LVIP Dimensional U.S. Core Equity 1 Fund a series of ... · Expense Analysis of an Investment of $1,000 Beginning Account Value 7/1/19 Ending Account Value 12/31/19 Annualized Expense

Lincoln Variable Insurance Products Trust

President’s Letter

Dear Fellow Investors,

2020 was a year of surprises and uncertainty as the spread of the global pandemic led to the sharpest – but shortest – US recession in modern history. In response, the size and speed of the comprehensive government stimulus was unprecedented as the Federal Reserve Board lowered interest rates to zero, expanded their bond buying, and for the first time ever, purchased corporate debt to calm markets. This monetary stimulus was matched by a historic amount of fiscal stimulus, which provided relief to individuals and small businesses negatively impacted by the pandemic. In turn, after experiencing the single most volatile period in history, equity markets rebounded with the strongest rally out of a bear market since 1932.

As we reflect more deeply on the underlying market drivers throughout the year, 2020 can be characterized by three distinct periods. January 1st through February 19th was a constructive period, as 2020 economic growth was expected to continue at the same solid pace as 2019. However, as markets began to anticipate the economic impact of the rapid onset of the COVID-19 pandemic and the ensuing recession, the S&P 500 declined 35% from February 19th through March 23rd, with the VIX rising from 15 to a high of nearly 83 as evidence of the volatility incurred during this period. From March 23rd through the end of the year, investors began to anticipate a post-pandemic economic rebound, which led to a domestic equity market recovery that eradicated the losses of the short-lived bear market and allowed the S&P 500 to finish the year at a record high. Domestic fixed income also generated solid returns in 2020. After a relatively normal start to the year, the Federal Reserve preemptively cut the Fed Funds rate to near zero and instituted $2.3 trillion in lending programs as it became clear that both monetary and fiscal stimulus would be required to offset the anticipated steep declines in economic activity that would result from safety measures taken to contain the COVID-19 pandemic. Consequently, return patterns were analogous to those seen in the equity markets. The year started normally, but there was significant movement in rates between February 19th and March 23rd, as the 10-year Treasury yield reached an intraday record low of 0.32% on March 9th, while investment grade corporate and high yield bonds incurred losses during this period. Ultimately, corporate bonds recovered to erase all losses and generated solid returns for the year. The 10-year Treasury yield settled at 0.92% at year end, down from 1.92% at the end of 2019. Finally, there continued to be dispersion in performance across investment styles and geographies. Like 2017 – 2019, growth stocks continued to materially outperform value. Also, in recent years, large cap equities materially outperformed small caps and US equities outperformed non-US equities, but that began to change in 2020. Specifically, domestic small caps outperformed large caps while

domestic large caps and emerging market equities recorded nearly identical returns. But non-US equities in developed markets continued to lag US equities. An emerging trend that bears watching as 2020 ended was that value had a strong fourth quarter relative to growth. As we move into 2021, we believe that three key macro themes are front and center:

The virus - in the early part of 2021 market practitioners expect the pace of the economic recovery to slow before it gets better, as virus case counts are elevated in the winter months and fiscal support from the earlier stimulus subsides. The good news is that the potential for broad-scale distribution of vaccinations is moving forward, and the economy is positioned to reaccelerate in the spring of 2021. A new government administration - while there will likely be plusses and minuses for the market and the economy over the next few years, the market is anticipating some early positives in the form of fiscal stimulus. President Biden’s fiscal stimulus plan calls for additional direct stimulus payments to individuals, extension of unemployment benefits, as well as state fiscal aid, and new funds for schools and public health funding. On the heels of the proposed plans, we’ve seen leading economists now forecasting 2021 GDP to be over 6.6% and for the unemployment rate to come back down to nearly 4.5%. We believe that this would be great news and very supportive for markets. On the flip side, longer term, the market is certainly keeping an eye on historically elevated equity valuations the potential for higher tax rates. Monetary policy and the potential return of inflation - Monetary policy is anticipated to remain accommodative, as the Fed waits to see a more sustainable inflationary backdrop, rather than risk pre-emptive tightening and the potential for policy error in the early stages of recovery. And, while it’s unlikely central banks will let bond yields rise too far, there is room for long rates to move higher, as confidence in a sustained recovery grows and pricing pressures create more uncertainty around inflation. Considering this evolving economic backdrop, it is an important time to evaluate the risks in your portfolio with your financial advisor to ensure you are properly diversified based on your time horizon, financial goals and risk tolerance. We are continuing to enhance our LVIP funds in order to provide a more robust and cost-effective universe of equity, fixed income, passive, rules based and traditional actively managed investment options that can help you achieve your unique objectives.

We hope you find the materials included in this annual report helpful as you evaluate your investments with us. Thank you for your continued trust in Lincoln Financial Group, and we wish you a healthy and prosperous 2021.

Sincerely,

Jayson R. Bronchetti

President, Lincoln Variable Insurance Products Trust

LVIP Dimensional U.S. Core Equity 1 Funda series of Lincoln VariableInsurance Products Trust

Annual ReportDecember 31, 2020

LVIP Dimensional U.S. Core Equity 1Fund

Index

Commentary 1

Disclosure of Fund Expenses 2

Security Type/Sector Allocation and Top 10 Equity Holdings 3

Statement of Net Assets 4

Statement of Operations 27

Statements of Changes in Net Assets 27

Financial Highlights 28

Notes to Financial Statements 30

Report of Independent Registered Public Accounting Firm 35

Other Fund Information 36

Officer/Trustee Information 38

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quartersof the fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT reports are available without charge on theCommission’s website at http://www.sec.gov. You may also request a copy by calling 1-800-4LINCOLN (454-6265). For a free copy of theFund’s proxy voting procedures and information regarding how the Fund voted proxies relating to portfolio securities during the mostrecent 12-month period ended June 30, please call 1-800-4LINCOLN (454-6265) or visit the Securities and Exchange Commission’swebsite at http://www.sec.gov.

http://www.sec.gov

http://www.sec.gov

Advised by: Lincoln Investment Advisors CorporationSubadvised by: Dimensional Fund Advisors LP

The Fund returned 16.40% (Standard Class shares with distributionsreinvested) for the year ended December 31, 2020, while itsbenchmark, the Russell 3000® Index1, returned 20.89%.

The U.S. market had positive performance for the year, outperformingboth developed ex U.S. and emerging markets.

Along the market capitalization dimension, small caps (Russell 2000Index) underperformed large caps (Russell 1000 Index) by 1.0%. Midcaps (Russell Midcap Index), a subset of the Russell 1000 Indexuniverse, underperformed small caps by 2.9% and large caps by 3.9%.

Along the relative price dimension, large cap value stocks (Russell1000 Value Index) underperformed large cap growth stocks (Russell1000 Growth Index) by 35.79%, and small cap value stocks (Russell2000 Value Index) underperformed small cap growth stocks (Russell2000 Growth Index) by 30.0%. Among large caps, stocks with higherprofitability outperformed stocks with lower profitability. Amongsmall caps, stocks with higher profitability underperformed stockswith lower profitability.

With low relative price (value) stocks underperforming high relativeprice (growth) stocks, the Fund’s greater emphasis on value stocksdetracted from relative performance. Conversely, at the sector level,the Fund’s general exclusion of real estate investment trusts (REITs)contributed positively to relative performance, as REITsunderperformed the overall index.

The Fund is designed to provide exposure to a diversified group ofsecurities across the entire size and value spectrum in the U.S. marketwith a particular emphasis on small cap stocks, low relative price(value) stocks, and stocks with higher profitability. As a result of theFund’s diversified investment approach, performance is determinedprincipally by broad trends in the U.S. equity market rather than thebehavior of a limited group of securities in a particular industry orasset class.

Portfolio Managers:Dimensional Fund Advisors LP: Jed Fogdall

Joel SchneiderLukas Smart

The views expressed represent the Manager’s assessment of the Fundand market environment as of the most recent quarter end and shouldnot be considered a recommendation to buy, hold, or sell any security,and should not be relied on as research or investment advice.

Growth of $10,000 invested 12/31/10 through 12/31/20

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

12/31/10 12/31/20

$33,489$36,407

LVIP Dimensional U.S. Core Equity 1 Fund - Standard ClassRussell 3000® Index

This chart illustrates, hypothetically, that $10,000 was invested in LVIPDimensional U.S. Core Equity 1 Fund Standard Class shares on 12/31/10.Performance of the Service Class shares would be lower than Standard Class sharesas a result of higher expenses. As the chart shows, by 12/31/20, the value of theinvestment at net asset value, with any dividends and distributions reinvested,would have increased to $33,489. For comparison, look at how the Russell 3000®

Index did over the same period. The same $10,000 investment would have increasedto $36,407. Earnings from a variable annuity investment compound tax-free untilwithdrawn, so no adjustments were made for income taxes. Past performance is notindicative of future performance. Remember, an investor cannot invest directly inan index. An expense waiver was in effect for the Fund during the period shown.Performance would have been lower had the expense waiver not been in effect. Theperformance information does not include insurance company separate accountfees and variable annuity or variable life contract charges and if these fees andcharges were included, then performance would have been lower.

Average annual total returnson investment

Ended12/31/20

Standard Class SharesOne Year + 16.40%Five Years + 14.19%Ten Years + 12.85%

Service Class SharesOne Year + 16.00%Five Years + 13.80%Ten Years + 12.45%1. The Russell 3000® Index is a capitalization weighted total return index which is

comprised of 3,000 of the largest capitalized U.S. domiciled companies. Thisportfolio of securities represents approximately 98% of the investable U.S. equitymarket.

LVIP Dimensional U.S. Core Equity 1 Fund2020 Annual Report Commentary (unaudited)

LVIP Dimensional U.S. Core Equity 1 Fund–1

The Fund sells its shares directly or indirectly to The LincolnNational Life Insurance Company (“Lincoln Life”) and Lincoln Life& Annuity Company of New York (“LNY”). Lincoln Life and LNY holdthe Fund’s shares in separate accounts that support various variableannuity contracts and variable life insurance contracts. Insurancecompany separate account beneficial owners incur ongoing costssuch as the separate account’s cost of owning shares of the Fund. Theongoing Fund costs incurred by beneficial owners are included in theExpense Analysis table. The Expense Analysis table does not includeother costs incurred by beneficial owners, such as insurancecompany separate account fees and variable annuity or variable lifecontract charges.

As a Fund shareholder, you incur ongoing costs, includingmanagement fees; distribution and/or service (“12b-1”) fees; andother Fund expenses. Shareholders of other funds may also incurtransaction costs, including sales charges (loads) on purchasepayments, reinvested dividends or other distributions, redemptionfees, and exchange fees. This Expense Analysis is intended to helpyou understand your ongoing costs (in dollars) of investing in theFund and to compare these costs with the ongoing costs of investingin other mutual funds.

The Expense Analysis is based on an investment of $1,000 invested atthe beginning of the period and held for the entire period from July 1,2020 to December 31, 2020.

Actual ExpensesThe first section of the table, “Actual”, provides information aboutactual account values and actual expenses. You may use theinformation in this section of the table, together with the amount youinvested, to estimate the expenses that you paid over the period.Simply divide your account value by $1,000 (for example, an $8,600account value divided by $1,000 = 8.6), then multiply the result bythe number in the first section under the heading entitled “ExpensesPaid During Period” to estimate the expenses you paid on youraccount during the period.

Hypothetical Example for Comparison PurposesThe second section of the table, “Hypothetical”, providesinformation about hypothetical account values and hypotheticalexpenses based on the Fund’s actual expense ratio and an assumedrate of return of 5% per year before expenses, which is not the Fund’sactual return. The hypothetical account values and expenses cannotbe used to estimate the actual ending account balance or expensesyou paid for the period. You can use this information to compare theongoing costs of investing in the Fund and other funds. To do so,compare this 5% hypothetical example with the 5% hypotheticalexamples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant tohighlight your ongoing costs only. The Fund does not chargetransaction fees, such as sales charges (loads), redemption fees, orexchange fees. Therefore, the second section of the table is useful incomparing ongoing costs only, and will not help you determine therelative total costs of owning different funds. The Fund’s expensesshown in the table reflect fee waivers in effect.

Expense Analysis of an Investment of $1,000

BeginningAccount

Value7/1/20

EndingAccount

Value12/31/20

AnnualizedExpense

Ratio

ExpensesPaid

DuringPeriod

7/1/20 to12/31/20*

ActualStandard Class Shares $1,000.00 $1,260.50 0.41% $2.33Service Class Shares 1,000.00 1,258.30 0.76% 4.31

Hypothetical (5% return before expenses)Standard Class Shares $1,000.00 $1,023.10 0.41% $2.09Service Class Shares 1,000.00 1,021.40 0.76% 3.86

* �Expenses Paid During Period� are equal to the Fund’s annualized expenseratio, multiplied by the average account value over the period, multiplied by184/366 (to reflect the one-half year period).

LVIP Dimensional U.S. Core Equity 1 Fund

DisclosureOF FUND EXPENSES (unaudited)

For the Period July 1, 2020 to December 31, 2020


Sector designations may be different than the sector designationspresented in other Fund materials.

Security Type/SectorPercentage

of Net Assets

Common Stock 99.77%

Aerospace & Defense 1.72%Air Freight & Logistics 0.74%Airlines 0.38%Auto Components 0.63%Automobiles 0.84%Banks 5.13%Beverages 1.53%Biotechnology 2.01%Building Products 1.00%Capital Markets 3.10%Chemicals 2.45%Commercial Services & Supplies 0.96%Communications Equipment 0.92%Construction & Engineering 0.49%Construction Materials 0.16%Consumer Finance 0.92%Containers & Packaging 0.81%Distributors 0.19%Diversified Consumer Services 0.30%Diversified Financial Services 0.98%Diversified Telecommunication Services 1.67%Electric Utilities 1.37%Electrical Equipment 0.81%Electronic Equipment, Instruments & Components 1.43%Energy Equipment & Services 0.42%Entertainment 1.14%Food & Staples Retailing 1.36%Food Products 1.53%Gas Utilities 0.20%Health Care Equipment & Supplies 2.59%Health Care Providers & Services 3.02%Health Care Technology 0.35%Hotels, Restaurants & Leisure 1.92%Household Durables 1.08%Household Products 1.16%Independent Power and Renewable Electricity

Producers 0.23%Industrial Conglomerates 0.94%Insurance 3.05%Interactive Media & Services 3.13%Internet & Direct Marketing Retail 3.44%IT Services 4.98%Leisure Products 0.26%Life Sciences Tools & Services 1.15%Machinery 3.00%Marine 0.06%

Security Type/SectorPercentage

of Net Assets

Media 1.78%Metals & Mining 0.70%Multiline Retail 0.61%Multi-Utilities 0.65%Oil, Gas & Consumable Fuels 2.19%Paper & Forest Products 0.09%Personal Products 0.30%Pharmaceuticals 3.06%Professional Services 0.71%Real Estate Management & Development 0.24%Road & Rail 1.22%Semiconductors & Semiconductor Equipment 5.02%Software 6.52%Specialty Retail 2.60%Technology Hardware, Storage & Peripherals 5.58%Textiles, Apparel & Luxury Goods 0.94%Thrifts & Mortgage Finance 0.42%Tobacco 0.45%Trading Companies & Distributors 0.74%Transportation Infrastructure 0.01%Water Utilities 0.16%Wireless Telecommunication Services 0.23%

Preferred Stocks 0.01%

Rights 0.00%

Money Market Fund 0.18%

Total Investments 99.96%

Receivables and Other Assets Net of Liabilities 0.04%

Total Net Assets 100.00%

Holdings are for informational purposes only and are subject tochange at any time. They are not a recommendation to buy, sell, orhold any security.

Top 10 Equity HoldingsPercentage

of Net Assets

Apple 5.07%Microsoft 3.58%Amazon.com 2.90%Facebook Class A 1.31%JPMorgan Chase & Co. 1.09%Johnson & Johnson 0.93%Verizon Communications 0.92%Berkshire Hathaway Class B 0.84%Visa Class A 0.79%Alphabet Class A 0.77%

Total 18.20%

IT–Information Technology

LVIP Dimensional U.S. Core Equity 1 Fund

Security Type/Sector Allocation and Top 10 Equity Holdings(unaudited)As of December 31, 2020


Number ofShares

Value(U.S. $)

COMMON STOCK–99.77%Aerospace & Defense–1.72%

†AAR . . . . . . . . . . . . . . . . . . . . 5,389 $ 195,190†Aerojet Rocketdyne

Holdings . . . . . . . . . . . . . . . 7,418 392,041†AeroVironment . . . . . . . . . . . 2,215 192,483†Astronics . . . . . . . . . . . . . . . . 2,505 33,141†Astronics Class B . . . . . . . . . 1,301 17,268†Axon Enterprise . . . . . . . . . . 1,811 221,902†Boeing . . . . . . . . . . . . . . . . . . 15,174 3,248,146BWX Technologies . . . . . . . . 5,833 351,613Cubic . . . . . . . . . . . . . . . . . . . 3,909 242,514Curtiss-Wright. . . . . . . . . . . . 4,750 552,662

†Ducommun . . . . . . . . . . . . . . 1,600 85,920General Dynamics . . . . . . . . 17,602 2,619,530HEICO . . . . . . . . . . . . . . . . . . 2,209 292,472HEICO Class A . . . . . . . . . . . 3,448 403,623

†Hexcel . . . . . . . . . . . . . . . . . . 8,199 397,570†Howmet Aerospace . . . . . . . 41,645 1,188,548Huntington Ingalls

Industries . . . . . . . . . . . . . . 4,327 737,667Kaman . . . . . . . . . . . . . . . . . . 3,636 207,725

†Kratos Defense & SecuritySolutions . . . . . . . . . . . . . . . 12,058 330,751

L3Harris Technologies . . . . . 8,670 1,638,803Lockheed Martin . . . . . . . . . 8,961 3,180,976

†Mercury Systems . . . . . . . . . 3,446 303,455Moog Class A. . . . . . . . . . . . . 3,369 267,162National Presto Industries . 1,066 94,266Northrop Grumman . . . . . . . 5,795 1,765,852Park Aerospace. . . . . . . . . . . 2,423 32,492Raytheon Technologies . . . . 44,735 3,199,000Spirit AeroSystems

Holdings Class A. . . . . . . . . 8,350 326,401†Teledyne Technologies. . . . . 2,344 918,801Textron . . . . . . . . . . . . . . . . . 22,144 1,070,220

†TransDigm Group . . . . . . . . . 1,903 1,177,672†Vectrus. . . . . . . . . . . . . . . . . . 2,921 145,232

25,831,098

Air Freight & Logistics–0.74%†Air Transport Services

Group. . . . . . . . . . . . . . . . . . 10,584 331,702†Atlas Air Worldwide

Holdings . . . . . . . . . . . . . . . 3,789 206,652CH Robinson Worldwide . . . 9,962 935,133

†Echo Global Logistics . . . . . 6,655 178,487Expeditors International of

Washington . . . . . . . . . . . . . 9,387 892,798FedEx. . . . . . . . . . . . . . . . . . . 10,318 2,678,759Forward Air. . . . . . . . . . . . . . 3,382 259,873

†Hub Group Class A . . . . . . . . 4,075 232,275United Parcel Service

Class B. . . . . . . . . . . . . . . . . 24,810 4,178,004†XPO Logistics . . . . . . . . . . . . 9,670 1,152,664

11,046,347

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Airlines–0.38%

†Alaska Air Group . . . . . . . . . 13,002 $ 676,104†Allegiant Travel . . . . . . . . . . 1,688 319,437†American Airlines Group. . . 20,094 316,882†Copa Holdings Class A . . . . . 4,120 318,188†Delta Air Lines . . . . . . . . . . . 20,105 808,422†Hawaiian Holdings . . . . . . . . 6,305 111,599†JetBlue Airways . . . . . . . . . . 33,203 482,772†SkyWest . . . . . . . . . . . . . . . . . 6,659 268,424†Southwest Airlines . . . . . . . . 22,825 1,063,873†Spirit Airlines . . . . . . . . . . . . 10,860 265,527†United Airlines Holdings . . . 23,949 1,035,794

5,667,022

Auto Components–0.63%†Adient . . . . . . . . . . . . . . . . . . 7,115 247,389†American Axle &

Manufacturing Holdings . . 21,651 180,569†Aptiv . . . . . . . . . . . . . . . . . . . 12,641 1,646,996†Autoliv . . . . . . . . . . . . . . . . . . 9,198 847,136BorgWarner . . . . . . . . . . . . . . 25,248 975,583Cooper Tire & Rubber . . . . . 8,107 328,334

†Cooper-Standard Holdings . 2,502 86,744†Dana . . . . . . . . . . . . . . . . . . . 20,570 401,526†Dorman Products . . . . . . . . . 3,454 299,876†Fox Factory Holding. . . . . . . 3,534 373,579Gentex . . . . . . . . . . . . . . . . . . 24,704 838,207

†Gentherm . . . . . . . . . . . . . . . 3,997 260,684†Goodyear Tire & Rubber . . . 29,979 327,071†Horizon Global . . . . . . . . . . . 2,190 18,812LCI Industries. . . . . . . . . . . . 3,263 423,146Lear . . . . . . . . . . . . . . . . . . . . 6,113 972,150

†Modine Manufacturing . . . . 8,303 104,286†Motorcar Parts of America . 2,029 39,809Patrick Industries . . . . . . . . 4,000 273,400Standard Motor Products . . 2,906 117,577

†Stoneridge. . . . . . . . . . . . . . . 3,532 106,772†Superior Industries

International . . . . . . . . . . . 3,283 13,427†Tenneco Class A . . . . . . . . . . 8,836 93,662†Veoneer . . . . . . . . . . . . . . . . . 7,240 154,212†Visteon. . . . . . . . . . . . . . . . . . 2,385 299,365

9,430,312

Automobiles–0.84%†Ford Motor . . . . . . . . . . . . . . 296,403 2,605,382†General Motors. . . . . . . . . . . 78,728 3,278,234Harley-Davidson . . . . . . . . . . 15,921 584,301

†Tesla. . . . . . . . . . . . . . . . . . . . 7,705 5,437,187Thor Industries. . . . . . . . . . . 4,199 390,465Winnebago Industries . . . . . 5,327 319,301

12,614,870

Banks–5.13%1st Source . . . . . . . . . . . . . . . 3,376 136,053Allegiance Bancshares . . . . 1,697 57,919

LVIP Dimensional U.S. Core Equity 1 FundStatement of Net AssetsDecember 31, 2020


Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Banks (continued)Altabancorp . . . . . . . . . . . . . 300 $ 8,376Ameris Bancorp . . . . . . . . . . 8,107 308,634Arrow Financial . . . . . . . . . . 498 14,895Associated Banc-Corp . . . . . 16,938 288,793

†Atlantic CapitalBancshares . . . . . . . . . . . . . 2,200 35,024

Atlantic Union Bankshares . 7,033 231,667Banc of California . . . . . . . . 9,953 146,409BancFirst. . . . . . . . . . . . . . . . 3,473 203,865

†Bancorp. . . . . . . . . . . . . . . . . 11,149 152,184BancorpSouth Bank . . . . . . . 10,113 277,501Bank of America. . . . . . . . . . 223,077 6,761,464Bank of Hawaii . . . . . . . . . . . 5,106 391,222Bank of Marin Bancorp . . . . 800 27,472Bank of NT Butterfield &

Son. . . . . . . . . . . . . . . . . . . . 7,533 234,728Bank OZK . . . . . . . . . . . . . . . 13,694 428,211BankUnited . . . . . . . . . . . . . . 12,210 424,664Banner. . . . . . . . . . . . . . . . . . 5,972 278,235Berkshire Hills Bancorp . . . 5,646 96,660BOK Financial . . . . . . . . . . . 5,728 392,253Boston Private Financial

