Statement of Investments March 31, 2017 (Unaudited)

Transcription

1 Statement of Investments NVIT Multi-Manager Large Cap Value Fund Common Stocks 99.0% BERMUDA 0.5% Insurance 0.5% XL Group Ltd. 248,863 $ 9,919,679 CANADA 0.4% Oil, Gas & Consumable Fuels 0.4% Canadian Natural Resources Ltd. 219,837 7,208,455 IRELAND 0.3% Construction Materials 0.3% CRH plc 181,461 6,390,909 ISRAEL 0.3% Pharmaceuticals 0.3% Teva Pharmaceutical Industries Ltd., ADR 190,304 6,106,855 JAPAN 0.5% Building Products 0.2% Sanwa Holdings Corp. 395,000 3,707,591 Diversified Telecommunication Services 0.3% Nippon Telegraph & Telephone Corp. 139,700 5,972,639 9,680,230 LUXEMBOURG 0.5% Media 0.5% SES SA, FDR 444,926 10,344,076 NETHERLANDS 0.1% Metals & Mining 0.1% Constellium NV, Class A * 174,037 1,131,241 PANAMA 0.3% Airlines 0.3% Copa Holdings SA, Class A 44,511 4,996,360 SOUTH KOREA 0.3% Technology Hardware, Storage & Peripherals 0.3% Samsung Electronics Co. Ltd. 2,995 5,512,044 SPAIN 0.3% Electric Utilities 0.3% Iberdrola SA 819,583 5,855,833 UNITED KINGDOM 1.2% Beverages 0.4% Coca-Cola European Partners plc 123,434 4,652,227 Diageo plc 105,928 3,033,270 7,685,497 Tobacco 0.8% British American Tobacco plc 210,995 13,998,684 21,684,181 UNITED STATES 94.3% Aerospace & Defense 2.8% General Dynamics Corp. 59,363 11,112,754 L3 Technologies, Inc. 36,315 6,002,506 Northrop Grumman Corp. 24,748 5,886,064 Raytheon Co. 69,278 10,564,895 Textron, Inc. 38,667 1,840,163 United Technologies Corp. 160,442 18,003,197 53,409,579 Airlines 0.2% Delta Air Lines, Inc. 98,880 4,544,525 Auto Components 0.7% Delphi Automotive plc 69,040 5,557,030 Goodyear Tire & Rubber Co. (The) 121,852 4,386,672 Lear Corp. 27,055 3,830,447 13,774,149 Automobiles 0.4% General Motors Co. 206,166 $ 7,290,030 Banks 11.7% Bank of America Corp. 1,737,242 40,981,538 BB&T Corp. 92,435 4,131,845 Citigroup, Inc. 602,907 36,065,897 JPMorgan Chase & Co. 554,646 48,720,104 M&T Bank Corp. 46,022 7,120,984 PNC Financial Services Group, Inc. (The) 326,523 39,261,125 SunTrust Banks, Inc. 141,996 7,852,379 Wells Fargo & Co. 671,106 37,353, ,487,632 Beverages 1.2% Coca-Cola Co. (The) 147,884 6,276,197 Constellation Brands, Inc., Class A 20,110 3,259,228 Molson Coors Brewing Co., Class B 126,832 12,139,090 21,674,515 Biotechnology 1.3% Biogen, Inc. * 25,205 6,891,551 Celgene Corp. * 46,573 5,795,078 Regeneron Pharmaceuticals, Inc. * 15,231 5,902,165 Vertex Pharmaceuticals, Inc. * 50,000 5,467,500 24,056,294 Building Products 0.4% Owens Corning 111,562 6,846,560 Capital s 2.2% Ameriprise Financial, Inc. 46,669 6,052,036 Goldman Sachs Group, Inc. (The) 73,518 16,888,554 Morgan Stanley 134,278 5,752,470 Raymond James Financial, Inc. 170,984 13,039,240 41,732,300 Chemicals 2.2% Air Products & Chemicals, Inc. 20,091 2,718,111 Celanese Corp. Series A 144,819 13,011,988 CF Industries Holdings, Inc. 256,742 7,535,378 Dow Chemical Co. (The) 94,173 5,983,752 LyondellBasell Industries NV, Class A 70,752 6,451,875 PPG Industries, Inc. 55,500 5,831,940 41,533,044 Commercial Services & Supplies 0.9% Clean Harbors, Inc. * 67,000 3,726,540 Herman Miller, Inc. 321,500 10,143,325 Waste Management, Inc. 41,726 3,042,660 16,912,525 Communications Equipment 3.0% Acacia Communications, Inc. * (a) 98,588 5,779,229 ARRIS International plc * 144,098 3,811,392 Cisco Systems, Inc. 1,216,867 41,130,104 Harris Corp. 56,052 6,236,906 56,957,631 Construction & Engineering 0.3% Quanta Services, Inc. * 141,060 5,234,737 Construction Materials 0.7% Martin Marietta Materials, Inc. 28,970 6,322,703 Vulcan Materials Co. 49,480 5,961,350 12,284,053 Consumer Finance 1.5% American Express Co. 76,158 6,024,859 1

