Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

Security Description	Shares		Value
Common Stocks (99.2%)
Communication Services (4.2%):
Activision Blizzard, Inc.		1,519	$	101,059
Alphabet, Inc., Class A (a)		50		144,852
Altice USA, Inc., Class A (a)		4,332		70,092
Cable One, Inc.		63		111,097
Charter Communications, Inc., Class A (a)		182		118,659
Comcast Corp., Class A		2,661		133,928
Discovery, Inc., Class A (a) (b)		2,107		49,599
DISH Network Corp., Class A (a)		2,085		67,637
Electronic Arts, Inc.		1,075		141,792
Fox Corp., Class A		2,441		90,073
IAC/InterActiveCorp (a)		602		78,687
Liberty Broadband Corp., Class C (a)		755		121,630
Match Group, Inc. (a)		595		78,689
Meta Platforms, Inc., Class A (a)		324		108,977
Netflix, Inc. (a)		183		110,246
News Corp., Class A		5,493		122,549
Omnicom Group, Inc.		1,844		135,110
Pinterest, Inc., Class A (a)		1,111		40,385
Roku, Inc. (a)		173		39,479
Sirius XM Holdings, Inc. (b)		18,939		120,263
Take-Two Interactive Software, Inc. (a)		731		129,913
The Interpublic Group of Cos., Inc.		3,127		117,106
The Walt Disney Co. (a)		786		121,743
T-Mobile U.S., Inc. (a)		1,104		128,042
Twitter, Inc. (a)		1,222		52,815
Verizon Communications, Inc.		4,457		231,586
ViacomCBS, Inc., Class B		1,270		38,329
Warner Music Group Corp., Class A		2,649		114,384
Zillow Group, Inc., Class C (a) (b)		626		39,970
ZoomInfo Technologies, Inc. (a)		1,013		65,035
				3,023,726
Consumer Discretionary (10.1%):
Advance Auto Parts, Inc.		663		159,040
Amazon.com, Inc. (a)		42		140,042
Aptiv PLC (a)		678		111,836
AutoZone, Inc. (a)		104		218,025
Bath & Body Works, Inc.		1,131		78,933
Best Buy Co., Inc.		944		95,910
Booking Holdings, Inc. (a)		48		115,163
Burlington Stores, Inc. (a)		328		95,615
CarMax, Inc. (a)		797		103,793
Chewy, Inc., Class A (a) (b)		722		42,576
Chipotle Mexican Grill, Inc. (a)		64		111,888
D.R. Horton, Inc.		1,076		116,692
Darden Restaurants, Inc.		746		112,377
Deckers Outdoor Corp. (a)		241		88,281
Dick's Sporting Goods, Inc. (b)		577		66,349

Security Description	Shares		Value
Dollar General Corp.		734	$	173,099
Dollar Tree, Inc. (a)		1,394		195,885
Domino's Pizza, Inc.		252		142,211
eBay, Inc.		1,343		89,310
Etsy, Inc. (a)		272		59,552
Five Below, Inc. (a)		468		96,825
Floor & Decor Holdings, Inc., Class A (a)		720		93,607
Ford Motor Co.		6,591		136,895
Garmin Ltd.		1,054		143,523
General Motors Co. (a)		1,834		107,527
Genuine Parts Co.		1,242		174,128
Hasbro, Inc.		1,408		143,306
Lennar Corp., Class A		829		96,297
Levi Strauss & Co., Class A		3,585		89,733
LKQ Corp.		2,560		153,677
Lowe's Cos., Inc.		666		172,148
Marriott International, Inc., Class A (a)		853		140,950
McDonald's Corp.		942		252,522
Mohawk Industries, Inc. (a)		534		97,284
Newell Brands, Inc.		4,744		103,609
NIKE, Inc., Class B		731		121,836
NVR, Inc. (a)		26		153,631
O'Reilly Automotive, Inc. (a)		297		209,750
Penn National Gaming, Inc. (a)		697		36,139
Pool Corp.		276		156,216
PulteGroup, Inc.		1,871		106,946
RH (a)		116		62,169
Ross Stores, Inc.		970		110,852
Service Corp. International		2,356		167,252
Starbucks Corp.		1,398		163,524
Tapestry, Inc.		2,238		90,863
Target Corp. (c)		612		141,641
Tesla, Inc. (a)		86		90,883
The Home Depot, Inc.		549		227,841
The TJX Cos., Inc.		1,918		145,615
Tractor Supply Co.		684		163,202
Ulta Beauty, Inc. (a)		302		124,527
Vail Resorts, Inc.		408		133,783
VF Corp.		1,528		111,880
Wayfair, Inc., Class A (a) (b)		211		40,084
Whirlpool Corp.		541		126,951
Williams-Sonoma, Inc.		408		69,005
Yum! Brands, Inc.		1,394		193,571
				7,266,769
Consumer Staples (9.1%):
Albertsons Cos., Inc., Class A (b)		2,686		81,090
Altria Group, Inc.		3,254		154,207
Archer-Daniels-Midland Co.		2,838		191,820
Brown-Forman Corp., Class B		2,610		190,165
Bunge Ltd.		1,632		152,364

Security Description	Shares		Value
Campbell Soup Co.		3,647	$	158,499
Church & Dwight Co., Inc.		2,546		260,965
Colgate-Palmolive Co.		3,057		260,884
Conagra Brands, Inc.		5,101		174,199
Constellation Brands, Inc., Class A		794		199,270
Costco Wholesale Corp.		471		267,387
Darling Ingredients, Inc. (a)		1,058		73,309
General Mills, Inc.		3,213		216,492
Hormel Foods Corp. (b)		3,777		184,355
Kellogg Co.		2,853		183,790
Keurig Dr Pepper, Inc.		6,019		221,860
Kimberly-Clark Corp.		1,557		222,526
McCormick & Co., Inc.		2,554		246,742
Mondelez International, Inc., Class A		3,689		244,618
Monster Beverage Corp. (a)		1,725		165,669
PepsiCo, Inc.		1,534		266,471
Philip Morris International, Inc.		2,052		194,940
Sysco Corp.		1,690		132,750
The Clorox Co.		846		147,509
The Coca-Cola Co.		4,161		246,373
The Estee Lauder Cos., Inc.		394		145,859
The Hershey Co.		1,419		274,534
The J.M. Smucker Co.		1,316		178,739
The Kraft Heinz Co.		4,467		160,365
The Kroger Co.		2,705		122,428
The Procter & Gamble Co.		1,680		274,814
Tyson Foods, Inc., Class A		1,979		172,490
Walgreens Boots Alliance, Inc.		2,500		130,400
Walmart, Inc.		1,424		206,039
				6,503,922
Energy (1.8%):
Chevron Corp.		1,375		161,356
ConocoPhillips		1,702		122,850
Continental Resources, Inc. (b)		1,462		65,439
Devon Energy Corp.		2,241		98,716
EOG Resources, Inc.		1,119		99,401
Halliburton Co.		3,807		87,066
Kinder Morgan, Inc.		8,262		131,035
ONEOK, Inc.		2,066		121,398
Pioneer Natural Resources Co.		587		106,764
Schlumberger NV		2,979		89,221
Texas Pacific Land Corp.		51		63,693
The Williams Cos., Inc.		5,938		154,626
				1,301,565
Financials (15.5%):
Aflac, Inc.		3,063		178,849
Ally Financial, Inc.		2,140		101,885
American Express Co.		819		133,988
American Financial Group, Inc.		738		101,342

Security Description	Shares		Value
American International Group, Inc.		2,120	$	120,543
Ameriprise Financial, Inc.		496		149,623
Aon PLC, Class A		521		156,592
Apollo Global Management, Inc.		2,105		152,465
Arch Capital Group Ltd. (a)		3,780		168,021
Ares Management Corp., Class A		1,701		138,240
Arthur J. Gallagher & Co.		1,291		219,044
Bank of America Corp.		3,264		145,215
Berkshire Hathaway, Inc., Class B (a)		771		230,529
BlackRock, Inc.		163		149,236
Blackstone, Inc.		1,197		154,880
Brown & Brown, Inc.		3,114		218,852
Capital One Financial Corp.		687		99,677
Cboe Global Markets, Inc.		978		127,531
Chubb Ltd.		780		150,782
Cincinnati Financial Corp.		1,099		125,209
Citigroup, Inc.		1,763		106,468
Citizens Financial Group, Inc.		2,373		112,124
CME Group, Inc.		766		175,000
CNA Financial Corp.		3,492		153,927
Discover Financial Services		830		95,915
East West Bancorp, Inc.		1,381		108,657
Everest Re Group Ltd.		555		152,026
FactSet Research Systems, Inc.		411		199,750
Fidelity National Financial, Inc.		2,778		144,956
Fifth Third Bancorp		2,811		122,419
First Republic Bank		658		135,884
Franklin Resources, Inc.		3,107		104,053
Huntington Bancshares, Inc.		6,908		106,521
Interactive Brokers Group, Inc.		1,876		148,992
Intercontinental Exchange, Inc.		1,739		237,843
Invesco Ltd.		3,752		86,371
JPMorgan Chase & Co.		995		157,558
KeyCorp		5,243		121,271
KKR & Co., Inc.		2,306		171,797
Lincoln National Corp.		1,373		93,721
Loews Corp.		2,829		163,403
LPL Financial Holdings, Inc.		776		124,230
M&T Bank Corp.		793		121,789
Markel Corp. (a)		122		150,548
MarketAxess Holdings, Inc.		229		94,181
Marsh & McLennan Cos., Inc.		1,340		232,919
MetLife, Inc.		2,148		134,229
Moody's Corp.		494		192,947
Morgan Stanley		1,257		123,387
Morningstar, Inc.		522		178,519
MSCI, Inc.		228		139,693
Nasdaq, Inc.		967		203,080
Northern Trust Corp.		1,160		138,748
Principal Financial Group, Inc.		1,860		134,534

Security Description	Shares		Value
Prudential Financial, Inc.		1,287	$	139,305
Raymond James Financial, Inc.		1,540		154,616
Regions Financial Corp.		5,228		113,970
S&P Global, Inc.		393		185,469
Signature Bank		337		109,009
State Street Corp.		1,216		113,088
SVB Financial Group (a)		163		110,553
Synchrony Financial		2,052		95,192
T. Rowe Price Group, Inc.		674		132,535
The Allstate Corp.		1,323		155,651
The Bank of New York Mellon Corp.		2,436		141,483
The Carlyle Group, Inc.		2,798		153,610
The Charles Schwab Corp.		1,577		132,626
The Goldman Sachs Group, Inc.		327		125,094
The Hartford Financial Services Group, Inc.		1,583		109,290
The PNC Financial Services Group, Inc.		685		137,356
The Progressive Corp.		1,734		177,995
The Travelers Cos., Inc.		1,016		158,933
Tradeweb Markets, Inc., Class A		1,711		171,340
Truist Financial Corp.		2,124		124,360
U.S. Bancorp		2,265		127,225
UWM Holdings Corp.		8,523		50,456
W.R. Berkley Corp.		2,322		191,310
Wells Fargo & Co.		2,221		106,564
				11,106,993
Health Care (13.8%):
Abbott Laboratories		1,279		180,006
AbbVie, Inc.		1,513		204,860
ABIOMED, Inc. (a)		288		103,441
Agilent Technologies, Inc.		1,059		169,069
Align Technology, Inc. (a)		128		84,119
Amgen, Inc.		753		169,402
Anthem, Inc.		403		186,807
Avantor, Inc. (a)		3,169		133,542
Baxter International, Inc.		2,697		231,510
Becton Dickinson & Co.		765		192,382
Biogen, Inc. (a)		193		46,305
BioMarin Pharmaceutical, Inc. (a)		1,506		133,055
Bio-Rad Laboratories, Inc., Class A (a)		172		129,958
Bio-Techne Corp.		208		107,607
Boston Scientific Corp. (a)		3,482		147,915
Bruker Corp.		1,608		134,927
Cardinal Health, Inc.		2,362		121,619
Catalent, Inc. (a)		929		118,940
Centene Corp. (a)		1,867		153,841
Cerner Corp.		2,780		258,179
Charles River Laboratories International, Inc. (a)		315		118,686
Cigna Corp.		626		143,748
CVS Health Corp.		1,932		199,305
Danaher Corp.		460		151,345

Security Description	Shares		Value
DaVita, Inc. (a)		1,074	$	122,178
DENTSPLY SIRONA, Inc.		1,970		109,906
Dexcom, Inc. (a)		185		99,336
Edwards Lifesciences Corp. (a)		1,361		176,318
Eli Lilly & Co.		421		116,289
Gilead Sciences, Inc. (c)		2,360		171,360
HCA Healthcare, Inc.		490		125,891
Henry Schein, Inc. (a)		1,742		135,057
Hologic, Inc. (a)		1,537		117,673
Horizon Therapeutics PLC (a)		759		81,790
Humana, Inc.		391		181,369
IDEXX Laboratories, Inc. (a)		195		128,400
Illumina, Inc. (a)		210		79,892
Incyte Corp. (a)		1,572		115,385
Intuitive Surgical, Inc. (a)		368		132,222
IQVIA Holdings, Inc. (a)		664		187,341
Johnson & Johnson (c)		1,366		233,682
Laboratory Corp. of America Holdings (a)		562		176,586
Masimo Corp. (a)		493		144,341
Medtronic PLC		1,400		144,830
Merck & Co., Inc.		2,640		202,330
Mettler-Toledo International, Inc. (a)		99		168,024
Moderna, Inc. (a)		122		30,986
Molina Healthcare, Inc. (a)		452		143,772
PerkinElmer, Inc.		650		130,689
Pfizer, Inc.		3,652		215,651
Quest Diagnostics, Inc.		1,132		195,847
Regeneron Pharmaceuticals, Inc. (a)		212		133,882
Repligen Corp. (a)		297		78,657
ResMed, Inc.		465		121,123
Seagen, Inc. (a)		565		87,349
STERIS PLC		772		187,913
Stryker Corp.		655		175,160
Teleflex, Inc.		338		111,026
The Cooper Cos., Inc.		359		150,399
Thermo Fisher Scientific, Inc.		261		174,150
UnitedHealth Group, Inc.		464		232,993
Universal Health Services, Inc., Class B		890		115,397
Veeva Systems, Inc., Class A (a)		305		77,921
Vertex Pharmaceuticals, Inc. (a)		682		149,767
Waters Corp. (a)		381		141,961
West Pharmaceutical Services, Inc.		360		168,844
Zimmer Biomet Holdings, Inc.		1,056		134,154
Zoetis, Inc.		848		206,937
				9,935,346
Industrials (16.6%):
3M Co.		978		173,722
AGCO Corp.		687		79,706
Allegion PLC		1,095		145,022
AMERCO, Inc.		196		142,341

Security Description	Shares		Value
AMETEK, Inc.		1,350	$	198,504
AO Smith Corp.		1,859		159,595
Booz Allen Hamilton Holding Corp.		1,844		156,353
Builders FirstSource, Inc. (a)		1,631		139,793
C.H. Robinson Worldwide, Inc.		1,695		182,433
Carlisle Cos., Inc.		770		191,052
Carrier Global Corp.		2,214		120,087
Caterpillar, Inc.		657		135,828
Cintas Corp.		362		160,427
Copart, Inc. (a)		1,021		154,804
CoStar Group, Inc. (a) (c)		1,461		115,463
CSX Corp.		4,816		181,082
Cummins, Inc.		626		136,556
Deere & Co.		318		109,039
Dover Corp.		1,003		182,145
Eaton Corp. PLC		984		170,055
Emerson Electric Co.		1,578		146,707
Equifax, Inc.		451		132,048
Expeditors International of Washington, Inc.		1,416		190,155
Fastenal Co.		3,138		201,020
FedEx Corp.		496		128,285
Fortive Corp.		2,162		164,939
Fortune Brands Home & Security, Inc.		1,328		141,963
Generac Holdings, Inc. (a)		174		61,234
General Dynamics Corp.		975		203,258
Graco, Inc.		2,198		177,203
HEICO Corp.		1,050		151,431
Honeywell International, Inc.		779		162,429
Howmet Aerospace, Inc.		3,293		104,816
Hubbell, Inc.		714		148,705
IDEX Corp.		811		191,655
Illinois Tool Works, Inc.		939		231,745
Ingersoll Rand, Inc. (c)		2,339		144,714
J.B. Hunt Transport Services, Inc.		774		158,206
Jacobs Engineering Group, Inc.		1,062		147,862
Johnson Controls International PLC		2,244		182,460
L3Harris Technologies, Inc.		777		165,687
Leidos Holdings, Inc.		1,350		120,015
Lennox International, Inc.		423		137,204
Lockheed Martin Corp.		574		204,005
Masco Corp.		2,621		184,047
Nordson Corp.		661		168,733
Norfolk Southern Corp. (b)		614		182,794
Northrop Grumman Corp.		527		203,986
Old Dominion Freight Line, Inc.		500		179,190
Otis Worldwide Corp.		1,882		163,866
PACCAR, Inc.		1,722		151,984
Parker-Hannifin Corp.		469		149,198
Quanta Services, Inc.		1,138		130,483
Raytheon Technologies Corp.		1,752		150,777

Security Description	Shares		Value
Republic Services, Inc. (c)		1,736	$	242,085
Robert Half International, Inc.		1,388		154,790
Rockwell Automation, Inc.		492		171,634
Rollins, Inc.		3,580		122,472
Roper Technologies, Inc.		378		185,923
Snap-on, Inc.		614		132,243
Stanley Black & Decker, Inc.		817		154,102
Textron, Inc.		1,606		123,983
The Toro Co.		1,537		153,562
Trane Technologies PLC		758		153,139
TransDigm Group, Inc. (a)		202		128,529
TransUnion		1,201		142,415
Trex Co., Inc. (a)		921		124,363
Union Pacific Corp.		772		194,490
United Parcel Service, Inc., Class B		726		155,611
United Rentals, Inc. (a)		271		90,051
Verisk Analytics, Inc.		733		167,659
W.W. Grainger, Inc.		368		190,712
Waste Management, Inc.		1,451		242,172
Watsco, Inc.		508		158,943
Westinghouse Air Brake Technologies Corp.		1,389		127,941
Xylem, Inc.		1,228		147,262
				11,960,892
Information Technology (15.2%):
Accenture PLC, Class A		549		227,588
Adobe, Inc. (a)		221		125,320
Advanced Micro Devices, Inc. (a)		811		116,703
Akamai Technologies, Inc. (a)		1,171		137,054
Amphenol Corp., Class A		2,250		196,785
Analog Devices, Inc.		768		134,991
ANSYS, Inc. (a)		296		118,732
Apple, Inc.		875		155,374
Applied Materials, Inc.		577		90,797
Arista Networks, Inc. (a) (b)		1,520		218,500
Autodesk, Inc. (a)		366		102,916
Automatic Data Processing, Inc.		870		214,525
Black Knight, Inc. (a)		2,102		174,235
Block, Inc. (a)		251		40,539
Broadcom, Inc.		245		163,025
Broadridge Financial Solutions, Inc.		1,046		191,230
Cadence Design Systems, Inc. (a)		661		123,177
CDW Corp.		754		154,404
Cisco Systems, Inc.		3,345		211,973
Citrix Systems, Inc.		1,114		105,373
Cognex Corp.		1,385		107,698
Cognizant Technology Solutions Corp., Class A		1,955		173,448
Corning, Inc.		3,346		124,572
Dell Technologies, Inc., Class C (a)		2,717		152,614
Dynatrace, Inc. (a)		1,142		68,920
Enphase Energy, Inc. (a)		296		54,150

Security Description	Shares		Value
Entegris, Inc.		740	$	102,549
EPAM Systems, Inc. (a)		199		133,022
F5, Inc. (a)		649		158,817
Fair Isaac Corp. (a)		251		108,851
Fidelity National Information Services, Inc.		1,065		116,245
Fiserv, Inc. (a)		1,378		143,023
FleetCor Technologies, Inc. (a)		541		121,097
Fortinet, Inc. (a)		356		127,946
Gartner, Inc. (a)		369		123,364
Global Payments, Inc.		774		104,629
GoDaddy, Inc., Class A (a)		1,484		125,932
Hewlett Packard Enterprise Co.		8,350		131,680
HP, Inc.		4,121		155,238
Intel Corp.		1,947		100,270
International Business Machines Corp.		1,104		147,561
Intuit, Inc.		241		155,016
Jack Henry & Associates, Inc.		898		149,957
Keysight Technologies, Inc. (a)		869		179,457
KLA Corp.		242		104,087
Kyndryl Holdings, Inc. (a)		221		4,000
Lam Research Corp.		129		92,770
Mastercard, Inc., Class A		401		144,087
Microchip Technology, Inc.		1,177		102,470
Micron Technology, Inc.		1,161		108,147
Microsoft Corp. (c)		575		193,384
Monolithic Power Systems, Inc.		170		83,866
Motorola Solutions, Inc.		746		202,688
NetApp, Inc.		1,256		115,539
NortonLifeLock, Inc.		4,417		114,754
NVIDIA Corp.		390		114,703
NXP Semiconductors NV		419		95,440
ON Semiconductor Corp. (a)		1,787		121,373
Oracle Corp.		1,628		141,978
Paychex, Inc.		1,650		225,225
Paycom Software, Inc. (a)		184		76,395
Paylocity Holding Corp. (a)		328		77,460
PayPal Holdings, Inc. (a)		341		64,306
PTC, Inc. (a)		668		80,928
Qorvo, Inc. (a)		500		78,195
QUALCOMM, Inc.		760		138,981
salesforce.com, Inc. (a)		542		137,738
Seagate Technology Holdings PLC		999		112,867
ServiceNow, Inc. (a) (c)		160		103,858
Skyworks Solutions, Inc.		494		76,639
SS&C Technologies Holdings, Inc.		2,195		179,946
Synopsys, Inc. (a)		344		126,764
TE Connectivity Ltd.		982		158,436
Teledyne Technologies, Inc. (a)		284		124,077
Teradyne, Inc.		653		106,785
Texas Instruments, Inc.		657		123,825

Security Description	Shares		Value
The Trade Desk, Inc., Class A (a)		672	$	61,582
Trimble, Inc. (a)		1,299		113,260
Tyler Technologies, Inc. (a)		253		136,101
Ubiquiti, Inc.		233		71,461
VeriSign, Inc. (a)		831		210,924
Visa, Inc., Class A		726		157,331
VMware, Inc., Class A		1,091		126,425
Western Digital Corp. (a)		1,190		77,600
Zebra Technologies Corp. (a)		224		133,325
Zoom Video Communications, Inc., Class A (a)		230		42,299
				10,931,316
Materials (5.3%):
Air Products & Chemicals, Inc.		592		180,122
Albemarle Corp.		322		75,274
Avery Dennison Corp.		653		141,420
Ball Corp.		1,600		154,032
Celanese Corp.		856		143,859
Cleveland-Cliffs, Inc. (a) (b)		2,146		46,718
Corteva, Inc.		2,912		137,679
Crown Holdings, Inc.		1,266		140,045
Dow, Inc.		1,867		105,896
DuPont de Nemours, Inc.		1,613		130,298
Eastman Chemical Co.		1,133		136,991
Ecolab, Inc.		775		181,807
FMC Corp.		1,408		154,725
Freeport-McMoRan, Inc.		1,825		76,157
International Flavors & Fragrances, Inc.		748		112,686
International Paper Co.		2,363		111,014
LyondellBasell Industries NV, Class A		1,124		103,667
Martin Marietta Materials, Inc.		330		145,372
Newmont Corp.		2,195		136,134
Nucor Corp.		743		84,814
Packaging Corp. of America		1,125		153,169
Pegasystems, Inc.		790		88,338
PPG Industries, Inc.		927		159,852
RPM International, Inc.		2,137		215,837
Steel Dynamics, Inc.		1,292		80,195
Sylvamo Corp. (a)		215		5,996
The Mosaic Co.		2,509		98,579
The Sherwin-Williams Co.		649		228,552
Vulcan Materials Co.		704		146,136
Westlake Chemical Corp.		1,225		118,984
				3,794,348
Real Estate (0.4%):
CBRE Group, Inc., Class A (a)		1,354		146,923
Jones Lang LaSalle, Inc. (a)		471		126,859
				273,782

Security Description	Shares		Value
Utilities (7.2%):
Alliant Energy Corp.		3,117	$	191,602
Ameren Corp.		2,230		198,492
American Electric Power Co., Inc. (c)		2,297		204,364
American Water Works Co., Inc.		911		172,051
Atmos Energy Corp.		1,789		187,434
Avangrid, Inc. (b)		3,428		170,989
CenterPoint Energy, Inc.		6,016		167,907
CMS Energy Corp.		3,021		196,516
Consolidated Edison, Inc. (c)		2,760		235,483
Dominion Energy, Inc.		2,590		203,470
DTE Energy Co.		1,671		199,751
Duke Energy Corp. (c)		2,055		215,569
Edison International		2,831		193,216
Entergy Corp.		1,558		175,509
Essential Utilities, Inc.		3,382		181,580
Evergy, Inc. (c)		2,714		186,208
Eversource Energy (c)		1,878		170,860
Exelon Corp.		3,719		214,809
FirstEnergy Corp.		4,393		182,705
NextEra Energy, Inc. (c)		1,811		169,075
NRG Energy, Inc.		1,901		81,895
PG&E Corp. (a)		11,548		140,193
PPL Corp.		6,590		198,095
Public Service Enterprise Group, Inc.		2,835		189,180
Sempra Energy		1,334		176,462
The Southern Co. (c)		3,202		219,593
WEC Energy Group, Inc. (c)		1,916		185,986
Xcel Energy, Inc. (c)		2,723		184,347
				5,193,341
Total Common Stocks (Cost $45,384,448)				71,292,000
Investment Companies (0.6%)
BlackRock Liquidity Funds T-Fund, Institutional Shares, 0.01% (d)		437,647		437,647
Total Investment Companies (Cost $437,647)				437,647
Collateral for Securities Loaned^ (1.8%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (d)		30,933		30,933
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (d)		607,520		607,520
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d)		15,437		15,437
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d)		123,089		123,089
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d)		553,432		553,432
Total Collateral for Securities Loaned (Cost $1,330,411)				1,330,411
Total Investments (Cost $47,152,506) — 101.6%				73,060,058
Liabilities in excess of other assets — (1.6)%				(1,129,776	)
NET ASSETS — 100.00%			$	71,930,282

Security Description	Shares		Value
Common Stocks (83.9%)
Australia (0.8%):
Communication Services (0.3%):
Telstra Corp. Ltd.		1,559,187	$	4,737,701
Financials (0.2%):
Suncorp Group Ltd.		367,732		2,960,031
Materials (0.3%):
BHP Group Ltd. (a)		79,417		2,397,242
Fortescue Metals Group Ltd.		130,186		1,829,615
Rio Tinto Ltd.		30,451		2,221,619
				6,448,476
				14,146,208
Austria (0.2%):
Energy (0.2%):
OMV AG		49,728		2,811,997
Bermuda (0.3%):
Financials (0.3%):
Everest Re Group Ltd.		14,403		3,945,270
Invesco Ltd.		97,376		2,241,595
				6,186,865
Brazil (1.8%):
Communication Services (0.2%):
TIM SA		1,637,700		3,879,909
Consumer Discretionary (0.1%):
Vibra Energia SA		517,955		1,986,328
Consumer Staples (0.2%):
JBS SA		545,400		3,721,959
Energy (0.1%):
Petroleo Brasileiro SA, Preference Shares		398,300		2,023,786
Financials (0.5%):
B3 SA — Brasil Bolsa Balcao		1,100,200		2,191,315
Banco do Brasil SA		557,500		2,881,896
BB Seguridade Participacoes SA		1,181,100		4,372,775
				9,445,986
Materials (0.2%):
Cia Siderurgica Nacional SA		290,600		1,301,784
Vale SA		158,100		2,203,252
				3,505,036

Security Description	Shares		Value
Utilities (0.5%):
Centrais Eletricas Brasileiras SA		333,000	$	2,030,315
CPFL Energia SA		590,900		2,846,793
Engie Brasil Energia SA		616,800		4,250,883
				9,127,991
				33,690,995
Canada (3.4%):
Communication Services (0.7%):
BCE, Inc. (a) (b)		133,104		6,925,659
TELUS Corp. (a) (b)		283,229		6,670,930
				13,596,589
Energy (0.8%):
Canadian Natural Resources Ltd.		70,923		2,997,181
Enbridge, Inc.		120,600		4,711,295
Suncor Energy, Inc.		118,081		2,954,826
TC Energy Corp.		83,499		3,883,812
				14,547,114
Financials (1.0%):
Great-West Lifeco, Inc. (a)		208,137		6,246,743
Manulife Financial Corp.		216,335		4,123,843
The Bank of Nova Scotia		100,429		7,110,545
				17,481,131
Utilities (0.9%):
Emera, Inc.		170,846		8,539,599
Fortis, Inc. (a)		172,799		8,338,016
				16,877,615
				62,502,449
China (3.7%):
Energy (0.3%):
China Shenhua Energy Co. Ltd., Class H		1,402,500		3,282,353
PetroChina Co. Ltd., Class H		6,194,000		2,743,385
				6,025,738
Financials (2.9%):
Agricultural Bank of China Ltd., Class H (b)		12,836,000		4,416,204
Bank of China Ltd., Class H (b)		15,993,000		5,753,928
Bank of Communications Co. Ltd., Class H		8,035,000		4,857,413
China CITIC Bank Corp. Ltd., Class H		9,380,000		4,068,900
China Construction Bank Corp., Class H (b)		6,241,000		4,324,820
China Everbright Bank Co. Ltd., Class H		9,972,000		3,531,207
China Galaxy Securities Co. Ltd., Class H		6,035,500		3,469,133
China Merchants Securities Co. Ltd., Class H (a) (c)		1,838,600		2,816,481
China Minsheng Banking Corp. Ltd., Class H		9,018,000		3,448,325
China Pacific Insurance Group Co. Ltd., Class H		777,800		2,113,256
Guotai Junan Securities Co. Ltd., Class H (c)		2,756,400		4,280,375
Industrial & Commercial Bank of China Ltd., Class H		7,926,000		4,471,068

Security Description	Shares		Value
New China Life Insurance Co. Ltd., Class H		1,122,500	$	3,003,473
Postal Savings Bank of China Co. Ltd., Class H (c)		3,841,000		2,697,419
				53,252,002
Industrials (0.1%):
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		1,938,400		1,221,092
Information Technology (0.2%):
China Railway Signal & Communication Corp. Ltd., Class H (c)		8,782,000		3,209,545
Materials (0.1%):
Anhui Conch Cement Co. Ltd., Class H		598,500		2,993,651
Real Estate (0.1%):
Sunac China Holdings Ltd.		964,000		1,458,323
				68,160,351
Colombia (0.1%):
Utilities (0.1%):
Interconexion Electrica SA ESP		478,224		2,631,976
Denmark (0.2%):
Financials (0.2%):
Tryg A/S		157,630		3,890,441
Finland (0.4%):
Materials (0.2%):
UPM-Kymmene Oyj		88,861		3,380,726
Utilities (0.2%):
Fortum Oyj		122,041		3,742,705
				7,123,431
France (1.6%):
Communication Services (0.4%):
Orange SA		406,060		4,337,206
Publicis Groupe SA		50,601		3,408,880
				7,746,086
Energy (0.2%):
TotalEnergies SE		76,047		3,870,452
Financials (0.6%):
AXA SA		134,317		3,997,344
CNP Assurances		158,026		3,908,436
Credit Agricole SA		206,574		2,944,918
				10,850,698
Health Care (0.2%):
Sanofi		45,753		4,590,615
Industrials (0.2%):
Bouygues SA		89,842		3,215,689
				30,273,540

Security Description	Shares		Value
Germany (0.9%):
Financials (0.2%):
Allianz SE, Registered Shares		15,569	$	3,671,747
Materials (0.4%):
BASF SE		47,858		3,358,621
Evonik Industries AG		135,046		4,362,324
				7,720,945
Utilities (0.3%):
E.ON SE		332,190		4,616,166
				16,008,858
Hong Kong (1.9%):
Industrials (0.3%):
CK Hutchison Holdings Ltd.		451,000		2,903,823
SITC International Holdings Co. Ltd.		335,000		1,211,629
Xinyi Glass Holdings Ltd.		334,000		836,638
				4,952,090
Materials (0.1%):
China Resources Cement Holdings Ltd.		3,594,000		2,718,344
Real Estate (0.7%):
CK Asset Holdings Ltd.		488,500		3,081,540
Henderson Land Development Co. Ltd.		855,000		3,647,184
New World Development Co. Ltd.		755,000		2,989,349
Sun Hung Kai Properties Ltd.		264,500		3,209,612
				12,927,685
Utilities (0.8%):
CK Infrastructure Holdings Ltd.		646,500		4,119,122
CLP Holdings Ltd.		606,000		6,123,688
Power Assets Holdings Ltd. (b)		761,500		4,746,833
				14,989,643
				35,587,762
Hungary (0.2%):
Energy (0.2%):
MOL Hungarian Oil & Gas PLC		474,320		3,684,303
India (1.7%):
Communication Services (0.2%):
Indus Towers Ltd.		984,871		3,284,169
Consumer Discretionary (0.2%):
Bajaj Auto Ltd.		73,499		3,203,421
Consumer Staples (0.2%):
ITC Ltd.		1,452,408		4,249,945

Security Description	Shares		Value
Energy (0.4%):
Bharat Petroleum Corp. Ltd.		587,178	$	3,036,169
Hindustan Petroleum Corp. Ltd.		899,397		3,528,146
				6,564,315
Materials (0.3%):
Ambuja Cements Ltd.		581,028		2,941,269
Vedanta Ltd.		550,669		2,518,710
				5,459,979
Utilities (0.4%):
NTPC Ltd.		2,306,395		3,848,460
Power Grid Corp. of India Ltd.		1,345,588		3,692,842
				7,541,302
				30,303,131
Indonesia (0.4%):
Communication Services (0.2%):
PT Telkom Indonesia Persero Tbk		13,180,300		3,762,346
Consumer Staples (0.2%):
PT Indofood Sukses Makmur Tbk		8,715,800		3,870,742
				7,633,088
Ireland (0.3%):
Information Technology (0.1%):
Seagate Technology Holdings PLC		25,926		2,929,119
Materials (0.2%):
Smurfit Kappa Group PLC		56,446		3,110,815
				6,039,934
Italy (0.9%):
Financials (0.2%):
Poste Italiane SpA (c)		264,050		3,458,808
Utilities (0.7%):
Enel SpA		381,297		3,048,602
Snam SpA		833,438		5,019,481
Terna — Rete Elettrica Nazionale		546,164		4,417,863
				12,485,946
				15,944,754
Japan (2.9%):
Communication Services (0.9%):
KDDI Corp.		126,200		3,691,200
Nintendo Co. Ltd. (b)		5,600		2,620,457
Nippon Telegraph & Telephone Corp.		154,100		4,215,101
Softbank Corp.		412,700		5,213,545
				15,740,303
Consumer Discretionary (0.2%):
Sekisui House Ltd.		169,900		3,656,162

Security Description	Shares		Value
Consumer Staples (0.2%):
Japan Tobacco, Inc. (a)		216,900	$	4,380,396
Energy (0.2%):
ENEOS Holdings, Inc.		804,000		3,004,115
Financials (0.7%):
Mizuho Financial Group, Inc.		265,400		3,371,499
Nomura Holdings, Inc.		512,100		2,230,917
Sumitomo Mitsui Financial Group, Inc.		95,200		3,251,389
Tokio Marine Holdings, Inc.		70,500		3,925,392
				12,779,197
Health Care (0.2%):
Takeda Pharmaceutical Co. Ltd.		118,300		3,231,135
Industrials (0.5%):
Marubeni Corp.		305,600		2,977,978
Mitsubishi Corp.		116,500		3,699,881
Mitsui & Co. Ltd.		121,200		2,872,682
				9,550,541
				52,341,849
Korea, Republic Of (0.6%):
Communication Services (0.1%):
SK Telecom Co. Ltd.		30,077		1,461,819
Financials (0.3%):
KB Financial Group, Inc.		54,468		2,519,153
Shinhan Financial Group Co. Ltd.		90,036		2,782,378
				5,301,531
Information Technology (0.0%): (d)
SK Square Co. Ltd. (e)		19,442		1,086,109
Materials (0.1%):
POSCO		7,335		1,701,105
Utilities (0.1%):
Korea Electric Power Corp.		121,831		2,262,406
				11,812,970
Luxembourg (0.2%):
Materials (0.2%):
Orion Engineered Carbons SA (e)		182,499		3,350,682
Malaysia (0.9%):
Health Care (0.2%):
Hartalega Holdings Bhd		1,138,500		1,567,148
Top Glove Corp. Bhd		2,082,000		1,294,921
				2,862,069

Security Description	Shares		Value
Industrials (0.4%):
MISC Bhd		2,510,300	$	4,246,058
Sime Darby Bhd		6,571,700		3,664,158
				7,910,216
Utilities (0.3%):
Tenaga Nasional Bhd		2,240,700		5,025,138
				15,797,423
Mexico (0.6%):
Consumer Staples (0.5%):
Arca Continental SAB de CV		782,956		4,992,033
Kimberly-Clark de Mexico SAB de CV, Class A		2,430,569		3,681,907
				8,673,940
Materials (0.1%):
Grupo Mexico SAB de CV, Class B		537,271		2,343,470
				11,017,410
Netherlands (0.7%):
Communication Services (0.2%):
Koninklijke KPN NV		1,082,234		3,355,293
Consumer Staples (0.2%):
X5 Retail Group NV, GDR		121,076		3,206,048
Financials (0.2%):
NN Group NV		75,943		4,106,640
Materials (0.1%):
LyondellBasell Industries NV, Class A		29,169		2,690,257
				13,358,238
Norway (0.7%):
Communication Services (0.3%):
Telenor ASA		294,462		4,630,586
Financials (0.2%):
DNB Bank ASA		171,406		3,922,322
Materials (0.2%):
Yara International ASA		72,928		3,678,422
				12,231,330
Peru (0.2%):
Financials (0.2%):
Credicorp Ltd.		23,025		2,810,662
Philippines (0.6%):
Communication Services (0.4%):
Globe Telecom, Inc.		53,685		3,500,931
PLDT, Inc.		111,635		3,967,841
				7,468,772

Security Description	Shares		Value
Utilities (0.2%):
Manila Electric Co.		756,000	$	4,376,195
				11,844,967
Poland (0.2%):
Energy (0.2%):
Polski Koncern Naftowy ORLEN SA		175,585		3,238,178
Portugal (0.2%):
Utilities (0.2%):
EDP — Energias de Portugal SA		550,051		3,021,319
Russian Federation (2.8%):
Communication Services (0.7%):
Mobile TeleSystems PJSC		1,616,610		6,436,919
Rostelecom PJSC (b)		4,684,670		5,442,511
				11,879,430
Consumer Staples (0.3%):
Magnit PJSC		64,672		4,685,062
Energy (0.2%):
Tatneft PJSC		574,124		3,821,660
Financials (0.2%):
Moscow Exchange MICEX-RTS PJSC		1,807,050		3,681,309
Materials (0.9%):
Magnitogorsk Iron & Steel Works PJSC		3,242,300		2,994,273
MMC Norilsk Nickel PJSC		10,324		3,146,465
Novolipetsk Steel PJSC		1,024,720		2,969,313
Polyus PJSC		23,871		4,175,096
Severstal PAO		155,364		3,320,738
				16,605,885
Utilities (0.5%):
Inter RAO UES PJSC		88,989,500		5,058,715
RusHydro PJSC		481,760,000		4,756,884
				9,815,599
				50,488,945
South Africa (1.1%):
Communication Services (0.2%):
Vodacom Group Ltd.		473,033		3,995,503
Energy (0.1%):
Exxaro Resources Ltd.		231,545		2,222,528
Financials (0.2%):
Sanlam Ltd.		995,531		3,712,512
Materials (0.6%):
African Rainbow Minerals Ltd.		144,775		2,100,322
Anglo American Platinum Ltd.		20,702		2,362,783
Impala Platinum Holdings Ltd.		144,647		2,041,855

Security Description	Shares		Value
Kumba Iron Ore Ltd.		53,867	$	1,554,512
Sibanye Stillwater Ltd.		542,160		1,686,872
				9,746,344
				19,676,887
Spain (0.5%):
Communication Services (0.1%):
Telefonica SA (a)		571,259		2,476,870
Energy (0.2%):
Repsol SA		218,559		2,588,184
Utilities (0.2%):
Endesa SA		145,902		3,358,563
				8,423,617
Switzerland (1.4%):
Communication Services (0.3%):
Swisscom AG, Registered Shares		8,669		4,892,002
Financials (0.7%):
Swiss Life Holding AG		7,775		4,751,911
Swiss Re AG		41,127		4,061,128
Zurich Insurance Group AG		10,193		4,466,810
				13,279,849
Health Care (0.2%):
Novartis AG, Registered Shares		55,374		4,867,428
Materials (0.2%):
Holcim Ltd.		68,405		3,480,161
				26,519,440
Taiwan (4.1%):
Communication Services (0.9%):
Far EasTone Telecommunications Co. Ltd.		3,652,000		8,522,854
Taiwan Mobile Co. Ltd.		2,129,000		7,691,724
				16,214,578
Financials (0.9%):
Mega Financial Holding Co. Ltd.		5,490,000		7,053,187
SinoPac Financial Holdings Co. Ltd.		10,343,000		6,034,126
Yuanta Financial Holding Co. Ltd.		4,318,000		3,945,634
				17,032,947
Industrials (0.2%):
Far Eastern New Century Corp.		3,488,000		3,689,980
Information Technology (1.6%):
Asustek Computer, Inc.		278,000		3,775,344
Catcher Technology Co. Ltd.		672,000		3,800,316
Compal Electronics, Inc. (b)		4,533,000		3,964,194
Lite-On Technology Corp.		1,561,000		3,595,887
MediaTek, Inc.		71,000		3,047,678

Security Description	Shares		Value
Micro-Star International Co. Ltd.		524,000	$	3,036,087
Pegatron Corp.		1,718,000		4,288,129
Quanta Computer, Inc. (b)		1,417,000		4,841,126
				30,348,761
Materials (0.5%):
Asia Cement Corp.		2,848,000		4,555,119
Taiwan Cement Corp. (b)		2,382,000		4,129,844
				8,684,963
				75,971,229
Thailand (0.4%):
Energy (0.2%):
PTT Exploration & Production PCL		1,110,100		3,914,290
Materials (0.2%):
The Siam Cement PCL		369,300		4,270,295
				8,184,585
Turkey (0.3%):
Communication Services (0.2%):
Turkcell Iletisim Hizmetleri A/S (a)		1,968,823		2,749,779
Materials (0.1%):
Eregli Demir ve Celik Fabrikalari TAS		1,209,605		2,583,111
				5,332,890
United Kingdom (3.2%):
Consumer Discretionary (0.1%):
Persimmon PLC		64,847		2,512,959
Consumer Staples (0.8%):
British American Tobacco PLC		93,915		3,486,603
Imperial Brands PLC		154,936		3,394,785
Tesco PLC		1,165,486		4,587,788
Unilever PLC		72,951		3,912,865
				15,382,041
Energy (0.3%):
BP PLC		567,203		2,540,969
Royal Dutch Shell PLC, Class A		134,968		2,957,216
				5,498,185
Financials (0.5%):
Admiral Group PLC		78,515		3,360,192
Aviva PLC		627,090		3,494,885
Legal & General Group PLC		739,069		2,984,046
				9,839,123
Health Care (0.3%):
GlaxoSmithKline PLC (b)		213,361		4,644,628
Industrials (0.2%):
BAE Systems PLC		515,785		3,845,624

Security Description	Shares		Value
Materials (0.5%):
Anglo American PLC		44,208	$	1,818,049
BHP Group PLC		81,439		2,422,762
Evraz PLC (b)		277,775		2,270,632
Rio Tinto PLC		31,846		2,099,751
				8,611,194
Utilities (0.5%):
National Grid PLC		351,122		5,062,026
SSE PLC		141,769		3,168,706
				8,230,732
				58,564,486
United States (43.5%):
Communication Services (0.9%):
Omnicom Group, Inc.		47,862		3,506,848
Telephone & Data Systems, Inc.		182,552		3,678,423
The Interpublic Group of Cos., Inc.		81,153		3,039,180
Verizon Communications, Inc.		115,649		6,009,122
				16,233,573
Consumer Discretionary (3.5%):
Big 5 Sporting Goods Corp. (a)		57,171		1,086,821
Big Lots, Inc.		49,836		2,245,112
Ethan Allen Interiors, Inc. (a)		134,787		3,543,550
Franchise Group, Inc. (a)		107,115		5,587,118
Genuine Parts Co.		32,237		4,519,627
Guess?, Inc.		103,590		2,453,011
Hasbro, Inc.		36,533		3,718,329
Haverty Furniture Cos., Inc. (a)		80,727		2,467,824
Jack in the Box, Inc.		40,321		3,527,281
La-Z-Boy, Inc.		106,747		3,875,984
Monro, Inc.		64,049		3,732,135
Newell Brands, Inc.		123,106		2,688,635
Oxford Industries, Inc.		35,481		3,602,031
Standard Motor Products, Inc.		97,343		5,099,800
Strategic Education, Inc.		45,984		2,659,715
Sturm Ruger & Co., Inc. (a) (b)		48,878		3,324,681
The Buckle, Inc. (a)		81,747		3,458,716
VF Corp.		39,639		2,902,368
Whirlpool Corp.		14,039		3,294,392
				63,787,130
Consumer Staples (6.5%):
Altria Group, Inc.		84,443		4,001,754
Archer-Daniels-Midland Co.		73,640		4,977,328
B&G Foods, Inc. (a)		94,753		2,911,760
Bunge Ltd.		42,349		3,953,703
Calavo Growers, Inc.		88,022		3,732,133
Campbell Soup Co.		94,640		4,113,054
Conagra Brands, Inc.		132,380		4,520,777

Security Description	Shares		Value
Costco Wholesale Corp.		12,211	$	6,932,185
Energizer Holdings, Inc.		125,653		5,038,685
General Mills, Inc.		83,382		5,618,279
Kellogg Co.		74,032		4,769,141
Kimberly-Clark Corp.		40,405		5,774,683
Medifast, Inc.		12,298		2,575,570
Nu Skin Enterprises, Inc., Class A (a)		72,536		3,681,202
PepsiCo, Inc.		39,813		6,915,916
Philip Morris International, Inc.		53,246		5,058,370
SpartanNash Co.		196,525		5,062,484
The Andersons, Inc.		101,853		3,942,730
The Clorox Co.		21,959		3,828,771
The Coca-Cola Co.		107,988		6,393,969
The J.M. Smucker Co.		34,154		4,638,796
The Kraft Heinz Co.		115,913		4,161,277
Universal Corp.		96,121		5,278,965
Vector Group Ltd.		239,329		2,747,497
Walgreens Boots Alliance, Inc.		64,887		3,384,506
Weis Markets, Inc. (a) (b)		75,147		4,950,684
				118,964,219
Energy (1.4%):
Altus Midstream Co., Class A		42,168		2,585,320
Archrock, Inc.		452,913		3,387,789
Chevron Corp.		35,693		4,188,574
ConocoPhillips		44,160		3,187,469
Devon Energy Corp.		58,145		2,561,287
Kinder Morgan, Inc.		214,407		3,400,495
ONEOK, Inc.		53,599		3,149,477
The Williams Cos., Inc.		154,085		4,012,374
				26,472,785
Financials (9.8%):
American Financial Group, Inc.		19,119		2,625,421
American International Group, Inc.		55,010		3,127,869
Apollo Global Management, Inc. (a)		54,612		3,955,547
Blackstone, Inc.		31,062		4,019,112
Brookline Bancorp, Inc.		300,718		4,868,624
Citigroup, Inc.		45,744		2,762,480
Citizens Financial Group, Inc.		61,585		2,909,891
CME Group, Inc.		19,869		4,539,272
CNA Financial Corp.		90,622		3,994,618
Columbia Banking System, Inc.		104,434		3,417,080
CVB Financial Corp.		218,311		4,674,039
Federal Agricultural Mortgage Corp., Class C		44,444		5,507,945
Fidelity National Financial, Inc.		72,101		3,762,230
Fifth Third Bancorp		72,937		3,176,406
First Busey Corp.		182,250		4,942,620
First Commonwealth Financial Corp.		298,930		4,809,784
First Financial Bancorp		153,408		3,740,087
First Interstate BancSystem, Inc., Class A		101,608		4,132,397

Security Description	Shares		Value
Franklin Resources, Inc.		80,630	$	2,700,299
Fulton Financial Corp.		256,900		4,367,300
Heritage Financial Corp.		162,485		3,971,133
Hope Bancorp, Inc.		267,779		3,939,029
Huntington Bancshares, Inc.		179,275		2,764,421
KeyCorp		136,059		3,147,045
Lincoln National Corp.		35,634		2,432,377
M&T Bank Corp.		20,590		3,162,212
MetLife, Inc.		55,732		3,482,693
Northern Trust Corp.		30,101		3,600,381
Northwest Bancshares, Inc. (b)		416,550		5,898,348
OceanFirst Financial Corp.		191,405		4,249,191
Old National Bancorp		294,582		5,337,826
Park National Corp. (a)		36,465		5,007,009
Premier Financial Corp.		125,976		3,893,918
Principal Financial Group, Inc.		48,276		3,491,803
Provident Financial Services, Inc.		189,845		4,598,046
Prudential Financial, Inc.		33,393		3,614,458
Regions Financial Corp.		135,653		2,957,235
S&T Bancorp, Inc.		127,721		4,025,766
Safety Insurance Group, Inc. (b)		68,353		5,812,056
Sculptor Capital Management, Inc.		105,547		2,253,428
Southside Bancshares, Inc. (b)		122,233		5,111,784
The PNC Financial Services Group, Inc.		17,770		3,563,240
Truist Financial Corp.		55,121		3,227,335
U.S. Bancorp		58,783		3,301,841
UWM Holdings Corp. (a)		221,187		1,309,427
Washington Trust Bancorp, Inc.		80,642		4,545,790
WesBanco, Inc.		114,490		4,006,005
				180,736,818
Health Care (2.4%):
AbbVie, Inc.		39,265		5,316,481
Amgen, Inc.		19,544		4,396,814
Cardinal Health, Inc.		61,297		3,156,182
Gilead Sciences, Inc. (b)		61,244		4,446,927
Johnson & Johnson (b)		35,453		6,064,945
Merck & Co., Inc.		68,510		5,250,606
National HealthCare Corp. (b)		55,730		3,786,296
Patterson Cos., Inc. (b)		124,877		3,665,140
Pfizer, Inc.		94,757		5,595,401
Phibro Animal Health Corp., Class A		159,305		3,253,008
				44,931,800
Industrials (5.1%):
3M Co.		25,382		4,508,605
ACCO Brands Corp.		384,276		3,174,120
Apogee Enterprises, Inc.		78,819		3,795,135
Argan, Inc.		104,151		4,029,602
Brady Corp., Class A		98,652		5,317,343
Deluxe Corp. (a)		84,400		2,710,084

Security Description	Shares		Value
Douglas Dynamics, Inc.		98,544	$	3,849,129
Global Industrial Co.		78,109		3,194,658
H&E Equipment Services, Inc.		83,378		3,691,144
Healthcare Services Group		134,077		2,385,230
Heidrick & Struggles International, Inc.		92,617		4,050,142
HNI Corp.		100,186		4,212,821
Hyster-Yale Materials Handling, Inc.		47,183		1,939,221
Kforce, Inc.		74,579		5,609,832
Lockheed Martin Corp.		14,900		5,295,609
Matthews International Corp., Class A		111,675		4,095,122
McGrath RentCorp		64,003		5,136,881
Pitney Bowes, Inc.		143,786		953,301
Rush Enterprises, Inc., Class A		98,402		5,475,087
Steelcase, Inc., Class A (a)		253,445		2,970,375
The Gorman-Rupp Co.		119,820		5,337,981
The Greenbrier Cos., Inc. (a)		72,140		3,310,505
Wabash National Corp.		227,729		4,445,270
Watsco, Inc.		13,190		4,126,887
				93,614,084
Information Technology (3.3%):
ADTRAN, Inc.		130,358		2,976,073
American Software, Inc., Class A		93,223		2,439,646
Benchmark Electronics, Inc. (a)		164,214		4,450,199
Broadcom, Inc.		6,360		4,232,008
Cass Information Systems, Inc.		115,077		4,524,828
Cisco Systems, Inc.		86,813		5,501,340
Corning, Inc.		86,834		3,232,830
CSG Systems International, Inc. (a)		130,259		7,505,524
Hewlett Packard Enterprise Co.		216,686		3,417,138
HP, Inc.		106,943		4,028,543
Intel Corp.		50,513		2,601,419
InterDigital, Inc.		60,219		4,313,487
International Business Machines Corp.		28,637		3,827,621
Kyndryl Holdings, Inc. (e)		5,728		103,677
Progress Software Corp.		100,082		4,830,958
SolarWinds Corp.		147,568		2,093,990
				60,079,281
Materials (2.1%):
Dow, Inc.		48,449		2,748,027
Eastman Chemical Co.		29,409		3,555,842
Glatfelter Corp.		247,485		4,256,742
International Paper Co.		61,314		2,880,532
Kronos Worldwide, Inc.		309,093		4,639,486
Myers Industries, Inc.		176,109		3,523,941
Newmont Corp.		56,971		3,533,341
Packaging Corp. of America		29,182		3,973,129
Schnitzer Steel Industries, Inc.		52,703		2,736,340
Schweitzer-Mauduit International, Inc.		98,905		2,957,259

Security Description	Shares		Value
Sylvamo Corp. (e)		5,576	$	155,515
Worthington Industries, Inc. (a)		56,416		3,083,699
				38,043,853
Real Estate (0.4%):
Douglas Elliman, Inc. (e)		119,665		1,376,142
RE/MAX Holdings, Inc.		119,120		3,631,969
The RMR Group, Inc., Class A		82,353		2,856,002
				7,864,113
Utilities (8.1%):
Alliant Energy Corp.		80,876		4,971,448
American Electric Power Co., Inc. (b)		59,616		5,304,036
Avangrid, Inc. (a)		88,955		4,437,075
Avista Corp.		135,469		5,756,078
Chesapeake Utilities Corp.		45,229		6,594,840
CMS Energy Corp.		78,398		5,099,790
Consolidated Edison, Inc. (b)		71,613		6,110,021
Dominion Energy, Inc.		67,222		5,280,960
DTE Energy Co.		43,357		5,182,896
Duke Energy Corp. (b)		53,335		5,594,842
Edison International		73,470		5,014,328
Entergy Corp.		40,433		4,554,777
Evergy, Inc. (b)		70,419		4,831,448
Exelon Corp.		96,494		5,573,493
FirstEnergy Corp.		114,003		4,741,385
MGE Energy, Inc.		78,961		6,494,542
Northwest Natural Holding Co.		81,437		3,972,497
NRG Energy, Inc.		49,344		2,125,740
Otter Tail Corp. (b)		111,962		7,996,326
PPL Corp.		171,018		5,140,801
Public Service Enterprise Group, Inc.		73,559		4,908,592
Sempra Energy		34,622		4,579,798
SJW Group		82,819		6,062,351
South Jersey Industries, Inc.		136,723		3,571,205
The Southern Co. (b)		83,090		5,698,312
The York Water Co.		98,280		4,892,378
Unitil Corp. (b)		87,872		4,041,233
WEC Energy Group, Inc. (b)		49,730		4,827,291
Xcel Energy, Inc. (b)		70,673		4,784,562
				148,143,045
				798,870,701
Total Common Stocks (Cost $1,465,461,083)				1,539,477,891
Collateral for Securities Loaned^ (3.4%)
United States (3.4%):
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (f)		1,467,834		1,467,834
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (f)		28,828,442		28,828,442

Security Description	Shares		Value
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (f)		732,521	$	732,521
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (f)		5,840,899		5,840,899
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (f)		26,261,820		26,261,820
Total Collateral for Securities Loaned (Cost $63,131,516)				63,131,516
Total Investments (Cost $1,528,592,599) — 87.3%				1,602,609,407
Other assets in excess of liabilities — 12.7%				232,229,161
NET ASSETS — 100.00%			$	1,834,838,568

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(b) All or a portion of this security has been segregated as collateral for derivative instruments.

(c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2021, the fair value of these securities was $16,462,628 and amounted to 0.9% of net assets.

(d) Amount represents less than 0.05% of net assets.

(e) Non-income producing security.

(f) Rate disclosed is the daily yield on December 31, 2021.

GDR — Global Depositary Receipt

PCL — Public Company Limited

PLC — Public Limited Company

Futures Contracts Purchased
	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
NASDAQ 100 E-Mini Futures		3,059	3/18/22	$	1,001,616,797	$	998,503,485	$	(3,113,312	)
Futures Contracts Sold
	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini MSCI EAFE Index Futures		2,071	3/18/22	$	236,714,372	$	240,422,390	$	(3,708,018	)
E-Mini MSCI Emerging Markets Index Futures		2,939	3/18/22		181,671,929		180,204,785		1,467,144
E-Mini Russell 2000 Index Futures		2,877	3/18/22		324,042,940		322,626,780		1,416,160
E-Mini S&P 500 Futures		6,019	3/18/22		1,411,917,883		1,432,070,575		(20,152,692	)
								$	(20,977,406	)
Total unrealized appreciation								$	2,883,304
Total unrealized depreciation									(26,974,022	)
Total net unrealized appreciation (depreciation)								$	(24,090,718	)

	Victory US 500 Enhanced Volatility Wtd Index Fund			Victory Market Neutral Income Fund
Assets:
Investments, at value (Cost $47,152,506 and $1,528,592,599)	$	73,060,058	(a)	$	1,602,609,407	(b)
Foreign currency, at value (Cost $— and $298,088)		—			300,851
Cash		—			171,515,143
Deposit with broker for futures contracts		194,568			117,832,366
Receivables:
Interest and dividends		67,595			3,010,479
Capital shares issued		200			4,479,039
Variation margin on open futures contracts		—			5,862,265
Reclaims		—			147,746
From Adviser		33,815			439,201
Prepaid expenses		18,016			102,915
Total Assets		73,374,252			1,906,299,412
Liabilities:
Payables:
Collateral received on loaned securities		1,330,411			63,131,516
Capital shares redeemed		22,339			774,914
Variation margin on open futures contracts		2,062			6,659,132
Accrued foreign capital gains taxes		—			81,246
Accrued expenses and other payables:
Investment advisory fees		41,759			522,537
Administration fees		3,627			84,710
Custodian fees		1,973			45,222
Transfer agent fees		17,307			76,370
Compliance fees		44			726
Trustees' fees		62			1,481
12b-1 fees		13,641			7,575
Other accrued expenses		10,745			75,415
Total Liabilities		1,443,970			71,460,844
Net Assets:
Capital		46,268,890			1,839,839,460
Total accumulated earnings/(loss)		25,661,392			(5,000,892	)
Net Assets	$	71,930,282		$	1,834,838,568
Net Assets
Class A	$	30,948,625		$	60,213,710
Class C		24,178,601			3,333,051
Class I		16,803,056			1,766,385,412
Member Class		—			4,906,395
Total	$	71,930,282		$	1,834,838,568
Shares (unlimited number of shares authorized with a par value of $0.001 per share):
Class A		1,920,950			6,318,893
Class C		1,573,379			353,792
Class I		1,041,477			184,166,624
Member Class		—			514,731
Total		4,535,806			191,354,040
Net asset value, offering (except Class A) and redemption price per share:
Class A	$	16.11		$	9.53
Class C (c)		15.37			9.42
Class I		16.13			9.59
Member Class		—			9.53
Maximum Sales Charge — Class A		5.75	%		5.75	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	17.09		$	10.11

(a) Includes $1,294,662 of securities on loan.

(b) Includes $56,063,114 of securities on loan.

	Victory US 500 Enhanced Volatility Wtd Index Fund			Victory Market Neutral Income Fund
Investment Income:
Dividends	$	571,940		$	28,493,820
Interest		—			17,612
Securities lending (net of fees)		2,434			127,418
Foreign tax withholding		(85	)		(1,976,449	)
Total Income		574,289			26,662,401
Expenses:
Investment advisory fees		251,214			2,407,243
Administration fees		19,493			373,228
Sub-Administration fees		9,052			8,549
12b-1 fees — Class A		39,244			67,520
12b-1 fees — Class C		122,161			12,483
Custodian fees		1,847			187,097
Transfer agent fees — Class A		16,682			15,043
Transfer agent fees — Class C		14,690			916
Transfer agent fees — Class I		6,694			602,865
Transfer agent fees — Member Class		—			3,529
Trustees' fees		2,882			33,848
Compliance fees		258			4,191
Legal and audit fees		7,925			43,549
State registration and filing fees		26,177			111,421
Broker interest fees		—			184,786
Other expenses		6,172			67,614
Total Expenses		524,491			4,123,882
Expenses waived/reimbursed by Adviser		(97,508	)		(1,068,478	)
Net Expenses		426,983			3,055,404
Net Investment Income (Loss)		147,306			23,606,997
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency transactions		3,724,646			17,202,303
Foreign taxes on realized gains		—			(226,821	)
Net realized gains (losses) from futures contracts		72,571			13,919,737
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		2,424,576			11,969,393
Net change in unrealized appreciation/depreciation on futures contracts		6,865			(36,580,085	)
Net change in accrued foreign taxes on unrealized gains		—			298,422
Net realized/unrealized gains (losses) on investments		6,228,658			6,582,949
Change in net assets resulting from operations	$	6,375,964		$	30,189,946

	Victory US 500 Enhanced Volatility Wtd Index Fund						Victory Market Neutral Income Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	147,306		$	172,009		$	23,606,997		$	17,153,655
Net realized gains (losses) from investments		3,797,217			6,275,708			30,895,219			(72,209,027	)
Net change in unrealized appreciation/depreciation on investments		2,431,441			15,241,446			(24,312,270	)		66,086,768
Change in net assets resulting from operations		6,375,964			21,689,163			30,189,946			11,031,396
Distributions to Shareholders:
Class A		(3,523,784	)		(3,095,618	)		(893,243	)		(1,168,163	)
Class C		(2,773,356	)		(2,479,942	)		(33,071	)		(43,125	)
Class I		(1,913,403	)		(1,479,876	)		(23,526,702	)		(20,375,553	)
Member Class (a)		—			—			(60,801	)		(28,037	)
Change in net assets resulting from distributions to shareholders		(8,210,543	)		(7,055,436	)		(24,513,817	)		(21,614,878	)
Change in net assets resulting from capital transactions		3,006,779			(10,688,711	)		766,024,074			885,507,053
Change in net assets		1,172,200			3,945,016			771,700,203			874,923,571
Net Assets:
Beginning of period		70,758,082			66,813,066			1,063,138,365			188,214,794
End of period	$	71,930,282		$	70,758,082		$	1,834,838,568		$	1,063,138,365

(a) Victory Market Neutral Income Fund Member Class commenced operations on November 3, 2020.

(continues on next page)

	Victory US 500 Enhanced Volatility Wtd Index Fund						Victory Market Neutral Income Fund
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
Capital Transactions:
Class A
Proceeds from shares issued	$	345,046		$	1,823,429		$	17,006,820		$	45,585,137
Distributions reinvested		3,415,126			3,067,725			879,992			1,139,275
Cost of shares redeemed		(3,585,554	)		(6,232,186	)		(8,557,110	)		(8,065,289	)
Total Class A	$	174,618		$	(1,341,032	)	$	9,329,702		$	38,659,123
Class C
Proceeds from shares issued	$	308,176		$	514,706		$	1,511,642		$	1,847,869
Distributions reinvested		2,734,654			2,452,286			33,071			43,125
Cost of shares redeemed		(2,658,277	)		(9,866,326	)		(196,153	)		(504,231	)
Total Class C	$	384,553		$	(6,899,334	)	$	1,348,560		$	1,386,763
Class I
Proceeds from shares issued	$	1,890,912		$	1,662,249		$	856,900,063		$	899,695,692
Distributions reinvested		1,900,045			1,458,551			22,077,194			19,340,855
Cost of shares redeemed		(1,343,349	)		(5,569,145	)		(126,006,219	)		(76,117,382	)
Total Class I	$	2,447,608		$	(2,448,345	)	$	752,971,038		$	842,919,165
Member Class (a)
Proceeds from shares issued	$	—		$	—		$	2,826,243		$	3,115,297
Distributions reinvested		—			—			60,801			28,033
Cost of shares redeemed		—			—			(512,270	)		(601,328	)
Total Member Class	$	—		$	—		$	2,374,774		$	2,542,002
Change in net assets resulting from capital transactions	$	3,006,779		$	(10,688,711	)	$	766,024,074		$	885,507,053
Share Transactions:
Class A
Issued		20,004			130,514			1,789,138			4,742,117
Reinvested		216,393			214,063			92,875			118,861
Redeemed		(211,501	)		(415,394	)		(900,833	)		(839,879	)
Total Class A		24,896			(70,817	)		981,180			4,021,099
Class C
Issued		18,733			35,212			161,021			194,654
Reinvested		182,067			178,089			3,530			4,543
Redeemed		(161,625	)		(699,614	)		(20,883	)		(53,678	)
Total Class C		39,175			(486,313	)		143,668			145,519
Class I
Issued		111,430			109,438			89,670,808			93,474,591
Reinvested		120,144			101,556			2,314,890			2,006,390
Redeemed		(79,090	)		(377,582	)		(13,192,443	)		(7,886,007	)
Total Class I		152,484			(166,588	)		78,793,255			87,594,974
Member Class (a)
Issued		—			—			297,475			324,844
Reinvested		—			—			6,414			2,924
Redeemed		—			—			(53,988	)		(62,938	)
Total Member Class		—			—			249,901			264,830
Change in Shares		216,555			(723,718	)		80,168,004			92,026,422

(a) Victory Market Neutral Income Fund Member Class commenced operations on November 3, 2020.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory US 500 Enhanced Volatility Wtd Index Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)	$	16.62		0.05			1.47			1.52			(0.05	)		(1.98	)
Year Ended June 30:
2021	$	13.42		0.07			4.77			4.84			(0.05	)		(1.59	)
2020	$	14.26		0.08			0.88			0.96			(0.07	)		(1.73	)
2019	$	16.50		0.13			(0.36	)		(0.23	)		(0.12	)		(1.89	)
2018	$	16.04		0.11			1.91			2.02			(0.10	)		(1.46	)
2017	$	13.80		0.11			2.48			2.59			(0.11	)		(0.24	)
Class C
Six Months Ended December 31, 2021 (Unaudited)	$	15.95		(0.01	)		1.41			1.40			—			(1.98	)
Year Ended June 30:
2021	$	12.99		(0.04	)		4.59			4.55			—	(f)		(1.59	)
2020	$	13.90		(0.03	)		0.87			0.84			(0.02	)		(1.73	)
2019	$	16.16		0.02			(0.35	)		(0.33	)		(0.04	)		(1.89	)
2018	$	15.78		(0.02	)		1.86			1.84			—	(f)		(1.46	)
2017	$	13.59		—	(f)		2.44			2.44			(0.01	)		(0.24	)
Class I
Six Months Ended December 31, 2021 (Unaudited)	$	16.64		0.08			1.46			1.54			(0.07	)		(1.98	)
Year Ended June 30:
2021	$	13.43		0.11			4.77			4.88			(0.08	)		(1.59	)
2020	$	14.26		0.12			0.88			1.00			(0.10	)		(1.73	)
2019	$	16.50		0.17			(0.36	)		(0.19	)		(0.16	)		(1.89	)
2018	$	16.05		0.15			1.90			2.05			(0.14	)		(1.46	)
2017	$	13.80		0.15			2.48			2.63			(0.14	)		(0.24	)

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory US 500 Enhanced Volatility Wtd Index Fund
Class A
Six Months Ended December 31, 2021 (Unaudited)		(2.03	)	$	16.11		9.45	%		0.99	%		0.61	%		1.25	%	$	30,949		15	%
Year Ended June 30:
2021		(1.64	)	$	16.62		38.05	%		0.99	%		0.47	%		1.24	%	$	31,504		68	%
2020		(1.80	)	$	13.42		6.71	%		0.99	%		0.56	%		1.28	%	$	26,394		54	%
2019		(2.01	)	$	14.26		(0.01	)%		0.99	%		0.84	%		1.25	%	$	33,406		120	%(e)
2018		(1.56	)	$	16.50		12.79	%		0.99	%		0.67	%		1.19	%	$	51,671		45	%
2017		(0.35	)	$	16.04		18.89	%		0.99	%		0.75	%		1.35	%	$	36,721		38	%
Class C
Six Months Ended December 31, 2021 (Unaudited)		(1.98	)	$	15.37		9.06	%		1.74	%		(0.14	)%		2.03	%	$	24,179		15	%
Year Ended June 30:
2021		(1.59	)	$	15.95		36.98	%		1.74	%		(0.29	)%		1.99	%	$	24,465		68	%
2020		(1.75	)	$	12.99		5.96	%		1.74	%		(0.19	)%		2.03	%	$	26,240		54	%
2019		(1.93	)	$	13.90		(0.73	)%		1.74	%		0.10	%		2.00	%	$	35,649		120	%(e)
2018		(1.46	)	$	16.16		11.78	%		1.74	%		(0.11	)%		1.97	%	$	41,410		45	%
2017		(0.25	)	$	15.78		18.09	%		1.74	%		0.01	%		2.12	%	$	57,620		38	%
Class I
Six Months Ended December 31, 2021 (Unaudited)		(2.05	)	$	16.13		9.57	%		0.74	%		0.87	%		1.00	%	$	16,803		15	%
Year Ended June 30:
2021		(1.67	)	$	16.64		38.43	%		0.74	%		0.71	%		0.98	%	$	14,789		68	%
2020		(1.83	)	$	13.43		6.97	%		0.74	%		0.86	%		1.02	%	$	14,179		54	%
2019		(2.05	)	$	14.26		0.24	%		0.74	%		1.10	%		1.00	%	$	26,501		120	%(e)
2018		(1.60	)	$	16.50		12.97	%		0.74	%		0.91	%		0.95	%	$	36,400		45	%
2017		(0.38	)	$	16.05		19.24	%		0.74	%		1.00	%		1.13	%	$	32,751		38	%

See notes to financial statements.