Holdings . . . . . . . . . . . . . . . 14,301 120,843Bridge Bancorp. . . . . . . . . . . 2,824 68,284Brookline Bancorp . . . . . . . . 16,250 195,650Bryn Mawr Bank. . . . . . . . . . 3,680 112,590Cadence BanCorp. . . . . . . . . 17,046 279,895Camden National . . . . . . . . . 1,998 71,488Capital City Bank Group . . . 800 19,664Cathay General Bancorp . . . 8,683 279,506CBTX . . . . . . . . . . . . . . . . . . . 1,306 33,316Central Pacific Financial . . 5,001 95,069CIT Group . . . . . . . . . . . . . . . 10,032 360,149Citigroup . . . . . . . . . . . . . . . . 60,792 3,748,435Citizens Financial Group. . . 29,820 1,066,363City Holding . . . . . . . . . . . . . 2,841 197,592CNB Financial . . . . . . . . . . . 543 11,560Columbia Banking System. . 8,265 296,714Comerica . . . . . . . . . . . . . . . . 8,347 466,263Commerce Bancshares . . . . 10,442 686,039Community Bank System. . . 5,191 323,451Community Trust Bancorp . 2,467 91,402ConnectOne Bancorp. . . . . . 6,176 122,223Cullen/Frost Bankers. . . . . . 4,148 361,830

†Customers Bancorp . . . . . . . 3,657 66,484CVB Financial. . . . . . . . . . . . 14,317 279,182Dime Community

Bancshares . . . . . . . . . . . . . 6,872 108,371Eagle Bancorp . . . . . . . . . . . 5,654 233,510East West Bancorp . . . . . . . . 11,093 562,526Enterprise Financial

Services . . . . . . . . . . . . . . . . 3,126 109,254†Equity Bancshares Class A . 1,380 29,794FB Financial . . . . . . . . . . . . . 6,591 228,905Fifth Third Bancorp . . . . . . . 34,520 951,716

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Banks (continued)Financial Institutions . . . . . 763 $ 17,168First Bancorp (North

Carolina). . . . . . . . . . . . . . . 4,235 143,270First BanCorp (Puerto

Rico) . . . . . . . . . . . . . . . . . . 32,583 300,415First Bancshares . . . . . . . . . 1,363 42,089First Busey . . . . . . . . . . . . . . 9,536 205,501First Citizens BancShares

Class A. . . . . . . . . . . . . . . . . 953 547,279First Commonwealth

Financial . . . . . . . . . . . . . . . 14,092 154,166First Community

Bancshares . . . . . . . . . . . . . 1,307 28,205First Financial . . . . . . . . . . . 880 34,188First Financial Bancorp. . . . 11,350 198,966First Financial Bankshares . 8,922 322,753First Foundation. . . . . . . . . . 5,112 102,240First Hawaiian . . . . . . . . . . . 5,650 133,227First Horizon National . . . . . 52,745 673,026First Interstate

BancSystem Class A. . . . . . 3,666 149,463First Merchants . . . . . . . . . . 8,190 306,388First Mid Bancshares. . . . . . 773 26,019First Midwest Bancorp . . . . 14,084 224,217First of Long Island . . . . . . . 1,772 31,630First Republic Bank . . . . . . . 8,409 1,235,534Flushing Financial . . . . . . . . 4,876 81,137FNB . . . . . . . . . . . . . . . . . . . . 32,839 311,971Fulton Financial . . . . . . . . . . 20,249 257,567German American Bancorp. 3,237 107,112Glacier Bancorp . . . . . . . . . . 7,273 334,631Great Southern Bancorp . . . 2,431 118,876Great Western Bancorp . . . . 8,042 168,078Hancock Whitney . . . . . . . . . 9,517 323,768Hanmi Financial. . . . . . . . . . 4,000 45,360

†Harborone Bancorp . . . . . . . 3,325 36,110Heartland Financial USA. . . 6,250 252,313Heritage Commerce . . . . . . . 3,648 32,358Heritage Financial . . . . . . . . 6,057 141,673Hilltop Holdings . . . . . . . . . . 13,115 360,794Home BancShares . . . . . . . . 18,464 359,679HomeTrust Bancshares . . . . 901 17,398Hope Bancorp . . . . . . . . . . . . 16,420 179,142Horizon Bancorp . . . . . . . . . 7,246 114,922Huntington Bancshares . . . . 83,780 1,058,141Independent Bank . . . . . . . . 5,643 288,345Independent Bank Group . . 4,072 254,581International Bancshares . . 8,563 320,599Investors Bancorp . . . . . . . . 34,004 359,082JPMorgan Chase & Co. . . . . 128,185 16,288,468KeyCorp. . . . . . . . . . . . . . . . . 48,837 801,415Lakeland Bancorp . . . . . . . . 9,994 126,924Lakeland Financial . . . . . . . 2,847 152,542Live Oak Bancshares . . . . . . 3,640 172,754M&T Bank . . . . . . . . . . . . . . . 5,812 739,868

LVIP Dimensional U.S. Core Equity 1 FundStatement of Net Assets (continued)


Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Banks (continued)Mercantile Bank. . . . . . . . . . 1,436 $ 39,016Midland States Bancorp . . . 1,400 25,018MidWestOne Financial

Group. . . . . . . . . . . . . . . . . . 600 14,700National Bank Holdings

Class A. . . . . . . . . . . . . . . . . 5,083 166,519NBT Bancorp . . . . . . . . . . . . 5,373 172,473

†Nicolet Bankshares . . . . . . . 573 38,019OceanFirst Financial . . . . . . 7,155 133,298OFG Bancorp . . . . . . . . . . . . 8,163 151,342Old National Bancorp . . . . . 17,834 295,331Origin Bancorp . . . . . . . . . . . 1,679 46,626Pacific Premier Bancorp . . . 13,143 411,770PacWest Bancorp . . . . . . . . . 6,709 170,409Park National . . . . . . . . . . . . 1,685 176,942Peapack Gladstone

Financial . . . . . . . . . . . . . . . 2,958 67,324Peoples Bancorp. . . . . . . . . . 3,493 94,625People’s United Financial . . 36,431 471,053Pinnacle Financial

Partners . . . . . . . . . . . . . . . 5,894 379,574PNC Financial Services

Group. . . . . . . . . . . . . . . . . . 12,663 1,886,787Popular . . . . . . . . . . . . . . . . . 10,058 566,467Preferred Bank. . . . . . . . . . . 1,509 76,159Prosperity Bancshares. . . . . 10,058 697,623QCR Holdings . . . . . . . . . . . . 1,263 50,002Regions Financial. . . . . . . . . 43,297 697,948Renasant . . . . . . . . . . . . . . . . 7,898 266,005Republic Bancorp Class A . . 1,755 63,303S&T Bancorp. . . . . . . . . . . . . 4,286 106,464Sandy Spring Bancorp . . . . . 4,310 138,739

†Seacoast Banking Corp. ofFlorida. . . . . . . . . . . . . . . . . 1,194 35,163

ServisFirst Bancshares . . . . 6,045 243,553Sierra Bancorp . . . . . . . . . . . 742 17,749Signature Bank. . . . . . . . . . . 3,723 503,685Simmons First National

Class A. . . . . . . . . . . . . . . . . 12,660 273,329South State . . . . . . . . . . . . . . 6,674 482,530Southside Bancshares . . . . . 5,011 155,491Sterling Bancorp . . . . . . . . . 21,051 378,497Stock Yards Bancorp . . . . . . 2,112 85,494

†SVB Financial Group . . . . . . 2,722 1,055,673Synovus Financial . . . . . . . . 16,921 547,733TCF Financial . . . . . . . . . . . . 18,070 668,951

†Texas Capital Bancshares . . 5,756 342,482Tompkins Financial . . . . . . . 1,879 132,657Towne Bank. . . . . . . . . . . . . . 9,443 221,722TriCo Bancshares . . . . . . . . . 4,228 149,164

†TriState Capital Holdings . . 3,540 61,596†Triumph Bancorp . . . . . . . . . 6,346 308,098Truist Financial . . . . . . . . . . 41,774 2,002,228Trustmark . . . . . . . . . . . . . . . 10,322 281,894UMB Financial . . . . . . . . . . . 5,041 347,779

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Banks (continued)Umpqua Holdings . . . . . . . . . 21,855 $ 330,885United Bankshares. . . . . . . . 15,676 507,902United Community Banks . . 9,910 281,840Univest Financial . . . . . . . . . 5,030 103,517US Bancorp . . . . . . . . . . . . . . 56,106 2,613,979Valley National Bancorp . . . 39,046 380,699Veritex Holdings . . . . . . . . . . 959 24,608Washington Trust Bancorp . 3,228 144,614Webster Financial . . . . . . . . 9,266 390,562Wells Fargo & Co. . . . . . . . . . 114,566 3,457,602WesBanco . . . . . . . . . . . . . . . 5,095 152,646Westamerica

Bancorporation . . . . . . . . . 2,893 159,954Western Alliance Bancorp . . 10,465 627,377Wintrust Financial . . . . . . . . 5,764 352,123Zions Bancorp. . . . . . . . . . . . 11,022 478,796

76,861,757

Beverages–1.53%†Boston Beer Class A. . . . . . . 1,066 1,059,913Brown-Forman Class A . . . . 1,046 76,850Brown-Forman Class B . . . . 14,939 1,186,605Coca-Cola . . . . . . . . . . . . . . . 133,336 7,312,146Coca-Cola Consolidated. . . . 1,022 272,128Constellation Brands

Class A. . . . . . . . . . . . . . . . . 6,926 1,517,140Keurig Dr Pepper . . . . . . . . . 28,027 896,864MGP Ingredients . . . . . . . . . 1,497 70,449

†Molson Coors BeverageClass B. . . . . . . . . . . . . . . . . 16,156 730,090

†Monster Beverage . . . . . . . . 12,489 1,154,983National Beverage . . . . . . . . 1,899 161,225PepsiCo . . . . . . . . . . . . . . . . . 57,262 8,491,954

22,930,347

Biotechnology–2.01%AbbVie . . . . . . . . . . . . . . . . . . 57,415 6,152,017

†ACADIA Pharmaceuticals . . 2,300 122,958†Adverum Biotechnologies . . 10,775 116,801†Agios Pharmaceuticals . . . . 1,832 79,381†Akebia Therapeutics . . . . . . 7,400 20,720†Alexion Pharmaceuticals. . . 9,024 1,409,910†Alkermes . . . . . . . . . . . . . . . . 3,336 66,553†Alnylam Pharmaceuticals . . 2,227 289,443Amgen . . . . . . . . . . . . . . . . . . 25,518 5,867,099

†AnaptysBio . . . . . . . . . . . . . . 2,400 51,600†Anika Therapeutics . . . . . . . 1,937 87,669†Arena Pharmaceuticals . . . . 3,770 289,649†Atara Biotherapeutics . . . . . 3,839 75,360†Biogen . . . . . . . . . . . . . . . . . . 8,809 2,156,972†BioMarin Pharmaceutical . . 4,560 399,866†Bluebird Bio . . . . . . . . . . . . . 4,185 181,085†Concert Pharmaceuticals . . 4,505 56,943†CRISPR Therapeutics . . . . . 2,111 323,215†Denali Therapeutics. . . . . . . 4,195 351,373



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Biotechnology (continued)

†Eagle Pharmaceuticals . . . . 1,957 $ 91,137†Emergent BioSolutions . . . . 5,759 516,006†Enanta Pharmaceuticals . . . 2,114 88,999†Epizyme. . . . . . . . . . . . . . . . . 4,841 52,573†Exact Sciences . . . . . . . . . . . 3,427 454,043†Exelixis . . . . . . . . . . . . . . . . . 20,982 421,109†Five Prime Therapeutics . . . 4,086 69,503†G1 Therapeutics . . . . . . . . . . 4,800 86,352Gilead Sciences . . . . . . . . . . 52,064 3,033,249

†Global Blood Therapeutics . 5,962 258,214†GlycoMimetics . . . . . . . . . . . 1,315 4,944†Incyte. . . . . . . . . . . . . . . . . . . 2,788 242,500†Intellia Therapeutics . . . . . . 2,940 159,936†Ionis Pharmaceuticals . . . . . 5,845 330,476†Kura Oncology . . . . . . . . . . . 3,841 125,447†Ligand Pharmaceuticals . . . 1,549 154,048†MacroGenics . . . . . . . . . . . . . 6,645 151,905†Madrigal Pharmaceuticals . 765 85,045†Myriad Genetics . . . . . . . . . . 6,072 120,074†Neurocrine Biosciences. . . . 2,841 272,310†ObsEva. . . . . . . . . . . . . . . . . . 1,100 2,288†OPKO Health. . . . . . . . . . . . . 26,983 106,583†PDL BioPharma . . . . . . . . . . 21,857 54,096†Prothena . . . . . . . . . . . . . . . . 2,660 31,947†Regeneron

Pharmaceuticals . . . . . . . . 2,460 1,188,451†REGENXBIO . . . . . . . . . . . . . 4,574 207,477†Rhythm Pharmaceuticals . . 631 18,760†Rocket Pharmaceuticals . . . 4,200 230,328†Sage Therapeutics . . . . . . . . 900 77,859†Sangamo Therapeutics . . . . 13,158 205,331†Sarepta Therapeutics. . . . . . 2,381 405,937†Seagen . . . . . . . . . . . . . . . . . . 3,269 572,533†Spectrum Pharmaceuticals . 5,200 17,732†Travere Therapeutics . . . . . . 4,405 120,058†Ultragenyx Pharmaceutical. 1,249 172,899†United Therapeutics . . . . . . 4,936 749,235†Vanda Pharmaceuticals . . . . 5,302 69,668†Vertex Pharmaceuticals. . . . 3,259 770,232†Xencor . . . . . . . . . . . . . . . . . . 5,219 227,705

30,045,603

Building Products–1.00%AAON . . . . . . . . . . . . . . . . . . . 4,728 315,027Advanced Drainage

Systems . . . . . . . . . . . . . . . . 7,020 586,732Allegion . . . . . . . . . . . . . . . . . 4,973 578,758

†American Woodmark . . . . . . 2,433 228,337AO Smith . . . . . . . . . . . . . . . . 12,081 662,280Apogee Enterprises . . . . . . . 3,439 108,948

†Armstrong Flooring . . . . . . . 3,796 14,501Armstrong World

Industries . . . . . . . . . . . . . . 4,709 350,303†Builders FirstSource . . . . . . 14,679 599,050Carrier Global. . . . . . . . . . . . 37,888 1,429,135

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Building Products (continued)

†Cornerstone BuildingBrands . . . . . . . . . . . . . . . . . 8,244 $ 76,504

CSW Industrials . . . . . . . . . . 1,989 222,589Fortune Brands Home &

Security . . . . . . . . . . . . . . . . 14,113 1,209,766†Gibraltar Industries . . . . . . . 3,900 280,566Griffon . . . . . . . . . . . . . . . . . . 7,849 159,963Insteel Industries. . . . . . . . . 1,756 39,106

†JELD-WEN Holding . . . . . . . 13,799 349,943Johnson Controls

International . . . . . . . . . . . 30,061 1,400,542Lennox International. . . . . . 1,939 531,228Masco. . . . . . . . . . . . . . . . . . . 10,394 570,942

†Masonite International . . . . 3,482 342,420Owens Corning . . . . . . . . . . . 8,300 628,808

†PGT Innovations. . . . . . . . . . 8,191 166,605Quanex Building Products. . 4,360 96,661

†Resideo Technologies. . . . . . 14,386 305,846Simpson Manufacturing . . . 4,772 445,943Trane Technologies . . . . . . . 15,081 2,189,158

†Trex . . . . . . . . . . . . . . . . . . . . 8,010 670,597UFP Industries . . . . . . . . . . . 7,118 395,405

14,955,663

Capital Markets–3.10%Affiliated Managers Group . 4,373 444,734Ameriprise Financial . . . . . . 10,303 2,002,182Ares Management Class A. . 5,059 238,026Artisan Partners Asset

Management Class A . . . . . 3,789 190,738Bank of New York Mellon . . 40,486 1,718,226BGC Partners Class A . . . . . 30,856 123,424BlackRock . . . . . . . . . . . . . . . 3,395 2,449,628Blackstone Group Class A . . 5,713 370,260

†Blucora . . . . . . . . . . . . . . . . . 5,281 84,021Brightsphere Investment

Group. . . . . . . . . . . . . . . . . . 6,371 122,833Cboe Global Markets . . . . . . 6,135 571,291Charles Schwab . . . . . . . . . . 57,363 3,042,534CME Group . . . . . . . . . . . . . . 6,950 1,265,247Cohen & Steers. . . . . . . . . . . 4,673 347,204Diamond Hill Investment

Group. . . . . . . . . . . . . . . . . . 786 117,326†Donnelley Financial

Solutions . . . . . . . . . . . . . . . 6,570 111,493Eaton Vance . . . . . . . . . . . . . 9,530 647,373Evercore Class A. . . . . . . . . . 5,155 565,194FactSet Research Systems . 2,282 758,765Federated Hermes . . . . . . . . 13,518 390,535Franklin Resources . . . . . . . 26,261 656,262Goldman Sachs Group . . . . . 9,985 2,633,144Greenhill & Co.. . . . . . . . . . . 3,574 43,388Hamilton Lane Class A . . . . 2,290 178,735Houlihan Lokey. . . . . . . . . . . 2,921 196,379



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Capital Markets (continued)Interactive Brokers Group

Class A. . . . . . . . . . . . . . . . . 7,062 $ 430,217Intercontinental Exchange . 15,452 1,781,461Invesco . . . . . . . . . . . . . . . . . 35,679 621,885Janus Henderson Group . . . 11,212 364,502KKR & Co Class A. . . . . . . . . 24,658 998,402Lazard Class A . . . . . . . . . . . 6,961 294,450LPL Financial Holdings . . . . 8,795 916,615MarketAxess Holdings . . . . . 1,677 956,829Moelis & Co. Class A . . . . . . 4,279 200,086Moody’s . . . . . . . . . . . . . . . . . 6,584 1,910,940Morgan Stanley. . . . . . . . . . . 70,659 4,842,261Morningstar . . . . . . . . . . . . . 3,729 863,525MSCI . . . . . . . . . . . . . . . . . . . 3,104 1,386,029Nasdaq. . . . . . . . . . . . . . . . . . 7,726 1,025,549Northern Trust . . . . . . . . . . . 9,018 839,937Oppenheimer Holdings

Class A. . . . . . . . . . . . . . . . . 566 17,789Piper Sandler . . . . . . . . . . . . 2,718 274,246PJT Partners Class A . . . . . . 2,208 166,152Raymond James Financial . 11,543 1,104,319S&P Global . . . . . . . . . . . . . . 7,716 2,536,481SEI Investments . . . . . . . . . . 12,025 691,077State Street. . . . . . . . . . . . . . 15,293 1,113,025Stifel Financial . . . . . . . . . . . 11,269 568,634

†Stonex Group . . . . . . . . . . . . 1,728 100,051T. Rowe Price Group. . . . . . . 13,306 2,014,395Tradeweb Markets Class A . 5,291 330,423Virtu Financial Class A . . . . 8,744 220,086Virtus Investment Partners. 817 177,289Waddell & Reed Financial

Class A. . . . . . . . . . . . . . . . . 11,678 297,439†Westwood Holdings Group. . 147 2,132WisdomTree Investments . . 27,823 148,853

46,464,021

Chemicals–2.45%†AdvanSix . . . . . . . . . . . . . . . . 4,807 96,092Air Products & Chemicals . . 5,258 1,436,591Albemarle . . . . . . . . . . . . . . . 8,389 1,237,545American Vanguard . . . . . . . 3,629 56,322Ashland Global Holdings . . . 4,435 351,252Avient. . . . . . . . . . . . . . . . . . . 9,434 380,001

†Axalta Coating Systems . . . . 21,171 604,432Balchem . . . . . . . . . . . . . . . . 2,885 332,410Cabot . . . . . . . . . . . . . . . . . . . 7,734 347,102Celanese . . . . . . . . . . . . . . . . 6,285 816,673CF Industries Holdings . . . . 21,635 837,491Chase . . . . . . . . . . . . . . . . . . . 1,120 113,131Chemours . . . . . . . . . . . . . . . 8,853 219,466Corteva . . . . . . . . . . . . . . . . . 33,747 1,306,684Dow . . . . . . . . . . . . . . . . . . . . 47,934 2,660,337DuPont de Nemours . . . . . . . 21,287 1,513,719Eastman Chemical . . . . . . . . 10,360 1,038,901Ecolab . . . . . . . . . . . . . . . . . . 9,204 1,991,377

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Chemicals (continued)Element Solutions . . . . . . . . 26,715 $ 473,657

†Ferro . . . . . . . . . . . . . . . . . . . 13,661 199,860FMC . . . . . . . . . . . . . . . . . . . . 12,271 1,410,306FutureFuel . . . . . . . . . . . . . . 4,566 57,988

†GCP Applied Technologies . 5,509 130,288Hawkins. . . . . . . . . . . . . . . . . 819 42,842HB Fuller. . . . . . . . . . . . . . . . 5,745 298,051Huntsman . . . . . . . . . . . . . . . 24,429 614,145

†Ingevity . . . . . . . . . . . . . . . . . 4,179 316,476Innospec . . . . . . . . . . . . . . . . 3,098 281,081International Flavors &

Fragrances . . . . . . . . . . . . . 5,432 591,219†Intrepid Potash . . . . . . . . . . 612 14,780†Koppers Holdings . . . . . . . . . 1,784 55,589†Kraton . . . . . . . . . . . . . . . . . . 6,560 182,302Kronos Worldwide . . . . . . . . 11,671 174,015

†Linde . . . . . . . . . . . . . . . . . . . 12,724 3,352,901†Livent. . . . . . . . . . . . . . . . . . . 5,526 104,110†LSB Industries . . . . . . . . . . . 2,575 8,729LyondellBasell Industries

Class A. . . . . . . . . . . . . . . . . 28,091 2,574,821Minerals Technologies . . . . . 4,368 271,340Mosaic . . . . . . . . . . . . . . . . . . 23,726 545,935NewMarket . . . . . . . . . . . . . . 1,227 488,702Olin . . . . . . . . . . . . . . . . . . . . 18,769 460,967PPG Industries . . . . . . . . . . . 12,119 1,747,802PQ Group Holdings. . . . . . . . 2,891 41,226

†Rayonier AdvancedMaterials . . . . . . . . . . . . . . . 10,113 65,937

RPM International . . . . . . . . 7,154 649,440Scotts Miracle-Gro . . . . . . . . 5,415 1,078,343Sensient Technologies . . . . . 4,926 363,391Sherwin-Williams . . . . . . . . . 3,469 2,549,403Stepan . . . . . . . . . . . . . . . . . . 2,727 325,386

†Trecora Resources . . . . . . . . 1,810 12,652Tredegar . . . . . . . . . . . . . . . . 3,092 51,636Trinseo. . . . . . . . . . . . . . . . . . 7,005 358,726

†Tronox Holdings Class A . . . 12,136 177,428Valvoline . . . . . . . . . . . . . . . . 15,826 366,214

†Venator Materials . . . . . . . . . 6,100 20,191W R Grace & Co. . . . . . . . . . . 5,509 302,003Westlake Chemical . . . . . . . . 6,558 535,133

36,634,541

Commercial Services & Supplies–0.96%ABM Industries. . . . . . . . . . . 8,999 340,522ACCO Brands . . . . . . . . . . . . 15,297 129,260ADT . . . . . . . . . . . . . . . . . . . . 37,621 295,325ARC Document Solutions . . 6,046 8,948Brady Class A . . . . . . . . . . . . 5,320 281,002Brink’s . . . . . . . . . . . . . . . . . . 3,096 222,912

