201,342
	4,639	Tractor Supply Co.^		251,480
	737	Trans World Entertainment Corp.*		1,216
	2,124	Ulta Salon, Cosmetics & Fragrance, Inc.*		610,310
	10,387	Urban Outfitters, Inc.*^		192,575
	1,993	Vitamin Shoppe, Inc.*		23,218
	1,842	West Marine, Inc.		23,670
	5,095	Williams-Sonoma, Inc.^		247,108
	285	Winmark Corp.		36,751
	2,204	Zumiez, Inc.*^		27,219

				18,801,412

	Technology Hardware, Storage & Peripherals (3.8%):
	130,714	Apple, Inc.		18,825,431
	728	Astro-Med, Inc.		9,537
	2,354	Avid Technology, Inc.*		12,382
	748	Cray, Inc.*^		13,763
	2,278	Diebold, Inc.^		63,784
	1,956	Eastman Kodak Co.*^		17,800
	1,744	Electronics for Imaging, Inc.*^		82,631
	29,777	Hewlett Packard Enterprise Co.		494,000
	30,646	HP, Inc.		535,692
	7,866	NCR Corp.*		321,247
	10,688	NetApp, Inc.		428,054
	11,106	Seagate Technology plc		430,358
	2,313	Super Micro Computer, Inc.*^		57,015
	6,156	Western Digital Corp.		545,422
	6,429	Xerox Corp.		184,705

				22,021,821

	Textiles, Apparel & Luxury Goods (1.0%):
	2,618	Carter’s, Inc.		232,871
	484	Cherokee, Inc.*		3,364
	9,539	Coach, Inc.		451,575
	3,392	Columbia Sportswear Co.^		196,940
	4,393	Crocs, Inc.*		33,870
	810	Culp, Inc.		26,325
	2,320	Deckers Outdoor Corp.*		158,363
	3,440	Fossil Group, Inc.*^		35,604
	2,068	G-III Apparel Group, Ltd.*^		51,597
	13,867	Hanesbrands, Inc.^		321,160


Shares			Fair Value
	Common Stocks, continued
	Textiles, Apparel & Luxury Goods, continued
	3,172	Iconix Brand Group, Inc.*^	$	21,919
	6,072	Kate Spade & Co.*		112,271
	4,434	Lululemon Athletica, Inc.*		264,576
	7,166	Michael Kors Holdings, Ltd.*		259,768
	30,212	Nike, Inc., Class C		1,782,507
	1,259	Oxford Industries, Inc.		78,675
	600	Perry Ellis International, Inc.*		11,676
	2,605	PVH Corp.		298,273
	887	Ralph Lauren Corp.		65,461
	570	Rocky Brands, Inc.		7,667
	3,577	Sequential Brands Group, Inc.*		14,272
	7,159	Skechers U.S.A., Inc., Class A*		211,191
	3,826	Steven Madden, Ltd.*^		152,849
	700	Superior Uniform Group, Inc.^		15,645
	3,720	Under Armour, Inc., Class A*^		80,947
	3,746	Under Armour, Inc., Class C*^		75,519
	1,027	Unifi, Inc.*		31,632
	802	Vera Bradley, Inc.*		7,844
	5,997	VF Corp.^		345,426
	6,221	Wolverine World Wide, Inc.		174,250

				5,524,037

	Thrifts & Mortgage Finance (0.5%):
	493	ASB Bancorp, Inc.*		21,667
	8,629	Astoria Financial Corp.		173,873
	3,548	Bank Mutual Corp.		32,464
	1,591	BankFinancial Corp.		23,738
	4,285	Beneficial Bancorp, Inc.		64,275
	4,484	BofI Holding, Inc.*^		106,360
	311	BSB Bancorp, Inc.*^		9,097
	9,121	Capitol Federal Financial, Inc.		129,609
	1,278	Charter Financial Corp.		23,004
	2,063	Clifton Bancorp, Inc.^		34,101
	2,791	Dime Community Bancshares		54,704
	855	ESSA Bancorp, Inc.		12,586
	4,321	Essent Group, Ltd.*		160,482
	403	Federal Agricultural Mortgage Corp.		26,074
	408	First Capital, Inc.		12,799
	4,276	Flagstar Bancorp, Inc.*		131,786
	8	Greene County Bancorp, Inc.		218
	155	Hingham Institution for Savings		28,199
	1,670	HomeStreet, Inc.*		46,217
	787	HopFed Bancorp, Inc.		11,577
	613	IF Bancorp, Inc.		11,954
	966	Impac Mortgage Holdings, Inc.*		14,616
	5,119	Kearny Financial Corp.^		76,017
	1,249	Kentucky First Federal Bancorp		11,803
	750	Lake Shore Bancorp, Inc.		11,918
	194	LendingTree, Inc.*		33,407
	759	Malvern Bancorp, Inc.*		18,178
	3,570	Meridian Bancorp, Inc.		60,333
	484	Meta Financial Group, Inc.		43,076
	19,071	MGIC Investment Corp.*		213,594


Shares			Fair Value
	Common Stocks, continued
	Thrifts & Mortgage Finance, continued
	5,566	Nationstar Mortgage Holdings, Inc.*^	$	99,576
	10,538	New York Community Bancorp, Inc.^		138,364
	3,378	NMI Holdings, Inc., Class A*		38,678
	1,311	Northeast Community Bancorp, Inc.		11,078
	2,984	Northfield Bancorp, Inc.		51,176
	5,417	Northwest Bancshares, Inc.^		84,559
	2,643	Oceanfirst Financial Corp.		71,678
	503	Oconee Federal Financial Corp.		13,978
	6,975	Ocwen Financial Corp.*		18,763
	3,358	Oritani Financial Corp.^		57,254
	1,218	PennyMac Financial Services, Inc., Class A*		20,341
	3,040	PHH Corp.*		41,861
	679	Provident Financial Holdings, Inc.		13,071
	3,473	Provident Financial Services, Inc.		88,145
	10,356	Radian Group, Inc.		169,320
	420	Riverview Bancorp, Inc.		2,789
	967	SI Financial Group, Inc.		15,569
	561	Southern Missouri Bancorp, Inc.		18,098
	733	Territorial Bancorp, Inc.		22,862
	5,881	TFS Financial Corp.		90,979
	7,273	TrustCo Bank Corp.		56,366
	3,739	United Community Financial Corp.		31,071
	3,669	United Financial Bancorp, Inc.		61,236
	3,636	Washington Federal, Inc.		120,715
	2,036	Waterstone Financial, Inc.		38,379
	2,181	Wawlker & Dunlop, Inc.*		106,498
	1,498	Western New England BanCorp, Inc.		15,205
	1,534	WSFS Financial Corp.		69,567

				3,164,902

	Tobacco (1.4%):
	49,910	Altria Group, Inc.		3,716,798
	28,027	Philip Morris International, Inc.		3,291,771
	8,746	Reynolds American, Inc.		568,840
	1,284	Universal Corp.		83,075
	7,323	Vector Group, Ltd.^		156,126

				7,816,610

	Trading Companies & Distributors (0.6%):
	7,861	Air Lease Corp.^		293,687
	4,508	Aircastle, Ltd.^		98,049
	2,594	Applied Industrial Technologies, Inc.		153,176
	2,840	Beacon Roofing Supply, Inc.*		139,160
	3,157	BMC Stock Holdings, Inc.*		68,980
	1,592	CAI International, Inc.*^		37,571
	644	DXP Enterprises, Inc.*		22,218
	9,739	Fastenal Co.^		423,938
	2,000	H&E Equipment Services, Inc.		40,820
	6,084	HD Supply Holdings, Inc.*		186,353
	1,299	Herc Holdings, Inc.*		51,077
	1,307	Huttig Building Products, Inc.*		9,162
	2,054	Kaman Corp., Class A		102,433
	2,802	MRC Global, Inc.*		46,289
	2,233	MSC Industrial Direct Co., Inc., Class A		191,949


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	4,627	NOW, Inc.*^	$	74,402
	1,902	Rush Enterprises, Inc., Class A*		70,716
	1,007	TransAct Technologies, Inc.*		12,235
	2,536	Triton International, Ltd.		84,804
	4,343	United Rentals, Inc.*^		489,499
	6,334	Univar, Inc.*		184,953
	1,184	Veritiv Corp.*		53,280
	2,272	W.W. Grainger, Inc.^		410,164
	1,734	Watsco, Inc.^		267,383
	84	Watsco, Inc., Class B		12,938
	2,955	WESCO International, Inc.*		169,322

				3,694,558

	Transportation Infrastructure (0.0%):
	2,859	Macquarie Infrastructure Corp.		224,146

	Water Utilities (0.1%):
	2,327	American States Water Co.^		110,323
	3,393	American Water Works Co., Inc.		264,485
	5,010	Aqua America, Inc.^		166,833
	491	Artesian Resources Corp.		18,481
	2,891	California Water Service Group		106,389
	665	Connecticut Water Service, Inc.		36,914
	979	Middlesex Water Co.		38,768
	669	Pure Cycle Corp.*		5,185
	1,234	SJW Corp.		60,688
	772	York Water Co. (The)^		26,904

				834,970

	Wireless Telecommunication Services (0.2%):
	2,055	Boingo Wireless, Inc.*		30,743
	4,154	Shenandoah Telecommunications Co.^		127,528
	1,649	Spok Holdings, Inc.		29,187
	15,850	Sprint Corp.*		130,129
	6,397	Telephone & Data Systems, Inc.		177,517
	7,271	T-Mobile US, Inc.*		440,767
	782	United States Cellular Corp.*		29,966

				965,837

	Total Common Stocks (Cost $508,296,248)			576,181,504

	Rights (0.0%):
	Biotechnology (0.0%):
	2,582	Dyax Corp. CVR, Expires on 12/31/19*(a)(b)		2,866

	Media (0.0%):
	9,820	Media General, Inc. CVR, Expires on 7/18/17*(a)(b)		18,658

	Total Rights (Cost $3,043)			21,524

	Securities Held as Collateral for Securities on Loan (9.7%):
$	56,278,213	AZL DFA U.S. Core Equity Fund Securities Lending Collateral Account(c)		56,278,213

	Total Securities Held as Collateral for Securities on Loan (Cost $56,278,213)			56,278,213

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	564,816,932

Investment securities, at value*	$	632,720,669
Cash		382
Interest and dividends receivable		500,617
Receivable for investments sold		1,361,088
Reclaims receivable		746

Total Assets		634,583,502

Liabilities:
Payable for capital shares redeemed		75,992
Payable for collateral received on loaned securities		56,278,213
Manager fees payable		258,739
Administration fees payable		15,394
Distribution fees payable		119,787
Custodian fees payable		3,746
Administrative and compliance services fees payable		2,344
Transfer agent fees payable		964
Trustee fees payable		4,652
Other accrued liabilities		18,068

Total Liabilities		56,777,899

Net Assets	$	577,805,603

Net Assets Consist of:
Capital	$	495,044,589
Accumulated net investment income/(loss)		9,544,505
Accumulated net realized gains/(losses) from investment transactions		5,312,738
Net unrealized appreciation/(depreciation) on investments		67,903,771

Net Assets	$	577,805,603

Shares of beneficial interest (unlimited number of shares authorized, no par value)		49,961,576
Net Asset Value (offering and redemption price per share)	$	11.56

*	Includes securities on loan of $55,023,723.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Dividends	$	5,258,385
Interest		83
Income from securities lending		134,204
Foreign withholding tax		(1,724	)

Total Investment Income		5,390,948

Expenses:
Manager fees		2,318,973
Administration fees		86,281
Distribution fees		724,678
Custodian fees		14,047
Administrative and compliance services fees		5,409
Transfer agent fees		3,560
Trustee fees		17,636
Professional fees		18,513
Shareholder reports		4,833
Other expenses		8,433

Total expenses before reductions		3,202,363
Less expenses voluntarily waived/reimbursed by the Manager		(753,668	)

Net expenses		2,448,695

Net Investment Income/(Loss)		2,942,253

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		4,101,637
Change in net unrealized appreciation/depreciation on investments		36,553,280

Net Realized/Unrealized Gains/(Losses) on Investments		40,654,917

Change in Net Assets Resulting From Operations	$	43,597,170

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA U.S. Core Equity Fund (the “Fund”), and 22 are presented in separate reports.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $49 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $13,121 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and sub-adviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2017, the Fund did not engage in any Rule 17a-7 transactions under the 1940 Act.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2017, there were no contractual reimbursements subject to repayment by the Fund in subsequent years.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $3,531 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2017, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2017 is $564,798,996. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Capital loss carry forwards (“CLCFs”) subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or longterm. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset or expires

During the year ended December 31, 2016, the Fund utilized $647,707 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL DFA U.S. Small Cap Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (100.2%):
	Aerospace & Defense (1.7%):
	1,397	AAR Corp.	$	48,560
	11,200	Aerojet Rocketdyne Holdings, Inc.*		232,960
	3,952	AeroVironment, Inc.*		150,966
	1,402	Air Industries Group, Inc.*		2,510
	5,128	Arotech Corp.*		18,204
	3,415	Astronics Corp.*		104,055
	8,722	Axon Enterprise, Inc.*^		219,271
	685	CPI Aerostructures, Inc.*		6,439
	4,364	Cubic Corp.		202,053
	774	Curtiss-Wright Corp.		71,038
	10,090	DigitalGlobe, Inc.*		335,997
	766	Ducommun, Inc.*		24,190
	3,343	Engility Holdings, Inc.*		94,941
	808	Esterline Technologies Corp.*		76,598
	3,376	Innovative Solutions & Support, Inc.*		14,854
	7,000	KLX, Inc.*		350,000
	11,071	Kratos Defense & Security Solutions, Inc.*		131,413
	4,348	Mercury Computer Systems, Inc.*		183,007
	5,351	Moog, Inc., Class A*		383,774
	66	Moog, Inc., Class B*		4,752
	1,184	National Presto Industries, Inc.		130,832
	590	Sparton Corp.*		12,974
	633	Tel-Instrument Electronics Corp.*		2,026
	7,022	The KEYW Holding Corp.*^		65,656
	6,548	Triumph Group, Inc.^		206,917
	15,588	WESCO Aircraft Holdings, Inc.*		169,130

				3,243,117

	Air Freight & Logistics (0.6%):
	492	Air T, Inc.*		10,430
	14,520	Air Transport Services Group, Inc.*		316,245
	1,862	Atlas Air Worldwide Holdings, Inc.*		97,103
	4,235	Echo Global Logistics, Inc.*		84,277
	4,737	Forward Air Corp.		252,387
	5,582	Hub Group, Inc.*		214,070
	2,328	Park-Ohio Holdings Corp.		88,697
	5,212	Radiant Logistics, Inc.*		28,041

				1,091,250

	Airlines (0.4%):
	2,342	Allegiant Travel Co.^		317,575
	562	Copa Holdings SA, Class A		65,754
	7,320	Hawaiian Holdings, Inc.*^		343,674
	1,113	SkyWest, Inc.		39,066
	2,855	Spirit Airlines, Inc.*		147,461

				913,530

	Auto Components (1.8%):
	12,952	American Axle & Manufacturing Holdings, Inc.*^		202,051
	8,007	Cooper Tire & Rubber Co.^		289,053
	2,216	Cooper-Standard Holding, Inc.*		223,528
	11,599	Dana Holding Corp.		259,006
	4,979	Dorman Products, Inc.*		412,112
	5,932	Fox Factory Holding Corp.*		211,179


Shares			Fair Value
	Common Stocks, continued
	Auto Components, continued
	5,653	Gentherm, Inc.*	$	219,336
	3,680	Horizon Global Corp.*^		52,845
	3,713	LCI Industries^		380,211
	7,745	Modine Manufacturing Co.*		128,180
	3,366	Motorcar Parts of America, Inc.*		95,056
	1,992	Shiloh Industries, Inc.*		23,386
	6,373	Spartan Motors, Inc.		56,401
	3,910	Standard Motor Products, Inc.^		204,180
	5,863	Stoneridge, Inc.*		90,349
	733	Strattec Security Corp.		25,948
	4,822	Tenneco, Inc.		278,856
	3,920	Tower International, Inc.		88,004
	2,883	Visteon Corp.*		294,239
	4,313	VOXX International Corp.*		35,367

				3,569,287

	Automobiles (0.1%):
	4,607	Winnebago Industries, Inc.^		161,245

	Banks (14.0%):
	1,584	1st Constitution Bancorp		28,116
	4,420	1st Source Corp.		211,895
	2,359	Access National Corp.		62,561
	410	ACNB Corp.		12,505
	1,639	American National Bankshares, Inc.		60,561
	346	American River Bankshares		5,020
	5,842	Ameris Bancorp		281,584
	1,649	Ames National Corp.		50,459
	294	Anchor Bancorp, Inc.*		7,424
	2,791	Arrow Financial Corp.^		88,335
	10,707	Associated Banc-Corp.		269,816
	13	Auburn National Bancorp, Inc.		486
	6,594	Banc of California, Inc.		141,771
	2,407	BancFirst Corp.		232,516
	736	Bancorp of New Jersey, Inc.		12,291
	7,009	Bancorp, Inc. (The)*^		53,128
	14,537	BancorpSouth, Inc.		443,378
	2,653	Bank of Commerce Holdings		29,316
	3,143	Bank of Hawaii Corp.^		260,775
	1,200	Bank of Marin Bancorp		73,860
	441	Bank of South Carolina Corp.		8,930
	4,201	Banner Corp.		237,399
	2,449	Bar Harbor Bankshares		75,478
	1,367	Bay Bancorp, Inc.*		10,458
	595	BCB Bancorp, Inc.		9,104
	4,723	Berkshire Hills Bancorp, Inc.		166,013
	13,042	Boston Private Financial Holdings, Inc.^		200,195
	2,206	Bridge Bancorp, Inc.		73,460
	12,156	Brookline Bancorp, Inc.		177,478
	3,289	Bryn Mawr Bank Corp.^		139,783
	74	C&F Financial Corp.		3,471
	1,274	California First National Bancorp		24,015
	2,359	Camden National Corp.		101,225
	4,761	Canadian Imperial Bank of Commerce		386,403


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	4,547	Capital Bank Financial Corp., Class A	$	173,241
	3,242	Capital City Bank Group, Inc.		66,202
	397	Carolina Financial Corp.		12,831
	10,925	Cathay General Bancorp		414,603
	8,484	Centerstate Banks, Inc.		210,912
	5,261	Central Pacific Financial Corp.		165,564
	1,141	Central Valley Community Bancorp		25,285
	511	Century Bancorp, Inc.		32,500
	5,879	Chemical Financial Corp.		284,602
	940	Chemung Financial Corp.		38,427
	2,509	Citizens & Northern Corp.^		58,359
	261	Citizens First Corp.^		5,873
	718	Citizens Holding Co.		18,668
	2,576	City Holding Co.		169,681
	797	Civista Bancshares, Inc.		16,641
	2,720	CNB Financial Corp.		65,198
	7,107	CoBiz Financial, Inc.		123,662
	75	Codorus Valley Bancorp, Inc.		2,130
	56	Colony Bankcorp, Inc.		767
	8,715	Columbia Banking System, Inc.		347,293
	7,640	Community Bank System, Inc.		426,082
	3,296	Community Bankers Trust Corp.*		27,192
	3,050	Community Trust Bancorp, Inc.		133,438
	525	Community West Bancshares		5,460
	5,611	ConnectOne Bancorp, Inc.		126,528
	3,186	CU Bancorp*		115,174
	5,060	Customers Bancorp, Inc.*^		143,097
	16,555	CVB Financial Corp.^		371,329
	130	DNB Financial Corp.		4,459
	609	Eagle Bancorp Montana, Inc.		11,023
	4,678	Eagle Bancorp, Inc.*		296,117
	3,787	Enterprise Financial Services Corp.		154,510
	300	Equity Bancshares, Inc.*		9,192
	534	Evans Bancorp, Inc.		21,333
	31,665	F.N.B. Corp.		448,375
	1,103	Farmers Capital Bank Corp.		42,521
	2,582	Farmers National Banc Corp.		37,439
	242	Fauquier Bankshares, Inc.		4,659
	819	FCB Financial Holdings, Inc.*		39,107
	4,515	Fidelity Southern Corp.		103,213
	2,609	Financial Institutions, Inc.		77,748
	4,289	First Bancorp		134,074
	34,474	First Bancorp*		199,605
	2,165	First Bancorp, Inc.		58,585
	965	First Bancshares, Inc. (The)		26,634
	5,871	First Busey Corp.		172,138
	1,646	First Business Financial Services, Inc.		37,990
	453	First Citizens BancShares, Inc., Class A		168,833
	3,144	First Commonwealth Financial Corp.		39,866
	3,514	First Community Bankshares		96,108
	2,774	First Connecticut Bancorp, Inc.		71,153
	9,698	First Financial Bancorp		268,635


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	9,006	First Financial Bankshares, Inc.^	$	398,064
	2,100	First Financial Corp.		99,330
	1,717	First Financial Northwest, Inc.		27,695
	2,578	First Foundation, Inc.*		42,357
	8,453	First Horizon National Corp.		147,251
	5,154	First Interstate BancSystem, Class A		191,729
	6,546	First Merchants Corp.		262,756
	12,960	First Midwest Bancorp, Inc.		302,098
	3,897	First of Long Island Corp. (The)		111,454
	28	First Savings Financial Group		1,533
	888	First South Bancorp		14,688
	234	First United Corp.*		3,498
	908	First US Bancshares, Inc.		10,188
	4,932	Flushing Financial Corp.		139,033
	279	Franklin Financial Network, Inc.*		11,509
	25,457	Fulton Financial Corp.		483,682
	4,183	German American Bancorp, Inc.^		142,598
	11,162	Glacier Bancorp, Inc.^		408,640
	2,565	Great Southern Bancorp, Inc.		137,228
	1,459	Great Western Bancorp, Inc.		59,542
	885	Green BanCorp, Inc.*^		17,169
	3,876	Guaranty Bancorp		105,427
	5,026	Hancock Holding Co.		246,274
	4,853	Hanmi Financial Corp.		138,068
	40	Hawthorn Bancshares, Inc.		822
	3,898	Heartland Financial USA, Inc.		183,596
	5,183	Heritage Financial Corp.		137,350
	4,977	Hertiage Commerce Corp.		68,583
	15,083	Hilltop Holdings, Inc.		395,324
	8,547	Home Bancshares, Inc.		212,820
	3,318	Hometrust Bancshares, Inc.*		80,959
	18,841	Hope BanCorp, Inc.		351,385
	2,959	Horizon Bancorp		77,970
	2,651	IBERIABANK Corp.		216,057
	4,227	Independent Bank Corp.		281,730
	3,196	Independent Bank Group, Inc.		190,162
	9,938	International Bancshares Corp.		348,327
	7,007	Lakeland Bancorp, Inc.		132,082
	4,322	Lakeland Financial Corp.^		198,293
	745	Landmark Bancorp, Inc.		22,946
	1,512	LCNB Corp.		30,240
	7,298	LegacyTexas Financial Group, Inc.^		278,273
	5,225	Macatawa Bank Corp.		49,847
	1,048	Mackinac Financial Corp.		14,672
	4,070	Mainsource Financial Group, Inc.		136,386
	5,393	MB Financial, Inc.		237,508
	1,565	MBT Financial Corp.		15,181
	3,203	Mercantile Bank Corp.		100,830
	1,441	MidWestone Financial Group, Inc.		48,835
	892	MutualFirst Financial, Inc.		31,844
	4,474	National Bank Holdings Corp.		148,134
	1,309	National Bankshares, Inc.		53,407


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	410	National Commerce Corp.*	$	16,216
	6,959	NBT Bancorp, Inc.		257,135
	378	Nicolet Bankshares, Inc.*		20,680
	1,136	Northeast Bancorp		23,118
	1,357	Northrim Bancorp, Inc.^		41,253
	406	Norwood Financial Corp.		17,154
	7,468	OFG Bancorp		74,680
	183	Ohio Valley Banc Corp.		6,597
	2,029	Old Line Bancshares, Inc.		57,177
	19,364	Old National Bancorp		334,029
	1,004	Old Point Financial Corp.		33,012
	3,314	Old Second Bancorp, Inc.		38,277
	1,178	Opus Bank		28,508
	1,398	Orrstown Financial Services, Inc.		31,944
	3,315	Pacific Continental Corp.		84,698
	1,718	Pacific Mercantile Bancorp*		15,118
	4,430	Pacific Premier Bancorp, Inc.*		163,467
	2,309	Park National Corp.^		239,489
	8,402	Park Sterling Corp.		99,816
	1,353	Parke Bancorp, Inc.		30,307
	2,884	Peapack-Gladstone Financial Corp.		90,240
	968	Penns Woods Bancorp, Inc.		39,862
	395	Peoples Bancorp of NC		12,482
	3,369	Peoples Bancorp, Inc.		108,246
	452	People’s Utah BanCorp		12,114
	7,987	Pinnacle Financial Partners, Inc.		501,583
	3,264	Popular, Inc.		136,141
	1,000	Porter Bancorp, Inc.*		10,270
	2,485	Preferred Bank Los Angeles		132,873
	955	Premier Financial Bancorp, Inc.		19,683
	1,118	QCR Holdings, Inc.		52,993
	5,547	Renasant Co.		242,626
	2,499	Republic Bancorp, Inc., Class A		89,214
	6,466	Republic First Bancorp, Inc.*^		59,811
	6,121	S & T Bancorp, Inc.^		219,499
	320	Salisbury Bancorp, Inc.		13,264
	4,230	Sandy Spring Bancorp, Inc.		171,992
	552	SB Financial Group, Inc.		9,378
	6,202	Seacoast Banking Corp.*		149,468
	1,252	Select Bancorp, Inc.*		15,299
	2,703	ServisFirst Bancshares, Inc.^		99,714
	2,325	Shore Bancshares, Inc.		38,246
	2,735	Sierra Bancorp		67,144
	4,932	Simmons First National Corp., Class A^		260,903
	3,837	South State Corp.		328,831
	562	Southern First Bancshares, Inc.*		20,822
	2,309	Southern National Bancorp		40,638
	4,452	Southside Bancshares, Inc.^		155,553
	3,583	Southwest Bancorp		91,546
	88	Southwest Georgia Financial Corp.		1,729
	6,242	State Bank Financial Corp.		169,283
	16,487	Sterling Bancorp^		383,323


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	690	Stewardship Financial Corp.^	$	6,555
	3,509	Stock Yards Bancorp, Inc.^		136,500
	1,101	Stonegate Bank		50,844
	682	Summit Financial Group, Inc.		15,004
	1,203	Summit State Bank		15,639
	2,160	Sun Bancorp, Inc.		53,244
	625	Sussex Bancorp		15,469
	21,638	TCF Financial Corp.		344,910
	2,836	Texas Capital Bancshares, Inc.*		219,506
	2,544	Tompkins Financial Corp.^		200,264
	9,685	TowneBank		298,298
	4,274	TriCo Bancshares		150,231
	5,240	Tristate Capital Holdings, Inc.*^		132,048
	10,347	Trustmark Corp.		332,760
	98	Two River Bancorp		1,822
	3,397	UMB Financial Corp.		254,299
	7,078	Union Bankshares Corp.		239,944
	249	Union Bankshares, Inc.		11,828
	450	United Bancshares, Inc.		10,463
	9,858	United Bankshares, Inc.		386,434
	3,612	United Community Banks, Inc.		100,414
	916	United Security Bancshares		8,473
	42	Unity Bancorp, Inc.		722
	4,739	Univest Corp.		141,933
	33,761	Valley National Bancorp^		398,716
	398	Veritex Holdings, Inc.*		10,479
	2,963	Washington Trust Bancorp		152,743
	456	WashingtonFirst Bankshare, Inc.		15,746
	2,793	Webster Financial Corp.^		145,850
	127	Wellesley Bank		3,499
	6,412	WesBanco, Inc.		253,530
	3,230	West Bancorp		76,390
	4,131	Westamerica Bancorp^		231,501
	2,963	Wintrust Financial Corp.		226,492
	83	Xenith Bankshares, Inc.*		2,578

				27,591,212

	Beverages (0.5%):
	547	Boston Beer Co., Inc. (The), Class A*		72,286
	1,205	Coca-Cola Bottling Co. Consolidated		275,788
	1,920	Craft Brewers Alliance, Inc.*		32,352
	2,840	MGP Ingredients, Inc.^		145,323
	4,777	National Beverage Corp.^		446,936
	1,846	Primo Water Corp.*^		23,444
	985	Willamette Valley Vineyards, Inc.*		7,969

				1,004,098

	Biotechnology (0.9%):
	5,582	Achillion Pharmaceuticals, Inc.*		25,621
	2,674	Acorda Therapeutics, Inc.*^		52,678
	2,927	Akebia Therapeutics, Inc.*		42,061
	1,030	Alder Biopharmaceuticals, Inc.*^		11,794
	1,397	AMAG Pharmaceuticals, Inc.*^		25,705
	2,800	Amicus Therapeutics, Inc.*^		28,196


Shares			Fair Value
	Common Stocks, continued
	Biotechnology, continued
	3,846	Aptevo Therapeutics, Inc.*	$	7,961
	3,629	Atara Biotherapeutics, Inc.*		50,806
	3,900	Atyr Pharma, Inc.*		13,455
	1,280	Biospecifics Technologies Corp.*		63,373
	740	Bluebird Bio, Inc.*		77,737
	3,300	Cascadian Therapeutics, Inc.*		12,260
	6,042	Celldex Theraputics, Inc.*^		14,924
	4,691	Chimerix, Inc.*		25,566
	6,811	Emergent Biosolutions, Inc.*^		230,961
	3,175	Enanta Pharmaceuticals, Inc.*		114,237
	1,280	Five Prime Therapeutics, Inc.*		38,541
	3,295	Fortress Biotech, Inc.*		15,651
	3,451	Genocea Biosciences, Inc.*		18,014
	592	ImmuCell Corp.*^		4,328
	1,703	Inotek Pharmaceuticals Corp.*		3,236
	11,121	Insys Therapeutics, Inc.*		140,681
	1,694	Intellia Therapeutics, Inc.*		27,104
	2,838	Karyopharm Therapeutics, Inc.*		25,684
	1,681	Ligand Pharmaceuticals, Inc., Class B*^		204,073
	561	Macrogenics, Inc.*		9,823
	3,803	Mimedx Group, Inc.*		56,931
	2,500	Mirati Therapeutics, Inc.*^		9,125
	9,783	Myriad Genetics, Inc.*		252,792
	1,895	Newlink Genetics Corp.*^		13,928
	2,308	Otonomy, Inc.*		43,506
	27,986	PDL BioPharma, Inc.*		69,125
	1,429	Pfenex, Inc.*		5,730
	1,357	Recro Pharma, Inc.*		9,540
	2,091	Retrophin, Inc.*		40,544
	2,100	Spectrum Pharmaceuticals, Inc.*^		15,645
	1,000	Syndax Pharmaceuticals, Inc.*		13,970
	3,360	Trevena, Inc.*		7,728
	3,399	Zafgen, Inc.*		11,930

				1,834,964

	Building Products (1.6%):
	7,876	AAON, Inc.^		290,230
	2,186	Advanced Drainage Systems, Inc.		43,939
	2,533	American Woodmark Corp.*		242,028
	4,582	Apogee Enterprises, Inc.^		260,441
	3,226	Armstrong Flooring, Inc.*		57,971
	6,018	Armstrong World Industries, Inc.*^		276,828
	14,981	Builders FirstSource, Inc.*		229,509
	1,725	Continental Building Products, Inc.*		40,193
	308	Continental Materials Corp.*		5,883
	281	Csw Industrials, Inc.*		10,861
	1,117	Gibraltar Industries, Inc.*		39,821
	3,294	Insteel Industries, Inc.^		108,603
	11,839	NCI Building Systems, Inc.*^		197,711
	2,514	Patrick Industries, Inc.*		183,145
	8,952	PGT, Inc.*		114,586
	11,370	Ply Gem Holdings, Inc.*		204,092
	6,124	Quanex Building Products Corp.^		129,523


Shares			Fair Value
	Common Stocks, continued
	Building Products, continued
	7,059	Simpson Manufacturing Co., Inc.	$	308,548
	4,288	Trex Co., Inc.*^		290,125
	471	Universal Forest Products, Inc.		41,123

				3,075,160

	Capital Markets (1.6%):
	3,202	Artisan Partners Asset Management, Inc., Class A		98,301
	16,159	BGC Partners, Inc., Class A		204,250
	6,803	Cohen & Steers, Inc.^		275,794
	575	Diamond Hill Investment Group		114,655
	597	Donnelley Financial Solutions, Inc.*		13,707
	6,311	Federated Investors, Inc., Class B^		178,286
	3,639	Financial Engines, Inc.^		133,187
	8,015	Gain Capital Holdings, Inc.		49,933
	1,201	GAMCO Investors, Inc., Class A		35,550
	4,915	Greenhill & Co., Inc.		98,792
	211	Hennessy Advisors, Inc.		3,203
	1,116	Houlihan Lokey, Inc.		38,948
	10,023	Interactive Brokers Group, Inc., Class A^		375,060
	3,072	INTL FCStone, Inc.*		115,999
	1,911	Investment Technology Group, Inc.		40,590
	2,461	Janus Henderson Group plc*		81,484
	11,945	KCG Holdings, Inc.*		238,183
	34,837	Ladenburg Thalmann Financial Services, Inc.*		85,002
	844	LPL Financial Holdings, Inc.		35,836
	2,775	Manning & Napier, Inc.		12,071
	1,098	Moelis & Co., Class A		42,657
	1,115	Morningstar, Inc.		87,349
	3,086	Om Asset Management plc		45,858
	2,541	Oppenheimer Holdings, Class A		41,672
	556	Pjt Partners, Inc.^		22,362
	2,624	Pzena Investment Management, Inc.		26,660
	3,824	Safeguard Scientifics, Inc.*		45,506
	1,619	Silvercrest Asset Management Group, Inc., Class A		21,776
	1,266	Stifel Financial Corp.*		58,211
	207	Value Line, Inc.		3,788
	1,049	Virtu Financial, Inc.^		18,515
	345	Virtus Investment Partners, Inc.		38,278
	1,678	Westwood Holdings, Inc.		95,126
	21,433	WisdomTree Investments, Inc.		217,974

				2,994,563

	Chemicals (2.5%):
	5,150	A. Schulman, Inc.		164,800
	3,852	Advansix, Inc.*		120,336
	5,740	American Vanguard Corp.		99,015
	4,463	Balchem Corp.		346,820
	3,659	Cabot Corp.		195,500
	8,556	Calgon Carbon Corp.		129,196
	1,192	Chase Corp.		127,186
	1,403	Core Molding Technologies, Inc.*		30,319
	2,886	Ferro Corp.*		52,785
	2,318	Flotek Industries, Inc.*^		20,723


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	7,977	Futurefuel Corp.	$	120,373
	3,321	GCP Applied Technologies, Inc.*		101,291
	7,303	H.B. Fuller Co.^		373,255
	1,989	Hawkins, Inc.		92,190
	796	Ingevity Corp.*		45,690
	3,644	Innophos Holdings, Inc.		159,753
	3,945	Innospec, Inc.		258,595
	14,475	Intrepid Potash, Inc.*		32,714
	2,103	KMG Chemicals, Inc.		102,353
	638	Koppers Holdings, Inc.*		23,064
	4,651	Kraton Performance Polymers, Inc.*		160,180
	12,087	Kronos Worldwide, Inc.^		220,225
	4,373	LSB Industries, Inc.*^		45,173
	5,078	Minerals Technologies, Inc.		371,710
	893	Northern Technologies International Corp.*		14,243
	8,799	Omnova Solutions, Inc.*		85,790
	10,245	Platform Speciality Products Corp.*		129,907
	3,797	PolyOne Corp.		147,096
	2,081	Quaker Chemical Corp.		302,224
	4,425	Rayonier Advanced Materials, Inc.		69,561
	1,528	Sensient Technologies Corp.		123,050
	3,545	Stepan Co.		308,911
	279	TOR Minerals International, Inc.*		2,246
	4,603	Trecora Resources*^		51,784
	1,788	Tredegar Corp.		27,267
	2,135	Trinseo SA		146,675
	10,917	Tronox, Ltd., Class A		165,065

				4,967,065

	Commercial Services & Supplies (3.4%):
	8,156	ABM Industries, Inc.		338,637
	17,694	ACCO Brands Corp.*		206,135
	675	Acme United Corp.		19,305
	1,580	AMREP Corp.*		10,712
	8,754	ARC Document Solutions, Inc.*		36,417
	7,230	Brady Corp., Class A		245,097
	7,338	Brink’s Co. (The)		491,647
	7,585	Casella Waste Systems, Inc.*		124,470
	5,965	CECO Environmental Corp.		54,759
	2,332	Clean Harbors, Inc.*		130,196
	325	CompX International, Inc.		4,956
	19,019	Covanta Holding Corp.^		251,051
	1,356	Deluxe Corp.		93,862
	535	Ecology and Environment, Inc., Class A		6,768
	1,100	Ennis, Inc.		21,010
	6,386	Essendant, Inc.		94,704
	3,351	Healthcare Services Group, Inc.^		156,927
	8,377	Herman Miller, Inc.		254,661
	6,574	HNI Corp.		262,105
	3,277	Hudson Technologies, Inc*		27,691
	5,892	InnerWorkings, Inc.*		68,347
	9,917	Interface, Inc.		194,869
	4,059	Intersections, Inc.*		19,077


Shares			Fair Value
	Common Stocks, continued
	Commercial Services & Supplies, continued
	7,005	Kimball International, Inc., Class B	$	116,913
	8,287	Knoll, Inc.		166,154
	597	LSC Communications, Inc.		12,776
	4,706	Matthews International Corp., Class A		288,243
	4,607	McGrath Rentcorp		159,540
	7,137	Mobile Mini, Inc.^		213,039
	5,829	MSA Safety, Inc.		473,140
	2,406	Multi-Color Corp.		196,330
	2,566	NL Industries, Inc.*		18,090
	2,198	Perma-Fix Environmental Services, Inc.*		8,133
	4,293	Pitney Bowes, Inc.		64,824
	5,379	Quad Graphics, Inc.		123,287
	1,725	RR Donnelley & Sons Co.^		21,632
	3,757	SP Plus Corp.*		114,776
	14,360	Steelcase, Inc., Class A		201,040
	5,115	Team, Inc.*^		119,947
	8,423	Tetra Tech, Inc.		385,352
	2,218	UniFirst Corp.		312,073
	3,362	US Ecology, Inc.^		169,781
	1,974	Versar, Inc.*		2,882
	3,364	Virco Manufacturing Co.*		17,997
	2,196	Vse Corp.		98,776
	11,947	West Corp.		278,604

				6,676,732

	Communications Equipment (1.8%):
	9,580	ADTRAN, Inc.		197,827
	1,444	Applied Optoelectronics, Inc.*^		89,225
	254	Bel Fuse, Inc., Class A		5,296
	1,595	Bel Fuse, Inc., Class B		39,397
	2,711	Black Box Corp.		23,179
	5,439	CalAmp Corp.*		110,575
	9,819	Calix, Inc.*		67,260
	14,467	Ciena Corp.*^		361,964
	980	Clearfield, Inc.*		12,936
	1,808	ClearOne, Inc.		17,086
	316	Communications Systems, Inc.		1,368
	759	Digi International, Inc.*		7,704
	6,028	EMCORE Corp.		64,198
	9,247	Extreme Networks, Inc.*		85,257
	16,507	Finisar Corp.*		428,851
	15,310	Harmonic, Inc.*^		80,378
	3,164	Infinera Corp.*^		33,760
	4,981	InterDigital, Inc.		385,031
	3,225	KVH Industries, Inc.*		30,638
	1,952	Lumentum Holdings, Inc.*		111,362
	5,130	NETGEAR, Inc.*		221,103
	4,903	NetScout Systems, Inc.*		168,663
	2,391	Network-1 Technologies, Inc.		10,162
	4,083	Oclaro, Inc.*^		38,135
	131	Optical Cable Corp.*		321
	4,860	Plantronics, Inc.		254,227
	900	RELM Wireless Corp.		3,420


Shares			Fair Value
	Common Stocks, continued
	Communications Equipment, continued
	3,494	ShoreTel, Inc.*	$	20,265
	4,620	Sonus Networks, Inc.*		34,373
	4,296	Ubiquiti Networks, Inc.*^		223,263
	3,430	ViaSat, Inc.*		227,066
	8,844	Viavi Solutions, Inc.*		93,127

				3,447,417

	Construction & Engineering (1.3%):
	5,275	Ameresco, Inc., Class A*		40,618
	2,627	Argan, Inc.		157,620
	2,603	Chicago Bridge & Iron Co. NV^		51,357
	5,817	Comfort Systems USA, Inc.		215,811
	5,066	Dycom Industries, Inc.*^		453,507
	4,719	Emcor Group, Inc.		308,528
	5,482	Granite Construction, Inc.^		264,452
	2,354	Hc2 Holdings, Inc.		13,842
	1,979	IES Holdings, Inc.*^		35,919
	19,282	KBR, Inc.^		293,472
	2,462	Layne Christensen Co.*^		21,641
	3,054	MasTec, Inc.*		137,888
	2,719	MYR Group, Inc.*		84,343
	1,479	Northwest Pipe Co.*		24,049
	1,180	NV5 Holdings, Inc.*^		50,150
	5,203	Orion Marine Group, Inc.*		38,866
	1,563	Primoris Services Corp.^		38,981
	3,151	Sterling Construction Co., Inc.*		41,184
	4,317	The Goldfield Corp.*		23,744
	2,416	Valmont Industries, Inc.		361,433

				2,657,405

	Construction Materials (0.1%):
	454	Summit Materials, Inc., Class A*		13,107
	2,142	U.S. Concrete, Inc.*^		168,254
	720	U.S. Lime & Minerals, Inc.^		56,498

				237,859

	Consumer Finance (0.8%):
	195	Asta Funding, Inc.*		1,599
	2,191	Atlanticus Holdings Corp.*		5,828
	5,088	Consumer Portfolio Services, Inc.*		23,150
	3,868	Encore Capital Group, Inc.*		155,300
	6,053	Enova International, Inc.*		89,887
	9,775	EZCORP, Inc., Class A*		75,268
	7,082	Firstcash, Inc.		412,881
	1,542	Green Dot Corp., Class A*		59,413
	7,503	LendingClub Corp.*^		41,342
	5,035	Nelnet, Inc., Class A		236,695
	1,556	Nicholas Financial, Inc.*		14,362
	7,134	PRA Group, Inc.*		270,379
	2,376	Regional Mgmt Corp.*		56,145
	1,528	World Acceptance Corp.*		114,462

				1,556,711

	Containers & Packaging (0.3%):
	4,085	Greif, Inc., Class A		227,860


Shares			Fair Value
	Common Stocks, continued
	Containers & Packaging, continued
	1,290	Greif, Inc., Class B	$	77,916
	5,740	Myers Industries, Inc.		103,033
	1,193	Owens-Illinois, Inc.*		28,537
	4,146	Silgan Holdings, Inc.		131,760
	1,332	UFP Technologies, Inc.*		37,696

				606,802

	Distributors (0.2%):
	12	AMCON Distributing Co.		1,249
	6,735	Core Markt Holdngs Co., Inc.^		222,659
	813	Educational Development Corp.		8,618
	2,157	Weyco Group, Inc.		60,137

				292,663

	Diversified Consumer Services (1.2%):
	5,211	Adtalem Global Education, Inc.		197,757
	3,229	American Public Education, Inc.*		76,366
	1,526	Ascent Capital Group, Inc.*		23,439
	3,362	Bridgepoint Education, Inc.*		49,623
	8,795	Cambium Learning Group, Inc.*		44,591
	1,825	Capella Education Co.		156,220
	12,930	Career Education Corp.*		124,128
	3,238	Carriage Services, Inc.^		87,296
	1,667	Collectors Universe, Inc.		41,425
	142	Graham Holdings Co., Class B		85,150
	6,918	Grand Canyon Education, Inc.*		542,441
	4,931	Houghton Mifflin Harcourt Co.*		60,651
	7,399	K12, Inc.*		132,590
	2,183	Liberty Tax, Inc.		28,270
	1,526	National American University Holdings, Inc.		3,861
	7,916	Sotheby’s*^		424,852
	1,831	Strayer Education, Inc.^		170,686
	5,156	Universal Technical Institute, Inc.*		18,407
	2,231	Weight Watchers International, Inc.*^		74,560

				2,342,313

	Diversified Financial Services (0.1%):
	2,417	Marlin Business Services, Inc.		60,788
	6,056	Newstar Financial, Inc.		63,588
	4,366	PICO Holdings, Inc.*		76,405
	2,849	Tiptree Financial, Inc., Class A		20,085

				220,866

	Diversified Telecommunication Services (0.8%):
	2,689	ATN International, Inc.		184,035
	7,179	Cincinnati Bell, Inc.*		140,349
	6,360	Cogent Communications Group, Inc.		255,036
	1,823	Consolidated Communications Holdings, Inc.^		39,140
	5,025	FairPoint Communications, Inc.*		78,641
	7,358	General Communication, Inc., Class A*		269,598
	2,168	Hawaiian Telcom Holdco, Inc.*		54,178
	4,115	IDT Corp.		59,133
	15,938	Iridium Communications, Inc.*		176,115
	4,346	Lumos Networks Corp.*		77,663
	13,354	Orbcomm, Inc.*^		150,900


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services, continued
	9,776	Vonage Holdings Corp.*^	$	63,935
	21,927	Windstream Holdings, Inc.^		85,077

				1,633,800

	Electric Utilities (1.2%):
	7,057	ALLETE, Inc.		505,845
	6,245	El Paso Electric Co.		322,867
	3,043	Genie Energy, Ltd., Class B		23,188
	1,608	IDACORP, Inc.		137,243
	5,326	MGE Energy, Inc.		342,728
	6,258	Otter Tail Power Co.		247,817
	13,077	PNM Resources, Inc.		500,195
	7,003	Portland General Electric Co.		319,967

				2,399,850

	Electrical Equipment (0.8%):
	1,690	Allied Motion Technologies, Inc.		46,002
	547	American Electric Technologies, Inc.*		985
	4,008	AZZ, Inc.		223,645
	3,839	Babcock & Wilcox Enterprises, Inc.*		45,147
	3,295	Encore Wire Corp.		140,697
	5,838	EnerSys		422,962
	411	Espey Manufacturing & Electronics Corp.		9,215
	2,200	Fuelcell Energy, Inc.*^		2,728
	3,351	Generac Holdings, Inc.*^		121,072
	5,274	General Cable Corp.		86,230
	4,534	LSI Industries, Inc.		41,033
	53	Pioneer Power Solutions, Inc.*		355
	569	Powell Industries, Inc.		18,202
	2,209	Power Solutions International, Inc.*		19,660
	1,064	Preformed Line Products Co.		49,391
	1,305	Regal-Beloit Corp.		106,423
	75	Servotronics, Inc.		704
	5,525	Thermon Group Holdings, Inc.*^		105,914
	3,104	Ultralife Corp.*		22,349

				1,462,714

	Electronic Equipment, Instruments & Components (3.7%):
	2,011	ADDvantage Technologies Group, Inc.*		3,238
	994	Agilysys, Inc.*		10,059
	5,388	Anixter International, Inc.*		421,342
	15,863	AVX Corp.		259,201
	4,687	Badger Meter, Inc.		186,777
	1,679	Belden, Inc.		126,647
	3,119	Coherent, Inc.*		701,743
	4,630	Control4 Corp.*		90,794
	4,147	CUI Global, Inc.*^		15,924
	8,032	Daktronics, Inc.		77,348
	1,365	Data I/O Corp.*		10,852
	5,745	Electro Scientific Industries, Inc.*		47,339
	5,176	Fabrinet*^		220,808
	3,079	FARO Technologies, Inc.*^		116,386
	640	Frequency Electronics, Inc.*		6,106
	2,274	Identiv, Inc.*		11,939


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	646	IEC Electronics Corp.*	$	2,326
	9,061	II-VI, Inc.*		310,792
	1,303	Insight Enterprises, Inc.*		52,107
	199	IntriCon Corp.*		1,592
	5,731	Itron, Inc.*		388,275
	8,386	KEMET Corp.*		107,341
	2,556	Kimball Electronics, Inc.*		46,136
	12,427	Knowles Corp.*^		210,265
	2,602	Littlelfuse, Inc.		429,330
	662	Mesa Labs, Inc.		94,871
	5,965	Methode Electronics, Inc., Class A		245,758
	2,644	MTS Systems Corp.^		136,959
	2,608	Napco Security Technologies, Inc.*^		24,515
	6,456	Novanta, Inc.*		232,416
	2,991	OSI Systems, Inc.*		224,774
	3,068	PAR Technology Corp.*		26,170
	3,846	Park Electrochemical Corp.		70,843
	1,746	PCM, Inc.*		32,738
	1,875	Perceptron, Inc.*		13,650
	5,383	Plexus Corp.*		282,984
	6,950	RadiSys Corp.*		26,132
	1,727	RF Industries, Ltd.		3,195
	2,724	Rogers Corp.*		295,881
	10,581	Sanmina Corp.*		403,136
	4,214	ScanSource, Inc.*		169,824
	1,885	SYNNEX Corp.		226,125
	621	Systemax, Inc.		11,675
	1,210	Tech Data Corp.*		122,210
	15,168	TTM Technologies, Inc.*^		263,316
	203	Universal Display Corp.		22,178
	3,719	VeriFone Systems, Inc.*		67,314
	6,432	Vishay Intertechnology, Inc.^		106,771
	989	Wayside Technology Group, Inc.		19,137
	3,952	Wireless Telecom Group, Inc.*		6,323

				6,983,562

	Energy Equipment & Services (1.5%):
	2,392	Archrock, Inc.		27,269
	8,563	Atwood Oceanics, Inc.*^		69,788
	366	Basic Energy Services, Inc.*		9,113
	1,388	Dawson Geophysical Co.*		5,441
	4,461	Diamond Offshore Drilling, Inc.*		48,313
	4,550	Dril-Quip, Inc.*^		222,040
	13,196	Ensco plc, Class A, ADR^		68,091
	3,837	Era Group, Inc.*		36,298
	1,580	Exterran Corp.*		42,186
	14,952	Forum Energy Technologies, Inc.*^		233,251
	3,592	Frank’s International NV		29,778
	1,260	Geospace Technologies Corp.*^		17,426
	2,641	Gulf Island Fabrication, Inc.		30,636
	6,137	Helix Energy Solutions Group, Inc.*		34,613
	1,321	Hornbeck Offshore Services, Inc.*^		3,738
	5,580	Matrix Service Co.*		52,173


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services, continued
	39,348	McDermott International, Inc.*	$	282,125
	16,654	Nabors Industries, Ltd.		135,564
	2,316	Natural Gas Services Group*		57,553
	15,404	Newpark Resources, Inc.*^		113,219
	11,459	Noble Corp. plc		41,482
	4,798	Oceaneering International, Inc.		109,586
	2,351	Oil States International, Inc.*^		63,830
	23,169	Parker Drilling Co.*		31,278
	6,733	Patterson-UTI Energy, Inc.		135,939
	2,412	PHI, Inc.*		23,541
	11,895	Pioneer Energy Services Corp.*		24,385
	1,757	Rignet, Inc.*		28,200
	16,158	Rowan Cos. plc, Class A*		165,458
	1,726	RPC, Inc.^		34,882
	565	SEACOR Holdings, Inc.*^		19,380
	567	SEACOR Marine Holdings, Inc.*^		11,544
	14,153	Superior Energy Services, Inc.*^		147,616
	7,901	Tesco Corp.*		35,159
	5,480	TETRA Technologies, Inc.*		15,289
	5,730	U.S. Silica Holdings, Inc.^		203,358
	3,954	Unit Corp.*^		74,058

				2,683,600

	Food & Staples Retailing (0.6%):
	4,717	Chefs’ Warehouse, Inc.*^		61,321
	2,510	Ingles Markets, Inc., Class A		83,583
	4,259	Natural Grocers by Vitamin Cottage, Inc.*		35,222
	4,174	PriceSmart, Inc.^		365,643
	200	SpartanNash Co.		5,192
	37,425	Supervalu, Inc.*		123,128
	1,576	The Andersons, Inc.		53,820
	2,367	United Natural Foods, Inc.*^		86,869
	1,832	Village Super Market, Inc., Class A^		47,485
	4,355	Weis Markets, Inc.		212,176

				1,074,439

	Food Products (1.6%):
	8,875	B&G Foods, Inc.^		315,950
	2,862	Calavo Growers, Inc.		197,621
	5,334	Cal-Maine Foods, Inc.*^		211,226
	1,318	Coffee Holding Co., Inc.*		5,878
	9,120	Darling International, Inc.*		143,549
	13,942	Dean Foods Co.^		237,014
	3,107	Farmer Brothers Co.*		93,987
	1,800	Fresh Del Monte Produce, Inc.^		91,638
	2,191	Hostess Brands, Inc.*^		35,275
	3,708	Inventure Foods, Inc.*^		15,981
	2,736	J & J Snack Foods Corp.		361,344
	307	John B Sanfilippo And Son, Inc.^		19,375
	2,662	Lancaster Colony Corp.		326,414
	2,754	Landec Corp.*		40,897
	2,658	Limoneira Co.		62,809
	596	Omega Protein Corp.		10,668
	1,220	Rocky Mountain Chocolate Factory, Inc.		14,396


Shares			Fair Value
	Common Stocks, continued
	Food Products, continued
	2,912	Sanderson Farms, Inc.^	$	336,773
	1,677	Seneca Foods Corp., Class A*		52,071
	12	Seneca Foods Corp., Class B*(a)		432
	9,626	Snyders-Lance, Inc.^		333,252
	6,159	Tootsie Roll Industries, Inc.^		214,641

				3,121,191

	Gas Utilities (1.5%):
	2,635	Chesapeake Utilities Corp.		197,493
	1,008	Delta Natural Gas Co., Inc.		30,714
	2,109	Gas Natural, Inc.		27,206
	11,899	New Jersey Resources Corp.		472,390
	4,443	Northwest Natural Gas Co.^		265,914
	4,474	ONE Gas, Inc.		312,330
	118	RGC Resources, Inc.		3,343
	10,915	South Jersey Industries, Inc.		372,966
	4,922	Southwest Gas Corp.		359,601
	6,439	Spire, Inc.		449,120
	5,777	WGL Holdings, Inc.		481,975

				2,973,052

	Health Care Equipment & Supplies (3.4%):
	3,832	Abaxis, Inc.^		203,173
	3,101	Accuray, Inc.*^		14,730
	2,095	Analogic Corp.		152,202
	6,750	AngioDynamics, Inc.*		109,418
	2,687	Anika Therapeutics, Inc.*^		132,577
	329	Atrion Corp.		211,646
	6,031	Cantel Medical Corp.		469,874
	283	CONMED Corp.		14,416
	5,343	CryoLife, Inc.*		106,593
	1,118	Elctromed, Inc.*		6,183
	2,604	Exactech, Inc.*		77,599
	10,008	Globus Medical, Inc., Class A*^		331,765
	6,166	Haemonetics Corp.*		243,495
	6,189	Halyard Health, Inc.*		243,104
	2,138	ICU Medical, Inc.*		368,805
	1,629	Inogen, Inc.*		155,439
	4,246	Integer Holdings Corp.*		183,640
	10,748	Integra LifeSciences Holdings Corp.*		585,872
	5,763	Invacare Corp.		76,072
	2,006	IRIDEX Corp.*		19,839
	249	Kewaunee Scientific CP		6,213
	2,402	Lantheus Holdings, Inc.*		42,395
	3,330	LeMaitre Vascular, Inc.		103,963
	2,367	LivaNova plc*^		144,884
	6,519	Masimo Corp.*		594,401
	7,277	Meridian Bioscience, Inc.		114,613
	7,716	Merit Medical Systems, Inc.*		294,365
	5,544	Natus Medical, Inc.*		206,791
	3,260	Neogen Corp.*		225,299
	5,461	NuVasive, Inc.*^		420,059
	1,520	Nuvectra Corp.*		20,186
	10,057	OraSure Technologies, Inc.*		173,584


Shares			Fair Value
	Common Stocks, continued
	Health Care Equipment & Supplies, continued
	3,068	Orthofix International NV*	$	142,601
	920	Quidel Corp.*		24,969
	10,930	RTI Surgical, Inc.*		63,941
	2,363	SeaSpine Holdings Corp.*		27,222
	2,431	Surmodics, Inc.*		68,433
	3,600	TransEnterix, Inc.*		2,556
	754	Utah Medical Products, Inc.		54,590

				6,437,507

	Health Care Providers & Services (2.5%):
	1,781	Aac Holdings, Inc.*^		12,342
	5,540	Aceto Corp.^		85,593
	2,682	Addus HomeCare Corp.*		99,770
	2,215	Alliance HealthCare Services, Inc.*		29,460
	2,004	Almost Family, Inc.*		123,547
	5,137	Amedisys, Inc.*^		322,655
	7,081	AMN Healthcare Services, Inc.*^		276,513
	1,753	BioScrip, Inc.*		4,759
	5,137	BioTelemetry, Inc.*		171,833
	12,012	Brookdale Senior Living, Inc.*		176,697
	5,919	Capital Senior Living Corp.*		90,028
	2,222	Chemed Corp.		454,465
	269	Civitas Solutions, Inc.*		4,708
	3,424	CorVel Corp.*		162,469
	816	Cross Country Healthcare, Inc.*		10,535
	2,588	Diplomat Pharmacy, Inc.*		38,302
	7,737	Ensign Group, Inc. (The)		168,434
	1,905	Five Star Quality Care, Inc.*		2,858
	2,358	Genesis Healthcare, Inc.*		4,103
	2,852	HealthEquity, Inc.*^		142,115
	3,529	InfuSystems Holdings, Inc.*		6,352
	4,525	Kindred Healthcare, Inc.		52,716
	1,153	Landauer, Inc.		60,302
	3,146	LHC Group, Inc.*		213,582
	1,982	LifePoint Hospitals, Inc.*^		133,091
	3,561	Magellan Health Services, Inc.*		259,597
	1,171	Molina Healthcare, Inc.*		81,010
	2,158	National Healthcare Corp.		151,362
	1,920	National Research Corp.		51,648
	680	National Research Corp., Class A		32,378
	9,789	Nobilis Health Corp.*^		18,599
	9,250	Owens & Minor, Inc.^		297,758
	5,046	PharMerica Corp.*		132,458
	2,964	Providence Service Corp.*		150,008
	1,080	Psychemedics Corp.		26,946
	8,313	RadNet, Inc.*		64,426
	22,263	Select Medical Holdings Corp.*		341,736
	3,743	Tenet Healthcare Corp.*^		72,390
	6,106	Tivity Health, Inc.*		243,324
	4,357	Triple-S Management Corp., Class B*		73,677
	2,000	U.S. Physical Therapy, Inc.		120,800

				4,965,346


Shares			Fair Value
	Common Stocks, continued
	Health Care Technology (0.5%):
	27,450	Allscripts Healthcare Solutions, Inc.*^	$	350,263
	2,108	Computer Programs & Systems, Inc.		69,142
	660	HealthStream, Inc.*^		17,371
	3,326	HMS Holdings Corp.*		61,531
	1,027	Inovalon Holdings, Inc., Class A*^		13,505
	558	Micron Solutions, Inc.*		2,176
	5,666	Omnicell, Inc.*^		244,205
	10,576	Quality Systems, Inc.*		182,013
	3,115	Simulations Plus, Inc.		38,470

				978,676

	Hotels, Restaurants & Leisure (3.5%):
	16,311	Belmond, Ltd., Class A*		216,936
	2	Biglari Holdings, Inc.*		799
	3,469	BJ’s Restaurants, Inc.*		129,220
	15,319	Bloomin’ Brands, Inc.^		325,222
	3,172	Bob Evans Farms, Inc.		227,845
	3,066	Bravo Brio Restaurant Group, Inc.*		14,104
	2,784	Brinker International, Inc.^		106,070
	2,429	Buffalo Wild Wings, Inc.*		307,754
	5,874	Caesars Entertainment Corp.*^		70,488
	6,745	Carrols Restaurant Group, Inc.*		82,626
	4,585	Century Casinos, Inc.*		33,791
	6,693	Cheesecake Factory, Inc. (The)^		336,658
	3,482	Choice Hotels International, Inc.		223,719
	2,799	Chuy’s Holdings, Inc.*^		65,497
	11,036	ClubCorp Holdings, Inc.		144,572
	3,275	Dave & Buster’s Entertainment, Inc.*		217,820
	4,454	Del Frisco’s Restaurant Group, Inc.*		71,709
	1,448	del Taco Restaurants, Inc.*		19,910
	11,187	Denny’s Corp.*		131,671
	3,084	DineEquity, Inc.^		135,850
	3,712	Dover Motorsports, Inc.		7,795
	2,394	El Pollo Loco Holdings, Inc.*^		33,157
	1,421	Famous Dave’s of America, Inc.*		5,187
	4,357	Fiesta Restaurant Group, Inc.*		89,972
	378	Flanigan’s Enterprises, Inc.		10,962
	608	Habit Restaurants, Inc. (The), Class A*		9,606
	11,024	Ilg, Inc.^		303,050
	920	International Speedway Corp., Class A		34,546
	1,653	Intrawest Resorts Holdings, Inc.*		39,242
	3,000	Jack in the Box, Inc.		295,500
	921	Jamba, Inc.*		7,175
	1,168	Kona Grill, Inc.*^		4,322
	6,975	La Quinta Holdings, Inc.*		103,021
	5,681	Luby’s, Inc.*		15,964
	4,364	Marriott Vacations Worldwide Corp.^		513,861
	843	Nathans Famous, Inc.*		53,109
	5,384	Papa John’s International, Inc.^		386,356
	4,486	Penn National Gaming, Inc.*^		96,000
	3,151	Pinnacle Entertainment, Inc.*		62,264
	4,298	Planet Fitness, Inc.^		100,315
	1,981	Potbelly Corp.*		22,782


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	2,069	RCI Hospitality Holdings, Inc.	$	49,325
	3,634	Red Lion Hotels Corp.*		26,710
	2,030	Red Robin Gourmet Burgers*^		132,458
	8,863	Ruby Tuesday, Inc.*		17,815
	5,652	Ruth’s Hospitality Group, Inc.		122,931
	4,134	Scientific Games Corp., Class A*^		107,897
	11,597	SeaWorld Entertainment, Inc.		188,683
	788	Shake Shack, Inc., Class A*^		27,485
	6,739	Sonic Corp.^		178,516
	6,549	Speedway Motorsports, Inc.		119,650
	8,216	Texas Roadhouse, Inc.		418,605
	4,346	Town Sports International Holdings, Inc.*		20,426
	23,743	Wendy’s Co. (The)		368,254
	2,153	Wingstop, Inc.^		66,528

				6,901,730

	Household Durables (2.0%):
	2,376	CalAtlantic Group, Inc.^		83,992
	1,565	Cavco Industries, Inc.*		202,902
	786	Century Communities, Inc.*		19,493
	3,024	Dixie Group, Inc. (The)*		13,608
	5,018	Ethan Allen Interiors, Inc.^		162,081
	452	Flexsteel Industries, Inc.		24,458
	2,220	Helen of Troy, Ltd.*		208,902
	7,411	Hovnanian Enterprises, Inc., Class A*		20,751
	1,937	Installed Building Products, Inc.*		102,564
	4,589	iRobot Corp.*^		386,119
	12,052	KB Home^		288,886
	1,138	Koss Corp.*		2,151
	8,151	La-Z-Boy, Inc.		264,908
	924	LGI Homes, Inc.*^		37,126
	4,396	Libbey, Inc.		35,432
	2,522	Lifetime Brands, Inc.		45,774
	7,354	M.D.C. Holdings, Inc.^		259,817
	4,157	M/I Homes, Inc.*		118,682
	6,186	Meritage Corp.*^		261,049
	723	P & F Industries, Inc., Class A		4,418
	1,301	Skyline Corp.*		7,832
	3,040	Stanley Furniture Co., Inc.		3,435
	5,242	Taylor Morrison Home Corp., Class A*		125,860
	2,459	Tempur Sealy International, Inc.*^		131,286
	839	TopBuild Corp.*		44,526
	24,718	TRI Pointe Homes, Inc.*^		326,031
	4,563	Tupperware Brands Corp.		320,459
	2,525	Universal Electronics, Inc.*		168,796
	4,639	William Lyon Homes, Class A*		111,985
	5,426	Zagg, Inc.*		46,935

				3,830,258

	Household Products (0.4%):
	1,115	Central Garden & Pet Co.*^		35,446
	3,036	Central Garden & Pet Co., Class A*		91,141
	3,445	Energizer Holdings, Inc.		165,429
	11,054	HRG Group, Inc.*		195,766


Shares			Fair Value
	Common Stocks, continued
	Household Products, continued
	1,767	Ocean Bio-Chem, Inc.	$	7,280
	940	Oil-Dri Corp.		39,489
	1,648	Orchids Paper Products Co.		21,342
	2,171	WD-40 Co.^		239,570

				795,463

	Independent Power & Renewable Electricity Producers (0.5%):
	22,978	Atlantic Power Corp.*		55,147
	506	Atlantica Yield plc		10,808
	10,671	Dynegy, Inc.*^		88,249
	3,724	NRG Yield, Inc., Class A		63,531
	5,480	NRG Yield, Inc., Class C^		96,448
	7,214	Ormat Technologies, Inc.		423,318
	10,283	Pattern Energy Group, Inc.		245,147
	3,630	TerraForm Power, Inc., Class A*		43,560
	5,942	Vivint Solar, Inc.*		34,761

				1,060,969

	Industrial Conglomerates (0.1%):
	7,017	Raven Industries, Inc.		233,666

	Insurance (3.0%):
	3,090	Allied World Assurance Co. Holdings AG		163,461
	8,008	AMBAC Financial Group, Inc.*(a)		138,939
	13,045	American Equity Investment Life Holding Co.		342,822
	1,653	American National Insurance Co.		192,558
	2,876	Amerisafe, Inc.		163,788
	4,281	Argo Group International Holdings, Ltd.		259,429
	8,089	Aspen Insurance Holdings, Ltd.		403,236
	180	Baldwin & Lyons, Inc., Class A^		4,275
	8,209	Citizens, Inc.*		60,582
	3,445	Crawford & Co.		32,039
	4,636	Crawford & Co., Class A		36,068
	2,691	Donegal Group, Inc., Class A		42,787
	2,004	eHealth, Inc.*		37,675
	3,293	EMC Insurance Group, Inc.		91,480
	5,530	Employers Holdings, Inc.		233,919
	1,069	Enstar Group, Ltd.*		212,356
	2,939	FBL Financial Group, Inc., Class A		180,749
	2,611	Federated National Holding Co.		41,776
	4,344	First Acceptance Corp.*		4,952
	10,826	Genworth Financial, Inc., Class A*		40,814
	1,050	Global Indemnity, Ltd.*		40,709
	5,527	Greenlight Capital Re, Ltd.*		115,514
	3,636	Hallmark Financial Services, Inc.*		40,978
	2,205	HCI Group, Inc.^		103,591
	569	Heritage Insurance Holdings, Inc.		7,408
	2,823	Independence Holding Co.		57,730
	379	Investors Title Co.		73,314
	2,048	Kemper Corp.		79,053
	1,473	Kingstone Co., Inc.		22,537
	12,677	Maiden Holdings, Ltd.^		140,715
	18,599	MBIA, Inc.*^		175,389
	2,096	Mercury General Corp.^		113,184


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	4,062	National General Holdings Corp.	$	85,708
	588	National Western Life Group, Inc., Class A		187,937
	4,446	Onebeacon Insurance Group, Ltd.		81,051
	3,304	Primerica, Inc.		250,278
	7,274	ProAssurance Corp.		442,258
	6,548	RLI Corp.^		357,651
	513	Safety Insurance Group, Inc.		35,038
	2,048	Selective Insurance Group, Inc.		102,502
	5,250	State Auto Financial Corp.		135,083
	1,618	State National Companies, Inc.		29,739
	4,083	Stewart Information Services Corp.		185,287
	204	The National Security Group, Inc.		2,909
	2,083	Third Point Reinsurance, Ltd.*		28,954
	4,002	United Insurance Holdings Co.		62,951
	6,539	Universal Insurance Holdings, Inc.		164,783

				5,805,956

	Internet & Direct Marketing Retail (0.5%):
	6,186	1-800 Flowers.com, Inc., Class A*		60,314
	3,666	CafePress, Inc.*		9,495
	1,840	FTD Cos., Inc.*		36,800
	1,784	HSN, Inc.^		56,910
	1,300	Lands’ End, Inc.*		19,370
	213	Liberty Expedia Holdings, Class A*		11,506
	9,267	Liberty TripAdvisor Holdings, Inc., Class A*		107,497
	4,721	Nutri/System, Inc.		245,728
	4,189	Overstock.com, Inc.*		68,281
	3,780	PetMed Express, Inc.^		153,468
	5,389	Shutterfly, Inc.*^		255,977
	1,880	US Auto Parts Network, Inc.*		6,072

				1,031,418

	Internet Software & Services (1.5%):
	7,493	Actua Corp.*		105,277
	3,832	Angie’s List, Inc.*		49,011
	778	Bankrate, Inc.*		9,997
	3,300	Bazaarvoice, Inc.*		16,335
	1,300	Blucora, Inc.*		27,560
	4,575	Carbonite, Inc.*^		99,735
	4,232	Cimpress NV*^		400,050
	701	CommerceHub, Inc., Series A*		12,211
	1,381	DHI Group, Inc.*		3,936
	1,953	Envestnet, Inc.*^		77,339
	6,302	GTT Communications, Inc.*^		199,458
	12,029	Internap Network Services Corp.*		44,146
	4,991	Inuvo, Inc.*		5,091
	1,156	j2 Global, Inc.^		98,364
	3,938	Leaf Group, Ltd.*		30,716
	18,673	Limelight Networks, Inc.*		53,965
	3,018	Liquidity Services, Inc.*		19,164
	6,655	Marchex, Inc., Class B*		19,832
	9,885	NIC, Inc.^		187,321
	3,492	Numerex Corp., Class A*		17,216
	8,938	QuinStreet, Inc.*		37,271


Shares			Fair Value
	Common Stocks, continued
	Internet Software & Services, continued
	1,839	Qumu Corp.*	$	5,370
	7,302	RealNetworks, Inc.*		31,618
	2,319	Reis, Inc.^		49,279
	1,400	Rightside Group, Ltd.*		14,868
	5,023	Shutterstock, Inc.*		221,414
	1,743	Stamps.com, Inc.*^		269,947
	5,449	Synacor, Inc.*		19,889
	6,258	TechTarget*		64,895
	7,131	The Meet Group, Inc. (The)*^		36,012
	2,773	Travelzoo, Inc.*		30,364
	8,928	Tremor Video, Inc.*		22,231
	1,900	Truecar, Inc.*		37,867
	7,161	Web.com Group, Inc.*		181,173
	5,665	WebMD Health Corp.*^		332,253
	2,184	XO Group, Inc.*		38,482
	6,743	YuMe, Inc.		31,692

				2,901,349

	IT Services (2.0%):
	11,949	Acxiom Corp.*		310,434
	7,715	Blackhawk Network Holdings, Inc.*^		336,373
	824	CACI International, Inc., Class A*		103,041
	6,999	Cardtronics plc*		229,987
	1,787	Cass Information Systems, Inc.^		117,299
	2,582	Conduent, Inc.*		41,157
	3,848	Convergys Corp.^		91,505
	2,654	CoreLogic, Inc.*		115,131
	5,437	CSG Systems International, Inc.		220,633
	758	CSP, Inc.		8,149
	11,883	Everi Holdings, Inc.*		86,508
	4,901	Exlservice Holdings, Inc.*		272,398
	3,140	Forrester Research, Inc.		122,931
	5,599	Hackett Group, Inc. (The)		86,785
	2,498	Innodata, Inc.*		4,372
	431	Luxoft Holding, Inc.*		26,226
	4,125	ManTech International Corp., Class A		170,693
	10,553	ModusLink Global Solutions, Inc.*		18,046
	6,208	MoneyGram International, Inc.*		107,088
	1,690	NCI, Inc., Class A*		35,659
	5,293	NeuStar, Inc., Class A*		176,522
	6,573	Perficient, Inc.*		122,521
	3,168	PFSweb, Inc.*		26,168
	4,285	Planet Payment, Inc.*		14,141
	5,456	Science Applications International Corp.		378,755
	8,429	Servicesource International, Inc.*		32,705
	719	StarTek, Inc.*		8,801
	6,425	Sykes Enterprises, Inc.*		215,430
	1,158	Syntel, Inc.^		19,640
	7,303	TeleTech Holdings, Inc.		297,961
	5,724	Travelport Worldwide, Ltd.		78,762
	8,699	Unisys Corp.*^		111,347
	4,826	Virtusa Corp.*		141,884

				4,129,052


Shares			Fair Value
	Common Stocks, continued
	Leisure Products (0.4%):
	8,017	American Outdoor Brands Corp.*	$	177,657
	5,551	Callaway Golf Co.		70,942
	2,916	Escalade, Inc.		38,200
	2,447	JAKKS Pacific, Inc.*		9,788
	1,196	Malibu Boats, Inc.*^		30,941
	984	Marine Products Corp.		15,360
	5,982	Nautilus Group, Inc.*^		114,555
	2,637	Sturm, Ruger & Co., Inc.^		163,890
	8,489	Vista Outdoor, Inc.*^		191,086

				812,419

	Life Sciences Tools & Services (0.5%):
	1,587	Albany Molecular Research, Inc.*		34,438
	1,820	Bruker Corp.		52,489
	5,004	Cambrex Corp.*		298,988
	1,037	Charles River Laboratories International, Inc.*		104,893
	7,407	Enzo Biochem, Inc.*		81,773
	7,018	Harvard Bioscience, Inc.*		17,896
	2,522	INC Research Holdings, Inc., Class A*		147,537
	7,462	Luminex Corp.		157,597
	1,310	Neogenomics, Inc.*^		11,738
	1,737	PAREXEL International Corp.*		150,963

				1,058,312

	Machinery (5.2%):
	5,633	Actuant Corp., Class A^		138,572
	125	Alamo Group, Inc.		11,351
	4,390	Albany International Corp., Class A		234,426
	4,536	Altra Industrial Motion Corp.		180,533
	1,200	American Railcar Industries		45,960
	1,974	ARC Group Worldwide, Inc.*^		5,725
	806	Art’s-Way Manufacturing Co.*		2,458
	3,255	Astec Industries, Inc.		180,685
	7,867	Barnes Group, Inc.		460,455
	1,300	Briggs & Stratton Corp.		31,330
	5,149	Chart Industries, Inc.*^		178,825
	2,689	CIRCOR International, Inc.^		159,673
	3,780	Columbus McKinnon Corp.		96,088
	5,525	Commercial Vehicle Group, Inc.*		46,686
	1,676	Dmc Global, Inc.		21,956
	4,235	Douglas Dynamics, Inc.		139,332
	3,312	EnPro Industries, Inc.		236,377
	4,153	ESCO Technologies, Inc.		247,726
	9,840	Federal Signal Corp.		170,822
	7,163	Franklin Electric Co., Inc.		296,548
	2,281	FreightCar America, Inc.		39,667
	1,765	Gencor Industries, Inc.*		28,593
	3,972	Global Brass & Copper Holdings, Inc.		121,345
	4,496	Gorman-Rupp Co. (The)		114,513
	459	Graham Corp.		9,024
	4,781	Greenbrier Cos, Inc.^		221,121
	2,410	Hardinge, Inc.		29,932
	12,487	Harsco Corp.*		201,041
	8,780	Hillenbrand, Inc.		316,958


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	1,212	Hurco Cos, Inc.	$	42,117
	2,157	Hyster-Yale Materials Handling, Inc., Class A		151,529
	2,377	ITT, Inc.		95,508
	4,544	John Bean Technologies Corp.		445,311
	9,594	Kennametal, Inc.		359,007
	143	Key Technology, Inc.*		1,966
	2,094	L.B. Foster Co., Class A		44,916
	1,824	Lindsay Corp.^		162,792
	829	Lydall, Inc.*		42,859
	3,228	Manitex International, Inc.*		22,531
	21,093	Manitowoc Co., Inc. (The)*^		126,769
	14,363	Meritor, Inc.*		238,569
	9,004	Mueller Industries, Inc.		274,172
	23,949	Mueller Water Products, Inc., Class A		279,724
	5,070	Navistar International Corp.*		132,986
	3,562	NN, Inc.		97,777
	358	Omega Flex, Inc.		23,055
	3,573	Proto Labs, Inc.*^		240,284
	3,727	RBC Bearings, Inc.*		379,260
	14,208	Rexnord Corp.*		330,336
	1,692	SPX Corp.*		42,571
	1,085	SPX FLOW, Inc.*		40,015
	2,098	Standex International Corp.		190,289
	4,643	Sun Hydraulics Corp.^		198,117
	2,249	Supreme Industires, Inc., Class A		36,996
	466	Taylor Devices, Inc.*		6,226
	2,754	Tennant Co.		203,245
	11,277	Terex Corp.^		422,888
	800	The Exone Co.*^		9,160
	3,690	Timken Co.		170,663
	11,231	Titan International, Inc.		134,884
	6,807	TriMas Corp.*		141,926
	454	Twin Disc, Inc.*		7,328
	9,504	Wabash National Corp.^		208,898
	3,816	Watts Water Technologies, Inc., Class A		241,171
	18,993	Welbilt, Inc.*^		358,018
	1,166	Woodward, Inc.		78,798
	572	WSI Industries, Inc.*		1,888
	3,110	Xerium Technologies, Inc.*		22,361

				9,974,632

	Marine (0.1%):
	1,121	Kirby Corp.*		74,939
	7,024	Matson, Inc.		211,001

				285,940

	Media (1.8%):
	3,904	A.H. Belo Corp., Class A		21,472
	3,922	AMC Entertainment Holdings, Inc., Class A		89,226
	2,527	Ballantyne Strong, Inc.*		16,931
	478	Beasley Broadcast Group, Inc., Class A		4,684
	27,534	Central Eurpoean Media Enterprises*^		110,136
	229	Daily Journal Corp.*^		47,238
	10,779	E.W. Scripps Co. (The), Class A*		191,974


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	6,123	Entercom Communications Corp.^	$	63,373
	11,865	Entravision Communications Corp., Class A		78,309
	2,242	Eros International plc*^		25,671
	4,669	Gannett Co., Inc.^		40,714
	338	Global Eagle Entertainment, Inc.*		1,203
	11,521	Gray Television, Inc.*		157,838
	12,577	Harte-Hanks, Inc.*		12,954
	2,892	Hemisphere Media Group*		34,270
	1,045	Imax Corp.*		22,990
	2,441	Insignia Systems, Inc.		2,539
	4,052	John Wiley & Sons, Inc., Class A		213,743
	10,454	Lee Enterprises, Inc.*		19,863
	372	McClatchy Co., Class A*^		3,474
	5,619	Meredith Corp.^		334,050
	3,571	MSG Networks, Inc., Class A*^		80,169
	10,941	National CineMedia, Inc.		81,182
	827	New Media Investment Group, Inc.		11,148
	26,302	New York Times Co. (The), Class A		465,544
	7,050	Nexstar Broadcasting Group, Inc., Class A^		421,590
	4,315	Reading International, Inc., Class A*		69,601
	11,356	Regal Entertainment Group, Class A^		232,344
	654	Scholastic Corp.		28,508
	8,414	Sinclair Broadcast Group, Inc., Class A		276,821
	13,453	Time, Inc.		193,051
	1,170	Tribune Media Co., Class A		47,701
	8,158	Urban One, Inc.*		18,356
	1,858	World Wrestling Entertainment, Inc., Class A^		37,847

				3,456,514

	Metals & Mining (1.3%):
	23,109	AK Steel Holding Corp.*^		151,826
	4,912	Allegheny Technologies, Inc.^		83,553
	2,124	Ampco-Pittsburgh Corp.		31,329
	6,694	Carpenter Technology Corp.^		250,556
	3,100	Century Aluminum Co.*^		48,298
	21,148	Cliffs Natural Resources, Inc.*		146,344
	7,283	Coeur d’Alene Mines Corp.*		62,488
	15,951	Commercial Metals Co.		309,929
	4,543	Compass Minerals International, Inc.^		296,659
	13,641	Ferroglobe plc(a)		163,010
	1,805	Gold Resource Corp.		7,364
	1,510	Handy & Harman, Ltd.*		47,414
	2,335	Haynes International, Inc.		84,784
	54,581	Hecla Mining Co.^		278,364
	931	Kaiser Aluminum Corp.		82,412
	4,126	Materion Corp.		154,312
	9,373	McEwen Mining, Inc.		24,651
	1,956	Ryerson Holding Corp.*		19,364
	1,487	Schnitzer Steel Industries, Inc., Class A		37,472
	3,318	SunCoke Energy, Inc.*		36,166
	1,789	Synalloy Corp.*		20,305
	2,414	TimkenSteel Corp.*^		37,103
	2,939	United States Steel Corp.		65,069


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	1,458	Universal Stainless & Alloy Products, Inc.*	$	28,431
	2,441	Worthington Industries, Inc.		122,587

				2,589,790

	Multiline Retail (0.3%):
	6,815	Big Lots, Inc.^		329,164
	654	Dillard’s, Inc., Class A^		37,729
	800	Fred’s, Inc.^		7,384
	39,798	J.C. Penney Co., Inc.*^		185,061
	2,545	Ollie’s Bargain Outlet Holdings, Inc.*^		108,417
	5,314	Tuesday Morning Corp.*^		10,097

				677,852

	Multi-Utilities (0.7%):
	9,853	Avista Corp.		418,358
	5,171	Black Hills Corp.^		348,887
	6,986	NorthWestern Corp.		426,287
	2,614	Unitil Corp.		126,282

				1,319,814

	Oil, Gas & Consumable Fuels (1.7%):
	816	Adams Resources & Energy, Inc.		33,521
	12,123	Alon USA Energy, Inc.		161,477
	6,000	Approach Resources, Inc.*^		20,220
	901	Barnwell Industries, Inc.*		1,631
	9,079	Bill Barrett Corp.*		27,873
	1,697	California Resources Corp.*^		14,509
	8,096	Callon Petroleum Co.*^		85,899
	16,914	Clean Energy Fuel Corp.*		42,962
	8,098	Cloud Peak Energy, Inc.*		28,586
	4,257	CONSOL Energy, Inc.*^		63,600
	1,914	Contango Oil & Gas Co.*		12,709
	3,956	Delek US Holdings, Inc.		104,597
	39,156	Denbury Resources, Inc.*^		59,909
	16,266	DHT Holdings, Inc.		67,504
	1,100	Dorian LPG, Ltd.*		8,998
	416	Earthstone Energy, Inc.*		4,164
	4,363	Eclipse Resources Corp.*		12,478
	7,475	Enlink Midstream LLC^		131,560
	12,047	EP Energy Corp., Class A*^		44,092
	1,297	Evolution Petroleum Corp.		10,506
	13,216	Gaslog, Ltd.^		201,544
	1,561	Green Plains Renewable Energy, Inc.^		32,079
	1,608	Gulfport Energy Corp.*		23,718
	5,504	Hallador Energy Co.		42,766
	8,274	Jones Energy, Inc., Class A*^		13,238
	23,866	Kosmos Energy LLC*^		152,981
	8,896	Laredo Petroleum Holdings, Inc.*^		93,586
	2,751	Matador Resources Co.*		58,789
	12,361	Nordic American Tankers, Ltd.^		78,369
	16,333	Oasis Petroleum, Inc.*		131,481
	4,913	Pacific Ethanol, Inc.*		30,706
	3,313	Panhandle Oil & Gas, Inc., Class A		76,530
	1,648	Par Pacific Holdings, Inc.*^		29,730


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	12,598	PBF Energy, Inc., Class A^	$	280,430
	3,833	PDC Energy, Inc.*		165,240
	266	Penn Virginia Corp.*^		9,776
	6	PrimeEnergy Corp.*		276
	3,285	QEP Resources, Inc.*		33,179
	6,030	Renewable Energy Group, Inc.*		78,089
	3,561	Ring Energy, Inc.*		46,293
	28,682	Scorpio Tankers, Inc.		113,868
	4,107	SemGroup Corp., Class A		110,889
	12,619	Ship Finance International^		171,618
	3,446	SM Energy Co.		56,962
	20,393	SRC Energy, Inc.*^		137,245
	1,980	Teekay Shipping Corp.^		13,207
	18,909	Teekay Tankers, Ltd.		35,549
	1,151	Westmoreland Coal Co.*		5,605
	20,468	Whiting Petroleum Corp.*^		112,779
	1,144	World Fuel Services Corp.		43,987

				3,317,304

	Paper & Forest Products (1.1%):
	5,866	Boise Cascade Co.*		178,326
	2,930	Clearwater Paper Corp.*		136,978
	2,095	Deltic Timber Corp.^		156,413
	8,287	Domtar Corp.		318,386
	15,270	KapStone Paper & Packaging Corp.		315,020
	14,154	Louisiana-Pacific Corp.*		341,252
	11,341	Mercer International, Inc.		130,422
	2,748	Neenah Paper, Inc.		220,527
	1,455	P.H. Glatfelter Co.		28,431
	15,494	Resolute Forest Products*		68,174
	4,885	Schweitzer-Mauduit International, Inc.		181,869

				2,075,798

	Personal Products (0.6%):
	27,730	Avon Products, Inc.*		105,374
	1,214	CCA Industries, Inc.*		4,128
	5,186	Inter Parfums, Inc.		190,068
	900	Lifevantage Corp.*^		3,897
	537	Mannatech, Inc.		8,538
	2,284	Medifast, Inc.		94,717
	1,387	Natural Alternatives International, Inc.*		13,870
	369	Natural Health Trends Corp.		10,277
	3,757	Natures Sunshine Products, Inc.		49,780
	2,622	Nu Skin Enterprises, Inc., Class A^		164,766
	1,791	Nutraceutical International Corp.		74,595
	6,562	Revlon, Inc.*^		155,519
	340	United-Guardian, Inc.		5,253
	3,463	Usana Health Sciences, Inc.*^		221,979

				1,102,761

	Pharmaceuticals (1.0%):
	2,163	Akorn, Inc.*		72,547
	2,076	Amphastar Pharmaceuticals, Inc.*		37,077
	1,566	ANI Pharmaceuticals, Inc.*		73,289


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals, continued
	1,496	Aratana Therapeutics, Inc.*	$	10,816
	5,610	Catalent, Inc.*		196,911
	3,415	Cumberland Pharmaceuticals, Inc.*		24,144
	4,744	DepoMed, Inc.*		50,951
	9,143	Endo International plc*		102,127
	8,459	Endocyte, Inc.*		12,689
	371	Heska Corp.*		37,868
	8,766	Horizon Pharma plc*		104,052
	1,722	Impax Laboratories, Inc.*^		27,724
	4,468	Innoviva, Inc.*^		57,190
	1,879	Intra-Cellular Therapies, Inc.*^		23,337
	2,063	Juniper Pharmaceuticals, Inc.*		10,418
	6,034	Lannett Co., Inc.*^		123,094
	2,617	Lipocine, Inc.*^		10,520
	1,040	Medicines Co. (The)*^		39,530
	859	Phibro Animal Health Corp., Class A		31,826
	7,676	Prestige Brands Holdings, Inc.*		405,371
	9,367	Sciclone Pharmaceuticals, Inc.*		103,037
	8,258	Sucampo Pharmaceuticals, Inc., Class A*^		86,709
	5,788	Supernus Pharmaceuticals, Inc.*^		249,463
	1,949	Tetraphase Pharmaceuticals, Inc.*		13,896
	2,286	Zogenix, Inc.*^		33,147

				1,937,733

	Professional Services (1.8%):
	1,888	Acacia Research Corp.*		7,741
	5,230	Advisory Board Co. (The)*		269,345
	1,199	Barrett Business Services, Inc.		68,691
	9,272	CBIZ, Inc.*		139,080
	3,999	CDI Corp.*		23,394
	490	CRA International, Inc.		17,797
	4,213	Exponent, Inc.		245,618
	3,126	Franklin Covey Co.*		60,332
	6,325	FTI Consulting, Inc.*		221,122
	3,229	GP Strategies Corp.*		85,246
	3,411	Heidrick & Struggles International, Inc.		74,189
	9,494	Hill International, Inc.*		49,369
	3,372	Huron Consulting Group, Inc.*		145,670
	3,423	ICF International, Inc.*		161,223
	3,273	Insperity, Inc.		232,383
	1,000	Kelly Services, Inc., Class A		22,450
	5,603	Kforce, Inc.		109,819
	8,105	Korn/Ferry International^		279,865
	666	Mastech Holdings, Inc.*		4,316
	4,881	Mistras Group, Inc.*		107,236
	8,295	Navigant Consulting, Inc.*		163,909
	7,785	On Assignment, Inc.*		421,557
	7,016	Resources Connection, Inc.		96,119
	7,702	RPX Corp.*		107,443
	3,165	TriNet Group, Inc.*		103,622
	6,895	Trueblue, Inc.*		182,718
	4,212	Volt Information Sciences, Inc.*		16,637


Shares			Fair Value
	Common Stocks, continued
	Professional Services, continued
	1,576	Willdan Group, Inc.*^	$	48,147

				3,465,038

	Real Estate Management & Development (0.6%):
	7,943	Alexander & Baldwin, Inc.		328,681
	2,400	Altisource Portfolio Solutions*		52,368
	395	CKX Lands, Inc.(a)		4,543
	1,120	Consolidated-Tomoka Land Co.		63,784
	6,308	Forestar Group, Inc.*		108,182
	232	FRP Holdings, Inc.*		10,707
	376	Griffin Industrial Realty, Inc.		11,795
	6,592	HFF, Inc., Class A		229,204
	10	J.W. Mays, Inc.*		355
	5,185	Kennedy-Wilson Holdings, Inc.		98,774
	5,387	Marcus & Millichap, Inc.*		142,001
	1,035	Maui Land & Pineapple Co.*^		21,011
	308	Stratus Properties, Inc.		9,055
	4,276	Tejon Ranch Co.*		88,257
	1,076	The RMR Group, Inc., Class A		52,347
	2,700	The St. Joe Co.*^		50,625
	256	Transcontinental Realty Investors, Inc.*^		6,884

				1,278,573

	Road & Rail (1.2%):
	1,803	ArcBest Corp.		37,142
	9,143	Avis Budget Group, Inc.*^		249,330
	4,522	Celadon Group, Inc.^		14,244
	2,970	Covenant Transportation Group, Inc., Class A*^		52,064
	13,610	Heartland Express, Inc.^		283,360
	11,773	Knight Transportation, Inc.^		436,189
	3,932	Landstar System, Inc.		336,579
	1,020	Marten Transport, Ltd.		27,948
	7,221	Roadrunner Transportation System, Inc.*		52,497
	598	Ryder System, Inc.		43,044
	4,204	Saia, Inc.*		215,665
	3,419	Swift Transportation Co.*		90,604
	4,455	Universal Truckload Services, Inc.		66,825
	1,872	USA Truck, Inc.*		16,212
	10,586	Werner Enterprises, Inc.^		310,699
	6,473	YRC Worldwide, Inc.*		71,980

				2,304,382

	Semiconductors & Semiconductor Equipment (3.5%):
	6,765	Advanced Energy Industries, Inc.*		437,628
	5,028	Alpha & Omega Semiconductor, Ltd.*		83,817
	1,056	Ambarella, Inc.*		51,269
	34,591	Amkor Technology, Inc.*		337,954
	4,245	Axcelis Technologies, Inc.*		88,933
	2,777	AXT, Inc.*		17,634
	2,314	Brooks Automation, Inc.		50,191
	3,506	Cabot Microelectronics Corp.		258,848
	1,462	CEVA, Inc.*		66,448
	6,385	Cirrus Logic, Inc.*^		400,467
	4,840	Cohu, Inc.		76,182


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	4,144	Cree, Inc.*^	$	102,150
	522	Cyberoptics Corp.*		10,779
	7,316	Diodes, Inc.*		175,803
	4,185	DSP Group, Inc.*		48,546
	19,633	Entegris, Inc.*		430,944
	781	First Solar, Inc.*		31,146
	11,277	FormFactor, Inc.*		139,835
	4,679	GSI Technology, Inc.*		36,777
	1,201	Inphi Corp.*^		41,194
	18,733	Integrated Device Technology, Inc.*		483,125
	1,349	inTest Corp.*		9,038
	5,974	IXYS Corp.*		98,272
	12,127	Kopin Corp.*^		44,991
	11,117	Kulicke & Soffa Industries, Inc.*		211,445
	17,231	Lattice Semiconductor Corp.*		114,758
	1,636	MagnaChip Semiconductor Corp.*^		16,033
	2,327	MaxLinear, Inc., Class A*		64,900
	7,523	MKS Instruments, Inc.		506,299
	4,449	Nanometrics, Inc.*		112,515
	6,163	Neophotonics Corp.*		47,578
	910	NVE Corp.		70,070
	5,936	PDF Solutions, Inc.*^		97,647
	11,404	Photronics, Inc.*		107,198
	3,570	Power Integrations, Inc.		260,253
	16,529	Rambus, Inc.*		188,926
	5,028	Rudolph Technologies, Inc.*		114,890
	2,280	Semtech Corp.*		81,510
	740	Sevcon, Inc.*		9,916
	6,339	Sigma Designs, Inc.*		37,083
	5,958	Silicon Laboratories, Inc.*		407,229
	586	Sunpower Corp.*^		5,473
	2,469	Synaptics, Inc.*^		127,672
	5,213	Ultra Clean Holdings, Inc.*^		97,744
	8,035	Veeco Instruments, Inc.*		223,775
	3,045	Versum Materials, Inc.		98,963
	10,031	Xcerra Corp.*		98,003
	7,503	Xperi Corp.		223,589

				6,845,440

	Software (2.3%):
	19,273	ACI Worldwide, Inc.*		431,137
	4,794	American Software, Inc., Class A		49,330
	1,912	Aspen Technology, Inc.*		105,657
	2,785	Aware, Inc.*		14,343
	7,393	Barracuda Networks, Inc.*		170,483
	4,159	Blackbaud, Inc.^		356,634
	2,350	BSQUARE Corp.*		13,160
	1,750	Datawatch Corp.*		16,275
	4,648	Ebix, Inc.		250,527
	428	Ellie Mae, Inc.*		47,041
	2,049	Evolving Systems, Inc.*		10,552
	2,896	Fair Isaac Corp.		403,731
	4,113	GlobalSCAPE, Inc.		21,758


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	595	Globant SA*^	$	25,847
	4,000	Glu Mobile, Inc.*		10,000
	470	Manhattan Associates, Inc.*		22,588
	204	MicroStrategy, Inc., Class A*		39,101
	6,977	Monotype Imaging Holdings, Inc.		127,679
	2,185	Paycom Software, Inc.*^		149,476
	10,482	Pegasystems, Inc.		611,624
	7,959	Progress Software Corp.		245,854
	2,878	QAD, Inc.		92,240
	1,490	Qualys, Inc.*		60,792
	2,647	RealPage, Inc.*		95,160
	6,367	SeaChange International, Inc.*		16,936
	3,292	Silver Spring Networks, Inc.*^		37,134
	6,375	Synchronoss Technologies, Inc.*^		104,869
	7,906	Telenav, Inc.*		64,039
	16,342	TiVo Corp.		304,778
	7,072	VASCO Data Security International, Inc.*		101,483
	3,044	Verint Systems, Inc.*		123,891
	1,473	Zedge, Inc., Class B*		3,255
	1,895	Zix Corp.*		10,783
	113,139	Zynga, Inc.*		411,826

				4,549,983

	Specialty Retail (3.1%):
	9,996	Aaron’s, Inc.^		388,843
	3,905	Abercrombie & Fitch Co., Class A^		48,578
	12,099	American Eagle Outfitters, Inc.^		145,793
	1,626	America’s Car Mart, Inc.*		63,251
	3,300	Asbury Automotive Group, Inc.*		186,615
	26,427	Ascena Retail Group, Inc.*		56,818
	7,305	Barnes & Noble Education, Inc.*		77,652
	11,581	Barnes & Noble, Inc.		88,016
	4,102	Big 5 Sporting Goods Corp.^		53,531
	3,574	Boot Barn Holdings, Inc.*		25,304
	1,732	Build-A-Bear Workshop, Inc.*		18,099
	908	Cabela’s, Inc., Class A*		53,953
	6,983	Caleres, Inc.		193,988
	5,093	Cato Corp., Class A^		89,586
	19,215	Chico’s FAS, Inc.^		181,005
	2,663	Children’s Place Retail Stores, Inc. (The)^		271,892
	7,062	Christopher & Banks Corp.*		9,251
	2,910	Citi Trends, Inc.		61,750
	4,898	Conn’s, Inc.*^		93,552
	2,917	Destination Maternity Corp.*		9,451
	10,159	Destination XL Group, Inc.*		23,874
	2,730	DSW, Inc., Class A		48,321
	13,584	Express, Inc.*		91,692
	7,307	Finish Line, Inc. (The), Class A		103,540
	7,600	Five Below, Inc.*^		375,212
	7,915	Francesca’s Holdings Corp.*		86,590
	3,815	GameStop Corp., Class A		82,442
	3,363	Genesco, Inc.*		114,006
	693	Group 1 Automotive, Inc.		43,881


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	11,356	Guess?, Inc.^	$	145,130
	2,764	Haverty Furniture Cos., Inc.		69,376
	3,790	Hibbett Sports, Inc.*^		78,643
	3,206	Kirkland’s, Inc.*		32,958
	3,560	Lithia Motors, Inc., Class A^		335,459
	1,529	Lumber Liquidators Holdings, Inc.*		38,317
	4,711	MarineMax, Inc.*		92,100
	3,750	Michaels Cos., Inc. (The)*		69,450
	4,983	Monro Muffler Brake, Inc.^		208,040
	3,110	Murphy U.S.A., Inc.*^		230,482
	11,726	New York & Co.*		16,182
	33,156	Office Depot, Inc.		187,000
	3,403	Party City Holdco, Inc.*		53,257
	441	Perfumania Holdings, Inc.*		750
	17,335	Pier 1 Imports, Inc.		89,969
	1,537	Rent-A-Center, Inc.		18,014
	6,266	Sally Beauty Holdings, Inc.*^		126,887
	6,706	Select Comfort Corp.*^		237,996
	7,041	Sonic Automotive, Inc., Class A		136,947
	2,363	Sportsman’s Warehouse Holdings, Inc.*		12,760
	8,364	Stein Mart, Inc.		14,135
	884	Tailored Brands, Inc.^		9,865
	289	Tandy Leather Factory, Inc.*		2,572
	6,734	The Buckle, Inc.^		119,865
	8,543	The Container Store Group, Inc.*		50,575
	8,692	The Tile Shop Holdings, Inc.^		179,490
	2,271	Tilly’s, Inc.		23,051
	737	Trans World Entertainment Corp.*		1,216
	589	Urban Outfitters, Inc.*^		10,920
	4,282	Vitamin Shoppe, Inc.*		49,885
	4,562	West Marine, Inc.		58,622
	727	Winmark Corp.		93,747
	5,550	Zumiez, Inc.*^		68,543

				5,948,689

	Technology Hardware, Storage & Peripherals (0.5%):
	3,723	3D Systems Corp.*		69,620
	1,308	Astro-Med, Inc.		17,135
	7,288	Avid Technology, Inc.*		38,335
	1,901	Concurrent Computer Corp.		12,813
	1,297	Cray, Inc.*		23,865
	6,881	Diebold, Inc.^		192,668
	7,170	Eastman Kodak Co.*^		65,247
	6,494	Electronics for Imaging, Inc.*^		307,685
	2,458	Stratasys, Ltd.*		57,296
	7,770	Super Micro Computer, Inc.*^		191,531
	1,590	TransAct Technologies, Inc.		13,515

				989,710

	Textiles, Apparel & Luxury Goods (0.8%):
	1,716	Cherokee, Inc.*		11,926
	8,448	Crocs, Inc.*		65,134
	2,291	Culp, Inc.		74,458
	4,229	Deckers Outdoor Corp.*		288,671


Shares			Fair Value
	Common Stocks, continued
	Textiles, Apparel & Luxury Goods, continued
	6,596	G-III Apparel Group, Ltd.*^	$	164,570
	7,140	Iconix Brand Group, Inc.*^		49,337
	5,694	Kate Spade & Co.*		105,282
	2,740	Oxford Industries, Inc.		171,223
	1,515	Rocky Brands, Inc.		20,377
	6,949	Sequential Brands Group, Inc.*		27,727
	9,483	Steven Madden, Ltd.*^		378,845
	603	Unifi, Inc.*		18,572
	761	Vera Bradley, Inc.*		7,443
	6,279	Wolverine World Wide, Inc.		175,875

				1,559,440

	Thrifts & Mortgage Finance (2.8%):
	885	ASB Bancorp, Inc.*		38,896
	14,966	Astoria Financial Corp.		301,564
	1,803	Atlantic Coast Financial Corp.*		14,406
	8,784	Bank Mutual Corp.		80,374
	3,938	BankFinancial Corp.		58,755
	2,775	Bear State Financial, Inc.		26,252
	12,773	Beneficial Bancorp, Inc.		191,595
	9,091	BofI Holding, Inc.*^		215,638
	1,659	BSB Bancorp, Inc.*^		48,526
	20,912	Capitol Federal Financial, Inc.		297,159
	3,165	Charter Financial Corp.		56,970
	280	Citizens Community Bancorp, Inc.		3,914
	5,107	Clifton Bancorp, Inc.^		84,419
	993	Coastway Bancorp, Inc.*		20,456
	5,896	Dime Community Bancshares		115,562
	1,537	ESSA Bancorp, Inc.		22,625
	1,705	Essent Group, Ltd.*		63,324
	242	First Capital, Inc.		7,592
	590	First Defiance Financial Corp.		31,081
	9,191	Flagstar Bancorp, Inc.*		283,266
	574	FS Bancorp, Inc.		25,618
	195	Guaranty Federal Bankshares, Inc.		4,134
	681	Hamilton Bancorp, Inc.*		10,215
	301	Hingham Institution for Savings		54,761
	629	HMN Financial, Inc.*		11,291
	973	Home Bancorp, Inc.		41,372
	43	Home Federal Bancorp, Inc.		1,152
	4,136	HomeStreet, Inc.*		114,464
	1,446	HopFed Bancorp, Inc.		21,271
	869	IF Bancorp, Inc.		16,946
	865	Impac Mortgage Holdings, Inc.*		13,087
	7,701	Kearny Financial Corp.^		114,360
	390	Kentucky First Federal Bancorp		3,686
	1,116	LendingTree, Inc.*^		192,175
	940	Malvern Bancorp, Inc.*		22,513
	9,112	Meridian Bancorp, Inc.		153,993
	1,197	Meta Financial Group, Inc.		106,533
	676	MSB Financial Corp.*		11,864
	3,723	Nationstar Mortgage Holdings, Inc.*^		66,604
	2,740	NMI Holdings, Inc., Class A*		31,373
	8,224	Northfield Bancorp, Inc.		141,042
	13,856	Northwest Bancshares, Inc.^		216,291


Shares			Fair Value
	Common Stocks, continued
	Thrifts & Mortgage Finance, continued
	5,668	Oceanfirst Financial Corp.	$	153,716
	198	Oconee Federal Financial Corp.		5,502
	16,927	Ocwen Financial Corp.*		45,534
	7,654	Oritani Financial Corp.^		130,501
	4,022	PennyMac Financial Services, Inc., Class A*		67,167
	2,981	PHH Corp.*		41,048
	1,677	Provident Financial Holdings, Inc.		32,282
	2,873	Provident Financial Services, Inc.		72,917
	1,685	Prudential Bancorp, Inc.^		30,600
	420	Riverview Bancorp, Inc.		2,789
	2,744	Security National Financial Corp., Class A*		17,562
	671	Severn Bancorp, Inc.*^		4,898
	1,709	SI Financial Group, Inc.		27,515
	707	Southern Missouri Bancorp, Inc.		22,808
	1,815	Territorial Bancorp, Inc.		56,610
	15,166	TrustCo Bank Corp.		117,537
	25	United Community Bancorp		490
	9,257	United Community Financial Corp.		76,926
	8,283	United Financial Bancorp, Inc.		138,243
	6,735	Walter Investment Management Corp.*		6,379
	12,907	Washington Federal, Inc.		428,511
	6,500	Waterstone Financial, Inc.		122,525
	5,011	Wawlker & Dunlop, Inc.*		244,686
	580	Wayne Savings Bancshares, Inc.		10,138
	3,601	Western New England BanCorp, Inc.		36,550
	12	Wolverine Bancorp, Inc.		482
	4,945	WSFS Financial Corp.		224,255
	35	WVS Financial Corp.		564

				5,455,854

	Tobacco (0.2%):
	301	Alliance One International, Inc.*		4,334
	635	Universal Corp.		41,085
	17,080	Vector Group, Ltd.^		364,146

				409,565

	Trading Companies & Distributors (1.3%):
	311	AeroCentury Corp.*		3,856
	3,640	Air Lease Corp.^		135,990
	6,493	Applied Industrial Technologies, Inc.		383,412
	8,168	Beacon Roofing Supply, Inc.*		400,232
	1,500	BlueLinx Holdings, Inc.*		16,365
	2,473	BMC Stock Holdings, Inc.*		54,035
	4,236	CAI International, Inc.*^		99,970
	2,504	DXP Enterprises, Inc.*		86,388
	1,463	Envirostar, Inc.^		39,574
	1,239	H&E Equipment Services, Inc.		25,288
	1,116	Herc Holdings, Inc.*		43,881
	4,781	Huttig Building Products, Inc.*		33,515
	4,012	Kaman Corp., Class A		200,078
	373	Lawson Products, Inc.*		8,262
	4,569	MRC Global, Inc.*		75,480
	539	Neff Corp.*		10,241
	4,852	NOW, Inc.*^		78,020


Shares			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	539	Rush Enterprises, Inc., Class A*	$	20,040
	9,964	Textainer Group Holdings, Ltd.^		144,478
	3,983	Titan Machinery, Inc.*		71,614
	577	TransAct Technologies, Inc.*		7,011
	5,731	Triton International, Ltd.		191,645
	1,668	Univar, Inc.*		48,706
	2,676	Veritiv Corp.*		120,420
	2,996	WESCO International, Inc.*		171,671

				2,470,172

	Water Utilities (0.6%):
	6,793	American States Water Co.^		322,056
	1,521	Artesian Resources Corp.		57,250
	7,681	California Water Service Group		282,661
	2,058	Connecticut Water Service, Inc.		114,240
	2,756	Consolidated Water Co., Ltd.		34,174
	3,030	Middlesex Water Co.		119,988
	669	Pure Cycle Corp.*		5,185
	3,454	SJW Corp.		169,868
	2,392	York Water Co. (The)		83,361

				1,188,783

	Wireless Telecommunication Services (0.3%):
	6,783	Boingo Wireless, Inc.*		101,474
	7,479	Shenandoah Telecommunications Co.^		229,605


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Common Stocks, continued
	Wireless Telecommunication Services, continued
	4,083	Spok Holdings, Inc.	$	72,269
	9,308	Telephone & Data Systems, Inc.		258,297

				661,645

	Total Common Stocks (Cost $175,979,002)			195,624,000

	Right (0.2%):
	Media (0.2%):
	21,894	Media General, Inc. CVR, Expires on 01/18/18*(a)(b)		41,599

	Total Right (Cost $6,785)			41,599

	Securities Held as Collateral for Securities on Loan (23.0%):
$	44,857,678	AZL DFA U.S. Small Cap Fund Securities Lending Collateral Account(c)		44,857,678

	Total Securities Held as Collateral for Securities on Loan (Cost $44,857,678)			44,857,678

	Unaffiliated Investment Company (0.0%):
	49,040	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.75%(d)		49,040

	Total Unaffiliated Investment Company (Cost $49,040)			49,040

	Total Investment Securities (Cost $220,892,505)(e) — 123.4%			240,572,317
	Net other assets (liabilities) — (23.4)%			(45,652,112	)

	Net Assets — 100.0%		$	194,920,205

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	220,892,505

Investment securities, at value*	$	240,572,317
Cash		785
Interest and dividends receivable		167,429
Receivable for investments sold		218,776

Total Assets		240,959,307

Liabilities:
Payable for investments purchased		206,693
Payable for capital shares redeemed		798,353
Payable for collateral received on loaned securities		44,857,678
Manager fees payable		112,996
Administration fees payable		6,763
Distribution fees payable		40,356
Custodian fees payable		3,736
Administrative and compliance services fees payable		1,089
Transfer agent fees payable		1,160
Trustee fees payable		2,109
Other accrued liabilities		8,169

Total Liabilities		46,039,102

Net Assets	$	194,920,205

Net Assets Consist of:
Capital	$	165,376,754
Accumulated net investment income/(loss)		1,549,844
Accumulated net realized gains/(losses) from investment transactions		8,313,721
Net unrealized appreciation/(depreciation) on investments		19,679,886

Net Assets	$	194,920,205

Shares of beneficial interest (unlimited number of shares authorized, no par value)		16,789,898
Net Asset Value (offering and redemption price per share)	$	11.61

*	Includes securities on loan of $43,719,614.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Dividends	$	1,313,877
Income from securities lending		131,551
Foreign withholding tax		(1,475	)

Total Investment Income		1,443,953

Expenses:
Manager fees		843,860
Administration fees		36,544
Distribution fees		248,194
Custodian fees		11,493
Administrative and compliance services fees		2,080
Transfer agent fees		3,533
Trustee fees		6,830
Professional fees		7,117
Shareholder reports		1,853
Other expenses		2,961

Total expenses before reductions		1,164,465
Less expenses voluntarily waived/reimbursed by the Manager		(148,917	)

Net expenses		1,015,548

Net Investment Income/(Loss)		428,405

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		5,348,122
Change in net unrealized appreciation/depreciation on investments		(2,572,107	)

Net Realized/Unrealized Gains/(Losses) on Investments		2,776,015

Change in Net Assets Resulting From Operations	$	3,204,420

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL DFA U.S. Small Cap Fund (the “Fund”), and 22 are presented in separate reports.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $37 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $12,923 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and sub-adviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2017, the Fund did not engage in any Rule 17a-7 transactions under the 1940 Act.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Dimensional Fund Advisors LP (“DFA”), DFA provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2017, there were no contractual reimbursements subject to repayment by the Fund in subsequent years.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $1,232 was paid from the Fund relating to these fees and expenses.