			Investment Activities							Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities		Net Investment Income			Net Realized Gains from Investments
Victory Market Neutral Income Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):	$	9.51		0.15		0.03			0.18		(0.16	)		—
Year Ended June 30:
2021	$	9.77		0.29		(0.06	)		0.23		(0.24	)		(0.25	)
2020	$	9.51		0.27		0.23			0.50		(0.24	)		—
2019	$	9.61		0.32		(0.13	)		0.19		(0.27	)		(0.02	)
2018	$	9.40		0.24		0.26			0.50		(0.29	)		—
2017	$	9.21		0.24		0.20			0.44		(0.25	)		—
Class C
Six Months Ended December 31, 2021 (Unaudited):	$	9.40		0.11		0.04			0.15		(0.13	)		—
Year Ended June 30:
2021	$	9.69		0.22		(0.08	)		0.14		(0.18	)		(0.25	)
2020	$	9.43		0.21		0.22			0.43		(0.17	)		—
2019	$	9.54		0.25		(0.14	)		0.11		(0.20	)		(0.02	)
2018	$	9.33		0.17		0.26			0.43		(0.22	)		—
2017	$	9.15		0.17		0.20			0.37		(0.19	)		—
Class I
Six Months Ended December 31, 2021 (Unaudited):	$	9.57		0.17		0.02			0.19		(0.17	)		—
Year Ended June 30:
2021	$	9.83		0.33		(0.08	)		0.25		(0.26	)		(0.25	)
2020	$	9.55		0.31		0.23			0.54		(0.26	)		—
2019	$	9.65		0.38		(0.16	)		0.22		(0.30	)		(0.02	)
2018	$	9.44		0.26		0.26			0.52		(0.31	)		—
2017	$	9.24		0.27		0.20			0.47		(0.27	)		—
Member Class
Six Months Ended December 31, 2021 (Unaudited):	$	9.51		0.16		0.03			0.19		(0.17	)		—
November 3, 2020 (g) through June 30, 2021:	$	9.62		0.25		0.04	(h)		0.29		(0.15	)		(0.25	)

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
Victory Market Neutral Income Fund
Class A
Six Months Ended December 31, 2021 (Unaudited):		(0.16	)	$	9.53		1.89	%		0.78	%(e)		3.11	%		0.82	%	$	60,214		33	%
Year Ended June 30:
2021		(0.49	)	$	9.51		2.33	%		0.79	%(e)		3.03	%		0.95	%	$	50,735		89	%
2020		(0.24	)	$	9.77		5.31	%		0.75	%		2.78	%		1.17	%	$	12,870		119	%(f)
2019		(0.29	)	$	9.51		1.99	%		0.75	%		3.36	%		1.03	%	$	32,627		82	%
2018		(0.29	)	$	9.61		5.37	%		0.89	%		2.55	%		1.18	%	$	23,847		69	%
2017		(0.25	)	$	9.40		4.77	%		0.90	%		2.59	%		1.25	%	$	24,998		63	%
Class C
Six Months Ended December 31, 2021 (Unaudited):		(0.13	)	$	9.42		1.57	%		1.53	%(e)		2.30	%		2.29	%	$	3,333		33	%
Year Ended June 30:
2021		(0.43	)	$	9.40		1.40	%		1.54	%(e)		2.28	%		2.29	%	$	1,976		89	%
2020		(0.17	)	$	9.69		4.59	%		1.50	%		2.20	%		2.62	%	$	626		119	%(f)
2019		(0.22	)	$	9.43		1.19	%		1.50	%		2.57	%		2.56	%	$	441		82	%
2018		(0.22	)	$	9.54		4.64	%		1.64	%		1.79	%		2.51	%	$	311		69	%
2017		(0.19	)	$	9.33		4.02	%		1.65	%		1.88	%		3.00	%	$	519		63	%
Class I
Six Months Ended December 31, 2021 (Unaudited):		(0.17	)	$	9.59		2.05	%		0.43	%(e)		3.44	%		0.58	%	$	1,766,385		33	%
Year Ended June 30:
2021		(0.51	)	$	9.57		2.62	%		0.44	%(e)		3.37	%		0.75	%	$	1,007,909		89	%
2020		(0.26	)	$	9.83		5.79	%		0.40	%		3.23	%		0.89	%	$	174,719		119	%(f)
2019		(0.32	)	$	9.55		2.25	%		0.40	%		3.91	%		1.05	%	$	54,920		82	%
2018		(0.31	)	$	9.65		5.62	%		0.64	%		2.72	%		1.09	%	$	19,483		69	%
2017		(0.27	)	$	9.44		5.11	%		0.65	%		2.83	%		1.13	%	$	31,140		63	%
Member Class
Six Months Ended December 31, 2021 (Unaudited):		(0.17	)	$	9.53		2.00	%		0.58	%(e)		3.26	%		1.32	%	$	4,906		33	%
November 3, 2020 (g) through June 30, 2021:		(0.40	)	$	9.51		3.05	%		0.60	%		3.94	%		5.38	%	$	2,518		89	%

(f) Portfolio turnover increased significantly due to changes in the volume and timing of purchases and sales of portfolio holdings during the year.

(g) Commencement of operations.

(h) The amount shown reflects a net realized and unrealized gain per share, whereas the statement of operations reflected a net realized and unrealized loss for the period for the Fund in total. The difference in realized and unrealized gains and losses for the Fund versus the class is due to the timing of sales and repurchases of the class in relation to fluctuating market values during the period.

1. Organization:

Victory Portfolios II (the "Trust") is organized as a Delaware statutory trust and the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 25 funds, 23 of which are Exchange-Traded Funds ("ETFs"), and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.

The accompanying financial statements are those of the following two Funds (collectively, the "Funds" and individually, a "Fund"). Each Fund is classified as diversified under the 1940 Act.

Funds (Legal Name)	Funds (Short Name)	Investment Share Classes Offered
Victory US 500 Enhanced Volatility Wtd Index Fund	US 500 Enhanced Volatility Wtd Index Fund	A, C, and I
Victory Market Neutral Income Fund	Market Neutral Income Fund	A, C, I, and Member Class

Each class of shares of a Fund has substantially identical rights and privileges except with respect to sales charges, fees paid under distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters solely affecting a single class of shares, and the exchange privilege of each class of shares.

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

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principle ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

Investment Valuation:

The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments.

Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board.

Portfolio securities listed or traded on securities exchanges, including ETFs and American Depositary Receipts ("ADRs"), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.

In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time the exchange on which they are traded closes and the time a Fund's NAV is calculated. The Market Neutral Income Fund uses a systematic valuation model, provided daily by an independent third party to fair value its international equity securities. The valuations are considered as Level 2 in the fair value hierarchy.

A summary of the valuations as of December 31, 2021, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments:

	Level 1			Level 2		Level 3		Total
US 500 Enhanced Volatility Wtd Index Fund
Common Stocks	$	71,292,000		$	—	$	—	$	71,292,000
Investment Companies		437,647			—		—		437,647
Collateral for Securities Loaned		1,330,411			—		—		1,330,411
Total	$	73,060,058		$	—	$	—	$	73,060,058
Other Financial Investments^:
Assets:
Future	$	15,788		$	—	$	—	$	15,788
Total	$	15,788		$	—	$	—	$	15,788
Market Neutral Income Fund
Common Stocks	$	891,444,254		$	648,033,637	$	—	$	1,539,477,891
Collateral for Securities Loaned		63,131,516			—		—		63,131,516
Total	$	954,575,770		$	648,033,637	$	—	$	1,602,609,407
Other Financial Investments^:
Assets:
Futures	$	2,883,304		$	—	$	—	$	2,883,304
Liabilities:
Futures	$	(26,974,022	)	$	—	$	—	$	(26,974,022	)
Total	$	(24,090,718	)	$	—	$	—	$	(24,090,718	)

^ Futures contracts are valued at the unrealized appreciation (depreciation) on the investment.

For the six months ended December 31, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Investment Companies:

Open-End Funds:

The Funds may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

Derivatives Instruments:

Foreign Exchange Currency Contracts:

The Funds may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by a Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Funds do not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Funds' foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. The Funds enter into foreign exchange currency contracts solely for spot or forward hedging purposes, and not for speculative purposes (i.e., the Funds do not enter into such contracts solely for the purpose of earning foreign currency gains). Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Funds record realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Funds could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of December 31, 2021, the Funds had no open forward foreign exchange currency contracts.

Futures Contracts:

The Funds may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Funds may enter into futures contracts in an effort to hedge against market risks. The acquisition of put and call options on futures contracts will give the Funds the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Funds to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Funds based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Funds may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Funds had not entered into any futures transactions. In addition, the value of

the Funds' futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Funds' ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Funds is reflected on the Statements of Assets and Liabilities under Deposit with broker for futures contracts. As of December 31, 2021, the Funds entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.

Summary of Derivative Instruments:

The following table summarizes the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2021:

	Asset		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure
US 500 Enhanced Volatility Wtd Index Fund	$	15,788	$	—
Market Neutral Income Fund		2,883,304		26,974,022

* Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedules of Portfolio Investments. Only current day's variation margin for futures contracts is reported within the Statements of Assets and Liabilities.

The following table presents the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the six months ended December 31, 2021:

	Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations		Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts		Net Change in Unrealized Appreciation/ Depreciation on Futures Contracts
Equity Risk Exposure:
US 500 Enhanced Volatility Wtd Index Fund	$	72,571	$	6,865
Market Neutral Income Fund		13,919,737		(36,580,085	)

All open derivative positions at period end are reflected on each respective Fund's Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to each Fund's net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period.

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Withholding taxes on interest, dividends, and gains as a result of certain investments in ADRs by the Funds have been provided for in accordance with each investment's applicable country's tax rules and rates.

Securities Lending:

The Funds, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend their securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Funds' Schedules of Portfolio Investments. The Funds effectively do not have control of the non-cash collateral and therefore it is not disclosed on the Funds' Schedules of Portfolio Investments. Collateral requirements are determined daily based on the value of the Funds' securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Funds any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Funds also earn a return from the collateral. The Funds pay Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statements of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, a Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default.

The following table is a summary of the Funds' securities lending transactions as of December 31, 2021.

	Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
U.S. 500 Enhanced Volatility Wtd Index Fund	$	1,294,662	$	—	$	1,330,411
Market Neutral Income Fund		56,063,114		—		63,131,516

Foreign Currency Translations:

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities of a Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations on the Statements of Operations. Any realized gains or losses from these fluctuations are disclosed as Net realized gains (losses) from investment securities and foreign currency transactions on the Statements of Operations.

Foreign Taxes:

The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest.

Federal Income Taxes:

It is each Fund's policy to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Funds have a tax year end of June 30.

For the six months ended December 31, 2021, the Funds did not incur any income tax, interest, or penalties, and have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions.

Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Allocations:

Expenses directly attributable to a Fund are charged to that Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, 12b-1 fees, and printing fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended December 31, 2021, were as follows:

	Excluding U.S. Government Securities
	Purchases		Sales
US 500 Enhanced Volatility Wtd Index Fund	$	10,568,690	$	15,571,725
Market Neutral Income Fund		998,008,153		372,880,377

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Fund by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. The Adviser is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund. The rates at which the Adviser is paid by each Fund are included in the table below.

US 500 Enhanced Volatility Wtd Index Fund					0.70	%
Market Neutral Income Fund					0.35	%

Amounts incurred and paid to VCM for the six months ended December 31, 2021, are reflected on the Statements of Operations as Investment advisory fees.

Administration and Servicing Fees:

VCM also serves as the Funds' administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is entitled to receive fees based on a percentage of the average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios. The tiered rates at which VCM is paid by the Funds are shown in the table below:

Net Assets

Up to $15 billion

$15 billion - $30 billion

Over $30 billion

0.08 %, plus

0.05

%, plus

0.04

Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as Administration fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Funds pursuant to the Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Trust reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds. Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as Sub-Administration fees.

The Funds (as part of the Trust) have entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and USAA Mutual Funds (collectively, the "Victory Funds Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as Compliance fees.

Transfer Agency Fees:

FIS Investor Services, LLC ("FIS") serves as the Funds' transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services. Victory Capital Transfer Agency, Inc., an affiliate of the Adviser, serves as sub-transfer agent for the Member Class. Victory Capital Transfer Agency, Inc. receives no fee or other compensation for these services. Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as Transfer agent fees.

Distributor/Underwriting Services:

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as distributor for the continuous offering of the shares of the Funds pursuant to a Distribution Agreement between the Distributor and the Trust.

Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee as shown in the table below

	Class A			Class C
US 500 Enhanced Volatility Wtd Index Fund		0.25	%		1.00	%
Market Neutral Income Fund		0.25	%		1.00	%

The Plans are characterized as reimbursement plans since the distribution fees will be paid to the Distributor as reimbursement for, or in anticipation of, expenses incurred for distribution-related activity. If the aggregate payments received by the Distributor for a particular class of shares of the Funds in any fiscal year exceed the expenditures made by the Distributor in that year pursuant to the Plans, the Distributor will reimburse the Funds for the amount of the excess. For the six months ended December 31, 2021, the Distributor did not reimburse the Funds.

The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activities primarily intended to result in the sale of Class A and Class C. Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions on sale of the Class A. For the six months ended December 31, 2021, the Distributor received approximately $3,744 from commissions earned on the sale of Class A. A $15 fee may be charged for redemptions made by wire. The redemption fee is paid directly to and retained by the Funds, and is designed to deter excessive short-term trading and to offset brokerage commissions, market impact and other costs that may be associated with short-term money movement in and out of the Funds.

Other Fees:

Citibank serves as the Funds' custodian. The Funds pay Citibank a fee for providing these services. Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as Custodian fees.

Sidley Austin LLP provides legal services to the Trust.

The Adviser has entered into an expense limitation agreement with the Funds. Under the terms of the agreements, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of a Fund's business are excluded from the expense limits. As of December 31, 2021, the expense limits (excluding voluntary waivers) are as follows:

	In Effect Until October 31, 2022
	Class A			Class C			Class I			Member Class
US 500 Enhanced Volatility Wtd Index Fund		0.99	%		1.74	%		0.74	%		N/A
Market Neutral Income Fund		0.75	%		1.50	%		0.40	%		0.55	%

Under the terms of the expense limitation agreements, as amended May 1, 2021, the Funds have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. Prior to May 1, 2021, the Funds were permitted to recoup fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment.

As of December 31, 2021, the following amounts are available to be repaid to the Adviser. The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that repayments are not probable at December 31, 2021.

	Expires 2022		Expires 2023		Expires 2024		Expires 2025		Total
US 500 Enhanced Volatility Wtd Index Fund	$	144,445	$	229,910	$	170,552	$	97,508	$	642,415
Market Neutral Income Fund		155,692		670,257		1,612,292		1,068,478		3,506,719

The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the six months ended December 31, 2021.

Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, legal counsel, and Distributor.

5. Risks:

The Funds may be subject to other risks in addition to these identified risks.

Equity Risk — An investment in the Funds' shares represents an indirect investment in the securities owned by the Funds, some of which will be traded on a national securities exchange or in the over-the-counter markets. The value of the securities in which the Funds invest, like other market investments, may move up or down, sometimes rapidly and unpredictably. The value of the securities in which the Funds invest may affect the value of the Funds' shares. An investment in the Funds' shares at any point in time may be worth less than the original investment, even after taking into account the reinvestment of the Funds' distributions.

Stock Market Risk — Overall stock market risks may affect the value of the Fund. Domestic and international factors such as political events, war, trade disputes, interest rate levels and other fiscal and monetary policy changes, pandemics and other public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fire and floods, may add to instability in world economies and markets generally. The impact of these and other factors may be short-term or may last for extended periods.

Large Capitalization Stock Risk — The securities of large capitalization companies may underperform the securities of smaller capitalization companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.

Investment Style Risk — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

6. Borrowing and Interfund Lending:

Line of Credit:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 28, 2021, with a termination date of June 27, 2022. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended December 31, 2021, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one-month London InterBank Offered Rate ("LIBOR") plus one percent, with LIBOR to be replaced by a different benchmark rate in accordance with the terms of the agreement) on amounts borrowed. Prior to June 28, 2021, the Victory Funds Complex paid an annual commitment fee of 0.15% and an upfront fee of 0.10%. Each fund in the Victory Funds Complex paid a pro-rata portion of the upfront fee. Interest charged to each fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Funds had no borrowings under the Line of Credit agreement during the six months ended December 31, 2021.

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information regarding the policies and procedures each Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Funds' Statement of Additional Information, which is available on the SEC's website at www.sec.gov.

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's website at www.sec.gov.

Expense Examples

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2021, through December 31, 2021.

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

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

Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 7/1/21		Actual Ending Account Value 12/31/21		Hypothetical Ending Account Value 12/31/21		Actual Expenses Paid During Period 7/1/21-12/31/21*		Hypothetical Expenses Paid During Period 7/1/21-12/31/21*		Annualized Expense Ratio During Period 7/1/21-12/31/21
US 500 Enhanced Volatility Wtd Index Fund
Class A	$	1,000.00	$	1,094.50	$	1,020.21	$	5.23	$	5.04		0.99	%
Class C		1,000.00		1,090.60		1,016.43		9.17		8.84		1.74
Class I		1,000.00		1,095.70		1,021.48		3.91		3.77		0.74
Market Neutral Income Fund
Class A		1,000.00		1,018.90		1,021.27		3.97		3.97		0.78	%
Class C		1,000.00		1,015.70		1,017.49		7.77		7.78		1.53
Class I		1,000.00		1,020.50		1,023.04		2.19		2.19		0.43
Member Class		1,000.00		1,020.00		1,022.28		2.95		2.96		0.58

* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Considerations of the Board in Continuing the Investment Advisory Agreement (the "Agreement")

The Board approved the Agreement on behalf of each of the Funds at a meeting, which was called for that purpose, on November 30, 2021. The Board also considered information relating to the Funds and the Agreement provided throughout the year and, more specifically, at the meetings on October 19, 2021, and November 30, 2021. In considering whether to approve the Agreement, the Board requested, and the Adviser provided, information that the Board believed to be reasonably necessary to reach its conclusions.

The Board, including the Independent Trustees, evaluated this information along with other information obtained throughout the year and was advised by legal counsel to the Funds and independent legal counsel to the Independent Trustees. In addition, the Independent Trustees considered a past review of their overall process for conducting the annual review of the Funds' advisory arrangements by a consultant retained through their counsel.

The Board took into consideration regular reports from the Adviser throughout the COVID-19 pandemic public health crisis concerning how the ongoing pandemic has affected market volatility, investment risk, liquidity and valuation of portfolio securities, and the implementation and effectiveness of business continuity plans. These reports also had confirmed that the pandemic had no material impact on the Adviser's operations.

The Board considered each Fund's advisory fee, expense ratio and investment performance as significant factors in determining whether the Agreement should be continued. In considering whether the compensation paid to the Adviser was fair and reasonable, the Board also evaluated, among other things, the following factors:

• The requirements of the Funds for the services provided by the Adviser;

• The nature, quality and extent of the services provided and expected to be provided;

• The performance of the Funds as compared to comparable funds;

• The fees payable for the services and whether the fee arrangements provided for economies of scale that would benefit Fund shareholders as the Funds grow (acknowledging that economies of scale can be complex to assess and typically are not directly measurable);

• Whether the fee would be sufficient to enable the Adviser to attract and retain experienced personnel and continue to provide quality services to the Funds;

• The fees paid by other clients of the Adviser whose accounts are managed in a similar investment style and any differences in the services provided to the other clients compared to those provided to the Funds;

• The total expenses of each Fund;

• Management's commitment to operating the Funds at competitive expense levels;

• The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser's costs) with respect to the Adviser's relationship with the Funds;

• Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions;

• Other benefits received by the Adviser, and its affiliates, including revenues paid to the Adviser, or its affiliates, by the Funds for administration and fund accounting services, and distribution;

• The capabilities and financial condition of the Adviser;

• Current economic and industry trends; and

• The historical relationship between each Fund and the Adviser.

The Board reviewed each Fund's current management fee, comprised of the advisory fee plus the administrative services fee paid to the Adviser, in the context of the Adviser's profitability with respect to each Fund individually. The Board retained a consultant to provide comparative information about fees and performance. The Board met with the consultant to review its inputs and methodologies, among other things. The Board compared each Fund's gross management fee and total operating expense ratio on a net and gross basis with the median gross management fee and median expense ratio of a universe of comparable mutual funds compiled by the consultant and a peer group of funds with similar investment strategies selected by that consultant from the universe. The

Board reviewed the factors and methodology used by the consultant in the selection of each Fund's peer group, including the consultant's selection of a broad universe of funds, the more specific universe of comparable funds, and peer groups of funds with comparable investment strategies and asset levels, among other factors. The Board also reviewed any changes to the consultant's methodology as compared to the prior year, including those resulting from the Adviser's input, if any. The Board noted that none of the advisory fee arrangements for the Funds included breakpoints, which would be a structure that results in reduced fees as a fund grows. The Board also considered the Adviser's commitment to limit expenses as discussed in more detail below.

The Board also reviewed the compliance and administrative services provided to the Funds by the Adviser and its affiliates, including the Adviser's oversight of the Funds' day-to-day operations and oversight of Fund accounting, assistance in meeting legal and regulatory requirements, and other services necessary for the operation of the Funds and the Trust.

The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund's respective peer group. The Board also found that each Fund's Class A net annual expense ratio, taking into account any shareholder servicing or distribution fees, was reasonable as compared with each Fund's respective peer group. The Board considered the Adviser's contractual agreement with each Fund to waive its fees and reimburse expenses of certain classes for a specified period of time, as described in the Fund's prospectus.

The Board reviewed each Fund's performance over one- and three-year periods against the performance of the Fund's selected peer group and benchmark index. The Board recognized that the performance of the Funds and the peer group funds are net of expenses, while the performance of the benchmark index is gross returns.

The Board reviewed various other specific factors with respect to each Fund, as described below. In their deliberations, the Trustees did not rank the importance of any particular information or factor considered and each Trustee may have attributed different weights to various factors.

US 500 Enhanced Volatility Wtd Index Fund

Noting that the Fund commenced operations in 2012, the Board compared the Fund's Class A performance for the one-, three- and five-year periods ended June 30, 2021, to that of the median performance of the Fund's peer group for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for all of the periods reviewed. The Board noted that the Fund's investment objective is to track its benchmark index before fees and expenses. The Board recognized that the performance of the Fund is net of expenses, while the performance of the benchmark index is gross returns and as a result, the Fund generally will underperform its benchmark due to fees and expenses. The Board discussed with the Adviser the Fund's rules-based rebalancing in light of market conditions and that the Fund performed in accordance with the Adviser's expectations.

Having considered, among other things: (1) the Fund's management fee compared to comparable mutual funds; (2) the Fund's total expense ratio compared to comparable mutual funds; (3) that the Adviser's willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund's expenses for those share classes during that period; and (4) the Fund's performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

Market Neutral Income Fund

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (4.2%):
Activision Blizzard, Inc.		14,601	$	971,404
Alphabet, Inc., Class A (a)		475		1,376,094
Altice USA, Inc., Class A (a)		41,620		673,412
Cable One, Inc.		612		1,079,231
Charter Communications, Inc., Class A (a)		1,745		1,137,688
Comcast Corp., Class A		25,575		1,287,190
Discovery, Inc., Class A (a) (b)		20,245		476,567
DISH Network Corp., Class A (a)		20,038		650,033
Electronic Arts, Inc.		10,328		1,362,263
Fox Corp., Class A		23,453		865,416
IAC/InterActiveCorp (a)		5,783		755,896
Liberty Broadband Corp., Class C (a)		7,256		1,168,942
Match Group, Inc. (a)		5,722		756,734
Meta Platforms, Inc., Class A (a)		3,110		1,046,048
Netflix, Inc. (a)		1,752		1,055,475
News Corp., Class A		52,771		1,177,321
Omnicom Group, Inc.		17,721		1,298,418
Pinterest, Inc., Class A (a)		10,676		388,073
Roku, Inc. (a)		1,665		379,953
Sirius XM Holdings, Inc. (b)		181,953		1,155,402
Take-Two Interactive Software, Inc. (a)		7,023		1,248,128
The Interpublic Group of Cos., Inc.		30,041		1,125,035
The Walt Disney Co. (a)		7,547		1,168,955
T-Mobile U.S., Inc. (a)		10,601		1,229,504
Twitter, Inc. (a)		11,740		507,403
Verizon Communications, Inc.		42,816		2,224,719
ViacomCBS, Inc., Class B		12,202		368,256
Warner Music Group Corp., Class A		25,450		1,098,931
Zillow Group, Inc., Class C (a) (b)		6,018		384,249
ZoomInfo Technologies, Inc. (a)		9,732		624,794
				29,041,534
Consumer Discretionary (10.1%):
Advance Auto Parts, Inc.		6,369		1,527,796
Amazon.com, Inc. (a)		403		1,343,739
Aptiv PLC (a)		6,514		1,074,484
AutoZone, Inc. (a)		991		2,077,522
Bath & Body Works, Inc.		10,869		758,548
Best Buy Co., Inc.		9,068		921,309
Booking Holdings, Inc. (a)		454		1,089,250
Burlington Stores, Inc. (a)		3,148		917,673
CarMax, Inc. (a)		7,655		996,911
Chewy, Inc., Class A (a) (b)		6,935		408,957
Chipotle Mexican Grill, Inc. (a)		620		1,083,915
D.R. Horton, Inc.		10,339		1,121,265
Darden Restaurants, Inc.		7,168		1,079,788
Deckers Outdoor Corp. (a)		2,315		848,008
Dick's Sporting Goods, Inc. (b)		5,552		638,424

Security Description	Shares		Value
Dollar General Corp.		7,053	$	1,663,309
Dollar Tree, Inc. (a)		13,384		1,880,720
Domino's Pizza, Inc.		2,417		1,363,986
eBay, Inc.		12,898		857,717
Etsy, Inc. (a)		2,607		570,777
Five Below, Inc. (a)		4,497		930,384
Floor & Decor Holdings, Inc., Class A (a)		6,918		899,409
Ford Motor Co.		63,319		1,315,136
Garmin Ltd.		10,132		1,379,674
General Motors Co. (a)		17,619		1,033,002
Genuine Parts Co.		11,940		1,673,988
Hasbro, Inc.		13,530		1,377,083
Lennar Corp., Class A		7,961		924,750
Levi Strauss & Co., Class A		34,439		862,008
LKQ Corp.		24,595		1,476,438
Lowe's Cos., Inc.		6,397		1,653,497
Marriott International, Inc., Class A (a)		8,202		1,355,298
McDonald's Corp.		9,053		2,426,838
Mohawk Industries, Inc. (a)		5,132		934,948
Newell Brands, Inc.		45,578		995,424
NIKE, Inc., Class B		7,016		1,169,357
NVR, Inc. (a)		251		1,483,126
O'Reilly Automotive, Inc. (a)		2,851		2,013,462
Penn National Gaming, Inc. (a)		6,694		347,084
Pool Corp.		2,650		1,499,900
PulteGroup, Inc.		17,974		1,027,394
RH (a)		1,121		600,789
Ross Stores, Inc.		9,320		1,065,090
Service Corp. International		22,629		1,606,433
Starbucks Corp.		13,426		1,570,439
Tapestry, Inc.		21,504		873,062
Target Corp. (c)		5,882		1,361,330
Tesla, Inc. (a)		825		871,843
The Home Depot, Inc.		5,276		2,189,593
The TJX Cos., Inc.		18,423		1,398,674
Tractor Supply Co.		6,569		1,567,363
Ulta Beauty, Inc. (a)		2,910		1,199,909
Vail Resorts, Inc.		3,925		1,287,007
VF Corp.		14,675		1,074,503
Wayfair, Inc., Class A (a) (b)		2,028		385,259
Whirlpool Corp. (b)		5,202		1,220,701
Williams-Sonoma, Inc.		3,922		663,328
Yum! Brands, Inc.		13,389		1,859,197
				69,796,818
Consumer Staples (9.1%):
Albertsons Cos., Inc., Class A		25,799		778,872
Altria Group, Inc.		31,258		1,481,317
Archer-Daniels-Midland Co.		27,263		1,842,706
Brown-Forman Corp., Class B		24,731		1,801,901
Bunge Ltd.		15,673		1,463,231

Security Description	Shares		Value
Campbell Soup Co.		35,038	$	1,522,751
Church & Dwight Co., Inc.		24,464		2,507,560
Colgate-Palmolive Co.		29,370		2,506,436
Conagra Brands, Inc.		49,008		1,673,623
Constellation Brands, Inc., Class A		7,634		1,915,905
Costco Wholesale Corp.		4,515		2,563,166
Darling Ingredients, Inc. (a)		10,173		704,887
General Mills, Inc.		30,874		2,080,290
Hormel Foods Corp. (b)		36,289		1,771,266
Kellogg Co.		27,407		1,765,559
Keurig Dr Pepper, Inc.		57,825		2,131,430
Kimberly-Clark Corp.		14,957		2,137,654
McCormick & Co., Inc.		24,530		2,369,843
Mondelez International, Inc., Class A		35,445		2,350,358
Monster Beverage Corp. (a)		16,568		1,591,191
PepsiCo, Inc.		14,743		2,561,007
Philip Morris International, Inc.		19,718		1,873,210
Sysco Corp.		16,236		1,275,338
The Clorox Co.		8,129		1,417,372
The Coca-Cola Co.		39,978		2,367,097
The Estee Lauder Cos., Inc.		3,794		1,404,539
The Hershey Co.		13,633		2,637,577
The J.M. Smucker Co.		12,650		1,718,123
The Kraft Heinz Co.		42,919		1,540,792
The Kroger Co.		25,986		1,176,126
The Procter & Gamble Co.		16,147		2,641,326
Tyson Foods, Inc., Class A		19,013		1,657,173
Walgreens Boots Alliance, Inc.		24,019		1,252,831
Walmart, Inc.		13,680		1,979,359
				62,461,816
Energy (1.8%):
Chevron Corp.		13,210		1,550,194
ConocoPhillips		16,354		1,180,432
Continental Resources, Inc. (b)		14,049		628,833
Devon Energy Corp.		21,522		948,044
EOG Resources, Inc.		10,582		939,999
Halliburton Co.		36,569		836,333
Kinder Morgan, Inc.		79,383		1,259,014
ONEOK, Inc.		19,845		1,166,092
Pioneer Natural Resources Co.		5,633		1,024,530
Schlumberger NV		28,617		857,079
Texas Pacific Land Corp.		484		604,453
The Williams Cos., Inc.		57,048		1,485,530
				12,480,533
Financials (15.5%):
Aflac, Inc.		29,434		1,718,651
Ally Financial, Inc.		20,560		978,862
American Express Co.		7,877		1,288,677
American Financial Group, Inc.		7,088		973,324

Security Description	Shares		Value
American International Group, Inc.		20,367	$	1,158,068
Ameriprise Financial, Inc.		4,766		1,437,712
Aon PLC, Class A		5,012		1,506,407
Apollo Global Management, Inc. (b)		20,222		1,464,679
Arch Capital Group Ltd. (a)		36,317		1,614,291
Ares Management Corp., Class A		16,343		1,328,196
Arthur J. Gallagher & Co.		12,407		2,105,096
Bank of America Corp.		31,355		1,394,984
Berkshire Hathaway, Inc., Class B (a)		7,402		2,213,198
BlackRock, Inc.		1,567		1,434,683
Blackstone, Inc.		11,499		1,487,856
Brown & Brown, Inc.		29,920		2,102,778
Capital One Financial Corp.		6,605		958,319
Cboe Global Markets, Inc.		9,397		1,225,369
Chubb Ltd.		7,496		1,449,052
Cincinnati Financial Corp.		10,550		1,201,961
Citigroup, Inc.		16,932		1,022,523
Citizens Financial Group, Inc.		22,798		1,077,205
CME Group, Inc.		7,352		1,679,638
CNA Financial Corp.		33,544		1,478,620
Discover Financial Services		7,974		921,475
East West Bancorp, Inc.		13,272		1,044,241
Everest Re Group Ltd.		5,334		1,461,089
FactSet Research Systems, Inc.		3,948		1,918,767
Fidelity National Financial, Inc.		26,691		1,392,736
Fifth Third Bancorp		26,997		1,175,719
First Republic Bank		6,322		1,305,556
Franklin Resources, Inc.		29,846		999,543
Huntington Bancshares, Inc.		66,370		1,023,425
Interactive Brokers Group, Inc.		18,025		1,431,545
Intercontinental Exchange, Inc.		16,710		2,285,427
Invesco Ltd.		36,047		829,802
JPMorgan Chase & Co.		9,560		1,513,826
KeyCorp		50,366		1,164,966
KKR & Co., Inc.		22,160		1,650,920
Lincoln National Corp.		13,187		900,145
Loews Corp.		27,178		1,569,801
LPL Financial Holdings, Inc.		7,458		1,193,951
M&T Bank Corp.		7,623		1,170,740
Markel Corp. (a)		1,165		1,437,610
MarketAxess Holdings, Inc.		2,210		908,907
Marsh & McLennan Cos., Inc.		12,875		2,237,932
MetLife, Inc.		20,628		1,289,044
Moody's Corp.		4,748		1,854,474
Morgan Stanley		12,083		1,186,067
Morningstar, Inc.		5,017		1,715,764
MSCI, Inc.		2,200		1,347,918
Nasdaq, Inc.		9,293		1,951,623
Northern Trust Corp.		11,144		1,332,934
Principal Financial Group, Inc.		17,873		1,292,754

Security Description	Shares		Value
Prudential Financial, Inc.		12,361	$	1,337,955
Raymond James Financial, Inc.		14,787		1,484,615
Regions Financial Corp.		50,219		1,094,774
S&P Global, Inc.		3,775		1,781,536
Signature Bank		3,238		1,047,396
State Street Corp.		11,683		1,086,519
SVB Financial Group (a)		1,567		1,062,802
Synchrony Financial		19,723		914,950
T. Rowe Price Group, Inc.		6,473		1,272,851
The Allstate Corp.		12,705		1,494,743
The Bank of New York Mellon Corp.		23,409		1,359,595
The Carlyle Group, Inc.		26,883		1,475,877
The Charles Schwab Corp.		15,148		1,273,947
The Goldman Sachs Group, Inc.		3,139		1,200,824
The Hartford Financial Services Group, Inc.		15,212		1,050,236
The PNC Financial Services Group, Inc.		6,581		1,319,622
The Progressive Corp.		16,658		1,709,944
The Travelers Cos., Inc.		9,761		1,526,913
Tradeweb Markets, Inc., Class A (b)		16,432		1,645,500
Truist Financial Corp.		20,411		1,195,064
U.S. Bancorp		21,762		1,222,372
UWM Holdings Corp.		81,880		484,730
W.R. Berkley Corp.		22,024		1,814,557
Wells Fargo & Co.		21,337		1,023,749
				106,689,921
Health Care (13.9%):
Abbott Laboratories		12,294		1,730,257
AbbVie, Inc.		14,539		1,968,581
ABIOMED, Inc. (a)		2,762		992,027
Agilent Technologies, Inc.		10,176		1,624,598
Align Technology, Inc. (a)		1,228		807,017
Amgen, Inc.		7,234		1,627,433
Anthem, Inc.		3,868		1,792,973
Avantor, Inc. (a)		30,450		1,283,163
Baxter International, Inc.		25,911		2,224,200
Becton Dickinson & Co.		7,346		1,847,372
Biogen, Inc. (a)		1,859		446,011
BioMarin Pharmaceutical, Inc. (a)		14,469		1,278,336
Bio-Rad Laboratories, Inc., Class A (a)		1,658		1,252,735
Bio-Techne Corp.		2,003		1,036,232
Boston Scientific Corp. (a)		33,457		1,421,253
Bruker Corp.		15,456		1,296,913
Cardinal Health, Inc.		22,696		1,168,617
Catalent, Inc. (a)		8,932		1,143,564
Centene Corp. (a)		17,943		1,478,503
Cerner Corp.		26,705		2,480,093
Charles River Laboratories International, Inc. (a)		3,027		1,140,513
Cigna Corp.		6,017		1,381,684
CVS Health Corp.		18,555		1,914,134
Danaher Corp.		4,418		1,453,566

Security Description	Shares		Value
DaVita, Inc. (a)		10,322	$	1,174,231
DENTSPLY SIRONA, Inc. (b)		18,924		1,055,770
Dexcom, Inc. (a)		1,781		956,308
Edwards Lifesciences Corp. (a)		13,071		1,693,348
Eli Lilly & Co.		4,045		1,117,310
Gilead Sciences, Inc. (c)		22,675		1,646,432
HCA Healthcare, Inc.		4,699		1,207,267
Henry Schein, Inc. (a)		16,734		1,297,387
Hologic, Inc. (a)		14,768		1,130,638
Horizon Therapeutics PLC (a)		7,297		786,325
Humana, Inc.		3,755		1,741,794
IDEXX Laboratories, Inc. (a)		1,867		1,229,345
Illumina, Inc. (a)		2,026		770,771
Incyte Corp. (a)		15,102		1,108,487
Intuitive Surgical, Inc. (a)		3,534		1,269,766
IQVIA Holdings, Inc. (a)		6,376		1,798,925
Johnson & Johnson (c)		13,128		2,245,807
Laboratory Corp. of America Holdings (a)		5,399		1,696,420
Masimo Corp. (a)		4,729		1,384,557
Medtronic PLC		13,448		1,391,196
Merck & Co., Inc.		25,367		1,944,127
Mettler-Toledo International, Inc. (a)		954		1,619,138
Moderna, Inc. (a)		1,163		295,379
Molina Healthcare, Inc. (a)		4,337		1,379,513
PerkinElmer, Inc.		6,246		1,255,821
Pfizer, Inc.		35,084		2,071,710
Quest Diagnostics, Inc.		10,877		1,881,830
Regeneron Pharmaceuticals, Inc. (a)		2,036		1,285,775
Repligen Corp. (a)		2,856		756,383
ResMed, Inc.		4,469		1,164,085
Seagen, Inc. (a)		5,423		838,396
STERIS PLC		7,416		1,805,129
Stryker Corp.		6,285		1,680,735
Teleflex, Inc.		3,251		1,067,888
The Cooper Cos., Inc.		3,452		1,446,181
Thermo Fisher Scientific, Inc.		2,512		1,676,107
UnitedHealth Group, Inc.		4,462		2,240,549
Universal Health Services, Inc., Class B		8,550		1,108,593
Veeva Systems, Inc., Class A (a)		2,929		748,301
Vertex Pharmaceuticals, Inc. (a)		6,548		1,437,941
Waters Corp. (a)		3,654		1,361,480
West Pharmaceutical Services, Inc.		3,456		1,620,898
Zimmer Biomet Holdings, Inc.		10,148		1,289,202
Zoetis, Inc.		8,151		1,989,088
				95,456,108
Industrials (16.7%):
3M Co.		9,399		1,669,544
AGCO Corp.		6,602		765,964
Allegion PLC		10,524		1,393,799
AMERCO, Inc.		1,880		1,365,312

Security Description	Shares		Value
AMETEK, Inc.		12,977	$	1,908,138
AO Smith Corp.		17,861		1,533,367
Booz Allen Hamilton Holding Corp.		17,721		1,502,564
Builders FirstSource, Inc. (a)		15,665		1,342,647
C.H. Robinson Worldwide, Inc.		16,285		1,752,755
Carlisle Cos., Inc.		7,390		1,833,607
Carrier Global Corp.		21,268		1,153,576
Caterpillar, Inc.		6,312		1,304,943
Cintas Corp.		3,473		1,539,129
Copart, Inc. (a)		9,813		1,487,847
CoStar Group, Inc. (a) (c)		14,041		1,109,660
CSX Corp.		46,276		1,739,978
Cummins, Inc.		6,016		1,312,330
Deere & Co.		3,060		1,049,243
Dover Corp.		9,639		1,750,442
Eaton Corp. PLC		9,455		1,634,013
Emerson Electric Co.		15,155		1,408,960
Equifax, Inc.		4,337		1,269,830
Expeditors International of Washington, Inc.		13,604		1,826,881
Fastenal Co.		30,155		1,931,729
FedEx Corp.		4,769		1,233,454
Fortive Corp.		20,779		1,585,230
Fortune Brands Home & Security, Inc.		12,757		1,363,723
Generac Holdings, Inc. (a)		1,679		590,874
General Dynamics Corp.		9,364		1,952,113
Graco, Inc.		21,119		1,702,614
HEICO Corp.		10,087		1,454,747
Honeywell International, Inc.		7,489		1,561,531
Howmet Aerospace, Inc.		31,630		1,006,783
Hubbell, Inc.		6,856		1,427,899
IDEX Corp.		7,790		1,840,933
Illinois Tool Works, Inc.		9,023		2,226,876
Ingersoll Rand, Inc. (c)		22,466		1,389,971
J.B. Hunt Transport Services, Inc.		7,440		1,520,736
Jacobs Engineering Group, Inc.		10,197		1,419,728
Johnson Controls International PLC		21,553		1,752,475
L3Harris Technologies, Inc.		7,472		1,593,329
Leidos Holdings, Inc.		12,973		1,153,300
Lennox International, Inc.		4,066		1,318,848
Lockheed Martin Corp.		5,519		1,961,508
Masco Corp.		25,185		1,768,491
Nordson Corp.		6,349		1,620,709
Norfolk Southern Corp.		5,904		1,757,680
Northrop Grumman Corp.		5,054		1,956,252
Old Dominion Freight Line, Inc.		4,806		1,722,374
Otis Worldwide Corp.		18,081		1,574,313
PACCAR, Inc.		16,293		1,438,020
Parker-Hannifin Corp.		4,508		1,434,085
Quanta Services, Inc.		10,931		1,253,349
Raytheon Technologies Corp.		16,828		1,448,218

Security Description	Shares		Value
Republic Services, Inc. (c)		16,681	$	2,326,166
Robert Half International, Inc.		13,342		1,487,900
Rockwell Automation, Inc.		4,725		1,648,316
Rollins, Inc.		34,310		1,173,745
Roper Technologies, Inc.		3,629		1,784,960
Snap-on, Inc.		5,903		1,271,388
Stanley Black & Decker, Inc.		7,855		1,481,610
Textron, Inc.		15,435		1,191,582
The Toro Co.		14,769		1,475,571
Trane Technologies PLC		7,289		1,472,597
TransDigm Group, Inc. (a)		1,944		1,236,928
TransUnion		11,544		1,368,888
Trex Co., Inc. (a)		8,845		1,194,340
Union Pacific Corp.		7,413		1,867,557
United Parcel Service, Inc., Class B		6,977		1,495,450
United Rentals, Inc. (a)		2,597		862,957
Verisk Analytics, Inc.		7,037		1,609,573
W.W. Grainger, Inc.		3,531		1,829,906
Waste Management, Inc.		13,934		2,325,585
Watsco, Inc.		4,878		1,526,229
Westinghouse Air Brake Technologies Corp.		13,351		1,229,761
Xylem, Inc.		11,796		1,414,576
				114,892,006
Information Technology (15.3%):
Accenture PLC, Class A		5,272		2,185,508
Adobe, Inc. (a)		2,119		1,201,600
Advanced Micro Devices, Inc. (a)		7,793		1,121,413
Akamai Technologies, Inc. (a)		11,243		1,315,881
Amphenol Corp., Class A		21,621		1,890,973
Analog Devices, Inc.		7,377		1,296,655
ANSYS, Inc. (a)		2,841		1,139,582
Apple, Inc.		8,408		1,493,009
Applied Materials, Inc.		5,547		872,876
Arista Networks, Inc. (a)		14,596		2,098,175
Autodesk, Inc. (a)		3,518		989,226
Automatic Data Processing, Inc.		8,363		2,062,149
Black Knight, Inc. (a)		20,199		1,674,295
Block, Inc. (a)		2,403		388,109
Broadcom, Inc.		2,359		1,569,702
Broadridge Financial Solutions, Inc.		10,051		1,837,524
Cadence Design Systems, Inc. (a)		6,350		1,183,323
CDW Corp.		7,247		1,484,041
Cisco Systems, Inc.		32,135		2,036,395
Citrix Systems, Inc.		10,705		1,012,586
Cognex Corp.		13,307		1,034,752
Cognizant Technology Solutions Corp., Class A		18,779		1,666,073
Corning, Inc.		32,143		1,196,684
Dell Technologies, Inc., Class C (a)		26,341		1,479,574
Dynatrace, Inc. (a)		10,969		661,979
Enphase Energy, Inc. (a)		2,849		521,196

Security Description	Shares		Value
Entegris, Inc.		7,111	$	985,442
EPAM Systems, Inc. (a)		1,912		1,278,076
F5, Inc. (a)		6,242		1,527,480
Fair Isaac Corp. (a)		2,412		1,046,012
Fidelity National Information Services, Inc.		10,227		1,116,277
Fiserv, Inc. (a) (b)		13,237		1,373,868
FleetCor Technologies, Inc. (a)		5,198		1,163,520
Fortinet, Inc. (a)		3,427		1,231,664
Gartner, Inc. (a)		3,548		1,186,167
Global Payments, Inc.		7,437		1,005,334
GoDaddy, Inc., Class A (a)		14,250		1,209,255
Hewlett Packard Enterprise Co. (b)		80,223		1,265,117
HP, Inc.		39,588		1,491,280
Intel Corp.		18,697		962,895
International Business Machines Corp.		10,601		1,416,930
Intuit, Inc.		2,319		1,491,627
Jack Henry & Associates, Inc.		8,627		1,440,623
Keysight Technologies, Inc. (a)		8,348		1,723,945
KLA Corp.		2,325		1,000,006
Kyndryl Holdings, Inc. (a)		2,120		38,372
Lam Research Corp.		1,239		891,027
Mastercard, Inc., Class A		3,848		1,382,663
Microchip Technology, Inc.		11,310		984,649
Micron Technology, Inc.		11,152		1,038,809
Microsoft Corp. (c)		5,523		1,857,495
Monolithic Power Systems, Inc.		1,640		809,061
Motorola Solutions, Inc.		7,169		1,947,817
NetApp, Inc.		12,072		1,110,503
NortonLifeLock, Inc.		42,434		1,102,435
NVIDIA Corp.		3,751		1,103,207
NXP Semiconductors NV		4,021		915,903
ON Semiconductor Corp. (a)		17,173		1,166,390
Oracle Corp.		15,643		1,364,226
Paychex, Inc.		15,844		2,162,706
Paycom Software, Inc. (a)		1,765		732,810
Paylocity Holding Corp. (a)		3,146		742,959
PayPal Holdings, Inc. (a)		3,275		617,600
PTC, Inc. (a)		6,421		777,904
Qorvo, Inc. (a)		4,804		751,298
QUALCOMM, Inc.		7,304		1,335,682
salesforce.com, Inc. (a)		5,217		1,325,796
Seagate Technology Holdings PLC		9,601		1,084,721
ServiceNow, Inc. (a) (c)		1,530		993,138
Skyworks Solutions, Inc.		4,741		735,519
SS&C Technologies Holdings, Inc.		21,090		1,728,958
Synopsys, Inc. (a)		3,306		1,218,261
TE Connectivity Ltd.		9,443		1,523,534
Teledyne Technologies, Inc. (a)		2,737		1,195,768
Teradyne, Inc.		6,275		1,026,151
Texas Instruments, Inc.		6,311		1,189,434

Security Description	Shares		Value
The Trade Desk, Inc., Class A (a)		6,461	$	592,086
Trimble, Inc. (a)		12,479		1,088,044
Tyler Technologies, Inc. (a)		2,424		1,303,991
Ubiquiti, Inc. (b)		2,231		684,248
VeriSign, Inc. (a)		7,987		2,027,260
Visa, Inc., Class A		6,979		1,512,419
VMware, Inc., Class A		10,481		1,214,538
Western Digital Corp. (a)		11,429		745,285
Zebra Technologies Corp. (a)		2,156		1,283,251
Zoom Video Communications, Inc., Class A (a)		2,213		406,993
				105,041,709
Materials (5.3%):
Air Products & Chemicals, Inc.		5,693		1,732,152
Albemarle Corp.		3,094		723,284
Avery Dennison Corp.		6,278		1,359,626
Ball Corp.		15,368		1,479,477
Celanese Corp.		8,227		1,382,630
Cleveland-Cliffs, Inc. (a)		20,621		448,919
Corteva, Inc.		27,981		1,322,942
Crown Holdings, Inc.		12,160		1,345,139
Dow, Inc.		17,941		1,017,614
DuPont de Nemours, Inc.		15,491		1,251,363
Eastman Chemical Co.		10,886		1,316,226
Ecolab, Inc.		7,451		1,747,930
FMC Corp.		13,529		1,486,702
Freeport-McMoRan, Inc.		17,534		731,694
International Flavors & Fragrances, Inc.		7,183		1,082,119
International Paper Co.		22,703		1,066,587
LyondellBasell Industries NV, Class A		10,799		995,992
Martin Marietta Materials, Inc.		3,168		1,395,567
Newmont Corp.		21,094		1,308,250
Nucor Corp.		7,141		815,145
Packaging Corp. of America		10,804		1,470,965
Pegasystems, Inc.		7,590		848,714
PPG Industries, Inc.		8,909		1,536,268
RPM International, Inc.		20,535		2,074,035
Steel Dynamics, Inc.		12,418		770,785
Sylvamo Corp. (a)		2,059		57,426
The Mosaic Co.		24,104		947,046
The Sherwin-Williams Co.		6,239		2,197,126
Vulcan Materials Co.		6,770		1,405,317
Westlake Chemical Corp.		11,770		1,143,220
				36,460,260
Real Estate (0.4%):
CBRE Group, Inc., Class A (a)		13,010		1,411,715
Jones Lang LaSalle, Inc. (a)		4,515		1,216,070
				2,627,785

Security Description	Shares		Value
Utilities (7.3%):
Alliant Energy Corp.		29,944	$	1,840,658
Ameren Corp.		21,420		1,906,594
American Electric Power Co., Inc. (c)		22,068		1,963,390
American Water Works Co., Inc.		8,756		1,653,658
Atmos Energy Corp.		17,185		1,800,472
Avangrid, Inc. (b)		32,934		1,642,748
CenterPoint Energy, Inc.		57,794		1,613,031
CMS Energy Corp.		29,024		1,888,011
Consolidated Edison, Inc. (c)		26,510		2,261,833
Dominion Energy, Inc.		24,868		1,953,630
DTE Energy Co.		16,048		1,918,378
Duke Energy Corp. (c)		19,740		2,070,726
Edison International		27,196		1,856,127
Entergy Corp.		14,965		1,685,807
Essential Utilities, Inc.		32,482		1,743,959
Evergy, Inc. (c)		26,075		1,789,006
Eversource Energy (c)		18,046		1,641,825
Exelon Corp.		35,723		2,063,361
FirstEnergy Corp.		42,212		1,755,597
NextEra Energy, Inc. (c)		17,405		1,624,931
NRG Energy, Inc.		18,270		787,072
PG&E Corp. (a)		110,942		1,346,836
PPL Corp.		63,311		1,903,129
Public Service Enterprise Group, Inc.		27,232		1,817,191
Sempra Energy		12,823		1,696,226
The Southern Co. (c)		30,759		2,109,452
WEC Energy Group, Inc. (c)		18,412		1,787,253
Xcel Energy, Inc. (c)		26,163		1,771,235
				49,892,136
Total Common Stocks (Cost $496,463,580)				684,840,626
Collateral for Securities Loaned^ (1.5%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (d)		233,332		233,332
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (d)		4,582,662		4,582,662
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d)		116,444		116,444
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d)		928,488		928,488
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d)		4,174,664		4,174,664
Total Collateral for Securities Loaned (Cost $10,035,590)				10,035,590
Total Investments (Cost $506,499,170) — 101.1%				694,876,216
Liabilities in excess of other assets — (1.1)%				(7,554,870	)
NET ASSETS — 100.00%			$	687,321,346

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

Security Description	Shares		Value
Common Stocks (99.7%)
Banks (15.5%):
1st Source Corp.		1,441	$	71,474
Amerant Bancorp, Inc.		1,755		60,635
Atlantic Union Bankshares Corp.		1,598		59,589
Banc of California, Inc.		3,300		64,746
BancFirst Corp.		1,093		77,122
Banner Corp.		1,004		60,913
Berkshire Hills Bancorp, Inc.		1,885		53,590
Brookline Bancorp, Inc.		4,641		75,138
Byline Bancorp, Inc.		2,551		69,770
City Holding Co.		1,078		88,170
Columbia Banking System, Inc.		1,612		52,745
ConnectOne Bancorp, Inc.		2,029		66,369
Customers Bancorp, Inc.		1,117		73,018
CVB Financial Corp.		3,370		72,152
Dime Community Bancshares, Inc.		1,669		58,682
Eagle Bancorp, Inc.		1,088		63,474
Enterprise Financial Services Corp.		1,389		65,408
FB Financial Corp.		1,541		67,527
First Bancorp/Puerto Rico		4,266		58,785
First Bancorp/Southern Pines NC		1,432		65,471
First Busey Corp.		2,813		76,289
First Commonwealth Financial Corp.		4,614		74,239
First Financial Bancorp		2,368		57,732
First Foundation, Inc.		2,653		65,954
First Interstate BancSystem, Inc., Class A		1,568		63,771
First Merchants Corp.		1,479		61,955
Fulton Financial Corp.		3,965		67,405
German American Bancorp, Inc.		1,843		71,840
Great Western Bancorp, Inc.		1,692		57,460
Heartland Financial USA, Inc.		1,449		73,334
Heritage Financial Corp.		2,508		61,295
Hilltop Holdings, Inc.		1,619		56,892
Hope Bancorp, Inc.		4,133		60,796
Independent Bank Corp.		876		71,420
International Bancshares Corp.		1,397		59,219
Lakeland Bancorp, Inc.		3,810		72,352
Lakeland Financial Corp.		979		78,457
Live Oak Bancshares, Inc.		642		56,040
National Bank Holdings Corp., Class A		1,824		80,147
NBT Bancorp, Inc.		1,904		73,342
OFG Bancorp		2,011		53,412
Old National Bancorp		4,547		82,392
Origin Bancorp, Inc.		1,397		59,959
Park National Corp.		564		77,443
Preferred Bank		1,037		74,446
Renasant Corp.		1,808		68,614
Republic Bancorp, Inc., Class A		1,460		74,226
S&T Bancorp, Inc.		1,971		62,126

Security Description	Shares		Value
Sandy Spring Bancorp, Inc.		1,405	$	67,552
Seacoast Banking Corp. of Florida		1,767		62,534
Silvergate Capital Corp., Class A (a)		165		24,453
Southside Bancshares, Inc. (b)		1,889		78,998
Stock Yards Bancorp, Inc.		1,465		93,584
The Bancorp, Inc. (a)		1,714		43,381
Tompkins Financial Corp. (c)		773		64,607
Towne Bank		2,088		65,960
TriCo Bancshares		1,576		67,705
Triumph Bancorp, Inc. (a)		570		67,876
Trustmark Corp.		1,979		64,238
United Community Banks, Inc.		2,066		74,252
Veritex Holdings, Inc.		1,678		66,751
Washington Trust Bancorp, Inc.		1,245		70,181
WesBanco, Inc.		1,767		61,827
Westamerica Bancorp		1,446		83,478
				4,274,712
Capital Markets (2.3%):
B Riley Financial, Inc.		661		58,736
BGC Partners, Inc., Class A		9,228		42,910
Brightsphere Investment Group, Inc.		2,189		56,038
Cowen, Inc., Class A		1,016		36,678
Donnelley Financial Solutions, Inc. (a)		1,216		57,322
Piper Sandler Cos.		417		74,439
PJT Partners, Inc., Class A		914		67,718
Sculptor Capital Management, Inc.		1,629		34,779
StoneX Group, Inc. (a)		797		48,816
Victory Capital Holdings, Inc., Class A (d)		1,690		61,736
Virtus Investment Partners, Inc.		177		52,587
WisdomTree Investments, Inc.		7,680		47,002
				638,761
Communication Services (2.2%):
AMC Networks, Inc., Class A (a)		602		20,733
Boston Omaha Corp., Class A (a)		990		28,443
Cars.com, Inc. (a)		2,770		44,569
Gray Television, Inc.		2,651		53,444
IDT Corp., Class B (a)		669		29,543
QuinStreet, Inc. (a)		3,042		55,334
Sciplay Corp., Class A (a)		2,040		28,111
Shenandoah Telecommunications Co.		1,088		27,744
TechTarget, Inc. (a)		454		43,430
Telephone & Data Systems, Inc.		2,818		56,783
The EW Scripps Co., Class A (a)		2,643		51,142
Thryv Holdings, Inc. (a)		786		32,328
United States Cellular Corp. (a)		1,876		59,131
WideOpenWest, Inc. (a)		1,839		39,575
Yelp, Inc. (a)		1,153		41,785
				612,095

Security Description	Shares		Value
Consumer Discretionary (13.1%):
1-800-Flowers.com, Inc., Class A (a)		1,031	$	24,094
Abercrombie & Fitch Co. (a)		1,067		37,164
Accel Entertainment, Inc. (a)		4,337		56,468
Adtalem Global Education, Inc. (a)		1,473		43,542
American Axle & Manufacturing Holdings, Inc. (a)		3,858		35,995
America's Car-Mart, Inc. (a)		343		35,123
Arko Corp. (a)		4,633		40,631
Bally's Corp. (a)		674		25,652
Bed Bath & Beyond, Inc. (a) (c)		561		8,179
Big 5 Sporting Goods Corp. (c)		884		16,805
Big Lots, Inc.		769		34,643
Bloomin' Brands, Inc. (a)		1,696		35,582
Boot Barn Holdings, Inc. (a)		442		54,388
Brinker International, Inc. (a)		747		27,333
Carriage Services, Inc.		1,695		109,226
Cavco Industries, Inc. (a)		211		67,024
Century Communities, Inc.		517		42,285
Chuy's Holdings, Inc. (a)		1,235		37,198
Citi Trends, Inc. (a)		429		40,648
Clarus Corp.		2,272		62,980
Conn's, Inc. (a)		1,156		27,189
Denny's Corp. (a)		3,010		48,160
Dine Brands Global, Inc.		539		40,862
Dorman Products, Inc. (a)		662		74,813
El Pollo Loco Holdings, Inc. (a)		3,376		47,905
Ethan Allen Interiors, Inc.		2,080		54,683
Franchise Group, Inc.		1,653		86,220
Funko, Inc., Class A (a)		1,530		28,764
Genesco, Inc. (a)		549		35,229
Gentherm, Inc. (a)		597		51,879
G-III Apparel Group Ltd. (a)		1,353		37,397
Golden Entertainment, Inc. (a)		735		37,140
GoPro, Inc., Class A (a)		3,010		31,033
Green Brick Partners, Inc. (a)		1,587		48,134
Group 1 Automotive, Inc.		258		50,367
Groupon, Inc. (a)		1,122		25,986
GrowGeneration Corp. (a) (b)		734		9,579
Guess?, Inc.		1,599		37,864
Haverty Furniture Cos., Inc.		1,246		38,090
Hibbett, Inc.		392		28,197
Hovnanian Enterprises, Inc., Class A (a)		216		27,495
iRobot Corp. (a)		381		25,100
Jack in the Box, Inc.		622		54,413
Johnson Outdoors, Inc., Class A		524		49,094
Lands' End, Inc. (a)		758		14,880
La-Z-Boy, Inc.		1,648		59,839
Liquidity Services, Inc. (a)		1,002		22,124
Lumber Liquidators Holdings, Inc. (a)		1,970		33,628
M/I Homes, Inc. (a)		674		41,909

Security Description	Shares		Value
Malibu Boats, Inc., Class A (a)		635	$	43,644
MarineMax, Inc. (a)		684		40,383
Monarch Casino & Resort, Inc. (a)		773		57,163
Monro, Inc.		989		57,629
Movado Group, Inc.		1,108		46,348
OneWater Marine, Inc.		929		56,641
Oxford Industries, Inc.		548		55,633
Patrick Industries, Inc.		630		50,835
Perdoceo Education Corp. (a)		5,338		62,775
Ruth's Hospitality Group, Inc. (a)		2,169		43,163
Sally Beauty Holdings, Inc. (a)		1,976		36,477
Shoe Carnival, Inc.		1,127		44,043
Sleep Number Corp. (a)		419		32,095
Smith & Wesson Brands, Inc.		1,346		23,959
Sonic Automotive, Inc., Class A		895		44,258
Standard Motor Products, Inc.		1,502		78,690
Stoneridge, Inc. (a)		2,120		41,849
Strategic Education, Inc.		710		41,066
Stride, Inc. (a)		1,267		42,229
Sturm Ruger & Co., Inc. (b)		754		51,287
The Buckle, Inc.		1,261		53,353
The Children's Place, Inc. (a)		378		29,972
The Lovesac Co. (a)		509		33,726
The ODP Corp. (a)		778		30,560
TravelCenters of America, Inc. (a)		769		39,696
Tri Pointe Homes, Inc. (a)		1,913		53,354
Tupperware Brands Corp. (a)		1,349		20,626
Universal Electronics, Inc. (a)		1,097		44,703
Vista Outdoor, Inc. (a)		888		40,910
Visteon Corp. (a)		457		50,791
Winmark Corp.		374		92,860
Winnebago Industries, Inc.		659		49,372
Workhorse Group, Inc. (a)		1,678		7,316
WW International, Inc. (a)		1,412		22,776
XPEL, Inc. (a)		430		29,360
Zumiez, Inc. (a)		1,097		52,645
				3,605,120
Consumer Finance (1.2%):
Atlanticus Holdings Corp. (a)		430		30,668
Encore Capital Group, Inc. (a)		1,246		77,389
Enova International, Inc. (a)		1,360		55,706
Green Dot Corp., Class A (a)		1,093		39,610
PRA Group, Inc. (a)		1,615		81,089
World Acceptance Corp. (a)		164		40,250
				324,712
Consumer Staples (7.0%):
B&G Foods, Inc. (c)		1,462		44,927
BellRing Brands, Inc., Class A (a) (c)		1,846		52,666
Calavo Growers, Inc.		1,359		57,622

Security Description	Shares		Value
Cal-Maine Foods, Inc.		2,620	$	96,914
Central Garden & Pet Co., Class A (a)		1,677		80,245
e.l.f. Beauty, Inc. (a)		2,017		66,985
Edgewell Personal Care Co.		1,528		69,845
Energizer Holdings, Inc.		1,939		77,754
Fresh Del Monte Produce, Inc.		1,610		44,436
Grocery Outlet Holding Corp. (a)		1,962		55,485
Hostess Brands, Inc. (a)		5,663		115,639
Ingles Markets, Inc., Class A		1,054		91,002
Inter Parfums, Inc.		918		98,134
John B Sanfilippo & Son, Inc.		991		89,349
Medifast, Inc.		190		39,792
MGP Ingredients, Inc.		765		65,017
Nu Skin Enterprises, Inc., Class A		1,120		56,840
PriceSmart, Inc.		885		64,755
SpartanNash Co.		3,033		78,130
Sprouts Farmers Market, Inc. (a)		2,387		70,846
The Andersons, Inc.		1,572		60,852
Tootsie Roll Industries, Inc.		1,463		53,005
TreeHouse Foods, Inc. (a)		1,432		58,039
Turning Point Brands, Inc.		990		37,402
United Natural Foods, Inc. (a)		829		40,687
Universal Corp.		1,484		81,501
USANA Health Sciences, Inc. (a)		667		67,500
Vector Group Ltd.		3,694		42,407
Weis Markets, Inc. (b)		1,160		76,421
				1,934,197
Diversified Financial Services (0.3%):
Cannae Holdings, Inc. (a)		2,073		72,866
Energy (1.3%):
Altus Midstream Co., Class A		651		39,913
Archrock, Inc.		6,990		52,285
Cactus, Inc., Class A		986		37,596
Civitas Resources, Inc.		882		43,192
CONSOL Energy, Inc. (a)		1,183		26,866
Core Laboratories NV		1,320		29,449
Renewable Energy Group, Inc. (a)		587		24,912
Transocean Ltd. (a)		6,164		17,013
Whiting Petroleum Corp. (a)		799		51,679
World Fuel Services Corp. (b)		1,356		35,893
				358,798
Health Care (8.7%):
Addus HomeCare Corp. (a)		585		54,703
Amneal Pharmaceuticals, Inc. (a)		6,098		29,209
Amphastar Pharmaceuticals, Inc. (a)		3,992		92,974
Antares Pharma, Inc. (a)		12,168		43,440
Atrion Corp.		103		72,605
Avanos Medical, Inc. (a)		1,789		62,025
Avid Bioservices, Inc. (a)		1,409		41,115

Security Description	Shares		Value
BioLife Solutions, Inc. (a)		579	$	21,579
Cara Therapeutics, Inc. (a)		1,702		20,730
Collegium Pharmaceutical, Inc. (a)		1,947		36,370
Community Health Systems, Inc. (a)		2,239		29,801
Corcept Therapeutics, Inc. (a)		3,191		63,182
CorVel Corp. (a)		469		97,552
Cross Country Healthcare, Inc. (a)		1,646		45,693
Cutera, Inc. (a)		700		28,924
Eagle Pharmaceuticals, Inc. (a)		933		47,508
Fulgent Genetics, Inc. (a)		211		21,224
Hanger, Inc. (a)		2,494		45,216
HealthStream, Inc. (a)		2,564		67,587
Innoviva, Inc. (a)		3,888		67,068
Ironwood Pharmaceuticals, Inc. (a)		4,494		52,400
LeMaitre Vascular, Inc.		1,029		51,687
Lexicon Pharmaceuticals, Inc. (a)		2,971		11,706
Ligand Pharmaceuticals, Inc. (a)		242		37,379
Meridian Bioscience, Inc. (a)		1,564		31,906
Mesa Laboratories, Inc.		342		112,207
ModivCare, Inc. (a)		234		34,700
National HealthCare Corp. (b)		860		58,428
National Research Corp.		1,222		50,737
Natus Medical, Inc. (a)		1,957		46,440
NextGen Healthcare, Inc. (a)		3,450		61,375
OPKO Health, Inc. (a)		9,136		43,944
OptimizeRx Corp. (a)		452		28,074
OraSure Technologies, Inc. (a)		3,619		31,449
Organogenesis Holdings, Inc. (a)		1,560		14,414
Owens & Minor, Inc.		707		30,755
Pacira BioSciences, Inc. (a)		970		58,365
Patterson Cos., Inc. (b)		1,927		56,557
Phibro Animal Health Corp., Class A		2,459		50,213
Prestige Consumer Healthcare, Inc. (a)		1,384		83,940
RadNet, Inc. (a)		1,224		36,855
Sage Therapeutics, Inc. (a)		789		33,564
Simulations Plus, Inc.		895		42,334
Supernus Pharmaceuticals, Inc. (a)		1,629		47,502
Surmodics, Inc. (a)		932		44,876
Tactile Systems Technology, Inc. (a)		1,041		19,810
The Joint Corp. (a)		346		22,729
The Pennant Group, Inc. (a)		1,262		29,127
U.S. Physical Therapy, Inc.		389		37,169
uniQure NV (a)		1,310		27,169
Vanda Pharmaceuticals, Inc. (a)		2,625		41,186
Vericel Corp. (a)		617		24,248
Xencor, Inc. (a)		1,392		55,847
				2,397,597

Security Description	Shares		Value
Industrials (21.8%):
AAR Corp. (a)		1,582	$	61,745
ACCO Brands Corp.		5,931		70,736
AeroVironment, Inc. (a)		344		21,338
Air Transport Services Group, Inc. (a)		2,203		64,724
Alamo Group, Inc.		470		69,175
Albany International Corp.		782		69,168
American Woodmark Corp. (a)		732		47,726
Apogee Enterprises, Inc.		1,217		58,599
ArcBest Corp.		625		74,906
Arcosa, Inc.		999		52,647
Argan, Inc.		1,608		62,214
Astec Industries, Inc.		803		55,624
Atlas Air Worldwide Holdings, Inc. (a)		823		77,461
AZZ, Inc.		1,288		71,214
Babcock & Wilcox Enterprises, Inc. (a)		3,657		32,986
Barnes Group, Inc.		1,318		61,406
Boise Cascade Co.		769		54,753
Brady Corp., Class A		1,523		82,090
BrightView Holdings, Inc. (a)		3,782		53,251
CBIZ, Inc. (a)		2,696		105,468
Columbus McKinnon Corp.		1,331		61,572
Comfort Systems USA, Inc.		815		80,636
Construction Partners, Inc., Class A (a)		1,404		41,292
Cornerstone Building Brands, Inc. (a)		2,175		37,932
CRA International, Inc.		566		52,842
CSW Industrials, Inc.		522		63,089
Deluxe Corp.		1,303		41,839
Douglas Dynamics, Inc.		1,521		59,410
Ducommun, Inc. (a)		974		45,554
Dycom Industries, Inc. (a)		488		45,755
Eagle Bulk Shipping, Inc.		630		28,665
Encore Wire Corp.		768		109,901
Energy Recovery, Inc. (a)		2,069		44,463
Enerpac Tool Group Corp.		2,351		47,678
EnPro Industries, Inc.		759		83,543
ESCO Technologies, Inc.		824		74,152
Federal Signal Corp.		1,777		77,015
Forrester Research, Inc. (a)		1,334		78,346
Forward Air Corp.		795		96,267
Franklin Covey Co. (a)		1,293		59,943
Gibraltar Industries, Inc. (a)		681		45,409
Global Industrial Co.		1,206		49,325
GMS, Inc. (a)		996		59,870
GrafTech International Ltd.		3,879		45,889
Great Lakes Dredge & Dock Corp. (a)		4,042		63,540
Griffon Corp.		2,235		63,653
H&E Equipment Services, Inc.		1,287		56,975
Healthcare Services Group		2,069		36,808
Heartland Express, Inc.		5,653		95,083