†Casella Waste SystemsClass A. . . . . . . . . . . . . . . . . 2,209 136,848

†Cimpress . . . . . . . . . . . . . . . . 3,169 278,048Cintas . . . . . . . . . . . . . . . . . . 4,388 1,550,982



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Commercial Services & Supplies (continued)

†Clean Harbors. . . . . . . . . . . . 6,114 $ 465,275†Copart . . . . . . . . . . . . . . . . . . 9,177 1,167,773Covanta Holding . . . . . . . . . . 13,922 182,796Deluxe . . . . . . . . . . . . . . . . . . 5,890 171,988Ennis . . . . . . . . . . . . . . . . . . . 3,323 59,316

†Harsco . . . . . . . . . . . . . . . . . . 9,121 163,996Healthcare Services Group . 2,712 76,207

†Heritage-Crystal Clean . . . . 1,138 23,978Herman Miller . . . . . . . . . . . 8,070 272,766HNI. . . . . . . . . . . . . . . . . . . . . 6,100 210,206

†IAA. . . . . . . . . . . . . . . . . . . . . 10,453 679,236Interface . . . . . . . . . . . . . . . . 8,682 91,161

†KAR Auction Services . . . . . 13,984 260,242Kimball International

Class B. . . . . . . . . . . . . . . . . 4,901 58,567Knoll . . . . . . . . . . . . . . . . . . . 7,864 115,443Matthews International

Class A. . . . . . . . . . . . . . . . . 4,904 144,178McGrath RentCorp. . . . . . . . 3,569 239,480MSA Safety . . . . . . . . . . . . . . 1,744 260,536

†PICO Holdings . . . . . . . . . . . 2,699 25,236Pitney Bowes . . . . . . . . . . . . 23,939 147,464Quad/Graphics . . . . . . . . . . . 5,244 20,032Republic Services. . . . . . . . . 20,118 1,937,363Rollins . . . . . . . . . . . . . . . . . . 15,837 618,752

†SP Plus . . . . . . . . . . . . . . . . . 3,002 86,548Steelcase Class A . . . . . . . . . 12,090 163,819

†Stericycle . . . . . . . . . . . . . . . 7,107 492,728†Team . . . . . . . . . . . . . . . . . . . 2,683 29,245Tetra Tech . . . . . . . . . . . . . . . 4,642 537,451UniFirst . . . . . . . . . . . . . . . . . 1,742 368,764

†US Ecology . . . . . . . . . . . . . . 3,069 111,497†Viad . . . . . . . . . . . . . . . . . . . . 2,959 107,027VSE. . . . . . . . . . . . . . . . . . . . . 600 23,094Waste Management . . . . . . . 15,317 1,806,334

14,362,345

Communications Equipment–0.92%†Acacia Communications . . . 5,992 437,176ADTRAN . . . . . . . . . . . . . . . . 6,434 95,030

†Applied Optoelectronics . . . 2,558 21,769†Arista Networks . . . . . . . . . . 2,186 635,186†CalAmp . . . . . . . . . . . . . . . . . 2,806 27,836†Calix. . . . . . . . . . . . . . . . . . . . 3,340 99,398†Ciena . . . . . . . . . . . . . . . . . . . 14,673 775,468Cisco Systems . . . . . . . . . . . . 153,382 6,863,845

†CommScope Holding . . . . . . 14,905 199,727Comtech

Telecommunications . . . . . 2,467 51,042†EchoStar Class A . . . . . . . . . 4,326 91,668†F5 Networks . . . . . . . . . . . . . 5,272 927,556†Harmonic. . . . . . . . . . . . . . . . 15,891 117,434†Infinera . . . . . . . . . . . . . . . . . 28,262 296,186Juniper Networks . . . . . . . . . 22,261 501,095

†Lumentum Holdings. . . . . . . 5,089 482,437

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Communications Equipment (continued)Motorola Solutions . . . . . . . . 5,314 $ 903,699

†NETGEAR . . . . . . . . . . . . . . . 5,991 243,414†NetScout Systems. . . . . . . . . 10,443 286,347†Ribbon Communications . . . 7,554 49,554Ubiquiti . . . . . . . . . . . . . . . . . 700 194,957

†ViaSat . . . . . . . . . . . . . . . . . . 4,826 157,569†Viavi Solutions . . . . . . . . . . . 21,760 325,856

13,784,249

Construction & Engineering–0.49%†AECOM . . . . . . . . . . . . . . . . . 12,090 601,840†Aegion . . . . . . . . . . . . . . . . . . 4,365 82,891†Ameresco Class A . . . . . . . . . 500 26,120Arcosa . . . . . . . . . . . . . . . . . . 4,724 259,489Argan . . . . . . . . . . . . . . . . . . . 2,865 127,464Comfort Systems USA . . . . . 5,275 277,781

†Construction PartnersClass A. . . . . . . . . . . . . . . . . 3,231 94,054

†Dycom Industries . . . . . . . . . 5,163 389,910EMCOR Group . . . . . . . . . . . 6,939 634,641

†Fluor . . . . . . . . . . . . . . . . . . . 6,492 103,677Granite Construction . . . . . . 5,660 151,179

†Great Lakes Dredge &Dock . . . . . . . . . . . . . . . . . . 10,783 142,012

Jacobs Engineering Group . 8,734 951,657†MasTec. . . . . . . . . . . . . . . . . . 9,092 619,893†Matrix Service. . . . . . . . . . . . 3,017 33,247†MYR Group . . . . . . . . . . . . . . 2,986 179,459†NV5 Global . . . . . . . . . . . . . . 1,900 149,682Primoris Services . . . . . . . . . 10,014 276,487Quanta Services . . . . . . . . . . 14,256 1,026,717

†Sterling Construction . . . . . 6,125 113,986†Tutor Perini. . . . . . . . . . . . . . 7,043 91,207Valmont Industries. . . . . . . . 2,153 376,624

†WillScot Mobile MiniHoldings . . . . . . . . . . . . . . . 25,005 579,366

7,289,383

Construction Materials–0.16%†Eagle Materials. . . . . . . . . . . 4,281 433,879Martin Marietta Materials. . 3,109 882,863

†Summit Materials Class A . . 14,078 282,686†U.S. Concrete . . . . . . . . . . . . 2,396 95,768Vulcan Materials. . . . . . . . . . 5,108 757,568

2,452,764

Consumer Finance–0.92%Ally Financial . . . . . . . . . . . . 30,637 1,092,515American Express . . . . . . . . 25,031 3,026,498Capital One Financial . . . . . 19,244 1,902,269

†Credit Acceptance . . . . . . . . 1,842 637,590Discover Financial

Services . . . . . . . . . . . . . . . . 15,419 1,395,882†Encore Capital Group . . . . . 5,079 197,827†Enova International . . . . . . . 6,750 167,198



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Consumer Finance (continued)

†EZCORP Class A . . . . . . . . . . 6,690 $ 32,045FirstCash. . . . . . . . . . . . . . . . 5,361 375,485

†Green Dot Class A . . . . . . . . 5,819 324,700†LendingClub . . . . . . . . . . . . . 14,756 155,823†LendingTree . . . . . . . . . . . . . 922 252,434Navient . . . . . . . . . . . . . . . . . 31,863 312,895Nelnet Class A . . . . . . . . . . . 4,320 307,757OneMain Holdings . . . . . . . . 11,443 551,095

†PRA Group . . . . . . . . . . . . . . 6,942 275,320PROG Holdings . . . . . . . . . . . 6,205 334,263

†Santander Consumer USAHoldings . . . . . . . . . . . . . . . 27,673 609,360

SLM . . . . . . . . . . . . . . . . . . . . 54,985 681,264Synchrony Financial . . . . . . 31,383 1,089,304

†World Acceptance. . . . . . . . . 1,118 114,28213,835,806

Containers & Packaging–0.81%Amcor . . . . . . . . . . . . . . . . . . 94,418 1,111,300AptarGroup . . . . . . . . . . . . . . 7,071 967,949Avery Dennison. . . . . . . . . . . 6,517 1,010,852Ball. . . . . . . . . . . . . . . . . . . . . 12,596 1,173,695

†Berry Global Group . . . . . . . 15,811 888,420†Crown Holdings . . . . . . . . . . 7,001 701,500Graphic Packaging Holding. 37,740 639,316Greif Class A . . . . . . . . . . . . . 4,106 192,489Greif Class B . . . . . . . . . . . . . 502 24,287International Paper . . . . . . . 25,930 1,289,240Myers Industries. . . . . . . . . . 2,920 60,678

†O-I Glass . . . . . . . . . . . . . . . . 23,503 279,686Packaging Corp. of

America. . . . . . . . . . . . . . . . 9,096 1,254,429Sealed Air . . . . . . . . . . . . . . . 10,093 462,158Silgan Holdings. . . . . . . . . . . 16,148 598,768Sonoco Products. . . . . . . . . . 11,690 692,633WestRock. . . . . . . . . . . . . . . . 18,797 818,233

12,165,633

Distributors–0.19%Core-Mark Holding. . . . . . . . 5,228 153,546Genuine Parts. . . . . . . . . . . . 9,757 979,895

†LKQ . . . . . . . . . . . . . . . . . . . . 26,290 926,460Pool . . . . . . . . . . . . . . . . . . . . 1,930 718,925

2,778,826

Diversified Consumer Services–0.30%†Adtalem Global Education . 6,422 218,027†American Public

Education . . . . . . . . . . . . . . 2,213 67,452†Bright Horizons Family

Solutions . . . . . . . . . . . . . . . 3,064 530,041Carriage Services . . . . . . . . . 2,326 72,850

†Chegg. . . . . . . . . . . . . . . . . . . 2,936 265,209†frontdoor . . . . . . . . . . . . . . . . 5,297 265,962Graham Holdings Class B . . 553 294,959

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Diversified Consumer Services (continued)

†Grand Canyon Education . . 4,629 $ 431,006H&R Block. . . . . . . . . . . . . . . 14,858 235,648

†Houghton Mifflin Harcourt . 18,319 61,002†Laureate Education

Class A. . . . . . . . . . . . . . . . . 1,100 16,016†Perdoceo Education. . . . . . . 7,863 99,310†Regis . . . . . . . . . . . . . . . . . . . 4,006 36,815Service Corp. International. 16,855 827,581Strategic Education . . . . . . . 2,304 219,640

†Stride . . . . . . . . . . . . . . . . . . . 6,889 146,254†Terminix Global Holdings . . 10,594 540,400†WW International . . . . . . . . . 6,119 149,304

4,477,476

Diversified Financial Services–0.98%†Berkshire Hathaway

Class B. . . . . . . . . . . . . . . . . 54,132 12,551,587†Cannae Holdings . . . . . . . . . 9,850 436,059Equitable Holdings. . . . . . . . 30,600 783,054Jefferies Financial Group . . 16,565 407,499Voya Financial. . . . . . . . . . . . 8,511 500,532

14,678,731

Diversified Telecommunication Services–1.67%†Anterix. . . . . . . . . . . . . . . . . . 2,400 90,240AT&T . . . . . . . . . . . . . . . . . . . 293,166 8,431,454ATN International . . . . . . . . 2,414 100,809CenturyLink . . . . . . . . . . . . . 138,606 1,351,408

†Cincinnati Bell . . . . . . . . . . . 5,095 77,852Cogent Communications

Holdings . . . . . . . . . . . . . . . 5,301 317,371†Consolidated

CommunicationsHoldings . . . . . . . . . . . . . . . 10,085 49,316

†IDT Class B . . . . . . . . . . . . . . 3,397 41,987†Iridium Communications . . 10,976 431,631†Liberty Latin America

Class C. . . . . . . . . . . . . . . . . 8,319 92,258†ORBCOMM . . . . . . . . . . . . . . 9,336 69,273Verizon Communications. . . 234,557 13,780,224

†Vonage Holdings . . . . . . . . . . 17,773 228,82725,062,650

Electric Utilities–1.37%ALLETE . . . . . . . . . . . . . . . . . 4,494 278,358Alliant Energy. . . . . . . . . . . . 10,808 556,936American Electric Power . . 14,504 1,207,748Avangrid . . . . . . . . . . . . . . . . 2,641 120,033Duke Energy . . . . . . . . . . . . . 21,083 1,930,360Edison International . . . . . . 12,899 810,315Entergy . . . . . . . . . . . . . . . . . 5,703 569,388Evergy . . . . . . . . . . . . . . . . . . 10,740 596,177Eversource Energy . . . . . . . . 11,554 999,537Exelon . . . . . . . . . . . . . . . . . . 31,038 1,310,424FirstEnergy . . . . . . . . . . . . . . 22,090 676,175



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Electric Utilities (continued)Hawaiian Electric

Industries . . . . . . . . . . . . . . 8,248 $ 291,897IDACORP. . . . . . . . . . . . . . . . 3,906 375,093MGE Energy . . . . . . . . . . . . . 3,422 239,643NextEra Energy . . . . . . . . . . 52,545 4,053,847NRG Energy. . . . . . . . . . . . . . 25,841 970,330OGE Energy. . . . . . . . . . . . . . 8,515 271,288Otter Tail . . . . . . . . . . . . . . . . 4,368 186,121

†PG&E . . . . . . . . . . . . . . . . . . . 11,609 144,648Pinnacle West Capital . . . . . 5,231 418,218PNM Resources. . . . . . . . . . . 8,002 388,337Portland General Electric . . 7,726 330,441PPL . . . . . . . . . . . . . . . . . . . . 26,960 760,272Southern . . . . . . . . . . . . . . . . 29,326 1,801,496Xcel Energy . . . . . . . . . . . . . . 17,587 1,172,525

20,459,607

Electrical Equipment–0.81%Acuity Brands . . . . . . . . . . . . 2,185 264,582Allied Motion Technologies. 1,708 87,279AMETEK . . . . . . . . . . . . . . . . 11,026 1,333,484

†Atkore InternationalGroup. . . . . . . . . . . . . . . . . . 4,968 204,235

AZZ. . . . . . . . . . . . . . . . . . . . . 3,479 165,044Eaton . . . . . . . . . . . . . . . . . . . 13,289 1,596,540Emerson Electric . . . . . . . . . 19,279 1,549,453Encore Wire . . . . . . . . . . . . . 3,665 221,989EnerSys . . . . . . . . . . . . . . . . . 4,508 374,435

†Generac Holdings . . . . . . . . . 5,847 1,329,666GrafTech International . . . . 5,319 56,701Hubbell . . . . . . . . . . . . . . . . . 5,553 870,655nVent Electric . . . . . . . . . . . . 8,024 186,879Powell Industries . . . . . . . . . 1,827 53,878Regal Beloit . . . . . . . . . . . . . 4,821 592,067Rockwell Automation. . . . . . 5,893 1,478,023

†Sensata TechnologiesHolding . . . . . . . . . . . . . . . . 13,114 691,632

†Sunrun. . . . . . . . . . . . . . . . . . 12,414 861,283†Thermon Group Holdings . . 3,728 58,269†TPI Composites . . . . . . . . . . 2,950 155,701

12,131,795

Electronic Equipment, Instruments & Components–1.43%Amphenol Class A . . . . . . . . 12,241 1,600,756

†Arlo Technologies. . . . . . . . . 6,220 48,454†Arrow Electronics . . . . . . . . 8,159 793,871Avnet . . . . . . . . . . . . . . . . . . . 8,965 314,761Badger Meter . . . . . . . . . . . . 2,792 262,616Belden . . . . . . . . . . . . . . . . . . 4,758 199,360Benchmark Electronics . . . . 4,152 112,146CDW. . . . . . . . . . . . . . . . . . . . 8,592 1,132,340Cognex. . . . . . . . . . . . . . . . . . 7,440 597,320

†Coherent . . . . . . . . . . . . . . . . 2,520 378,050Corning . . . . . . . . . . . . . . . . . 36,605 1,317,780CTS. . . . . . . . . . . . . . . . . . . . . 4,313 148,065

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Electronic Equipment, Instruments & Components (continued)

†Daktronics. . . . . . . . . . . . . . . 5,746 $ 26,891Dolby Laboratories Class A . 6,088 591,327

†ePlus . . . . . . . . . . . . . . . . . . . 1,636 143,886†Fabrinet. . . . . . . . . . . . . . . . . 3,550 275,445†FARO Technologies . . . . . . . 3,076 217,258†Fitbit Class A . . . . . . . . . . . . 29,379 199,777†Flex . . . . . . . . . . . . . . . . . . . . 50,884 914,894FLIR Systems . . . . . . . . . . . . 8,536 374,133

†Insight Enterprises . . . . . . . 3,932 299,186†IPG Photonics. . . . . . . . . . . . 3,916 876,362†Itron. . . . . . . . . . . . . . . . . . . . 4,088 392,039Jabil . . . . . . . . . . . . . . . . . . . . 20,212 859,616

†Keysight Technologies . . . . . 9,796 1,293,954†Knowles . . . . . . . . . . . . . . . . . 12,189 224,643Littelfuse. . . . . . . . . . . . . . . . 2,042 520,016Methode Electronics . . . . . . 4,593 175,820

†MTS Systems. . . . . . . . . . . . . 3,814 221,822National Instruments. . . . . . 10,428 458,206

†Novanta . . . . . . . . . . . . . . . . . 3,392 401,002†OSI Systems . . . . . . . . . . . . . 2,092 195,016PC Connection . . . . . . . . . . . 3,183 150,524

†Plexus . . . . . . . . . . . . . . . . . . 3,674 287,344†Rogers . . . . . . . . . . . . . . . . . . 1,971 306,077†Sanmina . . . . . . . . . . . . . . . . 9,065 289,083†ScanSource . . . . . . . . . . . . . . 4,669 123,168†SYNNEX. . . . . . . . . . . . . . . . . 6,774 551,675TE Connectivity . . . . . . . . . . 13,733 1,662,654

†Trimble . . . . . . . . . . . . . . . . . 14,597 974,642†TTM Technologies . . . . . . . . 12,750 175,886Vishay Intertechnology . . . . 18,141 375,700

†Vontier . . . . . . . . . . . . . . . . . . 5,237 174,916†Zebra Technologies Class A. 2,031 780,574

21,419,055

Energy Equipment & Services–0.42%Archrock . . . . . . . . . . . . . . . . 16,319 141,323Baker Hughes . . . . . . . . . . . . 31,272 652,021

†Bristow Group. . . . . . . . . . . . 670 17,634Cactus Class A . . . . . . . . . . . 3,339 87,048

†ChampionX . . . . . . . . . . . . . . 17,282 264,415Core Laboratories . . . . . . . . 3,764 99,784

†DMC Global. . . . . . . . . . . . . . 1,792 77,504†Dril-Quip . . . . . . . . . . . . . . . . 5,598 165,813†Exterran . . . . . . . . . . . . . . . . 5,755 25,437†Forum Energy

Technologies. . . . . . . . . . . . 581 6,914†Frank’s International. . . . . . 24,705 67,692Halliburton . . . . . . . . . . . . . . 66,059 1,248,515

†Helix Energy SolutionsGroup. . . . . . . . . . . . . . . . . . 20,202 84,848

Helmerich & Payne . . . . . . . 7,597 175,946†KLX Energy Services

Holdings . . . . . . . . . . . . . . . 516 3,333†Liberty Oilfield Services

Class A. . . . . . . . . . . . . . . . . 5,955 61,396



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Energy Equipment & Services (continued)

†Mammoth Energy Services . 3,494 $ 15,548†Nabors Industries. . . . . . . . . 845 49,204†Newpark Resources . . . . . . . 12,083 23,199†NexTier Oilfield Solutions . . 35,104 120,758†Oceaneering International . 12,328 98,008†Oil States International. . . . 6,670 33,483Patterson-UTI Energy . . . . . 16,123 84,807

†ProPetro Holding . . . . . . . . . 10,570 78,112†RPC . . . . . . . . . . . . . . . . . . . . 14,752 46,469Schlumberger . . . . . . . . . . . . 96,408 2,104,587

†SEACOR Marine Holdings . . 2,951 7,997†Select Energy Services

Class A. . . . . . . . . . . . . . . . . 17,227 70,631TechnipFMC . . . . . . . . . . . . . 20,805 195,567

†TETRA Technologies . . . . . . 6,536 5,631†Tidewater . . . . . . . . . . . . . . . 1,101 9,513†Transocean . . . . . . . . . . . . . . 38,916 89,896†U.S. Silica Holdings . . . . . . . 11,361 79,754

6,292,787

Entertainment–1.14%Activision Blizzard . . . . . . . . 15,960 1,481,886

†Cinemark Holdings. . . . . . . . 15,721 273,703Electronic Arts . . . . . . . . . . . 11,357 1,630,865

†IMAX . . . . . . . . . . . . . . . . . . . 7,496 135,078†Liberty Media-Liberty

Braves Class A . . . . . . . . . . 594 14,773†Liberty Media-Liberty

Braves Class C . . . . . . . . . . 1,227 30,528†Liberty Media-Liberty

Formula One Class A . . . . . 1,485 56,415†Liberty Media-Liberty

Formula One Class C . . . . . 15,678 667,883†Lions Gate Entertainment

Class A. . . . . . . . . . . . . . . . . 5,974 67,924†Lions Gate Entertainment

Class B. . . . . . . . . . . . . . . . . 12,124 125,847†Live Nation Entertainment . 5,608 412,076†Madison Square Garden

Entertainment . . . . . . . . . . 1,945 204,303†Marcus. . . . . . . . . . . . . . . . . . 3,838 51,736†Netflix . . . . . . . . . . . . . . . . . . 6,481 3,504,471†Reading International

Class A. . . . . . . . . . . . . . . . . 489 2,455†Take-Two Interactive

Software . . . . . . . . . . . . . . . 3,820 793,758†Walt Disney . . . . . . . . . . . . . . 36,500 6,613,070World Wrestling

Entertainment Class A . . . 3,541 170,145†Zynga Class A . . . . . . . . . . . . 82,444 813,722

17,050,638

Food & Staples Retailing–1.36%Andersons . . . . . . . . . . . . . . . 4,370 107,109

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Food & Staples Retailing (continued)

†BJ’s Wholesale ClubHoldings . . . . . . . . . . . . . . . 10,299 $ 383,947

Casey’s General Stores . . . . 3,835 685,008†Chefs’ Warehouse . . . . . . . . . 2,580 66,280Costco Wholesale . . . . . . . . . 13,965 5,261,733Ingles Markets Class A . . . . 2,345 100,038Kroger . . . . . . . . . . . . . . . . . . 67,817 2,153,868Natural Grocers by Vitamin

Cottage . . . . . . . . . . . . . . . . 3,652 50,178†Performance Food Group . . 10,338 492,192PriceSmart . . . . . . . . . . . . . . 3,845 350,241

†Rite Aid . . . . . . . . . . . . . . . . . 5,316 84,152SpartanNash . . . . . . . . . . . . . 5,888 102,510

†Sprouts Farmers Market . . . 14,602 293,500Sysco . . . . . . . . . . . . . . . . . . . 23,187 1,721,867

†U.S. Foods Holding . . . . . . . . 16,963 565,037†United Natural Foods. . . . . . 6,297 100,563Village Super Market

Class A. . . . . . . . . . . . . . . . . 618 13,633Walgreens Boots Alliance . . 30,562 1,218,813Walmart . . . . . . . . . . . . . . . . . 44,846 6,464,551Weis Markets. . . . . . . . . . . . . 3,330 159,207

20,374,427

Food Products–1.53%Alico. . . . . . . . . . . . . . . . . . . . 234 7,259Archer-Daniels-Midland . . . 23,598 1,189,575B&G Foods . . . . . . . . . . . . . . 9,162 254,062Bunge. . . . . . . . . . . . . . . . . . . 14,564 955,107Calavo Growers. . . . . . . . . . . 1,666 115,670

†Cal-Maine Foods. . . . . . . . . . 5,325 199,901Campbell Soup . . . . . . . . . . . 23,610 1,141,543Conagra Brands . . . . . . . . . . 24,666 894,389

