Allianz Funds


	Shares		Value*

COMMON STOCK—94.4%

Brazil—9.0%
Arteris S.A.		32,613	$	261,881
Cia de Saneamento de Minas Gerais		16,921		270,930
Cia Energetica de Minas Gerais ADR		185,847		1,263,760
Cielo S.A.		129,119		4,114,850
Energias do Brasil S.A.		111,377		505,590
Itau Unibanco Holding S.A. ADR		139,375		2,071,112
JBS S.A.		168,091		574,873
Porto Seguro S.A.		83,276		1,168,947

				10,231,943

China—14.7%
Agricultural Bank of China Ltd., Class H		3,495,000		1,527,838
Bank of China Ltd., Class H		7,143,000		3,173,441
China Citic Bank Corp. Ltd., Class H		1,019,000		588,596
China Railway Construction Corp. Ltd., Class H		1,317,500		1,117,072
China Railway Group Ltd., Class H		962,000		449,507
China Resources Cement Holdings Ltd.		866,000		684,180
GOME Electrical Appliances Holding Ltd.		4,825,000		816,523
Guangzhou Automobile Group Co., Ltd., Class H		178,000		187,652
Industrial & Commercial Bank of China Ltd., Class H		1,419,300		874,970
Mindray Medical International Ltd. ADR		13,742		444,691
NetEase, Inc. ADR		7,384		496,943
New Oriental Education & Technology Group, Inc. ADR		74,764		2,194,323
PetroChina Co., Ltd., Class H		586,000		636,532
Sihuan Pharmaceutical Holdings Group Ltd.		1,274,000		1,537,419
Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,026,000		263,714
Skyworth Digital Holdings Ltd.		1,026,000		566,285
Tencent Holdings Ltd.		15,500		1,081,903

				16,641,589

Colombia—0.4%
Bancolombia S.A. ADR		8,307		469,179


Hong Kong—5.2%
Bank of East Asia Ltd.		282,200		1,105,022
Galaxy Entertainment Group Ltd. (c)		45,000		393,058
Hysan Development Co., Ltd.		41,000		178,647
Johnson Electric Holdings Ltd.		256,000		236,459
MGM China Holdings Ltd.		254,800		900,219
SJM Holdings Ltd.		252,000		709,943
Wynn Macau Ltd.		441,200		1,827,801
Yue Yuen Industrial Holdings Ltd.		165,000		538,733

				5,889,882


	Shares		Value*

India—9.4%
Apollo Tyres Ltd.		981,474	$	2,623,088
Dr Reddy’s Laboratories Ltd.		9,191		395,672
HCL Technologies Ltd.		55,478		1,295,805
Infosys Ltd.		42,397		2,323,363
Tata Consultancy Services Ltd.		64,555		2,312,928
Tata Motors Ltd.		208,978		1,411,568
Wipro Ltd. ADR		21,742		291,343

				10,653,767

Indonesia—0.8%
Indofood Sukses Makmur Tbk PT		756,500		489,482
Perusahaan Gas Negara Persero Tbk PT		1,039,500		471,761

				961,243

Korea (Republic of)—18.1%
Daesang Corp.		22,110		850,093
Hyosung Corp.		23,699		1,714,448
Hyundai Home Shopping Network Corp.		1,742		256,095
Interpark Corp.		55,922		642,422
KCC Corp.		680		349,074
Kia Motors Corp.		66,723		3,728,615
LG Uplus Corp.		197,070		1,935,821
LS Corp.		8,838		634,908
Mando Corp.		6,159		783,849
Samsung Electronics Co., Ltd.		3,249		4,107,296
SK Holdings Co., Ltd.		5,615		1,019,772
SK Hynix, Inc. (c)		53,910		1,829,213
SK Telecom Co., Ltd.		12,927		2,623,386

				20,474,992

Malaysia—3.2%
AMMB Holdings Bhd.		89,800		197,580
Maxis Bhd.		78,600		167,591
Public Bank Bhd.		446,100		2,619,568
Telekom Malaysia Bhd.		181,800		327,954
UMW Holdings Bhd.		92,900		312,796

				3,625,489

Mexico—1.3%
Gruma SAB De C.V., Class B (c)		139,273		1,152,118
Ternium S.A. ADR		9,127		269,977

				1,422,095

Peru—0.5%
Credicorp Ltd.		4,102		565,748


Philippines—0.2%
Universal Robina Corp.		56,950		180,716


Poland—0.5%
Orange Polska S.A.		152,340		521,436


Russian Federation—4.6%
Lukoil OAO ADR		74,227		4,151,145
Sistema JSFC (b)		1,041,822		1,062,658

				5,213,803


	Shares		Value*

South Africa—2.5%
AVI Ltd.		60,298	$	323,657
Standard Bank Group Ltd.		66,826		880,413
Vodacom Group Ltd.		132,062		1,629,696

				2,833,766

Switzerland—1.0%
Novartis AG ADR		7,076		601,601
Sonova Holding AG (c)		3,971		580,945

				1,182,546

Taiwan—14.3%
AcBel Polytech, Inc.		486,000		672,321
Asustek Computer, Inc.		98,000		971,067
Catcher Technology Co., Ltd.		522,000		3,790,171
Cheng Uei Precision Industry Co., Ltd.		76,000		161,314
Chunghwa Telecom Co., Ltd.		110,000		338,486
Compal Electronics, Inc.		786,000		557,688
Delta Electronics, Inc.		87,000		538,812
Faraday Technology Corp.		163,000		236,758
Grand Pacific Petrochemical		391,000		238,022
Hon Hai Precision Industry Co., Ltd.		696,000		1,976,463
Inventec Corp.		529,000		522,180
Kinsus Interconnect Technology Corp.		151,000		561,079
Lite-On Technology Corp.		229,270		342,766
Merida Industry Co., Ltd.		26,000		172,895
Merry Electronics Co., Ltd.		30,000		164,531
Micro-Star International Co., Ltd.		204,000		202,258
Pegatron Corp.		192,000		286,433
Pou Chen Corp.		1,434,000		2,029,320
Radiant Opto-Electronics Corp.		165,000		668,126
Siliconware Precision Industries Co.		231,000		306,948
SinoPac Financial Holdings Co., Ltd.		419,000		202,106
Synnex Technology International Corp.		465,000		749,459
Taiwan Semiconductor Manufacturing Co., Ltd.		56,000		220,334
Teco Electric and Machinery Co., Ltd.		227,000		254,037

				16,163,574

Thailand—1.1%
PTT Global Chemical PCL NVDR		230,100		513,025
Thai Oil PCL NVDR		412,800		675,718

				1,188,743

Turkey—2.1%
Eregli Demir ve Celik Fabrikalari TAS		1,840,242		2,373,686


United Kingdom—2.5%
Mondi PLC		164,270		2,878,612


United States—3.0%
Intel Corp.		26,767		690,856
Lear Corp.		11,999		1,004,557
Marvell Technology Group Ltd.		104,711		1,649,198

				3,344,611


	Shares		Value*

Total Common Stock (cost-$94,971,876)			$	106,817,420


PREFERRED STOCK—2.1%

Russian Federation—2.1%
Surgutneftegas OAO (b) (cost-$2,234,654)		3,300,122		2,376,088


	Principal Amount (000s)

Repurchase Agreements—3.2%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $3,668,000; collateralized by Fannie Mae, 1.02%, due 10/17/17, valued at $3,742,200 including accrued interest (cost—$3,668,000)	$	3,668		3,668,000


Total Investments (cost—$100,874,530) (a)—99.7%				112,861,508


Other assets less liabilities—0.3%				330,960


Net Assets-100.0%			$	113,192,468

Notes to Schedule of Investments:

(a)	Securities with an aggregate value of $81,019,704, representing 71.6% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b)	Fair-Valued—Securities with an aggregate value of $3,438,746, representing 3.0% of net assets.

(c)	Non-income producing.

Glossary:

ADR—American Depositary Receipt

NVDR—Non-Voting Depository Receipt

The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:


Banks	12.6	%
IT Services	9.1	%
Semiconductors & Semiconductor Equipment	9.1	%
Oil, Gas & Consumable Fuels	7.0	%
Technology Hardware, Storage & Peripherals	6.0	%
Automobiles	5.0	%
Wireless Telecommunication Services	4.7	%
Auto Components	3.9	%
Hotels, Restaurants & Leisure	3.3	%
Food Products	3.2	%
Electronic Equipment, Instruments & Components	3.1	%
Diversified Telecommunication Services	2.8	%
Paper & Forest Products	2.5	%
Chemicals	2.4	%
Metals & Mining	2.4	%
Textiles, Apparel & Luxury Goods	2.3	%
Pharmaceuticals	2.3	%
Diversified Consumer Services	1.9	%
Electrical Equipment	1.6	%
Electric Utilities	1.6	%
Internet Software & Services	1.4	%
Construction & Engineering	1.4	%
Insurance	1.0	%
Health Care Equipment & Supplies	0.9	%
Industrial Conglomerates	0.9	%
Internet & Catalog Retail	0.8	%
Specialty Retail	0.7	%
Construction Materials	0.6	%
Household Durables	0.5	%
Gas Utilities	0.4	%
Building Products	0.3	%
Water Utilities	0.3	%
Transportation Infrastructure	0.2	%
Real Estate Management & Development	0.2	%
Leisure Equipment & Products	0.1	%
Repurchase Agreements	3.2	%
Other assets less liabilities	0.3	%

	100.0	%


	Shares		Value*

COMMON STOCK—98.4%

Aerospace & Defense—7.9%
Precision Castparts Corp.		114,055	$	28,828,542
United Technologies Corp.		140,335		16,396,741

				45,225,283

Auto Components—2.8%
BorgWarner, Inc.		257,555		15,831,906


Automobiles—1.9%
Tesla Motors, Inc. (b)		52,785		11,003,033


Banks—3.3%
Wells Fargo & Co.		374,575		18,631,361


Beverages—2.5%
Coca-Cola Co.		366,255		14,159,418


Biotechnology—9.9%
Biogen Idec, Inc. (b)		119,380		36,514,761
Gilead Sciences, Inc. (b)		277,925		19,693,765

				56,208,526

Building Products—1.6%
Fortune Brands Home & Security, Inc.		214,130		9,010,590


Communications Equipment—2.0%
QUALCOMM, Inc.		147,675		11,645,651


Electrical Equipment—3.0%
Eaton Corp. PLC		229,510		17,240,791


Food & Staples Retailing—2.3%
Costco Wholesale Corp.		115,465		12,895,131


Food Products—3.4%
Hershey Co.		185,870		19,404,828


Internet & Catalog Retail—6.4%
Amazon.com, Inc. (b)		52,570		17,690,857
priceline.com, Inc. (b)		15,590		18,581,565

				36,272,422

Internet Software & Services—9.1%
Facebook, Inc., Class A (b)		382,480		23,040,595
Google, Inc., Class A (b)		15,065		16,790,093
Yelp, Inc. (a)(b)		157,700		12,131,861

				51,962,549

IT Services—3.9%
Visa, Inc., Class A		101,710		21,955,121


Media—3.7%
Comcast Corp., Class A		426,875		21,352,288


Multi-line Retail—1.5%
Dollar Tree, Inc. (b)		166,220		8,673,360


Oil, Gas & Consumable Fuels—6.4%
Pioneer Natural Resources Co.		86,440		16,176,382
Range Resources Corp.		96,555		8,011,168


	Shares		Value*

Valero Energy Corp.		227,785	$	12,095,383

				36,282,933

Pharmaceuticals—4.9%
AbbVie, Inc.		197,820		10,167,948
Bristol-Myers Squibb Co.		344,465		17,894,957

				28,062,905

Road & Rail—3.2%
Union Pacific Corp.		96,928		18,189,508


Semiconductors & Semiconductor Equipment—2.0%
Intel Corp.		433,150		11,179,602


Software—6.0%
Microsoft Corp.		455,610		18,675,454
Salesforce.com, Inc. (b)		270,950		15,468,535

				34,143,989

Specialty Retail—2.7%
Tractor Supply Co.		213,775		15,098,928


Technology Hardware, Storage & Peripherals—2.9%
Apple, Inc.		30,650		16,451,081


Textiles, Apparel & Luxury Goods—2.5%
Michael Kors Holdings Ltd. (b)		154,885		14,446,124


Tobacco—2.6%
Philip Morris International, Inc.		179,790		14,719,407

Total Common Stock (cost—$393,699,421)				560,046,735


	Principal Amount (000s)

Repurchase Agreements—2.1%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $11,765,000; collateralized by Fannie Mae, 1.02%, due 10/17/17, valued at $12,003,750 including accrued interest (cost—$11,765,000)	$	11,765		11,765,000


Total Investments (cost—$405,464,421)—100.5%				571,811,735


Liabilities in excess of other assets—(0.5)%				(2,905,587	)


Net Assets—100.0%			$	568,906,148

Notes to Schedule of Investments:

(a)	Affiliated security.

(b)	Non-income producing.


	Shares		Value*

COMMON STOCK—99.3%

Australia—2.4%
BHP Billiton Ltd.		18,415	$	624,181
Rio Tinto Ltd.		9,650		569,183

				1,193,364

Canada—2.1%
Barrick Gold Corp.		32,987		587,231
Canadian National Railway Co.		8,615		484,014

				1,071,245

China—1.6%
Beijing Enterprises Holdings Ltd.		52,000		466,458
Trina Solar Ltd. ADR (b)		23,700		318,765

				785,223

Denmark—1.7%
Vestas Wind Systems A/S (b)		21,600		866,030


France—4.3%
Arkema S.A.		4,945		559,406
Schneider Electric S.A.		6,405		567,652
Total S.A.		16,115		1,060,762

				2,187,820

Germany—3.5%
BASF SE		8,900		990,327
Lanxess AG		10,600		800,109

				1,790,436

Ireland—1.1%
Smurfit Kappa Group PLC		22,360		542,279


Japan—4.2%
FANUC Corp.		2,900		512,697
Kawasaki Heavy Industries Ltd.		105,000		386,842
Mitsui & Co., Ltd.		23,400		330,725
SMC Corp.		2,000		527,466
Yaskawa Electric Corp.		27,000		373,023

				2,130,753

Mexico—1.0%
Cemex SAB De C.V. ADR (b)		38,790		489,918


Netherlands—2.0%
Core Laboratories NV		5,040		1,000,138


Singapore—2.3%
First Resources Ltd.		171,000		318,465
Golden Agri-Resources Ltd.		862,000		394,367
Keppel Corp. Ltd.		51,000		442,458

				1,155,290

Spain—1.5%
Gamesa Corp. Tecnologica S.A. (b)		68,400		743,664


Switzerland—1.5%
Glencore Xstrata PLC		44,600		230,059
Weatherford International Ltd. (b)		29,815		517,588

				747,647


	Shares		Value*

United Kingdom—4.6%
BHP Billiton PLC		17,485	$	539,913
Rio Tinto PLC		14,240		794,132
Royal Dutch Shell PLC, Class A		27,570		1,007,347

				2,341,392

United States—65.5%
Anadarko Petroleum Corp.		3,000		254,280
Antero Resources Corp. (b)		12,465		780,309
Archer-Daniels-Midland Co.		18,075		784,274
Ashland, Inc.		5,100		507,348
Bonanza Creek Energy, Inc. (b)		11,860		526,584
Cabot Oil & Gas Corp.		33,300		1,128,204
Cobalt International Energy, Inc. (b)		25,230		462,214
Concho Resources, Inc. (b)		9,210		1,128,225
CSX Corp.		17,050		493,939
Eagle Materials, Inc.		8,440		748,290
Ecolab, Inc.		16,555		1,787,774
EOG Resources, Inc.		7,910		1,551,705
Halliburton Co.		16,925		996,713
JB Hunt Transport Services, Inc.		7,170		515,666
Kansas City Southern		4,850		494,991
Kirby Corp. (b)		6,350		642,938
Kodiak Oil & Gas Corp. (b)		65,965		800,815
Laredo Petroleum Holdings, Inc. (b)		18,580		480,479
LyondellBasell Industries NV, Class A		11,220		997,907
Marathon Petroleum Corp.		5,740		499,610
Monsanto Co.		8,365		951,686
National Oilwell Varco, Inc.		4,555		354,698
Noble Energy, Inc.		8,700		618,048
Patterson-UTI Energy, Inc.		16,295		516,226
PDC Energy, Inc. (b)		9,780		608,903
Phillips 66		14,700		1,132,782
Pioneer Natural Resources Co.		6,375		1,193,017
PPG Industries, Inc.		4,660		901,524
Praxair, Inc.		3,705		485,244
Range Resources Corp.		14,525		1,205,139
Rock-Tenn Co., Class A		4,585		484,038
RPC, Inc.		40,905		835,280
Schlumberger Ltd.		12,070		1,176,825
Sealed Air Corp.		12,390		407,259
Sherwin-Williams Co.		4,650		916,654
SM Energy Co.		7,885		562,122
SolarCity Corp. (b)		3,850		241,087
Southwestern Energy Co. (b)		27,200		1,251,472
SunEdison, Inc. (b)		17,430		328,381
SunPower Corp. (b)		17,700		571,002
U.S. Silica Holdings, Inc.		16,460		628,278
Union Pacific Corp.		2,745		515,127
Valero Energy Corp.		19,720		1,047,132
Vulcan Materials Co.		8,100		538,245

				33,052,434


Total Common Stock (cost—$41,173,748)				50,097,633


	Principal Amount (000s)		Value*

Repurchase Agreements—0.5%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $240,000; collateralized by Fannie Mae, 1.02%, due 10/17/17, valued at $247,500 including accrued interest (cost—$240,000)	$	240	$	240,000


Total Investments (cost—$41,413,748) (a)—99.8%				50,337,633


Other assets less liabilities—0.2%				87,174


Net Assets—100.0%			$	50,424,807

Notes to Schedule of Investments:

(a)	Securities with an aggregate value of $13,647,545, representing 27.1% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b)	Non-income producing.

Glossary:

ADR—American Depositary Receipt

The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:


Oil, Gas & Consumable Fuels	34.2	%
Chemicals	17.6	%
Energy Equipment & Services	10.7	%
Metals & Mining	7.9	%
Road & Rail	4.9	%
Electrical Equipment	4.8	%
Construction Materials	3.6	%
Food Products	3.0	%
Containers & Packaging	2.9	%
Machinery	2.8	%
Semiconductors & Semiconductor Equipment	2.4	%
Industrial Conglomerates	1.8	%
Marine	1.3	%
Electronic Equipment, Instruments & Components	0.7	%
Trading Companies & Distributors	0.7	%
Repurchase Agreements	0.5	%
Other assets less liabilities	0.2	%

	100.0	%


	Shares		Value*

COMMON STOCK—95.1%

Australia—0.5%
BlueScope Steel Ltd. (d)		83,400	$	475,307
Vocation Ltd. (d)		202,067		490,980

				966,287

Austria—0.6%
Schoeller-Bleckmann Oilfield Equipment AG (c)		10,212		1,194,479


China—0.8%
China Everbright International Ltd.		355,000		487,427
China Machinery Engineering Corp., Class H		644,000		465,273
SPT Energy Group, Inc.		534,000		265,257
Sunny Optical Technology Group Co., Ltd.		202,000		197,487
Tiangong International Co., Ltd.		850,000		205,465

				1,620,909

Denmark—1.9%
Christian Hansen Holding A/S		28,659		1,137,412
SimCorp A/S (c)		37,987		1,539,473
Topdanmark A/S (d)		29,992		872,657

				3,549,542

Finland—1.2%
Amer Sports Oyj		39,058		830,217
Vacon PLC (c)		35,546		1,498,480

				2,328,697

France—1.6%
Sartorius Stedim Biotech		9,508		1,907,607
Virbac S.A.		4,979		1,110,304

				3,017,911

Germany—2.4%
Aareal Bank AG (c)(d)		27,531		1,212,683
Bechtle AG (c)		11,207		964,602
CANCOM SE (c)		22,480		1,067,588
Wirecard AG		30,085		1,249,180

				4,494,053

Greece—0.6%
OPAP S.A.		69,873		1,121,899


Hong Kong—2.0%
Future Bright Holdings Ltd.		1,068,000		527,295
Ju Teng International Holdings Ltd. (c)		1,058,000		750,518
Nexteer Automotive Group Ltd. (d)		1,149,000		899,599
Playmates Toys Ltd. (d)		1,112,000		521,465
Techtronic Industries Co.		185,500		520,327
Xinyi Glass Holdings Ltd.		814,000		664,034

				3,883,238

Indonesia—0.1%
Erajaya Swasembada Tbk PT (d)		2,200,000		267,113


	Shares		Value*

Ireland—1.3%
Glanbia PLC		65,533	$	1,005,736
ICON PLC (d)		30,604		1,455,220

				2,460,956

Italy—2.0%
Banca Popolare di Milano Scarl (d)		998,281		1,005,369
Mediolanum SpA		114,044		1,076,363
World Duty Free SpA (d)		84,476		1,184,722
Yoox SpA (d)		14,193		485,616

				3,752,070

Japan—8.9%
Aica Kogyo Co., Ltd.		48,300		1,076,959
Coca-Cola East Japan Co., Ltd.		31,400		789,541
COOKPAD, Inc. (d)		25,800		612,835
Don Quijote Holdings Co., Ltd.		17,800		918,989
Fukushima Industries Corp.		18,500		294,656
Hitachi Transport System Ltd.		41,500		675,070
Hoshizaki Electric Co., Ltd.		15,000		566,484
Inaba Denki Sangyo Co., Ltd.		27,800		897,473
Jafco Co., Ltd.		17,900		801,967
Japan Airport Terminal Co., Ltd.		39,400		1,021,839
Japan Best Rescue System Co., Ltd.		100,000		410,863
Kakaku.com, Inc.		49,200		799,882
Kusuri No Aoki Co., Ltd.		7,400		478,407
Paramount Bed Holdings Co., Ltd.		25,400		794,117
Rohto Pharmaceutical Co., Ltd.		44,000		776,962
Sanwa Holdings Corp.		124,000		803,805
Tachi-S Co., Ltd.		33,500		550,561
Takata Corp.		24,200		606,809
Takuma Co., Ltd.		106,000		756,892
THK Co., Ltd.		32,200		721,838
Tokyo Tatemono Co., Ltd.		63,000		539,806
Tsukui Corp.		66,400		648,135
United Arrows Ltd.		20,000		741,237
Yamaha Motor Co., Ltd.		47,200		753,023

				17,038,150

Korea (Republic of)—0.4%
Duksan Hi-Metal Co., Ltd. (d)		17,600		300,849
Grand Korea Leisure Co., Ltd.		10,070		415,104

				715,953

Monaco—0.3%
Scorpio Tankers, Inc.		64,993		647,980


Netherlands—0.7%
Delta Lloyd NV		49,048		1,359,702


New Zealand—0.2%
Metlifecare Ltd.		80,727		285,001


Philippines—0.3%
Century Properties Group, Inc.		5,693,000		180,687
Cosco Capital, Inc. (d)		1,866,600		396,044

				576,731


	Shares		Value*

Spain—1.3%
Gamesa Corp. Tecnologica S.A. (d)		111,907	$	1,216,684
Melia Hotels International S.A.		90,886		1,170,667

				2,387,351

Sweden—2.6%
Axis Communications AB		31,840		1,092,328
Betsson AB (d)		37,439		1,364,016
JM AB		22,534		739,988
Nibe Industrier AB, Class B		31,376		807,148
Trelleborg AB, Class B (c)		49,105		991,058

				4,994,538

Switzerland—1.3%
Burckhardt Compression Holding AG (c)		2,472		1,286,262
Georg Fischer AG (d)		1,604		1,244,599

				2,530,861

Taiwan—0.8%
Chipbond Technology Corp.		165,000		292,085
GeoVision, Inc.		77,000		517,236
Hermes Microvision, Inc.		13,000		521,922
Hermes Microvision, Inc. GDR (a)(d)		2,980		119,319

				1,450,562

United Kingdom—7.5%
Aveva Group PLC (c)		20,220		706,303
Barratt Developments PLC		180,702		1,245,523
Booker Group PLC		309,591		852,797
Elementis PLC		207,775		995,015
Hikma Pharmaceuticals PLC		64,146		1,775,992
IG Group Holdings PLC		107,346		1,123,906
Michael Page International PLC		171,625		1,408,456
Restaurant Group PLC		132,431		1,574,844
Rotork PLC		26,683		1,179,389
Spectris PLC (c)		16,754		648,148
Spirax-Sarco Engineering PLC		30,264		1,460,039
Victrex PLC		39,852		1,338,572