For the period ended June 30, 2017, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2017 is $220,889,067. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

In October 2016, the Securities and Exchange Commission (SEC) released its Final Rules on Investment Company Reporting Modernization (the “Rules”). The Rules which introduce two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contain amendments to Regulation S-X which require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments are effective for filings made with the SEC after August 1, 2017. Management is currently evaluating the impact of the amendments on the fund’s financial statements. The adoption will have no effect on the Funds’ net assets or results of operations.

As a shareholder of the AZL Enhanced Bond Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Principal Amount			Fair Value
	Asset Backed Securities (6.2%):
$	6,930,000	Aebor Realty Collateralized Loan, Class A, Series 17-FL1, 2.46%, 4/15/27, Callable 11/15/19 @ 100(a)(b)	$	6,930,000
	2,516,886	American Homes 4 Rent LLC, Class A, Series 2014-SFR3, 3.68%, 12/17/36		2,621,343
	6,000,000	AmeriCredit Automoblie Receivables Trust, Class A3, Series 16-3, 1.46%, 5/10/21, Callable 7/8/20 @ 100		5,982,619
	2,330,000	AmeriCredit Automoblie Receivables Trust, Class A3, Series 16-4, 1.53%, 7/8/21, Callable 9/8/20 @ 100		2,320,704
	1,000,000	Apidos CLO, Class A1R, Series 15-20A, 2.35%, 1/16/27, Callable 7/17/17 @ 100(b)		1,002,983
	1,885,000	Arbor Realty Collateralized Loan, Class A, Series 15-FL2A, 2.91%, 9/15/25, Callable 3/15/18 @ 100(a)(b)		1,870,109
	5,350,000	Banc of America Merrill Lynch Large Loan, Class A, Series 2015-ASHF, 2.38%, 1/15/28(b)		5,367,614
	1,502,000	Benefit Street Partners CLO, Ltd., Class A1R, Series 2014-IVA, 2.51%, 1/20/29, Callable 1/20/19 @ 100(b)		1,506,131
	580,000	Cedar Funding, Ltd., Class A1, Series 14-3A, 2.70%, 5/20/26(b)		581,129
	1,000,000	Cent CLO, LP, Class A1R, Series 14-22A, 2.44%, 11/7/26(a)(b)		1,000,000
	2,000,000	Chase Issuance Trust, Class A5, Series 2016-A5, 1.27%, 7/15/21		1,981,700
	1,270,000	Chrysler Capital Auto Receivables Trust, Class B, Series 2013-BA, 1.78%, 6/17/19, Callable 2/15/18 @ 100		1,270,470
	3,000,000	CIFC Funding, Ltd., Class A1R, Series 15-1A, 2.43%, 1/22/27, Callable 7/22/17 @ 100(b)		3,000,309
	2,210,000	Citibank Credit Card Issuance Trust, Class A1, Series 2014-A1, 2.88%, 1/23/23		2,276,486
	3,335,000	Citibank Credit Card Issuance Trust, Class A3, Series 2017-A3, 1.92%, 4/7/22		3,338,686
	2,165,000	Credit Acceptance Auto Loan Trust, Class A, Series 15-2A, 2.40%, 2/15/23, Callable 12/15/18 @ 100(b)		2,173,075
	428,206	Credit Acceptance Auto Loan Trust, Class A, Series 2014-2A, 1.88%, 3/15/22, Callable 10/15/17 @ 100		428,271
	11,200,000	Drive Auto Receivables Trust, Class A2, Series 17-BA, 1.59%, 12/17/18, Callable 8/15/21 @ 100		11,199,385
	1,495,000	Ford Credit Floorplan Master Owner Trust, Class A, Series 2014-2, 1.49%, 2/15/21(b)		1,501,424
	1,855,000	Golden Credit Card Trust, Class A, Series 2015-2A, 2.02%, 4/15/22		1,858,351
	2,190,000	GoldenTree Loan Opportunities VII, Ltd., Class A, Series 2013-7A, 2.31%, 4/25/25, Callable 7/25/17 @ 100(b)		2,189,987
	4,871,641	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4, Series 17-1, 3.50%, 1/25/47, Callable 10/25/38 @ 100(b)		4,995,271


Principal Amount			Fair Value
	Asset Backed Securities, continued
$	855,903	Navient Student Loan Trust, Class A, Series 14-CTA, 1.86%, 9/16/24, Callable 9/15/21 @ 100(b)	$	856,170
	5,909,651	Navient Student Loan Trust, Class A, Series 2015-CA, 2.49%, 1/16/35, Callable 3/15/20 @ 100(b)		5,961,419
	1,505,000	Navient Student Loan Trust, Class A2A, Series 2016-AA, 3.91%, 12/15/45, Callable 4/15/29 @ 100		1,561,740
	2,140,000	Nextgear Floorplan Master Owner Trust, Class A, Series 2014-1A, 1.92%, 10/15/19		2,141,731
	1,377,351	Nomad CLO, Ltd., Class A1, Series 2013-1A, 2.36%, 1/15/25, Callable 7/15/17 @ 100(b)		1,378,314
	1,400,000	OCP CLO, Ltd., Class A1R, Series 2012-2A, 2.57%, 11/22/25, Callable 11/22/18 @ 100(b)		1,411,252
	1,500,000	OCP CLO, Ltd., Class A1, Series 2015-8A, 2.69%, 4/17/27, Callable 7/17/17 @ 100(b)		1,500,599
	790,042	OneMain Financial Issuance Trust, Class A, Series 2014-2A, 2.47%, 9/18/24, Callable 7/18/17 @ 101		791,069
	1,875,000	OneMain Financial Issuance Trust, Class A, Series 2015-1A, 3.19%, 3/18/26, Callable 1/18/18 @ 101		1,893,689
	1,250,000	OZLM, Ltd., Class A1BR, Series 14-7A, 2.31%, 7/17/26, Callable 7/17/17 @ 100(b)		1,249,999
	11,770,000	Pfs Financing Corp., Class A, Series 2017-AA, 1.74%, 3/15/21(b)		11,791,673
	2,425,000	PFS Financing Corp., Class 4, Series 16-A, 2.36%, 2/18/20(b)		2,435,198
	480,000	PFS Financing Corp., Class A, Series 2016-BA, 1.87%, 10/15/21		477,785
	2,300,000	Prestige Auto Receivables Trust, Class C, Series 2014-1A, 2.39%, 5/15/20, Callable 8/15/18 @ 100		2,305,027
	2,046,261	Progress Residential Trust, Class A, Series 2015-SFR2, 2.74%, 6/12/32		2,056,813
	431,246	Santander Drive Auto Receivables Trust, Class C, Series 2013-4, 3.25%, 1/15/20, Callable 2/15/18 @ 100		432,356
	492,658	Santander Drive Auto Receivables Trust, Class A3, Series 15-4, 1.58%, 9/16/19, Callable 6/15/19 @ 100(b)		492,724
	1,700,000	Santander Drive Auto Receivables Trust, Class A3, Series 16-3, 1.50%, 8/17/20, Callable 1/15/20 @ 100		1,697,178
	434,792	SLM Student Loan Trust, Class A4, Series 2006-A, 1.44%, 12/15/23, Callable 12/15/27 @ 100(b)		433,379
	172,457	SLM Student Loan Trust, Class A2, Series 2012-C, 3.31%, 10/15/46, Callable 5/15/18 @ 100		174,317
	640,000	SMB Private Education Loan Trust, Class A2A, Series 15-B, 2.98%, 7/15/27		654,816
	2,250,000	SMB Private Education Loan Trust, Class A2A, Series 17-A, 2.88%, 9/15/34		2,268,264


Principal Amount			Fair Value
	Asset Backed Securities, continued
$	250,000	SMB Private Education Loan Trust, Class A2A, Series 16-A, 2.70%, 5/15/31(b)	$	250,994
	3,211,905	Social Professional Loan Program, Class A2, Series 2015-D, 2.72%, 10/27/36		3,244,079
	1,202,728	Social Professional Loan Program, Class A2, Series 2015-C, 2.51%, 8/25/33		1,204,460
	2,190,000	Springleaf Funding Trust, Class A, Series 2015-AA, 3.16%, 11/15/24, Callable 2/15/18 @ 100		2,209,808
	43,843	Sway Residential Trust, Class A, Series 2014-1, 2.51%, 1/17/32(b)		43,843
	2,435,000	Synchrony Credit Card Master Note Trust, Class A, Series 2012-7, 1.76%, 9/15/22		2,428,308
	435,000	World Financial Network Credit Card Master Trust, Class A, Series 2012-A, 3.14%, 1/17/23		444,533
	2,000,000	World Financial Network Credit Card Master Trust, Class A, Series 2016-C, 1.72%, 8/15/23		1,988,032

	Total Asset Backed Securities (Cost $120,898,667)			121,175,616

	Collateralized Mortgage Obligations (4.7%):
	11,463	Banc of America Large Loan, Class A4B, Series 2010-UB4, 5.11%, 12/20/41(a)(b)		11,465
	2,513,056	Barclays Commercial Mortgage Securities, Class A, Series 2015-SLP, 2.27%, 2/15/28(b)		2,513,813
	2,540,000	BHMS Mortgage Trust, Class AFL, Series 2014-ATLS, 2.49%, 7/5/33(b)		2,539,998
	5,543,389	CGGS Commercial Mortgage Trust, Class AFX, Series 2016-RNDA, 2.76%, 2/10/33		5,554,164
	20,974,610	Citigroup Commercial Mortgage Trust, Class XA, Series 2015-P1, 0.93%, 9/15/48(b)		1,004,092
	26,478,421	Commercial Mortgage Loan Trust, Class XA, Series 2015-CCRE23, 1.13%, 5/10/48(b)		1,362,762
	667,000	Commercial Mortgage Loan Trust, Class A5, Series 2015-CR24, 3.70%, 8/10/48		694,439
	1,279,058	Commercial Mortgage Loan Trust, Class AM, Series 2013-CR7, 3.31%, 3/10/46		1,299,986
	8,970,000	Commercial Mortgage Loan Trust, Class A, Series 2014-TWC, 1.98%, 2/13/32(b)		8,986,768
	1,495,304	Commercial Mortgage Loan Trust, Class A1A, Series 2008-LS1, 6.33%, 12/10/49(b)		1,502,453
	2,500,000	Core Industrial Trust, Class A, Series 2015-WEST, 3.29%, 2/10/37		2,539,312
	3,640,000	Core Industrial Trust, Class A, Series 2015-CALW, 3.04%, 2/10/34		3,734,892
	8,500,000	Cosmopolitian Hotel Trust, Class A, Series 2016-CSMO, 2.56%, 11/15/33(b)		8,563,865
	1,590,000	Credit Suisse Mortgage Trust, Class A, Series 2016-MFF, 2.76%, 11/15/33(b)		1,594,957
	658,053	GAHR Commercial Mortgage Trust, Class AFL1, Series 2015-NRF, 2.29%, 12/15/34(b)		659,029
	640,000	GAHR Commercial Mortgage Trust, Class AFX, Series 2015-NRF, 3.23%, 12/15/34		656,301
	8,408	GS Mortgage Securities Trust, Class XA, Series 2013-GC10, 1.73%, 2/10/46(b)		566
	1,100,000	GS Mortgage Securities Trust, Class A, Series 2012-SHOP, 2.93%, 6/5/31		1,118,884


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	249,339	JPMorgan Chase Commercial Mortgage Securities Corp., Class A, Series 2012-WLDN, 3.91%, 5/5/30	$	260,082
	5,065,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class A4FX, Series 2012-CBX, 3.48%, 6/15/45		5,268,134
	955,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class A, Series 2016-NINE, 2.95%, 10/6/38(b)		936,411
	3,560,315	JPMorgan Mortgage Trust, Class A6, Series 2017-2, 3.00%, 5/25/47, Callable 7/25/29 @ 100(b)		3,590,171
	1,180,000	Latitude Management Real Estate Capital, Class A, Series 2016-CRE2, 2.71%, 11/24/31(b)		1,188,708
	2,600,000	Merrill Lynch Mortgage Trust, Class E, Series 2005-MKB2, 6.53%, 9/12/42(b)		2,823,298
	1,300,000	Morgan Stanley Bank of America Merrill Lynch Trust, Class A3, Series 2015-C24, 3.48%, 5/15/48		1,338,694
	2,775,000	Morgan Stanley Bank of America Merrill Lynch Trust, Class A4, Series 2015-C24, 3.73%, 5/15/48		2,904,648
	1,540,000	Morgan Stanley Capital I Trust, Class A4, Series 2016-BNK2, 3.05%, 11/15/49		1,526,801
	139,650,000	Morgan Stanley Capital I Trust, Class XCP, Series 2017-PRME, 1.29%, 8/15/18(a)(b)		2,624,861
	1,740,000	Morgan Stanley Capital I Trust, Class A, Series 2014-MP, 3.47%, 8/11/29		1,809,965
	31,078	Morgan Stanley Re-REMIC Trust, Class A, Series 2012-XA, 2.00%, 7/27/49		31,087
	4,850,000	One Lincoln Street Commercial Mortgage, Class A1, Series 2004-C3, 5.72%, 10/15/30(b)		5,536,421
	1,220,000	SFAVE Commercial Mortgage Securities Trust, Class A2A, Series 2015-5AVE, 3.66%, 1/5/43(b)		1,162,452
	125,000	SG Commercial Mortgage Securities Trust, Class A4, Series 2016-C5, 3.06%, 10/10/48		123,044
	1,198,353	SMB Private Education Loan Trust, Class A2B, Series 14-A, 2.31%, 5/15/26(b)		1,211,031
	336,000	SMB Private Education Loan Trust, Class A2A, Series 16-B, 2.43%, 2/17/32(b)		333,090
	120,000	Social Professional Loan Program, Class A2B, Series 16-D, 2.34%, 4/25/33		118,931
	1,460,000	VNO Mortgage Trust, Class A, Series 2013-PENN, 3.81%, 12/13/29		1,529,332
	170,000	Waldorf Astoria Boca Raton Trust, Class A, Series 2016-BOCA, 2.51%, 6/15/29(b)		170,527
	1,250,000	Wells Fargo Commercial Mortgage Trust, Class AS, Series 2015-NXS1, 3.41%, 5/15/48		1,258,616
	5,100,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-C28, 3.54%, 5/15/48		5,252,096
	1,800,000	Wells Fargo Commercial Mortgage Trust, Class A5, Series 2015-NXS2, 3.77%, 7/15/58(b)		1,885,834
	1,635,000	Wells Fargo Commercial Mortgage Trust, Class A4, Series 2015-NXS4, 3.72%, 12/15/48		1,703,046
	43,506,491	Wells Fargo Commercial Mortgage Trust, Class XA, Series 2016-LC25, 1.24%, 12/15/59(b)		2,956,958


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	17,721,986	WF-RBS Commercial Mortgage Trust, Class XA, Series 2014-C20, 1.31%, 5/15/47(b)	$	920,996

	Total Collateralized Mortgage Obligations (Cost $99,032,946)			92,802,980

	Corporate Bonds (21.5%):
	Aerospace & Defense (0.6%):
	580,000	Aviation Capital Group Corp., 2.88%, 9/17/18, Callable 8/17/18 @ 100(c)		585,583
	95,000	BAE Systems plc, 3.85%, 12/15/25, Callable 9/15/25 @ 100(c)		98,844
	400,000	Boeing Co., 2.35%, 10/30/21		402,878
	80,000	Boeing Co. (The), 3.30%, 3/1/35, Callable 9/1/34 @ 100		76,949
	40,000	Boeing Co. (The), 3.50%, 3/1/45, Callable 9/1/44 @ 100		38,726
	90,000	General Dynamics Corp., 2.13%, 8/15/26, Callable 5/15/26 @ 100		84,437
	325,000	Lockheed Martin Corp., 3.55%, 1/15/26, Callable 10/15/25 @ 100		336,767
	319,000	Lockheed Martin Corp., 4.50%, 5/15/36, Callable 11/15/35 @ 100		347,896
	1,356,000	Lockheed Martin Corp., 4.70%, 5/15/46, Callable 11/15/45 @ 100		1,523,664
	1,810,000	Northrop Grumman Corp., 3.25%, 8/1/23		1,871,967
	1,800,000	Rockwell Collins, Inc., 2.80%, 3/15/22, Callable 2/15/22 @ 100		1,816,618
	1,154,000	United Technologies Corp., 1.78%, 5/4/18(b)		1,155,481
	2,115,000	United Technologies Corp., 1.90%, 5/4/20		2,118,626
	500,000	United Technologies Corp., 4.50%, 6/1/42		545,977
	500,000	United Technologies Corp., 3.75%, 11/1/46, Callable 5/1/46 @ 100		489,587

				11,494,000

	Air Freight & Logistics (0.1%):
	500,000	FedEx Corp., 3.88%, 8/1/42		472,571
	820,000	FedEx Corp., 4.55%, 4/1/46, Callable 10/1/45 @ 100		861,350

				1,333,921

	Airlines (0.1%):
	460,000	American Airline, Series AA, 3.65%, 8/15/30		473,800
	628,228	American Airlines, Series A, 3.38%, 5/1/27		631,369
	571,598	American Airlines Pass Through Trust, Class AA, Series 2015-2, 3.60%, 3/22/29		583,716

				1,688,885

	Auto Components (0.0%):
	50,000	Delphi Corp., 4.15%, 3/15/24, Callable 12/15/23 @ 100		52,507

	Automobiles (0.1%):
	1,125,000	Ford Motor Co., 5.29%, 12/8/46, Callable 6/8/46 @ 100^		1,154,610

	Banks (3.7%):
	403,000	Bank of America Corp., 2.00%, 1/11/18		403,617
	1,065,000	Bank of America Corp., 2.36%, 3/22/18, MTN(b)		1,071,440
	500,000	Bank of America Corp., 5.65%, 5/1/18, MTN		515,702
	311,000	Bank of America Corp., 1.95%, 5/12/18, MTN		311,329
	747,000	Bank of America Corp., 2.60%, 1/15/19		754,035


Principal Amount			Fair Value
	Corporate Bonds, continued
	Banks, continued
$	766,000	Bank of America Corp., Series L, 2.25%, 4/21/20, MTN^	$	766,313
	5,360,000	Bank of America Corp., Series G, 2.63%, 4/19/21		5,383,755
	890,000	Bank of America Corp., 2.50%, 10/21/22, Callable 10/21/21 @ 100, MTN^		878,623
	1,010,000	Bank of America Corp., 3.30%, 1/11/23, MTN		1,029,895
	1,095,000	Bank of America Corp., 4.00%, 4/1/24		1,147,415
	585,000	Bank of America Corp., 4.00%, 1/22/25, MTN		595,188
	1,020,000	Bank of America Corp., Series L, 3.95%, 4/21/25		1,033,506
	2,500,000	Bank of America Corp., 3.88%, 8/1/25, MTN		2,586,278
	826,000	Bank of America Corp., Series G, 4.45%, 3/3/26		859,655
	1,810,000	Bank of America Corp., Series G, 3.50%, 4/19/26		1,816,165
	2,880,000	Bank of America Corp., 3.82%, 1/20/28, Callable 1/20/27 @ 100, MTN(b)		2,930,008
	380,000	Bank of America Corp., 4.24%, 4/24/38, Callable 4/24/37 @ 100(b)		395,144
	284,000	Branch Banking & Trust, 3.63%, 9/16/25, Callable 8/16/25 @ 100		295,376
	2,580,000	Citigroup, Inc., 1.80%, 2/5/18		2,581,956
	830,000	Citigroup, Inc., 2.40%, 2/18/20		834,464
	1,030,000	Citigroup, Inc., 2.65%, 10/26/20		1,039,855
	965,000	Citizens Bank NA/RI, 2.20%, 5/26/20, Callable 4/26/20 @ 100		963,344
	250,000	Citizens Bank NA/RI, 2.55%, 5/13/21, Callable 4/13/21 @ 100		250,138
	40,000	Citizens Financial Group, Inc., 2.38%, 7/28/21, Callable 6/28/21 @ 100^		39,654
	206,000	Fifth Third Bank, 2.15%, 8/20/18, Callable 7/20/18 @ 100		206,866
	1,042,000	Fifth Third Bank, Series BKNT, 3.85%, 3/15/26, Callable 2/15/26 @ 100		1,060,897
	1,306,000	HSBC USA, Inc., 1.70%, 3/5/18^		1,306,249
	1,660,000	HSBC USA, Inc., 2.35%, 3/5/20		1,669,746
	470,000	Huntington National Bank (The), 2.40%, 4/1/20, Callable 3/1/20 @ 100		473,135
	1,095,000	JPMorgan Chase & Co., 2.20%, 10/22/19		1,098,501
	20,000	JPMorgan Chase & Co., 2.75%, 6/23/20, Callable 5/23/20 @ 100^		20,334
	1,720,000	JPMorgan Chase & Co., 2.30%, 8/15/21, Callable 8/15/20 @ 100		1,709,993
	125,000	JPMorgan Chase & Co., 4.50%, 1/24/22		135,356
	2,578,000	JPMorgan Chase & Co., 2.97%, 1/15/23, Callable 1/15/22 @ 100^		2,608,665
	10,444,000	JPMorgan Chase & Co., 2.78%, 4/25/23, Callable 4/25/22 @ 100(b)		10,462,756
	300,000	JPMorgan Chase & Co., 3.20%, 6/15/26, Callable 3/15/26 @ 100		296,479
	1,271,000	JPMorgan Chase & Co., 2.95%, 10/1/26, Callable 7/1/26 @ 100		1,226,643
	140,000	JPMorgan Chase & Co., 4.25%, 10/1/27		146,034
	3,710,000	JPMorgan Chase & Co., 3.78%, 2/1/28, Callable 2/1/27 @ 100(b)		3,793,908
	500,000	KeyBank NA/Cleveland OH, Series BKNT, 2.40%, 6/9/22^		497,514
	200,000	KeyCorp, 2.90%, 9/15/20		203,460


Principal Amount			Fair Value
	Corporate Bonds, continued
	Banks, continued
$	142,000	Merrill Lynch & Co., 6.88%, 4/25/18, MTN	$	147,769
	963,000	Santander Holdings USA, 3.70%, 3/28/22, Callable 2/28/22 @ 100(c)		975,445
	300,000	U.S. BanCorp, Series V, 2.38%, 7/22/26, Callable 6/22/26 @ 100^		282,728
	1,800,000	US BanCorp, Series X, 3.15%, 4/27/27, Callable 3/27/27 @ 100^		1,803,002
	128,000	Wachovia Corp., 5.50%, 8/1/35		148,439
	514,000	Wells Fargo & Co., Series G, 2.60%, 7/22/20^		521,246
	1,590,000	Wells Fargo & Co., 2.10%, 7/26/21		1,568,677
	250,000	Wells Fargo & Co., 3.00%, 4/22/26		244,164
	3,295,000	Wells Fargo & Co., 3.00%, 10/23/26		3,208,529
	2,905,000	Wells Fargo & Co., Series G, 4.30%, 7/22/27^		3,042,752
	2,725,000	Wells Fargo & Co., 3.58%, 5/22/28, Callable 5/22/27 @ 100(b)		2,753,969
	246,000	Wells Fargo & Co., 3.90%, 5/1/45^		246,095
	175,000	Wells Fargo & Co., Series G, 4.90%, 11/17/45		190,816
	680,000	Wells Fargo & Co., 4.40%, 6/14/46, MTN		688,433
	1,140,000	Wells Fargo & Co., 4.75%, 12/7/46		1,217,148

				72,438,603

	Beverages (0.5%):
	1,310,000	Anheuser-Busch InBev NV, 2.65%, 2/1/21, Callable 1/1/21 @ 100		1,327,564
	1,595,000	Anheuser-Busch InBev NV, 3.65%, 2/1/26, Callable 11/1/25 @ 100		1,643,281
	1,090,000	Anheuser-Busch InBev NV, 4.70%, 2/1/36, Callable 8/1/35 @ 100		1,199,701
	1,570,000	Anheuser-Busch InBev NV, 4.90%, 2/1/46, Callable 8/1/45 @ 100		1,771,966
	1,150,000	Molson Coors Brewing Co., 1.90%, 3/15/19(c)		1,148,420
	675,000	Molson Coors Brewing Co., 2.25%, 3/15/20, Callable 2/15/20 @ 100(c)		675,010
	620,000	Molson Coors Brewing Co., 3.00%, 7/15/26, Callable 4/15/26 @ 100		596,344
	1,200,000	PepsiCo, Inc., 1.70%, 10/6/21, Callable 9/6/21 @ 100^		1,174,660
	200,000	PepsiCo, Inc., 2.38%, 10/6/26, Callable 7/6/26 @ 100^		190,483
	200,000	PepsiCo, Inc., 3.45%, 10/6/46, Callable 4/6/46 @ 100		187,911

				9,915,340

	Biotechnology (0.7%):
	1,000,000	AbbVie, Inc., 2.30%, 5/14/21, Callable 4/14/21 @ 100^		997,519
	1,000,000	AbbVie, Inc., 3.20%, 5/14/26, Callable 2/14/26 @ 100^		988,191
	130,000	AbbVie, Inc., 4.30%, 5/14/36, Callable 11/14/35 @ 100		132,301
	400,000	AbbVie, Inc., 4.45%, 5/14/46, Callable 11/14/45 @ 100		412,878
	2,190,000	Amgen, Inc., 1.90%, 5/10/19^		2,192,053
	570,000	Amgen, Inc., 2.20%, 5/11/20		572,880
	500,000	Amgen, Inc., 1.85%, 8/19/21, Callable 7/19/21 @ 100^		488,842


Principal Amount			Fair Value
	Corporate Bonds, continued
	Biotechnology, continued
$	450,000	Amgen, Inc., 3.63%, 5/15/22, Callable 2/15/22 @ 100^	$	470,018
	640,000	Amgen, Inc., 2.60%, 8/19/26, Callable 5/19/26 @ 100^		605,679
	350,000	Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100		359,502
	254,000	Amgen, Inc., 4.56%, 6/15/48, Callable 12/15/47 @ 100		267,248
	367,000	Amgen, Inc., 4.66%, 6/15/51, Callable 12/15/50 @ 100		388,709
	390,000	Baxalta, Inc., 5.25%, 6/23/45, Callable 12/23/44 @ 100		457,728
	200,000	Biogen, Inc., 3.63%, 9/15/22		209,172
	500,000	Biogen, Inc., 4.05%, 9/15/25, Callable 6/15/25 @ 100		527,895
	60,000	Biogen, Inc., 5.20%, 9/15/45, Callable 3/15/45 @ 100		68,448
	720,000	Celgene Corp., 2.88%, 8/15/20		736,256
	50,000	Gilead Sciences, Inc., 2.50%, 9/1/23, Callable 7/1/23 @ 100		49,259
	800,000	Gilead Sciences, Inc., 3.65%, 3/1/26, Callable 12/1/25 @ 100		822,664
	230,000	Gilead Sciences, Inc., 4.80%, 4/1/44, Callable 10/1/43 @ 100		250,631
	1,720,000	Gilead Sciences, Inc., 4.15%, 3/1/47, Callable 9/1/46 @ 100		1,728,019

				12,725,892

	Capital Markets (1.1%):
	1,475,000	Bank of New York Mellon Corp. (The), 2.05%, 5/3/21, Callable 4/3/21 @ 100, MTN		1,461,499
	205,000	Bank of New York Mellon Corp. (The), Series G, 3.00%, 2/24/25, Callable 1/24/25 @ 100^		204,639
	135,000	Bank of New York Mellon Corp. (The), 2.80%, 5/4/26, Callable 2/4/26 @ 100		131,831
	2,300,000	Bank of New York Mellon Corp. (The), 3.44%, 2/7/28, Callable 2/7/27 @ 100, MTN(b)		2,333,994
	185,000	Bank of New York Mellon Corp. (The), 3.00%, 10/30/28, Callable 7/30/28 @ 100		179,042
	1,320,000	Bank of New York Mellon Corp. (The), 4.62%, 12/29/49, Callable 9/20/26 @ 100(b)		1,331,352
	1,435,000	Chalres Schwab Corp., Series E, 4.62%, 12/29/49, Callable 3/1/22 @ 100(b)		1,465,494
	650,000	Goldman Sachs Group, Inc., 2.88%, 2/25/21, Callable 1/25/21 @ 100^		656,968
	106,000	Goldman Sachs Group, Inc., 5.95%, 1/15/27		123,725
	1,135,000	Goldman Sachs Group, Inc. (The), 2.38%, 1/22/18		1,140,035
	562,000	Goldman Sachs Group, Inc. (The), 2.90%, 7/19/18		568,383
	610,000	Goldman Sachs Group, Inc. (The), 2.60%, 4/23/20, Callable 3/23/20 @ 100		615,664
	415,000	Goldman Sachs Group, Inc. (The), 3.75%, 2/25/26, Callable 11/25/25 @ 100		422,575
	360,000	Goldman Sachs Group, Inc. (The), 4.80%, 7/8/44, Callable 1/8/44 @ 100		399,207


Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets, continued
$	150,000	Goldman Sachs Group, Inc. (The), 4.75%, 10/21/45, Callable 4/21/45 @ 100	$	165,968
	706,000	Morgan Stanley, 1.88%, 1/5/18^		706,842
	414,000	Morgan Stanley, 2.13%, 4/25/18		415,365
	1,000,000	Morgan Stanley, 2.50%, 1/24/19		1,007,719
	2,280,000	Morgan Stanley, 2.80%, 6/16/20		2,313,151
	930,000	Morgan Stanley, 2.63%, 11/17/21		928,629
	295,000	Morgan Stanley, 3.75%, 2/25/23		306,745
	240,000	Morgan Stanley, 3.63%, 1/20/27		241,726
	169,000	Morgan Stanley, 3.95%, 4/23/27		170,524
	760,000	Morgan Stanley, 4.38%, 1/22/47		792,835
	610,000	Northern Trust Corp., 4.60%, 12/29/49, Callable 10/1/26 @ 100^(b)		616,100
	1,355,000	State Street Corp., 2.55%, 8/18/20^		1,380,444
	741,000	State Street Corp., Series F, 5.25%, 12/31/49, Callable 9/15/20 @ 100(b)		781,755
	800,000	UBS Group AG, 4.13%, 4/15/26(c)		834,311

				21,696,522

	Chemicals (0.2%):
	49,000	Dow Chemical Co. (The), 4.38%, 11/15/42, Callable 5/15/42 @ 100		50,610
	345,000	E.I. du Pont de Nemours & Co., 2.20%, 5/1/20^		346,872
	410,000	Eastman Chemical Co., 2.70%, 1/15/20, Callable 12/15/19 @ 100^		415,403
	220,000	Eastman Chemical Co., 4.65%, 10/15/44, Callable 4/15/44 @ 100		232,759
	1,000,000	Ecolab, Inc., 2.70%, 11/1/26, Callable 8/1/26 @ 100		964,476
	410,000	LyondellBasell Idustries NV, 4.88%, 3/15/44, Callable 9/15/43 @ 100		434,164
	199,000	Monsanto Co., 3.38%, 7/15/24, Callable 4/15/24 @ 100^		201,890
	90,000	Monsanto Co., 4.40%, 7/15/44, Callable 1/15/44 @ 100		91,535
	250,000	Monsanto Co., 3.95%, 4/15/45, Callable 10/15/44 @ 100		236,364
	220,000	RPM International, Inc., 3.75%, 3/15/27, Callable 12/15/26 @ 100		223,563
	665,000	Sherwin Williams Co., 2.25%, 5/15/20		666,488

				3,864,124

	Commercial Services & Supplies (0.0%):
	255,000	Pitney Bowes, Inc., 3.88%, 5/15/22, Callable 4/15/22 @ 100^		254,935
	535,000	Republic Services, Inc., 3.20%, 3/15/25, Callable 12/15/24 @ 100		539,209
	45,000	Republic Services, Inc., 2.90%, 7/1/26, Callable 4/1/26 @ 100		44,119

				838,263

	Communications Equipment (0.3%):
	869,000	Cisco Systems, Inc., 4.45%, 1/15/20		925,782
	927,000	Cisco Systems, Inc., 2.20%, 2/28/21		932,010
	1,099,000	Cisco Systems, Inc., 1.85%, 9/20/21, Callable 8/20/21 @ 100^		1,085,453


Principal Amount			Fair Value
	Corporate Bonds, continued
	Communications Equipment, continued
$	435,000	Cisco Systems, Inc., 2.20%, 9/20/23, Callable 7/20/23 @ 100^	$	425,508
	550,000	Cisco Systems, Inc., 2.50%, 9/20/26, Callable 6/20/26 @ 100^		527,403
	135,000	Harris Corp., 2.70%, 4/27/20, Callable 3/27/20 @ 100^		136,398
	1,000,000	Harris Corp., 3.83%, 4/27/25, Callable 1/27/25 @ 100^		1,032,042
	50,000	Juniper Networks, Inc., 4.35%, 6/15/25, Callable 3/15/25 @ 100^		52,168
	224,000	Motorola Solutions, Inc., 4.00%, 9/1/24		225,197

				5,341,961

	Consumer Finance (1.5%):
	1,578,000	Capital One Bank USA NA, Series BKNT, 2.25%, 2/13/19, Callable 1/13/19 @ 100^		1,582,232
	1,295,000	Capital One Financial Corp., 2.50%, 5/12/20, Callable 4/12/20 @ 100		1,300,610
	720,000	Capital One Financial Corp., 3.20%, 2/5/25, Callable 1/5/25 @ 100^		704,781
	335,000	Capital One Financial Corp., 3.75%, 7/28/26, Callable 6/28/26 @ 100^		326,902
	1,185,000	Capital One NA, Series BKNT, 1.65%, 2/5/18, Callable 1/5/18 @ 100		1,184,514
	4,680,000	Capital One NA, 2.35%, 1/31/20, Callable 12/31/19 @ 100		4,681,525
	545,000	Capital One NA, 2.95%, 7/23/21, Callable 6/23/21 @ 100		549,025
	280,000	Capital One NA, 2.25%, 9/13/21, Callable 8/13/21 @ 100		274,812
	455,000	Discover Bank, 2.60%, 11/13/18, Callable 10/12/18 @ 100		458,880
	330,000	Discover Bank, Series BKNT, 3.10%, 6/4/20, Callable 5/4/20 @ 100		336,284
	3,515,000	Discover Bank, 3.45%, 7/27/26, Callable 4/27/26 @ 100		3,399,686
	1,045,000	Ford Motor Credit Co. LLC, 1.72%, 12/6/17		1,045,073
	3,600,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		3,692,083
	2,630,000	General Motors Financial Co., 4.35%, 1/17/27, Callable 10/17/26 @ 100		2,662,370
	220,000	Hyundai Capital America, 2.40%, 10/30/18(c)		220,460
	95,000	Hyundai Capital America, 2.50%, 3/18/19^(c)		95,292
	945,000	Hyundai Capital America, 2.55%, 4/3/20(c)		942,636
	588,000	Hyundai Capital America, 3.00%, 10/30/20(c)		592,064
	371,000	Nissan Motor Acceptance, 2.00%, 3/8/19^(c)		371,284
	1,115,000	Nissan Motor Acceptance, 2.25%, 1/13/20(c)		1,117,733
	560,000	Nissan Motor Acceptance, 2.13%, 3/3/20(c)		558,014
	1,180,000	Synchrony Financial, 2.70%, 2/3/20, Callable 1/3/20 @ 100		1,185,984
	1,810,000	Toyota Motor Credit Corp., 1.95%, 4/17/20		1,809,441

				29,091,685

	Containers & Packaging (0.0%):
	685,000	WestRock RKT Co., 4.90%, 3/1/22		746,529

	Diversified Consumer Services (0.1%):
	145,000	California Institute of Technology, 4.32%, 8/1/45		158,319


Principal Amount			Fair Value
	Corporate Bonds, continued
	Diversified Consumer Services, continued
$	360,000	Massachusetts Institute of Technology, 4.68%, 7/1/14	$	391,895
	114,000	Pres & Fellows of Harvar, 3.15%, 7/15/46, Callable 1/15/46 @ 100^		108,948
	575,000	Pres & Fellows of Harvar, 3.30%, 7/15/56, Callable 1/15/56 @ 100		549,969

				1,209,131

	Diversified Financial Services (0.2%):
	135,000	Berkshire Hathaway, Inc., 2.75%, 3/15/23, Callable 1/15/23 @ 100		136,789
	95,000	Berkshire Hathaway, Inc., 3.13%, 3/15/26, Callable 12/15/25 @ 100		96,069
	1,090,000	Daimler Finance NA LLC, 1.88%, 1/11/18(c)		1,091,279
	2,900,000	Daimler Finance NA LLC, 2.30%, 1/6/20(c)		2,909,273

				4,233,410

	Diversified Telecommunication Services (1.4%):
	316,000	AT&T, Inc., 2.38%, 11/27/18^		318,185
	317,000	AT&T, Inc., 2.30%, 3/11/19^		318,880
	720,000	AT&T, Inc., 2.45%, 6/30/20, Callable 5/30/20 @ 100		723,697
	1,000,000	AT&T, Inc., 2.80%, 2/17/21, Callable 1/17/21 @ 100^		1,010,609
	665,000	AT&T, Inc., 3.00%, 6/30/22, Callable 4/30/22 @ 100		665,344
	4,000,000	AT&T, Inc., 3.42%, 11/27/22(c)(d)		3,367,247
	150,000	AT&T, Inc., 4.45%, 4/1/24, Callable 1/1/24 @ 100^		157,905
	185,000	AT&T, Inc., 3.95%, 1/15/25, Callable 10/15/24 @ 100		188,548
	2,000,000	AT&T, Inc., 4.13%, 2/17/26, Callable 11/17/25 @ 100^		2,050,538
	1,230,000	AT&T, Inc., 4.25%, 3/1/27, Callable 12/1/26 @ 100		1,271,762
	170,000	AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100		167,245
	122,000	AT&T, Inc., 5.35%, 9/1/40		129,183
	1,010,000	AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100		990,410
	1,405,000	AT&T, Inc., 5.45%, 3/1/47, Callable 9/1/46 @ 100		1,512,518
	2,030,000	Verizon Communications, Inc., 1.72%, 5/22/20(b)		2,031,523
	1,320,000	Verizon Communications, Inc., 4.50%, 9/15/20		1,410,079
	447,000	Verizon Communications, Inc., 3.45%, 3/15/21		462,474
	1,500,000	Verizon Communications, Inc., 1.75%, 8/15/21, Callable 7/15/21 @ 100^		1,450,874
	255,000	Verizon Communications, Inc., 2.95%, 3/15/22(c)		256,772
	1,130,000	Verizon Communications, Inc., 2.63%, 8/15/26^		1,039,369
	1,740,000	Verizon Communications, Inc., 4.13%, 3/16/27^		1,797,035
	880,000	Verizon Communications, Inc., 4.13%, 8/15/46		783,198
	3,322,000	Verizon Communications, Inc., 4.86%, 8/21/46		3,322,565
	1,390,000	Verizon Communications, Inc., 5.50%, 3/16/47^		1,519,497
	250,000	Verizon Communications, Inc., 5.01%, 4/15/49(c)		252,477
	525,000	Verizon Communications, Inc., 5.01%, 8/21/54		516,661

				27,714,595


Principal Amount			Fair Value
	Corporate Bonds, continued
	Electric Utilities (1.8%):
$	128,000	Alabama Power Co., Series 11-C, 5.20%, 6/1/41	$	147,365
	500,000	Baltimore Gas & Electric, 2.80%, 8/15/22, Callable 5/15/22 @ 100		504,795
	500,000	Baltimore Gas & Electric, 2.40%, 8/15/26, Callable 5/15/26 @ 100		473,239
	220,000	Carolina Power & Light Co., 5.70%, 4/1/35		272,279
	430,000	Carolina Power & Light Co., 4.10%, 3/15/43, Callable 9/15/42 @ 100		446,469
	2,295,000	Duke Energy Carolinas, 2.95%, 12/1/26, Callable 9/1/26 @ 100		2,284,153
	1,000,000	Duke Energy Carolinas, 4.25%, 12/15/41, Callable 6/15/41 @ 100		1,068,264
	555,000	Duke Energy Carolinas, 3.75%, 6/1/45, Callable 12/1/44 @ 100^		552,049
	1,500,000	Duke Energy Corp., 1.80%, 9/1/21, Callable 8/1/21 @ 100		1,464,264
	1,780,000	Duke Energy Corp., 3.55%, 9/15/21, Callable 6/15/21 @ 100		1,852,276
	2,850,000	Duke Energy Corp., 3.05%, 8/15/22, Callable 5/15/22 @ 100		2,909,524
	1,500,000	Duke Energy Corp., 2.65%, 9/1/26, Callable 6/1/26 @ 100^		1,424,601
	1,000,000	Duke Energy Corp., 3.75%, 9/1/46, Callable 3/1/46 @ 100		949,976
	45,000	Emera US Finance LP, 2.15%, 6/15/19		44,958
	15,000	Emera US Finance LP, 3.55%, 6/15/26, Callable 3/15/26 @ 100^		15,035
	560,000	Emera US Finance, LP, 4.75%, 6/15/46, Callable 12/15/45 @ 100		590,989
	1,500,000	Entergy Corp., 5.13%, 9/15/20, Callable 6/15/20 @ 100		1,616,509
	4,105,000	Entergy Corp., 2.95%, 9/1/26, Callable 6/1/26 @ 100		3,930,795
	135,000	Exelon Corp., 2.85%, 6/15/20, Callable 5/15/20 @ 100		137,151
	15,000	Exelon Corp., 2.45%, 4/15/21, Callable 3/15/21 @ 100		14,959
	35,000	Exelon Corp., 3.40%, 4/15/26, Callable 1/15/26 @ 100		34,882
	92,000	Exelon Corp., 4.95%, 6/15/35, Callable 12/15/34 @ 100		100,719
	163,000	Exelon Corp., 5.63%, 6/15/35		191,012
	568,000	Georgia Power Co., 2.00%, 3/30/20		566,255
	750,000	Georgia Power Co., 3.25%, 3/30/27, Callable 12/30/26 @ 100		747,713
	40,000	MidAmerican Energy Holdings Co., 5.95%, 5/15/37		50,598
	450,000	MidAmerican Energy Holdings Co., 6.50%, 9/15/37		604,244
	365,000	NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27, Callable 2/1/27 @ 100		370,798
	110,000	Northern States PWR-MINN, 3.40%, 8/15/42, Callable 2/15/42 @ 100		104,319
	619,000	PacifiCorp, 5.65%, 7/15/18		643,920
	395,000	PacifiCorp, 5.75%, 4/1/37		499,888


Principal Amount			Fair Value
	Corporate Bonds, continued
	Electric Utilities, continued
$	1,000,000	PPL Capital Funding, Inc., 3.40%, 6/1/23, Callable 3/1/23 @ 100	$	1,027,702
	350,000	PPL Capital Funding, Inc., 5.00%, 3/15/44, Callable 9/15/43 @ 100^		394,584
	350,000	Progress Energy Carolinas, Inc., 5.30%, 1/15/19^		369,369
	600,000	Southwestern Public Service Co., 3.30%, 6/15/24, Callable 12/15/23 @ 100		615,302
	5,510,000	Virginia Electric & Power Co., 3.45%, 9/1/22, Callable 6/1/22 @ 100^		5,738,813
	1,075,000	Virginia Electric & Power Co., Series A, 3.15%, 1/15/26, Callable 10/15/25 @ 100		1,081,001
	215,000	Virginia Electric & Power Co., Series B, 2.95%, 11/15/26, Callable 8/15/26 @ 100		212,720
	185,000	Virginia Electric & Power Co., Series A, 6.00%, 5/15/37		237,351
	25,000	Virginia Electric & Power Co., 6.35%, 11/30/37		33,241
	255,000	Virginia Electric & Power Co., Series C, 4.00%, 11/15/46, Callable 5/15/46 @ 100		262,926

				34,587,007

	Electrical Equipment (0.2%):
	840,000	Eaton Corp., 1.50%, 11/2/17		840,165
	3,101,000	Eaton Corp., 2.75%, 11/2/22		3,117,903

				3,958,068

	Electronic Equipment, Instruments & Components (0.0%):
	40,000	Avnet, Inc., 4.63%, 4/15/26, Callable 1/15/26 @ 100^		41,345

	Energy Equipment & Services (0.1%):
	1,085,000	Halliburton Co., 3.80%, 11/15/25, Callable 8/15/25 @ 100		1,111,935
	263,000	Halliburton Co., 5.00%, 11/15/45, Callable 5/15/45 @ 100		279,826

				1,391,761

	Equity Real Estate Investment Trusts (0.2%):
	150,000	Boston Properties, LP, 2.75%, 10/1/26, Callable 7/1/26 @ 100		141,626
	25,000	Crown Castle International Corp., 3.40%, 2/15/21, Callable 1/15/21 @ 100		25,671
	175,000	Crown Castle International Corp., 2.25%, 9/1/21, Callable 8/1/21 @ 100^		172,166
	2,000,000	Crown Castle International Corp., 5.25%, 1/15/23		2,221,679
	535,000	Crown Castle International Corp., 3.70%, 6/15/26, Callable 3/15/26 @ 100		539,581
	240,000	Crown Castle International Corp., 4.75%, 5/15/47, Callable 11/15/46 @ 100		244,230
	535,000	Crown Castle Towers LLC, Series 144A, 6.11%, 1/15/20, Callable 7/15/19 @ 100(c)		575,174
	460,000	Realty Income Corp., 3.00%, 1/15/27, Callable 10/15/26 @ 100^		435,667

				4,355,794

	Food & Staples Retailing (0.3%):
	2,000,000	CVS Health Corp., 2.80%, 7/20/20, Callable 6/20/20 @ 100		2,036,196


Principal Amount			Fair Value
	Corporate Bonds, continued
	Food & Staples Retailing, continued
$	155,000	CVS Health Corp., 5.13%, 7/20/45, Callable 1/20/45 @ 100	$	177,691
	2,190,000	Walgreens Boots Alliance, Inc., 3.45%, 6/1/26, Callable 3/1/26 @ 100		2,185,371
	220,000	Walgreens Boots Alliance, Inc., 4.80%, 11/18/44, Callable 5/18/44 @ 100		234,114
	840,000	Walgreens Boots Alliance, Inc., 4.65%, 6/1/46, Callable 12/1/45 @ 100^		879,217
	199,000	Wal-Mart Stores, Inc., 6.50%, 8/15/37		280,301
	305,000	Wal-Mart Stores, Inc., 4.00%, 4/11/43, Callable 10/11/42 @ 100		321,729
	251,000	Wal-Mart Stores, Inc., 4.30%, 4/22/44, Callable 10/22/43 @ 100^		278,008

				6,392,627

	Food Products (0.1%):
	502,000	Kraft Foods Group, Inc., 5.38%, 2/10/20		541,046
	1,405,000	Kraft Heinz Foods Co., 3.00%, 6/1/26, Callable 3/1/26 @ 100		1,344,656
	280,000	Kraft Heinz Foods Co., 4.38%, 6/1/46, Callable 12/1/45 @ 100		274,214

				2,159,916

	Health Care Equipment & Supplies (0.2%):
	35,000	Abbott Laboratories, 3.88%, 9/15/25, Callable 6/15/25 @ 100		35,998
	166,000	Abbott Laboratories, 4.75%, 4/15/43, Callable 10/15/42 @ 100		175,661
	109,000	Becton, Dickinson & Co., 2.68%, 12/15/19		110,335
	84,000	Becton, Dickinson & Co., 3.73%, 12/15/24, Callable 9/15/24 @ 100		85,376
	200,000	Becton, Dickinson & Co., 4.69%, 12/15/44, Callable 6/15/44 @ 100		205,973
	311,000	Medtronic, Inc., 3.15%, 3/15/22		321,834
	1,132,000	Medtronic, Inc., 3.50%, 3/15/25		1,177,578
	810,000	Medtronic, Inc., 4.63%, 3/15/45		911,603
	200,000	Stryker Corp., 2.63%, 3/15/21, Callable 2/15/21 @ 100		202,079
	50,000	Stryker Corp., 3.50%, 3/15/26, Callable 12/15/25 @ 100^		51,209
	285,000	Stryker Corp., 4.63%, 3/15/46, Callable 9/15/45 @ 100		311,359

				3,589,005

	Health Care Providers & Services (0.6%):
	185,000	Aetna, Inc., 2.75%, 11/15/22, Callable 8/15/22 @ 100		185,651
	105,000	Aetna, Inc., 3.50%, 11/15/24, Callable 8/15/24 @ 100		108,313
	380,000	Aetna, Inc., 4.13%, 11/15/42, Callable 5/15/42 @ 100		386,905
	4,475,000	Cardinal Health, Inc., 2.62%, 6/15/22, Callable 5/15/22 @ 100^		4,479,140
	710,000	CIGNA Corp., 3.25%, 4/15/25, Callable 1/15/25 @ 100		712,768
	220,000	Humana, Inc., 4.80%, 3/15/47, Callable 9/15/46 @ 100		242,433


Principal Amount			Fair Value
	Corporate Bonds, continued
	Health Care Providers & Services, continued
$	725,000	UnitedHealth Group, Inc., 1.40%, 10/15/17	$	724,696
	160,000	UnitedHealth Group, Inc., 2.70%, 7/15/20		163,367
	545,000	UnitedHealth Group, Inc., 3.35%, 7/15/22		568,988
	1,000,000	UnitedHealth Group, Inc., 3.10%, 3/15/26		1,005,151
	245,000	UnitedHealth Group, Inc., 4.63%, 7/15/35		275,361
	80,000	UnitedHealth Group, Inc., 4.25%, 3/15/43, Callable 9/15/42 @ 100		84,538
	2,090,000	UnitedHealth Group, Inc., 4.75%, 7/15/45		2,400,705

				11,338,016

	Hotels, Restaurants & Leisure (0.1%):
	470,000	McDonald’s Corp., 3.50%, 7/15/20		489,353
	10,000	McDonald’s Corp., 2.75%, 12/9/20, Callable 11/9/20 @ 100		10,181
	50,000	McDonald’s Corp., 4.70%, 12/9/35, Callable 6/9/35 @ 100		55,184
	120,000	McDonald’s Corp., 4.60%, 5/26/45, Callable 11/26/44 @ 100		129,379
	60,000	McDonald’s Corp., 4.88%, 12/9/45, Callable 6/9/45 @ 100, MTN		66,892
	1,110,000	McDonald’s Corp., 4.45%, 3/1/47, Callable 9/1/46 @ 100, MTN		1,167,596

				1,918,585

	Industrial Conglomerates (0.2%):
	106,000	General Electric Capital Corp., 4.38%, 9/16/20		113,778
	1,720,000	General Electric Co., 2.70%, 10/9/22		1,749,470
	500,000	General Electric Co., 4.50%, 3/11/44		555,477
	309,000	Georgia-Pacific LLC, 3.60%, 3/1/25, Callable 12/1/24 @ 100(c)		318,313
	174,000	Georgia-Pacific LLC, 7.75%, 11/15/29		241,211
	1,610,000	Honeywell International, Inc., 1.40%, 10/30/19		1,599,081

				4,577,330

	Insurance (0.3%):
	325,000	ACE INA Holdings, Inc., 3.35%, 5/15/24		336,536
	410,000	ACE INA Holdings, Inc., 4.15%, 3/13/43^		433,276
	550,000	American International Group, Inc., 4.50%, 7/16/44, Callable 1/16/44 @ 100		559,283
	305,000	Arch Capital Finance LLC, 4.01%, 12/15/26, Callable 9/15/26 @ 100		314,626
	500,000	Hartford Financial Services Group, 5.13%, 4/15/22		555,029
	400,000	Hartford Financial Services Group, 6.10%, 10/1/41		508,295
	401,000	Hartford Financial Services Group, Inc. (The), 4.30%, 4/15/43		407,764
	20,000	Marsh & McLennan Cos., Inc., 3.50%, 3/10/25, Callable 12/10/24 @ 100		20,527
	1,060,000	Marsh & McLennan Cos., Inc., 3.75%, 3/14/26, Callable 12/14/25 @ 100		1,103,614
	610,000	Marsh & McLennan Cos., Inc., 4.35%, 1/30/47, Callable 7/30/46 @ 100^		651,907
	130,000	MetLife, Inc., 4.05%, 3/1/45		131,101
	95,000	Principal Financial Group, Inc., 3.13%, 5/15/23		95,757
	196,000	Principal Financial Group, Inc., 3.10%, 11/15/26, Callable 8/15/26 @ 100		193,128


Principal Amount			Fair Value
	Corporate Bonds, continued
	Insurance, continued
$	25,000	Principal Financial Group, Inc., 4.63%, 9/15/42^	$	27,239
	12,000	Teachers Insurance & Annuity Association of America, 6.85%, 12/16/39(c)		16,432
	50,000	Teachers Insurance & Annuity Association of America, 4.90%, 9/15/44(c)		55,964
	540,000	Teachers Insurance & Annuity Association of America, 4.27%, 5/15/47, Callable 11/15/46 @ 100(c)		552,803
	214,000	Travelers Cos., Inc. (The), 4.30%, 8/25/45, Callable 2/25/45 @ 100		228,568
	50,000	Travelers Cos., Inc. (The), 3.75%, 5/15/46, Callable 11/15/45 @ 100		49,037
	125,000	Willis North America, Inc., 3.60%, 5/15/24, Callable 3/15/24 @ 100		126,260

				6,367,146

	Internet & Direct Marketing Retail (0.1%):
	390,000	Amazon.com, Inc., 3.80%, 12/5/24, Callable 9/5/24 @ 100^		415,502
	861,000	Amazon.com, Inc., 4.80%, 12/5/34, Callable 6/5/34 @ 100		991,183
	488,000	Amazon.com, Inc., 4.95%, 12/5/44, Callable 6/5/44 @ 100^		575,102

				1,981,787

	IT Services (0.4%):
	125,000	DXC Technology Co., 2.88%, 3/27/20(c)		126,572
	1,110,000	DXC Technology Co., 4.25%, 4/15/24, Callable 2/15/24 @ 100(c)		1,148,437
	173,000	Fidelity National Information Services, Inc., 5.00%, 10/15/25, Callable 7/15/25 @ 100		193,186
	250,000	Fidelity National Information Services, Inc., 4.50%, 8/15/46, Callable 2/15/46 @ 100		256,454
	1,620,000	International Business Machines Corp., 1.88%, 5/15/19		1,624,666
	1,020,000	International Business Machines Corp., 1.90%, 1/27/20		1,020,282
	420,000	International Business Machines Corp., 2.88%, 11/9/22		427,762
	100,000	International Business Machines Corp., 4.70%, 2/19/46^		111,693
	450,000	MasterCard, Inc., 3.38%, 4/1/24		469,330
	500,000	Visa, Inc., 3.15%, 12/14/25, Callable 9/14/25 @ 100		507,634
	487,000	Visa, Inc., 4.15%, 12/14/35, Callable 6/14/35 @ 100		527,645
	784,000	Visa, Inc., 4.30%, 12/14/45, Callable 6/14/45 @ 100		859,865

				7,273,526

	Life Sciences Tools & Services (0.0%):
	111,000	Agilent Technologies, Inc., 6.50%, 11/1/17		112,594
	313,000	Thermo Fisher Scientific, Inc., 3.60%, 8/15/21, Callable 5/15/21 @ 100		326,142
	550,000	Thermo Fisher Scientific, Inc., 2.95%, 9/19/26, Callable 6/19/26 @ 100		534,813

				973,549


Principal Amount			Fair Value
	Corporate Bonds, continued
	Machinery (0.1%):
$	605,000	Deere & Co., 2.60%, 6/8/22, Callable 3/8/22 @ 100	$	612,720
	1,050,000	John Deere Capital Corp., 2.65%, 1/6/22, MTN^		1,066,784
	910,000	John Deere Capital Corp., 2.80%, 3/6/23		920,880
	255,000	Parker-Hannifin Corp., 4.10%, 3/1/47, Callable 9/1/46 @ 100(c)		266,459

				2,866,843

	Media (1.6%):
	778,000	Comcast Corp., 3.15%, 3/1/26, Callable 12/1/25 @ 100		782,024
	2,331,000	Comcast Corp., 2.35%, 1/15/27, Callable 10/15/26 @ 100		2,187,828
	10,750,000	Comcast Corp., 3.30%, 2/1/27, Callable 11/1/26 @ 100^		10,882,074
	2,800,000	Comcast Corp., 3.40%, 7/15/46, Callable 1/15/46 @ 100^		2,549,682
	392,000	Discovery Communications, Inc., 4.88%, 4/1/43		365,989
	2,930,000	NBCUniversal Enterprise, Inc., 1.70%, 4/1/21(b)(c)		2,937,377
	2,320,000	NBCUniversal Enterprise, Inc., 5.25%, 12/31/99, Callable 3/19/21 @ 100		2,465,834
	820,000	NBCUniversal Media LLC, 5.15%, 4/30/20		892,964
	1,150,000	NBCUniversal Media LLC, 4.38%, 4/1/21		1,239,567
	580,000	NBCUniversal Media LLC, 4.45%, 1/15/43		615,765
	569,000	Time Warner, Inc., 3.60%, 7/15/25, Callable 4/15/25 @ 100		567,707
	1,737,000	Time Warner, Inc., 3.88%, 1/15/26, Callable 10/15/25 @ 100		1,766,427
	1,150,000	Time Warner, Inc., 3.80%, 2/15/27, Callable 11/15/26 @ 100		1,157,774
	285,000	Twenty-First Century Fox, Inc., 3.70%, 10/15/25, Callable 7/15/25 @ 100^		292,112
	206,000	Twenty-First Century Fox, Inc., 6.40%, 12/15/35		261,062
	1,430,000	Walt Disney Co. (The), 1.80%, 6/5/20		1,426,918
	861,000	Walt Disney Co. (The), 1.85%, 7/30/26^		783,709

				31,174,813

	Multiline Retail (0.1%):
	423,000	Dollar General Corp., 4.15%, 11/1/25, Callable 8/1/25 @ 100^		446,466
	1,470,000	Target Corp., 2.50%, 4/15/26^		1,394,737
	630,000	Target Corp., 3.63%, 4/15/46^		587,789

				2,428,992

	Multi-Utilities (0.3%):
	170,000	Black Hills Corp., 3.15%, 1/15/27, Callable 7/15/26 @ 100		164,373
	85,000	CMS Energy Corp., 3.00%, 5/15/26, Callable 2/15/26 @ 100		83,163
	775,000	CMS Energy Corp., 4.70%, 3/31/43, Callable 9/30/42 @ 100		823,450
	440,000	CMS Energy Corp., 4.88%, 3/1/44, Callable 9/1/43 @ 100		490,422
	255,000	Dominion Energy, Inc., 2.58%, 7/1/20(b)		256,317
	171,000	Dominion Gas Holdings LLC, 4.60%, 12/15/44, Callable 6/15/44 @ 100		178,681


Principal Amount			Fair Value
	Corporate Bonds, continued
	Multi-Utilities, continued
$	590,000	DTE Energy Co., Series B, 3.30%, 6/15/22, Callable 4/15/22 @ 100	$	605,391
	2,515,000	NiSource Finance Corp., 3.49%, 5/15/27, Callable 2/15/27 @ 100		2,532,306
	300,000	NiSource Finance Corp., 5.25%, 2/15/43, Callable 8/15/42 @ 100		345,717
	865,000	Public Service Electric & Gas Co., 2.38%, 5/15/23, Callable 2/15/23 @ 100		858,158

				6,337,978

	Oil, Gas & Consumable Fuels (1.0%):
	135,000	Apache Corp., 6.00%, 1/15/37		156,192
	689,000	Apache Corp., 5.10%, 9/1/40, Callable 3/1/40 @ 100		703,910
	1,030,000	Apache Corp., 4.75%, 4/15/43, Callable 10/15/42 @ 100		1,033,006
	1,025,000	Chevron Corp., 2.90%, 3/3/24, Callable 1/3/24 @ 100^		1,033,309
	580,000	Cimarex Energy Co., 3.90%, 5/15/27, Callable 2/15/27 @ 100		583,174
	540,000	ConocoPhillips Co., 4.95%, 3/15/26, Callable 12/15/25 @ 100^		601,408
	395,000	Devon Energy Corp., 3.25%, 5/15/22, Callable 2/15/22 @ 100^		392,568
	250,000	El Paso Pipeline Partners Operating Co. LLC, 5.00%, 10/1/21, Callable 7/1/21 @ 100		268,503
	68,000	Enbridge Energy Partners LP, 5.88%, 10/15/25, Callable 7/15/25 @ 100^		77,573
	191,000	Enbridge Energy Partners LP, 7.38%, 10/15/45, Callable 4/15/45 @ 100		243,244
	265,000	Energy Transfer Partners LP, 4.05%, 3/15/25, Callable 12/15/24 @ 100		266,064
	700,000	Energy Transfer Partners LP, 4.75%, 1/15/26, Callable 10/15/25 @ 100^		728,224
	910,000	Energy Transfer Partners LP, 5.15%, 3/15/45, Callable 9/15/44 @ 100		884,133
	1,350,000	Energy Transfer Partners LP, 6.13%, 12/15/45, Callable 6/15/45 @ 100^		1,461,216
	479,000	Enterprise Products Operating LLC, 5.10%, 2/15/45, Callable 8/15/44 @ 100		525,996
	135,000	Enterprise Products Operating LP, 4.90%, 5/15/46, Callable 11/15/45 @ 100^		145,170
	450,000	EOG Resources, Inc., 2.63%, 3/15/23, Callable 12/15/22 @ 100		444,155
	1,480,000	EOG Resources, Inc., 4.15%, 1/15/26, Callable 10/15/25 @ 100^		1,555,005
	1,300,000	EOG Resources, Inc., 3.90%, 4/1/35, Callable 10/1/34 @ 100		1,260,758
	330,000	Kinder Morgan (Delaware), Inc., 3.05%, 12/1/19, Callable 11/1/19 @ 100		335,733
	2,510,000	Kinder Morgan (Delaware), Inc., 5.55%, 6/1/45, Callable 12/1/44 @ 100		2,659,909
	200,000	Kinder Morgan (Delaware), Inc., 5.05%, 2/15/46, Callable 8/15/45 @ 100^		200,841
	235,000	Kinder Morgan Energy Partners LP, 5.40%, 9/1/44, Callable 3/1/44 @ 100		237,017


Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	348,000	Marathon Petroleum Corp., 4.75%, 9/15/44, Callable 3/15/44 @ 100	$	330,618
	1,060,000	MPLX, LP, 5.20%, 3/1/47, Callable 9/1/46 @ 100		1,091,669
	74,000	Pioneer Natural Resource Co., 4.45%, 1/15/26, Callable 10/15/25 @ 100		77,808
	560,000	Spectra Energy Partners LP, 4.75%, 3/15/24, Callable 12/15/23 @ 100		601,694
	378,000	Sunoco Logistics Partner LP, 5.35%, 5/15/45, Callable 11/15/44 @ 100		370,501
	600,000	Williams Partners LP, 5.10%, 9/15/45, Callable 3/15/45 @ 100^		621,601

				18,890,999

	Personal Products (0.1%):
	2,250,000	Unilever Capital Corp., 1.80%, 5/5/20^		2,245,851

	Pharmaceuticals (0.3%):
	1,540,000	Bayer US Finance LLC, 3.00%, 10/8/21(c)		1,571,084
	500,000	Johnson & Johnson, 2.45%, 3/1/26, Callable 12/1/25 @ 100^		487,558
	1,130,000	Johnson & Johnson, 2.95%, 3/3/27, Callable 12/3/26 @ 100^		1,143,510
	250,000	Merck & Co., Inc., 2.75%, 2/10/25, Callable 11/10/24 @ 100		249,197
	250,000	Merck & Co., Inc., 3.70%, 2/10/45, Callable 8/10/44 @ 100		249,314
	1,290,000	Novartis Capital Corp., 3.10%, 5/17/27, Callable 2/17/27 @ 100^		1,306,255
	320,000	Pfizer, Inc., 4.40%, 5/15/44		351,368

				5,358,286

	Real Estate Management & Development (0.0%):
	357,000	CC Holdings GS V LLC, 3.85%, 4/15/23		375,306
	575,000	Northwest Florida Timber Finance LLC, 4.75%, 3/4/29(c)		548,224

				923,530

	Road & Rail (0.2%):
	1,000,000	Burlington North Santa Fe LLC, 3.05%, 9/1/22, Callable 6/1/22 @ 100		1,032,009
	130,000	Burlington North Santa Fe LLC, 4.15%, 4/1/45, Callable 10/1/44 @ 100		135,892
	455,000	CSX Corp., 3.25%, 6/1/27, Callable 3/1/27 @ 100		457,900
	432,000	Norfolk Southern Corp., 2.90%, 6/15/26, Callable 3/15/26 @ 100^		425,137
	575,000	Norfolk Southern Corp., 3.15%, 6/1/27, Callable 3/1/27 @ 100		572,989
	500,000	Penske Truck Leasing, 3.40%, 11/15/26, Callable 8/15/26 @ 100(c)		491,335
	484,000	Union Pacific Corp., 3.88%, 2/1/55, Callable 8/1/54 @ 100		467,178
	452,885	Union Pacific Railroad Co., Series 14-1, 3.23%, 5/14/26		458,890

				4,041,330

	Semiconductors & Semiconductor Equipment (0.6%):
	515,000	Analog Devices, Inc., 3.50%, 12/5/26, Callable 9/5/26 @ 100		519,010


Principal Amount			Fair Value
	Corporate Bonds, continued
	Semiconductors & Semiconductor Equipment, continued
$	225,000	Applied Materials, Inc., 4.35%, 4/1/47, Callable 10/1/46 @ 100	$	238,817
	1,930,000	Broadcom Corp. / Broadcom Cayman Finance, Ltd., 3.00%, 1/15/22, Callable 12/15/21 @ 100(c)		1,947,250
	1,980,000	Broadcom Corp. / Broadcom Cayman Finance, Ltd., 3.63%, 1/15/24, Callable 11/15/23 @ 100(c)		2,025,536
	1,750,000	Intel Corp., 2.35%, 5/11/22, Callable 4/11/22 @ 100^		1,754,085
	220,000	Intel Corp., 4.10%, 5/19/46, Callable 11/19/45 @ 100		228,015
	19,000	KLA-Tencor Corp., 4.65%, 11/1/24, Callable 8/1/24 @ 100		20,519
	302,000	Lam Research Corp., 2.80%, 6/15/21, Callable 5/15/21 @ 100		306,348
	561,000	Lam Research Corp., 3.80%, 3/15/25, Callable 12/15/24 @ 100		572,809
	1,270,000	NVIDIA Corp., 3.20%, 9/16/26, Callable 6/16/26 @ 100		1,259,243
	1,650,000	QUALCOMM, Inc., 2.10%, 5/20/20		1,657,542
	228,000	QUALCOMM, Inc., 3.45%, 5/20/25, Callable 2/20/25 @ 100^		234,350
	478,000	QUALCOMM, Inc., 4.80%, 5/20/45, Callable 11/20/44 @ 100		524,618
	800,000	Xilinx, Inc., 2.95%, 6/1/24, Callable 4/1/24 @ 100		802,157

				12,090,299

	Software (0.9%):
	345,000	Autodesk, Inc., 3.50%, 6/15/27, Callable 3/15/27 @ 100		339,269
	1,665,000	Microsoft Corp., 1.85%, 2/6/20^		1,669,244
	750,000	Microsoft Corp., 1.55%, 8/8/21, Callable 7/8/21 @ 100		733,821
	705,000	Microsoft Corp., 2.65%, 11/3/22, Callable 9/3/22 @ 100		715,040
	320,000	Microsoft Corp., 2.00%, 8/8/23, Callable 6/8/23 @ 100		311,833
	1,360,000	Microsoft Corp., 2.40%, 8/8/26, Callable 5/8/26 @ 100		1,308,833
	2,080,000	Microsoft Corp., 3.30%, 2/6/27, Callable 11/6/26 @ 100^		2,142,548
	925,000	Microsoft Corp., 3.45%, 8/8/36, Callable 2/8/36 @ 100		925,576
	2,790,000	Microsoft Corp., 3.70%, 8/8/46, Callable 2/8/46 @ 100		2,760,811
	270,000	Microsoft Corp., Series 30Y, 4.25%, 2/6/47, Callable 8/6/46 @ 100		292,317
	250,000	Microsoft Corp., 3.95%, 8/8/56, Callable 2/8/56 @ 100		250,036
	760,000	Microsoft Corp., 4.50%, 2/6/57, Callable 8/6/56 @ 100		836,758
	3,250,000	Oracle Corp., 3.88%, 7/15/20^		3,434,567
	401,000	Oracle Corp., 3.40%, 7/8/24, Callable 4/8/24 @ 100		417,577
	425,000	Oracle Corp., 2.95%, 5/15/25, Callable 2/15/25 @ 100		427,080


Principal Amount			Fair Value
	Corporate Bonds, continued
	Software, continued
$	170,000	Oracle Corp., 2.65%, 7/15/26, Callable 4/15/26 @ 100	$	163,126
	195,000	Oracle Corp., 4.50%, 7/8/44, Callable 1/8/44 @ 100		212,501
	525,000	Oracle Corp., 4.00%, 7/15/46, Callable 1/15/46 @ 100		530,194
	450,000	Oracle Corp., 4.38%, 5/15/55, Callable 11/15/54 @ 100		472,556

				17,943,687

	Specialty Retail (0.1%):
	15,000	Home Depot, Inc. (The), 4.40%, 3/15/45, Callable 9/15/44 @ 100		16,428
	300,000	Home Depot, Inc. (The), 4.25%, 4/1/46, Callable 10/1/45 @ 100		321,863
	145,000	Lowe’s Cos., Inc., 2.50%, 4/15/26, Callable 1/15/26 @ 100		139,377
	134,000	Lowe’s Cos., Inc., 3.70%, 4/15/46, Callable 10/15/45 @ 100		129,159
	370,000	Lowe’s Cos., Inc., 4.05%, 5/3/47, Callable 11/3/46 @ 100		376,287

				983,114

	Technology Hardware, Storage & Peripherals (0.6%):
	500,000	Apple, Inc., 1.55%, 8/4/21, Callable 7/4/21 @ 100^		488,487
	4,890,000	Apple, Inc., 2.30%, 5/11/22, Callable 4/11/22 @ 100		4,881,047
	410,000	Apple, Inc., 3.45%, 5/6/24		426,517
	127,000	Apple, Inc., 3.25%, 2/23/26, Callable 11/23/25 @ 100		129,274
	1,200,000	Apple, Inc., 2.45%, 8/4/26, Callable 5/4/26 @ 100^		1,147,457
	1,080,000	Apple, Inc., 3.35%, 2/9/27, Callable 11/9/26 @ 100		1,104,120
	385,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100		389,497
	340,000	Apple, Inc., 3.45%, 2/9/45		319,484
	640,000	Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100		717,389
	1,685,000	Apple, Inc., 3.85%, 8/4/46, Callable 2/4/46 @ 100		1,683,847
	170,000	Apple, Inc., 4.25%, 2/9/47, Callable 8/9/46 @ 100^		180,305
	220,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.02%, 6/15/26, Callable 3/15/26 @ 100(c)		242,332
	520,000	HP Enterprise Co., 2.85%, 10/5/18		524,449

				12,234,205

	Textiles, Apparel & Luxury Goods (0.1%):
	495,000	Coach, Inc., 3.00%, 7/15/22, Callable 6/15/22 @ 100		488,053
	625,000	Coach, Inc., 4.13%, 7/15/27, Callable 4/15/27 @ 100		618,196

				1,106,249

	Tobacco (0.1%):
	300,000	Altria Group, Inc., 2.63%, 9/16/26, Callable 6/16/26 @ 100^		288,836


Principal Amount			Fair Value
	Corporate Bonds, continued
	Tobacco, continued
$	92,000	Reynolds American, Inc., 3.25%, 6/12/20	$	94,718
	450,000	Reynolds American, Inc., 4.00%, 6/12/22		476,846
	1,030,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		1,103,491

				1,963,891

	Trading Companies & Distributors (0.0%):
	75,000	Air Lease Corp., 3.63%, 4/1/27, Callable 1/1/27 @ 100		75,007

	Wireless Telecommunication Services (0.2%):
	4,000,000	Sprint Spectrum, 3.36%, 3/20/23(c)		4,035,000

	Total Corporate Bonds (Cost $418,890,245)			421,145,514

	Yankee Dollars (4.9%):
	Auto Components (0.0%):
	641,000	Delphi Automotive plc, 4.40%, 10/1/46, Callable 4/1/46 @ 100		639,160

	Banks (1.5%):
	1,275,000	Barclays Bank plc, 2.75%, 11/8/19		1,286,484
	210,000	Barclays Bank plc, 5.14%, 10/14/20		224,760
	888,000	Barclays Bank plc, 4.38%, 1/12/26		922,735
	1,400,000	BNP Paribas SA, 4.63%, 3/13/27(c)		1,476,318
	720,000	BPCE SA, 3.00%, 5/22/22^(c)		726,262
	1,500,000	Credit Agricole London, 3.38%, 1/10/22(c)		1,540,116
	1,092,000	Federal Republic of Germany, 1.50%, 2/6/19		1,091,987
	1,525,000	HSBC Holdings plc, 3.26%, 3/13/23, Callable 3/13/22 @ 100(b)		1,553,897
	2,300,000	HSBC Holdings plc, 4.38%, 11/23/26^		2,386,528
	600,000	ING Bank NV, Series E, 4.13%, 11/21/23, Callable 11/21/18 @ 100(b)(c)		613,057
	1,160,000	ING Groep NV, 3.15%, 3/29/22		1,182,095
	835,000	ING Groep NV, 3.95%, 3/29/27		868,269
	200,000	Lloyds Banking Group plc, 3.00%, 1/11/22		201,975
	550,000	Lloyds Banking Group plc, 3.75%, 1/11/27		552,180
	750,000	Mitsubishi UFJ Finance GRP, 3.00%, 2/22/22^		761,140
	2,890,000	Mizuho Financial Group, 2.95%, 2/28/22		2,914,883
	1,010,000	National Australia Bank of New York, 2.13%, 5/22/20^		1,010,345
	2,670,000	Royal Bank of Canada, 2.20%, 9/23/19		2,679,916
	860,000	Royal Bank of Canada, Series G, 2.13%, 3/2/20^		861,484
	1,985,000	Santander UK Group Holdings plc, 2.88%, 10/16/20^		2,013,350
	240,000	Santander UK plc, 7.95%, 10/26/29		301,028

				25,168,809

	Biotechnology (0.0%):
	455,000	Shire Acq INV Ireland DA, 1.90%, 9/23/19		452,888

	Building Products (0.0%):
	256,000	Johnson Controls International, 4.62%, 7/2/44, Callable 1/2/44 @ 100(b)		274,963

	Capital Markets (0.8%):
	1,515,000	CDP Financial, Inc., 4.40%, 11/25/19(c)		1,600,997
	770,000	Credit Suisse AG, NY, 1.70%, 4/27/18		769,948
	1,000,000	Credit Suisse AG, NY, 3.00%, 10/29/21		1,019,042
	650,000	Credit Suisse Group AG, 3.57%, 1/9/23, Callable 1/9/22 @ 100(c)		666,078


Principal Amount			Fair Value
	Yankee Dollars, continued
	Capital Markets, continued
$	1,035,000	Credit Suisse Group Fun, Ltd., 2.75%, 3/26/20	$	1,043,138
	360,000	Credit Suisse Group Fun, Ltd., 3.45%, 4/16/21		369,556
	254,000	Credit Suisse Group Fun, Ltd., 3.80%, 6/9/23		261,863
	250,000	Credit Suisse, NY, 3.63%, 9/9/24		258,251
	433,000	Deutsche Bank AG, 1.88%, 2/13/18		432,874
	2,790,000	FMS Wertmanagement, 1.63%, 11/20/18		2,794,835
	280,000	Nomura Holdings, Inc., 2.75%, 3/19/19		282,802
	1,980,000	UBS AG London, 2.20%, 6/8/20, Callable 5/8/20 @ 100(c)		1,981,395
	670,000	UBS Group AG, 4.13%, 9/24/25(c)		702,317
	930,000	UBS Group Funding, 2.65%, 2/1/22(c)		928,026
	1,775,000	UBS Group Funding, 3.49%, 5/23/23, Callable 5/23/22 @ 100(c)		1,816,008
	475,000	UBS Group Funding, 4.25%, 3/23/28, Callable 3/23/27 @ 100(c)		496,247

				15,423,377

	Chemicals (0.1%):
	200,000	Air Liquid Finance, 2.25%, 9/27/23, Callable 7/27/23 @ 100(c)		193,348
	750,000	Air Liquide Finance SA, 1.75%, 9/27/21, Callable 8/27/21 @ 100(c)		730,141
	1,310,000	Air Liquide Finance SA, 2.50%, 9/27/26, Callable 6/27/26 @ 100(c)		1,249,405

				2,172,894

	Diversified Financial Services (0.1%):
	245,000	Corp. Financiera de Desarrollo SA, 4.75%, 7/15/25(c)		262,456
	1,640,000	Deutsche Telekom International Finance, 1.95%, 9/19/21, Callable 8/19/21 @ 100(c)		1,598,067
	635,000	Export Development Canada, 0.88%, 8/27/18(c)		630,781

				2,491,304

	Diversified Telecommunication Services (0.0%):
	810,000	Telefonica Emisiones Sau, 5.21%, 3/8/47		874,583

	Electric Utilities (0.1%):
	1,685,000	ENEL Finance International NV, 2.88%, 5/25/22(c)		1,687,337

	Food Products (0.2%):
	1,570,000	Danone SA, 2.08%, 11/2/21, Callable 10/2/21 @ 100(c)		1,548,862
	3,050,000	Danone SA, 2.95%, 11/2/26, Callable 8/2/26 @ 100(c)		2,947,974

				4,496,836

	Industrial Conglomerates (0.1%):
	1,550,000	Siemens Financieringsmaatschappij NV, 3.13%, 3/16/24(c)		1,574,577

	Insurance (0.1%):
	1,210,000	Aon plc, 3.88%, 12/15/25, Callable 9/15/25 @ 100		1,264,414
	81,000	Aon plc, 4.45%, 5/24/43, Callable 2/24/43 @ 100		81,733
	744,000	Aon plc, 4.60%, 6/14/44, Callable 3/14/44 @ 100		786,511
	200,000	Aon plc, 4.75%, 5/15/45, Callable 11/15/44 @ 100		216,400


Principal Amount			Fair Value
	Yankee Dollars, continued
	Insurance, continued
$	500,000	Trinity Acquistion plc, 4.40%, 3/15/26, Callable 12/15/25 @ 100	$	522,109

				2,871,167

	Oil, Gas & Consumable Fuels (0.2%):
	555,000	Ecopetrol SA, 4.13%, 1/16/25		543,900
	90,000	Enbridge, Inc., 3.50%, 6/10/24, Callable 3/10/24 @ 100		89,961
	775,000	Petroleos del Peru SA, 5.63%, 6/19/47(c)		782,750
	107,000	Petroleos Mexicanos, 6.00%, 3/5/20		114,704
	883,000	Petroleos Mexicanos, 5.63%, 1/23/46		782,780
	215,000	Shell International Finance BV, 2.13%, 5/11/20		216,177
	800,000	Shell International Finance BV, 1.75%, 9/12/21		785,011
	1,000,000	Shell International Finance BV, 2.50%, 9/12/26^		956,072
	280,000	Shell International Finance BV, 4.13%, 5/11/35		291,528
	12,000	Shell International Finance BV, 4.55%, 8/12/43		12,840
	22,000	Shell International Finance BV, 4.38%, 5/11/45		23,024
	250,000	Shell International Finance BV, 3.75%, 9/12/46		236,578
	516,000	Suncor Energy, Inc., 6.80%, 5/15/38		672,473

				5,507,798

	Pharmaceuticals (0.9%):
	9,430,000	Actavis Funding SCS, 3.00%, 3/12/20, Callable 2/12/20 @ 100		9,630,095
	1,000,000	Actavis Funding SCS, 3.45%, 3/15/22, Callable 1/15/22 @ 100		1,030,817
	1,750,000	Actavis Funding SCS, 3.80%, 3/15/25, Callable 12/15/24 @ 100		1,810,111
	175,000	Actavis Funding SCS, 4.75%, 3/15/45, Callable 9/15/44 @ 100		188,907
	1,145,000	AstraZeneca plc, 2.38%, 6/12/22, Callable 5/12/22 @ 100		1,142,304
	754,000	Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100^		763,982
	600,000	Teva Pharmaceutical Finance BV, 2.95%, 12/18/22		596,540
	1,390,000	Teva Pharmaceuticals Industries, Ltd., 2.20%, 7/21/21^		1,364,505
	1,395,000	Teva Pharmaceuticals Industries, Ltd., 2.80%, 7/21/23^		1,356,840
	235,000	Teva Pharmaceuticals Industries, Ltd., 3.15%, 10/1/26^		223,174
	375,000	Teva Pharmaceuticals Ne, 1.40%, 7/20/18		374,117

				18,481,392

	Sovereign Bond (0.8%):
	620,000	Canada Government, 1.63%, 2/27/19		622,022
	589,561	Oriental Republic of Uruguay, 4.50%, 8/14/24^		640,558
	600,000	Oriental Republic of Uruguay, 4.38%, 10/27/27		637,500
	689,000	Province of Manitoba Canada, 3.05%, 5/14/24		711,423
	870,000	Province of Quebec, 2.50%, 4/20/26^		855,539
	595,000	Republic of Colombia, 4.50%, 1/28/26, Callable 10/28/25 @ 100		633,675
	4,667,000	Republic of Colombia, 3.88%, 4/25/27, Callable 1/25/27 @ 100^		4,709,003
	575,000	Republic of Panama, 4.00%, 9/22/24, Callable 6/22/24 @ 100		603,750


Principal Amount			Fair Value
	Yankee Dollars, continued
	Sovereign Bond, continued
$	1,100,000	Republic of Panama, 4.50%, 5/15/47	$	1,113,750
	281,000	Republic of Peru, 5.63%, 11/18/50		340,432
	262,000	United Mexican States, Series E, 3.50%, 1/21/21^		272,611
	2,506,000	United Mexican States, 4.13%, 1/21/26^		2,604,987

				13,745,250

	Wireless Telecommunication Services (0.0%):
	95,000	Rogers Communications, Inc., 3.63%, 12/15/25, Callable 9/15/25 @ 100		97,241
	130,000	Rogers Communications, Inc., 5.00%, 3/15/44, Callable 9/15/43 @ 100		147,040

				244,281

	Total Yankee Dollars (Cost $95,205,587)			96,106,616

	Municipal Bonds (0.1%):
	Massachusetts (0.0%):
	450,000	Massachusetts State School Building Authority Sales Tax Revenue, Series B, 5.00%, 10/15/41, Continuously Callable @ 100		508,190

	New Jersey (0.1%):
	800,000	New Jersey State Transportation Trust Fund Authority Revenue, Series AA, 5.00%, 6/15/36, Continuously Callable @ 100		827,367

	New York (0.0%):
	540,000	New York State Urban Development Corp. Revenue, Series E, 5.00%, 3/15/24, Continuously Callable @ 100		638,841

	California (0.0%):
	50,000	University of California Revenue, 4.86%, 5/15/12		51,687
	347,000	University of California Revenue, 4.77%, 5/15/15		351,324

				403,011

	Total Municipal Bonds (Cost $2,294,633)			2,377,409

	U.S. Government Agency Mortgages (37.0%):
	Federal Home Loan Mortgage Corporation (13.5%)
	1,768,283	2.50%, 2/1/24, Pool #G14989		1,800,218
	2,225,178	Class A1, Series KIR2, 2.75%, 3/25/27		2,255,458
	591,000	3.71%, 9/15/29(d)		404,957
	108,299	3.00%, 1/1/30, Pool #V60724		111,374
	77,861	3.00%, 1/1/30, Pool #V60696		80,071
	153,453	2.50%, 3/1/30, Pool #V60770		154,648
	332,781	3.00%, 5/1/30, Pool #J31689		342,481
	170,209	2.50%, 5/1/30, Pool #J31418		171,468
	233,407	2.50%, 5/1/30, Pool #V60796		234,992
	642,173	3.00%, 6/1/30, Pool #V60840		660,582
	288,196	3.00%, 7/1/30, Pool #G15520		296,390
	18,817	2.50%, 7/1/30, Pool #V60905		18,944
	13,929	2.50%, 7/1/30, Pool #J32491		14,023
	60,667	2.50%, 7/1/30, Pool #J32209		61,116
	33,243	3.00%, 7/1/30, Pool #J32181		34,213
	63,004	2.50%, 7/1/30, Pool #J32204		63,460
	255,480	2.50%, 8/1/30, Pool #V60886		257,365
	194,718	2.50%, 8/1/30, Pool #V60902		196,154
	40,593	3.00%, 8/1/30, Pool #J32436		41,747
	61,766	3.00%, 8/1/30, Pool #V60909		63,537