2 Consumer Finance (continued) Capital One Financial Corp. 36,726 $ 3,182,675 Discover Financial Services 119,534 8,174,930 Navient Corp. 77,655 1,146,188 Synchrony Financial 267,079 9,160,810 27,689,462 Containers & Packaging 0.9% Bemis Co., Inc. 55,800 2,726,388 Graphic Packaging Holding Co. 376,239 4,842,196 Packaging Corp. of America 94,019 8,614,021 16,182,605 Diversified Financial Services 2.3% Berkshire Hathaway, Inc., Class B * 211,356 35,228,818 Voya Financial, Inc. 204,720 7,771,171 42,999,989 Diversified Telecommunication Services 2.4% AT&T, Inc. 604,864 25,132,099 Verizon Communications, Inc. 395,454 19,278,383 44,410,482 Electric Utilities 3.6% American Electric Power Co., Inc. 51,332 3,445,917 Exelon Corp. 589,416 21,207,187 FirstEnergy Corp. 336,962 10,722,131 OGE Energy Corp. 273,201 9,556,571 PG&E Corp. 230,322 15,284,168 PPL Corp. 212,817 7,957,228 68,173,202 Electrical Equipment 0.5% Eaton Corp. plc 92,817 6,882,381 Regal Beloit Corp. 21,259 1,608,243 8,490,624 Electronic Equipment, Instruments & Components 0.5% Corning, Inc. 238,906 6,450,462 IPG Photonics Corp. * 25,879 3,123,595 9,574,057 Energy Equipment & Services 1.9% Halliburton Co. 622,597 30,637,998 Helmerich & Payne, Inc. (a) 65,201 4,340,431 34,978,429 Equity Real Estate Investment Trusts (REITs) 4.8% American Tower Corp. 149,432 18,161,965 Columbia Property Trust, Inc. 339,169 7,546,510 Host Hotels & Resorts, Inc. 586,756 10,948,867 Medical Properties Trust, Inc. 532,983 6,870,151 Mid-America Apartment Communities, Inc. 56,479 5,746,173 Simon Property Group, Inc. 35,800 6,158,674 STORE Capital Corp. 752,909 17,979,467 Taubman Centers, Inc. 93,600 6,179,472 Uniti Group, Inc. 258,703 6,687,473 Washington Prime Group, Inc. 383,346 3,331,277 89,610,029 Food & Staples Retailing 0.3% Walgreens Boots Alliance, Inc. 77,876 6,467,602 Food Products 2.5% Archer-Daniels-Midland Co. 170,784 7,862,895 Bunge Ltd. 57,755 4,577,661 Conagra Brands, Inc. 147,395 5,945,914 JM Smucker Co. (The) 52,771 6,917,223 Kellogg Co. 122,628 8,904,020 Food Products (continued) Kraft Heinz Co. (The) 66,985 $ 6,082,908 Lamb Weston Holdings, Inc. 69,757 2,933,979 Mondelez International, Inc., Class A 88,611 3,817,362 47,041,962 Health Care Equipment & Supplies 1.9% Abbott Laboratories 325,645 14,461,894 Boston Scientific Corp. * 187,101 4,653,202 Hologic, Inc. * 76,356 3,248,948 Medtronic plc 17,254 1,389,982 STERIS plc 87,400 6,070,804 Stryker Corp. 45,934 6,047,211 35,872,041 Health Care Providers & Services 3.2% Aetna, Inc. 36,884 4,704,554 AmerisourceBergen Corp. 68,055 6,022,868 Envision Healthcare Corp. * 143,991 8,829,528 HCA Holdings, Inc. * 85,465 7,605,530 Humana, Inc. 20,960 4,320,694 Laboratory Corp. of America Holdings * 32,520 4,665,644 McKesson Corp. 110,248 16,345,369 UnitedHealth Group, Inc. 53,152 8,717,460 61,211,647 Hotels, Restaurants & Leisure 0.7% Aramark 90,128 3,323,019 Las Vegas Sands Corp. 148,813 8,492,758 Royal Caribbean Cruises Ltd. 15,620 1,532,478 13,348,255 Household Durables 0.6% Newell Brands, Inc. 104,550 4,931,624 Toll Brothers, Inc. * 155,291 5,607,558 10,539,182 Household Products 0.5% Procter & Gamble Co. (The) 113,594 10,206,421 Industrial Conglomerates 0.8% General Electric Co. 201,452 6,003,270 Honeywell International, Inc. 71,697 8,952,804 14,956,074 Insurance 7.2% Allstate Corp. (The) 75,200 6,128,048 American International Group, Inc. 251,420 15,696,151 Arthur J. Gallagher & Co. 243,470 13,765,794 Athene Holding Ltd., Class A * 135,957 6,796,490 Chubb Ltd. 107,041 14,584,336 Hartford Financial Services Group, Inc. (The) 60,870 2,926,021 MetLife, Inc. 704,768 37,225,846 Principal Financial Group, Inc. 108,176 6,826,987 Prudential Financial, Inc. 168,362 17,960,858 Unum Group 157,370 7,379,079 Validus Holdings Ltd. 101,748 5,737, ,027,180 Internet & Direct ing Retail 0.4% Expedia, Inc. 42,800 5,400,076 Priceline Group, Inc. (The) * 907 1,614,433 7,014,509 Internet Software & Services 0.7% Alphabet, Inc., Class A * 11,272 9,556,401 ebay, Inc. * 135,401 4,545,412 14,101,813 2