Security Description	Shares		Value
Heidrick & Struggles International, Inc.		1,430	$	62,534
Helios Technologies, Inc.		817		85,924
Heritage-Crystal Clean, Inc. (a)		1,732		55,459
HNI Corp.		1,546		65,009
Hub Group, Inc., Class A (a)		956		80,533
Huron Consulting Group, Inc. (a)		1,117		55,738
Hyster-Yale Materials Handling, Inc.		728		29,921
ICF International, Inc.		839		86,039
IES Holdings, Inc. (a)		1,042		52,767
Insteel Industries, Inc.		1,306		51,992
Interface, Inc.		3,341		53,289
JELD-WEN Holding, Inc. (a)		1,679		44,258
Kadant, Inc.		327		75,367
KAR Auction Services, Inc. (a)		2,585		40,378
Kelly Services, Inc., Class A		2,856		47,895
Kforce, Inc.		1,151		86,578
Lindsay Corp.		409		62,168
Marten Transport Ltd.		4,576		78,524
Matthews International Corp., Class A		1,724		63,219
McGrath RentCorp		988		79,297
Mercury Systems, Inc. (a)		958		52,747
Meritor, Inc. (a)		2,071		51,319
Moog, Inc., Class A		845		68,420
Mueller Industries, Inc.		1,479		87,793
Mueller Water Products, Inc., Class A		4,772		68,717
MYR Group, Inc. (a)		489		54,059
NV5 Global, Inc. (a)		483		66,712
Omega Flex, Inc.		286		36,308
PAE, Inc. (a)		7,302		72,509
PGT Innovations, Inc. (a)		2,517		56,607
Pitney Bowes, Inc.		2,219		14,712
Primoris Services Corp.		1,839		44,099
Proto Labs, Inc. (a)		462		23,724
Quanex Building Products Corp.		2,604		64,527
REV Group, Inc.		1,963		27,776
Romeo Power, Inc. (a) (c)		3,370		12,300
Rush Enterprises, Inc., Class A		1,519		84,517
SkyWest, Inc. (a)		965		37,924
SPX Corp. (a)		1,052		62,783
Standex International Corp.		660		73,036
Steelcase, Inc., Class A		3,912		45,849
Sterling Construction Co., Inc. (a)		1,587		41,738
Tennant Co.		1,111		90,035
The Gorman-Rupp Co.		1,849		82,373
The Greenbrier Cos., Inc.		1,113		51,076
The Manitowoc Co., Inc. (a)		1,435		26,677
The Shyft Group, Inc.		1,056		51,881
Titan Machinery, Inc. (a)		1,237		41,675
TPI Composites, Inc. (a)		748		11,190
TrueBlue, Inc. (a)		1,663		46,015

Security Description	Shares		Value
Tutor Perini Corp. (a)		2,618	$	32,385
Veritiv Corp. (a)		279		34,197
VSE Corp.		1,086		66,181
Wabash National Corp.		3,515		68,613
				6,001,040
Information Technology (10.4%):
A10 Networks, Inc.		3,031		50,254
ACM Research, Inc., Class A (a)		258		22,000
ADTRAN, Inc.		2,012		45,934
Alpha & Omega Semiconductor Ltd. (a)		1,099		66,555
American Software, Inc., Class A		1,439		37,659
Avaya Holdings Corp. (a)		1,992		39,442
Avid Technology, Inc. (a)		1,096		35,697
Axcelis Technologies, Inc. (a)		661		49,284
Belden, Inc.		846		55,607
Benchmark Electronics, Inc.		2,535		68,698
Calix, Inc. (a)		703		56,219
Cambium Networks Corp. (a)		725		18,582
Cass Information Systems, Inc.		1,776		69,832
ChannelAdvisor Corp. (a)		1,642		40,524
Clearfield, Inc. (a)		683		57,659
Cohu, Inc. (a)		956		36,414
CSG Systems International, Inc.		2,011		115,874
CTS Corp.		1,640		60,221
Digi International, Inc. (a)		2,056		50,516
Ebix, Inc.		810		24,624
EchoStar Corp., Class A (a)		1,760		46,376
ePlus, Inc. (a)		1,200		64,656
Extreme Networks, Inc. (a)		3,610		56,677
FARO Technologies, Inc. (a)		789		55,246
Ichor Holdings Ltd. (a)		745		34,292
InterDigital, Inc.		929		66,544
Kimball Electronics, Inc. (a)		1,739		37,841
Knowles Corp. (a)		4,627		108,040
Methode Electronics, Inc.		1,417		69,674
Mitek Systems, Inc. (a)		1,815		32,216
Napco Security Technologies, Inc. (a)		1,389		69,422
NETGEAR, Inc. (a)		1,408		41,128
NetScout Systems, Inc. (a)		2,736		90,507
OSI Systems, Inc. (a)		1,023		95,344
PC Connection, Inc.		1,294		55,810
Photronics, Inc. (a)		3,687		69,500
Plexus Corp. (a)		819		78,534
Progress Software Corp.		1,545		74,577
Ribbon Communications, Inc. (a)		5,796		35,066
Sanmina Corp. (a)		1,974		81,842
ScanSource, Inc. (a)		1,278		44,832
SMART Global Holdings, Inc. (a)		813		57,715
SolarWinds Corp.		2,278		32,325
Super Micro Computer, Inc. (a)		1,746		76,737

Security Description	Shares		Value
TTM Technologies, Inc. (a)		11,219	$	167,163
Ultra Clean Holdings, Inc. (a)		688		39,464
Veeco Instruments, Inc. (a)		2,311		65,794
Verra Mobility Corp. (a)		3,499		53,989
Xperi Holding Corp.		2,899		54,820
				2,857,726
Insurance (2.8%):
American Equity Investment Life Holding Co.		2,121		82,549
AMERISAFE, Inc.		1,560		83,975
Argo Group International Holdings Ltd.		1,342		77,984
eHealth, Inc. (a)		803		20,477
Employers Holdings, Inc.		1,885		78,001
Genworth Financial, Inc. (a)		8,772		35,527
HCI Group, Inc.		362		30,241
Horace Mann Educators Corp.		2,043		79,064
Palomar Holdings, Inc. (a)		472		30,571
Safety Insurance Group, Inc. (b)		1,055		89,707
Selectquote, Inc. (a)		2,638		23,900
SiriusPoint Ltd. (a)		7,130		57,967
Stewart Information Services Corp.		1,116		88,979
				778,942
IT Services (0.2%):
Everi Holdings, Inc. (a)		1,820		38,857
Machinery (0.1%):
DMC Global, Inc. (a)		878		34,778
Materials (4.1%):
AdvanSix, Inc.		1,210		57,172
Chase Corp.		598		59,537
Coeur Mining, Inc. (a)		3,726		18,779
GCP Applied Technologies, Inc. (a)		2,643		83,677
Glatfelter Corp.		3,820		65,704
Hawkins, Inc.		1,318		51,995
Innospec, Inc.		740		66,852
Koppers Holdings, Inc. (a)		1,574		49,266
Kronos Worldwide, Inc.		4,771		71,613
Materion Corp.		844		77,597
Minerals Technologies, Inc.		831		60,788
Myers Industries, Inc.		2,718		54,387
O-I Glass, Inc. (a)		2,956		35,561
Orion Engineered Carbons SA (a)		2,817		51,720
Ryerson Holding Corp.		1,240		32,302
Schnitzer Steel Industries, Inc.		813		42,211
Schweitzer-Mauduit International, Inc.		1,527		45,657
Stepan Co.		716		88,992
TimkenSteel Corp. (a)		1,840		30,360
Trinseo PLC (a)		912		47,844
Worthington Industries, Inc.		871		47,609
				1,139,623

Security Description	Shares		Value
Real Estate (1.6%):
Douglas Elliman, Inc. (a)		1,847	$	21,241
Forestar Group, Inc. (a)		3,340		72,645
Marcus & Millichap, Inc. (a)		1,987		102,251
Newmark Group, Inc., Class A		3,395		63,486
RE/MAX Holdings, Inc.		1,839		56,071
Realogy Holdings Corp. (a)		2,072		34,830
The RMR Group, Inc., Class A		1,271		44,078
The St. Joe Co.		1,013		52,727
				447,329
Thrifts & Mortgage Finance (4.1%):
Axos Financial, Inc. (a)		1,257		70,279
Capitol Federal Financial, Inc.		7,681		87,026
Columbia Financial, Inc. (a) (b)		5,302		110,600
Federal Agricultural Mortgage Corp., Class C		686		85,016
Kearny Financial Corp.		5,721		75,803
Merchants Bancorp		1,449		68,581
Meta Financial Group, Inc.		1,172		69,921
NMI Holdings, Inc., Class A (a)		2,447		53,467
Northfield Bancorp, Inc.		4,888		78,990
Northwest Bancshares, Inc. (b)		6,429		91,035
OceanFirst Financial Corp.		2,954		65,579
Premier Financial Corp.		1,944		60,089
Provident Financial Services, Inc.		2,930		70,965
Washington Federal, Inc.		2,154		71,900
WSFS Financial Corp.		1,226		61,447
				1,120,698
Utilities (3.0%):
Avista Corp.		2,091		88,847
Chesapeake Utilities Corp.		698		101,775
MGE Energy, Inc.		1,219		100,263
Middlesex Water Co.		535		64,361
Northwest Natural Holding Co.		1,257		61,316
Otter Tail Corp. (b)		1,728		123,414
SJW Group		1,278		93,550
South Jersey Industries, Inc.		2,110		55,113
The York Water Co.		1,517		75,516
Unitil Corp. (b)		1,356		62,362
				826,517
Total Common Stocks (Cost $23,380,949)				27,464,368
Collateral for Securities Loaned^ (0.5%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (e)		3,370		3,370
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (e)		66,186		66,186
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (e)		1,682		1,682

Security Description	Shares		Value
Common Stocks (99.6%)
Australia (4.7%):
Communication Services (0.5%):
REA Group Ltd.		1,868	$	227,786
Telstra Corp. Ltd.		111,911		340,269
				568,055
Consumer Discretionary (0.2%):
Aristocrat Leisure Ltd.		7,050		223,434
Consumer Staples (0.5%):
Coles Group Ltd.		21,757		283,919
Woolworths Group Ltd.		10,009		276,734
				560,653
Energy (0.2%):
Woodside Petroleum Ltd.		13,908		221,859
Financials (1.8%):
ASX Ltd.		5,342		360,988
Australia & New Zealand Banking Group Ltd.		15,527		310,707
Commonwealth Bank of Australia		4,044		297,102
Macquarie Group Ltd.		2,265		338,409
National Australia Bank Ltd.		16,731		350,986
Suncorp Group Ltd.		26,395		212,541
Westpac Banking Corp.		16,796		260,842
				2,131,575
Health Care (0.5%):
CSL Ltd.		1,165		246,362
Sonic Healthcare Ltd.		9,227		312,967
				559,329
Industrials (0.2%):
Brambles Ltd.		41,078		317,626
Materials (0.8%):
BHP Group Ltd. (a)		5,700		172,066
Fortescue Metals Group Ltd.		9,344		130,567
Newcrest Mining Ltd.		11,020		196,230
Rio Tinto Ltd.		2,186		159,185
Wesfarmers Ltd.		7,309		315,272
				973,320
				5,555,851
Austria (0.5%):
Energy (0.2%):
OMV AG		3,570		203,000
Financials (0.2%):
Erste Group Bank AG		6,002		282,530

Security Description	Shares		Value
Utilities (0.1%):
Verbund AG		1,422	$	160,099
				645,629
Belgium (1.5%):
Consumer Staples (0.2%):
Anheuser-Busch InBev SA (a)		3,690		223,350
Financials (0.8%):
Groupe Bruxelles Lambert SA		3,280		366,523
KBC Group NV		2,402		206,340
Sofina SA		603		296,547
				869,410
Health Care (0.2%):
UCB SA		2,264		258,635
Materials (0.3%):
Solvay SA, Class A		2,099		244,206
Umicore SA (a)		2,949		120,017
				364,223
				1,715,618
Canada (12.9%):
Communication Services (1.1%):
BCE, Inc. (a) (b)		9,554		497,113
Rogers Communications, Inc., Class B		5,793		275,864
TELUS Corp. (a) (b)		20,329		478,812
				1,251,789
Consumer Discretionary (0.5%):
Dollarama, Inc.		6,757		338,224
Restaurant Brands International, Inc.		4,158		252,149
				590,373
Consumer Staples (1.3%):
Alimentation Couche-Tard, Inc.		5,743		240,654
George Weston Ltd.		3,111		360,736
Loblaw Cos. Ltd.		5,377		440,601
Metro, Inc.		8,613		458,434
				1,500,425
Energy (0.9%):
Canadian Natural Resources Ltd.		5,091		215,144
Enbridge, Inc.		8,656		338,151
Suncor Energy, Inc.		8,476		212,101
TC Energy Corp.		5,993		278,754
				1,044,150
Financials (4.6%):
Bank of Montreal		3,801		409,281
Brookfield Asset Management, Inc., Class A		4,498		271,665
Canadian Imperial Bank of Commerce		4,163		485,321

Security Description	Shares		Value
Fairfax Financial Holdings Ltd.		582	$	286,325
Great-West Lifeco, Inc.		14,939		448,359
Intact Financial Corp.		2,770		360,091
Manulife Financial Corp.		15,528		295,999
National Bank of Canada (a)		5,455		415,939
Power Corp. of Canada		12,239		404,483
Royal Bank of Canada		5,074		538,571
Sun Life Financial, Inc.		7,559		420,801
The Bank of Nova Scotia (a)		7,209		510,410
The Toronto-Dominion Bank (a)		6,662		510,817
				5,358,062
Industrials (1.2%):
Canadian National Railway Co.		2,197		269,900
Canadian Pacific Railway Ltd.		3,386		243,563
Thomson Reuters Corp.		2,313		276,635
Waste Connections, Inc.		3,053		416,142
WSP Global, Inc.		1,664		241,588
				1,447,828
Information Technology (0.8%):
CGI, Inc. (c)		3,548		313,760
Constellation Software, Inc.		144		267,204
Open Text Corp.		5,989		284,297
Shopify, Inc., Class A (c)		75		103,279
				968,540
Materials (1.0%):
Aginco Eagle Mines Ltd. (a)		3,054		162,238
Barrick Gold Corp.		9,225		175,412
First Quantum Minerals Ltd.		4,813		115,188
Franco-Nevada Corp.		1,523		210,653
Nutrien Ltd.		3,649		274,309
Teck Resources Ltd., Class B		5,180		149,199
Wheaton Precious Metals Corp.		3,591		154,111
				1,241,110
Utilities (1.5%):
Emera, Inc.		12,263		612,956
Fortis, Inc. (a)		12,403		598,478
Hydro One Ltd. (d)		20,039		521,414
				1,732,848
				15,135,125
Denmark (2.4%):
Consumer Discretionary (0.1%):
Pandora A/S		1,345		167,919
Consumer Staples (0.3%):
Carlsberg A/S, Class B		1,683		291,057

Security Description	Shares		Value
Financials (0.4%):
Danske Bank A/S		12,152	$	210,156
Tryg A/S		11,314		279,766
				489,922
Health Care (0.7%):
Coloplast A/S, Class B		1,309		230,686
Demant A/S (a) (c)		2,879		147,714
Genmab A/S (c)		435		175,167
Novo Nordisk A/S, Class B		2,509		282,355
				835,922
Industrials (0.4%):
AP Moller — Maersk A/S, Class B		56		201,066
DSV A/S		913		213,530
Vestas Wind Systems A/S (a)		2,958		90,580
				505,176
Materials (0.4%):
Christian Hansen Holding A/S		2,489		196,416
Novozymes A/S, B Shares		3,202		263,369
				459,785
Utilities (0.1%):
Orsted A/S (d)		916		117,137
				2,866,918
Finland (1.6%):
Consumer Staples (0.2%):
Kesko Oyj, Class B		6,096		203,609
Energy (0.1%):
Neste Oyj		3,031		149,613
Financials (0.5%):
Nordea Bank Abp		23,688		289,773
Sampo Oyj, A Shares		6,086		305,260
				595,033
Industrials (0.2%):
Kone Oyj, Class B		3,336		239,406
Materials (0.4%):
Stora Enso Oyj, Class R		10,703		196,654
UPM-Kymmene Oyj		6,378		242,942
				439,596
Utilities (0.2%):
Fortum Oyj		8,760		269,153
				1,896,410

Security Description	Shares		Value
France (9.0%):
Communication Services (0.5%):
Orange SA		29,145	$	312,310
Publicis Groupe SA		3,632		244,771
Vivendi SE		5,141		69,586
				626,667
Consumer Discretionary (0.9%):
Cie Generale des Etablissements Michelin SCA		1,674		274,703
Hermes International		195		340,972
Kering SA		252		202,792
LVMH Moet Hennessy Louis Vuitton SE		324		268,147
				1,086,614
Consumer Staples (1.0%):
Carrefour SA		9,960		182,605
Danone SA		3,751		233,106
L'Oreal SA		702		333,207
Pernod Ricard SA		1,641		395,104
				1,144,022
Energy (0.4%):
Bollore SA		38,482		215,534
TotalEnergies SE		5,459		277,353
				492,887
Financials (1.2%):
Amundi SA (d)		2,912		240,504
AXA SA		9,641		287,387
BNP Paribas SA		3,170		219,301
CNP Assurances		11,343		280,854
Credit Agricole SA		14,827		211,831
Societe Generale SA		5,412		186,093
				1,425,970
Health Care (0.6%):
BioMerieux		1,658		235,744
Sanofi		3,284		331,155
Sartorius Stedim Biotech		319		175,182
				742,081
Industrials (2.4%):
Airbus SE (c)		1,272		162,701
Alstom SA		4,410		156,734
Bouygues SA		6,449		231,184
Bureau Veritas SA		12,434		413,037
Cie de Saint-Gobain		3,167		223,060
Legrand SA		2,802		328,228
Safran SA		1,513		185,433
Schneider Electric SE		1,569		308,038
Teleperformance		645		287,832

Security Description	Shares		Value
Thales SA		2,799	$	238,340
Vinci SA		2,250		237,979
				2,772,566
Information Technology (0.8%):
Capgemini SE		1,272		312,052
Dassault Systemes SE		4,998		297,628
Edenred		4,311		199,102
Worldline SA (c) (d)		2,267		126,482
				935,264
Materials (0.6%):
Air Liquide SA		2,092		365,135
EssilorLuxottica SA		1,460		311,203
				676,338
Utilities (0.6%):
Electricite de France SA		11,415		134,236
Engie SA		19,160		283,857
Veolia Environnement SA		6,889		252,996
				671,089
				10,573,498
Germany (6.7%):
Communication Services (0.2%):
Deutsche Telekom AG		14,593		270,785
Consumer Discretionary (1.0%):
adidas AG		525		151,327
Bayerische Motoren Werke AG		2,183		219,908
Continental AG (c)		1,425		151,044
Daimler AG		2,396		184,358
HelloFresh SE (c)		1,150		88,420
Puma SE		1,930		236,189
Zalando SE (c) (d)		1,500		121,478
				1,152,724
Consumer Staples (0.2%):
Beiersdorf AG		2,612		268,744
Financials (1.1%):
Allianz SE, Registered Shares		1,118		264,282
Deutsche Bank AG, Registered Shares (c)		13,432		168,475
Deutsche Boerse AG		1,803		301,927
Hannover Rueck SE		1,546		294,177
Muenchener Rueckversicherungs-Gesellschaft AG, Class R		827		245,248
				1,274,109
Health Care (0.8%):
Carl Zeiss Meditec AG		1,167		245,574
Fresenius Medical Care AG & Co. KGaA		3,212		208,934
Fresenius SE & Co. KGaA		4,941		199,118
Merck KGaA		1,039		268,494
				922,120

Security Description	Shares		Value
Industrials (1.2%):
Brenntag SE		3,128	$	283,376
Daimler Truck Holding AG (c)		1,198		44,037
Deutsche Post AG, Registered Shares		3,401		218,905
KION Group AG		1,974		216,809
Knorr-Bremse AG		1,817		179,749
MTU Aero Engines AG		752		153,580
Rational AG		132		135,301
Siemens AG, Registered Shares		1,286		223,520
				1,455,277
Information Technology (0.4%):
Infineon Technologies AG		3,910		181,428
SAP SE		1,851		263,185
				444,613
Materials (1.1%):
BASF SE		3,435		241,584
Covestro AG (d)		3,020		186,337
Evonik Industries AG		9,693		314,151
HeidelbergCement AG		2,556		173,187
Symrise AG (a)		2,250		333,749
				1,249,008
Real Estate (0.2%):
Vonovia SE		4,134		228,247
Utilities (0.5%):
E.ON SE		23,843		330,924
RWE AG		5,596		227,553
				558,477
				7,824,104
Hong Kong (3.2%):
Consumer Staples (0.1%):
WH Group Ltd. (d)		172,482		108,170
Financials (0.5%):
AIA Group Ltd.		14,208		143,222
Hang Seng Bank Ltd.		17,172		314,268
Hong Kong Exchanges and Clearing Ltd.		2,358		137,719
				595,209
Health Care (0.1%):
Sino Biopharmaceutical Ltd.		173,204		121,285
Industrials (0.5%):
CK Hutchison Holdings Ltd.		32,566		210,082
Jardine Matheson Holdings Ltd.		3,500		192,535
SITC International Holdings Co. Ltd.		24,000		86,799
Techtronic Industries Co. Ltd.		5,454		108,558
Xinyi Glass Holdings Ltd.		24,000		60,021
				657,995

Security Description	Shares		Value
Real Estate (0.8%):
CK Asset Holdings Ltd.		35,035	$	220,842
Henderson Land Development Co. Ltd.		61,158		260,404
New World Development Co. Ltd.		54,368		215,107
Sun Hung Kai Properties Ltd.		19,066		231,316
				927,669
Utilities (1.2%):
CK Infrastructure Holdings Ltd.		46,154		293,890
CLP Holdings Ltd.		43,638		440,729
Hong Kong and China Gas Co. Ltd.		203,239		316,433
Power Assets Holdings Ltd. (b)		54,882		342,075
				1,393,127
				3,803,455
Ireland (0.9%):
Consumer Staples (0.2%):
Kerry Group PLC		1,904		245,470
Industrials (0.3%):
Experian PLC		5,353		263,112
Kingspan Group PLC		1,280		153,000
				416,112
Materials (0.4%):
CRH PLC		4,046		214,268
Smurfit Kappa Group PLC		4,052		223,443
				437,711
				1,099,293
Israel (0.5%):
Financials (0.3%):
Bank Leumi Le-Israel BM		34,975		376,651
Information Technology (0.2%):
Nice Ltd. (c)		696		213,252
				589,903
Italy (2.7%):
Consumer Discretionary (0.2%):
Moncler SpA		3,331		242,763
Financials (0.9%):
Assicurazioni Generali SpA		15,682		332,588
Intesa Sanpaolo SpA		95,114		246,223
Poste Italiane SpA (d)		18,952		248,974
UniCredit SpA		14,337		221,054
				1,048,839

Security Description	Shares		Value
Health Care (0.5%):
Amplifon SpA (a)		3,550	$	191,760
DiaSorin SpA		801		152,690
Recordati Industria Chimica e Farmaceutica SpA		4,151		266,989
				611,439
Industrials (0.2%):
Atlantia SpA (c)		11,050		219,571
Information Technology (0.1%):
Nexi SpA (a) (c) (d)		9,709		154,627
Utilities (0.8%):
Enel SpA		27,368		219,522
Snam SpA		59,821		360,929
Terna — Rete Elettrica Nazionale		39,201		317,471
				897,922
				3,175,161
Japan (17.7%):
Communication Services (1.3%):
KDDI Corp.		9,100		266,013
Nexon Co. Ltd.		8,000		154,700
Nintendo Co. Ltd. (b)		400		186,592
Nippon Telegraph & Telephone Corp.		11,100		304,017
Softbank Corp.		29,600		374,343
SoftBank Group Corp.		2,800		132,295
Z Holdings Corp.		23,800		138,111
				1,556,071
Consumer Discretionary (2.6%):
Bandai Namco Holdings, Inc.		2,700		211,145
Bridgestone Corp.		4,500		193,640
Denso Corp.		2,400		198,849
Fast Retailing Co. Ltd.		300		170,359
Honda Motor Co. Ltd.		6,500		182,549
Nitori Holdings Co. Ltd.		1,200		179,723
Pan Pacific International Holdings Corp.		10,400		143,507
Panasonic Corp.		15,700		172,685
Sekisui House Ltd.		12,200		261,906
Shimano, Inc.		700		186,610
Sony Group Corp.		1,600		201,374
Subaru Corp.		10,900		194,951
Suzuki Motor Corp.		3,900		150,188
Toyota Industries Corp.		2,400		191,775
Toyota Motor Corp.		13,500		247,146
ZOZO, Inc.		3,600		112,373
				2,998,780

Security Description	Shares		Value
Consumer Staples (1.5%):
Asahi Group Holdings Ltd.		4,600	$	178,944
Japan Tobacco, Inc.		15,600		315,025
Kao Corp.		4,500		235,506
Kikkoman Corp.		2,300		193,383
Kirin Holdings Co. Ltd.		15,900		255,346
Seven & i Holdings Co. Ltd.		4,500		197,826
Suntory Beverage & Food Ltd.		5,200		188,088
Unicharm Corp.		4,800		208,636
				1,772,754
Energy (0.4%):
Ajinomoto Co., Inc.		7,600		231,086
ENEOS Holdings, Inc.		57,700		215,879
				446,965
Financials (2.5%):
Dai-ichi Life Holdings, Inc.		9,000		181,980
Japan Exchange Group, Inc.		7,400		162,014
Japan Post Bank Co. Ltd.		28,300		259,599
Japan Post Holdings Co. Ltd.		28,000		218,332
Mitsubishi UFJ Financial Group, Inc.		42,200		229,291
Mizuho Financial Group, Inc.		19,070		242,582
MS&AD Insurance Group Holdings, Inc.		8,400		259,209
Nomura Holdings, Inc.		36,700		160,094
ORIX Corp.		10,400		212,277
Sompo Holdings, Inc.		6,100		257,716
Sumitomo Mitsui Financial Group, Inc.		6,900		236,559
Sumitomo Mitsui Trust Holdings, Inc.		7,300		243,926
Tokio Marine Holdings, Inc.		5,100		283,447
				2,947,026
Health Care (2.2%):
Astellas Pharma, Inc.		12,800		208,177
Chugai Pharmaceutical Co. Ltd.		5,000		162,377
Daiichi Sankyo Co. Ltd.		7,400		188,201
Eisai Co. Ltd.		1,500		85,179
Hoya Corp.		1,200		178,524
Kyowa Kirin Co. Ltd.		5,900		160,825
M3, Inc.		2,200		110,813
Olympus Corp.		7,800		179,690
Ono Pharmaceutical Co. Ltd.		9,400		233,427
Otsuka Holdings Co. Ltd.		5,600		202,994
Shionogi & Co. Ltd.		3,400		240,196
Sysmex Corp.		1,400		189,288
Takeda Pharmaceutical Co. Ltd.		8,500		231,845
Terumo Corp.		5,000		211,286
				2,582,822

Security Description	Shares		Value
Industrials (3.1%):
Daikin Industries Ltd.		700	$	158,795
FANUC Corp.		800		169,585
Hitachi Ltd.		3,300		178,758
ITOCHU Corp.		8,900		272,239
Komatsu Ltd.		8,000		187,358
Kubota Corp.		9,000		199,822
Makita Corp.		3,400		144,354
Marubeni Corp.		21,900		213,173
Mitsubishi Corp.		8,400		266,732
Mitsubishi Electric Corp.		16,000		202,904
Mitsui & Co. Ltd.		8,700		206,021
Nidec Corp.		1,600		188,088
Nippon Yusen KK		1,400		106,634
Recruit Holdings Co. Ltd.		2,700		163,676
Secom Co. Ltd.		3,500		243,031
SG Holdings Co. Ltd.		6,800		159,224
SMC Corp.		300		202,391
Toshiba Corp.		3,000		123,381
Toyota Tsusho Corp.		3,600		165,899
Yaskawa Electric Corp.		3,500		171,637
				3,723,702
Information Technology (2.8%):
Advantest Corp.		1,700		161,116
Canon, Inc. (a)		7,600		185,093
FUJIFILM Holdings Corp.		2,600		192,745
Fujitsu Ltd.		1,000		171,550
Keyence Corp.		300		188,540
Kyocera Corp.		3,700		231,214
Lasertec Corp.		500		153,421
Murata Manufacturing Co. Ltd.		2,400		191,086
NEC Corp.		3,100		143,127
Nomura Research Institute Ltd.		4,778		205,021
NTT Data Corp.		10,900		233,714
Obic Co. Ltd.		1,000		187,810
Omron Corp.		2,200		219,216
Renesas Electronics Corp. (c)		12,300		152,186
Shimadzu Corp.		4,500		189,962
TDK Corp.		5,400		210,816
Tokyo Electron Ltd.		400		230,519
				3,247,136
Materials (0.7%):
Asahi Kasei Corp.		19,600		184,224
Mitsubishi Chemical Holdings Corp.		22,700		168,163
Nippon Paint Holdings Co. Ltd.		10,400		113,395
Nippon Steel Corp.		6,200		101,267
Shin-Etsu Chemical Co. Ltd.		1,300		225,163
				792,212

Security Description	Shares		Value
Real Estate (0.6%):
Daiwa House Industry Co. Ltd.		7,200	$	207,092
Mitsubishi Estate Co. Ltd.		15,600		216,279
Mitsui Fudosan Co. Ltd.		8,600		170,377
Sumitomo Realty & Development Co. Ltd.		5,400		158,840
				752,588
				20,820,056
Korea, Republic Of (3.2%):
Communication Services (0.4%):
Kakao Corp.		1,152		109,036
NAVER Corp.		445		141,707
NCSoft Corp.		247		133,620
SK Telecom Co. Ltd.		2,162		105,317
				489,680
Consumer Discretionary (0.4%):
Hyundai Mobis Co. Ltd.		539		115,410
Hyundai Motor Co.		760		133,636
Kia Corp.		1,669		115,423
LG Electronics, Inc.		757		87,890
				452,359
Consumer Staples (0.2%):
Amorepacific Corp.		882		123,922
LG Household & Health Care Ltd.		168		155,053
				278,975
Financials (0.5%):
KB Financial Group, Inc.		3,910		180,927
Samsung Life Insurance Co. Ltd.		3,095		166,910
Shinhan Financial Group Co. Ltd.		6,463		200,100
				547,937
Health Care (0.3%):
Celltrion Healthcare Co. Ltd.		1,148		77,427
Celltrion, Inc.		507		84,447
Samsung Biologics Co. Ltd. (c) (d)		206		156,502
				318,376
Industrials (0.4%):
HMM Co. Ltd. (c)		2,362		53,456
LG Corp.		1,551		105,566
Samsung C&T Corp.		1,526		152,780
SK, Inc.		615		129,871
				441,673
Information Technology (0.7%):
Samsung Electro-Mechanics Co. Ltd.		1,054		175,135
Samsung Electronics Co. Ltd.		3,627		238,932
Samsung SDI Co. Ltd.		222		122,337

Security Description	Shares		Value
SK Hynix, Inc.		1,617	$	178,215
SK Square Co. Ltd. (c)		1,397		78,042
				792,661
Materials (0.2%):
LG Chem Ltd.		204		105,553
POSCO		527		121,707
				227,260
Utilities (0.1%):
Korea Electric Power Corp.		8,745		162,598
				3,711,519
Luxembourg (0.6%):
Energy (0.1%):
Tenaris SA		15,059		157,888
Health Care (0.2%):
Eurofins Scientific SE		1,543		191,112
Materials (0.1%):
ArcelorMittal SA		4,209		134,857
Real Estate (0.2%):
Aroundtown SA (a)		29,603		179,283
				663,140
Netherlands (4.0%):
Communication Services (0.3%):
Koninklijke KPN NV		77,678		241,409
Universal Music Group NV		5,141		145,025
				386,434
Consumer Discretionary (0.1%):
Prosus NV		1,645		137,697
Consumer Staples (1.0%):
Davide Campari-Milano NV		21,794		318,935
Heineken Holding NV		3,050		281,761
Heineken NV		2,489		280,116
Koninklijke Ahold Delhaize NV		9,447		324,084
				1,204,896
Financials (0.8%):
ABN AMRO Bank NV (d)		11,732		172,501
Euronext NV (d)		2,193		227,806
ING Groep NV		13,153		183,303
NN Group NV		5,451		295,439
				879,049
Health Care (0.2%):
Koninklijke Philips NV		5,730		213,726

Security Description	Shares		Value
Industrials (0.5%):
Randstad NV		3,520	$	240,589
Wolters Kluwer NV		2,985		352,044
				592,633
Information Technology (0.6%):
Adyen NV (c) (d)		47		123,676
ASM International NV		407		180,095
ASML Holding NV		222		178,600
STMicroelectronics NV		4,378		216,151
				698,522
Materials (0.5%):
Akzo Nobel NV		2,389		262,444
Koninklijke DSM NV		1,561		351,852
				614,296
				4,727,253
New Zealand (0.3%):
Health Care (0.2%):
Fisher & Paykel Healthcare Corp. Ltd.		7,259		162,825
Information Technology (0.1%):
Xero Ltd. (c)		1,417		145,786
				308,611
Norway (1.4%):
Communication Services (0.3%):
Telenor ASA		21,135		332,767
Consumer Staples (0.2%):
Mowi ASA		9,429		223,544
Financials (0.5%):
DNB Bank ASA		12,303		282,317
Gjensidige Forsikring ASA		12,992		315,837
				598,154
Materials (0.4%):
Norsk Hydro ASA		22,953		181,269
Yara International ASA		5,235		264,637
				445,906
				1,600,371
Portugal (0.4%):
Consumer Staples (0.2%):
Jeronimo Martins SGPS SA		12,126		277,464
Utilities (0.2%):
EDP — Energias de Portugal SA (a)		39,480		217,168
				494,632

Security Description	Shares		Value
Singapore (1.4%):
Communication Services (0.3%):
Singapore Telecommunications Ltd.		178,700	$	307,715
Consumer Staples (0.2%):
Wilmar International Ltd.		89,800		275,939
Financials (0.9%):
DBS Group Holdings Ltd.		13,500		327,254
Oversea-Chinese Banking Corp. Ltd.		38,700		327,455
United Overseas Bank Ltd.		19,800		395,324
				1,050,033
				1,633,687
Spain (1.5%):
Communication Services (0.2%):
Telefonica SA		40,956		179,596
Consumer Discretionary (0.2%):
Industria de Diseno Textil SA		6,732		218,645
Energy (0.2%):
Repsol SA		15,687		186,366
Financials (0.4%):
Banco Bilbao Vizcaya Argentaria SA		26,344		157,447
Banco Santander SA		48,195		161,330
CaixaBank SA		60,825		167,152
				485,929
Health Care (0.1%):
Grifols SA		8,637		165,920
Utilities (0.4%):
Endesa SA		10,472		240,810
Iberdrola SA		22,550		267,233
				508,043
				1,744,499
Sweden (5.0%):
Consumer Discretionary (0.3%):
Evolution AB (d)		720		102,520
Hennes & Mauritz AB, Class B		10,833		213,566
				316,086
Consumer Staples (0.5%):
Essity AB, Class B		9,886		323,295
Swedish Match AB		28,973		231,001
				554,296
Financials (1.5%):
EQT AB		2,691		146,868
Industrivarden AB, Class C		7,971		250,699
Investor AB, Class B		12,643		318,769

Security Description	Shares		Value
L E Lundbergforetagen AB, Class B		4,458	$	250,710
Skandinaviska Enskilda Banken AB, Class A		19,766		275,385
Svenska Handelsbanken AB, Class A		24,777		268,424
Swedbank AB, Class A		13,133		264,754
				1,775,609
Industrials (1.9%):
Alfa Laval AB		5,850		235,995
Assa Abloy AB, Class B		8,041		245,868
Atlas Copco AB, Class A		3,601		249,475
Epiroc AB, Class A		10,282		260,891
Indutrade AB		7,011		215,150
Lifco AB, Class B		7,371		220,893
Nibe Industrier AB, Class B		13,037		197,366
Sandvik AB		7,973		222,958
Skanska AB, Class B		8,279		214,651
Volvo AB, Class B		9,338		216,729
				2,279,976
Information Technology (0.4%):
Hexagon AB, Class B		14,923		237,318
Sinch AB (c) (d)		4,811		61,303
Telefonaktiebolaget LM Ericsson, Class B		18,540		204,816
				503,437
Materials (0.2%):
Svenska Cellulosa AB SCA, Class B		13,732		244,373
Real Estate (0.2%):
Fastighets AB Balder, Class B (c)		3,297		237,904
				5,911,681
Switzerland (8.1%):
Communication Services (0.3%):
Swisscom AG, Registered Shares		623		351,955
Consumer Discretionary (0.4%):
Cie Financiere Richemont SA, Registered Shares		1,923		289,115
The Swatch Group AG		815		249,627
				538,742
Consumer Staples (1.3%):
Barry Callebaut AG, Registered Shares		147		357,616
Chocoladefabriken Lindt & Spruengli AG		27		374,366
Coca-Cola HBC AG		7,901		273,193
Nestle SA, Registered Shares		3,440		481,275
				1,486,450
Financials (1.6%):
Credit Suisse Group AG, Registered Shares		17,653		171,937
Julius Baer Group Ltd.		3,482		233,866
Partners Group Holding AG		154		255,709
Swiss Life Holding AG		558		342,433

Security Description	Shares		Value
Swiss Re AG		2,952	$	292,510
UBS Group AG		14,721		265,362
Zurich Insurance Group AG		732		321,762
				1,883,579
Health Care (1.4%):
Alcon, Inc.		2,692		238,612
Lonza Group AG, Registered Shares		309		258,354
Novartis AG, Registered Shares		3,975		350,327
Roche Holding AG		801		333,362
Sonova Holding AG		519		203,862
Straumann Holding AG, Class R		113		240,291
				1,624,808
Industrials (1.6%):
ABB Ltd., Registered Shares		7,610		291,568
Geberit AG, Registered Shares		411		336,236
Kuehne + Nagel International AG, Class R		679		219,450
Schindler Holding AG		928		250,109
SGS SA, Registered Shares		146		488,376
VAT Group AG (d)		505		251,918
				1,837,657
Information Technology (0.2%):
Logitech International SA, Class R		1,648		139,091
Temenos AG		1,002		138,657
				277,748
Materials (1.3%):
EMS-Chemie Holding AG		299		335,140
Givaudan SA, Registered Shares		72		378,773
Glencore PLC		34,394		174,523
Holcim Ltd.		4,910		250,701
Sika AG, Registered Shares		837		349,355
				1,488,492
				9,489,431
United Kingdom (9.4%):
Communication Services (0.2%):
BT Group PLC		75,197		172,542
Consumer Discretionary (0.6%):
Entain PLC (c)		4,970		113,198
JD Sports Fashion PLC (c)		59,360		174,964
Next PLC		1,824		201,177
Persimmon PLC		4,655		179,918
				669,257
Consumer Staples (1.4%):
Associated British Foods PLC		7,931		215,520
British American Tobacco PLC		6,741		249,368
Diageo PLC		6,251		341,427

Security Description	Shares		Value
Imperial Brands PLC		11,121	$	243,285
Tesco PLC		83,653		328,191
Unilever PLC		5,236		279,575
				1,657,366
Energy (0.3%):
BP PLC		40,712		182,092
Royal Dutch Shell PLC, Class A		9,688		212,632
				394,724
Financials (2.2%):
3i Group PLC		13,045		255,805
Admiral Group PLC		5,636		240,792
Aviva PLC		45,011		249,990
Barclays PLC		67,015		169,594
HSBC Holdings PLC		40,790		247,661
Legal & General Group PLC		53,047		213,572
Lloyds Banking Group PLC		304,337		196,870
London Stock Exchange Group PLC		1,667		156,339
NatWest Group PLC		61,160		186,808
Schroders PLC		5,384		259,389
St James's Place PLC		10,989		250,362
Standard Chartered PLC		32,110		194,851
				2,622,033
Health Care (0.7%):
AstraZeneca PLC		2,244		263,535
GlaxoSmithKline PLC (b)		15,314		332,961
Smith & Nephew PLC		11,266		197,212
				793,708
Industrials (2.0%):
Ashtead Group PLC		3,224		259,254
BAE Systems PLC		37,021		275,454
Bunzl PLC		7,504		292,978
Ferguson PLC		2,014		357,185
Intertek Group PLC		3,285		250,288
RELX PLC		10,092		328,055
Rentokil Initial PLC		31,784		251,199
Rolls-Royce Holdings PLC (c)		77,479		128,844
Spirax-Sarco Engineering PLC		1,204		261,516
				2,404,773
Information Technology (0.4%):
AVEVA Group PLC		3,464		159,575
Halma PLC		6,682		289,370
				448,945
Materials (1.1%):
Anglo American PLC		3,173		129,508
Antofagasta PLC		7,936		143,753
BHP Group PLC		5,845		173,982

Security Description	Shares		Value
Croda International PLC		2,413	$	330,472
Evraz PLC (b)		19,937		162,317
Mondi PLC		8,543		211,110
Rio Tinto PLC		2,286		151,342
				1,302,484
Utilities (0.5%):
National Grid PLC		25,202		361,456
SSE PLC		10,176		227,088
				588,544
				11,054,376
Total Common Stocks (Cost $94,836,435)				117,040,221
Collateral for Securities Loaned^ (3.4%)
United States (3.4%):
BlackRock Liquidity Funds TempFund, Institutional Class, 0.04% (e)		93,591		93,591
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (e)		1,838,143		1,838,143
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (e)		46,707		46,707
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (e)		372,424		372,424
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (e)		1,674,491		1,674,491
Total Collateral for Securities Loaned (Cost $4,025,356)				4,025,356
Total Investments (Cost $98,861,791) — 103.0%				121,065,577
Liabilities in excess of other assets — (3.0)%				(3,536,178	)
NET ASSETS — 100.00%			$	117,529,399

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(b) All or a portion of this security has been segregated as collateral for derivative instruments.

(d) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2021, the fair value of these securities was $2,921,349 and amounted to 2.5% of net assets.

(e) Rate disclosed is the daily yield on December 31, 2021.

PLC — Public Limited Company

Security Description	Shares		Value
Common Stocks (99.5%)
Communication Services (3.0%):
Omnicom Group, Inc.		28,041	$	2,054,564
The Interpublic Group of Cos., Inc.		47,544		1,780,523
Verizon Communications, Inc.		67,757		3,520,654
				7,355,741
Consumer Discretionary (4.2%):
Genuine Parts Co.		18,887		2,647,957
Hasbro, Inc.		21,403		2,178,397
Newell Brands, Inc.		72,122		1,575,145
VF Corp.		23,224		1,700,461
Whirlpool Corp.		8,224		1,929,844
				10,031,804
Consumer Staples (19.2%):
Altria Group, Inc.		49,472		2,344,478
Archer-Daniels-Midland Co.		43,143		2,916,035
Bunge Ltd.		24,810		2,316,262
Campbell Soup Co.		55,447		2,409,727
Conagra Brands, Inc.		77,557		2,648,571
Costco Wholesale Corp.		7,154		4,061,326
General Mills, Inc.		48,850		3,291,513
Kellogg Co.		43,373		2,794,089
Kimberly-Clark Corp.		23,672		3,383,202
PepsiCo, Inc.		23,324		4,051,612
Philip Morris International, Inc.		31,196		2,963,620
The Clorox Co.		12,866		2,243,316
The Coca-Cola Co.		63,267		3,746,039
The J.M. Smucker Co.		20,010		2,717,758
The Kraft Heinz Co.		67,910		2,437,969
Walgreens Boots Alliance, Inc.		38,015		1,982,862
				46,308,379
Energy (5.0%):
Chevron Corp.		20,912		2,454,023
ConocoPhillips		25,871		1,867,369
Devon Energy Corp.		34,066		1,500,607
Kinder Morgan, Inc.		125,613		1,992,222
ONEOK, Inc.		31,401		1,845,123
The Williams Cos., Inc.		90,273		2,350,709
				12,010,053
Financials (20.4%):
American Financial Group, Inc.		11,216		1,540,181
American International Group, Inc.		32,229		1,832,541
Apollo Global Management, Inc.		31,996		2,317,470
Blackstone, Inc.		18,198		2,354,639
Citigroup, Inc.		26,800		1,618,452
Citizens Financial Group, Inc.		36,081		1,704,827
CME Group, Inc.		11,642		2,659,731

Security Description	Shares		Value
CNA Financial Corp.		53,091	$	2,340,251
Everest Re Group Ltd.		8,439		2,311,611
Fidelity National Financial, Inc.		42,242		2,204,188
Fifth Third Bancorp		42,731		1,860,935
Franklin Resources, Inc.		47,237		1,581,967
Huntington Bancshares, Inc.		105,029		1,619,547
Invesco Ltd.		57,049		1,313,268
KeyCorp		79,711		1,843,716
Lincoln National Corp.		20,877		1,425,064
M&T Bank Corp.		12,063		1,852,636
MetLife, Inc.		32,651		2,040,361
Northern Trust Corp.		17,635		2,109,322
Principal Financial Group, Inc.		28,285		2,045,854
Prudential Financial, Inc.		19,565		2,117,716
Regions Financial Corp.		79,475		1,732,555
The PNC Financial Services Group, Inc.		10,412		2,087,814
Truist Financial Corp.		32,295		1,890,872
U.S. Bancorp		34,438		1,934,383
UWM Holdings Corp.		129,581		767,120
				49,107,021
Health Care (8.3%):
AbbVie, Inc.		23,004		3,114,741
Amgen, Inc.		11,450		2,575,906
Cardinal Health, Inc.		35,912		1,849,109
Gilead Sciences, Inc. (a)		35,880		2,605,247
Johnson & Johnson (a)		20,769		3,552,953
Merck & Co., Inc.		40,137		3,076,100
Pfizer, Inc.		55,516		3,278,220
				20,052,276
Industrials (3.4%):
3M Co.		14,871		2,641,536
Lockheed Martin Corp.		8,731		3,103,085
Watsco, Inc.		7,728		2,417,936
				8,162,557
Information Technology (7.3%):
Broadcom, Inc.		3,727		2,479,983
Cisco Systems, Inc.		50,862		3,223,125
Corning, Inc.		50,872		1,893,965
Hewlett Packard Enterprise Co.		126,947		2,001,954
HP, Inc.		62,653		2,360,139
Intel Corp.		29,594		1,524,091
International Business Machines Corp.		16,778		2,242,547
Kyndryl Holdings, Inc. (b)		3,354		60,707
Seagate Technology Holdings PLC		15,189		1,716,053
				17,502,564
Materials (4.7%):
Dow, Inc.		28,385		1,609,997
Eastman Chemical Co.		17,230		2,083,279

Security Description	Shares		Value
International Paper Co.		35,922	$	1,687,616
LyondellBasell Industries NV, Class A		17,089		1,576,118
Newmont Corp.		33,376		2,069,980
Packaging Corp. of America		17,097		2,327,757
Sylvamo Corp. (b)		3,264		91,033
				11,445,780
Utilities (24.0%):
Alliant Energy Corp.		47,383		2,912,633
American Electric Power Co., Inc. (a)		34,927		3,107,455
Avangrid, Inc. (c)		52,116		2,599,546
CMS Energy Corp.		45,930		2,987,746
Consolidated Edison, Inc. (a)		41,955		3,579,601
Dominion Energy, Inc.		39,384		3,094,007
DTE Energy Co.		25,402		3,036,555
Duke Energy Corp. (a)		31,247		3,277,810
Edison International		43,044		2,937,753
Entergy Corp.		23,690		2,668,678
Evergy, Inc. (a)		41,257		2,830,643
Exelon Corp.		56,534		3,265,404
FirstEnergy Corp.		66,790		2,777,796
NRG Energy, Inc.		28,908		1,245,357
PPL Corp.		100,193		3,011,802
Public Service Enterprise Group, Inc.		43,096		2,875,796
Sempra Energy		20,285		2,683,300
The Southern Co. (a)		48,679		3,338,406
WEC Energy Group, Inc. (a)		29,136		2,828,232
Xcel Energy, Inc. (a)		41,405		2,803,118
				57,861,638
Total Common Stocks (Cost $207,436,489)				239,837,813
Collateral for Securities Loaned^ (0.9%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (d)		51,436		51,436
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (d)		1,010,214		1,010,214
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d)		25,669		25,669
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d)		204,678		204,678
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d)		920,273		920,273
Total Collateral for Securities Loaned (Cost $2,212,270)				2,212,270
Total Investments (Cost $209,648,759) — 100.4%				242,050,083
Liabilities in excess of other assets — (0.4)%				(989,440	)
NET ASSETS — 100.00%			$	241,060,643

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security has been segregated as collateral for derivative instruments.

(b) Non-income producing security.

Security Description	Shares		Value
Common Stocks (99.6%)
Banks (17.5%):
Brookline Bancorp, Inc.		186,101	$	3,012,975
Columbia Banking System, Inc.		64,630		2,114,694
CVB Financial Corp.		135,103		2,892,555
First Busey Corp.		112,786		3,058,756
First Commonwealth Financial Corp.		184,993		2,976,537
First Financial Bancorp		94,938		2,314,588
First Interstate BancSystem, Inc., Class A		62,882		2,557,411
Fulton Financial Corp.		159,772		2,716,124
Heritage Financial Corp.		100,556		2,457,589
Hope Bancorp, Inc.		165,716		2,437,682
Old National Bancorp		182,304		3,303,349
Park National Corp.		22,600		3,103,206
S&T Bancorp, Inc.		79,042		2,491,404
Southside Bancshares, Inc. (a)		75,748		3,167,781
Washington Trust Bancorp, Inc.		49,907		2,813,258
WesBanco, Inc.		70,854		2,479,182
				43,897,091
Capital Markets (0.6%):
Sculptor Capital Management, Inc.		65,320		1,394,582
Communication Services (0.9%):
Telephone & Data Systems, Inc.		112,975		2,276,446
Consumer Discretionary (11.5%):
Big 5 Sporting Goods Corp. (b)		35,446		673,828
Big Lots, Inc.		30,842		1,389,432
Ethan Allen Interiors, Inc. (b)		83,414		2,192,954
Franchise Group, Inc.		66,289		3,457,634
Guess?, Inc.		64,108		1,518,077
Haverty Furniture Cos., Inc. (b)		49,966		1,527,461
Jack in the Box, Inc.		24,953		2,182,888
La-Z-Boy, Inc.		66,062		2,398,711
Monro, Inc.		39,637		2,309,648
Oxford Industries, Inc.		21,959		2,229,278
Standard Motor Products, Inc.		60,243		3,156,131
Strategic Education, Inc.		28,458		1,646,011
Sturm Ruger & Co., Inc. (a)		30,249		2,057,537
The Buckle, Inc.		50,605		2,141,098
				28,880,688
Consumer Staples (9.8%):
B&G Foods, Inc. (b)		58,638		1,801,946
Calavo Growers, Inc.		54,473		2,309,655
Energizer Holdings, Inc.		77,761		3,118,216
Medifast, Inc.		7,611		1,593,972
Nu Skin Enterprises, Inc., Class A		44,889		2,278,117
SpartanNash Co.		121,621		3,132,957
The Andersons, Inc.		63,034		2,440,046
Universal Corp.		59,484		3,266,861

Security Description	Shares		Value
Vector Group Ltd.		148,108	$	1,700,280
Weis Markets, Inc. (a)(b)		46,504		3,063,683
				24,705,733
Energy (1.5%):
Altus Midstream Co., Class A		26,095		1,599,884
Archrock, Inc.		280,285		2,096,532
				3,696,416
Health Care (2.6%):
National HealthCare Corp. (a)		34,489		2,343,183
Patterson Cos., Inc. (a)		77,281		2,268,197
Phibro Animal Health Corp., Class A		98,587		2,013,147
				6,624,527
Industrials (19.6%):
ACCO Brands Corp.		237,810		1,964,310
Apogee Enterprises, Inc.		48,779		2,348,709
Argan, Inc.		64,455		2,493,764
Brady Corp., Class A		61,052		3,290,703
Deluxe Corp.		52,233		1,677,202
Douglas Dynamics, Inc.		60,985		2,382,074
Global Industrial Co.		49,523		2,025,491
H&E Equipment Services, Inc.		51,599		2,284,288
Healthcare Services Group		82,974		1,476,107
Heidrick & Struggles International, Inc.		57,317		2,506,472
HNI Corp.		62,002		2,607,184
Hyster-Yale Materials Handling, Inc.		29,199		1,200,079
Kforce, Inc.		46,154		3,471,704
Matthews International Corp., Class A		69,111		2,534,300
McGrath RentCorp		39,609		3,179,018
Pitney Bowes, Inc.		88,979		589,931
Rush Enterprises, Inc., Class B		60,897		3,388,309
Steelcase, Inc., Class A		156,844		1,838,212
The Gorman-Rupp Co.		74,151		3,303,427
The Greenbrier Cos., Inc.		44,644		2,048,713
Wabash National Corp.		140,932		2,750,993
				49,360,990
Information Technology (8.2%):
ADTRAN, Inc.		80,673		1,841,765
American Software, Inc., Class A		57,692		1,509,800
Benchmark Electronics, Inc.		101,625		2,754,037
Cass Information Systems, Inc.		71,216		2,800,213
CSG Systems International, Inc.		80,612		4,644,863
InterDigital, Inc.		37,267		2,669,435
Progress Software Corp.		61,936		2,989,651
SolarWinds Corp.		91,324		1,295,888
				20,505,652
Insurance (1.4%):
Safety Insurance Group, Inc. (a)		42,302		3,596,939

Security Description	Shares		Value
Materials (6.0%):
Glatfelter Corp.		153,158	$	2,634,317
Kronos Worldwide, Inc.		191,283		2,871,158
Myers Industries, Inc.		108,986		2,180,810
Orion Engineered Carbons SA (c)		112,941		2,073,597
Schnitzer Steel Industries, Inc.		32,616		1,693,423
Schweitzer-Mauduit International, Inc.		61,207		1,830,089
Worthington Industries, Inc.		34,914		1,908,399
				15,191,793
Real Estate (1.9%):
Douglas Elliman, Inc. (c)		74,054		851,621
RE/MAX Holdings, Inc.		73,720		2,247,723
The RMR Group, Inc., Class A		50,964		1,767,432
				4,866,776
Thrifts & Mortgage Finance (5.9%):
Federal Agricultural Mortgage Corp., Class C		27,504		3,408,571
Northwest Bancshares, Inc. (a)		257,785		3,650,236
OceanFirst Financial Corp.		118,454		2,629,679
Premier Financial Corp.		77,961		2,409,774
Provident Financial Services, Inc.		117,488		2,845,559
				14,943,819
Utilities (12.2%):
Avista Corp.		83,835		3,562,149
Chesapeake Utilities Corp.		27,991		4,081,368
MGE Energy, Inc.		48,867		4,019,311
Northwest Natural Holding Co.		50,398		2,458,414
Otter Tail Corp. (a)		69,288		4,948,549
SJW Group		51,254		3,751,793
South Jersey Industries, Inc.		84,613		2,210,092
The York Water Co.		60,823		3,027,769
Unitil Corp. (a)		54,380		2,500,936
				30,560,381
Total Common Stocks (Cost $235,206,825)				250,501,833
Collateral for Securities Loaned^ (2.3%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (d)		136,913		136,913
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (d)		2,688,998		2,688,998
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d)		68,327		68,327
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d)		544,815		544,815
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d)		2,449,594		2,449,594
Total Collateral for Securities Loaned (Cost $5,888,647)				5,888,647
Total Investments (Cost $241,095,472) — 101.9%				256,390,480
Liabilities in excess of other assets — (1.9)%				(4,754,399	)
NET ASSETS — 100.00%			$	251,636,081

Security Description	Shares		Value
Common Stocks (99.0%)
Australia (3.8%):
Communication Services (1.3%):
Telstra Corp. Ltd.		81,610	$	248,138
Financials (0.8%):
Suncorp Group Ltd.		19,248		154,991
Materials (1.7%):
BHP Group Ltd. (a)		4,157		125,488
Fortescue Metals Group Ltd.		6,814		95,214
Rio Tinto Ltd.		1,594		116,075
				336,777
				739,906
Austria (0.8%):
Energy (0.8%):
OMV AG		2,603		148,014
Canada (16.8%):
Communication Services (3.7%):
BCE, Inc. (a)(b)		6,967		362,507
TELUS Corp. (a)(b)		14,825		349,175
				711,682
Energy (3.9%):
Canadian Natural Resources Ltd.		3,712		156,868
Enbridge, Inc.		6,313		246,620
Suncor Energy, Inc.		6,181		154,672
TC Energy Corp.		4,371		203,309
				761,469
Financials (4.7%):
Great-West Lifeco, Inc.		10,910		327,438
Manulife Financial Corp.		11,347		216,300
The Bank of Nova Scotia		5,257		372,205
				915,943
Utilities (4.5%):
Emera, Inc.		8,943		447,009
Fortis, Inc. (a)		9,045		436,445
				883,454
				3,272,548
Denmark (1.0%):
Financials (1.0%):
Tryg A/S		8,251		204,026
Finland (1.9%):
Materials (0.9%):
UPM-Kymmene Oyj		4,651		177,160

Security Description	Shares		Value
Utilities (1.0%):
Fortum Oyj		6,388	$	196,273
				373,433
France (8.1%):
Communication Services (2.1%):
Orange SA		21,254		227,752
Publicis Groupe SA		2,649		178,524
				406,276
Energy (1.0%):
TotalEnergies SE		3,981		202,261
Financials (2.9%):
AXA SA		7,031		209,586
CNP Assurances		8,272		204,815
Credit Agricole SA		10,812		154,470
				568,871
Health Care (1.2%):
Sanofi		2,395		241,509
Industrials (0.9%):
Bouygues SA		4,703		168,593
				1,587,510
Germany (4.3%):
Financials (1.0%):
Allianz SE, Registered Shares		815		192,656
Materials (2.1%):
BASF SE		2,505		176,177
Evonik Industries AG		7,069		229,107
				405,284
Utilities (1.2%):
E.ON SE		17,387		241,319
				839,259
Hong Kong (8.8%):
Industrials (1.3%):
CK Hutchison Holdings Ltd.		23,528		151,778
SITC International Holdings Co. Ltd.		18,000		65,099
Xinyi Glass Holdings Ltd.		17,000		42,515
				259,392
Real Estate (3.5%):
CK Asset Holdings Ltd.		25,800		162,629
Henderson Land Development Co. Ltd.		44,916		191,247
New World Development Co. Ltd.		39,914		157,920
Sun Hung Kai Properties Ltd.		13,968		169,465
				681,261

Security Description	Shares		Value
Utilities (4.0%):
CK Infrastructure Holdings Ltd.		33,999	$	216,492
CLP Holdings Ltd.		31,814		321,310
Power Assets Holdings Ltd. (b)		39,921		248,825
				786,627
				1,727,280
Ireland (0.8%):
Materials (0.8%):
Smurfit Kappa Group PLC		2,955		162,950
Italy (4.3%):
Financials (0.9%):
Poste Italiane SpA (c)		13,821		181,567
Utilities (3.4%):
Enel SpA		19,958		160,086
Snam SpA		43,623		263,199
Terna — Rete Elettrica Nazionale		28,587		231,513
				654,798
				836,365
Japan (14.0%):
Communication Services (4.2%):
KDDI Corp.		6,600		192,933
Nintendo Co. Ltd. (b)		300		139,944
Nippon Telegraph & Telephone Corp.		7,900		216,373
Softbank Corp.		21,600		273,169
				822,419
Consumer Discretionary (1.0%):
Sekisui House Ltd.		8,900		191,063
Consumer Staples (1.2%):
Japan Tobacco, Inc.		11,400		230,210
Energy (0.8%):
ENEOS Holdings, Inc.		42,100		157,514
Financials (3.4%):
Mizuho Financial Group, Inc.		13,900		176,817
Nomura Holdings, Inc.		26,800		116,907
Sumitomo Mitsui Financial Group, Inc.		5,000		171,420
Tokio Marine Holdings, Inc.		3,700		205,638
				670,782
Health Care (0.9%):
Takeda Pharmaceutical Co. Ltd.		6,200		169,111

Security Description	Shares		Value
Industrials (2.5%):
Marubeni Corp.		16,000	$	155,743
Mitsubishi Corp.		6,100		193,698
Mitsui & Co. Ltd. (a)		6,300		149,187
				498,628
				2,739,727
Korea, Republic Of (3.2%):
Communication Services (0.4%):
SK Telecom Co. Ltd.		1,577		76,820
Financials (1.4%):
KB Financial Group, Inc.		2,851		131,924
Shinhan Financial Group Co. Ltd.		4,713		145,918
				277,842
Information Technology (0.3%):
SK Square Co. Ltd. (d)		1,020		56,981
Materials (0.5%):
POSCO		384		88,683
Utilities (0.6%):
Korea Electric Power Corp.		6,377		118,570
				618,896
Netherlands (2.0%):
Communication Services (0.9%):
Koninklijke KPN NV		56,646		176,045
Financials (1.1%):
NN Group NV		3,975		215,441
				391,486
Norway (3.3%):
Communication Services (1.2%):
Telenor ASA		15,413		242,675
Financials (1.1%):
DNB Bank ASA		8,972		205,880
Materials (1.0%):
Yara International ASA		3,818		193,006
				641,561
Portugal (0.8%):
Utilities (0.8%):
EDP — Energias de Portugal SA		28,790		158,366
Spain (2.3%):
Communication Services (0.7%):
Telefonica SA		29,866		130,965
Energy (0.7%):
Repsol SA		11,440		135,911

Security Description	Shares		Value
Utilities (0.9%):
Endesa SA		7,637	$	175,617
				442,493
Switzerland (7.1%):
Communication Services (1.3%):
Swisscom AG, Registered Shares		454		256,481
Financials (3.6%):
Swiss Life Holding AG		407		249,767
Swiss Re AG		2,153		213,338
Zurich Insurance Group AG		534		234,728
				697,833
Health Care (1.3%):
Novartis AG, Registered Shares		2,899		255,496
Materials (0.9%):
Holcim Ltd.		3,581		182,844
				1,392,654
United Kingdom (15.7%):
Consumer Discretionary (0.7%):
Persimmon PLC		3,394		131,180
Consumer Staples (4.1%):
British American Tobacco PLC		4,916		181,856
Imperial Brands PLC		8,110		177,416
Tesco PLC		61,003		239,329
Unilever PLC		3,819		203,915
				802,516
Energy (1.5%):
BP PLC		29,689		132,790
Royal Dutch Shell PLC, Class A		7,065		155,062
				287,852
Financials (2.6%):
Admiral Group PLC		4,110		175,596
Aviva PLC		32,823		182,298
Legal & General Group PLC		38,684		155,745
				513,639
Health Care (1.3%):
GlaxoSmithKline PLC (b)		11,168		242,817
Industrials (1.0%):
BAE Systems PLC		26,997		200,871
Materials (2.3%):
Anglo American PLC		2,314		94,448
BHP Group PLC		4,263		126,892
Evraz PLC (b)		14,539		118,369
Rio Tinto PLC		1,667		110,362
				450,071

Security Description	Shares		Value
Utilities (2.2%):
National Grid PLC		18,378	$	263,584
SSE PLC		7,420		165,585
				429,169
				3,058,115
Total Common Stocks (Cost $18,579,044)				19,334,589
Collateral for Securities Loaned^ (4.4%)
United States (4.4%):
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (e)		19,939		19,939
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (e)		391,604		391,604
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (e)		9,951		9,951
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (e)		79,342		79,342
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (e)		356,739		356,739
Total Collateral for Securities Loaned (Cost $857,575)				857,575
Total Investments (Cost $19,436,619) — 103.4%				20,192,164
Liabilities in excess of other assets — (3.4)%				(663,103	)
NET ASSETS — 100.00%			$	19,529,061

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(b) All or a portion of this security has been segregated as collateral for derivative instruments.

(d) Non-income producing security.

(e) Rate disclosed is the daily yield on December 31, 2021.

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini MSCI EAFE Index Futures		1	3/18/22	$	112,004	$	116,090	$	4,086
Total unrealized appreciation								$	4,086
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	4,086

Security Description	Shares		Value
Common Stocks (99.6%)
Brazil (9.4%):
Communication Services (1.1%):
TIM SA		75,300	$	177,805
Consumer Discretionary (0.6%):
Vibra Energia SA		23,820		91,533
Consumer Staples (1.0%):
JBS SA		25,100		171,044
Energy (0.6%):
Petroleo Brasileiro SA, Preference Shares		18,300		93,488
Financials (2.6%):
B3 SA — Brasil Bolsa Balcao		50,600		101,218
Banco do Brasil SA		25,600		132,620
BB Seguridade Participacoes SA		54,300		202,321
				436,159
Materials (1.0%):
Cia Siderurgica Nacional SA		13,400		60,131
Vale SA		7,300		102,192
				162,323
Utilities (2.5%):
Centrais Eletricas Brasileiras SA		15,300		91,789
CPFL Energia SA		27,200		131,042
Engie Brasil Energia SA		28,400		195,878
				418,709
				1,551,061
China (19.1%):
Energy (1.7%):
China Shenhua Energy Co. Ltd., Class H		64,726		151,744
PetroChina Co. Ltd., Class H		284,488		126,604
				278,348
Financials (14.9%):
Agricultural Bank of China Ltd., Class H (a)		590,192		202,854
Bank of China Ltd., Class H (a)(b)		735,486		265,055
Bank of Communications Co. Ltd., Class H		369,500		223,198
China CITIC Bank Corp. Ltd., Class H		431,282		186,953
China Construction Bank Corp., Class H (a)(b)		287,252		198,936
China Everbright Bank Co. Ltd., Class H		458,516		162,300
China Galaxy Securities Co. Ltd., Class H		277,500		159,440
China Merchants Securities Co. Ltd., Class H (c)		84,600		129,548
China Minsheng Banking Corp. Ltd., Class H		414,690		158,488
China Pacific Insurance Group Co. Ltd., Class H		35,800		97,107
Guotai Junan Securities Co. Ltd., Class H (c)		126,800		196,771
Industrial & Commercial Bank of China Ltd., Class H (b)		363,846		205,317

Security Description	Shares		Value
New China Life Insurance Co. Ltd., Class H		51,606	$	137,995
Postal Savings Bank of China Co. Ltd., Class H (b)(c)		177,000		124,170
				2,448,132
Industrials (0.4%):
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		89,200		56,170
Information Technology (0.9%):
China Railway Signal & Communication Corp. Ltd., Class H (c)		403,258		147,395
Materials (0.8%):
Anhui Conch Cement Co. Ltd., Class H		27,500		137,371
Real Estate (0.4%):
Sunac China Holdings Ltd. (b)		44,000		66,475
				3,133,891
Colombia (0.7%):
Utilities (0.7%):
Interconexion Electrica SA ESP		21,992		121,186
Hong Kong (0.8%):
Materials (0.8%):
China Resources Cement Holdings Ltd.		165,926		125,339
Hungary (1.0%):
Energy (1.0%):
MOL Hungarian Oil & Gas PLC		21,812		169,546
India (8.5%):
Communication Services (0.9%):
Indus Towers Ltd.		45,290		151,293
Consumer Discretionary (0.9%):
Bajaj Auto Ltd.		3,380		147,754
Consumer Staples (1.2%):
ITC Ltd.		66,791		195,935
Energy (1.9%):
Bharat Petroleum Corp. Ltd.		27,002		140,024
Hindustan Petroleum Corp. Ltd.		41,360		162,676
				302,700
Materials (1.5%):
Ambuja Cements Ltd.		26,719		135,699
Vedanta Ltd.		25,323		116,242
				251,941
Utilities (2.1%):
NTPC Ltd.		106,062		177,508
Power Grid Corp. of India Ltd.		61,879		170,162
				347,670
				1,397,293

Security Description	Shares		Value
Indonesia (2.1%):
Communication Services (1.0%):
PT Telkom Indonesia Persero Tbk		606,070	$	171,826
Consumer Staples (1.1%):
PT Indofood Sukses Makmur Tbk		400,752		177,878
				349,704
Malaysia (4.4%):
Health Care (0.8%):
Hartalega Holdings Bhd		52,300		71,969
Top Glove Corp. Bhd		96,300		59,898
				131,867
Industrials (2.2%):
MISC Bhd		115,400		195,382
Sime Darby Bhd		302,200		168,373
				363,755
Utilities (1.4%):
Tenaga Nasional Bhd		103,000		231,033
				726,655
Mexico (3.1%):
Consumer Staples (2.4%):
Arca Continental SAB de CV		36,005		229,564
Kimberly-Clark de Mexico SAB de CV, Class A		111,773		169,317
				398,881
Materials (0.7%):
Grupo Mexico SAB de CV, Class B		24,707		107,767
				506,648
Netherlands (0.9%):
Consumer Staples (0.9%):
X5 Retail Group NV, GDR		5,568		147,385
Peru (0.8%):
Financials (0.8%):
Credicorp Ltd.		1,059		129,272
Philippines (3.3%):
Communication Services (2.1%):
Globe Telecom, Inc.		2,470		160,968
PLDT, Inc.		5,135		182,533
				343,501
Utilities (1.2%):
Manila Electric Co.		34,770		201,356
				544,857

Security Description	Shares		Value
Poland (0.9%):
Energy (0.9%):
Polski Koncern Naftowy ORLEN SA		8,075	$	149,071
Russian Federation (14.1%):
Communication Services (3.3%):
Mobile TeleSystems PJSC		74,342		296,207
Rostelecom PJSC (a)		215,430		250,722
				546,929
Consumer Staples (1.3%):
Magnit PJSC		2,974		215,939
Energy (1.1%):
Tatneft PJSC		26,402		176,324
Financials (1.0%):
Moscow Exchange MICEX-RTS PJSC		83,100		169,853
Materials (4.6%):
Magnitogorsk Iron & Steel Works PJSC		149,100		138,152
MMC Norilsk Nickel PJSC		475		144,688
Novolipetsk Steel PJSC		47,120		136,841
Polyus PJSC		1,098		191,564
Severstal PAO		7,145		153,039
				764,284
Utilities (2.8%):
Inter RAO UES PJSC		4,092,276		233,302
RusHydro PJSC		22,153,994		219,344
				452,646
				2,325,975
South Africa (5.5%):
Communication Services (1.1%):
Vodacom Group Ltd.		21,753		183,893
Energy (0.6%):
Exxaro Resources Ltd.		10,648		102,218
Financials (1.1%):
Sanlam Ltd.		45,780		170,650
Materials (2.7%):
African Rainbow Minerals Ltd.		6,658		96,673
Anglo American Platinum Ltd.		952		108,611
Impala Platinum Holdings Ltd.		6,652		93,988
Kumba Iron Ore Ltd.		2,477		71,566
Sibanye Stillwater Ltd.		24,932		76,873
				447,711
				904,472

Security Description	Shares		Value
Taiwan (21.2%):
Communication Services (4.5%):
Far EasTone Telecommunications Co. Ltd.		168,000	$	392,407
Taiwan Mobile Co. Ltd.		98,000		354,341
				746,748
Financials (4.8%):
Mega Financial Holding Co. Ltd.		252,000		323,918
SinoPac Financial Holdings Co. Ltd.		476,000		277,955
Yuanta Financial Holding Co. Ltd.		198,000		181,126
				782,999
Industrials (1.0%):
Far Eastern New Century Corp.		160,000		169,505
Information Technology (8.5%):
Asustek Computer, Inc.		13,000		176,736
Catcher Technology Co. Ltd.		31,000		175,417
Compal Electronics, Inc. (a)		208,000		182,001
Lite-On Technology Corp.		72,059		166,228
MediaTek, Inc.		3,000		129,081
Micro-Star International Co. Ltd.		24,000		139,277
Pegatron Corp.		79,000		197,379
Quanta Computer, Inc. (a)		65,000		222,566
				1,388,685
Materials (2.4%):
Asia Cement Corp.		131,000		209,831
Taiwan Cement Corp. (a)		110,000		190,910
				400,741
				3,488,678
Thailand (2.3%):
Energy (1.1%):
PTT Exploration & Production PCL		51,100		180,539
Materials (1.2%):
The Siam Cement PCL		17,000		196,473
				377,012
Turkey (1.5%):
Communication Services (0.8%):
Turkcell Iletisim Hizmetleri A/S		90,538		126,818
Materials (0.7%):
Eregli Demir ve Celik Fabrikalari TAS		55,624		118,853
				245,671
Total Common Stocks (Cost $16,637,120)				16,393,716

Security Description	Shares		Value
Collateral for Securities Loaned^ (4.6%)
United States (4.6%):
BlackRock Liquidity Funds TempFund, Institutional Class, 0.04% (d)		17,428	$	17,428
Fidelity Investments Money Market Government Portfolio, I Shares, 0.01% (d)		342,287		342,287
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d)		8,697		8,697
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d)		69,350		69,350
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d)		311,813		311,813
Total Collateral for Securities Loaned (Cost $749,575)				749,575
Total Investments (Cost $17,386,695) — 104.2%				17,143,291
Liabilities in excess of other assets — (4.2)%				(686,735	)
NET ASSETS — 100.00%			$	16,456,556

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security has been segregated as collateral for derivative instruments.