				14,308,984

United States—55.8%
Acadia Healthcare Co., Inc. (d)		37,377		1,686,450
Advanced Energy Industries, Inc. (d)		37,984		930,608
Air Lease Corp.		39,557		1,475,080
American Axle & Manufacturing Holdings, Inc. (d)		53,347		987,986
Arkansas Best Corp.		27,700		1,023,515
ARRIS Group, Inc. (d)		47,434		1,336,690
Arthur J Gallagher & Co.		22,496		1,070,360
Aspen Technology, Inc. (d)		41,605		1,762,388
Auxilium Pharmaceuticals, Inc. (d)		27,225		739,975
Boise Cascade Co. (d)		33,043		946,351
Bonanza Creek Energy, Inc. (d)		21,010		932,844
Brown & Brown, Inc.		36,892		1,134,798
Cadence Design Systems, Inc. (d)		72,953		1,133,690
Carrizo Oil & Gas, Inc. (d)		21,166		1,131,534


	Shares		Value*

Cathay General Bancorp		50,805	$	1,279,778
Cheesecake Factory, Inc.		21,581		1,027,903
Chemtura Corp. (d)		36,168		914,689
Cogent Communications Group, Inc.		30,316		1,077,127
Cooper Cos., Inc.		10,261		1,409,451
Core-Mark Holding Co., Inc.		18,104		1,314,350
Cubist Pharmaceuticals, Inc. (d)		14,635		1,070,550
Curtiss-Wright Corp.		18,021		1,145,054
Deckers Outdoor Corp. (d)		9,579		763,734
EchoStar Corp., Class A (d)		24,433		1,162,033
Electronics for Imaging, Inc. (d)		36,168		1,566,436
EverBank Financial Corp.		74,678		1,473,397
ExamWorks Group, Inc. (d)		50,420		1,765,204
Extreme Networks, Inc. (d)		174,724		1,013,399
First Financial Holdings, Inc.		23,407		1,465,746
FirstMerit Corp.		55,916		1,164,730
FleetCor Technologies, Inc. (d)		4,429		509,778
Fluidigm Corp. (d)		11,768		518,616
Fortress Investment Group LLC, Class A		144,362		1,068,279
Fortune Brands Home & Security, Inc.		29,727		1,250,912
Freescale Semiconductor Ltd. (d)		38,913		949,866
Genesee & Wyoming, Inc., Class A (d)		9,249		900,113
Gentherm, Inc. (d)		42,942		1,490,946
Genworth Financial, Inc., Class A (d)		65,877		1,167,999
Global Eagle Entertainment, Inc. (d)		67,972		1,072,598
Globus Medical, Inc., Class A (d)		35,919		955,086
Goodyear Tire & Rubber Co.		44,999		1,175,824
Guidewire Software, Inc. (d)		23,586		1,156,893
Hanesbrands, Inc.		22,256		1,702,139
Hilltop Holdings, Inc. (d)		59,637		1,418,764
Jarden Corp. (d)		19,953		1,193,788
KapStone Paper and Packaging Corp. (d)		33,036		952,758
Kraton Performance Polymers, Inc. (d)		30,804		805,217
Lear Corp.		15,240		1,275,893
Ligand Pharmaceuticals, Inc., Class B (d)		13,062		878,550
Lions Gate Entertainment Corp.		32,908		879,631
Macquarie Infrastructure Co. LLC		22,981		1,316,122
Marriott Vacations Worldwide Corp. (d)		27,581		1,542,054
Matador Resources Co. (d)		45,362		1,110,915
MAXIMUS, Inc.		24,293		1,089,784
Mentor Graphics Corp. (c)		37,555		826,961
Middleby Corp. (d)		5,801		1,532,682
NPS Pharmaceuticals, Inc. (d)		34,613		1,035,967
Oasis Petroleum, Inc. (d)		17,653		736,660
On Assignment, Inc. (d)		29,031		1,120,306
PAREXEL International Corp. (d)		18,951		1,025,060
Parker Drilling Co. (d)		119,278		845,681
Penn Virginia Corp. (d)		43,151		754,711
Polaris Industries, Inc.		7,381		1,031,199
Portfolio Recovery Associates, Inc. (d)		19,374		1,120,980


	Shares		Value*

Primoris Services Corp.		47,782	$	1,432,504
PrivateBancorp, Inc.		51,490		1,570,960
Roadrunner Transportation Systems, Inc. (d)		33,761		852,128
Ryder System, Inc.		19,593		1,565,873
Salix Pharmaceuticals Ltd. (d)		12,457		1,290,670
Sanchez Energy Corp. (d)		34,355		1,017,939
Six Flags Entertainment Corp.		34,112		1,369,597
Spirit Airlines, Inc. (d)		14,914		885,892
Sterling Financial Corp.		27,198		906,509
SunEdison, Inc. (d)		76,012		1,432,066
Swift Transportation Co. (d)		50,443		1,248,464
Synaptics, Inc. (d)		20,078		1,205,082
Team Health Holdings, Inc. (d)		23,732		1,062,007
Tetra Tech, Inc. (d)		32,459		960,462
Tower International, Inc. (d)		51,048		1,389,527
Trimas Corp. (d)		28,854		957,953
Tutor Perini Corp. (d)		45,240		1,297,031
Ubiquiti Networks, Inc. (d)		20,563		935,000
Ultimate Software Group, Inc. (d)		7,854		1,075,998
United Rentals, Inc. (d)		17,900		1,699,426
Verint Systems, Inc. (d)		21,429		1,005,663
Vonage Holdings Corp. (d)		237,326		1,013,382
Wabash National Corp. (d)		64,497		887,479
WageWorks, Inc. (d)		22,500		1,262,475
Web.com Group, Inc. (d)		36,553		1,243,899
Western Alliance Bancorp (d)		62,346		1,533,712
WEX, Inc. (d)		12,051		1,145,448
Worthington Industries, Inc.		24,433		934,562
XPO Logistics, Inc. (d)		33,704		991,235

				106,491,525


Total Common Stock (cost—$144,743,649)				181,444,492


	Principal Amount (000s)		Value*

Repurchase Agreements—6.8%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $13,068,000; collateralized by U.S. Treasury Notes, 0.75%, due 3/31/18, valued at $13,333,100 including accrued interest (cost—$13,068,000)	$	13,068	$	13,068,000


Total Investments (cost—$157,811,649) (b)—101.9%				194,512,492


Liabilities in excess of other assets—(1.9)%				(3,612,548	)


Net Assets—100.0%			$	190,899,944

Notes to Schedule of Investments:

(a)	144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(b)	Securities with an aggregate value of $67,641,842, representing 35.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c)	Affiliated security.

(d)	Non-income producing.

Glossary:

GDR—Global Depositary Receipt

The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:


Machinery	6.3	%
Hotels, Restaurants & Leisure	5.2	%
Software	4.8	%
Banks	4.7	%
Auto Components	4.6	%
Insurance	4.3	%
Oil, Gas & Consumable Fuels	3.3	%
IT Services	3.3	%
Road & Rail	3.2	%
Semiconductors & Semiconductor Equipment	3.0	%
Pharmaceuticals	3.0	%
Health Care Providers & Services	2.9	%
Chemicals	2.7	%
Health Care Equipment & Supplies	2.6	%
Communications Equipment	2.3	%
Trading Companies & Distributors	2.2	%
Building Products	2.1	%
Professional Services	2.0	%
Household Durables	2.0	%
Electronic Equipment, Instruments & Components	1.8	%
Construction & Engineering	1.6	%
Internet Software & Services	1.6	%
Life Sciences Tools & Services	1.6	%
Biotechnology	1.6	%
Electrical Equipment	1.5	%
Thrifts & Mortgage Finance	1.4	%
Textiles, Apparel & Luxury Goods	1.3	%
Leisure Equipment & Products	1.2	%
Transportation Infrastructure	1.2	%
Energy Equipment & Services	1.1	%
Diversified Telecommunication Services	1.1	%
Specialty Retail	1.0	%
Paper & Forest Products	1.0	%
Capital Markets	1.0	%
Food & Staples Retailing	0.9	%
Metals & Mining	0.8	%
Technology Hardware, Storage & Peripherals	0.8	%
Media	0.8	%
Commercial Services & Supplies	0.8	%
Distributors	0.7	%
Aerospace & Defense	0.6	%
Diversified Financial Services	0.6	%
Consumer Finance	0.6	%
Food Products	0.5	%
Air Freight & Logistics	0.5	%
Multi-line Retail	0.5	%
Diversified Consumer Services	0.5	%
Airlines	0.5	%
Beverages	0.4	%
Automobiles	0.4	%
Real Estate Management & Development	0.4	%
Internet & Catalog Retail	0.3	%
Repurchase Agreements	6.8	%
Liabilities in excess of other assets	(1.9	)%

	100.0	%


	Shares		Value*

COMMON STOCK—33.3%

Aerospace & Defense—1.5%
Boeing Co.		137,200	$	17,217,228
L-3 Communications Holdings, Inc. (e)		119,700		14,142,555

				31,359,783

Auto Components—0.8%
Johnson Controls, Inc.		338,400		16,013,088


Automobiles—1.2%
Ford Motor Co.		906,700		14,144,520
General Motors Co.		305,640		10,520,129

				24,664,649

Beverages—1.0%
Coca-Cola Co.		243,000		9,394,380
PepsiCo, Inc.		136,200		11,372,700

				20,767,080

Biotechnology—1.6%
Amgen, Inc. (e)		135,400		16,700,236
Gilead Sciences, Inc. (g)		232,800		16,496,208

				33,196,444

Chemicals—0.8%
Monsanto Co.		150,100		17,076,877


Communications Equipment—1.5%
Harris Corp. (e)		188,100		13,761,396
QUALCOMM, Inc. (e)		222,200		17,522,692

				31,284,088

Construction & Engineering—0.8%
Fluor Corp. (e)		209,800		16,307,754


Diversified Telecommunication Services—0.5%
Verizon Communications, Inc.		246,300		11,716,491


Electronic Equipment, Instruments & Components—0.8%
Amphenol Corp., Class A		188,100		17,239,365


Energy Equipment & Services—1.1%
Diamond Offshore Drilling, Inc.		110,600		5,392,856
National Oilwell Varco, Inc.		93,000		7,241,910
Schlumberger Ltd.		108,200		10,549,500

				23,184,266

Food & Staples Retailing—2.3%
Costco Wholesale Corp.		134,000		14,965,120
Kroger Co. (e)		394,000		17,198,100
Walgreen Co. (e)		261,400		17,260,242

				49,423,462

Health Care Equipment & Supplies—0.5%
Baxter International, Inc.		154,900		11,397,542


Health Care Providers & Services—0.8%
McKesson Corp. (e)		98,600		17,409,802


	Shares		Value*

Hotels, Restaurants & Leisure—1.3%
McDonald’s Corp.		112,900	$	11,067,587
Starbucks Corp.		236,700		17,369,046

				28,436,633

Household Products—0.7%
Procter & Gamble Co.		174,200		14,040,520


Industrial Conglomerates—0.7%
General Electric Co.		603,100		15,614,259


Insurance—0.7%
Prudential Financial, Inc.		182,400		15,440,160


Internet & Catalog Retail—0.8%
Amazon.com, Inc. (g)		52,300		17,599,996


Internet Software & Services—1.0%
Google, Inc., Class A (e)(g)		18,800		20,952,788


IT Services—1.5%
International Business Machines Corp.		79,500		15,302,955
Unisys Corp. (g)		30,110		917,150
Visa, Inc., Class A		77,100		16,642,806

				32,862,911

Machinery—1.6%
AGCO Corp.		208,700		11,511,892
Deere & Co.		126,038		11,444,250
Joy Global, Inc. (e)		180,600		10,474,800

				33,430,942

Media—0.8%
Comcast Corp., Class A (e)		342,400		17,126,848


Metals & Mining—0.5%
Alcoa, Inc.		384,839		4,952,878
Freeport-McMoRan Copper & Gold, Inc.		191,900		6,346,133

				11,299,011

Multi-line Retail—0.5%
Target Corp.		160,900		9,736,059


Oil, Gas & Consumable Fuels—1.0%
Apache Corp.		11,404		945,962
Occidental Petroleum Corp.		67,500		6,432,075
Peabody Energy Corp.		245,600		4,013,104
Valero Energy Corp. (e)		191,600		10,173,960

				21,565,101

Pharmaceuticals—0.8%
Bristol-Myers Squibb Co.		312,800		16,249,960


Semiconductors & Semiconductor Equipment—1.7%
Intel Corp. (e)		615,000		15,873,150
Teradyne, Inc. (g)		179,458		3,569,420
Texas Instruments, Inc.		366,000		17,256,900

				36,699,470


	Shares		Value*

Software—1.9%
Microsoft Corp. (e)		534,600	$	21,913,254
Oracle Corp. (e)		447,500		18,307,225

				40,220,479

Specialty Retail—0.8%
Home Depot, Inc.		220,300		17,432,339


Technology Hardware, Storage & Peripherals—1.8%
Apple, Inc. (e)		38,200		20,503,468
EMC Corp. (e)		620,300		17,002,423

				37,505,891

Total Common Stock (cost—$750,831,181)				707,254,058


	Principal Amount (000s)

CORPORATE BONDS & NOTES—31.0%

Aerospace & Defense—0.8%
AAR Corp.,
7.25%, 1/15/22	$	5,530		6,013,875
Erickson Air-Crane, Inc. (a)(b),
8.25%, 5/1/20		4,046		4,268,530
Kratos Defense & Security Solutions, Inc.,
10.00%, 6/1/17		2,000		2,120,000
TransDigm, Inc.,
7.75%, 12/15/18		3,875		4,175,312

				16,577,717

Apparel & Textiles—0.2%
Quiksilver, Inc.,
7.875%, 8/1/18 (a)(b)		3,100		3,386,750
10.00%, 8/1/20		1,000		1,142,500

				4,529,250

Auto Components—1.0%
American Axle & Manufacturing, Inc.,
6.625%, 10/15/22		3,140		3,418,675
Chassix, Inc. (a)(b),
9.25%, 8/1/18		4,145		4,476,600
Commercial Vehicle Group, Inc.,
7.875%, 4/15/19		3,485		3,593,906
Cooper-Standard Automotive, Inc.,
8.50%, 5/1/18		4,480		4,704,045
Goodyear Tire & Rubber Co.,
8.25%, 8/15/20		4,845		5,420,344

				21,613,570

Auto Manufacturers—0.8%
Chrysler Group LLC,
8.25%, 6/15/21		5,520		6,272,100
Jaguar Land Rover Automotive PLC (a)(b),
7.75%, 5/15/18		6,000		6,397,500
Navistar International Corp.,
8.25%, 11/1/21		4,683		4,794,221

				17,463,821


	Principal Amount (000s)		Value*

Banking—0.2%
Ally Financial, Inc.,
8.00%, 3/15/20	$	2,995	$	3,623,950


Building Materials—0.3%
Louisiana-Pacific Corp.,
7.50%, 6/1/20		6,035		6,713,938


Chemicals—0.2%
Omnova Solutions, Inc.,
7.875%, 11/1/18		4,520		4,847,700


Coal—0.2%
Arch Coal, Inc.,
9.875%, 6/15/19		3,930		3,438,750


Commercial Services—3.3%
Avis Budget Car Rental LLC,
9.75%, 3/15/20		610		705,313
Cardtronics, Inc.,
8.25%, 9/1/18		3,600		3,843,000
Cenveo Corp.,
11.50%, 5/15/17		4,205		4,194,487
Deluxe Corp.,
7.00%, 3/15/19		2,465		2,662,200
Envision Healthcare Corp.,
8.125%, 6/1/19		2,489		2,667,897
ExamWorks Group, Inc.,
9.00%, 7/15/19		4,595		5,077,475
H&E Equipment Services, Inc.,
7.00%, 9/1/22		4,190		4,629,950
Harland Clarke Holdings Corp. (a)(b),
6.875%, 3/1/20		2,500		2,546,875
9.25%, 3/1/21		2,395		2,415,956
9.75%, 8/1/18		4,190		4,619,475
Hertz Corp.,
6.75%, 4/15/19		3,795		4,084,369
Interactive Data Corp.,
10.25%, 8/1/18		6,660		7,234,425
Monitronics International, Inc.,
9.125%, 4/1/20		6,210		6,675,750
RR Donnelley & Sons Co.,
6.00%, 4/1/24		1,195		1,206,950
7.00%, 2/15/22		5,500		6,077,500
SFX Entertainment, Inc. (a)(b),
9.625%, 2/1/19		3,668		3,869,740
United Rentals North America, Inc.,
8.25%, 2/1/21		4,000		4,495,000
8.375%, 9/15/20		3,725		4,144,062

				71,150,424

Computers—0.3%
j2 Global, Inc.,
8.00%, 8/1/20		4,410		4,828,950
Unisys Corp.,
6.25%, 8/15/17		2,505		2,746,106

				7,575,056


	Principal Amount (000s)		Value*

Distribution/Wholesale—0.3%
HD Supply, Inc.,
11.00%, 4/15/20	$	5,380	$	6,415,650


Diversified Financial Services—1.8%
Affinion Investments LLC (a)(b),
13.50%, 8/15/18		3,876		3,953,010
Aircastle Ltd.,
9.75%, 8/1/18		4,265		4,597,883
Community Choice Financial, Inc.,
10.75%, 5/1/19		4,035		3,429,750
International Lease Finance Corp.,
8.25%, 12/15/20		3,805		4,613,228
8.75%, 3/15/17		4,035		4,751,212
Nationstar Mortgage LLC,
7.875%, 10/1/20		2,605		2,644,075
9.625%, 5/1/19		2,760		3,063,600
SLM Corp.,
8.45%, 6/15/18		3,920		4,630,500
Springleaf Finance Corp.,
6.90%, 12/15/17		2,030		2,238,075
8.25%, 10/1/23		4,360		4,883,200

				38,804,533

Electric Utilities—0.1%
Calpine Corp. (a)(b),
7.875%, 1/15/23		1,000		1,125,000


Electrical Equipment—0.2%
WireCo WorldGroup, Inc.,
9.50%, 5/15/17		4,815		4,962,459


Electronics—0.4%
Kemet Corp.,
10.50%, 5/1/18		3,065		3,225,913
Viasystems, Inc. (a)(b),
7.875%, 5/1/19		4,155		4,497,787

				7,723,700

Engineering & Construction—0.1%
Dycom Investments, Inc.,
7.125%, 1/15/21		2,405		2,606,419


Entertainment—0.3%
AMC Entertainment, Inc.,
9.75%, 12/1/20		5,000		5,787,500


Food & Beverage—1.1%
Post Holdings, Inc.,
7.375%, 2/15/22 (a)(b)		4,900		5,292,000
7.375%, 2/15/22		4,000		4,320,000
SUPERVALU, Inc.,
6.75%, 6/1/21		1,560		1,589,250
8.00%, 5/1/16		5,365		5,941,737
U.S. Foods, Inc., 8.50%, 6/30/19		6,000		6,499,500

				23,642,487


	Principal Amount (000s)		Value*

Healthcare-Products—0.3%
Kinetic Concepts, Inc.,
10.50%, 11/1/18	$	5,655	$	6,531,525


Healthcare-Services—1.6%
Community Health Systems, Inc.,
6.875%, 2/1/22 (a)(b)		2,500		2,625,000
7.125%, 7/15/20		4,970		5,398,662
8.00%, 11/15/19		5,250		5,794,687
HCA, Inc.,
7.50%, 2/15/22		6,000		6,870,000
Kindred Healthcare, Inc.,
6.375%, 4/15/22 (a)(b)(c)		2,553		2,572,148
8.25%, 6/1/19		5,000		5,371,875
Tenet Healthcare Corp.,
8.125%, 4/1/22		5,005		5,605,600

				34,237,972

Home Builders—1.0%
Beazer Homes USA, Inc.,
7.25%, 2/1/23		2,810		2,950,500
9.125%, 5/15/19		3,255		3,523,537
Brookfield Residential Properties, Inc. (a)(b),
6.50%, 12/15/20		4,940		5,285,800
KB Home,
8.00%, 3/15/20		3,695		4,212,300
Standard Pacific Corp.,
8.375%, 5/15/18		4,650		5,521,875
William Lyon Homes, Inc.,
8.50%, 11/15/20		785		877,238

				22,371,250

Household Products/Wares—0.4%
Jarden Corp.,
7.50%, 5/1/17		3,190		3,688,438
7.50%, 1/15/20		1,000		1,091,250
Reynolds Group Issuer, Inc.,
9.875%, 8/15/19		3,585		4,024,162

				8,803,850

Internet—0.4%
Mood Media Corp. (a)(b),
9.25%, 10/15/20		1,910		1,838,375
Zayo Group LLC,
8.125%, 1/1/20		5,340		5,880,675

				7,719,050

Iron/Steel—0.5%
AK Steel Corp.,
8.375%, 4/1/22		1,405		1,422,563
8.75%, 12/1/18		1,315		1,481,019
ArcelorMittal,
10.35%, 6/1/19		5,385		6,845,681

				9,749,263


	Principal Amount (000s)		Value*

Lodging—0.9%
Caesars Entertainment Operating Co., Inc.,
11.25%, 6/1/17	$	3,695	$	3,565,675
12.75%, 4/15/18		3,110		1,601,650
MGM Resorts International,
6.625%, 12/15/21		2,500		2,753,125
11.375%, 3/1/18		5,000		6,487,500
Wynn Las Vegas LLC,
7.75%, 8/15/20		3,750		4,190,625

				18,598,575

Machinery-Construction & Mining—0.2%
BlueLine Rental Finance Corp. (a)(b),
7.00%, 2/1/19		3,300		3,498,000


Media—2.2%
American Media, Inc.,
11.50%, 12/15/17		4,700		5,134,750
Cablevision Systems Corp.,
8.625%, 9/15/17		4,020		4,783,800
Cambium Learning Group, Inc.,
9.75%, 2/15/17		1,205		1,223,075
Clear Channel Worldwide Holdings, Inc.,
6.50%, 11/15/22		4,610		4,949,987
Columbus International, Inc. (a)(b),
7.375%, 3/30/21		4,750		4,898,438
Gray Television, Inc.,
7.50%, 10/1/20		2,945		3,210,050
McClatchy Co.,
9.00%, 12/15/22		5,735		6,702,781
McGraw-Hill Global Education Holdings LLC (a)(b),
9.75%, 4/1/21		4,935		5,625,900
Mediacom Broadband LLC,
6.375%, 4/1/23		2,700		2,875,500
Nexstar Broadcasting, Inc.,
6.875%, 11/15/20		3,220		3,477,600
Sinclair Television Group, Inc.,
6.375%, 11/1/21		3,125		3,265,625

				46,147,506

Mining—0.1%
Thompson Creek Metals Co., Inc.,
7.375%, 6/1/18		2,595		2,393,888


Miscellaneous Manufacturing—0.4%
Bombardier, Inc. (a)(b),
6.00%, 10/15/22		4,725		4,725,000
Park-Ohio Industries, Inc.,
8.125%, 4/1/21		3,795		4,250,400

				8,975,400

Oil & Gas—3.7%
BreitBurn Energy Partners L.P.,
7.875%, 4/15/22		1,870		2,033,625
8.625%, 10/15/20		3,025		3,323,719
Calumet Specialty Products Partners L.P. (a)(b),
6.50%, 4/15/21		2,040		2,060,400


	Principal Amount (000s)		Value*

Carrizo Oil & Gas, Inc.,
8.625%, 10/15/18	$	4,995	$	5,382,112
Chesapeake Energy Corp.,
6.625%, 8/15/20		3,625		4,087,187
Concho Resources, Inc.,
7.00%, 1/15/21		3,170		3,510,775
CVR Refining LLC,
6.50%, 11/1/22		3,375		3,569,063
Endeavour International Corp.,
12.00%, 3/1/18		4,035		3,964,387
Energy XXI Gulf Coast, Inc.,
9.25%, 12/15/17		5,790		6,325,575
EP Energy LLC,
9.375%, 5/1/20		4,685		5,440,456
Hercules Offshore, Inc. (a)(b),
6.75%, 4/1/22		4,295		4,171,519
8.75%, 7/15/21		6,590		7,183,100
Laredo Petroleum, Inc.,
7.375%, 5/1/22		2,665		2,971,475
9.50%, 2/15/19		4,000		4,435,000
Northern Oil and Gas, Inc.,
8.00%, 6/1/20		3,360		3,586,800
Pioneer Energy Services Corp.,
6.125%, 3/15/22 (a)(b)		1,305		1,331,100
9.875%, 3/15/18		2,000		2,110,100
Plains Exploration & Production Co.,
6.50%, 11/15/20		5,011		5,543,419
United Refining Co.,
10.50%, 2/28/18		2,048		2,283,520
Vanguard Natural Resources LLC,
7.875%, 4/1/20		5,030		5,444,975

				78,758,307

Pharmaceuticals—0.4%
Endo Health Solutions, Inc.,
7.00%, 12/15/20		4,000		4,330,000
Salix Pharmaceuticals Ltd. (a)(b),
6.00%, 1/15/21		4,340		4,643,800