3 IT Services 1.4% Amdocs Ltd. 80,400 $ 4,903,596 Cognizant Technology Solutions Corp., Class A * 67,572 4,021,885 FleetCor Technologies, Inc. * 12,090 1,830,789 Genpact Ltd. 273,210 6,764,680 Global Payments, Inc. 53,163 4,289,191 Teradata Corp. * (a) 145,508 4,528,209 26,338,350 Life Sciences Tools & Services 0.4% Thermo Fisher Scientific, Inc. 53,446 8,209,306 Media 1.8% Comcast Corp., Class A 380,678 14,309,685 John Wiley & Sons, Inc., Class A 135,301 7,279,194 Omnicom Group, Inc. 142,574 12,291,305 33,880,184 Metals & Mining 1.0% Newmont Mining Corp. 207,943 6,853,801 Reliance Steel & Aluminum Co. 151,980 12,161,440 19,015,241 Multiline Retail 0.2% Target Corp. 62,898 3,471,341 Multi-Utilities 0.9% DTE Energy Co. 60,468 6,174,387 Sempra Energy 101,794 11,248,237 17,422,624 Oil, Gas & Consumable Fuels 8.8% Anadarko Petroleum Corp. 455,747 28,256,313 Cabot Oil & Gas Corp. 323,599 7,737,252 Chevron Corp. 30,591 3,284,556 Cobalt International Energy, Inc. * (a) 587, ,504 Diamondback Energy, Inc. * 32,705 3,391,999 EOG Resources, Inc. 210,978 20,580,903 Exxon Mobil Corp. 136,012 11,154,344 Hess Corp. 60,200 2,902,242 HollyFrontier Corp. 240,364 6,811,916 Marathon Oil Corp. 270,400 4,272,320 Marathon Petroleum Corp. 87,565 4,425,535 Noble Energy, Inc. 137,585 4,724,669 Occidental Petroleum Corp. 308,853 19,568,926 Phillips ,089 11,493,951 Pioneer Natural Resources Co. 66,275 12,342,393 QEP Resources, Inc. * 168,782 2,145,219 Range Resources Corp. 47,287 1,376,052 Rice Energy, Inc. * 343,949 8,151,591 Southwestern Energy Co. * 416,046 3,399,096 Valero Energy Corp. 143,885 9,538, ,870,918 Personal Products 0.4% Coty, Inc., Class A 455,690 8,261,660 Pharmaceuticals 4.5% Allergan plc 45,832 10,950,181 Bristol-Myers Squibb Co. 261,346 14,211,995 Eli Lilly & Co. 191,841 16,135,747 Johnson & Johnson 61,270 7,631,179 Merck & Co., Inc. 285,742 18,156,047 Mylan NV * 326,273 12,721,384 Pfizer, Inc. 167,490 5,729,833 85,536,366 Professional Services 0.5% IHS Markit Ltd. * 240,575 10,092,121 Real Estate Management & Development 0.3% Realogy Holdings Corp. 204,332 $ 6,087,050 Road & Rail 1.5% Genesee & Wyoming, Inc., Class A * 136,571 9,267,708 J.B. Hunt Transport Services, Inc. 83,513 7,661,483 Union Pacific Corp. 100,554 10,650,679 27,579,870 Semiconductors & Semiconductor Equipment 2.6% Applied Materials, Inc. 54,678 2,126,974 Broadcom Ltd. 13,571 2,971,506 Intel Corp. 198,590 7,163,141 QUALCOMM, Inc. 242,800 13,922,152 Skyworks Solutions, Inc. 117,395 11,502,362 Texas Instruments, Inc. 131,987 10,632,873 48,319,008 Software 0.9% Electronic Arts, Inc. * 79,981 7,159,899 Oracle Corp. 235,868 10,522,072 17,681,971 Specialty Retail 0.6% AutoZone, Inc. * 3,772 2,727,345 Best Buy Co., Inc. 135,890 6,678,993 Urban Outfitters, Inc. * 114,327 2,716,410 12,122,748 Technology Hardware, Storage & Peripherals 1.5% Apple, Inc. 63,184 9,077,013 Hewlett Packard Enterprise Co. 377,240 8,940,588 Western Digital Corp. 125,024 10,318,231 28,335,832 Textiles, Apparel & Luxury Goods 0.7% PVH Corp. 27,446 2,839,838 VF Corp. 179,400 9,861,618 12,701,456 Tobacco 0.5% Altria Group, Inc. 64,990 4,641,585 Philip Morris International, Inc. 35,594 4,018,563 8,660,148 Trading Companies & Distributors 0.4% United Rentals, Inc. * 35,445 4,432,398 W.W. Grainger, Inc. 10,982 2,556,170 6,988,568 Wireless Telecommunication Services 0.2% Sprint Corp. * (a) 329,769 2,862,395 1,775,070,296 Total Common Stocks (cost $1,671,101,117) 1,863,900,159 Exchange Traded Fund 0.3% UNITED STATES 0.3% ishares Russell 1000 Value Fund (a) 52,905 6,080,901 Total Exchange Traded Fund (cost $6,177,452) 6,080,901 3