(b) All or a portion of this security is on loan.

(d) Rate disclosed is the daily yield on December 31, 2021.

GDR — Global Depositary Receipt

PCL — Public Company Limited

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini MSCI Emerging Markets Index Futures		1	3/18/22	$	60,989	$	61,315	$	326
Total unrealized appreciation								$	326
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	326

Security Description	Shares		Value
Common Stocks (99.7%)
Consumer Discretionary (9.1%):
Dollar General Corp.		30,715	$	7,243,519
Lowe's Cos., Inc.		11,357		2,935,557
McDonald's Corp.		39,059		10,470,546
NIKE, Inc., Class B		35,590		5,931,785
Target Corp. (a)		24,707		5,718,188
				32,299,595
Consumer Staples (18.3%):
Altria Group, Inc.		33,268		1,576,571
Archer-Daniels-Midland Co.		78,279		5,290,878
Brown-Forman Corp., Class B		62,815		4,576,701
Church & Dwight Co., Inc.		32,230		3,303,575
Colgate-Palmolive Co.		82,810		7,067,005
Costco Wholesale Corp.		11,661		6,619,950
Hormel Foods Corp. (b)		74,183		3,620,872
Kimberly-Clark Corp.		31,022		4,433,664
Lancaster Colony Corp.		35,415		5,864,724
McCormick & Co., Inc.		32,384		3,128,618
PepsiCo, Inc.		22,026		3,826,137
The Clorox Co.		21,667		3,777,858
The Coca-Cola Co.		53,587		3,172,886
The Procter & Gamble Co.		25,591		4,186,176
Walmart, Inc.		30,683		4,439,523
				64,885,138
Financials (10.4%):
Aflac, Inc.		64,649		3,774,855
Aon PLC, Class A		27,333		8,215,206
Cincinnati Financial Corp.		11,483		1,308,258
CME Group, Inc.		27,275		6,231,247
Commerce Bancshares, Inc.		61,276		4,212,112
Old Republic International Corp.		49,467		1,215,899
S&P Global, Inc.		3,393		1,601,259
SEI Investments Co.		49,927		3,042,551
T. Rowe Price Group, Inc.		12,151		2,389,373
The Allstate Corp.		40,735		4,792,473
				36,783,233
Health Care (15.0%):
Abbott Laboratories		37,475		5,274,231
Becton Dickinson & Co.		13,609		3,422,391
Chemed Corp.		7,018		3,712,803
Eli Lilly & Co.		25,110		6,935,884
Humana, Inc.		14,388		6,674,018
Johnson & Johnson (a)		17,383		2,973,710
Medtronic PLC		40,899		4,231,001
Merck & Co., Inc.		68,790		5,272,066
ResMed, Inc.		35,664		9,289,759

Security Description	Shares		Value
STERIS PLC		15,025	$	3,657,235
West Pharmaceutical Services, Inc.		3,874		1,816,945
				53,260,043
Industrials (22.9%):
3M Co.		59,747		10,612,860
Carlisle Cos., Inc.		14,515		3,601,462
Cintas Corp.		4,816		2,134,307
CSX Corp.		135,820		5,106,832
Dover Corp.		39,520		7,176,832
Emerson Electric Co.		70,110		6,518,127
Graco, Inc.		21,256		1,713,659
Illinois Tool Works, Inc.		24,836		6,129,525
Lennox International, Inc.		13,968		4,530,660
Nordson Corp.		16,818		4,293,131
Republic Services, Inc. (a)		45,500		6,344,975
Roper Technologies, Inc.		4,050		1,992,033
Stanley Black & Decker, Inc.		13,224		2,494,311
Union Pacific Corp.		23,468		5,912,293
W.W. Grainger, Inc.		15,540		8,053,449
Waste Management, Inc.		27,024		4,510,305
				81,124,761
Information Technology (8.3%):
Automatic Data Processing, Inc.		17,268		4,257,944
Jack Henry & Associates, Inc.		38,140		6,368,999
Mastercard, Inc., Class A		17,175		6,171,321
Microsoft Corp. (a)		12,173		4,094,023
Texas Instruments, Inc.		25,190		4,747,559
Visa, Inc., Class A		17,106		3,707,041
				29,346,887
Materials (6.2%):
Air Products & Chemicals, Inc.		14,756		4,489,660
Ecolab, Inc.		13,040		3,059,054
PPG Industries, Inc.		23,906		4,122,351
RPM International, Inc.		30,962		3,127,162
Sonoco Products Co.		82,793		4,792,887
The Sherwin-Williams Co.		6,826		2,403,844
				21,994,958
Utilities (9.5%):
Alliant Energy Corp.		138,105		8,489,314
Atmos Energy Corp.		24,782		2,596,410
Consolidated Edison, Inc. (a)		96,525		8,235,513
MDU Resources Group, Inc.		77,754		2,397,933
NextEra Energy, Inc. (a)		24,292		2,267,901
Xcel Energy, Inc. (a)		144,098		9,755,435
				33,742,506
Total Common Stocks (Cost $288,737,888)				353,437,121

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (3.5%):
Fox Corp., Class A		16,725	$	617,153
The Interpublic Group of Cos., Inc.		10,148		380,043
Verizon Communications, Inc.		90,441		4,699,314
				5,696,510
Consumer Discretionary (13.7%):
AutoNation, Inc. (a)		3,882		453,612
AutoZone, Inc. (a)		2,693		5,645,578
Deckers Outdoor Corp. (a)		2,699		988,670
Lowe's Cos., Inc.		1,833		473,794
O'Reilly Automotive, Inc. (a)		7,531		5,318,618
Target Corp. (b)		21,138		4,892,179
Tractor Supply Co.		19,945		4,758,877
				22,531,328
Consumer Staples (12.7%):
Altria Group, Inc.		10,645		504,466
Colgate-Palmolive Co.		6,584		561,879
Flowers Foods, Inc.		21,049		578,216
Kellogg Co.		26,317		1,695,341
The Clorox Co.		21,422		3,735,140
The J.M. Smucker Co.		16,450		2,234,239
The Kroger Co.		112,330		5,084,056
The Procter & Gamble Co.		2,662		435,450
Tyson Foods, Inc., Class A		7,352		640,800
Walmart, Inc.		37,311		5,398,529
				20,868,116
Financials (5.5%):
Aflac, Inc.		9,974		582,382
Evercore, Inc.		4,480		608,608
Everest Re Group Ltd.		1,571		430,328
First American Financial Corp.		9,646		754,606
Lazard Ltd., Class A		11,871		517,932
SEI Investments Co.		13,099		798,253
T. Rowe Price Group, Inc.		5,280		1,038,259
The Allstate Corp.		36,021		4,237,871
				8,968,239
Health Care (17.3%):
AbbVie, Inc.		47,778		6,469,141
Bristol-Myers Squibb Co.		64,879		4,045,206
DaVita, Inc. (a)		9,275		1,055,124
Henry Schein, Inc. (a)		15,858		1,229,471
Johnson & Johnson (b)		37,305		6,381,766
Laboratory Corp. of America Holdings (a)		16,156		5,076,377
McKesson Corp.		1,866		463,831
Quest Diagnostics, Inc.		21,312		3,687,189
				28,408,105

Security Description	Shares		Value
Industrials (17.8%):
3M Co.		26,364	$	4,683,037
Acuity Brands, Inc.		2,145		454,139
Cintas Corp.		976		432,534
Clean Harbors, Inc. (a)		3,582		357,376
Expeditors International of Washington, Inc.		3,593		482,504
Illinois Tool Works, Inc.		6,500		1,604,200
J.B. Hunt Transport Services, Inc.		2,224		454,586
Lockheed Martin Corp.		13,913		4,944,819
ManpowerGroup, Inc.		3,437		334,523
Northrop Grumman Corp.		10,637		4,117,264
Robert Half International, Inc.		17,656		1,968,997
Rockwell Automation, Inc.		1,266		441,644
The Toro Co.		14,100		1,408,731
Union Pacific Corp.		3,134		789,549
Waste Management, Inc.		31,331		5,229,144
Watsco, Inc.		4,566		1,428,610
				29,131,657
IT Services (3.5%):
Automatic Data Processing, Inc.		21,276		5,246,236
Genpact Ltd.		7,834		415,829
				5,662,065
Materials (0.2%):
Packaging Corp. of America		2,707		368,558
Semiconductors & Semiconductor Equipment (2.9%):
NXP Semiconductors NV		2,344		533,916
Texas Instruments, Inc.		22,663		4,271,296
				4,805,212
Software (12.5%):
Microsoft Corp. (b)		43,673		14,688,104
Oracle Corp.		57,144		4,983,528
Ziff Davis Inc. (a)		8,077		895,416
				20,567,048
Technology Hardware, Storage & Peripherals (10.0%):
Apple, Inc.		76,423		13,570,432
NetApp, Inc.		30,342		2,791,161
				16,361,593
Total Common Stocks (Cost $134,164,994)				163,368,431
Total Investments (Cost $134,164,994) — 99.6%				163,368,431
Other assets in excess of liabilities — 0.4%				649,534
NET ASSETS — 100.00%			$	164,017,965

(a) Non-income producing security.

(b) All or a portion of this security has been segregated as collateral for derivative instruments.

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (4.2%):
Activision Blizzard, Inc.		22,679	$	1,508,834
Alphabet, Inc., Class A (a)		746		2,161,192
Altice USA, Inc., Class A (a)		64,677		1,046,474
Cable One, Inc.		941		1,659,406
Charter Communications, Inc., Class A (a)		2,715		1,770,099
Comcast Corp., Class A		39,741		2,000,164
Discovery, Inc., Class A (a)(b)		31,453		740,404
DISH Network Corp., Class A (a)(b)		31,136		1,010,052
Electronic Arts, Inc.		16,042		2,115,940
Fox Corp., Class A		36,444		1,344,784
IAC/InterActiveCorp (a)		8,996		1,175,867
Liberty Broadband Corp., Class C (a)		11,276		1,816,564
Match Group, Inc. (a)		8,884		1,174,909
Meta Platforms, Inc., Class A (a)		4,843		1,628,943
Netflix, Inc. (a)		2,726		1,642,251
News Corp., Class A		82,006		1,829,554
Omnicom Group, Inc.		27,537		2,017,636
Pinterest, Inc., Class A (a)		16,584		602,828
Roku, Inc. (a)		2,578		588,300
Sirius XM Holdings, Inc. (b)		282,771		1,795,596
Take-Two Interactive Software, Inc. (a)		10,922		1,941,058
The Interpublic Group of Cos., Inc.		46,693		1,748,653
The Walt Disney Co. (a)		11,737		1,817,944
T-Mobile U.S., Inc. (a)		16,477		1,911,002
Twitter, Inc. (a)		18,236		788,160
Verizon Communications, Inc.		66,542		3,457,522
ViacomCBS, Inc., Class B		18,964		572,333
Warner Music Group Corp., Class A		39,557		1,708,071
Zillow Group, Inc., Class C (a)(b)		9,353		597,189
ZoomInfo Technologies, Inc. (a)		15,125		971,025
				45,142,754
Consumer Discretionary (10.1%):
Advance Auto Parts, Inc.		9,898		2,374,332
Amazon.com, Inc. (a)		620		2,067,291
Aptiv PLC (a)		10,128		1,670,614
AutoZone, Inc. (a)		1,550		3,249,404
Bath & Body Works, Inc.		16,882		1,178,195
Best Buy Co., Inc.		14,087		1,431,239
Booking Holdings, Inc. (a)		716		1,717,849
Burlington Stores, Inc. (a)		4,897		1,427,524
CarMax, Inc. (a)		11,891		1,548,565
Chewy, Inc., Class A (a)(b)		10,772		635,225
Chipotle Mexican Grill, Inc. (a)		956		1,671,327
D.R. Horton, Inc.		16,058		1,741,490
Darden Restaurants, Inc.		11,129		1,676,473
Deckers Outdoor Corp. (a)		3,596		1,317,251
Dick's Sporting Goods, Inc.		8,619		991,099

Security Description	Shares		Value
Dollar General Corp.		10,964	$	2,585,640
Dollar Tree, Inc. (a)		20,809		2,924,081
Domino's Pizza, Inc.		3,764		2,124,138
eBay, Inc.		20,048		1,333,192
Etsy, Inc. (a)		4,058		888,458
Five Below, Inc. (a)		6,979		1,443,885
Floor & Decor Holdings, Inc., Class A (a)		10,749		1,397,477
Ford Motor Co.		98,408		2,043,934
Garmin Ltd.		15,740		2,143,316
General Motors Co. (a)		27,392		1,605,993
Genuine Parts Co.		18,545		2,600,009
Hasbro, Inc.		21,016		2,139,008
Lennar Corp., Class A		12,373		1,437,248
Levi Strauss & Co., Class A		53,531		1,339,881
LKQ Corp.		38,224		2,294,587
Lowe's Cos., Inc.		9,938		2,568,774
Marriott International, Inc., Class A (a)		12,738		2,104,827
McDonald's Corp.		14,066		3,770,673
Mohawk Industries, Inc. (a)		7,976		1,453,068
Newell Brands, Inc.		70,830		1,546,927
NIKE, Inc., Class B		10,912		1,818,703
NVR, Inc. (a)		379		2,239,462
O'Reilly Automotive, Inc. (a)		4,429		3,127,893
Penn National Gaming, Inc. (a)		10,408		539,655
Pool Corp.		4,119		2,331,354
PulteGroup, Inc.		27,943		1,597,222
RH (a)		1,734		929,320
Ross Stores, Inc.		14,492		1,656,146
Service Corp. International		35,171		2,496,789
Starbucks Corp.		20,869		2,441,047
Tapestry, Inc.		33,407		1,356,324
Target Corp. (c)		9,135		2,114,204
Tesla, Inc. (a)		1,290		1,363,246
The Home Depot, Inc.		8,205		3,405,157
The TJX Cos., Inc.		28,629		2,173,514
Tractor Supply Co.		10,207		2,435,390
Ulta Beauty, Inc. (a)		4,512		1,860,478
Vail Resorts, Inc.		6,095		1,998,550
VF Corp.		22,807		1,669,929
Wayfair, Inc., Class A (a)(b)		3,141		596,696
Whirlpool Corp.		8,075		1,894,879
Williams-Sonoma, Inc.		6,091		1,030,171
Yum! Brands, Inc.		20,816		2,890,510
				108,409,633
Consumer Staples (9.1%):
Albertsons Cos., Inc., Class A		40,099		1,210,589
Altria Group, Inc.		48,588		2,302,585
Archer-Daniels-Midland Co.		42,369		2,863,721
Brown-Forman Corp., Class B		38,440		2,800,738
Bunge Ltd.		24,368		2,274,997

Security Description	Shares		Value
Campbell Soup Co.		54,453	$	2,366,527
Church & Dwight Co., Inc.		38,014		3,896,435
Colgate-Palmolive Co.		45,645		3,895,344
Conagra Brands, Inc.		76,166		2,601,069
Constellation Brands, Inc., Class A		11,861		2,976,755
Costco Wholesale Corp.		7,028		3,989,796
Darling Ingredients, Inc. (a)		15,798		1,094,643
General Mills, Inc.		47,971		3,232,286
Hormel Foods Corp. (b)		56,396		2,752,689
Kellogg Co.		42,596		2,744,034
Keurig Dr Pepper, Inc.		89,872		3,312,682
Kimberly-Clark Corp.		23,251		3,323,033
McCormick & Co., Inc.		38,131		3,683,836
Mondelez International, Inc., Class A		55,078		3,652,222
Monster Beverage Corp. (a)		25,758		2,473,798
PepsiCo, Inc.		22,904		3,978,654
Philip Morris International, Inc.		30,633		2,910,135
Sysco Corp.		25,238		1,982,445
The Clorox Co.		12,635		2,203,039
The Coca-Cola Co.		62,132		3,678,836
The Estee Lauder Cos., Inc.		5,885		2,178,627
The Hershey Co.		21,187		4,099,049
The J.M. Smucker Co.		19,648		2,668,591
The Kraft Heinz Co.		66,695		2,394,351
The Kroger Co.		40,390		1,828,051
The Procter & Gamble Co.		25,088		4,103,895
Tyson Foods, Inc., Class A		29,538		2,574,532
Walgreens Boots Alliance, Inc.		37,335		1,947,394
Walmart, Inc.		21,254		3,075,241
				97,070,619
Energy (1.8%):
Chevron Corp.		20,538		2,410,134
ConocoPhillips		25,405		1,833,733
Continental Resources, Inc. (b)		21,824		976,842
Devon Energy Corp.		33,457		1,473,781
EOG Resources, Inc.		16,450		1,461,254
Halliburton Co.		56,841		1,299,954
Kinder Morgan, Inc.		123,364		1,956,553
ONEOK, Inc.		30,838		1,812,041
Pioneer Natural Resources Co.		8,759		1,593,087
Schlumberger NV		44,480		1,332,176
Texas Pacific Land Corp.		759		947,892
The Williams Cos., Inc.		88,650		2,308,446
				19,405,893
Financials (15.5%):
Aflac, Inc.		45,736		2,670,525
Ally Financial, Inc.		31,948		1,521,044
American Express Co.		12,231		2,000,992
American Financial Group, Inc.		11,015		1,512,580

Security Description	Shares		Value
American International Group, Inc.		31,649	$	1,799,562
Ameriprise Financial, Inc.		7,409		2,234,999
Aon PLC, Class A		7,781		2,338,657
Apollo Global Management, Inc. (b)		31,420		2,275,751
Arch Capital Group Ltd. (a)		56,435		2,508,536
Ares Management Corp., Class A		25,391		2,063,527
Arthur J. Gallagher & Co.		19,279		3,271,068
Bank of America Corp.		48,725		2,167,775
Berkshire Hathaway, Inc., Class B (a)		11,507		3,440,593
BlackRock, Inc.		2,438		2,232,135
Blackstone, Inc.		17,872		2,312,458
Brown & Brown, Inc.		46,497		3,267,809
Capital One Financial Corp.		10,257		1,488,188
Cboe Global Markets, Inc.		14,602		1,904,101
Chubb Ltd.		11,641		2,250,322
Cincinnati Financial Corp.		16,405		1,869,022
Citigroup, Inc.		26,321		1,589,525
Citizens Financial Group, Inc.		35,434		1,674,256
CME Group, Inc.		11,436		2,612,669
CNA Financial Corp.		52,141		2,298,375
Discover Financial Services		12,390		1,431,788
East West Bancorp, Inc.		20,626		1,622,854
Everest Re Group Ltd.		8,286		2,269,701
FactSet Research Systems, Inc.		6,128		2,978,269
Fidelity National Financial, Inc.		41,485		2,164,687
Fifth Third Bancorp		41,968		1,827,706
First Republic Bank		9,831		2,030,200
Franklin Resources, Inc.		46,392		1,553,668
Huntington Bancshares, Inc.		103,145		1,590,496
Interactive Brokers Group, Inc.		28,017		2,225,110
Intercontinental Exchange, Inc.		25,959		3,550,412
Invesco Ltd.		56,028		1,289,765
JPMorgan Chase & Co.		14,856		2,352,448
KeyCorp		78,284		1,810,709
KKR & Co., Inc.		34,433		2,565,258
Lincoln National Corp.		20,506		1,399,740
Loews Corp.		42,247		2,440,187
LPL Financial Holdings, Inc.		11,587		1,854,963
M&T Bank Corp.		11,846		1,819,309
Markel Corp. (a)		1,821		2,247,114
MarketAxess Holdings, Inc.		3,422		1,407,366
Marsh & McLennan Cos., Inc.		20,015		3,479,007
MetLife, Inc.		32,068		2,003,929
Moody's Corp.		7,382		2,883,262
Morgan Stanley		18,772		1,842,659
Morningstar, Inc.		7,788		2,663,418
MSCI, Inc.		3,408		2,088,047
Nasdaq, Inc.		14,444		3,033,384
Northern Trust Corp.		17,319		2,071,526
Principal Financial Group, Inc.		27,777		2,009,110

Security Description	Shares		Value
Prudential Financial, Inc.		19,214	$	2,079,723
Raymond James Financial, Inc.		22,992		2,308,397
Regions Financial Corp.		78,051		1,701,512
S&P Global, Inc.		5,859		2,765,038
Signature Bank		5,025		1,625,437
State Street Corp.		18,156		1,688,508
SVB Financial Group (a)		2,438		1,653,549
Synchrony Financial		30,641		1,421,436
T. Rowe Price Group, Inc.		10,070		1,980,165
The Allstate Corp.		19,751		2,323,705
The Bank of New York Mellon Corp.		36,373		2,112,544
The Carlyle Group, Inc.		41,781		2,293,777
The Charles Schwab Corp.		23,552		1,980,723
The Goldman Sachs Group, Inc.		4,885		1,868,757
The Hartford Financial Services Group, Inc.		23,643		1,632,313
The PNC Financial Services Group, Inc.		10,224		2,050,116
The Progressive Corp.		25,885		2,657,095
The Travelers Cos., Inc.		15,166		2,372,417
Tradeweb Markets, Inc., Class A (b)		25,541		2,557,676
Truist Financial Corp.		31,713		1,856,796
U.S. Bancorp		33,821		1,899,726
UWM Holdings Corp.		127,257		753,361
W.R. Berkley Corp.		34,217		2,819,139
Wells Fargo & Co.		33,170		1,591,497
				165,803,968
Health Care (13.9%):
Abbott Laboratories		19,095		2,687,430
AbbVie, Inc.		22,591		3,058,821
ABIOMED, Inc. (a)		4,301		1,544,790
Agilent Technologies, Inc.		15,802		2,522,789
Align Technology, Inc. (a)		1,909		1,254,557
Amgen, Inc.		11,245		2,529,788
Anthem, Inc.		6,014		2,787,730
Avantor, Inc. (a)		47,321		1,994,107
Baxter International, Inc.		40,259		3,455,833
Becton Dickinson & Co.		11,421		2,872,153
Biogen, Inc. (a)		2,891		693,609
BioMarin Pharmaceutical, Inc. (a)		22,493		1,987,256
Bio-Rad Laboratories, Inc., Class A (a)		2,568		1,940,304
Bio-Techne Corp.		3,105		1,606,341
Boston Scientific Corp. (a)		51,993		2,208,663
Bruker Corp.		24,012		2,014,847
Cardinal Health, Inc.		35,266		1,815,846
Catalent, Inc. (a)		13,871		1,775,904
Centene Corp. (a)		27,876		2,296,982
Cerner Corp.		41,505		3,854,569
Charles River Laboratories International, Inc. (a)		4,701		1,771,243
Cigna Corp.		9,351		2,147,270
CVS Health Corp.		28,840		2,975,134
Danaher Corp.		6,867		2,259,312

Security Description	Shares		Value
DaVita, Inc. (a)		16,033	$	1,823,914
DENTSPLY SIRONA, Inc.		29,411		1,640,840
Dexcom, Inc. (a)		2,766		1,485,204
Edwards Lifesciences Corp. (a)		20,317		2,632,067
Eli Lilly & Co.		6,289		1,737,148
Gilead Sciences, Inc. (c)		35,236		2,558,486
HCA Healthcare, Inc.		7,313		1,878,856
Henry Schein, Inc. (a)		26,017		2,017,098
Hologic, Inc. (a)		22,940		1,756,286
Horizon Therapeutics PLC (a)		11,335		1,221,460
Humana, Inc.		5,831		2,704,768
IDEXX Laboratories, Inc. (a)		2,912		1,917,435
Illumina, Inc. (a)		3,138		1,193,821
Incyte Corp. (a)		23,462		1,722,111
Intuitive Surgical, Inc. (a)		5,496		1,974,713
IQVIA Holdings, Inc. (a)		9,908		2,795,443
Johnson & Johnson (c)		20,398		3,489,486
Laboratory Corp. of America Holdings (a)		8,380		2,633,080
Masimo Corp. (a)		7,357		2,153,982
Medtronic PLC		20,899		2,162,002
Merck & Co., Inc.		39,415		3,020,766
Mettler-Toledo International, Inc. (a)		1,473		2,499,990
Moderna, Inc. (a)		1,817		461,482
Molina Healthcare, Inc. (a)		6,748		2,146,404
PerkinElmer, Inc.		9,700		1,950,282
Pfizer, Inc.		54,518		3,219,288
Quest Diagnostics, Inc.		16,893		2,922,658
Regeneron Pharmaceuticals, Inc. (a)		3,176		2,005,707
Repligen Corp. (a)		4,435		1,174,565
ResMed, Inc.		6,939		1,807,471
Seagen, Inc. (a)		8,437		1,304,360
STERIS PLC		11,528		2,806,030
Stryker Corp.		9,779		2,615,100
Teleflex, Inc.		5,044		1,656,853
The Cooper Cos., Inc.		5,368		2,248,870
Thermo Fisher Scientific, Inc.		3,899		2,601,569
UnitedHealth Group, Inc.		6,929		3,479,328
Universal Health Services, Inc., Class B		13,280		1,721,885
Veeva Systems, Inc., Class A (a)		4,563		1,165,755
Vertex Pharmaceuticals, Inc. (a)		10,177		2,234,869
Waters Corp. (a)		5,688		2,119,349
West Pharmaceutical Services, Inc.		5,382		2,524,212
Zimmer Biomet Holdings, Inc.		15,763		2,002,531
Zoetis, Inc.		12,667		3,091,128
				148,333,930
Industrials (16.7%):
3M Co.		14,604		2,594,109
AGCO Corp.		10,253		1,189,553
Allegion PLC		16,345		2,164,732
AMERCO, Inc.		2,931		2,128,580

Security Description	Shares		Value
AMETEK, Inc.		20,160	$	2,964,326
AO Smith Corp.		27,760		2,383,196
Booz Allen Hamilton Holding Corp.		27,538		2,334,947
Builders FirstSource, Inc. (a)		24,357		2,087,639
C.H. Robinson Worldwide, Inc.		25,308		2,723,900
Carlisle Cos., Inc.		11,491		2,851,147
Carrier Global Corp.		33,048		1,792,524
Caterpillar, Inc.		9,817		2,029,567
Cintas Corp.		5,407		2,396,220
Copart, Inc. (a)		15,240		2,310,689
CoStar Group, Inc. (a)(c)		21,813		1,723,881
CSX Corp.		71,906		2,703,666
Cummins, Inc.		9,350		2,039,609
Deere & Co.		4,749		1,628,385
Dover Corp.		14,969		2,718,370
Eaton Corp. PLC		14,684		2,537,689
Emerson Electric Co.		23,562		2,190,559
Equifax, Inc.		6,741		1,973,697
Expeditors International of Washington, Inc.		21,145		2,839,562
Fastenal Co.		46,855		3,001,531
FedEx Corp.		7,413		1,917,298
Fortive Corp.		32,283		2,462,870
Fortune Brands Home & Security, Inc.		19,823		2,119,079
Generac Holdings, Inc. (a)		2,598		914,288
General Dynamics Corp.		14,554		3,034,072
Graco, Inc.		32,813		2,645,384
HEICO Corp.		15,676		2,260,793
Honeywell International, Inc.		11,631		2,425,180
Howmet Aerospace, Inc.		49,162		1,564,826
Hubbell, Inc.		10,662		2,220,575
IDEX Corp.		12,106		2,860,890
Illinois Tool Works, Inc.		14,024		3,461,123
Ingersoll Rand, Inc. (c)		34,915		2,160,191
J.B. Hunt Transport Services, Inc.		11,561		2,363,068
Jacobs Engineering Group, Inc.		15,857		2,207,770
Johnson Controls International PLC		33,500		2,723,885
L3Harris Technologies, Inc.		11,606		2,474,863
Leidos Holdings, Inc.		20,155		1,791,780
Lennox International, Inc.		6,320		2,049,955
Lockheed Martin Corp.		8,573		3,046,930
Masco Corp.		39,133		2,747,919
Nordson Corp.		9,871		2,519,770
Norfolk Southern Corp.		9,167		2,729,108
Northrop Grumman Corp.		7,866		3,044,693
Old Dominion Freight Line, Inc.		7,465		2,675,307
Otis Worldwide Corp.		28,096		2,446,319
PACCAR, Inc.		25,319		2,234,655
Parker-Hannifin Corp.		6,995		2,225,249
Quanta Services, Inc.		16,993		1,948,417
Raytheon Technologies Corp.		26,150		2,250,469

Security Description	Shares		Value
Republic Services, Inc. (c)		25,918	$	3,614,265
Robert Half International, Inc.		20,725		2,311,252
Rockwell Automation, Inc.		7,350		2,564,048
Rollins, Inc.		53,325		1,824,248
Roper Technologies, Inc.		5,644		2,776,058
Snap-on, Inc.		9,166		1,974,173
Stanley Black & Decker, Inc.		12,199		2,300,975
Textron, Inc.		23,983		1,851,488
The Toro Co.		22,942		2,292,135
Trane Technologies PLC		11,323		2,287,586
TransDigm Group, Inc. (a)		3,022		1,922,838
TransUnion		17,934		2,126,614
Trex Co., Inc. (a)		13,746		1,856,122
Union Pacific Corp.		11,523		2,902,989
United Parcel Service, Inc., Class B		10,833		2,321,945
United Rentals, Inc. (a)		4,044		1,343,781
Verisk Analytics, Inc.		10,942		2,502,764
W.W. Grainger, Inc.		5,489		2,844,619
Waste Management, Inc.		21,662		3,615,388
Watsco, Inc.		7,592		2,375,385
Westinghouse Air Brake Technologies Corp.		20,739		1,910,269
Xylem, Inc.		18,341		2,199,453
				178,553,199
Information Technology (15.3%):
Accenture PLC, Class A		8,198		3,398,481
Adobe, Inc. (a)		3,294		1,867,896
Advanced Micro Devices, Inc. (a)		12,111		1,742,773
Akamai Technologies, Inc. (a)		17,485		2,046,444
Amphenol Corp., Class A		33,597		2,938,394
Analog Devices, Inc.		11,472		2,016,433
ANSYS, Inc. (a)		4,414		1,770,544
Apple, Inc.		13,073		2,321,373
Applied Materials, Inc.		8,613		1,355,342
Arista Networks, Inc. (a)		22,699		3,262,981
Autodesk, Inc. (a)		5,471		1,538,390
Automatic Data Processing, Inc.		12,991		3,203,321
Black Knight, Inc. (a)		31,388		2,601,751
Block, Inc. (a)		3,745		604,855
Broadcom, Inc.		3,658		2,434,070
Broadridge Financial Solutions, Inc.		15,626		2,856,745
Cadence Design Systems, Inc. (a)		9,872		1,839,647
CDW Corp.		11,264		2,306,642
Cisco Systems, Inc.		49,952		3,165,458
Citrix Systems, Inc.		16,625		1,572,559
Cognex Corp.		20,676		1,607,766
Cognizant Technology Solutions Corp., Class A		29,182		2,589,027
Corning, Inc.		49,962		1,860,085
Dell Technologies, Inc., Class C (a)		40,725		2,287,523
Dynatrace, Inc. (a)		17,048		1,028,847
Enphase Energy, Inc. (a)		4,426		809,692

Security Description	Shares		Value
Entegris, Inc.		11,047	$	1,530,893
EPAM Systems, Inc. (a)		2,976		1,989,307
F5, Inc. (a)		9,694		2,372,219
Fair Isaac Corp. (a)		3,757		1,629,298
Fidelity National Information Services, Inc.		15,898		1,735,267
Fiserv, Inc. (a)(b)		20,576		2,135,583
FleetCor Technologies, Inc. (a)		8,069		1,806,165
Fortinet, Inc. (a)		5,318		1,911,289
Gartner, Inc. (a)		5,513		1,843,106
Global Payments, Inc.		11,557		1,562,275
GoDaddy, Inc., Class A (a)		22,158		1,880,328
Hewlett Packard Enterprise Co.		124,666		1,965,983
HP, Inc.		61,532		2,317,910
Intel Corp.		29,065		1,496,847
International Business Machines Corp.		16,478		2,202,449
Intuit, Inc.		3,601		2,316,235
Jack Henry & Associates, Inc.		13,413		2,239,837
Keysight Technologies, Inc. (a)		12,970		2,678,435
KLA Corp.		3,610		1,552,697
Kyndryl Holdings, Inc. (a)		3,295		59,640
Lam Research Corp.		1,925		1,384,364
Mastercard, Inc., Class A		5,986		2,150,890
Microchip Technology, Inc.		17,578		1,530,341
Micron Technology, Inc.		17,331		1,614,383
Microsoft Corp. (c)		8,578		2,884,953
Monolithic Power Systems, Inc.		2,543		1,254,538
Motorola Solutions, Inc.		11,147		3,028,640
NetApp, Inc.		18,756		1,725,364
NortonLifeLock, Inc.		65,951		1,713,407
NVIDIA Corp.		5,825		1,713,191
NXP Semiconductors NV		6,256		1,424,992
ON Semiconductor Corp. (a)		26,687		1,812,581
Oracle Corp.		24,302		2,119,377
Paychex, Inc.		24,635		3,362,677
Paycom Software, Inc. (a)		2,743		1,138,866
Paylocity Holding Corp. (a)		4,895		1,156,003
PayPal Holdings, Inc. (a)		5,091		960,061
PTC, Inc. (a)		9,972		1,208,108
Qorvo, Inc. (a)		7,463		1,167,139
QUALCOMM, Inc.		11,344		2,074,477
salesforce.com, Inc. (a)		8,096		2,057,436
Seagate Technology Holdings PLC		14,915		1,685,097
ServiceNow, Inc. (a)(c)		2,387		1,549,426
Skyworks Solutions, Inc.		7,373		1,143,847
SS&C Technologies Holdings, Inc.		32,773		2,686,731
Synopsys, Inc. (a)		5,146		1,896,301
TE Connectivity Ltd.		14,667		2,366,374
Teledyne Technologies, Inc. (a)		4,242		1,853,287
Teradyne, Inc.		9,741		1,592,946
Texas Instruments, Inc.		9,817		1,850,210

Security Description	Shares		Value
The Trade Desk, Inc., Class A (a)		10,043	$	920,341
Trimble, Inc. (a)		19,398		1,691,312
Tyler Technologies, Inc. (a)		3,775		2,030,761
Ubiquiti, Inc.		3,477		1,066,396
VeriSign, Inc. (a)		12,410		3,149,906
Visa, Inc., Class A		10,836		2,348,270
VMware, Inc., Class A		16,348		1,894,406
Western Digital Corp. (a)		17,772		1,158,912
Zebra Technologies Corp. (a)		3,347		1,992,134
Zoom Video Communications, Inc., Class A (a)		3,433		631,363
				163,242,610
Materials (5.3%):
Air Products & Chemicals, Inc.		8,844		2,690,875
Albemarle Corp.		4,797		1,121,395
Avery Dennison Corp.		9,745		2,110,475
Ball Corp.		23,888		2,299,698
Celanese Corp.		12,774		2,146,798
Cleveland-Cliffs, Inc. (a)		32,044		697,598
Corteva, Inc.		43,482		2,055,829
Crown Holdings, Inc.		18,905		2,091,271
Dow, Inc.		27,874		1,581,013
DuPont de Nemours, Inc.		24,085		1,945,586
Eastman Chemical Co.		16,924		2,046,281
Ecolab, Inc.		11,577		2,715,848
FMC Corp.		21,015		2,309,338
Freeport-McMoRan, Inc.		27,248		1,137,059
International Flavors & Fragrances, Inc.		11,173		1,683,212
International Paper Co.		35,276		1,657,267
LyondellBasell Industries NV, Class A		16,783		1,547,896
Martin Marietta Materials, Inc.		4,926		2,170,002
Newmont Corp.		32,778		2,032,892
Nucor Corp.		11,089		1,265,809
Packaging Corp. of America		16,790		2,285,959
Pegasystems, Inc.		11,798		1,319,252
PPG Industries, Inc.		13,838		2,386,225
RPM International, Inc.		31,913		3,223,213
Steel Dynamics, Inc.		19,296		1,197,703
Sylvamo Corp. (a)		3,208		89,471
The Mosaic Co.		37,455		1,471,607
The Sherwin-Williams Co.		9,690		3,412,430
Vulcan Materials Co.		10,515		2,182,704
Westlake Chemical Corp.		18,279		1,775,439
				56,650,145
Real Estate (0.4%):
CBRE Group, Inc., Class A (a)		20,219		2,193,964
Jones Lang LaSalle, Inc. (a)		7,029		1,893,191
				4,087,155
Utilities (7.3%):
Alliant Energy Corp.		46,532		2,860,322
Ameren Corp.		33,289		2,963,054

Security Description	Shares		Value
American Electric Power Co., Inc. (c)		34,303	$	3,051,938
American Water Works Co., Inc.		13,596		2,567,741
Atmos Energy Corp.		26,704		2,797,778
Avangrid, Inc. (b)		51,179		2,552,809
CenterPoint Energy, Inc.		89,827		2,507,072
CMS Energy Corp.		45,107		2,934,210
Consolidated Edison, Inc. (c)		41,204		3,515,525
Dominion Energy, Inc.		38,679		3,038,622
DTE Energy Co.		24,948		2,982,284
Duke Energy Corp. (c)		30,689		3,219,276
Edison International		42,274		2,885,200
Entergy Corp.		23,268		2,621,140
Essential Utilities, Inc.		50,491		2,710,862
Evergy, Inc. (c)		40,515		2,779,734
Eversource Energy (c)		28,046		2,551,625
Exelon Corp.		55,521		3,206,893
FirstEnergy Corp.		65,595		2,728,096
NextEra Energy, Inc. (c)		27,040		2,524,454
NRG Energy, Inc.		28,388		1,222,955
PG&E Corp. (a)		172,417		2,093,142
PPL Corp.		98,398		2,957,844
Public Service Enterprise Group, Inc.		42,324		2,824,281
Sempra Energy		19,918		2,634,753
The Southern Co. (c)		47,807		3,278,604
WEC Energy Group, Inc. (c)		28,613		2,777,464
Xcel Energy, Inc. (c)		40,664		2,752,953
				77,540,631
Total Common Stocks (Cost $808,694,654)				1,064,240,537
Investment Companies (0.3%)
BlackRock Liquidity Funds T-Fund, Institutional Shares, 0.01% (d)		2,825,925		2,825,925
Total Investment Companies (Cost $2,825,925)				2,825,925
Collateral for Securities Loaned^ (1.1%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (d)		286,918		286,918
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (d)		5,635,114		5,635,114
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d)		143,186		143,186
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d)		1,141,724		1,141,724
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d)		5,133,414		5,133,414
Total Collateral for Securities Loaned (Cost $12,150,265)				12,340,356
Total Investments (Cost $823,670,844) — 101.0%				1,079,406,818
Liabilities in excess of other assets — (1.0)%				(11,186,363	)
NET ASSETS — 100.00%			$	1,068,220,455

Security Description	Shares		Value
Common Stocks (99.4%)
Communication Services (3.0%):
Omnicom Group, Inc.		128,574	$	9,420,617
The Interpublic Group of Cos., Inc.		218,029		8,165,186
Verizon Communications, Inc.		310,705		16,144,232
				33,730,035
Consumer Discretionary (4.2%):
Genuine Parts Co.		86,598		12,141,039
Hasbro, Inc.		98,156		9,990,318
Newell Brands, Inc.		330,723		7,222,990
VF Corp.		106,499		7,797,857
Whirlpool Corp.		37,726		8,852,783
				46,004,987
Consumer Staples (19.2%):
Altria Group, Inc.		226,849		10,750,374
Archer-Daniels-Midland Co.		197,834		13,371,600
Bunge Ltd.		113,777		10,622,221
Campbell Soup Co. (a)		254,271		11,050,618
Conagra Brands, Inc.		355,632		12,144,833
Costco Wholesale Corp.		32,798		18,619,425
General Mills, Inc.		223,996		15,092,850
Kellogg Co.		198,880		12,811,850
Kimberly-Clark Corp.		108,540		15,512,537
PepsiCo, Inc.		106,947		18,577,763
Philip Morris International, Inc.		143,056		13,590,320
The Clorox Co.		59,010		10,288,984
The Coca-Cola Co.		290,107		17,177,235
The J.M. Smucker Co. (a)		91,771		12,464,337
The Kraft Heinz Co.		311,398		11,179,188
Walgreens Boots Alliance, Inc.		174,318		9,092,427
				212,346,562
Energy (5.0%):
Chevron Corp.		95,904		11,254,334
ConocoPhillips		118,640		8,563,435
Devon Energy Corp.		156,206		6,880,874
Kinder Morgan, Inc.		576,003		9,135,408
ONEOK, Inc.		144,003		8,461,616
The Williams Cos., Inc.		413,961		10,779,545
				55,075,212
Financials (20.4%):
American Financial Group, Inc.		51,439		7,063,603
American International Group, Inc.		147,796		8,403,681
Apollo Global Management, Inc. (a)		146,708		10,626,060
Blackstone, Inc.		83,437		10,795,913
Citigroup, Inc.		122,881		7,420,784
Citizens Financial Group, Inc.		165,442		7,817,134
CME Group, Inc.		53,389		12,197,251

Security Description	Shares		Value
CNA Financial Corp.		243,469	$	10,732,114
Everest Re Group Ltd.		38,705		10,602,074
Fidelity National Financial, Inc.		193,701		10,107,318
Fifth Third Bancorp		195,942		8,533,274
Franklin Resources, Inc.		216,604		7,254,068
Huntington Bancshares, Inc.		481,638		7,426,858
Invesco Ltd.		261,615		6,022,377
KeyCorp		365,512		8,454,293
Lincoln National Corp.		95,734		6,534,803
M&T Bank Corp. (a)		55,316		8,495,431
MetLife, Inc.		149,729		9,356,565
Northern Trust Corp.		80,859		9,671,545
Principal Financial Group, Inc.		129,706		9,381,635
Prudential Financial, Inc.		89,711		9,710,319
Regions Financial Corp.		364,440		7,944,792
The PNC Financial Services Group, Inc.		47,740		9,572,825
Truist Financial Corp.		148,100		8,671,255
U.S. Bancorp		157,932		8,871,040
UWM Holdings Corp. (a)		594,224		3,517,806
				225,184,818
Health Care (8.3%):
AbbVie, Inc.		105,498		14,284,429
Amgen, Inc.		52,502		11,811,375
Cardinal Health, Inc.		164,682		8,479,476
Gilead Sciences, Inc. (b)		164,522		11,945,943
Johnson & Johnson (b)		95,262		16,296,470
Merck & Co., Inc.		184,060		14,106,359
Pfizer, Inc.		254,585		15,033,244
				91,957,296
Industrials (3.4%):
3M Co.		68,181		12,110,991
Lockheed Martin Corp.		40,039		14,230,261
Watsco, Inc.		35,424		11,083,461
				37,424,713
Information Technology (7.2%):
Broadcom, Inc.		17,097		11,376,515
Cisco Systems, Inc.		233,217		14,778,961
Corning, Inc.		233,292		8,685,461
Hewlett Packard Enterprise Co.		582,143		9,180,395
HP, Inc.		287,290		10,822,214
Intel Corp.		135,713		6,989,220
International Business Machines Corp.		76,939		10,283,667
Kyndryl Holdings, Inc. (c)		15,379		278,360
Seagate Technology Holdings PLC		69,650		7,869,057
				80,263,850
Materials (4.7%):
Dow, Inc.		130,155		7,382,392
Eastman Chemical Co.		78,995		9,551,285

Security Description	Shares		Value
International Paper Co.		164,724	$	7,738,734
LyondellBasell Industries NV, Class A		78,353		7,226,497
Newmont Corp.		153,048		9,492,037
Packaging Corp. of America		78,414		10,676,066
Sylvamo Corp. (c)		14,972		417,569
				52,484,580
Utilities (24.0%):
Alliant Energy Corp.		217,271		13,355,648
American Electric Power Co., Inc. (b)		160,173		14,250,592
Avangrid, Inc. (a)		238,997		11,921,170
CMS Energy Corp.		210,611		13,700,246
Consolidated Edison, Inc. (b)		192,391		16,414,800
Dominion Energy, Inc.		180,599		14,187,857
DTE Energy Co.		116,473		13,923,182
Duke Energy Corp. (b)		143,295		15,031,646
Edison International		197,389		13,471,799
Entergy Corp.		108,644		12,238,747
Evergy, Inc. (b)		189,190		12,980,326
Exelon Corp.		259,235		14,973,414
FirstEnergy Corp.		306,271		12,737,811
NRG Energy, Inc.		132,563		5,710,814
PPL Corp.		459,453		13,811,157
Public Service Enterprise Group, Inc.		197,608		13,186,382
Sempra Energy		93,032		12,306,273
The Southern Co. (b)		223,224		15,308,702
WEC Energy Group, Inc. (b)		133,600		12,968,552
Xcel Energy, Inc. (b)		189,867		12,853,996
				265,333,114
Total Common Stocks (Cost $952,565,563)				1,099,805,167
Investment Companies (0.3%)
BlackRock Liquidity Funds T-Fund, Institutional Shares, 0.01% (d)		2,805,385		2,805,385
Total Investment Companies (Cost $2,805,385)				2,805,385
Collateral for Securities Loaned^ (1.9%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (d)		478,629		478,629
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (d)		9,400,333		9,400,333
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d)		238,859		238,859
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d)		1,904,591		1,904,591
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d)		8,563,413		8,563,413
Total Collateral for Securities Loaned (Cost $20,585,825)				20,585,825
Total Investments (Cost $975,956,773) — 101.6%				1,123,196,377
Liabilities in excess of other assets — (1.6)%				(17,582,977	)
NET ASSETS — 100.00%			$	1,105,613,400

Security Description	Shares		Value
Common Stocks (99.6%)
Banks (15.5%):
1st Source Corp.		3,693	$	183,173
Amerant Bancorp, Inc.		4,497		155,371
Atlantic Union Bankshares Corp.		4,095		152,703
Banc of California, Inc.		8,458		165,946
BancFirst Corp.		2,802		197,709
Banner Corp.		2,574		156,165
Berkshire Hills Bancorp, Inc.		4,833		137,402
Brookline Bancorp, Inc.		11,897		192,612
Byline Bancorp, Inc.		6,538		178,814
City Holding Co.		2,764		226,068
Columbia Banking System, Inc.		4,132		135,199
ConnectOne Bancorp, Inc.		5,201		170,125
Customers Bancorp, Inc.		2,862		187,089
CVB Financial Corp.		8,637		184,918
Dime Community Bancshares, Inc.		4,277		150,379
Eagle Bancorp, Inc.		2,788		162,652
Enterprise Financial Services Corp.		3,560		167,640
FB Financial Corp.		3,950		173,089
First BanCorp/Puerto Rico		10,935		150,684
First Bancorp/Southern Pines NC		3,670		167,792
First Busey Corp.		7,210		195,535
First Commonwealth Financial Corp.		11,826		190,280
First Financial Bancorp		6,069		147,962
First Foundation, Inc.		6,799		169,023
First Interstate BancSystem, Inc., Class A		4,020		163,493
First Merchants Corp.		3,791		158,805
Fulton Financial Corp.		10,163		172,771
German American Bancorp, Inc.		4,724		184,142
Great Western Bancorp, Inc.		4,336		147,251
Heartland Financial USA, Inc.		3,714		187,966
Heritage Financial Corp.		6,428		157,100
Hilltop Holdings, Inc.		4,149		145,796
Hope Bancorp, Inc.		10,594		155,838
Independent Bank Corp.		2,247		183,198
International Bancshares Corp.		3,581		151,799
Lakeland Bancorp, Inc.		9,766		185,456
Lakeland Financial Corp.		2,511		201,232
Live Oak Bancshares, Inc.		1,645		143,592
National Bank Holdings Corp., Class A		4,676		205,463
NBT Bancorp, Inc.		4,880		187,978
OFG Bancorp		5,154		136,890
Old National Bancorp		11,654		211,170
Origin Bancorp, Inc.		3,581		153,697
Park National Corp.		1,445		198,413
Preferred Bank		2,658		190,818
Renasant Corp.		4,634		175,860
Republic Bancorp, Inc., Class A		3,742		190,243
S&T Bancorp, Inc.		5,053		159,271

Security Description	Shares		Value
Sandy Spring Bancorp, Inc.		3,602	$	173,184
Seacoast Banking Corp. of Florida		4,530		160,317
Silvergate Capital Corp., Class A (a)		423		62,689
Southside Bancshares, Inc. (b)		4,842		202,492
Stock Yards Bancorp, Inc.		3,754		239,806
The Bancorp, Inc. (a)		4,394		111,212
Tompkins Financial Corp. (c)		1,982		165,656
Towne Bank		5,352		169,070
TriCo Bancshares		4,039		173,515
Triumph Bancorp, Inc. (a)		1,462		174,095
Trustmark Corp.		5,072		164,637
United Community Banks, Inc.		5,295		190,302
Veritex Holdings, Inc.		4,302		171,134
Washington Trust Bancorp, Inc.		3,190		179,820
WesBanco, Inc.		4,529		158,470
Westamerica Bancorp		3,707		214,005
				10,956,976
Capital Markets (2.3%):
B Riley Financial, Inc.		1,694		150,529
BGC Partners, Inc., Class A		23,652		109,982
Brightsphere Investment Group, Inc.		5,612		143,667
Cowen, Inc., Class A		2,605		94,041
Donnelley Financial Solutions, Inc. (a)		3,117		146,935
Piper Sandler Cos.		1,069		190,827
PJT Partners, Inc., Class A		2,342		173,519
Sculptor Capital Management, Inc.		4,176		89,158
StoneX Group, Inc. (a)		2,043		125,134
Victory Capital Holdings, Inc., Class A (d)		4,333		158,284
Virtus Investment Partners, Inc.		454		134,883
WisdomTree Investments, Inc. (c)		19,686		120,478
				1,637,437
Communication Services (2.2%):
AMC Networks, Inc., Class A (a)		1,542		53,107
Boston Omaha Corp., Class A (a)		2,539		72,945
Cars.com, Inc. (a)		7,100		114,239
Gray Television, Inc.		6,795		136,987
IDT Corp., Class B (a)		1,714		75,690
QuinStreet, Inc. (a)		7,796		141,809
Sciplay Corp., Class A (a)		5,228		72,042
Shenandoah Telecommunications Co.		2,790		71,145
TechTarget, Inc. (a)		1,163		111,253
Telephone & Data Systems, Inc.		7,222		145,523
The EW Scripps Co., Class A (a)		6,774		131,077
Thryv Holdings, Inc. (a)		2,014		82,836
United States Cellular Corp. (a)		4,809		151,580
WideOpenWest, Inc. (a)		4,713		101,424
Yelp, Inc. (a)		2,955		107,089
				1,568,746

Security Description	Shares		Value
Consumer Discretionary (13.2%):
1-800-Flowers.com, Inc., Class A (a)		2,641	$	61,720
Abercrombie & Fitch Co. (a)		2,735		95,260
Accel Entertainment, Inc. (a)		11,116		144,730
Adtalem Global Education, Inc. (a)		3,776		111,619
American Axle & Manufacturing Holdings, Inc. (a)		9,889		92,264
America's Car-Mart, Inc. (a)		878		89,907
Arko Corp. (a)		11,876		104,152
Bally's Corp. (a)		1,728		65,768
Bed Bath & Beyond, Inc. (a)(c)		1,438		20,966
Big 5 Sporting Goods Corp. (c)		2,266		43,077
Big Lots, Inc.		1,972		88,839
Bloomin' Brands, Inc. (a)		4,348		91,221
Boot Barn Holdings, Inc. (a)		1,133		139,416
Brinker International, Inc. (a)		1,914		70,033
Carriage Services, Inc.		4,346		280,056
Cavco Industries, Inc. (a)		540		171,531
Century Communities, Inc.		1,325		108,372
Chuy's Holdings, Inc. (a)		3,164		95,300
Citi Trends, Inc. (a)		1,100		104,225
Clarus Corp.		5,822		161,386
Conn's, Inc. (a)		2,962		69,666
Denny's Corp. (a)		7,715		123,440
Dine Brands Global, Inc.		1,383		104,845
Dorman Products, Inc. (a)		1,698		191,891
El Pollo Loco Holdings, Inc. (a)		8,653		122,786
Ethan Allen Interiors, Inc. (c)		5,332		140,178
Franchise Group, Inc.		4,238		221,054
Funko, Inc., Class A (a)		3,922		73,734
Genesco, Inc. (a)		1,408		90,351
Gentherm, Inc. (a)		1,529		132,870
G-III Apparel Group Ltd. (a)		3,467		95,828
Golden Entertainment, Inc. (a)		1,884		95,198
GoPro, Inc., Class A (a)		7,714		79,531
Green Brick Partners, Inc. (a)		4,069		123,413
Group 1 Automotive, Inc.		662		129,236
Groupon, Inc. (a)		2,877		66,631
GrowGeneration Corp. (a)(b)		1,881		24,547
Guess?, Inc.		4,098		97,041
Haverty Furniture Cos., Inc.		3,194		97,641
Hibbett, Inc.		1,004		72,218
Hovnanian Enterprises, Inc., Class A (a)		554		70,519
iRobot Corp. (a)		977		64,365
Jack in the Box, Inc.		1,595		139,531
Johnson Outdoors, Inc., Class A		1,344		125,919
Lands' End, Inc. (a)		1,944		38,161
La-Z-Boy, Inc.		4,223		153,337
Liquidity Services, Inc. (a)		2,568		56,701
Lumber Liquidators Holdings, Inc. (a)		5,049		86,186
M/I Homes, Inc. (a)		1,727		107,385

Security Description	Shares		Value
Malibu Boats, Inc., Class A (a)		1,627	$	111,824
MarineMax, Inc. (a)(c)		1,753		103,497
Monarch Casino & Resort, Inc. (a)		1,981		146,495
Monro, Inc.		2,534		147,656
Movado Group, Inc.		2,839		118,755
OneWater Marine, Inc.		2,382		145,231
Oxford Industries, Inc.		1,404		142,534
Party City Holdco, Inc. (a)		10,007		55,739
Patrick Industries, Inc.		1,614		130,234
Perdoceo Education Corp. (a)		13,681		160,889
Ruth's Hospitality Group, Inc. (a)		5,559		110,624
Sally Beauty Holdings, Inc. (a)		5,065		93,500
Shoe Carnival, Inc.		2,889		112,902
Sleep Number Corp. (a)		1,074		82,268
Smith & Wesson Brands, Inc.		3,451		61,428
Sonic Automotive, Inc., Class A		2,295		113,488
Standard Motor Products, Inc.		3,851		201,754
Stoneridge, Inc. (a)		5,435		107,287
Strategic Education, Inc.		1,819		105,211
Stride, Inc. (a)		3,248		108,256
Sturm Ruger & Co., Inc. (b)		1,934		131,551
The Buckle, Inc. (c)		3,234		136,830
The Children's Place, Inc. (a)(c)		968		76,753
The Lovesac Co. (a)		1,305		86,469
The ODP Corp. (a)		1,994		78,324
TravelCenters of America, Inc. (a)		1,971		101,743
Tri Pointe Homes, Inc. (a)		4,903		136,745
Tupperware Brands Corp. (a)		3,457		52,857
Universal Electronics, Inc. (a)		2,812		114,589
Vista Outdoor, Inc. (a)		2,276		104,855
Visteon Corp. (a)		1,171		130,145
Winmark Corp.		962		238,855
Winnebago Industries, Inc.		1,689		126,540
Workhorse Group, Inc. (a)(c)		4,300		18,748
WW International, Inc. (a)		3,619		58,374
XPEL, Inc. (a)		1,102		75,245
Zumiez, Inc. (a)		2,812		134,948
				9,297,188
Consumer Finance (1.2%):
Atlanticus Holdings Corp. (a)		1,103		78,666
Encore Capital Group, Inc. (a)		3,194		198,379
Enova International, Inc. (a)		3,487		142,828
Green Dot Corp., Class A (a)		2,802		101,545
PRA Group, Inc. (a)		4,139		207,819
World Acceptance Corp. (a)(c)		419		102,835
				832,072
Consumer Staples (7.0%):
B&G Foods, Inc. (c)		3,749		115,207
BellRing Brands, Inc., Class A (a)(c)		4,732		135,004

Security Description	Shares		Value
Calavo Growers, Inc.		3,482	$	147,637
Cal-Maine Foods, Inc.		6,715		248,388
Central Garden & Pet Co., Class A (a)		4,298		205,659
Edgewell Personal Care Co.		3,916		179,000
e.l.f. Beauty, Inc. (a)		5,169		171,662
Energizer Holdings, Inc.		4,971		199,337
Fresh Del Monte Produce, Inc.		4,128		113,933
Grocery Outlet Holding Corp. (a)		5,028		142,192
Hostess Brands, Inc. (a)		14,515		296,396
Ingles Markets, Inc., Class A		2,701		233,204
Inter Parfums, Inc.		2,353		251,536
John B Sanfilippo & Son, Inc.		2,540		229,006
Medifast, Inc.		487		101,992
MGP Ingredients, Inc.		1,962		166,750
Nu Skin Enterprises, Inc., Class A		2,870		145,653
PriceSmart, Inc.		2,267		165,876
SpartanNash Co.		7,775		200,284
Sprouts Farmers Market, Inc. (a)		6,117		181,553
The Andersons, Inc.		4,029		155,963
Tootsie Roll Industries, Inc. (c)		3,749		135,826
TreeHouse Foods, Inc. (a)		3,670		148,745
Turning Point Brands, Inc.		2,538		95,886
United Natural Foods, Inc. (a)		2,125		104,295
Universal Corp.		3,803		208,861
USANA Health Sciences, Inc. (a)		1,709		172,951
Vector Group Ltd.		9,468		108,693
Weis Markets, Inc. (b)		2,973		195,861
				4,957,350
Diversified Financial Services (0.3%):
Cannae Holdings, Inc. (a)		5,314		186,787
Energy (1.3%):
Altus Midstream Co., Class A		1,668		102,265
Archrock, Inc.		17,918		134,027
Cactus, Inc., Class A		2,528		96,393
Civitas Resources, Inc.		2,260		110,672
CONSOL Energy, Inc. (a)		3,033		68,879
Core Laboratories NV		3,383		75,475
Renewable Energy Group, Inc. (a)		1,505		63,872
Transocean Ltd. (a)(c)		15,800		43,608
Whiting Petroleum Corp. (a)		2,049		132,529
World Fuel Services Corp. (b)		3,475		91,983
				919,703
Health Care (8.7%):
Addus HomeCare Corp. (a)		1,501		140,358
Amneal Pharmaceuticals, Inc. (a)		15,629		74,863
Amphastar Pharmaceuticals, Inc. (a)(c)		10,231		238,280
Antares Pharma, Inc. (a)		31,189		111,345
Atrion Corp.		263		185,389
Avanos Medical, Inc. (a)		4,586		158,997

Security Description	Shares		Value
Avid Bioservices, Inc. (a)		3,612	$	105,398
BioLife Solutions, Inc. (a)		1,485		55,346
Cara Therapeutics, Inc. (a)		4,362		53,129
Collegium Pharmaceutical, Inc. (a)		4,989		93,194
Community Health Systems, Inc. (a)		5,739		76,386
Corcept Therapeutics, Inc. (a)		8,179		161,944
CorVel Corp. (a)		1,201		249,808
Cross Country Healthcare, Inc. (a)		4,218		117,092
Cutera, Inc. (a)		1,794		74,128
Eagle Pharmaceuticals, Inc. (a)		2,392		121,801
Fulgent Genetics, Inc. (a)		542		54,520
Hanger, Inc. (a)		6,392		115,887
HealthStream, Inc. (a)		6,572		173,238
Innoviva, Inc. (a)		9,966		171,913
Ironwood Pharmaceuticals, Inc. (a)		11,518		134,300
LeMaitre Vascular, Inc.		2,637		132,456
Lexicon Pharmaceuticals, Inc. (a)		7,614		29,999
Ligand Pharmaceuticals, Inc. (a)		621		95,920
Meridian Bioscience, Inc. (a)		4,009		81,784
Mesa Laboratories, Inc.		877		287,735
ModivCare, Inc. (a)		601		89,122
National HealthCare Corp. (b)		2,205		149,808
National Research Corp.		3,132		130,041
Natus Medical, Inc. (a)		5,017		119,053
NextGen Healthcare, Inc. (a)		8,843		157,317
OPKO Health, Inc. (a)(c)		23,418		112,641
OptimizeRx Corp. (a)		1,159		71,985
OraSure Technologies, Inc. (a)		9,275		80,600
Organogenesis Holdings, Inc. (a)		3,998		36,942
Owens & Minor, Inc.		1,813		78,865
Pacira BioSciences, Inc. (a)		2,486		149,583
Patterson Cos., Inc. (b)		4,940		144,989
Phibro Animal Health Corp., Class A		6,302		128,687
Prestige Consumer Healthcare, Inc. (a)		3,548		215,186
RadNet, Inc. (a)		3,138		94,485
Sage Therapeutics, Inc. (a)		2,021		85,973
Simulations Plus, Inc.		2,294		108,506
Supernus Pharmaceuticals, Inc. (a)		4,175		121,743
Surmodics, Inc. (a)		2,388		114,982
Tactile Systems Technology, Inc. (a)		2,669		50,791
The Joint Corp. (a)		887		58,267
The Pennant Group, Inc. (a)		3,234		74,641
U.S. Physical Therapy, Inc.		997		95,263
uniQure NV (a)		3,358		69,645
Vanda Pharmaceuticals, Inc. (a)		6,727		105,547
Vericel Corp. (a)		1,581		62,133
Xencor, Inc. (a)		3,567		143,108
				6,145,113

Security Description	Shares		Value
Industrials (21.7%):
AAR Corp. (a)		4,055	$	158,267
ACCO Brands Corp.		15,202		125,568
AeroVironment, Inc. (a)		882		54,710
Air Transport Services Group, Inc. (a)		5,646		165,879
Alamo Group, Inc.		1,203		177,058
Albany International Corp.		2,004		177,254
American Woodmark Corp. (a)		1,877		122,380
Apogee Enterprises, Inc.		3,118		150,132
ArcBest Corp.		1,601		191,880
Arcosa, Inc.		2,560		134,912
Argan, Inc.		4,120		159,403
Astec Industries, Inc.		2,059		142,627
Atlas Air Worldwide Holdings, Inc. (a)		2,110		198,593
AZZ, Inc.		3,302		182,568
Babcock & Wilcox Enterprises, Inc. (a)		9,374		84,553
Barnes Group, Inc.		3,379		157,428
Boise Cascade Co.		1,971		140,335
Brady Corp., Class A		3,903		210,372
BrightView Holdings, Inc. (a)		9,695		136,506
CBIZ, Inc. (a)		6,910		270,319
Columbus McKinnon Corp.		3,411		157,793
Comfort Systems USA, Inc.		2,088		206,587
Construction Partners, Inc., Class A (a)		3,598		105,817
Cornerstone Building Brands, Inc. (a)		5,576		97,245
CRA International, Inc.		1,450		135,372
CSW Industrials, Inc.		1,338		161,711
Deluxe Corp.		3,339		107,215
Douglas Dynamics, Inc.		3,899		152,295
Ducommun, Inc. (a)		2,496		116,738
Dycom Industries, Inc. (a)		1,251		117,294
Eagle Bulk Shipping, Inc.		1,614		73,437
Encore Wire Corp.		1,969		281,764
Energy Recovery, Inc. (a)		5,304		113,983
Enerpac Tool Group Corp.		6,027		122,228
EnPro Industries, Inc.		1,945		214,086
ESCO Technologies, Inc.		2,112		190,059
Federal Signal Corp.		4,555		197,414
Forrester Research, Inc. (a)		3,420		200,857
Forward Air Corp.		2,038		246,781
Franklin Covey Co. (a)		3,314		153,637
Gibraltar Industries, Inc. (a)		1,746		116,423
Global Industrial Co.		3,090		126,381
GMS, Inc. (a)		2,553		153,461
GrafTech International Ltd.		9,942		117,614
Great Lakes Dredge & Dock Corp. (a)		10,359		162,843
Griffon Corp.		5,728		163,133
H&E Equipment Services, Inc.		3,299		146,047
Healthcare Services Group		5,304		94,358
Heartland Express, Inc.		14,491		243,739

Security Description	Shares		Value
Heidrick & Struggles International, Inc.		3,664	$	160,227
Helios Technologies, Inc.		2,094		220,226
Heritage-Crystal Clean, Inc. (a)		4,439		142,137
HNI Corp.		3,964		166,686
Hub Group, Inc., Class A (a)		2,450		206,388
Huron Consulting Group, Inc. (a)		2,863		142,864
Hyster-Yale Materials Handling, Inc.		1,867		76,734
ICF International, Inc.		2,149		220,380
IES Holdings, Inc. (a)		2,670		135,209
Insteel Industries, Inc.		3,348		133,284
Interface, Inc.		8,564		136,596
JELD-WEN Holding, Inc. (a)		4,304		113,453
Kadant, Inc.		837		192,912
KAR Auction Services, Inc. (a)		6,625		103,482
Kelly Services, Inc., Class A		7,321		122,773
Kforce, Inc.		2,950		221,899
Lindsay Corp.		1,049		159,448
Marten Transport Ltd.		11,728		201,252
Matthews International Corp., Class A		4,418		162,008
McGrath RentCorp		2,532		203,218
Mercury Systems, Inc. (a)		2,456		135,227
Meritor, Inc. (a)		5,307		131,507
Moog, Inc., Class A		2,167		175,462
Mueller Industries, Inc.		3,790		224,974
Mueller Water Products, Inc., Class A		12,231		176,126
MYR Group, Inc. (a)		1,254		138,630
NV5 Global, Inc. (a)		1,239		171,131
Omega Flex, Inc.		733		93,054
PAE, Inc. (a)		18,717		185,860
PGT Innovations, Inc. (a)		6,451		145,083
Pitney Bowes, Inc.		5,688		37,711
Primoris Services Corp.		4,713		113,018
Proto Labs, Inc. (a)		1,185		60,850
Quanex Building Products Corp.		6,674		165,382
REV Group, Inc.		5,031		71,189
Romeo Power, Inc. (a)(c)		8,637		31,525
Rush Enterprises, Inc., Class B		3,893		216,607
SkyWest, Inc. (a)		2,474		97,228
SPX Corp. (a)		2,697		160,957
Standex International Corp.		1,693		187,347
Steelcase, Inc., Class A		10,026		117,505
Sterling Construction Co., Inc. (a)		4,067		106,962
Tennant Co.		2,847		230,721
The Gorman-Rupp Co.		4,740		211,167
The Greenbrier Cos., Inc.		2,854		130,970
The Manitowoc Co., Inc. (a)		3,678		68,374
The Shyft Group, Inc.		2,707		132,995
Titan Machinery, Inc. (a)		3,170		106,797
TPI Composites, Inc. (a)		1,916		28,663
TrueBlue, Inc. (a)		4,262		117,930

Security Description	Shares		Value
Tutor Perini Corp. (a)		6,709	$	82,990
Veritiv Corp. (a)		714		87,515
VSE Corp.		2,782		169,535
Wabash National Corp.		9,009		175,856
				15,325,080
Information Technology (10.4%):
A10 Networks, Inc.		7,769		128,810
ACM Research, Inc., Class A (a)		662		56,449
ADTRAN, Inc.		5,157		117,734
Alpha & Omega Semiconductor Ltd. (a)		2,816		170,537
American Software, Inc., Class A		3,688		96,515
Avaya Holdings Corp. (a)		5,106		101,099
Avid Technology, Inc. (a)		2,810		91,522
Axcelis Technologies, Inc. (a)		1,695		126,379
Belden, Inc.		2,169		142,568
Benchmark Electronics, Inc.		6,497		176,069
Calix, Inc. (a)		1,801		144,026
Cambium Networks Corp. (a)		1,859		47,646
Cass Information Systems, Inc.		4,553		179,024
ChannelAdvisor Corp. (a)		4,208		103,853
Clearfield, Inc. (a)		1,750		147,735
Cohu, Inc. (a)		2,450		93,321
CSG Systems International, Inc.		5,153		296,916
CTS Corp.		4,203		154,334
Digi International, Inc. (a)		5,270		129,484
Ebix, Inc.		2,075		63,080
EchoStar Corp., Class A (a)		4,511		118,865
ePlus, Inc. (a)		3,074		165,627
Extreme Networks, Inc. (a)		9,252		145,256
FARO Technologies, Inc. (a)		2,022		141,581
Ichor Holdings Ltd. (a)		1,909		87,871
InterDigital, Inc.		2,382		170,623
Kimball Electronics, Inc. (a)		4,456		96,963
Knowles Corp. (a)		11,861		276,954
Methode Electronics, Inc.		3,632		178,586
Mitek Systems, Inc. (a)		4,653		82,591
Napco Security Technologies, Inc. (a)		3,561		177,979
NETGEAR, Inc. (a)		3,610		105,448
NetScout Systems, Inc. (a)		7,012		231,957
OSI Systems, Inc. (a)		2,622		244,370
PC Connection, Inc.		3,316		143,019
Photronics, Inc. (a)		9,450		178,133
Plexus Corp. (a)		2,100		201,369
Progress Software Corp.		3,959		191,101
Ribbon Communications, Inc. (a)		14,855		89,873
Sanmina Corp. (a)		5,059		209,746
ScanSource, Inc. (a)		3,275		114,887
SMART Global Holdings, Inc. (a)		2,083		147,872
SolarWinds Corp.		5,838		82,841
Super Micro Computer, Inc. (a)		4,476		196,720

Security Description	Shares		Value
TTM Technologies, Inc. (a)		28,757	$	428,479
Ultra Clean Holdings, Inc. (a)		1,765		101,240
Veeco Instruments, Inc. (a)		5,924		168,656
Verra Mobility Corp. (a)		8,968		138,376
Xperi Holding Corp.		7,431		140,520
				7,324,604
Insurance (2.8%):
American Equity Investment Life Holding Co.		5,437		211,608
AMERISAFE, Inc.		4,000		215,320
Argo Group International Holdings Ltd.		3,440		199,898
eHealth, Inc. (a)		2,058		52,479
Employers Holdings, Inc.		4,831		199,907
Genworth Financial, Inc. (a)		22,485		91,064
HCI Group, Inc.		929		77,609
Horace Mann Educators Corp.		5,238		202,711
Palomar Holdings, Inc. (a)		1,210		78,372
Safety Insurance Group, Inc. (b)		2,704		229,921
Selectquote, Inc. (a)		6,762		61,264
SiriusPoint Ltd. (a)		18,275		148,576
Stewart Information Services Corp.		2,861		228,107
				1,996,836
IT Services (0.1%):
Everi Holdings, Inc. (a)		4,665		99,598
Machinery (0.1%):
DMC Global, Inc. (a)		2,251		89,162
Materials (4.1%):
AdvanSix, Inc.		3,101		146,522
Chase Corp.		1,533		152,625
Coeur Mining, Inc. (a)		9,550		48,132
GCP Applied Technologies, Inc. (a)		6,774		214,465
Glatfelter Corp.		9,791		168,405
Hawkins, Inc.		3,377		133,223
Innospec, Inc.		1,897		171,375
Koppers Holdings, Inc. (a)		4,034		126,264
Kronos Worldwide, Inc.		12,228		183,542
Materion Corp.		2,164		198,958
Minerals Technologies, Inc.		2,130		155,810
Myers Industries, Inc.		6,967		139,410
O-I Glass, Inc. (a)		7,575		91,127
Orion Engineered Carbons SA (a)		7,220		132,559
Ryerson Holding Corp.		3,180		82,839
Schnitzer Steel Industries, Inc.		2,085		108,253
Schweitzer-Mauduit International, Inc.		3,913		116,999
Stepan Co.		1,834		227,948
TimkenSteel Corp. (a)		4,717		77,831
Trinseo PLC (a)		2,337		122,599
Worthington Industries, Inc.		2,232		122,001
				2,920,887

Security Description	Shares		Value
Real Estate (1.6%):
Douglas Elliman, Inc. (a)		4,734	$	54,441
Forestar Group, Inc. (a)		8,560		186,180
Marcus & Millichap, Inc. (a)		5,093		262,086
Newmark Group, Inc., Class A		8,702		162,727
RE/MAX Holdings, Inc.		4,713		143,699
Realogy Holdings Corp. (a)		5,310		89,261
The RMR Group, Inc., Class A		3,258		112,988
The St. Joe Co.		2,597		135,174
				1,146,556
Thrifts & Mortgage Finance (4.1%):
Axos Financial, Inc. (a)		3,221		180,086
Capitol Federal Financial, Inc.		19,688		223,065
Columbia Financial, Inc. (a)(b)		13,589		283,467
Federal Agricultural Mortgage Corp., Class C		1,758		217,869
Kearny Financial Corp.		14,664		194,298
Merchants Bancorp		3,713		175,736
Meta Financial Group, Inc.		3,005		179,278
NMI Holdings, Inc., Class A (a)		6,271		137,021
Northfield Bancorp, Inc.		12,529		202,469
Northwest Bancshares, Inc. (b)		16,479		233,343
OceanFirst Financial Corp.		7,572		168,098
Premier Financial Corp.		4,984		154,056
Provident Financial Services, Inc.		7,511		181,916
Washington Federal, Inc.		5,522		184,324
WSFS Financial Corp.		3,141		157,427
				2,872,453
Utilities (3.0%):
Avista Corp.		5,359		227,704
Chesapeake Utilities Corp.		1,789		260,854
MGE Energy, Inc.		3,124		256,949
Middlesex Water Co.		1,372		165,052
Northwest Natural Holding Co.		3,222		157,169
Otter Tail Corp. (b)		4,429		316,319
SJW Group		3,276		239,803
South Jersey Industries, Inc.		5,409		141,283
The York Water Co.		3,888		193,545
Unitil Corp. (b)		3,476		159,861
				2,118,539
Total Common Stocks (Cost $58,981,440)				70,395,087
Investment Companies (0.3%)
BlackRock Liquidity Funds T-Fund, Institutional Shares, 0.01% (e)		225,408		225,408
Total Investment Companies (Cost $225,408)				225,408

Security Description	Shares		Value
Collateral for Securities Loaned^ (1.2%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (e)		19,182	$	19,182
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (e)		376,734		376,734
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (e)		9,573		9,573
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (e)		76,330		76,330
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (e)		343,193		343,193
Total Collateral for Securities Loaned (Cost $825,012)				825,012
Total Investments (Cost $60,031,860) — 101.1%				71,445,507
Liabilities in excess of other assets — (1.1)%				(773,588	)
NET ASSETS — 100.00%			$	70,671,919

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security has been segregated as collateral for derivative instruments.