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal Home Loan Mortgage Corporation, continued
$	391,795	2.50%, 9/1/30, Pool #V60904	$	394,446
	191,231	2.50%, 9/1/30, Pool #V60903		192,611
	197,000	3.93%, 3/15/31(d)		127,399
	190,000	6.75%, 3/15/31		274,894
	208,168	5.50%, 2/1/35, Pool #G04692		233,210
	106,037	5.00%, 7/1/35, Pool #G01838		116,194
	82,947	5.00%, 7/1/35, Pool #G01840		90,936
	905,085	5.00%, 2/1/38, Pool #G60365		992,187
	292,510	6.00%, 4/1/39, Pool #G07613		337,782
	56,457	4.50%, 12/1/39, Pool #A90196		60,715
	49,263	4.50%, 7/1/40, Pool #A93010		52,970
	63,075	4.00%, 8/1/40, Pool #A93534		66,601
	1,082,668	4.50%, 9/1/40, Pool #A93700		1,175,915
	59,020	4.00%, 10/1/40, Pool #A95923		62,845
	55,591	4.00%, 11/1/40, Pool #A95144		59,192
	55,104	4.00%, 11/1/40, Pool #A94977		58,674
	58,108	4.00%, 11/1/40, Pool #A94779		61,873
	3,646	4.00%, 4/1/41, Pool #Q00093		3,850
	179,708	4.50%, 5/1/41, Pool #Q00959		193,241
	168,883	4.50%, 5/1/41, Pool #Q00804		181,596
	768,770	Class FL, Series 4248, 1.61%, 5/15/41(b)		772,099
	880,440	5.50%, 6/1/41, Pool #G07553		980,097
	62,755	4.00%, 10/1/41, Pool #Q03841		66,824
	110,745	4.00%, 10/1/41, Pool #Q04022		117,924
	182,935	5.00%, 10/1/41, Pool #G07642		200,130
	804,147	3.50%, 10/1/41, Pool #G08462		829,655
	1,674,770	5.00%, 11/1/41, Pool #G07962		1,831,305
	396,620	3.50%, 4/1/42, Pool #C03811		410,830
	10,202	2.11%, 7/1/42, Pool #2B0646(b)		10,676
	60,487	3.50%, 8/1/42, Pool #Q12162		62,542
	33,221	3.50%, 10/1/42, Pool #Q11909		34,288
	52,134	3.50%, 10/1/42, Pool #Q11750		53,795
	368,098	3.00%, 12/1/42, Pool #C04320		369,468
	428,473	3.00%, 1/1/43, Pool #Q14866		430,080
	293,640	3.00%, 3/1/43, Pool #Q16403		294,764
	516,470	3.00%, 3/1/43, Pool #Q16567		518,499
	410,245	3.00%, 3/1/43, Pool #Q16673		411,872
	144,512	3.00%, 4/1/43, Pool #Q17095		145,220
	186,184	3.50%, 6/1/43, Pool #Q18718		192,241
	289,906	3.50%, 7/1/43, Pool #Q20206		300,293
	195,967	3.50%, 8/1/43, Pool #Q21320		202,209
	1,554,412	3.00%, 8/1/43, Pool #G07550		1,560,520
	4,563,623	3.00%, 9/1/43, Pool #G60675		4,577,427
	133,310	4.00%, 9/1/43, Pool #Q21579		142,177
	458,458	4.50%, 12/1/43, Pool #Q23779		491,846
	434,118	4.50%, 12/1/43, Pool #G60018		468,306
	33,157	3.50%, 1/1/44, Pool #Q24368		34,342
	804,232	Class XZ, Series 4316, 4.50%, 3/15/44		909,731
	24,844	3.50%, 4/1/44, Pool #Q25812		25,732
	202,152	4.00%, 4/1/44, Pool #Q25643		215,074
	1,194,908	Class ZX, Series 4352, 4.00%, 4/15/44		1,284,733
	28,192	3.50%, 5/1/44, Pool #Q26452		29,199
	71,331	3.50%, 5/1/44, Pool #Q26362		73,881
	21,460	3.50%, 5/1/44, Pool #Q25988		22,227
	40,154	3.50%, 5/1/44, Pool #Q26218		41,687


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal Home Loan Mortgage Corporation, continued
$	34,828	3.50%, 6/1/44, Pool #Q26707	$	36,073
	32,888	3.50%, 7/1/44, Pool #Q27319		34,143
	755,919	4.00%, 8/1/44, Pool #G07786		806,165
	139,803	3.50%, 8/1/44, Pool #Q27843		144,801
	148,418	3.50%, 9/1/44, Pool #Q28605		153,724
	59,273	3.50%, 9/1/44, Pool #Q28604		61,536
	22,511	4.00%, 2/1/45, Pool #Q31128		23,767
	58,750	4.00%, 2/1/45, Pool #Q31338		62,205
	4,743,710	3.50%, 8/1/45, Pool #G60138		4,913,553
	38,339	3.50%, 9/1/45, Pool #Q36302		39,789
	373,014	4.00%, 10/1/45, Pool #Q36972		394,967
	69,180	4.00%, 12/1/45, Pool #Q37957		73,180
	56,553	4.00%, 12/1/45, Pool #Q37955		59,880
	638,030	3.50%, 1/1/46, Pool #G60393		658,199
	479,338	3.50%, 3/1/46, Pool #Q39250		494,491
	520,873	3.50%, 5/1/46, Pool #G60561		537,339
	1,457,503	3.00%, 6/1/46, Pool #G08710		1,455,295
	872,716	4.00%, 7/1/46, Pool #V82528		924,392
	492,047	4.00%, 8/1/46, Pool #V82553		521,183
	11,006,682	3.00%, 8/1/46, Pool #G60717		11,017,676
	987,889	Class FB, Series 4606, 1.66%, 8/15/46(b)		996,704
	2,252,286	3.00%, 9/1/46, Pool #Q42979		2,253,172
	4,293,506	3.00%, 9/1/46, Pool #Q43104		4,300,349
	71,815	4.00%, 9/1/46, Pool #G60729		76,068
	620,014	3.00%, 9/1/46, Pool #G60718		620,258
	141,325	4.00%, 10/1/46, Pool #V82661		149,694
	5,133,142	3.00%, 11/1/46, Pool #Q44665		5,125,366
	15,827,556	3.00%, 11/1/46, Pool #Q44452		15,803,577
	173,971	3.00%, 12/1/46, Pool #Q45083		174,605
	11,045,287	3.00%, 12/1/46, Pool #G08737		11,028,554
	332,859	3.00%, 12/1/46, Pool #Q45080		333,583
	670,648	3.00%, 12/1/46, Pool #Q44853		671,717
	2,244,374	3.00%, 12/1/46, Pool #V82781		2,242,126
	287,663	3.00%, 12/1/46, Pool #Q45079		288,545
	664,566	3.00%, 12/1/46, Pool #Q45064		664,827
	2,665,754	3.00%, 12/1/46, Pool #V82848		2,671,551
	11,834,629	3.00%, 1/1/47, Pool #G08741		11,816,700
	15,545,748	3.00%, 1/1/47, Pool #Q45872		15,522,196
	3,146,233	4.00%, 2/1/47, Pool #V82929		3,333,114
	45,754,280	3.00%, 2/1/47, Pool #G08747^		45,684,964
	2,106,554	3.00%, 2/1/47, Pool #Q46441		2,103,362
	1,328,957	3.50%, 3/1/47, Pool #G60968		1,376,330
	4,103,461	3.00%, 3/1/47, Pool #G08756		4,097,244
	2,400,000	3.00%, 7/15/47, TBA		2,425,076
	2,600,000	5.50%, 7/15/47, TBA		2,867,548
	16,623,943	3.50%, 7/15/47, TBA		17,078,058
	5,239,000	4.00%, 7/15/47, TBA		5,511,591
	300,000	6.00%, 8/15/47, TBA		336,904
	14,700,000	3.50%, 8/15/47, TBA		15,073,996
	1,700,000	2.50%, 8/15/47, TBA		1,636,286
	11,062,000	4.00%, 8/15/47, TBA		11,611,772
	7,354,000	4.50%, 8/15/47, TBA		7,868,520

				248,268,737


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association (16.8%)
$	11,664	5.50%, 1/1/18, Pool #680928	$	11,690
	30,565	4.00%, 7/1/19, Pool #AE0968		31,642
	26,712	5.50%, 3/1/20, Pool #888557		27,094
	116,147	5.50%, 5/1/25, Pool #AE0378		119,004
	222,223	5.50%, 7/1/25, Pool #AE0096		245,961
	18,721	5.50%, 9/1/25, Pool #AL4903		19,136
	2,146,205	3.50%, 12/1/25, Pool #AH1359		2,239,122
	256,414	4.00%, 9/1/26, Pool #AL2683		269,649
	1,380,000	CLASS A2, Series 2017-M1, 2.42%, 10/25/26		1,331,371
	184,351	4.00%, 12/1/26, Pool #AL1938		194,021
	2,398,785	4.00%, 5/1/27, Pool #AL5956		2,515,289
	1,962,203	3.50%, 9/1/28, Pool #AL4245		2,050,587
	545,623	3.50%, 10/1/28, Pool #AV0198		568,979
	761,860	3.50%, 11/1/28, Pool #AV1360		796,096
	639,844	3.00%, 4/1/29, Pool #AW0937		658,737
	427,482	3.00%, 5/1/29, Pool #AW2544		440,244
	858,177	3.00%, 6/1/29, Pool #AS2676		883,559
	589,980	3.00%, 9/1/29, Pool #AS3220		607,408
	1,761,417	3.00%, 9/1/29, Pool #AL6897		1,814,017
	354,127	3.50%, 9/1/29, Pool #AX0105		369,304
	156,931	3.00%, 9/1/29, Pool #AS3355		161,619
	603,560	3.50%, 9/1/29, Pool #AL5806		630,709
	79,075	3.50%, 10/1/29, Pool #AX2741		82,631
	2,672,571	3.50%, 12/1/29, Pool #AL6161		2,795,829
	1,137,999	3.00%, 1/1/30, Pool #AL6144		1,170,933
	2,605,000	3.74%, 1/15/30(d)		1,764,439
	230,747	3.00%, 3/1/30, Pool #AL6583		237,495
	159,445	2.50%, 4/1/30, Pool #AY3416		160,844
	199,935	3.00%, 4/1/30, Pool #AL6584		205,718
	112,495	3.00%, 5/1/30, Pool #AL6761		115,784
	79,667	2.50%, 5/1/30, Pool #AY0828		80,364
	3,901,000	3.80%, 5/15/30(d)		2,607,627
	31,468	3.00%, 7/1/30, Pool #AZ2297		32,346
	156,555	3.00%, 7/1/30, Pool #AL7139		161,073
	169,411	3.00%, 7/1/30, Pool #AX9701		174,313
	53,960	3.00%, 7/1/30, Pool #AX9700		55,533
	72,327	2.50%, 7/1/30, Pool #AZ2170		72,961
	218,365	3.00%, 8/1/30, Pool #AS5623		224,521
	156,999	2.50%, 8/1/30, Pool #AS5614		158,376
	41,096	3.50%, 8/1/30, Pool #AS5707		42,902
	166,889	3.50%, 8/1/30, Pool #AS5708		174,604
	46,115	3.00%, 8/1/30, Pool #AZ7833		47,463
	120,136	2.50%, 8/1/30, Pool #AS5548		121,188
	301,282	2.50%, 8/1/30, Pool #AS5616		303,924
	40,114	3.00%, 8/1/30, Pool #AX3298		41,284
	258,348	3.00%, 8/1/30, Pool #AL7227		265,612
	216,816	3.00%, 8/1/30, Pool #AS5622		223,087
	20,489	3.00%, 8/1/30, Pool #AZ8597		21,087
	284,886	3.00%, 8/1/30, Pool #AL7225		293,116
	174,125	2.50%, 9/1/30, Pool #AS5872		175,652
	202,089	3.00%, 9/1/30, Pool #AS5728		207,990
	89,760	3.00%, 9/1/30, Pool #AZ5719		92,263
	152,669	3.00%, 9/1/30, Pool #AS5714		157,095
	145,217	2.50%, 9/1/30, Pool #AS5786		146,489
	168,054	2.50%, 11/1/30, Pool #AS6141		169,528


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	167,596	2.50%, 11/1/30, Pool #AS6116	$	168,583
	161,586	2.50%, 11/1/30, Pool #AS6115		162,637
	152,504	2.50%, 11/1/30, Pool #AS6142		153,516
	248,025	2.50%, 6/1/31, Pool #AS7320		249,731
	297,627	2.50%, 7/1/31, Pool #AS7605		299,673
	454,831	2.50%, 7/1/31, Pool #AS7617		457,959
	3,665,378	3.00%, 8/1/31, Pool #AL9376		3,767,480
	62,615	4.00%, 8/1/31, Pool #AY4688		66,504
	94,736	4.00%, 8/1/31, Pool #AY4707		100,723
	1,761,043	2.50%, 10/1/31, Pool #AS8195		1,773,669
	721,818	2.50%, 10/1/31, Pool #AS8208		726,790
	574,487	2.50%, 10/1/31, Pool #AS8193		578,355
	3,606,739	2.50%, 10/1/31, Pool #BC4773		3,632,622
	421,346	2.50%, 10/1/31, Pool #AS8009		424,183
	498,904	2.50%, 11/1/31, Pool #BC2631		502,192
	414,353	2.50%, 11/1/31, Pool #AS8240		417,204
	376,018	2.50%, 11/1/31, Pool #AS8241		378,550
	244,118	2.50%, 11/1/31, Pool #BC2628		245,867
	260,202	2.50%, 11/1/31, Pool #BC2629		261,995
	315,228	2.50%, 11/1/31, Pool #AS8245		317,491
	897,238	2.50%, 3/1/32, Pool #AS9318		903,152
	724,303	2.50%, 3/1/32, Pool #AS9321		729,501
	945,250	2.50%, 3/1/32, Pool #AS9319		950,813
	570,878	2.50%, 3/1/32, Pool #AS9316		574,810
	462,936	2.50%, 3/1/32, Pool #AS9317		466,079
	1,900,000	5.00%, 7/25/32, TBA		1,942,453
	4,000,000	2.00%, 7/25/32, TBA		3,913,906
	200,000	4.50%, 7/25/32, TBA		204,563
	9,280,000	3.00%, 7/25/32, TBA		9,524,325
	6,185,700	2.50%, 7/25/32, TBA		6,217,837
	199,450	5.50%, 1/1/33, Pool #676661		223,002
	134,041	5.50%, 5/1/33, Pool #555424		150,002
	1,120,779	5.00%, 2/1/35, Pool #735226		1,230,654
	318,802	5.50%, 2/1/35, Pool #735989		356,838
	78,915	5.00%, 3/1/35, Pool #735288		86,636
	28,238	6.00%, 4/1/35, Pool #735504		32,241
	149,655	5.00%, 9/1/35, Pool #889974		164,172
	290,807	4.00%, 1/1/36, Pool #AB0686		307,644
	745,873	5.50%, 9/1/36, Pool #995113		835,514
	71,345	3.00%, 10/1/36, Pool #AL9227		72,574
	208,646	3.00%, 11/1/36, Pool #AS8349		211,919
	492,389	3.00%, 11/1/36, Pool #AS8348		500,111
	598,280	3.00%, 12/1/36, Pool #AS8553		607,663
	2,574,790	3.00%, 12/1/36, Pool #BE1895		2,615,171
	488,359	3.00%, 12/1/36, Pool #BE1896		496,018
	54,713	5.50%, 2/1/38, Pool #961545		60,984
	24,154	6.00%, 3/1/38, Pool #889529		27,423
	181,093	5.50%, 5/1/38, Pool #889692		201,972
	136,000	5.50%, 5/1/38, Pool #889441		151,525
	78,702	6.00%, 5/1/38, Pool #889466		89,703
	121,520	5.50%, 6/1/38, Pool #995018		135,689
	34,214	5.50%, 9/1/38, Pool #889995		38,143
	83,331	6.00%, 10/1/38, Pool #889983		94,385
	439,536	5.50%, 1/1/39, Pool #AB0200		489,047
	171,224	4.50%, 4/1/39, Pool #930922		185,246


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	179,073	4.50%, 5/1/39, Pool #AL1472	$	194,298
	1,837,510	5.00%, 6/1/39, Pool #AL7521		2,014,862
	1,184,507	6.00%, 7/1/39, Pool #BF0056		1,322,470
	89,668	5.50%, 10/1/39, Pool #AD0362		100,064
	589,289	5.50%, 12/1/39, Pool #AC6680		654,744
	84,836	5.50%, 12/1/39, Pool #AD0571		94,632
	11,169,881	4.50%, 1/1/40, POOL #AC8568		12,075,714
	66,791	5.50%, 3/1/40, Pool #AL5304		75,431
	60,774	4.50%, 4/1/40, Pool #AD4038		65,972
	554,092	6.00%, 4/1/40, Pool #AL4141		628,769
	104,778	6.50%, 5/1/40, Pool #AL1704		117,233
	247,593	4.00%, 7/1/40, Pool #AE0113		261,455
	124,934	4.50%, 7/1/40, Pool #AB1226		134,957
	197,320	4.50%, 7/1/40, Pool #AD7127		212,225
	6,550	4.00%, 8/1/40, Pool #AD9136		6,919
	442,671	4.00%, 8/1/40, Pool #AE0216		467,570
	57,690	6.00%, 9/1/40, Pool #AE0823		65,160
	490,176	4.00%, 10/1/40, Pool #AE7535		517,627
	1,174,537	4.00%, 10/1/40, Pool #AB1614		1,247,212
	77,110	4.00%, 11/1/40, Pool #AE8407		81,436
	53,318	4.00%, 12/1/40, Pool #AH0006		56,288
	361,765	4.00%, 12/1/40, Pool #AH0946		381,962
	2,680,000	Class CY, Series 2010-136, 4.00%, 12/25/40		2,895,951
	106,797	4.00%, 1/1/41, Pool #AL7167		113,331
	10,950,230	Class ZA, Series 2011-8, 4.00%, 2/25/41, Callable 10/25/30 @ 100		11,505,010
	816,658	4.00%, 4/1/41, Pool #AI1186		861,836
	125,625	6.00%, 6/1/41, Pool #AL4142		142,374
	74,440	4.50%, 7/1/41, Pool #AB3314		80,442
	1,425,934	5.00%, 7/1/41, Pool #AL7524		1,562,053
	1,660,135	5.50%, 9/1/41, Pool #AL8430		1,854,458
	84,877	4.00%, 9/1/41, Pool #AI5228		89,561
	69,199	4.50%, 9/1/41, Pool #AI8961		75,174
	969,408	4.00%, 9/1/41, Pool #AJ1541		1,022,707
	61,601	4.00%, 10/1/41, Pool #AC9312		65,001
	4,316,927	4.00%, 11/1/41, Pool #AJ4701		4,582,816
	68,354	4.00%, 12/1/41, Pool #AJ7684		73,044
	202,378	4.00%, 12/1/41, Pool #AB4054		216,226
	69,637	3.50%, 1/1/42, Pool #AK2073		71,937
	429,277	3.50%, 1/1/42, Pool #AW8154		443,282
	226,016	4.00%, 2/1/42, Pool #AB4530		238,498
	86,985	3.50%, 4/1/42, Pool #AK7510		89,761
	366,586	4.00%, 5/1/42, Pool #AO2961		386,832
	122,685	4.00%, 5/1/42, Pool #AT6144		131,080
	26,437	3.50%, 5/1/42, Pool #AO2881		27,218
	117,025	4.00%, 5/1/42, Pool #A02114		123,479
	58,810	3.50%, 6/1/42, Pool #AO3107		60,733
	30,837	3.50%, 6/1/42, Pool #AO3048		31,822
	58,489	3.50%, 6/1/42, Pool #AL2168		60,483
	51,251	3.50%, 6/1/42, Pool #AK9225		52,891
	134,100	4.00%, 6/1/42, Pool #AL2003		141,472
	265,594	4.00%, 7/1/42, Pool #AL4244		283,796
	99,467	4.00%, 7/1/42, Pool #AL2607		104,955
	4,527,148	4.00%, 7/1/42, Pool #AL2160		4,835,217
	66,639	3.50%, 7/1/42, Pool #AO9707		68,767


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	116,743	3.50%, 8/1/42, Pool #AO7152	$	120,459
	1,558,645	4.00%, 8/1/42, Pool #AL2242		1,644,620
	65,985	4.00%, 9/1/42, Pool #AX3706		69,619
	454,599	4.50%, 9/1/42, Pool #AL2482		489,655
	135,996	4.00%, 9/1/42, Pool #AL2901		143,471
	620,157	3.50%, 10/1/42, Pool #AB6512		640,333
	77,131	3.50%, 10/1/42, Pool #AQ0393		80,018
	173,531	3.00%, 10/1/42, Pool #AP9726		174,770
	564,542	3.50%, 12/1/42, Pool #AL8045		582,517
	317,734	4.00%, 12/1/42, Pool #AL6055		339,457
	141,067	3.50%, 12/1/42, Pool #AQ7127		145,568
	297,226	3.00%, 12/1/42, Pool #AB7271		298,946
	242,680	3.00%, 12/1/42, Pool #AB7425		244,085
	1,097,254	3.00%, 12/1/42, Pool #AB7269		1,105,087
	799,200	3.00%, 1/1/43, Pool #AB7567		803,059
	400,150	3.00%, 1/1/43, Pool #AB7565		403,009
	726,306	3.00%, 1/1/43, Pool #AB7458		729,821
	494,879	3.00%, 1/1/43, Pool #AB7755		497,743
	728,333	3.00%, 1/1/43, Pool #AB7497		731,858
	2,939,480	4.50%, 1/1/43, Pool #AL8206		3,179,193
	209,072	4.00%, 1/1/43, Pool #AL7369		220,538
	269,142	3.00%, 2/1/43, Pool #AB7762		271,063
	274,331	3.00%, 2/1/43, Pool #AB8558		276,291
	327,830	3.50%, 2/1/43, Pool #AL2935		338,549
	110,969	3.00%, 3/1/43, Pool #AR7568		111,409
	507,587	3.00%, 3/1/43, Pool #AB8701		510,515
	69,173	3.00%, 3/1/43, Pool #AB8712		69,573
	130,876	3.00%, 3/1/43, Pool #AR7576		131,396
	538,072	3.00%, 3/1/43, Pool #AR9194		541,908
	826,363	3.50%, 3/1/43, Pool #AL3409		852,048
	184,770	3.00%, 3/1/43, Pool #AR9218		185,539
	176,943	3.00%, 3/1/43, Pool #AB8830		177,963
	479,104	3.00%, 4/1/43, Pool #AB9016		481,878
	63,577	3.00%, 4/1/43, Pool #AB9033		63,945
	213,025	3.00%, 4/1/43, Pool #AR8630		213,894
	248,812	3.00%, 4/1/43, Pool #AT2040		249,847
	141,702	3.00%, 4/1/43, Pool #AT2043		142,284
	141,421	3.00%, 4/1/43, Pool #AB8923		141,991
	77,737	3.00%, 4/1/43, Pool #AT2037		78,061
	136,529	3.00%, 4/1/43, Pool #AB8924		137,087
	198,129	3.00%, 5/1/43, Pool #AL3759		199,537
	250,032	3.00%, 5/1/43, Pool #AB9462		252,120
	357,098	3.00%, 5/1/43, Pool #AB9173		359,650
	529,406	3.00%, 5/1/43, Pool #AT2719		533,183
	203,665	3.00%, 5/1/43, Pool #AT6654		205,114
	99,180	3.00%, 6/1/43, Pool #AT7676		99,886
	288,467	3.00%, 6/1/43, Pool #AB9662		290,875
	18,084	3.00%, 6/1/43, Pool #AB9564		18,235
	31,980	3.50%, 6/1/43, Pool #AB9567		33,029
	593,773	3.50%, 7/1/43, Pool #AL4010		613,160
	730,018	3.50%, 7/1/43, Pool #AT7940		757,308
	254,677	3.50%, 7/1/43, Pool #AT4327		264,097
	565,970	3.50%, 7/1/43, Pool #AT9667		582,923
	260,152	3.50%, 7/1/43, Pool #AT8464		269,019
	3,518,324	3.00%, 7/1/43, Pool #AB9940		3,543,360


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	770,076	3.00%, 7/1/43, Pool #AL5778	$	773,256
	151,309	3.50%, 8/1/43, Pool #AU0613		156,207
	18,436	3.50%, 8/1/43, Pool #AU3032		19,064
	74,436	3.50%, 8/1/43, Pool #AU3267		77,222
	69,888	3.50%, 8/1/43, Pool #AU3270		72,174
	637,879	3.00%, 8/1/43, Pool #AS0331		640,415
	19,157	3.50%, 8/1/43, Pool #AT7333		19,810
	144,016	3.50%, 8/1/43, Pool #AU0570		148,726
	668,387	3.50%, 8/1/43, Pool #AS0209		690,214
	23,645	3.50%, 9/1/43, Pool #AT7267		24,451
	157,157	4.00%, 10/1/43, Pool #AL7577		165,792
	27,802	3.50%, 10/1/43, Pool #AU7247		28,843
	1,463,511	3.50%, 11/1/43, Pool #AL9745		1,510,105
	2,067,806	5.00%, 12/1/43, Pool #AL7777		2,259,015
	726,365	3.50%, 12/1/43, Pool #AL4682		753,485
	972,661	3.50%, 1/1/44, Pool #AL9422		1,008,969
	130,919	3.50%, 1/1/44, Pool #AS1703		135,371
	129,442	3.50%, 1/1/44, Pool #AS1539		133,847
	78,008	3.50%, 1/1/44, Pool #AS1453		80,911
	157,186	4.00%, 3/1/44, Pool #AV6577		166,981
	5,165,722	4.50%, 4/1/44, Pool #AL6887		5,584,184
	1,184,892	3.50%, 5/1/44, Pool #AL5554		1,229,130
	16,595	3.50%, 6/1/44, Pool #AS2591		17,159
	37,244	3.50%, 6/1/44, Pool #AW6405		38,510
	6,243,209	3.50%, 6/1/44, Pool #AL9405		6,442,023
	35,680	4.00%, 7/1/44, Pool #AW7055		37,716
	2,177,525	4.00%, 8/1/44, Pool #AL5601		2,323,471
	1,148,166	5.00%, 11/1/44, Pool #AL8878		1,255,819
	21,276	4.00%, 12/1/44, Pool #AX6255		22,726
	251,221	4.00%, 12/1/44, Pool #AX9372		267,718
	24,477	4.00%, 12/1/44, Pool #AY0299		26,144
	81,950	4.00%, 1/1/45, Pool #AX8713		87,337
	228,987	4.00%, 1/1/45, Pool #AY0367		244,039
	227,274	4.00%, 2/1/45, Pool #AS4308		241,471
	642,131	3.50%, 2/1/45, Pool #BM1100		662,618
	32,935	4.00%, 2/1/45, Pool #AY1866		35,180
	157,853	4.00%, 2/1/45, Pool #AY2693		167,027
	41,087	4.00%, 5/1/45, Pool #AY8218		43,437
	85,983	4.00%, 5/1/45, Pool #AY9770		91,852
	1,532,943	3.50%, 7/1/45, Pool #AS5453		1,581,728
	67,559	4.00%, 10/1/45, Pool #BA2877		71,480
	131,979	4.00%, 10/1/45, Pool #AL7442		140,957
	179,921	4.00%, 10/1/45, Pool #AL7443		191,697
	55,212	4.00%, 10/1/45, Pool #AZ9243		58,961
	65,960	4.00%, 10/1/45, Pool #BA2878		70,215
	71,021	4.00%, 10/1/45, Pool #BA2879		75,437
	61,193	4.00%, 10/1/45, Pool #AZ9244		65,198
	619,772	4.00%, 10/1/45, Pool #AS5949		660,342
	306,671	4.00%, 11/1/45, Pool #BA2905		326,520
	24,869	4.50%, 11/1/45, Pool #AS6233		26,814
	199,049	4.00%, 11/1/45, Pool #BA2904		211,295
	171,945	4.00%, 12/1/45, Pool #BA4736		183,622
	602,561	4.00%, 12/1/45, Pool #AS6347		640,061
	199,874	4.00%, 12/1/45, Pool #BA4737		212,959
	84,930	4.00%, 12/1/45, Pool #BA2924		89,818


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	229,321	4.00%, 1/1/46, Pool #BA4781	$	244,910
	383,759	4.00%, 2/1/46, Pool #AS6662		407,665
	702,133	3.50%, 3/1/46, Pool #AS6823		724,593
	8,619,712	3.50%, 4/1/46, Pool #BC5981		8,897,663
	462,464	3.50%, 5/1/46, Pool #AL8570		477,257
	2,371,847	4.00%, 6/1/46, Pool #AL9093		2,510,240
	291,120	3.00%, 6/1/46, Pool #AS7362		292,143
	1,847,030	3.50%, 6/1/46, Pool #AS7353		1,906,199
	2,322,666	3.50%, 6/1/46, Pool #AS7383		2,397,073
	162,001	3.00%, 6/1/46, Pool #AS7370		162,675
	36,060	3.00%, 6/1/46, Pool #AS7365		36,119
	4,777,653	3.50%, 7/1/46, Pool #BA7748		4,919,723
	4,144,704	3.00%, 7/1/46, Pool #BC1450		4,151,448
	41,611	4.00%, 8/1/46, Pool #BD3933		44,440
	48,936	3.00%, 8/1/46, Pool #AL9031		49,140
	994,083	3.50%, 8/1/46, Pool #AL8952		1,025,928
	4,796,617	3.00%, 8/1/46, Pool #AS7729		4,804,422
	4,339,651	3.00%, 8/1/46, Pool #BC1486		4,346,731
	68,727	4.00%, 8/1/46, Pool #BD4900		73,400
	1,829,735	Class UF, Series 2016-48, 1.62%, 8/25/46(b)		1,834,428
	344,254	3.00%, 9/1/46, Pool #AL9045		345,249
	458,285	3.00%, 9/1/46, Pool #AS7878		459,910
	3,627,614	3.00%, 9/1/46, Pool #AS7847		3,633,547
	445,219	3.00%, 9/1/46, Pool #AS7999		446,474
	958,579	3.00%, 9/1/46, Pool #AL9214		960,146
	912,810	3.50%, 9/1/46, Pool #AL9511		942,830
	232,135	3.00%, 9/1/46, Pool #AS7889		233,108
	6,764,447	3.00%, 9/1/46, Pool #BD1469		6,783,502
	21,242	3.50%, 9/1/46, Pool #BE0547		21,904
	49,100	4.00%, 9/1/46, Pool #BD7826		52,438
	147,147	4.00%, 9/1/46, Pool #BD1481		157,150
	1,270,432	3.00%, 10/1/46, Pool #BD8925		1,273,319
	5,612,425	3.00%, 10/1/46, Pool #BD3309		5,625,325
	977,737	3.00%, 10/1/46, Pool #AL9215		979,988
	758,686	3.00%, 10/1/46, Pool #AL9266		759,930
	2,210,563	4.00%, 11/1/46, Pool #AS8379		2,360,834
	8,415,171	4.00%, 11/1/46, Pool #AS8374		8,939,445
	842,356	3.50%, 11/1/46, Pool #AS8371		874,058
	377,029	3.00%, 11/1/46, Pool #BD9641		378,352
	391,066	3.00%, 11/1/46, Pool #BD9643		391,966
	1,048,732	3.00%, 11/1/46, Pool #BD9644		1,051,146
	507,813	3.00%, 11/1/46, Pool #BD9645		508,644
	41,503	3.50%, 11/1/46, Pool #BC7299		42,835
	1,098,055	3.00%, 11/1/46, Pool #AL9325		1,100,582
	59,371	3.50%, 11/1/46, Pool #BE1932		61,273
	343,394	3.00%, 11/1/46, Pool #AL9481		344,614
	917,891	3.00%, 11/1/46, Pool #BD8962		919,977
	680,861	3.00%, 11/1/46, Pool #BD8963		682,058
	1,561,007	3.50%, 11/1/46, Pool #BD8970		1,609,966
	133,587	3.50%, 11/1/46, Pool #BD8477		137,873
	1,672,671	3.50%, 12/1/46, Pool #AS8493		1,727,649
	2,089,291	3.00%, 12/1/46, Pool #AS8486		2,095,177
	294,727	3.50%, 1/1/47, Pool #BD8531		304,457
	46,884,423	3.00%, 1/1/47, Pool #AS8650		46,854,251
	2,531,683	3.50%, 1/1/47, Pool #AL9725		2,626,894


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	159,281	3.50%, 1/1/47, Pool #BE4913	$	164,387
	977,092	3.50%, 1/1/47, Pool #AS8653		1,014,073
	240,723	3.00%, 1/1/47, Pool #AS8589		241,578
	446,991	3.00%, 2/1/47, Pool #BD5049		448,021
	131,954	3.00%, 2/1/47, Pool #BD5056		132,439
	1,233,968	3.00%, 2/1/47, Pool #AS8792		1,237,448
	399,895	3.50%, 2/1/47, Pool #BE3188		413,654
	964,032	3.00%, 3/1/47, Pool #AS8925		966,330
	821,611	3.00%, 3/1/47, Pool #AS8936		823,011
	881,455	3.50%, 5/1/47, Pool #BM1174		910,457
	1,200,000	2.50%, 7/25/47, TBA		1,156,979
	6,760,000	4.00%, 7/25/47, TBA		7,106,186
	3,890,000	5.00%, 7/25/47, TBA		4,249,217
	4,523,000	6.00%, 8/25/47, TBA		5,087,874

				347,990,763

	Government National Mortgage Association (6.7%)
	29,650	4.50%, 9/15/33, Pool #615516		31,953
	109,880	5.00%, 12/15/33, Pool #783571		120,753
	31,033	6.50%, 8/20/38, Pool #4223		35,434
	31,505	6.50%, 10/15/38, Pool #673213		35,836
	17,171	6.50%, 11/20/38, Pool #4292		19,620
	33,196	6.50%, 12/15/38, Pool #782510		37,397
	349,965	5.00%, 1/15/39, Pool #782557		384,680
	144,594	5.00%, 4/15/39, Pool #711939		159,103
	238,424	5.00%, 4/15/39, Pool #782619		262,065
	22,659	5.00%, 6/15/39, Pool #782696		24,956
	98,190	4.00%, 7/20/39, Pool #4494		104,149
	160,454	5.00%, 10/20/39, Pool #4559		174,441
	18,279	4.50%, 12/20/39, Pool #G24598		19,715
	49,189	4.50%, 1/15/40, Pool #728627		52,893
	22,733	4.50%, 1/20/40, Pool #4617		24,519
	18,097	4.50%, 2/20/40, Pool #G24636		19,447
	124,768	5.00%, 5/15/40, Pool #782958		137,138
	1,259	4.50%, 5/20/40, Pool #G24696		1,353
	103,667	5.00%, 6/15/40, Pool #697862		115,018
	121,324	4.50%, 7/15/40, Pool #745793		130,443
	1,053,937	4.50%, 7/15/40, Pool #733795		1,133,824
	44,087	4.50%, 8/20/40, Pool #4771		47,588
	26,296	4.00%, 9/20/40, Pool #G24800		28,051
	216,405	4.50%, 10/15/40, Pool #783609		233,231
	661,139	4.00%, 10/20/40, Pool #G24833		702,151
	1,241,417	4.00%, 11/20/40, Pool #4853		1,309,485
	600,456	4.00%, 12/20/40, Pool #G24882		637,297
	284,468	4.00%, 1/15/41, Pool #759138		299,798
	528,040	4.00%, 1/20/41, Pool #004922		560,745
	69,528	4.50%, 2/15/41, Pool #738019		75,361
	9,014	4.00%, 2/20/41, Pool #4945		9,560
	1,804,592	4.00%, 2/20/41, Pool #742887		1,909,709
	200,797	4.00%, 3/15/41, Pool #762838		211,618
	12,578	5.00%, 4/20/41, Pool #5018		13,792
	210,929	4.50%, 6/20/41, Pool #783590		226,654
	27,280	5.00%, 6/20/41, Pool #5083		29,880
	143,527	4.50%, 7/20/41, Pool #783584		154,221
	964,242	4.00%, 7/20/41, Pool #742895		1,015,798
	483,717	4.50%, 7/20/41, Pool #5115		519,760


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Government National Mortgage Association, continued
$	14,318	5.00%, 7/20/41, Pool #5116	$	15,701
	82,580	4.50%, 7/20/41, Pool #754367		87,924
	149,049	4.50%, 11/15/41, Pool #783610		160,637
	65,460	4.50%, 11/20/41, Pool #5234		70,350
	823,141	3.50%, 12/20/41, Pool #5258		855,444
	410,773	3.50%, 1/15/42, Pool #553461		426,784
	220,260	5.00%, 7/20/42, Pool #MA0223		239,642
	56,001	3.50%, 9/20/42, Pool #MA0392		58,251
	112,080	3.50%, 10/20/42, Pool #MA0462		116,583
	166,484	3.50%, 1/20/43, Pool #MA0699		173,173
	640,234	3.50%, 4/15/43, Pool #AD2334		664,084
	49,194	4.00%, 7/20/43, Pool #MA1158		52,020
	1,070,518	4.50%, 6/20/44, Pool #MA1997		1,138,352
	49,836	4.00%, 8/20/44, Pool #AJ2723		52,823
	23,563	4.00%, 8/20/44, Pool #AJ4687		25,142
	18,259	4.00%, 8/20/44, Pool #AI4166		19,469
	56,623	4.00%, 8/20/44, Pool #AI4167		59,981
	1,963,614	4.00%, 8/20/44, Pool #MA2149		2,067,924
	325,439	4.50%, 10/20/44, Pool #MA2305		346,060
	1,641,636	4.50%, 11/20/44, Pool #MA2373		1,745,660
	1,054,616	5.00%, 12/20/44, Pool #MA2448		1,131,741
	1,437,217	Class ZD, Series 2015-3, 4.00%, 1/20/45		1,564,027
	602,098	5.00%, 12/20/45, Pool #MA3313		646,130
	198,264	3.50%, 10/20/46, Pool #AX4341		206,544
	49,442	4.00%, 10/20/46, Pool #AQ0542		52,263
	186,129	3.50%, 10/20/46, Pool #AX4342		193,741
	398,232	3.50%, 10/20/46, Pool #AX4345		413,847
	474,158	3.50%, 10/20/46, Pool #AX4344		492,895
	161,473	3.50%, 10/20/46, Pool #AX4343		167,993
	18,653,171	4.00%, 1/20/47, Pool #MA4197		19,648,480
	2,184,418	4.00%, 2/20/47, Pool #MA4263		2,301,018
	2,363,778	3.50%, 2/20/47, Pool #MA4321		2,450,935
	42,236,616	3.50%, 4/20/47, Pool #MA4382		43,793,959
	3,400,000	3.50%, 6/20/47, TBA		3,525,364
	3,098,000	4.00%, 6/20/47, Pool #MA4511		3,270,629
	1,000,000	5.00%, 7/15/47, TBA		1,089,688
	2,800,000	4.50%, 7/15/47, TBA		3,000,047
	2,497,297	3.50%, 7/20/47, TBA		2,586,653
	24,637,000	3.00%, 7/20/47, TBA		24,885,292

				130,806,686

	Total U.S. Government Agency Mortgages (Cost $729,349,872)			727,066,186

	U.S. Treasury Obligations (22.0%):
	U.S. Treasury Bonds (6.5%)
	4,105,000	5.38%, 2/15/31		5,517,054
	20,525,000	4.75%, 2/15/37^		27,344,760
	23,635,000	3.13%, 11/15/41^		25,027,243
	3,455,000	3.75%, 11/15/43		4,061,380
	1,205,000	3.13%, 8/15/44		1,273,110
	15,000	2.50%, 2/15/45^		13,999
	955,000	3.00%, 5/15/45^		984,061
	1,770,000	2.88%, 8/15/45		1,779,887
	2,248,100	2.50%, 2/15/46		2,092,489
	43,010,000	2.88%, 11/15/46(e)		43,246,899
	15,005,000	3.00%, 2/15/47^		15,478,588

				126,819,470


Principal Amount			Fair Value
	U.S. Treasury Obligations, continued
	U.S. Treasury Inflation Index Notes (0.8%)
$	15,649,000	0.38%, 1/15/27^	$	15,558,077

	U.S. Treasury Notes (14.7%)
	17,445,000	1.25%, 4/30/19		17,402,068
	24,610,000	1.25%, 6/30/19		24,542,716
	5,700,000	1.50%, 4/15/20		5,695,993
	43,115,000	1.50%, 5/15/20^		43,066,149
	10,020,000	1.50%, 6/15/20		10,005,912
	20,020,000	1.63%, 6/30/20^		20,055,195
	2,645,000	2.00%, 9/30/20(e)		2,677,237
	25,615,000	1.38%, 5/31/21		25,259,797
	2,975,000	2.00%, 12/31/21		2,996,500
	56,690,000	1.88%, 4/30/22^		56,678,946
	39,666,000	1.75%, 5/31/22^		39,433,597
	3,085,000	2.00%, 5/31/24		3,060,175
	46,000	2.00%, 11/15/26		44,854
	31,571,000	2.38%, 5/15/27^		31,770,781
	5,595,000	3.00%, 5/15/47		5,774,215

				288,464,135

	Total U.S. Treasury Obligations (Cost $432,746,098)			430,841,682

	Certificates of Deposit (8.0%):
	2,265,000	Bank of Tokyo-Mitsubishi UFJ, NY, 1.81%		2,266,787
	7,000,000	Bank of Tokyo-Mitsubishi UFJ, NY, 1.55%		7,005,103
	20,000,000	Bank of Tokyo-Mitsubishi UFJ, NY, 1.54%		20,014,504
	1,485,000	Bank Of Tokyo-Mitsubishi UFJ, NY, 1.80%		1,486,026
	1,858,000	BNP Paribas, NY, 1.47%		1,858,453
	2,020,000	BNP Paribas, NY, 1.53%		2,020,811
	2,150,000	Credit Industriel et Commercial, NY, 1.78%		2,151,580
	1,462,000	Credit Suisse, NY, 1.60%		1,462,531
	2,180,000	Credit Suisse, NY, 1.96%		2,182,112
	2,535,000	Credit Suisse, NY, 1.98%		2,537,918
	20,000,000	Credit Suisse, NY, 1.91%		20,019,601
	24,500,000	Lloyds TSB Bank plc, NY, 1.40%		24,507,554
	1,810,000	Mizuho Bank, Ltd., NY, 1.85%		1,813,321
	25,000,000	Mizuho Bank, Ltd., NY, 1.92%		25,059,851
	1,620,000	Mizuho Corp., NY, 1.90%		1,621,693
	3,520,000	Natixis, NY, 1.53%		3,521,956
	2,200,000	Natixis, NY, 1.56%		2,201,535
	2,400,000	Norinchukin Bank, NY, 1.47%		2,400,591
	2,170,000	Rabobank Nederland, NY, 1.68%		2,171,313
	3,745,000	Skandinaviska Enskilda Banken AB, 1.66%		3,747,206
	2,050,000	Skandinaviska Enskilda Banken AB, NY, 1.49%(d)		2,050,055
	3,535,000	Societe Generale, NY, 1.60%		3,537,312
	2,350,000	Sumitomo Mitsui Banking Corp., 1.60%		2,351,540
	2,900,000	Sumitomo Mitsui Trust, NY, 1.80%		2,902,103
	3,090,000	Sumitomo Mitsui Trust, NY, 1.98%		3,094,601
	1,890,000	Sumitomo Mitsui Trust, NY, 1.99%		1,893,058
	2,295,000	Swedbank AB NY Branch, 1.38%		2,295,624
	1,400,000	Toronto Dominion Bank, NY, 1.68%		1,401,015
	2,900,000	UBS AG Stamford CT, 1.73%		2,902,024
	4,075,000	UBS AG Stamford CT, 1.57%		4,077,076

	Total Certificate of Deposit (Cost $156,405,000)			156,554,854

	Commercial Paper (1.6%):
	1,270,000	Anz National International, Ltd., 1.19%(d)		1,268,405
	4,300,000	AXA Financial, Inc., 1.49%(d)		4,282,961


Principal Amount			Fair Value
	Commercial Paper, continued
$	1,410,000	BPCE, 1.21%(d)	$	1,407,876
	1,515,000	BPCE, 1.25%(d)		1,510,714
	6,690,000	Energy Transfer Part, LP, 1.72%(d)		6,682,319
	1,355,000	Mizuho Bank, NY, 1.20%(d)		1,352,875
	1,485,000	Societe Generale, NY, 1.20%(d)		1,482,981
	1,690,000	Standard Chartered Bank plc, 1.20%(d)		1,688,080
	2,575,000	Sumitomo Mitsui Trust, NY, 1.20%(d)		2,573,201
	1,332,000	Toronto Dominion Bank, NY, 1.21%(d)		1,330,205
	3,855,000	Toronto Dominion Bank, NY, 1.25%(d)		3,842,047
	3,650,000	Vodafone Group plc, 1.52%(d)		3,640,336

	Total Commercial Paper (Cost $31,055,167)			31,062,000

	Securities Held as Collateral for Securities on Loan (14.4%):
	281,849,150	AZL Enhanced Bond Index Fund Securities Lending Collateral Account(f)		281,849,150

	Total Securities Held as Collateral for Securities on Loan (Cost $281,849,150)			281,849,150

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2017:

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	2,386,286,361

Investment securities, at value*	$	2,379,541,003
Cash		2,662
Interest and dividends receivable		9,900,253
Foreign currency, at value (cost $123,574)		124,055
Receivable for capital shares issued		5,431
Receivable for investments sold		374,828,753
Receivable for variation margin on futures contracts		75,863

Total Assets		2,764,478,020

Liabilities:
Payable for investments purchased		335,004,509
Payable for capital shares redeemed		148,437
Payable for collateral received on loaned securities		281,849,150
Securities sold short (Proceeds received $191,101,208)		190,136,863
Payable for variation margin on futures contracts		280,446
Manager fees payable		564,515
Administration fees payable		56,568
Distribution fees payable		403,226
Custodian fees payable		11,590
Administrative and compliance services fees payable		7,787
Transfer agent fees payable		1,283
Trustee fees payable		15,935
Other accrued liabilities		61,473

Total Liabilities		808,541,782

Net Assets	$	1,955,936,238

Net Assets Consist of:
Capital	$	1,937,861,615
Accumulated net investment income/(loss)		39,748,701
Accumulated net realized gains/(losses) from investment transactions		(16,012,567	)
Net unrealized appreciation/(depreciation) on investments		(5,661,511	)

Net Assets	$	1,955,936,238

Shares of beneficial interest (unlimited number of shares authorized, no par value)		179,591,094
Net Asset Value (offering and redemption price per share)	$	10.89

*	Includes securities on loan of $274,537,280.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Interest	$	27,308,962
Dividends		78,236
Income from securities lending		680,184

Total Investment Income		28,067,382

Expenses:
Manager fees		3,487,669
Administration fees		339,356
Distribution fees		2,491,197
Custodian fees		40,248
Administrative and compliance services fees		16,672
Transfer agent fees		4,486
Trustee fees		53,933
Professional fees		57,147
Shareholder reports		15,522
Other expenses		26,482

Total expenses		6,532,712

Net Investment Income/(Loss)		21,534,670

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		(5,518,349	)
Net realized gains/(losses) on securities held short		(3,298,150	)
Net realized gains/(losses) on futures contracts		1,140,201
Change in net unrealized appreciation/depreciation on investments		28,224,365

Net Realized/Unrealized Gains/(Losses) on Investments		20,548,067

Change in Net Assets Resulting From Operations	$	42,082,737

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Enhanced Bond Index Fund (the “Fund”), and 22 are presented in separate reports.

The Fund may purchase securities on a when-issued basis. When-issued securities are securities purchased for delivery beyond the normal settlement date at a stated price and yield and thereby involve risk that the yield obtained in the transaction will be less than that available in the market when the delivery takes place. A Fund will not pay for such securities or start earning interest on them until they are received. When a Fund agrees to purchase securities on a when-issued basis, the Fund will segregate or designate cash or liquid assets equal to the amount of the commitment. Securities purchased on a when-issued basis are recorded as an asset and are subject to changes in the value based upon changes in the general level of interest rates. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $340 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $65,403 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

gain or loss on all TBA commitments with a particular counterparty. At any time, the Fund’s risk of loss from a particular counterparty related to its TBA commitments is the aggregate unrealized gain on appreciated TBAs in excess of unrealized loss on depreciated TBAs and collateral held, if any, by such counterparty. As of June 30, 2017, no collateral had been posted by the Fund to counterparties for TBAs.

Pursuant to Rule 17a-7 under the 1940 Act (the “Rule”), the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and sub-adviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period, the Fund engaged in such affiliated transactions at the current market price. During the period ended June 30, 2017, the Fund engaged in such affiliated transactions at the current market price.

The Fund is permitted to purchase and sell securities (“crosstrade”) from and to other Allianz Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with the Rule. Each crosstrade is executed at the current market price in compliance with provisions of the Rule. For the period, the Fund participated in the following crosstrade transactions:

During the period ended June 30, 2017, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $348.2 million as of June 30, 2017. The monthly average notional amount for these contracts was $284.1 million for the period ended June 30, 2017. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2017:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2017:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Financial Management, Inc. (“BlackRock Financial”), BlackRock Financial provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of

Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2017, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations. During the period ended June 30, 2017, there were no voluntary waivers.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $12,138 was paid from the Fund relating to these fees and expenses.

call features, credit ratings and other data, as well as broker quotes. Short term securities of sufficient credit quality with sixty days or less remaining until maturity may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2017, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the period ended June 30, 2017, purchases and sales of long-term U.S. government securities were as follows:

Mortgage-Related and Other Asset-Backed Risk: The Fund may invest in a variety of mortgage-related and other asset-backed securities, which are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Fund that holds mortgage-related securities may exhibit additional volatility. This is known as extension risk. In addition, adjustable and fixed rate mortgage-related securities are subject to call risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. If a Fund purchases mortgage-backed or asset-backed securities that are subordinated to other interests in the same mortgage pool, the Fund may receive payments only after the pool’s obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund as a holder of such subordinated securities, reducing the values of those securities or in some cases rendering them worthless. An unexpectedly high or low rate of prepayments on a pool’s underlying mortgages may have a similar effect on subordinated securities. A mortgage pool may issue securities subject to various levels of subordination. The risk of non-payment affects securities at each level, although the risk is greater in the case of more highly subordinated securities. A Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Cost for federal income tax purposes at June 30, 2017 is $2,387,168,323. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

As a shareholder of the AZL Gateway Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks+ (99.1%):
	Aerospace & Defense (2.1%):
	8,647	Boeing Co. (The)	$	1,709,944
	6,919	Raytheon Co.		1,117,280
	1,341	TransDigm Group, Inc.		360,555
	11,881	United Technologies Corp.		1,450,789

				4,638,568

	Air Freight & Logistics (0.6%):
	11,533	United Parcel Service, Inc., Class B		1,275,434

	Airlines (0.6%):
	2,929	Alaska Air Group, Inc.		262,907
	10,249	American Airlines Group, Inc.		515,729
	6,676	JetBlue Airways Corp.*		152,413
	6,442	United Continental Holdings, Inc.*		484,761

				1,415,810

	Auto Components (0.2%):
	1,016	Adient plc		66,426
	2,054	Autoliv, Inc.		225,530
	3,343	Cooper Tire & Rubber Co.		120,682

				412,638

	Automobiles (0.4%):
	74,265	Ford Motor Co.		831,025
	255	Tesla Motors, Inc.*		92,211

				923,236

	Banks (6.8%):
	11,574	Associated Banc-Corp.		291,665
	121,040	Bank of America Corp.		2,936,430
	35,568	Citigroup, Inc.		2,378,788
	42,427	Huntington Bancshares, Inc.		573,613
	42,844	JPMorgan Chase & Co.		3,915,941
	8,353	Old National Bancorp		144,089
	986	Signature Bank*		141,521
	767	SVB Financial Group*		134,831
	27,127	U.S. Bancorp		1,408,434
	50,639	Wells Fargo & Co.		2,805,907

				14,731,219

	Beverages (2.1%):
	47,175	Coca-Cola Co. (The)		2,115,799
	8,902	Monster Beverage Corp.*		442,251
	18,180	PepsiCo, Inc.		2,099,608

				4,657,658

	Biotechnology (3.4%):
	17,997	AbbVie, Inc.		1,304,962
	3,711	Alexion Pharmaceuticals, Inc.*		451,517
	8,847	Amgen, Inc.		1,523,720
	3,268	Biogen Idec, Inc.*		886,804
	2,459	Bioverativ, Inc.*		147,958
	10,469	Celgene Corp.*		1,359,610
	16,204	Gilead Sciences, Inc.		1,146,919
	1,096	Shire plc, ADR		181,136
	3,529	Vertex Pharmaceuticals, Inc.*		454,782

				7,457,408

	Building Products (0.5%):
	7,372	Fortune Brands Home & Security, Inc.		480,949
	14,427	Johnson Controls International plc		625,555

				1,106,504


Shares			Fair Value
	Common Stocks+, continued
	Capital Markets (2.4%):
	2,964	Affiliated Managers Group, Inc.	$	491,609
	21,014	Charles Schwab Corp. (The)		902,761
	4,368	CME Group, Inc.		547,048
	6,326	Eaton Vance Corp.		299,346
	4,956	Goldman Sachs Group, Inc. (The)		1,099,737
	10,676	Intercontinental Exchange, Inc.		703,762
	4,849	Legg Mason, Inc.		185,038
	19,924	Morgan Stanley		887,813
	1,318	TD Ameritrade Holding Corp.		56,661
	4,443	Waddell & Reed Financial, Inc., Class A		83,884

				5,257,659

	Chemicals (2.0%):
	494	Advansix, Inc.*		15,433
	2,614	Ashland Global Holdings, Inc.		172,289
	2,339	Celanese Corp., Series A		222,065
	16,264	Dow Chemical Co. (The)		1,025,769
	10,448	E.I. du Pont de Nemours & Co.		843,258
	5,256	Eastman Chemical Co.		441,451
	683	Ingevity Corp.*		39,204
	6,038	Lyondellbasell Industries NV		509,547
	278	LyondellBasell Industries NV, Class A		23,460
	6,230	Monsanto Co.		737,383
	2,771	Olin Corp.		83,906
	5,252	RPM International, Inc.		286,497
	6,275	Valvoline, Inc.		148,843

				4,549,105

	Commercial Services & Supplies (0.3%):
	8,144	Waste Management, Inc.		597,362

	Communications Equipment (1.0%):
	59,157	Cisco Systems, Inc.		1,851,613
	3,321	Motorola Solutions, Inc.		288,064
	1,091	Palo Alto Networks, Inc.*		145,987

				2,285,664

	Consumer Finance (0.7%):
	5,263	Ally Financial, Inc.		109,997
	11,263	American Express Co.		948,795
	7,472	Discover Financial Services		464,684

				1,523,476

	Containers & Packaging (0.4%):
	3,624	Avery Dennison Corp.		320,253
	4,629	Sonoco Products Co.		238,023
	6,148	WestRock Co.		348,346

				906,622

	Distributors (0.2%):
	5,478	Genuine Parts Co.		508,139

	Diversified Financial Services (1.8%):
	23,691	Berkshire Hathaway, Inc., Class B*		4,012,545

	Diversified Telecommunication Services (2.1%):
	66,970	AT&T, Inc.		2,526,778
	44,545	Verizon Communications, Inc.		1,989,380

				4,516,158

	Electric Utilities (1.7%):
	12,447	Alliant Energy Corp.		499,996
	23,255	American Electric Power Co., Inc.		1,615,524


Shares			Fair Value
	Common Stocks+, continued
	Electric Utilities, continued
	15,762	Duke Energy Corp.	$	1,317,546
	4,073	Hawaiian Electric Industries, Inc.		131,884
	6,245	OGE Energy Corp.		217,264

				3,782,214

	Electrical Equipment (0.5%):
	6,240	Eaton Corp. plc		485,659
	9,879	Emerson Electric Co.		588,986
	1,121	Hubbell, Inc.		126,864

				1,201,509

	Electronic Equipment, Instruments & Components (0.6%):
	19,634	Corning, Inc.		590,002
	7,392	TE Connectivity, Ltd.		581,603

				1,171,605

	Energy Equipment & Services (1.2%):
	6,207	Baker Hughes, Inc.		338,344
	15,740	Halliburton Co.		672,255
	10,483	Patterson-UTI Energy, Inc.		211,652
	18,755	Schlumberger, Ltd.		1,234,829

				2,457,080

	Equity Real Estate Investment Trusts (2.4%):
	4,615	Care Capital Properties, Inc.		123,221
	6,343	Digital Realty Trust, Inc.		716,442
	26,402	Duke Realty Corp.		737,935
	6,331	Extra Space Storage, Inc.		493,818
	7,052	Healthcare Realty Trust, Inc.		240,826
	656	Kilroy Realty Corp.		49,298
	8,242	Liberty Property Trust		335,532
	4,221	Mack-Cali Realty Corp.		114,558
	5,694	Parks Hotels & Resorts, Inc.		153,510
	11,540	Regency Centers Corp.		722,866
	1,209	SBA Communications Corp.*		163,094
	6,960	Senior Housing Properties Trust		142,262
	16,042	UDR, Inc.		625,157
	9,618	Ventas, Inc.		668,259

				5,286,778

	Food & Staples Retailing (1.6%):
	14,734	CVS Health Corp.		1,185,498
	12,810	Walgreens Boots Alliance, Inc.		1,003,151
	16,698	Wal-Mart Stores, Inc.		1,263,704

				3,452,353

	Food Products (1.3%):
	2,376	Bunge, Ltd.		177,250
	15,885	ConAgra Foods, Inc.		568,048
	9,925	Kraft Heinz Co. (The)		849,977
	2,795	Lamb Weston Holding, Inc.		123,092
	23,453	Mondelez International, Inc., Class A		1,012,934

				2,731,301

	Gas Utilities (0.1%):
	2,742	National Fuel Gas Co.		153,113
	110	ONE Gas, Inc.		7,679
	1,281	WGL Holdings, Inc.		106,874

				267,666


Shares			Fair Value
	Common Stocks+, continued
	Health Care Equipment & Supplies (2.7%):
	22,233	Abbott Laboratories	$	1,080,746
	771	Align Technology, Inc.*		115,743
	9,317	Baxter International, Inc.		564,051
	31,293	Boston Scientific Corp.*		867,442
	11,099	Hologic, Inc.*		503,673
	809	Intuitive Surgical, Inc.*		756,714
	20,802	Medtronic plc		1,846,177
	2,637	ResMed, Inc.		205,343

				5,939,889

	Health Care Providers & Services (2.9%):
	6,295	Aetna, Inc.		955,770
	4,830	Anthem, Inc.		908,668
	10,901	Express Scripts Holding Co.*		695,920
	6,104	HCA Holdings, Inc.*		532,269
	4,215	Patterson Cos., Inc.		197,894
	3,877	Quest Diagnostics, Inc.		430,967
	12,496	UnitedHealth Group, Inc.		2,317,009
	3,128	Universal Health Services, Inc., Class B		381,866

				6,420,363

	Hotels, Restaurants & Leisure (1.6%):
	1,249	Domino’s Pizza, Inc.		264,201
	2,391	Hilton Grand Vacations*		86,219
	4,755	Hilton Worldwide Holdings, Inc.		294,097
	1,785	Las Vegas Sands Corp.		114,044
	11,842	McDonald’s Corp.		1,813,720
	3,287	Melco Resorts & Entertainment, Ltd., ADR		73,793
	6,237	MGM Resorts International		195,156
	4,181	Norwegian Cruise Line Holdings, Ltd.*		226,986
	2,942	Restaurant Brands International, Inc.		183,993
	16,209	Wendy’s Co. (The)		251,402

				3,503,611

	Household Durables (0.7%):
	6,095	Leggett & Platt, Inc.		320,170
	9,383	Newell Rubbermaid, Inc.		503,117
	11,995	Toll Brothers, Inc.		473,922
	703	Tupperware Brands Corp.		49,372
	1,262	Whirlpool Corp.		241,824

				1,588,405

	Household Products (1.8%):
	6,459	Church & Dwight Co., Inc.		335,093
	12,895	Colgate-Palmolive Co.		955,906
	3,544	Kimberly-Clark Corp.		457,566
	24,804	Procter & Gamble Co. (The)		2,161,669

				3,910,234

	Industrial Conglomerates (2.8%):
	8,585	3M Co., Class C		1,787,311
	95,700	General Electric Co.		2,584,857
	13,192	Honeywell International, Inc.		1,758,362

				6,130,530

	Insurance (2.7%):
	7,493	Aflac, Inc.		582,056
	7,316	Allstate Corp. (The)		647,027
	13,686	American International Group, Inc.		855,649


Shares			Fair Value
	Common Stocks+, continued
	Insurance, continued
	5,468	Aon plc	$	726,971
	163	Aon plc		21,671
	7,106	Arthur J. Gallagher & Co.		406,819
	3,574	FNF Group		160,222
	6,528	Lincoln National Corp.		441,162
	11,016	Marsh & McLennan Cos., Inc.		858,807
	7,283	Principal Financial Group, Inc.		466,622
	4,688	Travelers Cos., Inc. (The)		593,173
	5,780	XL Group, Ltd.		253,164

				6,013,343

	Internet & Direct Marketing Retail (2.8%):
	4,515	Amazon.com, Inc.*		4,370,520
	5,160	Netflix, Inc.*		770,956
	571	Priceline Group, Inc. (The)*		1,068,067

				6,209,543

	Internet Software & Services (5.1%):
	3,724	Alphabet, Inc., Class A*		3,462,128
	3,012	Alphabet, Inc., Class C*		2,737,095
	597	Baidu, Inc., ADR*		106,779
	15,165	eBay, Inc.*		529,562
	26,546	Facebook, Inc., Class A*		4,007,915
	3,480	VeriSign, Inc.*		323,501

				11,166,980

	IT Services (3.6%):
	7,101	Automatic Data Processing, Inc.		727,568
	3,475	Broadridge Financial Solutions, Inc.		262,571
	10,096	Cognizant Technology Solutions Corp., Class A		670,374
	8,173	Fidelity National Information Services, Inc.		697,974
	1,292	FleetCor Technologies, Inc.*		186,319
	9,421	International Business Machines Corp.		1,449,233
	7,233	Paychex, Inc.		411,847
	15,296	PayPal Holdings, Inc.*		820,936
	24,932	Visa, Inc., Class A		2,338,124
	11,595	Western Union Co.		220,885

				7,785,831

	Leisure Products (0.2%):
	8,994	Mattel, Inc.		193,641
	1,757	Polaris Industries, Inc.		162,048

				355,689

	Life Sciences Tools & Services (0.2%):
	2,559	Illumina, Inc.*		444,038

	Machinery (1.9%):
	8,367	Caterpillar, Inc.		899,118
	3,406	Cummins, Inc.		552,521
	4,551	Deere & Co.		562,458
	4,132	Parker Hannifin Corp.		660,376
	5,043	Pentair plc		335,561
	2,243	Snap-On, Inc.		354,394
	4,316	Stanley Black & Decker, Inc.		607,391
	870	Timken Co.		40,238

				4,012,057

	Media (2.8%):
	57,023	Comcast Corp., Class A		2,219,335
	4,457	Liberty Global plc, Series C*		138,969


Shares			Fair Value
	Common Stocks+, continued
	Media, continued
	3,300	Liberty Global plc, LiLAC, Class C*	$	70,653
	7,431	News Corp., Class B		105,149
	4,970	Omnicom Group, Inc.		412,013
	51,458	Sirius XM Holdings, Inc.		281,475
	9,546	Time Warner, Inc.		958,514
	1,561	Time, Inc.		22,400
	18,750	Walt Disney Co. (The)		1,992,188

				6,200,696

	Metals & Mining (0.2%):
	5,511	Southern Copper Corp.		190,846
	6,396	Steel Dynamics, Inc.		229,041
	2,024	Worthington Industries, Inc.		101,645

				521,532

	Mortgage Real Estate Investment Trusts (0.3%):
	17,224	Agnc Investment Corp.		366,699
	33,067	Annaly Capital Management, Inc.		398,457

				765,156

	Multiline Retail (0.3%):
	3,368	Nordstrom, Inc.		161,091
	10,585	Target Corp.		553,490

				714,581

	Multi-Utilities (1.4%):
	9,421	Ameren Corp.		515,046
	14,973	CenterPoint Energy, Inc.		409,961
	7,723	Consolidated Edison, Inc.		624,173
	11,709	Public Service Enterprise Group, Inc.		503,604
	14,756	WEC Energy Group, Inc.		905,723

				2,958,507

	Oil, Gas & Consumable Fuels (4.8%):
	3,407	Cheniere Energy, Inc.*		165,955
	22,380	Chevron Corp.		2,334,905
	6,315	Concho Resources, Inc.*		767,462
	23,100	ConocoPhillips Co.		1,015,476
	7,049	Continental Resources, Inc.*		227,894
	46,445	Exxon Mobil Corp.		3,749,505
	11,189	Gulfport Energy Corp.*		165,038
	7,400	HollyFrontier Corp.		203,278
	13,401	Occidental Petroleum Corp.		802,318
	4,918	ONEOK, Inc.		256,523
	9,602	Phillips 66		793,989

				10,482,343

	Personal Products (0.0%):
	809	Herbalife, Ltd.*		57,706

	Pharmaceuticals (5.1%):
	5,317	Allergan plc		1,292,510
	18,134	Bristol-Myers Squibb Co.		1,010,426
	11,211	Eli Lilly & Co.		922,665
	511	Jazz Pharmaceuticals plc*		79,461
	29,273	Johnson & Johnson Co.		3,872,525
	29,970	Merck & Co., Inc.		1,920,777
	61,285	Pfizer, Inc.		2,058,563

				11,156,927


Shares			Fair Value
	Common Stocks+, continued
	Professional Services (0.3%):
	1,457	Dun & Bradstreet Corp.	$	157,575
	5,969	Verisk Analytics, Inc.*		503,604

				661,179

	Road & Rail (0.8%):
	5,143	Avis Budget Group, Inc.*		140,250
	1,816	Canadian Pacific Railway, Ltd.		292,031
	23,034	CSX Corp.		1,256,734
	4,753	Hertz Global Holdings, Inc.*		54,660
	1,812	Old Dominion Freight Line, Inc.		172,575

				1,916,250

	Semiconductors & Semiconductor Equipment (3.5%):
	13,304	Advanced Micro Devices, Inc.*		166,034
	8,216	Analog Devices, Inc.		639,205
	19,242	Applied Materials, Inc.		794,887
	54,182	Intel Corp.		1,828,101
	8,529	Microchip Technology, Inc.		658,268
	7,470	NVIDIA Corp.		1,079,863
	16,852	QUALCOMM, Inc.		930,567
	3,717	Skyworks Solutions, Inc.		356,646
	16,158	Texas Instruments, Inc.		1,243,035

				7,696,606

	Software (5.1%):
	11,660	Activision Blizzard, Inc.		671,266
	8,571	Adobe Systems, Inc.*		1,212,282
	1,415	ANSYS, Inc.*		172,177
	1,842	Dell Technologies, Inc., Class V*		112,565
	85,534	Microsoft Corp.		5,895,859
	9,231	Nuance Communications, Inc.*		160,712
	37,393	Oracle Corp.		1,874,885
	2,605	PTC, Inc.*		143,588
	2,273	ServiceNow, Inc.*		240,938
	12,060	Symantec Corp.		340,695
	2,393	Take-Two Interactive Software, Inc.*		175,598
	1,760	Workday, Inc., Class A*		170,720

				11,171,285

	Specialty Retail (2.4%):
	9,507	American Eagle Outfitters, Inc.		114,559
	4,360	Foot Locker, Inc.		214,861


Shares or Contracts			Fair Value
	Common Stocks+, continued
	Specialty Retail, continued
	5,433	Gap, Inc. (The)	$	119,472
	16,053	Home Depot, Inc. (The)		2,462,531
	4,196	L Brands, Inc.		226,122
	14,252	Lowe’s Cos., Inc.		1,104,958
	3,528	Tiffany & Co.		331,173
	8,373	TJX Cos., Inc. (The)		604,279

				5,177,955

	Technology Hardware, Storage & Peripherals (3.7%):
	56,356	Apple, Inc.		8,116,391

	Textiles, Apparel & Luxury Goods (0.5%):
	3,909	Lululemon Athletica, Inc.*		233,250
	7,497	Michael Kors Holdings, Ltd.*		271,766
	16,065	Under Armour, Inc., Class A*		349,574
	2,313	Under Armour, Inc., Class C*		46,630

				901,220

	Tobacco (1.8%):
	24,216	Altria Group, Inc.		1,803,366
	17,324	Philip Morris International, Inc.		2,034,703
	4,958	Vector Group, Ltd.		105,705

				3,943,774

	Trading Companies & Distributors (0.1%):
	2,727	GATX Corp.		175,264

	Wireless Telecommunication Services (0.0%):
	1,676	Sprint Corp.*		13,760

	Total Common Stocks (Cost $148,068,692)			217,237,356

	Purchased Options (0.3%):
	Total Purchased Options (Cost $1,400,365)			711,170

	Unaffiliated Investment Company (1.8%):
	3,726,480	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.75%(a)		3,726,480

	Total Unaffiliated Investment Company (Cost $3,726,480)			3,726,480

	Total Investment Securities (Cost $153,195,537)(b) — 101.2%			221,675,006
	Net other assets (liabilities) — (1.2)%			(2,585,699	)

	Net Assets — 100.0%		$	219,089,307

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	153,195,537

Investment securities, at value	$	221,675,006
Cash		3
Interest and dividends receivable		207,610
Receivable for capital shares issued		12,061
Receivable for investments sold		141,700
Reclaims receivable		874

Total Assets		222,037,254

Liabilities:
Payable for capital shares redeemed		136,193
Written Options (Premiums received $3,153,342)		2,605,210
Manager fees payable		144,278
Administration fees payable		5,557
Distribution fees payable		45,087
Custodian fees payable		2,264
Administrative and compliance services fees payable		692
Transfer agent fees payable		814
Trustee fees payable		1,395
Other accrued liabilities		6,457

Total Liabilities		2,947,947

Net Assets	$	219,089,307

Net Assets Consist of:
Capital	$	183,697,945
Accumulated net investment income/(loss)		3,169,763
Accumulated net realized gains/(losses) from investment transactions		(36,806,002	)
Net unrealized appreciation/(depreciation) on investments		69,027,601

Net Assets	$	219,089,307

Shares of beneficial interest (unlimited number of shares authorized, no par value)		17,008,874
Net Asset Value (offering and redemption price per share)	$	12.88

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Dividends	$	2,064,190
Foreign withholding tax		(450	)

Total Investment Income		2,063,740

Expenses:
Manager fees		774,323
Administration fees		25,981
Distribution fees		241,976
Custodian fees		8,516
Administrative and compliance services fees		1,670
Transfer agent fees		3,121
Trustee fees		5,414
Professional fees		5,716
Shareholder reports		3,080
Other expenses		2,489

Total expenses		1,072,286

Net Investment Income/(Loss)		991,454

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		5,633,155
Net realized gains/(losses) on options contracts		(8,170,562	)
Change in net unrealized appreciation/depreciation on investments		10,542,040

Net Realized/Unrealized Gains/(Losses) on Investments		8,004,633

Change in Net Assets Resulting From Operations	$	8,996,087

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Gateway Fund (the “Fund”), and 22 are presented in separate reports.

Certain Funds of the Trust participate in a commission recapture program. The Fund will utilize the recaptured commissions to pay for, in whole or part, certain expenses of the Fund, excluding investment advisory fees. Any amounts received by the Fund, if applicable, are disclosed as “Expenses paid indirectly” on the Statement of Operations. The Fund ceased participation in the program in June 2014.

Purchased Options Contracts — The Fund pays a premium which is included in “Investments, at value” on the Statement of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Realized gains and losses are reported as “Net realized gains/(losses) on options contracts” on the Statement of Operations.

The Fund had the following transactions in purchased call and put options during the period ended June 30, 2017:

The Fund had the following transactions in written call and put options during the period ended June 30, 2017:

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2017:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2017:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Gateway Investment Advisers, LLC (“Gateway”), Gateway provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2017, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations. During the period ended June 30, 2017, there were no voluntary waivers.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $1,101 was paid from the Fund relating to these fees and expenses.

The Fund generally values index options at the average of the closing bid and ask quotations on the principal exchange on which the option is traded and are typically categorized as Level 1 in the fair value hierarchy. For options where market quotations are not readily available, fair value procedures as described below may be applied. Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the NYSE. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. The Fund utilizes a pricing service to assist in determining the fair value of securities when certain significant events occur that may affect the value of foreign securities.

For the period ended June 30, 2017, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2017 is $154,759,196. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2016, the Fund utilized $1,344,469 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2017, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 25% of the Fund.

As a shareholder of the AZL Government Money Market Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Principal Amount			Fair Value
	U.S. Government Agency Mortgages (54.4%):
	Federal Home Loan Bank (34.8%):
$	9,000,000	1.14%, 7/7/17(a)	$	9,000,000
	4,940,000	0.85%, 7/14/17(b)		4,938,493
	2,140,000	0.95%, 7/26/17(b)		2,138,591
	3,665,000	0.97%, 7/28/17(b)		3,662,328
	7,335,000	0.64%, 8/1/17(b)		7,330,958
	10,000,000	0.94%, 8/9/17(b)		9,989,828
	13,680,000	0.65%, 8/11/17(b)		13,669,967
	3,500,000	1.15%, 8/22/17(a)		3,499,986
	3,480,000	0.68%, 8/22/17(b)		3,476,582
	3,500,000	0.70%, 8/23/17(b)		3,496,419
	3,970,000	0.95%, 8/25/17(a)		3,970,000
	3,845,000	0.68%, 8/25/17(b)		3,841,035
	3,920,000	0.90%, 8/28/17(b)		3,914,348
	8,000,000	0.70%, 8/30/17(b)		7,990,733
	12,215,000	1.05%, 9/20/17(b)		12,187,863
	2,500,000	0.91%, 9/22/17(b)		2,494,755
	8,000,000	1.05%, 9/25/17(b)		7,979,933
	6,500,000	1.04%, 9/27/17(b)		6,483,491
	5,400,000	1.26%, 10/16/17(a)		5,400,000
	4,955,000	0.75%, 10/18/17(b)		4,943,748
	4,000,000	1.10%, 10/27/17(a)		3,999,908
	2,000,000	1.00%, 11/8/17(a)		2,000,000
	3,000,000	1.04%, 11/8/17(b)		2,988,744
	1,500,000	1.01%, 12/4/17(b)		1,493,500
	4,000,000	1.15%, 12/29/17(b)		3,977,073
	4,000,000	1.06%, 2/5/18(a)		4,000,000
	4,500,000	1.10%, 3/9/18		4,508,320
	10,000,000	0.91%, 3/13/18(a)		10,000,000
	5,000,000	1.10%, 3/19/18		4,991,884
	12,520,000	0.99%, 4/13/18(a)		12,520,000
	5,180,000	1.06%, 4/17/18(a)		5,180,000
	3,000,000	0.83%, 5/9/18(a)		3,000,000
	3,700,000	0.95%, 6/5/18(a)		3,700,000
	4,500,000	1.11%, 10/3/18(a)		4,500,000
	2,310,000	1.11%, 6/20/19(a)		2,310,000
	1,895,000	1.11%, 6/20/19(a)		1,895,000
	7,000,000	1.11%, 6/20/19(a)		7,000,000

				198,473,487

	Federal Farm Credit Bank (7.9%):
	4,525,000	0.60%, 7/11/17(b)		4,524,246
	7,000,000	1.14%, 9/12/17(a)		7,000,268
	10,000,000	1.23%, 9/22/17(a)		9,999,885
	10,000,000	1.23%, 9/25/17(a)		9,999,538
	3,385,000	0.69%, 9/29/17(b)		3,379,161
	4,205,000	0.87%, 1/11/18(b)		4,185,512
	2,500,000	1.06%, 2/8/18(b)		2,483,812
	3,365,000	1.27%, 4/4/18(a)		3,364,743

				44,937,165

	Federal Home Loan Mortgage Corp. (7.1%):
	2,000,000	0.63%, 7/14/17		2,000,083
	3,400,000	1.35%, 7/21/17(a)		3,399,981
	4,845,000	0.80%, 8/2/17(b)		4,841,555
	9,355,000	0.83%, 8/3/17(b)		9,347,882
	4,730,000	0.73%, 9/29/17		4,733,158
	10,270,000	0.73%, 10/16/17(b)		10,247,717


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal Home Loan Mortgage Corp., continued
$	1,840,000	1.09%, 11/13/17(a)	$	1,840,492
	4,000,000	1.24%, 3/8/18(a)		4,000,000

				40,410,868

	Federal National Mortgage Association (4.6%):
	12,530,000	1.19%, 8/16/17(a)		12,529,808
	1,500,000	0.97%, 9/27/17		1,500,100
	5,000,000	1.10%, 10/5/17(a)		4,999,799
	7,000,000	1.10%, 3/28/18		6,988,279

				26,017,986

	Total U.S. Government Agency Mortgages (Cost $309,839,506)			309,839,506

	U.S. Treasury Obligations (4.4%):
	U.S. Treasury Bills (1.9%)
	5,193,000	0.92%, 9/28/17(b)		5,181,381
	6,200,000	0.97%, 10/12/17(b)		6,183,149

				11,364,530

	U.S. Treasury Notes (2.5%)
	3,960,000	0.73%, 10/15/17		3,961,614
	4,000,000	1.30%, 1/31/18(a)		3,999,505
	6,000,000	1.19%, 4/30/18(a)		6,000,250

				13,961,369

	Total U.S. Treasury Obligations (Cost $25,325,899)			25,325,899

	Repurchase Agreements (40.1%):
	20,000,000	Bank of Montreal, 1.07%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $20,000,594, Collateralized by U.S. Government Agency Obligations, 1.25% - 4.50%, 10/31/21 - 5/1/47, fair value of $20,598,170)		20,000,000
	20,000,000	Bank of Nova Scotia, 1.10%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $20,000,611, Collateralized by U.S. Treasury Notes, 0.13% - 2.75%, 12/31/19 - 7/15/24, fair value of $20,395,607)		20,000,000
	20,000,000	BNP Paribas, 1.12%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $20,000,622, Collateralized by U.S. Government Agency Obligations, 0.00% - 4.50%, 2/15/18 - 9/1/44, fair value of $20,421,683)		20,000,000
	20,000,000	Citigroup Global Markets, 1.10%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $20,000,589, Collateralized by U.S. Government Agency Obligations, 0.00% - 6.00%, 12/31/18 - 12/1/46, fair value of $20,627,673)		20,000,000
	20,000,000	HSBC Securities (USA), Inc., 1.09%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $20,000,606, Collateralized by U.S. Treasury Notes, 1.63%, 5/15/26, fair value of $20,395,235)(b)		20,000,000
	5,000,000	HSBC Securities (USA), Inc., 1.04%, 7/5/17, (Purchased on 6/30/17, proceeds at maturity $5,000,433, Collateralized by U.S. Treasury Notes, 0.00%, 7/31/17, fair value of $5,113,264)		5,000,000
	20,000,000	Mitsubishi UFJ Securities USA, Inc., 1.05%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $20,000,583, Collateralized by U.S. Treasury Obligations, 0.00% - 8.50%, 9/30/17 - 5/15/44 , fair value of $20,589,736)		20,000,000


Principal Amount			Fair Value
	Repurchase Agreements, continued
$	20,000,000	Mizuho Securities USA, Inc., 1.16%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $20,000,644, Collateralized by U.S. Government Agency Obligations, 0.00% - 2.50%, 7/28/17 - 11/30/23, fair value of $20,418,276)	$	20,000,000
	5,000,000	Morgan Stanley & Co. LLC, 1.00%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $5,000,139, Collateralized by U.S. Treasury Obligations, 0.00% - 2.25%, 9/14/17 - 8/15/46, fair value of $5,134,651)		5,000,000
	15,000,000	Morgan Stanley & Co. LLC, 1.01%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $15,000,421, Collateralized by U.S. Treasury Obligations, 2.25% - 7.25%, 8/15/22 - 2/15/27, fair value of $15,562,963)		15,000,000
	16,000,000	Natixis S.A., 1.08%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $16,000,480, Collateralized by U.S. Treasury Obligations, 1.00% - 8.13%, 8/15/20 -2/15/46, fair value of $16,320,060)		16,000,000
	5,000,000	Natixis S.A., 1.10%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $5,000,153, Collateralized by U.S. Government Agency Obligations, 2.45% - 3.16%, 1/1/32 - 4/1/47, fair value of $5,150,032)		5,000,000


Principal Amount			Fair Value
	Repurchase Agreements, continued
$	15,000,000	Royal Bank of Canada, 1.07%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $15,000,446, Collateralized by U.S. Government Agency Obligations, 0.00% - 4.00%, 1/1/26 - 6/1/47, fair value of $15,477,735)	$	15,000,000
	7,000,000	Royal Bank of Canada, 1.06%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $7,000,206, Collateralized by U.S. Treasury Notes, 0.13% - 3.38%, 4/15/20 - 2/15/44, fair value of $7,155,314)		7,000,000
	10,000,000	Toronto Dominion Bank NY, 1.15%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $10,000,319, Collateralized by U.S. Government Agency Obligations, 4.00%, 1/1/44, fair value of $10,307,226)		10,000,000
	10,000,000	Toronto Dominion Bank NY, 1.13%, 7/3/17, (Purchased on 6/30/17, proceeds at maturity $10,000,314, Collateralized by U.S. Treasury Obligations, 0.00% - 3.00%, 7/20/17 - 11/15/45, fair value of $10,206,972)		10,000,000

	Total Repurchase Agreements (Cost $228,000,000)			228,000,000

	Total Investment Securities (Cost $563,165,405)(c) — 98.9%			563,165,405
	Net other assets (liabilities) — 1.1%			6,022,314

	Net Assets — 100.0%		$	569,187,719

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	335,165,405

Investment securities, at value	$	335,165,405
Repurchase agreements, at value/cost		228,000,000
Cash		926,765
Interest and dividends receivable		187,693
Receivable for capital shares issued		9,868,419

Total Assets		574,148,282

Liabilities:
Payable for investments purchased		4,500,000
Manager fees payable		295,401
Administration fees payable		14,254
Distribution fees payable		114,418
Custodian fees payable		2,443
Administrative and compliance services fees payable		2,702
Transfer agent fees payable		1,096
Trustee fees payable		5,027
Other accrued liabilities		25,222

Total Liabilities		4,960,563

Net Assets	$	569,187,719

Net Assets Consist of:
Capital	$	569,153,253
Accumulated net realized gains/(losses) from investment transactions		34,466

Net Assets	$	569,187,719

Shares of beneficial interest (unlimited number of shares authorized, no par value)		569,154,018
Net Asset Value (offering and redemption price per share)	$	1.00

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Interest	$	2,164,031

Total Investment Income		2,164,031

Expenses:
Manager fees		1,023,387
Administration fees		77,714
Distribution fees		730,992
Custodian fees		8,227
Administrative and compliance services fees		5,651
Transfer agent fees		3,649
Trustee fees		18,779
Professional fees		19,367
Shareholder reports		10,565
Recoupment of prior expenses reimbursed by the manager		318,366
Other expenses		9,071

Total expenses before reductions		2,225,768
Less expenses voluntarily waived/reimbursed by the Manager		(61,737	)

Net expenses		2,164,031

Net Investment Income/(Loss)		—

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		1,619

Net Realized/Unrealized Gains/(Losses) on Investments		1,619

Change in Net Assets Resulting From Operations	$	1,619

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Government Money Market Fund (the “Fund”), and 22 are presented in separate reports.

The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 4 below. Investments of the Fund are valued, in accordance with Rule 2a-7 of the 1940 Act, at amortized cost, which approximates fair value. Under the amortized cost method, discounts or premiums are amortized on a constant basis to the maturity of the security.

The Fund may invest in repurchase agreements with financial institutions such as member banks of the Federal Reserve System or from registered broker/dealers that the adviser deems creditworthy under guidelines approved by the Board, subject to the seller’s agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates. The seller under a repurchase agreement is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Securities subject to repurchase agreements are held by the Fund’s custodian, another qualified sub-custodian, or in the Federal Reserve book-entry system. Master Repurchase Agreements (“MRA”) permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables under the MRA with collateral posted by the counterparty and create one net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price to be received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty.

Dividends from net investment income are declared daily and paid monthly from the Fund. The net realized gains, if any, are declared and paid at least annually by the Fund. The amount of dividends from net investment income and from net realized gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book/tax” differences are either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, reclassification of certain market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and post October losses) do not require reclassification. Dividends to shareholders that exceed net investment income and net realized gains for tax purposes are reported as distributions of capital.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Advisors, LLC (“BlackRock Advisors”), BlackRock Advisors provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

The Manager has voluntarily agreed to waive, reimburse, or pay Fund expenses to the extent necessary in order to maintain a minimum daily net investment income for the Fund of 0.00%. The Distributor may waive its Rule 12b-1 fees. The amount waived, reimbursed, or paid by the Manager and/or the Distributor will be repaid to the Manager and/or the Distributor subject to the following limitations:

The ability of the Manager and/or Distributor to receive such payments could negatively affect the Fund’s future yield. Amounts waived under this agreement during the period ended June 30, 2017 are reflected on the Statement of Operations as “Expenses voluntarily waived/reimbursed by the Manager.”

Any amounts waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.”

At June 30, 2017, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Statement of Operations. During the period ended June 30, 2017, there were no voluntary waivers in addition to the amounts disclosed above.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $3,707 was paid from the Fund relating to these fees and expenses.

with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the period ended June 30, 2017, actual Trustee compensation was $435,200 in total for both trusts.

For the period ended June 30, 2017, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments are effective for filings made with the SEC after August 1, 2017. Management is currently evaluating the impact of the amendments on the fund’s financial statements. The adoption will have no effect on the Funds’ net assets or results of operations.