4 Repurchase Agreements 1.0% Principal Amount Value Bank of America NA, 0.81%, dated 03/31/17, due 04/03/17, repurchase price $4,000,270, collateralized by U.S. Government Agency Security, 3.00%, maturing 04/01/45; total market value $4,080,000.(b) $ 4,000,000 $ 4,000,000 ML Pierce Fenner & Smith, Inc., 0.81%, dated 03/31/17, due 04/03/17, repurchase price $12,595,684, collateralized by U.S. Government Agency Securities, ranging from 1.34% %, maturing 01/25/19-09/20/45; total market value $12,846,730.(b) 12,594,834 12,594,834 RBS Securities, Inc., 0.77%, dated 03/28/17, due 04/04/17, repurchase price $3,000,449, collateralized by U.S. Government Treasury Securities, ranging from 0.88% %, maturing 06/15/17-05/31/21; total market value $3,060,047.(b) 3,000,000 3,000,000 Total Repurchase Agreements (cost $19,594,834) 19,594,834 Total Investments (cost $1,696,873,403) (c) 100.3% 1,889,575,894 Liabilities in excess of other assets (0.3)% (5,843,728) NET ASSETS 100.0% $ 1,883,732,166 * Denotes a non-income producing security. (a) The security or a portion of this security is on loan at March 31, The total value of securities on loan at March 31, 2017 was $18,976,747, which was collateralized by cash used to purchase a repurchase agreement with a value of $19,594,834. (b) Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of March 31, 2017 was $19,594,834 (c) At March 31, 2017, the tax basis cost of the Fund's investments was $1,707,171,063, tax unrealized appreciation and depreciation were $251,168,219 and $(68,763,388), respectively. ADR FDR Ltd. NA NV plc REIT SA American Depositary Receipt Fiduciary Depositary Receipt Limited National Association Public Traded Company Public Limited Company Real Estate Investment Trust Stock Company 4

5 At March 31, 2017, the Fund's open forward foreign currency contracts against the United States Dollar were as follows: Delivery Date Currency Delivered Contract Value Value Unrealized Appreciation/ (Depreciation) Currency Counterparty Short Contracts: Euro JPMorgan Chase Bank 06/21/17 (6,377,000) $ (6,766,475) $ (6,828,797) $ (62,322) Japanese Yen JPMorgan Chase Bank 06/21/17 (609,114,000) (5,366,279) (5,488,368) (122,089) Total Short Contracts $ (12,132,754) $ (12,317,165) $ (184,411) 5

6 In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America, Nationwide Variable Insurance Trust's (the Trust ) investment adviser to the Fund, Nationwide Fund Advisors ( NFA ), assigns a fair value to Fund investments in accordance with a hierarchy that prioritizes the various types of inputs used to measure fair value. The hierarchy gives the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy are summarized below. Level 1 Quoted prices in active markets for identical assets Level 2 Other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 Significant unobservable inputs (including the Fund s own assumptions in determining the fair value of investments) Changes in valuation techniques may result in transfers into or out of an investment s assigned level within the hierarchy. An investment s categorization within the hierarchy is based on the lowest level of any input that is significant to the fair valuation in its entirety. The inputs or methodology used to value investments are not intended to indicate the risk associated with investing in those investments. The Trust s Board of Trustees (the Board of Trustees ) has delegated authority to NFA, and the Trust s administrator, Nationwide Fund Management LLC ( NFM ), to assign a fair value under certain circumstances, as