(d) Affiliated security. (See Note 8 in the Notes to Financial Statements)

(e) Rate disclosed is the daily yield on December 31, 2021.

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini Russell 2000 Index Futures		2	3/18/22	$	213,193	$	224,280	$	11,087
Total unrealized appreciation								$	11,087
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	11,087

Security Description	Shares		Value
Common Stocks (99.3%)
Australia (4.7%):
Communication Services (0.5%):
REA Group Ltd.		654	$	79,750
Telstra Corp. Ltd.		39,188		119,152
				198,902
Consumer Discretionary (0.2%):
Aristocrat Leisure Ltd.		2,469		78,250
Consumer Staples (0.5%):
Coles Group Ltd.		7,619		99,424
Woolworths Group Ltd.		3,505		96,908
				196,332
Energy (0.2%):
Woodside Petroleum Ltd.		4,855		77,446
Financials (1.8%):
ASX Ltd.		1,870		126,366
Australia & New Zealand Banking Group Ltd.		5,432		108,699
Commonwealth Bank of Australia		1,416		104,030
Macquarie Group Ltd.		793		118,481
National Australia Bank Ltd.		5,853		122,785
Suncorp Group Ltd.		9,239		74,395
Westpac Banking Corp.		5,876		91,254
				746,010
Health Care (0.5%):
CSL Ltd.		408		86,280
Sonic Healthcare Ltd.		3,231		109,591
				195,871
Industrials (0.2%):
Brambles Ltd.		14,378		111,174
Materials (0.8%):
BHP Group Ltd. (a)		1,996		60,254
Fortescue Metals Group Ltd.		3,270		45,693
Newcrest Mining Ltd.		3,858		68,698
Rio Tinto Ltd.		766		55,780
Wesfarmers Ltd.		2,560		110,425
				340,850
				1,944,835
Austria (0.5%):
Energy (0.2%):
OMV AG		1,250		71,079
Financials (0.2%):
Erste Group Bank AG		2,101		98,900

Security Description	Shares		Value
Utilities (0.1%):
Verbund AG		498	$	56,068
				226,047
Belgium (1.5%):
Consumer Staples (0.2%):
Anheuser-Busch InBev SA (a)		1,288		77,961
Financials (0.8%):
Groupe Bruxelles Lambert SA		1,148		128,283
KBC Group NV		855		73,447
Sofina SA		211		103,767
				305,497
Health Care (0.2%):
UCB SA		792		90,476
Materials (0.3%):
Solvay SA, Class A		733		85,280
Umicore SA		1,032		42,000
				127,280
				601,214
Canada (12.8%):
Communication Services (1.1%):
BCE, Inc. (a)(b)		3,345		174,047
Rogers Communications, Inc., Class B		2,028		96,574
TELUS Corp. (a)(b)		7,115		167,580
				438,201
Consumer Discretionary (0.5%):
Dollarama, Inc.		2,366		118,431
Restaurant Brands International, Inc.		1,455		88,234
				206,665
Consumer Staples (1.3%):
Alimentation Couche-Tard, Inc.		2,011		84,269
George Weston Ltd.		1,089		126,275
Loblaw Cos. Ltd. (a)		1,883		154,296
Metro, Inc. (a)		3,016		160,529
				525,369
Energy (0.9%):
Canadian Natural Resources Ltd.		1,777		75,096
Enbridge, Inc.		3,030		118,368
Suncor Energy, Inc.		2,959		74,045
TC Energy Corp.		2,098		97,585
				365,094
Financials (4.5%):
Bank of Montreal		1,330		143,211
Brookfield Asset Management, Inc., Class A		1,570		94,823
Canadian Imperial Bank of Commerce		1,458		169,973

Security Description	Shares		Value
Fairfax Financial Holdings Ltd.		204	$	100,361
Great-West Lifeco, Inc.		5,227		156,876
Intact Financial Corp.		970		126,097
Manulife Financial Corp.		5,431		103,527
National Bank of Canada (a)		1,910		145,636
Power Corp. of Canada		4,285		141,614
Royal Bank of Canada		1,776		188,511
Sun Life Financial, Inc.		2,645		147,244
The Bank of Nova Scotia		2,522		178,562
The Toronto-Dominion Bank		2,331		178,732
				1,875,167
Industrials (1.2%):
Canadian National Railway Co.		769		94,471
Canadian Pacific Railway Ltd. (a)		1,186		85,312
Thomson Reuters Corp.		810		96,876
Waste Connections, Inc.		1,069		145,711
WSP Global, Inc.		583		84,643
				507,013
Information Technology (0.8%):
CGI, Inc. (c)		1,242		109,834
Constellation Software, Inc.		50		92,779
Open Text Corp.		2,097		99,545
Shopify, Inc., Class A (c)		26		35,803
				337,961
Materials (1.0%):
Aginco Eagle Mines Ltd. (a)		1,069		56,788
Barrick Gold Corp.		3,229		61,399
First Quantum Minerals Ltd.		1,680		40,207
Franco-Nevada Corp.		533		73,722
Nutrien Ltd.		1,277		95,997
Teck Resources Ltd., Class B		1,808		52,076
Wheaton Precious Metals Corp.		1,258		53,988
				434,177
Utilities (1.5%):
Emera, Inc.		4,291		214,482
Fortis, Inc. (a)		4,341		209,465
Hydro One Ltd. (d)		7,014		182,504
				606,451
				5,296,098
Denmark (2.4%):
Consumer Discretionary (0.1%):
Pandora A/S		473		59,053
Consumer Staples (0.3%):
Carlsberg A/S, Class B		589		101,861

Security Description	Shares		Value
Financials (0.4%):
Danske Bank A/S		4,253	$	73,551
Tryg A/S		3,958		97,871
				171,422
Health Care (0.7%):
Coloplast A/S, Class B		458		80,714
Demant A/S (c)		1,008		51,718
Genmab A/S (c)		152		61,207
Novo Nordisk A/S, Class B		879		98,920
				292,559
Industrials (0.4%):
AP Moller — Maersk A/S, Class B		20		71,809
DSV A/S		320		74,841
Vestas Wind Systems A/S (a)		1,036		31,725
				178,375
Materials (0.4%):
Christian Hansen Holding A/S		872		68,812
Novozymes A/S, B Shares		1,121		92,204
				161,016
Utilities (0.1%):
Orsted A/S (d)		321		41,049
				1,005,335
Finland (1.6%):
Consumer Staples (0.2%):
Kesko Oyj, Class B		2,135		71,310
Energy (0.1%):
Neste Oyj		1,061		52,372
Financials (0.5%):
Nordea Bank Abp		8,295		101,472
Sampo Oyj, A Shares		2,125		106,585
				208,057
Industrials (0.2%):
Kone Oyj, Class B		1,168		83,821
Materials (0.4%):
Stora Enso Oyj, Class R		3,748		68,865
UPM-Kymmene Oyj		2,233		85,056
				153,921
Utilities (0.2%):
Fortum Oyj		3,067		94,234
				663,715

Security Description	Shares		Value
France (9.0%):
Communication Services (0.5%):
Orange SA		10,196	$	109,257
Publicis Groupe SA		1,271		85,657
Vivendi SE		1,800		24,364
				219,278
Consumer Discretionary (0.9%):
Cie Generale des Etablissements Michelin SCA		586		96,163
Hermes International		68		118,903
Kering SA		88		70,816
LVMH Moet Hennessy Louis Vuitton SE		113		93,520
				379,402
Consumer Staples (1.0%):
Carrefour SA		3,488		63,949
Danone SA		1,313		81,596
L'Oreal SA		246		116,765
Pernod Ricard SA		575		138,443
				400,753
Energy (0.4%):
Bollore SA		13,475		75,472
TotalEnergies SE		1,906		96,837
				172,309
Financials (1.2%):
Amundi SA (d)		1,019		84,160
AXA SA		3,374		100,575
BNP Paribas SA		1,109		76,721
CNP Assurances		3,969		98,273
Credit Agricole SA		5,188		74,120
Societe Generale SA		1,889		64,953
				498,802
Health Care (0.6%):
BioMerieux		580		82,468
Sanofi		1,150		115,965
Sartorius Stedim Biotech		112		61,506
				259,939
Industrials (2.4%):
Airbus SE (c)		444		56,792
Alstom SA		1,544		54,875
Bouygues SA		2,256		80,873
Bureau Veritas SA		4,350		144,500
Cie de Saint-Gobain		1,109		78,109
Legrand SA		981		114,915
Safran SA		529		64,834
Schneider Electric SE		549		107,784
Teleperformance		226		100,853

Security Description	Shares		Value
Thales SA		979	$	83,364
Vinci SA		787		83,239
				970,138
Information Technology (0.8%):
Capgemini SE		445		109,169
Dassault Systemes SE		1,750		104,211
Edenred		1,509		69,693
Worldline SA (c)		793		44,244
				327,317
Materials (0.6%):
Air Liquide SA		733		127,937
EssilorLuxottica SA		509		108,495
				236,432
Utilities (0.6%):
Electricite de France SA		3,985		46,862
Engie SA		6,688		99,083
Veolia Environnement SA		2,412		88,580
				234,525
				3,698,895
Germany (6.6%):
Communication Services (0.2%):
Deutsche Telekom AG		5,110		94,820
Consumer Discretionary (1.0%):
adidas AG		184		53,036
Bayerische Motoren Werke AG		765		77,064
Continental AG (c)		497		52,680
Daimler AG		839		64,556
HelloFresh SE (c)		403		30,986
Puma SE		676		82,727
Zalando SE (c)(d)		525		42,517
				403,566
Consumer Staples (0.2%):
Beiersdorf AG		914		94,040
Financials (1.1%):
Allianz SE, Registered Shares		391		92,427
Deutsche Bank AG, Registered Shares (c)		4,703		58,989
Deutsche Boerse AG		631		105,666
Hannover Rueck SE		541		102,943
Muenchener Rueckversicherungs-Gesellschaft AG, Class R		290		86,000
				446,025
Health Care (0.8%):
Carl Zeiss Meditec AG		409		86,067
Fresenius Medical Care AG & Co. KGaA		1,125		73,179

Security Description	Shares		Value
Fresenius SE & Co. KGaA		1,730	$	69,718
Merck KGaA		364		94,063
				323,027
Industrials (1.2%):
Brenntag SE		1,095		99,200
Daimler Truck Holding AG (c)		419		15,402
Deutsche Post AG, Registered Shares		1,191		76,659
KION Group AG		691		75,894
Knorr-Bremse AG		634		62,719
MTU Aero Engines AG		263		53,712
Rational AG		46		47,150
Siemens AG, Registered Shares		450		78,215
				508,951
Information Technology (0.4%):
Infineon Technologies AG		1,369		63,523
SAP SE		648		92,136
				155,659
Materials (1.0%):
BASF SE		1,199		84,326
Covestro AG (d)		1,057		65,218
Evonik Industries AG		3,392		109,935
HeidelbergCement AG		892		60,439
Symrise AG		788		116,886
				436,804
Real Estate (0.2%):
Vonovia SE		1,448		79,947
Utilities (0.5%):
E.ON SE		8,349		115,878
RWE AG		1,960		79,701
				195,579
				2,738,418
Hong Kong (3.2%):
Consumer Staples (0.1%):
WH Group Ltd. (d)		60,459		37,916
Financials (0.5%):
AIA Group Ltd.		4,982		50,221
Hang Seng Bank Ltd.		6,012		110,027
Hong Kong Exchanges and Clearing Ltd.		877		51,221
				211,469
Health Care (0.1%):
Sino Biopharmaceutical Ltd.		60,749		42,539
Industrials (0.5%):
CK Hutchison Holdings Ltd.		11,077		71,457
Jardine Matheson Holdings Ltd.		1,200		66,012
SITC International Holdings Co. Ltd.		8,000		28,933

Security Description	Shares		Value
Techtronic Industries Co. Ltd.		2,014	$	40,087
Xinyi Glass Holdings Ltd.		8,239		20,605
				227,094
Real Estate (0.8%):
CK Asset Holdings Ltd.		12,069		76,077
Henderson Land Development Co. Ltd.		21,711		92,443
New World Development Co. Ltd.		19,031		75,296
Sun Hung Kai Properties Ltd.		6,535		79,285
				323,101
Utilities (1.2%):
China Common Rich Renewable Energy Investments Ltd. (c)(e)(f)		26,000		667
CK Infrastructure Holdings Ltd.		15,992		101,830
CLP Holdings Ltd.		15,330		154,828
Hong Kong and China Gas Co. Ltd.		71,268		110,961
Power Assets Holdings Ltd. (b)		19,122		119,186
				487,472
				1,329,591
Ireland (0.9%):
Consumer Staples (0.2%):
Kerry Group PLC		667		85,992
Industrials (0.3%):
Experian PLC		1,874		92,111
Kingspan Group PLC		448		53,550
				145,661
Materials (0.4%):
CRH PLC		1,417		75,042
Smurfit Kappa Group PLC		1,419		78,249
				153,291
				384,944
Israel (0.5%):
Financials (0.3%):
Bank Leumi Le-Israel BM		12,209		131,480
Information Technology (0.2%):
Nice Ltd. (c)		244		74,761
				206,241
Italy (2.7%):
Consumer Discretionary (0.2%):
Moncler SpA		1,166		84,978
Financials (0.9%):
Assicurazioni Generali SpA		5,489		116,412
Intesa Sanpaolo SpA		33,287		86,170
Poste Italiane SpA (d)		6,636		87,178
UniCredit SpA		5,004		77,154
				366,914

Security Description	Shares		Value
Health Care (0.5%):
Amplifon SpA (a)		1,239	$	66,927
DiaSorin SpA		280		53,375
Recordati Industria Chimica e Farmaceutica SpA		1,453		93,456
				213,758
Industrials (0.2%):
Atlantia SpA (c)		3,857		76,641
Information Technology (0.1%):
Nexi SpA (c)(d)		3,400		54,149
Utilities (0.8%):
Enel SpA		9,580		76,842
Snam SpA		20,935		126,311
Terna — Rete Elettrica Nazionale		13,727		111,169
				314,322
				1,110,762
Japan (17.7%):
Communication Services (1.3%):
KDDI Corp.		3,208		93,777
Nexon Co. Ltd.		2,800		54,145
Nintendo Co. Ltd. (b)		100		46,648
Nippon Telegraph & Telephone Corp.		3,828		104,845
Softbank Corp.		10,400		131,526
SoftBank Group Corp.		1,000		47,248
Z Holdings Corp.		8,330		48,339
				526,528
Consumer Discretionary (2.5%):
Bandai Namco Holdings, Inc.		900		70,382
Bridgestone Corp.		1,600		68,850
Denso Corp.		800		66,283
Fast Retailing Co. Ltd.		100		56,786
Honda Motor Co. Ltd.		2,300		64,594
Nitori Holdings Co. Ltd.		430		64,401
Pan Pacific International Holdings Corp.		3,600		49,676
Panasonic Corp.		5,500		60,495
Sekisui House Ltd.		4,272		91,710
Shimano, Inc.		240		63,980
Sony Group Corp.		600		75,515
Subaru Corp.		3,800		67,964
Suzuki Motor Corp.		1,400		53,914
Toyota Industries Corp.		808		64,564
Toyota Motor Corp.		4,720		86,410
ZOZO, Inc.		1,300		40,579
				1,046,103
Consumer Staples (1.5%):
Asahi Group Holdings Ltd.		1,560		60,685
Japan Tobacco, Inc.		5,444		109,936

Security Description	Shares		Value
Kao Corp.		1,518	$	79,444
Kikkoman Corp.		800		67,264
Kirin Holdings Co. Ltd.		5,600		89,933
Seven & i Holdings Co. Ltd.		1,600		70,338
Suntory Beverage & Food Ltd.		1,800		65,107
Unicharm Corp.		1,694		73,631
				616,338
Energy (0.4%):
Ajinomoto Co., Inc.		2,700		82,096
ENEOS Holdings, Inc.		20,100		75,203
				157,299
Financials (2.5%):
Dai-ichi Life Holdings, Inc.		3,188		64,461
Japan Exchange Group, Inc.		2,600		56,924
Japan Post Bank Co. Ltd.		9,912		90,924
Japan Post Holdings Co. Ltd.		9,800		76,416
Mitsubishi UFJ Financial Group, Inc.		14,800		80,415
Mizuho Financial Group, Inc.		6,700		85,228
MS&AD Insurance Group Holdings, Inc.		2,900		89,489
Nomura Holdings, Inc.		12,800		55,837
ORIX Corp.		3,668		74,868
Sompo Holdings, Inc.		2,100		88,722
Sumitomo Mitsui Financial Group, Inc.		2,384		81,733
Sumitomo Mitsui Trust Holdings, Inc.		2,600		86,878
Tokio Marine Holdings, Inc.		1,800		100,040
				1,031,935
Health Care (2.2%):
Astellas Pharma, Inc.		4,452		72,406
Chugai Pharmaceutical Co. Ltd.		1,790		58,131
Daiichi Sankyo Co. Ltd.		2,600		66,125
Eisai Co. Ltd.		554		31,460
Hoya Corp.		418		62,186
Kyowa Kirin Co. Ltd.		2,100		57,243
M3, Inc.		800		40,296
Olympus Corp.		2,700		62,200
Ono Pharmaceutical Co. Ltd.		3,284		81,550
Otsuka Holdings Co. Ltd.		2,000		72,498
Shionogi & Co. Ltd.		1,228		86,753
Sysmex Corp.		474		64,087
Takeda Pharmaceutical Co. Ltd.		3,000		81,828
Terumo Corp.		1,700		71,837
				908,600
Industrials (3.0%):
Daikin Industries Ltd.		266		60,342
FANUC Corp.		230		48,756
Hitachi Ltd.		1,100		59,586
ITOCHU Corp.		3,100		94,825
Komatsu Ltd.		2,788		65,294

Security Description	Shares		Value
Kubota Corp.		3,204	$	71,136
Makita Corp.		1,200		50,949
Marubeni Corp.		7,700		74,951
Mitsubishi Corp.		2,892		91,832
Mitsubishi Electric Corp.		5,552		70,408
Mitsui & Co. Ltd. (a)		2,986		70,710
Nidec Corp.		554		65,125
Nippon Yusen KK		500		38,084
Recruit Holdings Co. Ltd.		920		55,771
Secom Co. Ltd.		1,210		84,019
SG Holdings Co. Ltd.		2,400		56,197
SMC Corp.		114		76,909
Toshiba Corp.		1,100		45,239
Toyota Tsusho Corp.		1,300		59,908
				1,240,041
Information Technology (3.0%):
Advantest Corp.		600		56,865
Canon, Inc. (a)		2,614		63,662
FUJIFILM Holdings Corp.		960		71,167
Fujitsu Ltd.		400		68,620
Keyence Corp.		128		80,444
Kyocera Corp.		1,300		81,237
Lasertec Corp.		200		61,369
Murata Manufacturing Co. Ltd.		802		63,855
NEC Corp.		1,100		50,787
Nomura Research Institute Ltd.		1,674		71,830
NTT Data Corp.		3,808		81,650
Obic Co. Ltd.		400		75,124
Omron Corp.		800		79,715
Renesas Electronics Corp. (c)		4,300		53,203
TDK Corp.		1,900		74,176
Shimadzu Corp.		1,600		67,542
Tokyo Electron Ltd.		126		72,613
Yaskawa Electric Corp.		1,200		58,847
				1,232,706
Materials (0.7%):
Asahi Kasei Corp.		6,800		63,914
Mitsubishi Chemical Holdings Corp.		7,900		58,524
Nippon Paint Holdings Co. Ltd.		3,590		39,143
Nippon Steel Corp.		2,100		34,300
Shin-Etsu Chemical Co. Ltd.		470		81,405
				277,286
Real Estate (0.6%):
Daiwa House Industry Co. Ltd.		2,500		71,907
Mitsubishi Estate Co. Ltd.		5,452		75,587

Security Description	Shares		Value
Mitsui Fudosan Co. Ltd.		2,978	$	58,998
Sumitomo Realty & Development Co. Ltd.		1,900		55,888
				262,380
				7,299,216
Korea, Republic Of (3.1%):
Communication Services (0.4%):
Kakao Corp.		403		38,143
NAVER Corp.		156		49,677
NCSoft Corp.		86		46,524
SK Telecom Co. Ltd.		756		36,827
				171,171
Consumer Discretionary (0.4%):
Hyundai Mobis Co. Ltd.		189		40,468
Hyundai Motor Co.		266		46,773
Kia Corp.		584		40,388
LG Electronics, Inc.		265		30,767
				158,396
Consumer Staples (0.2%):
Amorepacific Corp.		308		43,275
LG Household & Health Care Ltd.		59		54,453
				97,728
Financials (0.4%):
KB Financial Group, Inc.		1,369		63,348
Samsung Life Insurance Co. Ltd.		1,083		58,405
Shinhan Financial Group Co. Ltd.		2,263		70,064
				191,817
Health Care (0.3%):
Celltrion Healthcare Co. Ltd.		402		27,116
Celltrion, Inc.		177		29,565
Samsung Biologics Co. Ltd. (c)(d)		72		54,700
				111,381
Industrials (0.4%):
HMM Co. Ltd. (c)		825		18,671
LG Corp.		543		36,958
Samsung C&T Corp.		534		53,463
SK, Inc.		215		45,402
				154,494
Information Technology (0.7%):
Samsung Electro-Mechanics Co. Ltd.		369		61,314
Samsung Electronics Co. Ltd.		1,269		83,596
Samsung SDI Co. Ltd.		78		42,983
SK Hynix, Inc.		566		62,381
SK Square Co. Ltd. (c)		488		27,262
				277,536

Security Description	Shares		Value
Materials (0.2%):
LG Chem Ltd.		71	$	36,736
POSCO		184		42,494
				79,230
Utilities (0.1%):
Korea Electric Power Corp.		3,062		56,933
				1,298,686
Luxembourg (0.6%):
Energy (0.1%):
Tenaris SA		5,257		55,117
Health Care (0.2%):
Eurofins Scientific SE (d)		540		66,883
Materials (0.1%):
ArcelorMittal SA		1,469		47,067
Real Estate (0.2%):
Aroundtown SA (a)		10,356		62,719
				231,786
Netherlands (4.0%):
Communication Services (0.3%):
Koninklijke KPN NV		27,188		84,495
Universal Music Group NV		1,800		50,777
				135,272
Consumer Discretionary (0.1%):
Prosus NV		574		48,047
Consumer Staples (1.0%):
Davide Campari-Milano NV		7,631		111,672
Heineken Holding NV		1,065		98,385
Heineken NV		869		97,799
Koninklijke Ahold Delhaize NV		3,308		113,483
				421,339
Financials (0.8%):
ABN AMRO Bank NV (d)		4,095		60,211
Euronext NV (d)		765		79,467
ING Groep NV		4,605		64,176
NN Group NV		1,908		103,412
				307,266
Health Care (0.2%):
Koninklijke Philips NV		2,005		74,786
Industrials (0.5%):
Randstad NV		1,255		85,778
Wolters Kluwer NV		1,045		123,245
				209,023

Security Description	Shares		Value
Information Technology (0.6%):
Adyen NV (c)(d)		16	$	42,103
ASM International NV		142		62,834
ASML Holding NV		77		61,947
STMicroelectronics NV		1,497		73,910
				240,794
Materials (0.5%):
Akzo Nobel NV		837		91,949
Koninklijke DSM NV		547		123,295
				215,244
				1,651,771
New Zealand (0.3%):
Health Care (0.2%):
Fisher & Paykel Healthcare Corp. Ltd.		2,542		57,019
Information Technology (0.1%):
Xero Ltd. (c)		496		51,030
				108,049
Norway (1.4%):
Communication Services (0.3%):
Telenor ASA		7,398		116,480
Consumer Staples (0.2%):
Mowi ASA		3,300		78,237
Financials (0.5%):
DNB Bank ASA		4,306		98,810
Gjensidige Forsikring ASA		4,603		111,900
				210,710
Materials (0.4%):
Norsk Hydro ASA		8,037		63,471
Yara International ASA		1,833		92,661
				156,132
				561,559
Portugal (0.4%):
Consumer Staples (0.2%):
Jeronimo Martins SGPS SA		4,246		97,156
Utilities (0.2%):
EDP — Energias de Portugal SA		13,825		76,047
				173,203
Singapore (1.4%):
Communication Services (0.3%):
Singapore Telecommunications Ltd.		62,600		107,795
Consumer Staples (0.2%):
Wilmar International Ltd.		31,362		96,370

Security Description	Shares		Value
Financials (0.9%):
DBS Group Holdings Ltd.		4,678	$	113,400
Oversea-Chinese Banking Corp. Ltd.		13,538		114,550
United Overseas Bank Ltd.		6,892		137,604
				365,554
				569,719
Spain (1.5%):
Communication Services (0.2%):
Telefonica SA		14,332		62,847
Consumer Discretionary (0.2%):
Industria de Diseno Textil SA		2,374		77,104
Energy (0.2%):
Repsol SA		5,476		65,056
Financials (0.4%):
Banco Bilbao Vizcaya Argentaria SA		9,219		55,098
Banco Santander SA		16,823		56,314
CaixaBank SA		21,283		58,488
				169,900
Health Care (0.1%):
Grifols SA		3,024		58,092
Utilities (0.4%):
Endesa SA		3,667		84,325
Iberdrola SA		7,897		93,585
				177,910
				610,909
Sweden (5.0%):
Consumer Discretionary (0.3%):
Evolution AB (d)		252		35,882
Hennes & Mauritz AB, Class B		3,789		74,698
				110,580
Consumer Staples (0.5%):
Essity AB, Class B		3,461		113,183
Swedish Match AB		10,144		80,878
				194,061
Financials (1.5%):
EQT AB		942		51,412
Industrivarden AB, Class C		2,779		87,403
Investor AB, Class B		4,427		111,618
L E Lundbergforetagen AB, Class B		1,561		87,788
Skandinaviska Enskilda Banken AB, Class A		6,920		96,411
Svenska Handelsbanken AB, Class A		8,922		96,658
Swedbank AB, Class A		4,598		92,693
				623,983

Security Description	Shares		Value
Industrials (1.9%):
Alfa Laval AB		2,049	$	82,659
Assa Abloy AB, Class B		2,815		86,074
Atlas Copco AB, Class A		1,261		87,361
Epiroc AB, Class A		3,600		91,345
Indutrade AB		2,447		75,092
Lifco AB, Class B		2,573		77,107
Nibe Industrier AB, Class B		4,565		69,109
Sandvik AB		2,791		78,048
Skanska AB, Class B		2,899		75,163
Volvo AB, Class B		3,270		75,895
				797,853
Information Technology (0.4%):
Hexagon AB, Class B		5,226		83,108
Sinch AB (c)(d)		1,679		21,394
Telefonaktiebolaget LM Ericsson, Class B		6,489		71,686
				176,188
Materials (0.2%):
Svenska Cellulosa AB SCA, Class B		4,808		85,563
Real Estate (0.2%):
Fastighets AB Balder, Class B (c)		1,151		83,053
				2,071,281
Switzerland (8.1%):
Communication Services (0.3%):
Swisscom AG, Registered Shares		218		123,156
Consumer Discretionary (0.4%):
Cie Financiere Richemont SA, Registered Shares		674		101,333
The Swatch Group AG		284		86,987
				188,320
Consumer Staples (1.3%):
Barry Callebaut AG, Registered Shares		51		124,071
Chocoladefabriken Lindt & Spruengli AG		10		138,654
Coca-Cola HBC AG		2,764		95,571
Nestle SA, Registered Shares		1,205		168,586
				526,882
Financials (1.6%):
Credit Suisse Group AG, Registered Shares		6,176		60,153
Julius Baer Group Ltd.		1,219		81,873
Partners Group Holding AG		54		89,664
Swiss Life Holding AG		195		119,667
Swiss Re AG		1,031		102,161
UBS Group AG		5,154		92,907
Zurich Insurance Group AG		256		112,529
				658,954

Security Description	Shares		Value
Health Care (1.4%):
Alcon, Inc.		940	$	83,319
Lonza Group AG, Registered Shares		108		90,299
Novartis AG, Registered Shares		1,392		122,681
Roche Holding AG		280		116,531
Sonova Holding AG		182		71,489
Straumann Holding AG, Class R		39		82,932
				567,251
Industrials (1.6%):
ABB Ltd., Registered Shares		2,665		102,106
Geberit AG, Registered Shares		144		117,805
Kuehne + Nagel International AG, Class R		238		76,921
Schindler Holding AG		325		87,592
SGS SA, Registered Shares		51		170,597
VAT Group AG (d)		176		87,797
				642,818
Information Technology (0.2%):
Logitech International SA, Class R		577		48,699
Temenos AG		351		48,571
				97,270
Materials (1.3%):
EMS-Chemie Holding AG		105		117,692
Givaudan SA, Registered Shares		25		131,518
Glencore PLC		12,006		60,921
Holcim Ltd.		1,719		87,771
Sika AG, Registered Shares		293		122,295
				520,197
				3,324,848
United Kingdom (9.4%):
Communication Services (0.2%):
BT Group PLC		26,332		60,420
Consumer Discretionary (0.6%):
Entain PLC (c)		1,735		39,517
JD Sports Fashion PLC (c)		20,785		61,264
Next PLC		638		70,368
Persimmon PLC		1,629		62,961
				234,110
Consumer Staples (1.4%):
Associated British Foods PLC		2,774		75,382
British American Tobacco PLC		2,360		87,303
Diageo PLC		2,188		119,507
Imperial Brands PLC		3,893		85,164
Tesco PLC		29,293		114,923
Unilever PLC		1,833		97,873
				580,152

Security Description	Shares		Value
Energy (0.3%):
BP PLC		14,211	$	63,561
Royal Dutch Shell PLC, Class A		3,382		74,228
				137,789
Financials (2.2%):
3i Group PLC		4,568		89,576
Admiral Group PLC		1,973		84,294
Aviva PLC		15,753		87,492
Barclays PLC		23,458		59,365
HSBC Holdings PLC		14,268		86,630
Legal & General Group PLC		18,566		74,749
Lloyds Banking Group PLC		106,510		68,899
London Stock Exchange Group PLC		584		54,770
NatWest Group PLC		21,349		65,209
Schroders PLC		1,884		90,767
St James's Place PLC		3,836		87,395
Standard Chartered PLC		11,232		68,158
				917,304
Health Care (0.7%):
AstraZeneca PLC		786		92,308
GlaxoSmithKline PLC (b)		5,362		116,582
Smith & Nephew PLC		3,942		69,005
				277,895
Industrials (2.0%):
Ashtead Group PLC		1,129		90,787
BAE Systems PLC		12,956		96,399
Bunzl PLC		2,627		102,566
Ferguson PLC		705		125,033
Intertek Group PLC		1,150		87,620
RELX PLC		3,533		114,845
Rentokil Initial PLC		11,130		87,964
Rolls-Royce Holdings PLC (c)		27,045		44,974
Spirax-Sarco Engineering PLC		422		91,661
				841,849
Information Technology (0.4%):
AVEVA Group PLC		1,213		55,879
Halma PLC		2,340		101,335
				157,214
Materials (1.1%):
Anglo American PLC		1,111		45,346
Antofagasta PLC		2,778		50,321
BHP Group PLC		2,047		60,931
Croda International PLC		845		115,727
Evraz PLC (b)		6,982		56,844
Mondi PLC		2,992		73,937
Rio Tinto PLC		801		53,029
				456,135

Security Description	Shares		Value
Utilities (0.5%):
National Grid PLC		8,822	$	126,528
SSE PLC		3,563		79,512
				206,040
				3,868,908
Total Common Stocks (Cost $34,314,854)				40,976,030
Investment Companies (0.1%)
United States (0.1%):
BlackRock Liquidity Funds T-Fund, Institutional Shares, 0.01% (g)		48,398		48,398
Total Investment Companies (Cost $48,398)				48,398
Collateral for Securities Loaned^ (3.3%)
United States (3.3%):
BlackRock Liquidity Funds TempFund, Institutional Class, 0.04% (g)		32,185		32,185
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (g)		632,115		632,115
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (g)		16,062		16,062
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (g)		128,072		128,072
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Class, 0.06% (g)		575,837		575,837
Total Collateral for Securities Loaned (Cost $1,384,271)				1,384,271
Total Investments (Cost $35,747,523) — 102.7%				42,408,699
Liabilities in excess of other assets — (2.7)%				(1,122,971	)
NET ASSETS — 100.00%			$	41,285,728

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(b) All or a portion of this security has been segregated as collateral for derivative instruments.

(e) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of December 31, 2021. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements)

(f) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2021, illiquid securities were less than 0.05% of net assets.

(g) Rate disclosed is the daily yield on December 31, 2021.

PLC — Public Limited Company

Security Description	Shares		Value
Common Stocks (99.6%)
Communication Services (14.8%):
Fox Corp., Class A		42,396	$	1,564,412
Fox Corp., Class B		32,985		1,130,396
Liberty Broadband Corp., Class C (a)		19,710		3,175,281
Roku, Inc. (a)		15,578		3,554,900
Take-Two Interactive Software, Inc. (a)		15,259		2,711,829
ViacomCBS, Inc., Class B		80,293		2,423,243
Yandex NV, Class A (a)		42,728		2,585,044
Zillow Group, Inc., Class A (a)		8,122		505,351
Zillow Group, Inc., Class C (a)		24,776		1,581,948
ZoomInfo Technologies, Inc. (a)		53,362		3,425,840
				22,658,244
Consumer Discretionary (13.6%):
Caesars Entertainment, Inc. (a)		28,292		2,646,151
DraftKings, Inc., Class A (a)		53,791		1,477,639
Etsy, Inc. (a)		16,779		3,673,594
Expedia Group, Inc. (a)		19,323		3,492,052
Pool Corp.		5,305		3,002,630
Tractor Supply Co.		15,063		3,594,032
Ulta Beauty, Inc. (a)		7,194		2,966,374
				20,852,472
Consumer Staples (2.2%):
Coca-Cola Europacific Partners PLC		60,332		3,374,369
Electronic Equipment, Instruments & Components (7.0%):
CDW Corp.		17,962		3,678,258
Trimble, Inc. (a)		33,219		2,896,365
Zebra Technologies Corp. (a)		7,073		4,209,849
				10,784,472
Energy (1.7%):
Diamondback Energy, Inc.		23,977		2,585,919
Health Care (19.5%):
Alnylam Pharmaceuticals, Inc. (a)		15,828		2,684,112
AstraZeneca PLC, ADR		80,251		4,674,621
BeiGene Ltd., ADR (a)		6,568		1,779,468
BioNTech SE, ADR (a)		11,660		3,005,948
Bio-Techne Corp.		5,200		2,690,168
Cerner Corp.		38,938		3,616,172
Hologic, Inc. (a)		33,274		2,547,458
Horizon Therapeutics PLC (a)		30,018		3,234,740
ICON PLC (a)		10,772		3,336,088
Insulet Corp. (a)		9,127		2,428,421
				29,997,196
Industrials (10.0%):
CoStar Group, Inc. (a) (b)		52,267		4,130,661
Expeditors International of Washington, Inc.		22,419		3,010,648
J.B. Hunt Transport Services, Inc.		13,898		2,840,751
Old Dominion Freight Line, Inc.		15,221		5,454,902
				15,436,962

Security Description	Shares		Value
IT Services (6.5%):
Affirm Holdings, Inc. (a)		27,553	$	2,770,730
Akamai Technologies, Inc. (a)		21,503		2,516,711
MongoDB, Inc. (a)		8,758		4,636,047
				9,923,488
Semiconductors & Semiconductor Equipment (13.3%):
Enphase Energy, Inc. (a)		17,855		3,266,394
Entegris, Inc.		17,934		2,485,294
Monolithic Power Systems, Inc.		6,100		3,009,313
ON Semiconductor Corp. (a)		57,018		3,872,662
Qorvo, Inc. (a)		14,587		2,281,261
SolarEdge Technologies, Inc. (a)		6,951		1,950,242
Teradyne, Inc.		21,573		3,527,833
				20,392,999
Software (7.1%):
AppLovin Corp., Class A (a)		29,964		2,824,406
SS&C Technologies Holdings, Inc.		33,651		2,758,709
The Trade Desk, Inc., Class A (a)		57,712		5,288,728
				10,871,843
Technology Hardware, Storage & Peripherals (3.9%):
NetApp, Inc.		29,596		2,722,536
Seagate Technology Holdings PLC		29,464		3,328,843
				6,051,379
Total Common Stocks (Cost $133,079,382)				152,929,343
Total Investments (Cost $133,079,382) — 99.6%				152,929,343
Other assets in excess of liabilities — 0.4%				594,761
NET ASSETS — 100.00%			$	153,524,104

(a) Non-income producing security.

(b) All or a portion of this security has been segregated as collateral for derivative instruments.

ADR — American Depositary Receipt

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
NASDAQ 100 E-Mini Futures		2	3/18/22	$	638,152	$	652,830	$	14,678
Total unrealized appreciation								$	14,678
Total unrealized depreciation									—
Total net unrealized appreciation (depreciation)								$	14,678

Security Description	Principal Amount		Value
Asset-Backed Securities (10.6%)
AmeriCredit Automobile Receivables Trust, Series 2021-3, Class C, 1.41%, 8/18/27, Callable 9/18/25 @ 100	$	500,000	$	496,331
BCC Funding XVII LLC, Series 2020-1, Class B, 1.46%, 9/22/25, Callable 7/20/24 @ 100 (a)		250,000		249,650
CARDS II Trust, Series 2021-1A, Class C, 1.20%, 4/15/27 (a)		540,000		533,082
Carvana Auto Receivables Trust, Series 2021-P4, Class B, 1.98%, 2/10/28, Callable 4/10/27 @ 100		500,000		499,663
Carvana Auto Receivables Trust, Series 2021-N4, Class D, 2.30%, 9/11/28, Callable 12/10/26 @ 100		875,000		874,640
Carvana Auto Receivables Trust, Series 2019-2A, Class D, 3.28%, 1/15/25, Callable 7/15/24 @ 100 (a)		250,000		254,061
CCG Receivables Trust, Series 2021-2, Class C, 1.50%, 3/14/29, Callable 5/14/25 @ 100 (a)		250,000		247,346
Credit Acceptance Auto Loan Trust, Series 2021-4, Class B, 1.74%, 12/16/30, Callable 4/15/25 @ 100 (a)		320,000		317,377
DB Master Finance LLC, Series 2021-1A, Class A2II, 2.49%, 11/20/51, Callable 11/20/25 @ 100 (a)		600,000		596,065
Diamond Issuer, Series 2021-1A, Class B, 2.70%, 11/20/51, Callable 11/20/25 @ 100 (a)		654,000		649,428
Drive Auto Receivables Trust, Series 2021-3, Class C, 1.47%, 1/15/27, Callable 7/15/26 @ 100		500,000		496,657
Drive Auto Receivables Trust, Series 2020-2, Class C, 2.28%, 8/17/26, Callable 6/15/23 @ 100		420,000		425,542
DT Auto Owner Trust, Series 2020-2A, Class D, 4.73%, 3/16/26, Callable 1/15/24 @ 100 (a)		500,000		527,991
Evergreen Credit Card Trust, Series 2021-1, Class B, 1.15%, 10/15/26, Callable 11/15/24 @ 100 (a)		391,000		387,471
Evergreen Credit Card Trust, Series 2021-1, Class C, 1.42%, 10/15/26, Callable 11/15/24 @ 100 (a)		319,000		316,319
Exeter Automobile Receivables Trust 2019-4, Series 2019-4A, Class D, 2.58%, 9/15/25, Callable 10/15/23 @ 100 (a)		250,000		254,187
First Investors Auto Owner Trust, Series 2019-1A, Class D, 3.55%, 4/15/25, Callable 1/15/23 @ 100 (a)		250,000		254,960
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.14%, 12/17/38 (a)		750,000		748,149
FirstKey Homes Trust, Series 2021-SFR3, Class D, 2.79%, 12/17/38 (a)		750,000		743,026
FirstKey Homes Trust, Series 2021-SFR3, Class B, 2.44%, 12/17/38 (a)		500,000		495,345
Flagship Credit Auto Trust, Series 2018-4, Class D, 4.33%, 12/16/24, Callable 1/15/24 @ 100 (a)		500,000		515,955
Flagship Credit Auto Trust, Series 2018-3, Class D, 4.15%, 12/16/24, Callable 10/15/23 @ 100 (a)		350,000		360,777
Flagship Credit Auto Trust, Series 4, Class C, 1.96%, 12/15/27, Callable 3/15/26 @ 100 (a)		500,000		498,272
Ford Credit Auto Owner Trust, Series 2021-2, Class C, 2.11%, 5/15/34, Callable 11/15/26 @ 100 (a)		500,000		495,231
Hyundai Auto Receivables Trust 2021-C, Series 2021-C, Class C, 1.66%, 6/15/28, Callable 12/15/25 @ 100		500,000		493,645
JPMorgan Chase Bank NA, Series 2020-2, Class C, 1.14%, 2/25/28, Callable 4/25/24 @ 100 (a)		286,983		287,049

Security Description	Principal Amount		Value
JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 8/25/24 @ 100 (a)	$	214,997	$	213,826
Master Credit Card Trust, Series 2021-1A, Class C, 1.06%, 11/21/25 (a)		1,000,000		984,686
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61, Callable 10/20/24 @ 100 (a)		366,000		366,843
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/61, Callable 10/20/24 @ 100 (a)		677,000		663,806
Oscar U.S. Funding XII LLC, Series 1A, Class A4, 1.00%, 4/10/28, Callable 2/10/25 @ 100 (a)		250,000		244,969
Pawnee Equipment Receivables LLC, Series 2021-1, Class B, 1.82%, 7/15/27, Callable 11/15/25 @ 100 (a)		136,000		134,709
Santander Bank NA, Series 2021-1A, Class C, 3.27%, 12/15/31, Callable 6/15/25 @ 100 (a)		750,000		749,323
Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, Callable 6/15/25 @ 100 (a)		800,000		799,262
Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 11/15/23 @ 100 (a)		250,000		265,342
Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 9/15/25 @ 100		250,000		247,329
SCF Equipment Leasing LLC, Series 2021-1A, Class D, 1.93%, 9/20/30, Callable 5/20/23 @ 100 (a)		500,000		488,638
Trillium Credit Card Trust II, Series 2021-1A, Class C, 2.42%, 10/26/29 (a)		744,000		741,057
Vantage Data Centers LLC, Series 2020-2A, Class A2, 1.99%, 9/15/45, Callable 9/15/25 @ 100 (a)		453,000		441,213
Verizon Master Trust, Series 2021-2, Class C, 1.38%, 4/20/28, Callable 10/20/24 @ 100		500,000		496,785
Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.58%, 1/15/27, Callable 12/15/24 @ 100 (a)		500,000		499,057
Westlake Automobile Receivables Trust, Series 2019-2A, Class E, 4.02%, 4/15/25, Callable 3/15/23 @ 100 (a)		1,250,000		1,281,834
Total Asset-Backed Securities (Cost $20,769,411)				20,636,898
Collateralized Mortgage Obligations (16.4%)
37 Capital CLO I, Series 2021-1A, Class C, 2.45% (US0003M+225bps), 10/15/34, Callable 10/15/23 @ 100 (a) (b)		250,000		248,667
Aimco CLO 11 Ltd., Series 2020-11A, Class BR, 1.72% (US0003M+160bps), 10/17/34, Callable 1/17/24 @ 100 (a) (b)		250,000		247,219
AOA Mortgage Trust, Series 2021-1177, Class D, 1.93% (US0001M+182bps), 10/15/36 (a) (b)		300,000		298,364
AOA Mortgage Trust, Series 2021-1177, Class B, 1.28% (US0001M+117bps), 10/15/36 (a) (b)		250,000		247,810
Aventura Mall Trust, Series 2018-AVM, Class A, 4.11%, 7/5/40 (a) (d)		500,000		555,632
Ballyrock CLO 18 Ltd., Series 2021-18A, Class A2, 1.88% (US0003M+165bps), 1/15/35 (a) (b)		750,000		744,333
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class B, 3.49%, 4/14/33, Callable 4/14/25 @ 100 (a)		750,000		779,219
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class D, 3.60% (LIBOR01M+105bps), 4/14/33, Callable 4/14/25 @ 100 (a) (b)		750,000		763,620
BBCMS Mortgage Trust, Series 2020-BID, Class C, 3.75% (LIBOR01M+364bps), 10/15/37 (a) (b)		300,000		301,130

Security Description	Principal Amount		Value
BBCMS Mortgage Trust, Series 2020-BID, Class B, 2.65% (LIBOR01M+254bps), 10/15/37 (a) (b)	$	500,000	$	501,193
Benchmark 2020-B19 Mortgage Trust, Series 2020-B19, Class AS, 2.15%, 9/15/53, Callable 9/15/30 @ 100		1,000,000		966,676
BPR Trust, Series 2021-TY, Class A, 1.16% (LIBOR01M+105bps), 9/23/23 (a) (b)		500,000		499,073
BPR Trust, Series 2021-TY, Class D, 2.46% (LIBOR01M+235bps), 9/23/23 (a) (b)		500,000		498,320
BX Commercial Mortgage Trust, Series 2021-VOLT, Class B, 1.06% (LIBOR01M+85bps), 9/15/23 (a) (b)		250,000		247,736
BX Commercial Mortgage Trust, Series 2021-SOAR, Class D, 1.51% (LIBOR01M+140bps), 6/15/38 (a) (b)		250,000		247,612
BX Commercial Mortgage Trust, Series 2021-XL2, Class B, 1.11% (US0001M+100bps), 10/15/36 (a) (b)		250,000		247,944
BX Commercial Mortgage Trust, Series 2019-XL, Class D, 1.56% (LIBOR01M+145bps), 10/15/36 (a) (b)		1,215,500		1,212,060
BX Mortgage Trust, Series 2021-PAC, Class B, 1.01% (US0001M+90bps), 10/15/36 (a) (b)		250,000		248,150
BX Trust, Series 2021-ARIA, Class D, 2.01% (US0001M+190bps), 10/15/36 (a) (b)		250,000		249,435
BX Trust, Series 2021-RISE, Class B, 1.35% (US0001M+125bps), 11/15/36 (a) (b)		500,000		499,821
BXP Trust, Series 2021-601L, Class C, 2.78%, 1/15/44 (a) (d)		250,000		240,181
BXP Trust, Series 2021-601L, Class D, 2.78%, 1/15/44 (a) (d)		1,000,000		921,098
BXP Trust, Series 2021-601L, Class B, 2.78%, 1/15/44 (a) (d)		500,000		504,449
CAMB Commercial Mortgage Trust, Series 2021-CX2, Class A, 2.70%, 11/10/46 (a)		1,000,000		1,027,578
CHT Mortgage Trust, Series 2017-CSMO, Class E, 3.11% (LIBOR01M+300bps), 11/15/36 (a) (b)		696,000		695,919
Columbia Cent CLO 29 Ltd., Series 2020-29A, Class BR, 1.85% (US0003M+170bps), 10/20/34, Callable 10/20/23 @ 100 (a) (b)		500,000		497,746
COMM Mortgage Trust, Series 2020-CX, Class A, 2.17%, 11/10/46, Callable 11/10/30 @ 100 (a)		825,000		813,935
COMM Mortgage Trust, Series 2014-277P, Class A, 3.61%, 8/10/49, Callable 8/10/24 @ 100 (a) (d)		500,000		522,668
Eaton Vance CLO Ltd., Series 2020-2A, Class BR, 1.81% (US0003M+170bps), 1/15/35, Callable 1/15/24 @ 100 (a) (b)		500,000		498,894
Flatiron CLO 20 Ltd., Series 2020-1A, Class B, 1.91% (US0003M+175bps), 11/20/33, Callable 11/20/22 @ 100 (a) (b)		750,000		750,396
Golub Capital Partners CLO Ltd., Series 2020-52A, Class C, 2.93% (LIBOR03M+280bps), 1/20/34, Callable 1/20/23 @ 100 (a) (b)		500,000		501,412
Hilton USA Trust, Series 2016-HHV, Class C, 4.19%, 11/5/38 (a) (d)		200,000		209,445
Hilton USA Trust, Series 2016-HHV, Class B, 4.19%, 11/5/38 (a) (d)		350,000		372,187
Hudson Yards Mortgage Trust, Series 2019-55HY, Class A, 2.94%, 12/10/41 (a) (d)		1,000,000		1,047,612
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class B, 3.67%, 12/15/47, Callable 2/15/23 @ 100 (d)		449,000		459,349
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class B, 4.08%, 1/15/46, Callable 6/15/23 @ 100 (d)		338,000		349,898
LCM Ltd., Series 36A, Class A2, 1.65% (US0003M+140bps), 1/15/34 (a) (b)		750,000		749,725
MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 0.91% (US0001M+80bps), 4/15/38 (a) (b)		250,000		249,041
MHC Commercial Mortgage Trust, Series MHC, Class D, 1.71% (US0001M+160bps), 4/15/26 (a) (b)		500,000		497,504

Security Description	Principal Amount		Value
Morgan Stanley Capital I Trust, Series 2021-PLZA, Class C, 2.81%, 11/9/31 (a)	$	750,000	$	737,644
Morgan Stanley Capital I Trust, Series 2017-CLS, Class F, 2.71% (LIBOR01M+260bps), 11/15/34 (a) (b)		500,000		497,611
Morgan Stanley Capital I Trust, Series 2021-PLZA, Class B, 2.81%, 11/9/31 (a)		500,000		503,052
Oaktree CLO Ltd., Series 2020-1A, Class BR, 1.77% (US0003M+165bps), 7/15/34, Callable 7/15/23 @ 100 (a) (b)		250,000		248,199
Octagon 57 Ltd., Series 2021-1A, Class B1, 1.77% (US0003M+165bps), 10/15/34, Callable 10/15/23 @ 100 (a) (b)		500,000		498,189
Octagon Investment Partners 48 Ltd., Series 2020-3A, Class BR, 1.73% (US0003M+160bps), 10/20/34, Callable 10/20/23 @ 100 (a) (b)		500,000		496,277
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (a)		500,000		512,613
SLG Office Trust, Series 2021-OVA, Class C, 2.85%, 7/15/41 (a)		500,000		500,508
Sound Point CLO V-R Ltd., Series 2014-1RA, Class C, 2.22% (US0003M+210bps), 7/18/31, Callable 1/18/22 @ 100 (a) (b)		500,000		494,925
Sound Point CLO XXXII Ltd., Series 2021-4A, Class B1, 1.87% (US0003M+175bps), 10/25/34 (a) (b)		500,000		499,650
SREIT Trust, Series 2021-MFP2, Class B, 1.27% (US0001M+117bps), 11/15/36 (a) (b)		500,000		497,500
SREIT Trust, Series 2021-MFP2, Class D, 1.67% (US0001M+157bps), 11/15/36 (a) (b)		760,000		756,201
Stratus CLO Ltd., Series 2021-1A, Class B, 1.49% (US0003M+140bps), 12/29/29 (a) (b)		500,000		498,782
Stratus CLO Ltd., Series 2021-3A, Class B 1.68% (US0003M+155bps), 12/29/29 (a) (b)		205,000		205,000
Symphony CLO XXII Ltd., Series 2020-22A, Class C, 2.27% (US0003M+215bps), 4/18/33, Callable 4/18/22 @ 100 (a) (b)		500,000		500,385
Symphony CLO XXIX Ltd., Series 2021-29A, Class B, 1.89% (US0003M+165bps), 1/15/34 (a) (b)		500,000		499,017
Trestles CLO III Ltd., Series 2020-3A, Class C, 2.38% (US0003M+225bps), 1/20/33, Callable 1/20/22 @ 100 (a) (b)		500,000		500,153
Trimaran Cavu Ltd., Series 2021-2A, Class B1 1.88% (US0003M+175bps), 10/25/34 (a) (b)		500,000		498,521
Trimaran Cavu Ltd., Series 2021-3A, Class C1, 2.57% (US0003M+247bps), 1/18/35 (a) (b) (h)		750,000		749,999
TTAN, Series 2021-MHC, Class C, 1.46% (US0001M+140bps), 3/15/38 (a) (b)		699,677		697,553
Voya CLO Ltd., Series 2017-3A, Class A2AR, 1.68% (US0003M+155bps), 4/20/34, Callable 4/20/23 @ 100 (a) (b)		500,000		492,652
Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class B, 1.56% (US0001M+145bps), 2/15/40 (a) (b)		227,255		226,236
Wells Fargo Commercial Mortgage Trust, Series 2021-SAVE, Class C, 1.91% (US0001M+180bps), 2/15/40 (a) (b)		227,255		227,350
Total Collateralized Mortgage Obligations (Cost $32,053,474)				31,851,068
Senior Secured Loans (5.7%)
AAdvantage Loyalty IP Ltd., Initial Term Loan, First Lien, 5.50% (LIBOR03M+475bps), 4/20/28 (b) (c)		750,000		775,845
Asurion LLC, New B-9 Term Loans, First Lien, 3.34% (LIBOR01M+325bps), 7/29/27 (b) (c)		500,000		496,500
Covanta Holding Corp., Initial Term B Loans, First Lien, 11/17/28 (c) (e)		465,157		465,389
Covanta Holding Corp., Initial Term C Loan, First Lien, 11/17/28 (c) (e)		34,843		34,861

Security Description	Principal Amount		Value
Delta Airlines, Inc. and Skymiles IP Ltd., Initial Term Loan, First Lien, 4.75% (LIBOR03M+375bps), 9/16/27 (b) (c)	$	750,000	$	792,188
Directv Financing LLC, Closing Date Term Loans, First Lien, 5.75% (LIBOR03M+500bps), 7/22/27 (b) (c)		1,000,000		1,000,290
Great Outdoors Group LLC, Term B1, First Lien, 4.50% (LIBOR01M+375bps), 3/5/28 (b)		500,000		500,105
Hub International Ltd., B-3 Incremental Term Loans, First Lien, 4.00% (LIBOR03M+325bps), 4/25/25 (b) (c)		500,000		499,530
IRB Holding Corp., Fourth Amendment Incremental Term Loans, First Lien, 4.25% (LIBOR03M+325bps), 11/19/27 (b) (c)		500,000		499,530
Mileage Plus Holdings LLC, Initial Term Loan, First Lien, 6.25% (LIBOR03M+525bps), 6/20/27 (b) (c)		750,000		789,848
Proofpoint, Inc., Initial Term Loans, First Lien, 3.75% (LIBOR03M+325bps), 8/31/28 (b) (c)		500,000		497,540
Sotheby's, 2021 2nd Refin Term Loan, First Lien, 5.00% (LIBOR03M+450bps), 1/15/27 (b)		498,750		498,750
UKG, Inc., 2021 Incremental Term Loans, First Lien, 4.25% (LIBOR03M+325bps), 5/3/26 (b) (c)		500,000		497,030
UKG, Inc., Initial Term Loan, First Lien, 5/3/26 (c) (e)		500,000		498,125
Walker & Dunlop, Inc., Term Loan B, First Lien, 2.75%, 10/15/28 (c)		1,500,000		1,496,250
Weber-Stephen Products LLC, Initial Term B Loans, First Lien, 4.00% (LIBOR01M+325bps), 10/30/27 (b) (c)		500,000		500,415
Whatabrands LLC, Initial Term B Loans, First Lien, 3.75% (LIBOR01M+325bps), 7/21/28 (b)		500,000		497,725
Whatabrands LLC, Initial Term B Loans, First Lien, 7/21/28 (c) (e)		750,000		746,587
Total Senior Secured Loans (Cost $11,148,656)				11,086,508
Corporate Bonds (31.2%)
Communication Services (2.5%):
AT&T, Inc., 4.50%, 5/15/35, Callable 11/15/34 @ 100		750,000		867,660
CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/1/31, Callable 7/1/25 @ 102.13 (a)		250,000		252,665
CSC Holdings LLC, 3.38%, 2/15/31, Callable 2/15/26 @ 101.69 (a)		500,000		468,120
Discovery Communications LLC, 4.65%, 5/15/50, Callable 11/15/49 @ 100		250,000		294,180
Lamar Media Corp., 3.63%, 1/15/31, Callable 1/15/26 @ 101.81		500,000		487,240
Sirius XM Radio, Inc., 3.88%, 9/1/31, Callable 9/1/26 @ 101.94 (a)		250,000		245,685
T-Mobile USA, Inc. 2.55%, 2/15/31, Callable 11/15/30 @ 100		500,000		497,670
3.50%, 4/15/31, Callable 4/15/26 @ 101.75 (a)		1,250,000		1,295,625
Verizon Communications, Inc., 4.50%, 8/10/33 (f)		500,000		589,935
				4,998,780
Consumer Discretionary (3.1%):
Asbury Automotive Group, Inc., 4.75%, 3/1/30, Callable 3/1/25 @ 102.38		750,000		766,965
AutoNation, Inc., 2.40%, 8/1/31, Callable 5/1/31 @ 100		500,000		483,970
Dollar Tree, Inc., 2.65%, 12/1/31, Callable 9/1/31 @ 100		500,000		501,025
Group 1 Automotive, Inc., 4.00%, 8/15/28, Callable 8/15/23 @ 102 (a)		100,000		99,886
Hilton Domestic Operating Co., Inc., 3.63%, 2/15/32, Callable 8/15/26 @ 101.81 (a)		250,000		248,915
Kohl's Corp., 3.38%, 5/1/31, Callable 2/1/31 @ 100		300,000		305,385

Security Description	Principal Amount		Value
Marriott International, Inc., 3.50%, 10/15/32, Callable 7/15/32 @ 100 (f)	$	750,000	$	785,797
Marriott Ownership Resorts, Inc., 4.50%, 6/15/29, Callable 6/15/24 @ 102.25 (a)		250,000		251,813
Nordstrom, Inc., 4.25%, 8/1/31, Callable 5/1/31 @ 100		750,000		737,198
Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 4/6/31, Callable 1/6/31 @ 100 (a)		500,000		498,340
Sodexo, Inc., 2.72%, 4/16/31, Callable 1/16/31 @ 100 (a)		250,000		255,973
Sotheby's, 7.38%, 10/15/27, Callable 10/15/22 @ 103.69 (a)		750,000		798,623
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/1/29, Callable 7/1/29 @ 100 (a)		250,000		254,280
				5,988,170
Consumer Staples (0.5%):
General Mills, Inc., 2.25%, 10/14/31, Callable 7/14/31 @ 100		250,000		247,308
Sysco Corp., 2.45%, 12/14/31, Callable 9/14/31 @ 100		333,000		333,932
US Foods, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31 (a)		500,000		506,125
				1,087,365
Energy (1.8%):
Boardwalk Pipelines LP, 3.40%, 2/15/31, Callable 11/15/30 @ 100		250,000		257,930
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/1/28, Callable 11/1/23 @ 103.13 (a)		750,000		798,479
Magellan Midstream Partners LP, 5.15%, 10/15/43, Callable 4/15/43 @ 100 (f)		500,000		604,650
Midwest Connector Capital Co. LLC, 4.63%, 4/1/29, Callable 1/1/29 @ 100 (a) (f)		500,000		539,010
Plains All American Pipeline LP/PAA Finance Corp., 3.80%, 9/15/30, Callable 6/15/30 @ 100 (f)		750,000		789,503
Viper Energy Partners LP, 5.38%, 11/1/27, Callable 11/1/22 @ 102.69 (a)		500,000		517,445
				3,507,017
Financials (8.1%):
AmFam Holdings, Inc., 2.81%, 3/11/31, Callable 12/11/30 @ 100 (a)		500,000		510,880
Assurant, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100		250,000		245,403
Bank of America Corp. 2.69% (SOFR+110bps), 4/22/32, Callable 4/22/31 @ 100 (b) (f)		500,000		508,550
2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (b)		250,000		251,415
Blackstone Private Credit Fund, 3.25%, 3/15/27, Callable 2/15/27 @ 100 (a)		750,000		750,923
Blue Owl Finance LLC, 3.13%, 6/10/31, Callable 3/10/31 @ 100 (a) (f)		750,000		733,905
Citizens Financial Group, Inc., 2.64%, 9/30/32, Callable 7/2/32 @ 100		500,000		495,545
Cullen/Frost Bankers, Inc., 4.50%, 3/17/27, Callable 2/17/27 @ 100 (f)		500,000		551,315
F&G Global Funding, 2.00%, 9/20/28 (a)		500,000		488,190
Franklin Resources, Inc., 2.95%, 8/12/51, Callable 2/12/51 @ 100		1,000,000		969,139
Global Atlantic Financial Co. 4.40%, 10/15/29, Callable 7/15/29 @ 100 (a)		1,000,000		1,077,989
3.13%, 6/15/31, Callable 3/15/31 @ 100 (a)		250,000		247,918
Hub International Ltd., 5.63%, 12/1/29, Callable 12/1/24 @ 102.81 (a)		100,000		102,976
Huntington Bancshares, Inc., 2.49%, 8/15/36, Callable 8/15/31 @ 100 (a)		1,000,000		957,930
JPMorgan Chase & Co., 2.96% (SOFR+252bps), 5/13/31, Callable 5/13/30 @ 100 (b) (f)		1,750,000		1,811,057
Level 3 Financing, Inc., 3.88%, 11/15/29, Callable 8/15/29 @ 100 (a)		250,000		254,945
Morgan Stanley, 1.93% (SOFR+102bps), 4/28/32, MTN, Callable 4/28/31 @ 100 (b)		1,500,000		1,433,204