As a shareholder of the AZL International Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (98.4%):
	Aerospace & Defense (1.2%):
	431,937	BAE Systems plc	$	3,568,399
	336,665	Cobham plc		569,395
	321	Dassault Aviation SA		448,592
	3,310	Elbit Systems, Ltd.		408,752
	79,052	European Aeronautic Defence & Space Co. NV		6,512,739
	56,535	Finmeccanica SpA		944,245
	108,817	Meggitt plc		676,809
	241,939	Rolls-Royce Holdings plc*		2,811,171
	42,814	Safran SA^		3,926,624
	219,800	Singapore Technologies Engineering, Ltd.		587,698
	13,919	Thales SA		1,499,409
	25,985	Zodiac Aerospace		706,511

				22,660,344

	Air Freight & Logistics (0.4%):
	120,019	Bollore, Inc.		546,486
	134,487	Deutsche Post AG		5,045,805
	128,013	Royal Mail plc		702,580
	49,400	Yamato Holdings Co., Ltd.		1,003,521

				7,298,392

	Airlines (0.1%):
	158,000	All Nippon Airways Co., Ltd.		549,580
	33,029	Deutsche Lufthansa AG, Registered Shares		754,113
	25,487	easyJet plc^		451,209
	86,178	International Consolidated Airlines Group SA		686,149
	13,970	Japan Airlines Co., Ltd.		432,236
	62,045	Qantas Airways, Ltd.		273,056
	82,900	Singapore Airlines, Ltd.		609,652

				3,755,995

	Auto Components (1.3%):
	24,000	Aisin Sieki Co., Ltd.		1,231,021
	86,300	Bridgestone Corp.		3,727,118
	23,174	Compagnie Generale des Establissements Michelin SCA, Class B^		3,080,536
	14,529	Continental AG		3,135,050
	64,300	Denso Corp.		2,721,640
	241,776	GKN plc		1,027,515
	15,900	Koito Manufacturing Co., Ltd.		821,426
	24,000	NGK Spark Plug Co., Ltd.		512,419
	12,900	NOK Corp.		273,326
	16,266	Nokian Renkaat OYJ		673,915
	23,550	Schaeffler AG		337,278
	18,000	Stanley Electric Co., Ltd.		544,472
	105,200	Sumitomo Electric Industries, Ltd.		1,623,637
	24,700	Sumitomo Rubber Industries, Ltd.^		417,775
	7,200	Toyoda Gosei Co., Ltd.		172,210
	23,000	Toyota Industries Corp.		1,213,564
	32,347	Valeo SA		2,193,908
	14,700	Yokohama Rubber Co., Ltd. (The)^		295,798

				24,002,608

	Automobiles (3.3%):
	45,175	Bayerische Motoren Werke AG (BMW)^		4,204,173


Shares			Fair Value
	Common Stocks, continued
	Automobiles, continued
	130,437	Daimler AG, Registered Shares	$	9,461,088
	16,263	Ferrari NV		1,401,202
	144,895	Fiat Chrysler Automobiles NV*		1,528,300
	83,100	Fuji Heavy Industries, Ltd.		2,809,185
	233,100	Honda Motor Co., Ltd.		6,369,855
	74,700	Isuzu Motors, Ltd.		924,033
	73,600	Mazda Motor Corp.		1,030,181
	91,600	Mitsubishi Motors Corp.		605,387
	316,500	Nissan Motor Co., Ltd.		3,155,780
	64,017	PSA Peugeot Citroen SA		1,277,742
	24,037	Renault SA		2,180,195
	46,600	Suzuki Motor Corp.		2,214,995
	353,666	Toyota Motor Corp.		18,553,990
	4,529	Volkswagen AG^		703,242
	39,600	Yamaha Motor Co., Ltd.		1,023,992

				57,443,340

	Banks (13.0%):
	36,271	ABN AMRO Group NV		969,095
	170,000	Aozora Bank, Ltd.		648,419
	397,954	Australia & New Zealand Banking Group, Ltd.		8,769,296
	910,177	Banco Bilbao Vizcaya Argentaria SA		7,606,076
	765,781	Banco de Sabadell SA		1,567,256
	1,989,636	Banco Santander SA		13,244,540
	150,505	Bank Hapoalim BM		1,014,719
	204,839	Bank Leumi Le-Israel Corp.		994,975
	152,800	Bank of East Asia, Ltd. (The)^		657,080
	3,876,595	Bank of Ireland*		1,025,349
	46,000	Bank of Kyoto, Ltd. (The)		434,862
	51,449	Bank of Queensland, Ltd.		452,106
	136,521	Bankia SA		660,347
	95,023	Bankinter SA		879,184
	2,293,780	Barclays plc		6,068,910
	60,506	Bendigo & Adelaide Bank, Ltd.		516,218
	151,676	BNP Paribas SA		11,030,193
	510,000	BOC Hong Kong Holdings, Ltd.		2,444,892
	96,000	Chiba Bank, Ltd. (The)		698,121
	19,100	Chugoku Bank, Ltd. (The)		286,220
	43,503	Chuo Mitsui Trust Holdings, Inc.		1,560,903
	141,645	Commerzbank AG*		1,696,175
	233,438	Commonwealth Bank of Australia		14,854,485
	167,400	Concordia Financial Group, Ltd.		847,943
	150,977	Credit Agricole SA		2,454,444
	500,779	Criteria Caixacorp SA		2,396,707
	99,947	Danske Bank A/S		3,858,745
	241,800	DBS Group Holdings, Ltd.		3,643,857
	127,458	DnB NOR ASA		2,176,074
	40,047	Erste Group Bank AG		1,535,923
	104,000	Fukuoka Financial Group, Inc.		495,470
	62,300	Hachijuni Bank, Ltd. (The)		396,709
	103,900	Hang Seng Bank, Ltd.		2,173,318
	67,000	Hiroshima Bank, Ltd. (The)		297,826
	2,690,335	HSBC Holdings plc		24,967,120


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	525,428	ING Groep NV	$	9,136,977
	139,598	Intesa Sanpaolo		416,002
	1,710,303	Intesa Sanpaolo SpA		5,455,340
	52,500	Japan Post Bank Co., Ltd.		672,910
	34,227	KBC Groep NV		2,597,861
	52,200	Kyushu Financial Group, Inc.		330,471
	9,680,651	Lloyds Banking Group plc		8,354,046
	125,860	Mebuki Financial Group, Inc.		469,241
	79,154	Mediobanca SpA		785,302
	1,631,500	Mitsubishi UFJ Financial Group, Inc.		11,003,683
	15,515	Mizrahi Tefahot Bank, Ltd.		282,439
	3,284,539	Mizuho Financial Group, Inc.		6,020,364
	360,819	National Australia Bank, Ltd.		8,204,250
	132,515	Natixis		898,500
	409,231	Nordea Bank AB		5,224,463
	436,399	Oversea-Chinese Banking Corp., Ltd.		3,421,329
	20,053	Raiffeisen International Bank-Holding AG*		507,437
	299,087	Resona Holdings, Inc.		1,652,947
	469,882	Royal Bank of Scotland Group plc*		1,513,950
	83,400	Seven Bank, Ltd.^		299,100
	200,000	Shinsei Bank, Ltd.		349,918
	70,000	Shizuoka Bank, Ltd. (The)		634,191
	207,054	Skandinaviska Enskilda Banken AB, Class A		2,514,343
	103,671	Societe Generale		5,635,908
	438,842	Standard Chartered plc*		4,450,482
	180,769	Sumitomo Mitsui Financial Group, Inc.		7,072,763
	24,500	Suruga Bank, Ltd.		595,421
	206,551	Svenska Handelsbanken AB, Class A		2,967,249
	122,408	Swedbank AB, Class A		2,987,139
	271,158	Unicredit SpA*		5,112,594
	182,873	United Overseas Bank, Ltd.		3,073,230
	452,498	Westpac Banking Corp.		10,558,330
	29,000	Yamaguchi Financial Group, Inc.		351,110

				236,872,847

	Beverages (2.1%):
	103,432	Anheuser-Busch InBev NV		11,443,739
	51,600	Asahi Breweries, Ltd.		1,942,982
	14,237	Carlsberg A/S, Class B		1,524,321
	79,912	Coca-Cola Amatil, Ltd.		566,243
	28,330	Coca-Cola European Partners plc		1,150,433
	23,561	Coca-Cola HBC AG		692,955
	17,000	Coca-Cola West Co., Ltd.		492,332
	339,753	Diageo plc		10,041,657
	14,252	Heineken Holding NV		1,309,646
	31,182	Heineken NV		3,037,302
	117,600	Kirin Holdings Co., Ltd.		2,398,198
	28,224	Pernod Ricard SA		3,783,126
	3,551	Remy Cointreau SA		414,887
	19,600	Suntory Beverage & Food, Ltd.		911,934
	104,220	Treasury Wine Estates, Ltd.		1,053,005

				40,762,760


Shares			Fair Value
	Common Stocks, continued
	Biotechnology (0.9%):
	61,736	CSL, Ltd.	$	6,558,143
	7,589	Genmab A/S*		1,624,970
	43,198	Grifols SA		1,204,535
	13,319	Idorsia, Ltd.		251,485
	122,066	Shire plc		6,723,892

				16,363,025

	Building Products (0.8%):
	28,600	Asahi Glass Co., Ltd.		1,207,139
	137,035	Assa Abloy AB, Class B		3,013,532
	66,463	Compagnie de Saint-Gobain SA		3,554,963
	33,800	Daikin Industries, Ltd.		3,457,270
	4,966	Geberit AG, Registered Shares		2,318,926
	37,500	Lixil Group Corp.		938,991
	20,100	TOTO, Ltd.		769,245

				15,260,066

	Capital Markets (2.2%):
	128,648	3i Group plc		1,514,381
	122,080	Aberdeen Asset Management plc		480,853
	24,950	ASX, Ltd.		1,027,806
	320,144	Credit Suisse Group AG		4,640,114
	218,300	Daiwa Securities Group, Inc.		1,297,280
	279,774	Deutsche Bank AG, Registered Shares		4,967,639
	34,429	Hargreaves Lansdown plc		584,091
	158,793	Hong Kong Exchanges & Clearing, Ltd.		4,105,592
	94,172	Investec plc		703,621
	73,600	Japan Exchange Group, Inc.		1,337,094
	31,230	Julius Baer Group, Ltd.		1,646,396
	42,710	London Stock Exchange Group plc		2,029,524
	43,802	Macquarie Group, Ltd.		2,978,845
	491,200	Nomura Holdings, Inc.		2,956,557
	2,300	Partners Group Holding AG		1,426,403
	24,390	SBI Holdings, Inc.		331,186
	17,609	Schroders plc		712,086
	113,400	Singapore Exchange, Ltd.		604,868
	495,602	UBS Group AG		8,415,801

				41,760,137

	Chemicals (3.7%):
	52,744	Air Liquide SA		6,553,753
	21,500	Air Water, Inc.		396,317
	33,877	AkzoNobel NV		2,940,497
	9,588	Arkema SA		1,023,703
	176,000	Asahi Kasei Corp.		1,896,156
	124,344	BASF SE		11,556,721
	12,643	Christian Hansen Holding A/S		919,512
	15,084	Covestro AG		1,089,078
	18,560	Croda International plc		939,389
	37,400	Daicel Chemical Industries, Ltd.		466,318
	1,142	EMS-Chemie Holding AG		845,018
	22,095	Evonik Industries AG		706,179
	5,394	Frutarom Industries, Ltd.		377,412
	9,840	Fuchs Petrolub AG		537,630


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	1,255	Givaudan SA, Registered Shares	$	2,512,235
	15,500	Hitachi Chemical Co., Ltd.		463,416
	237,562	Incitec Pivot, Ltd.		624,352
	55,687	Israel Chemicals, Ltd.		262,514
	27,305	Johnson Matthey plc		1,021,164
	26,100	JSR Corp.		450,723
	26,950	K+S AG, Registered Shares^		690,614
	42,000	Kaneka Corp.		320,710
	26,300	Kansai Paint Co., Ltd.		606,143
	24,365	Koninklijke DSM NV		1,779,807
	45,600	Kuraray Co., Ltd.		828,575
	12,921	Lanxess AG^		978,411
	25,342	Linde AG		4,812,968
	191,600	Mitsubishi Chemical Holdings Corp.		1,591,409
	26,100	Mitsubishi Gas Chemical Co., Inc.		553,281
	130,000	Mitsui Chemicals, Inc.		690,287
	23,200	Nippon Paint Holdings Co., Ltd.^		880,363
	17,300	Nissan Chemical Industries, Ltd.		572,340
	22,100	Nitto Denko Corp.		1,823,330
	30,453	Novozymes A/S, Class B		1,333,843
	52,317	Orica, Ltd.		830,322
	52,100	Shin-Etsu Chemical Co., Ltd.		4,733,497
	291	Sika AG, Class B		1,873,891
	10,040	Solvay SA		1,347,874
	203,000	Sumitomo Chemical Co., Ltd.		1,171,108
	16,118	Symrise AG		1,141,861
	18,300	Taiyo Nippon Sanso Corp.		206,074
	25,200	Teijin, Ltd.		485,394
	193,600	Toray Industries, Inc.		1,622,130
	79,000	Tosoh Corp.		812,468
	13,451	Umicore SA		937,028
	22,846	Yara International ASA		859,009

				69,064,824

	Commercial Services & Supplies (0.5%):
	34,240	Babcock International Group plc		392,926
	209,465	Brambles, Ltd.		1,566,107
	68,000	Dai Nippon Printing Co., Ltd.		756,869
	30,200	Edenred^		788,183
	215,567	G4S plc		917,005
	23,588	ISS A/S		928,765
	13,800	Park24 Co., Ltd.^		350,509
	27,600	SECOM Co., Ltd.		2,097,324
	45,229	Securitas AB, Class B		764,835
	3,751	Societe BIC SA		445,122
	9,500	Sohgo Security Services Co., Ltd.		428,293
	72,000	Toppan Printing Co., Ltd.		791,099

				10,227,037

	Communications Equipment (0.5%):
	784,070	Nokia OYJ		4,818,162
	415,062	Telefonaktiebolaget LM Ericsson, Class B		2,994,849

				7,813,011


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering (0.8%):
	32,931	ACS Actividades de Construccion y Servicios SA	$	1,273,565
	29,227	Bouygues SA		1,233,654
	11,842	Cimic Group, Ltd.		353,075
	9,301	Eiffage SA		845,805
	65,562	Ferrovial SA		1,457,069
	2,435	Hochtief AG		446,403
	27,400	JGC Corp.		445,060
	127,000	Kajima Corp.		1,072,556
	12,467	Koninklijke Boskalis Westminster NV		405,034
	91,700	Obayashi Corp.		1,079,517
	76,000	Shimizu Corp.		806,937
	44,056	Skanska AB, Class B		1,048,834
	140,000	TAISEI Corp.		1,279,540
	67,576	Vinci SA		5,771,578

				17,518,627

	Construction Materials (0.5%):
	151,866	Boral, Ltd.		811,058
	114,410	CRH plc		4,058,819
	100,052	Fletcher Building, Ltd.		586,484
	19,767	HeidelbergCement AG		1,912,491
	5,203	Imerys SA		452,903
	56,667	James Hardie Industries SE		892,681
	61,477	LafargeHolcim, Ltd., Registered Shares		3,532,765
	165,000	Taiheiyo Cement Corp.		602,755

				12,849,956

	Consumer Finance (0.0%):
	53,700	ACOM Co., Ltd.*		245,582
	13,000	Aeon Credit Service Co., Ltd.		275,745
	21,100	Credit Saison Co., Ltd.		412,938
	20,973	Provident Financial plc		664,861

				1,599,126

	Containers & Packaging (0.1%):
	161,604	Amcor, Ltd.		2,012,961
	23,200	Toyo Seikan Kaisha, Ltd.		392,401

				2,405,362

	Distributors (0.0%):
	13,588	Jardine Cycle & Carriage, Ltd.		437,987

	Diversified Consumer Services (0.0%):
	9,400	Benesse Holdings, Inc.		355,449

	Diversified Financial Services (0.9%):
	392,965	AMP, Ltd.		1,565,593
	79,769	Challenger, Ltd.		817,699
	26,133	Deutsche Boerse AG		2,763,226
	4,945	Eurazeo Se		371,086
	15,176	EXOR NV		825,702
	239,081	First Pacific Co., Ltd.		176,392
	11,379	Groupe Bruxelles Lambert SA		1,096,572
	22,562	Industrivarden AB, Class C		541,367
	61,017	Investor AB, Class B		2,952,689
	33,224	Kinnevik AB		1,020,359


Shares			Fair Value
	Common Stocks, continued
	Diversified Financial Services, continued
	5,351	L E Lundbergforetagen AB	$	422,634
	68,700	Mitsubishi UFJ Lease & Finance Co., Ltd.		376,620
	181,100	ORIX Corp.		2,815,397
	5,211	Pargesa Holding SA		397,808
	3,885	Wendel		575,590

				16,718,734

	Diversified Telecommunication Services (2.6%):
	21,724	Belgacom SA		759,871
	272,655	Bezeq Israeli Telecommunication Corp., Ltd. (The)		452,687
	1,133,841	BT Group plc		4,353,286
	443,505	Deutsche Telekom AG, Registered Shares		7,969,466
	20,638	Elisa OYJ^		799,902
	270,433	France Telecom SA		4,307,278
	527,525	HKT Trust & HKT, Ltd.		691,923
	3,760	Iliad SA		889,499
	59,304	Inmarsat plc		594,600
	453,992	Koninklijke (Royal) KPN NV		1,456,581
	92,352	Nippon Telegraph & Telephone Corp.		4,369,190
	617,000	PCCW, Ltd.		350,948
	1,091,300	Singapore Telecommunications, Ltd.		3,084,358
	3,469	Swisscom AG, Registered Shares		1,675,739
	114,334	TDC A/S		666,206
	232,354	Telecom Corp. of New Zealand, Ltd.		644,088
	1,591,048	Telecom Italia SpA*^		1,474,384
	828,154	Telecom Italia SpA		612,600
	102,334	Telefonica Deutschland Holding AG		511,335
	618,942	Telefonica SA		6,398,728
	100,585	Telenor ASA		1,668,805
	345,906	Telia Co AB		1,596,343
	555,426	Telstra Corp., Ltd.		1,838,687
	45,014	TPG Telecom, Ltd.^		197,444

				47,363,948

	Electric Utilities (1.8%):
	262,481	AusNet Services		349,916
	91,100	Chubu Electric Power Co., Inc.		1,211,966
	39,200	Chugoku Electric Power Co., Inc. (The)		432,408
	94,570	CK Infrastructure Holdings, Ltd.		794,034
	214,500	CLP Holdings, Ltd.		2,269,643
	102,132	Contact Energy, Ltd.		389,866
	20,495	Dong Energy A/S		928,007
	326,926	EDP — Energias de Portugal SA		1,069,464
	74,288	Electricite de France^		811,199
	44,867	Endesa SA^		1,036,094
	1,101,821	Enel SpA		5,932,590
	62,835	Fortum OYJ		988,052
	370,000	HK Electric Investments, Ltd.		340,294
	195,500	Hongkong Electric Holdings, Ltd.		1,725,387
	787,618	Iberdrola SA		6,252,856
	99,400	Kansai Electric Power Co., Inc. (The)		1,370,933
	60,100	Kyushu Electric Power Co., Inc.		730,538
	112,573	Mighty River Power, Ltd.		274,041
	31,829	Red Electrica Corporacion SA^		666,446


Shares			Fair Value
	Common Stocks, continued
	Electric Utilities, continued
	136,898	Scottish & Southern Energy plc	$	2,588,514
	190,605	Terna SpA		1,031,359
	64,000	Tohoku Electric Power Co., Inc.		886,746
	204,400	Tokyo Electric Power Co., Inc. (The)*		844,064

				32,924,417

	Electrical Equipment (1.3%):
	270,027	ABB, Ltd.		6,682,607
	81,000	Fuji Electric Holdings Co., Ltd.		428,184
	35,901	Legrand SA		2,514,172
	7,200	Mabuchi Motor Co., Ltd.		359,202
	256,800	Mitsubishi Electric Corp.		3,704,461
	32,200	Nidec Corp.		3,306,989
	11,346	OSRAM Licht AG		906,219
	27,217	Prysmian SpA		803,261
	76,551	Schneider Electric SA		5,891,484
	32,296	Siemens Gamesa Renewable Energy^		691,767
	29,886	Vestas Wind Systems A/S		2,769,482

				28,057,828

	Electronic Equipment, Instruments & Components (1.4%):
	26,300	ALPS Electric Co., Ltd.		762,450
	20,100	Hamamatsu Photonics K.K.		618,579
	34,400	Hexagon AB, Class B		1,637,004
	4,395	Hirose Electric Co., Ltd.		627,877
	9,900	Hitachi High-Technologies Corp.		385,701
	658,100	Hitachi, Ltd.		4,047,625
	7,914	Ingenico Group		717,979
	13,040	Keyence Corp.		5,740,562
	43,800	Kyocera Corp.		2,539,701
	25,300	Murata Manufacturing Co., Ltd.		3,855,434
	12,600	Nippon Electric Glass Co., Ltd.		459,840
	27,200	Omron Corp.		1,183,460
	32,000	Shimadzu Corp.		610,095
	17,400	TDK Corp.		1,148,249
	33,200	Yaskawa Electric Corp.		705,536
	30,900	Yokogawa Electric Corp.		496,805

				25,536,897

	Energy Equipment & Services (0.1%):
	37,366	Petrofac, Ltd.		215,680
	85,409	Saipem SpA*		315,665
	60,791	Tenaris SA		947,899

				1,479,244

	Equity Real Estate Investment Trusts (1.5%):
	298,182	Ascendas Real Estate Investment Trust		565,546
	138,044	British Land Co. plc		1,089,053
	297,100	CapitaCommercial Trust		358,321
	346,100	CapitaMall Trust		496,630
	180	Daiwahouse Residential Investment Corp.		427,190
	136,646	Dexus Property Group		994,585
	4,798	Fonciere des Regions SA		446,453
	5,803	Gecina SA		910,352
	253,839	GPT Group		933,451


Shares			Fair Value
	Common Stocks, continued
	Equity Real Estate Investment Trusts, continued
	111,293	Hammerson plc	$	833,046
	4,198	ICADE		353,589
	110	Japan Prime Realty Investment Corp.^		380,954
	166	Japan Real Estate Investment Corp.		825,128
	360	Japan Retail Fund Investment Corp.		664,240
	28,768	Klepierre		1,179,122
	104,280	Land Securities Group plc		1,376,241
	105,622	Liberty International plc		370,200
	298,500	Link REIT (The)		2,271,207
	250,987	Macquarie Goodman Group		1,516,393
	522,397	Mirvac Group		856,923
	183	Nippon Building Fund, Inc.		933,999
	208	Nippon Prologis REIT, Inc.		442,967
	496	Nomura Real Estate Master Fund, Inc.		677,351
	712,793	Scentre Group		2,216,055
	140,274	SERGO plc		894,359
	337,376	Stockland Trust Group		1,134,772
	327,800	Suntec REIT		445,374
	13,609	Unibail-Rodamco SE^		3,431,093
	427	United Urban Investment Corp.		609,405
	474,817	Vicinity Centres		937,203
	267,442	Westfield Corp.		1,649,080

				30,220,282

	Food & Staples Retailing (1.3%):
	82,700	Aeon Co., Ltd.		1,257,928
	78,162	Carrefour SA		1,983,724
	8,093	Casino Guichard-Perrachon SA		479,472
	7,160	Colruyt SA		377,229
	97,013	Distribuidora Internacional de Alimentacion SA^		605,735
	11,300	FamilyMart Co., Ltd.		647,477
	11,875	ICA Gruppen AB^		442,896
	228,855	J Sainsbury plc		750,679
	32,776	Jeronimo Martins SGPS SA		641,533
	174,657	Koninklijke Ahold Delhaize NV		3,347,253
	6,600	LAWSON, Inc.		461,298
	22,671	Metro AG^		765,538
	100,700	Seven & I Holdings Co., Ltd.		4,152,780
	10,600	Sundrug Co., Ltd.		395,654
	1,115,241	Tesco plc*		2,455,784
	4,900	Tsuruha Holdings, Inc.		520,593
	151,962	Wesfarmers, Ltd.		4,688,588
	313,110	William Morrison Supermarkets plc^		984,277
	173,324	Woolworths, Ltd.		3,404,835

				28,363,273

	Food Products (3.2%):
	71,400	Ajinomoto Co., Inc.		1,543,187
	47,593	Associated British Foods plc		1,820,038
	318	Barry Callebaut AG, Registered Shares		437,679
	11,500	Calbee, Inc.^		452,439
	14	Chocoladefabriken Lindt & Spruengli AG, Registered Shares		976,320
	79,828	Danone SA		5,999,813


Shares			Fair Value
	Common Stocks, continued
	Food Products, continued
	1,066,582	Golden Agri-Resources, Ltd.	$	290,606
	22,318	Kerry Group plc, Class A		1,919,915
	21,000	Kikkoman Corp.		671,857
	129	Lindt & Spruengli AG		748,279
	54,039	Marine Harvest		925,283
	15,952	Meiji Holdings Co., Ltd.		1,293,976
	421,603	Nestle SA, Registered Shares		36,737,331
	23,000	Nippon Meat Packers, Inc.		699,287
	27,945	Nisshin Seifun Group, Inc.		459,030
	7,900	Nissin Foods Holdings Co., Ltd.		493,996
	115,226	Orkla ASA, Class A		1,172,340
	60,048	Tate & Lyle plc		518,052
	11,700	Toyo Suisan Kaisha, Ltd.		448,766
	1,134,388	WH Group, Ltd.		1,145,025
	213,300	Wilmar International, Ltd.		519,179
	12,200	Yakult Honsha Co., Ltd.		831,026
	18,000	Yamazaki Baking Co., Ltd.		358,853

				60,462,277

	Gas Utilities (0.4%):
	144,533	APA Group		1,017,640
	11,387	Enagas SA		319,844
	49,495	Gas Natural SDG SA		1,162,827
	1,130,023	Hong Kong & China Gas Co., Ltd.		2,123,629
	265,000	Osaka Gas Co., Ltd.		1,084,520
	53,000	Toho Gas Co., Ltd.		386,094
	258,000	Tokyo Gas Co., Ltd.		1,343,824

				7,438,378

	Health Care Equipment & Supplies (1.0%):
	8,100	Cochlear, Ltd.		968,275
	15,676	Coloplast A/S, Class B		1,313,265
	158,619	Convatec Group plc*		659,508
	11,400	Cyberdyne, Inc.*^		151,866
	28,281	Essilor International SA Compagnie Generale d’Optique		3,615,523
	28,181	Getinge AB, Class B		553,175
	52,500	HOYA Corp.		2,734,655
	38,600	Olympus Co., Ltd.		1,410,885
	117,368	Smith & Nephew plc		2,026,947
	7,090	Sonova Holding AG, Registered Shares		1,151,432
	1,291	Straumann Holding AG, Registered Shares		737,229
	22,100	Sysmex Corp.		1,321,844
	43,300	Terumo Corp.		1,707,136
	17,288	William Demant Holding A/S*		448,966

				18,800,706

	Health Care Providers & Services (0.6%):
	46,897	Al Noor Hospitals Group plc		452,745
	24,800	Alfresa Holdings Corp.		478,999
	28,989	Fresenius Medical Care AG & Co., KGaA		2,788,486
	56,234	Fresenius SE & Co. KGaA		4,834,815
	227,520	Healthscope, Ltd.		386,878
	24,400	Medipal Holdings Corp.		452,035


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	8,200	Miraca Holdings, Inc.	$	369,473
	19,969	Ramsay Health Care, Ltd.		1,130,352
	56,623	Ryman Healthcare, Ltd.		343,903
	55,636	Sonic Healthcare, Ltd.		1,035,450
	8,570	Suzuken Co., Ltd.		284,987

				12,558,123

	Health Care Technology (0.0%):
	27,400	M3, Inc.		756,652

	Hotels, Restaurants & Leisure (1.3%):
	24,109	Accor SA		1,135,940
	76,445	Aristocrat Leisure, Ltd.		1,324,158
	25,316	Carnival plc		1,675,970
	211,709	Compass Group plc		4,469,292
	51,862	Crown, Ltd.		489,377
	8,337	Domino’s Pizza Enterprises, Ltd.^		333,645
	6,187	Flight Centre, Ltd.^		182,220
	313,000	Galaxy Entertainment Group, Ltd.		1,900,483
	851,457	Genting Singapore plc		671,420
	25,368	Intercontinental Hotels Group plc		1,409,589
	9,029	McDonald’s Holdings Co., Ltd.		346,224
	16,662	Melco Resorts & Entertainment, Ltd., ADR^		374,062
	99,934	Merlin Entertainments plc		625,738
	133,873	MGM China Holdings, Ltd.		297,752
	28,900	Oriental Land Co., Ltd.		1,957,933
	11,216	Paddy Power plc		1,197,145
	316,732	Sands China, Ltd.		1,450,439
	169,333	Shangri-La Asia, Ltd.		287,613
	220,987	SJM Holdings, Ltd.		233,011
	12,872	Sodexo SA		1,664,033
	117,336	Tabcorp Holdings, Ltd.		394,014
	170,540	Tatts Group, Ltd.		548,540
	59,644	TUI AG		870,292
	25,786	Whitbread plc		1,332,212
	223,600	Wynn Macau, Ltd.		522,689

				25,693,791

	Household Durables (1.1%):
	142,045	Barratt Developments plc		1,042,799
	18,462	Berkeley Group Holdings plc (The)		775,926
	24,800	Casio Computer Co., Ltd.		382,074
	31,032	Electrolux AB, Series B		1,020,918
	58,809	Husqvarna AB, Class B		586,709
	21,200	Iida Group Holdings Co., Ltd.		353,458
	49,100	Nikon Corp.		785,929
	300,400	Panasonic Corp.		4,086,494
	40,483	Persimmon plc		1,182,482
	4,700	Rinnai Corp.		438,584
	3,179	SEB SA		571,076
	57,600	Sekisui Chemical Co., Ltd.		1,033,474
	84,200	Sekisui House, Ltd.		1,484,995
	199,000	Sharp Corp.*^		740,732
	171,000	Sony Corp.		6,523,653


Shares			Fair Value
	Common Stocks, continued
	Household Durables, continued
	425,451	Taylor Wimpey plc	$	976,595
	176,500	Techtronic Industries Co., Ltd.		811,634

				22,797,532

	Household Products (0.8%):
	82,953	Essity AB, Class B*		2,270,539
	13,846	Henkel AG & Co. KGaA		1,674,504
	29,300	Lion Corp.		607,154
	90,098	Reckitt Benckiser Group plc		9,139,837
	53,400	Unicharm Corp.		1,343,361

				15,035,395

	Independent Power & Renewable Electricity Producers (0.0%):
	19,600	Electric Power Development Co., Ltd.		484,992
	192,019	Meridian Energy, Ltd.		409,367

				894,359

	Industrial Conglomerates (1.8%):
	362,244	CK Hutchison Holdings, Ltd.		4,548,242
	11,584	DCC plc		1,055,498
	29,000	Jardine Matheson Holdings, Ltd.		1,862,364
	30,800	Jardine Strategic Holdings, Ltd.		1,285,097
	69,000	Keihan Electric Railway Co., Ltd.		439,182
	186,300	Keppel Corp., Ltd.		851,453
	127,106	Koninklijke Philips Electronics NV		4,523,916
	215,834	NWS Holdings, Ltd.		424,652
	24,400	Seibu Holdings, Inc.		451,910
	137,200	SembCorp Industries, Ltd.		307,104
	103,634	Siemens AG, Registered Shares		14,247,461
	55,720	Smiths Group plc		1,160,679
	568,000	Toshiba Corp.*^		1,376,177

				32,533,735

	Insurance (5.4%):
	26,944	Admiral Group plc		703,042
	241,835	AEGON NV		1,242,527
	25,300	Ageas NV		1,019,197
	1,635,000	AIA Group, Ltd.		11,950,827
	61,866	Allianz SE, Registered Shares+		12,190,220
	169,053	Assicurazioni Generali SpA		2,793,004
	549,300	Aviva plc		3,766,216
	263,691	AXA SA		7,266,135
	7,061	Baloise Holding AG, Registered Shares		1,092,108
	23,730	CNP Assurances SA		532,863
	144,700	Dai-ichi Life Insurance Co., Ltd.		2,627,724
	194,086	Direct Line Insurance Group plc		898,895
	28,271	Gjensidige Forsikring ASA		482,666
	8,522	Hannover Rueck SE		1,024,001
	330,357	Insurance Australia Group, Ltd.		1,719,279
	63,800	Japan Post Holdings Co., Ltd.		792,206
	780,882	Legal & General Group plc		2,627,784
	150,399	MAPFRE SA		525,527
	391,433	Medibank Private, Ltd.		841,652
	64,311	MS&AD Insurance Group Holdings, Inc.		2,168,702
	21,501	Muenchener Rueckversicherungs-Gesellschaft AG		4,337,294


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	46,825	NKSJ Holdings, Inc.	$	1,816,688
	40,826	NN Group NV		1,453,380
	663,010	Old Mutual plc		1,670,389
	73,563	Poste Italiane SpA		503,633
	349,115	Prudential plc		8,018,838
	185,809	QBE Insurance Group, Ltd.		1,686,271
	143,820	RSA Insurance Group plc		1,153,581
	61,255	Sampo OYJ, Class A		3,148,519
	23,362	SCOR SA		926,613
	24,300	Sony Financial Holdings, Inc.		416,251
	74,320	St. James Place plc		1,144,395
	259,963	Standard Life plc		1,351,521
	172,822	Suncorp-Metway, Ltd.		1,965,725
	4,246	Swiss Life Holding AG, Registered Shares		1,434,930
	43,468	Swiss Re AG		3,983,406
	73,836	T&D Holdings, Inc.		1,131,249
	90,700	Tokio Marine Holdings, Inc.		3,768,866
	15,770	Tryg A/S		345,238
	128,309	UnipolSai SpA		281,085
	20,342	Zurich Insurance Group AG		5,925,291

				102,727,738

	Internet & Direct Marketing Retail (0.1%):
	123,300	Rakuten, Inc.		1,453,686
	25,000	Start Today Co., Ltd.		616,370
	15,073	Zalando SE*		690,902

				2,760,958

	Internet Software & Services (0.1%):
	138,014	Auto Trader Group plc		683,229
	14,900	DeNA Co., Ltd.		334,212
	21,100	Kakaku.com, Inc.		303,363
	5,200	mixi, Inc.		288,444
	15,973	United Internet AG, Registered Shares		878,247
	201,200	Yahoo! Japan Corp.		876,379

				3,363,874

	IT Services (0.8%):
	59,874	Amadeus IT Holding SA		3,581,298
	12,444	Atos Origin SA		1,745,801
	21,838	Capgemini SA		2,268,815
	61,335	Computershare, Ltd.		665,528
	266,000	Fujitsu, Ltd.		1,964,066
	18,546	Nomura Research Institute, Ltd.		732,028
	89,000	NTT Data Corp.		992,022
	8,700	OBIC Co., Ltd.		535,524
	7,700	Otsuka Corp.		478,199
	253,973	Worldpay Group plc		1,041,536

				14,004,817

	Leisure Products (0.2%):
	28,200	Namco Bandai Holdings, Inc.		962,402
	6,300	Sankyo Co., Ltd.		213,727
	27,100	Sega Sammy Holdings, Inc.		365,380
	9,900	Shimano, Inc.		1,569,317


Shares			Fair Value
	Common Stocks, continued
	Leisure Products, continued
	23,700	Yamaha Corp.	$	820,478

				3,931,304

	Life Sciences Tools & Services (0.2%):
	1,543	Eurofins Scientific SE		869,803
	9,937	Lonza Group AG, Registered Shares		2,149,700
	30,210	Qiagen NV		1,005,781

				4,025,284

	Machinery (2.7%):
	40,971	Alfa Laval AB		839,842
	20,025	Alstom SA*^		700,681
	44,900	AMADA Co., Ltd.		519,931
	9,566	Andritz AG		576,865
	88,700	Atlas Copco AB, Class A		3,417,664
	52,014	Atlas Copco AB, Class B		1,801,115
	135,962	CNH Industrial NV		1,547,212
	26,300	FANUC Corp.		5,079,310
	25,837	GEA Group AG		1,060,095
	37,000	Hino Motors, Ltd.		411,585
	16,400	Hitachi Construction Machinery Co., Ltd.		410,747
	7,000	Hoshizaki Electric Co., Ltd.		633,743
	209,000	IHI Corp.		713,505
	38,298	IMI plc		596,344
	29,900	JTEKT Corp.		439,013
	200,000	Kawasaki Heavy Industries, Ltd.		592,822
	124,800	Komatsu, Ltd.		3,181,998
	44,801	Kone OYJ, Class B		2,284,363
	143,700	Kubota Corp.		2,421,903
	15,100	Kurita Water Industries, Ltd.		412,113
	31,600	Makita Corp.		1,170,299
	4,681	MAN AG		501,723
	15,935	Metso Corp. OYJ		553,187
	53,100	Minebea Co., Ltd.		857,159
	447,000	Mitsubishi Heavy Industries, Ltd.		1,834,336
	15,200	Nabtesco Corp.		442,769
	37,300	NGK Insulators, Ltd.		745,526
	50,700	NSK, Ltd.		637,052
	152,938	Sandvik AB		2,409,333
	5,733	Schindler Holding AG		1,213,906
	2,833	Schindler Holding AG, Registered Shares		587,706
	51,092	SKF AB, Class B		1,040,482
	7,500	SMC Corp.		2,284,452
	80,000	Sumitomo Heavy Industries, Ltd.		529,536
	17,900	THK Co., Ltd.		508,861
	208,756	Volvo AB, Class B		3,567,217
	19,324	Wartsila Corp. OYJ, Class B		1,142,105
	27,883	Weir Group plc (The)		630,117
	321,450	Yangzijiang Shipbuilding Holdings, Ltd.		277,949

				48,574,566

	Marine (0.2%):
	510	A.P. Moeller — Maersk A/S, Class A		974,828
	906	A.P. Moeller — Maersk A/S, Class B		1,831,009


Shares			Fair Value
	Common Stocks, continued
	Marine, continued
	7,050	Kuehne & Nagel International AG, Registered Shares	$	1,178,834
	166,000	Mitsui O.S.K. Lines, Ltd.		488,811
	220,000	Nippon Yusen Kabushiki Kaisha		410,190

				4,883,672

	Media (1.2%):
	52,690	Altice NV, Class A*		1,225,142
	12,498	Altice NV, Class B*		288,383
	6,392	Axel Springer AG		383,939
	30,177	Dentsu, Inc.		1,445,776
	23,455	Eutelsat Communications SA		599,529
	30,100	Hakuhodo DY Holdings, Inc.		400,282
	475,946	ITV plc		1,125,431
	11,326	JCDecaux SA		371,947
	16,468	Lagardere SCA		520,731
	115,987	Pearson plc		1,044,454
	33,048	ProSiebenSat.1 Media AG^		1,382,781
	26,753	Publicis Groupe SA		2,004,027
	6,156	REA Group, Ltd.		314,541
	5,481	RTL Group		414,475
	11,517	Schibsted ASA, Class A		278,492
	13,208	Schibsted ASA, Class B		292,187
	51,430	SES Global, Class A		1,205,858
	126,768	Singapore Press Holdings, Ltd.		297,522
	138,234	Sky plc		1,789,300
	7,593	Telenet Group Holding NV*		478,332
	15,100	Toho Co., Ltd.		465,467
	140,353	Vivendi Universal SA		3,123,975
	170,187	WPP plc		3,580,060

				23,032,631

	Metals & Mining (2.8%):
	345,631	Alumina, Ltd.^		509,187
	180,463	Anglo American plc*		2,418,083
	57,992	Antofagasta plc		605,425
	89,985	ArcelorMittal*		2,047,894
	282,300	BHP Billiton plc		4,324,163
	434,691	BHP Billiton, Ltd.		7,751,656
	77,572	BlueScope Steel, Ltd.		786,308
	38,606	Boliden AB		1,055,401
	219,833	Fortescue Metals Group, Ltd.		880,258
	28,344	Fresnillo plc		549,941
	1,656,618	Glencore International plc		6,216,771
	29,800	Hitachi Metals, Ltd.		415,945
	68,100	JFE Holdings, Inc.		1,184,813
	45,500	Kobe Steel, Ltd.*		469,106
	7,500	Maruichi Steel Tube, Ltd.		218,268
	15,800	Mitsubishi Materials Corp.		479,657
	102,099	Newcrest Mining, Ltd.		1,584,638
	102,948	Nippon Steel Corp.		2,330,555
	189,858	Norsk Hydro ASA		1,054,742
	13,231	Randgold Resources, Ltd.		1,170,762
	167,717	Rio Tinto plc		7,070,222


Shares			Fair Value
	Common Stocks, continued
	Metals & Mining, continued
	57,208	Rio Tinto, Ltd.	$	2,777,651
	705,048	South32, Ltd.		1,449,194
	69,000	Sumitomo Metal & Mining Co., Ltd.		923,830
	48,349	ThyssenKrupp AG		1,374,160
	15,868	Voestalpine AG		740,340

				50,388,970

	Multiline Retail (0.3%):
	15,100	Don Quijote Co., Ltd.		573,063
	80,935	Harvey Norman Holdings, Ltd.^		237,421
	44,800	Isetan Mitsukoshi Holdings, Ltd.		450,156
	32,600	J. Front Retailing Co., Ltd.		501,814
	228,905	Marks & Spencer Group plc		993,520
	29,800	MARUI GROUP Co., Ltd.		440,044
	19,494	Next plc		978,861
	3,300	Ryohin Keikaku Co., Ltd.		824,929
	45,000	Takashimaya Co., Ltd.		428,970

				5,428,778

	Multi-Utilities (1.1%):
	89,269	AGL Energy, Ltd.		1,750,502
	731,481	Centrica plc		1,906,352
	302,240	E.ON AG		2,851,992
	230,935	Engie Group		3,505,541
	19,623	Innogy Se		772,200
	468,490	National Grid plc		5,813,676
	69,134	RWE AG*		1,378,391
	47,126	Suez Environnement Co.		873,260
	60,973	Veolia Environnement SA		1,294,610

				20,146,524

	Oil, Gas & Consumable Fuels (4.7%):
	2,649,824	BP plc		15,305,274
	36,863	Caltex Australia, Ltd.		894,361
	343,522	ENI SpA		5,183,379
	65,749	Galp Energia SGPS SA		998,539
	11,000	Idemitsu Kosan Co., Ltd.		311,715
	134,200	INPEX Corp.		1,294,421
	408,820	JX Holdings, Inc.		1,788,968
	9,900	Koninklijke Vopak NV		459,536
	26,708	Lundin Petroleum AB*		514,771
	18,211	Neste Oil OYJ		718,289
	193,505	Oil Search, Ltd.		1,014,244
	20,094	OMV AG		1,044,472
	247,528	Origin Energy, Ltd.*		1,302,843
	162,173	Repsol SA		2,487,606
	597,313	Royal Dutch Shell plc, Class A		15,863,442
	507,098	Royal Dutch Shell plc, Class B		13,617,689
	236,820	Santos, Ltd.*		550,667
	25,100	Showa Shell Sekiyu K.K.^		233,255
	347,063	Snam SpA		1,517,776
	153,344	Statoil ASA		2,549,514
	315,765	Total SA		15,642,947


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	99,297	Woodside Petroleum, Ltd.	$	2,275,669

				85,569,377

	Paper & Forest Products (0.3%):
	51,815	Mondi plc		1,359,533
	108,000	OYI Paper Co., Ltd.		558,933
	72,099	Stora Enso OYJ, Registered Shares		932,160
	69,977	UPM-Kymmene OYJ		1,995,473

				4,846,099

	Personal Products (2.1%):
	13,379	Beiersdorf AG		1,408,885
	67,100	Kao Corp.		3,988,727
	4,200	KOSE Corp.		459,588
	34,237	L’Oreal SA		7,134,649
	12,800	POLA ORBIS HOLDINGS, Inc.^		338,090
	50,700	Shiseido Co., Ltd.		1,806,412
	220,586	Unilever NV		12,189,042
	174,502	Unilever plc		9,450,397

				36,775,790

	Pharmaceuticals (8.2%):
	293,100	Astellas Pharma, Inc.		3,589,247
	171,201	AstraZeneca plc		11,471,532
	111,993	Bayer AG, Registered Shares		14,488,155
	31,600	Chugai Pharmaceutical Co., Ltd.		1,184,389
	76,800	Daiichi Sankyo Co., Ltd.		1,811,479
	22,800	Dainippon Sumitomo Pharma Co., Ltd.		311,517
	35,200	Eisai Co., Ltd.		1,946,173
	665,309	GlaxoSmithKline plc		14,169,145
	9,371	H. Lundbeck A/S		527,818
	20,280	Hikma Pharmaceuticals plc^		388,351
	8,500	Hisamitsu Pharmaceutical Co., Inc.		407,541
	5,095	Ipsen SA		697,629
	36,400	Kyowa Hakko Kogyo Co., Ltd.^		677,460
	17,479	Merck KGaA		2,115,699
	30,400	Mitsubishi Tanabe Pharma Corp.		704,208
	302,510	Novartis AG, Registered Shares		25,270,202
	245,377	Novo Nordisk A/S, Class B		10,527,153
	58,200	Ono Pharmaceutical Co., Ltd.		1,271,538
	14,355	Orion OYJ, Class B		916,501
	51,900	Otsuka Holdings Co., Ltd.		2,213,698
	14,165	Recordati SpA		576,277
	95,176	Roche Holding AG		24,309,471
	157,527	Sanofi-Aventis SA		15,138,205
	53,100	Santen Pharmaceutical Co., Ltd.		721,288
	38,600	Shionogi & Co., Ltd.		2,153,383
	4,800	Taisho Pharmaceutical Holdings Co., Ltd.		365,686
	95,400	Takeda Pharmacuetical Co., Ltd.		4,851,095
	2,004	Taro Pharmaceutical Industries, Ltd.*		224,568
	123,674	Teva Pharmaceutical Industries, Ltd., ADR^		4,108,451
	16,519	UCB SA		1,136,593
	6,604	Vifor Pharma AG^		730,297

				149,004,749


Shares			Fair Value
	Common Stocks, continued
	Professional Services (1.0%):
	21,475	Adecco SA, Registered Shares	$	1,635,421
	34,289	Bureau Veritas SA		759,452
	96,644	Capita Group plc		870,395
	128,152	Experian plc		2,631,203
	22,769	Intertek Group plc		1,252,080
	16,794	Randstad Holding NV		981,938
	150,000	Recruit Holdings Co., Ltd.		2,581,692
	146,997	Reed Elsevier plc		3,180,400
	130,860	RELX NV		2,692,441
	46,524	Seek, Ltd.		604,300
	708	SGS SA, Registered Shares		1,716,962
	42,126	Wolters Kluwer NV		1,784,947

				20,691,231

	Real Estate Management & Development (2.1%):
	15,060	AEON Mall Co., Ltd.		296,768
	3,607	Azrieli Group		200,440
	74,028	BGP Holdings plc*(a)(b)		1,184
	363,100	CapitaLand, Ltd.		923,388
	352,744	Cheung Kong Property Holdings, Ltd.		2,763,165
	57,700	City Developments, Ltd.		449,845
	9,200	Daito Trust Construction Co., Ltd.		1,431,944
	76,900	Daiwa House Industry Co., Ltd.		2,631,458
	47,693	Deutsche Wohnen AG		1,825,373
	373,900	Global Logistic Properties, Ltd.		777,268
	124,000	Hang Lung Group, Ltd.		513,039
	274,000	Hang Lung Properties, Ltd.		684,417
	170,089	Henderson Land Development Co., Ltd.		948,832
	154,400	Hongkong Land Holdings, Ltd.		1,113,224
	40,900	Hulic Co., Ltd.		418,110
	90,000	Hysan Development Co., Ltd.		429,882
	99,775	Kerry Properties, Ltd.		338,695
	78,059	Lend Lease Group		998,711
	169,600	Mitsubishi Estate Co., Ltd.		3,168,778
	118,500	Mitsui Fudosan Co., Ltd.		2,833,410
	798,623	New World Development Co., Ltd.		1,013,794
	16,100	Nomura Real Estate Holdings, Inc.		315,541
	444,601	Sino Land Co., Ltd.		728,983
	46,000	Sumitomo Realty & Development Co., Ltd.		1,422,016
	195,000	Sun Hung Kai Properties, Ltd.		2,865,026
	67,464	Swire Pacific, Ltd., Class A		658,914
	157,000	Swire Properties, Ltd.		518,555
	9,911	Swiss Prime Site AG		900,561
	30,200	Tokyo Tatemono Co., Ltd.		396,370
	71,200	Tokyu Fudosan Holdings Corp.		421,630
	71,796	UOL Group, Ltd.		398,687
	61,695	Vonovia SE		2,451,102
	164,300	Wharf Holdings, Ltd. (The)		1,361,990
	108,897	Wheelock & Co., Ltd.		821,774

				37,022,874

	Road & Rail (1.2%):
	289,504	Aurizon Holdings, Ltd.		1,191,119
	19,500	Central Japan Railway Co.		3,181,996


Shares			Fair Value
	Common Stocks, continued
	Road & Rail, continued
	292,200	ComfortDelGro Corp., Ltd.	$	488,860
	26,512	DSV A/S		1,634,142
	44,113	East Japan Railway Co.		4,222,729
	31,500	Hankyu Hanshin Holdings, Inc.		1,133,787
	64,000	Keihin Electric Express Railway Co., Ltd.		772,025
	81,000	Keio Corp.		678,404
	18,600	Keisei Electric Railway Co., Ltd.		497,373
	256,000	Kintetsu Corp.		987,258
	21,700	Kyushu Railway Co.		704,509
	207,994	MTR Corp., Ltd.		1,172,043
	125,000	Nagoya Railroad Co., Ltd.		583,210
	110,000	Nippon Express Co., Ltd.		689,636
	41,600	Odakyu Electric Railway Co., Ltd.		839,924
	124,000	Tobu Railway Co., Ltd.		676,979
	150,000	Tokyu Corp.		1,145,659
	21,800	West Japan Railway Co.		1,541,693

				22,141,346

	Semiconductors & Semiconductor Equipment (1.2%):
	35,900	ASM Pacific Technology, Ltd.		484,666
	50,687	ASML Holding NV		6,598,613
	3,900	Disco Corp.		624,382
	153,944	Infineon Technologies AG		3,261,873
	46,873	NXP Semiconductors NV*		5,130,250
	12,300	ROHM Co., Ltd.		947,709
	86,194	STMicroelectronics NV		1,235,805
	21,200	Tokyo Electron, Ltd.		2,872,440

				21,155,738

	Software (1.6%):
	18,277	Check Point Software Technologies, Ltd.*^		1,993,655
	17,134	Dassault Systemes SA		1,535,330
	10,357	Gemalto NV		625,410
	12,400	Konami Corp.		689,996
	6,100	Line Corp.*^		211,662
	27,035	Mobileye NV*		1,697,798
	25,000	Nexon Co., Ltd.		495,078
	8,416	NICE Systems, Ltd.		667,758
	15,400	Nintendo Co., Ltd.		5,154,917
	6,000	Oracle Corp.		389,978
	152,405	Sage Group plc		1,366,424
	132,984	SAP AG		13,897,502
	14,700	Trend Micro, Inc.		758,523

				29,484,031

	Specialty Retail (0.9%):
	5,200	ABC-Mart, Inc.		306,427
	127,741	Dixons Carphone plc		472,228
	4,855	Dufry AG, Registered Shares*		799,162
	7,200	Fast Retailing Co., Ltd.		2,402,171
	128,620	Hennes & Mauritz AB, Class B		3,213,710
	2,900	Hikari Tsushin, Inc.		305,433
	147,774	Industria de Diseno Textil SA		5,689,912
	299,670	Kingfisher plc		1,173,438


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	10,600	Nitori Co., Ltd.	$	1,418,701
	3,200	Shimamura Co., Ltd.		391,686
	28,900	USS Co., Ltd.		575,027
	94,400	Yamada Denki Co., Ltd.		469,152

				17,217,047

	Technology Hardware, Storage & Peripherals (0.6%):
	32,900	Brother Industries, Ltd.		761,421
	143,300	Canon, Inc.		4,877,062
	55,800	Fujifilm Holdings Corp.		2,008,909
	63,700	Konica Minolta Holdings, Inc.		530,288
	368,000	NEC Corp.		977,608
	94,600	Ricoh Co., Ltd.		837,081
	39,800	Seiko Epson Corp.		887,242

				10,879,611

	Textiles, Apparel & Luxury Goods (1.8%):
	25,334	Adidas AG		4,855,874
	21,600	ASICS Corp.		401,143
	58,998	Burberry Group plc		1,277,961
	1,674	Christian Dior SE^		480,602
	70,549	Compagnie Financiere Richemont SA		5,823,353
	2,860	Hermes International SA		1,414,103
	9,329	Hugo Boss AG^		654,707
	10,345	Kering		3,541,544
	811,120	Li & Fung, Ltd.		295,504
	22,380	Luxottica Group SpA		1,298,396
	37,949	LVMH Moet Hennessy Louis Vuitton SA		9,518,677
	14,925	Pandora A/S		1,399,520
	4,123	Swatch Group AG (The), Class B		1,524,745
	7,028	Swatch Group AG (The), Registered Shares		513,578
	107,486	Yue Yuen Industrial Holdings, Ltd.		446,083

				33,445,790

	Tobacco (1.6%):
	252,566	British American Tobacco plc		17,191,964
	129,889	Imperial Tobacco Group plc, Class A		5,839,630
	147,900	Japan Tobacco, Inc.		5,199,047
	26,689	Swedish Match AB, Class B		941,416

				29,172,057

	Trading Companies & Distributors (1.2%):
	19,135	AerCap Holdings NV*		888,438
	69,660	Ashtead Group plc		1,444,673
	21,805	Brenntag AG		1,262,367
	44,364	Bunzl plc		1,323,084
	202,300	ITOCHU Corp.		3,011,313
	217,500	Marubeni Corp.		1,408,315
	38,700	Misumi Group, Inc.		884,770
	201,600	Mitsubishi Corp.		4,235,592
	231,100	Mitsui & Co., Ltd.		3,308,811
	42,562	Rexel SA		697,490
	161,000	Sumitomo Corp.		2,099,222
	29,900	Toyota Tsushu Corp.		898,001
	34,908	Travis Perkins plc		661,878


Shares			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	34,179	Wolseley plc	$	2,101,512

				24,225,466

	Transportation Infrastructure (0.6%):
	93,055	Abertis Infraestructuras SA		1,725,161
	9,558	Aena SA		1,867,327
	4,091	Aeroports de Paris		660,751
	61,528	Atlantia SpA		1,737,396
	121,970	Auckland International Airport, Ltd.		637,173
	6,143	Fraport AG^		543,338
	65,234	Groupe Eurotunnel SA		696,021
	754,100	Hutchison Port Holdings Trust		324,279
	5,100	Japan Airport Terminal Co., Ltd.		195,384
	32,000	Kamigumi Co., Ltd.		335,867
	95,000	SATS, Ltd.		352,824
	155,395	Sydney Airport		846,250
	276,736	Transurban Group		2,518,095

				12,439,866

	Water Utilities (0.1%):
	33,387	Severn Trent plc		949,354
	89,639	United Utilities Group plc		1,013,322

				1,962,676

	Wireless Telecommunication Services (1.6%):
	250,300	KDDI Corp.		6,631,854
	8,973	Millicom International Cellular SA, SDR		530,927
	185,500	NTT DoCoMo, Inc.		4,379,339
	111,800	SoftBank Group Corp.		9,084,353
	99,202	StarHub, Ltd.		196,292
	48,913	Tele2 AB		514,244


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Common Stocks, continued
	Wireless Telecommunication Services, continued
	3,592,157	Vodafone Group plc	$	10,191,854

				31,528,863

	Total Common Stocks (Cost $1,549,427,391)			1,846,918,191

	Preferred Stocks (0.5%):
	Automobiles (0.3%):
	7,717	Bayerische Motoren Werke AG (BMW), 4.87%		636,657
	21,617	Porsche Automobil Holding SE, 2.05%		1,214,404
	24,883	Volkswagen AG, 1.54%		3,794,612

				5,645,673

	Household Products (0.2%):
	24,186	Henkel AG & Co. KGaA, 1.34%		3,328,304

	Total Preferred Stocks (Cost $7,442,075)			8,973,977

	Rights (0.0%):
	Aerospace & Defense (0.0%):
	18,386,799	Rolls-Royce Holdings plc, Expires on 7/05/17*(a)		23,943

	Construction & Engineering (0.0%):
	32,931	ACS Actividades de Construccion y Servicios SA, Expires on 7/12/17*^		26,325

	Total Rights (Cost $–)			50,268

	Securities Held as Collateral for Securities on Loan (2.4%):
$	45,245,167	AZL International Index Fund Securities Lending Collateral Account(c)		45,245,167

	Total Securities Held as Collateral for Securities on Loan (Cost $45,245,167)			45,245,167

	Total Investment Securities (Cost $1,602,114,633)(d) — 101.3%			1,901,187,603
	Net other assets (liabilities) — (1.3)%			(24,073,389	)

	Net Assets — 100.0%		$	1,877,114,214

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2017:

Cash of $995,742 has been segregated to cover margin requirements for the following open contracts as of June 30, 2017:

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	1,593,390,407
Investments in affiliates, at cost		8,724,226

Total Investment securities, at cost	$	1,602,114,633

Investments in non-affiliates, at value	$	1,888,997,385
Investments in affiliates, at value		12,190,218

Total Investment securities, at value^*	$	1,901,187,603

Segregated cash for collateral		1,008,512
Interest and dividends receivable		3,820,115
Foreign currency, at value (cost $14,846,486)		15,143,896
Receivable for investments sold		139,248
Reclaims receivable		3,911,716

Total Assets		1,925,211,090

Liabilities:
Cash overdraft		1,140,045
Payable for investments purchased		1,343
Payable for capital shares redeemed		480,017
Payable for collateral received on loaned securities		45,245,167
Payable for variation margin on futures contracts		149,612
Manager fees payable		545,044
Administration fees payable		38,318
Distribution fees payable		361,923
Custodian fees payable		14,803
Administrative and compliance services fees payable		1,250
Transfer agent fees payable		365
Trustee fees payable		2,536
Other accrued liabilities		116,453

Total Liabilities		48,096,876

Net Assets	$	1,877,114,214

Net Assets Consist of:
Capital	$	1,542,493,506
Accumulated net investment income/(loss)		44,346,435
Accumulated net realized gains/(losses) from investment transactions		(8,881,696	)
Net unrealized appreciation/(depreciation) on investments		299,155,969

Net Assets	$	1,877,114,214

Class 1
Net Assets	$	131,968,272
Shares of beneficial interest (unlimited number of shares authorized, no par value)		11,428,721
Net Asset Value (offering and redemption price per share)	$	11.55

Class 2
Net Assets	$	1,745,145,942
Shares of beneficial interest (unlimited number of shares authorized, no par value)		108,095,842
Net Asset Value (offering and redemption price per share)	$	16.14

*	Includes securities on loan of $43,164,776.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Dividends	$	40,007,341
Dividends from affiliates		532,322
Income from securities lending		563,064
Foreign withholding tax		(4,692,363	)

Total Investment Income		36,410,364

Expenses:
Manager fees		3,164,252
Administration fees		284,898
Distribution fees — Class 2		2,100,291
Custodian fees		287,181
Administrative and compliance services fees		15,243
Transfer agent fees		7,137
Trustee fees		49,337
Professional fees		52,131
Shareholder reports		27,490
Other expenses		376,569

Total expenses		6,364,529

Net Investment Income/(Loss)		30,045,835

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		8,298,560
Net realized gains/(losses) on securities transactions from affiliates		76,457
Net realized gains/(losses) on futures contracts		1,239,835
Change in net unrealized appreciation/depreciation on investments		206,003,607

Net Realized/Unrealized Gains/(Losses) on Investments		215,618,459

Change in Net Assets Resulting From Operations	$	245,664,294

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL International Index Fund (the “Fund”), and 22 are presented in separate reports.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $53 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $52,944 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Pursuant to Rule 17a-7 under the 1940 Act (the “Rule”), the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and sub-adviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period, the Fund engaged in such affiliated transactions at the current market price. During the period ended June 30, 2017, the Fund engaged in such affiliated transactions at the current market price.

The Fund is permitted to purchase and sell securities (“crosstrade”) from and to other Allianz Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with the Rule. Each crosstrade is executed at the current market price in compliance with provisions of the Rule. For the period, the Fund participated in the following crosstrade transactions:

the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $17.3 million as of June 30, 2017. The monthly average notional amount for these contracts was $15.7 million for the period ended June 30, 2017. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2017:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2017:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2017, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the year can be found on the Statement of Operations. During the period ended June 30, 2017, there were no voluntary waivers.

The Manager or an affiliate of the Manager serves as the investment adviser of certain underlying funds in which the Fund invests. At June 30, 2017, these underlying funds are noted as Affiliated Investment Companies in the Fund’s Schedule of Portfolio Investments. The Manager or an affiliate of the Manager is paid a separate fee from the underlying funds for such services. A summary of the Fund’s investments in affiliated investment companies for the period ended June 30, 2017 is as follows:

with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable of Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $10,680 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2017 is $1,641,707,050. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

Capital loss carry forwards (“CLCFs”) subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or long-term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration. The Board does not intend to authorize a distribution of any realized gain for the Fund until any applicable CLCF has been offset or expires.

During the year ended December 31, 2016, the Fund utilized $11,728,992 in capital loss carry forwards to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2017, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 25% of the Fund.

As a shareholder of the AZL MetWest Total Return Bond Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Principal Amount			Fair Value
	Asset Backed Securities (5.5%):
$	884,539	Goal Capital Funding Trust, Class A3, Series 2005-2, 1.36%, 5/28/30(a)	$	884,130
	750,000	Magnetite CLO, Ltd., Class 2A3, Series 2015-12A, 2.49%, 4/15/27, Callable 1/15/18 @ 100(a)(b)		753,991
	732,433	Navient Student Loan Trust, Class A, Series 2014-2, 1.86%, 3/25/83, Callable 9/25/33 @ 100(a)		720,732
	710,360	Navient Student Loan Trust, Class A, Series 2014-3, 1.84%, 3/25/83, Callable 9/25/32 @ 100(a)		701,483
	470,589	Navient Student Loan Trust, Class A, Series 2014-4, 1.84%, 3/25/83, Callable 12/25/32 @ 100(a)		464,718
	919,187	Navient Student Loan Trust, Class A, Series 2016-1A, 1.92%, 2/25/70, Callable 8/25/33 @ 100(a)(b)		907,989
	965,000	Navient Student Loan Trust, Class A3, Series 2016-2, 2.72%, 6/25/65, Callable 7/25/29 @ 100(a)(b)		994,612
	950,000	Navient Student Loan Trust, Class A3, Series 2017-3A, 2.27%, 7/26/66(a)(b)		960,027
	1,465,592	Nelnet Student Loan Trust, Class A2, Series 2015-2A, 1.82%, 9/25/47, Callable 10/25/32 @ 100(a)(b)		1,447,588
	2,615,000	SLC Student Loan Trust, Class 2A3, Series 2006-1, 1.41%, 3/15/55, Callable 3/15/30 @ 100(a)		2,400,413
	1,492,507	SLC Student Loan Trust, Class 2A3, Series 2008-1, 2.85%, 12/15/32, Callable 12/15/26 @ 100(a)		1,549,920
	837,788	SLM Student Loan Trust, Class 2A3, Series 2003-7, 1.82%, 9/15/39, Callable 9/15/28 @ 100(a)		787,176
	794,600	SLM Student Loan Trust, Class A3, Series 2003-10A, 1.72%, 12/15/27(a)(b)		795,649
	235,686	SLM Student Loan Trust, Class 2A3, Series 2003-11, 1.30%, 12/15/22, Callable 12/15/28 @ 100(a)(b)		235,368
	181,956	SLM Student Loan Trust, Class 2A3, Series 2007-1, 1.38%, 1/27/42, Callable 4/25/32 @ 100(a)		165,485
	799,458	SLM Student Loan Trust, Class A4, Series 2007-6, 1.54%, 10/25/24, Callable 7/25/33 @ 100(a)		797,505
	1,220,000	SLM Student Loan Trust, Class 2A3, Series 2008-5, 3.01%, 7/25/29, Callable 10/25/23 @ 100(a)		1,190,879
	240,000	SLM Student Loan Trust, Class 2A3, Series 2008-9, 3.41%, 10/25/83, Callable 10/25/23 @ 100(a)		242,860
	1,626,413	SLM Student Loan Trust, Class A, Series 2009-3, 1.97%, 1/25/45, Callable 8/25/33 @ 100(a)(b)		1,610,697
	683,459	SLM Student Loan Trust, Class A2, Series 2014-2, 1.57%, 10/25/21, Callable 10/25/25 @ 100(a)		683,769
	1,970,000	Wachovia Student Loan Trust, Class 2A3, Series 2006-1, 1.33%, 4/25/40, Callable 1/25/27 @ 100(a)(b)		1,817,066

	Total Asset Backed Securities (Cost $20,095,099)			20,112,057

	Collateralized Mortgage Obligations (9.9%):
	88,377	7 WTC Depositor LLC Trust, Class A, Series 2012-7WTC, 4.08%, 3/13/31(b)		89,199
	1,189,805	Ameriquest Mortgage Securities, Inc., Class M2, Series 2005-R5, 1.68%, 7/25/35, Callable 7/25/17 @ 100(a)		1,188,476
	808,230	Ameriquest Mortgage Securities, Inc., Class M2, Series 2005-R5, 1.94%, 4/25/35, Callable 7/25/17 @ 100(a)		807,862
	210,000	Babson CLO, Ltd., Class A, Series 2015-IA, 2.59%, 4/20/27, Callable 7/20/17 @ 100(a)(b)		210,535


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	360,000	Banc of America Merrill Lynch Large Loan, Class A, Series 2014-520M, 4.33%, 8/15/46(a)(b)	$	382,869
	844,882	Bank of America Mortgage Securities, Inc., Class 2A3, Series 2005-F, 3.45%, 7/25/35, Callable 7/25/17 @ 100(a)		797,273
	340,000	Barclays Commercial Mortgages Securities, Class A2, Series 2013-TYSNC, 3.76%, 9/5/32(b)		357,069
	497,847	Citigroup Mortgage Loan Trust, Inc., Class 2A3, Series 2006-WFH3, 1.46%, 10/25/36, Callable 7/25/19 @ 100(a)		496,244
	1,584,393	Citigroup Mortgage Loan Trust, Inc., Class 1A1A, Series 2007-AR5, 3.35%, 4/25/37, Callable 8/25/36 @ 100(a)		1,429,940
	390,000	Commercial Mortgage Trust, Class A, Series 2014-277P, 3.73%, 8/10/49(a)(b)		407,060
	360,000	Commercial Mortgage Trust, Class A1, Series 2013-300P, 4.35%, 8/10/30(b)		391,431
	365,000	Commercial Mortgage Trust, Class A, Series 2016-787S, 3.54%, 2/10/36(a)(b)		375,673
	1,237,793	Credit Suisse Mortgage Capital Certificates, Class A2E, Series 2007-CB2, 4.29%, 2/25/37, Callable 12/25/22 @ 100(a)		896,525
	860,000	Federal Home Loan Mortgage Corp., Class A3, Series K151, 3.51%, 4/25/30		893,182
	1,574,373	Federal National Mortgage Association, Class A3, Series 2015-M2, 3.15%, 12/25/24(a)		1,622,956
	4,408	First Franklin Mortgage Loan Trust, Class M1, Series 2005-FFH3, 1.73%, 9/25/35, Callable 7/25/17 @ 100(a)		4,407
	1,025,361	First Franklin Mortgage Loan Trust, Class M1, Series 2005-FF8, 1.71%, 9/25/35, Callable 7/25/17 @ 100(a)		1,024,441
	1,420,783	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AA12, 3.06%, 2/25/36, Callable 5/25/18 @ 100(a)		1,114,953
	709,500	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2005-AR3, 3.14%, 8/25/35, Callable 7/25/17 @ 100(a)		611,142
	1,505,579	First Horizon Alternative Mortgage Securities Trust, Class 1A1, Series 2006-AA1, 3.09%, 3/25/36, Callable 1/25/20 @ 100(a)		1,335,105
	1,339,283	First Horizon Alternative Mortgage Securities Trust, Class 2A1, Series 2006-AA1, 3.06%, 4/25/36, Callable 1/25/20 @ 100(a)		1,186,000
	1,399,856	GMAC Mortgage Corp. Loan Trust, Class 1A1, Series 2006-AR1, 3.81%, 4/19/36, Callable 11/19/18 @ 100(a)		1,295,672
	1,202,185	GMAC Mortgage Corp. Loan Trust, Class 3A1, Series 2005-AR5, 3.74%, 9/19/35, Callable 1/19/18 @ 100(a)		1,144,373
	280,000	GRACE Mortgage Trust, Class A, Series 2014-GRCE, 3.37%, 6/10/28(b)		290,817
	147,500	GS Mortgage Securities Trust, Class A, Series 2012-ALOH, 3.55%, 4/10/34(b)		154,682
	153,396	Honda Auto Receivables Owner Trust, Class A2, Series 2015-4, 0.82%, 7/23/18, Callable 1/21/19 @ 100(a)		153,304


Principal Amount			Fair Value
	Collateralized Mortgage Obligations, continued
$	365,000	Liberty Street Trust, Class A, Series 2016-225L, 3.60%, 2/10/36(b)	$	378,206
	750,000	Magnetite IX, Ltd., Class A1R, Series 2014-9A, 0.00%, 7/25/26, Callable 7/25/17 @ 100(a)(b)		750,488
	1,000,000	Magnetite XI, Ltd., Class A1R, Series 2014-11A, 2.28%, 1/18/27, Callable 7/18/17 @ 100(a)(b)		1,000,402
	1,050,522	Merrill Lynch First Franklin Mortgage Loan Trust, Class 2A2, Series 2007-4, 1.34%, 7/25/37, Callable 8/25/23 @ 100(a)		684,068
	1,168,945	Merrill Lynch Mortgage Trust, Class A1A, Series 2007-C1, 6.02%, 6/12/50(a)		1,167,551
	1,216,301	Morgan Stanley Capital I Trust, Class A3, Series 2011-C1, 4.70%, 9/15/47(b)		1,254,000
	345,000	Morgan Stanley Capital I Trust, Class A, Series 2014-MP, 3.47%, 8/11/29(b)		358,872
	1,300,421	Morgan Stanley Remic Trust, Class 3A, Series 2014-R8, 1.44%, 6/26/47(a)(b)		1,255,921
	1,009,664	MortgageIT Trust, Class 2A3, Series 2005-2, 2.64%, 5/25/35, Callable 7/25/17 @ 100(a)		985,756
	466,408	Newcastle Mortgage Securities Trust, Class A4, Series 2006-1, 1.50%, 3/25/36, Callable 7/25/17 @ 100(a)		465,645
	202,212	Nissan Auto Receivables Owner Trust, Class A2A, Series 2015-C, 0.87%, 11/15/18, Callable 12/15/19 @ 100(a)		202,064
	984,797	Nomura Asset Acceptance Corp., Class 3A1, Series 2005-AR3, 5.69%, 7/25/35, Callable 8/25/17 @ 100(a)		997,347
	385,000	RBSCF Trust, Class A, Series 2013-GSP, 3.96%, 1/13/32(a)(b)		407,472
	1,918,678	Residential Accredit Loans, Inc., Class A2, Series 2006-QA10, 1.40%, 12/25/36, Callable 7/25/23 @ 100(a)		1,748,428
	1,184,064	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR6, 1.45%, 4/25/45, Callable 7/25/17 @ 100(a)		1,129,221
	1,348,448	WaMu Mortgage Pass-Through Certificates, Class 2A1A, Series 2005-AR8, 1.51%, 7/25/45, Callable 7/25/17 @ 100(a)		1,310,805
	1,261,110	WaMu Mortgage Pass-Through Certificates, Class A2, Series 2005-AR3, 3.03%, 3/25/35, Callable 4/25/19 @ 100(a)		1,272,812
	1,003,441	Wells Fargo Mortgage Backed Securities Trust, Class 2A1, Series 2006-AR2, 3.11%, 3/25/36, Callable 12/25/18 @ 100(a)		1,010,202
	999,138	Wells Fargo Mortgage Backed Securities Trust, Class 1A1, Series 2006-AR12, 3.28%, 9/25/36, Callable 7/25/17 @ 100(a)		944,357

	Total Collateralized Mortgage Obligations (Cost $35,647,015)			35,984,807

	Corporate Bonds (24.1%):
	Aerospace & Defense (0.3%):
	960,000	United Technologies Corp., 1.78%, 5/4/18(a)		961,232

	Airlines (0.8%):
	1,366,808	Continental Airlines 2009-2, Series A, 7.25%, 11/10/19		1,513,740


Principal Amount			Fair Value
	Corporate Bonds, continued
	Airlines, continued
$	302,715	U.S. Airways 2001-1G PTT, Class G, Series 2001, 7.08%, 9/20/22	$	323,148
	857,704	U.S. Airways 2010-1A PTT, Series A, 6.25%, 10/22/24		954,196

				2,791,084

	Auto Components (0.0%):
	66,000	Goodyear Tire & Rubber Co., 4.88%, 3/15/27, Callable 12/15/26 @ 100		66,990

	Automobiles (0.1%):
	400,000	General Motors Co., 3.50%, 10/2/18		407,023

	Banks (5.9%):
	650,000	Bank of America Corp., 6.00%, 9/1/17		654,471
	1,415,000	Bank of America Corp., 5.65%, 5/1/18, MTN		1,459,435
	1,000,000	Bank of America Corp., 4.10%, 7/24/23		1,058,621
	350,000	Bank of America Corp., 3.70%, 4/24/28, Callable 4/24/27 @ 100^(a)		352,564
	2,000,000	Bear Stearns Co., Inc., 7.25%, 2/1/18		2,062,732
	2,000,000	Citigroup, Inc., 1.89%, 11/24/17(a)		2,003,858
	1,190,000	Citigroup, Inc., 1.75%, 5/1/18		1,189,474
	700,000	Citigroup, Inc., 3.89%, 1/10/28, Callable 1/10/27 @ 100(a)		711,385
	2,265,000	JPMorgan Chase & Co., 6.00%, 1/15/18		2,315,890
	960,000	JPMorgan Chase & Co., 3.22%, 3/1/25, Callable 3/1/24 @ 100(a)		961,804
	750,000	JPMorgan Chase & Co., 3.54%, 5/1/28, Callable 5/1/27 @ 100(a)		752,271
	2,485,000	Merrill Lynch & Co., 6.88%, 4/25/18, MTN		2,585,963
	3,510,000	Wachovia Corp., 5.75%, 2/1/18		3,592,219
	265,000	Wells Fargo & Co., 3.55%, 9/29/25, MTN		269,425
	1,560,000	Wells Fargo & Co., 3.00%, 4/22/26		1,523,580
	350,000	Wells Fargo Bank NA, 2.15%, 12/6/19		351,620

				21,845,312

	Beverages (0.6%):
	1,689,000	Anheuser-Busch InBev NV, 3.65%, 2/1/26, Callable 11/1/25 @ 100		1,740,126
	278,000	DS Services Holdings, Inc., 10.00%, 9/1/21, Callable 9/1/17 @ 105(b)		294,680

				2,034,806

	Biotechnology (0.8%):
	300,000	AbbVie, Inc., 4.70%, 5/14/45, Callable 11/14/44 @ 100		318,792
	300,000	Amgen, Inc., 4.40%, 5/1/45, Callable 11/1/44 @ 100		308,145
	500,000	Amgen, Inc., 4.56%, 6/15/48, Callable 12/15/47 @ 100		526,080
	660,000	Celgene Corp., 5.00%, 8/15/45, Callable 2/15/45 @ 100		743,157
	500,000	Gilead Sciences, Inc., 4.75%, 3/1/46, Callable 9/1/45 @ 100		548,905
	400,000	Gilead Sciences, Inc., 4.15%, 3/1/47, Callable 9/1/46 @ 100		401,865

				2,846,944


Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets (2.8%):
$	1,900,000	Goldman Sachs Group, Inc. (The), 5.95%, 1/18/18	$	1,942,461
	1,000,000	Goldman Sachs Group, Inc. (The), 2.38%, 1/22/18		1,004,436
	1,315,000	Goldman Sachs Group, Inc. (The), 6.15%, 4/1/18		1,357,198
	570,000	Goldman Sachs Group, Inc. (The), Series G, 7.50%, 2/15/19		618,281
	400,000	Goldman Sachs Group, Inc. (The), 3.85%, 7/8/24, Callable 4/8/24 @ 100		415,166
	400,000	Morgan Stanley, 1.89%, 1/5/18(a)		401,158
	2,000,000	Morgan Stanley, 6.63%, 4/1/18, MTN		2,071,019
	780,000	Morgan Stanley, Series G, 7.30%, 5/13/19		852,747
	1,200,000	Morgan Stanley, 1.98%, 2/14/20, Callable 2/14/19 @ 100(a)		1,204,920
	500,000	Morgan Stanley, 5.50%, 7/24/20		545,907

				10,413,293

	Chemicals (0.1%):
	180,000	Axalta Coating Systems, 4.88%, 8/15/24, Callable 8/15/19 @ 103.66(b)		185,850

	Commercial Services & Supplies (0.3%):
	200,000	Clean Harbors, Inc., 5.13%, 6/1/21, Callable 8/7/17 @ 102.56		204,250
	750,000	Republic Services, Inc., 3.80%, 5/15/18		763,254

				967,504

	Consumer Finance (0.7%):
	1,000,000	Discover Bank, 2.00%, 2/21/18		1,001,229
	400,000	Ford Motor Credit Co. LLC, 2.15%, 1/9/18		401,358
	500,000	Ford Motor Credit Co. LLC, 2.55%, 10/5/18		503,291
	600,000	General Motors Financial Co., Inc., 3.10%, 1/15/19, Callable 7/15/18 @ —		608,199

				2,514,077

	Containers & Packaging (0.3%):
	600,000	Amcor Finance USA, Inc., 3.63%, 4/28/26, Callable 1/28/26 @ 100(b)		600,077
	350,000	Beverage Packaging Holdings Luxemberg, 5.75%, 10/15/20, Callable 8/7/17 @ 102.88		358,169

				958,246

	Diversified Financial Services (0.1%):
	400,000	Berkshire Hathaway Finance Corp., 4.30%, 5/15/43		425,778

	Diversified Telecommunication Services (1.0%):
	500,000	AT&T, Inc., 3.80%, 3/15/22		517,517
	835,000	AT&T, Inc., 4.75%, 5/15/46, Callable 11/15/45 @ 100		818,804
	900,000	AT&T, Inc., 5.45%, 3/1/47, Callable 9/1/46 @ 100		968,872
	700,000	Verizon Communications, Inc., 3.85%, 11/1/42, Callable 5/1/42 @ 100		610,333
	800,000	Verizon Communications, Inc., 4.86%, 8/21/46		800,136

				3,715,662

	Electric Utilities (1.9%):
	280,000	American Transmission Systems, Inc., 5.00%, 9/1/44, Callable 3/1/44 @ 100(b)		312,675
	500,000	Appalachian Power Co., Series H, 5.95%, 5/15/33		590,551
	400,000	Cleco Power LLC, 6.00%, 12/1/40		486,370
	1,000,000	Duke Energy Progress, Inc., 4.15%, 12/1/44, Callable 6/1/44 @ 100		1,046,816


Principal Amount			Fair Value
	Corporate Bonds, continued
	Electric Utilities, continued
$	936,000	Duquesne Light Holdings, Inc., 6.40%, 9/15/20(b)	$	1,043,078
	750,000	Jersey Central Power & Light Co., 6.40%, 5/15/36		898,621
	300,000	Midamerican Energy Co., 4.25%, 5/1/46, Callable 11/1/45 @ 100		321,473
	1,500,000	Oncor Electric Delivery Co. LLC, 4.10%, 6/1/22, Callable 3/1/22 @ 100		1,596,977
	700,000	Public Service Oklahoma, 4.40%, 2/1/21		743,461

				7,040,022

	Equity Real Estate Investment Trusts (2.2%):
	110,000	Equinix, Inc., 5.38%, 5/15/27, Callable 5/15/22 @ 102.69		117,288
	575,000	HCP, Inc., 4.00%, 12/1/22, Callable 10/1/22 @ 100		601,430
	875,000	HCP, Inc., 4.25%, 11/15/23, Callable 8/15/23 @ 100		917,457
	400,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/17/24 @ 100		407,791
	175,000	HCP, Inc., 3.40%, 2/1/25, Callable 11/1/24 @ 100		172,322
	750,000	Highwoods Realty LP, 7.50%, 4/15/18		780,611
	170,000	SBA Communications Corp., 4.88%, 9/1/24, Callable 9/1/19 @ 103.66(b)		172,975
	1,150,000	SL Green Realty Corp., 5.00%, 8/15/18, Callable 6/15/18 @ 100		1,180,288
	1,000,000	Ventas Realty, LP, 2.00%, 2/15/18, Callable 1/15/18 @ 100		1,001,359
	1,500,000	WEA Finance LLC, 2.70%, 9/17/19, Callable 8/17/19 @ 100(b)		1,512,395
	1,440,000	Welltower, Inc., 3.75%, 3/15/23, Callable 12/15/22 @ 100		1,494,189

				8,358,105

	Food & Staples Retailing (0.3%):
	790,000	Walgreens Boots Alliance, Inc., 3.80%, 11/18/24, Callable 8/18/24 @ 100		820,497
	300,000	Walgreens Boots Alliance, Inc., 4.80%, 11/18/44, Callable 5/18/44 @ 100		319,246

				1,139,743

	Food Products (0.3%):
	90,000	Chobani LLC/Finance Corp., 7.50%, 4/15/25, Callable 4/15/20 @ 105.63(b)		95,063
	795,000	Kraft Heinz Foods Co., 3.95%, 7/15/25, Callable 4/15/25 @ 100		817,474

				912,537

	Gas Utilities (0.3%):
	850,000	KeySpan Gas East Corp., 5.82%, 4/1/41(b)		1,065,762

	Health Care Equipment & Supplies (0.1%):
	190,000	Hill-Rom Holdings, Inc., 5.75%, 9/1/23, Callable 9/1/18 @ 104.31(b)		199,975

	Health Care Providers & Services (1.2%):
	100,000	Aetna, Inc., 1.70%, 6/7/18		100,039
	227,000	Centene Corp., 4.75%, 1/15/25, Callable 1/15/20 @ 103.56		233,243
	500,000	City of Hope, Series 2013, 5.62%, 11/15/43		616,364


Principal Amount			Fair Value
	Corporate Bonds, continued
	Health Care Providers & Services, continued
$	77,000	DaVita Healthcare Partners, Inc., 5.00%, 5/1/25, Callable 5/1/20 @ 102.5	$	77,193
	650,000	HCA, Inc., 6.50%, 2/15/20		709,312
	850,000	Kaiser Foundation Hospitals, 3.15%, 5/1/27, Callable 2/1/27 @ 100		850,534
	96,000	Molina Healthcare, Inc., 5.38%, 11/15/22, Callable 8/15/22 @ 100		101,640
	320,000	Northwell Healthcare, Inc., 3.98%, 11/1/46, Callable 11/1/45 @ 100		305,387
	350,000	Tenet Healthcare Corp., 4.75%, 6/15/20, Callable 7/14/17 @ 101(a)		353,500
	35,000	Tenet Healthcare Corp., 4.38%, 10/1/21		35,525
	129,000	Tenet Healthcare Corp., 4.63%, 7/15/24, Callable 7/15/20 @ 102.31(b)		129,161
	162,000	Thc Escrow Corp. III, 4.63%, 7/15/24, Callable 4/15/24 @ 100(b)		162,437
	107,000	WellCare Health Plans, 5.25%, 4/1/25, Callable 4/1/20 @ 103.94		112,083
	500,000	WellPoint, Inc., 3.50%, 8/15/24, Callable 5/15/24 @ 100		513,959

				4,300,377

	Hotels, Restaurants & Leisure (0.2%):
	118,000	Aramark Services, Inc., 4.75%, 6/1/26, Callable 6/1/21 @ 102.38		122,425
	377,000	Churchill Downs, Inc., 5.38%, 12/15/21, Callable 8/7/17 @ 104.03		391,138
	100,000	MGM Growth / MGM Finance, 5.63%, 5/1/24, Callable 2/1/24 @ 100		109,000

				622,563

	Household Products (0.1%):
	90,000	Central Garden & Pet Co., 6.13%, 11/15/23, Callable 11/15/18 @ 104.59		95,850
	100,000	Spectrum Brands, Inc., 5.75%, 7/15/25, Callable 7/15/20 @ 102.88		107,260

				203,110

	Independent Power & Renewable Electricity Producers (0.3%):
	1,000,000	IPALCO Enterprises, Inc., 5.00%, 5/1/18, Callable 4/1/18 @ 100		1,016,250

	Industrial Conglomerates (0.1%):
	273,000	General Electric Capital Corp., 5.88%, 1/14/38, MTN		353,296

	Insurance (0.9%):
	1,600,000	Farmers Exchange Capital III, 5.45%, 10/15/54, Callable 10/15/34 @ 100(a)(b)		1,740,432
	1,000,000	Protective Life Global, 1.77%, 6/8/18(a)(b)		1,002,565
	605,000	Protective Life Global, 2.70%, 11/25/20(b)		609,498

				3,352,495

	IT Services (0.0%):
	163,000	First Data Corp., 5.00%, 1/15/24, Callable 1/15/19 @ 102.5(b)		167,634

	Life Sciences Tools & Services (0.1%):
	200,000	Quintiles Transnational, 4.88%, 5/15/23, Callable 5/15/18 @ 103.66(b)		204,750


Principal Amount			Fair Value
	Corporate Bonds, continued
	Media (0.6%):
$	400,000	Altice US Finance I Corp., 5.38%, 7/15/23, Callable 7/15/18 @ 104.03(b)	$	416,250
	73,000	CCO Holdings LLC/Capital Corp., 5.13%, 5/1/27, Callable 5/1/22 @ 102.56(b)		74,643
	400,000	Charter Communications Operating LLC/Capital, 4.46%, 7/23/22, Callable 5/23/22 @ 100		426,186
	500,000	Charter Communications Operating LLC/Capital, 6.48%, 10/23/45, Callable 4/23/45 @ 100		600,106
	200,000	CSC Holdings LLC, 5.50%, 4/15/27, Callable 4/15/22 @ 102.75(b)		211,500
	175,000	CSC Holdings, Inc., 8.63%, 2/15/19		191,788
	200,000	Dish DBS Corp., 5.88%, 7/15/22		215,000
	200,000	Sirius XM Radio, Inc., 4.25%, 5/15/20, Callable 7/27/17 @ 101.06(b)		202,295

				2,337,768

	Oil, Gas & Consumable Fuels (0.9%):
	350,000	Anadarko Petroleum Corp., 4.50%, 7/15/44, Callable 1/15/44 @ 100		320,740
	300,000	Boardwalk Pipeline Partners LP, 4.95%, 12/15/24, Callable 9/15/24 @ 100		317,814
	75,000	Cheniere Corpus Christi Holdings LLC, 5.13%, 6/30/27, Callable 1/1/27 @ 100(b)		76,875
	108,000	Diamondback Energy, Inc., 4.75%, 11/1/24, Callable 11/1/19 @ 103.56(b)		107,460
	700,000	Energy Transfer Partners LP, 5.95%, 10/1/43, Callable 4/1/43 @ 100		741,565
	475,000	Noble Energy, Inc., 5.05%, 11/15/44, Callable 5/15/44 @ 100		487,834
	75,000	QEP Resources, Inc., 5.38%, 10/1/22, Callable 7/1/22 @ 100		72,188
	430,000	Rockies Express Pipeline LLC, 6.85%, 7/15/18(b)		447,738
	700,000	Williams Partners LP, 6.30%, 4/15/40		811,235

				3,383,449

	Road & Rail (0.1%):
	215,000	Burlington North Santa Fe LLC, 4.15%, 4/1/45, Callable 10/1/44 @ 100		224,744

	Software (0.2%):
	50,000	CDK Global, Inc., 4.88%, 6/1/27, Callable 6/1/22 @ 102.44(b)		51,375
	640,000	Microsoft Corp., 3.75%, 2/12/45, Callable 8/12/44 @ 100		636,077

				687,452

	Technology Hardware, Storage & Peripherals (0.3%):
	920,000	Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100		1,031,247

	Trading Companies & Distributors (0.2%):
	800,000	International Lease Finance Corp., 7.13%, 9/1/18(b)		846,678

	Wireless Telecommunication Services (0.0%):
	148,000	Sprint Communications, Inc., 9.00%, 11/15/18(b)		160,626

	Total Corporate Bonds (Cost $86,581,109)			87,742,384


Principal Amount			Fair Value
	Yankee Dollars (2.0%):
	Banks (0.4%):
$	1,100,000	HBOS plc, Series G, 6.75%, 5/21/18(b)	$	1,144,143
	635,000	Santander UK Group Holdings plc, 2.88%, 10/16/20		644,069

				1,788,212

	Biotechnology (0.2%):
	600,000	Shire Acq INV Ireland DA, 1.90%, 9/23/19		597,214

	Capital Markets (0.2%):
	610,000	Credit Suisse GP Funding, 3.13%, 12/10/20		621,472

	Diversified Telecommunication Services (0.1%):
	110,000	Intelsat Jackson Holdings SA, 9.75%, 7/15/25, Callable 7/15/21 @ 104.88(b)		109,863
	400,000	Virgin Media Secured Finance plc, 5.25%, 1/15/26, Callable 1/15/20 @ 102.63(b)		416,324

				526,187

	Hotels, Restaurants & Leisure (0.0%):
	180,000	1011778 BC ULC New Red Finance, Inc., 4.25%, 5/15/24, Callable 5/15/20 @ 102.13(b)		178,864

	Industrial Conglomerates (0.5%):
	1,441,000	GE Capital International Funding, 4.42%, 11/15/35		1,568,367
	465,000	Siemens Financieringsmat, 1.70%, 9/15/21(b)		454,244

				2,022,611

	Oil, Gas & Consumable Fuels (0.1%):
	350,000	Shell International Finance BV, 4.38%, 5/11/45		366,287

	Pharmaceuticals (0.4%):
	250,000	Actavis Funding SCS, 3.80%, 3/15/25, Callable 12/15/24 @ 100		258,586
	200,000	Actavis Funding SCS, 4.55%, 3/15/35, Callable 9/15/34 @ 100		213,466
	350,000	VRX Escrow Corp., 5.88%, 5/15/23, Callable 5/15/18 @ 102.94(b)		300,125
	200,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103.06^(b)		169,250

				941,427

	Professional Services (0.0%):
	121,000	IHS Markit, Ltd., 5.00%, 11/1/22, Callable 8/1/22 @ 100(b)		130,604

	Semiconductors & Semiconductor Equipment (0.1%):
	200,000	NXP BV/NXP Funding LLC, 4.13%, 6/1/21(b)		210,600

	Total Yankee Dollars (Cost $7,271,882)			7,383,478

	Municipal Bonds (1.1%):
	California (0.5%):
	615,000	The Regents of the University of California General Revenue Bonds, 6.27%, 5/15/31, Continuously Callable @ 100		655,750
	800,000	California State, GO, 7.95%, 3/1/36, Continuously Callable @ 100		912,688

				1,568,438

	New York (0.6%):
	1,125,000	New York NY, Build America Bonds, GO, 5.05%, 10/1/24		1,270,338


Principal Amount			Fair Value
	Municipal Bonds, continued
	New York, continued
$	750,000	New York City Municipal Finance Authority Water & Sewer System Revenue, 5.95%, 6/15/42	$	1,012,643

				2,282,981

	Total Municipal Bonds (Cost $3,802,661)			3,851,419

	U.S. Government Agency Mortgages (31.8%):
	Federal Home Loan Mortgage Corporation (10.9%)
	720,264	3.00%, 3/1/31, Pool #G18592		740,231
	1,989,816	2.50%,12/1/31, Pool #G18622		2,002,635
	2,201,512	3.50%, 4/1/44, Pool #G07848		2,280,201
	3,131,437	3.50%, 4/1/45, Pool #G60023		3,243,556
	2,989,713	4.00%, 12/1/45, Pool #G60344		3,176,573
	1,124,752	4.00%, 3/1/46, Pool #G08699		1,183,810
	1,006,302	3.50%, 3/1/46, Pool #G08698		1,034,609
	4,520,738	3.50%, 4/1/46, Pool #G08702		4,647,906
	2,432,697	4.00%, 5/1/46, Pool #G08707		2,560,432
	2,899,249	3.50%, 6/1/46, Pool #G08711		2,980,805
	2,854,955	3.00%, 6/1/46, Pool #G08710		2,850,630
	1,404,823	3.00%, 8/1/46, Pool #G08715		1,402,694
	2,730,465	3.50%, 8/1/46, Pool #G08716		2,807,273
	774,568	3.50%, 9/1/46, Pool #G08722		796,356
	376,538	3.00%, 9/1/46, Pool #G08721		375,968
	1,874,673	3.00%, 10/1/46, Pool #G08726		1,871,833
	2,018,453	3.00%, 11/1/46, Pool #G08732		2,015,396
	1,183,595	Class HZ, Series 4639, 1.75%, 4/15/53(a)		1,096,045
	2,278,950	3.00%, 1/1/47, Pool #G08741		2,275,497

				39,342,450

	Federal National Mortgage Association (14.5%)
	958,793	3.43%, 10/1/20, Pool #466386		1,000,724
	1,685,663	3.42%, 10/1/20, Pool #FN0009		1,750,617
	1,470,648	3.67%, 10/1/20, Pool #AE0918		1,543,391
	2,235,223	3.76%, 12/1/20, Pool #FN0001		2,348,473
	979,796	3.94%, 1/1/21, Pool #466969		1,039,690
	1,245,000	3.06%, 5/1/22, Pool #471258		1,293,244
	764,760	2.51%, 8/1/26, Pool #AN2270		751,688
	1,609,575	2.50%, 9/1/26, Pool #MA2740		1,627,788
	982,619	3.00%, 2/1/27, Pool #MA2915		1,010,982
	1,376,568	2.97%, 5/1/27, Pool #AL6829		1,386,396
	780,000	2.49%, 9/1/28, Pool #AN2840		744,218
	797,861	3.13%, 4/1/29, Pool #AN5048		808,265
	797,861	3.13%, 4/1/29, Pool #AN5049		808,265
	710,037	3.53%, 12/1/30, Pool #AN0475		739,878
	1,277,232	3.50%, 1/1/32, Pool #AB4262		1,333,890
	1,825,000	3.00%, 7/25/32, TBA		1,873,049
	768,133	3.00%, 10/1/33, Pool #MA1676		786,345
	1,621,882	3.50%, 4/1/43, Pool #MA1404		1,674,126
	1,178,572	4.50%, 2/1/46, Pool #AL9106		1,265,785
	1,699,774	4.50%, 10/1/46, Pool #AL9105		1,823,703
	2,085,000	3.00%, 7/25/47, TBA		2,082,189
	9,600,000	4.00%, 7/25/47, TBA		10,091,625
	1,770,000	3.50%, 7/25/47, TBA		1,817,914
	12,060,000	4.50%, 8/25/47, TBA		12,920,452

				52,522,697


Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Government National Mortgage Association (6.4%)
$	4,635,000	4.00%, 7/20/45, TBA	$	4,877,250
	1,269,685	3.50%, 3/20/46, Pool # MA3521		1,316,501
	1,310,011	3.50%, 4/20/46, Pool # MA3597		1,358,314
	1,574,494	3.50%, 5/20/46, Pool #MA3663		1,632,549
	526,200	3.50%, 9/20/46, Pool #MA3937		545,602
	2,598,974	3.00%, 12/20/46, Pool #MA4126		2,627,919
	2,123,643	3.50%, 1/20/47, Pool #MA4196		2,201,946
	1,780,000	3.00%, 7/20/47, TBA		1,797,939
	2,820,000	3.50%, 7/20/47, TBA		2,920,903
	4,215,000	4.50%, 7/20/47, TBA		4,479,755

				23,758,678

	Total U.S. Government Agency Mortgages (Cost $116,589,376)			115,623,825

	U.S. Treasury Obligations (34.6%):
	U.S. Treasury Bills (6.0%)
	6,105,000	0.73%, 7/27/17(c)		6,101,661
	6,875,000	0.81%, 8/10/17(c)		6,868,675
	3,745,000	0.85%, 8/17/17(c)		3,740,768
	4,600,000	0.88%, 8/31/17(c)		4,593,045
	227,000	0.91%, 9/7/17(c)(d)		226,605

				21,530,754

	U.S. Treasury Bonds (3.6%)
	12,665,000	3.00% 5/15/47		13,070,673

	U.S. Treasury Inflation Index Bonds (1.6%)
	3,733,000	0.88%, 2/15/47		3,669,627
	2,070,000	0.13%, 4/15/18		2,181,712

				5,851,339

	U.S. Treasury Inflation Index Notes (2.6%)
	1,750,000	0.13%, 4/15/21		1,802,760
	1,575,000	1.38%, 7/15/18		1,814,249


Shares, Principal Amount			Fair Value
	U.S. Treasury Obligations, continued
	U.S. Treasury Inflation Index Notes, continued
$	910,000	0.13%, 4/15/22	$	910,602
	3,245,000	0.13%, 7/15/26		3,192,996
	1,335,000	0.38%, 1/15/27		1,327,243

				9,047,850

	U.S. Treasury Notes (0.8%)
	840,000	0.75%, 10/31/17		839,042
	3,985,000	1.00%, 12/31/17		3,981,880
	7,005,000	1.25%, 5/31/19		6,988,034
	2,610,000	1.88%, 4/30/22		2,609,491
	3,550,000	1.88%, 5/31/22		3,549,862
	24,255,000	1.75%, 5/31/22		24,112,890
	23,115,000	1.75%, 6/30/22		22,965,122
	11,205,000	2.38%, 5/15/27		11,275,905

				76,322,226

	Total U.S. Treasury Obligations (Cost $125,853,995)			125,822,842

	Securities Held as Collateral for Securities on Loan (0.1%):
	534,600	AZL MetWest Total Return Bond Fund Securities Lending Collateral Account(e)		534,600

	Total Securities Held as Collateral for Securities on Loan (Cost $534,600)			534,600

	Unaffiliated Investment Company (2.8%):
	10,258,691	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.75%(c)		10,258,691

	Total Unaffiliated Investment Company (Cost $10,258,691)			10,258,691

	Total Investment Securities (Cost $406,634,428)(f) — 111.9%			407,314,103
	Net other assets (liabilities) — (11.9)%			(43,350,351	)

	Net Assets — 100.0%		$	363,963,752

At June 30, 2017, the Fund’s open centrally cleared interest rate swap agreements were as follows:

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	406,634,428

Investment securities, at value*	$	407,314,103
Cash		10,919
Interest and dividends receivable		1,679,619
Receivable for capital shares issued		17,508
Receivable for investments sold		14,963,561
Receivable for variation margin on swap agreements		737
Receivable for variation margin on futures contracts		6,750

Total Assets		423,993,197

Liabilities:
Payable for investments purchased		59,212,714
Payable for capital shares redeemed		59
Payable for collateral received on loaned securities		534,600
Payable for variation margin on futures contracts		19,100
Manager fees payable		165,141
Administration fees payable		10,003
Distribution fees payable		75,064
Custodian fees payable		1,505
Administrative and compliance services fees payable		1,005
Transfer agent fees payable		608
Trustee fees payable		2,021
Other accrued liabilities		7,625

Total Liabilities		60,029,445

Net Assets	$	363,963,752

Net Assets Consist of:
Capital	$	352,897,758
Accumulated net investment income/(loss)		8,507,565
Accumulated net realized gains/(losses) from investment transactions		1,940,054
Net unrealized appreciation/(depreciation) on investments		618,375

Net Assets	$	363,963,752

Shares of beneficial interest (unlimited number of shares authorized, no par value)		35,409,351
Net Asset Value (offering and redemption price per share)	$	10.28

*	Includes securities on loan of $516,596.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Interest	$	4,443,418
Dividends		25,418
Income from securities lending		322

Total Investment Income		4,469,158

Expenses:
Manager fees		1,076,211
Administration fees		65,060
Distribution fees		448,419
Custodian fees		7,510
Administrative and compliance services fees		3,144
Transfer agent fees		3,084
Trustee fees		10,224
Professional fees		10,784
Shareholder reports		3,126
Other expenses		4,822

Total expenses before reductions		1,632,384
Less expenses voluntarily waived/reimbursed by the Manager		(89,686	)

Net expenses		1,542,698

Net Investment Income/(Loss)		2,926,460

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		859,552
Net realized gains/(losses) on futures contracts		173,273
Change in net unrealized appreciation/depreciation on investments		3,548,472

Net Realized/Unrealized Gains/(Losses) on Investments		4,581,297

Change in Net Assets Resulting From Operations	$	7,507,757

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MetWest Total Return Bond Fund (the “Fund”), and 22 are presented in separate reports.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $0 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $32 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2017, the Fund did not enter into any futures contracts. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $87.9 million as of June 30, 2017. The monthly average notional amount for these contracts was $52.4 million for the period ended June 30, 2017. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

Swaps are marked to market daily using pricing sources approved by the Trustees and the change in value, if any, is recorded as unrealized gain or loss. For OTC swaps, payments received or made at the beginning of the measurement period are recorded as realized gain or loss upon termination or maturity of the OTC swap. A liquidation payment received or made at the termination of the OTC swap is recorded as a realized gain or loss. Net periodic payments received or paid by the Fund are included as part of realized gains (losses). Upon entering a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or assets determined to be liquid (the amount is subject to the clearing organization that clears the trade). Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable, as applicable, for variation margin on centrally cleared swaps.

The notional amounts reflect the extent of the total investment exposure the Fund has under the swap agreement. The Fund bears the risk of loss of the amount expected to be received under a swap agreement (i.e., any unrealized appreciation) in the event of the default or bankruptcy of the swap agreement counterparty. The notional amount and related unrealized appreciation (depreciation) of each swap agreement at period end is disclosed in the swap tables in the Schedule of Portfolio Investments. The Fund is a party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, such as OTC swap contracts, entered into by the Fund, and those counterparties. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding OTC swap transactions under the applicable ISDA Master Agreement.

Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional amount and are subject to interest rate risk exposure. Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net amount of interest payments that the Fund is contractually entitled to receive. As of June 30, 2017, the Fund entered into centrally cleared interest rate swap agreements to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). The gross notional amount of interest rate swaps outstanding was $1.8 million as of June 30, 2017. The monthly average gross notional amount for interest rate swaps was $0.3 million for the period ended June 30, 2017.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2017:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2017:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a portfolio management agreement with Metropolitan West Asset Management, LLC (“MetWest”), MetWest provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2017, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $2,165 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2017, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the year ended June 30, 2017, cost of purchases and proceeds from sales of long-term U.S. government securities included above were as follows:

Cost for federal income tax purposes at June 30, 2017 is $406,634,428. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2017, the Fund had multiple shareholder accounts which is affiliated with the Investment Adviser representing ownership in excess of 25% of the Fund.