described below, pursuant to valuation procedures approved by the Board of Trustees. NFA and NFM have established a Fair Valuation Committee ( FVC ) to assign these fair valuations. The fair value of a security may differ from its quoted or published price. Fair valuation of portfolio securities may occur on a daily basis. Securities may be fair valued in certain circumstances, such as where (i) market quotations are not readily available; (ii) an independent pricing service does not provide a value or the value provided by an independent pricing service is determined to be unreliable in the judgment of NFA/NFM or its designee; (iii) a significant event has occurred that affects the value of the Fund s securities after trading has stopped (e.g., earnings announcements or news relating to natural disasters affecting an issuer s operations); (iv) the securities are illiquid; (v) the securities have defaulted or been delisted from an exchange and are no longer trading; or (vi) any other circumstance in which the FVC believes that market quotations do not accurately reflect the value of a security. The FVC will assign a fair value according to fair value methodologies. Information utilized by the FVC to obtain a fair value may include, among others, the following: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of these and other methods. To arrive at the appropriate methodology, the FVC may consider a non-exclusive list of factors, which are specific to the security as well as whether the security is traded on the domestic or foreign markets. The FVC monitors the results of fair valuation determinations and regularly reports the results to the Board of Trustees. The FVC attempts to establish a price that it might reasonably expect to receive upon the current sale of that security. That said, there can be no assurance that the fair value assigned to a security is the price at which a security could have been sold during the period in which the particular fair value was used to value the security. To the extent the inputs used are observable, these securities are classified as Level 2 investments; otherwise, they are classified as Level 3 investments within the hierarchy. Equity securities listed on a non-u.s. exchange ( non-u.s. securities ) are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for these securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-u.s. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees. The following table provides a summary of the inputs used to value the Fund s net assets as of March 31, Please refer to the Statement of Investments for additional information for portfolio holdings. Level 1 Level 2 Level 3 Total Assets: Common Stocks Aerospace & Defense $ 53,409,579 $ $ $ 53,409,579 Airlines 9,540,885 9,540,885 Auto Components 13,774,149 13,774,149 Automobiles 7,290,030 7,290,030 Banks 221,487, ,487,632 Beverages 26,326,742 3,033,270 29,360,012 Biotechnology 24,056,294 24,056,294 Building Products 6,846,560 3,707,591 10,554,151 Capital s 41,732,300 41,732,300 Chemicals 41,533,044 41,533,044 Commercial Services & Supplies 16,912,525 16,912,525 Communications Equipment 56,957,631 56,957,631 Construction & Engineering 5,234,737 5,234,737 Construction Materials 12,284,053 6,390,909 18,674,962 Consumer Finance 27,689,462 27,689,462 Containers & Packaging 16,182,605 16,182,605 Diversified Financial Services 42,999,989 42,999,989 Diversified Telecommunication Services 44,410,482 5,972,639 50,383,121 Electric Utilities 68,173,202 5,855,833 74,029,035 Electrical Equipment 8,490,624 8,490,624 Electronic Equipment, Instruments & Components 9,574,057 9,574,057 6