				8,973,800

Pipelines—0.1%
Tesoro Logistics L.P.,
6.125%, 10/15/21		1,910		2,034,150


Real Estate—0.1%
Kennedy-Wilson, Inc.,
5.875%, 4/1/24		1,133		1,135,833


Real Estate Investment Trust—0.2%
iStar Financial, Inc.,
7.125%, 2/15/18		3,805		4,290,138


Retail—1.7%
Brown Shoe Co., Inc.,
7.125%, 5/15/19		4,172		4,432,750
Claire’s Stores, Inc. (a)(b),
9.00%, 3/15/19		3,930		4,101,937


	Principal Amount (000s)		Value*

DineEquity, Inc.,
9.50%, 10/30/18	$	5,500	$	6,022,500
Kate Spade & Co.,
10.50%, 4/15/19		4,500		4,758,750
Neiman Marcus Group LTD, Inc. (a)(b),
8.00%, 10/15/21		1,790		1,975,713
Rite Aid Corp.,
8.00%, 8/15/20		4,500		5,017,500
10.25%, 10/15/19		3,110		3,436,550
Sonic Automotive, Inc.,
7.00%, 7/15/22		3,340		3,699,050
Toys R Us, Inc.,
10.375%, 8/15/17		3,020		2,536,800

				35,981,550

Semiconductors—0.8%
Advanced Micro Devices, Inc.,
6.75%, 3/1/19 (a)(b)		2,515		2,530,719
8.125%, 12/15/17		3,860		4,062,650
Freescale Semiconductor, Inc. (a)(b),
6.00%, 1/15/22		6,500		6,914,375
Micron Technology, Inc. (a)(b),
5.875%, 2/15/22		3,395		3,564,750

				17,072,494

Software—0.6%
Activision Blizzard, Inc. (a)(b),
6.125%, 9/15/23		3,295		3,595,669
BCP Singapore VI Cayman Financing Co., Ltd. (a)(b),
8.00%, 4/15/21		585		596,700
First Data Corp.,
10.625%, 6/15/21		5,000		5,650,000
12.625%, 1/15/21		1,885		2,252,575

				12,094,944

Telecommunications—3.5%
Cincinnati Bell, Inc.,
8.75%, 3/15/18		4,510		4,727,044
Consolidated Communications Finance Co.,
10.875%, 6/1/20		4,105		4,787,456
Cricket Communications, Inc.,
7.75%, 10/15/20		4,980		5,700,855
EarthLink, Inc.,
7.375%, 6/1/20		3,620		3,782,900
8.875%, 5/15/19		4,500		4,533,750
Hughes Satellite Systems Corp.,
7.625%, 6/15/21		3,890		4,405,425
Intelsat Jackson Holdings S.A.,
7.25%, 4/1/19		4,005		4,325,400
Level 3 Financing, Inc.,
8.625%, 7/15/20		5,000		5,631,250
MetroPCS Wireless, Inc.,
6.625%, 11/15/20		3,205		3,433,356
NII Capital Corp.,
8.875%, 12/15/19		275		124,438


	Principal Amount (000s)		Value*

NII International Telecom SCA (a)(b),
7.875%, 8/15/19	$	1,115	$	763,775
11.375%, 8/15/19		3,500		2,485,000
Sprint Communications, Inc.,
6.00%, 11/15/22		3,925		4,018,219
11.50%, 11/15/21		4,360		5,820,600
T-Mobile USA, Inc.,
6.836%, 4/28/23		2,305		2,480,756
West Corp.,
7.875%, 1/15/19		5,000		5,387,500
8.625%, 10/1/18		5,870		6,324,925
Windstream Corp.,
7.50%, 6/1/22		2,500		2,650,000
7.875%, 11/1/17		3,000		3,457,500

				74,840,149

Transportation—0.3%
Quality Distribution LLC,
9.875%, 11/1/18		2,350		2,579,125
Swift Services Holdings, Inc.,
10.00%, 11/15/18		4,005		4,420,519

				6,999,644


Total Corporate Bonds & Notes (cost—$642,015,707)				659,809,212


CONVERTIBLE BONDS—27.6%

Aerospace & Defense—0.1%
Alliant Techsystems, Inc.,
3.00%, 8/15/24		840		1,566,600


Airlines—0.3%
United Continental Holdings, Inc.,
6.00%, 10/15/29		1,255		6,512,666


Apparel & Textiles—0.3%
Iconix Brand Group, Inc.,
1.50%, 3/15/18		5,030		6,887,956


Auto Manufacturers—1.0%
Ford Motor Co.,
4.25%, 11/15/16		3,190		5,791,844
Navistar International Corp.,
3.00%, 10/15/14		3,380		3,445,487
Tesla Motors, Inc.,
1.25%, 3/1/21		7,000		6,370,000
Wabash National Corp.,
3.375%, 5/1/18		4,160		5,798,000

				21,405,331

Biotechnology—2.2%
BioMarin Pharmaceutical, Inc.,
0.75%, 10/15/18		4,375		4,815,234
1.50%, 10/15/20		4,120		4,593,800


	Principal Amount (000s)		Value*

Cubist Pharmaceuticals, Inc.,
1.125%, 9/1/18 (a)(b)	$	4,010	$	4,731,800
1.875%, 9/1/20 (a)(b)		4,105		4,961,919
2.50%, 11/1/17		490		1,253,175
Gilead Sciences, Inc.,
1.625%, 5/1/16		2,115		6,582,948
Illumina, Inc. (a)(b),
0.25%, 3/15/16		4,625		8,414,633
Medicines Co.,
1.375%, 6/1/17		2,440		2,981,375
Regeneron Pharmaceuticals, Inc.,
1.875%, 10/1/16		1,600		5,715,000
Sequenom, Inc.,
5.00%, 10/1/17		1,340		1,190,925
Theravance, Inc.,
2.125%, 1/15/23		1,360		1,759,500

				47,000,309

Commercial Services—0.1%
Cenveo Corp.,
7.00%, 5/15/17		2,540		2,601,913


Computers—0.8%
Cadence Design Systems, Inc.,
2.625%, 6/1/15		3,060		6,336,113
SanDisk Corp. (a)(b),
0.50%, 10/15/20		10,390		11,493,937

				17,830,050

Distribution/Wholesale—0.1%
WESCO International, Inc.,
6.00%, 9/15/29		690		2,051,025


Diversified Financial Services—0.4%
Air Lease Corp.,
3.875%, 12/1/18		1,700		2,582,937
Encore Capital Group, Inc. (a)(b),
2.875%, 3/15/21		5,600		5,537,000

				8,119,937

Healthcare-Products—0.9%
Cepheid, Inc. (a)(b),
1.25%, 2/1/21		3,625		3,919,531
NuVasive, Inc.,
2.75%, 7/1/17		4,650		5,545,125
Teleflex, Inc.,
3.875%, 8/1/17		3,605		6,410,141
Volcano Corp.,
1.75%, 12/1/17		3,245		3,226,747

				19,101,544

Healthcare-Services—1.5%
Brookdale Senior Living, Inc.,
2.75%, 6/15/18		5,725		7,818,203
LifePoint Hospitals, Inc.,
3.50%, 5/15/14		5,800		6,169,750


	Principal Amount (000s)		Value*

Molina Healthcare, Inc.,
1.125%, 1/15/20	$	7,580	$	8,532,238
WellPoint, Inc.,
2.75%, 10/15/42		6,225		9,131,297

				31,651,488

Home Builders—1.1%
DR Horton, Inc.,
2.00%, 5/15/14		3,085		5,148,094
KB Home,
1.375%, 2/1/19		5,375		5,549,687
Lennar Corp. (a)(b),
3.25%, 11/15/21		3,890		6,936,356
Ryland Group, Inc.,
0.25%, 6/1/19		1,705		1,615,488
1.625%, 5/15/18		2,875		4,104,062

				23,353,687

Household Products/Wares—0.5%
Jarden Corp.,
1.125%, 3/15/34 (a)(b)		5,375		5,364,922
1.875%, 9/15/18		4,020		5,610,412

				10,975,334

Insurance—1.2%
Amtrust Financial Services, Inc.,
5.50%, 12/15/21		3,325		4,879,437
Fidelity National Financial, Inc.,
4.25%, 8/15/18		5,195		8,217,841
HCI Group, Inc. (a)(b),
3.875%, 3/15/19		1,500		1,335,938
MGIC Investment Corp.,
5.00%, 5/1/17		1,655		1,912,559
Radian Group, Inc.,
2.25%, 3/1/19		5,400		8,278,875

				24,624,650

Internet—2.2%
Ctrip.com International Ltd. (a)(b),
1.25%, 10/15/18		4,675		4,657,469
Dealertrack Technologies, Inc.,
1.50%, 3/15/17		1,395		1,986,131
priceline.com, Inc.,
0.35%, 6/15/20 (a)(b)		7,425		8,803,266
1.00%, 3/15/18		2,995		4,254,772
Qihoo 360 Technology Co., Ltd. (a)(b),
2.50%, 9/15/18		5,095		6,028,022
SINA Corp. (a)(b),
1.00%, 12/1/18		6,445		6,159,003
VeriSign, Inc.,
3.25%, 8/15/37		2,740		4,531,275
Yahoo!, Inc. (a)(b),
zero coupon, 12/1/18		8,315		8,491,694
YY, Inc. (a)(b),
2.25%, 4/1/19		3,060		2,950,987

				47,862,619


	Principal Amount (000s)		Value*

Lodging—0.5%
MGM Resorts International,
4.25%, 4/15/15	$	6,725	$	9,805,891


Machinery-Diversified—0.2%
Chart Industries, Inc.,
2.00%, 8/1/18		3,165		4,262,859


Media—0.7%
Liberty Interactive LLC,
3.50%, 1/15/31		7,380		3,943,687
Liberty Media Corp. (a)(b),
1.375%, 10/15/23		6,675		6,278,672
XM Satellite Radio, Inc. (a)(b),
7.00%, 12/1/14		2,685		4,777,622

				14,999,981

Metal Fabricate/Hardware—0.2%
RTI International Metals, Inc.,
1.625%, 10/15/19		1,325		1,309,266
3.00%, 12/1/15		2,480		2,658,250

				3,967,516

Oil & Gas—1.4%
Chesapeake Energy Corp.,
2.50%, 5/15/37		3,175		3,246,438
Cobalt International Energy, Inc.,
2.625%, 12/1/19		6,050		5,705,906
Energy XXI Bermuda Ltd. (a)(b),
3.00%, 12/15/18		2,085		2,045,906
Helix Energy Solutions Group, Inc.,
3.25%, 3/15/32		5,300		6,565,375
Hornbeck Offshore Services, Inc.,
1.50%, 9/1/19		4,860		5,543,438
Stone Energy Corp.,
1.75%, 3/1/17		4,735		5,812,212
Western Refining, Inc.,
5.75%, 6/15/14		260		1,056,250

				29,975,525

Pharmaceuticals—1.8%
Auxilium Pharmaceuticals, Inc.,
1.50%, 7/15/18		4,645		6,148,819
Endo Health Solutions, Inc.,
1.75%, 4/15/15		2,400		5,652,000
Mylan, Inc.,
3.75%, 9/15/15		2,055		7,563,684
Omnicare, Inc.,
3.50%, 2/15/44		10,635		10,781,231
Salix Pharmaceuticals Ltd.,
1.50%, 3/15/19		5,000		8,478,125

				38,623,859

Real Estate Investment Trust—1.8%
American Realty Capital Properties, Inc.,
3.00%, 8/1/18		4,000		4,260,000


	Principal Amount (000s)		Value*

DDR Corp.,
1.75%, 11/15/40	$	5,880	$	6,806,100
Host Hotels & Resorts L.P. (a)(b),
2.50%, 10/15/29		4,845		7,585,453
iStar Financial, Inc.,
1.50%, 11/15/16 (a)(b)		4,510		4,877,159
3.00%, 11/15/16		3,085		4,363,347
Redwood Trust, Inc.,
4.625%, 4/15/18		2,000		2,140,000
Starwood Property Trust, Inc.,
4.55%, 3/1/18		7,130		8,172,763

				38,204,822

Retail—0.2%
Group 1 Automotive, Inc. (f),
2.25%, 6/15/36		3,700		4,472,375


Semiconductors—3.9%
GT Advanced Technologies, Inc.,
3.00%, 10/1/17		2,860		6,588,725
Intel Corp.,
3.25%, 8/1/39		4,560		6,384,023
Lam Research Corp.,
1.25%, 5/15/18		2,280		2,840,025
Microchip Technology, Inc.,
2.125%, 12/15/37		4,320		8,035,200
Micron Technology, Inc.,
3.00%, 11/15/43		12,407		13,655,454
Novellus Systems, Inc.,
2.625%, 5/15/41		5,195		8,893,191
NVIDIA Corp. (a)(b),
1.00%, 12/1/18		8,720		9,586,550
ON Semiconductor Corp.,
2.625%, 12/15/26		6,005		7,356,125
SunEdison, Inc. (a)(b),
2.00%, 10/1/18		3,485		5,083,744
2.75%, 1/1/21		2,540		3,776,662
Xilinx, Inc.,
2.625%, 6/15/17		5,495		10,330,600

				82,530,299

Software—2.8%
Akamai Technologies, Inc. (a)(b),
zero coupon, 2/15/19		9,235		9,160,012
Allscripts Healthcare Solutions, Inc. (a)(b),
1.25%, 7/1/20		5,200		6,441,500
Concur Technologies, Inc. (a)(b),
0.50%, 6/15/18		6,665		7,814,712
Electronic Arts, Inc.,
0.75%, 7/15/16		7,040		8,214,800
NetSuite, Inc. (a)(b),
0.25%, 6/1/18		5,305		5,709,506
Salesforce.com, Inc. (a)(b),
0.25%, 4/1/18		9,830		11,150,906


	Principal Amount (000s)		Value*

ServiceNow, Inc. (a)(b),
zero coupon, 11/1/18	$	5,150	$	5,542,688
Workday, Inc. (a)(b),
0.75%, 7/15/18		3,670		4,709,069

				58,743,193

Telecommunications—1.3%
Ciena Corp.,
0.875%, 6/15/17		5,465		5,584,547
3.75%, 10/15/18 (a)(b)		2,910		4,086,731
Ixia,
3.00%, 12/15/15		3,385		3,588,100
JDS Uniphase Corp. (a)(b),
0.625%, 8/15/33		8,305		8,751,394
SBA Communications Corp.,
4.00%, 10/1/14		1,870		5,587,794

				27,598,566

Transportation—0.1%
Bristow Group, Inc.,
3.00%, 6/15/38		915		1,137,459


Total Convertible Bonds (cost—$591,334,721)				585,867,454


	Shares

CONVERTIBLE PREFERRED STOCK—4.7%

Aerospace & Defense—0.5%
United Technologies Corp.,
7.50%, 8/1/15		156,270		10,402,894


Auto Components—0.2%
Goodyear Tire & Rubber Co.,
5.875%, 4/1/14		70,430		5,161,815


Banks—0.8%
Bank of America Corp., Ser. L (d),
7.25%		4,415		5,051,687
Wells Fargo & Co., Ser. L (d),
7.50%		10,570		12,316,693

				17,368,380

Electric Utilities—0.3%
PPL Corp.,
8.75%, 5/1/14		100,000		5,470,000


Food & Beverage—0.2%
Post Holdings, Inc. (a)(b)(d),
2.50%		33,700		3,728,062


Healthcare-Products—0.1%
Alere, Inc., Ser. B (d),
3.00%		6,355		1,790,521


	Shares		Value*

Insurance—0.5%
MetLife, Inc.,
5.00%, 10/8/14		316,275	$	9,741,270


Iron/Steel—0.3%
ArcelorMittal,
6.00%, 1/15/16		267,030		6,462,954


Machinery—0.6%
Stanley Black & Decker Inc, UNIT,
6.25%, 11/17/16		23,705		2,558,718
Stanley Black & Decker, Inc.,
4.75%, 11/17/15		71,900		9,141,366

				11,700,084

Oil & Gas—0.4%
Chesapeake Energy Corp. (d),
5.00%		22,000		2,136,750
5.75% (a)(b)		6,250		7,019,531

				9,156,281

Real Estate Investment Trust—0.5%
Crown Castle International Corp., Ser. A,
4.50%, 11/1/16		83,230		8,463,451
Felcor Lodging Trust, Inc., Ser. A (d),
1.95%		120,000		2,983,200

				11,446,651

Telecommunications—0.1%
Intelsat S.A., Ser. A,
5.75%, 5/1/16		43,650		2,341,822


Transportation—0.2%
Genesee & Wyoming, Inc.,
5.00%, 10/1/15		36,755		4,708,315


Total Convertible Preferred Stock (cost—$98,013,409)				99,479,049


	Principal Amount (000s)

Repurchase Agreements—3.4%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $71,267,000; collateralized by Fannie Mae, 1.02%, due 10/17/17, valued at $72,695,700 including accrued interest (cost—$71,267,000)	$	71,267		71,267,000


Total Investments, before options written (cost-$2,153,462,018)—100.0%				2,123,676,773


	Contracts		Value*

OPTIONS WRITTEN (g)(h)—(0.1)%

Call Options—(0.1)%
Amazon.com, Inc.,
strike price $400.00, expires 4/19/14		225	$	(2,475	)
Amgen, Inc.,
strike price $130.00, expires 5/17/14		815		(136,513	)
Amphenol Corp.,
strike price $95.00, expires 5/17/14		425		(54,188	)
Apple, Inc.,
strike price $565.00, expires 5/17/14		30		(20,475	)
Boeing Co.,
strike price $130.00, expires 4/19/14		175		(9,800	)
Bristol-Myers Squibb Co.,
strike price $57.50, expires 4/19/14		1,875		(13,125	)
Comcast Corp.,
strike price $52.50, expires 5/17/14		200		(12,300	)
EMC Corp.,
strike price $29.00, expires 5/17/14		3,215		(91,628	)
Fluor Corp,
strike price $82.50, expires 5/17/14		1,000		(85,000	)
Google, Inc.,
strike price $1,270.00, expires 4/19/14		100		(25,500	)
Intel Corp.,
strike price $27.00, expires 5/17/14		1,945		(44,735	)
International Business Machine,
strike price $195.00, expires 4/19/14		125		(38,437	)
Kroger Co.,
strike price $46.00, expires 5/17/14		2,760		(110,400	)
McKesson Corp.,
strike price $185.00, expires 5/17/14		470		(115,150	)
Microsoft Corp.,
strike price $43.00, expires 5/17/14		2,670		(136,170	)
Occidental Petroleum Corp.,
strike price $100.00, expires 4/19/14		60		(780	)
Prudential Financial, Inc.,
strike price $90.00, expires 4/19/14		65		(910	)
QUALCOMM, Inc.,
strike price $82.50, expires 5/17/14		1,335		(98,790	)
Schlumberger LTD,
strike price $97.50, expires 4/19/14		650		(117,975	)
Texas Instruments, Inc.,
strike price $48.00, expires 4/19/14		1,830		(70,455	)
Valero Energy Corp.,
strike price $57.50, expires 4/19/14		1,340		(30,150	)
Visa, Inc.,
strike price $235.00, expires 4/19/14		385		(4,427	)
Walgreen Co.,
strike price $70.00, expires 4/19/14		1,755		(37,732	)


Total Options Written (premiums received—$1,642,730)				(1,257,115	)


Total Investments, net of options written (cost—$2,151,819,288)—99.9%				2,122,419,658


Other assets less other liabilities—0.1%				1,643,607


Net Assets—100.0%			$	2,124,063,265

Notes to Schedule of Investments:

(a)	Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $331,748,797, representing 15.6% of net assets.

(b)	144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(c)	When-issued or delayed-delivery. To be settled/delivered after March 31, 2014.

(d)	Perpetual maturity. The date shown, if any, is the next call date. For Corporate Bonds & Notes the interest rate is fixed until the first call date and variable thereafter.

(e)	All or partial amount segregated for the benefit of the counterparty as collateral for options written.

(f)	Step Bond—Coupon is a fixed rate for an initial period then resets at a specific date and rate.

(g)	Non-income producing.

(h)	Exchange traded-Chicago Board Options Exchange.

(i)	Transactions in options written for the nine months ended March 31, 2014:


	Contracts			Premiums
Options outstanding, June 30, 2013		17,550		$	858,699
Options written		101,428			6,588,628
Options terminated in closing transactions		(30,310	)		(1,901,175	)
Options expired		(65,218	)		(3,903,422	)

Options outstanding, March 31, 2014		23,450		$	1,642,730

Glossary:

UNIT—More than one class of securities traded together.


	Shares		Value*

COMMON STOCK—98.9%

Australia—6.0%
AGL Energy Ltd.		16,830	$	237,327
Brambles Ltd.		26,953		231,904
Coca-Cola Amatil Ltd.		113,587		1,163,995
CSL Ltd.		4,782		308,877
Insurance Australia Group Ltd.		121,971		630,842
QBE Insurance Group Ltd.		22,184		263,633
Sonic Healthcare Ltd.		95,454		1,529,274
Treasury Wine Estates Ltd.		169,751		557,624
Westfield Group REIT		62,081		591,337

				5,514,813

Belgium—1.2%
Belgacom S.A.		35,725		1,119,358


China—1.5%
Jiangsu Expressway Co., Ltd., Class H		328,000		374,353
PetroChina Co., Ltd., Class H		616,000		669,119
Tsingtao Brewery Co., Ltd., Class H		48,000		353,030

				1,396,502

Denmark—0.7%
Novozymes A/S, Class B		15,482		680,573


Finland—0.4%
Elisa Oyj		14,155		407,188


France—3.3%
Dassault Systemes		10,219		1,195,781
Eutelsat Communications S.A.		29,682		1,007,278
SES S.A.		22,524		840,361

				3,043,420

Germany—7.9%
Freenet AG		7,071		247,488
Fresenius Medical Care AG & Co. KGaA		29,367		2,054,712
Fresenius SE & Co. KGaA (b)		9,865		1,548,495
Kabel Deutschland Holding AG		5,674		779,412
Rhoen Klinikum AG		40,064		1,283,264
RTL Group S.A.		4,208		479,249
Suedzucker AG		31,070		886,124

				7,278,744

Hong Kong—13.1%
ASM Pacific Technology Ltd.		85,500		836,092
Cheung Kong Infrastructure Holdings Ltd.		172,000		1,100,000
CLP Holdings Ltd.		255,000		1,922,773
Hang Seng Bank Ltd.		45,700		727,867
HKT Trust		530,000		559,176
Hong Kong & China Gas Co., Ltd.		218,030		476,344
Hongkong Land Holdings Ltd.		135,000		874,401
Hysan Development Co., Ltd.		123,000		535,941
Jardine Matheson Holdings Ltd.		8,000		505,330
Jardine Strategic Holdings Ltd.		17,500		628,313


	Shares		Value*

Kerry Properties Ltd.		185,000	$	619,348
Link REIT		73,500		363,386
MTR Corp. Ltd.		159,000		589,167
Power Assets Holdings Ltd.		185,500		1,610,062
Swire Pacific Ltd., Class A		25,000		291,678
VTech Holdings Ltd.		30,100		387,092

				12,026,970

Israel—5.4%
Bank Hapoalim BM		109,961		627,768
Israel Chemicals Ltd.		117,561		1,028,476
Mizrahi Tefahot Bank Ltd.		51,242		700,912
Teva Pharmaceutical Industries Ltd.		48,611		2,561,831

				4,918,987

Japan—16.4%
ABC-Mart, Inc.		21,000		911,022
ANA Holdings, Inc.		199,000		429,732
Canon, Inc.		29,400		912,453
FamilyMart Co., Ltd.		17,300		760,785
HIS Co., Ltd.		7,200		410,011
Japan Airlines Co., Ltd.		10,500		516,753
Lawson, Inc.		4,800		339,644
Nippon Paper Industries Co., Ltd.		17,100		322,397
Nippon Shokubai Co., Ltd.		25,000		296,014
Nitori Holdings Co., Ltd.		22,800		989,431
NTT DoCoMo, Inc.		155,100		2,443,984
Oriental Land Co., Ltd.		13,900		2,113,098
Osaka Gas Co., Ltd.		79,000		298,579
Otsuka Corp.		2,600		339,125
Otsuka Holdings Co., Ltd.		9,100		272,229
Park24 Co., Ltd.		14,400		273,617
Rakuten, Inc.		17,100		228,415
Ricoh Co., Ltd.		43,900		508,924
Sankyo Co., Ltd.		9,700		408,237
Sawai Pharmaceutical Co., Ltd.		3,900		238,941
Tokyo Gas Co., Ltd.		124,000		628,761
Toyo Suisan Kaisha Ltd.		10,000		334,139
Tsumura & Co.		10,000		240,289
Tsuruha Holdings, Inc.		5,600		551,707
Unicharm Corp.		4,400		234,769

				15,003,056

Netherlands—0.6%
Reed Elsevier NV		25,151		544,181


New Zealand—2.0%
Auckland International Airport Ltd.		136,324		451,021
Sky Network Television Ltd.		138,964		754,569
SKYCITY Entertainment Group Ltd.		89,405		305,140
Telecom Corp. of New Zealand Ltd.		141,617		300,289

				1,811,019

Norway—0.4%
Subsea 7 S.A.		19,791		367,871


Singapore—11.1%
Ascendas Real Estate Investment Trust REIT		258,000		464,399


	Shares		Value*

CapitaCommercial Trust REIT		582,000	$	689,012
CapitaMall Trust REIT		471,000		708,679
ComfortDelGro Corp. Ltd.		296,000		468,216
DBS Group Holdings Ltd.		38,000		489,594
Hutchison Port Holdings Trust UNIT		1,941,000		1,261,999
Keppel Corp. Ltd.		190,000		1,648,371
Keppel Land Ltd.		123,000		329,261
Sembcorp Industries Ltd.		108,000		472,417
Singapore Airlines Ltd.		152,000		1,264,839
Singapore Press Holdings Ltd.		377,000		1,259,842
StarHub Ltd.		260,000		869,867
Suntec Real Estate Investment Trust REIT		189,000		249,844

				10,176,340

Switzerland—7.2%
Galenica AG		1,076		1,041,295
Nestle S.A.		4,746		357,230
Novartis AG		19,870		1,687,120
Roche Holdings AG		1,466		440,920
Swiss Life Holding AG		1,369		336,660
Swiss Prime Site AG (c)		9,909		842,639
Swisscom AG		2,157		1,325,206
Transocean Ltd.		13,066		538,709

				6,569,779

United Kingdom—21.7%
AstraZeneca PLC		8,919		578,192
BP PLC		351,934		2,827,807
Centrica PLC		266,677		1,467,111
G4S PLC		246,979		996,527
GlaxoSmithKline PLC		83,041		2,214,316
Imperial Tobacco Group PLC		13,762		556,502
J Sainsbury PLC		54,276		286,220
Next PLC		6,178		679,893
Pennon Group PLC		55,504		688,234
Randgold Resources Ltd.		10,148		761,743
Royal Dutch Shell PLC, Class A		70,755		2,585,231
Royal Dutch Shell PLC, Class B		66,593		2,599,818
Serco Group PLC		50,164		352,086
Smith & Nephew PLC		14,814		224,993
United Utilities Group PLC		121,441		1,597,455
Vodafone Group PLC		183,627		675,256
WM Morrison Supermarkets PLC		230,791		820,632

				19,912,016

Total Common Stock (cost—$84,141,772)				90,770,817


	Principal Amount (000s)		Value*

Repurchase Agreements—0.6%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $509,000; collateralized by U.S. Treasury Notes, 0.75%, due 3/31/18, valued at $522,963 including accrued interest (cost—$509,000)	$	509	$	509,000


Total Investments (cost—$84,650,772) (a)—99.5%				91,279,817


Other assets less liabilities—0.5%				446,614


Net Assets—100.0%			$	91,726,431

Notes to Schedule of Investments:

(a)	Securities with an aggregate value of $87,601,092, representing 95.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b)	Affiliated security.