Security Description	Principal Amount		Value
New York Life Global Funding, 1.85%, 8/1/31 (a)	$	1,600,000	$	1,556,959
State Street Corp., 1.68% (SOFR+56bps), 11/18/27, Callable 11/18/26 @ 100 (b)		750,000		750,953
Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100 (b)		500,000		514,710
The Bank of New York Mellon Corp., 3.75% (H15T5Y+263bps), Callable 12/20/26 @ 100 (b) (g)		750,000		752,408
Truist Financial Corp., 5.10% (H15T10Y+435bps), Callable 3/1/30 @ 100 (b) (f) (g)		500,000		559,490
United Financial Bancorp, Inc., 5.75%, 10/1/24		300,000		313,488
				15,839,292
Health Care (2.2%):
AbbVie, Inc., 4.25%, 11/21/49, Callable 5/21/49 @ 100 (f)		250,000		300,930
Baxter International, Inc. 2.27%, 12/1/28, Callable 10/1/28 @ 100 (a)		750,000		755,993
2.54%, 2/1/32, Callable 11/1/31 @ 100 (a)		250,000		252,570
Centene Corp., 2.50%, 3/1/31, Callable 12/1/30 @ 100		1,000,000		973,430
CVS Health Corp., 1.88%, 2/28/31, Callable 11/28/30 @ 100		750,000		719,640
Illumina, Inc., 2.55%, 3/23/31, Callable 12/23/30 @ 100		500,000		500,780
MEDNAX, Inc., 6.25%, 1/15/27, Callable 2/7/22 @ 104.69 (a)		275,000		288,453
Royalty Pharma PLC, 2.15%, 9/2/31, Callable 6/2/31 @ 100		500,000		477,060
				4,268,856
Industrials (2.0%):
Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100 (f)		500,000		536,090
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29 (a)		250,000		267,355
Delta Air Lines, Inc./Skymiles IP Ltd., 4.75%, 10/20/28 (a)		250,000		273,463
GXO Logistics, Inc., 2.65%, 7/15/31, Callable 4/15/31 @ 100 (a)		250,000		246,573
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (a)		500,000		534,445
Molex Electronic Technologies LLC, 3.90%, 4/15/25, Callable 1/15/25 @ 100 (a)		500,000		526,440
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 9/20/25, Callable 9/20/23 @ 104 (a)		500,000		551,850
The Boeing Co. 3.63%, 2/1/31, Callable 11/1/30 @ 100 (f)		650,000		694,285
5.81%, 5/1/50, Callable 11/1/49 @ 100		250,000		339,435
				3,969,936
Information Technology (4.6%):
Autodesk, Inc., 2.40%, 12/15/31, Callable 9/15/31 @ 100		350,000		349,486
Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100 (a) (f)		1,250,000		1,212,363
Citrix Systems, Inc., 4.50%, 12/1/27, Callable 9/1/27 @ 100		750,000		813,885
Dell, Inc., 5.40%, 9/10/40 (f)		500,000		563,280
Global Payments, Inc. 2.90%, 11/15/31, Callable 8/15/31 @ 100		500,000		507,960
4.15%, 8/15/49, Callable 2/15/49 @ 100		1,000,000		1,148,700
Microsoft Corp., 2.53%, 6/1/50, Callable 12/1/49 @ 100		1,000,000		984,339
Qorvo, Inc., 3.38%, 4/1/31, Callable 4/1/26 @ 101.69 (a)		500,000		508,715
TSMC Arizona Corp., 2.50%, 10/25/31, Callable 7/25/31 @ 100		1,500,000		1,518,509
Twilio, Inc., 3.63%, 3/15/29, Callable 3/15/24 @ 101.81		500,000		503,825

Security Description	Principal Amount		Value
VMware, Inc., 2.20%, 8/15/31, Callable 5/15/31 @ 100	$	500,000	$	491,455
Western Digital Corp., 3.10%, 2/1/32, Callable 11/1/31 @ 100		200,000		201,460
				8,803,977
Materials (1.3%):
Amcor Flexibles North America, Inc., 2.69%, 5/25/31, Callable 2/25/31 @ 100		1,000,000		1,011,850
Avery Dennison Corp., 2.25%, 2/15/32, Callable 11/15/31 @ 100		500,000		485,770
Cabot Corp., 4.00%, 7/1/29, Callable 4/1/29 @ 100		250,000		271,210
Eagle Materials, Inc., 2.50%, 7/1/31, Callable 4/1/31 @ 100 (f)		750,000		741,083
				2,509,913
Real Estate (3.5%):
Alexandria Real Estate Equities, Inc., 1.88%, 2/1/33, Callable 11/1/32 @ 100		500,000		469,825
Boston Properties LP 2.55%, 4/1/32, Callable 1/1/32 @ 100 (f)		750,000		746,324
2.45%, 10/1/33, Callable 7/1/33 @ 100		250,000		242,188
CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		250,000		251,358
GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32, Callable 10/15/31 @ 100		233,000		234,191
Healthpeak Properties, Inc., 2.13%, 12/1/28, Callable 10/1/28 @ 100		500,000		500,690
Host Hotels & Resorts LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100		500,000		513,455
Invitation Homes Operating Partnership LP, 2.70%, 1/15/34, Callable 10/15/33 @ 100		750,000		735,668
Physicians Realty LP, 2.63%, 11/1/31, Callable 8/1/31 @ 100		250,000		249,503
RHP Hotel Properties LP/RHP Finance Corp., 4.50%, 2/15/29, Callable 2/15/24 @ 102.25 (a)		250,000		251,905
SBA Communications Corp., 3.13%, 2/1/29, Callable 2/1/24 @ 101.56 (a)		250,000		240,590
SBA Tower Trust, 2.59%, 10/15/56 (a)		500,000		506,287
Simon Property Group LP, 2.25%, 1/15/32, Callable 10/15/31 @ 100 (f)		1,250,000		1,221,974
VICI Properties LP/VICI Note Co., Inc., 4.13%, 8/15/30, Callable 2/15/25 @ 102.06 (a)		750,000		793,979
				6,957,937
Utilities (1.6%):
Ameren Corp., 1.95%, 3/15/27, Callable 2/15/27 @ 100		500,000		501,950
Duke Energy Corp., 2.55%, 6/15/31, Callable 3/15/31 @ 100		250,000		249,855
Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100 (a)		500,000		497,340
Entergy Corp., 2.40%, 6/15/31, Callable 3/5/31 @ 100		1,000,000		989,159
NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100 (a) (f)		750,000		817,703
				3,056,007
Total Corporate Bonds (Cost $61,127,252)				60,987,250
Yankee Dollars (7.1%)
Communication Services (0.6%):
British Telecommunications PLC, 3.25%, 11/8/29, Callable 8/8/29 @ 100 (a)		1,250,000		1,278,524
Consumer Staples (0.7%):
Anheuser-Busch InBev Worldwide, Inc., 3.75%, 7/15/42 (f)		750,000		815,393
Becle SAB de CV, 2.50%, 10/14/31, Callable 7/14/31 @ 100 (a)		500,000		490,570
				1,305,963

Security Description	Principal Amount		Value
Financials (3.4%):
Bank of Montreal, 3.80% (USSW5+143bps), 12/15/32, Callable 12/15/27 @ 100 (b)	$	500,000	$	535,405
Barclays PLC, 2.28% (H15T1Y+105bps), 11/24/27, Callable 11/24/26 @ 100 (b)		1,000,000		1,002,520
BP Capital Markets PLC, 4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100 (b) (f) (g)		500,000		522,305
Brookfield Finance I UK PLC, 2.34%, 1/30/32, Callable 10/30/31 @ 100		250,000		243,478
Brookfield Finance, Inc., 2.72%, 4/15/31, Callable 1/15/31 @ 100		600,000		605,760
Credit Suisse Group AG, 3.09% (SOFR+173bps), 5/14/32, Callable 5/14/31 @ 100 (a) (b)		500,000		508,295
Deutsche Bank AG, 2.31% (SOFR+122bps), 11/16/27, Callable 11/16/26 @ 100 (b)		500,000		499,895
JAB Holdings BV, 3.75%, 5/28/51, Callable 11/28/50 @ 100 (a)		250,000		274,073
Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100 (a) (b)		500,000		491,010
Mizuho Financial Group, Inc., 2.56%, 9/13/31		500,000		487,945
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.65%, 2/15/32, Callable 11/15/31 @ 100 (a)		750,000		752,768
Westpac Banking Corp., 3.02% (H15T5Y+153bps), 11/18/36, Callable 11/18/31 @ 100 (b)		750,000		742,522
				6,665,976
Health Care (0.7%):
Olympus Corp., 2.14%, 12/8/26 (a)		303,000		304,739
STERIS Irish FinCo Unlimited Co., 2.70%, 3/15/31, Callable 12/15/30 @ 100		900,000		910,548
				1,215,287
Industrials (0.5%):
Canadian Pacific Railway Co., 1.75%, 12/2/26, Callable 11/2/26 @ 100		1,000,000		1,004,470
Information Technology (0.1%):
Open Text Holdings, Inc., 4.13%, 12/1/31, Callable 12/1/26 @ 102.06 (a)		250,000		253,005
Real Estate (1.0%):
Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31, Callable 7/15/31 @ 100 (a)		1,792,000		1,798,934
Sovereign Bond (0.1%):
Korea International Bond, 1.75%, 10/15/31		250,000		250,773
Total Yankee Dollars (Cost $13,795,575)				13,772,932
Municipal Bonds (1.1%)
Alabama (0.2%):
Homewood Educational Building Authority, 2.25%, 12/1/29		250,000		250,759
Arkansas (0.1%):
University of Arkansas, 1.32%, 11/1/26		250,000		248,531
Georgia (0.2%):
Metropolitan Atlanta Rapid Transit Authority, 1.52%, 7/1/26		250,000		250,771
Montana (0.1%):
Montana Facility Finance Authority, 2.44%, 8/15/31		250,000		249,653

Security Description	Shares or Principal Amount		Value
South Carolina (0.1%):
County of Charleston SC, 1.92%, 12/1/29	$	250,000	$	249,388
Texas (0.4%):
Central Texas Regional Mobility Authority, 1.34%, 1/1/25 MERIT		250,000		250,102
Dallas Area Rapid Transit, 2.18%, 12/1/33, Continuously Callable @100		250,000		248,499
Dallas Fort Worth International Airport, 2.44%, 11/1/32, Continuously Callable @100		350,000		352,042
				850,643
Total Municipal Bonds (Cost $2,098,202)				2,099,745
U.S. Treasury Obligations (27.0%)
U.S. Treasury Bonds 1.38%, 11/15/40		1,500,000		1,371,328
1.75%, 8/15/41 (f)		2,000,000		1,945,313
1.25%, 5/15/50 (f)		1,500,000		1,275,234
2.00%, 8/15/51		700,000		717,063
U.S. Treasury Notes 0.38%, 9/15/24		12,000,000		11,831,250
0.38%, 11/30/25 (f)		15,500,000		15,037,422
0.88%, 9/30/26		3,000,000		2,947,969
0.38%, 7/31/27 (f)		6,500,000		6,175,508
1.25%, 9/30/28		10,500,000		10,385,156
0.63%, 8/15/30 (f)		750,000		699,609
1.25%, 8/15/31 (f)		250,000		244,492
Total U.S. Treasury Obligations (Cost $52,714,643)				52,630,344
Commercial Papers (5.4%) (i)
AutoNation, Inc., 0.32%, 1/3/22 (a)		1,100,000		1,099,971
Aviation Capital Group, 0.21%, 1/11/22 (a)		1,900,000		1,899,881
CenterPoint Energy Resources Corp., 0.16%, 1/5/22 (a)		1,900,000		1,899,958
Hannover Funding Co. LLC, 0.16%, 1/3/22 (a)		1,900,000		1,899,975
Jabil, Inc., 0.49%, 1/6/22 (a)		1,800,000		1,799,852
Oge Energy Corp., 0.16%, 1/6/22 (a)		1,900,000		1,899,950
Total Commercial Papers (Cost $10,499,467)				10,499,587
Total Investments (Cost $204,206,680) — 104.5%				203,564,332
Liabilities in excess of other assets — (4.5)%				(8,779,736	)
NET ASSETS — 100.00%			$	194,784,596

(a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2021, the fair value of these securities was $85,572,579 and amounted to 43.9% of net assets.

(b) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2021.

Security Description	Principal Amount		Value
Corporate Bonds (77.6%)
Communication Services (8.3%):
AT&T, Inc., 3.10%, 2/1/43, Callable 8/1/42 @ 100	$	2,000,000	$	1,936,940
Comcast Corp., 3.90%, 3/1/38, Callable 9/1/37 @ 100		1,000,000		1,131,960
Discovery Communications LLC, 3.95%, 3/20/28, Callable 12/20/27 @ 100		500,000		543,065
The Walt Disney Co., 2.20%, 1/13/28		1,000,000		1,018,880
T-Mobile USA, Inc., 2.55%, 2/15/31, Callable 11/15/30 @ 100		1,500,000		1,493,010
Verizon Communications, Inc. 4.50%, 8/10/33		500,000		589,935
2.88%, 11/20/50, Callable 5/20/50 @ 100		1,000,000		949,840
ViacomCBS, Inc., 3.38%, 2/15/28, Callable 11/15/27 @ 100		1,000,000		1,065,950
				8,729,580
Consumer Discretionary (5.2%):
Amazon.com, Inc., 2.88%, 5/12/41, Callable 11/12/40 @ 100		500,000		518,015
AutoNation, Inc., 4.75%, 6/1/30, Callable 3/1/30 @ 100		500,000		571,800
Daimler Trucks Finance North America LLC, 2.38%, 12/14/28 (a)		350,000		351,855
Hasbro, Inc., 3.55%, 11/19/26, Callable 9/19/26 @ 100		500,000		536,615
Kohl's Corp., 3.38%, 5/1/31, Callable 2/1/31 @ 100		500,000		508,975
Lowe's Cos., Inc., 2.80%, 9/15/41, Callable 3/15/41 @ 100		1,000,000		977,230
Sodexo, Inc., 2.72%, 4/16/31, Callable 1/16/31 @ 100 (a)		500,000		511,945
The Home Depot, Inc., 2.38%, 3/15/51, Callable 9/15/50 @ 100		500,000		462,275
VF Corp., 2.95%, 4/23/30, Callable 1/23/30 @ 100		500,000		518,930
Volkswagen Group of America Finance LLC, 3.20%, 9/26/26 (a)		500,000		527,115
				5,484,755
Consumer Staples (3.1%):
Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30, Callable 3/1/30 @ 100		750,000		821,768
Bunge Ltd. Finance Corp., 2.75%, 5/14/31, Callable 2/14/31 @ 100		500,000		507,625
Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100		250,000		251,760
General Mills, Inc., 2.25%, 10/14/31, Callable 7/14/31 @ 100		750,000		741,923
McCormick & Co., Inc., 1.85%, 2/15/31, Callable 11/15/30 @ 100		500,000		478,815
Sysco Corp., 2.45%, 12/14/31, Callable 9/14/31 @ 100		500,000		501,400
				3,303,291
Energy (1.0%):
Boardwalk Pipelines LP, 4.95%, 12/15/24, Callable 9/15/24 @ 100		500,000		541,875
Plains All American Pipeline LP/PAA Finance Corp., 3.80%, 9/15/30, Callable 6/15/30 @ 100		500,000		526,335
				1,068,210
Financials (26.0%):
AmFam Holdings, Inc., 2.81%, 3/11/31, Callable 12/11/30 @ 100 (a)		500,000		510,880
Assurant, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100		250,000		245,403
Bank of America Corp. 3.42% (LIBOR03M+104bps), 12/20/28, Callable 12/20/27 @ 100 (b)		2,000,000		2,137,319
2.69% (SOFR+110bps), 4/22/32, Callable 4/22/31 @ 100 (b)		2,000,000		2,034,200
2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (b)		250,000		251,415
Blue Owl Finance LLC, 3.13%, 6/10/31, Callable 3/10/31 @ 100 (a)		250,000		244,635
Citigroup, Inc., 1.46% (SOFR+77bps), 6/9/27, Callable 6/9/26 @ 100 (b)		2,000,000		1,963,500
Cullen/Frost Bankers, Inc., 4.50%, 3/17/27, Callable 2/17/27 @ 100		500,000		551,315

Security Description	Principal Amount		Value
F&G Global Funding, 2.00%, 9/20/28 (a)	$	250,000	$	244,095
First American Financial Corp., 2.40%, 8/15/31, Callable 5/15/31 @ 100		500,000		490,075
GA Global Funding Trust, 1.63%, 1/15/26 (a)		500,000		496,115
GlaxoSmithKline Capital, Inc., 4.20%, 3/18/43		500,000		608,835
Global Atlantic Financial Co., 3.13%, 6/15/31, Callable 3/15/31 @ 100 (a)		250,000		247,918
Huntington Bancshares, Inc., 2.49%, 8/15/36, Callable 8/15/31 @ 100 (a)		500,000		478,965
JPMorgan Chase & Co. 2.96% (SOFR+252bps), 5/13/31, Callable 5/13/30 @ 100 (b)		250,000		258,723
1.95% (SOFR+1bps), 2/4/32, Callable 2/4/31 @ 100 (b)		2,000,000		1,927,420
3.33% (SOFR+158bps), 4/22/52, Callable 4/22/51 @ 100 (b)		1,000,000		1,077,890
KeyBank NA, 3.90%, 4/13/29		500,000		550,480
Level 3 Financing, Inc., 3.88%, 11/15/29, Callable 8/15/29 @ 100 (a)		500,000		509,890
MetLife, Inc., 4.13%, 8/13/42		500,000		593,459
Morgan Stanley 1.59% (SOFR+88bps), 5/4/27, Callable 5/4/26 @ 100 (b)		2,500,000		2,474,374
1.93% (SOFR+102bps), 4/28/32, Callable 4/28/31 @ 100, MTN (b)		500,000		477,735
2.51% (SOFR+120bps), 10/20/32, Callable 10/20/31 @ 100, MTN (b)		250,000		250,138
2.80% (SOFR+143bps), 1/25/52, Callable 1/25/51 @ 100 (b)		1,000,000		982,530
New York Life Global Funding, 1.85%, 8/1/31 (a)		500,000		486,550
PNC Bank NA, 3.88%, 4/10/25, Callable 3/10/25 @ 100		500,000		535,890
Prudential Financial, Inc., 3.94%, 12/7/49, Callable 6/7/49 @ 100		500,000		587,254
Regions Bank, 6.45%, 6/26/37		1,000,000		1,398,610
The Allstate Corp., 5.75% (LIBOR03M+294bps), 8/15/53, Callable 8/15/23 @ 100 (b)		500,000		520,045
The Goldman Sachs Group, Inc., 2.38% (SOFR+125bps), 7/21/32, MTN, Callable 7/21/31 @ 100 (b)		1,000,000		984,710
The PNC Financial Services Group, Inc., 2.55%, 1/22/30, Callable 10/24/29 @ 100		500,000		515,605
Truist Financial Corp. 5.10% (H15T10Y+435bps), Callable 3/1/30 @ 100 (b) (c)		500,000		559,490
1.89% (SOFR+63bps), 6/7/29, Callable 6/7/28 @ 100, MTN (b)		1,000,000		984,220
U.S. Bancorp, 3.10%, 4/27/26, MTN, Callable 3/27/26 @ 100		500,000		529,330
Webster Financial Corp., 4.10%, 3/25/29, Callable 12/25/28 @ 100		500,000		549,140
				27,258,153
Health Care (7.2%):
AbbVie, Inc., 4.25%, 11/21/49, Callable 5/21/49 @ 100		500,000		601,860
Amgen, Inc., 1.65%, 8/15/28, Callable 6/15/28 @ 100		500,000		490,100
Baxter International, Inc., 2.54%, 2/1/32, Callable 11/1/31 @ 100 (a)		250,000		252,570
Bristol-Myers Squibb Co., 2.55%, 11/13/50, Callable 5/13/50 @ 100		500,000		476,340
Cigna Corp., 3.40%, 3/1/27, Callable 12/1/26 @ 100		500,000		538,025
CVS Health Corp., 3.25%, 8/15/29, Callable 5/15/29 @ 100		2,000,000		2,134,340
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100		750,000		791,903
Fresenius Medical Care U.S. Finance III, Inc., 2.38%, 2/16/31, Callable 11/16/30 @ 100 (a)		500,000		477,950
HCA, Inc., 4.50%, 2/15/27, Callable 8/15/26 @ 100		250,000		275,905
Illumina, Inc., 2.55%, 3/23/31, Callable 12/23/30 @ 100		500,000		500,780
PerkinElmer, Inc., 2.55%, 3/15/31, Callable 12/15/30 @ 100		500,000		504,260
Roche Holdings, Inc., 1.93%, 12/13/28, Callable 10/13/28 @ 100 (a)		500,000		502,940
				7,546,973

Security Description	Principal Amount		Value
Industrials (5.2%):
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100	$	500,000	$	487,245
Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100		500,000		536,090
Burlington Northern Santa Fe LLC 3.65%, 9/1/25, Callable 6/1/25 @ 100		500,000		538,460
3.90%, 8/1/46, Callable 2/1/46 @ 100		500,000		583,730
Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100		500,000		510,810
Carrier Global Corp., 3.38%, 4/5/40, Callable 10/5/39 @ 100		500,000		523,160
GXO Logistics, Inc., 2.65%, 7/15/31, Callable 4/15/31 @ 100 (a)		750,000		739,718
Hubbell, Inc., 2.30%, 3/15/31, Callable 12/15/30 @ 100		500,000		500,340
IDEX Corp., 3.00%, 5/1/30, Callable 2/1/30 @ 100		500,000		520,610
Otis Worldwide Corp., 3.11%, 2/15/40, Callable 8/15/39 @ 100		500,000		512,110
				5,452,273
Information Technology (5.8%):
Autodesk, Inc., 2.40%, 12/15/31, Callable 9/15/31 @ 100		750,000		748,898
Broadcom, Inc., 2.60%, 2/15/33, Callable 11/15/32 @ 100 (a)		1,000,000		969,890
Dell, Inc., 5.40%, 9/10/40		500,000		563,280
Jabil, Inc., 3.00%, 1/15/31, Callable 10/15/30 @ 100		500,000		514,390
Micron Technology, Inc., 2.70%, 4/15/32, Callable 1/15/32 @ 100		250,000		251,015
Microsoft Corp., 3.45%, 8/8/36, Callable 2/8/36 @ 100		500,000		574,445
Oracle Corp. 1.65%, 3/25/26, Callable 2/25/26 @ 100		1,000,000		991,690
2.95%, 4/1/30, Callable 1/1/30 @ 100		500,000		505,365
TSMC Arizona Corp., 2.50%, 10/25/31, Callable 7/25/31 @ 100		450,000		455,553
VMware, Inc., 2.20%, 8/15/31, Callable 5/15/31 @ 100		500,000		491,455
Western Digital Corp., 3.10%, 2/1/32, Callable 11/1/31 @ 100		100,000		100,730
				6,166,711
Materials (4.2%):
Avery Dennison Corp., 2.25%, 2/15/32, Callable 11/15/31 @ 100		500,000		485,770
Eagle Materials, Inc., 2.50%, 7/1/31, Callable 4/1/31 @ 100		250,000		247,028
Ecolab, Inc., 1.65%, 2/1/27, Callable 1/1/27 @ 100		400,000		402,032
LYB International Finance III LLC, 2.25%, 10/1/30, Callable 7/1/30 @ 100		500,000		497,600
Packaging Corp. of America, 3.05%, 10/1/51, Callable 4/1/51 @ 100		750,000		746,393
Reliance Steel & Aluminum Co., 2.15%, 8/15/30, Callable 5/15/30 @ 100		500,000		487,580
The Dow Chemical Co., 4.25%, 10/1/34, Callable 4/1/34 @ 100		500,000		577,075
WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100		1,000,000		1,031,310
				4,474,788
Real Estate (5.0%):
Alexandria Real Estate Equities, Inc., 2.00%, 5/18/32, Callable 2/18/32 @ 100		1,000,000		960,010
American Tower Corp., 1.50%, 1/31/28, Callable 11/30/27 @ 100		500,000		478,830
Boston Properties LP, 2.55%, 4/1/32, Callable 1/1/32 @ 100		500,000		497,550
CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		250,000		251,358
ERP Operating LP, 2.85%, 11/1/26, Callable 8/1/26 @ 100		500,000		524,835
Essex Portfolio LP, 2.65%, 3/15/32, Callable 12/15/31 @ 100		1,000,000		1,005,979
GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32, Callable 10/15/31 @ 100		117,000		117,598
Host Hotels & Resorts LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100		500,000		513,455
Kilroy Realty LP, 2.65%, 11/15/33, Callable 8/15/33 @ 100		250,000		242,997

Security Description	Principal Amount		Value
Physicians Realty LP 4.30%, 3/15/27, Callable 12/15/26 @ 100	$	250,000	$	277,610
2.63%, 11/1/31, Callable 8/1/31 @ 100		250,000		249,503
Simon Property Group LP, 2.25%, 1/15/32, Callable 10/15/31 @ 100		250,000		244,395
				5,364,120
Utilities (6.6%):
Alabama Power Co., 3.13%, 7/15/51, Callable 1/15/51 @ 100		500,000		512,180
Duke Energy Florida LLC, 2.40%, 12/15/31, Callable 9/15/31 @ 100		1,000,000		1,012,287
Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100 (a)		250,000		248,670
Entergy Corp., 2.40%, 6/15/31, Callable 3/5/31 @ 100		500,000		494,580
Florida Power & Light Co., 3.15%, 10/1/49, Callable 4/1/49 @ 100		250,000		267,803
ITC Holdings Corp., 3.35%, 11/15/27, Callable 8/15/27 @ 100		500,000		530,544
MidAmerican Energy Co., 2.70%, 8/1/52, Callable 2/1/52 @ 100		500,000		490,025
NextEra Energy Capital Holdings, Inc. 0.45% (SOFR+40bps), 11/3/23, Callable 5/3/22 @ 100 (b)		250,000		249,688
2.44%, 1/15/32, Callable 10/15/31 @ 100		500,000		501,320
Oncor Electric Delivery Co. LLC, 3.75%, 4/1/45, Callable 10/1/44 @ 100		500,000		571,649
PECO Energy Co., 3.00%, 9/15/49, Callable 3/15/49 @ 100		500,000		507,460
Southwestern Electric Power Co., 3.25%, 11/1/51, Callable 5/1/51 @ 100		250,000		249,108
Union Electric Co., 2.15%, 3/15/32, Callable 12/15/31 @ 100		500,000		492,950
Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100		250,000		247,115
Xcel Energy, Inc., 2.35%, 11/15/31, Callable 5/15/31 @ 100		500,000		499,415
				6,874,794
Total Corporate Bonds (Cost $82,301,904)				81,723,648
Yankee Dollars (20.3%)
Communication Services (1.0%):
British Telecommunications PLC, 3.25%, 11/8/29, Callable 8/8/29 @ 100 (a)		500,000		511,410
Deutsche Telekom International Finance BV, 3.60%, 1/19/27, Callable 10/19/26 @ 100 (a)		500,000		536,680
				1,048,090
Consumer Staples (2.0%):
Alimentation Couche-Tard, Inc., 2.95%, 1/25/30, Callable 10/25/29 @ 100 (a)		500,000		518,935
Anheuser-Busch InBev Worldwide, Inc., 3.75%, 7/15/42		750,000		815,393
Bacardi Ltd., 4.70%, 5/15/28, Callable 2/15/28 @ 100 (a)		500,000		565,465
Becle SAB de CV, 2.50%, 10/14/31, Callable 7/14/31 @ 100 (a)		250,000		245,285
				2,145,078
Financials (14.0%):
Barclays PLC, 4.95%, 1/10/47		1,000,000		1,295,530
BNP Paribas SA, 4.38%, 5/12/26 (a)		500,000		543,790
BP Capital Markets PLC, 4.38% (H15T5Y+404bps), Callable 6/22/25 @ 100 (b) (c)		500,000		522,305
BPCE SA, 3.25%, 1/11/28 (a)		500,000		532,980
Brookfield Finance, Inc., 2.72%, 4/15/31, Callable 1/15/31 @ 100		500,000		504,800
Canadian Imperial Bank of Commerce, 7.26%, 4/10/32 (a)		252,603		323,954
Commonwealth Bank of Australia, 2.69%, 3/11/31 (a)		500,000		491,815
Credit Agricole SA, 3.25%, 10/4/24 (a)		500,000		525,075

Security Description	Principal Amount		Value
Credit Suisse Group AG, 3.09% (SOFR+173bps), 5/14/32, Callable 5/14/31 @ 100 (a) (b)	$	500,000	$	508,295
Deutsche Bank AG, 4.88% (USISDA05+255bps), 12/1/32, Callable 12/1/27 @ 100 (b)		500,000		539,720
HSBC Holdings PLC, 2.21% (SOFR+129bps), 8/17/29, Callable 8/17/28 @ 100 (b)		2,000,000		1,961,839
JAB Holdings BV, 3.75%, 5/28/51, Callable 11/28/50 @ 100 (a)		250,000		274,073
Lloyds Banking Group PLC, 1.63% (H15T1Y+85bps), 5/11/27, Callable 5/11/26 @ 100 (b)		1,000,000		983,530
Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100 (a) (b)		500,000		491,010
Nationwide Building Society, 4.13% (USISDA05+185bps), 10/18/32, Callable 10/18/27 @ 100 (a) (b)		500,000		534,015
NatWest Group PLC, 1.64% (H15T1Y+90bps), 6/14/27, Callable 6/14/26 @ 100 (b)		1,000,000		984,850
Shell International Finance BV 2.75%, 4/6/30, Callable 1/6/30 @ 100		500,000		523,005
2.88%, 11/26/41, Callable 5/26/41 @ 100		500,000		501,820
Siemens Financieringsmaatschappij NV, 3.40%, 3/16/27 (a)		500,000		539,060
Societe Generale SA, 1.49% (H15T1Y+1bps), 12/14/26, Callable 12/14/25 @ 100 (a) (b)		500,000		487,435
The Bank of Nova Scotia, 4.50%, 12/16/25		500,000		550,330
The Toronto-Dominion Bank, 3.62% (USSW5+221bps), 9/15/31, Callable 9/15/26 @ 100 (b)		500,000		537,060
Westpac Banking Corp., 4.32% (USISDA05+224bps), 11/23/31, Callable 11/23/26 @ 100 (b)		500,000		540,940
				14,697,231
Health Care (1.1%):
Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100		500,000		539,290
Olympus Corp., 2.14%, 12/8/26 (a)		152,000		152,872
Smith & Nephew PLC, 2.03%, 10/14/30, Callable 7/14/30 @ 100		500,000		483,525
				1,175,687
Industrials (1.0%):
CNH Industrial NV, 3.85%, 11/15/27, MTN, Callable 8/15/27 @ 100		500,000		545,710
Ferguson Finance PLC, 3.25%, 6/2/30, Callable 3/2/30 @ 100 (a)		500,000		526,255
				1,071,965
Materials (0.7%):
CCL Industries, Inc. 3.25%, 10/1/26, Callable 7/1/26 @ 100 (a)		500,000		525,145
3.05%, 6/1/30, Callable 3/1/30 @ 100 (a)		235,000		243,223
				768,368
Real Estate (0.5%):
Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31, Callable 7/15/31 @ 100 (a)		504,000		505,950
Total Yankee Dollars (Cost $21,636,576)				21,412,369

Security Description	Shares		Value
Common Stocks (100.0%)
Aerospace & Defense (3.2%):
HEICO Corp.		597	$	86,099
Air Freight & Logistics (3.5%):
GXO Logistics, Inc. (a)		1,033		93,827
Commercial Services & Supplies (10.0%):
Cintas Corp.		192		85,089
Copart, Inc. (a)		844		127,967
Rollins, Inc.		1,744		59,662
				272,718
Consumer Discretionary (9.9%):
D.R. Horton, Inc.		900		97,605
LKQ Corp.		1,176		70,595
NVR, Inc. (a)		17		100,451
				268,651
Electronic Equipment, Instruments & Components (13.2%):
Amphenol Corp., Class A		1,400		122,444
Keysight Technologies, Inc. (a)		372		76,822
Teledyne Technologies, Inc. (a)		148		64,660
Zebra Technologies Corp. (a)		166		98,803
				362,729
Health Care (16.5%):
Chemed Corp.		158		83,588
DENTSPLY SIRONA, Inc.		1,248		69,626
Laboratory Corp. of America Holdings (a)		304		95,520
STERIS PLC		356		86,654
Waters Corp. (a)		296		110,290
				445,678
Industrial Conglomerates (3.1%):
Carlisle Cos., Inc.		340		84,361
Machinery (9.4%):
Graco, Inc.		1,068		86,102
Parker-Hannifin Corp.		276		87,801
The Toro Co.		812		81,127
				255,030
Materials (2.0%):
Crown Holdings, Inc.		500		55,310
Professional Services (6.6%):
CACI International, Inc., Class A (a)		257		69,187
Verisk Analytics, Inc.		484		110,705
				179,892

	VictoryShares US 500 Volatility Wtd ETF			VictoryShares US Small Cap Volatility Wtd ETF			VictoryShares International Volatility Wtd ETF
Assets:
Affiliated investments, at value (Cost $—, $40,115 and $—)	$	—		$	61,736		$	—
Unaffiliated investments, at value (Cost $506,499,170, $23,485,776 and $98,861,791)		694,876,216	(a)		27,547,574	(b)		121,065,577	(c)
Foreign currency, at value (Cost $—, $— and $23,838)		—			—			23,858
Cash		1,673,088			64,847			123,106
Deposit with broker for futures contracts		396,358			33,471			108,697
Receivables:
Interest and dividends		662,388			13,616			156,158
Investments sold		3,866,775			—			—
Reclaims		—			—			151,286
From Adviser		832			3,851			12,683
Prepaid expenses		1,321			33			187
Total Assets		701,476,978			27,725,128			121,641,552
Liabilities:
Payables:
Collateral received on loaned securities		10,035,590			144,942			4,025,356
Capital shares redeemed		3,879,824			—			—
Variation margin on open futures contracts		5,804			205			130
Accrued expenses and other payables:
Investment advisory fees		176,154			6,829			39,020
Administration fees		9,122			355			1,959
Custodian fees		5,106			573			25,995
Compliance fees		427			15			67
Trustees' fees		571			—			—
Other accrued expenses		43,034			5,995			19,626
Total Liabilities		14,155,632			158,914			4,112,153
Net Assets:
Capital		514,595,245			30,433,962			99,339,127
Total accumulated earnings/(loss)		172,726,101			(2,867,748	)		18,190,272
Net Assets	$	687,321,346		$	27,566,214		$	117,529,399
Shares (unlimited shares authorized, no par value):		8,850,000			400,000			2,600,000
Net asset value:	$	77.66		$	68.92		$	45.20

(a) Includes $9,714,977 of securities on loan.

(b) Includes $139,560 of securities on loan.

	VictoryShares US Large Cap High Div Volatility Wtd ETF			VictoryShares US Small Cap High Div Volatility Wtd ETF
Assets:
Investments, at value (Cost $209,648,759 and $241,095,472)	$	242,050,083	(a)	$	256,390,480	(b)
Cash		441,546			751,574
Deposit with broker for futures contracts		284,342			112,934
Receivables:
Interest and dividends		576,893			332,724
Capital shares issued		—			3,065,320
From Adviser		2,773			3,715
Prepaid expenses		343			123
Total Assets		243,355,980			260,656,870
Liabilities:
Payables:
Collateral received on loaned securities		2,212,270			5,888,647
Investments purchased		—			3,052,122
Variation margin on open futures contracts		2,063			1,624
Accrued expenses and other payables:
Investment advisory fees		58,299			61,681
Administration fees		3,235			4,372
Custodian fees		1,874			1,856
Compliance fees		129			101
Other accrued expenses		17,467			10,386
Total Liabilities		2,295,337			9,020,789
Net Assets:
Capital		244,197,638			257,678,415
Total accumulated earnings/(loss)		(3,136,995	)		(6,042,334	)
Net Assets	$	241,060,643		$	251,636,081
Shares (unlimited shares authorized, no par value):		3,950,000			4,100,000
Net asset value:	$	61.03		$	61.37

(a) Includes $2,140,650 of securities on loan.

(b) Includes $5,683,641 of securities on loan.

	VictoryShares International High Div Volatility Wtd ETF			VictoryShares Emerging Market High Div Volatility Wtd ETF			VictoryShares Dividend Accelerator ETF
Assets:
Investments, at value (Cost $19,436,619, $17,386,695 and $289,109,060)	$	20,192,164	(a)	$	17,143,291	(b)	$	353,808,293	(c)
Foreign currency, at value (Cost $11,136, $2,057 and $—)		11,136			2,057			—
Cash		51,936			28,618			496,743
Deposit with broker for futures contracts		25,836			40,550			304,372
Receivables:
Interest and dividends		49,826			29,938			552,248
Reclaims		71,076			2,326			—
From Adviser		5,717			18,039			1,557
Prepaid expenses		128			40			590
Total Assets		20,407,819			17,264,859			355,163,803
Liabilities:
Payables:
Collateral received on loaned securities		857,575			749,575			371,172
Variation margin on open futures contracts		65			350			2,063
Accrued expenses and other payables:
Investment advisory fees		6,495			6,222			87,852
Administration fees		53			19			6,022
Custodian fees		4,929			25,183			2,793
Compliance fees		23			11			188
Other accrued expenses		9,618			26,943			16,572
Total Liabilities		878,758			808,303			486,662
Net Assets:
Capital		32,588,686			21,485,479			282,543,417
Total accumulated earnings/(loss)		(13,059,625	)		(5,028,923	)		72,133,724
Net Assets	$	19,529,061		$	16,456,556		$	354,677,141
Shares (unlimited shares authorized, no par value):		600,000			700,000			7,450,000
Net asset value:	$	32.55		$	23.51		$	47.61

(a) Includes $823,029 of securities on loan.

(b) Includes $690,659 of securities on loan.

	VictoryShares US Multi-Factor Minimum Volatility ETF		VictoryShares US 500 Enhanced Volatility Wtd ETF			VictoryShares US EQ Income Enhanced Volatility Wtd ETF
Assets:
Investments, at value (Cost $134,164,994, $823,670,844 and $975,956,773)	$	163,368,431	$	1,079,406,818	(a)	$	1,123,196,377	(b)
Cash		382,216		—			—
Deposit with broker for futures contracts		218,297		494,437			652,277
Receivables:
Interest and dividends		104,442		1,001,982			2,640,743
Capital shares issued		—		—			10,430,315
From Adviser		3,250		—			—
Prepaid expenses		344		1,316			1,193
Total Assets		164,076,980		1,080,904,553			1,136,920,905
Liabilities:
Payables:
Collateral received on loaned securities		—		12,340,356			20,585,825
Investments purchased		—		—			10,375,967
Variation margin on open futures contracts		2,062		9,242			9,546
Accrued expenses and other payables:
Investment advisory fees		40,915		264,407			267,260
Administration fees		2,685		14,916			16,597
Custodian fees		1,544		6,387			6,289
Compliance fees		96		544			525
Trustees' fees		—		650			394
Other accrued expenses		11,713		47,596			45,102
Total Liabilities		59,015		12,684,098			31,307,505
Net Assets:
Capital		132,376,865		839,313,634			971,718,632
Total accumulated earnings/(loss)		31,641,100		228,906,821			133,894,768
Net Assets	$	164,017,965	$	1,068,220,455		$	1,105,613,400
Shares (unlimited shares authorized, no par value):		3,900,000		13,750,000			15,900,000
Net asset value:	$	42.06	$	77.69		$	69.54

(a) Includes $11,875,760 of securities on loan.

(b) Includes $20,053,733 of securities on loan.

	VictoryShares US Discovery Enhanced Volatility Wtd ETF			VictoryShares Developed Enhanced Volatility Wtd ETF			VictoryShares Nasdaq Next 50 ETF
Assets:
Affiliated investments, at value (Cost $88,744, $— and $—)	$	158,284		$	—		$	—
Unaffiliated investments, at value (Cost $59,943,116, $35,747,523 and $133,079,382)		71,287,223	(a)		42,408,699	(b)		152,929,343
Foreign currency, at value (Cost $—, $9,019 and $—)		—			9,041			—
Cash		—			—			655,078
Deposit with broker for futures contracts		41,644			90,258			104,495
Receivables:
Interest and dividends		34,948			54,400			54,148
Reclaims		—			162,128			4,092
From Adviser		3,772			15,758			12,075
Prepaid expenses		80			84			71
Total Assets		71,525,951			42,740,368			153,759,302
Liabilities:
Payables:
Collateral received on loaned securities		825,012			1,384,271			—
Investments purchased		—			—			146,080
Variation margin on open futures contracts		410			65			4,380
Accrued expenses and other payables:
Investment advisory fees		17,506			13,707			19,649
Administration fees		824			76			886
Custodian fees		755			37,683			2,393
Compliance fees		39			27			73
Trustees' fees		—			—			86
Other accrued expenses		9,486			18,811			61,651
Total Liabilities		854,032			1,454,640			235,198
Net Assets:
Capital		89,783,795			60,012,292			140,723,118
Total accumulated earnings/(loss)		(19,111,876	)		(18,726,564	)		12,800,986
Net Assets	$	70,671,919		$	41,285,728		$	153,524,104
Shares (unlimited shares authorized, no par value):		1,100,000			1,200,000			4,500,000
Net asset value:	$	64.25		$	34.40		$	34.12

(a) Includes $796,001 of securities on loan.

(b) Includes $1,327,116 of securities on loan.

	VictoryShares ESG Core Plus Bond ETF			VictoryShares ESG Corporate Bond ETF			VictoryShares THB Mid Cap ESG ETF
Assets:
Investments, at value (Cost $204,206,680, $104,938,443 and $2,373,955)	$	203,564,332		$	104,135,963		$	2,719,058
Cash		182,342			566,351			10,850
Receivables:
Interest and dividends		725,323			726,482			661
Investments sold		—			—			45,112
From Adviser		4,396			5,204			3,554
Prepaid expenses		26,547			24,340			—
Total Assets		204,502,940			105,458,340			2,779,235
Liabilities:
Payables:
Investments purchased		9,643,957			—			55,256
Accrued expenses and other payables:
Investment advisory fees		57,267			31,347			1,120
Administration fees		3,689			2,022			51
Custodian fees		1,440			1,442			538
Compliance fees		98			89			10
Trustees' fees		1,402			1,365			368
Other accrued expenses		10,491			11,774			3,478
Total Liabilities		9,718,344			48,039			60,821
Net Assets:
Capital		195,400,606			106,319,172			2,373,729
Total accumulated earnings/(loss)		(616,010	)		(908,871	)		344,685
Net Assets	$	194,784,596		$	105,410,301		$	2,718,414
Shares (unlimited shares authorized, no par value):		7,825,000			4,250,000			100,000
Net asset value:	$	24.89		$	24.80		$	27.18

	VictoryShares US 500 Volatility Wtd ETF			VictoryShares US Small Cap Volatility Wtd ETF			VictoryShares International Volatility Wtd ETF
Investment Income:
Dividends	$	5,641,040		$	254,881		$	1,348,635
Non-cash dividends		—			—			286,295
Affiliated dividend income		—			639			—
Interest		382			1			17
Securities lending (net of fees)		21,373			569			24,810
Foreign tax withholding		(830	)		(170	)		(222,361	)
Total Income		5,661,965			255,920			1,437,396
Expenses:
Investment advisory fees		1,062,492			40,150			236,367
Administration fees		192,367			7,268			32,097
Sub-Administration fees		9,052			9,052			9,052
Custodian fees		16,378			1,770			54,893
Servicing fees		2,619			2,568			2,568
Trustees' fees		22,131			1,482			4,207
Compliance fees		2,542			94			419
Legal and audit fees		22,288			6,425			9,423
Broker interest fees		398			—			—
Interest fees		—			47			139
Other expenses		32,795			4,013			9,249
Total Expenses		1,363,062			72,869			358,414
Expenses waived/reimbursed by Adviser		(123,273	)		(25,965	)		(92,355	)
Net Expenses		1,239,789			46,904			266,059
Net Investment Income (Loss)		4,422,176			209,016			1,171,337
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from unaffiliated investment securities and foreign currency transactions		(1,874,529	)		(666,915	)		2,524,777
Net realized gains (losses) from affiliated investment securities		—			22,352			—
Net realized gains (losses) from futures contracts		365,354			(3,354	)		(2,870	)
Net realized gains (losses) from in-kind redemptions		58,817,375			2,036,548			—
Net change in unrealized appreciation/depreciation on unaffiliated investment securities and foreign currency translations		3,217,521			212,083			(689,760	)
Net change in unrealized appreciation/depreciation on affiliated investment securities		—			(13,005	)		—
Net change in unrealized appreciation/depreciation on futures contracts		(24,872	)		(4,355	)		9,664
Net realized/unrealized gains (losses) on investments		60,500,849			1,583,354			1,841,811
Change in net assets resulting from operations	$	64,923,025		$	1,792,370		$	3,013,148

	VictoryShares US Large Cap High Div Volatility Wtd ETF			VictoryShares US Small Cap High Div Volatility Wtd ETF
Investment Income:
Dividends	$	3,989,931		$	4,688,610
Interest		67			68
Securities lending (net of fees)		3,880			21,175
Foreign tax withholding		—			(293	)
Total Income		3,993,878			4,709,560
Expenses:
Investment advisory fees		342,573			373,577
Administration fees		62,019			67,639
Sub-Administration fees		9,052			9,052
Custodian fees		5,977			6,449
Servicing fees		2,568			2,568
Trustees' fees		7,465			7,555
Compliance fees		805			831
Legal and audit fees		11,185			10,951
Broker interest fees		—			173
Other expenses		13,255			11,690
Total Expenses		454,899			490,485
Expenses waived/reimbursed by Adviser		(55,045	)		(54,478	)
Net Expenses		399,854			436,007
Net Investment Income (Loss)		3,594,024			4,273,553
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(1,983,717	)		(9,742,487	)
Net realized gains (losses) from futures contracts		134,052			(15,213	)
Net realized gains (losses) from in-kind redemptions		14,822,667			12,757,596
Net change in unrealized appreciation/depreciation on investment securities		3,637,179			2,892,130
Net change in unrealized appreciation/depreciation on futures contracts		(3,232	)		27,507
Net realized/unrealized gains (losses) on investments		16,606,949			5,919,533
Change in net assets resulting from operations	$	20,200,973		$	10,193,086

	VictoryShares International High Div Volatility Wtd ETF			VictoryShares Emerging Market High Div Volatility Wtd ETF			VictoryShares Dividend Accelerator ETF
Investment Income:
Dividends	$	439,205		$	715,572		$	3,249,739
Non-cash dividends		70,450			—			—
Interest		71			—			47
Securities lending (net of fees)		4,316			94			73
Foreign tax withholding		(54,278	)		(94,883	)		—
Total Income		459,764			620,783			3,249,859
Expenses:
Investment advisory fees		41,331			40,088			518,135
Administration fees		5,614			4,840			93,805
Sub-Administration fees		9,052			10,057			9,052
Custodian fees		10,764			48,851			8,530
Servicing fees		2,568			2,499			2,499
Trustees' fees		1,486			1,281			10,972
Compliance fees		88			67			1,222
Legal and audit fees		6,913			23,486			12,273
Line of credit fees		—			28			—
Interest fees		117			757			—
Other expenses		4,971			6,151			14,875
Total Expenses		82,904			138,105			671,363
Expenses waived/reimbursed by Adviser		(36,333	)		(92,823	)		(66,779	)
Net Expenses		46,571			45,282			604,584
Net Investment Income (Loss)		413,193			575,501			2,645,275
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency transactions		235,402			489,334			(402,752	)
Foreign taxes on realized gains		—			(24,811	)		—
Net realized gains (losses) from futures contracts		(2,726	)		(4,675	)		129,243
Net realized gains (losses) from in-kind redemptions		290,838			164,150			14,738,749
Net change in unrealized appreciation/ depreciation on investment securities and foreign currency translations		(467,566	)		(1,197,431	)		12,491,854
Net change in unrealized appreciation/ depreciation on futures contracts		6,669			100			10,781
Net change in accrued foreign taxes on unrealized gains		—			9,836			—
Net realized/unrealized gains (losses) on investments		62,617			(563,497	)		26,967,875
Change in net assets resulting from operations	$	475,810		$	12,004		$	29,613,150

	VictoryShares US Multi-Factor Minimum Volatility ETF			VictoryShares US 500 Enhanced Volatility Wtd ETF			VictoryShares US EQ Income Enhanced Volatility Wtd ETF
Investment Income:
Dividends	$	1,614,724		$	8,116,038		$	17,419,780
Interest		70			—			—
Securities lending (net of fees)		1			30,855			17,290
Foreign tax withholding		(428	)		(1,207	)		—
Total Income		1,614,367			8,145,686			17,437,070
Expenses:
Investment advisory fees		256,628			1,515,517			1,487,191
Administration fees		46,470			274,340			269,194
Sub-Administration fees		9,051			9,051			9,051
Custodian fees		4,876			22,087			21,512
Servicing fees		2,341			2,619			2,619
Trustees' fees		5,831			29,255			28,467
Compliance fees		609			3,456			3,364
Legal and audit fees		10,158			28,915			28,522
Broker interest fees		—			565			494
Interest fees		—			90			897
Other expenses		9,391			40,148			38,852
Total Expenses		345,355			1,926,043			1,890,163
Expenses waived/reimbursed by Adviser		(45,958	)		(160,191	)		(157,183	)
Net Expenses		299,397			1,765,852			1,732,980
Net Investment Income (Loss)		1,314,970			6,379,834			15,704,090
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(1,300,065	)		(4,345,664	)		(7,215,386	)
Net realized gains (losses) from futures contracts		75,119			484,025			547,290
Net realized gains (losses) from in-kind redemptions		14,080,178			43,110,175			65,886,878
Net change in unrealized appreciation/ depreciation on investment securities		3,511,492			47,237,625			14,610,245
Net change in unrealized appreciation/ depreciation on futures contracts		(2,993	)		(22,926	)		18,142
Net realized/unrealized gains (losses) on investments		16,363,731			86,463,235			73,847,169
Change in net assets resulting from operations	$	17,678,701		$	92,843,069		$	89,551,259

	VictoryShares US Discovery Enhanced Volatility Wtd ETF			VictoryShares Developed Enhanced Volatility Wtd ETF			VictoryShares Nasdaq Next 50 ETF
Investment Income:
Dividends	$	649,314		$	472,942		$	275,837
Non-cash dividends		—			100,083			—
Affiliated dividend income		1,637			—			—
Interest		1			62			45
Securities lending (net of fees)		1,804			8,314			64,970
Foreign tax withholding		(436	)		(79,434	)		(3,069	)
Total Income		652,320			501,967			337,783
Expenses:
Investment advisory fees		101,952			83,749			113,839
Administration fees		18,456			11,373			41,215
Sub-Administration fees		9,051			9,051			7,352
Custodian fees		2,574			60,958			3,601
Servicing fees		2,345			2,568			1,510
Trustees' fees		2,636			2,008			4,490
Compliance fees		235			153			504
Legal and audit fees		7,502			7,845			7,252
Interest fees					73			—
Licensing fees		—			—			22,771
Other expenses		6,187			8,966			21,475
Total Expenses		150,938			186,744			224,009
Expenses waived/reimbursed by Adviser		(31,926	)		(92,472	)		(87,374	)
Net Expenses		119,012			94,272			136,635
Net Investment Income (Loss)		533,308			407,695			201,148
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from unaffiliated investment securities		(1,414,225	)		737,365			(9,347,342	)
Net realized gains (losses) from affiliated securities transactions		32,611			—			—
Net realized gains (losses) from futures contracts		(21,696	)		1			40,689
Net realized gains (losses) from in-kind redemptions		4,809,647			447,202			9,563,604
Net change in unrealized appreciation/ depreciation on unaffiliated investment securities		690,572			(512,288	)		(1,495,339	)
Net change in unrealized appreciation/ depreciation on affiliated investments		(8,717	)		—			—
Net change in unrealized appreciation/ depreciation on futures contracts		10,070			7,674			4,712
Net realized/unrealized gains (losses) on investments		4,098,262			679,954			(1,233,676	)
Change in net assets resulting from operations	$	4,631,570		$	1,087,649		$	(1,032,528	)

	VictoryShares ESG Core Plus Bond ETF(a)			VictoryShares ESG Corporate Bond ETF(a)			VictoryShares THB Mid Cap ESG ETF(a)
Investment Income:
Dividends	$	—		$	—		$	3,507
Interest		676,760			539,803			—
Total Income		676,760			539,803			3,507
Expenses:
Investment advisory fees		129,518			84,717			3,125
Administration fees		19,995			13,091			338
Sub-Administration fees		3,790			3,790			3,764
Custodian fees		1,640			1,642			538
Servicing fees		1,005			1,005			1,005
Trustees' fees		1,439			1,403			369
Compliance fees		158			145			12
Legal and audit fees		3,066			2,794			1,662
Interest fees		—			—			9
Listing fees		2,500			2,500			2,500
Other expenses		7,331			7,634			701
Total Expenses		170,442			118,721			14,023
Expenses waived/reimbursed by Adviser		(20,315	)		(20,773	)		(10,572	)
Net Expenses		150,127			97,948			3,451
Net Investment Income (Loss)		526,633			441,855			56
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		22,986			20,636			7,427
Net change in unrealized appreciation/ depreciation on investment securities		(642,348	)		(802,480	)		345,103
Net realized/unrealized gains (losses) on investments		(619,362	)		(781,844	)		352,530
Change in net assets resulting from operations	$	(92,729	)	$	(339,989	)	$	352,586

(a) Commencement of operations on October 5, 2021.

	VictoryShares US 500 Volatility Wtd ETF						VictoryShares US Small Cap Volatility Wtd ETF						VictoryShares International Volatility Wtd ETF
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	4,422,176		$	7,661,551		$	209,016		$	281,342		$	1,171,337		$	2,422,654
Net realized gains (losses) from investments		57,308,200			69,253,916			1,388,631			3,440,333			2,521,907			2,246,705
Net change in unrealized appreciation/ depreciation on investments		3,192,649			160,491,386			194,723			6,333,917			(680,096	)		23,696,788
Change in net assets resulting from operations		64,923,025			237,406,853			1,792,370			10,055,592			3,013,148			28,366,147
Change in net assets resulting from distributions to shareholders		(5,088,696	)		(7,561,107	)		(225,432	)		(287,612	)		(2,193,810	)		(2,408,306	)
Change in net assets resulting from capital transactions		(77,950,457	)		(194,413,139	)		13,589			128,296			—			7,632,260
Change in net assets		(18,116,128	)		35,432,607			1,580,527			9,896,276			819,338			33,590,101
Net Assets:
Beginning of period		705,437,474			670,004,867			25,985,687			16,089,411			116,710,061			83,119,960
End of period	$	687,321,346		$	705,437,474		$	27,566,214		$	25,985,687		$	117,529,399		$	116,710,061
Capital Transactions:
Proceeds from shares issued		88,325,657			109,696,136			6,396,216			9,846,161			—			11,872,178
Cost of shares redeemed		(166,276,114	)		(304,109,275	)		(6,382,627	)		(9,717,865	)		—			(4,239,918	)
Change in net assets resulting from capital transactions		(77,950,457	)		(194,413,139	)		13,589			128,296			—			7,632,260
Share Transactions:
Issued		1,200,000			1,650,000			100,000			150,000			—			300,000
Redeemed		(2,250,000	)		(5,000,000	)		(100,000	)		(150,000	)		—			(100,000	)
Change in Shares		(1,050,000	)		(3,350,000	)		—			—			—			200,000

	VictoryShares US Large Cap High Div Volatility Wtd ETF						VictoryShares US Small Cap High Div Volatility Wtd ETF
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	3,594,024		$	5,978,979		$	4,273,553		$	4,617,664
Net realized gains (losses) from investments		12,973,002			13,598,702			2,999,896			24,892,624
Net change in unrealized appreciation/ depreciation on investments		3,633,947			54,543,611			2,919,637			22,086,728
Change in net assets resulting from operations		20,200,973			74,121,292			10,193,086			51,597,016
Change in net assets resulting from distributions to shareholders		(4,094,581	)		(5,707,683	)		(4,782,669	)		(4,510,283	)
Change in net assets resulting from capital transactions		3,898,691			(40,993,350	)		(5,571,721	)		138,568,910
Change in net assets		20,005,083			27,420,259			(161,304	)		185,655,643
Net Assets:
Beginning of period		221,055,560			193,635,301			251,797,385			66,141,742
End of period	$	241,060,643		$	221,055,560		$	251,636,081		$	251,797,385
Capital Transactions:
Proceeds from shares issued		61,149,598			73,170,915			78,440,404			248,883,695
Cost of shares redeemed		(57,250,907	)		(114,164,265	)		(84,012,125	)		(110,314,785	)
Change in net assets resulting from capital transactions		3,898,691			(40,993,350	)		(5,571,721	)		138,568,910
Share Transactions:
Issued		1,050,000			1,350,000			1,350,000			4,350,000
Redeemed		(1,000,000	)		(2,350,000	)		(1,450,000	)		(1,950,000	)
Change in Shares		50,000			(1,000,000	)		(100,000	)		2,400,000

	VictoryShares International High Div Volatility Wtd ETF						VictoryShares Emerging Market High Div Volatility Wtd ETF						VictoryShares Dividend Accelerator ETF
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	413,193		$	1,511,245		$	575,501		$	915,679		$	2,645,275		$	5,136,658
Net realized gains (losses) from investments		523,514			744,698			623,998			(315,457	)		14,465,240			38,451,332
Net change in unrealized appreciation/ depreciation on investments		(460,897	)		10,014,311			(1,187,495	)		4,615,926			12,502,635			47,590,115
Change in net assets resulting from operations		475,810			12,270,254			12,004			5,216,148			29,613,150			91,178,105
Change in net assets resulting from distributions to shareholders		(623,807	)		(1,705,787	)		(791,056	)		(809,574	)		(3,118,525	)		(4,931,587	)
Change in net assets resulting from capital transactions		(3,301,198	)		(49,628,242	)		(2,450,765	)		(6,399,375	)		(15,971,955	)		22,631,344
Change in net assets		(3,449,195	)		(39,063,775	)		(3,229,817	)		(1,992,801	)		10,522,670			108,877,862
Net Assets:
Beginning of period		22,978,256			62,042,031			19,686,373			21,679,174			344,154,471			235,276,609
End of period	$	19,529,061		$	22,978,256		$	16,456,556		$	19,686,373		$	354,677,141		$	344,154,471
Capital Transactions:
Proceeds from shares issued		—			3,066,706			1,067			1,135,264			31,181,703			156,222,479
Cost of shares redeemed		(3,301,198	)		(52,694,948	)		(2,451,832	)		(7,534,639	)		(47,153,658	)		(133,591,135	)
Change in net assets resulting from capital transactions		(3,301,198	)		(49,628,242	)		(2,450,765	)		(6,399,375	)		(15,971,955	)		22,631,344
Share Transactions:
Issued		—			100,000			—			50,000			700,000			3,850,000
Redeemed		(100,000	)		(1,850,000	)		(100,000	)		(350,000	)		(1,050,000	)		(3,150,000	)
Change in Shares		(100,000	)		(1,750,000	)		(100,000	)		(300,000	)		(350,000	)		700,000

	VictoryShares US Multi-Factor Minimum Volatility ETF						VictoryShares US 500 Enhanced Volatility Wtd ETF						VictoryShares US EQ Income Enhanced Volatility Wtd ETF
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	1,314,970		$	2,767,382		$	6,379,834		$	8,590,245		$	15,704,090		$	19,769,279
Net realized gains (losses) from investments		12,855,232			13,042,099			39,248,536			72,481,462			59,218,782			122,693,510
Net change in unrealized appreciation/ depreciation on investments		3,508,499			20,081,016			47,214,699			162,743,239			14,628,387			97,533,008
Change in net assets resulting from operations		17,678,701			35,890,497			92,843,069			243,814,946			89,551,259			239,995,797
Change in net assets resulting from distributions to shareholders		(1,451,323	)		(2,790,098	)		(7,337,785	)		(7,661,659	)		(17,790,099	)		(18,139,639	)
Change in net assets resulting from capital transactions		(16,274,370	)		(24,217,756	)		45,374,421			91,574,225			117,006,289			129,097,767
Change in net assets		(46,992	)		8,882,643			130,879,705			327,727,512			188,767,449			350,953,925
Net Assets:
Beginning of period		164,064,957			155,182,314			937,340,750			609,613,238			916,845,951			565,892,026
End of period	$	164,017,965		$	164,064,957		$	1,068,220,455		$	937,340,750		$	1,105,613,400		$	916,845,951
Capital Transactions:
Proceeds from shares issued		46,517,363			52,363,615			161,993,978			281,258,675			380,996,280			465,006,422
Cost of shares redeemed		(62,791,733	)		(76,581,371	)		(116,619,557	)		(189,684,450	)		(263,989,991	)		(335,908,655	)
Change in net assets resulting from capital transactions		(16,274,370	)		(24,217,756	)		45,374,421			91,574,225			117,006,289			129,097,767
Share Transactions:
Issued		1,200,000			1,450,000			2,200,000			4,250,000			5,750,000			7,600,000
Redeemed		(1,600,000	)		(2,200,000	)		(1,600,000	)		(2,850,000	)		(4,050,000	)		(5,550,000	)
Change in Shares		(400,000	)		(750,000	)		600,000			1,400,000			1,700,000			2,050,000

	VictoryShares US Discovery Enhanced Volatility Wtd ETF						VictoryShares Developed Enhanced Volatility Wtd ETF						VictoryShares Nasdaq Next 50 ETF
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			For the Period September 10, 2020(a) through June 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	533,308		$	612,754		$	407,695		$	943,772		$	201,148		$	428,808
Net realized gains (losses) from investments		3,406,337			13,619,143			1,184,568			2,593,353			256,951			6,489,508
Net change in unrealized appreciation/ depreciation on investments		691,925			6,795,969			(504,614	)		7,824,474			(1,490,627	)		21,355,266
Change in net assets resulting from operations		4,631,570			21,027,866			1,087,649			11,361,599			(1,032,528	)		28,273,582
Change in net assets resulting from distributions to shareholders		(580,023	)		(596,428	)		(785,406	)		(879,139	)		(293,349	)		(345,554	)
Change in net assets resulting from capital transactions		3,047,921			5,938,386			(1,758,973	)		(16,195,189	)		6,383,039			120,538,914
Change in net assets		7,099,468			26,369,824			(1,456,730	)		(5,712,729	)		5,057,162			148,466,942
Net Assets:
Beginning of period		63,572,451			37,202,627			42,742,458			48,455,187			148,466,942			—
End of period	$	70,671,919		$	63,572,451		$	41,285,728		$	42,742,458		$	153,524,104		$	148,466,942
Capital Transactions:
Proceeds from shares issued		17,919,618			34,562,229			—			—			33,789,092			196,036,909
Cost of shares redeemed		(14,871,697	)		(28,623,843	)		(1,758,973	)		(16,195,189	)		(27,406,053	)		(75,497,995	)
Change in net assets resulting from capital transactions		3,047,921			5,938,386			(1,758,973	)		(16,195,189	)		6,383,039			120,538,914
Share Transactions:
Issued		300,000			600,000			—			—			1,000,000			6,675,000
Redeemed		(250,000	)		(500,000	)		(50,000	)		(550,000	)		(825,000	)		(2,350,000	)
Change in Shares		50,000			100,000			(50,000	)		(550,000	)		175,000			4,325,000

(a) Commencement of operations.

	VictoryShares ESG Core Plus Bond ETF			VictoryShares ESG Corporate Bond ETF			VictoryShares THB Mid Cap ESG ETF
	For the Period October 5, 2021(a) through December 31, 2021 (Unaudited)			For the Period October 5, 2021(a) through December 31, 2021 (Unaudited)			For the Period October 5, 2021(a) through December 31, 2021 (Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	526,633		$	441,855		$	56
Net realized gains (losses) from investments		22,986			20,636			7,427
Net change in unrealized appreciation/ depreciation on investments		(642,348	)		(802,480	)		345,103
Change in net assets resulting from operations		(92,729	)		(339,989	)		352,586
Change in net assets resulting from distributions to shareholders		(523,281	)		(568,882	)		(7,901	)
Change in net assets resulting from capital transactions		195,400,606			106,319,172			2,373,729
Change in net assets		194,784,596			105,410,301			2,718,414
Net Assets:
Beginning of period		—			—			—
End of period	$	194,784,596		$	105,410,301		$	2,718,414
Capital Transactions:
Proceeds from shares issued		195,400,606			106,319,172			2,373,729
Change in net assets resulting from capital transactions		195,400,606			106,319,172			2,373,729
Share Transactions:
Issued		7,825,000			4,250,000			100,000
Change in Shares		7,825,000			4,250,000			100,000

(a) Commencement of operations.