7 Level 1 Level 2 Level 3 Total Assets: (continued) Common Stocks (Continued) Energy Equipment & Services $ 34,978,429 $ $ $ 34,978,429 Equity Real Estate Investment Trusts (REITs) 89,610,029 89,610,029 Food & Staples Retailing 6,467,602 6,467,602 Food Products 47,041,962 47,041,962 Health Care Equipment & Supplies 35,872,041 35,872,041 Health Care Providers & Services 61,211,647 61,211,647 Hotels, Restaurants & Leisure 13,348,255 13,348,255 Household Durables 10,539,182 10,539,182 Household Products 10,206,421 10,206,421 Industrial Conglomerates 14,956,074 14,956,074 Insurance 144,946, ,946,859 Internet & Direct ing Retail 7,014,509 7,014,509 Internet Software & Services 14,101,813 14,101,813 IT Services 26,338,350 26,338,350 Life Sciences Tools & Services 8,209,306 8,209,306 Media 33,880,184 10,344,076 44,224,260 Metals & Mining 20,146,482 20,146,482 Multiline Retail 3,471,341 3,471,341 Multi-Utilities 17,422,624 17,422,624 Oil, Gas & Consumable Fuels 173,079, ,079,373 Personal Products 8,261,660 8,261,660 Pharmaceuticals 91,643,221 91,643,221 Professional Services 10,092,121 10,092,121 Real Estate Management & Development 6,087,050 6,087,050 Road & Rail 27,579,870 27,579,870 Semiconductors & Semiconductor Equipment 48,319,008 48,319,008 Software 17,681,971 17,681,971 Specialty Retail 12,122,748 12,122,748 Technology Hardware, Storage & Peripherals 28,335,832 5,512,044 33,847,876 Textiles, Apparel & Luxury Goods 12,701,456 12,701,456 Tobacco 8,660,148 13,998,684 22,658,832 Trading Companies & Distributors 6,988,568 6,988,568 Wireless Telecommunication Services 2,862,395 2,862,395 Total Common Stocks $ 1,809,085,113 $ 54,815,046 $ $ 1,863,900,159 Exchange Traded Fund 6,080,901 6,080,901 Repurchase Agreements 19,594,834 19,594,834 Total Assets $ 1,815,166,014 $ 74,409,880 $ $ 1,889,575,894 Liabilities: Forward Foreign Currency Contracts (184,411) (184,411) Total Liabilities $ $ (184,411) $ $ (184,411) Total $ 1,815,166,014 $ 74,225,469 $ $ 1,889,391,483 Amounts designated as " ", which may include fair valued securities, are zero or have been rounded to zero. Transfers between levels are recognized as of the beginning of the reporting period. During the period ended March 31, 2017, there were no transfers into or out of Level 1, Level 2 or Level 3. The following is a summary of the Fund s derivative instruments categorized by risk exposure as of March 31, Please see below for information on the Fund s policy regarding the objectives and strategies for using forward foreign currency contract. Forward Foreign Currency Contracts The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective(s). The Fund entered into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency and/or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are generally valued at the mean of the last quoted bid and ask prices, as provided by an independent pricing service approved by the Board of Trustees, and are generally categorized as Level 2 investments within the hierarchy. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked-to-market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time of the forward foreign currency contract matures or by delivery of the currency. Forward foreign currency contracts entail the risk of unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contracts may be unable to meet their obligations under the contract. 7

8 The following tables provide a summary of the Fund s derivative instruments categorized by risk exposure as of March 31, 2017: Fair Values of Derivatives not Accounted for as Hedging Instruments as of March 31, 2017 Liabilities: Fair Value Forward Foreign Currency Contracts Currency risk Unrealized depreciation on forward foreign currency contracts $(184,411) Total $(184,411) 8