(c)	Non—income producing.

Glossary:

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together.

The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:


Pharmaceuticals	10.1	%
Oil, Gas & Consumable Fuels	9.4	%
Health Care Providers & Services	7.0	%
Media	6.1	%
Electric Utilities	5.1	%
Wireless Telecommunication Services	4.6	%
Diversified Telecommunication Services	4.0	%
Real Estate Management & Development	3.9	%
Industrial Conglomerates	3.5	%
Real Estate Investment Trust	3.3	%
Hotels, Restaurants & Leisure	3.1	%
Food & Staples Retailing	3.0	%
Banks	2.8	%
Water Utilities	2.6	%
Airlines	2.5	%
Transportation Infrastructure	2.3	%
Beverages	2.3	%
Chemicals	2.1	%
Specialty Retail	2.1	%
Commercial Services & Supplies	2.0	%
Multi-Utilities	1.9	%
Food Products	1.8	%
Technology Hardware, Storage & Peripherals	1.5	%
Gas Utilities	1.5	%
Insurance	1.4	%
Software	1.3	%
Road & Rail	1.1	%
Energy Equipment & Services	1.0	%
Semiconductors & Semiconductor Equipment	0.9	%
Metals & Mining	0.8	%
Multi-line Retail	0.7	%
Tobacco	0.6	%
Leisure Equipment & Products	0.4	%
Communications Equipment	0.4	%
IT Services	0.4	%
Paper & Forest Products	0.3	%
Biotechnology	0.3	%
Household Products	0.3	%
Health Care Equipment & Supplies	0.3	%
Internet & Catalog Retail	0.2	%
Repurchase Agreements	0.6	%
Other assets less liabilities	0.5	%

	100.0	%


	Shares		Value*

COMMON STOCK—98.9%

Aerospace & Defense—5.5%
BE Aerospace, Inc. (b)		4,675	$	405,743
Precision Castparts Corp.		7,255		1,833,774
United Technologies Corp.		19,150		2,237,486

				4,477,003

Auto Components—1.7%
BorgWarner, Inc.		22,730		1,397,213


Automobiles—1.5%
Tesla Motors, Inc. (b)		5,665		1,180,869


Banks—2.5%
Citigroup, Inc.		19,885		946,526
Wells Fargo & Co.		21,050		1,047,027

				1,993,553

Beverages—3.5%
Coca-Cola Co.		46,765		1,807,935
Monster Beverage Corp. (b)		15,170		1,053,556

				2,861,491

Biotechnology—7.5%
Biogen Idec, Inc. (b)		10,015		3,063,288
Celgene Corp. (b)		5,750		802,700
Gilead Sciences, Inc. (b)		31,100		2,203,746

				6,069,734

Building Products—1.6%
Fortune Brands Home & Security, Inc.		31,415		1,321,943


Chemicals—3.9%
LyondellBasell Industries NV, Class A		13,300		1,182,902
Monsanto Co.		8,365		951,686
PPG Industries, Inc.		5,405		1,045,651

				3,180,239

Communications Equipment—1.8%
QUALCOMM, Inc.		18,515		1,460,093


Electrical Equipment—3.1%
AMETEK, Inc.		24,680		1,270,773
Eaton Corp. PLC		16,680		1,253,002

				2,523,775

Energy Equipment & Services—1.3%
Halliburton Co.		17,425		1,026,158


Food & Staples Retailing—2.9%
Costco Wholesale Corp.		10,780		1,203,910
Walgreen Co.		17,400		1,148,922

				2,352,832

Food Products—1.9%
Hershey Co.		14,820		1,547,208


Health Care Providers & Services—1.2%
HCA Holdings, Inc. (b)		18,125		951,563


	Shares		Value*

Hotels, Restaurants & Leisure—2.5%
Starbucks Corp.		15,975	$	1,172,245
Yum! Brands, Inc.		11,210		845,122

				2,017,367

Industrial Conglomerates—1.0%
Danaher Corp.		11,085		831,375


Internet & Catalog Retail—4.6%
Amazon.com, Inc. (b)		6,225		2,094,837
priceline.com, Inc. (b)		1,355		1,615,011

				3,709,848

Internet Software & Services—7.3%
Facebook, Inc., Class A (b)		42,245		2,544,839
Google, Inc., Class A (b)		2,055		2,290,318
Yelp, Inc. (a)(b)		13,435		1,033,555

				5,868,712

IT Services—3.7%
Accenture PLC, Class A		3,470		276,628
Visa, Inc., Class A		12,765		2,755,453

				3,032,081

Machinery—1.1%
Caterpillar, Inc.		8,655		860,047


Media—4.3%
Comcast Corp., Class A		38,955		1,948,529
Time Warner, Inc.		23,080		1,507,817

				3,456,346

Multi-line Retail—1.1%
Dollar Tree, Inc. (b)		16,625		867,493


Oil, Gas & Consumable Fuels—5.6%
EOG Resources, Inc.		5,510		1,080,897
Pioneer Natural Resources Co.		7,805		1,460,627
Range Resources Corp.		9,475		786,141
Valero Energy Corp.		22,670		1,203,777

				4,531,442

Personal Products—1.5%
Estee Lauder Cos., Inc., Class A		18,220		1,218,554


Pharmaceuticals—4.8%
AbbVie, Inc.		26,780		1,376,492
Actavis PLC (b)		3,940		811,049
Bristol-Myers Squibb Co.		33,220		1,725,779

				3,913,320

Road & Rail—2.1%
Union Pacific Corp.		8,880		1,666,421


Semiconductors & Semiconductor Equipment—2.7%
Intel Corp.		40,970		1,057,436
Microchip Technology, Inc.		24,195		1,155,553

				2,212,989


	Shares		Value*

Software—6.0%
Microsoft Corp.		72,005	$	2,951,485
Salesforce.com, Inc. (b)		33,490		1,911,944

				4,863,429

Specialty Retail—1.8%
Tractor Supply Co.		20,645		1,458,156


Technology Hardware, Storage & Peripherals—3.4%
Apple, Inc.		5,155		2,766,895


Textiles, Apparel & Luxury Goods—3.1%
Michael Kors Holdings Ltd. (b)		13,995		1,305,314
NIKE, Inc., Class B		16,480		1,217,213

				2,522,527

Tobacco—2.4%
Philip Morris International, Inc.		23,720		1,941,956


Total Common Stock (cost—$60,119,144)				80,082,632


	Principal Amount (000s)

Repurchase Agreements—1.0%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $850,000; collateralized by U.S. Treasury Notes, 0.75%, due 3/31/18, valued at $869,975 including accrued interest (cost—$850,000)	$	850		850,000


Total Investments (cost—$60,969,144) —99.9%				80,932,632


Other assets less liabilities—0.1%				65,064


Net Assets—100.0%			$	80,997,696

Notes to Schedule of Investments:

(a)	Affiliated security.

(b)	Non-income producing.


	Shares		Value*

COMMON STOCK—99.5%

Aerospace & Defense—1.7%
BE Aerospace, Inc. (b)		69,175	$	6,003,698


Airlines—1.8%
United Continental Holdings, Inc. (b)		136,990		6,113,864


Auto Components—2.3%
Delphi Automotive PLC		117,565		7,977,961


Banks—1.4%
First Republic Bank		92,580		4,998,394


Biotechnology—2.1%
Alexion Pharmaceuticals, Inc. (b)		32,885		5,002,795
Medivation, Inc. (b)		33,455		2,153,498

				7,156,293

Building Products—1.4%
Armstrong World Industries, Inc. (b)		89,380		4,759,485


Capital Markets—2.3%
KKR & Co. L.P.		139,035		3,175,560
SEI Investments Co.		144,735		4,864,543

				8,040,103

Chemicals—5.8%
Airgas, Inc.		50,800		5,410,708
International Flavors & Fragrances, Inc.		63,975		6,120,488
Sherwin-Williams Co.		42,790		8,435,193

				19,966,389

Communications Equipment—1.6%
Palo Alto Networks, Inc. (b)		78,180		5,363,148


Diversified Financial Services—1.4%
McGraw Hill Financial, Inc.		64,415		4,914,865


Electrical Equipment—4.0%
AMETEK, Inc.		154,755		7,968,335
Eaton Corp. PLC		79,050		5,938,236

				13,906,571

Food & Staples Retailing—1.9%
Whole Foods Market, Inc.		126,095		6,394,277


Food Products—2.4%
Hershey Co.		78,700		8,216,280


Health Care Equipment & Supplies—5.4%
Boston Scientific Corp. (b)		304,205		4,112,852
CareFusion Corp. (b)		98,600		3,965,692
Cooper Cos., Inc.		46,110		6,333,669
Insulet Corp. (b)		88,765		4,209,236

				18,621,449

Health Care Providers & Services—2.8%
Cardinal Health, Inc.		77,370		5,414,353
Team Health Holdings, Inc. (b)		91,615		4,099,771

				9,514,124


	Shares		Value*

Hotels, Restaurants & Leisure—4.5%
Dunkin’ Brands Group, Inc.		81,070	$	4,068,093
Starwood Hotels & Resorts Worldwide, Inc.		76,160		6,062,336
Wynn Resorts Ltd.		24,095		5,352,704

				15,483,133

Household Durables—3.8%
Newell Rubbermaid, Inc.		214,680		6,418,932
Whirlpool Corp.		44,120		6,594,175

				13,013,107


Insurance—1.0%
Lincoln National Corp.		65,335		3,310,524


Internet & Catalog Retail—2.0%
Groupon, Inc. (b)		370,430		2,904,171
HomeAway, Inc. (b)		106,590		4,015,246

				6,919,417

Internet Software & Services—3.3%
Akamai Technologies, Inc. (b)		97,590		5,680,714
Yelp, Inc. (a)(b)		72,509		5,578,117

				11,258,831

IT Services—1.6%
Fidelity National Information Services, Inc.		100,555		5,374,665


Life Sciences Tools & Services—3.7%
Agilent Technologies, Inc.		94,915		5,307,647
PerkinElmer, Inc.		86,940		3,917,516
Quintiles Transnational Holdings, Inc. (b)		67,425		3,423,167

				12,648,330

Machinery—4.1%
Colfax Corp. (b)		66,825		4,766,627
Oshkosh Corp.		84,150		4,953,911
WABCO Holdings, Inc. (b)		41,990		4,432,464

				14,153,002

Media—2.8%
AMC Networks, Inc., Class A (b)		60,410		4,415,367
Scripps Networks Interactive, Inc., Class A		67,845		5,150,114

				9,565,481

Metals & Mining—1.1%
Carpenter Technology Corp.		57,825		3,818,763


Multi-line Retail—1.9%
Dollar Tree, Inc. (b)		127,905		6,674,083


Oil, Gas & Consumable Fuels—3.2%
Cabot Oil & Gas Corp.		162,015		5,489,068
Concho Resources, Inc. (b)		44,000		5,390,000

				10,879,068

Pharmaceuticals—4.3%
Endo International PLC (b)		57,955		3,978,611


	Shares		Value*

Forest Laboratories, Inc. (b)		38,675	$	3,568,542
Mylan, Inc. (b)		151,600		7,402,628

				14,949,781

Professional Services—2.8%
Nielsen Holdings NV		127,350		5,683,631
Towers Watson & Co., Class A		34,000		3,877,700

				9,561,331

Real Estate Management & Development—1.7%
CBRE Group, Inc., Class A (b)		207,350		5,687,611


Road & Rail—1.4%
Genesee & Wyoming, Inc., Class A (b)		48,225		4,693,257


Semiconductors & Semiconductor Equipment—5.8%
Avago Technologies Ltd.		87,335		5,625,247
Lam Research Corp. (b)		73,455		4,040,025
Microchip Technology, Inc.		123,585		5,902,420
NXP Semiconductor NV (b)		74,655		4,390,460

				19,958,152

Software—2.1%
ServiceNow, Inc. (b)		48,330		2,895,934
Tableau Software, Inc., Class A (b)		55,950		4,256,676

				7,152,610

Specialty Retail—3.4%
Advance Auto Parts, Inc.		37,370		4,727,305
Tractor Supply Co.		96,380		6,807,319

				11,534,624

Technology Hardware, Storage & Peripherals—1.1%
Western Digital Corp.		40,295		3,699,887


Textiles, Apparel & Luxury Goods—5.6%
Kate Spade & Co. (b)		160,730		5,961,476
Ralph Lauren Corp.		30,665		4,934,919
V.F. Corp.		135,005		8,354,109

				19,250,504

Total Common Stock (cost—$275,172,717)				341,533,062


	Principal Amount (000s)		Value*

Repurchase Agreements—0.4%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $1,211,000; collateralized by U.S. Treasury Notes, 0.75%, due 3/31/18, valued at $1,236,538 including accrued interest (cost—$1,211,000)	$	1,211	$	1,211,000


Total Investments (cost—$276,383,717)—99.9%				342,744,062


Other assets less liabilities—0.1%				504,943


Net Assets—100.0%			$	343,249,005

Notes to Schedule of Investments:

(a)	Affiliated security.

(b)	Non-income producing.


	Shares		Value*

COMMON STOCK—99.0%

Aerospace & Defense—2.7%
Northrop Grumman Corp.		5,900	$	727,942


Automobiles—2.5%
Ford Motor Co.		43,000		670,800


Banks—14.2%
Bank of America Corp.		22,800		392,160
Citigroup, Inc.		6,700		318,920
Fifth Third Bancorp		31,000		711,450
JPMorgan Chase & Co.		11,800		716,378
Old National Bancorp		22,400		333,984
PNC Financial Services Group, Inc.		8,000		696,000
Wells Fargo & Co.		14,100		701,334

				3,870,226

Capital Markets—2.5%
Ameriprise Financial, Inc.		6,100		671,427


Chemicals—1.3%
EI du Pont de Nemours & Co.		5,500		369,050


Commercial Services & Supplies—1.2%
Republic Services, Inc.		9,600		327,936


Communications Equipment—1.3%
Cisco Systems, Inc.		15,600		349,596


Consumer Finance—3.5%
Capital One Financial Corp.		4,400		339,504
SLM Corp.		25,500		624,240

				963,744

Diversified Consumer Services—1.2%
Hillenbrand, Inc.		10,300		332,999


Diversified Telecommunication Services—2.1%
AT&T, Inc.		16,100		564,627


Electronic Equipment, Instruments & Components—1.3%
Avnet, Inc.		7,600		353,628


Food & Staples Retailing—2.4%
Kroger Co.		7,700		336,105
Wal-Mart Stores, Inc.		4,100		313,363

				649,468

Food Products—2.1%
Ingredion, Inc.		8,500		578,680


Gas Utilities—2.6%
UGI Corp.		15,600		711,516


Health Care Equipment & Supplies—4.0%
Medtronic, Inc.		11,500		707,710
Zimmer Holdings, Inc.		4,000		378,320

				1,086,030


	Shares		Value*

Health Care Providers & Services—1.3%
Cigna Corp.		4,233	$	354,429


Household Durables—2.6%
Newell Rubbermaid, Inc.		12,100		361,790
Whirlpool Corp.		2,300		343,758

				705,548

Independent Power Producers & Energy Traders—1.2%
AES Corp.		22,200		317,016


Industrial Conglomerates—2.4%
General Electric Co.		25,400		657,606


Insurance—5.2%
Allstate Corp.		12,800		724,224
MetLife, Inc.		6,200		327,360
Reinsurance Group of America, Inc.		4,700		374,261

				1,425,845

IT Services—2.5%
Xerox Corp.		60,900		688,170


Machinery—3.9%
Crane Co.		4,700		334,405
Trinity Industries, Inc.		10,200		735,114

				1,069,519

Metals & Mining—2.2%
Reliance Steel & Aluminum Co.		4,400		310,904
Yamana Gold, Inc.		33,600		295,008

				605,912

Oil, Gas & Consumable Fuels—11.3%
Chesapeake Energy Corp.		13,400		343,308
Chevron Corp.		5,100		606,441
ConocoPhillips		7,100		499,485
HollyFrontier Corp.		5,824		277,106
Murphy Oil Corp.		5,200		326,872
Royal Dutch Shell PLC ADR		4,700		343,382
Total S.A. ADR		10,500		688,800

				3,085,394

Paper & Forest Products—2.3%
International Paper Co.		13,400		614,792


Pharmaceuticals—8.8%
AstraZeneca PLC ADR		11,000		713,680
Merck & Co., Inc.		12,700		720,979
Pfizer, Inc.		18,900		607,068
Teva Pharmaceutical Industries Ltd. ADR		6,700		354,028

				2,395,755

Real Estate Investment Trust—1.3%
CBL & Associates Properties, Inc.		19,900		353,225


Road & Rail—1.4%
Norfolk Southern Corp.		3,900		378,963


Semiconductors & Semiconductor Equipment—1.3%
Intel Corp.		14,300		369,083


	Shares		Value*

Software—3.9%
CA, Inc.		11,200	$	346,864
Microsoft Corp.		17,600		721,424

				1,068,288

Technology Hardware, Storage & Peripherals—2.5%
Hewlett-Packard Co.		21,100		682,796


Total Common Stock (cost—$20,500,244)				27,000,010


	Principal Amount (000s)

Repurchase Agreements—0.6%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $152,000; collateralized by U.S. Treasury Notes, 0.75%, due 2/28/18, valued at $156,200 including accrued interest (cost—$152,000)	$	152		152,000


Total Investments (cost—$20,652,244)—99.6%				27,152,010


Other assets less liabilities—0.4%				109,637


Net Assets—100.0%			$	27,261,647

Glossary:

ADR—American Depositary Receipt


	Shares		Value*

COMMON STOCK—97.1%

Aerospace & Defense—3.7%
Lockheed Martin Corp.		984,900	$	160,775,076
Northrop Grumman Corp.		1,451,300		179,061,394

				339,836,470

Automobiles—3.5%
Ford Motor Co.		20,230,400		315,594,240


Banks—14.4%
Citigroup, Inc.		4,168,900		198,439,640
Fifth Third Bancorp		8,293,700		190,340,415
JPMorgan Chase & Co.		6,017,000		365,292,070
PNC Financial Services Group, Inc.		2,180,878		189,736,386
Wells Fargo & Co.		7,510,800		373,587,192

				1,317,395,703

Beverages—2.0%
Molson Coors Brewing Co., Class B		3,062,200		180,241,092


Capital Markets—1.9%
Ameriprise Financial, Inc.		1,595,641		175,632,205


Chemicals—1.9%
EI du Pont de Nemours & Co.		2,607,800		174,983,380


Communications Equipment—4.0%
Cisco Systems, Inc.		8,507,100		190,644,111
Harris Corp.		2,385,200		174,501,232

				365,145,343

Consumer Finance—1.9%
SLM Corp.		7,271,100		177,996,528


Diversified Telecommunication Services—4.1%
AT&T, Inc.		10,677,757		374,468,938


Electric Utilities—1.9%
American Electric Power Co., Inc.		3,429,500		173,738,470


Energy Equipment & Services—1.5%
Ensco PLC, Class A		2,678,300		141,360,674


Food & Staples Retailing—1.9%
Wal-Mart Stores, Inc.		2,238,200		171,065,626


Health Care Equipment & Supplies—2.1%
Baxter International, Inc.		2,653,800		195,266,604


Health Care Providers & Services—2.0%
WellPoint, Inc.		1,830,000		182,176,500


Industrial Conglomerates—1.8%
General Electric Co.		6,446,900		166,910,241


	Shares		Value*

Insurance—7.7%
Allstate Corp.		3,012,400	$	170,441,592
MetLife, Inc.		6,966,500		367,831,200
Travelers Cos., Inc.		1,924,900		163,808,990

				702,081,782

IT Services—1.9%
Xerox Corp.		14,988,400		169,368,920


Metals & Mining—2.0%
Barrick Gold Corp.		10,404,900		185,519,367


Oil, Gas & Consumable Fuels—14.0%
Chevron Corp.		1,622,300		192,907,693
ConocoPhillips		5,341,000		375,739,350
Marathon Oil Corp.		4,806,800		170,737,536
Royal Dutch Shell PLC ADR		2,466,600		180,209,796
Total S.A. ADR		5,453,200		357,729,920

				1,277,324,295

Paper & Forest Products—1.8%
International Paper Co.		3,633,700		166,714,156


Pharmaceuticals—9.9%
AstraZeneca PLC ADR		2,714,600		176,123,248
Johnson & Johnson		1,835,300		180,281,519
Merck & Co., Inc.		3,164,800		179,665,696
Pfizer, Inc.		5,436,200		174,610,744
Teva Pharmaceutical Industries Ltd. ADR		3,628,300		191,719,372

				902,400,579

Road & Rail—1.9%
Norfolk Southern Corp.		1,758,594		170,882,579


Semiconductors & Semiconductor Equipment—4.0%
Intel Corp.		14,200,874		366,524,558


Software—4.0%
CA, Inc.		5,432,800		168,253,816
Microsoft Corp.		4,722,250		193,565,027

				361,818,843

Specialty Retail—1.3%
Staples, Inc.		10,481,100		118,855,674

Total Common Stock (cost—$6,756,129,760)				8,873,302,767

MUTUAL FUNDS—0.3%
AllianzGI Money Market Fund, Institutional II Class (a) (cost—$25,000,000)		25,000,000		25,000,000


	Principal Amount (000s)		Value*

Repurchase Agreements—3.2%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $293,680,000; collateralized by Fannie Mae, 1.02%, due 10/17/17, valued at $262,661,850 including accrued interest and U.S. Treasury Notes, 0.75%, due 2/28/18, valued at $36,892,488 including accrued interest (cost—$293,680,000)	$	293,680	$	293,680,000


Total Investments (cost—$7,074,809,760)—100.6%				9,191,982,767


Liabilities in excess of other assets—(0.6)%				(56,280,204	)


Net Assets—100.0%			$	9,135,702,563

Notes to Schedule of Investments:

(a)	Affiliated security.