†Darling Ingredients . . . . . . . 17,849 1,029,530†Farmer Bros . . . . . . . . . . . . . 400 1,868Flowers Foods. . . . . . . . . . . . 21,330 482,698Fresh Del Monte Produce . . 6,313 151,954General Mills . . . . . . . . . . . . 36,688 2,157,254

†Hain Celestial Group . . . . . . 9,937 398,971Hershey . . . . . . . . . . . . . . . . . 6,995 1,065,548Hormel Foods . . . . . . . . . . . . 20,921 975,128

†Hostess Brands . . . . . . . . . . . 17,011 249,041Ingredion. . . . . . . . . . . . . . . . 8,589 675,697J & J Snack Foods . . . . . . . . 1,777 276,092JM Smucker . . . . . . . . . . . . . 8,683 1,003,755John B Sanfilippo & Son . . . 748 58,987Kellogg. . . . . . . . . . . . . . . . . . 12,773 794,864Kraft Heinz . . . . . . . . . . . . . . 43,853 1,519,945Lamb Weston Holdings . . . . 5,100 401,574Lancaster Colony . . . . . . . . . 2,661 488,906

†Landec. . . . . . . . . . . . . . . . . . 1,935 20,995McCormick & Co

Non-Voting Shares . . . . . . . 13,226 1,264,406Mondelez International

Class A. . . . . . . . . . . . . . . . . 29,450 1,721,941



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Food Products (continued)

†Pilgrim’s Pride . . . . . . . . . . . 10,200 $ 200,022†Post Holdings . . . . . . . . . . . . 8,460 854,545Sanderson Farms . . . . . . . . . 2,838 375,184Seaboard . . . . . . . . . . . . . . . . 14 42,434

†Simply Good Foods. . . . . . . . 7,603 238,430†TreeHouse Foods . . . . . . . . . 7,423 315,403Tyson Foods Class A . . . . . . . 20,998 1,353,111

22,875,789

Gas Utilities–0.20%Atmos Energy . . . . . . . . . . . . 5,568 531,354Chesapeake Utilities . . . . . . 1,638 177,248National Fuel Gas. . . . . . . . . 8,672 356,679New Jersey Resources . . . . . 8,468 301,038Northwest Natural Holding . 3,733 171,681ONE Gas . . . . . . . . . . . . . . . . 4,994 383,389South Jersey Industries . . . . 7,029 151,475

†Southwest Gas Holdings . . . 4,816 292,572Spire . . . . . . . . . . . . . . . . . . . 4,636 296,890UGI. . . . . . . . . . . . . . . . . . . . . 11,119 388,720

3,051,046

Health Care Equipment & Supplies–2.59%Abbott Laboratories. . . . . . . 34,339 3,759,777

†ABIOMED . . . . . . . . . . . . . . . 1,827 592,313†Align Technology . . . . . . . . . 2,475 1,322,591†AngioDynamics. . . . . . . . . . . 5,678 87,044Atrion. . . . . . . . . . . . . . . . . . . 226 145,146

†Avanos Medical. . . . . . . . . . . 7,052 323,546Baxter International . . . . . . 22,619 1,814,949Becton Dickinson and Co . . 5,266 1,317,659

†Boston Scientific . . . . . . . . . 19,203 690,348†Cantel Medical . . . . . . . . . . . 4,304 339,413CONMED . . . . . . . . . . . . . . . . 3,108 348,096Cooper . . . . . . . . . . . . . . . . . . 2,378 863,975

†CryoLife. . . . . . . . . . . . . . . . . 4,470 105,537Danaher. . . . . . . . . . . . . . . . . 11,681 2,594,817DENTSPLY SIRONA . . . . . . . 15,411 806,920

†DexCom . . . . . . . . . . . . . . . . . 1,908 705,426†Edwards Lifesciences . . . . . 11,926 1,088,009†Envista Holdings. . . . . . . . . . 5,087 171,585†Globus Medical Class A . . . . 6,424 418,973†Haemonetics . . . . . . . . . . . . . 4,127 490,081†Heska. . . . . . . . . . . . . . . . . . . 496 72,242Hill-Rom Holdings . . . . . . . . 5,864 574,496

†Hologic. . . . . . . . . . . . . . . . . . 14,575 1,061,497†ICU Medical . . . . . . . . . . . . . 1,303 279,480†IDEXX Laboratories . . . . . . . 3,983 1,990,982†Inogen . . . . . . . . . . . . . . . . . . 1,392 62,195†Insulet . . . . . . . . . . . . . . . . . . 1,200 306,756†Integer Holdings. . . . . . . . . . 3,432 278,644†Integra LifeSciences

Holdings . . . . . . . . . . . . . . . 6,337 411,398†Intuitive Surgical . . . . . . . . . 2,314 1,893,083†Invacare . . . . . . . . . . . . . . . . 4,463 39,944

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Health Care Equipment & Supplies (continued)

†Lantheus Holdings . . . . . . . . 4,262 $ 57,494†LENSAR. . . . . . . . . . . . . . . . . 1,658 12,021†LivaNova . . . . . . . . . . . . . . . . 3,945 261,198†Masimo . . . . . . . . . . . . . . . . . 2,348 630,156Medtronic . . . . . . . . . . . . . . . 27,945 3,273,477

†Meridian Bioscience . . . . . . 6,320 118,121†Merit Medical Systems . . . . 5,462 303,196†Natus Medical. . . . . . . . . . . . 5,448 109,178†Neogen. . . . . . . . . . . . . . . . . . 3,458 274,219†Novocure . . . . . . . . . . . . . . . . 1,324 229,105†NuVasive . . . . . . . . . . . . . . . . 4,122 232,192†OraSure Technologies . . . . . 3,636 38,487†Orthofix Medical. . . . . . . . . . 3,349 143,940†Penumbra . . . . . . . . . . . . . . . 719 125,825†Quidel . . . . . . . . . . . . . . . . . . 3,344 600,750ResMed . . . . . . . . . . . . . . . . . 5,495 1,168,017

†SeaSpine Holdings . . . . . . . . 1,244 21,708STERIS . . . . . . . . . . . . . . . . . 3,834 726,696Stryker. . . . . . . . . . . . . . . . . . 7,158 1,753,996

†Surgalign Holdings . . . . . . . . 7,962 17,437†Surmodics . . . . . . . . . . . . . . . 1,196 52,050Teleflex . . . . . . . . . . . . . . . . . 1,857 764,286

†Varex Imaging . . . . . . . . . . . . 4,849 80,881†Varian Medical Systems . . . . 4,593 803,821West Pharmaceutical

Services . . . . . . . . . . . . . . . . 2,890 818,766Zimmer Biomet Holdings. . . 8,329 1,283,416

38,857,355

Health Care Providers & Services–3.02%†Acadia Healthcare . . . . . . . . 9,522 478,576†Addus HomeCare . . . . . . . . . 1,963 229,848†Amedisys . . . . . . . . . . . . . . . . 2,782 816,044AmerisourceBergen . . . . . . . 11,553 1,129,421

†AMN Healthcare Services . . 5,945 405,746Anthem . . . . . . . . . . . . . . . . . 9,169 2,944,074

†BioTelemetry. . . . . . . . . . . . . 1,479 106,606†Brookdale Senior Living . . . 25,409 112,562Cardinal Health . . . . . . . . . . 17,536 939,228

†Centene . . . . . . . . . . . . . . . . . 24,268 1,456,808Chemed . . . . . . . . . . . . . . . . . 1,406 748,850Cigna . . . . . . . . . . . . . . . . . . . 14,802 3,081,480

†Community HealthSystems . . . . . . . . . . . . . . . . 21,088 156,684

†CorVel . . . . . . . . . . . . . . . . . . 2,463 261,078†Covetrus . . . . . . . . . . . . . . . . 3,735 107,344†Cross Country Healthcare . . 2,295 20,357CVS Health . . . . . . . . . . . . . . 49,828 3,403,252

†DaVita . . . . . . . . . . . . . . . . . . 12,602 1,479,475Encompass Health . . . . . . . . 10,482 866,757Ensign Group . . . . . . . . . . . . 6,380 465,230

†Enzo Biochem. . . . . . . . . . . . 4,600 11,592†Guardant Health. . . . . . . . . . 1,357 174,890†Hanger . . . . . . . . . . . . . . . . . . 4,881 107,333HCA Healthcare . . . . . . . . . . 8,130 1,337,060



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Health Care Providers & Services (continued)

†Henry Schein . . . . . . . . . . . . 9,338 $ 624,339Humana . . . . . . . . . . . . . . . . . 4,975 2,041,093

†Laboratory Corp of AmericaHoldings . . . . . . . . . . . . . . . 4,975 1,012,661

†LHC Group . . . . . . . . . . . . . . 2,846 607,109†Magellan Health . . . . . . . . . . 3,441 285,052McKesson . . . . . . . . . . . . . . . 13,924 2,421,662

†MEDNAX . . . . . . . . . . . . . . . . 8,411 206,406†Molina Healthcare . . . . . . . . 6,744 1,434,314National HealthCare . . . . . . 2,324 154,337Owens & Minor . . . . . . . . . . . 8,370 226,408Patterson. . . . . . . . . . . . . . . . 11,124 329,604

†Pennant Group . . . . . . . . . . . 3,570 207,274†PetIQ . . . . . . . . . . . . . . . . . . . 1,604 61,674Premier Class A . . . . . . . . . . 5,449 191,260

†Providence Service. . . . . . . . 1,930 267,556Quest Diagnostics. . . . . . . . . 9,564 1,139,742

†Select Medical Holdings . . . 18,300 506,178†Surgery Partners . . . . . . . . . 5,182 150,330†Tenet Healthcare . . . . . . . . . 10,305 411,479†Triple-S Management

Class B. . . . . . . . . . . . . . . . . 3,286 70,156†U.S. Physical Therapy . . . . . 1,600 192,400UnitedHealth Group. . . . . . . 30,136 10,568,092

†Universal Health ServicesClass B. . . . . . . . . . . . . . . . . 8,934 1,228,425

45,177,846

Health Care Technology–0.35%†Allscripts Healthcare

Solutions . . . . . . . . . . . . . . . 29,962 432,651Cerner . . . . . . . . . . . . . . . . . . 20,352 1,597,225

†Change Healthcare . . . . . . . 16,317 304,312†Computer Programs and

Systems . . . . . . . . . . . . . . . . 971 26,062†Evolent Health Class A . . . . 10,070 161,422†HealthStream . . . . . . . . . . . . 2,606 56,915†HMS Holdings . . . . . . . . . . . . 8,554 314,360†NextGen Healthcare . . . . . . 11,562 210,891†Omnicell . . . . . . . . . . . . . . . . 3,102 372,302†Teladoc Health . . . . . . . . . . . 5,765 1,152,769†Veeva Systems Class A . . . . . 2,496 679,536

5,308,445

Hotels, Restaurants & Leisure–1.92%Aramark . . . . . . . . . . . . . . . . 21,338 821,086

†Biglari Holdings Class B . . . 1 111†BJ’s Restaurants. . . . . . . . . . 3,790 145,877†Bloomin’ Brands. . . . . . . . . . 7,503 145,708†Bluegreen Vacations

Holding . . . . . . . . . . . . . . . . 529 7,157†Boyd Gaming. . . . . . . . . . . . . 3,668 157,431†Brinker International . . . . . 4,484 253,660†Caesars Entertainment . . . . 12,832 953,033†Carnival . . . . . . . . . . . . . . . . . 31,390 679,907

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Hotels, Restaurants & Leisure (continued)

†Carrols Restaurant Group . . 5,537 $ 34,772†Cheesecake Factory . . . . . . . 5,277 195,566†Chipotle Mexican Grill. . . . . 805 1,116,302†Choice Hotels

International . . . . . . . . . . . 4,504 480,712Churchill Downs. . . . . . . . . . 1,635 318,482

†Chuy’s Holdings . . . . . . . . . . 1,400 37,086†Cracker Barrel Old Country

Store . . . . . . . . . . . . . . . . . . 2,543 335,473Darden Restaurants . . . . . . . 8,094 964,157

†Dave & Buster’sEntertainment . . . . . . . . . . 4,590 137,792

†Denny’s . . . . . . . . . . . . . . . . . 10,416 152,907†Dine Brands Global . . . . . . . 977 56,666Domino’s Pizza . . . . . . . . . . . 1,573 603,183

†El Pollo Loco Holdings. . . . . 3,990 72,219†Fiesta Restaurant Group . . . 2,409 27,463†Hilton Grand Vacations . . . . 6,174 193,555†Hilton Worldwide Holdings . 10,382 1,155,101†Hyatt Hotels Class A. . . . . . . 2,033 150,950†International Game

Technology . . . . . . . . . . . . . 10,873 184,189Jack in the Box . . . . . . . . . . . 1,951 181,053

†Las Vegas Sands . . . . . . . . . . 12,362 736,775†Marriott International

Class A. . . . . . . . . . . . . . . . . 9,978 1,316,298†Marriott Vacations

Worldwide . . . . . . . . . . . . . . 4,681 642,327McDonald’s . . . . . . . . . . . . . . 20,228 4,340,524MGM Resorts

International . . . . . . . . . . . 16,524 520,671†Norwegian Cruise Line

Holdings . . . . . . . . . . . . . . . 22,655 576,117Papa John’s International . . 3,070 260,489

†Penn National Gaming. . . . . 9,276 801,168†Planet Fitness Class A . . . . . 6,007 466,323†Playa Hotels & Resorts . . . . 2,978 17,719†Red Robin Gourmet

Burgers . . . . . . . . . . . . . . . . 2,551 49,056†Red Rock Resorts Class A . . 8,254 206,680†Royal Caribbean Cruises . . . 11,210 837,275†Ruth’s Hospitality Group . . . 5,354 94,926†Scientific Games Class A . . . 7,878 326,858†SeaWorld Entertainment . . . 7,588 239,705†Six Flags Entertainment . . . 2,512 85,659Starbucks . . . . . . . . . . . . . . . 32,586 3,486,050

†Texas Roadhouse . . . . . . . . . 5,372 419,876†Vail Resorts . . . . . . . . . . . . . . 2,220 619,291Wendy’s . . . . . . . . . . . . . . . . . 21,332 467,597Wingstop . . . . . . . . . . . . . . . . 2,663 352,981Wyndham Destinations . . . . 6,597 295,941Wyndham Hotels & Resorts. 6,897 409,958

†Wynn Resorts . . . . . . . . . . . . 4,446 501,642Yum! Brands . . . . . . . . . . . . . 10,780 1,170,277

28,803,781



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Household Durables–1.08%

†Beazer Homes USA. . . . . . . . 1,618 $ 24,513†Cavco Industries. . . . . . . . . . 1,060 185,977†Century Communities . . . . . 5,813 254,493DR Horton . . . . . . . . . . . . . . . 27,293 1,881,034Ethan Allen Interiors. . . . . . 3,617 73,100Flexsteel Industries . . . . . . . 262 9,162Garmin. . . . . . . . . . . . . . . . . . 9,022 1,079,572

†GoPro Class A . . . . . . . . . . . . 2,300 19,044†Green Brick Partners. . . . . . 1,200 27,552Hamilton Beach Brands

Holding Class A . . . . . . . . . 400 7,004†Helen of Troy. . . . . . . . . . . . . 2,108 468,376Hooker Furniture . . . . . . . . . 1,803 58,147

†Installed BuildingProducts . . . . . . . . . . . . . . . 2,299 234,337

†iRobot . . . . . . . . . . . . . . . . . . 1,300 104,377KB Home . . . . . . . . . . . . . . . . 11,824 396,340La-Z-Boy . . . . . . . . . . . . . . . . 5,162 205,654Leggett & Platt . . . . . . . . . . . 12,560 556,408Lennar Class A . . . . . . . . . . . 14,448 1,101,371Lennar Class B . . . . . . . . . . . 513 31,396

†LGI Homes . . . . . . . . . . . . . . 2,369 250,759†M/I Homes. . . . . . . . . . . . . . . 4,399 194,832MDC Holdings. . . . . . . . . . . . 8,736 424,570

†Meritage Homes . . . . . . . . . . 6,285 520,524†Mohawk Industries. . . . . . . . 5,321 749,995Newell Brands . . . . . . . . . . . 34,587 734,282

†NVR . . . . . . . . . . . . . . . . . . . . 299 1,219,878PulteGroup . . . . . . . . . . . . . . 29,122 1,255,741

†Skyline Champion . . . . . . . . 6,981 215,992†Taylor Morrison Home . . . . . 14,682 376,593†Tempur Sealy

International . . . . . . . . . . . 18,264 493,128Toll Brothers . . . . . . . . . . . . . 11,620 505,121

†TopBuild . . . . . . . . . . . . . . . . 4,347 800,196†TRI Pointe Group . . . . . . . . . 18,474 318,676†Tupperware Brands . . . . . . . 6,114 198,032†Universal Electronics. . . . . . 1,276 66,939Whirlpool. . . . . . . . . . . . . . . . 6,418 1,158,385

†ZAGG . . . . . . . . . . . . . . . . . . . 1,799 7,50216,209,002

Household Products–1.16%†Central Garden & Pet

Class A. . . . . . . . . . . . . . . . . 5,487 199,343Church & Dwight . . . . . . . . . 11,426 996,690Clorox . . . . . . . . . . . . . . . . . . 6,309 1,273,913Colgate-Palmolive . . . . . . . . 22,655 1,937,229Energizer Holdings. . . . . . . . 1,901 80,184Kimberly-Clark . . . . . . . . . . . 9,668 1,303,537Procter & Gamble . . . . . . . . 78,038 10,858,207Spectrum Brands Holdings . 4,932 389,529WD-40 . . . . . . . . . . . . . . . . . . 1,013 269,134

17,307,766

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Independent Power and Renewable ElectricityProducers–0.23%AES . . . . . . . . . . . . . . . . . . . . 32,060 $ 753,410Atlantica Sustainable

Infrastructure. . . . . . . . . . . 10,337 392,599Brookfield Renewable

Class A. . . . . . . . . . . . . . . . . 8,421 490,692Clearway Energy Class A . . . 4,200 124,110Clearway Energy Class C . . . 7,003 223,606Ormat Technologies . . . . . . . 5,007 452,032Vistra . . . . . . . . . . . . . . . . . . . 48,878 960,941

3,397,390

Industrial Conglomerates–0.94%3M . . . . . . . . . . . . . . . . . . . . . 27,842 4,866,503Carlisle . . . . . . . . . . . . . . . . . 5,516 861,489General Electric . . . . . . . . . . 177,049 1,912,129Honeywell International . . . 21,768 4,630,054

†Raven Industries . . . . . . . . . 2,462 81,468Roper Technologies . . . . . . . 3,973 1,712,720

14,064,363

Insurance–3.05%Aflac. . . . . . . . . . . . . . . . . . . . 30,816 1,370,387Alleghany . . . . . . . . . . . . . . . 1,012 610,934Allstate . . . . . . . . . . . . . . . . . 22,632 2,487,936

†Ambac Financial Group. . . . 5,809 89,342American Equity

Investment Life Holding . . 7,892 218,293American Financial Group . 5,919 518,623American International

Group. . . . . . . . . . . . . . . . . . 39,492 1,495,167American National Group . . 2,184 209,926AMERISAFE . . . . . . . . . . . . . 3,206 184,121Aon Class A . . . . . . . . . . . . . . 9,109 1,924,458

†Arch Capital Group . . . . . . . 25,249 910,731Argo Group International

Holdings . . . . . . . . . . . . . . . 4,555 199,053Arthur J. Gallagher & Co. . . 12,938 1,600,560Assurant . . . . . . . . . . . . . . . . 4,975 677,694Assured Guaranty. . . . . . . . . 11,085 349,067

†Athene Holding Class A . . . . 11,979 516,774Axis Capital Holdings. . . . . . 7,323 369,006

†Brighthouse Financial . . . . . 8,990 325,483Brown & Brown . . . . . . . . . . 21,361 1,012,725Chubb . . . . . . . . . . . . . . . . . . 13,242 2,038,209Cincinnati Financial . . . . . . 11,317 988,766CNA Financial. . . . . . . . . . . . 4,359 169,827

†eHealth . . . . . . . . . . . . . . . . . 2,423 171,088Employers Holdings . . . . . . . 4,584 147,559

†Enstar Group . . . . . . . . . . . . 1,331 272,709Erie Indemnity Class A . . . . 2,514 617,438Everest Re Group . . . . . . . . . 2,439 570,945FBL Financial Group

Class A. . . . . . . . . . . . . . . . . 3,474 182,420FedNat Holding . . . . . . . . . . 2,034 12,041



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Insurance (continued)Fidelity National Financial . 23,581 $ 921,781First American Financial . . 12,666 653,946

†Genworth FinancialClass A. . . . . . . . . . . . . . . . . 43,794 165,541

Globe Life . . . . . . . . . . . . . . . 8,750 830,900†Greenlight Capital Re

Class A. . . . . . . . . . . . . . . . . 4,459 32,595Hanover Insurance Group . . 4,661 544,964Hartford Financial Services

Group. . . . . . . . . . . . . . . . . . 26,743 1,309,872HCI Group . . . . . . . . . . . . . . . 2,595 135,718Heritage Insurance

Holdings . . . . . . . . . . . . . . . 3,747 37,957Horace Mann Educators . . . 5,165 217,137Independence Holding . . . . 300 12,300James River Group

Holdings . . . . . . . . . . . . . . . 5,386 264,722Kemper . . . . . . . . . . . . . . . . . 7,106 545,954Kinsale Capital Group . . . . . 1,057 211,537Loews. . . . . . . . . . . . . . . . . . . 19,146 861,953

†Maiden Holdings. . . . . . . . . . 12,125 30,191†Markel . . . . . . . . . . . . . . . . . . 950 981,635Marsh & McLennan . . . . . . . 16,852 1,971,684Mercury General. . . . . . . . . . 6,071 316,967MetLife . . . . . . . . . . . . . . . . . 37,654 1,767,855National General Holdings . 10,842 370,580National Western Life

Group Class A . . . . . . . . . . . 415 85,673†NI Holdings . . . . . . . . . . . . . . 900 14,778Old Republic International . 27,874 549,397Primerica . . . . . . . . . . . . . . . 4,918 658,668Principal Financial Group. . 18,732 929,294ProAssurance . . . . . . . . . . . . 8,511 151,411Progressive . . . . . . . . . . . . . . 16,390 1,620,643Prudential Financial . . . . . . 16,205 1,265,124Reinsurance Group of

America. . . . . . . . . . . . . . . . 4,774 553,307RenaissanceRe Holdings . . . 3,891 645,206RLI . . . . . . . . . . . . . . . . . . . . . 3,097 322,553Safety Insurance Group . . . . 2,774 216,095Selective Insurance Group . 7,063 473,080State Auto Financial . . . . . . 6,451 114,441Stewart Information

Services . . . . . . . . . . . . . . . . 3,350 162,006†Third Point Reinsurance . . . 13,203 125,693Travelers . . . . . . . . . . . . . . . . 17,587 2,468,687United Fire Group . . . . . . . . 3,480 87,348United Insurance Holdings . 4,888 27,959Universal Insurance

Holdings . . . . . . . . . . . . . . . 7,335 110,832Unum Group . . . . . . . . . . . . . 9,122 209,259White Mountains Insurance

Group. . . . . . . . . . . . . . . . . . 394 394,260Willis Towers Watson . . . . . . 5,748 1,210,989

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Insurance (continued)WR Berkley . . . . . . . . . . . . . . 13,334 $ 885,644

45,709,418

Interactive Media & Services–3.13%†Alphabet Class A . . . . . . . . . 6,580 11,532,371†Alphabet Class C . . . . . . . . . 5,762 10,094,333†ANGI Homeservices