As a shareholder of the AZL Mid Cap Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (97.3%):
	Aerospace & Defense (1.7%):
	31,059	Curtiss-Wright Corp.	$	2,850,595
	21,073	Esterline Technologies Corp.*		1,997,720
	31,946	Huntington Ingalls Industries, Inc.		5,947,068
	35,305	KLX, Inc.*		1,765,250
	40,027	Orbital ATK, Inc.		3,937,056
	24,714	Teledyne Technologies, Inc.*		3,154,742

				19,652,431

	Airlines (0.4%):
	232,005	JetBlue Airways Corp.*		5,296,674

	Auto Components (0.6%):
	37,526	Cooper Tire & Rubber Co.^		1,354,689
	100,005	Dana Holding Corp.		2,233,112
	199,959	Gentex Corp.^		3,793,221

				7,381,022

	Automobiles (0.3%):
	33,460	Thor Industries, Inc.^		3,497,239

	Banks (7.9%):
	106,638	Associated Banc-Corp.		2,687,278
	59,631	BancorpSouth, Inc.		1,818,746
	30,015	Bank of Hawaii Corp.^		2,490,345
	84,718	Bank of the Ozarks, Inc.		3,970,732
	53,099	Cathay General Bancorp		2,015,107
	50,079	Chemical Financial Corp.		2,424,324
	61,112	Commerce Bancshares, Inc.^		3,472,995
	39,639	Cullen/Frost Bankers, Inc.^		3,722,498
	100,349	East West Bancorp, Inc.		5,878,443
	224,270	F.N.B. Corp.		3,175,663
	163,749	First Horizon National Corp.^		2,852,508
	123,267	Fulton Financial Corp.^		2,342,073
	59,303	Hancock Holding Co.		2,905,847
	86,614	Home Bancshares, Inc.		2,156,689
	39,492	International Bancshares Corp.		1,384,195
	50,307	MB Financial, Inc.		2,215,520
	83,609	PacWest Bancorp		3,904,540
	50,288	Pinnacle Financial Partners, Inc.		3,158,086
	48,598	Prosperity Bancshares, Inc.^		3,121,936
	37,313	Signature Bank*		5,355,534
	36,420	SVB Financial Group*		6,402,271
	85,435	Synovus Financial Corp.		3,779,644
	121,375	TCF Financial Corp.		1,934,718
	34,175	Texas Capital Bancshares, Inc.*		2,645,145
	47,030	Trustmark Corp.^		1,512,485
	30,888	UMB Financial Corp.^		2,312,276
	154,678	Umpqua Holdings Corp.		2,839,888
	73,548	United Bankshares, Inc.^		2,883,082
	185,592	Valley National Bancorp^		2,191,842
	64,486	Webster Financial Corp.^		3,367,459
	39,031	Wintrust Financial Corp.		2,983,530

				93,905,399

	Beverages (0.1%):
	6,804	Boston Beer Co., Inc. (The), Class A*^		899,149


Shares			Fair Value
	Common Stocks, continued
	Biotechnology (0.7%):
	73,705	Bioverativ, Inc.*	$	4,434,830
	31,434	United Therapeutics Corp.*		4,077,933

				8,512,763

	Building Products (0.9%):
	102,311	A.O. Smith Corp.		5,763,179
	26,925	Lennox International, Inc.^		4,944,507

				10,707,686

	Capital Markets (3.0%):
	80,230	Eaton Vance Corp.		3,796,484
	27,552	FactSet Research Systems, Inc.^		4,578,591
	25,410	Federated Investors, Inc., Class B^		717,833
	125,827	Janus Henderson Group plc*		4,166,132
	61,138	Legg Mason, Inc.		2,333,026
	26,177	MarketAxess Holdings, Inc.		5,264,195
	62,831	MSCI, Inc., Class A		6,470,964
	93,059	SEI Investments Co.		5,004,713
	48,056	Stifel Financial Corp.*		2,209,615

				34,541,553

	Chemicals (2.9%):
	43,229	Ashland Global Holdings, Inc.^		2,849,223
	43,717	Cabot Corp.		2,335,799
	127,232	Chemours Co. (The)		4,824,637
	24,906	Minerals Technologies, Inc.		1,823,119
	6,481	NewMarket Corp.^		2,984,371
	115,998	Olin Corp.^		3,512,419
	58,063	PolyOne Corp.		2,249,361
	92,929	RPM International, Inc.		5,069,278
	31,031	Scotts Miracle-Gro Co. (The)^		2,776,033
	31,192	Sensient Technologies Corp.		2,511,892
	143,092	Valvoline, Inc.		3,394,142

				34,330,274

	Commercial Services & Supplies (1.5%):
	36,824	Clean Harbors, Inc.*		2,055,884
	142,424	Copart, Inc.*		4,527,658
	33,964	Deluxe Corp.^		2,350,988
	42,946	Herman Miller, Inc.		1,305,558
	30,384	HNI Corp.		1,211,410
	21,568	MSA Safety, Inc.		1,750,675
	130,317	Pitney Bowes, Inc.		1,967,787
	67,453	Rollins, Inc.^		2,746,012

				17,915,972

	Communications Equipment (1.5%):
	133,005	ARRIS International plc*^		3,726,800
	283,867	Brocade Communications Systems, Inc.		3,579,563
	98,751	Ciena Corp.*^		2,470,750
	24,547	InterDigital, Inc.		1,897,483
	62,866	NetScout Systems, Inc.*^		2,162,590
	24,047	Plantronics, Inc.		1,257,899
	37,275	ViaSat, Inc.*		2,467,605

				17,562,690


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering (1.1%):
	108,838	Aecom Technology Corp.*^	$	3,518,733
	21,416	Dycom Industries, Inc.*^		1,917,160
	41,619	Emcor Group, Inc.		2,721,050
	27,717	Granite Construction, Inc.^		1,337,068
	100,166	KBR, Inc.^		1,524,527
	15,845	Valmont Industries, Inc.		2,370,412

				13,388,950

	Construction Materials (0.3%):
	33,969	Eagle Materials, Inc., Class A		3,139,415

	Consumer Finance (0.3%):
	299,442	SLM Corp.*		3,443,583

	Containers & Packaging (2.0%):
	43,579	AptarGroup, Inc.		3,785,272
	64,709	Bemis Co., Inc.		2,992,791
	18,824	Greif, Inc., Class A		1,050,003
	113,889	Owens-Illinois, Inc.*		2,724,225
	65,375	Packaging Corp. of America		7,282,121
	52,858	Silgan Holdings, Inc.^		1,679,827
	69,298	Sonoco Products Co.^		3,563,303

				23,077,542

	Distributors (0.3%):
	28,918	Pool Corp.		3,399,889

	Diversified Consumer Services (0.8%):
	40,428	Adtalem Global Education, Inc.		1,534,243
	3,292	Graham Holdings Co., Class B		1,974,048
	129,726	Service Corp. International		4,339,334
	32,382	Sotheby’s*^		1,737,942

				9,585,567

	Diversified Telecommunication Services (0.1%):
	826,153	Frontier Communications Corp.^		958,337

	Electric Utilities (1.9%):
	150,001	Great Plains Energy, Inc.		4,392,029
	76,444	Hawaiian Electric Industries, Inc.		2,475,257
	35,313	IDACORP, Inc.		3,013,965
	138,983	OGE Energy Corp.		4,835,219
	55,984	PNM Resources, Inc.		2,141,388
	98,762	Westar Energy, Inc.		5,236,360

				22,094,218

	Electrical Equipment (0.7%):
	30,336	EnerSys		2,197,843
	35,915	Hubbell, Inc.		4,064,501
	31,527	Regal-Beloit Corp.		2,571,027

				8,833,371

	Electronic Equipment, Instruments & Components (4.7%):
	61,941	Arrow Electronics, Inc.*		4,857,413
	86,802	Avnet, Inc.		3,374,862
	29,222	Belden, Inc.^		2,204,215
	60,234	Cognex Corp.		5,113,867
	17,109	Coherent, Inc.*		3,849,354
	25,814	IPG Photonics Corp.*^		3,745,611


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	127,255	Jabil, Inc.	$	3,714,573
	128,616	Keysight Technologies, Inc.*		5,007,021
	61,339	Knowles Corp.*^		1,037,856
	15,961	Littlelfuse, Inc.		2,633,565
	74,342	National Instruments Corp.		2,990,035
	20,535	SYNNEX Corp.		2,463,379
	24,383	Tech Data Corp.*		2,462,683
	174,643	Trimble Navigation, Ltd.*		6,229,516
	78,088	VeriFone Systems, Inc.*		1,413,393
	95,112	Vishay Intertechnology, Inc.^		1,578,859
	36,290	Zebra Technologies Corp., Class A*^		3,647,871

				56,324,073

	Energy Equipment & Services (0.9%):
	43,916	Diamond Offshore Drilling, Inc.*^		475,610
	26,612	Dril-Quip, Inc.*^		1,298,666
	215,146	Ensco plc, Class A, ADR^		1,110,153
	200,979	Nabors Industries, Ltd.		1,635,969
	69,851	Oceaneering International, Inc.^		1,595,397
	37,455	Oil States International, Inc.*^		1,016,903
	112,436	Patterson-UTI Energy, Inc.		2,270,083
	90,240	Rowan Cos. plc, Class A*		924,058
	100,677	Superior Energy Services, Inc.*^		1,050,061

				11,376,900

	Equity Real Estate Investment Trusts (9.1%):
	92,741	American Campus Communities, Inc.		4,386,649
	60,868	Camden Property Trust		5,204,823
	59,794	Care Capital Properties, Inc.		1,596,500
	82,681	Corecivic, Inc.^		2,280,342
	69,523	Corporate Office Properties Trust		2,435,391
	293,121	Cousins Properties, Inc.^		2,576,534
	54,701	Cyrusone, Inc.		3,049,581
	64,296	DCT Industrial Trust, Inc.		3,435,978
	102,486	Douglas Emmett, Inc.		3,915,990
	245,515	Duke Realty Corp.		6,862,143
	51,683	Education Realty Trust, Inc.^		2,002,716
	44,824	EPR Properties		3,221,501
	82,621	First Industrial Realty Trust, Inc.		2,364,613
	87,416	Geo Group, Inc. (The)		2,584,891
	80,887	Healthcare Realty Trust, Inc.		2,762,291
	70,994	Highwoods Properties, Inc.		3,600,106
	112,153	Hospitality Properties Trust		3,269,260
	67,983	Kilroy Realty Corp.		5,108,922
	58,244	Lamar Advertising Co., Class A^		4,285,011
	78,895	LaSalle Hotel Properties^		2,351,071
	102,445	Liberty Property Trust		4,170,536
	32,582	Life Storage, Inc.^		2,414,326
	62,708	Mack-Cali Realty Corp.^		1,701,895
	254,739	Medical Properties Trust, Inc.^		3,278,491
	104,070	National Retail Properties, Inc.		4,069,137
	136,886	Omega Healthcare Investors, Inc.^		4,519,976
	29,156	Potlatch Corp.		1,332,429
	66,770	Quality Care Properties*		1,222,559


Shares			Fair Value
	Common Stocks, continued
	Equity Real Estate Investment Trusts, continued
	90,627	Rayonier, Inc.	$	2,607,339
	163,261	Senior Housing Properties Trust		3,337,055
	67,903	Tanger Factory Outlet Centers, Inc.^		1,764,120
	42,459	Taubman Centers, Inc.		2,528,433
	110,766	Uniti Group, Inc.		2,784,657
	70,378	Urban Edge Properties^		1,670,070
	134,485	Washington Prime Group, Inc.^		1,125,639
	83,055	Weingarten Realty Investors		2,499,956

				108,320,931

	Food & Staples Retailing (0.5%):
	27,304	Casey’s General Stores, Inc.^		2,924,532
	91,221	Sprouts Farmers Market, Inc.*^		2,067,980
	35,396	United Natural Foods, Inc.*^		1,299,033

				6,291,545

	Food Products (2.3%):
	63,768	Dean Foods Co.^		1,084,056
	129,788	Flowers Foods, Inc.^		2,246,630
	72,626	Hain Celestial Group, Inc.*		2,819,341
	49,827	Ingredion, Inc.		5,939,877
	96,739	Lamb Weston Holding, Inc.		4,260,386
	13,760	Lancaster Colony Corp.		1,687,251
	46,262	Post Holdings, Inc.*^		3,592,244
	60,360	Snyders-Lance, Inc.^		2,089,663
	13,006	Tootsie Roll Industries, Inc.^		453,259
	39,650	TreeHouse Foods, Inc.*^		3,239,009

				27,411,716

	Gas Utilities (2.2%):
	73,021	Atmos Energy Corp.		6,057,093
	59,723	National Fuel Gas Co.^		3,334,932
	60,807	New Jersey Resources Corp.		2,414,038
	36,738	ONE Gas, Inc.		2,564,680
	33,456	Southwest Gas Corp.		2,444,295
	120,047	UGI Corp.		5,811,475
	35,824	WGL Holdings, Inc.		2,988,796

				25,615,309

	Health Care Equipment & Supplies (3.4%):
	27,812	ABIOMED, Inc.*		3,985,460
	50,562	Globus Medical, Inc., Class A*^		1,676,130
	32,289	Halyard Health, Inc.*		1,268,312
	41,685	Hill-Rom Holdings, Inc.		3,318,543
	30,903	LivaNova plc*^		1,891,573
	31,059	Masimo Corp.*		2,831,960
	35,282	NuVasive, Inc.*^		2,713,891
	98,206	ResMed, Inc.^		7,647,301
	59,198	STERIS plc^		4,824,637
	31,158	Teleflex, Inc.		6,473,386
	51,007	West Pharmaceutical Services, Inc.		4,821,182

				41,452,375

	Health Care Providers & Services (2.3%):
	53,833	Acadia Healthcare Co., Inc.*^		2,658,274
	62,532	HealthSouth Corp.		3,026,549


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	28,659	LifePoint Hospitals, Inc.*^	$	1,924,452
	65,419	MEDNAX, Inc.*^		3,949,345
	30,258	Molina Healthcare, Inc.*		2,093,248
	43,631	Owens & Minor, Inc.^		1,404,482
	53,532	Tenet Healthcare Corp.*^		1,035,309
	56,520	VCA Antech, Inc.*		5,217,361
	30,836	WellCare Health Plans, Inc.*		5,536,912

				26,845,932

	Health Care Technology (0.4%):
	124,505	Allscripts Healthcare Solutions, Inc.*^		1,588,684
	38,505	Medidata Solutions, Inc.*		3,011,091

				4,599,775

	Hotels, Restaurants & Leisure (2.8%):
	34,870	Brinker International, Inc.^		1,328,547
	11,103	Buffalo Wild Wings, Inc.*		1,406,750
	31,413	Cheesecake Factory, Inc. (The)^		1,580,074
	8,805	Churchill Downs, Inc.		1,613,957
	16,886	Cracker Barrel Old Country Store, Inc.^		2,824,184
	33,353	Domino’s Pizza, Inc.		7,055,159
	64,081	Dunkin’ Brands Group, Inc.^		3,532,145
	16,864	International Speedway Corp., Class A		633,243
	20,777	Jack in the Box, Inc.		2,046,535
	14,853	Panera Bread Co., Class A*		4,673,347
	18,933	Papa John’s International, Inc.^		1,358,632
	45,548	Texas Roadhouse, Inc.^		2,320,671
	135,434	Wendy’s Co. (The)		2,100,581

				32,473,825

	Household Durables (1.8%):
	53,461	CalAtlantic Group, Inc.^		1,889,846
	19,151	Helen of Troy, Ltd.*		1,802,109
	57,454	KB Home^		1,377,172
	2,421	NVR, Inc.*		5,836,088
	32,473	Tempur Sealy International, Inc.*^		1,733,733
	103,199	Toll Brothers, Inc.		4,077,393
	113,928	TRI Pointe Homes, Inc.*^		1,502,710
	35,716	Tupperware Brands Corp.		2,508,335

				20,727,386

	Household Products (0.2%):
	43,545	Energizer Holdings, Inc.		2,091,031

	Industrial Conglomerates (0.4%):
	44,918	Carlisle Cos., Inc.		4,285,177

	Insurance (3.9%):
	8,533	Alleghany Corp.*		5,075,428
	51,207	American Financial Group, Inc.		5,088,440
	42,258	Aspen Insurance Holdings, Ltd.		2,106,562
	80,252	Brown & Brown, Inc.		3,456,454
	122,230	CNO Financial Group, Inc.		2,552,162
	77,037	First American Financial Corp.		3,442,784
	329,921	Genworth Financial, Inc., Class A*		1,243,802
	29,894	Hanover Insurance Group, Inc. (The)		2,649,505


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	34,903	Kemper Corp.	$	1,347,256
	26,031	Mercury General Corp.^		1,405,674
	170,898	Old Republic International Corp.^		3,337,638
	32,104	Primerica, Inc.^		2,431,878
	44,678	Reinsurance Group of America, Inc.		5,736,208
	11,228	RenaissanceRe Holdings, Ltd.		1,561,253

	67,503	W.R. Berkley Corp.		4,669,183

				46,104,227

	Internet & Direct Marketing Retail (0.1%):
	22,089	HSN, Inc.^		704,639

	Internet Software & Services (0.9%):
	51,472	Cars.com, Inc.*^		1,370,699
	33,493	j2 Global, Inc.^		2,849,919
	36,698	LogMeIn, Inc.		3,834,942
	26,502	WebMD Health Corp.*^		1,554,342

				9,609,902

	IT Services (3.3%):
	56,175	Acxiom Corp.*		1,459,427
	82,146	Broadridge Financial Solutions, Inc.		6,206,951
	67,049	Convergys Corp.^		1,594,425
	59,366	CoreLogic, Inc.*		2,575,297
	44,290	DST Systems, Inc.		2,732,693
	53,966	Jack Henry & Associates, Inc.^		5,605,448
	99,288	Leidos Holdings, Inc.		5,132,197
	45,498	Maximus, Inc.		2,849,540
	12,323	NeuStar, Inc., Class A*		410,972
	144,098	Sabre Corp.^		3,137,013
	30,038	Science Applications International Corp.		2,085,238
	92,065	Teradata Corp.*^		2,714,997
	26,984	WEX, Inc.*		2,813,622

				39,317,820

	Leisure Products (0.7%):
	62,223	Brunswick Corp.		3,903,249
	40,935	Polaris Industries, Inc.^		3,775,435

				7,678,684

	Life Sciences Tools & Services (1.3%):
	14,562	Bio-Rad Laboratories, Inc., Class A*		3,295,526
	25,937	Bio-Techne Corp.		3,047,598
	33,207	Charles River Laboratories International, Inc.*		3,358,888
	37,787	INC Research Holdings, Inc., Class A*		2,210,540
	35,785	PAREXEL International Corp.*		3,110,074

				15,022,626

	Machinery (4.8%):
	46,834	AGCO Corp.		3,156,143
	35,523	Crane Co.		2,819,816
	92,094	Donaldson Co., Inc.		4,193,961
	38,729	Graco, Inc.^		4,232,305
	52,981	IDEX Corp.		5,987,382


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	62,431	ITT, Inc.	$	2,508,478
	55,827	Kennametal, Inc.		2,089,046
	43,145	Lincoln Electric Holdings, Inc.		3,973,223
	37,361	Nordson Corp.		4,532,637
	51,818	OshKosh Corp.		3,569,224
	67,138	Terex Corp.^		2,517,675
	49,512	Timken Co.		2,289,930
	75,295	Toro Co.		5,217,191
	104,627	Trinity Industries, Inc.^		2,932,695
	60,054	Wabtec Corp.^		5,494,940
	38,759	Woodward, Inc.		2,619,333

				58,133,979

	Marine (0.2%):
	37,721	Kirby Corp.*^		2,521,649

	Media (1.5%):
	39,631	AMC Networks, Inc., Class A*^		2,116,692
	3,310	Cable One, Inc.		2,353,079

	74,004	Cinemark Holdings, Inc.^		2,875,055
	31,870	John Wiley & Sons, Inc., Class A		1,681,143
	93,481	Live Nation, Inc.*		3,257,812
	26,220	Meredith Corp.^		1,558,779
	79,971	New York Times Co. (The), Class A		1,415,487
	151,644	Tegna, Inc.^		2,185,190

				17,443,237

	Metals & Mining (2.0%):
	73,478	Allegheny Technologies, Inc.^		1,249,861
	32,303	Carpenter Technology Corp.^		1,209,101
	82,515	Commercial Metals Co.^		1,603,266
	24,079	Compass Minerals International, Inc.^		1,572,359
	50,827	Reliance Steel & Aluminum Co.		3,700,714
	45,681	Royal Gold, Inc.		3,570,884
	167,917	Steel Dynamics, Inc.		6,013,107
	118,368	United States Steel Corp.		2,620,668
	31,351	Worthington Industries, Inc.^		1,574,447

				23,114,407

	Multiline Retail (0.2%):
	31,298	Big Lots, Inc.^		1,511,694
	16,618	Dillard’s, Inc., Class A^		958,692

				2,470,386

	Multi-Utilities (1.0%):
	37,543	Black Hills Corp.^		2,533,026
	136,462	MDU Resources Group, Inc.		3,575,304
	34,194	NorthWestern Corp.		2,086,518
	58,006	Vectren Corp.		3,389,871

				11,584,719

	Oil, Gas & Consumable Fuels (1.9%):
	124,782	CONSOL Energy, Inc.*^		1,864,243
	67,707	Energen Corp.*		3,342,695
	107,875	Gulfport Energy Corp.*		1,591,156
	123,102	HollyFrontier Corp.^		3,381,613


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	66,520	Matador Resources Co.*^	$	1,421,532
	78,062	PBF Energy, Inc., Class A^		1,737,660
	163,884	QEP Resources, Inc.*		1,655,228
	65,356	SM Energy Co.^		1,080,335
	344,740	Southwestern Energy Co.*^		2,096,019
	49,052	World Fuel Services Corp.		1,886,049
	273,829	WPX Energy, Inc.*		2,645,188

				22,701,718

	Paper & Forest Products (0.4%):
	43,955	Domtar Corp.		1,688,751
	101,965	Louisiana-Pacific Corp.*		2,458,376

				4,147,127

	Personal Products (0.5%):
	319,128	Avon Products, Inc.*^		1,212,686
	40,272	Edgewell Personal Care Co.*^		3,061,478
	35,143	Nu Skin Enterprises, Inc., Class A^		2,208,386

				6,482,550

	Pharmaceuticals (0.7%):
	59,033	Akorn, Inc.*		1,979,967
	85,904	Catalent, Inc.*		3,015,231
	141,918	Endo International plc*		1,585,224
	36,987	Prestige Brands Holdings, Inc.*		1,953,283

				8,533,705

	Professional Services (0.8%):
	25,841	Dun & Bradstreet Corp.		2,794,704
	29,672	FTI Consulting, Inc.*		1,037,333
	47,070	Manpower, Inc.		5,255,366

				9,087,403

	Real Estate Management & Development (0.5%):
	33,140	Alexander & Baldwin, Inc.		1,371,333
	31,615	Jones Lang LaSalle, Inc.		3,951,875

				5,323,208

	Road & Rail (1.3%):
	59,359	Avis Budget Group, Inc.*^		1,618,720
	43,164	Genesee & Wyoming, Inc., Class A*		2,951,986
	29,383	Landstar System, Inc.		2,515,185
	48,237	Old Dominion Freight Line, Inc.		4,594,092
	37,696	Ryder System, Inc.		2,713,358
	32,767	Werner Enterprises, Inc.^		961,711

				15,355,052

	Semiconductors & Semiconductor Equipment (2.4%):
	45,046	Cirrus Logic, Inc.*^		2,825,285
	66,627	Cree, Inc.*^		1,642,356
	223,966	Cypress Semiconductor Corp.^		3,057,136
	52,937	First Solar, Inc.*^		2,111,128
	90,826	Integrated Device Technology, Inc.*		2,342,403
	79,886	Microsemi Corp.*		3,738,664
	26,663	Monolithic Power Systems, Inc.		2,570,313
	28,790	Silicon Laboratories, Inc.*		1,967,797


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	24,124	Synaptics, Inc.*^	$	1,247,452
	138,053	Teradyne, Inc.		4,145,731
	76,584	Versum Materials, Inc.		2,488,980

				28,137,245

	Software (3.9%):
	81,038	ACI Worldwide, Inc.*^		1,812,820
	33,337	Blackbaud, Inc.		2,858,648
	193,091	Cadence Design Systems, Inc.*		6,466,617
	100,575	CDK Global, Inc.		6,241,685
	28,515	CommVault Systems, Inc.*		1,609,672
	21,788	Fair Isaac Corp.		3,037,465
	102,951	Fortinet, Inc.*		3,854,485
	48,950	Manhattan Associates, Inc.*^		2,352,537
	79,497	PTC, Inc.*		4,381,875
	72,132	Take-Two Interactive Software, Inc.*		5,293,046
	23,398	Tyler Technologies, Inc.*		4,110,327
	20,657	Ultimate Software Group, Inc. (The)*^		4,339,209

				46,358,386

	Specialty Retail (1.8%):
	44,473	Aaron’s, Inc.		1,730,000
	116,879	American Eagle Outfitters, Inc.^		1,408,392
	36,020	Cabela’s, Inc., Class A*		2,140,308
	88,571	Chico’s FAS, Inc.^		834,339
	61,093	Dick’s Sporting Goods, Inc.		2,433,333
	71,088	GameStop Corp., Class A^		1,536,212
	73,780	Michaels Cos., Inc. (The)*		1,366,406
	24,392	Murphy U.S.A., Inc.*^		1,807,691
	351,379	Office Depot, Inc.		1,981,778
	98,599	Sally Beauty Holdings, Inc.*^		1,996,630
	60,031	Urban Outfitters, Inc.*^		1,112,975
	56,507	Williams-Sonoma, Inc.^		2,740,589

				21,088,653

	Technology Hardware, Storage & Peripherals (0.5%):
	71,229	3D Systems Corp.*^		1,331,982
	50,870	Diebold, Inc.^		1,424,360
	85,183	NCR Corp.*		3,478,874

				6,235,216

	Textiles, Apparel & Luxury Goods (0.8%):
	34,033	Carter’s, Inc.		3,027,235
	22,247	Deckers Outdoor Corp.*		1,518,580
	88,446	Kate Spade & Co.*		1,635,367
	93,902	Skechers U.S.A., Inc., Class A*		2,770,109

				8,951,291

	Thrifts & Mortgage Finance (0.6%):
	339,934	New York Community Bancorp, Inc.^		4,463,334
	63,181	Washington Federal, Inc.		2,097,609

				6,560,943

	Trading Companies & Distributors (0.8%):
	27,481	GATX Corp.^		1,766,204
	31,325	MSC Industrial Direct Co., Inc., Class A		2,692,697


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Common Stocks, continued
	Trading Companies & Distributors, continued
	72,390	NOW, Inc.*^	$	1,164,031
	21,283	Watsco, Inc.^		3,281,839

				8,904,771

	Water Utilities (0.3%):
	123,875	Aqua America, Inc.^		4,125,038

	Wireless Telecommunication Services (0.2%):
	66,578	Telephone & Data Systems, Inc.		1,847,540

	Total Common Stocks (Cost $945,118,213)			1,147,485,820

	Private Placements (1.6%):
	Internet & Direct Marketing Retail (1.1%):
$	76,914	Airbnb, Inc., Series D, 0.00%(a)(b)		9,139,691
	37,815	Flipkart, Series D, 0.00%(a)(b)		3,332,012

				12,471,703

	Internet Software & Services (0.3%):
	245,606	DropBox, Inc., 0.00%(a)(b)		2,949,728
	116,948	SurveyMonkey, Inc., 0.00%(a)(b)		1,070,074

				4,019,802


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Private Placements, continued
	Software (0.2%):
$	229,712	Palantir Technologies, Inc., Series G(a)(b)	$	1,839,993
	67,672	Palantir Technologies, Inc., Series H, 0.00%(a)(b)		542,052
	67,672	Palantir Technologies, Inc., Series H1, 0.00%(a)(b)		542,053

				2,924,098

	Total Private Placements (Cost $9,323,427)			19,415,603

	Securities Held as Collateral for Securities on Loan (23.8%):
$	280,647,864	AZL Mid Cap Index Fund Securities Lending Collateral Account(c)		280,647,864

	Total Securities Held as Collateral for Securities on Loan (Cost $280,647,864)			280,647,864

	Unaffiliated Investment Company (1.3%):
	14,910,589	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.75%(d)		14,910,589

	Total Unaffiliated Investment Company (Cost $14,910,589)			14,910,589

	Total Investment Securities (Cost $1,250,000,093)(e) — 124.0%			1,462,459,876
	Net other assets (liabilities) — (24.0)%			(283,311,898	)

	Net Assets — 100.0%		$	1,179,147,978

Cash of $473,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2017:

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	1,250,000,093

Investment securities, at value*	$	1,462,459,876
Cash		20
Segregated cash for collateral		473,000
Interest and dividends receivable		1,266,382
Receivable for investments sold		32,000
Receivable for variation margin on futures contracts		9,360
Reclaims receivable		8,966

Total Assets		1,464,249,604

Liabilities:
Payable for investments purchased		2,984,428
Payable for capital shares redeemed		659,612
Payable for collateral received on loaned securities		280,647,864
Manager fees payable		243,696
Administration fees payable		27,331
Distribution fees payable		232,357
Custodian fees payable		6,700
Administrative and compliance services fees payable		5,065
Transfer agent fees payable		1,926
Trustee fees payable		10,039
Other accrued liabilities		282,608

Total Liabilities		285,101,626

Net Assets	$	1,179,147,978

Net Assets Consist of:
Capital	$	838,138,825
Accumulated net investment income/(loss)		11,852,668
Accumulated net realized gains/(losses) from investment transactions		116,617,188
Net unrealized appreciation/(depreciation) on investments		212,539,297

Net Assets	$	1,179,147,978

Class 1
Net Assets	$	54,953,921
Shares of beneficial interest (unlimited number of shares authorized, no par value)		4,752,259
Net Asset Value (offering and redemption price per share)	$	11.56

Class 2
Net Assets	$	1,124,194,057
Shares of beneficial interest (unlimited number of shares authorized, no par value)		49,465,558
Net Asset Value (offering and redemption price per share)	$	22.73

*	Includes securities on loan of $273,689,422.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Dividends	$	9,110,161
Income from securities lending		509,171
Foreign withholding tax		(741	)

Total Investment Income		9,618,591

Expenses:
Manager fees		1,543,592
Administration fees		156,712
Distribution fees — Class 2		1,475,334
Custodian fees		25,340
Administrative and compliance services fees		11,843
Transfer agent fees		7,228
Trustee fees		38,638
Professional fees		40,520
Shareholder reports		21,895
Other expenses		173,290

Total expenses		3,494,392

Net Investment Income/(Loss)		6,124,199

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		60,628,555
Net realized gains/(losses) on futures contracts		530,155
Change in net unrealized appreciation/depreciation on investments		5,811,815

Net Realized/Unrealized Gains/(Losses) on Investments		66,970,525

Change in Net Assets Resulting From Operations	$	73,094,724

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Mid Cap Index Fund (the “Fund”), and 22 are presented in separate reports.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $245 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $56,108 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

amount of futures contracts outstanding was $13.6 million as of June 30, 2017. The monthly average notional amount for these contracts was $24.8 million for the period ended June 30, 2017. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2017:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2017:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock Investment”), BlackRock Investment provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2017, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Statement of Operations. During the period ended June 30, 2017, there were no voluntary waivers.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable of Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $7,691 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2017 is $1,255,457,895. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2016, the Fund utilized $6,039,847 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2017, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 25% of the Fund.

As a shareholder of the AZL Moderate Index Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Affiliated Investment Companies (100.0%):
	2,886,669	AZL Mid Cap Index Fund, Class 2	$	65,613,993
	6,726,619	AZL International Index Fund, Class 2		108,567,636
	26,200,628	AZL Enhanced Bond Index Fund		285,324,836
	2,267,419	AZL Small Cap Stock Index Fund, Class 2		33,104,323
	14,832,924	AZL S&P 500 Index Fund, Class 2		227,537,047

	Total Affiliated Investment Company (Cost $661,195,044)			720,147,835

	Total Investment Securities (Cost $661,195,044)(a) — 100.0%			720,147,835
	Net other assets (liabilities) — 0.0%			(92,979	)

	Net Assets — 100.0%		$	720,054,856

Percentages indicated are based on net assets as of June 30, 2017.

(a)	See Federal Tax Information listed in the Notes to the Financial Statements.

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investments in affiliates, at cost	$	661,195,044

Investments in affiliates, at value	$	720,147,835
Interest and dividends receivable		6
Foreign currency, at value (cost $134,551)		140,856
Receivable for investments sold		447,051
Reclaims receivable		165,704
Prepaid expenses		2,163

Total Assets		720,903,615

Liabilities:
Cash overdraft		375,807
Payable for capital shares redeemed		353,406
Manager fees payable		29,870
Administration fees payable		13,061
Custodian fees payable		851
Administrative and compliance services fees payable		6,175
Transfer agent fees payable		2,087
Trustee fees payable		12,311
Other accrued liabilities		55,191

Total Liabilities		848,759

Net Assets	$	720,054,856

Net Assets Consist of:
Capital	$	475,782,187
Accumulated net investment income/(loss)		15,032,920
Accumulated net realized gains/(losses) from investment transactions		170,275,811
Net unrealized appreciation/(depreciation) on investments		58,963,938

Net Assets	$	720,054,856

Shares of beneficial interest (unlimited number of shares authorized, no par value)		43,518,610
Net Asset Value (offering and redemption price per share)	$	16.55

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Dividends	$	28

Total Investment Income		28

Expenses:
Manager fees		1,440,911
Administration fees		42,630
Custodian fees		2,527
Administrative and compliance services fees		10,164
Transfer agent fees		5,511
Trustee fees		33,094
Professional fees		34,786
Shareholder reports		17,193
Other expenses		22,149

Total expenses before reductions		1,608,965
Less expenses voluntarily waived/reimbursed by the Manager		(1,207,532	)

Net expenses		401,433

Net Investment Income/(Loss)		(401,405	)

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		82,357
Net realized gains/(losses) on securities transactions from affiliates		5,473,656
Change in net unrealized appreciation/depreciation on investments		40,391,578

Net Realized/Unrealized Gains/(Losses) on Investments		45,947,591

Change in Net Assets Resulting From Operations	$	45,546,186

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Moderate Index Strategy Fund, and 11 are presented in separate reports.

The Fund is a “fund of funds,” which means that the Fund invests primarily in other mutual funds. Underlying Funds invest in stock, bonds, and other securities and reflect varying amounts of potential investment risk and reward. The Underlying Funds record their investments at fair value. Periodically, the Fund will adjust its asset allocation as it seeks to achieve its investment objective.

The Trust is authorized to issue an unlimited number of shares of the Fund without par value. Shares of the Fund are available through the variable annuity contracts and life insurance policies offered through the separate accounts of participating insurance companies. Currently, the Fund only offers its shares to separate accounts of Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, affiliates of the Trust and the Manager, as defined below.

Certain Funds of the Trust participate in a commission recapture program. The Fund will utilize the recaptured commissions to pay for, in whole or part, certain expenses of the Fund, excluding investment advisory fees. Any amounts received by the Fund, if applicable, are disclosed as “Expenses paid indirectly” on the Statement of Operations. The Fund ceased participation in the program in June 2014.

The Manager provides investment advisory and management services for the Fund. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018. Expenses incurred for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.”

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2017, there were no contractual reimbursements subject to repayment by the Fund in subsequent years.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $4,372 was paid from the Fund relating to these fees and expenses.

Investments in other investment companies are valued at their published net asset value (“NAV”). Security prices are generally provided by an independent third party pricing service approved by the Trust’s Board of Trustees (the “Board” or “Trustees”) as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 pm Eastern Time). The investments utilizing Level 1 valuations represent investments in open-end investment companies. Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2017, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2017 is $661,221,109. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2017, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 25% of the Fund.

As a shareholder of the AZL Morgan Stanley Global Real Estate Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (98.1%):
	Diversified Real Estate Activities (9.2%):
	57,091	CapitaLand, Ltd.	$	145,186
	22,521	Hang Lung Properties, Ltd.		56,255
	88,621	Henderson Land Development Co., Ltd.		494,368
	158,211	Mitsubishi Estate Co., Ltd.		2,955,987
	125,998	Mitsui Fudosan Co., Ltd.		3,012,691
	658,801	New World Development Co., Ltd.		836,300
	37,331	Sumitomo Realty & Development Co., Ltd.		1,154,028
	210,971	Sun Hung Kai Properties, Ltd.		3,099,678
	25,515	UOL Group, Ltd.		141,686
	101,399	Wharf Holdings, Ltd. (The)		840,562

				12,736,741

	Diversified REITs (7.2%):
	90	Activia Properties, Inc.		384,615
	2,821	Fonciere des Regions SA		262,493
	4,771	Gecina SA		748,455
	201,749	GPT Group		741,898
	12,773	H&R Real Estate Investment Trust		216,922
	321,705	Hibernia REIT plc		505,173
	14,802	Hispania Activos Inmobiliarios SA		244,759
	86	Hulic REIT, Inc.		134,208
	6,602	ICADE		556,073
	22	Kenedix Office Investment Corp.		117,369
	151,974	Land Securities Group plc		2,005,686
	5,595	Liberty Property Trust		227,772
	42,789	Merlin Properties Socimi SA		540,844
	213,790	Mirvac Group		350,694
	521	Nomura Real Estate Master Fund, Inc.		711,492
	15,096	Spirit Realty Capital, Inc.^		111,861
	160,223	Stockland Trust Group		538,914
	101,864	Suntec REIT		138,400
	363	United Urban Investment Corp.		518,065
	104,970	VEREIT, Inc.		854,456

				9,910,149

	Health Care Facilities (0.1%):
	19,441	Extendicare, Inc.		155,186

	Health Care REITs (4.5%):
	15,038	HCP, Inc.		480,614
	37,341	Healthcare Realty Trust, Inc.		1,275,195
	21,183	Healthcare Trust of America, Inc., Class A		659,003
	18,836	Medequities Realty Trust, Inc.		237,710
	32,007	Ventas, Inc.		2,223,846
	17,625	Welltower, Inc.^		1,319,231

				6,195,599

	Hotel & Resort REITs (4.1%):
	41,703	Chesapeake Lodging Trust		1,020,472
	99,255	Host Hotels & Resorts, Inc.^		1,813,389
	985	Invincible Investment Corp.		423,441
	273	Japan Hotel REIT Investment Corp.^		192,989
	72,581	LaSalle Hotel Properties^		2,162,914

				5,613,205

	Hotels, Resorts & Cruise Lines (0.6%):
	13,100	Hilton Worldwide Holdings, Inc.		810,235


Shares			Fair Value
	Common Stocks, continued
	Industrial REITs (4.6%):
	124,798	Ascendas Real Estate Investment Trust	$	236,698
	17,211	DCT Industrial Trust, Inc.		919,756
	15,920	Duke Realty Corp.		444,964
	62,600	Ec World REIT		36,840
	246	GLP J-REIT		264,920
	165,269	Macquarie Goodman Group		998,509
	138	Nippon Prologis REIT, Inc.		293,892

	39,777	ProLogis, Inc.		2,332,523
	18,797	Rexford Industrial Realty, Inc.		515,790
	50,619	SERGO plc		322,737

				6,366,629

	Mortgage REITs (0.5%):
	11,916	Blackstone Mortgage Trust, Inc., Class A^		376,545
	14,950	Starwood Property Trust, Inc.^		334,731

				711,276

	Office REITs (15.7%):
	5,400	Alexandria Real Estate Equities, Inc.		650,538
	34,812	Boston Properties, Inc.		4,282,573
	321,840	CapitaCommercial Trust		388,159
	137,000	Champion REIT		87,220
	14,302	Columbia Property Trust, Inc.		320,079
	6,078	Corporate Office Properties Trust		212,912
	42,798	Cousins Properties, Inc.^		376,194
	17	Daiwa Office Investment Corp.		85,738
	29,853	Derwent Valley Holdings plc		1,031,812
	62,305	Dexus Property Group		453,490
	13,081	Douglas Emmett, Inc.^		499,825
	117,158	Great Portland Estates plc		911,716
	329,730	Green REIT plc		536,933
	7,746	Hudson Pacific Properties, Inc.		264,836
	61,265	Investa Office Fund		206,733
	10	Japan Prime Realty Investment Corp.		34,632
	135	Japan Real Estate Investment Corp.		671,038
	230,881	Keppel REIT		192,087
	11,336	Kilroy Realty Corp.		851,900
	38,482	Mack-Cali Realty Corp.		1,044,401
	117	Mori Hills REIT Investment Corp., Class C		143,800
	21	Mori Trust Sogo REIT, Inc.		33,914
	177	Nippon Building Fund, Inc.		903,377
	174	ORIX JREIT, Inc.		256,685
	87,386	Paramount Group, Inc.^		1,398,176
	3,196	SL Green Realty Corp.		338,137
	56,718	Vornado Realty Trust		5,325,821

				21,502,726

	Real Estate Development (2.5%):
	265,040	Cheung Kong Property Holdings, Ltd.		2,076,149
	77,925	China Overseas Land & Investment, Ltd.		228,146
	36,000	China Resources Land, Ltd.		104,940
	39,000	China Vanke Co., Ltd., Class H		110,404
	80,068	Sino Land Co., Ltd.		131,282
	78,065	St. Modwen Properties plc		364,798
	104,669	Urban & Civic plc		358,693

				3,374,412


Shares			Fair Value
	Common Stocks, continued
	Real Estate Operating Companies (9.1%):
	5,217	ADO Properties SA	$	220,729
	26,941	Atrium European Real Estate, Ltd.		120,298
	12,094	Atrium Ljungberg AB, Class B		202,139
	2,485,087	BGP Holdings plc*(a)(b)		39,731
	10,157	BUWOG-Bauen Und Wohnen Gesellschaft mbH		291,911
	22,973	Castellum AB		338,222
	120,370	Citycon OYJ		316,454
	22,032	Deutsche Wohnen AG		843,239
	40,947	Entra ASA		510,831
	38,432	First Capital Realty, Inc.		585,698
	41,262	Global Logistic Properties, Ltd.		85,776
	328,152	Hongkong Land Holdings, Ltd.		2,415,303
	24,541	Hufvudstaden AB		407,469

	41,656	Hulic Co., Ltd.		425,839
	241,669	Hysan Development Co., Ltd.		1,154,323
	28,930	Inmobiliaria Colonial SA*		252,395
	2,093	LEG Immobilien AG		196,883
	214,000	LXB Retail Properties plc		88,105
	61,964	Norwegian Property ASA		76,554
	8,475	PSP Swiss Property AG		792,731
	537,529	Swire Properties, Ltd.		1,775,405
	1,119	Swiss Prime Site AG		101,678
	33,334	Vonovia SE		1,324,339

				12,566,052

	Residential REITs (9.4%):
	153	Advance Residence Investment		380,278
	16,525	American Homes 4 Rent, Class A		372,969
	16,941	Apartment Investment & Management Co., Class A		727,955
	9,969	AvalonBay Communities, Inc.		1,915,743
	13,178	Boardwalk REIT		483,275
	27,135	Camden Property Trust^		2,320,314
	22,050	Colony Starwood Homes		756,536
	3,547	Education Realty Trust, Inc.		137,446
	1,545	Equity Lifestyle Properties, Inc.		133,395
	54,810	Equity Residential Property Trust		3,608,142
	6,409	Essex Property Trust, Inc.		1,648,843
	1,000	Invitation Homes, Inc.		21,630
	55	Japan Rental Housing Investment Corp.		40,585
	16,790	Monogram Residential Trust, Inc.^		163,031
	9	Nippon Accommodations Fund, Inc.		37,631
	19,065	Unite Group plc		161,211

				12,908,984

	Retail REITs (24.9%):
	198,311	British Land Co. plc		1,564,509
	30,191	Brixmor Property Group, Inc.		539,815
	144,665	Capital & Regional plc		105,987
	186,652	CapitaMall Trust		267,833
	3,224	CBL & Associates Properties, Inc.^		27,178
	18,772	Crombie REIT		203,124


Shares or Principal Amount			Fair Value
	Common Stocks, continued
	Retail REITs, continued
	26,140	DDR Corp.	$	237,090
	16,790	Eurocommercial Properties NV		670,880
	1,373	Federal Realty Investment Trust		173,533
	166,689	Ggp US^		3,927,193
	73,171	Hammerson plc		547,697
	237	Japan Retail Fund Investment Corp.		437,291
	4,106	Kimco Realty Corp.^		75,345
	21,832	Klepierre		894,834
	87,348	Liberty International plc		306,150
	214,884	Link REIT (The)		1,634,995
	26,632	Macerich Co. (The)^		1,546,254
	49,893	Mapletree Commercial Trust		57,817
	12,842	Mercialys SA		251,310
	18,673	National Retail Properties, Inc.^		730,114
	19,291	Pennsylvania Real Estate Investment Trust^		218,374
	50,742	Regency Centers Corp.		3,178,479
	34,500	RioCan REIT		640,457
	484,784	Scentre Group		1,507,182
	60,499	Simon Property Group, Inc.		9,786,319
	6,183	Smart Real Estate Investment Trust		153,168
	19,934	Tanger Factory Outlet Centers, Inc.^		517,885
	4,784	Taubman Centers, Inc.		284,887
	8,364	Unibail-Rodamco SE^		2,108,728
	1,656	Vastned Retail NV		69,313
	149,206	Vicinity Centres		294,506
	3,854	Wereldhave NV		188,996
	217,410	Westfield Corp.		1,340,576

				34,487,819

	Specialized REITs (5.7%):
	14,238	CubeSmart		342,282
	8,550	Digital Realty Trust, Inc.		965,723
	14,922	Gaming & Leisure Properties, Inc.		562,112
	11,720	Life Storage, Inc.^		868,452
	21,126	Public Storage, Inc.^		4,405,406
	15,491	QTS Realty Trust, Inc., Class A^		810,644

				7,954,619

	Total Common Stocks (Cost $125,489,621)			135,293,632

	Securities Held as Collateral for Securities on Loan (17.2%):
	$23,679,164	AZL Morgan Stanley Global Real Estate Fund Securities Lending Collateral Account(c)		23,679,164

	Total Securities Held as Collateral for Securities on Loan (Cost $23,679,164)			23,679,164

	Unaffiliated Investment Company (1.3%):
	1,751,020	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.75%(d)		1,751,020

	Total Unaffiliated Investment Company (Cost $1,751,020)			1,751,020

	Total Investment Securities (Cost $150,919,805)(e) — 116.6%			160,723,816
	Net other assets (liabilities) — (16.6)%			(22,830,245	)

	Net Assets — 100.0%		$	137,893,571

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2017:

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	150,919,805

Investment securities, at value*	$	160,723,816
Interest and dividends receivable		484,229
Foreign currency, at value (cost $325,520)		330,442
Receivable for investments sold		726,904
Reclaims receivable		133,130

Total Assets		162,398,521

Liabilities:
Payable for investments purchased		579,667
Payable for capital shares redeemed		54,855
Payable for collateral received on loaned securities		23,679,164
Manager fees payable		97,763
Administration fees payable		8,700
Distribution fees payable		23,192
Custodian fees payable		33,345
Administrative and compliance services fees payable		1,277
Transfer agent fees payable		3,515
Trustee fees payable		2,567
Other accrued liabilities		20,905

Total Liabilities		24,504,950

Net Assets	$	137,893,571

Net Assets Consist of:
Capital	$	110,855,177
Accumulated net investment income/(loss)		6,756,462
Accumulated net realized gains/(losses) from investment transactions		10,470,929
Net unrealized appreciation/(depreciation) on investments		9,811,003

Net Assets	$	137,893,571

Class 1
Net Assets	$	26,722,205
Shares of beneficial interest (unlimited number of shares authorized, no par value)		2,565,219
Net Asset Value (offering and redemption price per share)	$	10.42

Class 2
Net Assets	$	111,171,366
Shares of beneficial interest (unlimited number of shares authorized, no par value)		10,056,559
Net Asset Value (offering and redemption price per share)	$	11.05

*	Includes securities on loan of $22,918,259.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Dividends	$	2,803,502
Income from securities lending		13,076
Foreign withholding tax		(123,344	)

Total Investment Income		2,693,234

Expenses:
Manager fees		630,623
Administration fees		37,278
Distribution fees — Class 2		141,498
Custodian fees		68,266
Administrative and compliance services fees		1,626
Transfer agent fees		7,309
Trustee fees		5,295
Professional fees		5,589
Shareholder reports		9,353
Other expenses		2,225

Total expenses before reductions		909,062
Less expenses voluntarily waived/reimbursed by the Manager		(35,035	)

Net expenses		874,027

Net Investment Income/(Loss)		1,819,207

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		6,704,397
Change in net unrealized appreciation/depreciation on investments		(3,541,820	)

Net Realized/Unrealized Gains/(Losses) on Investments		3,162,577

Change in Net Assets Resulting From Operations	$	4,981,784

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Morgan Stanley Global Real Estate Fund (the “Fund”), and 22 are presented in separate reports.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $19 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,300 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and sub-adviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2017, the Fund did not engage in any Rule 17a-7 transactions under the 1940 Act.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with Morgan Stanley Investment Management Inc. (“MSIM”), MSIM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.”

At June 30, 2017, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable of Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $855 was paid from the Fund relating to these fees and expenses.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2017 is $156,272,483. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2017, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 25% of the Fund.

As a shareholder of the AZL MSCI Emerging Markets Equity Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (97.3%):
	Aerospace & Defense (0.2%):
	14,149	Aselsan Elektronik Sanayi Ve Ticaret AS	$	87,918
	195,000	AviChina Industry & Technology Co., Ltd.		114,397
	50,270	Embraer SA		229,624
	5,142	Korea Aerospace Industries, Ltd.		256,176
	2,385	Samsung Techwin Co., Ltd.*		92,922

				781,037

	Air Freight & Logistics (0.1%):
	1,401	Hyundai Glovis Co., Ltd.		192,292

	Airlines (0.2%):
	126,000	Air China, Ltd.		129,881
	131,900	AirAsia Berhad		99,927
	89,000	China Airlines, Ltd.		27,010
	126,000	China Southern Airlines Co., Ltd., Class H		106,540
	140,000	Eva Airways Corp.		69,281
	3,195	Korean Air Lines Co., Ltd.*		108,095
	23,018	Latam Airlines Group SA		256,249
	38,206	Turk Hava Yollari Anonim Ortakligi*		87,415

				884,398

	Auto Components (0.9%):
	7,250	Bharat Forge, Ltd.		122,719
	562	Bosch, Ltd.		202,949
	147,000	Cheng Shin Rubber Industry Co., Ltd.		312,930
	37,200	Fuyao Glass Industry Group Co., Ltd., Class H		142,472
	5,657	Hankook Tire Co., Ltd.		314,205
	13,244	Hanon Systems		119,214
	4,860	Hyundai Mobis Co., Ltd.		1,061,921
	1,155	Hyundai Wia Corp.		70,512
	48,000	Minth Group, Ltd.		203,574
	29,194	Motherson Sumi Systems, Ltd.*		208,904

				2,759,400

	Automobiles (2.4%):
	6,314	Bajaj Auto, Ltd.		272,749
	218,000	Brilliance China Automotive Holdings, Ltd.		397,087
	39,000	BYD Co., Ltd., Class H^		239,291
	54,300	Chongqing Changan Automobile Co., Ltd., Class B		71,648
	188,000	Dongfeng Motor Corp., Series H		222,267
	5,291	Ford Otomotiv Sanayi AS		64,521
	365,000	Geely Automobile Holdings, Ltd.		787,685
	202,500	Great Wall Motor Co.		250,051
	166,000	Guangzhou Automobile Group Co., Ltd.		292,183
	3,486	Hero MotoCorp, Ltd.		199,470
	11,131	Hyundai Motor Co.		1,552,082
	1,672	Hyundai Motor Co., Ltd.		164,838
	18,794	Kia Motors Corp.		628,293
	28,058	Mahindra & Mahindra, Ltd.		585,767
	7,746	Maruti Suzuki India, Ltd.		865,565
	1,454,200	PT Astra International TbK		972,390
	27,538	Tata Motors, Ltd.		112,268
	114,903	Tata Motors, Ltd.		765,559
	8,708	Tofas Turk Otomobil Fabrikasi AS		71,425
	32,400	UMW Holdings Berhad*		45,147


Shares			Fair Value
	Common Stocks, continued
	Automobiles, continued
	60,000	Yulon Motor Co., Ltd.	$	53,860

				8,614,146

	Banks (15.8%):
	152,680	Abu Dhabi Commercial Bank		290,077
	1,792,000	Agricultural Bank of China, Ltd.		847,269
	166,344	Akbank T.A.S.		463,329

	6,260	Alior Bank SA*		104,412
	71,600	Alliance Financial Group Berhad		64,104
	101,827	Alpha Bank SA*		251,354
	129,400	AMMB Holdings Berhad		147,216
	121,287	Axis Bank, Ltd.		970,159
	64,874	Banco Bradesco SA		542,918
	215,628	Banco Bradesco SA		1,832,541
	1,710,859	Banco de Chile		224,468
	2,566	Banco de Credito e Inversiones		143,759
	60,866	Banco do Brasil SA		492,838
	29,173	Banco Santander Brasil SA		221,156
	4,630,723	Banco Santander Chile		295,190
	35,155	Bancolombia SA		391,596
	13,323	Bancolombia SA		139,126
	23,500	Bangkok Bank Public Co., Ltd.		136,387
	2,261	Bank Handlowy w Warszawie SA		41,946
	41,982	Bank Millennium SA*		84,331
	5,731,000	Bank of China, Ltd.		2,812,648
	613,000	Bank of Communications Co., Ltd., Class H		432,648
	52,000	Bank of the Philippine Islands		107,186
	11,721	Bank Pekao SA		394,771
	2,604	Bank Zachodni WBK SA		240,354
	49,514	Barclays Africa Group, Ltd.		544,368
	150,104	BDO Unibank, Inc.		369,116
	19,788	BNK Financial Group, Inc.		189,114
	2,795	Capitec Bank Holdings, Ltd.		177,606
	342,000	Chang Hwa Commercial Bank		196,225
	616,000	China Citic Bank Co., Ltd.		377,160
	6,064,000	China Construction Bank		4,700,926
	1,009,000	China Development Financial Holding Corp.		292,957
	287,000	China Everbright Bank Co., Series H		134,202
	283,500	China Merchants Bank Co., Ltd.		855,526
	408,500	China Minsheng Banking Corp., Ltd.		407,615
	1,347,000	Chinatrust Financial Holding Co., Ltd.		883,654
	174,000	Chongqing Rural Commercial Bank Co., Ltd.		117,483
	237,800	CIMB Group Holdings Berhad		364,753
	17,658	Commercial Bank of Qatar Qsc (The)*		146,944
	71,877	Commercial International Bank Egypt SAE		318,052
	4,841	Credicorp, Ltd.		868,427
	12,002	DGB Financial Group, Inc.		123,811
	85,517	Dubai Islamic Bank		132,541
	589,767	E.Sun Financial Holding Co., Ltd.		362,323
	128,606	Eurobank Ergasias SA*		143,805
	682,000	First Financial Holdings Co., Ltd.		456,329
	242,735	Grupo Aval Acciones y Valores		100,098
	172,614	Grupo Financiero Banorte SAB de C.V.		1,095,359


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	177,237	Grupo Financiero Inbursa SAB de C.V., Class O	$	302,491
	138,085	Grupo Financiero Santander Mexico Sab de C.V.		267,250
	21,384	Hana Financial Holdings Group, Inc.		848,727
	45,400	Hong Leong Bank Berhad		165,921
	15,800	Hong Leong Financial Group Berhad		61,833
	449,000	Hua Nan Financial Holdings Co., Ltd.		260,573

	171,742	ICICI Bank, Ltd.		772,552
	86,731	IDFC Bank, Ltd.		73,285
	5,365,000	Industrial & Commercial Bank of China		3,622,829
	19,145	Industrial Bank of Korea (IBK)		238,120
	10,639,682	Itau Corpbanca		94,924
	290,761	Itausa – Investimentos Itau SA		791,796
	70,800	Kasikornbank Public Co., Ltd.		413,582
	61,400	Kasikornbank Public Co., Ltd.		358,672
	28,591	KB Financial Group, Inc.		1,439,949
	5,261	Komercni Banka AS		211,200
	299,200	Krung Thai Bank		165,574
	273,401	Malayan Banking Berhad		613,717
	28,544	Masraf Al Rayan		309,738
	1,057	mBank SA*		131,796
	824,000	Mega Financial Holdings Co., Ltd.		685,510
	44,020	Metropolitan Bank & Trust		76,380
	33,191	Moneta Money Bank As		111,274
	110,748	National Bank of Abu Dhabi		316,602
	315,691	National Bank of Greece SA*		120,166
	15,269	Nedcor, Ltd.		244,059
	17,814	OTP Bank Nyrt		596,353
	472,504	Piraeus Bank SA*		115,872
	69,843	Powszechna Kasa Oszczednosci Bank Polski SA		649,507
	730,900	PT Bank Central Asia Tbk		996,028
	229,000	PT Bank Danamon Indonesia Tbk		88,717
	693,400	PT Bank Mandiri Tbk		661,787
	585,100	PT Bank Negara Indonesia Tbk		289,340
	827,400	PT Bank Rakyat Indonesia Tbk		945,019
	201,400	Public Bank Berhad		953,957
	5,089	Qatar Islamic Bank		129,302
	17,378	Qatar National Bank		611,092
	56,400	RHB Capital Berhad		66,524
	178,341	Sberbank of Russia, ADR		1,852,963
	7,820	Security Bank Corp.		33,655
	30,927	Shinhan Financial Group Co., Ltd.		1,335,447
	126,500	Siam Commercial Bank Public Co., Ltd.		579,011
	758,000	SinoPac Financial Holdings Co., Ltd.		231,770
	91,597	Standard Bank Group, Ltd.		1,010,198
	123,556	State Bank of India		523,495
	664,000	Taishin Financial Holding Co., Ltd.		301,911
	268,000	Taiwan Business Bank		74,898
	538,000	Taiwan Cooperative Financial Holding Co., Ltd.		285,684
	969,900	TMB Bank PCL		65,717
	158,309	Turkiye Garanti Bankasi AS		440,506
	43,823	Turkiye Halk Bankasi AS		163,332
	126,787	Turkiye Is Bankasi AS, Class C		268,466
	51,287	Turkiye Vakiflar Bankasi T.A.O., Class D		94,314


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	196,612	VTB Bank OJSC, GDR	$	413,768
	23,673	Woori Bank		382,312
	60,175	Yapi ve Kredi Bankasi AS*		76,792
	24,314	Yes Bank, Ltd.		550,085

				52,516,519

	Beverages (1.3%):
	338,299	Ambev SA Com Npv		1,878,247
	14,344	Anadolu Efes Biracilik ve Malt Sanayii AS		89,052
	29,000	Arca Continental SAB de C.V.		218,194
	112,000	China Resources Enterprises, Ltd.		282,623
	34,918	Coca-Cola Femsa		296,145
	5,282	Coca-Cola Icecek AS		60,625
	10,230	Compania Cervecerias Unidas SA		134,720
	18,016	Embotelladora Andina SA		76,449
	138,995	Fomento Economico Mexicano S.A.B. de C.V.		1,369,031
	42	Lotte Chilsung Beverage Co., Ltd.		62,868
	32,000	Tsingtao Brewery Co., Ltd., Class H		141,613

	4,527	United Spirits, Ltd.*		167,928

				4,777,495

	Biotechnology (0.2%):
	70,000	3sbio, Inc.*		92,891
	5,952	Celltrion, Inc.*		598,765
	282	Medy-Tox, Inc.		138,055
	8,000	Obi Pharma, Inc.*		63,390
	11,000	Taimed Biologics, Inc.*		66,735

				959,836

	Building Products (0.0%):
	427	KCC Corp.		162,800

	Capital Markets (1.4%):
	151,342	BM&F Bovespa SA		895,999
	23,625	Brait Se^		109,416
	604,000	China Cinda Asset Management Co., Ltd., Class H		225,193
	80,000	China Everbright, Ltd.		174,248
	217,500	China Galaxy Securities Co.		195,067
	469,000	China Huarong Asset Management Co., Ltd., Class H		182,071
	160,500	Citic Securities Co., Ltd.		331,873
	15,738	Coronation Fund Managers, Ltd.		78,483
	25,202	Daewoo Securities Co., Ltd.		243,465
	98,600	Gf Securities Co., Ltd.		198,082
	227,200	Haitong Securities Co., Ltd.		367,277
	126,400	Huatai Securities Co., Ltd., Class H		242,868
	17,141	Investec, Ltd.		126,563
	2,765	Korea Investment Holdings Co., Ltd.		169,026
	9,973	NH Investment & Securities Co., Ltd.		129,476
	4,611	Samsung Securities Co., Ltd.		166,485
	96,161	The Moscow Exchange		170,531
	731,000	Yuanta Financial Holding Co., Ltd.		322,088

				4,328,211

	Chemicals (2.2%):
	21,878	Asian Paints, Ltd.		373,599
	219,000	Formosa Chemicals & Fibre Corp.		687,693


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	298,000	Formosa Plastics Corp.	$	908,358
	3,089	Grupa Azoty SA, ADR		52,794
	7,982	Hanwha Chemical Corp.		210,738
	1,574	Hyosung Corp.		230,485
	99,500	Indorama Ventures PCL		111,394
	1,295	Kumho Petrochemical Co., Ltd.		83,211
	3,361	LG Chem, Ltd.		855,038
	540	LG Chem, Ltd.		95,360
	1,172	Lotte Chemical Corp.		352,805
	73,938	Mexichem SAB de C.V.		198,066
	344,000	Nan Ya Plastics Corp.		852,399
	1,183	OCI Co., Ltd.		92,768


	46,719	Petkim Petrokimya Holding AS		80,474
	172,300	Petronas Chemicals Group Berhad		285,158
	9,523	Phosagro OAO, GDR		126,799
	153,700	PTT Global Chemical Public Co., Ltd.		309,982
	39,391	Sasol, Ltd.		1,103,133
	240,000	Sinopec Shanghai Petrochemical Co., Ltd.		128,497
	7,335	Sociedad Quimica y Minera de Chile SA		243,346
	36,635	Synthos SA		47,938
	46,000	Taiwan Fertilizer Co., Ltd.		61,093
	26,865	UPL, Ltd.		350,109

				7,841,237

	Commercial Services & Supplies (0.2%):
	168,000	China Everbright International, Ltd.		209,597
	1,571	KEPCO Plant Service & Engineering Co., Ltd.		60,635
	1,346	S1 Corp.		114,179

				384,411

	Communications Equipment (0.0%):
	53,200	ZTE Corp., Class H		127,080

	Construction & Engineering (0.9%):
	309,000	China Communications Construction Co., Ltd.		398,335
	117,000	China Railway Contstruction Corp., Ltd.		152,633
	302,000	China Railway Group, Ltd.		237,985
	144,000	China State Construction International Holdings, Ltd.		246,494
	2,084	Daelim Industrial Co., Ltd.		162,148
	8,837	Daewoo Engineering & Construct*		58,550
	222,100	Dialog Group Berhad		99,401
	145,100	Gamuda Berhad		186,022
	3,522	GS Engineering & Construction Corp.*		93,998
	4,047	Hyandai Development Co.		166,270
	5,511	Hyundai Engineering & Construction Co., Ltd.		221,862
	203,700	IJM Corporation Berhad		164,393
	23,897	Larsen & Toubro, Ltd.		624,823
	83,500	Sinopec Engineering Group Co., Ltd.		75,257
	309,500	Waskita Karya Persero TBK PT		54,090

				2,942,261

	Construction Materials (1.1%):
	3,118	ACC, Ltd.		75,607
	41,230	Ambuja Cements, Ltd.		157,040
	94,500	Anhui Conch Cement Co., Ltd.		328,648
	178,000	Asia Cement Corp.		152,757


Shares			Fair Value
	Common Stocks, continued
	Construction Materials, continued
	31,885	Cementos Argos SA	$	124,048
	1,059,402	Cemex Sab de C.V.*		997,161
	216,000	China National Buildings Material Co., Ltd.		128,439
	19,883	Grasim Industries, Ltd.		382,108
	20,102	Grupo Argos SA		136,993
	101,900	PT Indocement Tunggal Prakarsa Tbk		140,932
	203,800	PT Semen Indonesia (Persero) Tbk		152,774
	588	Shree Cement, Ltd.		154,320
	18,700	Siam Cement PCL		276,405
	237,000	Taiwan Cement Corp.		274,314
	11,900	The Siam Cement Public Co., Ltd.		176,602
	3,201	Titan Cement Co. SA		90,516
	6,738	Ultra Tech Cement, Ltd.		412,490

				4,161,154

	Consumer Finance (0.2%):
	12,891	Bajaj Finance, Ltd.*		273,675
	68,100	Gentera SAB de C.V.		102,228
	19,290	Mahindra & Mahindra Financial Services		102,888
	2,462	Samsung Card Co., Ltd.		83,952
	9,961	Shriram Transport Finance		153,956

				716,699

	Containers & Packaging (0.1%):
	41,904	Klabin SA		205,453

	Distributors (0.0%):
	11,293	Imperial Holdings, Ltd.		139,054

	Diversified Consumer Services (0.4%):
	104,037	Kroton Educacional SA		466,114
	9,761	New Oriental Education & Technology Group, Inc., ADR*		688,053
	3,302	TAL Education Group, ADR		403,868

				1,558,035

	Diversified Financial Services (1.4%):
	17,170	Ayala Corp.		289,475
	71,000	Chailease Holding Co., Ltd.		197,996
	175,000	Far East Horizon, Ltd.		152,654
	245,092	FirstRand, Ltd.		884,649
	482,000	Fubon Financial Holdings Co., Ltd.		768,541
	9,452	Grupo de Inversiones Suramericana		119,946
	16,737	Grupo de Inversiones Suramericana SA		217,783
	6,780	GT Capital Holdings, Inc.		162,767
	65,901	Haci Omer Sabanci Holding AS		204,441
	1,157,500	Metro Pacific Investments Corp.		146,637
	43,855	Power Finance Corp., Ltd.		83,146
	6,390	PSG Group, Ltd.		117,386
	39,572	Remgro, Ltd.		646,191
	52,249	Rmb Holdings Limited		234,977
	49,354	Rural Electrification Corp., Ltd.		131,299

				4,357,888

	Diversified Telecommunication Services (1.6%):
	146,000	Asia Pacific Telecom Co., Ltd.*		52,460
	41,476	Bharti Infratel, Ltd.		239,960


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services, continued
	166,000	China Communications Services Corp., Ltd.	$	95,686
	1,030,000	China Telecom Corp., Ltd., Class H		489,475
	426,000	China Unicom (Hong Kong), Ltd.*		635,479
	275,000	Chunghwa Telecom Co., Ltd.		975,924
	132,639	Emirates Telecommunications Group Co. PJSC		624,074
	16,963	Hellenic Telecommunications Organization SA (OTE)		204,185
	7,429	LG Uplus Corp.		101,518
	4,302	O2 Czech Republic AS		51,081
	6,681	Ooredoo Qsc		168,435
	45,417	Orange Polska SA*		62,891
	3,626,200	PT Telekomunikasi Indonesia Tbk		1,226,784
	238,700	PT Tower Bersama Infrastructure Tbk		121,736
	76,622	Rostelecom PJSC		92,959
	31,346	Telefonica Brasil		424,628
	78,100	Telekom Malaysia Berhad		121,191
	18,236	Telkom SA SOC, Ltd.		85,920
	681,200	True Corp. PCL*		124,286
	31,492	Turk Telekomunikasyon AS*		55,827

				5,954,499

	Electric Utilities (1.2%):
	15,700	Centrais Eletricas Brasileiras SA		77,261
	19,626	Centrais Eletricas Brasileiras SA*		73,946
	11,133	CEZ		194,234
	56,870	Companhia Energetica de Minas Gerais, ADR		138,557
	7,100	Companhia Paranaense de Energia-Copel		52,516
	14,100	Cpfl Energia SA		112,807
	21,000	EDP — Energias do Brasil SA		89,521
	2,199,622	ENEL Americas SA		417,932
	1,359,159	ENEL Chile SA		149,464
	13,700	Equatorial Energia SA		225,003
	8,020,000	Federal Hydrogenerating Co. (Rushydro)		108,542
	2,525,149	Inter Rao Ues PJSC		164,526
	26,834	Interconexion Electrica SA ESP		117,623
	18,358	Korea Electric Power Corp., Ltd.		655,280
	61,642	PGE SA		201,307
	76,751	Tata Power Co., Ltd.		95,598

	72,780	Tauron Polska Energia SA*		70,288
	237,900	Tenega Nasional Berhad		784,129
	11,295	Transmissora Alianca de Energia Eletrica SA		75,805

				3,804,339

	Electrical Equipment (0.2%):
	40,658	Bharat Heavy Electricals, Ltd.		84,948
	3,385	Doosan Heavy Industries & Construction Co., Ltd.		61,996
	17,292	Havells India, Ltd.		123,221
	186,000	Shanghai Electric Group Co., Ltd., Class H*		89,363
	166,000	Teco Electric & Machinery Co., Ltd.		158,891
	40,500	Zhuzhou CSR Times Electric Co., Ltd.		198,757

				717,176

	Electronic Equipment, Instruments & Components (3.0%):
	48,000	AAC Technologies Holdings, Inc.		597,762
	650,000	AU Optronics Corp.		297,120
	35,300	Delta Electronics Thai PCL		90,273


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components, continued
	147,000	Delta Electronics, Inc.	$	804,569
	1,125,000	Hon Hai Precision Industry Co., Ltd.		4,301,203
	600,000	Innolux Corp.		313,750
	7,000	Largan Precision Co., Ltd.		1,112,712
	16,614	LG Display Co., Ltd.		538,953
	1,006	LG Innotek Co., Ltd.		145,115
	3,963	Samsung Electro-Mechanics Co., Ltd., Series L		353,390
	3,938	Samsung SDI Co., Ltd.		588,868
	54,000	Sunny Optical Technology Group Co., Ltd.		483,813
	130,000	Synnex Technology International Corp.		145,677
	130,000	WPG Holdings, Ltd.		173,545
	42,000	Zhen Ding Technology Holding, Ltd.		99,698

				10,046,448

	Energy Equipment & Services (0.0%):
	136,000	China Oilfield Services, Ltd.		109,052
	269,600	Sapurakencana Petroleum Berhad		99,900

				208,952

	Equity Real Estate Investment Trusts (0.4%):
	131,506	Emlak Konut Gayrimenkul Yatiirim*		109,888
	191,327	Fibra UNO Amdinistracion SA		362,071
	52,652	Fortress Income Fund, Ltd.		139,815
	65,874	Fortress Income Fund, Ltd., Class B		86,494
	158,019	Growthpoint Properties Limited		295,998

	16,836	Hyprop Investments, Ltd.		150,414
	370,895	Redefine Properties, Ltd.		298,629
	20,451	Resilient REIT, Ltd.		190,516

				1,633,825

	Food & Staples Retailing (1.8%):
	1,536	Bgf Retail Co., Ltd.		135,651
	23,649	Bid Corp., Ltd.		541,902
	15,878	BIM Birlesik Magazalar AS		294,262
	106,977	Cencosud SA		285,068
	371,500	CP All PCL		686,687
	2,473	Dongsuh Companies, Inc.		66,155
	1,492	E-Mart Co., Ltd.		305,868
	5,294	Eurocash SA		44,333
	1,911	GS Retail Co., Ltd.		86,171
	22,678	Magnit OJSC, Registered Shares, GDR		771,867
	7,514	Massmart Holdings, Ltd.		60,684
	25,356	Pickn Pay Stores, Ltd.		114,470
	39,000	President Chain Store Corp.		349,621
	17,666	Raia Drogasil SA		376,009
	30,490	Shoprite Holdings, Ltd.		465,068
	143,000	Sun Art Retail Group, Ltd.		113,930
	15,245	The Spar Group, Ltd.		179,804
	380,929	Wal-Mart de Mexico SAB de C.V.		883,357

				5,760,907

	Food Products (1.7%):
	33,495	BRF-Brasil Foods SA		395,593
	182,700	Charoen Pokphand Foods Public Co., Ltd.		133,442


Shares			Fair Value
	Common Stocks, continued
	Food Products, continued
	280,000	China Huishan Dairy Holdings Co., Ltd.^(a)	$	15,063
	188,000	China Mengniu Dairy Co., Ltd.		368,745
	609	CJ CheilJedang Corp.		192,402
	87,700	Felda Global Ventures Holdings		35,008
	16,400	Genting Plantations Berhad		42,260
	16,512	Gruma, SAB de C.V., Class B		215,457
	124,157	Grupo Bimbo SAB de C.V., Series A		312,957
	42,800	Grupo Lala Sab de C.V.^		78,472
	188,700	IOI Corp. Berhad		195,880
	54,024	JBS SA		107,484
	30,300	Kuala Lumpur Kepong Berhad		175,819
	402	Lotte Confectionery Co., Ltd.		69,486
	7,200	M Dias Branco SA		107,708
	1,780	Nestle India, Ltd.		185,481
	277	Orion Corp.(a)		193,238
	84	Ottogi Corp.		57,969
	8,845	Pioneer Foods, Ltd.		91,737
	33,700	PPB Group Berhad		134,910
	526,900	PT Charoen Pokphand Indonesia Tbk		125,606
	161,400	PT Indofood CBP Sukses Makmur Tbk		106,428
	311,900	PT Indofood Sukses Makmur Tbk		200,960
	27,000	Standard Foods Corp.		72,569
	185,600	Thai Union Frozen Products PCL		115,349
	12,636	Tiger Brands, Ltd.^		355,838
	148,000	Tingyi (Caymen Is) Holding Corp.		175,555
	10,652	Ulker Biskuvi Sanayi AS		67,162
	336,000	Uni-President Enterprises Corp.		673,965
	70,140	Universal Robina Corp.		226,564
	374,000	Want Want China Holdings, Ltd.^		252,473

				5,481,580

	Gas Utilities (0.5%):
	128,000	China Gas Holdings, Ltd.		258,415
	70,000	China Resources Gas Group, Ltd.		239,518
	57,000	ENN Energy Holdings, Ltd.		344,754
	34,648	Gail India, Ltd.		193,564
	40,515	Infraestructura Energetica Nova, SAB de C.V.		215,970
	1,962	Korea Gas Corp.*		91,269
	49,300	Petronas Gas Berhad		213,293
	755,000	PT Perusahaan Gas Negara Tbk		127,528

				1,684,311

	Health Care Equipment & Supplies (0.0%):
	48,600	Hartalega Holdings Berhad		83,603
	132,000	Shandong Weigao Group Medical Polymer Co., Ltd., Class H		103,670

				187,273

	Health Care Providers & Services (0.5%):
	5,296	Apollo Hospitals Enterprise, Ltd.*		104,394
	323,700	Bangkok Dusit Medical Services Public Co., Ltd.		183,065
	24,700	Bumrungrad Hospital PCL		124,756
	174,900	IHH Healthcare Berhad		234,563
	108,282	Life Healthcare Group Holdings Pte, Ltd.^		212,381
	65,752	Netcare, Ltd.		129,462


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	18,400	OdontoPrev SA	$	64,661
	15,200	Qualicorp SA		132,391
	36,900	Shanghai Pharmaceuticals Holding Co., Ltd.		109,895
	81,600	Sinopharm Group Co., Series H		369,970

				1,665,538

	Health Care Technology (0.0%):
	244,000	Alibaba Health Information Technology, Ltd.*		116,272

	Hotels, Restaurants & Leisure (0.8%):
	331,249	Dxb Entertainments PJSC*		68,051
	166,300	Genting Berhard		365,007
	219,300	Genting Malaysia Berhad		281,395
	29,670	Jollibee Foods Corp.		120,182
	8,905	Kangwon Land, Inc.		271,372
	179,400	Minor International PCL		212,627
	18,914	OPAP SA		213,846
	26,810	Yum China Holdings, Inc.*		1,057,119

				2,589,599

	Household Durables (0.7%):
	16,369	Arcelik AS		121,249
	3,669	Coway Co., Ltd.		333,592
	81,000	Haier Electronics Group Co., Ltd.		210,727
	811	Hanssem Co., Ltd.		130,370
	7,676	LG Electronics, Inc.		538,188
	10,000	Nien Made Enterprise Co., Ltd.		111,171
	211,384	Steinhoff International Holdings NV		1,083,943

				2,529,240

	Household Products (0.4%):
	47,211	Hindustan Unilever, Ltd.		788,322
	105,600	Kimberl- Clark de Mexico SAB de C.V.		223,524
	109,800	PT Unilever Indonesia Tbk		401,847

				1,413,693

	Independent Power & Renewable Electricity Producers (0.6%):
	107,100	Aboitiz Power Corp.		82,596
	174,425	AES Gener SA		61,526
	785,000	Cgn Power Co., Ltd., Class H		219,277
	192,000	China Longyuan Power Group Corp.		139,690
	228,000	China Power International Develpoment, Ltd.		80,908
	140,000	China Resources Power Holdings Co.		274,741
	546,185	Colbun SA		116,963
	14,300	Electricity Genera PCL		90,114
	224,748	ENEL Generacion Chile SA		169,878
	673,400	Energy Development Corp.		80,766
	11,300	Engie Brasil Energia SA		116,845
	48,900	Glow Energy PCL		113,373
	294,000	Huaneng Power International, Inc., Class H		204,040
	374,000	Huaneng Renewables Corp., Ltd.		115,483
	108,844	NTPC, Ltd.		267,462

				2,133,662

	Industrial Conglomerates (1.8%):
	141,120	Aboitiz Equity Ventures, Inc.		212,623
	232,536	Alfa SAB de C.V., Class A		329,978


Shares			Fair Value
	Common Stocks, continued
	Industrial Conglomerates, continued
	254,400	Alliance Global Group, Inc.	$	72,118
	37,500	Beijing Enterprises Holdings, Ltd.		180,847
	24,068	Bidvest Group, Ltd.		290,124
	409,000	Citic, Ltd.		615,131


	1,098	CJ Corp.		181,900
	275,700	DMCI Holdings, Inc.		77,047
	240,000	Far Eastern New Century Corp.		194,870
	187,500	Fosun International, Ltd.		293,013
	34,601	Grupo Carso SAB de C.V.		146,213
	3,187	Hanwha Corp.		132,064
	56,800	Hap Seng Consolidated Berhad		122,250
	12,436	Industries Qatar Q.S.C.		326,877
	214,420	JG Summit Holdings, Inc.*		344,062
	47,325	KOC Holdings AS		217,763
	7,207	LG Corp.		485,920
	5,436	Samsung C&T Corp.		703,346
	33,000	Shanghai Industrial Holdings, Ltd.		97,874
	4,930	Siemens, Ltd.		101,931
	169,500	Sime Darby Berhad		375,351
	2,252	SK C&C Co., Ltd.		546,472
	18,970	SM Investments Corp.		303,317
	49,661	Turkiye Sise ve Cam Fabrikalari AS		64,983

				6,416,074

	Insurance (3.6%):
	2,533	Bajaj Finserv, Ltd.*		161,322
	48,959	BB Seguridade Participacoes SA		423,031
	593,000	Cathay Financial Holding Co., Ltd.		977,299
	243,000	China Life Insurance Co., Ltd.		242,103
	535,000	China Life Insurance Co., Ltd.		1,636,555
	187,000	China Pacific Insurance Group Co., Ltd., Class H		764,131
	121,400	China Taiping Insurance Holdings Co., Ltd.		307,715
	27,004	Discovery, Ltd.		264,231
	3,718	Dongbu Insurance Co., Ltd.		221,099
	15,390	Hanwha Life Insurance Co., Ltd.		93,717
	4,703	Hyundai Marine & Fire Insurance Co., Ltd.		161,901
	7,924	Liberty Holding, Ltd.		68,228
	70,805	MMI Holdings, Ltd.		109,742
	58,200	New China Life Insurance Co., Ltd.		296,041
	504,000	People’s Insurance Co. Group of China, Ltd.		211,752
	320,000	Picc Property & Casuality Co., Ltd., Class H		534,505
	376,000	Ping An Insurance Group Co. of China, Ltd.		2,479,100
	7,800	Porto Seguro SA		72,106
	44,600	Powszechny Zaklad Ubezpieczen SA		536,289
	11,109	Qatar Insurance Co.		205,661
	46,206	Rand Merchant Investment Holdings, Ltd.		137,906
	2,217	Samsung Fire & Marine Insurance Co., Ltd.		545,342
	4,984	Samsung Life Insurance Co., Ltd.		509,161
	99,116	Sanlam, Ltd.		491,368
	692,000	Shin Kong Financial Holdings Co., Ltd.*		184,226
	14,112	Sul America SA		75,624

				11,710,155


Shares			Fair Value
	Common Stocks, continued
	Internet & Direct Marketing Retail (1.0%):
	26,825	Ctrip.com International, ADR*^	$	1,444,795
	47,976	JD.com, Inc., ADR*		1,881,619
	28,064	Vipshop Holdings, Ltd., ADR*		296,075

				3,622,489

	Internet Software & Services (10.1%):
	6,308	58.com, Inc., ADR*^		278,246
	81,401	Alibaba Group Holding, Ltd., ADR*^		11,469,401
	3,701	Autohome, Inc., ADR*^		167,877
	19,641	Baidu, Inc., ADR*		3,512,989
	2,580	Daum Kakao Corp.		228,847
	6,342	Momo, Inc., ADR*^		234,400
	5,698	NetEase, Inc., ADR^		1,712,990
	2,046	NHN Corp.		1,494,564
	3,890	SINA Corp.		330,533
	409,700	Tencent Holdings, Ltd.		14,620,691
	1,995	Weibo Corp. — Spon, ADR*^		132,608
	2,228	YY, Inc., ADR*		129,291

				34,312,437

	IT Services (1.6%):
	87,441	Cielo SA		652,052
	42,340	HCL Technologies, Ltd.		557,195
	132,283	Infosys, Ltd.		1,922,382
	2,629	Samsung SDS Co., Ltd.		424,200
	33,059	Tata Consultancy Services, Ltd.		1,208,463
	34,695	Tech Mahindra, Ltd.		205,034
	68,000	Travelsky Technology, Ltd., Series H		200,455
	91,360	Wipro, Ltd.		364,998

				5,534,779

	Leisure Products (0.0%):
	15,000	Giant Manufacturing Co., Ltd.		85,653
	15,000	Merida Industry Co., Ltd.		80,481

				166,134

	Life Sciences Tools & Services (0.1%):
	1,097	Samsung Biologics Co., Ltd.*		280,039

	Machinery (0.7%):
	78,790	Ashok Leyland, Ltd.		114,149
	110,000	China Conch Venture Holdings, Ltd.		201,486
	288,000	CRRC Corp., Ltd., Class H		259,019
	2,340	Doosan Bobcat, Inc.		72,828
	1,011	Eicher Motors, Ltd.*		422,173
	44,000	Haitian International Holdings, Ltd.		123,433
	15,000	Hiwin Technologies Corp.		101,694
	2,054	Hyundai Heavy Industries Co.*		318,243
	17,544	Samsung Heavy Industries Co., Ltd.*		190,954
	43,013	WEG SA		230,109
	132,000	Weichai Power Co., Ltd., Class H		115,702

				2,149,790

	Marine (0.0%):
	122,000	Evergreen Marine Corp. (Taiwan), Ltd.*		61,984
	80,100	MISC Berhad		139,292

				201,276


Shares			Fair Value
	Common Stocks, continued
	Media (2.3%):
	780,000	Alibaba Pictures Group, Ltd.*	$	129,882
	108,100	Astro Malaysia Holdings Berhad		63,774
	119,500	Bec World Public Co., Ltd.		73,891
	4,891	Cheil Worldwide, Inc.		78,674
	1,345	CJ E&M Corp.		89,146
	13,280	Cyfrowy Polsat SA*		88,400
	176,885	Grupo Televisa SAB		863,170
	31,512	Naspers, Ltd.		6,133,922
	345,400	PT Media Nusantara Citra Tbk*		47,706
	404,000	PT Surya Citra Media Tbk		78,421
	39,393	ZEE Entertainment Enterprises, Ltd.		299,657

				7,946,643

	Metals & Mining (2.9%):
	204,000	Alrosa PAO		300,126
	288,000	Aluminum Corp. of China, Ltd.*		148,526
	3,733	Anglo American Platinum, Ltd.*		85,687
	28,342	AngloGold Ashanti, Ltd.		276,731
	874,000	China Steel Corp.		711,267
	13,170	Cia de Minas Buenaventura SA, ADR		151,455
	43,200	Companhia Siderurgica Nacional SA (CSN)*		93,905
	96,899	Eregli Demir ve Celik Fabrikalari T.A.S.		194,162
	63,020	Gold Fields		217,590
	272,870	Grupo Mexico SAB de C.V., Series B		766,757
	78,562	Hindalco Industries, Ltd.		231,549
	5,877	Hyundai Steel Co.		320,655
	47,615	Impala Platinum Holdings, Ltd.*		134,339
	9,186	Industrias Penoles SAB de C.V.		207,800
	3,202	Jastrzebska Spolka Weglowa SA*		63,916
	108,000	Jiangxi Copper Co., Ltd.		177,436
	58,560	Jsw Steel, Ltd.		184,153
	10,258	KGHM Polska Miedz SA		305,898
	627	Korea Zinc Co.		249,973
	3,926	MMC Norilsk Nickel PJSC		538,430
	91,871	Novolipetsk Steel Pjsc		180,610
	5,413	POSCO		1,356,041
	11,606	Severstal		153,103
	116,930	Sibanye Gold, Ltd.		134,540
	6,321	Southern Copper Corp.^		218,896
	20,514	Tata Steel, Ltd.		173,114
	89,179	Vale SA		781,323
	141,656	Vale SA		1,152,133
	111,567	Vedanta, Ltd.		429,495
	398,000	Zijin Mining Group Co., Ltd.		131,297

				10,070,907

	Multiline Retail (0.5%):
	12,985	El Puerto de Liverpool SAb de C.V.		102,550
	1,129	Hyundai Department Store Co., Ltd.		109,063
	14,525	Lojas Americanas SA		53,061
	53,662	Lojas Renner SA		445,522
	780	Lotte Shopping Co., Ltd.		206,956
	194,300	PT Matahari Department Store Tbk		206,486
	34,100	Robinson Department Store Public Co., Ltd.		58,519


Shares			Fair Value
	Common Stocks, continued
	Multiline Retail, continued
	42,126	S.A.C.I. Falabella	$	345,381
	522	Shinsegae Department Store Co.		104,642
	74,723	Woolworths Holdings, Ltd.		352,614

				1,984,794

	Multi-Utilities (0.0%):
	2,470	Qatar Electricity & Water Co.		128,854
	215,800	YTL Corporation Berhad		73,444
	140,200	YTL Power International Berhad		47,386

				249,684

	Oil, Gas & Consumable Fuels (6.5%):
	107,200	Banpu Public Co., Ltd.		52,395
	35,460	Bharat Pertoleum Corp., Ltd.		351,023
	142,000	China Coal Energy Co., Ltd., Class H^		68,769
	1,844,000	China Petroleum & Chemical Corp., Class H		1,438,490
	243,500	China Shenhua Energy Co., Ltd.		542,159
	1,287,000	CNOOC, Ltd.		1,412,103
	52,236	Coal India, Ltd.		197,450
	11,930	Cosan sa industria e Comercio		124,224
	413,161	Ecopetrol SA		187,348
	35,664	Empresas Copec SA		390,739
	79,400	Energy Absolute Public Co., Ltd.		80,652
	13,204	Exxaro Resources, Ltd.		93,913
	90,000	Formosa Petrochemical Corp.		310,761
	780,605	Gazprom PJSC		1,572,268
	6,397	Grupa Lotos SA*		88,042
	3,997	GS Holdings		238,151
	31,426	Hindustan Petroleum Corp., Ltd.		248,231
	40,181	Indian Oil Corp., Ltd.		239,342
	908,100	Irpc PCL		142,990
	246,000	Kunlun Energy Co., Ltd.		208,877
	30,674	LUKOIL PJSC		1,497,811
	3,484	MOL Hungarian Oil & Gas plc		274,372
	6,495	NovaTek OAO, Registered Shares, GDR		725,214
	95,290	Oil & Natural Gas Corp., Ltd.		231,701
	1,548,000	PetroChina Co., Ltd., Class H		948,444
	276,084	Petroleo Brasileiro SA*		1,036,055
	215,760	Petroleo Brasileiro SA*		864,395
	19,700	Petronas Dagangan Berhad		110,742
	21,318	Polski Koncern Naftowy Orlen SA		643,262
	143,139	Polskie Gornictwo Naftowe i Gazownictwo SA		243,941
	996,300	PT Adaro Energy Tbk		118,750
	131,900	PT United Tractors Tbk		271,767
	103,700	PTT Exploration & Production PCL		263,150
	69,100	PTT PCL		752,808
	91,812	Reliance Industries, Ltd.*		1,956,582
	86,310	Rosneft Oil Co., Registered Shares, GDR		469,465
	4,654	SK Energy Co., Ltd.		644,883
	3,093	S-Oil Corp.		256,337
	582,640	Surgutneftegas OJSC		254,251
	479,800	Surgutneftegas Prefernce		232,372
	112,523	Tatneft PJSC		718,439
	71,400	Thai Oil Public Co., Ltd.		166,081


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	10,101	Tupras-Turkiye Petrol Rafine	$	290,564
	26,166	Ultrapar Participacoes SA		618,542
	130,000	Yanzhou Coal Mining Co.*		116,591

				21,694,446

	Paper & Forest Products (0.3%):
	21,500	Duratex SA		52,642
	86,517	Empresas CMPC SA		207,440
	18,886	Fibria Celulose SA		193,290
	9,010	Mondi, Ltd.		233,922
	124,000	Nine Dragons Paper Holdings, Ltd.		165,263
	41,145	Sappi, Ltd.		274,283
	28,000	Suzano Papel e Celulose SA, Class A		120,037

				1,246,877

	Personal Products (0.8%):
	2,360	Amorepacific Corp.		627,190
	635	Amorepacific Corp.		103,144
	2,150	Amorepacific Group		244,123
	40,742	Dabur India, Ltd.		184,283
	18,516	Godrej Consumer Products, Ltd.		277,477
	53,500	Hengan International Group Co., Ltd.		394,730
	148	LG Household & Health Care, Ltd.		80,338
	684	LG Household & Health Care, Ltd.		593,693
	35,101	Marico, Ltd.		170,609
	11,900	Natura Cosmeticos SA		91,936

				2,767,523

	Pharmaceuticals (1.5%):
	27,493	Aspen Pharmacare Holdings, Ltd.		603,786
	21,538	Aurobindo Pharma, Ltd.		227,718
	14,212	Cadila Healthcare, Ltd.		115,312
	106,000	China Medical System Holdings, Ltd.		183,297
	322,000	China Pharmaceutical Enterprise & Investment Corp.		470,339
	26,108	Cipla, Ltd.		224,405
	8,559	Dr Reddy’s Laboratories, Ltd.		355,866
	9,570	Glenmark Pharmaceuticals, Ltd.		93,646
	426	Hanmi Pharm Co., Ltd.*		138,705
	882	Hanmi Science Co., Ltd.*		64,948
	22,628	Hypermarcas SA		189,301
	16,627	Lupin, Ltd.		272,834
	5,123	Piramal Enterprises, Ltd.*		221,562
	1,460,000	PT Kalbe Farma Tbk		178,038
	10,284	Richter Gedeon Nyrt		268,878
	37,000	Shanghai Fosun Pharmaceutical Group Co., Ltd.*		143,498
	262,000	Sihuan Pharmaceutical Holdings Group, Ltd.		109,780
	314,000	Sino Biopharmaceutical, Ltd.		277,636
	69,204	Sun Pharmaceutical Industries, Ltd.		594,900
	581	Yuhan Corp.		124,948

				4,859,397

	Real Estate Management & Development (2.3%):
	217,681	Aldar Properties PJSC		135,843
	546,900	Ayala Land, Inc.		431,020
	10,148	Barwa Real Estate Co.		89,914


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development, continued
	49,343	BR Malls Participacoes SA*	$	177,869
	95,100	Central Pattana PCL		193,948
	310,000	China Evergrande Group*		556,869
	276,000	China Overseas Land & Investment, Ltd.		808,062
	208,000	China Resources Land, Ltd.		606,320
	81,300	China Vanke Co., Ltd., Class H		230,151
	383,000	Country Garden Holdings Co., Ltd.		444,174
	82,389	Damac Properties Dubai Co. PJSC		70,671
	135,116	Emaar Malls PJSC		92,691
	268,206	Emaar Properties PJSC		565,584
	64,021	Ezdan Holding Group		221,464
	258,000	Franshion Properties China, Ltd.		106,412
	517,500	Fullshare Holdings, Ltd.^		207,081
	64,800	Guangzhou R&F Properties Co., Ltd., Class H		100,768
	61,000	Highwealth Construction Corp.		101,088
	205,600	IOI Properties Group BHD		105,699
	101,000	Longfor Properties Co., Ltd.		217,158
	770,000	Megaworld Corp.		65,647
	5,904	Multiplan Empreendimentos Imobiliarios SA		116,358
	16,645	New Europe Property Investment plc		210,691
	570,800	PT Bumi Serpong Damai		78,311
	670,000	PT Lippo Karawaci Tbk		33,183
	1,266,300	PT Pakuwon Jati Tbk		58,297
	699,000	PT Summarecon Agung Tbk		67,566
	178,500	Robinsons Land Corp.		85,967
	57,000	Ruentex Development Co., Ltd.*		64,390
	60,100	Shanghai Lujiazue		96,417
	65,000	Shimao Property Holdings, Ltd.		111,239
	218,500	Sino-Ocean Land Holdings, Ltd.		106,954
	522,900	SM Prime Holdings, Inc.		342,078
	204,000	Soho China, Ltd.		100,619
	153,000	Sunac China Holdings, Ltd.^		319,858

				7,320,361

	Road & Rail (0.1%):
	404,600	Bts Group Holdings PCL		101,275
	484	CJ Korea Express Co., Ltd.*		76,372
	2,868	Container Corporation of India, Ltd.		50,863
	11,550	Localiza Rent a Car SA		157,891
	56,464	Rumo SA*		147,114

				533,515

	Semiconductors & Semiconductor Equipment (5.4%):
	472,930	Advanced Semiconductor Engineering, Inc.		607,241
	966,000	GCL-Poly Energy Holdings, Ltd.*		105,191
	11,000	Globalwafers Co., Ltd.		76,886
	436	Hyundai Robotics Co., Ltd.*		147,316
	109,000	MediaTek, Inc.		933,727
	48,000	Nanya Technology Corp.		86,440
	40,000	Novatek Microelectronics Corp.		161,694
	10,000	Phison Electronics Corp.		123,481
	45,000	Powertech Technology, Inc.		139,030
	32,000	Realtek Semiconductor Corp.		114,588
	209,800	Semiconductor Manufacturing International Corp.*		243,314
	132,000	Siliconware Precision Industries Co.		213,003


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	42,092	SK Hynix, Inc.	$	2,481,808
	1,777,000	Taiwan Semiconductor Manufacturing Co., Ltd.		12,127,738
	828,000	United Microelectronics Corp.		401,519
	62,000	Vanguard International Semiconductor Corp.		122,444

				18,085,420

	Software (0.1%):
	40,000	Kingsoft Corp., Ltd.		104,056
	1,235	Ncsoft Corp.		409,882
	1,056	Netmarble Games Corp.*		143,089

				657,027

	Specialty Retail (0.4%):
	2,316	FF Group*		56,569
	651,000	GOME Electrical Appliances Holdings, Ltd.^		80,071
	271,400	Home Product Center Public Co., Ltd.		76,735
	17,000	Hotai Motor Co., Ltd.		212,330
	2,364	Hotel Shilla Co., Ltd.		117,929
	7,383	Jumbo SA		134,922
	18,258	Mr.Price Group, Ltd.		218,009
	14,576	The Foschini Group, Ltd.		153,232
	35,952	Truworths International, Ltd.		196,644

				1,246,441

	Technology Hardware, Storage & Peripherals (5.5%):
	203,000	Acer, Inc.		106,502
	24,200	Advantech Co., Ltd.		171,157
	54,000	Asustek Computer, Inc.		510,803
	47,000	Catcher Technology Co., Ltd.		559,963
	36,000	Chicony Electronics Co., Ltd.		91,268
	247,000	Compal Electronics, Inc.		166,165
	75,000	Foxconn Technology Co., Ltd.		226,391
	45,000	High Tech Computer Corp.*		107,459
	176,000	Inventec Corp.		143,654
	538,000	Lenovo Group, Ltd.		339,745
	129,000	Lite-On Technology Corp.		212,091
	42,000	Micro-Star International Co., Ltd.		97,546
	146,000	Pegatron Corp.		457,589
	206,000	Quanta Computer, Inc.		486,225
	7,076	Samsung Electronics Co., Ltd.		14,684,370
	14,000	Transcend Infromation, Inc.		46,834
	210,000	Wistron Corp.		214,101

				18,621,863

	Textiles, Apparel & Luxury Goods (0.7%):
	81,000	Anta Sports Products, Ltd.^		267,682
	456,000	Belle International Holdings, Ltd.		359,834
	1,856	CCC SA		112,705
	11,000	Eclat Textile Co., Ltd.		133,744
	23,000	Feng Tay Enterprise Co., Ltd.		101,393
	86,000	Formosta Taffeta Co., Ltd.		86,385
	97	LPP SA		187,063
	165,000	Pou Chen Corp.		228,093
	39,000	Ruentex Industries, Ltd.		58,233
	37,000	Shenzhou International Group		243,351


Shares			Fair Value
	Common Stocks, continued
	Textiles, Apparel & Luxury Goods, continued
	21,507	Titan Co., Ltd.*	$	174,356

				1,952,839

	Thrifts & Mortgage Finance (0.9%):
	109,218	Housing Development Finance Corp., Ltd.		2,723,806
	22,583	Indiabulls Housing Finance, Ltd.		376,174
	23,902	LIC Housing Finance, Ltd.		274,616

				3,374,596

	Tobacco (0.7%):
	9,900	British American Tobacco Malaysia Berhad		100,186
	233,661	ITC, Ltd.		1,170,770
	8,468	KT&G Corp.		865,554
	34,500	PT Gudang Garam Tbk		202,526
	658,900	PT Hanjaya Mandala Sampoerna TBK		190,053

				2,529,089

	Trading Companies & Distributors (0.0%):
	3,229	Daewoo International Corp.		62,950
	124,300	PT AkR Corporindo Tbk		60,869
	8,796	SK Network Co., Ltd.		48,060

				171,879

	Transportation Infrastructure (1.1%):
	54,461	Adani Ports & Special Economic Zone, Ltd.*		306,489
	322,600	Airports of Thailand Public Co., Ltd.		448,673
	476,100	Bangkok Expressway & Metro		104,394
	106,000	Beijing Capital International Airport Co., Ltd.		149,355
	102,000	China Merchants Holdings International Co., Ltd.		282,909
	91,812	Companhia de Concessoes Rodoviarias		467,888
	112,000	Cosco Pacific, Ltd.		131,653
	13,016	Dp World, Ltd.		271,948
	15,570	Grupo Aeroportuario de Sur		328,481
	26,780	Grupo Aeroporturaio del Pacifico SAB de C.V.		301,801
	35,200	International Container Terminal Services, Inc.		68,283
	108,000	Jiangsu Expressway Co., Ltd., Series H		152,449
	71,800	Malaysia Airports Holdings Berhad		143,266
	54,000	OHL Mexico SAB de C.V.		77,908
	15,232	Promotora y Operadora de Infraestructura SAB de C.V.		181,984
	150,707	PT Jasa Marga Persero Tbk		60,595
	108,000	Taiwan High Speed Rail Corp.		90,375
	11,315	TAV Havalimanlari Holding AS		60,688
	70,800	Westports Holding Berhad		60,074
	106,000	Zhejiang Expressway Co., Ltd.		138,495

				3,827,708

	Water Utilities (0.3%):
	180,991	Aguas Andinas SA, Class A		106,283
	328,000	Beijing Enterprises Water Group, Ltd.		254,673
	26,858	Cia Saneamento Basico Do Estado de Sao Paulo		254,933
	210,000	Guangdong Investment, Ltd.		289,456

				905,345

	Wireless Telecommunication Services (3.7%):
	78,100	Advanced Info Service Public Co., Ltd.		408,325
	2,406,587	America Movil SAB de C.V., Series L		1,930,989


Shares			Fair Value
	Common Stocks, continued
	Wireless Telecommunication Services, continued
	211,900	Axiata Group Berhad	$	238,578

	75,109	Bharti Airtel, Ltd.		441,291
	445,500	China Mobile, Ltd.		4,718,714
	217,200	DIGI.com Berhad		253,144
	13,032	Empresa Nacional de Telecomunicaciones SA		141,837
	119,000	Far EasTone Telecommunications Co., Ltd.		303,213
	181,537	Global Telecom Holding*		69,721
	2,300	Globe Telecom, Inc.		93,355
	94,240	Idea Cellular, Ltd.		124,050
	133,400	Maxis Berhad		172,582
	36,188	Mobile TeleSystems PJSC, ADR		303,256
	120,060	MTN Group, Ltd.		1,047,830
	6,165	Pldt, Inc.		219,628
	248,500	PT XL Axiata Tbk*		63,521
	15,973	Sistema Jsfc-REG S Sponsor, GDR		66,663
	1,543	SK Telecom Co., Ltd.		358,280
	121,000	Taiwan Mobile Co., Ltd.		454,799
	64,588	Tim Participacoes SA		192,070
	64,877	Turkcell Iletisim Hizmetleri AS		213,262
	35,268	Vodacom Group, Ltd.		443,191

				12,258,299

	Total Common Stocks (Cost $276,532,376)			331,034,546

	Preferred Stocks (1.7%):
	Automobiles (0.1%):
	2,775	Hyundai Motor Co., Ltd., 3.52%		282,626

	Banks (0.7%):
	233,940	Itau Unibanco Holding SA, Series S, 0.48%		2,595,568


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Preferred Stocks, continued
	Chemicals (0.0%):
	14,232	Braskem SA, Class A, 3.66%	$	147,463


	Food & Staples Retailing (0.1%):
	12,045	Companhia Brasileira de Destribuicao Grupo Pao de Acucar, Series A, 0.02%*		236,914

	Metals & Mining (0.1%):
	68,648	Gerdau SA, 0.49%		213,469
	137,012	Vendanta, Ltd., 7.50%(a)		9,988

				223,457

	Multiline Retail (0.1%):
	54,743	Lojas Americanas SA, 0.11%		229,728

	Technology Hardware, Storage & Peripherals (0.6%):
	1,247	Samsung Electronics Co., Ltd., 1.51%		2,027,415

	Total Preferred Stocks (Cost $5,210,952)			5,743,171

	Securities Held as Collateral for Securities on Loan (4.9%):
$	16,536,724	AZL MSCI Emerging Markets Equity Index Fund Securities Lending Collateral Account(b)		16,536,724

	Total Securities Held as Collateral for Securities on Loan (Cost $16,536,724)			16,536,724

	Unaffiliated Investment Company (0.2%):
	566,573	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.75%(c)		566,573

	Total Unaffiliated Investment Company (Cost $566,573)			566,573

	Total Investment Securities (Cost $298,846,625)(d) — 104.1%		$	353,881,014
	Net other assets (liabilities) — (4.1)%			(14,019,075	)

	Net Assets — 100.0%		$	339,861,929

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2017:

Cash of $166,000 has been segregated to cover margin requirements for the following open contracts as of June 30, 2017:

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	298,846,625

Investment securities, at value*	$	353,881,014
Segregated cash for collateral		166,000
Interest and dividends receivable		1,434,448
Foreign currency, at value (cost $437,857)		437,810
Receivable for investments sold		1,584,373
Receivable for variation margin on futures contracts		24,600
Reclaims receivable		24,213

Total Assets		357,552,458

Liabilities:
Cash overdraft		546
Payable for capital shares redeemed		333,707
Payable for collateral received on loaned securities		16,536,724
Accrued foreign taxes		453,842
Manager fees payable		126,926
Administration fees payable		19,501
Distribution fees payable		66,090
Custodian fees payable		123,328
Administrative and compliance services fees payable		1,580
Transfer agent fees payable		2,299
Trustee fees payable		3,233
Other accrued liabilities		22,753

Total Liabilities		17,690,529

Net Assets	$	339,861,929

Net Assets Consist of:
Capital	$	270,311,750
Accumulated net investment income/(loss)		3,262,774
Accumulated net realized gains/(losses) from investment transactions		11,690,302
Net unrealized appreciation/(depreciation) on investments		54,597,103

Net Assets	$	339,861,929

Class 1
Net Assets	$	21,476,759
Shares of beneficial interest (unlimited number of shares authorized, no par value)		2,747,435
Net Asset Value (offering and redemption price per share)	$	7.82

Class 2
Net Assets	$	318,385,170
Shares of beneficial interest (unlimited number of shares authorized, no par value)		40,769,117
Net Asset Value (offering and redemption price per share)	$	7.81

*	Includes securities on loan of $16,077,637.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Dividends	$	3,847,294
Interest		95,155
Income from securities lending		10,334
Foreign withholding tax		(441,761	)

Total Investment Income		3,511,022

Expenses:
Manager fees		1,286,593
Administration fees		105,279
Distribution fees		353,643
Custodian fees		356,559
Administrative and compliance services fees		2,981
Transfer agent fees		6,897
Trustee fees		9,615
Professional fees		10,205
Shareholder reports		12,829
Other expenses		4,419

Total expenses before reductions		2,149,020
Less expenses voluntarily waived/reimbursed by the Manager		(606,948	)

Net expenses		1,542,072

Net Investment Income/(Loss)		1,968,950

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		4,172,361
Net realized gains/(losses) on futures contracts		398,687
Change in net unrealized appreciation/depreciation on investments		43,956,530
Net change in foreign taxes on unrealized gains/losses		(415,893	)

Net Realized/Unrealized Gains/(Losses) on Investments		48,111,685

Change in Net Assets Resulting From Operations	$	50,080,635

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MSCI Emerging Markets Equity Index Fund (formerly, AZL Emerging Markets Equity Fund) (the “Fund”), and 22 are presented in separate reports.

receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $13 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $1,030 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Certain Funds of the Trust participate in a commission recapture program. The Fund will utilize the recaptured commissions to pay for, in whole or part, certain expenses of the Fund, excluding investment advisory fees. Any amounts received by the Fund, if applicable, are disclosed as “Expenses paid indirectly” on the Statement of Operations. The Fund ceased participation in the program in June 2014.