Glossary:

ADR—American Depositary Receipt


	Shares		Value*

COMMON STOCK—96.0%

Australia—1.9%
Australia & New Zealand Banking Group Ltd. ADR		1,963,300	$	59,978,815


Brazil—7.8%
Banco Bradesco S.A. ADR		5,069,660		69,302,252
Cia de Saneamento Basico do Estado de Sao Paulo ADR		6,857,000		63,495,820
Cia Paranaense de Energia, Class P ADR (b)		3,523,821		46,197,293
Vale S.A. ADR		4,338,000		59,994,540

				238,989,905

Canada—6.7%
Magna International, Inc.		337,700		32,523,887
Manulife Financial Corp.		3,265,700		63,060,667
Toronto-Dominion Bank		1,352,000		63,476,400
Yamana Gold, Inc.		5,432,100		47,693,838

				206,754,792

China—6.7%
Anhui Conch Cement Co., Ltd., Class H		1,992,500		8,583,249
China Construction Bank Corp., Class H		104,337,500		73,238,778
China Mobile Ltd.		6,663,600		61,181,383
China Petroleum & Chemical Corp., Class H		72,298,260		64,854,433

				207,857,843

Denmark—1.8%
Carlsberg A/S, Class B		564,700		56,135,583


France—3.8%
Cap Gemini S.A.		332,764		25,192,385
Orange S.A. ADR		2,136,100		31,379,309
Sanofi		567,559		59,309,385

				115,881,079

Germany—3.0%
Deutsche Boerse AG		393,710		31,344,621
Siemens AG		454,992		61,361,401

				92,706,022

Hong Kong—1.9%
BOC Hong Kong Holdings Ltd.		20,299,400		57,832,236


India—0.8%
Tata Motors Ltd. ADR		736,700		26,086,547


Israel—3.0%
Israel Chemicals Ltd.		3,424,462		29,958,700
Teva Pharmaceutical Industries Ltd. ADR		1,195,900		63,191,356

				93,150,056

Japan—11.8%
Hitachi Ltd.		8,006,100		59,261,608
Isuzu Motors Ltd.		10,497,800		60,275,802


	Shares		Value*

Komatsu Ltd.		1,684,600	$	35,316,896
Mitsui & Co., Ltd. ADR		202,300		57,062,761
Mizuho Financial Group, Inc.		29,761,300		58,982,511
Nitto Denko Corp. ADR		2,513,600		60,225,856
Sega Sammy Holdings, Inc.		1,419,100		31,857,076

				362,982,510

Norway—3.2%
Statoil ASA ADR		2,371,100		66,912,442
Telenor ASA		1,415,900		31,337,874

				98,250,316

Russian Federation—4.6%
Lukoil OAO ADR		1,273,100		71,198,117
Mobile Telesystems OJSC ADR		2,002,100		35,016,729
Sberbank of Russia ADR		3,622,200		35,388,894

				141,603,740

Singapore—3.6%
Golden Agri-Resources Ltd.		119,131,400		54,502,876
United Overseas Bank Ltd. ADR		1,614,600		55,816,722

				110,319,598

South Africa—3.1%
Sasol Ltd. ADR		1,687,400		94,291,912


Sweden—1.0%
Svenska Cellulosa AB SCA ADR		1,097,100		32,364,450


Switzerland—2.8%
Zurich Insurance Group AG ADR (c)		2,818,900		86,652,986


Taiwan—1.1%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,628,100		32,594,562


Turkey—1.2%
KOC Holding AS ADR		1,712,339		35,736,515


United Kingdom—22.1%
AstraZeneca PLC ADR		1,374,400		89,171,072
BAE Systems PLC ADR		2,016,100		56,511,283
Barclays PLC		7,776,447		30,261,903
Centrica PLC		11,746,100		64,620,606
Diageo PLC ADR		227,095		28,293,766
HSBC Holdings PLC		5,442,500		55,107,570
Imperial Tobacco Group PLC		1,559,628		63,067,588
Marks & Spencer Group PLC ADR		1,526,000		22,986,138
Rio Tinto PLC ADR		1,150,300		64,221,249
Royal Dutch Shell PLC ADR		1,258,700		91,960,622
Sage Group PLC ADR		1,013,734		28,333,865
Serco Group PLC		4,353,100		30,553,112
TESCO PLC		11,251,700		55,494,719

				680,583,493

United States—4.1%
Axis Capital Holdings Ltd.		1,367,400		62,695,290


	Shares		Value*

Ensco PLC, Class A		639,700	$	33,763,366
RenaissanceRe Holdings Ltd.		320,300		31,261,280

				127,719,936

Total Common Stock (cost—$2,673,574,201)				2,958,472,896

PREFERRED STOCK—2.1%

Germany—2.1%
Volkswagen AG (cost—$49,487,784)		244,492		63,395,678


	Principal Amount (000s)

Repurchase Agreements—1.3%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $41,261,000; collateralized by U.S. Treasury Notes, 0.75%, due 3/31/18, valued at $42,086,263 including accrued interest (cost—$41,261,000)	$	41,261		41,261,000


Total Investments (cost—$2,764,322,985) (a)—99.4%				3,063,129,574


Other assets less liabilities—0.6%				17,639,177


Net Assets—100.0%			$	3,080,768,751

Notes to Schedule of Investments:

(a)	Securities with an aggregate value of $1,192,474,861, representing 38.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b)	Affiliated security.

(c)	Non-income producing.

Glossary:

ADR—American Depositary Receipt

The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:


Banks	18.2	%
Oil, Gas & Consumable Fuels	12.7	%
Insurance	7.8	%
Pharmaceuticals	6.9	%
Metals & Mining	5.5	%
Automobiles	4.9	%
Industrial Conglomerates	3.2	%
Wireless Telecommunication Services	3.1	%
Chemicals	3.0	%
Beverages	2.7	%
Multi-Utilities	2.1	%
Water Utilities	2.1	%
Tobacco	2.1	%
Diversified Telecommunication Services	2.0	%
Electronic Equipment, Instruments & Components	1.9	%
Trading Companies & Distributors	1.9	%
Aerospace & Defense	1.8	%
Food & Staples Retailing	1.8	%
Food Products	1.8	%
Electric Utilities	1.5	%
Machinery	1.1	%
Energy Equipment & Services	1.1	%
Semiconductors & Semiconductor Equipment	1.1	%
Auto Components	1.1	%
Household Products	1.0	%
Leisure Equipment & Products	1.0	%
Diversified Financial Services	1.0	%
Commercial Services & Supplies	1.0	%
Software	0.9	%
IT Services	0.8	%
Multi-line Retail	0.7	%
Construction Materials	0.3	%
Repurchase Agreements	1.3	%
Other assets less liabilities	0.6	%

	100.0	%


	Shares		Value*

COMMON STOCK—98.3%

Aerospace & Defense—4.3%
Lockheed Martin Corp.		53,500	$	8,733,340
Northrop Grumman Corp.		190,000		23,442,200

				32,175,540

Automobiles—2.6%
Ford Motor Co.		1,244,000		19,406,400


Banks—14.2%
Bank of America Corp.		925,400		15,916,880
Citigroup, Inc.		275,400		13,109,040
Fifth Third Bancorp		672,915		15,443,399
JPMorgan Chase & Co.		391,100		23,743,681
PNC Financial Services Group, Inc.		178,100		15,494,700
Wells Fargo & Co.		461,100		22,935,114

				106,642,814

Beverages—1.2%
Molson Coors Brewing Co., Class B		146,700		8,634,762


Biotechnology—1.0%
Amgen, Inc.		63,300		7,807,422


Capital Markets—1.9%
Goldman Sachs Group, Inc.		42,700		6,996,395
State Street Corp.		103,100		7,170,605

				14,167,000

Chemicals—0.9%
PPG Industries, Inc.		36,200		7,003,252


Communications Equipment—1.9%
Cisco Systems, Inc.		631,000		14,140,710


Consumer Finance—3.9%
Capital One Financial Corp.		200,700		15,486,012
SLM Corp.		577,200		14,129,856

				29,615,868

Diversified Telecommunication Services—1.8%
AT&T, Inc.		379,600		13,312,572


Electric Utilities—2.9%
American Electric Power Co., Inc.		281,200		14,245,592
PPL Corp.		224,100		7,426,674

				21,672,266

Energy Equipment & Services—0.8%
Ensco PLC, Class A		109,400		5,774,132


Food & Staples Retailing—2.9%
Kroger Co.		170,500		7,442,325
Walgreen Co.		216,700		14,308,701

				21,751,026

Food Products—1.0%
ConAgra Foods, Inc.		250,200		7,763,706


	Shares		Value*

Health Care Equipment & Supplies—2.0%
Medtronic, Inc.		243,600	$	14,991,144


Health Care Providers & Services—1.0%
Cigna Corp.		93,761		7,850,609


Household Durables—1.0%
Whirlpool Corp.		51,000		7,622,460


Industrial Conglomerates—2.9%
General Electric Co.		828,400		21,447,276


Insurance—6.0%
Allstate Corp.		410,000		23,197,800
MetLife, Inc.		270,500		14,282,400
Travelers Cos., Inc.		85,300		7,259,030

				44,739,230

IT Services—1.8%
Xerox Corp.		1,214,100		13,719,330


Machinery—1.0%
Parker Hannifin Corp.		63,500		7,601,585


Media—1.8%
CBS Corp., Class B		92,900		5,741,220
Time Warner, Inc.		113,533		7,417,111

				13,158,331

Metals & Mining—1.5%
Freeport-McMoRan Copper & Gold, Inc.		346,200		11,448,834


Multi-line Retail—1.2%
Macy’s, Inc.		148,000		8,774,920


Oil, Gas & Consumable Fuels—14.2%
Chesapeake Energy Corp.		245,800		6,297,396
Chevron Corp.		171,100		20,345,501
ConocoPhillips		305,800		21,513,030
HollyFrontier Corp.		268,023		12,752,534
Marathon Oil Corp.		407,300		14,467,296
Murphy Oil Corp.		117,400		7,379,764
Royal Dutch Shell PLC ADR		106,300		7,766,278
Total S.A. ADR		246,900		16,196,640

				106,718,439

Paper & Forest Products—1.8%
International Paper Co.		299,500		13,741,060


Pharmaceuticals—10.6%
AstraZeneca PLC ADR		240,700		15,616,616
Eli Lilly & Co.		136,500		8,034,390
Johnson & Johnson		162,400		15,952,552
Merck & Co., Inc.		295,600		16,781,212
Pfizer, Inc.		484,300		15,555,716
Teva Pharmaceutical Industries Ltd. ADR		149,900		7,920,716

				79,861,202


	Shares		Value*

Road & Rail—1.2%
Norfolk Southern Corp.		89,600	$	8,706,432


Semiconductors & Semiconductor Equipment—2.1%
Intel Corp.		607,100		15,669,251


Software—4.0%
CA, Inc.		442,606		13,707,508
Microsoft Corp.		404,100		16,564,059

				30,271,567

Technology Hardware, Storage & Peripherals—2.0%
Apple, Inc.		13,600		7,299,664
Hewlett-Packard Co.		244,954		7,926,711

				15,226,375

Tobacco—0.9%
Altria Group, Inc.		184,100		6,890,863


Total Common Stock (cost—$524,471,199)				738,306,378


	Principal Amount (000s)

Repurchase Agreements—2.0%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $14,940,000; collateralized by U.S. Treasury Notes, 0.75%, due 3/31/18, valued at $15,239,225 including accrued interest (cost—$14,940,000)	$	14,940		14,940,000


Total Investments (cost—$539,411,199)—100.3%				753,246,378


Liabilities in excess of other assets—(0.3)%				(2,599,093	)


Net Assets—100.0%			$	750,647,285

Glossary:

ADR—American Depositary Receipt


	Shares		Value*

COMMON STOCK—98.9%

Aerospace & Defense—3.6%
Alliant Techsystems, Inc.		57,300	$	8,145,195
L-3 Communications Holdings, Inc.		84,900		10,030,935
Northrop Grumman Corp.		80,800		9,969,104

				28,145,234

Airlines—1.2%
Southwest Airlines Co.		414,700		9,791,067


Auto Components—2.0%
Goodyear Tire & Rubber Co.		307,000		8,021,910
Magna International, Inc.		83,600		8,051,516

				16,073,426

Banks—7.2%
Banco de Chile ADR		72,582		5,463,973
BB&T Corp.		206,300		8,287,071
BOK Financial Corp.		112,800		7,788,840
East West Bancorp, Inc.		210,500		7,683,250
Fifth Third Bancorp		417,300		9,577,035
KeyCorp		673,900		9,596,336
Regions Financial Corp.		763,700		8,484,707

				56,881,212

Beverages—3.2%
Coca-Cola Enterprises, Inc.		167,800		8,014,128
Dr. Pepper Snapple Group, Inc.		149,000		8,114,540
Molson Coors Brewing Co., Class B		150,100		8,834,886

				24,963,554

Capital Markets—5.4%
Ameriprise Financial, Inc.		87,300		9,609,111
Ares Capital Corp.		404,600		7,129,052
Carlyle Group L.P.		275,800		9,691,612
KKR & Co. L.P.		372,600		8,510,184
Oaktree Capital Group LLC		140,700		8,183,112

				43,123,071

Chemicals—4.5%
Agrium, Inc.		83,900		8,181,928
Albemarle Corp.		125,400		8,329,068
CF Industries Holdings, Inc.		35,426		9,233,433
Eastman Chemical Co.		113,400		9,776,214

				35,520,643

Communications Equipment—1.2%
Harris Corp.		134,500		9,840,020


Construction & Engineering—0.9%
KBR, Inc.		260,800		6,958,144


Consumer Finance—1.3%
Discover Financial Services		171,700		9,991,223


Containers & Packaging—3.0%
Ball Corp.		156,000		8,550,360
Rexam PLC ADR		185,130		7,569,966
Rock-Tenn Co., Class A		75,300		7,949,421

				24,069,747


	Shares		Value*

Diversified Financial Services—1.0%
McGraw Hill Financial, Inc.		104,100	$	7,942,830


Electric Utilities—2.0%
Entergy Corp.		121,000		8,088,850
PPL Corp.		234,500		7,771,330

				15,860,180

Electronic Equipment, Instruments & Components—4.4%
Avnet, Inc.		189,900		8,836,047
Corning, Inc.		466,700		9,716,694
Jabil Circuit, Inc.		330,800		5,954,400
TE Connectivity Ltd.		165,100		9,940,671

				34,447,812

Energy Equipment & Services—1.4%
Diamond Offshore Drilling, Inc.		96,100		4,685,836
Ensco PLC, Class A		125,600		6,629,168

				11,315,004

Food Products—4.2%
Archer-Daniels-Midland Co.		201,900		8,760,441
ConAgra Foods, Inc.		245,300		7,611,659
Ingredion, Inc.		125,300		8,530,424
Tyson Foods, Inc., Class A		187,400		8,247,474

				33,149,998

Health Care Equipment & Supplies—2.0%
St. Jude Medical, Inc.		120,400		7,872,956
Zimmer Holdings, Inc.		84,700		8,010,926

				15,883,882

Health Care Providers & Services—5.0%
AmerisourceBergen Corp.		110,800		7,267,372
Cardinal Health, Inc.		110,500		7,732,790
Quest Diagnostics, Inc.		106,700		6,180,064
Universal Health Services, Inc., Class B		114,800		9,421,636
WellPoint, Inc.		86,400		8,601,120

				39,202,982

Hotels, Restaurants & Leisure—0.8%
International Game Technology		439,100		6,173,746


Household Durables—1.0%
Whirlpool Corp.		54,700		8,175,462


Household Products—1.0%
Energizer Holdings, Inc.		82,000		8,260,680


Insurance—9.4%
Allstate Corp.		140,800		7,966,464
Assurant, Inc.		119,800		7,782,208
Axis Capital Holdings Ltd.		169,800		7,785,330
Hartford Financial Services Group, Inc.		224,100		7,904,007
HCC Insurance Holdings, Inc.		193,700		8,811,413
Lincoln National Corp.		154,900		7,848,783
Principal Financial Group, Inc.		178,100		8,190,819
Reinsurance Group of America, Inc.		113,800		9,061,894
Unum Group		261,200		9,222,972

				74,573,890


	Shares		Value*

IT Services—1.0%
Xerox Corp.		713,200	$	8,059,160


Life Sciences Tools & Services—1.0%
Agilent Technologies, Inc.		134,800		7,538,016


Machinery—2.9%
AGCO Corp.		134,600		7,424,536
Parker Hannifin Corp.		62,700		7,505,817
Valmont Industries, Inc.		55,300		8,230,852

				23,161,205

Media—2.0%
Gannett Co., Inc.		270,400		7,463,040
Shaw Communications, Inc., Class B		346,184		8,273,797

				15,736,837

Metals & Mining—1.8%
Silver Wheaton Corp.		308,500		7,002,950
Ternium S.A. ADR		257,500		7,616,850

				14,619,800

Multi-line Retail—1.0%
Kohl’s Corp.		139,600		7,929,280


Multi-Utilities—1.1%
SCANA Corp.		166,900		8,565,308


Oil, Gas & Consumable Fuels—10.2%
Alliance Resource Partners L.P.		93,647		7,879,459
Canadian Oil Sands Ltd.		407,898		8,556,449
Cimarex Energy Co.		71,600		8,528,276
Devon Energy Corp.		117,600		7,870,968
El Paso Pipeline Partners L.P.		230,700		7,010,973
HollyFrontier Corp.		162,200		7,717,476
Marathon Oil Corp.		233,400		8,290,368
Murphy Oil Corp.		125,400		7,882,644
SM Energy Co.		106,300		7,578,127
Valero Energy Corp.		181,800		9,653,580

				80,968,320

Paper & Forest Products—1.0%
International Paper Co.		164,100		7,528,908


Professional Services—0.9%
Dun & Bradstreet Corp.		74,100		7,361,835


Road & Rail—2.2%
CSX Corp.		279,400		8,094,218
Norfolk Southern Corp.		95,600		9,289,452

				17,383,670

Semiconductors & Semiconductor Equipment—2.2%
Avago Technologies Ltd.		153,400		9,880,494
KLA-Tencor Corp.		112,500		7,778,250

				17,658,744

Software—2.0%
Activision Blizzard, Inc.		380,900		7,785,596
CA, Inc.		262,400		8,126,528

				15,912,124


	Shares		Value*

Technology Hardware, Storage & Peripherals—1.2%
Seagate Technology PLC		168,900	$	9,485,424


Textiles, Apparel & Luxury Goods—0.7%
Coach, Inc.		115,300		5,725,798


Tobacco—2.0%
Lorillard, Inc.		150,000		8,112,000
Reynolds American, Inc.		149,300		7,975,606

				16,087,606


Total Common Stock (cost—$568,845,024)				784,065,842


	Principal Amount (000s)

Repurchase Agreements—2.0%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $15,806,000; collateralized by Fannie Mae, 1.02%, due 10/17/17, valued at $16,122,150 including accrued interest (cost—$15,806,000)	$	15,806		15,806,000


Total Investments (cost—$584,651,024)—100.9%				799,871,842


Liabilities in excess of other assets—(0.9)%				(7,282,623	)


Net Assets—100.0%			$	792,589,219

Glossary:

ADR—American Depositary Receipt


	Shares		Value*

COMMON STOCK—94.3%

Aerospace & Defense—4.1%
AAR Corp.		1,477,800	$	38,348,910
Alliant Techsystems, Inc.		798,105		113,450,626
Cubic Corp.		511,069		26,100,294
Curtiss-Wright Corp.		580,984		36,915,723
Elbit Systems Ltd.		354,600		21,662,159
Triumph Group, Inc.		1,396,400		90,179,512

				326,657,224

Airlines—0.7%
Westjet Airlines Ltd. (a)		2,379,587		52,241,137


Banks—6.1%
Canadian Western Bank		1,605,856		54,051,472
Community Trust Bancorp, Inc.		228,800		9,490,624
First Interstate Bancsystem, Inc.		292,500		8,254,350
First Merchants Corp.		714,684		15,465,762
First Niagara Financial Group, Inc.		7,537,200		71,226,540
FirstMerit Corp.		3,871,000		80,632,930
Fulton Financial Corp.		4,135,529		52,024,955
International Bancshares Corp.		225,905		5,665,697
Old National Bancorp		3,165,000		47,190,150
Susquehanna Bancshares, Inc.		5,556,000		63,282,840
Trustmark Corp.		2,080,301		52,735,630
Webster Financial Corp.		392,036		12,176,638
WesBanco, Inc.		402,849		12,822,684

				485,020,272

Chemicals—6.4%
A Schulman, Inc.		1,265,862		45,900,156
American Vanguard Corp.		937,115		20,288,540
Cabot Corp.		1,749,500		103,325,470
Innophos Holdings, Inc. (a)		1,175,600		66,656,520
Methanex Corp.		1,604,800		102,610,912
Olin Corp. (a)		3,584,200		98,959,762
PetroLogistics L.P.		1,206,935		15,014,271
Rentech Nitrogen Partners L.P.		1,091,429		20,311,494
Stepan Co.		537,661		34,711,394

				507,778,519

Commercial Services & Supplies—2.1%
Brink’s Co.		1,929,200		55,078,660
Ennis, Inc.		664,951		11,018,238
UniFirst Corp.		440,230		48,398,886
United Stationers, Inc.		810,277		33,278,076
West Corp.		662,320		15,849,318

				163,623,178

Construction & Engineering—0.8%
KBR, Inc.		2,265,900		60,454,212


Consumer Finance—0.8%
Cash America International, Inc. (a)		1,754,591		67,937,764


Containers & Packaging—2.4%
Rock-Tenn Co., Class A		585,800		61,842,906


	Shares		Value*

Silgan Holdings, Inc.		1,115,872	$	55,257,982
Sonoco Products Co.		1,760,950		72,234,169

				189,335,057


Diversified Consumer Services—0.5%
Hillenbrand, Inc.		1,241,900		40,150,627


Electric Utilities—2.1%
El Paso Electric Co.		1,197,165		42,774,706
Great Plains Energy, Inc.		3,102,000		83,878,080
IDACORP, Inc.		804,307		44,614,909

				171,267,695


Electrical Equipment—1.4%
AZZ, Inc.		605,000		27,031,400
Babcock & Wilcox Co.		2,549,917		84,657,244

				111,688,644

Electronic Equipment, Instruments & Components—2.3%
AVX Corp.		1,281,500		16,890,170
Belden, Inc.		1,516,855		105,573,108
Jabil Circuit, Inc.		3,251,000		58,518,000

				180,981,278

Energy Equipment & Services—5.1%
Bristow Group, Inc.		1,467,000		110,787,840
Ensign Energy Services, Inc.		1,808,700		26,733,748
Gulfmark Offshore, Inc., Class A		355,715		15,985,832
Precision Drilling Corp.		8,968,100		107,348,157
ShawCor Ltd.		1,556,856		64,921,810
Tidewater, Inc.		1,661,200		80,767,544

				406,544,931

Food & Staples Retailing—1.9%
Andersons, Inc. (a)		1,492,025		88,387,561
Casey’s General Stores, Inc.		629,809		42,568,790
Weis Markets, Inc.		369,075		18,176,944

				149,133,295

Food Products—2.8%
Cal-Maine Foods, Inc. (a)		1,009,506		63,376,787
Ingredion, Inc.		1,490,800		101,493,664
Sanderson Farms, Inc. (a)		780,842		61,288,288

				226,158,739

Gas Utilities—1.0%
UGI Corp.		1,789,700		81,628,217


Health Care Equipment & Supplies—4.0%
Cooper Cos., Inc.		834,800		114,668,128
STERIS Corp.		2,064,305		98,570,564
Teleflex, Inc.		983,500		105,470,540

				318,709,232

Health Care Providers & Services—0.9%
Ensign Group, Inc.		449,884		19,632,938
Select Medical Holdings Corp.		4,385,857		54,603,919

				74,236,857


	Shares		Value*

Hotels, Restaurants & Leisure—1.9%
Cracker Barrel Old Country Store, Inc.		817,200	$	79,464,528
International Game Technology		5,368,600		75,482,516

				154,947,044

Insurance—5.4%
Allied World Assurance Co. Holdings AG		751,556		77,553,064
American Financial Group, Inc.		1,504,600		86,830,466
First American Financial Corp.		2,992,800		79,458,840
Montpelier Re Holdings Ltd.		1,294,678		38,529,617
Protective Life Corp.		1,870,512		98,370,226
Symetra Financial Corp.		1,586,629		31,446,987
Universal Insurance Holdings, Inc.		1,538,800		19,542,760