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return(b)
VictoryShares US 500 Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)	$	71.26		0.47		6.47			6.94			(0.54	)		(0.54	)	$	77.66		9.79	%
Year Ended June 30:
2021	$	50.57		0.69		20.68			21.37			(0.68	)		(0.68	)	$	71.26		42.51	%
2020	$	52.46		0.77		(1.88	)		(1.11	)		(0.78	)		(0.78	)	$	50.57		(2.12	)%
2019	$	49.34		0.73		3.09			3.82			(0.70	)		(0.70	)	$	52.46		7.86	%
2018	$	44.05		0.63		5.26			5.89			(0.60	)		(0.60	)	$	49.34		13.42	%
2017	$	37.24		0.60		6.71			7.31			(0.50	)		(0.50	)	$	44.05		19.72	%
VictoryShares US Small Cap Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)	$	64.96		0.52		4.00			4.52			(0.56	)		(0.56	)	$	68.92		7.00	%
Year Ended June 30:
2021	$	40.22		0.70		24.76			25.46			(0.72	)		(0.72	)	$	64.96		63.72	%
2020	$	45.87		0.59		(5.62	)		(5.03	)		(0.62	)		(0.62	)	$	40.22		(11.00	)%
2019	$	48.54		0.63		(2.62	)		(1.99	)		(0.68	)		(0.68	)	$	45.87		(4.07	)%
2018	$	42.40		0.50		6.14			6.64			(0.50	)		(0.50	)	$	48.54		15.75	%
2017	$	34.35		0.50		8.01			8.51			(0.46	)		(0.46	)	$	42.40		24.86	%
VictoryShares International Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)	$	44.89		0.45		0.70			1.15			(0.84	)		(0.84	)	$	45.20		2.60	%
Year Ended June 30:
2021	$	34.63		0.95		10.25			11.20			(0.94	)		(0.94	)	$	44.89		32.59	%
2020	$	38.12		0.77		(3.51	)		(2.74	)		(0.75	)		(0.75	)	$	34.63		(7.23	)%
2019	$	39.09		1.17		(1.07	)		0.10			(1.07	)		(1.07	)	$	38.12		0.33	%
2018	$	37.20		1.04		1.81			2.85			(0.96	)		(0.96	)	$	39.09		7.62	%
2017	$	32.11		0.76		5.10			5.86			(0.77	)		(0.77	)	$	37.20		18.44	%

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

	Ratios to Average Net Assets									Supplemental Data
	Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares US 500 Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)		0.35	%		1.25	%		0.38	%	$	687,321		11	%
Year Ended June 30:
2021		0.35	%		1.13	%		0.39	%	$	705,437		34	%
2020		0.35	%		1.49	%		0.40	%	$	670,005		28	%
2019		0.35	%		1.48	%		0.40	%	$	731,775		46	%
2018		0.35	%		1.32	%		0.41	%	$	567,370		36	%
2017		0.35	%		1.43	%		0.47	%	$	292,921		26	%
VictoryShares US Small Cap Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)		0.35	%		1.56	%		0.54	%	$	27,566		26	%
Year Ended June 30:
2021		0.35	%		1.30	%		0.55	%	$	25,986		71	%
2020		0.35	%		1.35	%		0.55	%	$	16,089		50	%
2019		0.35	%		1.36	%		0.46	%	$	29,814		62	%
2018		0.35	%		1.10	%		0.47	%	$	41,261		47	%
2017		0.35	%		1.25	%		0.68	%	$	25,438		47	%
VictoryShares International Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)		0.45	%		1.98	%		0.61	%	$	117,529		18	%
Year Ended June 30:
2021		0.45	%		2.34	%		0.63	%	$	116,710		45	%
2020		0.45	%		2.12	%		0.64	%	$	83,120		41	%
2019		0.45	%		3.14	%		0.73	%	$	36,215		53	%
2018		0.45	%		2.61	%		0.98	%	$	21,497		37	%
2017		0.45	%		2.25	%		1.54	%	$	13,021		46	%

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return(b)
VictoryShares US Large Cap High Div Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)	$	56.68		0.92		4.49			5.41			(1.06	)		(1.06	)	$	61.03		9.63	%
Year Ended June 30:
2021	$	39.52		1.45		17.10			18.55			(1.39	)		(1.39	)	$	56.68		47.74	%
2020	$	47.03		1.58		(7.44	)		(5.86	)		(1.65	)		(1.65	)	$	39.52		(12.78	)%
2019	$	45.06		1.51		1.83			3.34			(1.37	)		(1.37	)	$	47.03		7.59	%
2018	$	42.17		1.34		2.92			4.26			(1.37	)		(1.37	)	$	45.06		10.23	%
2017	$	37.58		1.24		4.46			5.70			(1.11	)		(1.11	)	$	42.17		15.37	%
VictoryShares US Small Cap High Div Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)	$	59.95		1.03		1.56			2.59			(1.17	)		(1.17	)	$	61.37		4.40	%
Year Ended June 30:
2021	$	36.75		1.85		23.26			25.11			(1.91	)		(1.91	)	$	59.95		69.75	%
2020	$	44.28		1.53		(7.47	)		(5.94	)		(1.59	)		(1.59	)	$	36.75		(13.61	)%
2019	$	45.96		1.38		(1.74	)		(0.36	)		(1.32	)		(1.32	)	$	44.28		(0.70	)%
2018	$	40.41		1.39		5.61			7.00			(1.45	)		(1.45	)	$	45.96		17.64	%
2017	$	35.40		1.43		4.93			6.36			(1.35	)		(1.35	)	$	40.41		18.07	%

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

	Ratios to Average Net Assets									Supplemental Data
	Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares US Large Cap High Div Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)		0.35	%		3.15	%		0.40	%	$	241,061		20	%
Year Ended June 30:
2021		0.35	%		3.04	%		0.41	%	$	221,056		67	%
2020		0.35	%		3.47	%		0.41	%	$	193,635		56	%
2019		0.35	%		3.33	%		0.42	%	$	331,527		66	%
2018		0.35	%		3.04	%		0.42	%	$	144,187		52	%
2017		0.35	%		3.05	%		0.45	%	$	120,181		48	%
VictoryShares US Small Cap High Div Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)		0.35	%		3.43	%		0.39	%	$	251,636		35	%
Year Ended June 30:
2021		0.35	%		3.51	%		0.42	%	$	251,797		104	%
2020		0.35	%		3.69	%		0.44	%	$	66,142		68	%
2019		0.35	%		3.10	%		0.44	%	$	75,277		83	%
2018		0.35	%		3.23	%		0.45	%	$	43,665		68	%
2017		0.35	%		3.65	%		0.55	%	$	32,325		65	%

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
VictoryShares International High Div Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)	$	32.83		0.65		0.04			0.69			(0.97	)		—
Year Ended June 30:
2021	$	25.32		1.11		7.73			8.84			(1.33	)		—
2020	$	32.43		1.02		(7.13	)		(6.11	)		(1.00	)		—
2019	$	33.94		1.63		(1.48	)		0.15			(1.66	)		—
2018	$	34.25		1.47		(0.41	)		1.06			(1.37	)		—
2017	$	30.65		1.40		3.47			4.87			(1.27	)		—
VictoryShares Emerging Market High Div Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)	$	24.61		0.78		(0.85	)		(0.07	)		(1.03	)		—
Year Ended June 30:
2021	$	19.71		0.99		4.73			5.72			(0.82	)		—
2020	$	24.39		0.94		(4.63	)		(3.69	)		(0.99	)		—
2019	$	23.92		1.31		0.35			1.66			(1.05	)		(0.14	)
October 26, 2017(f) through June 30, 2018	$	24.95		0.78		(1.29	)		(0.51	)		(0.52	)		—
VictoryShares Dividend Accelerator ETF
Six Months Ended December 31, 2021 (Unaudited)	$	44.12		0.35		3.56			3.91			(0.42	)		—
Year Ended June 30:
2021	$	33.14		0.66		10.95			11.61			(0.63	)		—
2020	$	32.90		0.55		0.19			0.74			(0.50	)		—
2019	$	28.41		0.48		4.47			4.95			(0.46	)		—
2018	$	25.95		0.48		2.45			2.93			(0.47	)		—
April 18, 2017(f) through June 30, 2017	$	25.26		0.12		0.65			0.77			(0.08	)		—

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares International High Div Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)		(0.97	)	$	32.55		2.18	%		0.45	%		4.00	%		0.80	%	$	19,529		30	%
Year Ended June 30:
2021		(1.33	)	$	32.83		35.49	%		0.45	%		3.95	%		0.66	%	$	22,978		111	%
2020		(1.00	)	$	25.32		(19.22	)%		0.45	%		3.45	%		0.57	%	$	62,042		71	%
2019		(1.66	)	$	32.43		0.58	%		0.45	%		5.06	%		0.59	%	$	40,540		76	%
2018		(1.37	)	$	33.94		3.00	%		0.45	%		4.14	%		0.60	%	$	45,824		58	%
2017		(1.27	)	$	34.25		16.16	%		0.45	%		4.32	%		0.77	%	$	32,541		69	%
VictoryShares Emerging Market High Div Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)		(1.03	)	$	23.51		(0.28	)%		0.51	%(e)		6.47	%		1.55	%	$	16,457		47	%
Year Ended June 30:
2021		(0.82	)	$	24.61		29.69	%		0.50	%		4.55	%		1.19	%	$	19,686		101	%
2020		(0.99	)	$	19.71		(15.55	)%		0.50	%		4.24	%		0.85	%	$	21,679		86	%
2019		(1.19	)	$	24.39		7.30	%		0.51	%(e)		5.52	%		0.88	%	$	40,251		103	%
October 26, 2017(f) through June 30, 2018		(0.52	)	$	23.92		(2.17	)%		0.50	%		4.44	%		1.05	%	$	21,532		52	%
VictoryShares Dividend Accelerator ETF
Six Months Ended December 31, 2021 (Unaudited)		(0.42	)	$	47.61		8.88	%		0.35	%		1.53	%		0.39	%	$	354,677		5	%
Year Ended June 30:
2021		(0.63	)	$	44.12		35.33	%		0.35	%		1.67	%		0.40	%	$	344,154		41	%
2020		(0.50	)	$	33.14		2.23	%		0.35	%		1.65	%		0.42	%	$	235,277		74	%
2019		(0.46	)	$	32.90		17.60	%		0.35	%		1.57	%		0.59	%	$	16,450		62	%
2018		(0.47	)	$	28.41		11.33	%		0.35	%		1.75	%		0.67	%	$	7,102		43	%
April 18, 2017(f) through June 30, 2017		(0.08	)	$	25.95		3.05	%		0.35	%		2.31	%		1.92	%	$	3,893		—	%

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return(b)
VictoryShares US Multi-Factor Minimum Volatility ETF
Six Months Ended December 31, 2021 (Unaudited)	$	38.15		0.31		3.94			4.25			(0.34	)		(0.34	)	$	42.06		11.17	%
Year Ended June 30:
2021	$	30.73		0.62		7.43			8.05			(0.63	)		(0.63	)	$	38.15		26.47	%
2020	$	30.87		0.70		(0.14	)		0.56			(0.70	)		(0.70	)	$	30.73		1.82	%
2019	$	27.58		0.73		3.20			3.93			(0.64	)		(0.64	)	$	30.87		14.47	%
2018	$	24.83		0.63		2.69			3.32			(0.57	)		(0.57	)	$	27.58		13.41	%
June 22, 2017(e) through June 30, 2017	$	24.97		0.02		(0.16	)		(0.14	)		—			—		$	24.83		(0.54	)%
VictoryShares US 500 Enhanced Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)	$	71.28		0.47		6.48			6.95			(0.54	)		(0.54	)	$	77.69		9.79	%
Year Ended June 30:
2021	$	51.88		0.70		19.32			20.02			(0.62	)		(0.62	)	$	71.28		38.78	%
2020	$	48.89		0.60		3.04			3.64			(0.65	)		(0.65	)	$	51.88		7.49	%
2019	$	49.30		0.73		(0.42	)		0.31			(0.72	)		(0.72	)	$	48.89		0.69	%
2018	$	44.00		0.64		5.25			5.89			(0.59	)		(0.59	)	$	49.30		13.42	%
2017	$	37.23		0.58		6.71			7.29			(0.52	)		(0.52	)	$	44.00		19.72	%
VictoryShares US EQ Income Enhanced Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)	$	64.57		1.06		5.10			6.16			(1.19	)		(1.19	)	$	69.54		9.63	%
Year Ended June 30:
2021	$	46.58		1.56		17.87			19.43			(1.44	)		(1.44	)	$	64.57		42.31	%
2020	$	45.54		1.39		1.09			2.48			(1.44	)		(1.44	)	$	46.58		5.49	%
2019	$	46.29		1.46		(0.80	)		0.66			(1.41	)		(1.41	)	$	45.54		1.52	%
2018	$	43.30		1.39		2.99			4.38			(1.39	)		(1.39	)	$	46.29		10.23	%
2017	$	38.59		1.28		4.58			5.86			(1.15	)		(1.15	)	$	43.30		15.35	%

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

	Ratios to Average Net Assets									Supplemental Data
	Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares US Multi-Factor Minimum Volatility ETF
Six Months Ended December 31, 2021 (Unaudited)		0.35	%		1.54	%		0.40	%	$	164,018		25	%
Year Ended June 30:
2021		0.35	%		1.80	%		0.41	%	$	164,065		56	%
2020		0.35	%		2.23	%		0.42	%	$	155,182		69	%
2019		0.35	%		2.50	%		0.48	%	$	43,213		34	%
2018		0.35	%		2.33	%		0.74	%	$	8,273		26	%
June 22, 2017(e) through June 30, 2017		0.35	%		3.20	%		7.21	%	$	2,483		—	%
VictoryShares US 500 Enhanced Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)		0.35	%		1.26	%		0.38	%	$	1,068,220		11	%
Year Ended June 30:
2021		0.35	%		1.13	%		0.39	%	$	937,341		34	%
2020		0.35	%		1.20	%		0.40	%	$	609,613		56	%
2019		0.35	%		1.51	%		0.40	%	$	828,729		116	%(f)
2018		0.35	%		1.32	%		0.41	%	$	951,411		37	%
2017		0.35	%		1.42	%		0.45	%	$	415,847		26	%
VictoryShares US EQ Income Enhanced Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)		0.35	%		3.16	%		0.38	%	$	1,105,613		20	%
Year Ended June 30:
2021		0.35	%		2.80	%		0.40	%	$	916,846		65	%(g)
2020		0.35	%		3.02	%		0.40	%	$	565,892		116	%
2019		0.35	%		3.22	%		0.40	%	$	696,814		143	%(f)
2018		0.35	%		3.06	%		0.41	%	$	738,260		52	%
2017		0.35	%		3.06	%		0.43	%	$	471,927		49	%

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
VictoryShares US Discovery Enhanced Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)	$	60.55		0.49		3.74			4.23			(0.53	)		—
Year Ended June 30:
2021	$	39.16		0.62		21.38			22.00			(0.61	)		—
2020	$	37.80		0.44		1.42	(f)		1.86			(0.50	)		—
2019	$	47.41		0.64		(9.61	)		(8.97	)		(0.64	)		—
2018	$	41.41		0.50		5.98			6.48			(0.48	)		—
2017	$	33.55		0.49		7.84			8.33			(0.47	)		—
VictoryShares Developed Enhanced Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)	$	34.19		0.34		0.52			0.86			(0.65	)		—
Year Ended June 30:
2021	$	26.92		0.66		7.26			7.92			(0.65	)		—
2020	$	32.10		0.52		(5.14	)		(4.62	)		(0.56	)		—
2019	$	33.79		0.85		(1.59	)		(0.74	)		(0.95	)		—
2018	$	32.22		0.94		1.45			2.39			(0.82	)		—
2017	$	29.00		0.78		2.90	(h)		3.68			(0.46	)		—
VictoryShares Nasdaq Next 50 ETF
Six Months Ended December 31, 2021 (Unaudited)	$	34.33		0.05		(0.20	)		(0.15	)		(0.06	)		—
September 10, 2020(j) through June 30, 2021	$	25.45		0.12		8.85			8.97			(0.09	)		—

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares US Discovery Enhanced Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)		(0.53	)	$	64.25		7.04	%		0.35	%		1.57	%		0.44	%	$	70,672		26	%
Year Ended June 30:
2021		(0.61	)	$	60.55		56.47	%		0.35	%		1.22	%		0.46	%	$	63,572		70	%(e)
2020		(0.50	)	$	39.16		5.00	%		0.35	%		1.19	%		0.47	%	$	37,203		232	%
2019		(0.64	)	$	37.80		(19.04	)%		0.35	%		1.48	%		0.42	%	$	92,614		398	%(g)
2018		(0.48	)	$	47.41		15.75	%		0.35	%		1.13	%		0.43	%	$	116,157		47	%
2017		(0.47	)	$	41.41		24.91	%		0.35	%		1.25	%		0.55	%	$	57,971		50	%
VictoryShares Developed Enhanced Volatility Wtd ETF
Six Months Ended December 31, 2021 (Unaudited)		(0.65	)	$	34.40		2.54	%		0.45	%		1.95	%		0.89	%	$	41,286		18	%
Year Ended June 30:
2021		(0.65	)	$	34.19		29.63	%		0.45	%		2.16	%		0.88	%	$	42,742		55	%
2020		(0.56	)	$	26.92		(14.55	)%		0.45	%		1.69	%		0.65	%	$	48,455		33	%
2019		(0.95	)	$	32.10		(2.16	)%		0.45	%		2.63	%		0.56	%	$	110,746		154	%(g)
2018		(0.82	)	$	33.79		7.41	%		0.45	%		2.73	%		0.58	%	$	179,103		38	%
2017		(0.46	)	$	32.22		12.79	%(i)		0.45	%		2.59	%		0.86	%	$	82,150		164	%
VictoryShares Nasdaq Next 50 ETF
Six Months Ended December 31, 2021 (Unaudited)		(0.06	)	$	34.12		(0.42	)%		0.18	%		0.26	%		0.30	%	$	153,524		35	%
September 10, 2020(j) through June 30, 2021		(0.09	)	$	34.33		35.26	%		0.18	%		0.46	%		0.30	%	$	148,467		68	%

1. Organization:

The accompanying financial statements are those of the following 17 Funds (collectively, the "Funds" and individually, a "Fund"). Each Fund is classified as diversified under the 1940 Act.

Funds (Legal Name)				Funds (Short Name)
VictoryShares US 500 Volatility Wtd ETF				US 500 Volatility Wtd ETF
VictoryShares US Small Cap Volatility Wtd ETF				US Small Cap Volatility Wtd ETF
VictoryShares International Volatility Wtd ETF				International Volatility Wtd ETF
VictoryShares US Large Cap High Div Volatility Wtd ETF				US Large Cap High Div Volatility Wtd ETF
VictoryShares US Small Cap High Div Volatility Wtd ETF				US Small Cap High Div Volatility Wtd ETF
VictoryShares International High Div Volatility Wtd ETF				International High Div Volatility Wtd ETF
VictoryShares Emerging Market High Div Volatility Wtd ETF				Emerging Market High Div Volatility Wtd ETF
VictoryShares Dividend Accelerator ETF				Dividend Accelerator ETF
VictoryShares US Multi-Factor Minimum Volatility ETF				US Multi-Factor Minimum Volatility ETF
VictoryShares US 500 Enhanced Volatility Wtd ETF				US 500 Enhanced Volatility Wtd ETF
VictoryShares US EQ Income Enhanced Volatility Wtd ETF				US EQ Income Enhanced Volatility Wtd ETF
VictoryShares US Discovery Enhanced Volatility Wtd ETF				US Discovery Enhanced Volatility Wtd ETF
VictoryShares Developed Enhanced Volatility Wtd ETF				Developed Enhanced Volatility Wtd ETF
VictoryShares Nasdaq Next 50 ETF				Nasdaq Next 50 ETF
VictoryShares ESG Core Plus Bond ETF				ESG Core Plus Bond ETF*
VictoryShares ESG Corporate Bond ETF				ESG Corporate Bond ETF*
VictoryShares THB Mid Cap ESG ETF				THB Mid Cap ESG ETF*

* Commenced operations on October 5, 2021.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

Shares of the Funds are listed and traded on Nasdaq Stock Market, LLC. (the "Exchange"). The Funds issue and redeem shares at NAV only in aggregations of 50,000 shares, or 25,000 shares in the case of THB Mid Cap ESG ETF, ESG Core Plus Bond ETF, ESG Corporate Bond ETF, and Nasdaq Next 50 ETF (each a "Creation Unit"). Creation Units are issued and redeemed in exchange for a basket of securities included in the respective Fund's Index (the "Deposit Securities"), and/or with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee. Shares trade on the Exchange at market prices that may be below, at, or above NAV. Shares of a Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the distributor. Only Authorized Participants may purchase or redeem the shares directly from a Fund. In addition, shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash equal to up to 105% of the market value of the missing Deposit Securities. In each instance of such cash creations or redemptions, transaction fees may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions.

Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transactional costs associated with the purchase of Creation Units. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units. Variable fees received by each Fund are displayed in the Capital Transactions section of the Statements of Changes in Net Assets as an increase to Capital.

The transaction fees for each Fund are listed below:

	Fee for In-Kind and Cash Purchases and Redemptions		Maximum Additional Variable Charge for Cash Purchases and Redemptions*
US 500 Volatility Wtd ETF	$	750		2.00	%
US Small Cap Volatility Wtd ETF		750		2.00	%
International Volatility Wtd ETF		6,000		2.00	%
US Large Cap High Div Volatility Wtd ETF		250		2.00	%
US Small Cap High Div Volatility Wtd ETF		250		2.00	%
International High Div Volatility Wtd ETF		1,500		2.00	%
Emerging Market High Div Volatility Wtd ETF		3,400		2.00	%
Dividend Accelerator ETF		250		2.00	%
US Multi-Factor Minimum Volatility ETF		250		2.00	%
US 500 Enhanced Volatility Wtd ETF		750		2.00	%
US EQ Income Enhanced Volatility Wtd ETF		250		2.00	%
US Discovery Enhanced Volatility Wtd ETF		750		2.00	%
Developed Enhanced Volatility Wtd ETF		4,500		2.00	%
Nasdaq Next 50 ETF		250		2.00	%
ESG Core Plus Bond ETF		100		2.00	%
ESG Corporate Bond ETF		100		2.00	%
THB Mid Cap ESG ETF		250		2.00	%

* As a percentage of the amount invested.

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

Victory Capital Management Inc. ("VCM" or the "Adviser") has established the Pricing and Liquidity Committee (the "Committee"), and subject to the Trust's Board of Trustees' (the "Board") oversight, the Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board.

Investments in open-end investment companies are valued at NAV. These valuations are typically categorized as Level 1 in the fair value hierarchy.

A summary of the valuations as of December 31, 2021, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments:

	Level 1		Level 2		Level 3		Total
US 500 Volatility Wtd ETF
Common Stocks	$	684,840,626	$	—	$	—	$	684,840,626
Collateral for Securities Loaned		10,035,590		—		—		10,035,590
Total	$	694,876,216	$	—	$	—	$	694,876,216
Other Financial Investments^:
Assets:
Futures	$	28,889	$	—	$	—	$	28,889
Total	$	28,889	$	—	$	—	$	28,889

	Level 1			Level 2		Level 3		Total
US Small Cap Volatility Wtd ETF
Common Stocks	$	27,464,368		$	—	$	—	$	27,464,368
Collateral for Securities Loaned		144,942			—		—		144,942
Total	$	27,609,310		$	—	$	—	$	27,609,310
Other Financial Investments^:
Liabilities:
Futures	$	(1,219	)	$	—	$	—	$	(1,219	)
Total	$	(1,219	)	$	—	$	—	$	(1,219	)
International Volatility Wtd ETF
Common Stocks	$	117,040,221		$	—	$	—	$	117,040,221
Collateral for Securities Loaned		4,025,356			—		—		4,025,356
Total	$	121,065,577		$	—	$	—	$	121,065,577
Other Financial Investments^:
Assets:
Futures	$	3,807		$	—	$	—	$	3,807
Total	$	3,807		$	—	$	—	$	3,807
US Large Cap High Div Volatility Wtd ETF
Common Stocks	$	239,837,813		$	—	$	—	$	239,837,813
Collateral for Securities Loaned		2,212,270			—		—		2,212,270
Total	$	242,050,083		$	—	$	—	$	242,050,083
Other Financial Investments^:
Assets:
Futures	$	8,950		$	—	$	—	$	8,950
Total	$	8,950		$	—	$	—	$	8,950
US Small Cap High Div Volatility Wtd ETF
Common Stocks	$	250,501,833		$	—	$	—	$	250,501,833
Collateral for Securities Loaned		5,888,647			—		—		5,888,647
Total	$	256,390,480		$	—	$	—	$	256,390,480
Other Financial Investments^:
Assets:
Futures	$	25,296		$	—	$	—	$	25,296
Total	$	25,296		$	—	$	—	$	25,296
International High Div Volatility Wtd ETF
Common Stocks	$	19,334,589		$	—	$	—	$	19,334,589
Collateral for Securities Loaned		857,575			—		—		857,575
Total	$	20,192,164		$	—	$	—	$	20,192,164
Other Financial Investments^:
Assets:
Futures	$	4,086		$	—	$	—	$	4,086
Total	$	4,086		$	—	$	—	$	4,086
Emerging Market High Div Volatility Wtd ETF
Common Stocks	$	16,393,716		$	—	$	—	$	16,393,716
Collateral for Securities Loaned		749,575			—		—		749,575
Total	$	17,143,291		$	—	$	—	$	17,143,291

	Level 1		Level 2		Level 3		Total
Other Financial Investments^:
Assets:
Futures	$	326	$	—	$	—	$	326
Total	$	326	$	—	$	—	$	326
Dividend Accelerator ETF
Common Stocks	$	353,437,121	$	—	$	—	$	353,437,121
Collateral for Securities Loaned		371,172		—		—		371,172
Total	$	353,808,293	$	—	$	—	$	353,808,293
Other Financial Investments^:
Assets:
Futures	$	21,600	$	—	$	—	$	21,600
Total	$	21,600	$	—	$	—	$	21,600
US Multi-Factor Minimum Volatility ETF
Common Stocks	$	163,368,431	$	—	$	—	$	163,368,431
Total	$	163,368,431	$	—	$	—	$	163,368,431
Other Financial Investments^:
Assets:
Futures	$	6,000	$	—	$	—	$	6,000
Total	$	6,000	$	—	$	—	$	6,000
US 500 Enhanced Volatility Wtd ETF
Common Stocks	$	1,064,240,537	$	—	$	—	$	1,064,240,537
Investment Companies		2,825,925		—		—		2,825,925
Collateral for Securities Loaned		12,340,356		—		—		12,340,356
Total	$	1,079,406,818	$	—	$	—	$	1,079,406,818
Other Financial Investments^:
Assets:
Futures	$	47,368	$	—	$	—	$	47,368
Total	$	47,368	$	—	$	—	$	47,368
US EQ Income Enhanced Volatility Wtd ETF
Common Stocks	$	1,099,805,167	$	—	$	—	$	1,099,805,167
Investment Companies		2,805,385		—		—		2,805,385
Collateral for Securities Loaned		20,585,825		—		—		20,585,825
Total	$	1,123,196,377	$	—	$	—	$	1,123,196,377
Other Financial Investments^:
Assets:
Futures	$	59,214	$	—	$	—	$	59,214
Total	$	59,214	$	—	$	—	$	59,214
US Discovery Enhanced Volatility Wtd ETF
Common Stocks	$	70,395,087	$	—	$	—	$	70,395,087
Investment Companies		225,408		—		—		225,408
Collateral for Securities Loaned		825,012		—		—		825,012
Total	$	71,445,507	$	—	$	—	$	71,445,507

	Level 1		Level 2		Level 3		Total
Other Financial Investments^:
Assets:
Futures	$	11,087	$	—	$	—	$	11,087
Total	$	11,087	$	—	$	—	$	11,087
Developed Enhanced Volatility Wtd ETF
Common Stocks	$	40,975,363	$	—	$	667	$	40,976,030
Investment Companies		48,398		—		—		48,398
Collateral for Securities Loaned		1,384,271		—		—		1,384,271
Total	$	42,408,032	$	—	$	667	$	42,408,699
Other Financial Investments^:
Assets:
Futures	$	1,836	$	—	$	—	$	1,836
Total	$	1,836	$	—	$	—	$	1,836
Nasdaq Next 50 ETF
Common Stocks	$	152,929,343	$	—	$	—	$	152,929,343
Total	$	152,929,343	$	—	$	—	$	152,929,343
Other Financial Investments^:
Assets:
Futures	$	14,678	$	—	$	—	$	14,678
Total	$	14,678	$	—	$	—	$	14,678
ESG Core Plus Bond ETF
Asset-Backed Securities	$	—	$	20,636,898	$	—	$	20,636,898
Collateralized Mortgage Obligations		—		31,851,068		—		31,851,068
Senior Secured Loans		—		11,086,508		—		11,086,508
Corporate Bond		—		60,987,250		—		60,987,250
Yankee Dollars		—		13,772,932		—		13,772,932
Municipal Bonds		—		2,099,745		—		2,099,745
U.S. Treasury Obligations		—		52,630,344		—		52,630,344
Commercial Papers		—		10,499,587		—		10,499,587
Total	$	—	$	203,564,332	$	—	$	203,564,332
ESG Corporate Bond ETF
Corporate Bonds	$	—	$	81,723,648	$	—	$	81,723,648
Yankee Dollars		—		21,412,369		—		21,412,369
Commercial Papers		—		999,946		—		999,946
Total	$	—	$	104,135,963	$	—	$	104,135,963
THB Mid Cap ESG ETF
Common Stocks	$	2,719,058	$	—	$	—	$	2,719,058
Total	$	2,719,058	$	—	$	—	$	2,719,058

^ Futures contracts are valued at the unrealized appreciation (depreciation) on the investment.

For the six months ended December 31, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

As of December 31, 2021, there were no significant Level 3 holdings in the fair value hierarchy

Real Estate Investment Trusts ("REITs"):

The Funds may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real-estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Funds or when such information becomes known.

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

The Funds may purchase securities on a delayed-delivery or when-issued basis. Delivery and payment for securities that have been purchased by the Fund on a delayed-delivery or when-issued basis, or for delayed draws on loans can take place a month or more after the trade date. At the time a Fund makes the commitment to purchase a security on a when-issued basis, the Fund records the transaction and reflects the value of the security in determining NAV. No interest accrues to the Fund until the transaction settles and payment takes place. Normally, the settlement date occurs within one month of the purchase. A segregated account is established and the Fund maintains cash and/or marketable securities at least equal in value to commitments for when-issued securities. If a Fund owns when-issued securities, these values are included in Payables for investments purchased on the accompanying Statements of Assets and Liabilities and the segregated assets are identified on the Schedules of Portfolio Investments.

Investment Companies:

Open-End Funds:

Mortgage- and Asset-Backed Securities:

The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac," respectively), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

Derivative Instruments:

Foreign Exchange Currency Contracts:

Certain Funds may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by a Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Funds do not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Funds' foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered

into for purposes of hedging portfolio holdings or concentrations of such holdings. The Funds enter into foreign exchange currency contracts solely for spot or forward hedging purposes, and not for speculative purposes (i.e., the Funds do not enter into such contracts solely for the purpose of earning foreign currency gains). Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Funds record realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Funds could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of December 31, 2021, the Funds had no open forward foreign exchange currency contracts.

Futures Contracts:

Management has determined that no offsetting requirements exist as a result of their conclusion that the Funds are not subject to master netting agreements for futures contracts. As of December 31, 2021, the Funds entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.

Summary of Derivative Instruments:

The following table summarizes the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2021:

	Asset		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure
US 500 Volatility Wtd ETF	$	28,889	$	—
US Small Cap Volatility Wtd ETF		—		1,219
International Volatility Wtd ETF		3,807		—
US Large Cap High Div Volatility Wtd ETF		8,950		—

	Asset		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
US Small Cap High Div Volatility Wtd ETF	$	25,296	$	—
International High Div Volatility Wtd ETF		4,086		—
Emerging Market High Div Volatility Wtd ETF		326		—
Dividend Accelerator ETF		21,600		—
US Multi-Factor Minimum Volatility ETF		6,000		—
US 500 Enhanced Volatility Wtd ETF		47,368		—
US EQ Income Enhanced Volatility Wtd ETF		59,214		—
US Discovery Enhanced Volatility Wtd ETF		11,087		—
Developed Enhanced Volatility Wtd ETF		1,836		—
Nasdaq Next 50 ETF		14,678		—

The following table presents the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the six months ended December 31, 2021:

	Net Realized Gains (Losses) on Derivatives Recognized as a Result of Operations			Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts			Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure
US 500 Volatility Wtd ETF	$	365,354		$	(24,872	)
US Small Cap Volatility Wtd ETF		(3,354	)		(4,355	)
International Volatility Wtd ETF		(2,870	)		9,664
US Large Cap High Div Volatility Wtd ETF		134,052			(3,232	)
US Small Cap High Div Volatility Wtd ETF		(15,213	)		27,507
International High Div Volatility Wtd ETF		(2,726	)		6,669
Emerging Market High Div Volatility Wtd ETF		(4,675	)		100
Dividend Accelerator ETF		129,243			10,781
US Multi-Factor Minimum Volatility ETF		75,119			(2,993	)
US 500 Enhanced Volatility Wtd ETF		484,025			(22,926	)
US EQ Income Enhanced Volatility Wtd ETF		547,290			18,142
US Discovery Enhanced Volatility Wtd ETF		(21,696	)		10,070
Developed Enhanced Volatility Wtd ETF		1			7,674
Nasdaq Next 50 ETF		40,689			4,712

Investment Transactions and Related Income:

gains or losses on applicable securities, if any, are recorded as a component of Interest income on the Statements of Operations.

Securities Lending:

The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default.

The following table is a summary of the Funds' securities lending transactions as of December 31, 2021.

	Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
US 500 Volatility Wtd ETF	$	9,714,977	$	—	$	10,035,590
US Small Cap Volatility Wtd ETF		139,560		—		144,942
International Volatility Wtd ETF		3,853,110		—		4,025,356
US Large Cap High Div Volatility Wtd ETF		2,140,650		—		2,212,270
US Small Cap High Div Volatility Wtd ETF		5,683,641		—		5,888,647
International High Div Volatility Wtd ETF		823,029		—		857,575
Emerging Market High Div Volatility Wtd ETF		690,659		—		749,575
Dividend Accelerator ETF		365,148		—		371,172
US 500 Enhanced Volatility Wtd ETF		11,875,760		—		12,340,356
US EQ Income Enhanced Volatility Wtd ETF		20,053,733		—		20,585,825
US Discovery Enhanced Volatility Wtd ETF		796,001		—		825,012
Developed Enhanced Volatility Wtd ETF		1,327,116		—		1,384,271

Foreign Currency Translations:

translated into U.S. dollars at the exchange rates on the date of the transactions. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations on the Statements of Operations. Any realized gains or losses from these fluctuations are disclosed as Net realized gains (losses) from investment securities and foreign currency transactions on the Statements of Operations.

Foreign Taxes:

Federal Income Taxes:

Allocations:

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) and purchases and sales of in-kind transactions for the six months ended December 31, 2021, were as follows. Any realized gains or losses from in-kind redemptions are reflected on the Statements of Operations as Net realized gains (losses) from in-kind redemptions.

	Excluding U.S. Government Securities and In-Kind Transactions				Associated with In-Kind Transactions
	Purchases		Sales		Purchases		Sales
US 500 Volatility Wtd ETF	$	79,666,293	$	78,649,379	$	87,868,066	$	165,929,076
US Small Cap Volatility Wtd ETF		6,761,582		6,758,854		6,363,119		6,356,550
International Volatility Wtd ETF		20,565,345		21,667,713		—		—
US Large Cap High Div Volatility Wtd ETF		45,243,811		45,299,771		60,822,135		57,115,636
US Small Cap High Div Volatility Wtd ETF		85,492,133		85,507,712		78,012,304		83,328,869
International High Div Volatility Wtd ETF		6,061,973		6,324,491		—		3,217,687
Emerging Market High Div Volatility Wtd ETF		8,285,848		9,424,483		—		1,390,518

	Excluding U.S. Government Securities and In-Kind Transactions				Associated with In-Kind Transactions
	Purchases		Sales		Purchases		Sales
Dividend Accelerator ETF	$	16,638,783	$	16,658,786	$	30,750,056	$	47,096,526
US Multi-Factor Minimum Volatility ETF		40,517,207		40,745,671		46,304,374		62,382,652
US 500 Enhanced Volatility Wtd ETF		113,919,981		112,603,143		161,099,966		116,643,120
US EQ Income Enhanced Volatility Wtd ETF		191,654,235		192,996,774		378,952,400		263,128,985
US Discovery Enhanced Volatility Wtd ETF		17,404,388		17,434,599		17,812,001		14,789,511
Developed Enhanced Volatility Wtd ETF		7,360,541		7,723,132		—		1,682,156
Nasdaq Next 50 ETF		79,659,468		79,510,932		33,696,998		27,735,567
ESG Core Plus Bond ETF		147,072,902		6,037,702		—		—
ESG Corporate Bond ETF		104,885,760		847,676		—		—
THB Mid Cap ESG ETF		294,319		261,273		2,333,480		—

	U.S. Government Securities
	Purchases		Sales
ESG Core Plus Bond ETF	$	66,408,115	$	13,758,768

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

	Flat Rate
US 500 Volatility Wtd ETF		0.30	%
US Small Cap Volatility Wtd ETF		0.30	%
International Volatility Wtd ETF		0.40	%
US Large Cap High Div Volatility Wtd ETF		0.30	%
US Small Cap High Div Volatility Wtd ETF		0.30	%
International High Div Volatility Wtd ETF		0.40	%
US 500 Enhanced Volatility Wtd ETF		0.30	%
US EQ Income Enhanced Volatility Wtd ETF		0.30	%
US Discovery Enhanced Volatility Wtd ETF		0.30	%
Developed Enhanced Volatility Wtd ETF		0.40	%
Emerging Market High Div Volatility Wtd ETF		0.45	%
US Multi-Factor Minimum Volatility ETF		0.30	%
Dividend Accelerator ETF		0.30	%
Nasdaq Next 50 ETF		0.15	%
ESG Core Plus Bond ETF		0.35	%
ESG Corporate Bond ETF		0.35	%
THB Mid Cap ESG ETF		0.50	%

Amounts incurred and paid to VCM for the six months ended December 31, 2021, are reflected on the Statements of Operations as Investment advisory fees.

Administration and Servicing Fees:

Net Assets
Up to $15 billion			$15 billion – $30 billion			Over $30 billion
	0.08	%, plus		0.05	%, plus		0.04	%

Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as Administration fees.

Transfer Agency Fees:

Citibank serves as the Funds' Transfer Agent. Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as Transfer agent fees.

Distributor/Underwriting Services:

Foreside Fund Services, LLC ("Foreside") serves as the Funds' distributor.

Other Fees:

Sidley Austin LLP provides legal services to the Trust.

The Adviser has entered into expense limitation agreements with the Funds. Under the terms of the agreements, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain Funds in any fiscal year exceed the expense limit for such Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of a Fund's business are excluded from the expense limits. As of December 31, 2021, the expense limits (excluding voluntary waivers) are as follows:

	In Effect Until October 31, 2022
US 500 Volatility Wtd ETF		0.35	%
US Small Cap Volatility Wtd ETF		0.35	%
International Volatility Wtd ETF		0.45	%

	In Effect Until October 31, 2022
US Large Cap High Div Volatility Wtd ETF		0.35	%
US Small Cap High Div Volatility Wtd ETF		0.35	%
International High Div Volatility Wtd ETF		0.45	%
Emerging Market High Div Volatility Wtd ETF		0.50	%
Dividend Accelerator ETF		0.35	%
US Multi-Factor Minimum Volatility ETF		0.35	%
US 500 Enhanced Volatility Wtd ETF		0.35	%
US EQ Income Enhanced Volatility Wtd ETF		0.35	%
US Discovery Enhanced Volatility Wtd ETF		0.35	%
Developed Enhanced Volatility Wtd ETF		0.45	%
Nasdaq Next 50 ETF		0.18	%
ESG Core Plus Bond ETF		0.40	%(a)
ESG Corporate Bond ETF		0.40	%(a)
THB Mid Cap ESG ETF		0.55	%(a)

(a) In effect from October 5, 2021, until at least October 31, 2022.

	Expires 2022		Expires 2023		Expires 2024		Expires 2025		Total
US 500 Volatility Wtd ETF	$	106,033	$	99,179	$	66,415	$	10,945	$	282,572
US Small Cap Volatility Wtd ETF		16,234		39,631		35,421		21,721		113,007
International Volatility Wtd ETF		37,758		121,119		150,668		73,613		383,158
US Large Cap High Div Volatility Wtd ETF		60,123		64,858		47,070		18,831		190,882
US Small Cap High Div Volatility Wtd ETF		21,762		45,375		47,951		14,982		130,070
International High Div Volatility Wtd ETF		24,799		63,200		65,624		33,055		186,678
Emerging Market High Div Volatility Wtd ETF		49,451		117,270		130,204		89,997		386,922
Dividend Accelerator ETF		13,393		51,403		46,360		12,004		123,160
US Multi-Factor Minimum Volatility ETF		20,209		47,372		40,209		18,823		126,613
US 500 Enhanced Volatility Wtd ETF		111,204		90,547		77,028		—		278,779
US EQ Income Enhanced Volatility Wtd ETF		95,646		75,542		89,656		—		260,844
US Discovery Enhanced Volatility Wtd ETF		28,011		45,253		38,554		21,149		132,967
Developed Enhanced Volatility Wtd ETF		60,509		132,700		172,550		85,831		451,590
Nasdaq Next 50 ETF		—		—		74,147		63,308		137,455

	Expires 2022		Expires 2023		Expires 2024		Expires 2025		Total
ESG Core Plus Bond ETF	$	—	$	—	$	—	$	8,405	$	8,405
ESG Corporate Bond ETF		—		—		—		12,843		12,843
THB Mid Cap ESG ETF		—		—		—		10,375		10,375

The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time and are reflected on the Statements of Operations as Expenses waived/reimbursed by Adviser. For the six months ended December 31, 2021, the Adviser voluntarily waived the following amounts:

US 500 Volatility Wtd ETF	$	112,328
US Small Cap Volatility Wtd ETF		4,244
International Volatility Wtd ETF		18,742
US Large Cap High Div Volatility Wtd ETF		36,214
US Small Cap High Div Volatility Wtd ETF		39,496
International High Div Volatility Wtd ETF		3,278
Emerging Market High Div Volatility Wtd ETF		2,826
Dividend Accelerator ETF		54,775
US Multi-Factor Minimum Volatility ETF		27,135
US 500 Enhanced Volatility Wtd ETF		160,191
US EQ Income Enhanced Volatility Wtd ETF		157,183
US Discovery Enhanced Volatility Wtd ETF		10,777
Developed Enhanced Volatility Wtd ETF		6,641
Nasdaq Next 50 ETF		24,066
ESG Core Plus Bond ETF		11,910
ESG Corporate Bond ETF		7,930
THB Mid Cap ESG ETF		197

5. Risks:

The Funds may be subject to other risks in addition to these identified risks.

Foreign Securities Risk — The Developed Enhanced Volatility Wtd ETF, International Volatility Wtd ETF, International High Div Volatility Wtd ETF and Emerging Market High Div Volatility Wtd ETF invest in securities of foreign issuers in various countries. Investing on an international basis involves certain risks not involved in domestic investments including the risk of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of foreign currency, confiscatory taxation, political or financial instability and diplomatic developments, which could affect the value of a Fund's investments in certain foreign countries. Governments of many countries have exercised, and continue to exercise, substantial influence over many aspects of the private sector through the ownership or control of many companies, including some of the largest in these countries. As a result, government actions in the future could have a significant effect on economic conditions which may adversely affect prices of certain portfolio securities. There is also generally less government

supervision and regulation of stock exchanges, brokers and listed companies than in the U.S. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding taxes, and special U.S. tax considerations may apply. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. The Schedule of Portfolio Investments includes information on each Fund's holdings, including industry and/or geographic composition, as relevant.

Passive Investment Risk — Each Fund is designed to track its index and is not actively managed. A Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from its index. A Fund does not, therefore, seek returns in excess of its index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by its index. Different types of investment styles, for example passively managed or actively managed, or growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, a Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

LIBOR Discontinuation Risk — The London Interbank Offered Rate ("LIBOR") discontinuation may adversely affect the financial markets generally and the Funds' operations, finances and investments specifically. LIBOR has been the principal floating-rate benchmark in the financial markets, and a large portion of the Funds' assets are tied to LIBOR. However, LIBOR has been or will be discontinued as a floating rate benchmark. The date of discontinuation depends on the LIBOR currency and tenor. With limited exceptions, no new LIBOR obligations will be entered into after December 31, 2021. Existing LIBOR obligations have transitioned or will transition to another benchmark, depending on the LIBOR currency and tenor. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear.

Non-LIBOR floating-rate obligations, including Secured Overnight Financing Rate ("SOFR")-based obligations, may have returns and values that fluctuate more than those of floating-rate debt obligations that are based on LIBOR or other rates. Also, because SOFR and some alternative floating rates are relatively new market indexes, markets for certain non-LIBOR obligations may never develop or may not be liquid. Market terms for non-LIBOR floating rate obligations, such as the spread over the index reflected in interest-rate provisions, may evolve over time, and prices of non-LIBOR floating rate obligations may be different depending on when they are issued and changing views about correct spread levels.

Various SOFR-based rates, including SOFR-based term rates, and various non-SOFR-based rates are expected to develop in response to the discontinuation of U.S. dollar LIBOR, which may create various risks for the Funds and the financial markets more generally. There are non-LIBOR forward-looking floating rates that are not based on SOFR and that may be considered by participants in the financial markets as LIBOR alternatives. Such rates include Ameribor (American Interbank Offered Rate), BSBY (Bloomberg Short-Term Bank Yield Index) and BYI (Bank Yield Index). Unlike forward-looking SOFR-based term rates, such rates are intended to reflect a bank credit spread component.

It is not clear how replacement rates for LIBOR — including SOFR-based rates and non-SOFR-based rates — will develop and to what extent they will be used. There is no assurance that these replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect on the Funds and the financial markets more generally. Concerns about market depth and stability could affect the development of non-SOFR-based term rates, and such rates may create various risks, which may or may not be similar to the risks relating to SOFR.

6. Borrowing and Interfund Lending:

Line of Credit:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 28, 2021, with a termination date of June 27, 2022. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended December 31, 2021, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one-month LIBOR plus one percent, with LIBOR to be replaced by a different benchmark rate in accordance with the terms of the agreement) on amounts borrowed. Prior to June 28, 2021, the Victory Funds Complex paid an annual commitment fee of 0.15% and an upfront fee of 0.10%. Each fund in the Victory Funds Complex paid a pro-rata portion of the upfront fee. Interest charged to each fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees.

The Funds had no borrowings under the Line of Credit agreement during the six months ended December 31, 2021.

7. Federal Income Tax Information:

Dividends from net investment income, if any, are declared and paid as noted in the table below. Distributable net realized gains, if any, are declared and distributed at least annually from each Fund.

	Declared	Paid
US 500 Volatility Wtd ETF	Monthly	Monthly
US Small Cap Volatility Wtd ETF	Monthly	Monthly
International Volatility Wtd ETF	Monthly	Monthly
US Large Cap High Div Volatility Wtd ETF	Monthly	Monthly
US Small Cap High Div Volatility Wtd ETF	Monthly	Monthly
International High Div Volatility Wtd ETF	Monthly	Monthly
Emerging Market High Div Volatility Wtd ETF	Monthly	Monthly
Dividend Accelerator ETF	Monthly	Monthly
US Multi-Factor Minimum Volatility ETF	Monthly	Monthly
US 500 Enhanced Volatility Wtd ETF	Monthly	Monthly
US EQ Income Enhanced Volatility Wtd ETF	Monthly	Monthly
US Discovery Enhanced Volatility Wtd ETF	Monthly	Monthly
Developed Enhanced Volatility Wtd ETF	Monthly	Monthly
Nasdaq Next 50 ETF	Monthly	Monthly
ESG Core Plus Bond ETF	Monthly	Monthly
ESG Corporate Bond ETF	Monthly	Monthly
THB Mid Cap ESG ETF	Monthly	Monthly

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) will be determined at the end of the current tax year ending June 30, 2022.

As of June 30, 2021, the Funds had net capital loss carryforwards as shown in the table below. It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used.

	Short-Term		Long-Term		Total
US 500 Volatility Wtd ETF	$	32,961,455	$	40,015,382	$	72,976,837
US Small Cap Volatility Wtd ETF		4,331,731		4,000,814		8,332,545
International Volatility Wtd ETF		2,133,118		3,628,271		5,761,389
US Large Cap High Div Volatility Wtd ETF		24,533,271		24,047,315		48,580,586
US Small Cap High Div Volatility Wtd ETF		17,059,791		7,314,557		24,374,348
International High Div Volatility Wtd ETF		6,491,232		7,844,520		14,335,752
Emerging Market High Div Volatility Wtd ETF		1,878,803		3,502,728		5,381,531
Dividend Accelerator ETF		6,483,950		582,487		7,066,437
US Multi-Factor Minimum Volatility ETF		9,291,562		1,066,391		10,357,953
US 500 Enhanced Volatility Wtd ETF		37,473,355		21,460,892		58,934,247
US EQ Income Enhanced Volatility Wtd ETF		23,545,385		38,371,169		61,916,554
US Discovery Enhanced Volatility Wtd ETF		28,850,722		3,486,082		32,336,804
Developed Enhanced Volatility Wtd ETF		15,822,824		10,448,580		26,271,404
Nasdaq Next 50 ETF		7,214,867		—		7,214,867

8. Affiliated Securities:

An affiliated security is a security in which a Fund has ownership of at least 5% of the security's outstanding voting shares, an investment company managed by VCM, or an issuer under common control with a Fund or VCM. The Funds do not invest in affiliated securities for the purpose of exercising management or control. These securities are noted as affiliated on a Fund's Schedule of Portfolio Investments.

Section 12(d)(3) of the 1940 Act, and Rule 12d3-1(c) under the 1940 Act, generally prohibit a fund from purchasing the securities issued by, among other entities, a fund's investment adviser. When a fund's investment objective is to track the performance of an unaffiliated index by investing in the stocks that comprise that index, the staff of the SEC has taken the position that, subject to certain conditions, the fund may establish and maintain a position in the common stock of an affiliate of the fund's investment adviser in an amount approximately in proportion to the percentage that the stock is represented in the index. In seeking to provide investment results that closely correspond to its respective unaffiliated index, one or more Funds may hold the securities of Victory Capital Holdings, Inc., the parent company of VCM and other Fund service providers.

Transactions in affiliated securities during the six months ended December 31, 2021, were as follows:

US Small Cap Volatility Wtd ETF	Fair Value 6/30/2021		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/21		Dividend Income
Victory Capital Holdings Inc.	$	74,558	$	21,478	$	(43,647	)	$	22,352	$	—	$	(13,005	)	$	61,736	$	639
US Discovery Enhanced Volatility Wtd ETF	Fair Value 6/30/2021		Purchases at Cost		Proceeds from Sales			Realized Gains (Losses)		Capital Gain Distribution		Net Change in Unrealized Appreciation/ Depreciation			Fair Value 12/31/21		Dividend Income
Victory Capital Holdings Inc.	$	182,471	$	58,684	$	(106,765	)	$	32,611	$	—	$	(8,717	)	$	158,284	$	1,637

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Examples

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2021, through December 31, 2021.

	Beginning Account Value 7/1/21		Actual Ending Account Value 12/31/21		Hypothetical Ending Account Value 12/31/21		Actual Expenses Paid During Period 7/1/21- 12/31/21*		Hypothetical Expenses Paid During Period 7/1/21- 12/31/21*		Annualized Expense Ratio During Period 7/1/21- 12/31/21
US 500 Volatility Wtd ETF	$	1,000.00	$	1,097.90	$	1,023.44	$	1.85	$	1.79		0.35	%
US Small Cap Volatility Wtd ETF		1,000.00		1,070.00		1,023.44		1.83		1.79		0.35	%
International Volatility Wtd ETF		1,000.00		1,026.00		1,022.94		2.30		2.29		0.45	%
US Large Cap High Div Volatility Wtd ETF		1,000.00		1,096.30		1,023.44		1.85		1.79		0.35	%

	Beginning Account Value 7/1/21		Actual Ending Account Value 12/31/21		Hypothetical Ending Account Value 12/31/21		Actual Expenses Paid During Period 7/1/21- 12/31/21*		Hypothetical Expenses Paid During Period 7/1/21- 12/31/21*		Annualized Expense Ratio During Period 7/1/21- 12/31/21
US Small Cap High Div Volatility Wtd ETF	$	1,000.00	$	1,044.00	$	1,023.44	$	1.80	$	1.79		0.35	%
International High Div Volatility Wtd ETF		1,000.00		1,021.80		1,022.94		2.29		2.29		0.45	%
Emerging Market High Div Volatility Wtd ETF		1,000.00		997.20		1,022.63		2.57		2.60		0.51	%
Dividend Accelerator ETF		1,000.00		1,088.80		1,023.44		1.84		1.79		0.35	%
US Multi-Factor Minimum Volatility ETF		1,000.00		1,111.70		1,023.44		1.86		1.79		0.35	%
US 500 Enhanced Volatility Wtd ETF		1,000.00		1,097.90		1,023.44		1.85		1.79		0.35	%
US EQ Income Enhanced Volatility Wtd ETF		1,000.00		1,096.30		1,023.44		1.85		1.79		0.35	%
US Discovery Enhanced Volatility Wtd ETF		1,000.00		1,070.40		1,023.44		1.83		1.79		0.35	%
Developed Enhanced Volatility Wtd ETF		1,000.00		1,025.40		1,022.94		2.30		2.29		0.45	%
Nasdaq Next 50 ETF		1,000.00		995.80		1,024.30		0.91		0.92		0.18	%
ESG Core Plus Bond ETF**		1,000.00		998.50		1,023.19		0.96		2.04		0.40	%
ESG Corporate Bond ETF**		1,000.00		997.50		1,023.19		0.96		2.04		0.40	%
THB Mid Cap ESG ETF**		1,000.00		1,148.60		1,022.43		1.42		2.80		0.55	%

** Actual Expenses Paid are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 88/365 to reflect the stub period from commencement of operations October 5, 2021, through December 31, 2021.

Considerations of the Board in Continuing the Investment Advisory Agreement (the "Agreement")

• The requirements of the Funds for the services provided by the Adviser;

• The nature, quality and extent of the services provided and expected to be provided;

• The performance of the Funds as compared to comparable funds;

• Whether the fee would be sufficient to enable the Adviser to attract and retain experienced personnel and continue to provide quality services to the Funds;

• Fees paid by other clients of the Adviser whose accounts are managed in a similar investment style and any differences in the services provided to the other clients compared to those provided to the Funds;

• Total expenses of each Fund;

• Management's commitment to operating the Funds at competitive expense levels;

• The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser's costs) with respect to the Adviser's relationship with the Funds;

• Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions;

• The capabilities and financial condition of the Adviser;

• Current economic and industry trends; and

• The historical relationship between each Fund and the Adviser.

For Funds with total net expense ratios that ranked within the fourth quartile (most expensive) in relation to their peers as evaluated by a consultant, the Board also considered a memorandum that it requested the Adviser to prepare. The Adviser reviewed additional relevant circumstances, which included, among other things, specialized strategies, small or decreasing assets, or rapid or recent changes in peer expense ratios.

performance. The Board met with the consultant to review its inputs and methodologies, among other things. The Board compared each Fund's gross management fee and total expense ratio on a net and gross basis with the median gross management fee and median expense ratio of a universe of comparable exchange-traded funds ("ETFs") compiled by the consultant and a peer group of funds with similar investment strategies selected by that consultant from the universe. The Board reviewed the factors and methodology used by the consultant in the selection of each Fund's peer group, including the consultant's selection of a broad universe of funds, the more specific universe of comparable funds, and peer groups of funds with comparable investment strategies and asset levels, among other factors. The Board also reviewed any changes to the consultant's methodology as compared to the prior year, including those resulting from the Adviser's input, if any.

The Board also reviewed the fee of a comparable mutual fund managed by the Adviser that is comparable to the VictoryShares US 500 Enhanced Volatility Wtd ETF and the differences in the services provided to the mutual fund. The Board noted that none of the advisory fee arrangements for the Funds included breakpoints, which would be a structure that results in reduced fees as a fund grows. The Board also considered the Adviser's commitment to limit expenses as discussed in more detail below.

The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund's respective peer group. The Board also found that each Fund's net annual expense ratio was reasonable as compared with each Fund's respective peer group. The Board considered the Adviser's contractual agreement with each Fund to waive its fees and reimburse expenses for a specified period of time, as described in the Fund's prospectus.

The Board reviewed each Fund's performance over one- and three-year periods against the performance of the Fund's selected peer group and benchmark index. The Board noted that each Fund's investment objective is to track an index maintained by an independent third party. The Board recognized that the performance of each Fund is net of expenses, while the performance of each benchmark index reflects gross returns, and as a result, each Fund will generally underperform its benchmark index due to fees and expenses. The Board also considered each Fund's tracking error as a factor in evaluating performance.

VictoryShares US 500 Volatility Wtd ETF

Noting that the Fund commenced operations in 2014, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed and outperformed the peer group median for all of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers.

Having considered, among other things: (1) the Fund's management fee compared to comparable ETFs; (2) the Fund's total expense ratio compared to comparable ETFs; (3) that the Adviser's willingness to limit the expenses for a period of time would provide stability to the Fund's expenses during that period; and (4) that the Fund's performance in relation to its benchmark index and peer group was within an acceptable range, the Board concluded that the Agreement continued to be in the best interests of the Fund's shareholders.

VictoryShares US Small Cap Volatility Wtd ETF

Noting that the Fund commenced operations in 2015, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed and outperformed the peer group median for all of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers.

VictoryShares International Volatility Wtd ETF

Noting that the Fund commenced operations in 2015, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, outperformed the peer group median for the one- and five-year periods, and matched the peer group median for the three-year period. The Board noted the Fund's tracking error for the periods relative to its peers.

VictoryShares US Large Cap High Div Volatility Wtd ETF

Noting that the Fund commenced operations in 2015, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index for all of the periods reviewed, outperformed the peer group median for the one-year period and underperformed the peer group median for the three- and five-year periods. The Board noted the Fund's tracking error for the periods relative to its peers.

VictoryShares US Small Cap High Div Volatility Wtd ETF

Noting that the Fund commenced operations in 2015, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, underperformed the peer group median for the one-year period and outperformed the peer group median for the three- and five-year periods. The Board noted the Fund's tracking error for the periods relative to its peers.

VictoryShares International High Div Volatility Wtd ETF

Noting that the Fund commenced operations in 2015, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, outperformed the peer group median for the one-year period

and underperformed the peer group median for the three- and five-year periods. The Board noted the Fund's tracking error for the periods relative to its peers.

VictoryShares Emerging Market High Div Volatility Wtd ETF

Noting that the Fund commenced operations in 2017, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for both of the periods reviewed. The Board noted the Fund's tracking error for the period relative to its peers.

VictoryShares Dividend Accelerator ETF

Noting that the Fund commenced operations in 2017, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for both of the periods reviewed, underperformed the peer group median for the one-year period and outperformed the peer group median for the three-year period. The Board noted the Fund's tracking error for the period relative to its peers.

VictoryShares US Multi-Factor Minimum Volatility ETF

Noting that the Fund commenced operations in 2017, the Board compared the Fund's one- and three-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for both of the periods reviewed, underperformed the peer group median for the one-year period and outperformed the peer group median for the three-year period. The Board noted the Fund's tracking error for the period relative to its peers.

VictoryShares US 500 Enhanced Volatility Wtd ETF

underperformed the peer group median for the three-year period and outperformed the peer group median for the five-year period. The Board noted the Fund's tracking error for the periods relative to its peers, and discussed with the Adviser the Fund's rules-based rebalancing in light of market conditions and that the Fund performed in accordance with the Adviser's expectations.

VictoryShares US EQ Income Enhanced Volatility Wtd ETF

Noting that the Fund commenced operations in 2014, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, and outperformed the peer group median for all of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers, and discussed with the Adviser the Fund's rules-based rebalancing in light of market conditions and that the Fund performed in accordance with the Adviser's expectations.

VictoryShares US Discovery Enhanced Volatility Wtd ETF

Noting that the Fund commenced operations in 2014, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for all of the periods reviewed, and underperformed the peer group median for all of the periods reviewed, with the exception of the five-year period. The Board noted the Fund's tracking error for the periods relative to its peers, and discussed with the Adviser the Fund's rules-based rebalancing in light of market conditions and that the Fund performed in accordance with the Adviser's expectations.

VictoryShares Developed Enhanced Volatility Wtd ETF

Noting that the Fund commenced operations in 2014, the Board compared the Fund's one-, three- and five-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed both the benchmark index and the peer group median for all of the periods reviewed. The Board noted the Fund's tracking error for the periods relative to its peers, and discussed with the Adviser the Fund's rules-based rebalancing in light of market conditions and that the Fund performed in accordance with the Adviser's expectations.

VictoryShares Nasdaq Next 50 ETF

Noting that the Fund commenced operations in 2020, the Board compared the Fund's one-year performance for the period ended September 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same period and considered the fact that the Fund underperformed both the benchmark index and the peer group median for the period. The Board noted the Fund's tracking error for the period relative to its peers.

Conclusion

Based on its review of the information requested and provided, and following extended discussions, the Board determined that the Agreement, on behalf of the Funds discussed above, was consistent with the best interests of each Fund and its shareholders, and the Board unanimously approved the Agreement, on behalf of each Fund, for an additional annual period on the basis of the foregoing review and discussions and the following considerations, among others:

• The fairness and reasonableness of the investment advisory fee payable to the Adviser under the Agreement in light of the investment advisory services provided, the costs of these services, the profitability of the Adviser's relationship with the Fund and the comparability of the fee paid to the fees paid by other investment companies, to the extent applicable;

• The nature, quality and extent of the investment advisory services provided by the Adviser;

• The Adviser's entrepreneurial commitment to the management of the Funds and the creation of a broad-based family of funds, which could entail a substantial commitment of the Adviser's resources to the successful operation of the Funds;

• The Adviser's representations regarding its staffing and capabilities to manage the Funds, including the retention of personnel with relevant portfolio management experience;

• The Adviser's efforts to enhance investment results by, among other things, developing quality portfolio management teams; and

• The overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies and performance of the Adviser.

Considerations of the Board in Approving the Investment Advisory Agreements (the "Agreements")

The Board approved the Agreements on behalf of each of the VictoryShares ESG Core Plus Bond ETF, VictoryShares ESG Corporate Bond ETF and VictoryShares THB Mid Cap ESG ETF (the "Funds") at a meeting, which was called for that purpose, on May 18, 2021. In considering whether to approve the Agreements, the Board requested, and the Adviser provided, information that the Board believed to be reasonably necessary to reach its conclusions.

The Board, including the Independent Trustees, evaluated the information provided and its extensive experience with the Adviser and was advised by legal counsel to the Funds and independent legal counsel to the Independent Trustees. The Board reviewed numerous factors with respect to the Funds. The Board recognized that management was proposing to add the Funds as investment portfolios of the Trust and that the Funds had not yet commenced operations and thus had no performance record or historical expenses. In considering whether

the compensation to be paid to the Adviser was fair and reasonable, the Board also evaluated, among other things, the following factors:

• The requirements of the Funds for the services to be provided by the Adviser;

• The nature, quality and extent of the services provided to the other exchange-traded funds in the Trust and expected to be provided to the Funds;

• The estimated total expenses of the Funds;

• Management's commitments to operating the Funds at competitive expense levels;

• The expected profitability of the Adviser with respect to the Adviser's relationship with the Funds;

• Research and other service benefits expected to be received by the Adviser obtained through payment of client commissions for securities transactions;

• Other benefits expected to be received by the Adviser, including revenues to be paid to affiliates of the Adviser by the Funds for administration and fund accounting services;

• The capabilities and financial condition of the Adviser;

• Current economic and industry trends; and

• The historical relationship between the Trust and the Adviser.

The Board reviewed the Funds' proposed gross management fee both in the context of the Adviser's expected profitability from the Funds and the historical costs associated with operating similar funds. The Board acknowledged that the Funds' profitability is inherently difficult to estimate in a startup phase. In addition, the Board compared the Funds' expected operating expense ratio, with the understanding that no distribution or shareholder servicing fees were being proposed to be paid at this time, and management fee with comparable exchange-traded funds in a peer group of funds with similar investment strategies. The Board considered the Adviser's commitment to competitive total operating expense ratios through its contractual agreement to waive its fees and reimburse expenses for a specified period of time, noting that this could result in substantial initial subsidies by the Adviser. The Trustees noted that no breakpoints in the advisory fee schedule for the Funds were being proposed at this time.

The Board reviewed various other factors with respect to the Funds. In their deliberations, the Trustees did not rank the importance of any particular information or factor considered and each Trustee attributed different weights to various factors.

Approval of the Agreements on Behalf of the Funds

Based on its review of the information requested and provided, and following extended discussions, the Board determined that the Agreements, on behalf of the Funds, were consistent with the best interests of the Funds and their future shareholders, and the Board unanimously approved the Agreements, on behalf of the Funds, for an initial two year period on the basis of the foregoing review and discussions and the following considerations, among others:

• The fairness and reasonableness of the investment advisory fee to be paid to the Adviser under the Agreements in light of the investment advisory services to be provided, the costs of these services, the expected profitability of the Adviser's relationship with the Funds and the comparability of the fee to be paid to the fees paid by other investment companies;

• The nature, quality and extent of the investment advisory services to be provided by Adviser;

Security Description	Principal Amount		Value
Asset-Backed Securities (16.4%)
AmeriCredit Automobile Receivables Trust, Series 2017-3, Class D, 3.18%, 7/18/23, Callable 3/18/22 @ 100	$	500,000	$	502,429
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01%, 1/19/27, Callable 9/18/24 @ 100		1,000,000		988,091
AmeriCredit Automobile Receivables Trust, Series 2017-4, Class C, 2.60%, 9/18/23, Callable 6/18/22 @ 100		143,428		143,770
Atalaya Equipment Leasing Trust, Series 2021-1A, Class A2, 1.23%, 5/15/26, Callable 9/15/24 @ 100 (a)		1,250,000		1,248,162
Bank of The West Auto Trust, Series 2017-1, Class C, 2.96%, 2/15/24, Callable 2/15/22 @ 100 (a)		500,000		501,432
Bank of The West Auto Trust, Series 2018-1, Class C, 3.98%, 5/15/24, Callable 5/15/22 @ 100 (a)		400,000		404,867
BCC Funding XVII LLC, Series 2020-1, Class B, 1.46%, 9/22/25, Callable 7/20/24 @ 100 (a)		3,000,000		2,995,799
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B, 3.63%, 1/19/24, Callable 4/19/22 @ 100 (a)		500,000		504,433
CarMax Auto Owner Trust, Series 2021-2, Class A3, 0.52%, 2/17/26, Callable 4/15/24 @ 100		2,000,000		1,990,620
CarMax Auto Owner Trust, Series 2020-4, Class A3, 0.50%, 8/15/25, Callable 4/15/24 @ 100		1,000,000		995,939
CARS LP, Series 2020-1A, Class A1, 2.69%, 2/15/50, Callable 2/15/23 @ 100 (a)		586,109		593,329
Carvana Auto Receivables Trust, Series 2021-N1, Class C, 1.30%, 1/10/28, Callable 7/10/24 @ 100		1,500,000		1,497,682
Carvana Auto Receivables Trust, Series 2021-N1, Class A, 0.70%, 1/10/28, Callable 7/10/24 @ 100		870,157		863,101
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72%, 9/11/28, Callable 12/10/26 @ 100		1,000,000		999,746
CNH Equipment Trust, Series 2018-B, Class B, 3.56%, 2/17/26, Callable 12/15/22 @ 100		350,000		357,320
Conn's Receivables Funding LLC, Series 2021-A, Class B, 2.87%, 5/15/26, Callable 9/15/23 @ 100.25 (a)		1,000,000		996,639
Conn's Receivables Funding LLC, Series 2021-A, Class A, 1.05%, 5/15/26, Callable 9/15/23 @ 100 (a)		1,787,730		1,787,227
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17%, 6/16/25, Callable 7/15/23 @ 100 (a)		1,000,000		1,015,219
Credit Acceptance Auto Loan Trust, Series 2021-4, Class A, 1.26%, 10/15/30, Callable 4/15/25 @ 100 (a)		333,000		331,129
Credit Acceptance Auto Loan Trust, Series 2021-4, Class B, 1.74%, 12/16/30, Callable 4/15/25 @ 100 (a)		320,000		317,377
Dell Equipment Finance Trust, Series 2020-2, Class D, 1.92%, 3/23/26, Callable 5/22/23 @ 100 (a)		1,000,000		1,007,518
Diamond Issuer, Series 2021-1A, Class B, 2.70%, 11/20/51, Callable 11/20/25 @ 100 (a)		655,000		650,421
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 10/15/23 @ 100		708,000		707,181
Drive Auto Receivables Trust, Series 2020-2, Class C, 2.28%, 8/17/26, Callable 6/15/23 @ 100		750,000		759,896
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65%, 7/15/25, Callable 10/15/23 @ 100		750,000		748,370

Security Description	Principal Amount		Value
Evergreen Credit Card Trust, Series 2019-2, Class B, 2.27%, 9/15/24 (a)	$	750,000	$	757,755
Evergreen Credit Card Trust, Series 2021-1A, Class A, 0.90%, 10/15/26, Callable 11/15/24 @ 100 (a)		1,500,000		1,486,820
Exeter Automobile Receivables Trust, Series 2021-4, Class C, 1.68%, 10/15/27, Callable 1/15/25 @ 100		1,000,000		995,405
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32%, 7/15/25, Callable 4/15/24 @ 100		472,000		473,639
Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.98%, 6/15/26, Callable 5/15/24 @ 100		1,500,000		1,494,572
FirstKey Homes Trust, Series 2021-SFR3, Class B, 2.44%, 12/17/38 (a)		1,000,000		990,691
FirstKey Homes Trust, Series 2021-SFR3, Class C, 2.54%, 12/17/38 (a)		1,000,000		988,408
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.14%, 12/17/38 (a)		1,000,000		997,532
Flagship Credit Auto Trust, Series 4, Class B, 1.49%, 2/15/27, Callable 3/15/26 @ 100 (a)		1,000,000		996,353
Flagship Credit Auto Trust, Series 4, Class C, 1.96%, 12/15/27, Callable 3/15/26 @ 100 (a)		1,000,000		996,544
Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100 (a)		1,000,000		1,001,780
Ford Credit Auto Owner Trust, Series 2018-B, Class A3, 3.24%, 4/15/23, Callable 8/15/22 @ 100		22,622		22,658
GLS Auto Receivables Issuer Trust, Series 4A, Class B, 1.53%, 4/15/26, Callable 6/15/26 @ 100 (a)		500,000		500,150
GLS Auto Receivables Issuer Trust, Series 4A, Class A, 0.84%, 7/15/25, Callable 6/15/26 @ 100 (a)		1,000,000		999,639
GLS Auto Receivables Issuer Trust, Series 2020-2A, Class B, 3.16%, 6/16/25, Callable 1/15/24 @ 100 (a)		1,250,000		1,276,239
GM Financial Automobile Leasing Trust, Series 2020-3, Class A4, 0.51%, 10/21/24, Callable 4/20/23 @ 100		1,000,000		998,217
GM Financial Automobile Leasing Trust, Series 2020-1, Class B, 1.84%, 12/20/23, Callable 8/20/22 @ 100		489,000		492,033
GM Financial Consumer Automobile Receivables Trust, Series 2018-3, Class A3, 3.02%, 5/16/23, Callable 6/16/22 @ 100		33,908		33,976
Honda Auto Receivables Owner Trust, Series 2020-3, Class A3, 0.37%, 10/18/24, Callable 11/18/23 @ 100		1,000,000		996,957
Hyundai Auto Receivables Trust, Series 2020-C, Class A3, 0.38%, 5/15/25, Callable 11/15/24 @ 100		1,000,000		995,436
John Deere Owner Trust, Series 2021-B, Class A3, 0.52%, 3/16/26, Callable 4/15/25 @ 100		1,500,000		1,479,360
JPMorgan Chase Bank NA — CACLN, Series 2021-3, Class B, 0.76%, 2/26/29, Callable 1/25/25 @ 100 (a)		621,680		618,480
Lad Auto Receivables Trust, Series 2021-1A, Class B, 1.94%, 11/16/26, Callable 9/15/25 @ 100 (a)		1,000,000		997,206
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30%, 8/17/26, Callable 9/15/25 @ 100 (a)		908,653		906,524
Master Credit Card Trust, Series 2021-1A, Class C, 1.06%, 11/21/25 (a)		1,500,000		1,477,030
Mercedes-Benz Auto Lease Trust, Series 2020-B, Class A3, 0.40%, 11/15/23, Callable 3/15/23 @ 100		1,000,000		998,737
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61, Callable 10/20/24 @ 100 (a)		293,000		293,675

Security Description	Principal Amount		Value
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/61, Callable 10/20/24 @ 100 (a)	$	903,000	$	885,402
Nissan Auto Lease Trust 2020-B, Series 2020-B, Class A3, 0.43%, 10/16/23, Callable 6/15/23 @ 100		1,000,000		999,875
Oscar U.S. Funding XII LLC, Series 1A, Class A4, 1.00%, 4/10/28, Callable 2/10/25 @ 100 (a)		2,500,000		2,449,694
Pawnee Equipment Receivables LLC, Series 2021-1, Class A2, 1.10%, 7/15/27, Callable 11/15/25 @ 100 (a)		545,000		541,810
PSNH Funding LLC, Series 2018-1, Class A1, 3.09%, 2/1/26		205,911		210,391
Santander Drive Auto Receivables Trust, Series 2020-4, Class C, 1.01%, 1/15/26, Callable 8/15/23 @ 100		1,000,000		1,001,552
Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59%, 9/15/25, Callable 1/15/24 @ 100		1,000,000		998,312
Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49%, 10/15/25, Callable 4/15/23 @ 100		401,841		403,622
SCF Equipment Leasing LLC, Series 2019-2A, Class A2, 2.47%, 4/20/26, Callable 10/20/24 @ 100 (a)		750,000		760,475
SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 3/20/25 @ 100 (a)		1,500,000		1,502,598
Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, 9/15/45, Callable 9/15/23 @ 100 (a)		1,000,000		973,075
Westlake Automobile Receivables Trust, Series 2019-2A, Class C, 2.84%, 7/15/24, Callable 3/15/23 @ 100 (a)		372,148		373,818
Westlake Automobile Receivables Trust, Series 2021-3A, Class D, 2.12%, 1/15/27, Callable 12/15/24 @ 100 (a)		1,000,000		1,002,388
Westlake Automobile Receivables Trust, Series 2019-2A, Class E, 4.02%, 4/15/25, Callable 3/15/23 @ 100 (a)		1,000,000		1,025,468
World Omni Select Auto Trust, Series 2021-A, Class A3, 0.53%, 3/15/27, Callable 7/15/24 @ 100		2,000,000		1,977,263
World Omni Select Auto Trust, Series 2020-A, Class A3, 0.55%, 7/15/25, Callable 8/15/23 @ 100		1,000,000		999,907
Total Asset-Backed Securities (Cost $63,484,719)				63,279,163
Collateralized Mortgage Obligations (4.7%)
BBCMS Mortgage Trust, Series 2020-BID, Class A, 2.25% (LIBOR01M+214bps), 10/15/37 (a) (b)		1,000,000		1,002,122
BBCMS Mortgage Trust, Series 2020-BID, Class B, 2.65% (LIBOR01M+254bps), 10/15/37 (a) (b)		1,750,000		1,754,177
BPR Trust, Series 2021-TY, Class C, 1.81% (LIBOR01M+170bps), 9/23/23 (a) (b)		1,000,000		997,203
BPR Trust, Series 2021-TY, Class A, 1.16% (LIBOR01M+105bps), 9/23/23 (a) (b)		1,000,000		998,145
BX Commercial Mortgage Trust, Series 2019-XL, Class D, 1.56% (LIBOR01M+145bps), 10/15/36 (a) (b)		2,465,000		2,458,026
CHT Mortgage Trust, Series 2017-CSMO, Class E, 3.11% (LIBOR01M+300bps), 11/15/36 (a) (b)		2,000,000		1,999,768
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class B, 4.38%, 1/10/36 (a)		500,000		521,010
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C13, Class C, 4.08%, 1/15/46, Callable 7/15/23 @ 100 (c)		1,000,000		1,028,867
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C10, Class A5, 3.14%, 12/15/47, Callable 2/15/23 @ 100		979,433		996,923