During the period ended June 30, 2017, the Fund did not enter into any futures contracts. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $4.1 million as of June 30, 2017. The monthly average notional amount for these contracts was $2.1 million for the period ended June 30, 2017. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2017:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2017:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock”), BlackRock provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.”

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable to Class 2, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $1,718 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2017, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2017 is $300,472,903. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

During the year ended December 31, 2016, the Fund utilized $12,197,997 in CLCFs to offset capital gains.

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2017, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 25% of the Fund.

In October 2016, the Securities and Exchange Commission (SEC) released its Final Rules on Investment Company Reporting Modernization (the “Rules”). The Rules which introduce two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contain amendments to Regulation S-X which require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments are effective for filings made with the SEC after August 1, 2017. Management is currently evaluating the impact of the amendments on the fund’s financial statements. The adoption will have no effect on the Funds’ net assets or results of operations.

As a shareholder of the AZL MSCI Global Equity Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (99.1%):
	Aerospace & Defense (1.7%):
	1,624	Arconic, Inc.	$	36,784
	13,541	BAE Systems plc		111,867
	2,324	Boeing Co. (The)		459,570
	8,877	Bombardier, Inc., Class B*		16,157
	946	CAE, Inc.		16,314
	6,703	Cobham plc^		11,337
	106	Elbit Systems, Ltd.		13,090
	2,365	European Aeronautic Defence & Space Co. NV		194,842
	1,006	General Dynamics Corp.		199,289
	210	Huntington Ingalls Industries, Inc.		39,094
	309	L3 Technologies, Inc.		51,628
	1,064	Lockheed Martin Corp.		295,376
	3,047	Meggitt plc		18,951
	689	Northrop Grumman Corp.		176,873
	1,208	Raytheon Co.		195,068
	657	Rockwell Collins, Inc.		69,038
	7,614	Rolls-Royce Holdings plc*		88,470
	1,317	Safran SA		120,787
	6,300	Singapore Technologies Engineering, Ltd.		16,845
	1,075	Textron, Inc.		50,633
	422	Thales SA		45,459
	233	TransDigm Group, Inc.^		62,647
	3,060	United Technologies Corp.		373,656
	798	Zodiac Aerospace		21,697

				2,685,472

	Air Freight & Logistics (0.5%):
	3,854	Bollore, Inc.		17,549
	562	C.H. Robinson Worldwide, Inc.^		38,598
	4,068	Deutsche Post AG		152,627
	721	Expeditors International of Washington, Inc.^		40,722
	1,047	FedEx Corp.		227,545
	3,442	Royal Mail plc		18,891
	2,718	United Parcel Service, Inc., Class B		300,583
	1,300	Yamato Holdings Co., Ltd.		26,408

				822,923

	Airlines (0.1%):
	4,000	All Nippon Airways Co., Ltd.		13,914
	625	American Airlines Group, Inc.^		31,450
	766	Delta Air Lines, Inc.		41,165
	966	Deutsche Lufthansa AG, Registered Shares		22,056
	1,008	easyJet plc		17,845
	1,222	International Consolidated Airlines Group SA		9,730
	400	Japan Airlines Co., Ltd.		12,376
	1,928	Qantas Airways, Ltd.		8,485
	2,200	Singapore Airlines, Ltd.		16,179
	631	Southwest Airlines Co.		39,210
	338	United Continental Holdings, Inc.*		25,435

				237,845

	Auto Components (0.8%):
	700	Aisin Sieki Co., Ltd.		35,905
	348	Autoliv, Inc.^		38,210


Shares			Fair Value
	Common Stocks, continued
	Auto Components, continued
	852	BorgWarner, Inc.^	$	36,091
	2,800	Bridgestone Corp.		120,926
	626	Compagnie Generale des Establissements Michelin SCA, Class B		83,215
	441	Continental AG		95,158
	998	Delphi Automotive plc		87,475
	2,100	Denso Corp.		88,887
	6,575	GKN plc		27,943
	1,042	Goodyear Tire & Rubber Co.^		36,428
	400	Koito Manufacturing Co., Ltd.		20,665
	297	Lear Corp.		42,198
	304	Linamar Corp.		14,987
	1,567	Magna Internationl		72,597
	700	NGK Spark Plug Co., Ltd.		14,946
	400	NOK Corp.		8,475
	459	Nokian Renkaat OYJ		19,017
	814	Schaeffler AG		11,658
	600	Stanley Electric Co., Ltd.		18,149
	2,900	Sumitomo Electric Industries, Ltd.		44,758
	700	Sumitomo Rubber Industries, Ltd.		11,840
	300	Toyoda Gosei Co., Ltd.		7,175
	600	Toyota Industries Corp.		31,658
	956	Valeo SA		64,840
	700	Yokohama Rubber Co., Ltd. (The)		14,086

				1,047,287

	Automobiles (1.7%):
	1,359	Bayerische Motoren Werke AG (BMW)^		126,474
	3,972	Daimler AG, Registered Shares		288,104
	507	Ferrari NV		43,683
	3,647	Fiat Chrysler Automobiles NV*		38,467
	15,121	Ford Motor Co.		169,204
	2,600	Fuji Heavy Industries, Ltd.		87,893
	5,215	General Motors Co.		182,160
	717	Harley-Davidson, Inc.^		38,732
	6,800	Honda Motor Co., Ltd.		185,822
	2,400	Isuzu Motors, Ltd.		29,688
	2,200	Mazda Motor Corp.		30,793
	2,700	Mitsubishi Motors Corp.		17,844
	9,700	Nissan Motor Co., Ltd.		96,717
	1,902	PSA Peugeot Citroen SA		37,963
	650	Renault SA		58,956
	1,300	Suzuki Motor Corp.		61,792
	516	Tesla Motors, Inc.*^		186,591
	10,700	Toyota Motor Corp.		561,342
	130	Volkswagen AG^		20,186
	1,100	Yamaha Motor Co., Ltd.		28,444

				2,290,855

	Banks (10.6%):
	1,278	ABN AMRO Group NV		34,146
	4,000	Aozora Bank, Ltd.		15,257
	11,889	Australia & New Zealand Banking Group, Ltd.		261,985
	27,693	Banco Bilbao Vizcaya Argentaria SA		231,422


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	21,685	Banco de Sabadell SA	$	44,381
	59,985	Banco Santander SA		399,307
	3,600	Bank Hapoalim BM		24,272
	5,141	Bank Leumi Le-Israel Corp.		24,971
	40,594	Bank of America Corp.		984,809
	4,800	Bank of East Asia, Ltd. (The)^		20,641
	101,515	Bank of Ireland*		26,850
	2,609	Bank of Montreal		191,600
	4,965	Bank of Nova Scotia		298,719
	1,540	Bank of Queensland, Ltd.		13,533
	4,962	Bankia SA		24,001
	3,202	Bankinter SA		29,626
	69,705	Barclays plc		184,426
	3,338	BB&T Corp.		151,579
	1,721	Bendigo & Adelaide Bank, Ltd.		14,683
	4,614	BNP Paribas SA		335,539
	14,500	BOC Hong Kong Holdings, Ltd.		69,512
	1,592	Canadian Imperial Bank of Commerce		129,401
	3,000	Chiba Bank, Ltd. (The)		21,816
	900	Chugoku Bank, Ltd. (The)		13,487
	1,300	Chuo Mitsui Trust Holdings, Inc.		46,644
	464	CIT Group, Inc.^		22,597
	11,193	Citigroup, Inc.		748,588
	2,169	Citizens Financial Group, Inc.		77,390
	690	Comerica, Inc.		50,536
	4,125	Commerzbank AG*		49,396
	6,849	Commonwealth Bank of Australia		435,827
	4,400	Concordia Financial Group, Ltd.		22,288
	4,079	Credit Agricole SA		66,313
	13,526	Criteria Caixacorp SA		64,735
	3,011	Danske Bank A/S		116,248
	6,900	DBS Group Holdings, Ltd.		103,980
	3,962	DnB NOR ASA		67,643
	589	East West Bancorp, Inc.		34,504
	1,178	Erste Group Bank AG		45,180
	3,269	Fifth Third Bancorp		84,863
	566	First Republic Bank		56,657
	3,000	Fukuoka Financial Group, Inc.		14,292
	2,300	Hachijuni Bank, Ltd. (The)		14,646
	3,000	Hang Seng Bank, Ltd.		62,752
	3,000	Hiroshima Bank, Ltd. (The)		13,336
	79,390	HSBC Holdings plc		736,764
	4,194	Huntington Bancshares, Inc.		56,703
	15,913	ING Groep NV		276,720
	52,935	Intesa Sanpaolo SpA		168,846
	1,600	Japan Post Bank Co., Ltd.		20,508
	14,491	JPMorgan Chase & Co.		1,324,476
	1,024	KBC Groep NV		77,723
	4,652	KeyCorp		87,178
	1,900	Kyushu Financial Group, Inc.		12,029
	291,773	Lloyds Banking Group plc		251,790
	569	M&T Bank Corp.		92,150


Shares			Fair Value
	Common Stocks, continued
	Banks, continued
	3,600	Mebuki Financial Group, Inc.	$	13,422
	2,255	Mediobanca SpA		22,372
	49,200	Mitsubishi UFJ Financial Group, Inc.		331,829
	934	Mizrahi Tefahot Bank, Ltd.		17,003
	99,900	Mizuho Financial Group, Inc.		183,111
	11,002	National Australia Bank, Ltd.		250,162
	1,326	National Bank of Canada		55,766
	3,360	Natixis		22,782
	12,526	Nordea Bank AB		159,914
	12,100	Oversea-Chinese Banking Corp., Ltd.		94,863
	1,195	People’s United Financial, Inc.^		21,104
	1,909	PNC Financial Services Group, Inc.		238,377
	748	Raiffeisen International Bank-Holding AG*		18,928
	5,134	Regions Financial Corp.		75,162
	8,600	Resona Holdings, Inc.		47,529
	5,917	Royal Bank of Canada		429,698
	13,709	Royal Bank of Scotland Group plc*		44,170
	4,000	Seven Bank, Ltd.		14,345
	4,000	Shinsei Bank, Ltd.		6,998
	2,000	Shizuoka Bank, Ltd. (The)		18,120
	207	Signature Bank*		29,711
	6,107	Skandinaviska Enskilda Banken AB, Class A		74,160
	3,139	Societe Generale		170,646
	13,570	Standard Chartered plc*		137,619
	5,500	Sumitomo Mitsui Financial Group, Inc.		215,192
	2,014	SunTrust Banks, Inc.		114,234
	600	Suruga Bank, Ltd.		14,582
	214	SVB Financial Group*		37,619
	6,543	Svenska Handelsbanken AB, Class A		93,995
	3,893	Swedbank AB, Class A		95,001
	7,572	Toronto-Dominion Bank (The)		381,637
	6,727	U.S. Bancorp		349,266
	7,713	Unicredit SpA*		145,426
	5,004	United Overseas Bank, Ltd.		84,094
	19,305	Wells Fargo & Co.		1,069,689
	13,556	Westpac Banking Corp.		316,308
	1,000	Yamaguchi Financial Group, Inc.		12,107
	826	Zions Bancorp		36,270

				14,292,476

	Beverages (2.0%):
	3,024	Anheuser-Busch InBev NV		334,576
	1,500	Asahi Breweries, Ltd.		56,482
	864	Brown-Forman Corp., Class B		41,990
	425	Carlsberg A/S, Class B		45,504
	2,188	Coca-Cola Amatil, Ltd.		15,504
	16,466	Coca-Cola Co. (The)		738,501
	782	Coca-Cola European Partners plc		31,756
	698	Coca-Cola HBC AG		20,529
	500	Coca-Cola West Co., Ltd.		14,480
	705	Constellation Brands, Inc., Class C		136,580
	9,900	Diageo plc		292,602
	756	Dr Pepper Snapple Group, Inc.		68,879


Shares			Fair Value
	Common Stocks, continued
	Beverages, continued
	423	Heineken Holding NV	$	38,870
	983	Heineken NV		95,750
	3,400	Kirin Holdings Co., Ltd.		69,336
	768	Molson Coors Brewing Co., Class B		66,309
	1,705	Monster Beverage Corp.*		84,704
	5,700	PepsiCo, Inc.		658,293
	857	Pernod Ricard SA		114,872
	74	Remy Cointreau SA		8,646
	500	Suntory Beverage & Food, Ltd.		23,264
	2,869	Treasury Wine Estates, Ltd.		28,987

				2,986,414

	Biotechnology (1.9%):
	6,508	AbbVie, Inc.		471,895
	932	Alexion Pharmaceuticals, Inc.*		113,396
	593	Alkermes plc*		34,376
	3,000	Amgen, Inc.		516,691
	847	Biogen Idec, Inc.*		229,842
	650	BioMarin Pharmaceutical, Inc.*^		59,033
	3,146	Celgene Corp.*		408,571
	1,883	CSL, Ltd.		200,029
	222	Genmab A/S*		47,535
	5,360	Gilead Sciences, Inc.		379,381
	1,265	Grifols SA		35,273
	436	Idorsia, Ltd.		8,232
	670	Incyte Corp.*		84,360
	321	Regeneron Pharmaceuticals, Inc.*		157,656
	445	Seattle Genetics, Inc.*^		23,024
	3,741	Shire plc		206,069
	154	Tesaro, Inc.*^		21,538
	176	United Therapeutics Corp.*		22,832
	1,008	Vertex Pharmaceuticals, Inc.*		129,901

				3,149,634

	Building Products (0.5%):
	583	A.O. Smith Corp.		32,840
	390	Allegion plc		31,637
	800	Asahi Glass Co., Ltd.		33,766
	4,149	Assa Abloy AB, Class B		91,241
	2,130	Compagnie de Saint-Gobain SA		113,929
	900	Daikin Industries, Ltd.		92,058
	607	Fortune Brands Home & Security, Inc.^		39,601
	133	Geberit AG, Registered Shares		62,106
	3,879	Johnson Controls International plc^		168,194
	158	Lennox International, Inc.^		29,015
	1,000	Lixil Group Corp.		25,040
	1,309	Masco Corp.		50,017
	500	TOTO, Ltd.		19,135

				788,579

	Capital Markets (2.7%):
	3,720	3i Group plc		43,790
	3,558	Aberdeen Asset Management plc		14,014
	210	Affiliated Managers Group, Inc.		34,831


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	647	Ameriprise Financial, Inc.	$	82,357
	768	ASX, Ltd.		31,637
	4,195	Bank of New York Mellon Corp. (The)		214,029
	501	BlackRock, Inc., Class A+		211,627
	3,414	Brookfield Asset Management, Inc., Class A		133,995
	412	CBOE Holdings, Inc.		37,657
	4,940	Charles Schwab Corp. (The)		212,222
	879	CI Financial Corp.		18,738
	1,395	CME Group, Inc.		174,710
	9,624	Credit Suisse Group AG		139,489
	7,000	Daiwa Securities Group, Inc.		41,599
	8,517	Deutsche Bank AG, Registered Shares		151,227
	1,101	ETRADE Financial Corp.		41,871
	451	Eaton Vance Corp.^		21,341
	1,172	Franklin Resources, Inc.		52,494
	1,412	Goldman Sachs Group, Inc. (The)		313,322
	1,005	Hargreaves Lansdown plc		17,050
	4,900	Hong Kong Exchanges & Clearing, Ltd.		126,689
	454	IGM Financial, Inc.		14,083
	2,451	Intercontinental Exchange, Inc.		161,570
	1,642	Invesco, Ltd.		57,782
	2,442	Investec plc		18,246
	2,000	Japan Exchange Group, Inc.		36,334
	888	Julius Baer Group, Ltd.		46,814
	1,238	London Stock Exchange Group plc		58,828
	1,257	Macquarie Group, Ltd.		85,485
	732	Moody’s Corp.		89,070
	5,504	Morgan Stanley		245,258
	316	MSCI, Inc., Class A		32,545
	472	NASDAQ OMX Group, Inc. (The)		33,743
	15,400	Nomura Holdings, Inc.		92,693
	919	Northern Trust Corp.		89,336
	73	Partners Group Holding AG		45,273
	514	Raymond James Financial, Inc.		41,233
	1,073	S&P Global, Inc.		156,647
	1,100	SBI Holdings, Inc.		14,937
	529	Schroders plc		21,392
	544	SEI Investments Co.		29,256
	3,200	Singapore Exchange, Ltd.		17,069
	1,597	State Street Corp.		143,299
	1,008	T. Rowe Price Group, Inc.^		74,804
	1,046	TD Ameritrade Holding Corp.^		44,968
	1,188	Thomson Reuters Corp.		55,011
	15,061	UBS Group AG		255,750

				4,076,115

	Chemicals (2.7%):
	514	Agrium, Inc.		46,591
	1,606	Air Liquide SA		199,555
	840	Air Products & Chemicals, Inc.		120,170
	700	Air Water, Inc.		12,903
	1,033	AkzoNobel NV^		89,664
	441	Albemarle Corp.		46,543


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	263	Arkema SA	$	28,080
	6,000	Asahi Kasei Corp.		64,641
	832	Axalta Coating Systems, Ltd.*		26,657
	3,664	BASF SE		340,538
	586	Celanese Corp., Series A		55,635
	902	CF Industries Holdings, Inc.^		25,220
	384	Christian Hansen Holding A/S		27,928
	284	Covestro AG		20,505
	512	Croda International plc		25,914
	1,000	Daicel Chemical Industries, Ltd.		12,468
	4,832	Dow Chemical Co. (The)		304,754
	3,538	E.I. du Pont de Nemours & Co.		285,552
	589	Eastman Chemical Co.		49,470
	1,086	Ecolab, Inc.		144,167
	34	EMS-Chemie Holding AG		25,158
	653	Evonik Industries AG		20,871
	522	FMC Corp.		38,132
	172	Frutarom Industries, Ltd.		12,035
	275	Fuchs Petrolub AG		15,025
	36	Givaudan SA, Registered Shares		72,065
	500	Hitachi Chemical Co., Ltd.		14,949
	6,485	Incitec Pivot, Ltd.		17,044
	319	International Flavor & Fragrances, Inc.		43,065
	3,372	Israel Chemicals, Ltd.		15,896
	758	Johnson Matthey plc		28,348
	800	JSR Corp.		13,815
	747	K+S AG, Registered Shares^		19,142
	1,000	Kaneka Corp.		7,636
	900	Kansai Paint Co., Ltd.		20,743
	738	Koninklijke DSM NV		53,909
	1,300	Kuraray Co., Ltd.		23,622
	362	Lanxess AG^		27,412
	749	Linde AG		142,251
	1,426	Lyondellbasell Industries NV		120,340
	373	Methanex Corp.		16,469
	5,800	Mitsubishi Chemical Holdings Corp.		48,174
	800	Mitsubishi Gas Chemical Co., Inc.		16,959
	4,000	Mitsui Chemicals, Inc.		21,240
	1,790	Monsanto Co.		211,864
	1,289	Mosaic Co. (The)		29,428
	600	Nippon Paint Holdings Co., Ltd.		22,768
	600	Nissan Chemical Industries, Ltd.		19,850
	700	Nitto Denko Corp.		57,752
	899	Novozymes A/S, Class B		39,376
	1,427	Orica, Ltd.		22,648
	3,670	Potash Corp. of Saskatchewan, Inc.		59,865
	1,086	PPG Industries, Inc.		119,417
	1,154	Praxair, Inc.		152,963
	327	Sherwin Williams Co.		114,764
	1,600	Shin-Etsu Chemical Co., Ltd.		145,366
	9	Sika AG, Class B		57,955
	303	Solvay SA		40,678


Shares			Fair Value
	Common Stocks, continued
	Chemicals, continued
	6,000	Sumitomo Chemical Co., Ltd.	$	34,614
	485	Symrise AG		34,359
	600	Taiyo Nippon Sanso Corp.		6,757
	700	Teijin, Ltd.		13,483
	6,000	Toray Industries, Inc.		50,273
	2,000	Tosoh Corp.		20,569
	388	Umicore SA		27,029
	280	W.R. Grace & Co.		20,163
	682	Yara International ASA		25,643

				4,088,839

	Commercial Services & Supplies (0.3%):
	1,000	Babcock International Group plc		11,476
	7,131	Brambles, Ltd.		53,316
	344	Cintas Corp.		43,358
	2,000	Dai Nippon Printing Co., Ltd.		22,261
	805	Edenred		21,009
	6,037	G4S plc		25,681
	648	ISS A/S		25,515
	400	Park24 Co., Ltd.		10,160
	959	Republic Services, Inc., Class A		61,117
	401	Rollins, Inc.^		16,325
	900	SECOM Co., Ltd.		68,391
	1,209	Securitas AB, Class B		20,445
	109	Societe BIC SA		12,935
	300	Sohgo Security Services Co., Ltd.		13,525
	334	Stericycle, Inc.*^		25,491
	2,000	Toppan Printing Co., Ltd.		21,975
	1,128	Waste Connections, Inc.		72,666
	1,666	Waste Management, Inc.		122,201

				647,847

	Communications Equipment (0.8%):
	188	Arista Networks, Inc.*^		28,161
	20,209	Cisco Systems, Inc.		632,541
	795	CommScope Holding Co., Inc.*		30,234
	266	F5 Networks, Inc.*		33,798
	501	Harris Corp.		54,649
	1,365	Juniper Networks, Inc.		38,056
	628	Motorola Solutions, Inc.		54,473
	24,163	Nokia OYJ		148,483
	382	Palo Alto Networks, Inc.*		51,115
	12,374	Telefonaktiebolaget LM Ericsson, Class B		89,284

				1,160,794

	Construction & Engineering (0.3%):
	788	ACS Actividades de Construccion y Servicios SA		30,475
	805	Bouygues SA		33,979
	545	Cimic Group, Ltd.		16,249
	227	Eiffage SA		20,643
	1,842	Ferrovial SA		40,937
	547	Fluor Corp.		25,042
	89	Hochtief AG		16,316
	481	Jacobs Engineering Group, Inc.		26,161


Shares			Fair Value
	Common Stocks, continued
	Construction & Engineering, continued
	800	JGC Corp.	$	12,994
	3,000	Kajima Corp.		25,336
	389	Koninklijke Boskalis Westminster NV		12,638
	2,600	Obayashi Corp.		30,608
	2,000	Shimizu Corp.		21,235
	1,213	Skanska AB, Class B		28,878
	583	SNC-Lavalin Group, Inc.		25,211
	4,000	TAISEI Corp.		36,559
	2,082	Vinci SA		177,820

				581,081

	Construction Materials (0.3%):
	4,102	Boral, Ltd.		21,907
	3,447	CRH plc		122,835
	2,471	Fletcher Building, Ltd.		14,484
	608	HeidelbergCement AG		58,825
	174	Imerys SA		15,146
	1,726	James Hardie Industries SE		27,190
	1,868	LafargeHolcim, Ltd., Registered Shares		107,344
	239	Martin Marietta Materials, Inc.		53,197
	5,000	Taiheiyo Cement Corp.		18,265
	555	Vulcan Materials Co.		70,307

				509,500

	Consumer Finance (0.4%):
	3,000	ACOM Co., Ltd.*		13,720
	700	Aeon Credit Service Co., Ltd.		14,848
	1,649	Ally Financial, Inc.		34,464
	3,123	American Express Co.		263,081
	1,838	Capital One Financial Corp.		151,856
	700	Credit Saison Co., Ltd.		13,699
	1,394	Discover Financial Services		86,693
	1,386	Navient Corp.		23,077
	552	Provident Financial plc		17,499
	3,274	Synchrony Financial		97,631

				716,568

	Containers & Packaging (0.2%):
	4,626	Amcor, Ltd.		57,622
	351	Avery Dennison Corp.		31,018
	1,412	Ball Corp.		59,601
	545	CCL Industries, Inc.		27,578
	559	Crown Holdings, Inc.*		33,350
	1,607	International Paper Co.		90,973
	370	Packaging Corp. of America		41,214
	778	Sealed Air Corp.		34,823
	600	Toyo Seikan Kaisha, Ltd.		10,148
	987	WestRock Co.		55,923

				442,250

	Distributors (0.1%):
	587	Genuine Parts Co.^		54,450
	400	Jardine Cycle & Carriage, Ltd.		12,893
	1,183	LKQ Corp.*		38,980

				106,323


Shares			Fair Value
	Common Stocks, continued
	Diversified Consumer Services (0.0%):
	400	Benesse Holdings, Inc.	$	15,126
	876	H&R Block, Inc.		27,077

				42,203

	Diversified Financial Services (0.9%):
	11,633	AMP, Ltd.		46,346
	5,023	Berkshire Hathaway, Inc., Class B*		850,745
	2,251	Challenger, Ltd.		23,075
	809	Deutsche Boerse AG		85,541
	1,420	Element Fleet Management Corp.		9,747
	222	Eurazeo Se		16,660
	446	EXOR NV		24,266
	12,000	First Pacific Co., Ltd.		8,853
	326	Groupe Bruxelles Lambert SA		31,416
	681	Industrivarden AB, Class C		16,340
	1,943	Investor AB, Class B		94,025
	827	Kinnevik AB		25,398
	171	L E Lundbergforetagen AB		13,506
	1,211	Leucadia National Corp.		31,680
	2,600	Mitsubishi UFJ Lease & Finance Co., Ltd.		14,253
	317	Onex Corp.		25,380
	5,500	ORIX Corp.		85,504
	181	Pargesa Holding SA		13,818
	812	Voya Financial, Inc.		29,955
	105	Wendel		15,556

				1,462,064

	Diversified Telecommunication Services (1.9%):
	24,849	AT&T, Inc.		937,553
	597	BCE, Inc.		26,889
	582	Belgacom SA		20,357
	6,945	Bezeq Israeli Telecommunication Corp., Ltd. (The)		11,531
	34,818	BT Group plc		133,681
	2,185	CenturyLink, Inc.^		52,178
	13,522	Deutsche Telekom AG, Registered Shares		242,980
	563	Elisa OYJ^		21,821
	8,141	France Telecom SA		129,664
	10,000	HKT Trust & HKT, Ltd.		13,116
	103	Iliad SA		24,367
	1,746	Inmarsat plc		17,506
	13,592	Koninklijke (Royal) KPN NV		43,608
	1,304	Level 3 Communications, Inc.*		77,327
	2,800	Nippon Telegraph & Telephone Corp.		132,469
	21,000	PCCW, Ltd.		11,945
	35,800	Singapore Telecommunications, Ltd.		101,182
	105	Swisscom AG, Registered Shares		50,721
	3,158	TDC A/S		18,401
	6,633	Telecom Corp. of New Zealand, Ltd.		18,387
	41,770	Telecom Italia SpA*		38,707
	21,887	Telecom Italia SpA		16,190
	3,135	Telefonica Deutschland Holding AG		15,665
	19,029	Telefonica SA		196,725
	2,866	Telenor ASA		47,550
	10,107	Telia Co AB		46,643


Shares			Fair Value
	Common Stocks, continued
	Diversified Telecommunication Services, continued
	18,393	Telstra Corp., Ltd.	$	60,888
	752	TELUS Corp.		25,966
	2,193	TPG Telecom, Ltd.^		9,619
	16,387	Verizon Communications, Inc.		731,843
	709	Zayo Group Holdings, Inc.*		21,908

				3,297,387

	Electric Utilities (2.1%):
	912	Alliant Energy Corp.		36,635
	2,066	American Electric Power Co., Inc.		143,525
	10,435	AusNet Services		13,911
	2,500	Chubu Electric Power Co., Inc.		33,259
	1,100	Chugoku Electric Power Co., Inc. (The)		12,134
	3,000	CK Infrastructure Holdings, Ltd.		25,189
	6,500	CLP Holdings, Ltd.		68,777
	3,442	Contact Energy, Ltd.		13,140
	378	Dong Energy A/S		17,116
	2,850	Duke Energy Corp.		238,231
	1,295	Edison International		101,256
	9,354	EDP — Energias de Portugal SA		30,599
	1,400	Electricite de France		15,288
	225	Emera, Inc.		8,366
	1,282	Endesa SA^		29,605
	31,366	Enel SpA		168,885
	737	Entergy Corp.		56,579
	1,363	Eversource Energy		82,748
	3,823	Exelon Corp.		137,896
	1,624	FirstEnergy Corp.		47,356
	1,790	Fortis, Inc.		62,925
	1,782	Fortum OYJ		28,021
	7,500	HK Electric Investments, Ltd.		6,898
	5,500	Hongkong Electric Holdings, Ltd.		48,540
	1,223	Hydro One, Ltd.		21,911
	23,762	Iberdrola SA		188,645
	2,800	Kansai Electric Power Co., Inc. (The)		38,618
	1,700	Kyushu Electric Power Co., Inc.		20,664
	3,588	Mighty River Power, Ltd.		8,734
	1,922	NextEra Energy, Inc.		269,329
	776	OGE Energy Corp.		26,997
	2,100	PG&E Corp.		139,377
	461	Pinnacle West Capital Corp.		39,259
	2,836	PPL Corp.		109,640
	605	Red Electrica Corporacion SA^		12,668
	4,242	Scottish & Southern Energy plc		80,209
	4,062	Southern Co. (The)		194,489
	6,778	Terna SpA		36,676
	1,800	Tohoku Electric Power Co., Inc.		24,940
	5,700	Tokyo Electric Power Co., Inc. (The)*		23,538
	567	Westar Energy, Inc.		30,062
	2,085	Xcel Energy, Inc.		95,660

				2,788,295

	Electrical Equipment (0.9%):
	7,723	ABB, Ltd.		191,128


Shares			Fair Value
	Common Stocks, continued
	Electrical Equipment, continued
	172	Acuity Brands, Inc.^	$	34,964
	933	AMETEK, Inc.		56,512
	1,858	Eaton Corp. plc		144,608
	2,616	Emerson Electric Co.^		155,966
	2,000	Fuji Electric Holdings Co., Ltd.		10,572
	1,148	Legrand SA		80,395
	200	Mabuchi Motor Co., Ltd.		9,978
	8,100	Mitsubishi Electric Corp.		116,847
	900	Nidec Corp.		92,431
	350	OSRAM Licht AG		27,955
	801	Prysmian SpA		23,640
	531	Rockwell Automation, Inc.		86,001
	2,315	Schneider Electric SA		178,166
	672	Sensata Technologies Holding NV*		28,708
	973	Siemens Gamesa Renewable Energy^		20,841
	909	Vestas Wind Systems A/S		84,235

				1,342,947

	Electronic Equipment, Instruments & Components (0.9%):
	700	ALPS Electric Co., Ltd.		20,293
	1,269	Amphenol Corp., Class A		93,678
	370	Arrow Electronics, Inc.*		29,015
	523	Avnet, Inc.		20,334
	593	CDW Corp.		37,080
	3,962	Corning, Inc.		119,059
	2,085	Flextronics International, Ltd.*		34,006
	543	FLIR Systems, Inc.		18,820
	500	Hamamatsu Photonics K.K.		15,388
	1,024	Hexagon AB, Class B		48,729
	100	Hirose Electric Co., Ltd.		14,286
	300	Hitachi High-Technologies Corp.		11,688
	20,000	Hitachi, Ltd.		123,009
	218	Ingenico Group		19,778
	400	Keyence Corp.		176,091
	1,400	Kyocera Corp.		81,178
	800	Murata Manufacturing Co., Ltd.		121,911
	400	Nippon Electric Glass Co., Ltd.		14,598
	700	Omron Corp.		30,457
	1,000	Shimadzu Corp.		19,065
	500	TDK Corp.		32,996
	1,471	TE Connectivity, Ltd.		115,738
	984	Trimble Navigation, Ltd.*		35,099
	1,000	Yaskawa Electric Corp.		21,251
	900	Yokogawa Electric Corp.		14,470

				1,268,017

	Energy Equipment & Services (0.5%):
	1,727	Baker Hughes, Inc.^		94,139
	178	Core Laboratories NV		18,026
	3,579	Halliburton Co.		152,859
	427	Helmerich & Payne, Inc.^		23,203
	1,540	National-Oilwell Varco, Inc.^		50,728
	1,258	Petrofac, Ltd.		7,261
	2,937	Saipem SpA*		10,855


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services, continued
	5,499	Schlumberger, Ltd.	$	362,055
	864	Technipfmc plc*		23,487
	901	Technipfmc plc*		24,507
	1,915	Tenaris SA		29,860
	3,456	Weatherford International plc*^		13,375

				810,355

	Equity Real Estate Investment Trusts (2.4%):
	297	Alexandria Real Estate Equities, Inc.^		35,780
	1,771	American Tower Corp.		234,338
	13,600	Ascendas Real Estate Investment Trust		25,795
	577	AvalonBay Communities, Inc.		110,882
	637	Boston Properties, Inc.		78,364
	3,789	British Land Co. plc		29,892
	1,163	Brixmor Property Group, Inc.		20,794
	349	Camden Property Trust		29,843
	10,600	CapitaCommercial Trust		12,784
	10,000	CapitaMall Trust		14,349
	2,235	Colony Northstar, Inc.^		31,491
	1,476	Crown Castle International Corp.		147,865
	5	Daiwahouse Residential Investment Corp.		11,866
	3,890	Dexus Property Group		28,314
	649	Digital Realty Trust, Inc.		73,305
	1,337	Duke Realty Corp.		37,369
	325	Equinix, Inc.		139,476
	1,437	Equity Residential Property Trust		94,598
	279	Essex Property Trust, Inc.		71,778
	492	Extra Space Storage, Inc.^		38,376
	295	Federal Realty Investment Trust^		37,285
	126	Fonciere des Regions SA		11,724
	158	Gecina SA		24,786
	2,344	Ggp US^		55,225
	7,223	GPT Group		26,561
	716	H&R Real Estate Investment Trust		12,160
	3,070	Hammerson plc		22,979
	2,044	HCP, Inc.		65,326
	2,888	Host Hotels & Resorts, Inc.^		52,764
	168	ICADE		14,150
	957	Iron Mountain, Inc.^		32,883
	4	Japan Prime Realty Investment Corp.		13,853
	5	Japan Real Estate Investment Corp.		24,853
	11	Japan Retail Fund Investment Corp.		20,296
	1,638	Kimco Realty Corp.^		30,057
	844	Klepierre		34,594
	3,079	Land Securities Group plc		40,636
	3,609	Liberty International plc		12,649
	566	Liberty Property Trust		23,042
	9,000	Link REIT (The)		68,479
	500	Macerich Co. (The)		29,030
	6,849	Macquarie Goodman Group		41,380
	510	Mid-America Apartment Communities, Inc.		53,744
	14,289	Mirvac Group		23,439
	661	National Retail Properties, Inc.^		25,845


Shares			Fair Value
	Common Stocks, continued
	Equity Real Estate Investment Trusts, continued
	5	Nippon Building Fund, Inc.	$	25,520
	6	Nippon Prologis REIT, Inc.		12,778
	15	Nomura Real Estate Master Fund, Inc.		20,484
	2,189	ProLogis, Inc.		128,363
	592	Public Storage, Inc.^		123,450
	1,090	Realty Income Corp.^		60,146
	394	Regency Centers Corp.		24,680
	626	RioCan REIT		11,621
	492	SBA Communications Corp.*		66,371
	22,713	Scentre Group		70,615
	3,901	SERGO plc		24,872
	1,311	Simon Property Group, Inc.		212,066
	397	SL Green Realty Corp.		42,003
	11,394	Stockland Trust Group		38,324
	8,200	Suntec REIT		11,141
	1,048	UDR, Inc.		40,841
	429	Unibail-Rodamco SE^		108,160
	11	United Urban Investment Corp.		15,699
	1,499	Ventas, Inc.		104,151
	3,848	VEREIT, Inc.		31,323
	12,778	Vicinity Centres		25,221
	695	Vornado Realty Trust		65,261
	1,538	Welltower, Inc.		115,119
	8,947	Westfield Corp.		55,168
	3,115	Weyerhaeuser Co.		104,353

				3,602,729

	Food & Staples Retailing (1.8%):
	2,500	Aeon Co., Ltd.		38,027
	1,791	Alimentation Couche-Tard, Inc.		85,861
	2,258	Carrefour SA		57,307
	240	Casino Guichard-Perrachon SA		14,219
	279	Colruyt SA		14,699
	1,784	Costco Wholesale Corp.		285,315
	4,188	CVS Health Corp.		336,966
	2,597	Distribuidora Internacional de Alimentacion SA^		16,215
	850	Empire Co., Ltd., Class A		14,501
	300	FamilyMart Co., Ltd.		17,190
	390	ICA Gruppen AB		14,546
	6,388	J Sainsbury plc^		20,954
	350	Jean Coutu Group, Inc., Class A		5,372
	1,522	Jeronimo Martins SGPS SA		29,791
	5,239	Koninklijke Ahold Delhaize NV		100,404
	3,619	Kroger Co. (The)^		84,395
	200	LAWSON, Inc.		13,979
	837	Loblaw Cos., Ltd.		46,569
	706	Metro AG		23,840
	906	Metro, Inc.		29,823
	3,100	Seven & I Holdings Co., Ltd.		127,841
	400	Sundrug Co., Ltd.		14,930
	2,151	Sysco Corp.		108,260
	32,655	Tesco plc*		71,906
	100	Tsuruha Holdings, Inc.		10,624


Shares			Fair Value
	Common Stocks, continued
	Food & Staples Retailing, continued
	3,653	Walgreens Boots Alliance, Inc.	$	286,066
	6,266	Wal-Mart Stores, Inc.		474,212
	4,683	Wesfarmers, Ltd.		144,488
	218	Weston (George), Ltd.		19,737
	1,256	Whole Foods Market, Inc.		52,890
	8,734	William Morrison Supermarkets plc^		27,456
	5,372	Woolworths, Ltd.		105,529

				2,693,912

	Food Products (1.9%):
	2,400	Ajinomoto Co., Inc.		51,872
	2,452	Archer-Daniels-Midland Co.		101,464
	1,397	Associated British Foods plc		53,423
	11	Barry Callebaut AG, Registered Shares		15,140
	553	Bunge, Ltd.		41,254
	300	Calbee, Inc.		11,803
	795	Campbell Soup Co.^		41,459
	1,725	ConAgra Foods, Inc.		61,686
	2,410	Danone SA		181,134
	2,433	General Mills, Inc.		134,788
	45,600	Golden Agri-Resources, Ltd.		12,424
	618	Hershey Co. (The)		66,355
	1,150	Hormel Foods Corp.^		39,227
	288	Ingredion, Inc.		34,332
	509	JM Smucker Co. (The)		60,230
	1,121	Kellogg Co.^		77,865
	593	Kerry Group plc, Class A		51,013
	600	Kikkoman Corp.		19,196
	2,520	Kraft Heinz Co. (The)		215,813
	4	Lindt & Spruengli AG		23,202
	1,474	Marine Harvest		25,239
	472	McCormick & Co.		46,025
	500	Meiji Holdings Co., Ltd.		40,558
	6,115	Mondelez International, Inc., Class A		264,106
	12,677	Nestle SA, Registered Shares		1,104,639
	1,000	Nippon Meat Packers, Inc.		30,404
	800	Nisshin Seifun Group, Inc.		13,141
	200	Nissin Foods Holdings Co., Ltd.		12,506
	3,107	Orkla ASA, Class A		31,611
	1,007	Saputo, Inc.		32,037
	1,836	Tate & Lyle plc		15,840
	300	Toyo Suisan Kaisha, Ltd.		11,507
	1,168	Tyson Foods, Inc., Class A		73,152
	23,000	WH Group, Ltd.		23,216
	7,700	Wilmar International, Ltd.		18,742
	300	Yakult Honsha Co., Ltd.		20,435
	500	Yamazaki Baking Co., Ltd.		9,968

				3,066,806

	Gas Utilities (0.0%):
	4,450	APA Group		31,332
	417	Atmos Energy Corp.		34,590
	148	Enagas SA		4,157
	1,377	Gas Natural SDG SA		32,351


Shares			Fair Value
	Common Stocks, continued
	Gas Utilities, continued
	37,400	Hong Kong & China Gas Co., Ltd.	$	70,285
	8,000	Osaka Gas Co., Ltd.		32,740
	7,000	Tokyo Gas Co., Ltd.		36,461
	697	UGI Corp.		33,742

				275,658

	Health Care Equipment & Supplies (2.0%):
	7,061	Abbott Laboratories		343,235
	324	Align Technology, Inc.*		48,639
	1,991	Baxter International, Inc.		120,535
	894	Becton, Dickinson & Co.^		174,428
	5,595	Boston Scientific Corp.*		155,093
	300	C.R. Bard, Inc.		94,833
	263	Cochlear, Ltd.		31,439
	461	Coloplast A/S, Class B		38,621
	4,781	Convatec Group plc*		19,879
	192	Cooper Cos., Inc. (The)		45,969
	2,549	Danaher Corp.		215,110
	906	DENTSPLY SIRONA, Inc.		58,745
	377	Dexcom, Inc.*^		27,578
	883	Edwards Lifesciences Corp.*		104,406
	862	Essilor International SA Compagnie Generale d’Optique		110,201
	747	Getinge AB, Class B		14,663
	974	Hologic, Inc.*		44,200
	1,700	HOYA Corp.		88,551
	352	IDEXX Laboratories, Inc.*		56,820
	147	Intuitive Surgical, Inc.*		137,499
	5,606	Medtronic plc		497,534
	1,100	Olympus Co., Ltd.		40,207
	548	ResMed, Inc.^		42,673
	3,822	Smith & Nephew plc		66,006
	211	Sonova Holding AG, Registered Shares		34,267
	39	Straumann Holding AG, Registered Shares		22,271
	1,394	Stryker Corp.^		193,459
	600	Sysmex Corp.		35,887
	198	Teleflex, Inc.		41,136
	1,400	Terumo Corp.		55,196
	379	Varian Medical Systems, Inc.*^		39,109
	646	William Demant Holding A/S*		16,776
	735	Zimmer Holdings, Inc.		94,374

				3,109,339

	Health Care Providers & Services (1.8%):
	1,441	Aetna, Inc.		218,786
	1,356	Al Noor Hospitals Group plc		13,091
	700	Alfresa Holdings Corp.		13,520
	665	AmerisourceBergen Corp.^		62,862
	1,090	Anthem, Inc.		205,062
	1,325	Cardinal Health, Inc.		103,244
	667	Centene Corp.*		53,280
	1,063	Cigna Corp.		177,936
	650	DaVita, Inc.*		42,094
	240	Envision Healthcare Corp.*^		15,041


Shares			Fair Value
	Common Stocks, continued
	Health Care Providers & Services, continued
	2,542	Express Scripts Holding Co.*	$	162,281
	882	Fresenius Medical Care AG & Co., KGaA		84,841
	1,748	Fresenius SE & Co. KGaA		150,287
	1,233	HCA Holdings, Inc.*		107,518
	7,247	Healthscope, Ltd.		12,323
	332	Henry Schein, Inc.*^		60,763
	625	Humana, Inc.		150,388
	409	Laboratory Corp. of America Holdings*		63,043
	866	McKesson Corp.		142,492
	800	Medipal Holdings Corp.		14,821
	366	MEDNAX, Inc.*^		22,095
	300	Miraca Holdings, Inc.		13,517
	324	Patterson Cos., Inc.^		15,212
	569	Quest Diagnostics, Inc.		63,250
	548	Ramsay Health Care, Ltd.		31,020
	1,923	Ryman Healthcare, Ltd.		11,679
	1,491	Sonic Healthcare, Ltd.		27,749
	400	Suzuken Co., Ltd.		13,302
	3,866	UnitedHealth Group, Inc.		716,833
	359	Universal Health Services, Inc., Class B		43,827
	332	VCA Antech, Inc.*		30,647

				2,842,804

	Health Care Technology (0.1%):
	1,083	Cerner Corp.*^		71,987
	700	M3, Inc.		19,331
	435	Veeva Systems, Inc., Class A*		26,670

				117,988

	Hotels, Restaurants & Leisure (1.9%):
	683	Accor SA^		32,181
	929	Aramark Holdings Corp.		38,070
	2,102	Aristocrat Leisure, Ltd.		36,410
	1,447	Carnival Corp., Class A		94,880
	863	Carnival plc		57,132
	116	Chipotle Mexican Grill, Inc.*^		48,268
	6,444	Compass Group plc		136,036
	1,460	Crown, Ltd.		13,777
	480	Darden Restaurants, Inc.^		43,411
	255	Domino’s Pizza Enterprises, Ltd.^		10,205
	200	Domino’s Pizza, Inc.^		42,306
	511	Flight Centre, Ltd.^		15,050
	9,000	Galaxy Entertainment Group, Ltd.		54,646
	11,400	Genting Singapore plc		8,990
	715	Hilton Worldwide Holdings, Inc.		44,223
	704	Intercontinental Hotels Group plc		39,118
	1,621	Las Vegas Sands Corp.^		103,566
	1,370	Marriott International, Inc., Class A		137,425
	3,314	McDonald’s Corp.		507,571
	400	McDonald’s Holdings Co., Ltd.		15,338
	763	Melco Resorts & Entertainment, Ltd., ADR		17,129
	2,822	Merlin Entertainments plc		17,670
	2,400	MGM China Holdings, Ltd.		5,338
	1,778	MGM Resorts International^		55,634


Shares			Fair Value
	Common Stocks, continued
	Hotels, Restaurants & Leisure, continued
	621	Norwegian Cruise Line Holdings, Ltd.*	$	33,714
	900	Oriental Land Co., Ltd.		60,974
	422	Paddy Power plc		45,042
	873	Restaurant Brands International, Inc.		54,632
	695	Royal Caribbean Cruises, Ltd.		75,915
	9,600	Sands China, Ltd.		43,962
	10,000	SJM Holdings, Ltd.		10,544
	372	Sodexo SA		48,090
	5,947	Starbucks Corp.		346,769
	3,310	Tabcorp Holdings, Ltd.		11,115
	5,782	Tatts Group, Ltd.		18,598
	1,739	TUI AG		25,375
	163	Vail Resorts, Inc.^		33,061
	710	Whitbread plc		36,682
	448	Wyndham Worldwide Corp.		44,984
	8,000	Wynn Macau, Ltd.		18,701
	321	Wynn Resorts, Ltd.		43,053
	1,338	Yum! Brands, Inc.		98,691

				2,624,276

	Household Durables (0.7%):
	3,899	Barratt Developments plc		28,624
	503	Berkeley Group Holdings plc (The)		21,140
	900	Casio Computer Co., Ltd.		13,866
	1,387	D.R. Horton, Inc.		47,949
	982	Electrolux AB, Series B		32,306
	447	Garmin, Ltd.		22,810
	1,713	Husqvarna AB, Class B		17,090
	600	Iida Group Holdings Co., Ltd.		10,004
	538	Leggett & Platt, Inc.^		28,261
	726	Lennar Corp., Class A		38,710
	254	Mohawk Industries, Inc.*		61,389
	1,786	Newell Rubbermaid, Inc.		95,766
	1,300	Nikon Corp.		20,809
	14	NVR, Inc.*		33,749
	9,100	Panasonic Corp.		123,791
	1,265	Persimmon plc		36,950
	1,202	PulteGroup, Inc.^		29,485
	100	Rinnai Corp.		9,332
	92	SEB SA		16,527
	2,000	Sekisui Chemical Co., Ltd.		35,885
	2,800	Sekisui House, Ltd.		49,382
	7,000	Sharp Corp.*		26,056
	5,100	Sony Corp.		194,564
	13,519	Taylor Wimpey plc		31,032
	5,500	Techtronic Industries Co., Ltd.		25,292
	621	Toll Brothers, Inc.^		24,536
	302	Whirlpool Corp.^		57,869

				1,133,174

	Household Products (1.2%):
	1,025	Church & Dwight Co., Inc.		53,177
	530	Clorox Co. (The)		70,617
	3,303	Colgate-Palmolive Co.		244,851


Shares			Fair Value
	Common Stocks, continued
	Household Products, continued
	2,567	Essity AB, Class B*	$	70,262
	405	Henkel AG & Co. KGaA		48,980
	1,483	Kimberly-Clark Corp.		191,470
	1,000	Lion Corp.		20,722
	10,319	Procter & Gamble Co. (The)		899,302
	2,586	Reckitt Benckiser Group plc		262,332
	1,600	Unicharm Corp.		40,251

				1,901,964

	Independent Power & Renewable Electricity Producers (0.0%):
	2,498	AES Corp. (The)		27,753
	500	Electric Power Development Co., Ltd.		12,372
	6,653	Meridian Energy, Ltd.		14,184

				54,309

	Industrial Conglomerates (1.8%):
	2,434	3M Co., Class C		506,734
	11,000	CK Hutchison Holdings, Ltd.		138,113
	381	DCC plc		34,716
	35,342	General Electric Co.		954,588
	2,867	Honeywell International, Inc.		382,142
	800	Jardine Matheson Holdings, Ltd.		51,376
	900	Jardine Strategic Holdings, Ltd.		37,552
	2,000	Keihan Electric Railway Co., Ltd.		12,730
	4,300	Keppel Corp., Ltd.		19,653
	3,639	Koninklijke Philips Electronics NV^		129,518
	7,370	NWS Holdings, Ltd.		14,500
	420	Roper Industries, Inc.		97,243
	700	Seibu Holdings, Inc.		12,965
	6,700	SembCorp Industries, Ltd.		14,997
	3,118	Siemens AG, Registered Shares		428,658
	1,528	Smiths Group plc		31,829
	16,000	Toshiba Corp.*		38,765

				2,906,079

	Insurance (4.6%):
	850	Admiral Group plc		22,179
	7,322	AEGON NV		37,620
	1,537	Aflac, Inc.		119,394
	762	Ageas NV		30,697
	50,000	AIA Group, Ltd.		365,469
	38	Alleghany Corp.*		22,602
	1,877	Allianz SE, Registered Shares+		369,849
	1,500	Allstate Corp. (The)		132,660
	304	American Financial Group, Inc.		30,208
	4,000	American International Group, Inc.		250,081
	1,072	Aon plc		142,522
	502	Arch Capital Group, Ltd.*		46,831
	733	Arthur J. Gallagher & Co.		41,964
	4,785	Assicurazioni Generali SpA		79,055
	244	Assurant, Inc.		25,300
	311	Athene Holding, Ltd.*		15,429
	15,816	Aviva plc		108,441
	8,031	AXA SA		221,299


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	387	Axis Capital Holdings, Ltd.	$	25,023
	209	Baloise Holding AG, Registered Shares		32,326
	1,927	Chubb, Ltd.		280,146
	647	Cincinnati Financial Corp.		46,875
	697	CNP Assurances SA		15,651
	4,600	Dai-ichi Life Insurance Co., Ltd.		83,535
	5,556	Direct Line Insurance Group plc		25,732
	166	Everest Re Group, Ltd.		42,262
	92	Fairfax Financial Holdings, Ltd.		39,877
	928	FNF Group		41,602
	727	Gjensidige Forsikring ASA		12,412
	1,141	Great-West Lifeco, Inc.^		30,932
	228	Hannover Rueck SE		27,396
	1,532	Hartford Financial Services Group, Inc. (The)		80,537
	396	Industrial Alliance Insurance & Financial Services, Inc.		17,183
	9,685	Insurance Australia Group, Ltd.		50,404
	551	Intact Financial Corp.		41,629
	1,800	Japan Post Holdings Co., Ltd.		22,351
	25,103	Legal & General Group plc		84,475
	940	Lincoln National Corp.		63,525
	1,142	Loews Corp.		53,457
	8,040	Manulife Financial Corp.		150,741
	4,960	MAPFRE SA		17,331
	60	Markel Corp.*		58,552
	2,135	Marsh & McLennan Cos., Inc.		166,445
	10,769	Medibank Private, Ltd.		23,155
	3,604	MetLife, Inc.		198,004
	1,600	MS&AD Insurance Group Holdings, Inc.		53,955
	663	Muenchener Rueckversicherungs-Gesellschaft AG		133,744
	1,400	NKSJ Holdings, Inc.		54,316
	1,294	NN Group NV^		46,065
	19,702	Old Mutual plc		49,637
	2,312	Poste Italiane SpA		15,829
	1,383	Power Corp. of Canada		31,551
	922	Power Financial Corp.		23,658
	1,177	Principal Financial Group, Inc.		75,410
	2,306	Progressive Corp. (The)		101,672
	1,792	Prudential Financial, Inc.		193,787
	10,626	Prudential plc		244,069
	5,450	QBE Insurance Group, Ltd.		49,460
	288	Reinsurance Group of America, Inc.		36,976
	4,071	RSA Insurance Group plc		32,654
	1,809	Sampo OYJ, Class A		92,983
	893	SCOR SA		35,419
	900	Sony Financial Holdings, Inc.		15,417
	1,995	St. James Place plc		30,719
	7,642	Standard Life plc		39,730
	2,439	Sun Life Financial, Inc.		87,207
	5,252	Suncorp-Metway, Ltd.		59,738
	130	Swiss Life Holding AG, Registered Shares		43,933
	1,323	Swiss Re AG		121,240
	2,300	T&D Holdings, Inc.		35,239


Shares			Fair Value
	Common Stocks, continued
	Insurance, continued
	2,800	Tokio Marine Holdings, Inc.	$	116,348
	475	Torchmark Corp.		36,338
	1,119	Travelers Cos., Inc. (The)		141,587
	213	Tryg A/S		4,663
	6,441	UnipolSai SpA^		14,110
	930	UnumProvident Corp.		43,366
	458	W.R. Berkley Corp.		31,680
	533	Willis Towers Watson plc^		77,530
	1,182	XL Group, Ltd.		51,772
	577	Zurich Insurance Group AG		168,071

				6,183,031

	Internet & Direct Marketing Retail (1.6%):
	1,632	Amazon.com, Inc.*		1,579,776
	477	Expedia, Inc.^		71,049
	1,663	Liberty Interactive Corp., Class A*		40,810
	1,777	Netflix, Inc.*		265,502
	195	Priceline Group, Inc. (The)*		364,751
	3,700	Rakuten, Inc.		43,623
	700	Start Today Co., Ltd.		17,258
	466	TripAdvisor, Inc.*^		17,801
	340	Zalando SE*		15,585

				2,416,155

	Internet Software & Services (2.7%):
	694	Akamai Technologies, Inc.*		34,568
	1,192	Alphabet, Inc., Class A*		1,108,179
	1,267	Alphabet, Inc., Class C*		1,151,361
	3,847	Auto Trader Group plc		19,044
	147	CoStar Group, Inc.*		38,749
	500	DeNA Co., Ltd.		11,215
	4,346	eBay, Inc.*		151,762
	9,551	Facebook, Inc., Class A*		1,442,010
	700	Kakaku.com, Inc.		10,064
	151	MercadoLibre, Inc.^		37,883
	300	mixi, Inc.		16,641
	300	Shopify, Inc., Class A*		26,070
	2,197	Twitter, Inc.*^		39,260
	475	United Internet AG, Registered Shares		26,117
	386	VeriSign, Inc.*^		35,883
	5,500	Yahoo! Japan Corp.		23,957
	443	Zillow Group, Inc., Class C*^		21,711

				4,194,474

	IT Services (2.7%):
	2,540	Accenture plc, Class C		314,148
	201	Alliance Data Systems Corp.		51,595
	1,872	Amadeus IT Holding SA		111,972
	346	Atos Origin SA		48,541
	1,819	Automatic Data Processing, Inc.^		186,375
	467	Broadridge Financial Solutions, Inc.		35,287
	715	Capgemini SA		74,284
	859	CGI Group, Inc., Class A*		43,897
	2,496	Cognizant Technology Solutions Corp., Class A		165,734


Shares			Fair Value
	Common Stocks, continued
	IT Services, continued
	1,800	Computershare, Ltd.	$	19,531
	1,217	Dxc Technology Co.		93,368
	1,298	Fidelity National Information Services, Inc.		110,849
	1,382	First Data Corp., Class A*		25,152
	898	Fiserv, Inc.*		109,861
	371	FleetCor Technologies, Inc.*		53,502
	7,000	Fujitsu, Ltd.		51,686
	324	Gartner, Inc.*		40,017
	604	Global Payments, Inc.		54,553
	3,617	International Business Machines Corp.		556,402
	317	Jack Henry & Associates, Inc.^		32,927
	584	Leidos Holdings, Inc.		30,187
	3,890	MasterCard, Inc., Class A		472,441
	440	Nomura Research Institute, Ltd.		17,367
	2,500	NTT Data Corp.		27,866
	200	OBIC Co., Ltd.		12,311
	200	Otsuka Corp.		12,421
	1,291	Paychex, Inc.		73,510
	4,456	PayPal Holdings, Inc.*		239,154
	802	Sabre Corp.^		17,460
	647	Total System Services, Inc.		37,688
	617	Vantive, Inc., Class A*		39,081
	7,493	Visa, Inc., Class A^		702,693
	1,873	Western Union Co.^		35,681
	6,886	Worldpay Group plc		28,239

				3,925,780

	Leisure Products (0.2%):
	443	Hasbro, Inc.		49,399
	1,326	Mattel, Inc.^		28,549
	800	Namco Bandai Holdings, Inc.		27,302
	239	Polaris Industries, Inc.^		22,043
	300	Sankyo Co., Ltd.		10,177
	800	Sega Sammy Holdings, Inc.		10,786
	300	Shimano, Inc.		47,555
	600	Yamaha Corp.		20,772

				216,583

	Life Sciences Tools & Services (0.4%):
	1,399	Agilent Technologies, Inc.		82,975
	49	Eurofins Scientific SE		27,622
	596	Illumina, Inc.*		103,418
	306	Lonza Group AG, Registered Shares		66,198
	108	Mettler-Toledo International, Inc.*		63,562
	839	Qiagen NV		27,933
	583	Quintiles Transnational Holdings, Inc.*		52,179
	1,561	Thermo Fisher Scientific, Inc.		272,347
	321	Waters Corp.*		59,013

				755,247

	Machinery (2.0%):
	264	AGCO Corp.^		17,791
	1,121	Alfa Laval AB		22,979
	607	Alstom SA*		21,239


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	1,300	AMADA Co., Ltd.	$	15,054
	291	Andritz AG		17,548
	3,019	Atlas Copco AB, Class A		116,324
	1,444	Atlas Copco AB, Class B		50,002
	2,423	Caterpillar, Inc.		260,375
	4,138	CNH Industrial NV		47,089
	662	Cummins, Inc.		107,390
	1,090	Deere & Co.		134,713
	617	Dover Corp.		49,496
	800	FANUC Corp.		154,504
	458	Flowserve Corp.^		21,265
	1,241	Fortive Corp.		78,617
	718	GEA Group AG^		29,459
	1,200	Hino Motors, Ltd.		13,349
	600	Hitachi Construction Machinery Co., Ltd.		15,027
	200	Hoshizaki Electric Co., Ltd.		18,107
	312	IDEX Corp.		35,259
	6,000	IHI Corp.		20,483
	1,217	Illinois Tool Works, Inc.		174,335
	1,011	IMI plc		15,742
	1,063	Ingersoll-Rand plc		97,147
	800	JTEKT Corp.		11,746
	5,000	Kawasaki Heavy Industries, Ltd.		14,821
	4,000	Komatsu, Ltd.		101,987
	1,450	Kone OYJ, Class B		73,934
	4,200	Kubota Corp.		70,786
	500	Kurita Water Industries, Ltd.		13,646
	800	Makita Corp.		29,628
	156	MAN AG		16,721
	472	Metso Corp. OYJ		16,386
	259	Middleby Corp. (The)*^		31,471
	1,400	Minebea Co., Ltd.		22,599
	13,000	Mitsubishi Heavy Industries, Ltd.		53,348
	400	Nabtesco Corp.		11,652
	1,000	NGK Insulators, Ltd.		19,987
	1,800	NSK, Ltd.		22,617
	1,503	PACCAR, Inc.^		99,258
	552	Parker Hannifin Corp.		88,221
	670	Pentair plc		44,582
	4,220	Sandvik AB		66,480
	141	Schindler Holding AG		29,855
	31	Schindler Holding AG, Registered Shares		6,431
	1,553	SKF AB, Class B		31,627
	200	SMC Corp.		60,919
	234	Snap-On, Inc.^		36,972
	620	Stanley Black & Decker, Inc.		87,253
	2,000	Sumitomo Heavy Industries, Ltd.		13,238
	600	THK Co., Ltd.		17,057
	5,811	Volvo AB, Class B		99,298
	210	WABCO Holdings, Inc.*		26,777
	356	Wabtec Corp.^		32,574
	592	Wartsila Corp. OYJ, Class B		34,989


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	830	Weir Group plc (The)	$	18,757
	704	Xylem, Inc.		39,023

				2,877,934

	Marine (0.1%):
	17	A.P. Moeller — Maersk A/S, Class A		32,494
	30	A.P. Moeller — Maersk A/S, Class B		60,630
	228	Kuehne & Nagel International AG, Registered Shares		38,124
	5,000	Mitsui O.S.K. Lines, Ltd.		14,723
	6,000	Nippon Yusen Kabushiki Kaisha		11,187

				157,158

	Media (2.3%):
	1,500	Altice NV, Class A*		34,878
	429	Altice NV, Class B*		9,899
	245	Axel Springer AG		14,716
	1,501	CBS Corp., Class B		95,734
	854	Charter Communications, Inc., Class A*		287,670
	18,954	Comcast Corp., Class A		737,689
	800	Dentsu, Inc.		38,328
	679	Discovery Communications, Inc., Class A*^		17,539
	836	Discovery Communications, Inc., Class C*		21,076
	890	DISH Network Corp., Class A*		55,856
	678	Eutelsat Communications SA		17,330
	1,100	Hakuhodo DY Holdings, Inc.		14,628
	1,539	Interpublic Group of Cos., Inc. (The)^		37,859
	13,978	ITV plc		33,053
	403	JCDecaux SA		13,235
	470	Lagardere SCA		14,862
	423	Liberty Broadband Corp., Class C*^		36,695
	2,068	Liberty Global plc, Class C*		64,480
	1,134	Liberty Global plc, Class A*		36,424
	446	Liberty Global plc, Class C*		9,549
	369	Liberty SiriusXM Group, Class A*		15,491
	773	Liberty SiriusXM Group, Class C*		32,234
	1,432	News Corp., Class A		19,618
	970	Omnicom Group, Inc.^		80,413
	3,978	Pearson plc		35,822
	854	ProSiebenSat.1 Media AG		35,733
	740	Publicis Groupe SA		55,432
	318	REA Group, Ltd.		16,248
	170	RTL Group		12,855
	509	Schibsted ASA, Class A		12,308
	534	Schibsted ASA, Class B		11,813
	321	Scripps Networks Interactive, Class C^		21,928
	1,431	SES Global, Class A		33,552
	1,928	Shaw Communications, Inc., Class B		42,066
	1,500	Singapore Press Holdings, Ltd.		3,520
	7,135	Sirius XM Holdings, Inc.^		39,028
	3,978	Sky plc		51,490
	227	Telenet Group Holding NV*		14,300
	3,183	Time Warner, Inc.		319,605
	400	Toho Co., Ltd.		12,330
	4,426	Twenty-First Century Fox, Inc.		125,433


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	1,709	Twenty-First Century Fox, Inc., Class B	$	47,630
	1,493	Viacom, Inc., Class B^		50,120
	4,248	Vivendi Universal SA		94,552
	6,386	Walt Disney Co. (The)		678,513
	5,272	WPP plc		110,902

				3,564,436

	Metals & Mining (1.4%):
	908	Agnico Eagle Mines, Ltd.		40,953
	10,099	Alumina, Ltd.^		14,878
	5,723	Anglo American plc*		76,684
	1,773	Antofagasta plc		18,510
	2,681	ArcelorMittal*		61,015
	4,826	Barrick Gold Corp.		76,785
	8,849	BHP Billiton plc		135,546
	12,549	BHP Billiton, Ltd.		223,782
	2,338	BlueScope Steel, Ltd.		23,699
	1,073	Boliden AB		29,333
	2,679	First Quantum Minerals, Ltd.		22,666
	6,052	Fortescue Metals Group, Ltd.		24,233
	779	Franco-Nevada Corp.		56,217
	5,129	Freeport-McMoRan Copper & Gold, Inc.*		61,599
	837	Fresnillo plc		16,240
	50,986	Glencore International plc		191,335
	3,385	Goldcorp, Inc.		43,650
	1,100	Hitachi Metals, Ltd.		15,354
	2,000	JFE Holdings, Inc.		34,796
	4,800	Kinross Gold Corp.*		19,509
	1,500	Kobe Steel, Ltd.*		15,465
	400	Maruichi Steel Tube, Ltd.		11,641
	400	Mitsubishi Materials Corp.		12,143
	2,928	Newcrest Mining, Ltd.		45,444
	2,281	Newmont Mining Corp.		73,882
	3,400	Nippon Steel Corp.		76,970
	5,187	Norsk Hydro ASA		28,816
	1,338	Nucor Corp.		77,430
	380	Randgold Resources, Ltd.		33,625
	5,090	Rio Tinto plc		214,572
	1,687	Rio Tinto, Ltd.		81,911
	20,869	South32, Ltd.		42,895
	990	Steel Dynamics, Inc.		35,452
	2,000	Sumitomo Metal & Mining Co., Ltd.		26,778
	2,549	Teck Cominco, Ltd., Class B		44,194
	1,419	ThyssenKrupp AG		40,330
	3,978	Turquoise Hill Resources, Ltd.*		10,585
	415	Voestalpine AG		19,362
	1,722	Wheaton Precious Metals Corp.		34,212
	3,593	Yamana Gold, Inc.		8,674

				2,121,165

	Mortgage Real Estate Investment Trusts (0.0%):
	1,279	Agnc Investment Corp.		27,230
	3,700	Annaly Capital Management, Inc.^		44,585

				71,815


Shares			Fair Value
	Common Stocks, continued
	Multiline Retail (0.3%):
	274	Canadian Tire Corp., Class A	$	31,183
	1,129	Dollar General Corp.		81,390
	1,013	Dollar Tree, Inc.*		70,829
	450	Dollarama, Inc.		43,004
	400	Don Quijote Co., Ltd.		15,180
	3,176	Harvey Norman Holdings, Ltd.^		9,317
	1,300	Isetan Mitsukoshi Holdings, Ltd.		13,063
	900	J. Front Retailing Co., Ltd.		13,854
	725	Kohl’s Corp.^		28,036
	1,213	Macy’s, Inc.^		28,190
	6,217	Marks & Spencer Group plc		26,984
	900	MARUI GROUP Co., Ltd.		13,290
	672	Next plc		33,743
	511	Nordstrom, Inc.^		24,441
	100	Ryohin Keikaku Co., Ltd.		24,997
	1,000	Takashimaya Co., Ltd.		9,533
	2,194	Target Corp.^		114,724

				581,758

	Multi-Utilities (1.0%):
	2,649	AGL Energy, Ltd.		51,945
	986	Ameren Corp.		53,905
	348	Atco, Ltd.		13,610
	463	Canadian Utilities, Ltd., Class A		14,880
	1,567	CenterPoint Energy, Inc.		42,904
	23,324	Centrica plc		60,786
	1,140	CMS Energy Corp.		52,725
	1,217	Consolidated Edison, Inc.		98,358
	2,595	Dominion Energy, Inc.		198,854
	735	DTE Energy Co.		77,756
	8,601	E.ON AG		81,160
	6,854	Engie Group		104,042
	573	Innogy Se		22,549
	14,284	National Grid plc		177,256
	1,299	NiSource, Inc.		32,943
	2,159	Public Service Enterprise Group, Inc.		92,859
	1,932	RWE AG*		38,520
	563	SCANA Corp.		37,727
	956	Sempra Energy^		107,788
	1,255	Suez Environnement Co.		23,256
	1,772	Veolia Environnement SA		37,624
	1,315	WEC Energy Group, Inc.		80,715

				1,502,162

	Oil, Gas & Consumable Fuels (5.9%):
	608	AltaGas, Ltd.		13,918
	2,270	Anadarko Petroleum Corp.		102,922
	597	Antero Resources Corp.*^		12,901
	1,592	Apache Corp.^		76,305
	1,724	ARC Resources, Ltd.		22,551
	78,348	BP plc		452,535
	1,817	Cabot Oil & Gas Corp.		45,570
	1,032	Caltex Australia, Ltd.		25,038
	1,442	Cameco Corp.		13,134


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	4,633	Canadian Natural Resources, Ltd.	$	133,709
	3,747	Cenovus Energy, Inc.		27,627
	783	Cheniere Energy, Inc.*		38,140
	7,694	Chevron Corp.		802,716
	378	Cimarex Energy Co.		35,536
	633	Concho Resources, Inc.*^		76,928
	4,843	ConocoPhillips Co.		212,898
	370	Continental Resources, Inc.*^		11,962
	2,681	Crescent Point Energy Corp.		20,512
	1,958	Devon Energy Corp.		62,597
	351	Diamondback Energy, Inc.*		31,172
	6,701	Enbridge, Inc.		266,985
	4,312	EnCana Corp.		37,945
	10,853	ENI SpA		163,760
	2,387	EOG Resources, Inc.		216,071
	682	EQT Corp.^		39,958
	16,791	Exxon Mobil Corp.		1,355,538
	1,200	Galp Energia SGPS SA		18,225
	1,128	Hess Corp.^		49,485
	657	HollyFrontier Corp.^		18,048
	1,272	Husky Energy, Inc.*		14,441
	500	Idemitsu Kosan Co., Ltd.		14,169
	1,189	Imperial Oil, Ltd.		34,663
	3,800	INPEX Corp.		36,653
	1,260	Inter Pipeline, Ltd.		24,683
	10,850	JX Holdings, Inc.		47,479
	705	Keyera Corp.		22,195
	7,857	Kinder Morgan, Inc.		150,540
	290	Koninklijke Vopak NV		13,461
	750	Lundin Petroleum AB*		14,456
	3,305	Marathon Oil Corp.^		39,164
	2,142	Marathon Petroleum Corp.		112,091
	632	Murphy Oil Corp.^		16,198
	521	Neste Oil OYJ		20,550
	781	Newfield Exploration Co.*^		22,227
	1,879	Noble Energy, Inc.		53,176
	3,176	Occidental Petroleum Corp.		190,147
	5,352	Oil Search, Ltd.		28,052
	488	OMV AG		25,366
	828	ONEOK, Inc.^		43,188
	6,801	Origin Energy, Ltd.*		35,797
	686	Parsley Energy, Inc., Class A*		19,037
	1,763	Pembina Pipelines Corp.		58,400
	635	Peyto Exploration & Development Corp.		11,519
	1,797	Phillips 66		148,594
	681	Pioneer Natural Resources Co.		108,674
	369	Plains GP Holdings, LP-CL A^		9,653
	775	Prairiesky Royalty, Ltd.		17,651
	726	Range Resources Corp.^		16,821
	5,072	Repsol SA		77,800
	17,716	Royal Dutch Shell plc, Class A		470,503
	15,358	Royal Dutch Shell plc, Class B		412,426


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	6,196	Santos, Ltd.*	$	14,407
	1,158	Seven Generations Energy*		19,836
	1,400	Showa Shell Sekiyu K.K.		13,010
	12,925	Snam SpA		56,524
	4,749	Statoil ASA		78,957
	6,773	Suncor Energy, Inc.		197,925
	749	Targa Resources Corp.^		33,855
	478	Tesoro Corp.		44,741
	9,283	Total SA		459,877
	813	Tourmaline Oil Corp.*		17,481
	3,648	TransCanada Corp.		173,931
	1,862	Valero Energy Corp.		125,611
	1,273	Veresen, Inc.		18,006
	444	Vermilion Energy, Inc.		14,088
	3,383	Williams Cos., Inc. (The)		102,437
	3,014	Woodside Petroleum, Ltd.		69,074

				8,134,220

	Paper & Forest Products (0.1%):
	1,393	Mondi plc		36,550
	3,000	OYI Paper Co., Ltd.		15,526
	2,017	Stora Enso OYJ, Registered Shares		26,078
	2,334	UPM-Kymmene OYJ		66,556
	350	West Fraser Timber Co., Ltd.		16,569

				161,279

	Personal Products (0.7%):
	413	Beiersdorf AG		43,491
	1,897	Coty, Inc., Class A^		35,588
	935	Estee Lauder Co., Inc. (The), Class A		89,741
	1,800	Kao Corp.		107,000
	100	KOSE Corp.		10,943
	1,047	L’Oreal SA		218,184
	1,500	Shiseido Co., Ltd.		53,444
	6,477	Unilever NV		357,903
	5,280	Unilever plc		285,946

				1,202,240

	Pharmaceuticals (6.1%):
	1,335	Allergan plc		324,525
	9,000	Astellas Pharma, Inc.		110,212
	5,143	AstraZeneca plc		344,613
	3,376	Bayer AG, Registered Shares		436,742
	6,803	Bristol-Myers Squibb Co.		379,063
	900	Chugai Pharmaceutical Co., Ltd.		33,733
	2,600	Daiichi Sankyo Co., Ltd.		61,326
	700	Dainippon Sumitomo Pharma Co., Ltd.		9,564
	1,000	Eisai Co., Ltd.		55,289
	4,018	Eli Lilly & Co.		330,681
	19,895	GlaxoSmithKline plc		423,706
	563	Hikma Pharmaceuticals plc^		10,781
	200	Hisamitsu Pharmaceutical Co., Inc.		9,589
	154	Ipsen SA		21,086
	—	Jazz Pharmaceuticals plc*		—


Shares			Fair Value
	Common Stocks, continued
	Pharmaceuticals, continued
	237	Jazz Pharmaceuticals plc*	$	36,854
	10,988	Johnson & Johnson Co.		1,453,602
	1,000	Kyowa Hakko Kogyo Co., Ltd.		18,612
	428	Mallinckrodt plc*		19,179
	11,067	Merck & Co., Inc.		709,284
	517	Merck KGaA		62,579
	900	Mitsubishi Tanabe Pharma Corp.		20,848
	1,844	Mylan NV*		71,584
	8,983	Novartis AG, Registered Shares		750,397
	7,396	Novo Nordisk A/S, Class B		317,303
	1,600	Ono Pharmaceutical Co., Ltd.		34,956
	411	Orion OYJ, Class B		26,240
	1,500	Otsuka Holdings Co., Ltd.		63,980
	562	Perrigo Co. plc^		42,442
	23,857	Pfizer, Inc.		801,357
	427	Recordati SpA		17,372
	2,880	Roche Holding AG		735,598
	4,795	Sanofi-Aventis SA		460,795
	1,400	Santen Pharmaceutical Co., Ltd.		19,017
	1,200	Shionogi & Co., Ltd.		66,945
	100	Taisho Pharmaceutical Holdings Co., Ltd.		7,618
	2,900	Takeda Pharmacuetical Co., Ltd.		147,465
	54	Taro Pharmaceutical Industries, Ltd.*		6,051
	3,885	Teva Pharmaceutical Industries, Ltd., ADR^		129,059
	502	UCB SA		34,540
	1,267	Valeant Pharmaceuticals International, Inc.*		22,025
	160	Vifor Pharma AG		17,693
	1,957	Zoetis, Inc.		122,078

				8,766,383

	Professional Services (0.7%):
	655	Adecco SA, Registered Shares		49,881
	996	Bureau Veritas SA		22,060
	2,593	Capita Group plc		23,353
	491	Equifax, Inc.		67,473
	3,896	Experian plc		79,992
	1,548	IHS Markit, Ltd.*		68,174
	627	Intertek Group plc		34,479
	282	Manpower, Inc.		31,485
	1,524	Nielsen Holdings plc		58,918
	465	Randstad Holding NV		27,188
	4,500	Recruit Holdings Co., Ltd.		77,451
	4,424	Reed Elsevier plc		95,717
	3,903	RELX NV		80,304
	509	Robert Half International, Inc.^		24,396
	1,229	Seek, Ltd.		15,963
	22	SGS SA, Registered Shares		53,352
	702	Verisk Analytics, Inc.*		59,228
	1,199	Wolters Kluwer NV^		50,804

				920,218

	Real Estate Management & Development (0.8%):
	800	AEON Mall Co., Ltd.		15,765
	165	Azrieli Group		9,169


Shares			Fair Value
	Common Stocks, continued
	Real Estate Management & Development, continued
	10,400	CapitaLand, Ltd.	$	26,448
	1,177	CBRE Group, Inc., Class A*		42,843
	11,000	Cheung Kong Property Holdings, Ltd.		86,167
	2,000	City Developments, Ltd.		15,593
	300	Daito Trust Construction Co., Ltd.		46,694
	2,400	Daiwa House Industry Co., Ltd.		82,126
	1,352	Deutsche Wohnen AG		51,746
	760	First Capital Realty, Inc.		11,582
	6,900	Global Logistic Properties, Ltd.		14,344
	4,000	Hang Lung Group, Ltd.		16,550
	8,000	Hang Lung Properties, Ltd.		19,983
	4,400	Henderson Land Development Co., Ltd.		24,545
	5,100	Hongkong Land Holdings, Ltd.		37,538
	1,400	Hulic Co., Ltd.		14,312
	3,000	Hysan Development Co., Ltd.		14,329
	178	Jones Lang LaSalle, Inc.		22,250
	4,000	Kerry Properties, Ltd.		13,578
	2,148	Lend Lease Group		27,482
	5,000	Mitsubishi Estate Co., Ltd.		93,419
	3,300	Mitsui Fudosan Co., Ltd.		78,905
	22,308	New World Development Co., Ltd.		28,318
	700	Nomura Real Estate Holdings, Inc.		13,719
	12,117	Sino Land Co., Ltd.		19,867
	1,000	Sumitomo Realty & Development Co., Ltd.		30,913
	6,000	Sun Hung Kai Properties, Ltd.		88,155
	2,000	Swire Pacific, Ltd., Class A		19,534
	4,800	Swire Properties, Ltd.		15,854
	318	Swiss Prime Site AG		28,895
	900	Tokyo Tatemono Co., Ltd.		11,812
	2,200	Tokyu Fudosan Holdings Corp.		13,028
	3,069	UOL Group, Ltd.		17,042
	1,889	Vonovia SE		75,048
	5,000	Wharf Holdings, Ltd. (The)		41,448
	3,000	Wheelock & Co., Ltd.		22,639

				1,191,640

	Road & Rail (1.1%):
	39	AMERCO, Inc.		14,276
	7,972	Aurizon Holdings, Ltd.		32,800
	3,160	Canadian National Railway Co.		256,437
	565	Canadian Pacific Railway, Ltd.		90,920
	600	Central Japan Railway Co.		97,908
	12,700	ComfortDelGro Corp., Ltd.		21,248
	3,587	CSX Corp.		195,707
	737	DSV A/S		45,427
	1,400	East Japan Railway Co.		134,014
	900	Hankyu Hanshin Holdings, Inc.		32,394
	359	J.B. Hunt Transport Services, Inc.		32,805
	426	Kansas City Southern		44,581
	2,000	Keihin Electric Express Railway Co., Ltd.		24,126
	2,000	Keio Corp.		16,751
	500	Keisei Electric Railway Co., Ltd.		13,370
	7,000	Kintetsu Corp.		26,995


Shares			Fair Value
	Common Stocks, continued
	Road & Rail, continued
	700	Kyushu Railway Co.	$	22,726
	7,000	MTR Corp., Ltd.		39,445
	3,000	Nagoya Railroad Co., Ltd.		13,997
	3,000	Nippon Express Co., Ltd.		18,808
	1,209	Norfolk Southern Corp.		147,135
	1,100	Odakyu Electric Railway Co., Ltd.		22,210
	3,000	Tobu Railway Co., Ltd.		16,379
	4,000	Tokyu Corp.		30,551
	3,233	Union Pacific Corp.		352,107
	700	West Japan Railway Co.		49,504

				1,792,621

	Semiconductors & Semiconductor Equipment (2.5%):
	3,346	Advanced Micro Devices, Inc.*^		41,758
	1,519	Analog Devices, Inc.		118,178
	4,461	Applied Materials, Inc.		184,284
	1,300	ASM Pacific Technology, Ltd.		17,551
	1,546	ASML Holding NV		201,264
	1,602	Broadcom, Ltd.		373,346
	100	Disco Corp.		16,010
	4,690	Infineon Technologies AG		99,375
	19,077	Intel Corp.		643,659
	618	KLA-Tencor Corp.		56,553
	652	Lam Research Corp.^		92,212
	1,673	Marvell Technology Group, Ltd.		27,638
	1,111	Maxim Integrated Products, Inc.		49,884
	875	Microchip Technology, Inc.^		67,533
	4,304	Micron Technology, Inc.*		128,517
	2,131	NVIDIA Corp.		308,057
	1,413	NXP Semiconductors NV*		154,653
	500	Qorvo, Inc.*		31,660
	6,037	QUALCOMM, Inc.		333,363
	300	ROHM Co., Ltd.		23,115
	677	Skyworks Solutions, Inc.		64,958
	2,574	STMicroelectronics NV		36,905
	4,102	Texas Instruments, Inc.		315,567
	600	Tokyo Electron, Ltd.		81,295
	962	Xilinx, Inc.^		61,876

				3,529,211

	Software (3.4%):
	2,883	Activision Blizzard, Inc.		165,974
	2,005	Adobe Systems, Inc.*		283,587
	353	ANSYS, Inc.*		42,953
	845	Autodesk, Inc.*		85,193
	1,224	CA, Inc.		42,191
	1,174	Cadence Design Systems, Inc.*		39,317
	520	CDK Global, Inc.		32,271
	506	Check Point Software Technologies, Ltd.*^		55,194
	700	Citrix Systems, Inc.*		55,706
	76	Constellation Software, Inc./Canada		39,764
	497	Dassault Systemes SA		44,535
	879	Dell Technologies, Inc., Class V*		53,716
	1,235	Electronic Arts, Inc.*		130,564


Shares			Fair Value
	Common Stocks, continued
	Software, continued
	566	Fortinet, Inc.*	$	21,191
	316	Gemalto NV		19,082
	1,007	Intuit, Inc.		133,740
	400	Konami Corp.		22,258
	200	Line Corp.*		6,940
	29,727	Microsoft Corp.		2,049,082
	815	Mobileye NV*		51,182
	700	Nexon Co., Ltd.		13,862
	322	NICE Systems, Ltd.		25,549
	400	Nintendo Co., Ltd.		133,894
	948	Nuance Communications, Inc.*		16,505
	946	Open Text Corp.		29,863
	200	Oracle Corp.		12,999
	12,377	Oracle Corp.		620,583
	728	Red Hat, Inc.*		69,706
	3,432	Sage Group plc		30,770
	2,687	Salesforce.com, Inc.*		232,694
	3,998	SAP AG		417,811
	648	ServiceNow, Inc.*		68,688
	515	Splunk, Inc.*^		29,298
	708	SS&C Technologies Holdings, Inc.		27,194
	2,450	Symantec Corp.		69,213
	605	Synopsys, Inc.*		44,123
	400	Trend Micro, Inc.		20,640
	295	VMware, Inc., Class A*^		25,792
	462	Workday, Inc., Class A*		44,814

				5,308,438

	Specialty Retail (1.6%):
	200	ABC-Mart, Inc.		11,786
	290	Advance Auto Parts, Inc.		33,811
	287	AutoNation, Inc.*^		12,100
	120	AutoZone, Inc.*^		68,455
	597	Bed Bath & Beyond, Inc.^		18,149
	1,143	Best Buy Co., Inc.^		65,528
	756	CarMax, Inc.*^		47,673
	350	Dick’s Sporting Goods, Inc.^		13,941
	3,672	Dixons Carphone plc		13,575
	133	Dufry AG, Registered Shares*		21,893
	200	Fast Retailing Co., Ltd.		66,726
	534	Foot Locker, Inc.		26,316
	935	Gap, Inc. (The)^		20,561
	3,872	Hennes & Mauritz AB, Class B		96,746
	100	Hikari Tsushin, Inc.		10,532
	4,899	Home Depot, Inc. (The)		751,506
	4,461	Industria de Diseno Textil SA		171,767
	8,807	Kingfisher plc		34,486
	983	L Brands, Inc.^		52,974
	3,479	Lowe’s Cos., Inc.		269,726
	300	Nitori Co., Ltd.		40,152
	388	O’Reilly Automotive, Inc.*^		84,871
	1,445	Ross Stores, Inc.		83,420
	100	Shimamura Co., Ltd.		12,240


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	292	Signet Jewelers, Ltd.^	$	18,466
	2,397	Staples, Inc.		24,138
	492	Tiffany & Co.		46,184
	2,699	TJX Cos., Inc. (The)		194,787
	522	Tractor Supply Co.^		28,298
	241	Ulta Salon, Cosmetics & Fragrance, Inc.*		69,249
	800	USS Co., Ltd.		15,918
	2,400	Yamada Denki Co., Ltd.		11,928

				2,437,902

	Technology Hardware, Storage & Peripherals (2.5%):
	21,186	Apple, Inc.		3,051,207
	1,801	BlackBerry, Ltd.*		18,002
	900	Brother Industries, Ltd.		20,829
	4,600	Canon, Inc.		156,556
	1,900	Fujifilm Holdings Corp.		68,404
	6,822	Hewlett Packard Enterprise Co.		113,177
	6,492	HP, Inc.		113,480
	1,800	Konica Minolta Holdings, Inc.		14,985
	10,000	NEC Corp.		26,565
	1,134	NetApp, Inc.		45,417
	2,600	Ricoh Co., Ltd.		23,006
	1,172	Seagate Technology plc		45,415
	1,100	Seiko Epson Corp.		24,522
	1,213	Western Digital Corp.		107,472
	809	Xerox Corp.		23,243

				3,852,280

	Textiles, Apparel & Luxury Goods (1.0%):
	773	Adidas AG		148,164
	600	ASICS Corp.		11,143
	1,799	Burberry Group plc		38,968
	49	Christian Dior SE		14,068
	1,086	Coach, Inc.		51,411
	2,156	Compagnie Financiere Richemont SA		177,963
	860	Gildan Activewear, Inc.		26,432
	1,456	Hanesbrands, Inc.^		33,721
	86	Hermes International SA		42,522
	262	Hugo Boss AG^		18,387
	323	Kering		110,577
	26,000	Li & Fung, Ltd.		9,472
	432	Lululemon Athletica, Inc.*		25,777
	696	Luxottica Group SpA		40,379
	1,132	LVMH Moet Hennessy Louis Vuitton SA		283,937
	694	Michael Kors Holdings, Ltd.*^		25,158
	5,267	Nike, Inc., Class C		310,754
	486	Pandora A/S		45,572
	320	PVH Corp.		36,640
	224	Ralph Lauren Corp.		16,531
	120	Swatch Group AG (The), Class B		44,378
	210	Swatch Group AG (The), Registered Shares		15,346
	731	Under Armour, Inc., Class A*^		15,907
	702	Under Armour, Inc., Class C*^		14,152
	1,359	VF Corp.^		78,278


Shares			Fair Value
	Common Stocks, continued
	Textiles, Apparel & Luxury Goods, continued
	3,000	Yue Yuen Industrial Holdings, Ltd.	$	12,450

				1,648,087

	Thrifts & Mortgage Finance (0.0%):
	1,773	New York Community Bancorp, Inc.^		23,279

	Tobacco (1.6%):
	7,815	Altria Group, Inc.		581,983
	7,455	British American Tobacco plc		507,456
	3,970	Imperial Tobacco Group plc, Class A		178,486
	4,600	Japan Tobacco, Inc.		161,701
	6,265	Philip Morris International, Inc.		735,824
	3,497	Reynolds American, Inc.		227,445
	739	Swedish Match AB, Class B		26,067

				2,418,962

	Trading Companies & Distributors (0.5%):
	659	AerCap Holdings NV*		30,597
	1,988	Ashtead Group plc		41,230
	606	Brenntag AG		35,083
	1,312	Bunzl plc		39,128
	1,131	Fastenal Co.^		49,233
	660	Finning International, Inc.		12,939
	824	HD Supply Holdings, Inc.*		25,239
	6,500	ITOCHU Corp.		96,755
	6,400	Marubeni Corp.		41,440
	1,200	Misumi Group, Inc.		27,435
	6,400	Mitsubishi Corp.		134,463
	7,200	Mitsui & Co., Ltd.		103,087
	1,153	Rexel SA		18,895
	4,700	Sumitomo Corp.		61,282
	800	Toyota Tsushu Corp.		24,027
	958	Travis Perkins plc		18,164
	331	United Rentals, Inc.*^		37,307
	231	W.W. Grainger, Inc.^		41,702
	1,045	Wolseley plc		64,252

				902,258

	Transportation Infrastructure (0.2%):
	2,991	Abertis Infraestructuras SA		55,451
	290	Aena SA		56,656
	121	Aeroports de Paris		19,543
	1,830	Atlantia SpA		51,675
	3,464	Auckland International Airport, Ltd.		18,096
	182	Fraport AG		16,098
	1,770	Groupe Eurotunnel SA		18,885
	27,700	Hutchison Port Holdings Trust		11,911
	300	Japan Airport Terminal Co., Ltd.		11,493
	1,000	Kamigumi Co., Ltd.		10,496
	348	Macquarie Infrastructure Corp.		27,283
	3,000	SATS, Ltd.		11,142
	4,299	Sydney Airport		23,411
	8,363	Transurban Group		76,098

				408,238


Shares			Fair Value
	Common Stocks, continued
	Water Utilities (0.0%):
	703	American Water Works Co., Inc.	$	54,799
	930	Severn Trent plc		26,444
	2,680	United Utilities Group plc		30,296

				111,539

	Wireless Telecommunication Services (0.7%):
	7,600	KDDI Corp.		201,367
	285	Millicom International Cellular SA, SDR		16,863
	5,200	NTT DoCoMo, Inc.		122,763
	1,431	Rogers Communications, Inc.		67,599
	3,400	SoftBank Group Corp.		276,268
	3,079	Sprint Corp.*^		25,279
	5,000	StarHub, Ltd.		9,894
	1,473	Tele2 AB		15,486
	1,171	T-Mobile US, Inc.*		70,986
	107,712	Vodafone Group plc		305,606

				1,112,111

	Total Common Stocks (Cost $129,209,552)			148,459,712

	Preferred Stocks (0.2%):
	Automobiles (0.1%):
	239	Bayerische Motoren Werke AG (BMW), 4.87%		19,718
	605	Porsche Automobil Holding SE, 2.05%		33,988
	759	Volkswagen AG, 1.54%		115,746

				169,452


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Preferred Stocks, continued
	Household Products (0.1%):
	712	Henkel AG & Co. KGaA, 1.34%	$	97,980

	Total Preferred Stocks (Cost $238,807)			267,432

	Rights (0.0%):
	Aerospace & Defense (0.0%):
	540,594	Rolls-Royce Holdings plc, Expires on 7/05/17*(a)		704

	Construction & Engineering (0.0%):
	788	ACS Actividades de Construccion y Servicios SA, Expires on 7/12/17*^		630

	Total Rights (Cost $—)			1,334

	Securities Held as Collateral for Securities on Loan (5.6%):
$	8,400,429	AZL MSCI Global Equity Index Fund Securities Lending Collateral Account(b)		8,400,429

	Total Securities Held as Collateral for Securities on Loan (Cost $8,400,429)			8,400,429

	Unaffiliated Investment Company (0.2%):
	289,720	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.75%(c)		289,720

	Total Unaffiliated Investment Company (Cost $289,720)			289,720

	Total Investment Securities (Cost $138,138,508)(d) — 105.1%			157,418,627
	Net other assets (liabilities) — (5.1)%			(7,636,261	)

	Net Assets — 100.0%		$	149,782,366

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2017:

Cash of $36,719 has been segregated to cover margin requirements for the following open contracts as of June 30, 2017:

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investments in non-affiliates, at cost	$	137,680,414
Investments in affiliates, at cost		458,094

Total Investment securities, at cost	$	138,138,508

Investment in non-affiliates, at value	$	156,837,151
Investments in affiliates, at value		581,476

Total Investment securities, at value^*	$	157,418,627
Segregated cash for collateral		36,719
Interest and dividends receivable		214,110
Foreign currency, at value (cost $385,283)		392,924
Receivable for investments sold		2,142
Receivable for variation margin on futures contracts		225
Reclaims receivable		151,503
Prepaid expenses		39,594

Total Assets		158,255,844

Liabilities:
Cash overdraft		52
Payable for capital shares redeemed		1,392
Payable for collateral received on loaned securities		8,400,429
Payable for variation margin on futures contracts		2,015
Manager fees payable		38,523
Distribution fees payable		31,067

Total Liabilities		8,473,478

Net Assets	$	149,782,366

Net Assets Consist of:
Capital	$	142,644,142
Accumulated net investment income/(loss)		4,413,408
Accumulated net realized gains/(losses) from investment transactions		(16,561,178	)
Net unrealized appreciation/(depreciation) on investments		19,285,994

Net Assets	$	149,782,366

Shares of beneficial interest (unlimited number of shares authorized, no par value)		14,423,337
Net Asset Value (offering and redemption price per share)	$	10.38

*	Includes securities on loan of $7,989,602.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Dividends	$	2,192,235
Dividends from affiliates		18,224
Income from securities lending		8,205
Foreign withholding tax		(126,611	)

Total Investment Income		2,092,053

Expenses:
Manager fees		520,048
Administration fees		78,960
Distribution fees		185,731
Custodian fees		24,311
Administrative and compliance services fees		1,110
Transfer agent fees		2,505
Trustee fees		3,616
Professional fees		3,795
Shareholder reports		1,078
Other expenses		1,872

Total expenses before reductions		823,026
Less expenses voluntarily waived/reimbursed by the Manager		(289,740	)

Net expenses		533,286

Net Investment Income/(Loss)		1,558,767

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		1,351,837
Net realized gains/(losses) on securities transactions from affiliates		3,469
Net realized gains/(losses) on futures contracts		112,304
Change in net unrealized appreciation/depreciation on investments		12,469,640

Net Realized/Unrealized Gains/(Losses) on Investments		13,937,250

Change in Net Assets Resulting From Operations	$	15,496,017

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL MSCI Global Equity Index Fund (formerly, AZL Global Equity Index Fund) (the “Fund”), and 22 are presented in separate reports.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $6 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $810 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Certain Funds of the Trust participate in a commission recapture program. The Fund will utilize the recaptured commissions to pay for, in whole or part, certain expenses of the Fund, excluding investment advisory fees. Any amounts received by the Fund, if applicable, are disclosed as “Expenses paid indirectly” on the Statement of Operations. The Fund ceased participation in the program in June 2014.