				431,731,960

Internet & Catalog Retail—0.1%
PetMed Express, Inc. (a)		913,775		12,253,723


Internet Software & Services—0.9%
j2 Global, Inc.		1,421,731		71,157,637


IT Services—1.8%
Booz Allen Hamilton Holding Corp.		1,170,400		25,748,800
Broadridge Financial Solutions, Inc.		2,299,948		85,420,069
CSG Systems International, Inc.		1,171,900		30,516,276

				141,685,145

Leisure Equipment & Products—1.6%
Arctic Cat, Inc. (a)		952,200		45,505,638
Sturm Ruger & Co., Inc. (a)		1,324,235		79,189,253

				124,694,891

Life Sciences Tools & Services—1.4%
PerkinElmer, Inc.		2,465,172		111,080,650


Machinery—6.7%
Crane Co.		1,541,300		109,663,495
ITT Corp.		2,310,007		98,775,899
Kennametal, Inc.		2,032,600		90,044,180
Standex International Corp.		315,909		16,926,404
Trinity Industries, Inc.		1,536,935		110,766,906
Valmont Industries, Inc.		718,500		106,941,540

				533,118,424

Media—1.2%
Cinemark Holdings, Inc.		2,813,600		81,622,536
Meredith Corp.		253,382		11,764,526

				93,387,062

Metals & Mining—4.1%
Commercial Metals Co. (a)		5,264,400		99,391,872
HudBay Minerals, Inc.		6,498,764		50,732,097
Royal Gold, Inc.		1,442,355		90,320,270
Steel Dynamics, Inc.		4,879,100		86,799,189

				327,243,428


	Shares		Value*

Oil, Gas & Consumable Fuels—8.8%
Alliance Resource Partners L.P.		559,300	$	47,059,502
Boardwalk Pipeline Partners L.P.		6,126,900		82,161,729
Cimarex Energy Co.		620,800		73,943,488
CVR Energy, Inc.		1,756,420		74,208,745
Delek U.S. Holdings, Inc.		500,400		14,531,616
Emerge Energy Services L.P.		480,375		29,888,932
Golar LNG Partners L.P.		773,103		23,115,780
LinnCo LLC		2,486,548		67,261,123
SandRidge Permian Trust (a)		1,819,743		21,873,311
Ship Finance International Ltd.		3,628,062		65,196,274
Western Refining, Inc.		2,435,200		93,998,720
World Fuel Services Corp.		2,472,288		109,027,901

				702,267,121

Paper & Forest Products—1.0%
Neenah Paper, Inc. (a)		880,113		45,519,445
Schweitzer-Mauduit International, Inc.		849,234		36,168,876

				81,688,321

Real Estate Investment Trust—5.1%
Altisource Residential Corp., Class B (a)		2,752,599		86,872,024
Associated Estates Realty Corp.		2,083,000		35,286,020
Blackstone Mortgage Trust, Inc., Class A		1,423,600		40,928,500
Franklin Street Properties Corp.		2,726,800		34,357,680
Omega Healthcare Investors, Inc.		2,211,300		74,122,776
Retail Properties of America, Inc., Class A		3,767,901		51,017,380
Starwood Property Trust, Inc.		2,723,900		64,256,801
Starwood Waypoint Residential Trust (b)		544,780		15,684,216

				402,525,397

Software—1.5%
Fair Isaac Corp.		672,514		37,203,474
Mentor Graphics Corp. (a)		3,665,394		80,711,976

				117,915,450

Specialty Retail—2.1%
Buckle, Inc.		1,831,869		83,899,600
Group 1 Automotive, Inc. (a)		997,701		65,509,048
Sonic Automotive, Inc., Class A		933,900		20,994,072

				170,402,720

Thrifts & Mortgage Finance—1.7%
Home Loan Servicing Solutions Ltd. (a)		3,102,100		67,005,360
Washington Federal, Inc.		2,873,000		66,940,900

				133,946,260

Tobacco—1.0%
Universal Corp. (a)		1,378,400		77,038,776


	Shares		Value*

Trading Companies & Distributors—2.6%
Applied Industrial Technologies, Inc.		632,000	$	30,487,680
GATX Corp.		1,225,723		83,202,077
TAL International Group, Inc. (a)		1,346,320		57,716,738
Textainer Group Holdings Ltd.		974,472		37,293,044

				208,699,539

Total Common Stock (cost-$5,312,080,166)				7,509,330,426

MUTUAL FUNDS—0.8%
AllianzGI Money Market Fund, Institutional II Class (a)		25,000,000		25,000,000
Central Fund of Canada Ltd., Class A		2,848,100		39,189,856


Total Mutual Funds (cost—$60,006,745)				64,189,856


	Principal Amount (000s)

Repurchase Agreements—4.9%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $390,631,000; collateralized by U.S. Treasury Notes, 0.75%—2.75%, due 2/28/18—3/31/18, valued at $398,445,981 including accrued interest (cost—$390,631,000)	$	390,631		390,631,000


Total Investments (cost—$5,762,717,911)—100.0%				7,964,151,282


Liabilities in excess of other assets—(0.0)%				(2,829,158	)


Net Assets—100.0%			$	7,961,322,124

Notes to Schedule of Investments:

(a)	Affiliated security.

(b)	Non-income producing.


	Shares		Value*

COMMON STOCK—99.2%

Aerospace & Defense—5.8%
Alliant Techsystems, Inc.		14,895	$	2,117,324
Astronics Corp. (b)		18,564		1,177,143
Engility Holdings, Inc. (b)		47,060		2,120,053
Kratos Defense & Security Solutions, Inc. (b)		76,349		575,672
Sparton Corp. (b)		14,450		423,096

				6,413,288

Air Freight & Logistics—0.9%
Park-Ohio Holdings Corp. (b)		18,149		1,019,066


Auto Components—2.3%
Tower International, Inc. (b)		17,183		467,721
Visteon Corp. (b)		23,747		2,100,185

				2,567,906

Banks—6.7%
BNC Bancorp		45,950		796,313
First Interstate Bancsystem, Inc.		71,145		2,007,712
First Merchants Corp.		21,720		470,021
First NBC Bank Holding Co. (b)		29,829		1,039,839
Simmons First National Corp., Class A		54,541		2,032,743
Tristate Capital Holdings, Inc. (b)		44,251		628,807
Wintrust Financial Corp.		8,495		413,367

				7,388,802

Biotechnology—3.4%
Emergent Biosolutions, Inc. (b)		65,546		1,656,347
Enanta Pharmaceuticals, Inc. (b)		30,495		1,219,495
Insys Therapeutics, Inc. (b)		12,037		498,714
Ligand Pharmaceuticals, Inc., Class B (b)		5,300		356,478

				3,731,034

Building Products—0.3%
Insteel Industries, Inc.		16,604		326,601


Communications Equipment—3.9%
ARRIS Group, Inc. (b)		24,230		682,802
Brocade Communications Systems, Inc. (b)		204,102		2,165,522
Clearfield, Inc. (b)		26,730		617,196
Extreme Networks, Inc. (b)		89,273		517,783
Ubiquiti Networks, Inc. (b)		8,104		368,489

				4,351,792

Consumer Finance—0.7%
Nelnet, Inc., Class A		18,214		744,953


Diversified Consumer Services—1.4%
Graham Holdings Co., Class B		1,642		1,155,557
Service Corp. International		18,535		368,476

				1,524,033

Electronic Equipment, Instruments & Components—1.0%
Ingram Micro, Inc., Class A (b)		17,240		509,615
Methode Electronics, Inc.		19,726		604,799

				1,114,414


	Shares		Value*

Food Products—1.8%
Hillshire Brands Co.		53,069	$	1,977,351


Health Care Equipment & Supplies—6.4%
Anika Therapeutics, Inc. (b)		15,639		642,763
Cooper Cos., Inc.		3,765		517,160
Cyberonics, Inc. (b)		11,131		726,298
Greatbatch, Inc. (b)		43,633		2,003,627
Merit Medical Systems, Inc. (b)		101,649		1,453,581
West Pharmaceutical Services, Inc.		37,967		1,672,446

				7,015,875

Health Care Providers & Services—1.7%
MWI Veterinary Supply, Inc. (b)		3,186		495,805
VCA Antech, Inc. (b)		41,606		1,340,962

				1,836,767

Hotels, Restaurants & Leisure—5.5%
Cedar Fair L.P.		30,987		1,578,168
DineEquity, Inc.		23,747		1,853,928
Jack in the Box, Inc. (b)		29,926		1,763,838
Marriott Vacations Worldwide Corp. (b)		16,314		912,116

				6,108,050

Household Durables—0.5%
Helen of Troy Ltd. (b)		7,270		503,302


Household Products—0.5%
Orchids Paper Products Co.		19,670		601,902


Insurance—5.1%
Kemper Corp.		18,342		718,456
Protective Life Corp.		37,648		1,979,908
StanCorp Financial Group, Inc.		22,975		1,534,730
Symetra Financial Corp.		70,952		1,406,269

				5,639,363

IT Services—3.2%
CoreLogic, Inc. (b)		50,303		1,511,102
DST Systems, Inc.		20,851		1,976,466

				3,487,568

Life Sciences Tools & Services—3.5%
Affymetrix, Inc. (b)		30,213		215,419
Charles River Laboratories International, Inc. (b)		24,906		1,502,828
ICON PLC (b)		11,005		523,288
NanoString Technologies, Inc. (b)		44,019		908,992
WuXi PharmaTech Cayman, Inc. ADR (b)		18,242		672,400

				3,822,927

Machinery—5.5%
Alamo Group, Inc.		23,072		1,253,502
American Railcar Industries, Inc.		7,320		512,619
Hyster-Yale Materials Handling, Inc.		5,358		522,405
ITT Corp.		30,891		1,320,899
Oshkosh Corp.		32,841		1,933,350
Rexnord Corp. (b)		16,320		472,954

				6,015,729


	Shares		Value*

Media—2.4%
Gray Television, Inc. (b)		76,647	$	794,829
Starz, Class A (b)		56,710		1,830,599

				2,625,428

Metals & Mining—0.5%
SunCoke Energy Partners L.P.		20,851		609,892


Multi-Utilities—0.4%
Black Hills Corp.		8,140		469,271


Oil, Gas & Consumable Fuels—3.6%
Knightsbridge Tankers Ltd.		53,940		730,887
LRR Energy L.P.		72,786		1,249,736
Oiltanking Partners L.P.		14,191		1,094,268
Teekay Tankers Ltd., Class A		87,590		310,069
VAALCO Energy, Inc. (b)		73,350		627,142

				4,012,102

Paper & Forest Products—4.8%
Clearwater Paper Corp. (b)		28,170		1,765,414
Domtar Corp.		12,106		1,358,535
KapStone Paper and Packaging Corp. (b)		23,747		684,864
Resolute Forest Products, Inc. (b)		72,738		1,461,306

				5,270,119

Pharmaceuticals—3.2%
Depomed, Inc. (b)		101,359		1,469,706
Horizon Pharma, Inc. (b)		88,140		1,332,677
Lannett Co., Inc. (b)		20,620		736,546

				3,538,929

Professional Services—4.2%
Huron Consulting Group, Inc. (b)		33,980		2,153,652
Korn/Ferry International (b)		82,439		2,454,209

				4,607,861

Real Estate Investment Trust—7.2%
CYS Investments, Inc.		170,530		1,408,578
New Residential Investment Corp.		243,840		1,577,645
Pennsylvania Real Estate Investment Trust		33,208		599,404
Physicians Realty Trust		52,430		729,826
RLJ Lodging Trust		24,238		648,124
Sabra Health Care REIT, Inc.		30,891		861,550
Strategic Hotels & Resorts, Inc. (b)		204,124		2,080,023

				7,905,150

Road & Rail—0.4%
Heartland Express, Inc.		21,171		480,370


Semiconductors & Semiconductor Equipment—2.4%
Advanced Energy Industries, Inc. (b)		29,926		733,187
Ultra Clean Holdings, Inc. (b)		144,470		1,899,781

				2,632,968

Software—4.8%
Aspen Technology, Inc. (b)		24,983		1,058,280
Manhattan Associates, Inc. (b)		22,010		771,010


	Shares		Value*

Mentor Graphics Corp. (a)		52,965	$	1,166,289
Pegasystems, Inc.		10,909		385,306
Verint Systems, Inc. (b)		41,027		1,925,397

				5,306,282

Specialty Retail—4.3%
Finish Line, Inc., Class A		46,143		1,250,014
Haverty Furniture Cos., Inc.		63,133		1,875,050
Outerwall, Inc. (b)		6,500		471,250
Penske Automotive Group, Inc.		26,354		1,126,897

				4,723,211

Technology Hardware, Storage & Peripherals—0.9%
Super Micro Computer, Inc. (b)		55,146		957,886


Total Common Stock (cost-$96,217,485)				109,330,192


	Principal Amount (000s)

Repurchase Agreements—1.5%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $1,645,000; collateralized by U.S. Treasury Notes, 0.75%, due 2/28/18, valued at $1,679,150 including accrued interest (cost—$1,645,000)	$	1,645		1,645,000


Total Investments (cost—$97,862,485) —100.7%				110,975,192


Liabilities in excess of other assets—(0.7)%				(811,876	)


Net Assets—100.0%			$	110,163,316

Notes to Schedule of Investments:

(a)	Affiliated security.

(b)	Non-income producing.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust


	Shares		Value*

COMMON STOCK—97.3%

Aerospace & Defense—3.3%
Alliant Techsystems, Inc.		460	$	65,389
Astronics Corp. (b)		602		38,173
Curtiss-Wright Corp.		214		13,598
Engility Holdings, Inc. (b)		1,300		58,565
Kratos Defense & Security Solutions, Inc. (b)		2,460		18,548
Sparton Corp. (b)		400		11,712

				205,985

Air Freight & Logistics—0.8%
Forward Air Corp.		205		9,452
Park-Ohio Holdings Corp. (b)		500		28,075
XPO Logistics, Inc. (b)		446		13,117

				50,644

Airlines—0.3%
Allegiant Travel Co.		35		3,918
Spirit Airlines, Inc. (b)		311		18,473

				22,391

Auto Components—2.7%
American Axle & Manufacturing Holdings, Inc. (b)		534		9,890
Cooper Tire & Rubber Co.		305		7,411
Cooper-Standard Holding, Inc. (b)		90		6,358
Gentherm, Inc. (b)		605		21,006
Motorcar Parts of America, Inc. (b)		854		22,691
Tower International, Inc. (b)		1,160		31,575
Visteon Corp. (b)		775		68,541

				167,472

Banks—5.2%
Banner Corp.		89		3,668
BNC Bancorp		1,300		22,529
Cathay General Bancorp		424		10,680
CU Bancorp (b)		295		5,428
Eagle Bancorp, Inc. (b)		104		3,754
First Financial Holdings, Inc.		171		10,708
First Interstate Bancsystem, Inc.		2,000		56,440
First Merchants Corp.		751		16,252
First NBC Bank Holding Co. (b)		895		31,200
FirstMerit Corp.		554		11,540
HomeTrust Bancshares, Inc. (b)		630		9,941
Mercantile Bank Corp.		250		5,155
National Bank Holdings Corp., Class A		400		8,028
Old Line Bancshares, Inc.		220		3,795
Pacific Premier Bancorp, Inc. (b)		180		2,905
PrivateBancorp, Inc.		509		15,530
Simmons First National Corp., Class A		1,500		55,905
Sterling Financial Corp.		268		8,932
Trico Bancshares		165		4,278
Tristate Capital Holdings, Inc. (b)		1,260		17,905
Western Alliance Bancorp (b)		613		15,080
Wintrust Financial Corp.		200		9,732

				329,385


	Shares		Value*

Biotechnology—2.9%
Anacor Pharmaceuticals, Inc. (b)		60	$	1,201
Array BioPharma, Inc. (b)		260		1,222
Biota Pharmaceuticals, Inc. (b)		380		2,322
Cubist Pharmaceuticals, Inc. (b)		128		9,363
Dyax Corp. (b)		200		1,796
Emergent Biosolutions, Inc. (b)		1,800		45,486
Enanta Pharmaceuticals, Inc. (b)		860		34,391
Exact Sciences Corp. (b)		144		2,040
Galectin Therapeutics, Inc. (b)		50		766
Insmed, Inc. (b)		90		1,714
Insys Therapeutics, Inc. (b)		435		18,022
Keryx Biopharmaceuticals, Inc. (b)		718		12,235
Ligand Pharmaceuticals, Inc., Class B (b)		417		28,047
NPS Pharmaceuticals, Inc. (b)		451		13,498
Orexigen Therapeutics, Inc. (b)		252		1,638
Raptor Pharmaceutical Corp. (b)		107		1,070
Repligen Corp. (b)		270		3,472
Sangamo Biosciences, Inc. (b)		162		2,929

				181,212

Building Products—0.3%
Builders FirstSource, Inc. (b)		411		3,744
Insteel Industries, Inc.		400		7,868
Patrick Industries, Inc. (b)		127		5,630
PGT, Inc. (b)		295		3,396

				20,638

Capital Markets—0.8%
Cowen Group, Inc., Class A (b)		725		3,197
Ellington Financial LLC		560		13,339
HFF, Inc., Class A		153		5,142
ICG Group, Inc. (b)		791		16,152
Investment Technology Group, Inc. (b)		177		3,576
TCP Capital Corp.		430		7,117

				48,523

Chemicals—0.6%
Chemtura Corp. (b)		398		10,065
Kraton Performance Polymers, Inc. (b)		441		11,528
PolyOne Corp.		408		14,957

				36,550

Commercial Services & Supplies—0.6%
ABM Industries, Inc.		125		3,593
Ceco Environmental Corp.		160		2,654
Covanta Holding Corp.		965		17,418
Multi-Color Corp.		160		5,600
Tetra Tech, Inc. (b)		308		9,114

				38,379

Communications Equipment—3.3%
ARRIS Group, Inc. (b)		1,216		34,267
Brocade Communications Systems, Inc. (b)		5,660		60,052
CalAmp Corp. (b)		171		4,766
Clearfield, Inc. (b)		740		17,087
EchoStar Corp., Class A (b)		235		11,177
Extreme Networks, Inc. (b)		5,057		29,331


	Shares		Value*

Finisar Corp. (b)		456	$	12,088
Mitel Networks Corp. (b)		330		3,495
Polycom, Inc. (b)		574		7,875
ShoreTel, Inc. (b)		507		4,360
Ubiquiti Networks, Inc. (b)		498		22,644

				207,142

Construction & Engineering—0.7%
Dycom Industries, Inc. (b)		382		12,075
Primoris Services Corp.		466		13,971
Tutor Perini Corp. (b)		559		16,026

				42,072

Construction Materials—0.2%
Eagle Materials, Inc.		117		10,373


Consumer Finance—0.5%
JGWPT Holdings, Inc., Class A (b)		150		2,739
Nelnet, Inc., Class A		510		20,859
Portfolio Recovery Associates, Inc. (b)		145		8,390

				31,988

Containers & Packaging—0.3%
Silgan Holdings, Inc.		425		21,046


Distributors—0.2%
Core-Mark Holding Co., Inc.		181		13,141


Diversified Consumer Services—1.3%
Carriage Services, Inc.		131		2,389
Graham Holdings Co., Class B		65		45,744
Service Corp. International		775		15,407
Stonemor Partners L.P.		650		16,348

				79,888

Diversified Financial Services—0.3%
Texas Pacific Land Trust		135		17,482


Diversified Telecommunication Services—0.5%
8x8, Inc. (b)		1,320		14,269
Consolidated Communications Holdings, Inc.		180		3,602
inContact, Inc. (b)		353		3,389
Vonage Holdings Corp. (b)		2,567		10,961

				32,221

Electric Utilities—1.2%
ALLETE, Inc.		380		19,920
Cleco Corp.		225		11,380
Empire District Electric Co.		900		21,888
Hawaiian Electric Industries, Inc.		490		12,456
UIL Holdings Corp.		300		11,043

				76,687

Electrical Equipment—0.2%
PowerSecure International, Inc. (b)		574		13,455


Electronic Equipment, Instruments & Components—1.2%
Control4 Corp. (b)		622		13,192
CUI Global, Inc. (b)		630		6,930
Fabrinet (b)		144		2,991


	Shares		Value*

Ingram Micro, Inc., Class A (b)		470	$	13,893
Measurement Specialties, Inc. (b)		51		3,460
Methode Electronics, Inc.		895		27,441
Newport Corp. (b)		482		9,968

				77,875

Energy Equipment & Services—0.5%
ION Geophysical Corp. (b)		3,224		13,573
Matrix Service Co. (b)		150		5,067
Parker Drilling Co. (b)		1,653		11,720

				30,360

Food & Staples Retailing—0.1%
Pricesmart, Inc.		45		4,542


Food Products—2.2%
B&G Foods, Inc.		268		8,070
Boulder Brands, Inc. (b)		992		17,479
Cal-Maine Foods, Inc. (a)		145		9,103
Hillshire Brands Co.		1,470		54,772
J&J Snack Foods Corp.		60		5,758
Lancaster Colony Corp.		130		12,925
Pinnacle Foods, Inc.		780		23,291
Sanderson Farms, Inc. (a)		70		5,494

				136,892

Gas Utilities—0.7%
AmeriGas Partners L.P.		210		8,872
Ferrellgas Partners LP		675		15,586
Suburban Propane Partners L.P.		555		23,055

				47,513

Health Care Equipment & Supplies—4.7%
Anika Therapeutics, Inc. (b)		793		32,592
Antares Pharma, Inc. (b)		2,464		8,624
Cardiovascular Systems, Inc. (b)		113		3,592
Cooper Cos., Inc.		100		13,736
Cyberonics, Inc. (b)		310		20,227
Cynosure, Inc., Class A (b)		456		13,361
Endologix, Inc. (b)		550		7,078
Globus Medical, Inc., Class A (b)		390		10,370
Greatbatch, Inc. (b)		1,200		55,104
Haemonetics Corp. (b)		235		7,659
Merit Medical Systems, Inc. (b)		2,900		41,470
Sirona Dental Systems, Inc. (b)		40		2,987
Spectranetics Corp. (b)		177		5,365
Staar Surgical Co. (b)		216		4,061
SurModics, Inc. (b)		103		2,328
Teleflex, Inc.		45		4,826
Tornier NV (b)		230		4,880
Trinity Biotech PLC ADR		152		3,683
Unilife Corp. (b)		600		2,442
West Pharmaceutical Services, Inc.		1,135		49,997

				294,382

Health Care Providers & Services—2.9%
Acadia Healthcare Co., Inc. (b)		311		14,032
AMN Healthcare Services, Inc. (b)		218		2,995
BioTelemetry, Inc. (b)		300		3,027


	Shares		Value*

Capital Senior Living Corp. (b)		183	$	4,756
Centene Corp. (b)		260		16,185
Cross Country Healthcare, Inc. (b)		185		1,493
Five Star Quality Care, Inc. (b)		451		2,192
Hanger, Inc. (b)		273		9,195
Health Net, Inc. (b)		155		5,272
HealthSouth Corp.		100		3,593
Magellan Health Services, Inc. (b)		185		10,980
MWI Veterinary Supply, Inc. (b)		148		23,032
National Healthcare Corp.		120		6,692
Owens & Minor, Inc.		340		11,910
Providence Service Corp. (b)		65		1,838
Team Health Holdings, Inc. (b)		327		14,633
Triple-S Management Corp., Class B (b)		400		6,456
VCA Antech, Inc. (b)		1,450		46,734

				185,015

Health Care Technology—0.1%
Omnicell, Inc. (b)		132		3,778


Hotels, Restaurants & Leisure—4.8%
Biglari Holdings, Inc. (b)		55		26,812
Cedar Fair L.P.		1,320		67,228
Cheesecake Factory, Inc.		456		21,719
DineEquity, Inc.		700		54,649
Jack in the Box, Inc. (b)		800		47,152
Kona Grill, Inc. (b)		190		3,870
Marriott Vacations Worldwide Corp. (b)		609		34,049
Panera Bread Co., Class A (b)		20		3,529
Pinnacle Entertainment, Inc. (b)		430		10,191
Popeyes Louisiana Kitchen, Inc. (b)		67		2,723
Six Flags Entertainment Corp.		349		14,012
Sonic Corp. (b)		559		12,740
Texas Roadhouse, Inc.		155		4,043

				302,717

Household Durables—0.3%
Helen of Troy Ltd. (b)		200		13,846
M/I Homes, Inc. (b)		118		2,646