Class A. . . . . . . . . . . . . . . . . 2,100 27,709†Cargurus . . . . . . . . . . . . . . . . 2,819 89,447†Cars.com . . . . . . . . . . . . . . . . 8,684 98,129†DHI Group. . . . . . . . . . . . . . . 5,517 12,248†Facebook Class A . . . . . . . . . 71,637 19,568,363†IAC/InterActive . . . . . . . . . . 2,583 489,091†Liberty TripAdvisor

Holdings Class A. . . . . . . . . 10,113 43,890†Match Group . . . . . . . . . . . . . 9,882 1,494,060†QuinStreet. . . . . . . . . . . . . . . 3,909 83,809†Snap Class A . . . . . . . . . . . . . 4,200 210,294†TripAdvisor . . . . . . . . . . . . . . 8,010 230,528†TrueCar . . . . . . . . . . . . . . . . . 10,819 45,440†Twitter . . . . . . . . . . . . . . . . . . 25,800 1,397,070†Yelp . . . . . . . . . . . . . . . . . . . . 6,349 207,422†Zedge Class B . . . . . . . . . . . . 1,132 6,837†Zillow Group Class A . . . . . . 3,511 477,285†Zillow Group Class C . . . . . . 5,442 706,372

46,814,698

Internet & Direct Marketing Retail–3.44%†1-800-Flowers.com Class A . 5,253 136,578†Amazon.com . . . . . . . . . . . . . 13,316 43,369,280†Booking Holdings . . . . . . . . . 1,342 2,988,996eBay . . . . . . . . . . . . . . . . . . . . 37,478 1,883,270

†Etsy . . . . . . . . . . . . . . . . . . . . 4,697 835,643†Expedia Group . . . . . . . . . . . 3,836 507,886†Groupon. . . . . . . . . . . . . . . . . 1,823 69,265†GrubHub . . . . . . . . . . . . . . . . 5,087 377,811†Lands’ End . . . . . . . . . . . . . . 2,926 63,114†Liquidity Services. . . . . . . . . 356 5,664PetMed Express . . . . . . . . . . 1,000 32,060

†Quotient Technology . . . . . . 10,979 103,422Qurate Retail . . . . . . . . . . . . 23,614 259,046Shutterstock . . . . . . . . . . . . . 1,235 88,550

†Stamps.com. . . . . . . . . . . . . . 1,566 307,234†Wayfair Class A . . . . . . . . . . . 2,356 532,008

51,559,827

IT Services–4.98%Accenture Class A . . . . . . . . 23,314 6,089,850

†Akamai Technologies . . . . . . 10,715 1,124,968Alliance Data Systems . . . . . 4,827 357,681Amdocs . . . . . . . . . . . . . . . . . 9,367 664,401Automatic Data Processing. 17,610 3,102,882

†Black Knight . . . . . . . . . . . . . 6,997 618,185Booz Allen Hamilton

Holding . . . . . . . . . . . . . . . . 9,775 852,185



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)IT Services (continued)Broadridge Financial

Solutions . . . . . . . . . . . . . . . 6,640 $ 1,017,248†CACI International Class A. 2,787 694,883†Cardtronics Class A . . . . . . . 8,238 290,801Cass Information Systems . . 1,874 72,917Cognizant Technology

Solutions Class A . . . . . . . . 35,287 2,891,770†Concentrix . . . . . . . . . . . . . . 6,774 668,594†Conduent. . . . . . . . . . . . . . . . 18,114 86,947CSG Systems International . 5,410 243,829

†DXC Technology . . . . . . . . . . 19,155 493,241†Endurance International

Group Holdings. . . . . . . . . . 7,841 74,097†EPAM Systems . . . . . . . . . . . 1,758 629,979†Euronet Worldwide. . . . . . . . 4,413 639,532EVERTEC . . . . . . . . . . . . . . . 7,143 280,863

†Evo Payments Class A . . . . . 463 12,506†ExlService Holdings . . . . . . . 3,626 308,681Fidelity National

Information Services . . . . . 16,512 2,335,788†Fiserv . . . . . . . . . . . . . . . . . . . 15,359 1,748,776†FleetCor Technologies . . . . . 4,616 1,259,383†Gartner . . . . . . . . . . . . . . . . . 1,818 291,225Genpact . . . . . . . . . . . . . . . . . 17,874 739,269Global Payments. . . . . . . . . . 8,159 1,757,612

†Globant . . . . . . . . . . . . . . . . . 1,063 231,319†GoDaddy Class A . . . . . . . . . 3,510 291,155†GTT Communications . . . . . 5,749 20,524Hackett Group . . . . . . . . . . . 2,613 37,601International Business

Machines. . . . . . . . . . . . . . . 43,938 5,530,915Jack Henry & Associates . . . 3,718 602,279KBR . . . . . . . . . . . . . . . . . . . . 15,549 480,931Leidos Holdings . . . . . . . . . . 12,573 1,321,674

†Limelight Networks . . . . . . . 5,104 20,365†LiveRamp Holdings . . . . . . . 6,342 464,171ManTech International

Class A. . . . . . . . . . . . . . . . . 3,157 280,784Mastercard Class A . . . . . . . 31,994 11,419,938MAXIMUS . . . . . . . . . . . . . . . 7,040 515,258

†MoneyGram International. . 1,616 8,831NIC. . . . . . . . . . . . . . . . . . . . . 6,405 165,441

†Okta . . . . . . . . . . . . . . . . . . . . 2,043 519,453Paychex . . . . . . . . . . . . . . . . . 11,146 1,038,584

†PayPal Holdings . . . . . . . . . . 19,280 4,515,376†Perficient . . . . . . . . . . . . . . . 3,999 190,552Perspecta . . . . . . . . . . . . . . . 11,023 265,434

†Sabre . . . . . . . . . . . . . . . . . . . 24,774 297,783Science Applications

International . . . . . . . . . . . 6,116 578,818†Square Class A . . . . . . . . . . . 4,058 883,183†Sykes Enterprises. . . . . . . . . 6,187 233,064TTEC Holdings . . . . . . . . . . . 5,612 409,283

†Twilio Class A . . . . . . . . . . . . 2,382 806,307†Unisys . . . . . . . . . . . . . . . . . . 5,740 112,963

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)IT Services (continued)

†VeriSign . . . . . . . . . . . . . . . . . 4,464 $ 966,010†Virtusa . . . . . . . . . . . . . . . . . . 3,607 184,426Visa Class A. . . . . . . . . . . . . . 53,859 11,780,579Western Union . . . . . . . . . . . 21,608 474,080

†WEX . . . . . . . . . . . . . . . . . . . . 3,024 615,47574,610,649

Leisure Products–0.26%Acushnet Holdings . . . . . . . . 8,589 348,198

†American Outdoor Brands. . 2,016 34,332Brunswick . . . . . . . . . . . . . . . 7,857 599,018

†Callaway Golf . . . . . . . . . . . . 11,679 280,413Hasbro . . . . . . . . . . . . . . . . . . 13,802 1,291,039Johnson Outdoors Class A . . 842 94,834

†Malibu Boats Class A . . . . . . 3,566 222,661†Mattel . . . . . . . . . . . . . . . . . . 13,824 241,229†Nautilus . . . . . . . . . . . . . . . . . 4,229 76,714Polaris . . . . . . . . . . . . . . . . . . 4,675 445,434Smith & Wesson Brands. . . . 8,067 143,189

†Vista Outdoor . . . . . . . . . . . . 7,301 173,4723,950,533

Life Sciences Tools & Services–1.15%Agilent Technologies . . . . . . 9,353 1,108,237

†Bio-Rad LaboratoriesClass A. . . . . . . . . . . . . . . . . 1,204 701,860

Bio-Techne . . . . . . . . . . . . . . 2,246 713,217Bruker . . . . . . . . . . . . . . . . . . 12,233 662,172

†Charles River LaboratoriesInternational . . . . . . . . . . . 4,484 1,120,372

†Illumina. . . . . . . . . . . . . . . . . 2,792 1,033,040†IQVIA Holdings . . . . . . . . . . . 12,981 2,325,806Luminex . . . . . . . . . . . . . . . . 4,176 96,549

†Medpace Holdings . . . . . . . . 3,184 443,213†Mettler-Toledo

International . . . . . . . . . . . 1,134 1,292,397PerkinElmer . . . . . . . . . . . . . 7,931 1,138,099

†PRA Health Sciences . . . . . . 6,117 767,316†Repligen . . . . . . . . . . . . . . . . 2,827 541,738†Syneos Health . . . . . . . . . . . . 7,453 507,773Thermo Fisher Scientific. . . 8,843 4,118,893

†Waters . . . . . . . . . . . . . . . . . . 2,910 719,99217,290,674

Machinery–3.00%AGCO . . . . . . . . . . . . . . . . . . . 8,495 875,749Alamo Group. . . . . . . . . . . . . 1,868 257,691Albany International

Class A. . . . . . . . . . . . . . . . . 2,740 201,171Allison Transmission

Holdings . . . . . . . . . . . . . . . 11,348 489,439Astec Industries . . . . . . . . . . 3,444 199,339Barnes Group . . . . . . . . . . . . 6,223 315,444Caterpillar. . . . . . . . . . . . . . . 18,781 3,418,518

†Chart Industries . . . . . . . . . . 3,942 464,328



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Machinery (continued)

†CIRCOR International . . . . . 2,161 $ 83,069†Colfax. . . . . . . . . . . . . . . . . . . 13,541 517,808Columbus McKinnon . . . . . . 3,989 153,337Crane . . . . . . . . . . . . . . . . . . . 5,256 408,181Cummins . . . . . . . . . . . . . . . . 9,768 2,218,313Deere & Co.. . . . . . . . . . . . . . 10,659 2,867,804Donaldson . . . . . . . . . . . . . . . 12,837 717,331Douglas Dynamics . . . . . . . . 3,817 163,253Dover . . . . . . . . . . . . . . . . . . . 9,459 1,194,199Enerpac Tool Group . . . . . . . 7,069 159,830EnPro Industries . . . . . . . . . 3,111 234,943ESCO Technologies . . . . . . . 2,378 245,457

†Evoqua Water Technologies. 3,982 107,434Federal Signal. . . . . . . . . . . . 7,571 251,130Flowserve . . . . . . . . . . . . . . . 11,478 422,964Fortive . . . . . . . . . . . . . . . . . . 13,093 927,246Franklin Electric . . . . . . . . . 5,404 374,011Gorman-Rupp . . . . . . . . . . . . 3,528 114,484Graco . . . . . . . . . . . . . . . . . . . 13,628 985,986Greenbrier . . . . . . . . . . . . . . 6,320 229,922Helios Technologies . . . . . . . 4,904 261,334Hillenbrand. . . . . . . . . . . . . . 7,862 312,908Hyster-Yale Materials

Handling . . . . . . . . . . . . . . . 2,265 134,881IDEX . . . . . . . . . . . . . . . . . . . 3,489 695,009Illinois Tool Works . . . . . . . . 11,804 2,406,599

†Ingersoll Rand . . . . . . . . . . . 18,575 846,277ITT . . . . . . . . . . . . . . . . . . . . . 7,814 601,834John Bean Technologies . . . 2,531 288,205Kadant . . . . . . . . . . . . . . . . . . 1,257 177,212Kennametal. . . . . . . . . . . . . . 9,700 351,528

†L B Foster Class A . . . . . . . . 1,339 20,152Lincoln Electric Holdings . . 5,153 599,036Lindsay . . . . . . . . . . . . . . . . . 1,158 148,757

†Lydall . . . . . . . . . . . . . . . . . . . 4,164 125,045†Manitowoc. . . . . . . . . . . . . . . 5,279 70,263†Meritor . . . . . . . . . . . . . . . . . 9,827 274,272†Middleby . . . . . . . . . . . . . . . . 5,380 693,590Mueller Industries . . . . . . . . 7,847 275,508Mueller Water Products

Class A. . . . . . . . . . . . . . . . . 19,692 243,787†Navistar International . . . . . 9,723 427,423†NN . . . . . . . . . . . . . . . . . . . . . 2,981 19,585Nordson . . . . . . . . . . . . . . . . . 4,449 894,026Oshkosh. . . . . . . . . . . . . . . . . 7,330 630,893Otis Worldwide . . . . . . . . . . . 15,126 1,021,761PACCAR. . . . . . . . . . . . . . . . . 22,943 1,979,522Parker-Hannifin . . . . . . . . . . 8,335 2,270,537Park-Ohio Holdings . . . . . . . 1,206 37,265Pentair. . . . . . . . . . . . . . . . . . 15,842 841,052

†Proto Labs. . . . . . . . . . . . . . . 1,861 285,477†RBC Bearings . . . . . . . . . . . . 2,276 407,495†REV Group. . . . . . . . . . . . . . . 7,071 62,295Rexnord. . . . . . . . . . . . . . . . . 13,942 550,570Shyft Group . . . . . . . . . . . . . . 3,500 99,330

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Machinery (continued)Snap-on . . . . . . . . . . . . . . . . . 6,093 $ 1,042,756

†SPX . . . . . . . . . . . . . . . . . . . . 3,638 198,416†SPX FLOW. . . . . . . . . . . . . . . 5,527 320,345Standex International . . . . . 1,405 108,916Stanley Black & Decker. . . . 6,307 1,126,178Tennant . . . . . . . . . . . . . . . . . 2,245 157,532

†Terex . . . . . . . . . . . . . . . . . . . 9,992 348,621Timken. . . . . . . . . . . . . . . . . . 8,361 646,807

†Titan International . . . . . . . 4,215 20,485Toro . . . . . . . . . . . . . . . . . . . . 9,030 856,405

†TriMas . . . . . . . . . . . . . . . . . . 5,477 173,457Trinity Industries . . . . . . . . . 14,172 373,999Wabash National. . . . . . . . . . 13,252 228,332Watts Water Technologies

Class A. . . . . . . . . . . . . . . . . 2,752 334,918†Welbilt . . . . . . . . . . . . . . . . . . 12,316 162,571Westinghouse Air Brake

Technologies. . . . . . . . . . . . 11,965 875,838Woodward . . . . . . . . . . . . . . . 5,439 661,002Xylem. . . . . . . . . . . . . . . . . . . 6,906 702,962

44,991,349

Marine–0.06%Costamare . . . . . . . . . . . . . . . 10,400 86,112Genco Shipping & Trading . 1,685 12,402

†Kirby . . . . . . . . . . . . . . . . . . . 5,754 298,230Matson. . . . . . . . . . . . . . . . . . 7,118 405,512Scorpio Bulkers . . . . . . . . . . 1,605 27,173

†SEACOR Holdings . . . . . . . . 2,936 121,697951,126

Media–1.78%†Altice USA Class A . . . . . . . . 9,712 367,794†AMC Networks Class A. . . . . 4,165 148,982Cable One . . . . . . . . . . . . . . . 488 1,087,127

†Charter CommunicationsClass A. . . . . . . . . . . . . . . . . 4,629 3,062,315

Comcast Class A . . . . . . . . . . 165,350 8,664,340†comScore. . . . . . . . . . . . . . . . 6,307 15,704†Discovery Class A . . . . . . . . . 12,159 365,864†Discovery Class C . . . . . . . . . 27,049 708,413†DISH Network Class A . . . . . 15,803 511,069†Emerald Holding . . . . . . . . . 7,655 41,490†Entercom Communications

Class A. . . . . . . . . . . . . . . . . 18,467 45,614Entravision

Communications Class A. . 11,605 31,914EW Scripps Class A . . . . . . . 6,953 106,311Fox Class A . . . . . . . . . . . . . . 17,665 514,405

†Fox Class B . . . . . . . . . . . . . . 15,802 456,362†Gannett . . . . . . . . . . . . . . . . . 20,670 69,451†Gray Television . . . . . . . . . . . 12,929 231,300Interpublic Group . . . . . . . . 41,293 971,211John Wiley & Sons Class A . 7,131 325,602

†Liberty Broadband Class A . 1,624 255,910



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Media (continued)

†Liberty Broadband Class C . 10,787 $ 1,708,337†Liberty Media-Liberty

SiriusXM Class A . . . . . . . . 9,049 390,826†Liberty Media-Liberty

SiriusXM Class C . . . . . . . . 16,716 727,313Loral Space &

Communications . . . . . . . . 573 12,027†Meredith . . . . . . . . . . . . . . . . 4,281 82,195†MSG Networks Class A. . . . . 7,386 108,870National CineMedia . . . . . . . 6,797 25,285New York Times Class A. . . . 12,678 656,340News Class A. . . . . . . . . . . . . 30,416 546,576News Class B. . . . . . . . . . . . . 10,996 195,399Nexstar Media Group

Class A. . . . . . . . . . . . . . . . . 5,697 622,056Omnicom Group . . . . . . . . . . 23,455 1,462,888Scholastic . . . . . . . . . . . . . . . 4,716 117,900Sirius XM Holdings. . . . . . . . 68,041 433,421TEGNA. . . . . . . . . . . . . . . . . . 26,053 363,439

†Tribune Publishing. . . . . . . . 2,738 37,511ViacomCBS Class A . . . . . . . 178 6,732ViacomCBS Class B . . . . . . . 30,937 1,152,713

26,631,006

Metals & Mining–0.70%†Alcoa . . . . . . . . . . . . . . . . . . . 18,767 432,579†Allegheny Technologies . . . . 11,771 197,400†Arconic . . . . . . . . . . . . . . . . . 6,630 197,574Carpenter Technology . . . . . 7,558 220,089

†Century Aluminum. . . . . . . . 19,579 215,956†Coeur Mining . . . . . . . . . . . . 23,894 247,303Commercial Metals . . . . . . . 17,961 368,919Compass Minerals

International . . . . . . . . . . . 4,673 288,418†Ferroglobe. . . . . . . . . . . . . . . 12,975 21,279†Freeport-McMoRan . . . . . . . 81,180 2,112,304Haynes International . . . . . . 1,268 30,229Hecla Mining. . . . . . . . . . . . . 58,317 377,894Kaiser Aluminum . . . . . . . . . 1,961 193,943Materion . . . . . . . . . . . . . . . . 3,100 197,532Newmont . . . . . . . . . . . . . . . . 19,903 1,191,991Nucor . . . . . . . . . . . . . . . . . . . 15,511 825,030Reliance Steel &

Aluminum . . . . . . . . . . . . . . 5,749 688,443Royal Gold . . . . . . . . . . . . . . . 5,496 584,555

†Ryerson Holding . . . . . . . . . . 607 8,279Schnitzer Steel Industries

Class A. . . . . . . . . . . . . . . . . 2,756 87,944Southern Copper . . . . . . . . . 4,923 320,586Steel Dynamics . . . . . . . . . . . 21,496 792,557SunCoke Energy . . . . . . . . . . 15,427 67,107

†TimkenSteel . . . . . . . . . . . . . 6,778 31,653United States Steel . . . . . . . 19,736 330,973Warrior Met Coal . . . . . . . . . 8,374 178,534

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Metals & Mining (continued)Worthington Industries . . . . 6,280 $ 322,415

10,531,486

Multiline Retail–0.61%Big Lots . . . . . . . . . . . . . . . . . 6,809 292,310Dillard’s Class A . . . . . . . . . . 3,626 228,619Dollar General . . . . . . . . . . . 8,779 1,846,224

†Dollar Tree . . . . . . . . . . . . . . 16,075 1,736,743†Kohl’s. . . . . . . . . . . . . . . . . . . 17,305 704,140†Macy’s . . . . . . . . . . . . . . . . . . 41,432 466,110†Ollie’s Bargain Outlet

Holdings . . . . . . . . . . . . . . . 3,936 321,847Target. . . . . . . . . . . . . . . . . . . 19,765 3,489,116

9,085,109

Multi-Utilities–0.65%Ameren . . . . . . . . . . . . . . . . . 8,666 676,468Avista . . . . . . . . . . . . . . . . . . . 6,743 270,664Black Hills. . . . . . . . . . . . . . . 4,628 284,390CenterPoint Energy . . . . . . . 22,804 493,478CMS Energy. . . . . . . . . . . . . . 11,504 701,859Consolidated Edison . . . . . . 10,269 742,141Dominion Energy . . . . . . . . . 22,789 1,713,733DTE Energy . . . . . . . . . . . . . . 6,090 739,387MDU Resources Group. . . . . 18,965 499,538NiSource . . . . . . . . . . . . . . . . 16,856 386,677NorthWestern . . . . . . . . . . . . 4,293 250,325Public Service Enterprise

Group. . . . . . . . . . . . . . . . . . 16,849 982,297Sempra Energy . . . . . . . . . . . 6,916 881,167Unitil . . . . . . . . . . . . . . . . . . . 1,492 66,051WEC Energy Group. . . . . . . . 11,137 1,024,938

9,713,113

Oil, Gas & Consumable Fuels–2.19%Antero Midstream . . . . . . . . 10,270 79,182

†Antero Resources . . . . . . . . . 21,428 116,783Apache. . . . . . . . . . . . . . . . . . 24,746 351,146

†Arch Resources. . . . . . . . . . . 2,884 126,233†Berry . . . . . . . . . . . . . . . . . . . 5,961 21,936†Bonanza Creek Energy . . . . 1,747 33,770Cabot Oil & Gas . . . . . . . . . . 44,254 720,455

†Callon Petroleum . . . . . . . . . 5,442 71,617†Centennial Resource

Development Class A . . . . . 22,272 33,408†Cheniere Energy. . . . . . . . . . 11,454 687,584Chevron . . . . . . . . . . . . . . . . . 56,483 4,769,989Cimarex Energy . . . . . . . . . . 6,236 233,912

†Clean Energy Fuels . . . . . . . 25,088 197,192†CNX Resources . . . . . . . . . . . 25,034 270,367Concho Resources . . . . . . . . 14,708 858,212ConocoPhillips . . . . . . . . . . . 55,952 2,237,520

†CONSOL Energy . . . . . . . . . . 4,705 33,923†Continental Resources . . . . 6,219 101,370†CVR Energy . . . . . . . . . . . . . . 8,133 121,182



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Oil, Gas & Consumable Fuels (continued)

†Delek US Holdings . . . . . . . . 14,079 $ 226,250Devon Energy . . . . . . . . . . . . 28,185 445,605DHT Holdings . . . . . . . . . . . . 14,019 73,319Diamondback Energy. . . . . . 2,531 122,500

†Dorian LPG . . . . . . . . . . . . . . 650 7,923†EnLink Midstream . . . . . . . . 18,193 67,496EOG Resources . . . . . . . . . . . 27,780 1,385,389

†EQT . . . . . . . . . . . . . . . . . . . . 18,234 231,754Equitrans Midstream . . . . . . 7,528 60,525Exxon Mobil . . . . . . . . . . . . . 118,455 4,882,715GasLog. . . . . . . . . . . . . . . . . . 10,365 38,558

†Green Plains . . . . . . . . . . . . . 4,898 64,507Hess . . . . . . . . . . . . . . . . . . . . 14,817 782,189

†HighPoint Resources . . . . . . 374 3,426HollyFrontier . . . . . . . . . . . . 18,276 472,435International Seaways . . . . . 3,390 55,359Kinder Morgan . . . . . . . . . . . 84,993 1,161,854

†Kosmos Energy . . . . . . . . . . . 44,165 103,788†Laredo Petroleum . . . . . . . . 1,478 29,117Marathon Oil. . . . . . . . . . . . . 56,103 374,207Marathon Petroleum . . . . . . 30,801 1,273,929

†Matador Resources . . . . . . . 13,122 158,251Murphy Oil . . . . . . . . . . . . . . 18,269 221,055NACCO Industries Class A. . 200 5,260

†NOV . . . . . . . . . . . . . . . . . . . . 21,887 300,509Occidental Petroleum . . . . . 57,761 999,843ONEOK . . . . . . . . . . . . . . . . . 22,611 867,810