During the period ended June 30, 2017, the Fund did not enter into any futures contracts. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $.9 million as of June 30, 2017. The monthly average notional amount for these contracts was $1.1 million for the period ended June 30, 2017. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2017:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2017:

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with BlackRock Investment Management, LLC (“BlackRock”), BlackRock provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2017, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $898 was paid from the Fund relating to these fees and expenses.

Director receives an additional $42,500 annually. In addition, the Trustees are reimbursed for certain expenses associated with attending Board meetings. Compensation to the Trustees is allocated between the Trust and the Allianz Variable Insurance Products Fund of Funds Trust in proportion to the assets under management of each trust. During the period ended June 30, 2017, actual Trustee compensation was $435,200 in total for both trusts.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2017, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2017 is $138,531,771. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2017, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 25% of the Fund.

In October 2016, the Securities and Exchange Commission (SEC) released its Final Rules on Investment Company Reporting Modernization (the “Rules”). The Rules which introduce two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN – also contain amendments to Regulation S-X which require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments are effective for filings made with the SEC after August 1, 2017. Management is currently evaluating the impact of the amendments on the fund’s financial statements. The adoption will have no effect on the Funds’ net assets or results of operations.

As a shareholder of the AZL Pyramis^® Multi-Strategy Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (39.1%):
	Aerospace & Defense (1.3%):
	13,569	Boeing Co. (The)	$	2,683,269
	4,617	General Dynamics Corp.		914,628
	901	Lockheed Martin Corp.		250,127
	4,770	Moog, Inc., Class A*		342,104
	4,049	Northrop Grumman Corp.		1,039,419
	7,899	Raytheon Co.		1,275,531
	1,525	Rockwell Collins, Inc.		160,247
	21,499	Spirit AeroSystems Holdings, Inc., Class A^		1,245,652
	3,943	United Technologies Corp.		481,480

				8,392,457

	Air Freight & Logistics (0.0%):
	230	CEVA Group plc*(a)		57,413

	Airlines (0.3%):
	6,324	Hawaiian Holdings, Inc.*^		296,912
	4,146	Southwest Airlines Co.		257,632
	16,723	United Continental Holdings, Inc.*		1,258,406

				1,812,950

	Auto Components (0.3%):
	5,167	Gentex Corp.^		98,018
	9,109	Lear Corp.		1,294,207
	9,168	Tenneco, Inc.^		530,185

				1,922,410

	Automobiles (0.1%):
	27,306	Ford Motor Co.		305,554
	9,722	General Motors Co.		339,590

				645,144

	Banks (2.5%):
	176,084	Bank of America Corp.		4,271,798
	37,915	Citigroup, Inc.		2,535,755
	58,323	JPMorgan Chase & Co.		5,330,722
	3,585	U.S. Bancorp		186,133
	78,131	Wells Fargo & Co.		4,329,239

				16,653,647

	Beverages (0.9%):
	49,392	Coca-Cola Co. (The)		2,215,231
	28,823	PepsiCo, Inc.		3,328,768

				5,543,999

	Biotechnology (1.6%):
	24,408	AbbVie, Inc.		1,769,824
	16,841	Amgen, Inc.		2,900,526
	6,612	Biogen Idec, Inc.*		1,794,232
	35,094	Gilead Sciences, Inc.		2,483,953
	7,907	United Therapeutics Corp.*^		1,025,775

				9,974,310

	Building Products (0.2%):
	15,232	Owens Corning, Inc.		1,019,325

	Capital Markets (0.8%):
	916	Bank of New York Mellon Corp. (The)^		46,734
	10,344	Goldman Sachs Group, Inc. (The)		2,295,334


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	44,404	Morgan Stanley	$	1,978,642
	17,815	Thomson Reuters Corp.		824,656

				5,145,366

	Chemicals (0.6%):
	8,715	Dow Chemical Co. (The)		549,656
	6,226	E.I. du Pont de Nemours & Co.		502,500
	19,802	LyondellBasell Industries NV, Class A		1,671,091
	3,034	Monsanto Co.		359,104
	1,426	Sherwin Williams Co.		500,469
	1,600	Trinseo SA		109,920

				3,692,740

	Commercial Services & Supplies (0.1%):
	6,283	LSC Communications, Inc.		134,456
	4,148	MSA Safety, Inc.^		336,693

				471,149

	Communications Equipment (0.8%):
	100,242	Cisco Systems, Inc.		3,137,574
	2,517	F5 Networks, Inc.*		319,810
	48,879	Juniper Networks, Inc.		1,362,747

				4,820,131

	Consumer Finance (0.4%):
	9,139	American Express Co.		769,869
	5,567	Capital One Financial Corp.		459,946
	21,119	Discover Financial Services		1,313,391

				2,543,206

	Diversified Consumer Services (0.2%):
	51	Graham Holdings Co., Class B		30,582
	40,107	H&R Block, Inc.		1,239,708

				1,270,290

	Diversified Financial Services (0.6%):
	22,880	Berkshire Hathaway, Inc., Class B*		3,875,186

	Diversified Telecommunication Services (0.8%):
	106,597	AT&T, Inc.		4,021,905
	22,868	Verizon Communications, Inc.		1,021,285

				5,043,190

	Electric Utilities (0.8%):
	3,688	Duke Energy Corp.		308,280
	9,474	Eversource Energy		575,167
	20,309	Exelon Corp.		732,546
	14,895	NextEra Energy, Inc.		2,087,236
	35,488	PPL Corp.		1,371,966

				5,075,195

	Electrical Equipment (0.2%):
	18,584	Eaton Corp. plc		1,446,393

	Electronic Equipment, Instruments & Components (0.3%):
	53,627	Corning, Inc.		1,611,491


Shares			Fair Value
	Common Stocks, continued
	Energy Equipment & Services (0.0%):
	484	Baker Hughes, Inc.^	$	26,383
	248	Schlumberger, Ltd.		16,328
	6,467	Technipfmc plc*		175,902

				218,613

	Equity Real Estate Investment Trusts (0.4%):
	45,451	Parks Hotels & Resorts, Inc.		1,225,359
	47,763	Weyerhaeuser Co.		1,600,060

				2,825,419

	Food & Staples Retailing (1.3%):
	28,808	CVS Health Corp.^		2,317,892
	67,120	Kroger Co. (The)^		1,565,238
	25,334	Walgreens Boots Alliance, Inc.		1,983,906
	35,265	Wal-Mart Stores, Inc.		2,668,855

				8,535,891

	Food Products (0.7%):
	6,611	Bunge, Ltd.		493,181
	23,799	Campbell Soup Co.^		1,241,118
	512	Hershey Co. (The)		54,973
	6,960	JM Smucker Co. (The)		823,577
	25,180	Tyson Foods, Inc., Class A		1,577,023

				4,189,872

	Gas Utilities (0.1%):
	10,488	UGI Corp.		507,724

	Health Care Equipment & Supplies (0.6%):
	28,389	Baxter International, Inc.		1,718,670
	860	Becton, Dickinson & Co.^		167,795
	56	C.R. Bard, Inc.		17,702
	1,693	Danaher Corp.		142,872
	13,249	Masimo Corp.*^		1,208,044
	8,433	Medtronic plc		748,429

				4,003,512

	Health Care Providers & Services (1.8%):
	13,024	Aetna, Inc.		1,977,434
	10,400	Anthem, Inc.		1,956,552
	10,046	Centene Corp.*		802,474
	1,219	Cigna Corp.		204,048
	28,141	Express Scripts Holding Co.*		1,796,521
	7,243	Humana, Inc.		1,742,811
	19,012	UnitedHealth Group, Inc.		3,525,206

				12,005,046

	Hotels, Restaurants & Leisure (0.5%):
	25,815	Carnival Corp., Class A		1,692,690
	9,265	Darden Restaurants, Inc.^		837,927
	919	McDonald’s Corp.		140,754

				2,671,371

	Household Durables (0.3%):
	3,592	CalAtlantic Group, Inc.^		126,977
	150	NVR, Inc.*^		361,592


Shares			Fair Value
	Common Stocks, continued
	Household Durables, continued
	31,878	Taylor Morrison Home Corp., Class A*^	$	765,391
	16,097	Toll Brothers, Inc.		635,992

				1,889,952

	Household Products (0.7%):
	7,282	Colgate-Palmolive Co.		539,815
	45,942	Procter & Gamble Co. (The)		4,003,845

				4,543,660

	Independent Power & Renewable Electricity Producers (0.0%):
	2,489	Vistra Energy Corp.^		41,790

	Industrial Conglomerates (0.8%):
	13,636	3M Co., Class C		2,838,879
	64,037	General Electric Co.		1,729,639
	2,395	Honeywell International, Inc.		319,230

				4,887,748

	Insurance (0.3%):
	10,342	Aflac, Inc.		803,367
	123	Erie Indemnity Co., Class A		15,384
	192	FNF Group		8,607
	10,747	Prudential Financial, Inc.		1,162,180

				1,989,538

	Internet & Direct Marketing Retail (1.0%):
	6,082	Amazon.com, Inc.*		5,887,376
	31,807	Liberty Interactive Corp., Class A*		780,544

				6,667,920

	Internet Software & Services (1.7%):
	3,583	Alphabet, Inc., Class A*		3,331,043
	2,463	Alphabet, Inc., Class C*		2,238,202
	50,374	eBay, Inc.*		1,759,060
	23,428	Facebook, Inc., Class A*		3,537,160

				10,865,465

	IT Services (0.9%):
	15,287	Accenture plc, Class C		1,890,696
	18,109	International Business Machines Corp.		2,785,707
	335	MasterCard, Inc., Class A		40,686
	7,969	Visa, Inc., Class A^		747,333

				5,464,422

	Machinery (0.8%):
	9,683	Allison Transmission Holdings, Inc.^		363,209
	10,331	Cummins, Inc.		1,675,895
	13,747	Deere & Co.		1,698,992
	1,713	Illinois Tool Works, Inc.		245,387
	13,508	Ingersoll-Rand plc		1,234,496
	877	Toro Co.		60,767

				5,278,746

	Media (1.6%):
	88,528	Comcast Corp., Class A		3,445,510
	32,131	Discovery Communications, Inc., Class C*		810,023
	16,548	Scripps Networks Interactive, Class C^		1,130,394
	55,132	Tegna, Inc.^		794,452


Shares			Fair Value
	Common Stocks, continued
	Media, continued
	6,791	Time Warner, Inc.	$	681,884
	29,508	Walt Disney Co. (The)		3,135,225

				9,997,488

	Metals & Mining (0.2%):
	10,199	Nucor Corp.		590,216
	23,401	Warrior Met Coal, Inc.		400,863

				991,079

	Mortgage Real Estate Investment Trusts (0.3%):
	20,650	Agnc Investment Corp.		439,639
	103,879	Annaly Capital Management, Inc.^		1,251,741

				1,691,380

	Multiline Retail (0.3%):
	31,077	Target Corp.^		1,625,016

	Oil, Gas & Consumable Fuels (1.6%):
	10,779	Chevron Corp.		1,124,573
	38,040	ConocoPhillips Co.		1,672,238
	54,631	Exxon Mobil Corp.		4,410,360
	6,520	Marathon Petroleum Corp.		341,192
	14,583	ONEOK, Inc.^		760,649
	25,112	Valero Energy Corp.^		1,694,056
	6,057	Williams Cos., Inc. (The)		183,406

				10,186,474

	Paper & Forest Products (0.1%):
	22,014	Louisiana-Pacific Corp.*		530,758

	Pharmaceuticals (2.2%):
	2,903	Allergan plc		705,690
	23,034	Bristol-Myers Squibb Co.		1,283,454
	1,003	Eli Lilly & Co.		82,547
	42,477	Johnson & Johnson Co.		5,619,283
	53,716	Merck & Co., Inc.		3,442,658
	111,727	Pfizer, Inc.		3,752,910

				14,886,542

	Professional Services (0.0%):
	1,279	Manpower, Inc.		142,800
	3,683	Robert Half International, Inc.^		176,527

				319,327

	Road & Rail (0.4%):
	21,310	Union Pacific Corp.		2,320,872

	Semiconductors & Semiconductor Equipment (1.8%):
	41,360	Applied Materials, Inc.		1,708,582
	93,718	Intel Corp.		3,162,044
	14,655	KLA-Tencor Corp.		1,341,079
	71,746	Marvell Technology Group, Ltd.		1,185,244
	15,533	Micron Technology, Inc.*		463,815
	24,098	QUALCOMM, Inc.		1,330,692
	28,435	Texas Instruments, Inc.		2,187,505

				11,378,961


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Common Stocks, continued
	Software (1.7%):
	6,522	Adobe Systems, Inc.*	$	922,472
	9,831	Citrix Systems, Inc.*		782,351
	2,836	Electronic Arts, Inc.*		299,822
	3,982	Intuit, Inc.		528,849
	110,669	Microsoft Corp.		7,628,414
	8,994	Oracle Corp.		450,959

				10,612,867

	Specialty Retail (1.0%):
	31,253	Bed Bath & Beyond, Inc.^		950,091
	25,681	Best Buy Co., Inc.^		1,472,292
	17,668	GameStop Corp., Class A^		381,805
	37,831	Gap, Inc. (The)^		831,904
	17,058	Home Depot, Inc. (The)		2,616,697
	70,250	Office Depot, Inc.		396,210

				6,648,999

	Technology Hardware, Storage & Peripherals (2.3%):
	71,669	Apple, Inc.		10,321,770
	92,605	HP, Inc.		1,618,735
	25,142	NetApp, Inc.^		1,006,937
	31,707	Seagate Technology plc^		1,228,646
	44,269	Xerox Corp.		1,271,848

				15,447,936

	Textiles, Apparel & Luxury Goods (0.2%):
	3,163	Carter’s, Inc.^		281,349
	31,810	Michael Kors Holdings, Ltd.*		1,153,113

				1,434,462

	Tobacco (0.7%):
	41,028	Altria Group, Inc.		3,055,355
	8,120	Philip Morris International, Inc.		953,694
	6,170	Reynolds American, Inc.		401,297

				4,410,346

	Total Common Stocks (Cost $225,157,780)			250,085,188

	Convertible Preferred Stocks (0.0%):
	Air Freight & Logistics (0.0%):
	49	CEVA Group plc, Series A-2(a)		13,594
	6	CEVA Group plc, Series A-1(a)		2,250

				15,844

	Total Convertible Preferred Stocks (Cost $11,360)			15,844

	Asset Backed Securities (0.5%):
$	1,736,000	Aaset Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(b)		1,738,699

	755,792	Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		774,464

	236,979	Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(b)(c)		236,104


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Asset Backed Securities, continued
$	411,536	Thunderbolt Aircraft Lease Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(b)(c)	$	419,964

	Total Asset Backed Securities (Cost $3,140,275)			3,169,231

	Collateralized Mortgage Obligations (0.4%):
	1,900,000	GAHR Commercial Mortgage Trust, Class DFX, Series 2015-NRF, 3.38%, 12/15/34(b)		1,927,734

	103,000	MSCG Trust, Class C, Series 2016-SNR, 5.21%, 11/15/34(b)		103,694

	146,000	MSCG Trust, Class B, Series 2016-SNR, 4.18%, 11/15/34(b)		146,613

	414,000	MSCG Trust, Class A, Series 2016-SNR, 3.46%, 11/15/34(b)(c)		415,107

	Total Collateralized Mortgage Obligations (Cost $2,594,402)			2,593,148

	Corporate Bonds (16.2%):
	Aerospace & Defense (0.1%):
	400,000	Huntington Ingalls Industries, Inc., 5.00%, 11/15/25, Callable 11/15/20 @ 102.5(b)		429,500
	500,000	KLX, Inc., 5.88%, 12/1/22, Callable 12/1/17 @ 104.41(b)		525,000

				954,500

	Automobiles (0.1%):
	330,000	General Motors Co., 3.50%, 10/2/18		335,794

	Banks (1.4%):
	640,000	Bank of America Corp., 4.20%, 8/26/24		664,387
	410,000	Bank of America Corp., Series L, 3.95%, 4/21/25		415,429
	516,000	Bank of America Corp., 3.88%, 8/1/25, MTN		533,808
	66,000	Bank of America Corp., Series G, 4.45%, 3/3/26		68,689
	396,000	Bank of America Corp., Series G, 3.50%, 4/19/26		397,349
	397,000	Bank of America Corp., 4.25%, 10/22/26		408,821
	200,000	CIT Group, Inc., 5.00%, 8/15/22		215,500
	730,000	Citigroup, Inc., 4.05%, 7/30/22		763,133
	1,000,000	Citigroup, Inc., 4.30%, 11/20/26^		1,027,141
	250,000	Citizens Bank NA/RI, 2.55%, 5/13/21, Callable 4/13/21 @ 100		250,138
	2,005,000	JPMorgan Chase & Co., 3.88%, 9/10/24		2,068,644
	231,000	JPMorgan Chase & Co., 2.95%, 10/1/26, Callable 7/1/26 @ 100		222,938
	1,422,000	JPMorgan Chase & Co., 4.13%, 12/15/26		1,472,888
	550,000	Regions Financial Corp., 3.20%, 2/8/21, Callable 1/8/21 @ 100		562,326

				9,071,191

	Beverages (0.5%):
	992,000	Anheuser-Busch InBev NV, 3.30%, 2/1/23, Callable 12/1/22 @ 100		1,021,493
	939,000	Anheuser-Busch InBev NV, 4.70%, 2/1/36, Callable 8/1/35 @ 100		1,033,504
	1,074,000	Anheuser-Busch InBev NV, 4.90%, 2/1/46, Callable 8/1/45 @ 100		1,212,160

				3,267,157


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Capital Markets (0.2%):
$	399,000	Goldman Sachs Group, Inc. (The), 2.55%, 10/23/19	$	403,354
	154,000	IntercontinentalExchange, 2.75%, 12/1/20, Callable 11/1/20 @ 100		156,997
	157,000	Moody’s Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100(b)		154,587
	523,000	Morgan Stanley, 4.88%, 11/1/22		567,846
	114,000	Tiaa Asset Management Finance LLC, 2.95%, 11/1/19(b)		115,629

				1,398,413

	Chemicals (0.2%):
	350,000	CF Industries Holdings, Inc., 3.45%, 6/1/23^		330,750
	350,000	CF Industries, Inc., 4.95%, 6/1/43		300,125
	135,000	Chemours Co., 5.38%, 5/15/27, Callable 2/15/27 @ 100		139,373
	200,000	Platform Specialty Products, 6.50%, 2/1/22, Callable 2/1/18 @ 103.25^(b)		206,500
	40,000	Venator Finance SARL/Venator Materials Corp., 5.75%, 7/15/25, Callable 7/15/20 @ 104.31(d)		40,400
	200,000	W R Grace & Co., 5.63%, 10/1/24(b)		213,750

				1,230,898

	Commercial Services & Supplies (0.2%):
	500,000	ADT Corp., 6.25%, 10/15/21		544,375
	500,000	Prime Securities Services Borrower/Finance, 9.25%, 5/15/23, Callable 5/15/19 @ 104.63(b)		543,330

				1,087,705

	Communications Equipment (0.0%):
	200,000	Brocade Communications Systems, Inc., 4.63%, 1/15/23, Callable 1/15/18 @ 102.31^		205,750

	Construction & Engineering (0.0%):
	200,000	Aecom, 5.13%, 3/15/27, Callable 12/15/26 @ 100		200,750
	110,000	Alpine Finance Merger Sub LLC, 6.88%, 8/1/25, Callable 8/1/20 @ 103.44(b)		111,925

				312,675

	Consumer Finance (2.0%):
	150,000	Ally Financial, Inc., 3.75%, 11/18/19		153,375
	300,000	Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/20/25 @ 100^		315,750
	320,000	Capital One Financial Co., 2.45%, 4/24/19, Callable 3/24/19 @ 100		321,711
	534,000	Capital One NA, 2.95%, 7/23/21, Callable 6/23/21 @ 100		537,944
	1,000,000	Discover Bank, 3.20%, 8/9/21, Callable 7/9/21 @ 100		1,018,494
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,088,550
	600,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		615,347
	533,000	Ford Motor Credit Co. LLC, 2.24%, 6/15/18		534,298
	600,000	Ford Motor Credit Co. LLC, 2.88%, 10/1/18		605,949
	1,000,000	Ford Motor Credit Co. LLC, 2.60%, 11/4/19^		1,006,647
	751,000	Ford Motor Credit Co. LLC, 5.88%, 8/2/21		837,466
	200,000	General Motors Acceptance Corp., 8.00%, 11/1/31		245,000


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Consumer Finance, continued
$	383,000	General Motors Financial Co., 3.50%, 7/10/19	$	391,902
	500,000	General Motors Financial Co., 4.20%, 3/1/21, Callable 2/1/21 @ 100^		524,433
	2,003,000	General Motors Financial Co., 4.38%, 9/25/21		2,111,295
	200,000	General Motors Financial Co., 4.25%, 5/15/23		209,089
	161,000	Hyundai Capital America, 2.88%, 8/9/18(b)		162,324
	378,000	Hyundai Capital America, 2.55%, 2/6/19(b)		379,418
	500,000	SLM Corp., 5.50%, 1/15/19		520,625
	510,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100		523,834
	610,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		623,058

				12,726,509

	Containers & Packaging (0.0%):
	200,000	Reynolds Group Issuer, Inc., 5.13%, 7/15/23, Callable 7/15/19 @ 102.56(b)		207,750

	Diversified Consumer Services (0.2%):
	536,000	Apx Group, Inc., 6.38%, 12/1/19, Callable 8/7/17 @ 103.19^		550,740
	500,000	Apx Group, Inc., 8.75%, 12/1/20, Callable 8/7/17 @ 104.38		516,250
	125,000	Laureate Education, Inc., 8.25%, 5/1/25, Callable 5/1/20 @ 106.19(d)		134,063
	200,000	Service Master Co. LLC, 5.13%, 11/15/24, Callable 11/15/19 @ 103.84(b)		207,000

				1,408,053

	Diversified Financial Services (0.1%):
	148,000	Moody’s Corp., 4.88%, 2/15/24, Callable 11/15/23 @ 100		162,930
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25(b)		507,396
	185,000	Voya Financial, Inc., 3.13%, 7/15/24, Callable 5/15/24 @ 100		182,688

				853,014

	Diversified Telecommunication Services (0.7%):
	322,000	AT&T, Inc., 2.45%, 6/30/20, Callable 5/30/20 @ 100		323,653
	614,000	AT&T, Inc., 3.60%, 2/17/23, Callable 12/17/22 @ 100^		628,404
	200,000	Level 3 Financing, Inc., 5.38%, 1/15/24, Callable 1/15/19 @ 102.69		208,750
	200,000	Level 3 Financing, Inc., 5.38%, 5/1/25, Callable 5/1/20 @ 102.69^		210,500
	200,000	Qwest Corp., 6.75%, 12/1/21		220,953
	130,000	Qwest Corp., 7.25%, 9/15/25		144,362
	130,000	Qwest Corp., 6.88%, 9/15/33, Callable 8/7/17 @ 100.68^		127,919
	400,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 2/15/25, Callable 2/15/20 @ 103.31^(b)		400,000
	100,000	Verizon Communications, Inc., 5.50%, 3/16/47^		109,316
	603,000	Verizon Communications, Inc., 5.01%, 4/15/49(b)		608,974
	930,000	Verizon Communications, Inc., 5.01%, 8/21/54		915,229


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Diversified Telecommunication Services, continued
$	500,000	Zayo Group LLC/Zayo Capital, 6.38%, 5/15/25, Callable 5/15/20 @ 103.19^	$	539,685

				4,437,745

	Electric Utilities (0.3%):
	110,000	Emera US Finance LP, 2.15%, 6/15/19		109,898
	109,000	Emera US Finance LP, 2.70%, 6/15/21, Callable 5/15/21 @ 100		109,167
	174,000	Emera US Finance LP, 3.55%, 6/15/26, Callable 3/15/26 @ 100^		174,403
	436,000	Exelon Corp., 3.95%, 6/15/25, Callable 3/15/25 @ 100		451,190
	305,000	FirstEnergy Solutions Co., 6.05%, 8/15/21		125,813
	679,000	FirstEnergy, Inc., 2.75%, 3/15/18		683,328
	168,734	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(b)		181,389
	117,000	NV Energy, Inc., 6.25%, 11/15/20^		131,623
	2,581,000	Texas Competitive Electric Holdings Co. LLC, 11.50%, 10/1/20(d)(e)		6,453

				1,973,264

	Energy Equipment & Services (0.1%):
	234,000	Halliburton Co., 3.80%, 11/15/25, Callable 8/15/25 @ 100^		239,809
	205,000	Halliburton Co., 4.85%, 11/15/35, Callable 5/15/35 @ 100		219,168

				458,977

	Equity Real Estate Investment Trusts (2.7%):
	500,000	American Tower Corp., 2.80%, 6/1/20, Callable 5/1/20 @ 100^		506,795
	1,000,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		1,003,440
	279,000	Brandywine Realty Trust, 4.95%, 4/15/18, Callable 3/15/18 @ 100		285,067
	528,000	Brixmor Operating Partners LP, 3.25%, 9/15/23, Callable 7/15/23 @ 100		516,081
	1,000,000	Brixmor Operating Partners LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100		986,871
	20,000	Corrections Corp. of America, 5.00%, 10/15/22, Callable 7/15/22 @ 100		20,800
	1,114,000	DDR Corp., 4.63%, 7/15/22, Callable 4/15/22 @ 100^		1,166,366
	173,000	DDR Corp., 4.25%, 2/1/26, Callable 11/1/25 @ 100^		169,614
	315,000	Digital Realty Trust, LP, 3.95%, 7/1/22, Callable 5/1/22 @ 100		330,194
	900,000	Digital Realty Trust, LP, 4.75%, 10/1/25, Callable 7/1/25 @ 100		968,018
	183,000	Duke Realty LP, 3.63%, 4/15/23, Callable 1/15/23 @ 100		187,386
	500,000	Equinix, Inc., 5.75%, 1/1/25, Callable 1/1/20 @ 102.88^		538,125
	500,000	HCP, Inc., 3.15%, 8/1/22, Callable 5/1/22 @ 100		503,229


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Equity Real Estate Investment Trusts, continued
$	800,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/17/24 @ 100	$	815,582
	500,000	Health Care REIT, Inc., 4.13%, 4/1/19, Callable 1/1/19 @ 100		514,914
	735,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		736,164
	200,000	MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/1/26, Callable 8/1/21 @ 102.63		207,918
	549,000	Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100		562,972
	101,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100^		102,269
	526,000	Omega Healthcare Investors, Inc., 5.25%, 1/15/26, Callable 10/15/25 @ 100		558,761
	1,628,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100^		1,627,568
	494,000	Omega Healthcare Investors, Inc., 4.75%, 1/15/28, Callable 10/15/27 @ 100		493,161
	600,000	Sabra Health/Capital Corp., 5.50%, 2/1/21, Callable 8/7/17 @ 104.13		624,000
	700,000	Tanger Properties LP, 3.88%, 12/1/23, Callable 9/1/23 @ 100		714,215
	275,000	Tanger Properties LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		275,928
	200,000	Uniti Group, Inc., 6.00%, 4/15/23, Callable 4/15/18 @ 104.5^(b)		208,124
	111,000	Ventas Realty LP, 4.00%, 4/30/19, Callable 1/30/19 @ 100		114,080
	118,000	Ventas Realty LP, 3.13%, 6/15/23, Callable 3/15/23 @ 100		117,300
	1,361,000	Ventas Realty LP, 3.50%, 2/1/25, Callable 11/1/24 @ 100		1,352,178
	151,000	Ventas Realty LP, 4.13%, 1/15/26, Callable 10/15/25 @ 100		155,295

				16,362,415

	Food & Staples Retailing (0.1%):
	200,000	Albertsons Cos. LLC, 6.63%, 6/15/24, Callable 6/15/19 @ 104.97^(b)		198,500
	244,000	CVS Health, 3.50%, 7/20/22, Callable 5/20/22 @ 100		253,043
	271,000	Walgreens Boots Alliance, Inc., 3.30%, 11/18/21, Callable 9/18/21 @ 100		279,425

				730,968

	Food Products (0.0%):
	200,000	Post Holding, Inc., 5.00%, 8/15/26, Callable 8/15/21 @ 102.5(b)		199,500

	Health Care Providers & Services (0.8%):
	300,000	Community Health System, Inc., 6.88%, 2/1/22, Callable 2/1/18 @ 103.44^		262,125
	120,000	Community Health System, Inc., 6.25%, 3/31/23, Callable 3/31/20 @ 103.13		123,882


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Health Care Providers & Services, continued
$	400,000	DaVita HealthCare Partners, Inc., 5.13%, 7/15/24, Callable 7/15/19 @ 102.56	$	406,000
	355,000	HCA, Inc., 3.75%, 3/15/19		362,100
	1,900,000	HCA, Inc., 6.50%, 2/15/20		2,073,375
	25,000	HCA, Inc., 5.88%, 3/15/22		27,719
	20,000	HCA, Inc., 4.75%, 5/1/23		21,150
	300,000	HCA, Inc., 5.38%, 2/1/25		316,440
	320,000	HCA, Inc., 5.25%, 4/15/25^		344,000
	200,000	HCA, Inc., 5.25%, 6/15/26, Callable 12/15/25 @ 100		215,700
	200,000	Tenet Healthcare Corp., 4.50%, 4/1/21		203,250
	400,000	Tenet Healthcare Corp., 8.13%, 4/1/22		424,500
	200,000	WellCare Health Plans, 5.25%, 4/1/25, Callable 4/1/20 @ 103.94		209,500

				4,989,741

	Health Care Technology (0.0%):
	200,000	IMS Health, Inc., 5.00%, 10/15/26, Callable 10/15/21 @ 102.5(b)		206,250

	Hotels, Restaurants & Leisure (0.3%):
	200,000	Aramark Services, Inc., 5.00%, 4/1/25, Callable 4/1/20 @ 103.75(b)		211,250
	500,000	Landry’s, Inc., 6.75%, 10/15/24, Callable 10/15/19 @ 103.38(b)		511,875
	86,000	McDonald’s Corp., 2.75%, 12/9/20, Callable 11/9/20 @ 100		87,559
	227,000	McDonald’s Corp., 3.70%, 1/30/26, Callable 10/30/25 @ 100		235,086
	200,000	MGM Growth Properties LLC, 4.50%, 9/1/26, Callable 6/1/26 @ 100^		201,250
	400,000	Scientific Games International, Inc., 10.00%, 12/1/22, Callable 12/1/18 @ 105		438,500

				1,685,520

	Household Products (0.0%):
	200,000	Energizer Holdings, Inc., 5.50%, 6/15/25, Callable 6/15/20 @ 102.75(b)		209,250

	Independent Power & Renewable Electricity Producers (0.2%):
	200,000	AES Corp., 5.50%, 3/15/24, Callable 3/15/19 @ 102.75		208,250
	200,000	Calpine Corp., 5.38%, 1/15/23, Callable 10/15/18 @ 102.69^		195,000
	200,000	Dynegy, Inc., 7.38%, 11/1/22, Callable 11/1/18 @ 103.69^		197,500
	500,000	IPALCO Enterprises, Inc., 3.45%, 7/15/20, Callable 6/15/20 @ 100		506,250
	230,000	NRG Energy, 6.25%, 5/1/24, Callable 5/1/19 @ 103.13		232,300

				1,339,300

	Industrial Conglomerates (0.1%):
	200,000	Icahn Enterprises LP, 6.00%, 8/1/20, Callable 8/7/17 @ 103		205,875


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Industrial Conglomerates, continued
$	200,000	Icahn Enterprises LP, 5.88%, 2/1/22, Callable 8/7/17 @ 104.41	$	204,750

				410,625

	Insurance (0.7%):
	218,000	American International Group, Inc., 3.30%, 3/1/21, Callable 2/1/21 @ 100		224,285
	809,000	American International Group, Inc., 3.75%, 7/10/25, Callable 4/10/25 @ 100^		824,031
	500,000	Pacific Life Insurance Co., 9.25%, 6/15/39(b)		815,014
	436,000	Pacific Lifecorp, 5.13%, 1/30/43(b)		486,643
	497,000	Teachers Insurance & Annuity Association of America, 4.90%, 9/15/44(b)		556,283
	1,042,000	Unum Group, 5.75%, 8/15/42		1,235,770
	120,000	USIS Merger Sub, Inc., 6.88%, 5/1/25, Callable 5/1/20 @ 103.44(b)		122,100

				4,264,126

	Internet & Direct Marketing Retail (0.0%):
	200,000	Netflix, Inc., 5.88%, 2/15/25		221,500

	Internet Software & Services (0.1%):
	350,000	Genesys/Greeneden LUX/US, 10.00%, 11/30/24, Callable 11/30/19 @ 107.5(b)		393,313

	IT Services (0.0%):
	300,000	First Data Corp., 5.38%, 8/15/23, Callable 8/15/18 @ 102.69(b)		313,500

	Life Sciences Tools & Services (0.0%):
	66,000	Thermo Fisher Scientific, 2.40%, 2/1/19		66,489

	Machinery (0.0%):
	34,000	Ingersoll-Rand Global Holding Co., Ltd., 2.88%, 1/15/19		34,496

	Media (1.6%):
	395,000	21st Century Fox America, 7.75%, 12/1/45		572,408
	500,000	Altice US Finance I Corp., 5.38%, 7/15/23, Callable 7/15/18 @ 104.03(b)		520,313
	400,000	AMC Networks, Inc., 5.00%, 4/1/24, Callable 4/1/20 @ 102.5		409,500
	400,000	CCO Holdings LLC, 5.75%, 2/15/26, Callable 2/15/21 @ 102.88(b)		428,000
	400,000	CCO Holdings LLC, 5.88%, 5/1/27, Callable 5/1/21 @ 102.94^(b)		427,500
	200,000	CSC Holdings LLC, 5.50%, 4/15/27, Callable 4/15/22 @ 102.75(b)		211,500
	200,000	Dish DBS Corp., 5.88%, 7/15/22		215,000
	200,000	Dish DBS Corp., 5.00%, 3/15/23^		205,000
	450,000	MHGE Parent LLC/Finance, 8.50%, 8/1/19, Callable 8/7/17 @ 100^(b)		450,000
	500,000	Neptune Finco Corp., 6.63%, 10/15/25, Callable 10/15/20 @ 103.31(b)		550,050
	200,000	Sirius XM Radio, Inc., 4.63%, 5/15/23, Callable 5/15/18 @ 102.31^(b)		205,750
	600,000	Sirius XM Radio, Inc., 5.38%, 4/15/25, Callable 4/15/20 @ 102.69^(b)		620,250


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Media, continued
$	716,000	Time Warner Cable, Inc., 8.25%, 4/1/19	$	789,858
	1,000,000	Time Warner Cable, Inc., 4.13%, 2/15/21, Callable 11/15/20 @ 100^		1,045,705
	623,000	Time Warner Cable, Inc., 4.00%, 9/1/21, Callable 6/1/21 @ 100		651,226
	155,000	Time Warner Cable, Inc., 6.55%, 5/1/37		185,088
	280,000	Time Warner Cable, Inc., 7.30%, 7/1/38		357,881
	1,500,000	Time Warner Cable, Inc., 6.75%, 6/15/39		1,836,001
	69,000	Time Warner Cable, Inc., 5.50%, 9/1/41, Callable 3/1/41 @ 100		74,152
	200,000	Univision Communications, Inc., 5.13%, 5/15/23, Callable 5/15/18 @ 102.56(b)		201,936

				9,957,118

	Metals & Mining (0.0%):
	200,000	Freeport-McMoRan, Inc., 3.55%, 3/1/22, Callable 12/1/21 @ 100^		187,436

	Multi-Utilities (0.1%):
	339,000	Sempra Energy, 6.00%, 10/15/39		429,092

	Oil, Gas & Consumable Fuels (1.7%):
	800,000	Access Midstream Partner, 4.88%, 3/15/24, Callable 3/15/19 @ 102.44		838,335
	149,000	Anadarko Petroleum Corp., 4.85%, 3/15/21, Callable 2/15/21 @ 100^		159,034
	308,000	Anadarko Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100^		344,192
	738,000	Anadarko Petroleum Corp., 7.50%, 5/1/31		922,222
	78,000	Anadarko Petroleum Corp., 6.45%, 9/15/36		91,813
	410,000	Anadarko Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		506,363
	300,000	Antero Resources Corp., 5.13%, 12/1/22, Callable 8/7/17 @ 103.84^		300,654
	282,000	Chesapeake Energy Corp., 8.00%, 12/15/22, Callable 12/15/18 @ 104^(b)		298,215
	200,000	Citgo Petroleum Corp., 6.25%, 8/15/22, Callable 8/15/17 @ 104.69(b)		203,000
	88,000	Columbia Pipeline Group, 2.45%, 6/1/18		88,404
	132,000	Columbia Pipeline Group, 4.50%, 6/1/25, Callable 3/1/25 @ 100		140,512
	200,000	DCP Midstream Operating LLC, 5.35%, 3/15/20(b)		208,000
	400,000	DCP Midstream Operating LLC, 8.13%, 8/16/30		471,000
	125,000	Denbury Resources, Inc., 4.63%, 7/15/23, Callable 1/15/18 @ 102.31		66,250
	117,000	Enable Midstream Partners LP, 2.40%, 5/15/19, Callable 4/15/19 @ 100		116,541
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100		122,969
	400,000	Endeavor Energy Resource, 7.00%, 8/15/21, Callable 8/7/17 @ 105.25(b)		414,000
	200,000	Energy Transfer Equity, 5.88%, 1/15/24, Callable 10/15/23 @ 100		212,000


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	165,000	Everest Acquisition Finance, Inc., 8.00%, 11/29/24, Callable 11/30/19 @ 106(b)	$	164,588
	200,000	Global Partners LP, 6.25%, 7/15/22, Callable 8/7/17 @ 104.69		201,000
	205,000	Hilcorp Energy LP, 5.00%, 12/1/24, Callable 6/1/19 @ 102.5(b)		188,600
	111,000	Kinder Morgan (Delaware), Inc., 3.05%, 12/1/19, Callable 11/1/19 @ 100		112,929
	112,000	Kinder Morgan (Delaware), Inc., 5.05%, 2/15/46, Callable 8/15/45 @ 100^		112,471
	195,000	Kinder Morgan Energy Partners LP, 2.65%, 2/1/19		196,325
	42,000	Kinder Morgan Energy Partners LP, 6.55%, 9/15/40		48,040
	979,000	Kinder Morgan Energy Partners LP, 5.50%, 3/1/44, Callable 9/1/43 @ 100		1,010,468
	200,000	NuStar Logistics LP, 5.63%, 4/28/27, Callable 1/28/27 @ 100^		210,000
	200,000	PBF Holding Co. LLC/PBF Finance Corp., 7.00%, 11/15/23, Callable 11/15/18 @ 105.25^		197,000
	38,000	Phillips 66 Partners LP, 2.65%, 2/15/20, Callable 1/15/20 @ 100		38,132
	200,000	Range Resources Corp., 5.00%, 8/15/22, Callable 5/15/22 @ 100(b)		196,500
	200,000	Rose Rock Midstream LP, 5.63%, 7/15/22, Callable 7/24/17 @ 104.22^		192,500
	200,000	Sabine Pass Liquefaction LLC, 5.75%, 5/15/24, Callable 2/15/24 @ 100		222,702
	233,000	Southwestern Energy Co., 6.70%, 1/23/25, Callable 10/23/24 @ 100^(c)		227,758
	200,000	Summit Midstream Holdings LLC, 5.75%, 4/15/25, Callable 4/15/20 @ 104.31		201,000
	400,000	Sunoco LP/Finance Corp., 6.25%, 4/15/21, Callable 4/15/18 @ 103.13		418,000
	135,000	Targa Resources Partners LP, 4.25%, 11/15/23, Callable 5/15/18 @ 102.13		131,794
	103,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100^		105,434
	299,000	Williams Companies, Inc., 3.70%, 1/15/23, Callable 10/15/22 @ 100		294,515
	265,000	Williams Companies, Inc., 4.55%, 6/24/24, Callable 3/24/24 @ 100^		272,288
	239,000	Williams Partners LP, 3.60%, 3/15/22, Callable 1/15/22 @ 100		244,176
	162,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100		171,614
	285,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100		296,450

				10,957,788

	Professional Services (0.1%):
	200,000	Ceridian Hcm Holding, Inc., 11.00%, 3/15/21, Callable 8/7/17 @ 105.5(b)		211,250


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Professional Services, continued
$	200,000	Tempo Finance, Corp., 6.75%, 6/1/25, Callable 6/1/20 @ 103.38(b)	$	204,500

				415,750

	Real Estate Management & Development (0.3%):
	1,625,000	CBRE Services, Inc., 5.00%, 3/15/23, Callable 3/15/18 @ 102.5^		1,693,026
	200,000	Howard Hughes Corp. (The), 5.38%, 3/15/25, Callable 3/15/20 @ 104.03(b)		204,500

				1,897,526

	Semiconductors & Semiconductor Equipment (0.1%):
	400,000	QORVO, Inc., 7.00%, 12/1/25, Callable 12/1/20 @ 103.5		454,000

	Software (0.3%):
	900,000	Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.63%, 11/15/24, Callable 11/15/19 @ 106.47^(b)		958,500
	500,000	Solera LLC, 10.50%, 3/1/24, Callable 3/1/19 @ 107.88(b)		574,375
	250,000	Sophia LP/Finance, Inc., 9.00%, 9/30/23, Callable 9/30/18 @ 104.5(b)		260,000
	125,000	Symantec Corp., 5.00%, 4/15/25, Callable 4/15/20 @ 102.5^(b)		130,820
	125,000	Veritas US, Inc./Veritas Bermuda, Ltd., 10.50%, 2/1/24, Callable 2/1/19 @ 107.88(b)		136,563

				2,060,258

	Specialty Retail (0.0%):
	200,000	L Brands, Inc., 6.75%, 7/1/36		192,000

	Technology Hardware, Storage & Peripherals (0.1%):
	441,000	HP Enterprise Co., 3.60%, 10/15/20, Callable 9/15/20 @ 100		454,715

	Tobacco (0.4%):
	212,000	Altria Group, Inc., 4.00%, 1/31/24		226,182
	94,000	Reynolds American, Inc., 3.25%, 6/12/20		96,777
	320,000	Reynolds American, Inc., 4.00%, 6/12/22^		339,091
	232,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		248,553
	120,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		142,200
	923,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100		1,130,490
	600,000	Vector Group, Ltd., 6.13%, 2/1/25, Callable 2/1/20 @ 103.06(b)		623,250

				2,806,543

	Trading Companies & Distributors (0.2%):
	200,000	Air Lease Corp., 2.13%, 1/15/18		200,354
	442,000	Air Lease Corp., 2.63%, 9/4/18, Callable 8/4/18 @ 100^		445,283
	471,000	Air Lease Corp., 3.75%, 2/1/22, Callable 12/1/21 @ 100^		491,505

				1,137,142


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Corporate Bonds, continued
	Wireless Telecommunication Services (0.2%):
$	200,000	Sprint Communications, Inc., 7.25%, 9/15/21	$	222,250
	200,000	Sprint Communications, Inc., 7.88%, 9/15/23		230,000
	280,000	Sprint Communications, Inc., 7.13%, 6/15/24^		311,500
	200,000	Sprint Communications, Inc., 6.88%, 11/15/28		222,314
	400,000	T-Mobile USA, Inc., 5.13%, 4/15/25, Callable 4/15/20 @ 102.56^		420,000

				1,406,064

	Total Corporate Bonds (Cost $103,569,429)			103,711,820

	Foreign Bond (0.0%):
	Sovereign Bond (0.0%):
	50,000	Korea Treasury Bond, Series 2103, 2.00%, 3/10/21+		44

	Total Foreign Bond (Cost $44)			44

	Yankee Dollars (7.7%):
	Banks (1.7%):
	430,000	Barclays Bank plc, 3.25%, 1/12/21		437,296
	200,000	Barclays Bank plc, 7.63%, 11/21/22		228,750
	585,000	Barclays Bank plc, 4.38%, 1/12/26		607,883
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		212,075
	656,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(b)		692,627
	530,000	Rabobank Nederland NY, 4.38%, 8/4/25		555,792
	2,550,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22		2,791,831
	452,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		498,037
	1,959,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23		2,157,774
	2,212,000	Royal Bank of Scotland Group plc, 5.13%, 5/28/24		2,323,640

				10,505,705

	Beverages (0.0%):
	80,000	Cott Corp., 5.50%, 4/1/25, Callable 4/1/20 @ 104.13(b)		81,600

	Capital Markets (0.9%):
	470,000	Credit Suisse Group Fun, Ltd., 2.75%, 3/26/20		473,696
	670,000	Credit Suisse Group Fun, Ltd., 3.80%, 9/15/22		696,117
	787,000	Credit Suisse Group Fun, Ltd., 3.80%, 6/9/23		811,361
	470,000	Credit Suisse Group Fun, Ltd., 3.75%, 3/26/25		474,866
	42,000	Credit Suisse New York, 6.00%, 2/15/18		43,063
	860,000	Deutsche Bank AG, 2.85%, 5/10/19		869,168
	979,000	Deutsche Bank AG, 4.50%, 4/1/25		972,450
	314,000	Thomson Reuters Corp., 3.85%, 9/29/24, Callable 6/29/24 @ 100		323,492
	491,000	UBS Group AG, 4.13%, 9/24/25(b)		514,683

				5,178,896

	Chemicals (0.0%):
	150,000	Consolidated Energy Finance SA, 6.88%, 6/15/25, Callable 6/15/20 @ 105.16^(b)		154,500
	160,000	Nova Chemicals Corp., 4.88%, 6/1/24, Callable 3/3/24 @ 100(b)		159,400

				313,900

	Communications Equipment (0.0%):
	165,000	Nokia OYJ, 4.38%, 6/12/27		167,991


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Containers & Packaging (0.0%):
$	200,000	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 7.25%, 5/15/24, Callable 5/15/19 @ 105.44(b)	$	218,750

	Diversified Financial Services (0.3%):
	200,000	Banco Nacional de Desenvolvimento Economico, 4.00%, 4/14/19(b)		201,834
	126,000	Banco Nacional de Desenvolvimento Economico, 6.50%, 6/10/19(b)		133,719
	966,000	Banco Nacional de Desenvolvimento Economico, 5.50%, 7/12/20^(b)		1,012,484
	334,000	Banco Nacional de Desenvolvimento Economico, 5.75%, 9/26/23(b)		352,784
	120,000	Camelot Finance SA, 7.88%, 10/15/24, Callable 10/15/19 @ 103.94(b)		129,300
	308,000	Petroleos Mexicanos, 5.75%, 3/1/18		315,191

				2,145,312

	Diversified Telecommunication Services (0.4%):
	200,000	Intelsat Jackson Holdings SA, 9.50%, 9/30/22(b)		239,000
	200,000	Intelsat Jackson Holdings SA, 8.00%, 2/15/24, Callable 2/15/19 @ 104(b)		215,500
	200,000	Sable International Finance, Ltd., 6.88%, 8/1/22, Callable 8/1/18 @ 105.16(b)		216,000
	400,000	SFR Group SA, 7.38%, 5/1/26, Callable 5/1/21 @ 103.69(b)		434,000
	500,000	Telecom Italia SpA, 5.30%, 5/30/24(b)		536,250
	300,000	Telesat Canada, 8.88%, 11/15/24, Callable 11/15/19 @ 106.66(b)		336,750
	200,000	Ziggo Secured Finance BV, 5.50%, 1/15/27, Callable 1/15/22 @ 102.75(b)		204,250

				2,181,750

	Electrical Equipment (0.0%):
	200,000	Sensata Technologies BV, 4.88%, 10/15/23(b)		204,000

	Energy Equipment & Services (0.0%):
	200,000	Ensco plc, 8.00%, 1/31/24, Callable 10/31/23 @ 100^		188,000
	200,000	Noble Holding International, Ltd., 7.75%, 1/15/24, Callable 10/15/23 @ 100^		158,250

				346,250

	Food Products (0.0%):
	200,000	Fage International/Fage USA, 5.63%, 8/15/26, Callable 8/15/21 @ 102.81(b)		205,960

	Gas Utilities (0.0%):
	5,000	LBC Tank Terminals Holding Netherlands BV, 6.88%, 5/15/23, Callable 5/15/18 @ 103.44(b)		5,188

	Hotels, Restaurants & Leisure (0.0%):
	115,000	1011778 BC ULC New Red Finance, Inc., 4.25%, 5/15/24, Callable 5/15/20 @ 102.13^(b)		114,274
	200,000	Studio City Co., Ltd., 7.25%, 11/30/21, Callable 11/30/18 @ 103.63(b)		217,250

				331,524


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Media (0.2%):
$	400,000	Altice Finco SA, 8.13%, 1/15/24, Callable 12/15/18 @ 104.06(b)	$	435,000
	400,000	Altice SA, 7.63%, 2/15/25, Callable 2/15/20 @ 103.81^(b)		438,500
	125,000	LG Financeco Corp., 5.88%, 11/1/24, Callable 11/1/19 @ 104.41(b)		131,563
	525,000	MDC Partners, Inc., 6.50%, 5/1/24, Callable 5/1/19 @ 104.88^(b)		523,687

				1,528,750

	Metals & Mining (0.1%):
	200,000	BHP Billiton Finance USA, Ltd., 6.25%, 10/19/75, Callable 10/19/20 @ 100^(b)(c)		218,000
	456,000	BHP Billiton Finance USA, Ltd., 6.75%, 10/19/75, Callable 10/20/25 @ 100^(b)(c)		521,021
	200,000	First Quantum Minerals, Ltd., 7.25%, 5/15/22, Callable 8/7/17 @ 105.44^(b)		204,500

				943,521

	Multi-Utilities (0.0%):
	23,000	InterGen NV, 7.00%, 6/30/23, Callable 6/30/18 @ 103.5(b)		22,138

	Oil, Gas & Consumable Fuels (2.2%):
	164,000	Canadian Natural Resources, Ltd., 1.75%, 1/15/18		163,987
	28,000	Canadian Natural Resources, Ltd., 5.85%, 2/1/35		31,054
	158,000	Cenovus Energy, Inc., 5.70%, 10/15/19		166,752
	348,000	Cenovus Energy, Inc., 4.25%, 4/15/27, Callable 1/15/27 @ 100^(b)		331,513
	330,000	Empresa Nacional del Pet, 4.38%, 10/30/24(b)		343,333
	135,000	Enbridge, Inc., 4.25%, 12/1/26, Callable 9/1/26 @ 100		140,690
	156,000	Enbridge, Inc., 5.50%, 12/1/46, Callable 5/29/46 @ 100^		174,488
	823,000	Petrobras Global Finance Co., 5.63%, 5/20/43		682,884
	1,793,000	Petrobras Global Finance Co., 7.25%, 3/17/44^		1,762,967
	1,081,000	Petrobras International Finance Co., 5.38%, 1/27/21		1,099,053
	234,000	Petrobras International Finance Co., 4.38%, 5/20/23^		220,662
	450,000	Petroleos Mexicanos, 3.50%, 7/18/18		455,445
	237,000	Petroleos Mexicanos, 8.00%, 5/3/19		259,219
	151,000	Petroleos Mexicanos, 6.00%, 3/5/20		161,872
	515,000	Petroleos Mexicanos, 3.50%, 7/23/20		520,408
	285,000	Petroleos Mexicanos, 3.50%, 1/30/23		273,173
	650,000	Petroleos Mexicanos, 4.63%, 9/21/23^		657,800
	1,169,000	Petroleos Mexicanos, 4.88%, 1/18/24		1,184,079
	694,000	Petroleos Mexicanos, 4.50%, 1/23/26^		674,589
	256,000	Petroleos Mexicanos, 6.50%, 3/13/27(b)		275,008
	696,000	Petroleos Mexicanos, 6.50%, 6/2/41		691,128
	563,000	Petroleos Mexicanos, 5.50%, 6/27/44		497,692
	673,000	Petroleos Mexicanos, 5.63%, 1/23/46		596,615
	1,123,000	Petroleos Mexicanos, 6.75%, 9/21/47		1,134,095
	200,000	Teine Energy, Ltd., 6.88%, 9/30/22, Callable 9/30/17 @ 105.16(b)		202,750
	300,000	Transocean, Inc., 6.80%, 3/15/38^		219,000

				12,920,256


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Yankee Dollars, continued
	Pharmaceuticals (0.8%):
$	230,000	Actavis Funding SCS, 2.45%, 6/15/19	$	231,397
	820,000	Actavis Funding SCS, 3.45%, 3/15/22, Callable 1/15/22 @ 100		845,270
	225,000	Mylan NV, 2.50%, 6/7/19		226,798
	459,000	Mylan NV, 3.15%, 6/15/21, Callable 5/15/21 @ 100^		466,959
	226,000	Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100^		228,992
	600,000	Perrigo Finance plc, 3.90%, 12/15/24, Callable 9/15/24 @ 100		609,232
	324,000	Teva Pharmaceuticals Industries, Ltd., 2.20%, 7/21/21		318,058
	232,000	Teva Pharmaceuticals Industries, Ltd., 2.80%, 7/21/23		225,654
	276,000	Teva Pharmaceuticals Industries, Ltd., 3.15%, 10/1/26^		262,111
	200,000	Valeant Pharmaceuticals International, Inc., 6.50%, 3/15/22, Callable 3/15/19 @ 103.25(b)		209,750
	270,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103.06^(b)		228,488

				3,852,709

	Professional Services (0.1%):
	520,000	Nielsen Co. Luxembourg SARLl (The), 5.00%, 2/1/25, Callable 2/1/20 @ 103.75^(d)		533,000

	Semiconductors & Semiconductor Equipment (0.0%):
	200,000	NXP BV/NXP Funding LLC, 4.63%, 6/1/23(b)		215,750

	Software (0.1%):
	350,000	Open Text Corp., 5.63%, 1/15/23, Callable 1/15/18 @ 104.22(b)		364,875

	Sovereign Bonds (0.3%):
	900,000	Dominican Republic, 5.50%, 1/27/25(b)		929,250
	1,500,000	Republic of Belarus, 8.95%, 1/26/18(b)		1,538,373

				2,467,623

	Tobacco (0.2%):
	462,000	Imperial Tobacco Finance, 3.75%, 7/21/22, Callable 5/21/22 @ 100(b)		481,005
	700,000	Imperial Tobacco Finance, 4.25%, 7/21/25, Callable 4/21/25 @ 100(b)		738,850

				1,219,855

	Trading Companies & Distributors (0.4%):
	900,000	AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 5.00%, 10/1/21		974,006
	1,450,000	AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 4.63%, 7/1/22		1,554,008
	200,000	Fly Leasing, Ltd., 6.38%, 10/15/21, Callable 10/15/17 @ 104.78		209,750

				2,737,764

	Wireless Telecommunication Services (0.0%):
	200,000	Millicom International Cellular SA, 6.00%, 3/15/25, Callable 3/15/20 @ 103(b)		209,884

	Total Yankee Dollars (Cost $47,714,189)			48,902,951


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Municipal Bonds (1.1%):
	California (0.3%):
$	1,150,000	California State, Build America Bonds, GO, 7.50%, 4/1/34	$	1,726,710

	Illinois (0.8%):
	5,315,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series B, 5.43%, 1/1/42		5,026,696

	Total Municipal Bonds (Cost $6,838,650)			6,753,406

	U.S. Government Agency Mortgages (12.8%):
	Federal National Mortgage Association (8.0%)
	15,890	4.50%, 4/1/25		17,043
	194,928	3.00%, 11/1/27		200,623
	1,460,166	3.00%, 6/1/29		1,499,688
	750,110	2.50%, 12/1/31		754,525
	387,452	2.50%, 1/1/32		389,733
	193,504	3.00%, 3/1/32		198,876
	85,860	3.00%, 3/1/32		88,239
	575,000	3.00%, 4/1/32		590,563
	30,072	3.00%, 6/1/32		30,886
	700,000	3.00%, 7/25/32, TBA		718,430
	183,826	3.50%, 8/1/33		191,299
	1,051,431	6.00%, 5/1/36		1,200,705
	526,579	6.00%, 7/1/39		591,463
	49,873	3.50%, 12/1/40		51,509
	4,063,636	5.50%, 9/1/41		4,551,029
	24,949	3.50%, 6/1/42		25,727
	687,537	3.00%, 9/1/42		690,452
	1,012,222	3.00%, 10/1/42		1,016,513
	559,211	3.00%, 10/1/42		561,582
	49,580	3.50%, 11/1/42		51,188
	1,036,427	3.00%, 11/1/42		1,040,821
	354,937	3.00%, 12/1/42		356,441
	1,576,288	3.00%, 1/1/43		1,582,948
	24,394	3.50%, 3/1/43		25,137
	24,978	3.50%, 3/1/43		25,732
	72,107	3.50%, 7/1/43		74,319
	98,235	3.50%, 11/1/43		101,297
	1,426,052	4.50%, 3/1/44		1,532,161
	1,164,258	4.50%, 7/1/44		1,249,963
	359,556	4.50%, 10/1/44		385,762
	5,644	4.50%, 11/1/44		6,053
	665,608	4.50%, 12/1/44		714,216
	148,384	3.50%, 2/1/45		153,000
	3,442,087	3.50%, 2/1/45		3,544,050
	209,350	4.00%, 5/1/45		220,176
	305,271	4.00%, 6/1/45		321,057
	562,619	4.00%, 6/1/45		591,715
	897,105	3.50%, 7/1/45		923,674
	571,301	3.50%, 8/1/45		588,224
	987,988	4.50%, 12/1/45		1,060,152
	58,411	4.50%, 1/1/46		62,675
	1,421,722	4.00%, 2/1/46		1,495,245
	4,289,164	4.00%, 4/1/46		4,541,450
	204,743	4.50%, 6/1/46		220,649


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	768,041	4.00%, 6/1/46	$	807,759
	475,584	3.50%, 7/1/46		489,726
	746,717	3.50%, 7/1/46		768,921
	1,179,264	3.00%, 8/1/46		1,179,242
	388,941	3.00%, 8/1/46		388,690
	31,774	3.50%, 8/1/46		32,791
	1,088,441	3.00%, 9/1/46		1,088,421
	119,905	4.00%, 9/1/46		126,106
	23,000	3.50%, 9/1/46		23,737
	51,807	3.50%, 9/1/46		53,467
	394,900	3.50%, 10/1/46		405,838
	36,593	4.00%, 10/1/46		38,485
	115,622	4.50%, 10/1/46		124,517
	2,084,839	3.50%, 10/1/46		2,151,630
	113,664	4.50%, 11/1/46		122,848
	1,260,450	3.50%, 12/1/46		1,300,887
	98,002	3.00%, 12/1/46		97,939
	755,673	3.50%, 12/1/46		778,176
	45,616	3.50%, 12/1/46		47,081
	165,098	4.50%, 12/1/46		178,541
	1,215,581	3.00%, 12/1/46		1,214,799
	494,130	3.00%, 12/1/46		494,122
	480,576	3.50%, 1/1/47		494,855
	525,257	3.50%, 1/1/47		540,899
	461,225	3.50%, 1/1/47		474,929
	148,604	4.50%, 1/1/47		160,744
	118,481	4.50%, 1/1/47		127,687
	29,031	3.50%, 1/1/47		29,963
	130,472	4.50%, 2/1/47		140,609
	323,541	3.50%, 2/1/47		333,183
	1,154,672	4.00%, 2/1/47		1,222,582
	478,428	4.50%, 3/1/47		515,323
	589,652	4.50%, 3/1/47		635,465
	150,000	3.50%, 7/25/47, TBA		154,061

				50,981,013

	Federal Home Loan Mortgage Corporation (2.6%)
	1,885,950	3.00%, 3/1/32		1,938,531
	604,489	3.50%, 3/1/32		631,156
	1,596,803	3.50%, 7/1/32		1,669,173
	1,442,624	4.00%, 5/1/37		1,532,533
	529,682	5.00%, 2/1/38		580,656
	1,800,000	4.00%, 7/15/46, TBA		1,893,044
	395,066	3.50%, 9/1/46		407,557
	3,893,829	3.00%, 12/1/46		3,887,930
	782,443	3.00%, 1/1/47		781,257
	902,784	4.00%, 6/1/47		956,408
	2,200,000	3.50%, 7/15/47, TBA		2,260,097

				16,538,342

	Government National Mortgage Association (2.2%)
	197,771	4.00%, 8/15/41		208,788
	36,908	4.00%, 11/20/42		39,276
	4,601,636	3.50%, 1/20/43		4,786,495


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	U.S. Government Agency Mortgages, continued
	Government National Mortgage Association, continued
$	842,964	3.00%, 7/20/46	$	852,353
	991,914	3.00%, 9/20/46		1,002,961
	198,454	3.00%, 11/20/46		200,664
	1,233,135	3.00%, 12/20/46		1,246,869
	3,847,347	3.00%, 1/20/47		3,890,195
	298,292	3.00%, 2/20/47		301,614
	214,151	4.00%, 4/20/47		229,702
	246,786	4.00%, 4/20/47		262,316
	1,000,000	3.50%, 7/20/47, TBA		1,035,781

				14,057,014

	Total U.S. Government Agency Mortgages (Cost $81,831,659)			81,576,369

	U.S. Treasury Obligations (19.1%):
	U.S. Treasury Inflation Index Bonds (1.5%)
	1,430,000	1.38%, 2/15/44		1,632,052
	6,447,000	0.75%, 2/15/45		6,278,303
	1,150,000	1.00%, 2/15/46		1,185,724

				9,096,079

	U.S. Treasury Bonds (1.9%)
	1,029,000	3.00%, 11/15/45		1,059,830
	10,721,000	3.00%, 2/15/47^		11,059,376

				12,119,206

	U.S. Treasury Notes (14.0%)
	11,592,000	0.75%, 9/30/18		11,510,045
	4,655,000	1.50%, 5/15/20		4,649,726
	23,734,000	1.75%, 12/31/20		23,801,688
	2,851,000	1.25%, 3/31/21		2,803,782
	910,000	1.38%, 4/30/21^		898,377
	13,364,000	1.13%, 9/30/21^		12,999,617
	4,686,000	2.00%, 12/31/21		4,719,866
	14,576,000	1.88%, 3/31/22^		14,584,541


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	U.S. Treasury Obligations, continued
	U.S. Treasury Notes, continued
$	1,431,000	1.75%, 6/30/22	$	1,421,721
	1,027,000	2.13%, 3/31/24		1,027,762
	4,642,000	2.00%, 6/30/24		4,601,020
	3,900,800	1.50%, 8/15/26		3,649,230
	2,128,000	2.00%, 11/15/26		2,074,966
	1,020,000	3.00%, 5/15/47		1,052,672

				89,795,013

	U.S. Treasury Inflation Index Notes (1.7%)
	2,238,000	0.25%, 1/15/25		2,269,433
	5,000,000	0.63%, 1/15/26		5,178,000
	3,330,000	0.13%, 7/15/26		3,276,634

				10,724,067

	U.S. Treasury Bills (0.0%)
	250,000	0.85%, 8/17/17(f)(g)		249,718

	Total U.S. Treasury Obligations (Cost $124,233,379)			121,984,083

	Securities Held as Collateral for Securities on Loan (13.7%):
	87,735,823	AZL Pyramis Multi-Strategy Fund Securities Lending Collateral Account(h)		87,735,823

	Total Securities Held as Collateral for Securities on Loan (Cost $87,735,823)			87,735,823

	Unaffiliated Investment Company (4.9%):
	31,222,932	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.75%(f)		31,222,932

	Total Unaffiliated Investment Company (Cost $31,222,932)			31,222,932

	Total Investment Securities (Cost $714,049,922)(i) — 115.5%			737,750,839
	Net other assets (liabilities) — (15.5)%			(98,945,424	)

	Net Assets — 100.0%		$	638,805,415

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	714,049,922

Investment securities, at value*	$	737,750,839
Cash		41,535
Interest and dividends receivable		3,000,354
Receivable for investments sold		13,590,681
Receivable for variation margin on futures contracts		1,665
Reclaims receivable		166,477

Total Assets		754,551,551

Liabilities:
Payable for investments purchased		27,027,240
Payable for capital shares redeemed		359,678
Payable for collateral received on loaned securities		87,735,823
Manager fees payable		178,212
Administration fees payable		54,565
Distribution fees payable		132,439
Custodian fees payable		38,834
Administrative and compliance services fees payable		16,828
Transfer agent fees payable		6,228
Trustee fees payable		33,327
Other accrued liabilities		162,962

Total Liabilities		115,746,136

Net Assets	$	638,805,415

Net Assets Consist of:
Capital	$	578,670,344
Accumulated net investment income/(loss)		6,878,168
Accumulated net realized gains/(losses) from investment transactions		29,454,101
Net unrealized appreciation/(depreciation) on investments		23,802,802

Net Assets	$	638,805,415

Shares of beneficial interest (unlimited number of shares authorized, no par value)		49,126,211
Net Asset Value (offering and redemption price per share)	$	13.00

*	Includes securities on loan of $85,207,593.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Interest	$	5,583,462
Dividends		3,115,690
Income from securities lending		72,933
Foreign withholding tax		(2,663	)

Total Investment Income		8,769,422

Expenses:
Manager fees		2,264,738
Administration fees		165,846
Distribution fees		808,833
Custodian fees		56,605
Administrative and compliance services fees		15,431
Transfer agent fees		9,144
Trustee fees		50,341
Professional fees		52,820
Shareholder reports		32,106
Other expenses		18,433

Total expenses before reductions		3,474,297
Less expenses voluntarily waived/reimbursed by the Manager		(808,832	)
Less expense contractually waived/reimbursed by the Manager		(368,685	)

Net expenses		2,296,780

Net Investment Income/(Loss)		6,472,642

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		8,440,974
Net realized gains/(losses) on securities held short		(21,654	)
Net realized gains/(losses) on futures contracts		399,760
Change in net unrealized appreciation/depreciation on investments		14,352,701

Net Realized/Unrealized Gains/(Losses) on Investments		23,171,781

Change in Net Assets Resulting From Operations	$	29,644,423

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Pyramis^® Multi-Strategy Fund (the “Fund”), and 22 are presented in separate reports.

The Fund may invest in structured notes, the values of which are based on the price movements of a reference security or index. Structured notes are derivative debt securities, the interest rate or principal of which is determined by an unrelated indicator. The terms of the structured notes may provide that in certain circumstances no principal is due at maturity and therefore, may result in a loss of invested capital. Structured notes may be positively or negatively indexed, so that appreciation of the reference may produce an increase or a decrease in the interest rate or the value of the structured note at maturity may be calculated as a specified multiple of the change in the value of the reference; therefore, the value of such security may be very volatile. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $59 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $6,963 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and sub-adviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2017, the Fund did not engage in any Rule 17a-7 transactions under the 1940 Act.

During the period ended June 30, 2017, the Fund did not enter into any futures contracts. The Fund may enter into futures contracts to manage its exposure to the securities markets or to movements in market conditions or foreign exchange rates. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $4.5 million as of June 30, 2017. The monthly average notional amount for these contracts was $4.8 million for the period ended June 30, 2017. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.

The following is a summary of the fair values of derivative instruments on the Fund’s Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2017:

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2017:

The Manager provides investment advisory and management services for the Fund. The Manager has retained two independent money management organizations (the “Subadviser”), FIAM LLC (“FIAM”) and Geode Capital Management, LLC (“Geode”) to make investment decisions on behalf of the Fund. Pursuant to subadvisory agreements with the Manager and FIAM, and the Manager and Geode provide investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the period are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.”

At June 30, 2017, the contractual reimbursements subject to repayment by the Fund in subsequent years were as follows:

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $3,955 was paid from the Fund relating to these fees and expenses.

Futures contracts are valued at the last sales price as of the close of the primary exchange and are typically categorized as Level 1 in the fair value hierarchy.

For the period ended June 30, 2017, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

Cost for federal income tax purposes at June 30, 2017 is $714,449,479. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2017, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 25% of the Fund.

As a shareholder of the AZL Pyramis^® Total Bond Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Principal Amount			Fair Value

	Asset Backed Securities (0.7%):
$	2,664,000	AASET Trust, Class A, Series 2017-1A, 3.97%, 5/16/42(a)	$	2,668,140
	236,979	Blackbird Capital Aircraft, Class AA, Series 2016-1A, 2.49%, 12/16/41, Callable 12/15/24 @ 100(a)(b)		236,104
	789,880	Blackbird Capital Aircraft, Class A, Series 2016-1A, 4.21%, 12/16/41, Callable 12/15/24 @ 100(a)(b)		809,395
	43,442	Countrywide Asset-Backed Certificates Trust, Class AF5, Series 2004-7, 5.07%, 1/25/35, Callable 7/25/17 @ 100(b)		44,157
	623,268	Thunderbolt Aircraft Lease Ltd., Class A, Series 2017-A, 4.21%, 5/17/32, Callable 4/15/24 @ 100(a)(b)		636,033

	Total Asset Backed Securities (Cost $4,359,218)			4,393,829

	Collateralized Mortgage Obligations (1.3%):
	168,058	CDGJ Commercial Mortgage Trust, Class DPA, Series 2014-BXCH, 4.13%, 12/15/27(a)(b)		168,686
	88,000	Credit Suisse Mortgage Trust, Class B, Series 2015-TOWN, 3.03%, 3/15/28(a)(b)		87,930
	85,000	Credit Suisse Mortgage Trust, Class C, Series 2015-TOWN, 3.38%, 3/15/28(a)(b)		84,963
	129,000	Credit Suisse Mortgage Trust, Class D, Series 2015-TOWN, 4.33%, 3/15/28(a)(b)		129,000
	581,000	Credit Suisse Mortgage Trust, Class E, Series 2015-TOWN, 5.28%, 3/15/28(a)(b)		581,725
	2,000,000	GAHR Commercial Mortgage Trust, Class BFX, Series 2015-NRF, 3.49%, 12/15/34(a)(b)		2,045,844
	390,000	GAHR Commercial Mortgage Trust, Class CFX, Series 2015-NRF, 3.38%, 12/15/34(a)		397,080
	2,930,000	GAHR Commercial Mortgage Trust, Class DFX, Series 2015-NRF, 3.38%, 12/15/34(a)		2,972,768
	127,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class C, Series 2014-BXH, 2.81%, 4/15/27(a)(b)		125,201
	271,000	JPMorgan Chase Commercial Mortgage Securities Corp., Class D, Series 2014-BXH, 3.41%, 4/15/27(a)(b)		265,837
	667,000	Mscg Trust, Class A, Series 2016-SNR, 3.46%, 11/15/34(a)(b)		668,784
	235,000	Mscg Trust, Class B, Series 2016-SNR, 4.18%, 11/15/34(a)		235,987
	165,000	Mscg Trust, Class C, Series 2016-SNR, 5.21%, 11/15/34(a)		166,112
	16,368	Wachovia Bank Commercial Mortgage Trust, Class A1A, Series 2006-C26, 6.01%, 6/15/45(b)		16,335

	Total Collateralized Mortgage Obligations (Cost $7,936,558)			7,946,252

	Corporate Bonds (27.6%):
	Aerospace & Defense (0.2%):
	600,000	Huntington Ingalls Industries, Inc., 5.00%, 11/15/25, Callable 11/15/20 @ 102.5(a)		644,250
	747,000	KLX, Inc., 5.88%, 12/1/22, Callable 12/1/17 @ 104.41(a)		784,350

				1,428,600

	Airlines (0.0%):
	18,375	Continental Airlines, Inc., Class A, Series 1998-1, 6.65%, 3/15/19		18,535

	Automobiles (0.1%):
	493,000	General Motors Co., 3.50%, 10/2/18		501,656


Principal Amount			Fair Value

	Corporate Bonds, continued
	Banks (2.4%):
$	656,000	Bank of America Corp., 4.20%, 8/26/24	$	680,996
	612,000	Bank of America Corp., Series L, 3.95%, 4/21/25		620,103
	771,000	Bank of America Corp., 3.88%, 8/1/25, MTN		797,608
	690,000	Bank of America Corp., 3.50%, 4/19/26		692,350
	593,000	Bank of America Corp., 4.25%, 10/22/26		610,658
	300,000	CIT Group, Inc., 5.00%, 8/15/22		323,250
	1,090,000	Citigroup, Inc., 4.05%, 7/30/22		1,139,473
	1,493,000	Citigroup, Inc., 4.30%, 11/20/26		1,533,521
	250,000	Citizens Bank NA/RI, 2.55%, 5/13/21, Callable 4/13/21 @ 100		250,138
	253,000	Citizens Bank of Rhode Island, 2.50%, 3/14/19, Callable 2/14/19 @ 100, MTN		254,854
	2,994,000	JPMorgan Chase & Co., 3.88%, 9/10/24		3,089,038
	759,000	JPMorgan Chase & Co., 2.95%, 10/1/26, Callable 7/1/26 @ 100		732,512
	1,109,000	JPMorgan Chase & Co., 4.13%, 12/15/26^		1,148,687
	1,278,000	Regions Bank, Series BKNT, 7.50%, 5/15/18		1,337,902
	500,000	Regions Bank, 6.45%, 6/26/37		602,332
	260,000	Regions Financial Corp., 3.20%, 2/8/21, Callable 1/8/21 @ 100		265,827

				14,079,249

	Beverages (0.7%):
	1,481,000	Anheuser-Busch InBev NV, 3.30%, 2/1/23, Callable 12/1/22 @ 100		1,525,032
	1,402,000	Anheuser-Busch InBev NV, 4.70%, 2/1/36, Callable 8/1/35 @ 100		1,543,102
	854,000	Anheuser-Busch InBev NV, 4.90%, 2/1/46, Callable 8/1/45 @ 100		963,859

				4,031,993

	Capital Markets (0.6%):
	282,000	Affiliated Managers Group, Inc., 4.25%, 2/15/24		295,174
	572,000	Affiliated Managers Group, Inc., 3.50%, 8/1/25		570,696
	596,000	Goldman Sachs Group, Inc. (The), 2.55%, 10/23/19		602,504
	230,000	IntercontinentalExchange, 2.75%, 12/1/20, Callable 11/1/20 @ 100		234,476
	464,000	Lazard Group LLC, 4.25%, 11/14/20		489,526
	227,000	Moody’s Corp., 4.88%, 2/15/24, Callable 11/15/23 @ 100		249,899
	242,000	Moody’s Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100(a)		238,281
	781,000	Morgan Stanley, 4.88%, 11/1/22		847,968
	114,000	Tiaa Asset Management Finance LLC, 2.95%, 11/1/19(a)		115,629
	165,000	Tiaa Asset Management Finance LLC, 4.13%, 11/1/24(a)		170,709

				3,814,862

	Chemicals (0.3%):
	550,000	CF Industries Holdings, Inc., 3.45%, 6/1/23^		519,750
	550,000	CF Industries Holdings, Inc., 4.95%, 6/1/43		471,625
	200,000	Chemours Co., 5.38%, 5/15/27, Callable 2/15/27 @ 100		206,478
	347,000	Platform Specialty Products, 6.50%, 2/1/22, Callable 2/1/18 @ 103.25^(a)		358,278


Principal Amount			Fair Value

	Corporate Bonds, continued
	Chemicals, continued
$	60,000	Venator Finance SARL/Venator Materials Corp., 5.75%, 7/15/25, Callable 7/15/20 @ 104.31(c)	$	60,600
	300,000	W R Grace & Co., 5.63%, 10/1/24(a)		320,625

				1,937,356

	Commercial Services & Supplies (0.3%):
	747,000	Adt Corp., 6.25%, 10/15/21		813,296
	747,000	Prime Securities Services Borrower/Finance, 9.25%, 5/15/23, Callable 5/15/19 @ 104.63(a)		811,735

				1,625,031

	Communications Equipment (0.1%):
	300,000	Brocade Communications Systems, Inc., 4.63%, 1/15/23, Callable 1/15/18 @ 102.31		308,625

	Construction & Engineering (0.1%):
	300,000	Aecom Technology Corp., 5.13%, 3/15/27, Callable 12/15/26 @ 100		301,125
	170,000	Alpine Finance Merger Sub LLC, 6.88%, 8/1/25, Callable 8/1/20 @ 103.44(a)		172,975

				474,100

	Consumer Finance (2.9%):
	206,000	Ally Financial, Inc., 3.75%, 11/18/19		210,635
	500,000	Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/20/25 @ 100^		526,250
	478,000	Capital One Financial Co., 2.45%, 4/24/19, Callable 3/24/19 @ 100		480,556
	797,000	Capital One NA, Series BNKT, 2.95%, 7/23/21, Callable 6/23/21 @ 100		802,886
	250,000	Discover Bank, 7.00%, 4/15/20		277,487
	644,000	Discover Bank, Series BKNT, 3.20%, 8/9/21, Callable 7/9/21 @ 100		655,910
	1,000,000	Discover Financial Services, 5.20%, 4/27/22		1,088,550
	896,000	Ford Motor Credit Co. LLC, 5.00%, 5/15/18		918,919
	796,000	Ford Motor Credit Co. LLC, 2.24%, 6/15/18		797,938
	896,000	Ford Motor Credit Co. LLC, 2.88%, 10/1/18		904,884
	1,493,000	Ford Motor Credit Co. LLC, 2.60%, 11/4/19^		1,502,923
	1,121,000	Ford Motor Credit Co. LLC, 5.88%, 8/2/21		1,250,064
	300,000	General Motors Acceptance Corp., 8.00%, 11/1/31		367,500
	572,000	General Motors Financial Co., 3.50%, 7/10/19		585,296
	747,000	General Motors Financial Co., 4.20%, 3/1/21, Callable 2/1/21 @ 100^		783,503
	2,968,000	General Motors Financial Co., 4.38%, 9/25/21		3,128,470
	299,000	General Motors Financial Co., 4.25%, 5/15/23		312,589
	110,000	General Motors Financial Co., Inc., 2.63%, 7/10/17		110,011
	269,000	General Motors Financial Co., Inc., 4.75%, 8/15/17		269,917
	175,000	General Motors Financial Co., Inc., 3.25%, 5/15/18		177,051
	240,000	Hyundai Capital America, 2.88%, 8/9/18(a)		241,974
	564,000	Hyundai Capital America, 2.55%, 2/6/19(a)		566,116
	747,000	Navient Corp., 8.00%, 3/25/20, MTN		834,773
	206,000	Synchrony Financial, 3.00%, 8/15/19, Callable 7/15/19 @ 100		208,904
	510,000	Synchrony Financial, 3.75%, 8/15/21, Callable 6/15/21 @ 100		523,834
	314,000	Synchrony Financial, 4.25%, 8/15/24, Callable 5/15/24 @ 100		320,721

				17,847,661


Principal Amount			Fair Value

	Corporate Bonds, continued
	Containers & Packaging (0.1%):
$	300,000	Reynolds Group Issuer, Inc., 5.13%, 7/15/23, Callable 7/15/19 @ 102.56(a)	$	311,625

	Diversified Consumer Services (0.4%):
	716,000	APX Group, Inc., 6.38%, 12/1/19, Callable 8/7/17 @ 103.19		735,690
	1,000,000	APX Group, Inc., 8.75%, 12/1/20, Callable 8/7/17 @ 104.38		1,032,500
	190,000	Laureate Education, Inc., 8.25%, 5/1/25, Callable 5/1/20 @ 106.19(c)		203,775
	300,000	Service Master Co. LLC, 5.13%, 11/15/24, Callable 11/15/19 @ 103.84(a)		310,500

				2,282,465

	Diversified Financial Services (0.1%):
	500,000	Peachtree Funding Trust, 3.98%, 2/15/25(a)		507,396
	285,000	Voya Financial, Inc., 3.13%, 7/15/24, Callable 5/15/24 @ 100		281,438

				788,834

	Diversified Telecommunication Services (1.1%):
	481,000	AT&T, Inc., 2.45%, 6/30/20, Callable 5/30/20 @ 100		483,470
	917,000	AT&T, Inc., 3.60%, 2/17/23, Callable 12/17/22 @ 100^		938,514
	300,000	Level 3 Financing, Inc., 5.38%, 1/15/24, Callable 1/15/19 @ 102.69		313,125
	300,000	Level 3 Financing, Inc., 5.38%, 5/1/25, Callable 5/1/20 @ 102.69		315,750
	300,000	Qwest Corp., 6.75%, 12/1/21		331,429
	200,000	Qwest Corp., 7.25%, 9/15/25		222,095
	200,000	Qwest Corp., 6.88%, 9/15/33, Callable 8/7/17 @ 100.68		196,799
	600,000	Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 2/15/25, Callable 2/15/20 @ 103.31^(a)		600,000
	441,000	Verizon Communications, Inc., 5.50%, 3/16/47^		482,085
	900,000	Verizon Communications, Inc., 5.01%, 4/15/49(a)		908,916
	889,000	Verizon Communications, Inc., 5.01%, 8/21/54		874,879
	747,000	Zayo Group LLC/Zayo Capital, 6.38%, 5/15/25, Callable 5/15/20 @ 103.19^		806,289

				6,473,351

	Electric Utilities (1.0%):
	300,000	Ceridian Hcm Holding, Inc., 11.00%, 3/15/21, Callable 8/7/17 @ 105.5(a)		316,875
	164,000	Emera US Finance LP, 2.15%, 6/15/19		163,847
	163,000	Emera US Finance LP, 2.70%, 6/15/21, Callable 5/15/21 @ 100		163,250
	260,000	Emera US Finance LP, 3.55%, 6/15/26, Callable 3/15/26 @ 100^		260,602
	651,000	Exelon Corp., 3.95%, 6/15/25, Callable 3/15/25 @ 100		673,681
	455,000	FirstEnergy Solutions Co., 6.05%, 8/15/21		187,688
	1,014,000	FirstEnergy, Inc., Series A, 2.75%, 3/15/18		1,020,464
	2,306,000	FirstEnergy, Inc., Series B, 4.25%, 3/15/23, Callable 12/15/22 @ 100		2,425,591
	253,100	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25(a)		272,083
	175,000	NV Energy, Inc., 6.25%, 11/15/20		196,873
	56,000	PG&E Corp., 2.40%, 3/1/19, Callable 2/1/19 @ 100^		56,275

				5,737,229


Principal Amount			Fair Value

	Corporate Bonds, continued
	Energy Equipment & Services (0.1%):
$	349,000	Halliburton Co., 3.80%, 11/15/25, Callable 8/15/25 @ 100	$	357,663
	306,000	Halliburton Co., 4.85%, 11/15/35, Callable 5/15/35 @ 100		327,149

				684,812

	Equity Real Estate Investment Trusts (4.2%):
	82,000	Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20, Callable 12/15/19 @ 100		82,563
	152,000	American Campus Communities, Inc., 3.75%, 4/15/23, Callable 1/15/23 @ 100		156,384
	747,000	American Tower Corp., 2.80%, 6/1/20, Callable 5/1/20 @ 100		757,151
	161,000	AvalonBay Communities, Inc., 3.63%, 10/1/20, Callable 7/1/20 @ 100		166,875
	514,000	BPG Subsidiary, Inc., 3.88%, 8/15/22, Callable 6/15/22 @ 100		525,570
	394,000	Brandywine Operating Partners LP, 4.10%, 10/1/24, Callable 7/1/24 @ 100		395,355
	426,000	Brandywine Operating Partners LP, 4.55%, 10/1/29, Callable 7/1/29 @ 100		430,252
	279,000	Brandywine Realty Trust, 4.95%, 4/15/18, Callable 3/15/18 @ 100^		285,067
	439,000	Brandywine Realty Trust, 3.95%, 2/15/23, Callable 11/15/22 @ 100		441,631
	788,000	Brixmor Operating Partners LP, 3.25%, 9/15/23, Callable 7/15/23 @ 100		770,212
	300,000	Brixmor Operating Partners LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100		296,061
	279,000	Brixmor Operating Partners LP, 4.13%, 6/15/26, Callable 3/15/26 @ 100		277,381
	134,000	Camden Property Trust, 2.95%, 12/15/22, Callable 9/15/22 @ 100		133,058
	381,000	Corporate Office Properties Trust, 3.70%, 6/15/21, Callable 4/15/21 @ 100		390,283
	334,000	Corporate Office Properties Trust, 5.00%, 7/1/25, Callable 4/1/25 @ 100		352,799
	25,000	Corrections Corp. of America, 5.00%, 10/15/22, Callable 7/15/22 @ 100		26,000
	1,114,000	DDR Corp., 4.63%, 7/15/22, Callable 4/15/22 @ 100^		1,166,366
	277,000	DDR Corp., 3.63%, 2/1/25, Callable 11/1/24 @ 100^		263,516
	258,000	DDR Corp., 4.25%, 2/1/26, Callable 11/1/25 @ 100^		252,950
	458,000	Digital Realty Trust, Inc., 3.40%, 10/1/20, Callable 9/1/20 @ 100		469,732
	484,000	Digital Realty Trust, LP, 3.95%, 7/1/22, Callable 5/1/22 @ 100^		507,345
	491,000	Digital Realty Trust, LP, 4.75%, 10/1/25, Callable 7/1/25 @ 100		528,107
	256,000	Duke Realty LP, 3.88%, 10/15/22, Callable 7/15/22 @ 100		266,277
	273,000	Duke Realty LP, 3.63%, 4/15/23, Callable 1/15/23 @ 100		279,544
	146,000	Duke Realty LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		149,943
	747,000	Equinix, Inc., 5.75%, 1/1/25, Callable 1/1/20 @ 102.88		803,959


Principal Amount			Fair Value

	Corporate Bonds, continued
	Equity Real Estate Investment Trusts, continued
$	70,000	Equity Commonwealth, 5.88%, 9/15/20, Callable 3/15/20 @ 100	$	74,860
	500,000	Equity One, Inc., 3.75%, 11/15/22, Callable 8/15/22 @ 100		517,404
	1,000,000	Government Properties Income Trust, 3.75%, 8/15/19, Callable 7/15/19 @ 100		1,007,787
	747,000	HCP, Inc., 3.15%, 8/1/22, Callable 5/1/22 @ 100		751,823
	800,000	HCP, Inc., 3.88%, 8/15/24, Callable 5/17/24 @ 100		815,582
	143,000	Health Care REIT, Inc., 2.25%, 3/15/18		143,376
	500,000	Health Care REIT, Inc., 4.13%, 4/1/19, Callable 1/1/19 @ 100		514,914
	135,000	Lexington Realty Trust, 4.40%, 6/15/24, Callable 3/15/24 @ 100		135,214
	250,000	Mack-Cali Realty LP, 2.50%, 12/15/17, Callable 11/15/17 @ 100		250,374
	500,000	Mack-Cali Realty LP, 4.50%, 4/18/22, Callable 1/18/22 @ 100		510,781
	401,000	Mack-Cali Realty LP, 3.15%, 5/15/23, Callable 2/15/23 @ 100		378,814
	300,000	MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 8/1/26, Callable 8/1/21 @ 102.63		311,877
	820,000	Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100		840,869
	126,000	Omega Healthcare Investors, Inc., 4.95%, 4/1/24, Callable 1/1/24 @ 100		131,970
	281,000	Omega Healthcare Investors, Inc., 4.50%, 1/15/25, Callable 10/15/24 @ 100^		284,530
	785,000	Omega Healthcare Investors, Inc., 5.25%, 1/15/26, Callable 10/15/25 @ 100		833,893
	2,431,000	Omega Healthcare Investors, Inc., 4.50%, 4/1/27, Callable 1/1/27 @ 100		2,430,356
	748,000	OMEGA Healthcare Investors, Inc., 4.75%, 1/15/28, Callable 10/15/27 @ 100		746,730
	70,000	Post Apartment Homes LP, 3.38%, 12/1/22, Callable 9/1/22 @ 100		71,160
	68,000	Retail Opportunity Investments Corp., 5.00%, 12/15/23, Callable 9/15/23 @ 100		70,545
	104,000	Retail Opportunity Investments Corp., 4.00%, 12/15/24, Callable 9/15/24 @ 100		100,722
	900,000	Sabra Health/Capital Corp., 5.50%, 2/1/21, Callable 8/7/17 @ 104.13		936,000
	161,000	Tanger Properties LP, 3.88%, 12/1/23, Callable 9/1/23 @ 100		164,269
	411,000	Tanger Properties LP, 3.75%, 12/1/24, Callable 9/1/24 @ 100		412,387
	342,000	Tanger Properties LP, 3.13%, 9/1/26, Callable 6/1/26 @ 100		320,498
	300,000	Uniti Group, Inc., 6.00%, 4/15/23, Callable 4/15/18 @ 104.5^(a)		312,186
	111,000	Ventas Realty LP, 4.00%, 4/30/19, Callable 1/30/19 @ 100		114,080
	118,000	Ventas Realty LP, 3.13%, 6/15/23, Callable 3/15/23 @ 100		117,300
	240,000	Ventas Realty LP, 3.50%, 2/1/25, Callable 11/1/24 @ 100		238,445


Principal Amount			Fair Value

	Corporate Bonds, continued
	Equity Real Estate Investment Trusts, continued
$	225,000	Ventas Realty LP, 4.13%, 1/15/26, Callable 10/15/25 @ 100	$	231,400
	118,000	Ventas Realty LP, 4.38%, 2/1/45, Callable 8/1/44 @ 100		116,797
	750,000	Ventas Realty LP/Capital Corp., 4.25%, 3/1/22, Callable 12/1/21 @ 100		792,308
	67,000	Weingarten Realty Investors, 3.38%, 10/15/22, Callable 7/15/22 @ 100		67,772
	814,000	WP Carey, Inc., 4.00%, 2/1/25, Callable 11/1/24 @ 100		814,908

				25,736,312

	Food & Staples Retailing (0.2%):
	300,000	Albertsons Cos. LLC, 6.63%, 6/15/24, Callable 6/15/19 @ 104.97^(a)		297,750
	364,000	CVS Health, 3.50%, 7/20/22, Callable 5/20/22 @ 100		377,491
	405,000	Walgreens Boots Alliance, Inc., 3.30%, 11/18/21, Callable 9/18/21 @ 100		417,591

				1,092,832

	Food Products (0.1%):
	300,000	Post Holding, Inc., 5.00%, 8/15/26, Callable 8/15/21 @ 102.5(a)		299,250

	Health Care Providers & Services (1.3%):
	443,000	Community Health System, Inc., 6.88%, 2/1/22, Callable 2/1/18 @ 103.44^		387,071
	180,000	Community Health System, Inc., 6.25%, 3/31/23, Callable 3/31/20 @ 103.13		185,823
	600,000	DaVita HealthCare Partners, Inc., 5.13%, 7/15/24, Callable 7/15/19 @ 102.56		609,000
	530,000	HCA, Inc., 3.75%, 3/15/19		540,600
	2,837,000	HCA, Inc., 6.50%, 2/15/20		3,095,877
	37,000	HCA, Inc., 5.88%, 3/15/22		41,024
	30,000	HCA, Inc., 4.75%, 5/1/23		31,725
	500,000	HCA, Inc., 5.38%, 2/1/25		527,400
	480,000	HCA, Inc., 5.25%, 4/15/25^		516,000
	300,000	HCA, Inc., 5.25%, 6/15/26, Callable 12/15/25 @ 100		323,550
	300,000	Tenet Healthcare Corp., 4.50%, 4/1/21		304,875
	637,000	Tenet Healthcare Corp., 8.13%, 4/1/22^		676,016
	300,000	WellCare Health Plans, 5.25%, 4/1/25, Callable 4/1/20 @ 103.94		314,250

				7,553,211

	Health Care Technology (0.1%):
	300,000	IMS Health, Inc., 5.00%, 10/15/26, Callable 10/15/21 @ 102.5(a)		309,375

	Hotels, Restaurants & Leisure (0.4%):
	300,000	Aramark Services, Inc., 5.00%, 4/1/25, Callable 4/1/20 @ 103.75(a)		316,875
	747,000	Landry’s, Inc., 6.75%, 10/15/24, Callable 10/15/19 @ 103.38(a)		764,741
	128,000	McDonald’s Corp., 2.75%, 12/9/20, Callable 11/9/20 @ 100		130,321
	339,000	McDonald’s Corp., 3.70%, 1/30/26, Callable 10/30/25 @ 100		351,076
	600,000	Scientific Games International, Inc., 10.00%, 12/1/22, Callable 12/1/18 @ 105		657,750

				2,220,763


Principal Amount			Fair Value

	Corporate Bonds, continued
	Household Products (0.1%):
$	300,000	Energizer Holdings, Inc., 5.50%, 6/15/25, Callable 6/15/20 @ 102.75(a)	$	313,875

	Independent Power & Renewable Electricity Producers (0.3%):
	300,000	AES Corp., 5.50%, 3/15/24, Callable 3/15/19 @ 102.75		312,375
	300,000	Calpine Corp., 5.38%, 1/15/23, Callable 10/15/18 @ 102.69^		292,500
	300,000	Dynegy, Inc., 7.38%, 11/1/22, Callable 11/1/18 @ 103.69^		296,250
	763,000	IPALCO Enterprises, Inc., 3.45%, 7/15/20, Callable 6/15/20 @ 100		772,538
	391,000	NRG Energy, 6.25%, 5/1/24, Callable 5/1/19 @ 103.13		394,910

				2,068,573

	Industrial Conglomerates (0.1%):
	300,000	Icahn Enterprises LP, 6.00%, 8/1/20, Callable 8/7/17 @ 103		308,813
	300,000	Icahn Enterprises LP, 5.88%, 2/1/22, Callable 8/7/17 @ 104.41		307,125

				615,938

	Insurance (1.3%):
	326,000	American International Group, Inc., 3.30%, 3/1/21, Callable 2/1/21 @ 100		335,399
	1,208,000	American International Group, Inc., 3.75%, 7/10/25, Callable 4/10/25 @ 100		1,230,445
	180,000	Liberty Mutual Group, Inc., 4.25%, 6/15/23(a)		191,499
	500,000	Pacific Life Insurance Co., 9.25%, 6/15/39(a)		815,014
	1,136,000	Pacific Lifecorp, 6.00%, 2/10/20(a)		1,231,155
	651,000	Pacific Lifecorp, 5.13%, 1/30/43(a)		726,616
	497,000	Teachers Insurance & Annuity Association of America, 4.90%, 9/15/44(a)		556,283
	463,000	Unum Group, 3.88%, 11/5/25		469,316
	1,556,000	Unum Group, 5.75%, 8/15/42		1,845,353
	180,000	Usis Merger Sub, Inc., 6.88%, 5/1/25, Callable 5/1/20 @ 103.44(a)		183,150

				7,584,230

	Internet & Direct Marketing Retail (0.1%):
	300,000	Netflix, Inc., 5.88%, 2/15/25^		332,250

	Internet Software & Services (0.4%):
	550,000	Genesys/Greeneden Lux/US, 10.00%, 11/30/24, Callable 11/30/19 @ 107.5(a)		618,063
	1,400,000	Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.63%, 11/15/24, Callable 11/15/19 @ 106.47^(a)		1,491,000

				2,109,063

	IT Services (0.1%):
	447,000	First Data Corp., 5.38%, 8/15/23, Callable 8/15/18 @ 102.69(a)		467,115

	Life Sciences Tools & Services (0.0%):
	99,000	Thermo Fisher Scientific, Inc., 2.40%, 2/1/19		99,734

	Machinery (0.0%):
	51,000	Ingersoll-Rand Global Holding Co., Ltd., 2.88%, 1/15/19		51,744


Principal Amount			Fair Value

	Corporate Bonds, continued
	Media (2.5%):
$	390,000	21st Century Fox America, 7.75%, 12/1/45	$	565,162
	747,000	Altice US Finance I Corp., 5.38%, 7/15/23, Callable 7/15/18 @ 104.03(a)		777,347
	747,000	AMC Networks, Inc., 5.00%, 4/1/24, Callable 4/1/20 @ 102.5		764,741
	747,000	CCO Holdings LLC, 5.88%, 4/1/24, Callable 4/1/19 @ 104.41(a)		797,423
	700,000	CCO Holdings LLC, 5.88%, 5/1/27, Callable 5/1/21 @ 102.94^(a)		748,125
	300,000	CSC Holdings LLC, 5.50%, 4/15/27, Callable 4/15/22 @ 102.75^(a)		317,250
	300,000	Dish DBS Corp., 5.88%, 7/15/22		322,500
	300,000	Dish DBS Corp., 5.00%, 3/15/23^		307,500
	650,000	MHGE Parent LLC/Finance, 8.50%, 8/1/19, Callable 8/7/17 @ 100^(a)		650,000
	500,000	Neptune Finco Corp., 6.63%, 10/15/25, Callable 10/15/20 @ 103.31(a)		550,050
	300,000	Sirius XM Radio, Inc., 4.63%, 5/15/23, Callable 5/15/18 @ 102.31(a)		308,625
	947,000	Sirius XM Radio, Inc., 5.38%, 4/15/25, Callable 4/15/20 @ 102.69^(a)		978,961
	1,069,000	Time Warner Cable, Inc., 8.25%, 4/1/19		1,179,270
	1,493,000	Time Warner Cable, Inc., 4.13%, 2/15/21, Callable 11/15/20 @ 100		1,561,237
	930,000	Time Warner Cable, Inc., 4.00%, 9/1/21, Callable 6/1/21 @ 100		972,136
	231,000	Time Warner Cable, Inc., 6.55%, 5/1/37		275,841
	418,000	Time Warner Cable, Inc., 7.30%, 7/1/38		534,266
	2,240,000	Time Warner Cable, Inc., 6.75%, 6/15/39		2,741,761
	103,000	Time Warner Cable, Inc., 5.50%, 9/1/41, Callable 3/1/41 @ 100		110,691
	200,000	Univision Communications, Inc., 5.13%, 5/15/23, Callable 5/15/18 @ 102.56(a)		201,936