				16,492

Household Products—0.3%
Orchids Paper Products Co.		540		16,524


Insurance—3.1%
eHealth, Inc. (b)		74		3,759
HCI Group, Inc.		96		3,494
Hilltop Holdings, Inc. (b)		586		13,941
Kemper Corp.		500		19,585
ProAssurance Corp.		80		3,563
Protective Life Corp.		1,100		57,849
StanCorp Financial Group, Inc.		600		40,080
Stewart Information Services Corp.		370		12,998
Symetra Financial Corp.		2,000		39,640

				194,909

Internet Software & Services—0.9%
Autobytel, Inc. (b)		190		2,362
Borderfree, Inc. (b)		303		5,648


	Shares		Value*

Global Eagle Entertainment, Inc. (b)		867	$	13,681
Internap Network Services Corp. (b)		977		6,917
IntraLinks Holdings, Inc. (b)		280		2,864
Points International Ltd. (b)		103		2,636
Reis, Inc. (b)		160		2,888
SciQuest, Inc. (b)		80		2,161
SPS Commerce, Inc. (b)		42		2,581
Tucows, Inc., Class A (b)		210		2,657
Web.com Group, Inc. (b)		375		12,761
Zix Corp. (b)		596		2,467

				59,623

IT Services—2.2%
CoreLogic, Inc. (b)		1,450		43,558
DST Systems, Inc.		600		56,874
Forrester Research, Inc.		245		8,783
MAXIMUS, Inc.		279		12,516
Virtusa Corp. (b)		126		4,222
WEX, Inc. (b)		117		11,121

				137,074

Leisure Equipment & Products—0.2%
Arctic Cat, Inc. (a)		197		9,415
Nautilus, Inc. (b)		297		2,860

				12,275

Life Sciences Tools & Services—2.7%
Affymetrix, Inc. (b)		880		6,274
Albany Molecular Research, Inc. (b)		762		14,166
Cambrex Corp. (b)		186		3,510
Charles River Laboratories International, Inc. (b)		710		42,841
Fluidigm Corp. (b)		214		9,431
ICON PLC (b)		600		28,530
NanoString Technologies, Inc. (b)		1,200		24,780
PAREXEL International Corp. (b)		204		11,034
Techne Corp.		110		9,391
WuXi PharmaTech Cayman, Inc. ADR (b)		520		19,167

				169,124

Machinery—3.5%
Alamo Group, Inc.		600		32,598
American Railcar Industries, Inc.		200		14,006
ARC Group Worldwide, Inc. (b)		90		3,091
Hyster-Yale Materials Handling, Inc.		160		15,600
ITT Corp.		800		34,208
Manitex International, Inc. (b)		186		3,032
Manitowoc Co., Inc.		456		14,341
Middleby Corp. (b)		53		14,003
Oshkosh Corp.		920		54,160
Rexnord Corp. (b)		450		13,041
Trimas Corp. (b)		314		10,425
Wabash National Corp. (b)		843		11,600

				220,105

Marine—0.0%
Baltic Trading Ltd.		470		2,966


	Shares		Value*

Media—2.0%
Carmike Cinemas, Inc. (b)		149	$	4,449
Cumulus Media, Inc., Class A (b)		1,966		13,585
Entravision Communications Corp., Class A		448		3,002
Gray Television, Inc. (b)		2,100		21,777
John Wiley & Sons, Inc., Class A		100		5,764
Lions Gate Entertainment Corp.		318		8,500
Madison Square Garden Co., Class A (b)		50		2,839
MDC Partners, Inc., Class A		132		3,012
Morningstar, Inc.		140		11,063
Starz, Class A (b)		1,570		50,680

				124,671

Metals & Mining—0.8%
Hi-Crush Partners L.P.		110		4,435
Kaiser Aluminum Corp.		161		11,499
SunCoke Energy Partners L.P.		930		27,203
Worthington Industries, Inc.		273		10,442

				53,579

Multi-Utilities—0.9%
Avista Corp.		755		23,141
Black Hills Corp.		220		12,683
NorthWestern Corp.		410		19,446

				55,270

Oil, Gas & Consumable Fuels—8.5%
Alliance Holdings GP L.P.		120		7,454
Bonanza Creek Energy, Inc. (b)		273		12,121
BP Prudhoe Bay Royalty Trust		165		13,933
Carrizo Oil & Gas, Inc. (b)		268		14,327
Crestwood Midstream Partners L.P.		120		2,705
Delek Logistics Partners L.P.		155		5,162
Diamondback Energy, Inc. (b)		311		20,933
Dorchester Minerals L.P.		830		21,746
ECA Marcellus Trust I UNIT		1,245		11,081
Emerald Oil, Inc. (b)		330		2,218
EV Energy Partners L.P.		135		4,521
Gastar Exploration, Inc. (b)		590		3,227
Global Partners L.P.		170		6,215
Holly Energy Partners L.P.		460		15,258
Hugoton Royalty Trust		540		4,358
Knightsbridge Tankers Ltd.		1,490		20,189
Lehigh Gas Partners L.P.		510		13,745
LRR Energy L.P.		2,400		41,208
Matador Resources Co. (b)		538		13,176
Memorial Production Partners L.P.		200		4,506
Mid-Con Energy Partners L.P.		235		5,083
MPLX L.P.		175		8,573
NGL Energy Partners L.P.		255		9,570
Niska Gas Storage Partners LLC		270		3,920
North European Oil Royalty Trust		520		12,220
NuStar Energy L.P.		100		5,495
NuStar GP Holdings LLC		90		3,064
Oasis Petroleum, Inc. (b)		252		10,516
Oiltanking Partners L.P.		475		36,627
Penn Virginia Corp. (b)		1,000		17,490
Permian Basin Royalty Trust		1,490		19,668


	Shares		Value*

PetroQuest Energy, Inc. (b)		218	$	1,243
QR Energy L.P.		630		11,264
Rhino Resource Partners LP		375		5,126
Sabine Royalty Trust		380		18,810
San Juan Basin Royalty Trust		930		16,414
Sanchez Energy Corp. (b)		322		9,541
SandRidge Mississippian Trust I		385		2,884
SandRidge Permian Trust (a)		810		9,736
Scorpio Tankers, Inc.		1,012		10,090
Southcross Energy Partners L.P.		200		3,390
StealthGas, Inc. (b)		246		2,797
Summit Midstream Partners L.P.		80		3,442
Susser Petroleum Partners L.P.		110		3,867
Synergy Resources Corp. (b)		292		3,139
Tallgrass Energy Partners L.P.		90		3,277
TC Pipelines L.P.		90		4,314
Teekay Tankers Ltd., Class A		2,430		8,602
VAALCO Energy, Inc. (b)		2,030		17,356
Vanguard Natural Resources LLC		915		27,240

				532,841

Paper & Forest Products—3.0%
Boise Cascade Co. (b)		410		11,742
Clearwater Paper Corp. (b)		895		56,090
Domtar Corp.		340		38,155
KapStone Paper and Packaging Corp. (b)		1,316		37,954
Neenah Paper, Inc. (a)		67		3,465
Resolute Forest Products, Inc. (b)		2,080		41,787

				189,193

Personal Products—0.1%
Female Health Co.		420		3,259
Lifevantage Corp. (b)		2,150		2,817

				6,076

Pharmaceuticals—2.9%
AcelRx Pharmaceuticals, Inc. (b)		124		1,489
Auxilium Pharmaceuticals, Inc. (b)		277		7,529
AVANIR Pharmaceuticals, Inc., Class A (b)		354		1,299
Depomed, Inc. (b)		3,220		46,690
Endocyte, Inc. (b)		95		2,262
Horizon Pharma, Inc. (b)		2,969		44,891
Lannett Co., Inc. (b)		700		25,004
Nektar Therapeutics (b)		807		9,781
Pacira Pharmaceuticals, Inc. (b)		204		14,278
Questcor Pharmaceuticals, Inc.		134		8,701
Repros Therapeutics, Inc. (b)		60		1,065
Salix Pharmaceuticals Ltd. (b)		151		15,645
Supernus Pharmaceuticals, Inc. (b)		595		5,319

				183,953

Professional Services—2.8%
Barrett Business Services, Inc.		65		3,872
GP Strategies Corp. (b)		97		2,641
Huron Consulting Group, Inc. (b)		1,199		75,992
Korn/Ferry International (b)		2,300		68,471
On Assignment, Inc. (b)		327		12,619
WageWorks, Inc. (b)		233		13,074

				176,669


	Shares		Value*

Real Estate Investment Trust—3.8%
CYS Investments, Inc.		5,730	$	47,330
Five Oaks Investment Corp.		280		3,122
New Residential Investment Corp.		6,810		44,061
Pennsylvania Real Estate Investment Trust		900		16,245
Physicians Realty Trust		1,470		20,462
Preferred Apartment Communities, Inc., Class A		320		2,576
RLJ Lodging Trust		680		18,183
Sabra Health Care REIT, Inc.		900		25,101
Strategic Hotels & Resorts, Inc. (b)		5,660		57,675
ZAIS Financial Corp.		150		2,499

				237,254

Road & Rail—1.7%
Arkansas Best Corp.		519		19,177
Celadon Group, Inc.		109		2,620
Genesee & Wyoming, Inc., Class A (b)		111		10,803
Heartland Express, Inc.		590		13,387
Quality Distribution, Inc. (b)		150		1,948
Roadrunner Transportation Systems, Inc. (b)		541		13,655
Ryder System, Inc.		171		13,666
Saia, Inc. (b)		404		15,437
Swift Transportation Co. (b)		597		14,776

				105,469

Semiconductors & Semiconductor Equipment—2.6%
Advanced Energy Industries, Inc. (b)		1,338		32,781
Ambarella, Inc. (b)		117		3,125
Exar Corp. (b)		164		1,960
FormFactor, Inc. (b)		430		2,748
GT Advanced Technologies, Inc. (b)		749		12,770
Kulicke & Soffa Industries, Inc. (b)		747		9,419
PDF Solutions, Inc. (b)		228		4,143
Power Integrations, Inc.		160		10,525
SunEdison, Inc. (b)		887		16,711
Synaptics, Inc. (b)		236		14,165
Tower Semiconductor Ltd. (b)		350		3,199
Ultra Clean Holdings, Inc. (b)		4,010		52,731

				164,277

Software—4.9%
ACI Worldwide, Inc. (b)		177		10,477
Aspen Technology, Inc. (b)		1,097		46,469
Blackbaud, Inc.		110		3,443
Cadence Design Systems, Inc. (b)		656		10,194
Callidus Software, Inc. (b)		240		3,005
Cinedigm Corp., Class A (b)		980		2,509
Comverse, Inc. (b)		475		16,425
ePlus, Inc. (b)		30		1,673
Guidewire Software, Inc. (b)		247		12,115
Manhattan Associates, Inc. (b)		800		28,024
Mentor Graphics Corp. (a)		2,302		50,690
Pegasystems, Inc.		300		10,596
PROS Holdings, Inc. (b)		97		3,056
PTC, Inc. (b)		349		12,365
Synchronoss Technologies, Inc. (b)		392		13,442
Ultimate Software Group, Inc. (b)		90		12,330


	Shares		Value*

Verint Systems, Inc. (b)		1,346	$	63,168
Vringo, Inc. (b)		1,605		5,569

				305,550

Specialty Retail—2.3%
DSW, Inc., Class A		320		11,475
Finish Line, Inc., Class A		1,200		32,508
Haverty Furniture Cos., Inc.		1,800		53,460
Kirkland’s, Inc. (b)		102		1,886
Outerwall, Inc. (b)		180		13,050
Penske Automotive Group, Inc.		700		29,932
Sally Beauty Holdings, Inc. (b)		100		2,740

				145,051

Technology Hardware, Storage & Peripherals—0.7%
Electronics for Imaging, Inc. (b)		317		13,729
Qumu Corp. (b)		280		4,480
Super Micro Computer, Inc. (b)		1,520		26,403

				44,612

Textiles, Apparel & Luxury Goods—0.2%
Deckers Outdoor Corp. (b)		138		11,003


Thrifts & Mortgage Finance—2.3%
America First Multifamily Investors L.P.		1,550		9,362
BofI Holding, Inc. (b)		51		4,373
Capitol Federal Financial, Inc.		2,180		27,359
Charter Financial Corp.		1,435		15,513
Dime Community Bancshares, Inc.		570		9,679
EverBank Financial Corp.		721		14,225
Kearny Financial Corp. (b)		425		6,282
Meta Financial Group, Inc.		105		4,709
Northfield Bancorp, Inc.		2,005		25,784
Northwest Bancshares, Inc.		715		10,439
Rockville Financial, Inc.		500		6,795
Territorial Bancorp, Inc.		140		3,024
Tree.com, Inc. (b)		180		5,587

				143,131

Tobacco—0.3%
Vector Group Ltd.		790		17,017


Trading Companies & Distributors—0.7%
Aceto Corp.		185		3,717
Air Lease Corp.		360		13,424
Aircastle Ltd.		667		12,927
H&E Equipment Services, Inc. (b)		438		17,717

				47,785

Transportation Infrastructure—0.2%
Macquarie Infrastructure Co. LLC		209		11,969


Total Common Stock (cost-$5,321,846)				6,114,210


	Principal Amount (000s)		Value*

Repurchase Agreements—3.5%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $221,000; collateralized by Fannie Mae, 1.02%, due 10/17/17, valued at $227,700 including accrued interest (cost—$221,000)	$	221	$	221,000


Total Investments (cost—$5,542,846)—100.8%				6,335,210


Liabilities in excess of other assets—(0.8)%				(51,532	)


Net Assets—100.0%			$	6,283,678

Notes to Schedule of Investments:

(a)	Affiliated security.

(b)	Non-income producing.

Glossary:

ADR—American Depositary Receipt

UNIT—More than one class of securities traded together.


	Shares		Value*

COMMON STOCK—92.3%

Automobiles—4.2%
Tesla Motors, Inc. (b)(d)		255,005	$	53,155,792


Chemicals—0.0%
Monsanto Co.		100		11,377
Wacker Chemie AG		100		12,206

				23,583

Communications Equipment—8.7%
Alcatel-Lucent (d)		1,692,235		6,664,453
Alcatel-Lucent ADR		5,465,700		21,316,230
Aruba Networks, Inc. (d)		1,012,265		18,979,969
Cisco Systems, Inc. (b)		51,445		1,152,882
F5 Networks, Inc. (d)		138,320		14,749,061
JDS Uniphase Corp. (d)		100		1,400
Juniper Networks, Inc. (d)		1,026,380		26,439,549
Motorola Solutions, Inc.		100		6,429
Palo Alto Networks, Inc. (d)		113,125		7,760,375
QUALCOMM, Inc.		183,745		14,490,131

				111,560,479

Construction & Engineering—1.9%
Quanta Services, Inc. (d)		643,295		23,737,586


Diversified Telecommunication Services—0.0%
Verizon Communications, Inc.		100		4,757


Electrical Equipment—0.0%
SolarCity Corp. (d)		9,180		574,852


Electronic Equipment, Instruments & Components—1.8%
Arrow Electronics, Inc. (d)		156,925		9,315,068
E Ink Holdings, Inc. (d)		1,000		581
Hirose Electric Co., Ltd.		17,300		2,378,461
Ingram Micro, Inc., Class A (d)		83,960		2,481,858
IPG Photonics Corp. (d)		100		7,108
Keyence Corp.		5,500		2,265,816
LG Display Co., Ltd. (d)		1,000		25,144
Omron Corp.		158,800		6,570,621
Samsung Electro-Mechanics Co., Ltd.		170		11,108
TPK Holding Co., Ltd.		100		595

				23,056,360

Health Care Technology—0.0%
Veeva Systems, Inc., Class A (d)		100		2,670


Household Durables—1.4%
Harman International Industries, Inc.		168,760		17,956,064


Insurance—0.7%
eHealth, Inc. (d)		183,925		9,343,390


Internet & Catalog Retail—7.3%
Amazon.com, Inc. (b)(d)		80,950		27,241,294
Ctrip.com International Ltd. ADR (d)		100		5,042
Netflix, Inc. (d)		45,930		16,168,738
priceline.com, Inc. (b)(d)		23,880		28,462,333


	Shares		Value*

Qunar Cayman Islands Ltd. ADR (d)		518	$	15,846
Rakuten, Inc.		133,400		1,781,907
TripAdvisor, Inc. (d)		172,740		15,648,517
Vipshop Holdings Ltd. ADR (d)		100		14,930
zulily, Inc., Class A (d)		70,600		3,543,414

				92,882,021

Internet Software & Services—14.8%
58.com, Inc. ADR (d)		36,600		1,523,658
Akamai Technologies, Inc. (d)		12,300		715,983
Autohome, Inc. ADR (d)		5,385		206,838
Cornerstone OnDemand, Inc. (d)		90,705		4,342,048
eBay, Inc. (b)(d)		335,590		18,537,992
Facebook, Inc., Class A (d)		206,930		12,465,463
Google, Inc., Class A (b)(d)		63,350		70,604,208
Mail.ru Group Ltd. GDR (d)		100		3,546
NAVER Corp.		630		460,323
NetEase, Inc. ADR		127,760		8,598,248
Pandora Media, Inc. (d)		100		3,032
Phoenix New Media Ltd. ADR (d)		100		1,037
Qihoo 360 Technology Co., Ltd. ADR (d)		100		9,958
Rackspace Hosting, Inc. (d)		100		3,282
Renren, Inc. ADR (d)		3,417		11,174
SINA Corp. (d)		100		6,041
SouFun Holdings Ltd. ADR		130,175		8,906,573
Tencent Holdings Ltd.		332,600		23,215,535
Trulia, Inc. (d)		95,800		3,180,560
Yahoo!, Inc. (d)		100		3,590
Yandex NV, Class A (d)		100		3,019
Yelp, Inc. (c)(d)		472,840		36,375,581
Youku Tudou, Inc. ADR (d)		100		2,804

				189,180,493

IT Services—4.7%
Cognizant Technology Solutions Corp., Class A (d)		84,800		4,291,728
Computer Sciences Corp.		159,630		9,708,697
Fiserv, Inc. (d)		98,010		5,556,187
Mastercard, Inc., Class A		161,150		12,037,905
Tata Consultancy Services Ltd.		1,000		35,829
Visa, Inc., Class A (b)		132,240		28,545,326

				60,175,672

Media—0.0%
Comcast Corp., Class A		100		5,002


Professional Services—0.2%
51job, Inc. ADR (d)		37,510		2,672,588


Real Estate Investment Trust—0.0%
American Tower Corp.		290		23,742


Semiconductors & Semiconductor Equipment—15.6%
Advanced Micro Devices, Inc. (d)		100		401
Aixtron SE (c)(d)		1,000		16,386
Analog Devices, Inc. (b)		26,400		1,402,896
Applied Materials, Inc.		100		2,042


	Shares		Value*

Atmel Corp. (d)		100	$	836
Avago Technologies Ltd.		315,880		20,345,831
Epistar Corp.		4,000		9,635
Freescale Semiconductor Ltd. (d)		100		2,441
Intel Corp.		4,990		128,792
Lam Research Corp. (d)		297,730		16,375,150
Marvell Technology Group Ltd.		17,815		280,586
Maxim Integrated Products, Inc.		385,040		12,752,525
MediaTek, Inc.		1,315,000		19,464,213
Microchip Technology, Inc.		78,045		3,727,429
Micron Technology, Inc. (b)(d)		1,138,715		26,941,997
NVIDIA Corp.		404,800		7,249,968
NXP Semiconductor NV (d)		128,900		7,580,609
Samsung Electronics Co., Ltd.		100		126,417
SK Hynix, Inc. (d)		189,475		6,429,053
Skyworks Solutions, Inc. (d)		100		3,752
SMA Solar Technology AG		700		37,157
SunPower Corp. (d)		830,600		26,795,156
Taiwan Semiconductor Manufacturing Co., Ltd.		1,460,000		5,744,432
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		758,590		15,186,972
Teradyne, Inc. (d)		819,595		16,301,744
Texas Instruments, Inc.		216,900		10,226,835
TriQuint Semiconductor, Inc. (d)		199,820		2,675,590
Veeco Instruments, Inc. (d)		100		4,193
Xilinx, Inc.		100		5,427

				199,818,465

Software—17.6%
Activision Blizzard, Inc.		690,365		14,111,061
Adobe Systems, Inc. (d)		240,700		15,823,618
Aspen Technology, Inc. (d)		571,615		24,213,611
Fortinet, Inc. (d)		100		2,203
Gemalto NV		48,325		5,632,487
Gigamon, Inc. (d)		75,000		2,279,250
Infoblox, Inc. (d)		78,015		1,564,981
Intuit, Inc.		113,055		8,787,765
Microsoft Corp. (b)		837,145		34,314,574
NetSuite, Inc. (d)		100		9,483
Oracle Corp. (b)		597,145		24,429,202
Salesforce.com, Inc. (d)		500,360		28,565,552
ServiceNow, Inc. (d)		835,205		50,045,484
Symantec Corp.		100		1,997
TIBCO Software, Inc. (d)		100		2,032
Workday, Inc., Class A (d)		174,280		15,934,420

				225,717,720

Technology Hardware, Storage & Peripherals—13.4%
Apple, Inc.		80,955		43,451,787
Asustek Computer, Inc.		368,000		3,646,458
Catcher Technology Co., Ltd.		1,000		7,261
Diebold, Inc.		30,190		1,204,279
Hewlett-Packard Co.		454,690		14,713,768
Lenovo Group Ltd.		2,651,000		2,915,217
NEC Corp.		16,000		49,146
NetApp, Inc.		100		3,690


	Shares		Value*

SanDisk Corp. (b)		445,555	$	36,174,610
Seagate Technology PLC		458,610		25,755,538
Western Digital Corp.		483,285		44,375,229

				172,296,983

Total Common Stock (cost-$822,086,822)				1,182,188,219

EXCHANGE-TRADED FUNDS—0.0%
iShares FTSE A50 China Index		1,000		1,069
iShares MSCI Emerging Markets Index		100		4,099


Total Exchange-Traded Funds (cost—$5,747)				5,168


	Principal Amount (000s)

Repurchase Agreements—4.9%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $63,000,000; collateralized by U.S. Treasury Notes, 0.75%, due 3/31/18, valued at $64,260,850 including accrued interest (cost—$63,000,000)	$	63,000		63,000,000


	Contracts

OPTIONS PURCHASED (d)(e)—3.4%

Call Options—3.2%
Amazon.com, Inc.,
strike price $320.00, expires 1/17/15		658		3,003,770
Facebook, Inc.,
strike price $40.00, expires 1/17/15		10,720		23,744,800
strike price $45.00, expires 1/17/15		2,400		4,422,000
Intuit, Inc.,
strike price $67.50, expires 1/17/15		1,600		1,984,000
Microsoft Corp.,
strike price $37.00, expires 1/17/15		9,750		5,070,000
strike price $40.00, expires 1/17/15		9,750		3,241,875

				41,466,445

Put Options—0.2%
Twitter, Inc.,
strike price $50.00, expires 5/17/14		3,200		2,208,000


Total Options Purchased (cost—$15,027,780)				43,674,445


	Contracts		Value*

Total Investments, before options written and securities sold short (cost—$900,120,349)—100.6%			$	1,288,867,832


OPTIONS WRITTEN (d)(e)— (1.3)%

Call Options—(1.1)%
Amazon.com, Inc.,
strike price $375.00, expires 7/19/14		1,160		(1,017,900	)
Facebook, Inc.,
strike price $70.00, expires 6/21/14		5,620		(1,197,060	)
strike price $75.00, expires 6/21/14		11,000		(1,353,000	)
strike price $65.00, expires 9/20/14		6,000		(3,435,000	)
Harman International Industries,
strike price $105.00, expires 7/19/14		1,514		(1,158,210	)
Netease, Inc.,
strike price $82.50, expires 6/21/14		400		(31,000	)
Netflix, Inc.,
strike price $470.00, expires 6/21/14		200		(73,500	)
strike price $390.00, expires 9/20/14		277		(806,070	)
Priceline.com, Inc.,
strike price $1,270.00, expires 7/19/14		200		(1,084,000	)
Salesforce.com, Inc.,
strike price $67.50, expires 8/16/14		3,000		(468,000	)
Sandisk Corp.,
strike price $80.00, expires 7/19/14		1,800		(1,066,500	)
Tesla Motors, Inc,
strike price $270.00, expires 6/21/14		1,500		(956,250	)
Tripadvisor, Inc.,
strike price $105.00, expires 6/21/14		1,132		(291,490	)
strike price $95.00, expires 9/20/14		595		(499,800	)
Twitter, Inc.,
strike price $62.50, expires 5/17/14		3,200		(128,000	)

				(13,565,780	)

Put Options—(0.2)%
Amazon.com, Inc.,
strike price $280.00, expires 1/17/15		658		(921,200	)
Facebook, Inc.,
strike price $30.00, expires 1/17/15		8,000		(432,000	)


	Contracts		Value*

strike price $32.00, expires 1/17/15		2,720	$	(187,680	)
International Business Machine,
strike price $175.00, expires 6/21/14		785		(118,535	)
Intuit, Inc.,
strike price $55.00, expires 1/17/15		1,600		(88,000	)
Microsoft Corp.,
strike price $30.00, expires 1/17/15		19,500		(819,000	)

				(2,566,415	)


Total Options Written (premiums received—$38,552,576)				(16,132,195	)


	Shares

SECURITIES SOLD SHORT (f)—(2.0)%

Common Stock—(2.0)%

Electrical Equipment—(0.0)%
Nidec Corp.		2,000		(122,635	)


Internet Software & Services—(0.4)%
Twitter, Inc. (d)		112,835		(5,266,009	)


IT Services—(1.2)%
International Business Machines Corp.		78,530		(15,116,240	)


Professional Services—(0.3)%
Verisk Analytics, Inc., Class A (d)		55,300		(3,315,788	)


Semiconductors & Semiconductor Equipment—(0.0)%
Altera Corp.		900		(32,616	)
Cypress Semiconductor Corp.		100		(1,027	)

				(33,643	)

Software—(0.1)%
Citrix Systems, Inc. (d)		22,192		(1,274,486	)


Technology Hardware, Storage & Peripherals—(0.0)%
EMC Corp.		100		(2,741	)
Nokia Oyj ADR (d)		9,770		(71,712	)

				(74,453	)


Total Securities Sold Short (proceeds received—$25,342,643)				(25,203,254	)


Total Investments, net of options written and securities sold short (cost—$836,225,130) (a)—97.3%				1,247,532,383


Other assets less other liabilities—2.7%				34,372,077


Net Assets—100.0%			$	1,281,904,460

Notes to Schedule of Investments:

(a)	Securities (net of securities sold short) with an aggregate value of $87,381,352, representing 6.8% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b)	All or partial amount segregated for the benefit of the counterparty as collateral for options written.