†Par Pacific Holdings. . . . . . . 9,387 131,230Parsley Energy Class A . . . . 24,857 352,969

†PBF Energy Class A . . . . . . . 14,133 100,344†PDC Energy. . . . . . . . . . . . . . 13,619 279,598†Peabody Energy . . . . . . . . . . 15,632 37,673†Penn Virginia . . . . . . . . . . . . 1,279 12,982Phillips 66 . . . . . . . . . . . . . . . 12,822 896,771PHX Minerals . . . . . . . . . . . . 1,806 4,154Pioneer Natural Resources . 9,045 1,030,135

†QEP Resources . . . . . . . . . . . 26,620 63,622†Range Resources . . . . . . . . . 18,226 122,114†Renewable Energy Group . . 5,557 393,547†REX American Resources . . 1,042 76,556†Ring Energy. . . . . . . . . . . . . . 3,975 2,623Scorpio Tankers . . . . . . . . . . 6,981 78,117SFL. . . . . . . . . . . . . . . . . . . . . 19,649 123,396SM Energy . . . . . . . . . . . . . . . 18,345 112,271

†Southwestern Energy. . . . . . 52,528 156,533†Talos Energy . . . . . . . . . . . . . 7,201 59,336Targa Resources . . . . . . . . . . 14,043 370,454

†Teekay . . . . . . . . . . . . . . . . . . 13,659 29,367Valero Energy . . . . . . . . . . . . 19,829 1,121,727

†W&T Offshore . . . . . . . . . . . . 13,431 29,145Williams. . . . . . . . . . . . . . . . . 53,335 1,069,367World Fuel Services . . . . . . . 12,152 378,656

†WPX Energy . . . . . . . . . . . . . 32,521 265,04632,779,087

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Paper & Forest Products–0.09%

†Clearwater Paper . . . . . . . . . 2,473 $ 93,356†Domtar . . . . . . . . . . . . . . . . . 8,467 267,980Glatfelter. . . . . . . . . . . . . . . . 4,944 80,983Louisiana-Pacific . . . . . . . . . 8,881 330,107Mercer International . . . . . . 10,372 106,313Neenah . . . . . . . . . . . . . . . . . 2,359 130,500

†Resolute Forest Products . . 7,351 48,075Schweitzer-Mauduit

International . . . . . . . . . . . 4,384 176,281Verso Class A. . . . . . . . . . . . . 4,244 51,013

1,284,608

Personal Products–0.30%†Coty Class A . . . . . . . . . . . . . 39,789 279,319Edgewell Personal Care. . . . 5,853 202,397

†elf Beauty . . . . . . . . . . . . . . . 3,904 98,342Estee Lauder Class A . . . . . . 7,752 2,063,505

†Herbalife Nutrition. . . . . . . . 9,618 462,145†Inter Parfums . . . . . . . . . . . . 3,508 212,199Medifast. . . . . . . . . . . . . . . . . 1,472 289,012Natura & Co. Holding ADR . 12,284 245,680Natural Health Trends . . . . . 1,722 8,455Nu Skin Enterprises

Class A. . . . . . . . . . . . . . . . . 7,013 383,120†USANA Health Sciences . . . 2,793 215,340

4,459,514

Pharmaceuticals–3.06%†Amphastar

Pharmaceuticals . . . . . . . . 7,904 158,949†ANI Pharmaceuticals. . . . . . 738 21,432†Assertio Holdings . . . . . . . . . 3,876 1,386Bristol-Myers Squibb . . . . . . 64,188 3,981,582

†Catalent. . . . . . . . . . . . . . . . . 9,319 969,828†Corcept Therapeutics . . . . . 8,642 226,075†Cymabay Therapeutics . . . . 5,176 29,710†Elanco Animal Health . . . . . 33,585 1,030,052Eli Lilly & Co. . . . . . . . . . . . . 29,646 5,005,431

†Endo International. . . . . . . . 19,354 138,962†Horizon Therapeutics . . . . . 14,304 1,046,338†Innoviva. . . . . . . . . . . . . . . . . 12,944 160,376†Intra-Cellular Therapies . . . 5,388 171,338†Jazz Pharmaceuticals . . . . . 4,967 819,803Johnson & Johnson . . . . . . . 88,358 13,905,782

†Lannett . . . . . . . . . . . . . . . . . 7,113 46,377Merck & Co . . . . . . . . . . . . . . 86,083 7,041,589

†Nektar Therapeutics . . . . . . 9,757 165,869†Otonomy . . . . . . . . . . . . . . . . 619 4,005†Pacira BioSciences. . . . . . . . 500 29,920Perrigo. . . . . . . . . . . . . . . . . . 8,951 400,289Pfizer . . . . . . . . . . . . . . . . . . . 156,456 5,759,145Phibro Animal Health

Class A. . . . . . . . . . . . . . . . . 1,442 28,004†Prestige Consumer

Healthcare . . . . . . . . . . . . . 6,536 227,910



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Pharmaceuticals (continued)

†Revance Therapeutics . . . . . 3,504 $ 99,303†Supernus Pharmaceuticals . 3,800 95,608†Taro Pharmaceutical

Industries . . . . . . . . . . . . . . 3,413 250,583†Viatris . . . . . . . . . . . . . . . . . . 55,995 1,049,346Zoetis . . . . . . . . . . . . . . . . . . . 17,085 2,827,568

†Zogenix . . . . . . . . . . . . . . . . . 4,371 87,37645,779,936

Professional Services–0.71%†ASGN . . . . . . . . . . . . . . . . . . . 5,974 499,008Barrett Business Services . . 300 20,463

†CBIZ. . . . . . . . . . . . . . . . . . . . 9,833 261,656CoreLogic . . . . . . . . . . . . . . . 9,062 700,674

†CoStar Group . . . . . . . . . . . . 768 709,847Equifax . . . . . . . . . . . . . . . . . 3,968 765,189Exponent . . . . . . . . . . . . . . . . 4,416 397,573

†Forrester Research . . . . . . . 2,034 85,225†Franklin Covey . . . . . . . . . . . 993 22,114†FTI Consulting . . . . . . . . . . . 3,393 379,066†GP Strategies . . . . . . . . . . . . 1,772 21,016Heidrick & Struggles

International . . . . . . . . . . . 2,100 61,698†Huron Consulting Group . . . 2,990 176,261ICF International . . . . . . . . . 2,478 184,190IHS Markit. . . . . . . . . . . . . . . 15,728 1,412,846Insperity . . . . . . . . . . . . . . . . 2,353 191,581

†Kelly Services Class A . . . . . 7,992 164,395Kforce . . . . . . . . . . . . . . . . . . 4,767 200,643Korn Ferry. . . . . . . . . . . . . . . 6,340 275,790ManpowerGroup. . . . . . . . . . 6,573 592,753

†Mistras Group . . . . . . . . . . . . 3,448 26,756Nielsen Holdings . . . . . . . . . 26,911 561,633Resources Connection . . . . . 4,071 51,172Robert Half International . . 9,812 613,054TransUnion . . . . . . . . . . . . . . 1,042 103,387

†TriNet Group . . . . . . . . . . . . . 6,496 523,578†TrueBlue . . . . . . . . . . . . . . . . 5,561 103,935Verisk Analytics . . . . . . . . . . 7,642 1,586,403

10,691,906

Real Estate Management & Development–0.24%†Altisource Portfolio

Solutions . . . . . . . . . . . . . . . 2,089 26,906†BBX Capital . . . . . . . . . . . . . 529 3,010†CBRE Group Class A . . . . . . 15,664 982,446†Forestar Group . . . . . . . . . . . 476 9,606†FRP Holdings . . . . . . . . . . . . 631 28,742†Howard Hughes . . . . . . . . . . 4,225 333,479†Jones Lang LaSalle . . . . . . . 4,649 689,772Kennedy-Wilson Holdings . . 16,113 288,262

†Marcus & Millichap . . . . . . . 5,301 197,356Newmark Group Class A . . . 20,238 147,535

†Rafael Holdings Class B. . . . 1,698 39,597RE/MAX Holdings Class A . . 3,948 143,431

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Real Estate Management & Development (continued)

†Realogy Holdings . . . . . . . . . 18,390 $ 241,277RMR Group Class A . . . . . . . 862 33,291St Joe . . . . . . . . . . . . . . . . . . . 8,527 361,971

†Tejon Ranch . . . . . . . . . . . . . 2,365 34,1743,560,855

Road & Rail–1.22%AMERCO . . . . . . . . . . . . . . . . 2,266 1,028,673ArcBest . . . . . . . . . . . . . . . . . 3,735 159,372

†Avis Budget Group . . . . . . . . 8,228 306,904†Covenant Logistics Group . . 3,400 50,354CSX . . . . . . . . . . . . . . . . . . . . 27,175 2,466,131Heartland Express . . . . . . . . 11,699 211,752JB Hunt Transport

Services . . . . . . . . . . . . . . . . 8,914 1,218,098Kansas City Southern. . . . . . 6,427 1,311,943Knight-Swift Transportation

Holdings . . . . . . . . . . . . . . . 13,736 574,440Landstar System. . . . . . . . . . 3,625 488,142Marten Transport . . . . . . . . . 11,904 205,106Norfolk Southern . . . . . . . . . 9,255 2,199,081Old Dominion Freight Line . 6,623 1,292,677

†PAM TransportationServices . . . . . . . . . . . . . . . . 306 14,994

Ryder System . . . . . . . . . . . . 7,460 460,730†Saia . . . . . . . . . . . . . . . . . . . . 3,054 552,163Schneider National Class B. 12,607 260,965Union Pacific . . . . . . . . . . . . 24,232 5,045,587Universal Logistics

Holdings . . . . . . . . . . . . . . . 2,500 51,475†USA Truck . . . . . . . . . . . . . . . 1,448 12,931Werner Enterprises . . . . . . . 9,031 354,196

†YRC Worldwide . . . . . . . . . . . 1,455 6,44618,272,160

Semiconductors & Semiconductor Equipment–5.02%†Advanced Energy

Industries . . . . . . . . . . . . . . 3,830 371,395†Advanced Micro Devices . . . 18,799 1,724,056†Alpha & Omega

Semiconductor . . . . . . . . . . 1,200 28,368†Ambarella . . . . . . . . . . . . . . . 3,562 327,063Amkor Technology . . . . . . . . 37,829 570,461Analog Devices . . . . . . . . . . . 6,486 958,177Applied Materials . . . . . . . . . 33,111 2,857,479

†Axcelis Technologies . . . . . . 6,725 195,832Broadcom . . . . . . . . . . . . . . . 12,015 5,260,768Brooks Automation . . . . . . . 6,764 458,937

†CEVA . . . . . . . . . . . . . . . . . . . 2,353 107,062†Cirrus Logic . . . . . . . . . . . . . 5,584 459,005CMC Materials . . . . . . . . . . . 2,032 307,442

†Cohu. . . . . . . . . . . . . . . . . . . . 4,934 188,380†Cree . . . . . . . . . . . . . . . . . . . . 7,886 835,127†Diodes . . . . . . . . . . . . . . . . . . 6,011 423,776†DSP Group. . . . . . . . . . . . . . . 4,368 72,465



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Semiconductors & Semiconductor Equipment (continued)

†Enphase Energy . . . . . . . . . . 3,297 $ 578,525Entegris . . . . . . . . . . . . . . . . . 11,910 1,144,551

†First Solar . . . . . . . . . . . . . . . 9,258 915,801†FormFactor . . . . . . . . . . . . . . 7,433 319,768†Ichor Holdings . . . . . . . . . . . 2,461 74,187†Inphi . . . . . . . . . . . . . . . . . . . 2,993 480,287Intel . . . . . . . . . . . . . . . . . . . . 201,078 10,017,706KLA . . . . . . . . . . . . . . . . . . . . 9,200 2,381,972Kulicke & Soffa Industries . 6,090 193,723Lam Research. . . . . . . . . . . . 5,946 2,808,117

†Lattice Semiconductor . . . . 9,762 447,295†MACOM Technology

Solutions Holdings . . . . . . . 5,395 296,941Marvell Technology Group. . 28,234 1,342,244

†Maxim IntegratedProducts . . . . . . . . . . . . . . . 11,953 1,059,633

†MaxLinear . . . . . . . . . . . . . . . 6,970 266,184Microchip Technology . . . . . 14,091 1,946,108

†Micron Technology . . . . . . . . 45,489 3,419,863MKS Instruments . . . . . . . . . 4,703 707,566Monolithic Power Systems . 1,614 591,095

†NeoPhotonics . . . . . . . . . . . . 2,126 19,325NVE . . . . . . . . . . . . . . . . . . . . 50 2,809NVIDIA . . . . . . . . . . . . . . . . . 15,329 8,004,804

†ON Semiconductor . . . . . . . . 38,216 1,250,810†Onto Innovation . . . . . . . . . . 5,965 283,636†PDF Solutions . . . . . . . . . . . . 3,040 65,664†Photronics. . . . . . . . . . . . . . . 5,636 62,898Power Integrations. . . . . . . . 5,618 459,890

†Qorvo . . . . . . . . . . . . . . . . . . . 5,681 944,580QUALCOMM . . . . . . . . . . . . . 40,021 6,096,799

†Rambus . . . . . . . . . . . . . . . . . 17,462 304,887†Semtech . . . . . . . . . . . . . . . . 5,171 372,777†Silicon Laboratories. . . . . . . 2,813 358,207Skyworks Solutions . . . . . . . 9,913 1,515,499

†SMART Global Holdings . . . 4,360 164,067†SolarEdge Technologies. . . . 4,718 1,505,608†Synaptics . . . . . . . . . . . . . . . . 3,515 338,846Teradyne . . . . . . . . . . . . . . . . 9,638 1,155,500Texas Instruments . . . . . . . . 37,904 6,221,184

†Ultra Clean Holdings . . . . . . 2,793 87,002Universal Display . . . . . . . . . 1,770 406,746

†Veeco Instruments . . . . . . . . 6,193 107,510Xilinx . . . . . . . . . . . . . . . . . . . 9,244 1,310,522

75,176,929

Software–6.52%†ACI Worldwide . . . . . . . . . . . 8,610 330,882†Adobe. . . . . . . . . . . . . . . . . . . 11,801 5,901,916†Alarm.com Holdings. . . . . . . 2,786 288,212†Alteryx Class A . . . . . . . . . . . 939 114,361†ANSYS . . . . . . . . . . . . . . . . . . 3,253 1,183,441†Appfolio Class A . . . . . . . . . . 1,131 203,625†Aspen Technology. . . . . . . . . 4,013 522,693†Atlassian Class A . . . . . . . . . 1,472 344,257

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Software (continued)

†Autodesk . . . . . . . . . . . . . . . . 5,266 $ 1,607,920†Avalara. . . . . . . . . . . . . . . . . . 1,863 307,190†Avaya Holdings . . . . . . . . . . . 10,940 209,501†Blackbaud . . . . . . . . . . . . . . . 3,139 180,681†Bottomline Technologies. . . 1,500 79,110†Cadence Design Systems . . . 10,296 1,404,683CDK Global . . . . . . . . . . . . . . 9,277 480,827

†Cerence . . . . . . . . . . . . . . . . . 3,782 380,015†Ceridian HCM Holding. . . . . 3,040 323,942Citrix Systems. . . . . . . . . . . . 4,741 616,804

†CommVault Systems. . . . . . . 1,800 99,666†Cornerstone OnDemand . . . 1,568 69,055†Coupa Software . . . . . . . . . . 1,158 392,458†DocuSign . . . . . . . . . . . . . . . . 2,254 501,064†Dropbox Class A . . . . . . . . . . 7,150 158,658Ebix . . . . . . . . . . . . . . . . . . . . 3,512 133,351

†Envestnet . . . . . . . . . . . . . . . 3,287 270,487†Fair Isaac . . . . . . . . . . . . . . . 1,666 851,393†FireEye . . . . . . . . . . . . . . . . . 783 18,056†Fortinet . . . . . . . . . . . . . . . . . 3,418 507,676†Guidewire Software . . . . . . . 4,972 640,046†HubSpot. . . . . . . . . . . . . . . . . 1,237 490,396InterDigital . . . . . . . . . . . . . . 3,332 202,186Intuit . . . . . . . . . . . . . . . . . . . 8,326 3,162,631

†J2 Global . . . . . . . . . . . . . . . . 5,206 508,574†Manhattan Associates . . . . . 4,099 431,133Microsoft . . . . . . . . . . . . . . . . 241,434 53,699,750

†MicroStrategy Class A . . . . . 1,106 429,736†New Relic . . . . . . . . . . . . . . . 1,830 119,682NortonLifeLock . . . . . . . . . . 13,452 279,533

†Nuance Communications . . 18,701 824,527†OneSpan . . . . . . . . . . . . . . . . 3,332 68,906Oracle . . . . . . . . . . . . . . . . . . 89,573 5,794,477

†Palo Alto Networks. . . . . . . . 1,493 530,597†Paycom Software . . . . . . . . . 2,573 1,163,639†Paylocity Holding . . . . . . . . . 1,771 364,667Pegasystems . . . . . . . . . . . . . 3,592 478,670Progress Software . . . . . . . . 4,679 211,444

†Proofpoint . . . . . . . . . . . . . . . 1,590 216,892†PTC . . . . . . . . . . . . . . . . . . . . 2,065 246,995QAD Class A . . . . . . . . . . . . . 1,105 69,814

†Qualys . . . . . . . . . . . . . . . . . . 1,453 177,077†RealPage . . . . . . . . . . . . . . . . 4,008 349,658†RingCentral Class A . . . . . . . 402 152,346†salesforce.com . . . . . . . . . . . 10,083 2,243,770Sapiens International . . . . . 854 26,141

†Seachange International . . . 2,000 2,800†ServiceNow . . . . . . . . . . . . . . 2,218 1,220,854†SolarWinds . . . . . . . . . . . . . . 9,410 140,680†Splunk . . . . . . . . . . . . . . . . . . 2,645 449,359SS&C Technologies

Holdings . . . . . . . . . . . . . . . 16,039 1,166,837†Synchronoss Technologies. . 4,423 20,788†Synopsys . . . . . . . . . . . . . . . . 3,261 845,382†Telenav . . . . . . . . . . . . . . . . . 2,300 10,810



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Software (continued)

†Teradata . . . . . . . . . . . . . . . . 10,985 $ 246,833†Trade Desk Class A. . . . . . . . 863 691,263†Tyler Technologies . . . . . . . . 1,278 557,873†Verint Systems . . . . . . . . . . . 5,416 363,847†VMware Class A . . . . . . . . . . 1,975 277,013†Workday Class A . . . . . . . . . . 1,507 361,092Xperi Holding . . . . . . . . . . . . 14,584 304,806

†Zendesk . . . . . . . . . . . . . . . . . 2,528 361,807†Zscaler . . . . . . . . . . . . . . . . . . 1,623 324,129

97,711,384

Specialty Retail–2.60%†Aaron’s. . . . . . . . . . . . . . . . . . 3,102 58,814†Abercrombie & Fitch

Class A. . . . . . . . . . . . . . . . . 8,315 169,293Advance Auto Parts . . . . . . . 6,226 980,657American Eagle Outfitters . 17,294 347,091

†America’s Car-Mart . . . . . . . 962 105,666†Asbury Automotive Group . . 2,475 360,707†At Home Group. . . . . . . . . . . 6,725 103,969†AutoNation . . . . . . . . . . . . . . 10,371 723,792†AutoZone. . . . . . . . . . . . . . . . 842 998,140†Barnes & Noble Education . 6,119 28,453†Bed Bath & Beyond . . . . . . . 20,862 370,509Best Buy . . . . . . . . . . . . . . . . 17,025 1,698,925Big 5 Sporting Goods . . . . . . 900 9,189

†Boot Barn Holdings . . . . . . . 3,430 148,725Buckle . . . . . . . . . . . . . . . . . . 2,120 61,904

†Build-A-Bear Workshop . . . . 2,901 12,387†Burlington Stores . . . . . . . . . 1,166 304,967Caleres. . . . . . . . . . . . . . . . . . 7,320 114,558

†CarMax . . . . . . . . . . . . . . . . . 14,181 1,339,537†Cato Class A . . . . . . . . . . . . . 4,303 41,266†Chico’s FAS . . . . . . . . . . . . . . 18,957 30,142†Children’s Place . . . . . . . . . . 1,721 86,222†Citi Trends. . . . . . . . . . . . . . . 2,149 106,762†Conn’s . . . . . . . . . . . . . . . . . . 6,316 73,834†Designer Brands Class A . . . 11,901 91,043Dick’s Sporting Goods . . . . . 8,270 464,857

†Five Below. . . . . . . . . . . . . . . 3,322 581,284†Floor & Decor Holdings

Class A. . . . . . . . . . . . . . . . . 5,614 521,260Foot Locker. . . . . . . . . . . . . . 11,651 471,166

†GameStop Class A . . . . . . . . 17,127 322,673†Gap. . . . . . . . . . . . . . . . . . . . . 31,510 636,187†Genesco . . . . . . . . . . . . . . . . . 3,102 93,339Group 1 Automotive . . . . . . . 2,819 369,684Guess . . . . . . . . . . . . . . . . . . . 11,019 249,250Haverty Furniture. . . . . . . . . 2,655 73,464

†Hibbett Sports . . . . . . . . . . . 4,645 214,506Home Depot . . . . . . . . . . . . . 29,486 7,832,071

†L Brands . . . . . . . . . . . . . . . . 4,877 181,376Lithia Motors Class A. . . . . . 3,476 1,017,321Lowe’s . . . . . . . . . . . . . . . . . . 26,614 4,271,813

†MarineMax . . . . . . . . . . . . . . 2,439 85,438

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Specialty Retail (continued)

†Michaels . . . . . . . . . . . . . . . . 14,861 $ 193,342Monro . . . . . . . . . . . . . . . . . . 3,844 204,885Murphy USA . . . . . . . . . . . . . 4,148 542,849

†National Vision Holdings . . . 4,591 207,926†ODP . . . . . . . . . . . . . . . . . . . . 8,928 261,590†O’Reilly Automotive . . . . . . . 3,146 1,423,785Penske Automotive Group. . 9,169 544,547Rent-A-Center. . . . . . . . . . . . 8,035 307,660

†RH . . . . . . . . . . . . . . . . . . . . . 1,851 828,360†Ross Stores . . . . . . . . . . . . . . 13,614 1,671,935†Sally Beauty Holdings . . . . . 12,560 163,782Shoe Carnival . . . . . . . . . . . . 1,575 61,709

†Signet Jewelers . . . . . . . . . . 8,178 223,014†Sleep Number . . . . . . . . . . . . 4,561 373,363Sonic Automotive Class A . . 5,355 206,542

†Sportsman’s WarehouseHoldings . . . . . . . . . . . . . . . 165 2,896

Tiffany & Co. . . . . . . . . . . . . . 2,511 330,071TJX. . . . . . . . . . . . . . . . . . . . . 33,176 2,265,589Tractor Supply . . . . . . . . . . . 8,025 1,128,155

†Ulta Beauty . . . . . . . . . . . . . . 3,053 876,699†Urban Outfitters . . . . . . . . . . 11,919 305,126Williams-Sonoma . . . . . . . . . 8,213 836,412Winmark . . . . . . . . . . . . . . . . 151 28,056

†Zumiez . . . . . . . . . . . . . . . . . . 4,241 155,98438,896,518

Technology Hardware, Storage & Peripherals–5.58%†3D Systems . . . . . . . . . . . . . . 12,600 132,048Apple . . . . . . . . . . . . . . . . . . . 572,186 75,923,360

†Avid Technology . . . . . . . . . . 6,614 104,964†Dell Technologies Class C . . 8,375 613,804Hewlett Packard

Enterprise. . . . . . . . . . . . . . 105,438 1,249,440HP . . . . . . . . . . . . . . . . . . . . . 50,000 1,229,500