				14,664,822

	Metals & Mining (0.0%):
	300,000	Freeport-McMoRan, Inc., 3.55%, 3/1/22, Callable 12/1/21 @ 100^		281,154

	Multi-Utilities (0.3%):
	1,371,000	Dominion Resources, Inc., Series 06-B, 3.60%, 9/30/66, Callable 7/28/17 @ 100(b)		1,185,915
	49,000	Puget Energy, Inc., 6.00%, 9/1/21		55,028
	506,000	Sempra Energy, 6.00%, 10/15/39		640,473

				1,881,416

	Oil, Gas & Consumable Fuels (2.9%):
	1,195,000	Access Midstream Partner, 4.88%, 3/15/24, Callable 3/15/19 @ 102.44		1,252,264
	222,000	Anadarko Petroleum Corp., 4.85%, 3/15/21, Callable 2/15/21 @ 100		236,949
	460,000	Anadarko Petroleum Corp., 5.55%, 3/15/26, Callable 12/15/25 @ 100^		514,052
	722,000	Anadarko Petroleum Corp., Series B, 7.50%, 5/1/31		902,229
	122,000	Anadarko Petroleum Corp., 6.45%, 9/15/36		143,605
	612,000	Anadarko Petroleum Corp., 6.60%, 3/15/46, Callable 9/15/45 @ 100		755,839


Principal Amount			Fair Value

	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	400,000	Antero Resources Corp., 5.13%, 12/1/22, Callable 8/7/17 @ 103.84	$	400,872
	339,000	Chesapeake Energy Corp., 8.00%, 12/15/22, Callable 12/15/18 @ 104^(a)		358,493
	300,000	Citgo Petroleum Corp., 6.25%, 8/15/22, Callable 8/15/17 @ 104.69(a)		304,500
	131,000	Columbia Pipeline Group, 2.45%, 6/1/18		131,601
	434,000	Columbia Pipeline Group, 3.30%, 6/1/20, Callable 5/1/20 @ 100		444,683
	197,000	Columbia Pipeline Group, 4.50%, 6/1/25, Callable 3/1/25 @ 100		209,704
	341,000	DCP Midstream Operating LLC, 4.75%, 9/30/21, Callable 6/30/21 @ 100(a)		347,820
	163,000	DCP Midstream Operating LLC, 3.88%, 3/15/23, Callable 12/15/22 @ 100^		157,295
	600,000	DCP Midstream Operating LLC, 8.13%, 8/16/30		706,500
	185,000	DCP Midstream Operating LLC, 5.60%, 4/1/44, Callable 10/1/43 @ 100		174,363
	190,000	Denbury Resources, Inc., 4.63%, 7/15/23, Callable 1/15/18 @ 102.31		100,700
	175,000	Enable Midstream Partners LP, 2.40%, 5/15/19, Callable 4/15/19 @ 100		174,314
	124,000	Enable Midstream Partners LP, 3.90%, 5/15/24, Callable 2/15/24 @ 100^		122,969
	600,000	Endeavor Energy Resource, 7.00%, 8/15/21, Callable 8/7/17 @ 105.25(a)		621,000
	300,000	Energy Transfer Equity, 5.88%, 1/15/24, Callable 10/15/23 @ 100		318,000
	250,000	Everest Acquisition Finance, Inc., 8.00%, 11/29/24, Callable 11/30/19 @ 106(a)		249,375
	300,000	Global Partners LP, 6.25%, 7/15/22, Callable 8/7/17 @ 104.69		301,500
	310,000	Hilcorp Energy LP, 5.00%, 12/1/24, Callable 6/1/19 @ 102.5(a)		285,200
	49,000	Kinder Morgan (Delaware), Inc., 3.05%, 12/1/19, Callable 11/1/19 @ 100		49,851
	167,000	Kinder Morgan (Delaware), Inc., 5.05%, 2/15/46, Callable 8/15/45 @ 100^		167,702
	63,000	Kinder Morgan Energy Partners LP, 6.55%, 9/15/40		72,060
	1,462,000	Kinder Morgan Energy Partners LP, 5.50%, 3/1/44, Callable 9/1/43 @ 100		1,508,995
	1,163,000	Midstates Petroleum Co., Inc., 10.75%, 10/1/20(d)(e)		—
	300,000	NuStar Logistics LP, 5.63%, 4/28/27, Callable 1/28/27 @ 100^		315,000
	300,000	PBF Holding Co. LLC/PBF Finance Corp., 7.00%, 11/15/23, Callable 11/15/18 @ 105.25^		295,500
	460,000	Petroleos Mexicanos, 5.75%, 3/1/18		470,740
	57,000	Phillips 66 Partners LP, 2.65%, 2/15/20, Callable 1/15/20 @ 100		57,197
	300,000	Range Resources Corp., 5.00%, 8/15/22, Callable 5/15/22 @ 100(a)		294,750
	300,000	Rose Rock Midstream LP, 5.63%, 7/15/22, Callable 7/24/17 @ 104.22		288,750
	347,000	Sabine Pass Liquefaction LLC, 5.75%, 5/15/24, Callable 2/15/24 @ 100		386,389


Principal Amount			Fair Value

	Corporate Bonds, continued
	Oil, Gas & Consumable Fuels, continued
$	346,000	Southeast Supply Header LLC, 4.25%, 6/15/24, Callable 3/15/24 @ 100(a)	$	355,695
	348,000	Southwestern Energy Co., 6.70%, 1/23/25, Callable 10/23/24 @ 100^(b)		340,170
	300,000	Summit Midstream Holdings LLC, 5.75%, 4/15/25, Callable 4/15/20 @ 104.31		301,500
	747,000	Sunoco LP/Finance Corp., 6.25%, 4/15/21, Callable 4/15/18 @ 103.13		780,615
	205,000	Targa Resources Partners LP, 4.25%, 11/15/23, Callable 5/15/18 @ 102.13		200,131
	574,000	Western Gas Partners LP, 5.38%, 6/1/21, Callable 3/1/21 @ 100		616,206
	154,000	Western Gas Partners LP, 4.65%, 7/1/26, Callable 4/1/26 @ 100		157,640
	446,000	Williams Companies, Inc., 3.70%, 1/15/23, Callable 10/15/22 @ 100		439,310
	297,000	Williams Companies, Inc., 4.55%, 6/24/24, Callable 3/24/24 @ 100^		305,168
	222,000	Williams Partners LP, 4.00%, 11/15/21, Callable 8/15/21 @ 100		230,988
	357,000	Williams Partners LP, 3.60%, 3/15/22, Callable 1/15/22 @ 100		364,732
	242,000	Williams Partners LP, 4.50%, 11/15/23, Callable 8/15/23 @ 100		256,361
	426,000	Williams Partners LP, 4.30%, 3/4/24, Callable 12/4/23 @ 100		443,114

				17,912,391

	Pharmaceuticals (0.0%):
	85,000	Zoetis, Inc., 1.88%, 2/1/18		85,052

	Professional Services (0.1%):
	300,000	Tempo Finance, Corp., 6.75%, 6/1/25, Callable 6/1/20 @ 103.38(a)		306,750

	Real Estate Management & Development (0.5%):
	2,426,000	CBRE Services, Inc., 5.00%, 3/15/23, Callable 3/15/18 @ 102.5		2,527,557
	300,000	Howard Hughes Corp. (The), 5.38%, 3/15/25, Callable 3/15/20 @ 104.03(a)		306,750

				2,834,307

	Semiconductors & Semiconductor Equipment (0.1%):
	650,000	Qorvo, Inc., 7.00%, 12/1/25, Callable 12/1/20 @ 103.5		737,750

	Software (0.3%):
	700,000	Solera LLC, 10.50%, 3/1/24, Callable 3/1/19 @ 107.88(a)		804,125
	300,000	Sophia LP/Finance, Inc., 9.00%, 9/30/23, Callable 9/30/18 @ 104.5(a)		312,000
	190,000	Symantec Corp., 5.00%, 4/15/25, Callable 4/15/20 @ 102.5^(a)		198,846
	190,000	Veritas US, Inc./Veritas Bermuda, Ltd., 10.50%, 2/1/24, Callable 2/1/19 @ 107.88(a)		207,575

				1,522,546

	Sovereign Bonds (0.1%):
	300,000	MGM Growth Properties LLC, 4.50%, 9/1/26, Callable 6/1/26 @ 100		301,875


Principal Amount			Fair Value

	Corporate Bonds, continued
	Specialty Retail (0.0%):
$	300,000	L Brands, Inc., 6.75%, 7/1/36	$	288,000

	Technology Hardware, Storage & Peripherals (0.0%):
	134,000	HP Enterprise Co., 6.35%, 10/15/45, Callable 4/15/45 @ 100		141,622

	Tobacco (0.7%):
	317,000	Altria Group, Inc., 4.00%, 1/31/24		338,207
	140,000	Reynolds American, Inc., 3.25%, 6/12/20		144,135
	478,000	Reynolds American, Inc., 4.00%, 6/12/22^		506,517
	346,000	Reynolds American, Inc., 4.45%, 6/12/25, Callable 3/12/25 @ 100		370,687
	179,000	Reynolds American, Inc., 5.70%, 8/15/35, Callable 2/15/35 @ 100		212,116
	600,000	Reynolds American, Inc., 7.25%, 6/15/37		820,332
	478,000	Reynolds American, Inc., 5.85%, 8/15/45, Callable 2/15/45 @ 100		585,454
	1,000,000	Vector Group, Ltd., 6.13%, 2/1/25, Callable 2/1/20 @ 103.06(a)		1,038,750
				4,016,198

	Trading Companies & Distributors (0.5%):
	299,000	Air Lease Corp., 2.13%, 1/15/18		299,530
	442,000	Air Lease Corp., 2.63%, 9/4/18, Callable 8/4/18 @ 100		445,283
	499,000	Air Lease Corp., 4.75%, 3/1/20		529,410
	379,000	Air Lease Corp., 3.88%, 4/1/21, Callable 3/1/21 @ 100^		395,344
	348,000	Air Lease Corp., 3.38%, 6/1/21, Callable 5/1/21 @ 100		357,237
	703,000	Air Lease Corp., 3.75%, 2/1/22, Callable 12/1/21 @ 100^		733,604

				2,760,408

	Wireless Telecommunication Services (0.4%):
	300,000	Sprint Communications, Inc., 7.25%, 9/15/21		333,375
	300,000	Sprint Communications, Inc., 7.88%, 9/15/23		345,000
	420,000	Sprint Communications, Inc., 7.13%, 6/15/24^		467,250
	300,000	Sprint Communications, Inc., 6.88%, 11/15/28		333,471
	600,000	T-Mobile USA, Inc., 5.13%, 4/15/25, Callable 4/15/20 @ 102.56^		630,000

				2,109,096

	Total Corporate Bonds (Cost $159,881,296)			163,043,636

	Yankee Dollars (12.4%):
	Banks (2.8%):
	642,000	Barclays Bank plc, 3.25%, 1/12/21		652,893
	300,000	Barclays Bank plc, 7.63%, 11/21/22		343,125
	874,000	Barclays Bank plc, 4.38%, 1/12/26		908,187
	205,000	HSBC Holdings plc, 4.25%, 3/14/24		212,075
	980,000	Intesa Sanpaolo SpA, 5.71%, 1/15/26(a)		1,034,717
	791,000	Rabobank Nederland NY, 4.38%, 8/4/25		829,493
	200,000	RBS Citizens Financial Group, Inc., 4.15%, 9/28/22(a)		208,530
	3,808,000	Royal Bank of Scotland Group plc, 6.13%, 12/15/22		4,169,136
	675,000	Royal Bank of Scotland Group plc, 6.10%, 6/10/23		743,749
	2,977,000	Royal Bank of Scotland Group plc, 6.00%, 12/19/23		3,279,068
	3,303,000	Royal Bank of Scotland Group plc, 5.13%, 5/28/24		3,469,703

				15,850,676


Principal Amount			Fair Value

	Yankee Dollars, continued
	Beverages (0.0%):
$	125,000	Cott Corp., 5.50%, 4/1/25, Callable 4/1/20 @ 104.13(a)	$	127,500

	Capital Markets (1.3%):
	720,000	Credit Suisse Group Fun, Ltd., 2.75%, 3/26/20		725,661
	1,000,000	Credit Suisse Group Fun, Ltd., 3.80%, 9/15/22		1,038,981
	1,175,000	Credit Suisse Group Fun, Ltd., 3.80%, 6/9/23		1,211,373
	720,000	Credit Suisse Group Fun, Ltd., 3.75%, 3/26/25		727,454
	63,000	Credit Suisse New York, 6.00%, 2/15/18		64,594
	1,284,000	Deutsche Bank AG, Series G, 2.85%, 5/10/19		1,297,689
	1,462,000	Deutsche Bank AG, 4.50%, 4/1/25		1,452,217
	469,000	Thomson Reuters Corp., 3.85%, 9/29/24, Callable 6/29/24 @ 100		483,177
	733,000	UBS Group AG, 4.13%, 9/24/25(a)		768,356

				7,769,502

	Chemicals (0.0%):
	200,000	Consolidated Energy Finance SA, 6.88%, 6/15/25, Callable 6/15/20 @ 105.16^(a)		206,000
	240,000	Nova Chemicals Corp., 4.88%, 6/1/24, Callable 3/3/24 @ 100^(a)		239,100

				445,100

	Communications Equipment (0.0%):
	255,000	Nokia OYJ, 4.38%, 6/12/27		259,623

	Containers & Packaging (0.1%):
	300,000	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 7.25%, 5/15/24, Callable 5/15/19 @ 105.44(a)		328,125

	Diversified Financial Services (0.4%):
	200,000	Banco Nacional de Desenvolvimento Economico, 4.00%, 4/14/19(a)		201,834
	326,000	Banco Nacional de Desenvolvimento Economico, 6.50%, 6/10/19(a)		345,971
	1,442,000	Banco Nacional de Desenvolvimento Economico, 5.50%, 7/12/20(a)		1,511,389
	334,000	Banco Nacional de Desenvolvimento Economico, 5.75%, 9/26/23^(a)		352,784
	180,000	Camelot Finance SA, 7.88%, 10/15/24, Callable 10/15/19 @ 103.94(a)		193,950

				2,605,928

	Diversified Telecommunication Services (0.6%):
	300,000	Intelsat Jackson Holdings SA, 9.50%, 9/30/22(a)		358,500
	300,000	Intelsat Jackson Holdings SA, 8.00%, 2/15/24, Callable 2/15/19 @ 104(a)		323,250
	300,000	Sable International Finance, Ltd., 6.88%, 8/1/22, Callable 8/1/18 @ 105.16(a)		324,000
	600,000	SFR Group SA, 7.38%, 5/1/26, Callable 5/1/21 @ 103.69(a)		651,000
	800,000	Telecom Italia SpA, 5.30%, 5/30/24(a)		858,000
	300,000	Telesat Canada, 8.88%, 11/15/24, Callable 11/15/19 @ 106.66(a)		336,750
	300,000	Ziggo Secured Finance BV, 5.50%, 1/15/27, Callable 1/15/22 @ 102.75(a)		306,375

				3,157,875

	Electrical Equipment (0.1%):
	300,000	Sensata Technologies BV, 4.88%, 10/15/23(a)		306,000


Principal Amount			Fair Value

	Yankee Dollars, continued
	Energy Equipment & Services (0.1%):
$	300,000	Ensco plc, 8.00%, 1/31/24, Callable 10/31/23 @ 100^	$	282,000
	300,000	Noble Holding International, Ltd., 7.75%, 1/15/24, Callable 10/15/23 @ 100^		237,375
	400,000	Transocean, Inc., 6.80%, 3/15/38^		292,000

				811,375

	300,000	Fage International/Fage USA, 5.63%, 8/15/26, Callable 8/15/21 @ 102.81(a)		308,940

	Gas Utilities (0.0%):
	5,000	LBC Tank Terminals Holding Netherlands BV, 6.88%, 5/15/23, Callable 5/15/18 @ 103.44(a)		5,188

	Hotels, Restaurants & Leisure (0.1%):
	175,000	1011778 BC ULC New Red Finance, Inc., 4.25%, 5/15/24, Callable 5/15/20 @ 102.13^(a)		173,896
	300,000	Studio City Co., Ltd., 7.25%, 11/30/21, Callable 11/30/18 @ 103.63(a)		325,875

				499,771

	Insurance (0.0%):
	200,000	AIA Group, Ltd., 2.25%, 3/11/19(a)		199,878

	Machinery (0.0%):
	107,000	Ingersoll-Rand Lux Financial Holding, 2.63%, 5/1/20, Callable 4/1/20 @ 100		108,058

	Media (0.4%):
	500,000	Altice Financing SA, 7.50%, 5/15/26, Callable 5/15/21 @ 103.75(a)		555,000
	500,000	Altice Finco SA, 8.13%, 1/15/24, Callable 12/15/18 @ 104.06(a)		543,750
	600,000	Altice SA, 7.63%, 2/15/25, Callable 2/15/20 @ 103.81^(a)		657,750
	190,000	LG Financeco Corp., 5.88%, 11/1/24, Callable 11/1/19 @ 104.41(a)		199,975
	790,000	MDC Partners, Inc., 6.50%, 5/1/24, Callable 5/1/19 @ 104.88^(a)		788,025

				2,744,500

	Metals & Mining (0.3%):
	400,000	BHP Billiton Finance USA, Ltd., 6.25%, 10/19/75, Callable 10/19/20 @ 100^(a)(b)		436,000
	681,000	BHP Billiton Finance USA, Ltd., 6.75%, 10/19/75, Callable 10/20/25 @ 100^(a)(b)		778,104
	300,000	First Quantum Minerals, Ltd., 7.25%, 5/15/22, Callable 8/7/17 @ 105.44^(a)		306,750

				1,520,854

	Multi-Utilities (0.0%):
	30,000	Intergen NV, 7.00%, 6/30/23, Callable 6/30/18 @ 103.5(a)		28,875

	Oil, Gas & Consumable Fuels (3.4%):
	164,000	Canadian Natural Resources, Ltd., 1.75%, 1/15/18		163,987
	309,000	Canadian Natural Resources, Ltd., 5.85%, 2/1/35		342,703
	235,000	Cenovus Energy, Inc., 5.70%, 10/15/19		248,017
	536,000	Cenovus Energy, Inc., 4.25%, 4/15/27, Callable 1/15/27 @ 100^(a)		510,607


Principal Amount			Fair Value

	Yankee Dollars, continued
	Oil, Gas & Consumable Fuels, continued
$	330,000	Empresa Nacional del Pet, 4.38%, 10/30/24(a)	$	343,333
	218,000	Enbridge, Inc., 4.25%, 12/1/26, Callable 9/1/26 @ 100		227,188
	252,000	Enbridge, Inc., 5.50%, 12/1/46, Callable 5/29/46 @ 100		281,865
	244,000	Navios Maritime Holdings/Finance, 7.38%, 1/15/22, Callable 8/7/17 @ 105.53(a)		188,490
	349,000	Petrobras Global Finance Co., 4.38%, 5/20/23^		329,107
	1,229,000	Petrobras Global Finance Co., 5.63%, 5/20/43		1,019,763
	2,677,000	Petrobras Global Finance Co., 7.25%, 3/17/44^		2,632,159
	1,910,000	Petrobras International Finance Co., 5.38%, 1/27/21^		1,941,897
	672,000	Petroleos Mexicanos, 3.50%, 7/18/18		680,131
	354,000	Petroleos Mexicanos, 8.00%, 5/3/19		387,188
	225,000	Petroleos Mexicanos, 6.00%, 3/5/20		241,200
	769,000	Petroleos Mexicanos, 3.50%, 7/23/20		777,075
	426,000	Petroleos Mexicanos, 3.50%, 1/30/23		408,321
	971,000	Petroleos Mexicanos, 4.63%, 9/21/23^		982,652
	1,746,000	Petroleos Mexicanos, 4.88%, 1/18/24		1,768,522
	1,036,000	Petroleos Mexicanos, 4.50%, 1/23/26^		1,007,023
	1,220,000	Petroleos Mexicanos, 6.50%, 3/13/27(a)		1,310,585
	1,039,000	Petroleos Mexicanos, 6.50%, 6/2/41		1,031,727
	841,000	Petroleos Mexicanos, 5.50%, 6/27/44		743,444
	1,005,000	Petroleos Mexicanos, 5.63%, 1/23/46		890,933
	1,677,000	Petroleos Mexicanos, 6.75%, 9/21/47		1,693,569
	347,000	Teine Energy, Ltd., 6.88%, 9/30/22, Callable 9/30/17 @ 105.16(a)		351,771

				20,503,257

	Pharmaceuticals (0.9%):
	865,000	Actavis Funding SCS, 2.45%, 6/15/19		870,252
	624,000	Actavis Funding SCS, 3.45%, 3/15/22, Callable 1/15/22 @ 100		643,230
	336,000	Mylan NV, 2.50%, 6/7/19		338,685
	685,000	Mylan NV, 3.15%, 6/15/21, Callable 5/15/21 @ 100		696,880
	337,000	Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100^		341,462
	400,000	Perrigo Finance plc, 3.90%, 12/15/24, Callable 9/15/24 @ 100		406,154
	484,000	Teva Pharmaceuticals Industries, Ltd., 2.20%, 7/21/21		475,123
	346,000	Teva Pharmaceuticals Industries, Ltd., 2.80%, 7/21/23		336,535
	412,000	Teva Pharmaceuticals Industries, Ltd., 3.15%, 10/1/26^		391,267
	305,000	Valeant Pharmaceuticals International, Inc., 6.50%, 3/15/22, Callable 3/15/19 @ 103.25^(a)		319,869
	407,000	VRX Escrow Corp., 6.13%, 4/15/25, Callable 4/15/20 @ 103.06^(a)		344,424

				5,163,881

	Professional Services (0.2%):
	880,000	Nielsen Co. Luxembourg SARLl (The), 5.00%, 2/1/25, Callable 2/1/20 @ 103.75^(c)		902,000

	Semiconductors & Semiconductor Equipment (0.1%):
	300,000	NXP BV/NXP Funding LLC, 4.63%, 6/1/23(a)		323,625


Principal Amount			Fair Value

	Yankee Dollars, continued
	Software (0.1%):
$	550,000	Open Text Corp., 5.63%, 1/15/23, Callable 1/15/18 @ 104.22^(a)	$	573,375

	Sovereign Bond (0.5%):
	1,344,000	Dominican Republic, 5.50%, 1/27/25(a)		1,387,680
	1,500,000	Republic of Belarus, 8.95%, 1/26/18(a)		1,538,373

				2,926,053

	Tobacco (0.2%):
	690,000	Imperial Tobacco Finance, 3.75%, 7/21/22, Callable 5/21/22 @ 100(a)		718,385
	690,000	Imperial Tobacco Finance, 4.25%, 7/21/25, Callable 4/21/25 @ 100(a)		728,295

				1,446,680

	Trading Companies & Distributors (0.7%):
	1,344,000	AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 5.00%, 10/1/21		1,454,516
	2,165,000	AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 4.63%, 7/1/22		2,320,296
	347,000	FLY Leasing, Ltd., 6.38%, 10/15/21, Callable 10/15/17 @ 104.78		363,916

				4,138,728

	Wireless Telecommunication Services (0.1%):
	300,000	Millicom International Cellular SA, 6.00%, 3/15/25, Callable 3/15/20 @ 103(a)		314,826

	Total Yankee Dollars (Cost $71,653,537)			73,370,193

	Municipal Bonds (2.4%):
	California (0.4%):
	460,000	California State, Build America Bonds, GO, 7.30%, 10/1/39		671,973
	10,000	California State, Build America Bonds, GO, 7.35%, 11/1/39		14,693
	400,000	California State, Build America Bonds, GO, 7.50%, 4/1/34		582,244
	965,000	California State, Build America Bonds, GO, 7.55%, 4/1/39		1,473,284

				2,742,194

	Illinois (2.0%):
	220,000	Illinois State, Build America Bonds, GO, 6.20%, 7/1/21		227,115
	10,000	Illinois State, Build America Bonds, GO, Series 3, 5.55%, 4/1/19		10,263
	425,000	Illinois State, Build America Bonds, GO, Series 3, 6.73%, 4/1/35		428,885
	1,935,000	Illinois State, Build America Bonds, GO, 7.35%, 7/1/35		2,070,430
	420,000	Illinois State, Build America Bonds, GO, 4.00%, 12/1/20		414,200
	1,340,000	Illinois State, Build America Bonds, GO, 5.88%, 3/1/19		1,386,605
	645,000	Illinois State, Build America Bonds, GO, 5.67%, 3/1/18		655,546


Principal Amount			Fair Value

	Municipal Bonds, continued
	Illinois, continued
$	315,000	Illinois State, Build America Bonds, GO, 6.63%, 2/1/35	$	323,288
	105,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series B, 5.43%, 1/1/42		89,287
	395,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series C1, 7.78%, 1/1/35		400,984
	80,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series B, 5.63%, 1/1/22		79,737
	770,000	Chicago Illinois, Taxable Project, Build America Bonds, GO, Series B, 6.31%, 1/1/44		714,545
	4,440,000	Illinois State, Build America Bonds, GO, 5.10%, 6/1/33		4,156,372
	125,000	Illinois State, Build America Bonds, GO, 4.95%, 6/1/23		125,491
	96,000	Illinois State, Build America Bonds, GO, 4.35%, 6/1/18		96,252

				11,179,000

	Total Municipal Bonds (Cost $14,188,862)			13,921,194

	U.S. Government Agency Mortgages (21.6%):
	Federal Home Loan Mortgage Corporation (6.2%)
	86,561	3.00%, 2/1/31, Pool #G15741		88,961
	434,656	3.00%, 4/1/31, Pool #G15799		446,706
	23,150	3.00%, 5/1/31, Pool #J34616		23,800
	74,777	3.00%, 6/1/31, Pool #J34680		76,850
	168,307	2.50%, 7/1/31, Pool #J34888		169,449
	824,303	3.50%, 3/1/32, Pool #C91403		860,667
	794,084	3.00%, 3/1/32, Pool #G16113		816,223
	2,177,459	3.50%, 7/1/32, Pool #C91467		2,276,145
	413,192	4.00%, 6/1/33, Pool #G30718		439,053
	1,803,280	4.00%, 5/1/37, Pool #C91938		1,915,667
	2,736,679	5.00%, 2/1/38, Pool #G60365		3,000,047
	140,415	3.50%, 4/1/40, Pool #V81744		144,899
	159,286	3.50%, 5/1/40, Pool #V81750		164,373
	257,681	3.50%, 6/1/40, Pool #V81792		265,917
	113,938	3.50%, 8/1/40, Pool #V81886		117,568
	102,357	3.50%, 9/1/40, Pool #V81958		105,616
	1,023,106	4.00%, 1/1/41, Pool #A96413		1,080,386
	851,190	4.00%, 2/1/41, Pool #A96807		898,830
	104,628	4.50%, 3/1/41, Pool #A97673		112,514
	172,733	4.50%, 4/1/41, Pool #A97942		185,745
	455,324	5.00%, 6/1/41, Pool #G06596		503,862
	2,331,981	4.50%, 1/1/42, Pool #G60517		2,507,311
	64,307	3.50%, 8/1/42, Pool #Q10392		66,355
	85,951	3.50%, 8/1/42, Pool #Q10434		88,689
	87,884	3.50%, 8/1/42, Pool #Q10047		90,684
	79,892	3.50%, 8/1/42, Pool #Q10164		82,436
	90,873	3.50%, 9/1/42, Pool #Q11244		93,766
	72,890	4.00%, 11/1/42, Pool #Q13121		77,400
	58,004	3.50%, 11/1/42, Pool #G07231		59,851
	184,683	3.00%, 12/1/42, Pool #C04320		185,370
	773,520	3.50%, 4/1/43, Pool #G07921		798,124
	705,822	3.50%, 4/1/43, Pool #Q17209		728,300
	125,876	4.00%, 5/1/43, Pool #Q18481		133,107
	62,258	4.00%, 7/1/43, Pool #Q19597		66,104


Principal Amount			Fair Value

	U.S. Government Agency Mortgages, continued
	Federal Home Loan Mortgage Corporation, continued
$	76,624	4.00%, 10/1/43, Pool #Q22499	$	81,072
	790,812	3.00%, 10/1/43, Pool #G08553		792,368
	155,228	4.00%, 1/1/44, Pool #V80950		164,231
	497,372	4.00%, 1/1/45, Pool #Q30720		523,488
	84,141	3.50%, 3/1/45, Pool #Q31974		86,816
	163,275	3.50%, 3/1/45, Pool #Q32008		168,465
	81,054	3.50%, 3/1/45, Pool #Q32328		83,631
	53,550	3.00%, 5/1/45, Pool #Q33468		53,607
	438,295	3.50%, 5/1/45, Pool #Q33547		451,314
	335,695	3.00%, 6/1/45, Pool #Q34156		336,151
	511,598	3.50%, 6/1/45, Pool #Q34311		527,861
	78,140	3.50%, 6/1/45, Pool #Q33791		80,460
	484,254	3.50%, 6/1/45, Pool #Q34164		498,638
	29,208	3.00%, 7/1/45, Pool #Q34979		29,325
	88,812	3.00%, 7/1/45, Pool #Q34759		89,092
	140,275	4.00%, 8/1/45, Pool #Q35845		147,677
	30,875	4.00%, 9/1/45, Pool #Q37853		32,639
	32,591	4.00%, 11/1/45, Pool #Q38812		34,302
	27,421	4.00%, 2/1/46, Pool #Q38782		28,991
	17,201	4.00%, 2/1/46, Pool #Q38879		18,111
	38,541	4.00%, 2/1/46, Pool #Q38783		40,565
	599,704	3.50%, 5/1/46, Pool #G60553		619,895
	189,174	3.50%, 5/1/46, Pool #G60603		195,154
	592,599	3.50%, 9/1/46, Pool #Q43257		611,335
	975,366	3.00%, 10/1/46, Pool #Q43734		973,889
	3,366,781	3.00%, 12/1/46, Pool #G08737		3,361,680
	52,467	3.00%, 12/1/46, Pool #Q44977		52,387
	2,481,296	3.00%, 1/1/47, Pool #G08741		2,477,537
	1,481,966	3.00%, 2/1/47, Pool #G08747^		1,479,721
	3,000,000	3.50%, 7/15/47, TBA		3,081,951

				35,793,128

	Federal National Mortgage Association (10.7%)
	75,315	2.50%, 10/1/28, Pool #AU2669		76,181
	29,061	3.00%, 8/1/29, Pool #AW9071		29,847
	549,241	3.50%, 9/1/29, Pool #AL5878		574,576
	2,189,854	3.50%, 11/1/30, Pool #AL7688		2,285,860
	31,871	3.00%, 12/1/30, Pool #BC3672		32,733
	23,368	3.00%, 5/1/31, Pool #BA7510		24,000
	23,519	3.00%, 6/1/31, Pool #BD1758		24,156
	285,538	3.00%, 7/1/31, Pool #BC1464		293,415
	995,808	3.00%, 7/1/31, Pool #AS7629		1,022,761
	350,959	3.00%, 3/1/32, Pool #AS9334		360,458
	200,338	3.00%, 3/1/32, Pool #BM1099		205,890
	451,511	3.00%, 3/1/32, Pool #BM1045		464,046
	750,000	3.00%, 4/1/32, Pool #AS9509		770,300
	620,939	3.00%, 4/1/32, Pool #BE6636		637,746
	149,041	3.00%, 6/1/32, Pool #MA3029		153,075
	3,950,000	3.00%, 7/25/32, TBA		4,053,997
	12,608	4.50%, 7/1/33, Pool #729327		13,650
	6,765	4.50%, 7/1/33, Pool #720240		7,270
	13,802	4.50%, 8/1/33, Pool #729713		14,958
	60,652	4.50%, 8/1/33, Pool #729380		65,777
	12,112	4.50%, 8/1/33, Pool #727160		13,137
	18,567	4.50%, 8/1/33, Pool #726928		20,137
	8,079	4.50%, 8/1/33, Pool #723124		8,678


Principal Amount			Fair Value

	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	9,442	4.50%, 8/1/33, Pool #727029	$	10,198
	22,313	4.50%, 8/1/33, Pool #726956		24,195
	367,652	3.50%, 8/1/33, Pool #AL4227		382,598
	17,764	4.50%, 9/1/33, Pool #734922		19,267
	45,771	4.50%, 9/1/33, Pool #727147		49,641
	53,693	4.50%, 12/1/33, Pool #AL5321		58,264
	27,810	3.50%, 1/1/34, Pool #AS1614		29,030
	194,872	3.50%, 1/1/34, Pool #AS1611		203,406
	137,864	3.50%, 1/1/34, Pool #AS1612		143,916
	60,297	3.50%, 1/1/34, Pool #AS1406		62,943
	48,900	6.00%, 10/1/34, Pool #AL2130		56,460
	308,001	5.50%, 11/1/34, Pool #725946		345,027
	149,504	5.50%, 1/1/35, Pool #735141		167,475
	109,847	4.50%, 9/1/35, Pool #AB8198		119,090
	1,051,431	6.00%, 5/1/36, Pool #745512		1,200,705
	76,699	5.50%, 9/1/36, Pool #AD0500		85,908
	546,074	6.00%, 1/1/37, Pool #932030		622,388
	102,746	6.00%, 3/1/37, Pool #889506		116,853
	137,306	6.00%, 1/1/38, Pool #889371		158,346
	393,499	5.00%, 2/1/38, Pool #310165		431,850
	47,780	6.00%, 3/1/38, Pool #889219		54,960
	25,725	6.00%, 7/1/38, Pool #889733		29,643
	157,010	4.50%, 3/1/39, Pool #AB0051		170,330
	707,944	4.50%, 4/1/39, Pool #AB0043		768,045
	258,097	5.00%, 6/1/39, Pool #AL7550		282,982
	713,325	5.00%, 6/1/39, Pool #AL7521		782,174
	921,514	6.00%, 7/1/39, Pool #BF0030		1,035,061
	184,876	6.00%, 5/1/40, Pool #AL2129		213,966
	43,995	4.00%, 12/1/40, Pool #AE7856		46,389
	100,819	4.00%, 12/1/40, Pool #AA4757		106,438
	146,686	4.00%, 9/1/41, Pool #AJ0784		154,772
	526,921	4.00%, 10/1/41, Pool #AL2512		556,228
	16,711	6.00%, 1/1/42, Pool #AL2128		19,233
	337,282	3.00%, 9/1/42, Pool #AB6126		338,712
	139,369	3.50%, 9/1/42, Pool #AP4100		143,762
	496,562	3.00%, 10/1/42, Pool #AB6504		498,667
	274,330	3.00%, 10/1/42, Pool #AB6509		275,493
	508,436	3.00%, 11/1/42, Pool #AB6976		510,591
	174,120	3.00%, 12/1/42, Pool #AB7282		174,858
	27,506	3.50%, 12/1/42, Pool #AQ9054		28,304
	956,377	3.00%, 1/1/43, Pool #AL3181		960,983
	167,102	3.50%, 1/1/43, Pool #AQ9328		172,420
	773,273	3.00%, 1/1/43, Pool #AB7586		776,540
	303,653	3.00%, 2/1/43, Pool #AB7846		305,121
	384,222	2.50%, 2/1/43, Pool #AB8465		372,284
	34,438	3.50%, 2/1/43, Pool #AR1797		35,494
	41,565	3.50%, 3/1/43, Pool #AR7567		42,828
	40,651	3.50%, 3/1/43, Pool #AR6751		41,902
	108,677	3.50%, 3/1/43, Pool #AL3409		112,055
	205,790	3.50%, 8/1/43, Pool #AL7261		212,356
	450,288	3.00%, 9/1/43, Pool #AL5059		452,462
	544,696	4.50%, 3/1/44, Pool #AL5082		585,237
	546,908	3.00%, 6/1/44, Pool #AL7195		549,551
	565,692	5.00%, 11/1/44, Pool #AL7307		620,378
	228,353	4.00%, 12/1/44, Pool #AX8459		241,811


Principal Amount			Fair Value

	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	58,600	4.00%, 12/1/44, Pool #AW9502	$	61,630
	30,556	4.00%, 12/1/44, Pool #AY0045		32,136
	3,110,227	3.50%, 2/1/45, Pool #AS4469		3,202,359
	431,440	4.00%, 3/1/45, Pool #AL6541		456,892
	118,485	3.50%, 3/1/45, Pool #AY5352		122,254
	76,692	4.00%, 5/1/45, Pool #AZ1876		81,030
	130,067	3.50%, 5/1/45, Pool #AY9074		134,205
	133,415	3.00%, 5/1/45, Pool #AS4972		133,650
	171,667	4.00%, 5/1/45, Pool #AZ1207		180,544
	152,429	3.50%, 5/1/45, Pool #AZ1192		157,278
	126,751	3.50%, 5/1/45, Pool #AZ0727		130,785
	81,346	4.00%, 5/1/45, Pool #AZ2992		85,553
	161,217	3.50%, 5/1/45, Pool #AY9324		166,348
	216,402	3.50%, 5/1/45, Pool #AY9287		223,289
	1,454,282	3.50%, 6/1/45, Pool #AY5622		1,500,548
	461,348	4.00%, 6/1/45, Pool #AY8096		485,206
	250,322	4.00%, 6/1/45, Pool #AY8126		263,268
	87,034	4.00%, 6/1/45, Pool #AZ2719		91,954
	332,753	5.00%, 6/1/45, Pool #AZ3448		363,871
	83,830	4.00%, 6/1/45, Pool #AZ3341		88,564
	723,062	4.00%, 7/1/45, Pool #AZ0833		763,831
	384,783	4.00%, 7/1/45, Pool #AZ1783		404,681
	232,336	3.50%, 7/1/45, Pool #AZ3198		239,720
	35,887	3.50%, 7/1/45, Pool #AS5312		37,029
	935,764	3.50%, 7/1/45, Pool #AZ0814		963,477
	50,832	3.00%, 8/1/45, Pool #AZ3728		50,921
	298,440	3.00%, 8/1/45, Pool #AS5634		298,955
	258,037	3.50%, 8/1/45, Pool #AY8424		265,681
	130,272	3.00%, 8/1/45, Pool #AZ8288		130,486
	208,239	4.00%, 10/1/45, Pool #AL7413		220,471
	1,052,075	4.00%, 10/1/45, Pool #AL7593		1,113,878
	100,601	4.00%, 11/1/45, Pool #AZ0560		105,803
	141,820	3.50%, 12/1/45, Pool #AL7890		146,333
	43,050	4.00%, 12/1/45, Pool #BC0997		45,276
	77,067	4.00%, 12/1/45, Pool #AS6350		81,601
	139,331	4.00%, 12/1/45, Pool #BA6404		146,537
	1,903,738	4.00%, 2/1/46, Pool #BC1578		2,002,189
	65,669	4.00%, 4/1/46, Pool #BC3920		69,065
	90,773	4.00%, 4/1/46, Pool #BC7809		95,467
	24,607	4.00%, 5/1/46, Pool #BC2276		25,879
	864,046	4.00%, 6/1/46, Pool #AL9282		908,729
	649,129	4.00%, 6/1/46, Pool #BC0960		682,698
	165,828	4.00%, 7/1/46, Pool #BC6148		174,403
	840,056	3.50%, 7/1/46, Pool #AL9515		865,036
	47,659	3.50%, 8/1/46, Pool #BD5247		49,186
	167,845	4.50%, 8/1/46, Pool #AL9111		180,187
	138,035	4.00%, 8/1/46, Pool #BD1451		145,174
	273,858	4.00%, 8/1/46, Pool #AL8881		289,336
	2,063,722	3.00%, 8/1/46, Pool #BC1509		2,063,683
	298,129	3.50%, 8/1/46, Pool #AL8990		307,679
	166,390	3.50%, 8/1/46, Pool #AL8970		171,720
	1,781,083	3.00%, 9/1/46, Pool #AS7844		1,781,049
	31,321	3.50%, 9/1/46, Pool #BD0711		32,325
	149,881	4.00%, 9/1/46, Pool #BD1489		157,632
	77,711	3.50%, 9/1/46, Pool #BD7792		80,201


Principal Amount			Fair Value

	U.S. Government Agency Mortgages, continued
	Federal National Mortgage Association, continued
$	1,633,216	3.00%, 9/1/46, Pool #BC2817	$	1,633,190
	473,828	3.50%, 10/1/46, Pool #BC4760		489,007
	394,900	3.50%, 10/1/46, Pool #AL9285		405,838
	45,494	4.00%, 10/1/46, Pool #BD7599		47,846
	191,421	3.50%, 11/1/46, Pool #BC9014		197,554
	1,939,154	3.50%, 12/1/46, Pool #BD8504		2,001,364
	944,589	3.50%, 12/1/46, Pool #BC9077		972,718
	68,425	3.50%, 12/1/46, Pool #BE5877		70,622
	43,547	3.50%, 1/1/47, Pool #BE7834		44,945
	1,482,288	3.00%, 1/1/47, Pool #MA2863		1,481,334
	830,206	3.50%, 1/1/47, Pool #AL9776		854,873
	198,832	3.50%, 2/1/47, Pool #BE5696		204,758
	3,560,238	4.00%, 2/1/47, Pool #AL9779		3,769,630
	536,047	4.50%, 3/1/47, Pool #BE9261		577,695
	434,934	4.50%, 3/1/47, Pool #BE9260		468,476
	2,000,000	4.50%, 7/25/47, TBA		2,145,391
	200,000	4.00%, 7/25/47, TBA		210,242

				65,745,403

	Government National Mortgage Association (4.7%)
	15,825	5.00%, 6/15/34, Pool #629493		17,357
	13,222	5.00%, 3/15/38, Pool #676766		14,542
	5,614	5.00%, 4/15/38, Pool #672672		6,155
	25,435	5.00%, 8/15/38, Pool #687818		27,759
	174,320	5.00%, 1/15/39, Pool #705997		191,019
	322,769	5.00%, 3/15/39, Pool #646746		354,849
	2,205	5.00%, 3/15/39, Pool #697946		2,424
	367,064	4.00%, 10/15/40, Pool #783143		387,404
	848,992	4.50%, 3/20/41, Pool #4978		912,307
	303,961	4.50%, 5/20/41, Pool #005055		326,611
	613,282	4.00%, 5/20/41, Pool #5054		650,207
	301,445	4.50%, 6/15/41, Pool #366975		328,990
	198,496	4.50%, 6/20/41, Pool #005082		213,293
	695,472	4.00%, 10/20/41, Pool #5203		736,241
	740,164	3.50%, 12/20/41, Pool #5258		769,210
	81,199	4.00%, 11/20/42, Pool #AB9233		86,408
	428,565	3.00%, 12/20/42, Pool #MA0624		434,551
	76,351	3.00%, 1/20/43, Pool #MA0698		77,417
	4,201,494	3.50%, 1/20/43, Pool #MA0699		4,370,278
	933,678	3.50%, 2/20/43, Pool #MA0783		971,187
	793,092	3.50%, 4/20/43, Pool #783976		824,953
	545,517	4.00%, 4/15/46, Pool #784232		575,324
	957,331	3.00%, 4/20/46, Pool #MA3596		967,993
	47,105	3.50%, 5/20/46, Pool #AS4272		48,915
	33,747	3.50%, 5/20/46, Pool #AR9166		35,079
	44,817	3.50%, 5/20/46, Pool #AR9028		46,588
	122,899	3.00%, 5/20/46, Pool #MA3662		124,268
	172,766	3.50%, 6/20/46, Pool #AT4139		179,579
	112,527	3.00%, 6/20/46, Pool #MA3735		113,780
	59,639	3.50%, 6/20/46, Pool #AS4285		61,942
	37,297	3.50%, 6/20/46, Pool #AT4134		38,766
	59,008	3.50%, 6/20/46, Pool #AT4133		61,420
	842,964	3.00%, 7/20/46, Pool #MA3802		852,353
	387,325	3.00%, 8/20/46, Pool #MA3873		391,638
	1,982,632	3.00%, 9/20/46, Pool #MA3936		2,004,712
	57,452	3.00%, 10/20/46, Pool #MA4003		58,092


Shares Principal Amount			Fair Value

	U.S. Government Agency Mortgages, continued
	Government National Mortgage Association, continued
$	347,295	3.00%, 11/20/46, Pool #MA4068	$	351,163
	3,671,391	3.00%, 12/20/46, Pool #MA4126		3,712,280
	1,526,245	3.00%, 1/20/47, Pool #MA4195		1,543,243
	497,153	3.00%, 2/20/47, Pool #MA4261		502,690
	542,928	4.00%, 4/20/47, Pool #784304		577,094
	471,135	4.00%, 4/20/47, Pool #784303		505,347
	100,000	4.00%, 7/20/47, TBA		105,227
	1,400,000	3.50%, 7/20/47, TBA		1,450,094
	530,897	Class JA, Series 2015-H21, 2.50%,
		6/20/65, Callable 7/20/21 @ 100		535,191

				26,545,940

	Total U.S. Government Agency Mortgages (Cost $128,425,123)			128,084,471

	U.S. Treasury Obligations (31.1%):
	U.S. Treasury Bonds (2.9%)
	3,620,000	2.25%, 8/15/46		3,187,015
	13,490,000	3.00%, 2/15/47		13,915,771

				17,102,786

	U.S. Treasury Inflation Index Bonds (2.7%)
	4,362,000	1.38%, 2/15/44		4,978,330
	9,627,000	0.75%, 2/15/45		9,375,093
	1,717,000	1.00%, 2/15/46		1,770,337

				16,123,760

	U.S. Treasury Inflation Index Notes (2.7%)
	3,342,000	0.25%, 1/15/25		3,388,938
	7,466,000	0.63%, 1/15/26		7,731,790
	4,972,000	0.13%, 7/15/26		4,892,319

				16,013,047

	U.S. Treasury Notes (22.8%)
	11,200,000	0.75%, 10/31/17		11,187,232
	14,000,000	0.75%, 10/31/18		13,891,724
	20,537,000	1.75%, 12/31/20		20,595,572
	17,547,000	1.25%, 3/31/21		17,256,387
	5,324,000	1.38%, 4/30/21		5,255,997
	33,191,000	1.88%, 3/31/22		33,210,451
	5,498,000	1.75%, 6/30/22		5,462,351
	3,417,000	2.13%, 3/31/24		3,419,535
	15,445,000	2.00%, 6/30/24		15,308,652
	7,699,000	1.50%, 8/15/26		7,202,476
	1,840,000	3.00%, 5/15/47		1,898,937

				134,689,314

	Total U.S. Treasury Obligations (Cost $186,289,053)			183,928,907

	Securities Held as Collateral for Securities on Loan (5.6%):
	33,229,775	AZL Pyramis Total Bond Fund Securities Lending Collateral Account(f)		33,229,775

	Total Securities Held as Collateral for Securities on Loan (Cost $33,229,775)			33,229,775

	Unaffiliated Investment Company (5.4%):
	31,949,726	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.75%(g)		31,949,726

	Total Unaffiliated Investment Company (Cost $31,949,726)			31,949,726


Shares			Fair Value

	Warrant(0.0%):
	Oil, Gas & Consumable Fuels (0.0%):
	3,749	Midstates Petroleum Co., Inc., 4/21/20(d)(e)	$	8,435

	Total Warrant (Cost $8,435)			8,435


Total Investment Securities (Cost $637,921,582)(h) — 108.1%	$	639,876,418
Net other assets (liabilities) — (8.1)%		(48,196,220	)

Net Assets — 100.0%	$	591,680,198

The following represents the concentrations by country of risk (based on the domicile of the security issuer) relative to the total fair value of investments as of June 30, 2017:

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	637,921,582

Investment securities, at value*	$	639,876,418
Cash		1
Interest and dividends receivable		4,295,418
Receivable for investments sold		11,972,125

Total Assets		656,143,962

Liabilities:
Payable for investments purchased		29,257,127
Payable for capital shares redeemed		85,698
Payable for collateral received on loaned securities		33,229,775
Securities sold short (Proceeds received $1,491,348)		1,488,176
Interest payable on securities sold short		4,250
Manager fees payable		244,821
Administration fees payable		16,891
Distribution fees payable		117,275
Custodian fees payable		1,407
Administrative and compliance services fees payable		1,243
Transfer agent fees payable		895
Trustee fees payable		2,492
Other accrued liabilities		13,714

Total Liabilities		64,463,764

Net Assets	$	591,680,198

Net Assets Consist of:
Capital	$	576,236,290
Accumulated net investment income/(loss)		18,861,219
Accumulated net realized gains/(losses) from investment transactions		(5,375,319	)
Net unrealized appreciation/(depreciation) on investments		1,958,008

Net Assets	$	591,680,198

Class 1
Net Assets	$	24,806,009
Shares of beneficial interest (unlimited number of shares authorized, no par value)		2,467,995
Net Asset Value (offering and redemption price per share)	$	10.05

Class 2
Net Assets	$	566,874,189
Shares of beneficial interest (unlimited number of shares authorized, no par value)		54,893,137
Net Asset Value (offering and redemption price per share)	$	10.33

*	Includes securities on loan of $32,055,732.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Interest	$	7,029,106
Dividends		80,509
Income from securities lending		133,537

Total Investment Income		7,243,152

Expenses:
Manager fees		1,476,283
Administration fees		120,011
Distribution fees — Class 2		706,689
Custodian fees		8,929
Administrative and compliance services fees		4,834
Transfer agent fees		5,625
Trustee fees		15,732
Professional fees		16,574
Shareholder reports		11,861
Other expenses		7,643

Total expenses		2,374,181

Net Investment Income/(Loss)		4,868,971

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		3,104,643
Net realized gains/(losses) on securities held short		(43,124	)
Change in net unrealized appreciation/depreciation on investments		8,131,371

Net Realized/Unrealized Gains/(Losses) on Investments		11,192,890

Change in Net Assets Resulting From Operations	$	16,061,861

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Pyramis^® Total Bond Fund (the “Fund”), and 22 are presented in separate reports.

To generate additional income, the Fund may lend up to 33 ¹/₃% of its assets pursuant to agreements requiring that the loan be continuously secured by any combination of cash, U.S. government or U.S. government agency securities, equal initially to at least 102% of the fair value plus accrued interest on the securities loaned (105% for foreign securities). The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $39 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $13,103 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Manager and sub-adviser. Any such purchase or sale transaction must be effected without a brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security’s last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. During the period ended June 30, 2017, the Fund did not engage in any Rule 17a-7 transactions under the 1940 Act.

The Manager provides investment advisory and management services for the Fund. The Manager has retained an independent money management organization (the “Subadviser”), to make investment decisions on behalf of the Fund. Pursuant to a subadvisory agreement with FIAM LLC (“FIAM”), FIAM provides investment advisory services as the Subadviser for the Fund subject to the general supervision of the Trustees and the Manager. The Manager is entitled to a fee, computed daily and paid monthly, based on the average daily net assets of the Fund. Expenses incurred by the Fund for investment advisory and management services are reflected on the Statement of Operations as “Manager fees.” For its services, the Subadviser is entitled to a fee payable by the Manager. The Manager has contractually agreed to waive fees and reimburse the Fund to limit the annual expenses, excluding interest expense (e.g., cash overdraft fees), taxes, brokerage commissions, acquired fund fees and expenses, other expenditures that are capitalized in accordance with U.S. GAAP and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, based on the daily net assets of the Fund, through April 30, 2018.

For the period ended June 30, 2017, the annual rate due to the Manager and the annual expense limit were as follows:

Any amounts contractually waived or reimbursed by the Manager in a particular fiscal year will be subject to repayment by the Fund to the Manager to the extent that from time to time through the next three fiscal years the repayment will not cause the Fund’s expenses to exceed the lesser of the stated limit at the time of the waiver or the current stated limit. Any amounts recouped by the Manager during the year are reflected on the Statement of Operations as “Recoupment of prior expenses reimbursed by the Manager.” At June 30, 2017, there were no remaining contractual reimbursements that are subject to repayment by the Fund in subsequent years.

In addition, the Manager may voluntarily waive or reimburse additional fees in order to maintain more competitive expense ratios. Any voluntary waivers or reimbursements are not subject to repayment in subsequent years. Information on the total amount waived/reimbursed by the Manager or repaid to the Manager by the Fund during the period can be found on the Statement of Operations. During the period ended June 30, 2017, there were no voluntary waivers.

Pursuant to separate agreements between the Funds and the Manager, the Manager provides a Chief Compliance Officer (“CCO”) and certain compliance oversight and regulatory filing services to the Trust. Under these agreements the Manager is entitled to an amount equal to a portion of the compensation and certain other expenses related to the individuals performing the CCO and compliance oversight services, as well as $100 per hour for time incurred in connection with the preparation and filing of certain documents with the Securities and Exchange Commission (“SEC” or the “Commission”). The fees are paid to the Manager on a quarterly basis. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administrative and compliance services fees.”

Citi Fund Services Ohio, Inc. (“Citi” or the “Administrator”), a wholly owned subsidiary of Citigroup, Inc., with which an officer of the Trust is affiliated, serves as the Trust’s administrator and fund accountant, and assists the Trust in all aspects of its administration and operation. The Administrator is entitled to a Trust-wide asset-based fee, which is based on the following schedule: 0.05% of daily average net assets on the first $4 billion, 0.04% of daily average net assets on the next $2 billion, 0.02% of daily average net assets on the next $2 billion and 0.01% of daily average net assets over $8 billion. The overall Trust-wide fees are accrued daily and paid monthly and are subject to a minimum annual fee. The Administrator is entitled to an annual fee for each additional class of shares of any Fund, certain annual fees in supporting fair value services, and a Trust-wide annual fee for providing infrastructure and support in implementing the written policies and procedures comprising the Fund’s compliance program. The Administrator is also reimbursed for certain expenses incurred. The total expenses incurred by the Fund for these services are reflected on the Statement of Operations as “Administration fees.”

Allianz Life Financial Services, LLC (“ALFS”), an affiliate of the Manager, serves as distributor of the Fund. ALFS receives an annual 12b-1 fee in the maximum amount of 0.25% of the average daily net assets attributable of Class 2 shares, plus a Trust-wide annual fee of $42,500 paid by the Manager from its profits and not by the Trust, for recordkeeping and reporting services.

In addition, certain legal fees and expenses are paid to a law firm, Dorsey & Whitney LLP, of which the Secretary of the Fund is Senior Counsel. During the period ended June 30, 2017, $3,579 was paid from the Fund relating to these fees and expenses.

The following is a summary of the valuation inputs used as of June 30, 2017 in valuing the Fund’s investments based upon the three levels defined above:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of securities (excluding securities maturing less than one year from acquisition) were as follows:

For the period ended June 30, 2017, cost of purchases and proceeds from sales of long-term U.S. government securities included above were as follows:

Cost for federal income tax purposes at June 30, 2017 is $638,713,353. The gross unrealized appreciation/(depreciation) on a tax basis is as follows:

The tax character of dividends paid to shareholders during the year ended December 31, 2016 were as follows:

As of the latest tax year end December 31 2016, the components of accumulated earnings on a tax basis were as follows:

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumptions of control of the fund, under section 2 (a)(9) of the 1940 Act. As of June 30, 2017, the Fund had multiple shareholder accounts which are affiliated with the Investment Adviser representing ownership in excess of 25% of the Fund.

As a shareholder of the AZL Russell 1000 Growth Index Fund (the “Fund”), you incur ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in each table do not reflect expenses that apply to the subaccount or the insurance contract. If the expenses that apply to the subaccount of the insurance contract were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the periods presented below.


Shares			Fair Value
	Common Stocks (98.9%):
	Aerospace & Defense (2.7%):
	57,049	Boeing Co. (The)	$	11,281,440
	9,107	BWX Technologies, Inc.		443,966
	10,662	General Dynamics Corp.		2,112,142
	2,452	HEICO Corp.^		176,152
	4,940	HEICO Corp., Class A		306,527
	6,167	Hexcel Corp.^		325,556
	3,713	Huntington Ingalls Industries, Inc.		691,212
	22,642	Lockheed Martin Corp.		6,285,646
	16,175	Northrop Grumman Corp.		4,152,284
	10,777	Raytheon Co.		1,740,270
	16,245	Rockwell Collins, Inc.^		1,707,025
	4,813	TransDigm Group, Inc.^		1,294,071

				30,516,291

	Air Freight & Logistics (1.3%):
	14,053	C.H. Robinson Worldwide, Inc.^		965,160
	12,733	Expeditors International of Washington, Inc.^		719,160
	24,831	FedEx Corp.		5,396,521
	69,140	United Parcel Service, Inc., Class B		7,646,193
	8,116	XPO Logistics, Inc.*		524,537

				15,251,571

	Airlines (0.5%):
	9,901	Alaska Air Group, Inc.		888,714
	19,224	American Airlines Group, Inc.^		967,352
	201	Copa Holdings SA, Class A		23,517
	56,299	Southwest Airlines Co.		3,498,419

				5,378,002

	Auto Components (0.3%):
	2,291	BorgWarner, Inc.^		97,047
	26,792	Delphi Automotive plc		2,348,319
	17,676	Gentex Corp.^		335,314
	5,699	Lear Corp.		809,713
	3,298	Visteon Corp.*		336,594

				3,926,987

	Automobiles (0.5%):
	12,821	Harley-Davidson, Inc.^		692,590
	13,021	Tesla Motors, Inc.*^		4,708,524
	4,938	Thor Industries, Inc.^		516,120

				5,917,234

	Banks (0.3%):
	5,148	Bank of the Ozarks, Inc.		241,287
	884	East West Bancorp, Inc.		51,785
	12,587	First Republic Bank^		1,259,958
	2,091	Pinnacle Financial Partners, Inc.		131,315
	3,175	Signature Bank*		455,708
	3,884	SVB Financial Group*		682,768
	5,455	Western Alliance Bancorp*		268,386

				3,091,207

	Beverages (3.1%):
	4,807	Brown-Forman Corp., Class A		236,985
	16,829	Brown-Forman Corp., Class B		817,889


Shares			Fair Value
	Common Stocks, continued
	Beverages, continued
	287,945	Coca-Cola Co. (The)	$	12,914,333
	16,235	Constellation Brands, Inc., Class C		3,145,207
	18,314	Dr Pepper Snapple Group, Inc.		1,668,589
	41,341	Monster Beverage Corp.*		2,053,821
	124,556	PepsiCo, Inc.		14,384,972

				35,221,796

	Biotechnology (4.9%):
	159,611	AbbVie, Inc.		11,573,394
	9,937	Acadia Pharmaceuticals, Inc.*^		277,143
	3,801	Agios Pharmaceuticals, Inc.*^		195,561
	17,583	Alexion Pharmaceuticals, Inc.*		2,139,324
	15,227	Alkermes plc*		882,709
	6,547	Alnylam Pharmaceuticals, Inc.*^		522,189
	21,240	Amgen, Inc.		3,658,165
	19,969	Biogen Idec, Inc.*		5,418,788
	17,407	BioMarin Pharmaceutical, Inc.*^		1,580,904
	10,808	Bioverativ, Inc.*^		650,317
	77,641	Celgene Corp.*		10,083,237
	28,771	Exelixis, Inc.*^		708,630
	93,223	Gilead Sciences, Inc.		6,598,324
	16,852	Incyte Corp.*		2,121,835
	1,872	Intercept Pharmaceuticals, Inc.*^		226,643
	3,875	Intrexon Corp.*^		93,349
	12,314	Ionis Pharmaceuticals, Inc.*^		626,413
	8,812	Neurocrine Biosciences, Inc.*^		405,352
	3,854	OPKO Health, Inc.*^		25,359
	7,845	Regeneron Pharmaceuticals, Inc.*		3,852,993
	9,534	Seattle Genetics, Inc.*^		493,289
	3,704	Tesaro, Inc.*^		518,041
	24,886	Vertex Pharmaceuticals, Inc.*		3,207,059

				55,859,018

	Building Products (0.4%):
	14,408	A.O. Smith Corp.		811,603
	9,524	Allegion plc		772,587
	4,284	Armstrong World Industries, Inc.*^		197,064
	14,236	Fortune Brands Home & Security, Inc.^		928,757
	3,605	Lennox International, Inc.^		662,022
	20,577	Masco Corp.		786,247

				4,158,280

	Capital Markets (1.8%):
	13,712	Ameriprise Financial, Inc.		1,745,400
	5,397	BGC Partners, Inc., Class A		68,218
	11,059	CBOE Holdings, Inc.		1,010,793
	94,364	Charles Schwab Corp. (The)^		4,053,878
	11,324	Eaton Vance Corp.		535,852
	3,796	FactSet Research Systems, Inc.^		630,819
	879	Federated Investors, Inc., Class B^		24,832
	27,947	Intercontinental Exchange, Inc.		1,842,266
	6,031	Invesco, Ltd.		212,231
	10,763	Lazard, Ltd., Class A		498,650
	1,984	Legg Mason, Inc.		75,709
	8,759	LPL Financial Holdings, Inc.^		371,907


Shares			Fair Value
	Common Stocks, continued
	Capital Markets, continued
	3,677	MarketAxess Holdings, Inc.	$	739,445
	16,634	Moody’s Corp.		2,024,025
	1,831	Morningstar, Inc.^		143,441
	8,870	MSCI, Inc., Class A		913,521
	3,327	Raymond James Financial, Inc.		266,892
	25,835	S&P Global, Inc.		3,771,652
	13,599	SEI Investments Co.		731,354
	1,933	State Street Corp.		173,448
	3,783	T. Rowe Price Group, Inc.^		280,736
	22,602	TD Ameritrade Holding Corp.^		971,660

				21,086,729

	Chemicals (2.8%):
	2,075	Albemarle Corp.		218,996
	21,124	Axalta Coating Systems, Ltd.*		676,813
	8,307	Celanese Corp., Series A		788,667
	18,533	Chemours Co. (The)		702,771
	86,952	E.I. du Pont de Nemours & Co.		7,017,897
	25,733	Ecolab, Inc.		3,416,056
	13,383	FMC Corp.		977,628
	9,707	Huntsman Corp.		250,829
	7,905	International Flavor & Fragrances, Inc.		1,067,175
	14,421	Lyondellbasell Industries NV		1,216,988
	43,893	Monsanto Co.		5,195,175
	702	NewMarket Corp.^		323,257
	9,899	Platform Speciality Products Corp.*		125,519
	23,897	PPG Industries, Inc.		2,627,714
	25,103	Praxair, Inc.		3,327,403
	11,977	RPM International, Inc.		653,345
	4,028	Scotts Miracle-Gro Co. (The)^		360,345
	8,200	Sherwin Williams Co.		2,877,872
	6,732	W.R. Grace & Co.		484,771
	1,778	Westlake Chemical Corp.		117,721

				32,426,942

	Commercial Services & Supplies (0.5%):
	8,526	Cintas Corp.		1,074,617
	3,613	Clean Harbors, Inc.*^		201,714
	19,786	Copart, Inc.*^		628,997
	13,660	KAR Auction Services, Inc.		573,310
	9,788	Rollins, Inc.^		398,469
	36,624	Waste Management, Inc.		2,686,371

				5,563,478

	Communications Equipment (0.3%):
	5,308	Arista Networks, Inc.*^		795,085
	9,720	CommScope Holding Co., Inc.*		369,652
	6,444	F5 Networks, Inc.*		818,775
	3,142	Harris Corp.		342,729
	1,513	Motorola Solutions, Inc.		131,238
	8,902	Palo Alto Networks, Inc.*		1,191,176

				3,648,655

	Construction & Engineering (0.0%):
	4,076	Quanta Services, Inc.*		134,182


Shares			Fair Value
	Common Stocks, continued
	Construction Materials (0.3%):
	4,595	Eagle Materials, Inc., Class A	$	424,670
	5,689	Martin Marietta Materials, Inc.		1,266,258
	12,235	Vulcan Materials Co.		1,549,929

				3,240,857

	Consumer Finance (0.0%):
	3,010	Capital One Financial Corp.		248,686
	1,008	Credit Acceptance Corp.*^		259,197

				507,883

	Containers & Packaging (0.6%):
	1,629	AptarGroup, Inc.^		141,495
	1,040	Ardagh Group SA		23,514
	8,331	Avery Dennison Corp.		736,210
	19,265	Ball Corp.		813,176
	12,944	Berry Global Group, Inc.*		737,937
	9,204	Crown Holdings, Inc.*		549,111
	21,476	Graphic Packaging Holding Co.^		295,939
	37,379	International Paper Co.		2,116,026
	12,880	Owens-Illinois, Inc.*		308,090
	9,373	Packaging Corp. of America		1,044,058
	10,020	Sealed Air Corp.		448,495
	7,557	Silgan Holdings, Inc.^		240,161

				7,454,212

	Distributors (0.1%):
	5,513	Genuine Parts Co.^		511,386
	4,637	LKQ Corp.*		152,789
	3,967	Pool Corp.^		466,400

				1,130,575

	Diversified Consumer Services (0.1%):
	4,984	Bright Horizons Family Solutions, Inc.*		384,815
	3,128	H&R Block, Inc.		96,686
	17,750	Service Corp. International^		593,738
	13,332	ServiceMaster Global Holdings, Inc.*		522,481

				1,597,720

	Diversified Financial Services (0.0%):
	7,612	Leucadia National Corp.		199,130
	1,048	Voya Financial, Inc.		38,661

				237,791

	Diversified Telecommunication Services (0.8%):
	204,634	Verizon Communications, Inc.		9,138,954
	18,560	Zayo Group Holdings, Inc.*		573,504

				9,712,458

	Electrical Equipment (0.3%):
	3,002	Acuity Brands, Inc.^		610,247
	3,640	AMETEK, Inc.		220,475
	9,242	Emerson Electric Co.^		551,008
	3,435	Hubbell, Inc.		388,739
	12,866	Rockwell Automation, Inc.		2,083,777
	8,526	Sensata Technologies Holding NV*		364,231

				4,218,477


Shares			Fair Value
	Common Stocks, continued
	Electronic Equipment, Instruments & Components (0.6%):
	29,927	Amphenol Corp., Class A	$	2,209,210
	15,253	CDW Corp.		953,770
	8,318	Cognex Corp.		706,198
	2,443	Coherent, Inc.*		549,651
	5,236	Corning, Inc.		157,342
	7,063	FLIR Systems, Inc.		244,804
	3,584	IPG Photonics Corp.*^		520,038
	8,322	National Instruments Corp.		334,711
	19,806	Trimble Navigation, Ltd.*		706,480
	4,147	Universal Display Corp.^		453,060
	5,223	Zebra Technologies Corp., Class A*^		525,016

				7,360,280

	Energy Equipment & Services (0.2%):
	58,739	Halliburton Co.		2,508,742
	5,460	RPC, Inc.^		110,347

				2,619,089

	Equity Real Estate Investment Trusts (2.5%):
	42,327	American Tower Corp.		5,600,710
	2,322	Boston Properties, Inc.		285,652
	3,353	Coresite Realty Corp.		347,136
	36,585	Crown Castle International Corp.		3,665,086
	12,512	CubeSmart		300,788
	7,561	Cyrusone, Inc.^		421,526
	11,218	Digital Realty Trust, Inc.		1,267,073
	11,437	Douglas Emmett, Inc.		437,008
	7,668	DuPont Fabros Technology, Inc.		468,975
	7,781	Equinix, Inc.		3,339,294
	8,066	Equity Lifestyle Properties, Inc.^		696,418
	10,393	Extra Space Storage, Inc.^		810,654
	2,844	Federal Realty Investment Trust		359,453
	6,763	Gaming & Leisure Properties, Inc.		254,762
	1,534	Hudson Pacific Properties, Inc.		52,447
	23,223	Iron Mountain, Inc.^		797,942
	7,531	Lamar Advertising Co., Class A^		554,056
	1,919	Outfront Media, Inc.		44,367
	14,773	Public Storage, Inc.^		3,080,614
	12,040	SBA Communications Corp.*		1,624,196
	28,153	Simon Property Group, Inc.		4,554,030
	780	Tanger Factory Outlet Centers, Inc.^		20,264
	2,608	Taubman Centers, Inc.		155,306

				29,137,757

	Food & Staples Retailing (1.1%):
	43,702	Costco Wholesale Corp.		6,989,260
	49,399	Kroger Co. (The)^		1,151,985
	49,209	Rite Aid Corp.*		145,167
	13,450	Sprouts Farmers Market, Inc.*^		304,912
	49,421	Sysco Corp.		2,487,358
	17,422	Walgreens Boots Alliance, Inc.		1,364,317
	4,919	Whole Foods Market, Inc.		207,139

				12,650,138


Shares			Fair Value
	Common Stocks, continued
	Food Products (0.7%):
	9,224	Blue Buffalo Pet Products, Inc.*^	$	210,399
	11,798	Campbell Soup Co.^		615,266
	41,105	General Mills, Inc.		2,277,218
	12,548	Hershey Co. (The)		1,347,279
	22,853	Kellogg Co.^		1,587,369
	3,523	Lamb Weston Holding, Inc.		155,153
	11,344	McCormick & Co.		1,106,153
	4,675	Pilgrim’s Pride Corp.*^		102,476
	1,786	TreeHouse Foods, Inc.*^		145,898

				7,547,211

	Health Care Equipment & Supplies (2.7%):
	4,030	ABIOMED, Inc.*		577,499
	7,955	Align Technology, Inc.*		1,194,205
	4,753	Baxter International, Inc.		287,747
	22,380	Becton, Dickinson & Co.^		4,366,562
	137,005	Boston Scientific Corp.*		3,797,779
	7,267	C.R. Bard, Inc.		2,297,171
	3,763	Cooper Cos., Inc. (The)		900,937
	8,547	Dexcom, Inc.*^		625,213
	20,922	Edwards Lifesciences Corp.*		2,473,817
	6,249	Hill-Rom Holdings, Inc.^		497,483
	15,914	Hologic, Inc.*		722,177
	8,749	IDEXX Laboratories, Inc.*		1,412,264
	3,660	Intuitive Surgical, Inc.*		3,423,454
	9,966	Medtronic plc		884,483
	13,931	ResMed, Inc.^		1,084,807
	34,036	Stryker Corp.^		4,723,516
	719	Teleflex, Inc.		149,379
	9,155	Varian Medical Systems, Inc.*^		944,704
	7,304	West Pharmaceutical Services, Inc.		690,374

				31,053,571

	Health Care Providers & Services (2.8%):
	10,426	Aetna, Inc.		1,582,980
	15,816	AmerisourceBergen Corp.^		1,495,086
	2,221	Centene Corp.*		177,413
	21,747	Cigna Corp.		3,640,230
	4,125	Express Scripts Holding Co.*		263,340
	2,191	HCA Holdings, Inc.*		191,055
	7,860	Henry Schein, Inc.*^		1,438,537
	13,596	Humana, Inc.		3,271,470
	572	LifePoint Hospitals, Inc.*^		38,410
	2,228	McKesson Corp.		366,595
	862	Patterson Cos., Inc.^		40,471
	1,223	Premier, Inc., Class A*		44,028
	96,118	UnitedHealth Group, Inc.		17,822,200
	7,834	VCA Antech, Inc.*		723,157
	4,114	WellCare Health Plans, Inc.*		738,710

				31,833,682

	Health Care Technology (0.3%):
	3,966	athenahealth, Inc.*^		557,421
	28,796	Cerner Corp.*^		1,914,071


Shares			Fair Value
	Common Stocks, continued
	Health Care Technology, continued
	10,717	Veeva Systems, Inc., Class A*	$	657,059

				3,128,551

	Hotels, Restaurants & Leisure (3.5%):
	10,117	Aramark Holdings Corp.		414,595
	2,538	Chipotle Mexican Grill, Inc.*^		1,056,062
	3,278	Choice Hotels International, Inc.		210,612
	12,484	Darden Restaurants, Inc.^		1,129,053
	4,792	Domino’s Pizza, Inc.^		1,013,652
	9,017	Dunkin’ Brands Group, Inc.^		497,017
	9,148	Extended Stay America, Inc.		177,105
	5,816	Hilton Grand Vacations*		209,725
	16,916	Hilton Worldwide Holdings, Inc.		1,046,255
	36,131	Las Vegas Sands Corp.^		2,308,410
	31,647	Marriott International, Inc., Class A		3,174,511
	81,820	McDonald’s Corp.		12,531,550
	3,743	MGM Resorts International		117,118
	2,124	Panera Bread Co., Class A*		668,295
	6,999	Six Flags Entertainment Corp.		417,210
	141,427	Starbucks Corp.		8,246,607
	3,958	Vail Resorts, Inc.		802,801
	18,284	Wendy’s Co. (The)^		283,585
	10,221	Wyndham Worldwide Corp.		1,026,291
	7,996	Wynn Resorts, Ltd.		1,072,424
	32,046	Yum China Holdings, Inc.*		1,263,574
	34,939	Yum! Brands, Inc.		2,577,101

				40,243,553

	Household Durables (0.3%):
	18,896	D.R. Horton, Inc.		653,235
	10,721	Leggett & Platt, Inc.^		563,174
	435	Mohawk Industries, Inc.*		105,135
	333	NVR, Inc.*		802,733
	8,297	PulteGroup, Inc.^		203,525
	1,795	Tempur Sealy International, Inc.*^		95,835
	6,912	Toll Brothers, Inc.^		273,093
	5,111	Tupperware Brands Corp.		358,946
	584	Whirlpool Corp.^		111,906

				3,167,582

	Household Products (0.8%):
	25,076	Church & Dwight Co., Inc.		1,300,943
	11,003	Clorox Co. (The)		1,466,040
	13,672	Colgate-Palmolive Co.		1,013,505
	6,138	Energizer Holdings, Inc.^		294,747
	30,199	Kimberly-Clark Corp.		3,898,993
	13,013	Procter & Gamble Co. (The)		1,134,083
	2,378	Spectrum Brands Holdings, Inc.^		297,345

				9,405,656

	Independent Power & Renewable Electricity Producers (0.0%):
	5,796	NRG Energy, Inc.		99,807

	Industrial Conglomerates (2.1%):
	58,116	3M Co., Class C		12,099,170
	151,706	General Electric Co.		4,097,579


Shares			Fair Value
	Common Stocks, continued
	Industrial Conglomerates, continued
	44,659	Honeywell International, Inc.	$	5,952,598
	9,504	Roper Industries, Inc.^		2,200,461

				24,349,808

	Insurance (1.1%):
	10,111	Allstate Corp. (The)		894,217
	11,217	American International Group, Inc.		701,287
	26,085	Aon plc		3,468,001
	1,705	Arch Capital Group, Ltd.*		159,060
	12,213	Arthur J. Gallagher & Co.		699,194
	1,859	Aspen Insurance Holdings, Ltd.		92,671
	1,136	Assurant, Inc.		117,792
	1,839	Erie Indemnity Co., Class A^		230,004
	51,502	Marsh & McLennan Cos., Inc.		4,015,095
	57,912	Progressive Corp. (The)		2,553,340
	8,374	XL Group, Ltd.		366,781

				13,297,442

	Internet & Direct Marketing Retail (4.9%):
	39,836	Amazon.com, Inc.*		38,561,248
	12,154	Expedia, Inc.^		1,810,338
	1,049	Liberty Expedia Holdings, Class A*		56,667
	23,578	Liberty Interactive Corp., Class A*		578,604
	41,133	Netflix, Inc.*		6,145,682
	4,919	Priceline Group, Inc. (The)*^		9,201,088
	5,177	TripAdvisor, Inc.*^		197,761
	3,820	Wayfair, Inc., Class A*		293,682

				56,845,070

	Internet Software & Services (8.3%):
	29,841	Alphabet, Inc., Class A*		27,742,581
	30,315	Alphabet, Inc., Class C*		27,548,150
	3,205	CoStar Group, Inc.*^		844,838
	234,026	Facebook, Inc., Class A*		35,333,246
	7,737	GoDaddy, Inc., Class A*^		328,204
	6,965	IAC/InterActiveCorp*		719,067
	3,233	LogMeIn, Inc.		337,849
	3,622	Match Group, Inc.*^		62,950
	22,257	Pandora Media, Inc.*^		198,532
	4,298	Twitter, Inc.*^		76,805
	8,845	VeriSign, Inc.*^		822,231
	3,665	Zillow Group, Inc., Class A*^		178,999
	7,244	Zillow Group, Inc., Class C*		355,028

				94,548,480

	IT Services (7.1%):
	62,110	Accenture plc, Class C		7,681,765
	4,864	Alliance Data Systems Corp.		1,248,540
	44,816	Automatic Data Processing, Inc.^		4,591,847
	3,091	Black Knight Financial Services, Inc., Class A*^		126,576
	13,631	Booz Allen Hamilton Holding Corp.		443,553
	11,698	Broadridge Financial Solutions, Inc.		883,901
	58,572	Cognizant Technology Solutions Corp., Class A		3,889,181
	4,814	CoreLogic, Inc.*^		208,831
	16,052	CSRA, Inc.		509,651


Shares			Fair Value
	Common Stocks, continued
	IT Services, continued
	733	DST Systems, Inc.	$	45,226
	28,337	Dxc Technology Co.		2,174,015
	5,123	Euronet Worldwide, Inc.*		447,597
	18,724	Fidelity National Information Services, Inc.		1,599,030
	36,605	First Data Corp., Class A*		666,211
	21,330	Fiserv, Inc.*		2,609,512
	9,189	FleetCor Technologies, Inc.*		1,325,146
	8,747	Gartner, Inc.*		1,080,342
	13,966	Genpact, Ltd.^		388,674
	15,211	Global Payments, Inc.		1,373,858
	59,152	International Business Machines Corp.		9,099,351
	7,734	Jack Henry & Associates, Inc.^		803,331
	94,430	MasterCard, Inc., Class A		11,468,523
	32,088	Paychex, Inc.		1,827,091
	113,461	PayPal Holdings, Inc.*		6,089,452
	16,289	Sabre Corp.^		354,612
	22,183	Square, Inc., Class A*^		520,413
	18,128	Total System Services, Inc.		1,055,956
	16,032	Vantive, Inc., Class A*		1,015,467
	185,230	Visa, Inc., Class A^		17,370,868
	47,275	Western Union Co.^		900,589
	3,166	WEX, Inc.*^		330,119

				82,129,228

	Leisure Products (0.2%):
	7,188	Brunswick Corp.		450,903
	8,617	Hasbro, Inc.		960,882
	6,579	Mattel, Inc.^		141,646
	5,945	Polaris Industries, Inc.^		548,307

				2,101,738

	Life Sciences Tools & Services (0.9%):
	7,911	Agilent Technologies, Inc.		469,201
	3,766	Bio-Techne Corp.^		442,505
	3,942	Bruker Corp.		113,687
	4,797	Charles River Laboratories International, Inc.*		485,217
	14,585	Illumina, Inc.*		2,530,789
	2,521	Mettler-Toledo International, Inc.*		1,483,709
	3,332	Patheon NV*		116,220
	2,022	PerkinElmer, Inc.		137,779
	7,434	Qiagen NV*		249,262
	8,314	Quintiles Transnational Holdings, Inc.*		744,103
	17,626	Thermo Fisher Scientific, Inc.		3,075,209
	7,630	Waters Corp.*		1,402,699

				11,250,380

	Machinery (2.3%):
	13,119	Allison Transmission Holdings, Inc.^		492,094
	51,554	Caterpillar, Inc.		5,539,992
	5,121	Cummins, Inc.		830,729
	31,874	Deere & Co.		3,939,308
	12,168	Donaldson Co., Inc.^		554,131
	1,756	Dover Corp.		140,866
	27,772	Fortive Corp.		1,759,356


Shares			Fair Value
	Common Stocks, continued
	Machinery, continued
	3,900	Gardner Denver Holdings, Inc.*	$	84,279
	5,513	Graco, Inc.^		602,461
	7,126	IDEX Corp.		805,309
	30,519	Illinois Tool Works, Inc.^		4,371,846
	12,892	Ingersoll-Rand plc		1,178,200
	5,876	Lincoln Electric Holdings, Inc.^		541,121
	5,652	Middleby Corp. (The)*^		686,775
	5,761	Nordson Corp.		698,925
	11,438	Parker Hannifin Corp.		1,828,021
	822	Snap-On, Inc.^		129,876
	1,529	Stanley Black & Decker, Inc.		215,176
	10,603	Toro Co.		734,682
	5,006	WABCO Holdings, Inc.*^		638,315
	2,860	Wabtec Corp.^		261,690
	12,493	Welbilt, Inc.*^		235,493
	9,575	Xylem, Inc.		530,742

				26,799,387

	Media (3.6%):
	5,260	AMC Networks, Inc., Class A*^		280,937
	478	Cable One, Inc.^		339,810
	35,625	CBS Corp., Class B^		2,272,163
	13,378	Charter Communications, Inc., Class A*		4,506,379
	436,709	Comcast Corp., Class A		16,996,713
	17,020	DISH Network Corp., Class A*		1,068,175
	33,553	Interpublic Group of Cos., Inc. (The)^		825,404
	3,124	Lions Gate Entertainment Corp., Class A*^		88,159
	6,748	Lions Gate Entertainment Corp., Class B*		177,338
	13,343	Live Nation, Inc.*^		465,004
	197	Madison Square Garden Co. (The), Class A*		38,789
	23,091	Omnicom Group, Inc.^		1,914,244
	2,903	Regal Entertainment Group, Class A^		59,395
	4,770	Scripps Networks Interactive, Class C^		325,839
	141,022	Sirius XM Holdings, Inc.^		771,390
	7,846	Twenty-First Century Fox, Inc.		222,356
	11	Twenty-First Century Fox, Inc., Class B		307
	107,203	Walt Disney Co. (The)		11,390,319

				41,742,721

	Metals & Mining (0.1%):
	27,835	Freeport-McMoRan Copper & Gold, Inc.*		334,299
	2,402	Royal Gold, Inc.^		187,764
	7,195	Southern Copper Corp.^		249,163
	3,136	Steel Dynamics, Inc.		112,300

				883,526

	Multiline Retail (0.2%):
	10,570	Dollar General Corp.^		761,991
	21,779	Dollar Tree, Inc.*		1,522,788
	11,671	Nordstrom, Inc.^		558,224

				2,843,003

	Oil, Gas & Consumable Fuels (0.6%):
	11,724	Antero Resources Corp.*^		253,356
	2,415	Apache Corp.^		115,751


Shares			Fair Value
	Common Stocks, continued
	Oil, Gas & Consumable Fuels, continued
	32,890	Cabot Oil & Gas Corp.	$	824,881
	13,675	Cheniere Energy, Inc.*		666,109
	5,035	Chesapeake Energy Corp.*^		25,024
	8,879	Cimarex Energy Co.		834,715
	3,990	Continental Resources, Inc.*^		128,997
	4,232	Devon Energy Corp.		135,297
	2,392	Diamondback Energy, Inc.*		212,434
	5,831	EOG Resources, Inc.		527,822
	1,818	Gulfport Energy Corp.*		26,816
	16,549	Laredo Petroleum Holdings, Inc.*		174,095
	20,133	Newfield Exploration Co.*^		572,985
	21,376	ONEOK, Inc.^		1,114,971
	15,649	Parsley Energy, Inc., Class A*		434,260
	6,892	RSP Permian, Inc.*		222,405
	12,546	Williams Cos., Inc. (The)		379,893

				6,649,811

	Personal Products (0.2%):
	21,845	Estee Lauder Co., Inc. (The), Class A^		2,096,683
	6,873	Herbalife, Ltd.*^		490,251
	1,299	Nu Skin Enterprises, Inc., Class A^		81,629

				2,668,563

	Pharmaceuticals (1.9%):
	8,687	Akorn, Inc.*		291,362
	81,273	Bristol-Myers Squibb Co.		4,528,532
	97,884	Eli Lilly & Co.		8,055,853
	41,394	Johnson & Johnson Co.		5,476,012
	15,041	Merck & Co., Inc.		963,978
	49,232	Zoetis, Inc.		3,071,092

				22,386,829

	Professional Services (0.6%):
	1,520	Dun & Bradstreet Corp.^		164,388
	11,914	Equifax, Inc.		1,637,223
	22,299	IHS Markit, Ltd.*		982,047
	12,066	Robert Half International, Inc.^		578,323
	12,759	TransUnion*		552,592
	15,135	Verisk Analytics, Inc.*^		1,276,940

				5,191,513

	Real Estate Management & Development (0.0%):
	13,138	CBRE Group, Inc., Class A*		478,223

	Road & Rail (1.2%):
	79,208	CSX Corp.		4,321,588
	8,512	J.B. Hunt Transport Services, Inc.		777,827
	4,074	Landstar System, Inc.		348,734
	3,794	Old Dominion Freight Line, Inc.		361,341
	73,422	Union Pacific Corp.		7,996,390

				13,805,880

	Semiconductors & Semiconductor Equipment (4.4%):
	82,458	Advanced Micro Devices, Inc.*^		1,029,076
	36,182	Analog Devices, Inc.		2,814,960
	108,204	Applied Materials, Inc.		4,469,907
	39,998	Broadcom, Ltd.		9,321,534


Shares			Fair Value
	Common Stocks, continued
	Semiconductors & Semiconductor Equipment, continued
	6,547	Cavium, Inc.*	$	406,765
	2,616	Cypress Semiconductor Corp.^		35,708
	15,723	KLA-Tencor Corp.		1,438,812
	16,174	Lam Research Corp.		2,287,489
	28,151	Maxim Integrated Products, Inc.		1,263,980
	21,248	Microchip Technology, Inc.^		1,639,921
	79,289	Micron Technology, Inc.*		2,367,570
	9,267	Microsemi Corp.*		433,696
	57,002	NVIDIA Corp.		8,240,208
	18,920	NXP Semiconductors NV*		2,070,794
	39,123	ON Semiconductor Corp.*^		549,287
	6,593	Qorvo, Inc.*^		417,469
	18,461	Skyworks Solutions, Inc.^		1,771,333
	18,460	Teradyne, Inc.		554,354
	100,039	Texas Instruments, Inc.		7,695,999
	1,178	Versum Materials, Inc.		38,285
	23,537	Xilinx, Inc.^		1,513,900

				50,361,047

	Software (8.5%):
	74,116	Activision Blizzard, Inc.		4,266,858
	49,508	Adobe Systems, Inc.*		7,002,412
	8,513	ANSYS, Inc.*		1,035,862
	7,284	Atlassian Corp. plc, Class A*^		256,251
	17,008	Autodesk, Inc.*		1,714,747
	27,720	Cadence Design Systems, Inc.*		928,343
	13,554	CDK Global, Inc.		841,161
	15,169	Citrix Systems, Inc.*		1,207,149
	20,480	Dell Technologies, Inc., Class V*		1,251,533
	30,044	Electronic Arts, Inc.*		3,176,252
	14,857	Fortinet, Inc.*		556,246
	3,004	Guidewire Software, Inc.*^		206,405
	24,356	Intuit, Inc.		3,234,720
	6,922	Manhattan Associates, Inc.*^		332,671
	752,012	Microsoft Corp.		51,836,187
	23,427	Oracle Corp.		1,174,630
	11,436	PTC, Inc.*		630,352
	17,717	Red Hat, Inc.*		1,696,403
	67,736	Salesforce.com, Inc.*		5,865,938
	16,745	ServiceNow, Inc.*		1,774,970
	13,744	Splunk, Inc.*^		781,896
	15,801	SS&C Technologies Holdings, Inc.		606,916
	61,708	Symantec Corp.		1,743,251
	1,261	Synopsys, Inc.*		91,965
	5,960	Tableau Software, Inc., Class A*^		365,169
	9,928	Take-Two Interactive Software, Inc.*		728,517
	3,451	Tyler Technologies, Inc.*^		606,237
	2,837	Ultimate Software Group, Inc. (The)*^		595,940
	7,144	VMware, Inc., Class A*^		624,600
	13,050	Workday, Inc., Class A*^		1,265,850

				96,399,431

	Specialty Retail (3.5%):
	1,923	Advance Auto Parts, Inc.		224,203


Shares			Fair Value
	Common Stocks, continued
	Specialty Retail, continued
	2,429	AutoZone, Inc.*^	$	1,385,647
	3,892	Burlington Stores, Inc.*^		358,025
	18,565	CarMax, Inc.*^		1,170,709
	6,546	Dick’s Sporting Goods, Inc.^		260,727
	991	Floor & Decor Holdings, Inc., Class A*		38,907
	965	Foot Locker, Inc.		47,555
	1,344	Gap, Inc. (The)^		29,555
	120,470	Home Depot, Inc. (The)		18,480,098
	3,645	L Brands, Inc.^		196,429
	86,093	Lowe’s Cos., Inc.		6,674,790
	8,735	Michaels Cos., Inc. (The)*^		161,772
	8,950	O’Reilly Automotive, Inc.*^		1,957,723
	38,378	Ross Stores, Inc.		2,215,562
	4,780	Sally Beauty Holdings, Inc.*^		96,795
	64,544	TJX Cos., Inc. (The)		4,658,140
	12,818	Tractor Supply Co.^		694,864
	5,916	Ulta Salon, Cosmetics & Fragrance, Inc.*		1,699,903
	1,727	Williams-Sonoma, Inc.^		83,760

				40,435,164

	Technology Hardware, Storage & Peripherals (6.8%):
	523,162	Apple, Inc.		75,345,791
	12,147	NCR Corp.*		496,083
	23,212	NetApp, Inc.		929,641
	4,188	Western Digital Corp.		371,057

				77,142,572

	Textiles, Apparel & Luxury Goods (1.1%):
	4,917	Carter’s, Inc.^		437,367
	4,964	Coach, Inc.		234,996
	36,102	Hanesbrands, Inc.^		836,122
	12,198	Kate Spade & Co.*^		225,541
	9,554	Lululemon Athletica, Inc.*		570,087
	1,246	Michael Kors Holdings, Ltd.*		45,168
	132,443	Nike, Inc., Class C		7,814,138
	5,743	Skechers U.S.A., Inc., Class A*		169,419
	13,583	Under Armour, Inc., Class A*^		295,566
	13,390	Under Armour, Inc., Class C*^		269,942
	24,669	VF Corp.^		1,420,934

				12,319,280


Contracts, Shares, Notional Amount or Principal Amount			Fair Value
	Common Stocks, continued
	Tobacco (1.7%):
	193,693	Altria Group, Inc.	$	14,424,318
	14,040	Philip Morris International, Inc.		1,648,998
	50,905	Reynolds American, Inc.		3,310,861

				19,384,177

	Trading Companies & Distributors (0.4%):
	729	Air Lease Corp.^		27,235
	28,890	Fastenal Co.^		1,257,583
	20,133	HD Supply Holdings, Inc.*		616,674
	1,806	MSC Industrial Direct Co., Inc., Class A		155,244
	8,456	United Rentals, Inc.*^		953,076
	10,237	Univar, Inc.*		298,920
	4,963	W.W. Grainger, Inc.^		895,970
	2,987	Watsco, Inc.^		460,595

				4,665,297

	Wireless Telecommunication Services (0.1%):
	18,179	T-Mobile US, Inc.*^		1,102,011

	Total Common Stocks (Cost $940,361,940)			1,138,307,803

	Preferred Stock (0.6%):
	Software (0.6%):
	841,419	Palantir Technologies, Inc., Series I*(a)(b)		6,739,766

	Total Preferred Stock (Cost $5,157,898)			6,739,766

	Securities Held as Collateral for Securities on Loan (12.4%):
$	143,199,968	AZL Russell 1000 Growth Index Fund Securities Lending Collateral Account(c)		143,199,968

	Total Securities Held as Collateral for Securities on Loan (Cost $143,199,968)			143,199,968

	Unaffiliated Investment Company (0.6%):
	6,552,878	Dreyfus Treasury Prime Cash Management Fund, Institutional Shares, 0.75%(d)		6,552,878

	Total Unaffiliated Investment Company (Cost $6,552,878)			6,552,878

	Total Investment Securities (Cost $1,095,272,684)(e) — 112.5%			1,294,800,415
	Net other assets (liabilities) — (12.5)%			(143,389,198	)

	Net Assets — 100.0%		$	1,151,411,217

Cash of $259,200 has been segregated to cover margin requirements for the following open contracts as of June 30, 2017:

Statement of Assets and Liabilities

June 30, 2017

(Unaudited)


Assets:
Investment securities, at cost	$	1,095,272,684

Investment securities, at value*	$	1,294,800,415
Cash		2
Segregated cash for collateral		259,200
Interest and dividends receivable		773,972
Receivable for investments sold		37,331
Receivable for variation margin on futures contracts		1,575

Total Assets		1,295,872,495

Liabilities:
Payable for capital shares redeemed		296,750
Payable for collateral received on loaned securities		143,199,968
Payable for variation margin on futures contracts		140
Manager fees payable		375,342
Administration fees payable		25,206
Distribution fees payable		229,586
Custodian fees payable		6,772
Administrative and compliance services fees payable		5,280
Transfer agent fees payable		2,163
Trustee fees payable		10,646
Other accrued liabilities		309,425

Total Liabilities		144,461,278

Net Assets	$	1,151,411,217

Net Assets Consist of:
Capital	$	817,926,501
Accumulated net investment income/(loss)		7,613,853
Accumulated net realized gains/(losses) from investment transactions		126,472,057
Net unrealized appreciation/(depreciation) on investments		199,398,806

Net Assets	$	1,151,411,217

Class 1
Net Assets	$	52,732,785
Shares of beneficial interest (unlimited number of shares authorized, no par value)		4,516,085
Net Asset Value (offering and redemption price per share)	$	11.68

Class 2
Net Assets	$	1,098,678,432
Shares of beneficial interest (unlimited number of shares authorized, no par value)		74,550,336
Net Asset Value (offering and redemption price per share)	$	14.74

*	Includes securities on loan of $140,566,240.

Statement of Operations

For the Six Months Ended June 30, 2017

(Unaudited)


Investment Income:
Dividends	$	8,775,491
Interest		469
Income from securities lending		281,955

Total Investment Income		9,057,915

Expenses:
Manager fees		2,521,132
Administration fees		147,467
Distribution fees — Class 2		1,367,806
Custodian fees		23,824
Administrative and compliance services fees		11,765
Transfer agent fees		7,721
Trustee fees		38,160
Professional fees		42,557
Shareholder reports		23,581
Other expenses		170,801

Total expenses before reductions		4,354,814
Less expenses voluntarily waived/reimbursed by the Manager		(286,500	)

Net expenses		4,068,314

Net Investment Income/(Loss)		4,989,601

Realized and Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) on securities transactions		28,249,120
Net realized gains/(losses) on futures contracts		2,597,538
Change in net unrealized appreciation/depreciation on investments		109,864,400

Net Realized/Unrealized Gains/(Losses) on Investments		140,711,058

Change in Net Assets Resulting From Operations	$	145,700,659

(Selected data for a share of beneficial interest outstanding throughout the periods indicated)

The Allianz Variable Insurance Products Trust (the “Trust”) was organized as a Delaware statutory trust on July 13, 1999. The Trust is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and thus is determined to be an investment company, and follows the investment company accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” The Trust consists of 23 separate investment portfolios (individually a “Fund,” collectively, the “Funds”), of which one is included in this report, the AZL Russell 1000 Growth Index Fund (the “Fund”), and 22 are presented in separate reports.

The borrower of securities is at all times required to post collateral to the Fund in an amount equal to 100% of the fair value of the securities loaned based on the previous day’s fair value of the securities loaned, marked-to-market daily. Any collateral shortfalls are adjusted the next business day. The Fund bears all of the gains and losses on such investments. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral received. In extremely low interest rate environments, the broker rebate fee may exceed the interest earned or the cash collateral which would result in a loss to the Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market, and as such, the value of these investments may not be sufficient, when liquidated, to repay the borrower when the loaned security is returned. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers, such as broker-dealers, banks or institutional borrowers of securities, deemed by the Manager to be of good standing and credit worthy and when in its judgment, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Trust or the borrower at any time, and are, therefore, not considered to be illiquid investments. Securities on loan at June 30, 2017 are presented on the Fund’s Schedule of Portfolio Investments. The average outstanding amount of securities on loan was $154 million for the period ended June 30, 2017.

Cash collateral received in connection with securities lending is invested in a collateral account on behalf of the Fund managed by the Dreyfus Corporation, an affiliate of the Custodian and Securities Lending Agent. The collateral account invests in short-term investments that have a remaining maturity of 397 days or less, in accordance with Rule 2a-7 under the 1940 Act. The Fund pays the Securities Lending Agent 9% of the gross revenues received from securities lending activities and keeps 91%. The Fund paid securities lending fees of $27,654 during the period ended June 30, 2017. These fees have been netted against “Income from securities lending” on the Statement of Operations.

During the period ended June 30, 2017, the Fund used futures contracts to provide market exposure on the Fund’s cash balances. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to segregate liquid assets in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and a payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the underlying securities and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The notional amount of futures contracts outstanding was $7.4 million as of June 30, 2017. The monthly average notional amount for these contracts was $16.6 million for the period ended June 30, 2017. Realized gains and losses are reported as “Net realized gains/(losses) on futures contracts on the Statement of Operations.