(c)	Affiliated security.

(d)	Non-income producing.

(e)	Exchange traded-Chicago Board Options Exchange.

(f)	Cash collateral of $6,000,000 was pledged for securites sold short.

(g)	Transactions in options written for the nine months ended March 31, 2014:


	Contracts			Premiums
Options outstanding, June 30, 2013		70,930		$	22,427,783
Options written		132,280			86,223,519
Options terminated in closing transactions		(69,994	)		(51,591,959	)
Options expired		(60,903	)		(18,031,252	)
Options exercised		(1,452	)		(475,515	)

Options outstanding, March 31, 2014		70,861		$	38,552,576

Glossary:

ADR—American Depositary Receipt

FTSE—Financial Times Stock Exchange

GDR—Global Depositary Receipt

MSCI—Morgan Stanley Capital International


	Shares		Value*

COMMON STOCK—98.9%

Aerospace & Defense—0.9%
Huntington Ingalls Industries, Inc.		1,900	$	194,294
Raytheon Co.		2,460		243,023
TransDigm Group, Inc.		1,060		196,312

				633,629

Banks—3.8%
BankUnited, Inc.		18,090		628,989
BOK Financial Corp.		21,000		1,450,050
Cullen/Frost Bankers, Inc.		6,360		493,091

				2,572,130

Beverages—1.6%
PepsiCo, Inc.		13,460		1,123,910


Capital Markets—0.3%
Ares Capital Corp.		10,560		186,067


Chemicals—1.9%
Kronos Worldwide, Inc.		12,600		210,168
Praxair, Inc.		5,390		705,928
Sigma-Aldrich Corp.		3,760		351,109

				1,267,205

Commercial Services & Supplies—3.0%
Covanta Holding Corp.		68,440		1,235,342
Waste Connections, Inc.		18,400		807,024

				2,042,366

Diversified Telecommunication Services—0.6%
Verizon Communications, Inc.		8,200		390,074


Electric Utilities—5.1%
Duke Energy Corp.		5,949		423,688
Exelon Corp.		12,350		414,466
FirstEnergy Corp.		5,520		187,846
PPL Corp.		17,580		582,601
Southern Co.		42,800		1,880,632

				3,489,233

Food & Staples Retailing—3.2%
Wal-Mart Stores, Inc.		28,800		2,201,184


Food Products—3.5%
Bunge Ltd.		3,670		291,802
Kellogg Co.		27,260		1,709,474
Pinnacle Foods, Inc.		13,000		388,180

				2,389,456

Gas Utilities—0.3%
ONE Gas, Inc. (a)		5,480		196,896


Health Care Equipment & Supplies—3.5%
Abbott Laboratories		6,200		238,762
Baxter International, Inc.		15,380		1,131,660
Edwards Lifesciences Corp. (a)		7,010		519,932
IDEXX Laboratories, Inc. (a)		1,620		196,668


	Shares		Value*

Sirona Dental Systems, Inc. (a)		4,300	$	321,081

				2,408,103

Health Care Providers & Services—8.4%
Cardinal Health, Inc.		5,200		363,896
DaVita HealthCare Partners, Inc. (a)		2,700		185,895
Express Scripts Holding Co. (a)		2,820		211,754
Henry Schein, Inc. (a)		3,390		404,664
Humana, Inc.		4,630		521,894
Laboratory Corp. of America Holdings (a)		18,960		1,862,062
MEDNAX, Inc. (a)		4,940		306,181
Quest Diagnostics, Inc.		28,500		1,650,720
VCA Antech, Inc. (a)		6,500		209,495

				5,716,561

Hotels, Restaurants & Leisure—3.5%
Burger King Worldwide, Inc.		21,230		563,656
McDonald’s Corp.		18,460		1,809,634

				2,373,290

Household Products—2.3%
Clorox Co.		10,430		917,944
Kimberly-Clark Corp.		1,900		209,475
Procter & Gamble Co.		5,520		444,912

				1,572,331

Insurance—11.4%
American National Insurance Co.		1,720		194,446
Arch Capital Group Ltd. (a)		6,610		380,340
Erie Indemnity Co., Class A		3,100		216,256
Markel Corp. (a)		2,240		1,335,264
PartnerRe Ltd.		5,230		541,305
RenaissanceRe Holdings Ltd.		16,700		1,629,920
Validus Holdings Ltd.		43,910		1,655,846
White Mountains Insurance Group Ltd.		3,100		1,859,690

				7,813,067

IT Services—3.7%
Amdocs Ltd.		50,200		2,332,292
International Business Machines Corp.		1,150		221,364

				2,553,656

Life Sciences Tools & Services—0.8%
Quintiles Transnational Holdings, Inc. (a)		4,070		206,634
Techne Corp.		4,000		341,480

				548,114

Machinery—0.3%
Deere & Co.		2,110		191,588


Media—3.0%
John Wiley & Sons, Inc., Class A		6,200		357,368
Morningstar, Inc.		13,640		1,077,833
News Corp., Class A (a)		11,970		206,123
Thomson Reuters Corp.		11,320		387,144

				2,028,468

Metals & Mining—1.0%
Newmont Mining Corp.		29,990		702,966


	Shares		Value*

Multi-line Retail—3.2%
Dollar General Corp. (a)		9,250	$	513,190
Family Dollar Stores, Inc.		5,290		306,873
Target Corp.		22,430		1,357,239

				2,177,302

Multi-Utilities—2.9%
Consolidated Edison, Inc.		30,820		1,653,493
PG&E Corp.		7,100		306,720

				1,960,213

Oil, Gas & Consumable Fuels—0.6%
Antero Resources Corp. (a)		2,950		184,670
Ultra Petroleum Corp. (a)		9,600		258,144

				442,814

Personal Products—0.6%
Coty, Inc., Class A		25,480		381,690


Pharmaceuticals—7.6%
Actavis PLC (a)		910		187,324
Endo International PLC (a)		4,700		322,655
Johnson & Johnson		17,590		1,727,866
Mallinckrodt PLC (a)		2,930		185,791
Merck & Co., Inc.		12,810		727,224
Pfizer, Inc.		24,970		802,036
Zoetis, Inc.		42,730		1,236,606

				5,189,502

Professional Services—2.1%
Nielsen Holdings NV		26,580		1,186,266
Verisk Analytics, Inc., Class A (a)		4,000		239,840

				1,426,106

Real Estate Investment Trust—8.9%
American Capital Agency Corp.		58,960		1,267,050
American Homes 4 Rent, Class A		11,900		198,849
Annaly Capital Management, Inc.		116,780		1,281,077
Brixmor Property Group, Inc.		9,470		201,995
Hatteras Financial Corp.		90,130		1,698,950
MFA Financial, Inc.		95,570		740,668
Spirit Realty Capital, Inc.		25,680		281,966
Starwood Waypoint Residential Trust (a)		6,740		194,045
Two Harbors Investment Corp.		17,940		183,885

				6,048,485

Software—0.4%
Workday, Inc., Class A (a)		3,410		311,776


Specialty Retail—3.0%
AutoZone, Inc. (a)		2,270		1,219,217
CST Brands, Inc.		6,020		188,065
Home Depot, Inc.		5,100		403,563
O’Reilly Automotive, Inc. (a)		1,600		237,424

				2,048,269

Technology Hardware, Storage & Peripherals—2.0%
Apple, Inc.		2,580		1,384,789


	Shares		Value*

Thrifts & Mortgage Finance—4.1%
Capitol Federal Financial, Inc.		163,200	$	2,048,160
TFS Financial Corp. (a)		58,000		720,940

				2,769,100

Wireless Telecommunication Services—1.4%
SBA Communications Corp., Class A (a)		10,900		991,464


Total Common Stock (cost-$64,716,510)				67,531,804


	Principal Amount (000s)

Repurchase Agreements—1.2%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $785,000; collateralized by U.S. Treasury Notes, 0.75%, due 3/31/18, valued at $801,550 including accrued interest (cost-$785,000)	$	785		785,000


Total Investments (cost—$65,501,510)—100.1%				68,316,804


Liabilities in excess of other assets—(0.1)%				(79,199	)


Net Assets—100.0%			$	68,237,605

Notes to Schedule of Investments:

(a)	Non-income producing.


	Shares		Value*

COMMON STOCK—91.6%

Biotechnology—16.8%
Actelion Ltd.		10,565	$	1,001,227
Alexion Pharmaceuticals, Inc. (d)		12,295		1,870,438
Amgen, Inc.		27,544		3,397,277
Biogen Idec, Inc. (d)		11,280		3,450,214
Celgene Corp. (d)		13,645		1,904,842
Eagle Pharmaceuticals, Inc. (d)		86,324		1,100,631
Gilead Sciences, Inc. (d)		112,720		7,987,339
Medivation, Inc. (d)		46,885		3,017,988
Protalix BioTherapeutics, Inc. (c)(d)		284,100		1,301,178
Vertex Pharmaceuticals, Inc. (d)		14,025		991,848

				26,022,982

Food & Staples Retailing—2.2%
Walgreen Co.		51,435		3,396,253


Health Care Equipment & Supplies—10.3%
Baxter International, Inc.		15,700		1,155,206
Boston Scientific Corp. (d)		387,950		5,245,084
Covidien PLC		22,780		1,677,975
Globus Medical, Inc., Class A (d)		148,835		3,957,523
Inogen, Inc. (d)		49,040		809,650
Insulet Corp. (d)		20,230		959,307
Zimmer Holdings, Inc.		23,350		2,208,443

				16,013,188

Health Care Providers & Services—10.1%
Acadia Healthcare Co., Inc. (d)		13,750		620,400
Cardinal Health, Inc.		44,730		3,130,205
HCA Holdings, Inc. (d)		83,315		4,374,038
McKesson Corp.		17,410		3,074,084
UnitedHealth Group, Inc.		54,660		4,481,573

				15,680,300

Health Care Technology—4.3%
Allscripts Healthcare Solutions, Inc. (d)		191,475		3,452,294
Cerner Corp. (d)		55,515		3,122,719

				6,575,013

Life Sciences Tools & Services—9.3%
Agilent Technologies, Inc.		97,325		5,442,414
Illumina, Inc. (d)		15,110		2,246,253
PerkinElmer, Inc.		72,610		3,271,806
Quintiles Transnational Holdings, Inc. (d)		68,265		3,465,814

				14,426,287

Pharmaceuticals—38.6%
AbbVie, Inc.		48,200		2,477,480
Actavis PLC (d)		20,460		4,211,691
Bayer AG		12,000		1,625,083
Bristol-Myers Squibb Co.		66,795		3,470,000
Eli Lilly & Co.		75,585		4,448,933
Forest Laboratories, Inc. (d)		36,330		3,352,169
Johnson & Johnson		81,555		8,011,148


	Shares		Value*

Merck & Co., Inc.		82,710	$	4,695,447
Merck KGaA		16,650		2,803,963
Mylan, Inc. (d)		60,115		2,935,415
Pfizer, Inc.		131,085		4,210,450
Roche Holdings AG		23,400		7,037,870
Salix Pharmaceuticals Ltd. (d)		29,950		3,103,120
Shire PLC		80,025		3,961,660
UCB S.A.		43,429		3,484,132

				59,828,561


Total Common Stock (cost—$122,050,477)				141,942,584


	Units

WARRANTS—0.5%

Biotechnology—0.0%
PolyMedix, Inc.,
strike price $0.80, expires 4/11/16 (b)(d)		435,000		—(e)


Pharmaceuticals—0.5%
Sunesis Pharmaceuticals, Inc.,
strike price $2.52, expires 10/6/15 (b)(d)		180,767		792,139


Total Warrants (cost—$225,864)				792,139


	Principal Amount (000s)

Repurchase Agreements—9.5%
State Street Bank and Trust Co., dated 3/31/14, 0.00%, due 4/1/14, proceeds $14,770,000; collateralized by Fannie Mae, 1.02%, due 10/17/17, valued at $15,067,800 including accrued interest (cost—$14,770,000)	$	14,770		14,770,000


Total Investments (cost—$137,046,341) (a)—101.6%				157,504,723


Liabilities in excess of other assets—(1.6)%				(2,463,336	)


Net Assets—100.0%			$	155,041,387

Notes to Schedule of Investments:

(a)	Securities with an aggregate value of $19,913,935, representing 12.8% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b)	Fair-Valued—Securities with an aggregate value of $792,139, representing 0.5% of net assets.

(c)	Affiliated security.

(d)	Non-income producing.

(e)	Value less than $1.

The Board of Trustees (the “Board”) has adopted procedures for valuing portfolio securities and other financial instruments in circumstances where market quotes are not readily available, and has delegated the responsibility for applying the valuation methods to Allianz Global Investors Fund Management LLC (the “Investment Adviser”) and the Funds’ sub-advisers Allianz Global Investors U.S. LLC and NFJ Investment Group LLC (“NFJ”) (collectively the “Sub-Advisers”), each an affiliate of the Investment Manager, The Trust’s Valuation Committee was established by the Board to oversee the implementation of the Funds’ valuation methods and to make fair value determinations on behalf of the Board, as instructed. Each Sub-Adviser monitors the continued appropriateness of methods applied and determines if adjustments should be made in light of market changes, events affecting the issuer, or other factors. If the Sub-Advisers determine that a valuation method may no longer be appropriate, another valuation method may be selected, or the Valuation Committee will be convened to consider the matter and take any appropriate action in accordance with procedures set forth by the Board. The Board shall review the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Valuation Committee.

Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61^st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of each share class of a Fund may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed.

The prices used by the Funds to value investments may differ from the value that would be realized if the investments were sold, and these differences could be material. The NAV of each share class of a Fund is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the NYSE on each day the NYSE is open for business.

The prices of certain portfolio securities or financial instruments may be determined at a time prior to the close of regular trading on the NYSE. When fair-valuing the securities, the Funds may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the NAV of each share class of a Fund is calculated. With respect to certain foreign securities, the Funds may fair-value securities using modeling tools provided by third-party vendors. The Funds have retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by the Funds for foreign securities may differ from the value realized from the sale of those securities and the difference could be material. Fair value pricing may require subjective determinations about the value of a security or other assets, and fair values used to determine the NAV of each share class of a Fund may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by a Fund.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:

The valuation techniques used by the Funds to measure fair value during the nine months ended March 31, 2014 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period. An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to the fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used. Investments categorized as Level 1 or 2 as of period end may have been transferred between Levels 1 and 2 since the prior period due to changes in the valuation method utilized in valuing the investments.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities for Level 2 and Level 3, in accordance with Generally Accepted Accounting Principles.

Equity Securities (Common and Preferred Stock)—Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Corporate Bonds & Notes—Corporate bonds & notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. High yield bonds are valued by independent pricing services based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of corporate bonds & notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Convertible Bonds—Convertible bonds are valued by independent pricing services based on various inputs and techniques, which include broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of convertible bonds are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Option Contracts—Option contracts traded over-the-counter (“OTC”) and FLexible EXchange (“FLEX”) options are valued by independent pricing services based on pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable, the values of OTC and FLEX option contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

A summary of the inputs used at March 31, 2014 in valuing the Funds’ assets and liabilities is listed below (refer to the Schedules of Investments and Notes to Schedules of Investments for more detailed information on Investments in Securities):

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the nine months ended March 31, 2014, was as follows:

The following tables present additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at March 31, 2014:

The net change in unrealized appreciation/depreciation of Level 3 investments which AllianzGI Emerging Markets Opportunities and AllianzGI Wellness held at March 31, 2014, was $27,148 and $266,550, respectively.

At March 31, 2014, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments (before options written and securities sold short) for federal income tax purposes were:

Differences, if any, between book and tax cost basis were attributable to wash sale loss deferrals and the differing treatment of bond premium amortization.

(a) The registrant’s President & Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


1633 Broadway, New York, NY		10019
(Address of principal executive offices)		(Zip code)


Allianz Funds:
AllianzGI Emerging Markets Opportunities Fund
AllianzGI Focused Growth Fund
AllianzGI Global Commodity Equity Fund
AllianzGI Global Small-Cap Fund
AllianzGI Income & Growth Fund
AllianzGI International Managed Volatility Fund
AllianzGI Large-Cap Growth Fund
AllianzGI Mid-Cap Fund
AllianzGI NFJ All-Cap Value Fund
AllianzGI NFJ Dividend Value Fund
AllianzGI NFJ International Value Fund
AllianzGI NFJ Large-Cap Value Fund
AllianzGI NFJ Mid-Cap Value Fund
AllianzGI NFJ Small-Cap Value Fund
AllianzGI Opportunity Fund
AllianzGI Small-Cap Blend Fund
AllianzGI Technology Fund
AllianzGI U.S. Managed Volatility Fund
AllianzGI Wellness Fund


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 3/31/14
AllianzGI Emerging Markets Opportunities:
Investments in Securities—Assets
Common Stock:
Brazil	$	10,231,943	$	—	$	—	$	10,231,943
China		3,135,957		13,505,632		—		16,641,589
Colombia		469,179		—		—		469,179
India		291,343		10,362,424		—		10,653,767
Mexico		1,422,095		—		—		1,422,095
Peru		565,748		—		—		565,748
Poland		521,436		—		—		521,436
Russian Federation		4,151,145		—		1,062,658		5,213,803
Switzerland		601,601		580,945		—		1,182,546
United States		3,344,611		—		—		3,344,611
All Other		—		56,570,703		—		56,570,703
Preferred Stock		—		—		2,376,088		2,376,088
Repurchase Agreements		—		3,668,000		—		3,668,000

Totals	$	24,735,058	$	84,687,704	$	3,438,746	$	112,861,508


AllianzGI Focused Growth:
Investments in Securities—Assets
Common Stock	$	560,046,735	$	—	$	—	$	560,046,735
Repurchase Agreements		—		11,765,000		—		11,765,000

Totals	$	560,046,735	$	11,765,000	$	—	$	571,811,735


AllianzGI Global Commodity Equity:
Investments in Securities—Assets
Common Stock:
Australia	$	—	$	1,193,364	$	—	$	1,193,364
China		318,765		466,458		—		785,223
Denmark		—		866,030		—		866,030
France		—		2,187,820		—		2,187,820
Germany		—		1,790,436		—		1,790,436
Ireland		—		542,279		—		542,279
Japan		—		2,130,753		—		2,130,753
Singapore		—		1,155,290		—		1,155,290
Spain		—		743,664		—		743,664
Switzerland		517,588		230,059		—		747,647
United Kingdom		—		2,341,392		—		2,341,392
All Other		35,613,735		—		—		35,613,735
Repurchase Agreements		—		240,000		—		240,000

Totals	$	36,450,088	$	13,887,545	$	—	$	50,337,633


	Transfers
	Level 1 to Level 2			Level 2 to Level 1
AllianzGI Emerging Markets Opportunities		2,259,477	(a)		—
AllianzGI Global Small-Cap		4,110,239	(a)		—
AllianzGI Income & Growth		26,619,873	(c)		—
AllianzGI International Managed Volatility		374,352	(a)		1,166,503	(b)
AllianzGI Technology		3,546	(a)		—


	Beginning Balance 6/30/13		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3*			Ending Balance 3/31/14

AllianzGI Emerging Markets Opportunities:
Investments in Securities—Assets
Common Stock:
Russian Federation	$	452,560	$	1,448,244	$	(616,595	)	$	—	$	116,105		$	(337,656	)	$	—	$	—		$	1,062,658
Preferred Stock		526,893		1,949,437		(139,043	)		—		5,643			33,158			—		—			2,376,088

Totals	$	979,453	$	3,397,681	$	(755,638	)	$	—	$	121,748		$	(304,498	)	$	—	$	—		$	3,438,746


AllianzGI Global Small-Cap:
Investments in Securities—Assets
Common Stock:
Thailand	$	341,606	$	—	$	(328,196	)	$	—	$	(4,646	)	$	(8,764	)	$	—	$	—		$	—


AllianzGI Income & Growth:
Investments in Securities—Assets
Corporate Bonds & Notes:
Oil & Gas	$	6,721,800	$	—	$	—		$	—	$	—		$	461,300		$	—	$	(7,183,100	)	$	—


AllianzGI Wellness:
Investments in Securities—Assets
Warrants	$	525,589	$	—	$	—		$	—	$	—		$	266,550		$	—	$	—		$	792,139


	Ending Balance at 3/31/14		Valuation Technique Used	Unobservable Inputs	Input Values
AllianzGI Emerging Markets Opportunities:
Investments in Securities—Assets
Common Stock	$	1,062,658	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	$	1.02
Preferred Stock	$	2,376,088	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	$	0.72

AllianzGI Wellness:
Investments in Securities—Assets
Warrants	$	792,139	Portfolio Manager Recommendation	Price of Warrant	$	4.38


	Federal Tax Cost Basis		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
AllianzGI Emerging Markets Opportunities	$	101,682,542	$	13,058,777	$	1,879,811	$	11,178,966
AllianzGI Focused Growth		406,543,174		168,958,531		3,689,970		165,268,561
AllianzGI Global Commodity Equity		41,817,317		8,836,234		315,918		8,520,316
AllianzGI Global Small-Cap		158,113,557		38,300,143		1,901,208		36,398,935
AllianzGI Income & Growth		2,158,984,421		44,122,230		79,429,878		(35,307,648	)
AllianzGI International Managed Volatility		84,749,084		8,537,034		2,006,301		6,530,733
AllianzGI Large-Cap Growth		61,189,109		19,975,867		232,344		19,743,523
AllianzGI Mid-Cap		276,868,052		69,187,600		3,311,590		65,876,010
AllianzGI NFJ All-Cap Value		20,822,987		6,559,623		230,600		6,329,023
AllianzGI NFJ Dividend Value		7,091,223,795		2,232,963,877		132,204,905		2,100,758,972
AllianzGI NFJ International Value		2,767,030,831		452,725,535		156,626,792		296,098,743
AllianzGI NFJ Large-Cap Value		543,674,245		217,228,401		7,656,268		209,572,133
AllianzGI NFJ Mid-Cap Value		584,651,028		227,364,997		12,144,183		215,220,814
AllianzGI NFJ Small-Cap Value		5,764,836,614		2,276,818,502		77,503,834		2,199,314,668
AllianzGI Opportunity		97,877,486		14,850,314		1,752,608		13,097,706
AllianzGI Small-Cap Blend		5,543,357		876,138		84,285		791,853
AllianzGI Technology		912,210,498		381,133,646		4,476,312		376,657,334
AllianzGI U.S. Managed Volatility		65,745,877		3,169,569		598,642		2,570,927
AllianzGI Wellness		137,058,277		22,126,882		1,680,436		20,446,446


Registrant: Allianz Funds

By:		/s/ Julian Sluyters

		Julian Sluyters, Trustee, President & Chief Executive Officer


By:		/s/ Lawrence G. Altadonna

		Lawrence G. Altadonna, Treasurer, Principal Financial & Accounting Officer