†NCR . . . . . . . . . . . . . . . . . . . . 13,077 491,303NetApp. . . . . . . . . . . . . . . . . . 13,388 886,821

†Pure Storage Class A . . . . . . 9,250 209,143Seagate Technology . . . . . . . 18,341 1,140,077

†Stratasys . . . . . . . . . . . . . . . . 4,881 101,134†Western Digital . . . . . . . . . . . 17,077 945,895Xerox Holdings . . . . . . . . . . . 23,774 551,319

83,578,808

Textiles, Apparel & Luxury Goods–0.94%†Capri Holdings . . . . . . . . . . . 15,972 670,824†Carter’s . . . . . . . . . . . . . . . . . 4,829 454,264†Columbia Sportswear. . . . . . 6,536 571,116†Crocs . . . . . . . . . . . . . . . . . . . 5,293 331,659Culp . . . . . . . . . . . . . . . . . . . . 695 11,030

†Deckers Outdoor . . . . . . . . . 2,578 739,319†Fossil Group . . . . . . . . . . . . . 8,573 74,328†G-III Apparel Group . . . . . . . 9,262 219,880Hanesbrands . . . . . . . . . . . . . 36,640 534,211

†Kontoor Brands . . . . . . . . . . 1,846 74,874



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Textiles, Apparel & Luxury Goods (continued)

†Lululemon Athletica . . . . . . 3,750 $ 1,305,112†Movado Group. . . . . . . . . . . . 2,255 37,478NIKE Class B. . . . . . . . . . . . . 35,560 5,030,673Oxford Industries . . . . . . . . . 2,792 182,904

†PVH . . . . . . . . . . . . . . . . . . . . 5,201 488,322†Ralph Lauren . . . . . . . . . . . . 3,815 395,768†Skechers USA Class A . . . . . 13,059 469,340†Steven Madden . . . . . . . . . . . 8,925 315,231†Tapestry. . . . . . . . . . . . . . . . . 16,823 522,859†Under Armour Class A . . . . . 8,228 141,275†Under Armour Class C . . . . . 15,584 231,890†Unifi . . . . . . . . . . . . . . . . . . . . 3,174 56,307†Vera Bradley . . . . . . . . . . . . . 810 6,447VF. . . . . . . . . . . . . . . . . . . . . . 11,580 989,048Wolverine World Wide . . . . . 8,592 268,500

14,122,659

Thrifts & Mortgage Finance–0.42%†Axos Financial . . . . . . . . . . . 7,624 286,129Capitol Federal Financial . . 21,314 266,425

†Columbia Financial . . . . . . . 6,136 95,476Essent Group . . . . . . . . . . . . 9,692 418,694Federal Agricultural

Mortgage Class C . . . . . . . . 1,195 88,729Flagstar Bancorp . . . . . . . . . 7,368 300,320HomeStreet. . . . . . . . . . . . . . 2,845 96,019Kearny Financial . . . . . . . . . 15,285 161,410Meridian Bancorp . . . . . . . . 8,312 123,932Meta Financial Group . . . . . 7,426 271,494MGIC Investment . . . . . . . . . 35,831 449,679

†Mr Cooper Group . . . . . . . . . 6,569 203,836New York Community

Bancorp. . . . . . . . . . . . . . . . 39,410 415,775†NMI Holdings Class A . . . . . 9,001 203,873Northfield Bancorp . . . . . . . 6,724 82,907Northwest Bancshares. . . . . 14,286 182,004PennyMac Financial

Services . . . . . . . . . . . . . . . . 9,476 621,815Premier Financial . . . . . . . . 4,031 92,713Provident Financial

Services . . . . . . . . . . . . . . . . 9,985 179,331Radian Group . . . . . . . . . . . . 23,244 470,691

†Sterling Bancorp . . . . . . . . . 1,664 7,555TFS Financial . . . . . . . . . . . . 9,915 174,801TrustCo Bank . . . . . . . . . . . . 12,472 83,188Walker & Dunlop . . . . . . . . . 4,483 412,526Washington Federal . . . . . . . 9,358 240,875Waterstone Financial . . . . . . 3,925 73,868WSFS Financial . . . . . . . . . . 7,121 319,590

6,323,655

Tobacco–0.45%Altria Group . . . . . . . . . . . . . 66,703 2,734,823Philip Morris International . 44,228 3,661,636Universal . . . . . . . . . . . . . . . . 3,560 173,052

Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Tobacco (continued)Vector Group . . . . . . . . . . . . . 17,305 $ 201,603

6,771,114

Trading Companies & Distributors–0.74%Air Lease . . . . . . . . . . . . . . . . 16,007 711,031Applied Industrial

Technologies. . . . . . . . . . . . 4,207 328,104†Beacon Roofing Supply . . . . 8,312 334,059†BMC Stock Holdings . . . . . . 11,516 618,179Boise Cascade. . . . . . . . . . . . 5,938 283,836CAI International . . . . . . . . . 2,879 89,940

†DXP Enterprises. . . . . . . . . . 1,631 36,257Fastenal. . . . . . . . . . . . . . . . . 31,166 1,521,836GATX . . . . . . . . . . . . . . . . . . . 4,500 374,310

†GMS . . . . . . . . . . . . . . . . . . . . 6,711 204,551H&E Equipment Services . . 6,917 206,196

†Herc Holdings . . . . . . . . . . . . 3,940 261,655†MRC Global . . . . . . . . . . . . . . 11,216 74,362MSC Industrial Direct

Class A. . . . . . . . . . . . . . . . . 5,382 454,187†NOW. . . . . . . . . . . . . . . . . . . . 13,867 99,565Rush Enterprises Class A . . 7,029 291,141

†SiteOne Landscape Supply . 1,171 185,756Systemax . . . . . . . . . . . . . . . . 4,022 144,350

†Textainer Group Holdings . . 6,500 124,670†Titan Machinery . . . . . . . . . . 4,300 84,065Triton International . . . . . . . 9,649 468,073

†United Rentals . . . . . . . . . . . 7,322 1,698,045†Univar Solutions . . . . . . . . . . 13,479 256,236†Veritiv . . . . . . . . . . . . . . . . . . 1,100 22,869Watsco . . . . . . . . . . . . . . . . . . 2,624 594,467

†WESCO International . . . . . 7,511 589,613WW Grainger. . . . . . . . . . . . . 2,584 1,055,151

11,112,504

Transportation Infrastructure–0.01%Macquarie Infrastructure . . 5,269 197,851

197,851

Water Utilities–0.16%American States Water . . . . 4,089 325,116American Water Works. . . . . 6,665 1,022,877California Water Service

Group. . . . . . . . . . . . . . . . . . 5,288 285,711Essential Utilities. . . . . . . . . 10,156 480,277Middlesex Water . . . . . . . . . . 1,357 98,342SJW Group. . . . . . . . . . . . . . . 3,075 213,282York Water . . . . . . . . . . . . . . . 591 27,541

2,453,146

Wireless Telecommunication Services–0.23%†Boingo Wireless . . . . . . . . . . 4,098 52,127Shenandoah

Telecommunications . . . . . 6,684 289,083Spok Holdings . . . . . . . . . . . . 1,858 20,679



Number ofShares

Value(U.S. $)

COMMON STOCK (continued)Wireless Telecommunication Services (continued)Telephone & Data Systems . 9,452 $ 175,524

†T-Mobile US. . . . . . . . . . . . . . 20,661 2,786,136†United States Cellular . . . . . 3,838 117,788

3,441,337Total Common Stock

(Cost $815,765,761) . . . . . . . . . . . . . . . . . . . . . . 1,494,603,495

PREFERRED STOCKS–0.01%†Qurate Retail 8.00% . . . . . . . 708 70,092†WESCO International

10.63% . . . . . . . . . . . . . . . . . 3,174 99,187Total Preferred Stocks

(Cost $288,457). . . . . . . . . . . . . . . . . . . . . . . . . . 169,279

RIGHTS–0.00%=†πAchillion Pharmace CVR . . . 5,527 7,848

Number ofShares

Value(U.S. $)

RIGHTS (continued)=†πMedia General CVR . . . . . . . 16,818 $ 1,578

Total Rights(Cost $2,543) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,426

MONEY MARKET FUND–0.18%State Street Institutional

U.S. Government MoneyMarket Fund -PremierClass (seven-day effectiveyield 0.01%). . . . . . . . . . . . . 2,747,504 2,747,504

Total Money Market Fund(Cost $2,747,504) . . . . . . . . . . . . . . . . . . . . . . . . 2,747,504

TOTAL INVESTMENTS–99.96% (Cost $818,804,265) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,497,529,704�RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES–0.04%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 527,238

NET ASSETS APPLICABLE TO 39,263,587 SHARES OUTSTANDING–100.00% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,498,056,942

NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 1 FUND STANDARD CLASS($1,235,575,639 / 32,344,266 Shares). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $38.201

NET ASSET VALUE PER SHARE–LVIP DIMENSIONAL U.S. CORE EQUITY 1 FUND SERVICE CLASS($262,481,303 / 6,919,321 Shares) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $37.935

COMPONENTS OF NET ASSETS AT DECEMBER 31, 2020:Shares of beneficial interest (unlimited authorization–no par) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 761,121,478Distributable earnings/(accumulated loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 736,935,464

TOTAL NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,498,056,942

† Non-income producing.

= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosuretable located in Note 3 in �Notes to Financial Statements.�

π Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certainrestrictions on resale which may limit their liquidity. At December 31, 2020, the aggregate value of restricted securities was $9,426,which represented 0.00% of the Fund’s net assets. The Fund has various registration rights (exercisable under a variety ofcircumstances) with respect to these securities.

Restricted Securities

Investment Date of Acquisition Cost Value

Achillion Pharmace CVR. . . . . . . . . . . . . . . . . . . . . . . . . . 1/29/2020 $2,543 $7,848Media General CVR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1/18/2017 — 1,578

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,543 $9,426

� Includes $1,582,868 payable for fund shares redeemed, $67,566 other accrued expenses payable and $533,430 due to manager andaffiliates as of December 31, 2020.



Summary of Abbreviations:ADR–American Depositary ReceiptCVR–Contingent Value RightsIT–Information TechnologyS&P–Standard & Poor’s

See accompanying notes, which are an integral part of the financial statements.



LVIP Dimensional U.S. Core Equity 1 FundStatement of OperationsYear Ended December 31, 2020

INVESTMENT INCOME:Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,490,103Foreign taxes withheld. . . . . . . . . . . . . . . . . . . . . . . . . . . (4,669)

23,485,434

EXPENSES:Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,510,325Distribution fees-Service Class. . . . . . . . . . . . . . . . . . . . 805,620Shareholder servicing fees . . . . . . . . . . . . . . . . . . . . . . . 381,865Accounting and administration expenses . . . . . . . . . . 245,614Reports and statements to shareholders . . . . . . . . . . . 146,668Professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,719Trustees’ fees and expenses . . . . . . . . . . . . . . . . . . . . . . 32,321Pricing fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,466Custodian fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,000Consulting fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,230Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,610

6,244,438Less:Management fees waived. . . . . . . . . . . . . . . . . . . . . . . . . (30,966)

Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . 6,213,472

NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . 17,271,962

NET REALIZED AND UNREALIZED GAIN(LOSS):

Net realized gain on investments. . . . . . . . . . . . . . . . . . 63,899,278Net change in unrealized appreciation

(depreciation) of investments . . . . . . . . . . . . . . . . . . . 129,409,820

NET REALIZED AND UNREALIZED GAIN . . . . . . . 193,309,098

NET INCREASE IN NET ASSETS RESULTINGFROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . $210,581,060

See accompanying notes, which are an integral part of thefinancial statements.

LVIP Dimensional U.S. Core Equity 1 FundStatements of Changes in Net Assets

Year Ended12/31/20 12/31/19

INCREASE IN NET ASSETSFROM OPERATIONS:

Net investment income. . . . . . . . . . $ 17,271,962 $ 18,260,578Net realized gain . . . . . . . . . . . . . . . 63,899,278 62,460,282Net change in unrealized

appreciation (depreciation) . . . . 129,409,820 262,767,609

Net increase in net assetsresulting from operations . . . . . 210,581,060 343,488,469

DIVIDENDS ANDDISTRIBUTIONS TOSHAREHOLDERS FROM:

Distributable earnings:Standard Class . . . . . . . . . . . . . . . . (61,570,537) (76,925,896)Service Class. . . . . . . . . . . . . . . . . . (12,759,216) (13,638,411)

(74,329,753) (90,564,307)

CAPITAL SHARETRANSACTIONS:

Proceeds from shares sold:Standard Class . . . . . . . . . . . . . . . . 22,719,919 22,804,341Service Class. . . . . . . . . . . . . . . . . . 40,257,954 53,199,766

Reinvestment of dividends anddistributions:

Standard Class . . . . . . . . . . . . . . . . 61,570,537 76,925,896Service Class. . . . . . . . . . . . . . . . . . 12,759,216 13,638,411

137,307,626 166,568,414

Cost of shares redeemed:Standard Class . . . . . . . . . . . . . . . . (148,449,653) (150,089,533)Service Class. . . . . . . . . . . . . . . . . . (49,392,294) (26,339,399)

(197,841,947) (176,428,932)

Decrease in net assets derivedfrom capital share transactions . (60,534,321) (9,860,518)

NET INCREASE IN NETASSETS . . . . . . . . . . . . . . . . . . . . . . 75,716,986 243,063,644

NET ASSETS:Beginning of year . . . . . . . . . . . . . . . 1,422,339,956 1,179,276,312

End of year . . . . . . . . . . . . . . . . . . . . $1,498,056,942 $1,422,339,956

See accompanying notes, which are an integral part of thefinancial statements.


Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP Dimensional U.S. Core Equity 1 Fund Standard ClassYear Ended

12/31/20 12/31/19 12/31/18 12/31/17 12/31/16

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34.698 $ 28.534 $ 32.022 $ 27.254 $ 37.542

Income (loss) from investment operations:Net investment income1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.454 0.468 0.457 0.416 0.537Net realized and unrealized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.986 8.000 (2.676) 5.236 3.889

Total from investment operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.440 8.468 (2.219) 5.652 4.426

Less dividends and distributions from:Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.520) (0.609) (0.486) (0.433) (0.439)Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.417) (1.695) (0.783) (0.451) (14.275)

Total dividends and distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.937) (2.304) (1.269) (0.884) (14.714)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38.201 $ 34.698 $ 28.534 $ 32.022 $ 27.254

Total return2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.40% 30.11% (7.29%) 20.88% 14.41%

Ratios and supplemental data:Net assets, end of period (000 omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,235,576 $1,191,025 $1,024,194 $1,245,607 $1,147,995Ratio of expenses to average net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.41% 0.41% 0.42% 0.41% 0.40%Ratio of net investment income to average net assets . . . . . . . . . . . . . . . . . . 1.37% 1.43% 1.39% 1.41% 1.60%Portfolio turnover. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6% 5% 5% 4% 4%

1 The average shares outstanding method has been applied for per share information.2 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return

reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposedby the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account,performance would have been lower.


LVIP Dimensional U.S. Core Equity 1 FundFinancial Highlights


Selected data for each share of the Fund outstanding throughout each period were as follows:

LVIP Dimensional U.S. Core Equity 1 Fund Service ClassYear Ended

12/31/20 12/31/19 12/31/18 12/31/17 12/31/16

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34.486 $ 28.389 $ 31.861 $ 27.130 $ 37.449

Income (loss) from investment operations:Net investment income1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.335 0.352 0.339 0.312 0.415Net realized and unrealized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.934 7.945 (2.644) 5.199 3.863

Total from investment operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.269 8.297 (2.305) 5.511 4.278

Less dividends and distributions from:Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.403) (0.505) (0.384) (0.329) (0.322)Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.417) (1.695) (0.783) (0.451) (14.275)

Total dividends and distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.820) (2.200) (1.167) (0.780) (14.597)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37.935 $ 34.486 $ 28.389 $ 31.861 $ 27.130

Total return2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.00% 29.65% (7.60%) 20.45% 14.01%

Ratios and supplemental data:Net assets, end of period (000 omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $262,481 $231,315 $155,082 $138,464 $ 93,660Ratio of expenses to average net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.76% 0.76% 0.77% 0.76% 0.75%Ratio of net investment income to average net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.02% 1.08% 1.04% 1.06% 1.25%Portfolio turnover. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6% 5% 5% 4% 4%

1 The average shares outstanding method has been applied for per share information.2 Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return

reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect. Total return does not include fees, charges, or expenses imposedby the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account,performance would have been lower.


LVIP Dimensional U.S. Core Equity 1 FundFinancial Highlights (continued)


Lincoln Variable Insurance Products Trust (“LVIP” or the “Trust”) is a Delaware statutory trust. The Trust consists of 94 series, each of which istreated as a separate entity for certain matters under the Investment Company Act of 1940 (the “1940 Act”) and for other purposes. Ashareholder of one series is not deemed to be a shareholder of any other series. These financial statements and the related notes pertain to theLVIP Dimensional U.S. Core Equity 1 Fund (the “Fund”). The financial statements of the Trust’s other series are included in separate reports totheir shareholders. The Trust is an open-end investment company. The Fund is a diversified management investment company registered underthe 1940 Act. The Fund sells its shares directly or indirectly to The Lincoln National Life Insurance Company (“Lincoln Life”) and Lincoln Life& Annuity Company of New York (“LNY”). Lincoln Life and LNY hold the Fund’s shares in separate accounts that support various variable annuitycontracts and variable life insurance contracts.

The Fund’s investment objective is to seek long-term capital appreciation.

1. Significant Accounting PoliciesThe Fund is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, the Fund followsthe accounting and reporting guidelines for investment companies. The following accounting policies are in accordance with U.S. GAAP and areconsistently followed by the Fund.

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

Federal Income Taxes–No provision for federal income taxes has been made because the Fund intends to continue to qualify for federal incometax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986 and to make the requisitedistributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returnsto determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions deemed not tomeet the more-likely-than-not threshold are recorded as a tax expense in the current year. Management has analyzed the tax positions taken orto be taken on the Fund’s federal income tax returns through the year ended December 31, 2020 and for all open tax years (years endedDecember 31, 2017-December 31, 2019), and has concluded that no provision for federal income tax is required in the Fund’s financialstatements. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenseson the Statement of Operations. During the year ended December 31, 2020, the Fund did not incur any interest or tax penalties.

Class Accounting–Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the classes ofthe Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Use of Estimates–The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates andassumptions that affect the fair value of investments, the reported amounts of assets and liabilities, disclosure of contingent assets and liabilitiesat the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results coulddiffer from those estimates and the differences could be material.

Other–Expenses common to all series of the Trust are allocated to each series based on their relative net assets. Expenses exclusive to a specificseries of the Trust are charged directly to the applicable series. Security transactions are recorded on the date the securities are purchased orsold (i.e., the trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securitiesare those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrualbasis. Taxable non-cash dividends are recorded as dividend income. Foreign dividends are also recorded on the ex-dividend date or as soon afterthe ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings not eligible for rebates. Withholding taxes on foreigndividends are recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received frominvestments in Real Estate Investment Trusts (“REITs”) are recorded as dividend income on the ex-dividend date, subject to reclassification

LVIP Dimensional U.S. Core Equity 1 FundNotes to Financial StatementsDecember 31, 2020


1. Significant Accounting Policies (continued)upon notice of the character of such distributions by the issuer or management estimate. Discounts and premiums on debt securities areamortized/accreted to interest income using the effective interest method. The Fund declares and distributes dividends from net investmentincome, if any, semi-annually. Distributions from net realized gains, if any, are declared and distributed annually. Dividends and distributions, ifany, are recorded on the ex-dividend date.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the relatedbrokerage commissions to the Fund in cash. In general, best execution refers to many factors, including the price paid or received for a security,the commission charged, the promptness and reliability of execution, the confidentiality and placement of the transaction, and other factorsaffecting the overall benefit obtained by the Fund on the transaction. There were no commission rebates for the year ended December 31, 2020.

2. Management Fees and Other Transactions With AffiliatesLincoln Investment Advisors Corporation (“LIAC”) is a registered investment adviser and wholly owned subsidiary of Lincoln Life, a whollyowned subsidiary of Lincoln National Corporation. LIAC is responsible for overall management of the Fund’s investment portfolio, includingmonitoring of the Fund’s investment sub-adviser, and providing certain administrative services to the Fund. For its services, LIAC receives amanagement fee at an annual rate of 0.48% of the first $200 million of the Fund’s average daily net assets; 0.40% of the next $200 million; and0.30% of the Fund’s average daily net assets in excess of $400 million. Effective March 4, 2020, LIAC has contractually agreed to waive a portionof its advisory fee as follows: 0.0075% on the first $100 million of the Fund’s average daily net assets and 0.0025% of the Fund’s average daily netassets in excess of $100 million. The management fee, net of waivers, is calculated daily and paid monthly.

Dimensional Fund Advisors LP (the “Sub-Adviser”) is responsible for the day-to-day management of the Fund’s investment portfolio. For theseservices, LIAC, not the Fund, pays the Sub-Adviser a fee based on the Fund’s average daily net assets.

Pursuant to an administration agreement with the Trust, Lincoln Life provides various administrative services necessary for the operation of theFund. For these services, the Fund reimburses Lincoln Life for the cost of administrative and internal legal services, which is included in“Accounting and administration expenses” on the Statement of Operations. For the year ended December 31, 2020, costs for these administrativeand legal services were as follows:

Administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $80,836Legal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,304

Lincoln Life also provides certain contract holder and additional corporate services to the Fund. The Fund pays Lincoln Life a fee for suchservices at an annual rate of 0.029% of the Fund’s average daily net assets, calculated daily and paid monthly. The fee is included in “Shareholderservicing fees” on the Statement of Operations.

Lincoln Life also prints and mails Fund documents on behalf of the Fund. The cost of these services is included in “Reports and statements toshareholders” on the Statement of Operations. The Fund reimburses Lincoln Life for the cost of these services, which amounted to $133,789 forthe year ended December 31, 2020.

The Fund currently offers two classes of shares: the Standard Class and the Service Class. The two classes of shares are identical, except thatService Class shares are subject to a distribution and service fee (“12b-1 Fee”). Pursuant to its distribution and service plan, the Fund isauthorized to pay, out of the assets of the Service Class shares, Lincoln Life, LNY, or others, an annual 12b-1 Fee at a rate not to exceed 0.35% ofthe average daily net assets of the Service Class shares, as compensation or reimbursement for services rendered and/or expenses borne. TheTrust has entered into a distribution agreement with Lincoln Financial Distributors, Inc. (“LFD”), an affiliate of LIAC. The 12b-1 Fee is 0.35% ofthe average daily net assets of the Service Class shares. The 12b-1 Fee can be adjusted only with the consent of the Board. The fee is calculateddaily and paid monthly.

At December 31, 2020, the Fund had liabilities payable to affiliates as follows:

Management fees payable to LIAC . . . . . . . . . . . . . . . $419,866Distribution fees payable to LFD . . . . . . . . . . . . . . . . . 77,218Shareholder servicing fees payable to Lincoln Life . 36,346

Certain officers and trustees of the Fund are also officers or directors of Lincoln Life and its affiliates and receive no compensation from theFund. The Fund pays compensation to unaffiliated trustees.

LVIP Dimensional U.S. Core Equity 1 FundNotes to Financial Statements (continued)


3. InvestmentsFor the year ended December 31, 2020, the Fund made purchases and sales of investment securities other than short-term investments asfollows:

Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 72,668,766Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186,886,416

At December 31, 2020, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes were as follows:

Cost of investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $822,783,424Aggregate unrealized appreciation of investments . $758,220,529Aggregate unrealized depreciation of investments . (83,474,249)Net unrealized appreciation of investments . . . . . . . $674,746,280

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

Level 1–inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futurescontracts, options contracts)

Level 2–other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quotedprices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable forthe assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and defaultrates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchangecontracts, foreign securities utilizing international fair value pricing)

Level 3–inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g.,indicative quotes from brokers, fair valued securities)

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

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of December 31, 2020:

Level 1 Level 2 Level 3 Total

Investments:Assets:Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,494,603,495 $— $ — $1,494,603,495Preferred Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169,279 — — 169,279Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 9,426 9,426Money Market Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,747,504 — — 2,747,504Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,497,520,278 $— $9,426 $1,497,529,704

During the year ended December 31, 2020, there were no material transfers to or from Level 3 investments.

4. Dividend and Distribution InformationIncome and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S.GAAP. These differences are primarily due to wash sales, Partnership Basis Adjustments and Passive Foreign Investment Company Un-reversed



4. Dividend and Distribution Information (continued)Inclusions. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gainsare recorded by the Fund for financial reporting purposes. The tax character of dividends and distributions paid during the years endedDecember 31, 2020 and 2019 were as follows:

Year Ended12/31/20 12/31/19

Ordinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,682,090 $20,147,684Long-term capital gains . . . . . . . . . . . . . . . . . . . . . . . . . . 56,647,663 70,416,623Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $74,329,753 $90,564,307

5. Components of Distributable Earnings on a Tax BasisAs of December 31, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term capital gains . . . . . . . . . . . . $ 62,189,185Net unrealized appreciation . . . . . . . . . . . . . . . . . . . . . 674,746,279Distributable earnings/(accumulated loss) . . . . . . . . $736,935,464

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified betweendistributable earnings/(accumulated loss) and paid-in capital. Results of operations and net assets are not affected by these reclassifications.For the year ended December 31, 2020, the Fund recorded the following permanent reclassifications primarily related to partnershipnon-deductible expense:

DistributableEarnings/(Accumulated

Loss) Paid-in capital$39 $(39)

6. Capital SharesTransactions in capital shares were as follows:

Year Ended12/31/20 12/31/19

Shares sold:Standard Class . . . . . . . . . . . . . . . . . 703,268 694,115Service Class . . . . . . . . . . . . . . . . . . . 1,313,942 1,637,154

Shares reinvested:Standard Class . . . . . . . . . . . . . . . . . 1,801,690 2,303,770Service Class . . . . . . . . . . . . . . . . . . . 379,232 411,971

4,198,132 5,047,010Shares redeemed:

Standard Class . . . . . . . . . . . . . . . . . (4,486,289) (4,565,852)Service Class . . . . . . . . . . . . . . . . . . . (1,481,283) (804,356)

(5,967,572) (5,370,208)Net decrease . . . . . . . . . . . . . . . . . . . . (1,769,440) (323,198)

7. Risk FactorsThe Fund may invest in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt fromregistration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relativeilliquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirableto do so. While maintaining oversight, the Fund’s Board has delegated to LIAC, the day-to-day functions of determining whether individualsecurities are illiquid for purposes of the Fund’s limitation on investments in illiquid securities. Restricted securities are valued pursuant to thesecurity valuation procedures noted in Note 1.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomenagenerally, and widespread disease and illness, including pandemics and epidemics, have been and can be highly disruptive to economies andmarkets. They may adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings,investor sentiment, and other factors affecting the value of the Fund’s investments. For example, the novel coronavirus (COVID-19), which was



7. Risk Factors (continued)first detected in 2019, has resulted in, among other things, stressors to healthcare service infrastructure, country border closings, business andschool closings, and disruptions to supply chains and customer activity. Natural disaster/epidemic risk could have a significant adverse impacton the Fund’s portfolio investments.

8. Contractual ObligationsThe Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure underthese arrangements is unknown; however, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed theFund’s existing contracts and expects the risk of material loss to be remote.

9. Recent Accounting PronouncementsIn August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU No. 2018-13, which changes certain fairvalue measurement disclosure requirements. The ASU, in addition to other modifications and additions, removes the requirement to disclose theamount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels andthe valuation process for Level 3 fair value measurements. As of December 31, 2018, the Trust had early adopted the removal of applicabledisclosures. The ASU was fully adopted in the current period and the implementation of the ASU did not have an impact on the Fund’s financialstatements.

10. Subsequent EventsManagement has determined that no material events or transactions occurred that would require recognition or disclosure in the Fund’sfinancial statements.



To the Shareholders and the Board of Trustees of LVIP Dimensional U.S. Core Equity 1 Fund

Opinion on the Financial Statements

We have audited the accompanying statement of net assets of LVIP Dimensional U.S. Core Equity 1 Fund (the “Fund”) (one of the seriesconstituting Lincoln Variable Insurance Products Trust (the “Trust”)) as of December 31, 2020, and the related statement of operations for theyear then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each ofthe five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financialstatements present fairly, in all material respects, the financial position of the Fund (one of the series constituting Lincoln Variable InsuranceProducts Trust) at December 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two yearsin the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally acceptedaccounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financialstatements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)(�PCAOB�) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicablerules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is notrequired to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we arerequired to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on theeffectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error orfraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding theamounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, bycorrespondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Ouraudits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overallpresentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more LVIP investment companies since 1981.

Philadelphia, PennsylvaniaFebruary 26, 2021

Report of Independent Registered Public Accounting Firm


Approval of Investment Management and Subadvisory Agreements

On August 12 and September 1-2, 2020, the Board of Trustees (the “Board”) of Lincoln Variable Insurance Products Trust (the “Trust”) met toconsider, among other things, (i) the renewal of the investment management agreement between the Trust and Lincoln Investment AdvisorsCorporation (“LIAC”) and (ii) the renewal of the subadvisory agreements with various subadvisers (collectively, with the investmentmanagement agreement, the “Advisory Agreements”) for various series of the Trust (collectively the “Funds”). The trustees of the Trust who arenot “interested persons” (as such term is defined in the Investment Company Act of 1940) (the “Independent Trustees”) had requested andreviewed materials provided by LIAC, Lincoln National Life Insurance Company (“Lincoln Life”), Morningstar of Broadridge Financial Solutions,Inc. (“Morningstar”), an independent provider of investment company data and the subadvisers prior to and during the meetings, and hadreviewed a memorandum from their independent legal counsel that advised them of their fiduciary duties pertaining to renewal of investmentmanagement and subadvisory agreements and the factors they should consider in evaluating such agreements. Among other information, LIAC,Lincoln Life, Morningstar and the subadvisers provided information to assist the Independent Trustees in assessing the nature, extent andquality of services provided, information comparing the investment performance, management fees and operating expense ratio of the Fund toother funds, information about estimated profitability and/or financial condition, and compliance and regulatory matters. After reviewing theinformation received, the Independent Trustees requested supplemental information and LIAC and the applicable subadvisers providedmaterials in response. The Independent Trustees and their independent legal counsel met separately from the “interested” trustee, Trust officersand Lincoln Life employees to consider the renewal of the Advisory Agreements. The Board was assisted in its evaluation by the InvestmentCommittee of the Board, which meets with LIAC quarterly and monitors investment performance, and by the Audit Committee of the Board,which meets with LIAC quarterly and monitors the Fund’s expenses, among other matters. The Board also receives information about the Fundfrom LIAC, Lincoln Life and the various portfolio management teams providing services to the Fund throughout the year in connection with theregular quarterly Board meetings.

The Board determined that, given the totality of the information provided with respect to each Advisory Agreement, the Board had receivedsufficient information to approve the Advisory Agreements for the Fund. In considering the renewal of the Advisory Agreements, the Board didnot identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including thosediscussed below. The Board did not allot a particular weight to any one factor or group of factors.

Approval of Investment Management Agreement

Nature, Extent and Quality of Services. In considering the renewal of the investment management agreement with LIAC, the Board consideredthe nature, extent and quality of services provided to the Fund by LIAC, including LIAC personnel and resources and LIAC’s criteria for reviewof a subadviser’s performance. The Board reviewed the services provided by LIAC in serving as investment adviser, including the backgrounds ofthe personnel providing the investment management services and the compliance staff. They also reviewed information provided regardingcompliance and regulatory matters. The Board also considered that certain Lincoln Life personnel provide services to the Fund on behalf of LIACand that Lincoln Life provides administrative services to the Fund under an administration agreement. The Board concluded that the servicesprovided by LIAC were satisfactory.

Performance. The Board reviewed performance information (including total return, standard deviation and Sharpe ratio) provided byMorningstar for the standard class of the Fund compared to the performance of funds in a peer group of a Morningstar category underlyingvariable insurance products (“Morningstar peer group”) and a benchmark index for the one-, three-, five- and ten-year periods, as applicable,ended March 31, 2020. The Board also received total return information for the Fund compared to the quarterly average total return of funds inthe respective Morningstar category.

The Board referred to information prepared by LIAC evaluating the Fund’s performance. These reports include performance information for theFund (including total return, standard deviation and Sharpe ratio) compared to the performance of the respective Morningstar category and abenchmark index for various periods and commentary regarding the factors believed to have impacted the Fund’s performance, such as marketconditions and the impact of portfolio construction. The Board considered that LIAC actively monitors the Fund’s performance and works withthe Investment Committee of the Board in analyzing performance issues. The Board also noted that past performance is only one of the factorsthat it considers in evaluating the renewal of the Advisory Agreement.

The Board considered that LIAC does not manage the day-to-day investment portfolio of the Fund and has delegated those duties to unaffiliatedsubadvisers responsible for investment performance. The Board noted the ongoing oversight activities performed by LIAC, including review ofreturns on a relative and absolute basis, evaluation of brokerage execution quality and on-site compliance reviews. The Board concluded thatLIAC had appropriately reviewed and monitored the subadviser’s investment performance.

Management Fee. The Board reviewed the Fund’s investment management fee and expense ratio and reviewed information comparing theinvestment management fee and expense ratio to those of a Morningstar peer group and category median for the Fund. The Board noted that thenet investment management fee was lower than the median net investment management fee of the Morningstar peer group. In light of thenature, quality and extent of services provided by LIAC, the Board concluded that the Fund’s investment management fee was reasonable.

LVIP Dimensional U.S. Core Equity 1 FundOther Fund Information (unaudited)


Approval of Investment Management Agreement (continued)

Economies of Scale. The Board considered the extent to which economies of scale would be realized as the Fund grows and whether fee levelsreflect a reasonable sharing of such economies of scale for the benefit of Fund investors. The Board considered that the Fund had breakpointsin the investment management fee schedule and concluded that economies of scale were appropriately shared with investors.

Profitability. The Board also reviewed the estimated profitability of LIAC with respect to the Fund individually and the Funds overall andconcluded that the estimated profitability of LIAC in connection with the management of the Funds was not unreasonable.

Fallout Benefits. Because of its relationship with the Fund, LIAC and its affiliates may receive certain benefits. The Board reviewed materialsprovided by LIAC as to any such benefits. Lincoln Insurance Companies receive 12b-1 fees which are paid by the Fund’s Service Class sharesthrough Lincoln Financial Distributors, Inc., which is the principal underwriter and distributor for the Fund. Lincoln Life serves as theadministrator for the Fund for which it is separately compensated. The Board also noted that Lincoln Insurance Companies may be eligible toclaim on their tax returns “dividends received deductions” in connection with dividends received from LVIP Funds by the Lincoln InsuranceCompanies holding Fund shares on behalf of contract holders.

Approval of Subadvisory Agreement

Nature, Extent and Quality of Services. In considering the renewal of the subadvisory agreement between LIAC and Dimensional FundAdvisors LP (“Dimensional”) on behalf of the Fund, the Board considered the nature, extent and quality of services provided by Dimensionalunder the subadvisory agreement. The Board reviewed the services provided by Dimensional, the backgrounds of the investment professionalsservicing the Fund and the reputation, resources and investment approach of Dimensional. They also reviewed information provided regardingthe structure of portfolio manager compensation, trading and brokerage practices, risk management and compliance matters.

Performance. The Board reviewed the LVIP Dimensional U.S. Core Equity 1 Fund’s total return compared to the total return of a peer group offunds included in the Morningstar Large Blend funds category and the Russell 3000 Total Return USD Index. The Board noted that the Fund’stotal return was below the return of the Morningstar peer group median and the benchmark index for the one-, three-, five- and ten-year periods.The Board considered LIAC’s comments that underperformance as compared to the Morningstar peer group median and benchmark index wasprimarily attributable to the Fund’s value and small-cap bias. The Board also noted LIAC’s view that it believes the Fund has potential to achieveits performance objectives over a full market cycle. The Board concluded that the services provided by Dimensional were satisfactory.

Subadvisory Fee and Economies of Scale. The Board reviewed the subadvisory fee schedules (which include a breakpoint for the Fund) andconsidered that Dimensional’s subadvisory fees were reduced effective March 4, 2020. The Board also reviewed the fees of comparable fundsadvised by Dimensional. The Board considered that LIAC compensates Dimensional from its fees and that the subadvisory fee schedules werenegotiated between LIAC and Dimensional, an unaffiliated third party. The Board concluded that the subadvisory fees were reasonable.

Profitability and Fallout Benefits. The Board considered information regarding Dimensional’s estimated range of profitability from providingsubadvisory services to the Fund. The Board reviewed materials provided by Dimensional as to any additional benefits it receives and noted thatDimensional may receive benefits associated with an increase in assets under management, including an enhanced ability to obtain better dataabout markets and strategy implementation, obtaining more favorable trade execution, increasing participation from brokers in implementingDimensional’s proprietary trade processes and obtaining improved services from various service providers.

Conclusion. Based on all of the information considered and the conclusions reached, the Board determined that the terms of the AdvisoryAgreements for the Fund are fair and reasonable, and that the continuation of the Advisory Agreements is in the best interests of the Fund.

LVIP Dimensional U.S. Core Equity 1 FundOther Fund Information (unaudited) (continued)


The Board of Trustees (“Board of Trustees” or the “Board”) oversees the management of the Funds and elects the Trust’s officers. The Trusteesof the Trust (“Trustees”) have the power to amend the Trust’s bylaws, to declare and pay dividends, and to exercise all the powers of the Trustexcept those granted to the shareholders. The Trustees hold their position until their resignation, retirement, or their successors are elected andqualified. The Trust has a mandatory retirement policy for its Board of Trustees. Such policy requires that a Trustee retire from the Board at theend of the calendar year (December 31) in which the Trustee turns 75 years old.

The Trust’s officers are responsible for the Funds’ day-to-day operations. Information pertaining to the Trustees and executive officers of theTrust is set forth below. The Trustee that is deemed an “interested person,” as defined in the 1940 Act, is included in the table titled, “InterestedTrustee.” Trustees who are not an “interested person” are referred to as Independent Trustees.

The term Fund Complex includes the 102 series of Lincoln Variable Insurance Products Trust.

Interested Trustee

Name, Address andYear of Birth

Position(s)Held withthe Fund

Term of Officeand Length ofTime Served

Principal Occupation(s)during Past Five Years

Numberof Fundsin FundComplexOverseen

by Trustee

Other BoardMemberships Held by

Trustee during Past FiveYears

Ellen G. Cooper*Radnor FinancialCenter,150 N. Radnor-ChesterRoad,Radnor, PA 19087YOB: 1964

ChairmanandTrustee

SinceSeptember 2015

Executive Vice President and ChiefInvestment Officer, Lincoln FinancialGroup; Director and Chairman, LincolnInvestment Advisors Corporation; Director,Executive Vice President and ChiefInvestment Officer, The Lincoln NationalLife Insurance Company, FirstPenn-Pacific Life Insurance Company,Liberty Assignment Corporation, LibertyLife Assurance Company of Boston,Lincoln Life & Annuity Company of NewYork; Executive Vice President and ChiefInvestment Officer, Lincoln NationalCorporation; Director, President, ChiefInvestment Officer, Lincoln InvestmentManagement Company, LincolnInvestment Solutions, Inc.; Director andPresident, Jefferson-Pilot Investments,Inc.

102 Formerly: LincolnAdvisors Trust

* Ellen G. Cooper is an interested person of the Trust because she is a Director and the Chairperson of the Trust’s investment adviser, and aDirector and officer of The Lincoln National Life Insurance Company, the parent company of the Trust’s investment adviser.

Independent Trustees






by Trustee



Steve A. Cobb1300 South Clinton Street,Fort Wayne, IN 46802YOB: 1971

Trustee Since January2013

Managing Director, CID Capital (privateequity firm)


Officer/Trustee Information for Lincoln Variable Insurance Products Trust (unaudited)


Independent Trustees






by Trustee



Barbara L. Lamb1300 South Clinton Street,Fort Wayne, IN 46802YOB: 1954

Trustee Since February2019

Managing Director for Finance andAdministration, WH Trading, LLC(derivatives trading firm);Formerly: Managing Director, CheironTrading LLC (derivatives trading firm)

102 South SuburbanHumane Society;Formerly: Trustee ofHenderson GlobalFunds (2014-2017)

Gary D. Lemon, Ph.D.1300 South Clinton Street,Fort Wayne, IN 46802YOB: 1948


Professor of Economics and Management,DePauw University, Chair of Economicsand Management DePauw University;Formerly: Joseph Percival Allen, III,University Professor;James W. Emison Director of the Robert C.McDermond Center for Management andEntrepreneurship


Thomas A. Leonard1300 South Clinton Street,Fort Wayne, IN 46802YOB: 1949

Trustee Since December2013

Retired; Formerly: Partner ofPricewaterhouseCoopers LLP (accountingfirm)

102 Copeland Capital Trustsince 2010 (mutualfund);Formerly:LincolnAdvisors Trust

Charles I. Plosser1300 South Clinton Street,Fort Wayne, IN 46802YOB: 1948

Trustee Since January2018

Retired; Formerly: Chief Executive Officerand President of Federal ReserveBank of Philadelphia, Inc.

102 Public Governor forthe Financial IndustryRegulatory Authority(FINRA)

Pamela L. Salaway1300 South Clinton Street,Fort Wayne, IN 46802YOB: 1957

Trustee Since December2013

Retired; Formerly: Chief RiskOfficer, Bank ofMontreal/Harris FinancialCorp. U.S. Operations


Brian W. Wixted1300 South Clinton Street,Fort Wayne, IN 46802YOB: 1959


Senior Consultant,CKC Consulting and an Advisory Partner,AI Capital;Formerly: Senior Vice President, Finance,and Fund Treasurer,Oppenheimer Funds, Inc. (mutual fundcomplex)

102 None

Nancy B. Wolcott1300 South Clinton Street,Fort Wayne, IN 46802YOB: 1954

Trustee Since October2017

Retired; Formerly: EVP, BNY Mellon;President, PNC Global InvestmentServicing

102 Trustee ofFundVantage Trust

Officer/Trustee Information for Lincoln Variable Insurance Products Trust (unaudited) (continued)


Officers of the Trust





Jayson R. BronchettiRadnor Financial Center,150 N. Radnor-ChesterRoadRadnor, PA 19087YOB: 1979

President Since April 2016;Formerly: Vice President August 2015to April 2016

Director and President, LincolnInvestmentAdvisors Corporation; Vice President andHead of Funds Management, The LincolnNational Life Insurance Company.

William P. Flory, Jr.1300 South Clinton Street,Fort Wayne, IN 46802YOB: 1961

VicePresidentand ChiefAccountingOfficer

Vice President since June 2011; ChiefAccounting Officer since May 2006;Treasurer since June 2019

Vice President and Treasurer, LincolnInvestment Advisors Corporation; VicePresident and Director of SeparateAccount Operations and Mutual FundAdministration, The Lincoln National LifeInsurance Company; Formerly, SecondVice President, Director of SeparateAccount Operations, The Lincoln NationalLife Insurance Company.

Samuel K. GoldsteinRadnor Financial Center,150 N. Radnor Chester RoadRadnor, PA 19087YOB: 1976

Vice Presidentand AssistantSecretary

Since June 2019 Vice President and Assistant Secretary,Lincoln Investment Advisors Corporation;Vice President, The Lincoln National LifeInsurance Company; Vice President,Lincoln Life & Annuity Company of NewYork; Vice President, Lincoln NationalCorporation.

Ronald A. HolinskyRadnor Financial Center,150 N. Radnor-ChesterRoadRadnor, PA 19087YOB: 1970

Senior VicePresident,Secretary,andChief LegalOfficer

Since August 2018;Formerly: VicePresident since October 2016

Senior Vice President and Head of FundsManagement & Investments Law, TheLincoln National Life Insurance Company;Senior Vice President, Secretary, and ChiefLegal Officer, Lincoln Investment AdvisorsCorporation; Formerly: Vice President andChief Counsel - Funds Management, TheLincoln National Life Insurance Company;Vice President, Chief Compliance Officerand Assistant General Counsel, LincolnNational Corporation; Vice President,Secretary, and Chief Legal Officer, LincolnInvestment Advisors Corporation.

Matthew S. MacMillenRadnor Financial Center,150 N. Radnor-ChesterRoadRadnor, PA 19087YOB: 1966

VicePresident

Since June 2015 Vice President, Lincoln InvestmentAdvisors Corporation; Vice President andHead of Tax, The Lincoln National LifeInsurance Company; Formerly: Senior VicePresident and Chief Financial Officer, SunLife Financial – U.S.; Vice President,Investment Finance, Sun Life Financial –U.S.

Jennifer M. Matthews1300 South Clinton Street,Fort Wayne, IN 46802YOB: 1976

VicePresident

Since April 2018 Vice President, Lincoln InvestmentAdvisors Corporation; VicePresident, The Lincoln National LifeInsurance Company



Officers of the Trust





Benjamin A. RicherRadnor Financial Center,150 N. Radnor Chester RoadRadnor, PA 19087YOB: 1984

VicePresident

Since April 2018 Vice President, Lincoln InvestmentAdvisors Corporation; VicePresident, The Lincoln National LifeInsurance Company; Formerly:Director of Asset Strategies,Nationwide Fund Advisors

Harold Singleton IIIRadnor Financial Center,150 N. Radnor-ChesterRoadRadnor, PA 19087YOB: 1962

VicePresident

Since September 2014 Vice President, Lincoln InvestmentAdvisorsCorporation; Vice President, Head ofClientPortfolio Management, The LincolnNational Life Insurance Company;Formerly, Managing Director, PinebridgeInvestments.

John (Jack) A. WestonOne Granite PlaceConcord, NH 03301YOB: 1959

VicePresidentand ChiefComplianceOfficer

Since May 2007 Vice President and Chief ComplianceOfficer Lincoln Investment AdvisorsCorporation; Vice President, The LincolnNational Life Insurance Company.

Amber WilliamsRadnor Financial Center,150 N. Radnor-Chester RoadRadnor, PA 19087YOB: 1979

Vice President Since May 2019 Vice President, Lincoln InvestmentAdvisors Corporation; Vice President,Lincoln Life & Annuity Company of NewYork; VicePresident, Lincoln National Corporation;Vice President, The Lincoln National LifeInsuranceCompany; Formerly, Head of ProductManagement,Nationwide Investment ManagementGroup

Yajun (Alex) ZengRadnor Financial Center,150 N. Radnor Chester RoadRadnor, PA 19087YOB: 1982

VicePresident

Since April 2018 Vice President, Lincoln InvestmentAdvisors Corporation; Vice President, TheLincoln National Life Insurance Company

Additional information on the officers and Trustees can be found in the Statement of Additional Information (“SAI”) to the Fund’s prospectus.To obtain a free copy of the SAI, write: The Lincoln National Life Insurance Company, P.O. Box 2340, Fort Wayne, Indiana 46801, or call1-800-4LINCOLN (454-6265). The SAI is also available on the SEC’s web site (http://www.sec.gov).



Documents

LVIP Dimensional U.S. Core Equity 1 Fund a series of ... · Expense Analysis of an Investment of $1,000 Beginning Account Value 7/1/19 Ending Account Value 12/31/19 Annualized Expense