Security Description	Principal Amount		Value
KNDL Mortgage Trust, Series 2019-KNSQ, Class C, 1.16% (US0001M+105bps), 5/15/36 (a) (b)	$	1,175,000	$	1,173,445
Morgan Stanley Capital I Trust, Series 2017-CLS, Class F, 2.71% (LIBOR01M+260bps), 11/15/34 (a) (b)		1,000,000		995,222
Palmer Square Loan Funding Ltd., Series 2020-1A, Class A1, 0.96% (LIBOR03M+80bps), 2/20/28, Callable 2/20/22 @ 100 (a) (b)		241,739		241,927
SREIT Trust, Series 2021-MFP2, Class B, 1.27% (LIBOR01M+117bps), 11/15/36 (a) (b)		1,000,000		994,999
Stratus CLO Ltd., Series 2021-3A, Class A, 1.08% (US0003M+95bps), 12/29/29 (a) (b)		1,000,000		1,000,000
Stratus CLO Ltd., Series 2021-3A, Class B, 1.68% (US0003M +155bps), 12/29/29 (a) (b)		821,000		821,000
STREIT Trust, Series 2021-MFP2, Class A, 0.92% (US0001M+82bps), 11/15/36 (a) (b)		1,000,000		994,999
WFRBS Commercial Mortgage Trust, Series 2012-C9, Class ASB, 2.45%, 11/15/45, Callable 7/15/22 @ 100		77,385		77,744
WFRBS Commercial Mortgage Trust, Series 2012-C7, Class AS, 4.09%, 6/15/45, Callable 6/15/22 @ 100 (c)		225,017		225,584
Total Collateralized Mortgage Obligations (Cost $18,313,425)				18,281,161
Senior Secured Loans (1.3%)
Clean Harbors, Inc., Initial Term Loan, First Lien, 1.84% (LIBOR01M+175bps), 6/30/24 (b)		496,104		495,836
Genpact International LLC, Term Loan A,First Lien, 8/9/23 (d) (e)		3,000,000		2,977,500
Magallanes, Inc., Term Loan A, First Lien, 12/4/22 (d) (e)		1,500,000		1,475,625
Total Senior Secured Loans (Cost $4,998,066)				4,948,961
Corporate Bonds (42.7%)
Communication Services (1.4%):
DISH DBS Corp., 5.88%, 7/15/22		1,374,000		1,397,248
TEGNA, Inc., 4.75%, 3/15/26, Callable 3/15/23 @ 102.38 (a) (f)		2,000,000		2,082,600
T-Mobile USA, Inc., 2.63%, 4/15/26, Callable 4/15/23 @ 101.31 (f)		2,000,000		2,014,340
				5,494,188
Consumer Discretionary (3.4%):
Association of American Medical Colleges, 2.12%, 10/1/24		750,000		750,175
Daimler Trucks Finance North America LLC, 1.63%, 12/13/24 (a)		2,000,000		2,014,380
Expedia Group, Inc., 6.25%, 5/1/25, Callable 2/1/25 @ 100 (a)		1,000,000		1,128,690
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (a)		500,000		495,015
Howard University, 2.74%, 10/1/22		500,000		506,555
Macy's Retail Holdings LLC, 2.88%, 2/15/23, Callable 11/15/22 @ 100		750,000		759,225
Marriott International, Inc., 2.30%, 1/15/22		1,000,000		1,000,430
Murphy Oil USA, Inc., 5.63%, 5/1/27, Callable 5/1/22 @ 102.81		1,500,000		1,557,930
Nordstrom, Inc., 2.30%, 4/8/24, Callable 4/8/22 @ 100		1,500,000		1,499,460
QVC, Inc., 4.38%, 3/15/23		667,000		687,771
Sodexo, Inc., 1.63%, 4/16/26, Callable 3/16/26 @ 100 (a) (f)		2,000,000		1,982,620
Toll Brothers Finance Corp., 4.38%, 4/15/23, Callable 1/15/23 @ 100		750,000		775,515
				13,157,766

Security Description	Principal Amount		Value
Consumer Staples (2.0%):
Central Garden & Pet Co., 5.13%, 2/1/28, Callable 1/1/23 @ 102.56	$	1,000,000	$	1,045,570
Darling Ingredients, Inc., 5.25%, 4/15/27, Callable 4/15/22 @ 102.63 (a)		2,000,000		2,065,000
Hormel Foods Corp., 0.65%, 6/3/24, Callable 6/3/22 @ 100		1,500,000		1,488,705
JBS USA Food Co., 5.75%, 1/15/28, Callable 7/15/22 @ 102.88 (a)		1,000,000		1,045,160
Jbs USA Lux SA / Jbs USA Food Co., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25 (a)		2,000,000		2,200,020
				7,844,455
Energy (9.5%):
Apache Corp., 3.25%, 4/15/22, Callable 1/18/22 @ 100		1,250,000		1,251,112
Continental Resources, Inc. 4.50%, 4/15/23, Callable 1/15/23 @ 100 (f)		1,230,000		1,269,852
3.80%, 6/1/24, Callable 3/1/24 @ 100		381,000		397,703
2.27%, 11/15/26, Callable 11/15/23 @ 100 (a)		1,000,000		993,040
DCP Midstream Operating LP, 3.88%, 3/15/23, Callable 12/15/22 @ 100		1,000,000		1,024,790
Energy Transfer LP, 4.90%, 2/1/24, Callable 11/1/23 @ 100		1,715,000		1,817,506
EnLink Midstream Partners, LP, 4.40%, 4/1/24, Callable 1/1/24 @ 100		900,000		946,485
EQM Midstream Partners LP 4.75%, 7/15/23, Callable 6/15/23 @ 100 (f)		135,000		140,277
4.00%, 8/1/24, Callable 5/1/24 @ 100		865,000		899,730
Gray Oak Pipeline LLC, 2.00%, 9/15/23 (a)		833,000		842,296
Hess Corp., 3.50%, 7/15/24, Callable 4/15/24 @ 100		1,000,000		1,044,060
Hess Midstream Operations, LP, 5.63%, 2/15/26, Callable 2/7/22 @ 104.22 (a)		3,000,000		3,090,000
HollyFrontier Corp. 2.63%, 10/1/23		1,000,000		1,019,710
5.88%, 4/1/26, Callable 1/1/26 @ 100 (f)		1,881,000		2,109,241
Midwest Connector Capital Co. LLC 3.63%, 4/1/22, Callable 3/1/22 @ 100 (a) (f)		1,500,000		1,507,335
3.90%, 4/1/24, Callable 3/1/24 @ 100 (a)		2,500,000		2,594,600
MPLX LP, 3.50%, 12/1/22, Callable 11/1/22 @ 100		271,000		276,756
Murphy Oil Corp. 6.88%, 8/15/24, Callable 2/7/22 @ 101.72		565,000		575,786
5.88%, 12/1/27, Callable 12/1/22 @ 102.94		1,690,000		1,744,232
Occidental Petroleum Corp., 2.90%, 8/15/24, Callable 7/15/24 @ 100		687,000		701,674
Ovintiv Exploration, Inc. 5.63%, 7/1/24		1,000,000		1,101,880
5.38%, 1/1/26, Callable 10/1/25 @ 100 (f)		1,000,000		1,109,700
Parsley Energy LLC/Parsley Finance Corp., 4.13%, 2/15/28, Callable 2/15/23 @ 102.06 (a)		1,000,000		1,017,400
Range Resources Corp. 5.88%, 7/1/22, Callable 4/1/22 @ 100		540,000		544,747
5.00%, 8/15/22, Callable 5/15/22 @ 100		500,000		505,600
SM Energy Co., 5.63%, 6/1/25, Callable 2/7/22 @ 101.88		1,000,000		1,009,290
Southwestern Energy Co., 4.10%, 3/15/22, Callable 1/24/22 @ 100		1,500,000		1,502,130
Targa Resources Partners LP/Targa Resources Partners Finance Corp, 6.50%, 7/15/27, Callable 7/15/22 @ 104.88		700,000		750,400
USX Corp., 8.13%, 7/15/23		400,000		436,528

Security Description	Principal Amount		Value
Western Midstream Operating LP 4.00%, 7/1/22, Callable 4/1/22 @ 100	$	1,500,000	$	1,506,705
1.97% (LIBOR03M+185bps), 1/13/23 (b)		500,000		499,170
4.35%, 2/1/25, Callable 1/1/25 @ 100		2,000,000		2,082,460
WPX Energy, Inc., 8.25%, 8/1/23, Callable 6/1/23 @ 100		500,000		547,615
				36,859,810
Financials (11.5%):
Ares Capital Corp., 3.25%, 7/15/25, Callable 6/15/25 @ 100		750,000		778,050
Athene Global Funding 2.80%, 5/26/23 (a)		750,000		769,028
1.20%, 10/13/23 (a)		500,000		501,005
Blackstone Private Credit Fund 1.75%, 9/15/24 (a)		1,000,000		984,400
2.35%, 11/22/24 (a)		1,000,000		1,000,160
Cadence Bancorp, 4.75% (LIBOR03M+303bps), 6/30/29, Callable 6/30/24 @ 100 (b)		1,165,000		1,235,785
CIT Group, Inc. 5.00%, 8/15/22		1,740,000		1,782,265
4.75%, 2/16/24, Callable 11/16/23 @ 100		735,000		777,593
Citigroup, Inc., 3.14% (LIBOR03M+72bps), 1/24/23, Callable 1/24/22 @ 100 (b)		400,000		400,528
Colfax Corp., 6.38%, 2/15/26, Callable 2/15/22 @ 103.19 (a)		1,500,000		1,553,385
DAE Funding LLC, 1.55%, 8/1/24, Callable 7/1/24 @ 100 (a)		250,000		245,970
First American Financial Corp., 4.30%, 2/1/23		2,800,000		2,885,484
First Citizens BancShares, Inc., 3.37% (SOFR+247bps), 3/15/30, Callable 3/15/25 @ 100 (b)		1,000,000		1,015,470
First Financial Bancorp, 5.13%, 8/25/25		1,000,000		1,033,720
FNB Corp., 2.20%, 2/24/23, Callable 1/24/23 @ 100		1,876,000		1,893,916
Ford Motor Credit Co. LLC, 3.38%, 11/13/25, Callable 10/13/25 @ 100		1,000,000		1,037,590
FS KKR Capital Corp. 4.75%, 5/15/22, Callable 4/15/22 @ 100		1,000,000		1,009,430
1.65%, 10/12/24		1,024,000		1,005,650
Fulton Financial Corp., 3.25% (SOFR+230bps), 3/15/30, Callable 3/15/25 @ 100 (b)		1,000,000		1,009,010
GA Global Funding Trust, 1.63%, 1/15/26 (a)		500,000		496,115
Infinity Property & Casualty Corp., 5.00%, 9/19/22 (f)		500,000		512,475
Main Street Capital Corp. 5.20%, 5/1/24		2,000,000		2,135,900
3.00%, 7/14/26, Callable 6/14/26 @ 100		500,000		501,555
Morgan Stanley 3.73% (US0003M+361bps), Callable 1/18/22 @ 100 (b) (g)		3,000,000		3,001,110
0.79% (SOFR+53bps), 5/30/25, Callable 5/30/24 @ 100 (b)		2,000,000		1,973,600
People's United Bank NA, 4.00%, 7/15/24, Callable 4/16/24 @ 100		1,000,000		1,050,800
ProAssurance Corp., 5.30%, 11/15/23		1,000,000		1,054,940
Protective Life Global Funding, 3.10%, 4/15/24 (a)		500,000		520,500
Radian Group, Inc., 4.50%, 10/1/24, Callable 7/1/24 @ 100		1,000,000		1,048,300
Reliance Standard Life Global Funding II, 2.75%, 5/7/25 (a)		750,000		776,100
Santander Holdings USA, Inc., 3.40%, 1/18/23, Callable 12/18/22 @ 100		250,000		255,512
SCE Recovery Funding LLC, 0.86%, 11/15/31		1,924,384		1,832,572
Synovus Bank, 2.29% (SOFR+95bps), 2/10/23, Callable 2/10/22 @ 100 (b)		1,008,000		1,008,937

Security Description	Principal Amount		Value
TCF National Bank, 5.50% (LIBOR03M+509bps), 5/6/30, Callable 5/6/25 @ 100 (b)	$	750,000	$	800,347
Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100 (b)		1,000,000		1,029,420
The Prudential Insurance Co. of America, 8.30%, 7/1/25 (a)		1,000,000		1,213,770
TIAA FSB Holdings, Inc. 5.75%, 7/2/25, Callable 6/2/25 @ 100		1,000,000		1,091,330
4.91% (LIBOR03M+470bps), 3/15/26, Callable 2/7/22 @ 100 (b)		750,000		761,783
UMB Financial Corp., 3.70% (H15T5Y+344bps), 9/17/30, Callable 9/17/25 @ 100 (b)		750,000		757,793
Webster Financial Corp., 4.38%, 2/15/24, Callable 1/16/24 @ 100		1,700,000		1,785,493
				44,526,791
Health Care (1.4%):
Astrazeneca Finance LLC, 0.70%, 5/28/24, Callable 5/28/22 @ 100		1,000,000		992,260
Fresenius Medical Care U.S. Finance III, Inc., 1.88%, 12/1/26, Callable 11/1/26 @ 100 (a)		1,000,000		990,440
Hikma Finance USA LLC, 3.25%, 7/9/25		2,000,000		2,052,320
Laboratory Corp. of America Holdings, 1.55%, 6/1/26, Callable 5/1/26 @ 100		1,000,000		989,620
SSM Health Care Corp., 3.69%, 6/1/23, Callable 3/1/23 @ 100		500,000		515,750
				5,540,390
Industrials (5.0%):
Air Lease Corp., 2.25%, 1/15/23		250,000		253,177
Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100 (f)		500,000		537,388
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26 (a)		1,000,000		1,040,710
Ashtead Capital, Inc., 4.38%, 8/15/27, Callable 8/15/22 @ 102.19 (a) (f)		3,435,000		3,563,469
Aviation Capital Group LLC, 5.50%, 12/15/24, Callable 11/15/24 @ 100 (a)		1,000,000		1,094,510
Builders FirstSource, Inc., 6.75%, 6/1/27, Callable 6/1/22 @ 103.38 (a)		1,764,000		1,860,085
Continental Airlines Pass Through Trust, 5.98%, 10/19/23		85,617		86,311
Delta Air Lines Pass Through Trust, 2.00%, 12/10/29		910,309		892,777
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/25 (a)		1,370,000		1,441,007
Hillenbrand, Inc., 5.75%, 6/15/25, Callable 6/15/22 @ 102.88		1,000,000		1,050,630
Huntington Ingalls Industries, Inc., 0.67%, 8/16/23, Callable 8/16/22 @ 100 (a)		500,000		495,730
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (a)		1,000,000		1,068,890
Penske Truck Leasing Co. LP/PTL Finance Corp., 1.70%, 6/15/26, Callable 5/15/26 @ 100 (a)		1,000,000		991,020
Spirit Airlines Pass Through Trust, 4.45%, 10/1/25		925,297		946,782
The Nature Conservancy, 0.63%, 7/1/24		650,000		642,285
TransDigm, Inc., 8.00%, 12/15/25, Callable 4/8/22 @ 104 (a) (f)		2,000,000		2,109,640
U.S. Airways Pass Through Trust, 3.95%, 5/15/27		329,209		330,453
United Airlines Pass Through Trust 4.15%, 10/11/25		581,641		601,731
4.88%, 7/15/27		308,014		320,676
				19,327,271
Information Technology (1.2%):
Global Payments, Inc., 1.50%, 11/15/24, Callable 10/15/24 @ 100		2,000,000		2,000,600
Qorvo, Inc., 1.75%, 12/15/24, Callable 12/15/22 @ 100 (a)		1,675,000		1,676,273
Skyworks Solutions, Inc., 0.90%, 6/1/23, Callable 6/1/22 @ 100		1,000,000		994,980
				4,671,853

Security Description	Principal Amount		Value
Materials (3.5%):
Cleveland Cliffs, Inc., 9.88%, 10/17/25, Callable 10/17/22 @ 107.41 (a) (f)	$	2,575,000	$	2,916,754
Commercial Metals Co., 4.88%, 5/15/23, Callable 2/15/23 @ 100		2,625,000		2,711,966
Freeport-McMoRan, Inc., 5.00%, 9/1/27, Callable 9/1/22 @ 102.5 (f)		3,000,000		3,139,830
Ingevity Corp., 4.50%, 2/1/26, Callable 2/7/22 @ 101.13 (a)		1,500,000		1,503,750
Sealed Air Corp. 5.25%, 4/1/23, Callable 1/1/23 @ 100 (a)		1,000,000		1,037,260
1.57%, 10/15/26, Callable 9/15/26 @ 100 (a)		1,000,000		970,140
West Fraser Timber Co Ltd, 4.35%, 10/15/24, Callable 7/15/24 @ 100 (a)		1,000,000		1,068,740
				13,348,440
Real Estate (1.9%):
Host Hotels & Resorts LP, 4.50%, 2/1/26, Callable 11/1/25 @ 100		1,044,000		1,122,916
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27, Callable 10/15/22 @ 102.5		1,500,000		1,570,530
Office Properties Income Trust, 4.00%, 7/15/22, Callable 6/15/22 @ 100		1,000,000		1,011,990
Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100		919,000		958,002
SBA Tower Trust, 2.84%, 1/15/25, Callable 1/15/24 @ 100 (a)		750,000		769,439
VICI Properties LP/VICI Note Co., Inc., 3.50%, 2/15/25, Callable 2/15/22 @ 101.75 (a)		364,000		371,142
Vornado Realty LP, 2.15%, 6/1/26, Callable 5/1/26 @ 100		1,500,000		1,503,210
				7,307,229
Utilities (1.9%):
Calpine Corp., 5.25%, 6/1/26, Callable 2/7/22 @ 102.63 (a)		802,000		822,812
CenterPoint Energy Resources Corp., 0.70%, 3/2/23, Callable 2/7/22 @ 100		1,000,000		995,590
Cleco Power LLC, 0.70% (US0003M+50bps), 6/15/23, Callable 3/15/22 @ 100 (a) (b)		2,000,000		1,998,460
Entergy Texas, Inc., 1.50%, 9/1/26, Callable 8/1/26 @ 100		1,000,000		980,870
NextEra Energy Capital Holdings, Inc., 0.65%, 3/1/23		1,000,000		997,930
Oklahoma Gas & Electric Co., 0.55%, 5/26/23, Callable 2/7/22 @ 100		1,000,000		994,860
Sierra Pacific Power Co., 3.38%, 8/15/23, Callable 5/15/23 @ 100		500,000		516,670
				7,307,192
Total Corporate Bonds (Cost $165,028,929)				165,385,385
Yankee Dollars (12.7%)
Communication Services (0.7%):
Bharti Airtel International Netherlands BV, 5.35%, 5/20/24 (a)		1,000,000		1,077,230
Pearson Funding Four PLC, 3.75%, 5/8/22 (a)		750,000		753,667
Telefonica Chile SA, 3.88%, 10/12/22 (a)		1,000,000		1,020,040
				2,850,937
Consumer Discretionary (0.6%):
Nissan Motor Co. Ltd., 3.04%, 9/15/23 (a)		1,000,000		1,026,360
Stellantis Finance US, Inc., 1.71%, 1/29/27, Callable 12/29/26 @ 100 (a)		333,000		327,682
Stellantis NV, 5.25%, 4/15/23		1,000,000		1,050,720
				2,404,762
Consumer Staples (0.3%):
Imperial Brands Finance PLC, 3.13%, 7/26/24, Callable 6/26/24 @ 100 (a)		948,000		980,602

Security Description	Principal Amount		Value
Energy (2.2%):
Bharat Petroleum Corp. Ltd., 4.38%, 1/24/22	$	2,095,000	$	2,098,557
Galaxy Pipeline Assets Bidco Ltd., 1.75%, 9/30/27 (a)		489,325		490,255
Harbour Energy PLC, 5.50%, 10/15/26, Callable 10/15/23 @ 102.75 (a)		1,500,000		1,489,935
Harvest Operations Corp., 1.00%, 4/26/24, Callable 4/26/22 @ 100 (a)		1,214,000		1,208,027
Petroleos Mexicanos 4.88%, 1/24/22		703,000		704,047
3.85% (LIBOR03M+365bps), 3/11/22 (b)		1,000,000		1,001,090
Suncor Energy Ventures Corp., 4.50%, 4/1/22 (a)		1,597,000		1,612,699
				8,604,610
Financials (4.2%):
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 4/17/25 (a) (f)		3,000,000		3,275,700
BAT International Finance PLC, 1.67%, 3/25/26, Callable 2/25/26 @ 100		1,000,000		982,780
BBVA Bancomer SA, 6.75%, 9/30/22 (a)		3,305,000		3,428,904
Element Fleet Management Corp., 1.60%, 4/6/24, Callable 3/6/24 @ 100 (a)		400,000		400,932
Ontario Teachers' Finance Trust, 0.38%, 9/29/23 (a)		1,000,000		992,440
Prudential PLC 4.38%, Callable 1/20/22 @ 100, MTN (g)		590,000		590,024
5.25%, Callable 1/20/22 @ 100, MTN (g)		3,000,000		3,004,980
SA Global Sukuk Ltd., 0.95%, 6/17/24, Callable 5/17/24 @ 100 (a)		416,000		409,760
Santander UK Group Holdings PLC, 3.37% (LIBOR03M+108bps), 1/5/24, Callable 1/5/23 @ 100 (b)		250,000		255,430
Standard Chartered PLC, 7.50% (USSW5+630bps), Callable 4/2/22 @ 100 (b) (g)		1,000,000		1,013,750
VEON Holdings BV 7.50%, 3/1/22 (a)		1,000,000		1,010,050
5.95%, 2/13/23		1,000,000		1,041,660
				16,406,410
Health Care (0.3%):
Olympus Corp., 2.14%, 12/8/26 (a)		1,212,000		1,218,957
Industrials (1.7%):
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.15%, 2/15/24, Callable 1/15/24 @ 100		1,000,000		1,030,790
Air Canada Pass Through Trust 5.00%, 6/15/25 (a)		243,814		247,520
4.13%, 11/15/26 (a)		928,905		937,181
Avolon Holdings Funding Ltd., 2.13%, 2/21/26, Callable 1/21/26 @ 100 (a)		750,000		737,025
CK Hutchison International Ltd., 2.75%, 3/29/23 (a)		750,000		766,148
IHS Markit Ltd., 5.00%, 11/1/22, Callable 8/1/22 @ 100 (a)		900,000		921,681
Smiths Group PLC, 3.63%, 10/12/22 (a)		1,000,000		1,020,630
The Weir Group PLC, 2.20%, 5/13/26, Callable 4/13/26 @ 100 (a)		1,000,000		992,010
				6,652,985
Information Technology (0.8%):
Telefonaktiebolaget LM Ericsson, 4.13%, 5/15/22		2,000,000		2,022,860
TSMC Global Ltd., 0.75%, 9/28/25, Callable 8/28/25 @ 100 (a)		1,000,000		969,370
				2,992,230

Security Description	Principal Amount		Value
Materials (1.5%):
OCI NV, 4.63%, 10/15/25, Callable 10/15/22 @ 102.31 (a)	$	1,800,000	$	1,864,404
POSCO, 2.38%, 1/17/23		2,100,000		2,123,352
Syngenta Finance NV, 3.13%, 3/28/22		1,718,000		1,722,793
				5,710,549
Utilities (0.4%):
TransAlta Corp., 4.50%, 11/15/22, Callable 8/15/22 @ 100		1,300,000		1,324,895
Total Yankee Dollars (Cost $49,214,964)				49,146,937
Municipal Bonds (17.6%)
Alabama (0.3%):
City of Birmingham, GO, 0.86%, 3/1/24		1,015,000		1,010,175
California (3.1%):
California Municipal Finance Authority Revenue 0.73%, 2/1/22		1,835,000		1,835,033
0.93%, 2/1/23		1,000,000		998,709
1.36%, 2/1/24		495,000		494,882
California Statewide Communities Development Authority Revenue, 2.15%, 11/15/30, Continuously Callable @100		1,155,000		1,118,468
California Statewide Communities Development Authority Revenue (NBGA — California Health Insurance Construction Loan Insurance Program), 2.05%, 8/1/30		1,545,000		1,512,082
City of El Cajon Revenue, Series A, 0.65%, 4/1/23		650,000		648,088
City of Gardena Revenue, 1.30%, 4/1/23		565,000		567,931
Golden State Tobacco Securitization Corp. Revenue 1.24%, 6/1/22		1,500,000		1,501,216
1.71%, 6/1/24		1,000,000		1,003,947
Series B, 0.67%, 6/1/23		1,000,000		997,768
Series B, 0.99%, 6/1/24		500,000		497,780
Placentia Public Financing Authority Revenue Series A, 1.72%, 6/1/22		200,000		199,822
Series A, 1.93%, 6/1/23		300,000		298,852
San Jose Redevelopment Agency Successor Agency Tax Allocation, Series A-T, 2.63%, 8/1/22		250,000		253,175
				11,927,753
Colorado (1.6%):
City & County of Denver Co. Airport System Revenue Series C, 0.88%, 11/15/23		500,000		499,750
Series C, 1.12%, 11/15/24		500,000		499,727
City of Loveland Electric & Communications Enterprise Revenue, 2.85%, 12/1/23		600,000		617,539
Colorado Health Facilities Authority Revenue Series B, 2.24%, 11/1/22		750,000		756,984
Series B, 2.80%, 12/1/26		500,000		505,397
County of El Paso Co. Revenue, Series B, 1.05%, 6/1/24		1,230,000		1,224,129
Denver City & County Housing Authority Revenue, 1.33%, 6/1/24, Continuously Callable @100		750,000		747,875

Security Description	Principal Amount		Value
Denver City & County Housing Authority Revenue, 2.15%, 12/1/24	$	750,000	$	767,065
Park Creek Metropolitan District Revenue, Series B, 2.43%, 12/1/23		700,000		722,979
				6,341,445
Florida (0.3%):
Hillsborough County IDA Revenue, 2.16%, 8/1/25		1,250,000		1,257,102
Georgia (0.3%):
Municipal Electric Authority of Georgia, 1.42%, 1/1/25		500,000		498,010
Municipal Electric Authority of Georgia Revenue, Series B, 1.58%, 1/1/26		555,000		549,787
				1,047,797
Guam (0.3%):
Territory of Guam Revenue, Series E, 3.25%, 11/15/26		1,000,000		1,019,572
Hawaii (0.5%):
State of Hawaii Airports System Revenue Series B, 0.90%, 7/1/23		300,000		298,402
Series E, 1.39%, 7/1/25		1,500,000		1,498,686
				1,797,088
Illinois (0.7%):
Chicago O'Hare International Airport Revenue, Series D, 0.96%, 1/1/23		165,000		165,484
Sales Tax Securitization Corp. Revenue, 0.79%, 1/1/23		1,750,000		1,747,974
State of Illinois Sales Tax Revenue, Series B, 0.91%, 6/15/24		1,000,000		985,592
				2,899,050
Indiana (0.5%):
Indiana Finance Authority Revenue 0.96%, 3/1/24		450,000		446,006
2.48%, 3/1/24 (f)		1,000,000		1,027,942
1.41%, 3/1/25		570,000		566,806
				2,040,754
Kentucky (0.3%):
County of Warren Revenue, Series B, 0.92%, 4/1/25		1,200,000		1,179,401
Maine (0.1%):
Maine State Housing Authority Revenue, Series H, 1.70%, 11/15/26		600,000		595,639
Maryland (0.6%):
County of Howard, GO, Series C, 1.34%, 8/15/23		500,000		504,590
Maryland Health & Higher Educational Facilities Authority Revenue 1.81%, 1/1/25		1,000,000		991,416
1.89%, 1/1/26		1,000,000		983,524
				2,479,530
Michigan (1.0%):
City of Grand Rapids MI Sanitary Sewer System Revenue, 0.94%, 1/1/25		1,000,000		994,312
Ecorse Public School District, GO, 2.00%, 5/1/24		750,000		768,301
Michigan Finance Authority Revenue 2.21%, 12/1/23		185,000		188,808
2.31%, 12/1/24		105,000		107,786
2.37%, 9/1/49, (Put Date 9/1/23) (h)		446,000		453,758
Series A-1, 2.33%, 6/1/30		764,071		777,580

Security Description	Principal Amount		Value
Ypsilanti School District, GO, 1.89%, 5/1/24	$	510,000	$	513,084
				3,803,629
Mississippi (0.1%):
Medical Center Educational Building Corp. Revenue, 0.67%, 6/1/23		280,000		280,177
Missouri (0.4%):
Missouri State Environmental Improvement & Energy Resources Authority Revenue, Series B, 0.70%, 1/1/24		1,495,000		1,486,839
Nebraska (0.2%):
Papio-Missouri River Natural Resource District Special Tax, 2.09%, 12/15/24, Continuously Callable @100		630,000		639,648
New Jersey (0.6%):
Essex County Improvement Authority Revenue, Series B, 1.96%, 8/1/22 (a)		350,000		348,289
South Jersey Transportation Authority Revenue Series B, 2.10%, 11/1/24		750,000		756,825
Series B, 2.20%, 11/1/25		750,000		756,801
South Jersey Transportation Authority System Revenue, Series B, 3.02%, 11/1/25		425,000		441,716
				2,303,631
New York (1.0%):
County of Suffolk, GO, Series C, 1.05%, 6/15/23		1,250,000		1,252,907
Madison County Capital Resource Corp. Revenue, 2.18%, 7/1/23		500,000		511,551
Metropolitan Transportation Authority Revenue, Series A, 0.78%, 11/15/22, Continuously Callable @100		2,000,000		2,002,362
				3,766,820
Ohio (0.1%):
Hamilton County Health Care Facilities Revenue, 2.37%, 6/1/22		325,000		326,992
Oklahoma (0.4%):
Oklahoma Turnpike Authority Revenue Series B, 0.49%, 1/1/22		750,000		750,000
Series B, 0.63%, 1/1/23		560,000		560,551
The University of Oklahoma Revenue, Series B, 0.93%, 7/1/24		350,000		346,168
				1,656,719
Pennsylvania (0.3%):
School District of Scranton, GO (INS — Build America Mutual Assurance Co.), 2.46%, 4/1/22		500,000		502,548
State Public School Building Authority Revenue, 2.75%, 4/1/25		500,000		519,592
				1,022,140
Rhode Island (0.4%):
Providence Redevelopment Agency Revenue, Series A, 2.50%, 3/15/26		1,000,000		991,274
Rhode Island Commerce Corp. Revenue, 2.86%, 5/1/24		500,000		518,766
				1,510,040
South Carolina (0.1%):
Charleston Educational Excellence Finance Corp. Revenue, 0.65%, 12/1/23		600,000		596,782

Security Description	Principal Amount		Value
Tennessee (0.1%):
Metropolitan Government Nashville & Davidson County Sports Authority Revenue, 1.03%, 8/1/24	$	600,000	$	597,737
Texas (2.7%):
Aledo Independent School District, GO (NBGA — Texas Permanent School Fund), 0.95%, 2/15/24		250,000		244,997
Boerne School District, GO 0.64%, 2/1/24		400,000		398,137
0.79%, 2/1/25		250,000		247,859
Central Texas Turnpike System Revenue, Series B, 1.98%, 8/15/42, (Put Date 08/15/22) (h)		1,000,000		1,006,082
City of Houston, GO, 2.77%, 3/1/22		150,000		150,598
Clear Creek Independent School District, GO, Series B, 5.00%, 2/15/24		1,000,000		1,083,971
Denton Independent School District, GO, Series A, 0.99%, 8/15/24		500,000		487,190
Harris County Cultural Education Facilities Finance Corp. Revenue 1.59%, 11/15/23		675,000		680,743
1.84%, 11/15/24		500,000		505,321
Series B, 2.30%, 5/15/24		600,000		616,010
Lubbock Texas Water & Wastewater System Revenue, Series B, 1.93%, 2/15/24		750,000		768,361
Marshall Independent School District, GO (NBGA — Texas Permanent School Fund), 1.19%, 2/15/24		1,000,000		975,023
State of Texas, GO, 3.11%, 10/1/23		500,000		520,972
Tarrant County Cultural Education Facilities Finance Corp. Revenue 1.07%, 9/1/23		525,000		527,318
1.36%, 9/1/24		700,000		705,377
Texas A&M University Revenue, Series A, 2.95%, 5/15/23		500,000		515,515
White Settlement Independent School District, GO (NBGA — Texas Permanent School Fund), Series A, 1.33%, 8/15/25		920,000		876,688
				10,310,162
Virginia (0.8%):
County of Arlington, GO, Series B, 0.64%, 8/1/24 (f)		2,000,000		1,983,958
Virginia Small Business Financing Authority Revenue, 2.25%, 7/1/50, (Put Date 12/29/22) (a) (h)		1,250,000		1,250,289
				3,234,247
Washington (0.1%):
Washington State University Revenue, Series A, 0.86%, 10/1/23		480,000		478,803
West Virginia (0.4%):
Tobacco Settlement Finance Authority Revenue, Series A, 1.19%, 6/1/23		1,500,000		1,503,571
Wisconsin (0.3%):
Public Finance Authority Revenue, Series S, 0.51%, 2/1/22		1,100,000		1,099,386
Total Municipal Bonds (Cost $68,074,097)				68,212,629
U.S. Treasury Obligations (2.3%)
U.S. Treasury Notes 0.38%, 10/31/23 (f)		2,000,000		1,988,594
1.00%, 12/15/24		7,000,000		7,007,656
Total U.S. Treasury Obligations (Cost $8,992,536)				8,996,250

Security Description	Principal Amount		Value
Commercial Papers (2.6%) (i)
AutoNation, Inc., 0.33%, 1/5/22 (a)	$	2,300,000	$	2,299,895
Energy Transfer LP, 0.33%, 1/5/22 (a)		2,000,000		1,999,909
Jabil, Inc., 0.48%, 1/3/22 (a)		3,800,000		3,799,848
One Gas, Inc., 0.18%, 1/4/22 (a)		2,000,000		1,999,959
Total Commercial Papers (Cost $10,099,709)				10,099,611
Total Investments (Cost $388,206,445) — 100.3%				388,350,097
Liabilities in excess of other assets — (0.3)%				(1,314,444	)
NET ASSETS — 100.00%			$	387,035,653

(b) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2021.

(c) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at December 31, 2021.

(d) The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates.

(e) Security or a portion of the security purchased on a delayed-delivery and/or when-issued basis.

(f) All or a portion of the security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.

(g) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.

(h) Put Bond.

(i) Rate represents the effective yield at December 31, 2021.

bps — Basis points

GO — General Obligation

H15T5Y — 5 Year Treasury Constant Maturity Rate

IDA — Industrial Development Authority

LIBOR — London InterBank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of December 31, 2021, based on the last reset date of the security

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of December 31, 2021, based on the last reset date of the security

LLC — Limited Liability Company

LP — Limited Partnership

Security Description	Principal Amount		Value
Asset-Backed Securities (7.8%)
Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100 (a)	$	1,500,000	$	1,477,815
American Express Credit Account Master Trust, Series 2019-2, Class B, 2.86%, 11/15/24		2,076,000		2,090,213
AmeriCredit Automobile Receivables Trust, Series 2021-3, Class B, 1.17%, 8/18/27, Callable 9/18/25 @ 100		1,000,000		991,173
ARI Fleet Lease Trust, Series 2020-A, Class A3, 1.80%, 8/15/28, Callable 2/15/23 @ 100 (a)		900,000		908,210
Avis Budget Rental Car Funding AESOP LLC, Series 2019-2A, Class B, 3.55%, 9/22/25, Callable 10/20/24 @ 100 (a)		500,000		521,102
Bank of The West Auto Trust, Series 2019-1, Class C, 2.90%, 4/15/25, Callable 5/15/23 @ 100 (a)		1,062,000		1,084,696
Bank of The West Auto Trust, Series 2017-1, Class C, 2.96%, 2/15/24, Callable 2/15/22 @ 100 (a)		500,000		501,432
BCC Funding Corp. XVI LLC, Series 2019-1A, Class A2, 2.46%, 8/20/24, Callable 6/20/23 @ 100 (a)		282,431		283,949
BCC Funding XVII LLC, Series 2020-1, Class B, 1.46%, 9/22/25, Callable 7/20/24 @ 100 (a)		1,500,000		1,497,900
BCC Funding XVII LLC, Series 2020-1, Class A2, 0.91%, 8/20/25, Callable 7/20/24 @ 100 (a)		875,632		876,750
Canadian Pacer Auto Receivables Trust, Series 2020-1A, Class A4, 1.89%, 3/19/25, Callable 7/19/23 @ 100 (a)		433,000		438,382
Canadian Pacer Auto Receivables Trust, Series 2018-2A, Class B, 3.63%, 1/19/24, Callable 4/19/22 @ 100 (a)		500,000		504,433
CARDS II Trust, Series 2021-1A, Class A, 0.60%, 4/15/27 (a)		2,300,000		2,273,362
CarMax Auto Owner Trust, Series 2021-2, Class B, 1.03%, 12/15/26, Callable 4/15/24 @ 100		2,000,000		1,983,431
CarMax Auto Owner Trust, Series 2020-1, Class B, 2.21%, 9/15/25, Callable 11/15/23 @ 100		1,275,000		1,298,329
CarNow Auto Receivables Trust, Series 2021-1A, Class A, 0.97%, 10/15/24, Callable 9/15/23 @ 100 (a)		470,631		470,749
Carvana Auto Receivables Trust, Series 2021-P2, Class B, 1.27%, 3/10/27, Callable 4/10/25 @ 100		1,500,000		1,485,823
CF Hippolyta LLC, Series 2021-1A, Class A1, 1.53%, 3/15/61, Callable 3/15/24 @ 100 (a)		1,446,758		1,419,617
Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 4/15/31, Callable 6/15/22 @ 100 (a)		1,073,816		1,082,502
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17%, 6/16/25, Callable 7/15/23 @ 100 (a)		2,000,000		2,030,437
Credit Acceptance Auto Loan Trust, Series 2021-2A, Class B, 1.26%, 4/15/30, Callable 12/15/24 @ 100 (a)		1,038,000		1,022,253
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class B, 2.39%, 4/16/29, Callable 1/15/24 @ 100 (a)		823,000		836,334
Crossroads Asset Trust, Series 2021-A, Class A2, 0.82%, 3/20/24, Callable 4/20/24 @ 100 (a)		559,961		559,918
Dell Equipment Finance Trust, Series 2020-1, Class A3, 2.24%, 2/22/23, Callable 10/22/22 @ 100 (a)		687,500		692,859
Diamond Infrastructure Funding LLC, Series 2021-1A, Class A, 1.76%, 4/15/49, Callable 9/20/25 @ 100 (a)		1,000,000		973,009

Security Description	Principal Amount		Value
Diamond Issuer, Series 2021-1A, Class A, 2.31%, 11/20/51, Callable 11/20/25 @ 100 (a)	$	1,125,000	$	1,117,044
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class B, 0.98%, 12/11/34 (a)		1,327,000		1,308,611
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65%, 7/15/25, Callable 10/15/23 @ 100		1,500,000		1,496,740
DT Auto Owner Trust, Series 2018-2A, Class D, 4.15%, 3/15/24, Callable 8/15/22 @ 100 (a)		831,267		838,634
DT Auto Owner Trust, Series 2021-3A, Class B, 0.58%, 11/17/25, Callable 9/15/25 @ 100 (a)		2,000,000		1,974,714
Encina Equipment Finance LLC, Series 2021-1A, Class B, 1.21%, 2/15/27, Callable 3/15/24 @ 100 (a)		1,187,000		1,181,365
Encina Equipment Finance LLC, Series 2021-1A, Class A2, 0.74%, 12/15/26, Callable 3/15/24 @ 100 (a)		877,000		875,121
Enterprise Fleet Financing LLC, Series 2020-1, Class A3, 1.86%, 12/22/25, Callable 8/20/23 @ 100 (a)		820,000		831,367
Exeter Automobile Receivables Trust, Series 2017-3A, Class D, 5.28%, 10/15/24, Callable 6/15/22 @ 100 (a)		500,000		510,041
Exeter Automobile Receivables Trust, Series 2021-4A, Class B, 1.26%, 5/15/26, Callable 1/15/25 @ 100		1,000,000		996,325
Exeter Automobile Receivables Trust, Series 2020-1A, Class B, 2.26%, 4/15/24, Callable 10/15/23 @ 100 (a)		63,777		63,804
ExteNet LLC, Series 2019-1A, Class A2, 3.20%, 7/26/49, Callable 1/25/23 @ 100 (a)		500,000		507,165
First Investors Auto Owner Trust, Series 2018-2A, Class F, 7.31%, 9/15/25, Callable 12/15/22 @ 100 (a)		750,000		772,152
First Investors Auto Owner Trust, Series 2019-2A, Class C, 2.71%, 12/15/25, Callable 6/15/23 @ 100 (a)		1,500,000		1,518,350
FirstKey Homes Trust, Series 2021-SFR2, Class B, 1.61%, 9/17/26 (a)		1,153,846		1,104,326
Flagship Credit Auto Trust, Series 2020-2, Class D, 5.75%, 4/15/26, Callable 2/15/24 @ 100 (a)		1,000,000		1,071,923
Ford Credit Auto Owner Trust, Series 2020-1, Class B, 2.29%, 8/15/31, Callable 2/15/25 @ 100 (a)		1,500,000		1,524,743
Foursight Capital Automobile Receivables Trust, Series 2021-1, Class B, 0.87%, 1/15/26, Callable 11/15/24 @ 100 (a)		1,406,000		1,392,236
GLS Auto Receivables Issuer Trust, Series 2020-1A, Class B, 2.43%, 11/15/24, Callable 9/15/23 @ 100 (a)		1,000,000		1,009,301
GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4, 1.90%, 3/17/25, Callable 7/16/23 @ 100		1,000,000		1,014,771
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4, 1.74%, 8/18/25, Callable 10/16/23 @ 100		750,000		759,427
Hertz Vehicle Financing III LP, Series 2021-2A, Class A, 1.68%, 12/27/27 (a)		1,000,000		987,844
Hertz Vehicle Financing LLC, Series 2021-1A, Class C, 2.05%, 12/26/25 (a)		1,333,000		1,319,501
HPEFS Equipment Trust, Series 2020-1A, Class B, 1.89%, 2/20/30, Callable 2/20/23 @ 100 (a)		385,000		387,668
HPEFS Equipment Trust, Series 2019-1A, Class C, 2.49%, 9/20/29, Callable 8/20/22 @ 100 (a)		500,000		503,033
Hyundai Auto Receivables Trust, Series 2021-C, Class B, 1.49%, 12/15/27, Callable 12/15/25 @ 100		2,000,000		1,977,753

Security Description	Principal Amount		Value
Hyundai Auto Receivables Trust, Series 2020-C, Class B, 0.81%, 11/16/26, Callable 11/15/24 @ 100	$	1,271,000	$	1,248,654
John Deere Owner Trust, Series 2020-A, Class A4, 1.21%, 11/16/26, Callable 7/15/23 @ 100		2,000,000		2,007,832
JPMorgan Chase Bank NA, Series 2021-2, Class B, 0.89%, 12/26/28, Callable 8/25/24 @ 100 (a)		687,129		683,389
JPMorgan Chase Bank NA, Series 2021-1, Class B, 0.88%, 9/25/28, Callable 9/25/24 @ 100 (a)		737,183		734,643
Kubota Credit Owner Trust, Series 2020-1A, Class A4, 2.26%, 7/15/26, Callable 9/15/23 @ 100 (a)		433,000		441,750
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30%, 8/17/26, Callable 9/15/25 @ 100 (a)		1,817,305		1,813,047
Master Credit Card Trust, Series 2021-1A, Class B, 0.79%, 11/21/25 (a)		539,000		530,576
MMAF Equipment Finance LLC, Series 2017-B, Class A4, 2.41%, 11/15/24, Callable 9/15/27 @ 100 (a)		512,889		515,928
MVW LLC, Series 2021-1WA, Class A, 1.14%, 1/22/41, Callable 4/20/27 @ 100 (a)		876,094		860,648
Navient Student Loan Trust, Series 2018-2A, Class B, 1.25% (LIBOR01M+115bps), 3/25/67, Callable 11/25/33 @ 100 (a) (b)		1,000,000		975,833
Nelnet Student Loan Trust, Series 2019-5, Class A, 2.53%, 10/25/67, Callable 5/25/35 @ 100 (a)		1,133,683		1,157,969
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/61, Callable 10/20/24 @ 100 (a)		1,807,000		1,771,785
NP SPE II LLC, Series 2019-2A, Class C1, 6.44%, 11/19/49 (a)		976,744		910,644
NP SPE LLC, Series 2019-1A, Class A2, 3.24%, 9/20/49 (a)		500,000		506,092
Oscar U.S. Funding XIII LLC, Series 2021-2A, Class A4, 1.27%, 9/11/28, Callable 6/10/25 @ 100 (a)		1,500,000		1,475,756
Pawnee Equipment Receivables LLC, Series 2020-1, Class B, 1.84%, 1/15/26, Callable 2/15/24 @ 100 (a)		1,000,000		1,006,308
Prestige Auto Receivables Trust, Series 2020-1A, Class C, 1.31%, 11/16/26, Callable 6/15/23 @ 100 (a)		929,000		931,367
Prestige Auto Receivables Trust, Series 2021-1A, Class C, 1.53%, 2/15/28, Callable 10/15/25 @ 100 (a)		1,000,000		991,818
Progress Residential Trust, Series 2021-SFR6, Class A, 1.52%, 7/17/38, Callable 7/17/26 @ 100 (a)		1,100,000		1,075,479
PSNH Funding LLC, Series 2018-1, Class A3, 3.81%, 2/1/35		1,000,000		1,132,319
Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31, Callable 6/15/25 @ 100 (a)		2,286,000		2,283,891
Santander Consumer Auto Receivables Trust, Series 2020-AA, Class D, 5.49%, 4/15/26, Callable 11/15/23 @ 100 (a)		1,000,000		1,061,369
SCF Equipment Leasing LLC, Series 2020-1A, Class A3, 1.19%, 10/20/27, Callable 3/20/25 @ 100 (a)		1,000,000		1,001,732
SLM Student Loan Trust, Series 2006-10, Class B, 0.34% (LIBOR03M+22bps), 3/25/44, Callable 7/25/32 @ 100 (b)		204,502		192,131
SLM Student Loan Trust, Series 2007-1, Class B, 0.34% (LIBOR03M+22bps), 1/27/42, Callable 7/25/29 @ 100 (b)		325,179		306,903
Synchrony Credit Card Master Note Trust, Series 2018-2, Class A, 3.47%, 5/15/26		2,000,000		2,072,263
Toyota Auto Loan Extended Note Trust, Series 2021-1A, Class A, 1.07%, 2/27/34, Callable 2/25/26 @ 100 (a) (c)		2,000,000		1,961,039

Security Description	Principal Amount		Value
Transportation Finance Equipment Trust, Series 2019-1, Class A4, 1.88%, 3/25/24, Callable 5/23/23 @ 100 (a)	$	1,280,000	$	1,294,483
Trillium Credit Card Trust II, Series 2021-1A, Class C, 2.42%, 10/26/29 (a)		2,000,000		1,992,090
Trillium Credit Card Trust II, Series 2021-1A, Class A, 1.53%, 10/26/29 (a)		2,000,000		1,991,951
VB-S1 Issuer LLC, Series 2018-1A, Class C, 3.41%, 2/15/48, Callable 2/15/22 @ 100 (a)		500,000		502,808
Wepco Environmental Trust Finance I LLC, Series 2021-1, Class A, 1.58%, 12/15/35		1,447,897		1,451,741
Westlake Automobile Receivables Trust, Series 2021-3A, Class C, 1.58%, 1/15/27, Callable 12/15/24 @ 100 (a)		1,000,000		998,115
Westlake Automobile Receivables Trust, Series 2018-2A, Class D, 4.00%, 1/16/24, Callable 2/15/22 @ 100 (a)		33,493		33,524
Westlake Automobile Receivables Trust, Series 2018-3A, Class D, 4.00%, 10/16/23, Callable 7/15/22 @ 100 (a)		470,254		473,496
Westlake Automobile Receivables Trust, Series 2019-2A, Class E, 4.02%, 4/15/25, Callable 3/15/23 @ 100 (a)		1,000,000		1,025,468
Total Asset-Backed Securities (Cost $94,109,110)				93,763,478
Collateralized Mortgage Obligations (2.5%)
Aventura Mall Trust, Series 2018-AVM, Class D, 4.11%, 7/5/40 (a) (c)		1,000,000		996,671
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class D, 3.60% (LIBOR01M+105bps), 4/14/33, Callable 4/14/25 @ 100 (a) (b)		500,000		509,080
BBCMS Mortgage Trust, Series 2020-BID, Class B, 2.65% (LIBOR01M+254bps), 10/15/37 (a) (b)		1,750,000		1,754,177
Benchmark Mortgage Trust, Series 2020-B17, Class ASB, 2.18%, 3/15/53, Callable 11/15/29 @ 100		1,000,000		1,007,127
BPR Trust, Series 2021-TY, Class A, 1.16% (LIBOR01M+105bps), 9/23/23 (a) (b)		865,000		863,396
BX Commercial Mortgage Trust, Series 2019-XL, Class B, 1.19% (LIBOR01M+108bps), 10/15/36 (a) (b)		218,450		218,235
BX Commercial Mortgage Trust, Series 2019-XL, Class D, 1.56% (LIBOR01M+145bps), 10/15/36 (a) (b)		1,015,750		1,012,876
BX Trust, Series 2019-OC11, Class A, 3.20%, 12/9/41 (a)		923,077		972,942
BXP Trust, Series 2021-601L, Class C, 2.78%, 1/15/44 (a) (c)		1,500,000		1,441,087
CHT Mortgage Trust, Series 2017-CSMO, Class E, 3.11% (LIBOR01M+300bps), 11/15/36 (a) (b)		1,000,000		999,884
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AAB, 2.61%, 1/15/53, Callable 11/15/29 @ 100		732,000		754,841
Citigroup Commercial Mortgage Trust, Series 2020-555, Class A, 2.65%, 12/10/41 (a)		2,000,000		2,024,607
Citigroup Commercial Mortgage Trust, Series 2017-P8, Class AS, 3.79%, 9/15/50, Callable 9/15/27 @ 100 (c)		500,000		539,232
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class C, 4.68%, 1/10/36 (a)		500,000		517,480
COMM Mortgage Trust, Series 2015-LC23, Class AM, 4.16%, 10/10/48 (c)		250,000		267,397
COMM Mortgage Trust, Series 2020-CX, Class A, 2.17%, 11/10/46, Callable 11/10/30 @ 100 (a)		1,500,000		1,479,883
COMM Mortgage Trust, Series 2015-PC1, Class B, 4.32%, 7/10/50, Callable 6/10/25 @ 100 (c)		865,000		922,058

Security Description	Principal Amount		Value
COMM Mortgage Trust, Series 2014-277P, Class A, 3.61%, 8/10/49, Callable 8/10/24 @ 100 (a) (c)	$	1,000,000	$	1,045,335
DBJPM Mortgage Trust, Series 2016-SFC, Class A, 2.83%, 8/10/36, Callable 8/10/26 @ 100 (a)		250,000		253,420
Extended Stay America Trust, Series 2021-ESH, Class B, 1.49% (LIBOR01M+138bps), 7/15/38 (a) (b)		773,753		774,807
FREMF Mortgage Trust, Series 2019-K99, Class B, 3.65%, 9/25/29 (a) (c)		1,000,000		1,065,882
GS Mortgage Securities Corp. Trust, Series 2012-ALOH, Class A, 3.55%, 4/10/34 (a)		1,000,000		999,997
GS Mortgage Securities Corp. Trust, Series 2017-GPTX, Class A, 2.86%, 5/10/34 (a)		1,000,000		997,613
Houston Galleria Mall Trust, Series 2015-HGLR, Class A1A2, 3.09%, 3/5/37 (a)		1,000,000		1,021,158
Hudson Yards Mortgage Trust, Series 2019-30HY, Class D, 3.44%, 7/10/39 (a) (c)		595,000		607,703
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2021-2NU, Class B, 2.08%, 1/5/40 (a)		1,000,000		974,891
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2010-C2, Class C, 5.69%, 11/15/43, Callable 1/15/22 @ 100 (a) (c)		438,837		438,917
Manhattan West, Series 2020-1MW, Class A, 2.13%, 9/10/40 (a)		750,000		748,451
Morgan Stanley Capital I Trust, Series 2021-PLZA, Class B, 2.81%, 11/9/31 (a)		1,000,000		1,006,104
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 7/15/41 (a)		800,000		820,181
SREIT Trust, Series 2021-MFP2, Class B, 1.27% (LIBOR01M+117bps), 11/15/36 (a) (b)		1,500,000		1,492,499
VLS Commercial Mortgage Trust, Series 2020-LAB, Class A, 2.13%, 10/10/42 (a)		1,000,000		982,640
Wells Fargo Commercial Mortgage Trust, Series 2018-AUS, Class A, 4.06%, 7/17/36 (a) (c)		250,000		273,728
Total Collateralized Mortgage Obligations (Cost $30,023,691)				29,784,299
Corporate Bonds (32.5%)
Communication Services (1.7%):
AT&T, Inc. 4.35%, 3/1/29, Callable 12/1/28 @ 100		1,000,000		1,125,150
3.10%, 2/1/43, Callable 8/1/42 @ 100		2,000,000		1,936,940
CenturyLink, Inc., 4.50%, 1/15/29, Callable 1/15/24 @ 102.25 (a)		1,000,000		969,730
Charter Communications Operating LLC/Charter Communications Operating Capital 3.75%, 2/15/28, Callable 11/15/27 @ 100		500,000		536,020
2.25%, 1/15/29, Callable 11/15/28 @ 100		2,000,000		1,956,080
2.30%, 2/1/32, Callable 11/1/31 @ 100		2,500,000		2,375,625
Comcast Corp., 3.55%, 5/1/28, Callable 2/1/28 @ 100		750,000		821,138
Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100		1,000,000		1,143,120
T-Mobile USA, Inc. 4.75%, 2/1/28, Callable 2/1/23 @ 102.38		643,000		676,905
3.88%, 4/15/30, Callable 1/15/30 @ 100		1,000,000		1,094,270
2.25%, 11/15/31, Callable 8/15/31 @ 100		3,000,000		2,910,660

Security Description	Principal Amount		Value
Verizon Communications, Inc. 2.10%, 3/22/28, Callable 1/22/28 @ 100	$	1,500,000	$	1,504,575
1.75%, 1/20/31, Callable 10/20/30 @ 100		3,000,000		2,839,440
ViacomCBS, Inc., 3.38%, 2/15/28, Callable 11/15/27 @ 100		1,000,000		1,065,950
				20,955,603
Consumer Discretionary (2.3%):
AutoNation, Inc. 4.75%, 6/1/30, Callable 3/1/30 @ 100		600,000		686,160
2.40%, 8/1/31, Callable 5/1/31 @ 100		3,000,000		2,903,820
AutoZone, Inc., 3.75%, 6/1/27, Callable 3/1/27 @ 100		500,000		547,035
Brunswick Corp., 2.40%, 8/18/31, Callable 5/18/31 @ 100		1,500,000		1,445,985
D.R. Horton, Inc., 4.75%, 2/15/23, Callable 11/15/22 @ 100		500,000		516,450
Daimler Finance North America LLC 3.70%, 5/4/23 (a)		1,000,000		1,036,000
3.45%, 1/6/27 (a)		1,000,000		1,077,370
Daimler Trucks Finance North America LLC, 2.38%, 12/14/28 (a)		1,050,000		1,055,565
Genting New York LLC/GENNY Capital, Inc., 3.30%, 2/15/26, Callable 1/15/26 @ 100 (a)		1,000,000		990,030
Hasbro, Inc. 3.55%, 11/19/26, Callable 9/19/26 @ 100		600,000		643,938
3.90%, 11/19/29, Callable 8/19/29 @ 100		1,000,000		1,102,440
Kohl's Corp., 3.38%, 5/1/31, Callable 2/1/31 @ 100 (d)		2,000,000		2,035,900
Marriott International, Inc., 2.85%, 4/15/31, Callable 1/15/31 @ 100		2,000,000		1,995,240
Murphy Oil USA, Inc. 4.75%, 9/15/29, Callable 9/15/24 @ 102.38		1,000,000		1,054,720
3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (a)		235,000		233,552
Newell Brands, Inc., 4.70%, 4/1/26, Callable 1/1/26 @ 100		500,000		545,345
Nordstrom, Inc., 4.25%, 8/1/31, Callable 5/1/31 @ 100 (d)		750,000		737,198
Novant Health, Inc., 2.64%, 11/1/36, Callable 8/1/36 @ 100		2,000,000		2,016,560
O'Reilly Automotive, Inc., 4.20%, 4/1/30, Callable 1/1/30 @ 100		500,000		565,130
Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 4/6/31, Callable 1/6/31 @ 100 (a)		1,300,000		1,295,684
Sodexo, Inc., 2.72%, 4/16/31, Callable 1/16/31 @ 100 (a)		2,000,000		2,047,780
Stellantis Finance U.S., Inc., 2.69%, 9/15/31, Callable 6/15/31 @ 100 (a)		1,200,000		1,182,024
VF Corp., 2.95%, 4/23/30, Callable 1/23/30 @ 100		500,000		518,930
Volkswagen Group of America Finance LLC, 3.20%, 9/26/26 (a)		1,000,000		1,054,230
				27,287,086
Consumer Staples (2.3%):
Altria Group, Inc., 2.45%, 2/4/32, Callable 11/4/31 @ 100		1,500,000		1,425,765
Anheuser-Busch InBev Worldwide, Inc. 3.65%, 2/1/26, Callable 11/1/25 @ 100		1,000,000		1,078,730
3.50%, 6/1/30, Callable 3/1/30 @ 100		1,500,000		1,643,535
4.38%, 4/15/38, Callable 10/15/37 @ 100		500,000		586,015
5.45%, 1/23/39, Callable 7/23/38 @ 100		500,000		656,925
4.35%, 6/1/40, Callable 12/1/39 @ 100		1,000,000		1,176,030
BAT Capital Corp. 2.73%, 3/25/31, Callable 12/25/30 @ 100		1,000,000		971,280
4.39%, 8/15/37, Callable 2/15/37 @ 100		1,250,000		1,322,587
Bunge Ltd. Finance Corp., 2.75%, 5/14/31, Callable 2/14/31 @ 100		2,000,000		2,030,500

Security Description	Principal Amount		Value
Cargill, Inc., 2.13%, 11/10/31, Callable 8/10/31 @ 100 (a)	$	1,000,000	$	984,540
Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100		1,000,000		1,007,040
Constellation Brands, Inc. 3.50%, 5/9/27, Callable 2/9/27 @ 100		750,000		808,470
2.25%, 8/1/31, Callable 5/1/31 @ 100		1,769,000		1,729,074
General Mills, Inc., 4.55%, 4/17/38, Callable 10/17/37 @ 100		1,000,000		1,194,110
JBS Finance Luxembourg Sarl, 2.50%, 1/15/27, Callable 12/15/26 @ 100 (a)		1,500,000		1,492,800
Keurig Dr Pepper, Inc., 2.25%, 3/15/31, Callable 12/15/30 @ 100		1,000,000		987,540
Kraft Heinz Foods Co., 3.75%, 4/1/30, Callable 1/1/30 @ 100		1,000,000		1,080,440
Mars, Inc., 3.88%, 4/1/39, Callable 10/1/38 @ 100 (a)		1,000,000		1,156,950
McCormick & Co., Inc. 2.50%, 4/15/30, Callable 1/15/30 @ 100		375,000		379,058
1.85%, 2/15/31, Callable 11/15/30 @ 100		1,000,000		957,630
PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100		1,000,000		1,057,280
Sysco Corp. 5.95%, 4/1/30, Callable 1/1/30 @ 100		260,000		324,987
2.45%, 12/14/31, Callable 9/14/31 @ 100		1,500,000		1,504,200
The Coca-Cola Co., 2.00%, 3/5/31		2,000,000		1,994,120
The Kroger Co., 3.50%, 2/1/26, Callable 11/1/25 @ 100		500,000		535,755
				28,085,361
Energy (2.6%):
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, 12/15/26, Callable 11/15/26 @ 100		1,312,000		1,324,792
Boardwalk Pipelines LP 4.45%, 7/15/27, Callable 4/15/27 @ 100		1,500,000		1,645,020
4.80%, 5/3/29, Callable 2/3/29 @ 100		500,000		560,540
Buckeye Partners LP, 4.13%, 12/1/27, Callable 9/1/27 @ 100		1,000,000		1,032,310
Cameron LNG LLC, 3.30%, 1/15/35, Callable 9/15/34 @ 100 (a)		1,091,000		1,143,695
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39, Callable 7/4/39 @ 100 (a)		1,333,000		1,304,154
Diamondback Energy, Inc., 3.25%, 12/1/26, Callable 10/1/26 @ 100		1,000,000		1,055,600
Enable Midstream Partners LP, 4.15%, 9/15/29, Callable 6/15/29 @ 100		1,000,000		1,074,430
Energy Transfer LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100		1,000,000		1,062,810
Enterprise Products Operating LLC, 2.80%, 1/31/30, Callable 10/31/29 @ 100		1,000,000		1,042,930
EQT Corp., 7.50%, 2/1/30, Callable 11/1/29 @ 100		514,000		659,878
Exxon Mobil Corp., 2.61%, 10/15/30, Callable 7/15/30 @ 100		1,500,000		1,556,670
Florida Gas Transmission Co. LLC, 2.55%, 7/1/30, Callable 4/1/30 @ 100 (a)		750,000		754,718
Gray Oak Pipeline LLC, 3.45%, 10/15/27, Callable 8/15/27 @ 100 (a)		1,334,000		1,394,817
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25%, 11/1/28, Callable 11/1/23 @ 103.13 (a)		1,000,000		1,064,640
6.00%, 2/1/31, Callable 2/1/26 @ 103 (a)		396,000		410,268
HollyFrontier Corp., 4.50%, 10/1/30, Callable 7/1/30 @ 100		2,000,000		2,162,440
Midwest Connector Capital Co. LLC, 4.63%, 4/1/29, Callable 1/1/29 @ 100 (a)		500,000		539,010
MPLX LP 4.25%, 12/1/27, Callable 9/1/27 @ 100		500,000		553,910
4.00%, 3/15/28, Callable 12/15/27 @ 100		750,000		815,295
4.80%, 2/15/29, Callable 11/15/28 @ 100		250,000		285,812

Security Description	Principal Amount		Value
Murphy Oil Corp. 6.88%, 8/15/24, Callable 2/7/22 @ 101.72	$	448,000	$	456,552
5.75%, 8/15/25, Callable 2/7/22 @ 102.88		500,000		513,755
Occidental Petroleum Corp. 3.40%, 4/15/26, Callable 1/15/26 @ 100		1,000,000		1,025,450
4.40%, 8/15/49, Callable 2/15/49 @ 100		500,000		508,175
ONEOK, Inc., 4.55%, 7/15/28, Callable 4/15/28 @ 100		500,000		553,370
Pioneer Natural Resources Co., 1.90%, 8/15/30, Callable 5/15/30 @ 100		1,500,000		1,424,100
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29, Callable 9/15/29 @ 100		2,280,000		2,371,132
Rockies Express Pipeline LLC, 4.95%, 7/15/29, Callable 4/15/29 @ 100 (a)		1,000,000		1,073,330
Sabal Trail Transmission LLC, 4.25%, 5/1/28, Callable 2/1/28 @ 100 (a)		1,000,000		1,115,000
Southwestern Energy Co., 7.75%, 10/1/27, Callable 10/1/22 @ 103.88 (d)		500,000		538,955
				31,023,558
Financials (8.0%):
American Honda Finance Corp., 1.30%, 9/9/26		1,000,000		988,330
AmFam Holdings, Inc., 2.81%, 3/11/31, Callable 12/11/30 @ 100 (a)		1,000,000		1,021,760
Assurant, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100		1,000,000		981,610
Athene Global Funding, 1.45%, 1/8/26 (a)		1,000,000		986,970
Athene Holding Ltd., 3.50%, 1/15/31, Callable 10/15/30 @ 100		1,000,000		1,055,430
AXA Equitable Holdings, Inc., 4.35%, 4/20/28, Callable 1/20/28 @ 100		1,000,000		1,120,320
Bank of America Corp. 1.53% (SOFR+65bps), 12/6/25, Callable 12/6/24 @ 100, MTN (b)		500,000		501,275
1.66% (SOFR+91bps), 3/11/27, Callable 3/11/26 @ 100 (b)		1,500,000		1,489,485
3.70% (LIBOR03M+151bps), 4/24/28, Callable 4/24/27 @ 100 (b)		1,000,000		1,085,880
2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (b)		2,750,000		2,765,565
BB&T Corp., 4.25%, 9/30/24		750,000		799,598
Belrose Funding Trust, 2.33%, 8/15/30, Callable 5/15/30 @ 100 (a)		1,000,000		980,140
Blackstone Private Credit Fund, 2.63%, 12/15/26, Callable 11/15/26 @ 100 (a)		1,290,000		1,258,743
Blue Owl Finance LLC, 3.13%, 6/10/31, Callable 3/10/31 @ 100 (a)		1,000,000		978,540
BMW US Capital LLC 1.25%, 8/12/26, Callable 7/12/26 @ 100 (a)		1,000,000		984,730
3.75%, 4/12/28, Callable 1/12/28 @ 100 (a)		1,000,000		1,103,090
Cadence Bancorp, 4.75% (LIBOR03M+303bps), 6/30/29, Callable 6/30/24 @ 100 (b)		500,000		530,380
Cadence Bank, 4.13% (LIBOR03M+247bps), 11/20/29, Callable 11/20/24 @ 100 (b)		625,000		646,881
Capital One Financial Corp. 3.75%, 7/28/26, Callable 6/28/26 @ 100		1,000,000		1,071,410
2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (b)		1,000,000		948,730
CIT Group, Inc., 5.25%, 3/7/25, Callable 12/7/24 @ 100		500,000		549,430
Citigroup, Inc., 2.52% (SOFR+118bps), 11/3/32, Callable 11/3/31 @ 100 (b)		2,000,000		2,000,680
Citizens Financial Group, Inc., 2.50%, 2/6/30, Callable 11/6/29 @ 100		2,000,000		2,010,620
Compeer Financial FLCA/Compeer Financial PCA, 3.38% (SOFR+197bps), 6/1/36, Callable 6/1/31 @ 100 (a) (b)		978,000		931,838
Credit Acceptance Corp., 6.63%, 3/15/26, Callable 3/15/22 @ 103.31		500,000		520,650
F&G Global Funding, 2.00%, 9/20/28 (a)		2,000,000		1,952,760
Fifth Third Bancorp, 3.95%, 3/14/28, Callable 2/14/28 @ 100		500,000		552,090
First American Financial Corp., 2.40%, 8/15/31, Callable 5/15/31 @ 100		2,275,000		2,229,841

Security Description	Principal Amount		Value
First Citizens BancShares, Inc., 3.37% (SOFR+247bps), 3/15/30, Callable 3/15/25 @ 100 (b)	$	1,000,000	$	1,015,470
First Horizon Bank, 5.75%, 5/1/30, Callable 2/1/30 @ 100		500,000		600,060
Ford Motor Credit Co. LLC 4.54%, 8/1/26, Callable 6/1/26 @ 100		1,000,000		1,085,840
5.11%, 5/3/29, Callable 2/3/29 @ 100		500,000		568,750
FS KKR Capital Corp., 4.63%, 7/15/24, Callable 6/15/24 @ 100		1,000,000		1,054,220
GA Global Funding Trust 1.63%, 1/15/26 (a)		250,000		248,058
1.95%, 9/15/28 (a)		1,000,000		974,370
Glencore Funding LLC 2.50%, 9/1/30, Callable 6/1/30 @ 100 (a)		500,000		485,800
2.85%, 4/27/31, Callable 1/27/31 @ 100 (a)		1,000,000		992,810
Global Atlantic Financial Co., 4.40%, 10/15/29, Callable 7/15/29 @ 100 (a)		1,714,000		1,847,675
Guardian Life Global Funding, 1.25%, 5/13/26 (a)		2,000,000		1,974,080
Huntington Bancshares, Inc., 2.49%, 8/15/36, Callable 8/15/31 @ 100 (a)		1,000,000		957,930
Hyundai Capital America 3.40%, 6/20/24 (a)		500,000		522,360
3.50%, 11/2/26, Callable 9/2/26 @ 100 (a)		500,000		530,600
ILFC E-Capital Trust I, 3.37%, 12/21/65, Callable 2/7/22 @ 100 (a)		500,000		409,635
JPMorgan Chase & Co. 2.52% (SOFR+204bps), 4/22/31, Callable 4/22/30 @ 100 (b)		2,500,000		2,528,975
1.95% (SOFR+1bps), 2/4/32, Callable 2/4/31 @ 100 (b)		1,333,000		1,284,625
KeyBank NA, 3.90%, 4/13/29		1,500,000		1,651,440
KeyCorp, 2.25%, 4/6/27, MTN		500,000		508,400
Level 3 Financing, Inc. 3.75%, 7/15/29, Callable 1/15/24 @ 101.88 (a)		1,500,000		1,436,250
3.88%, 11/15/29, Callable 8/15/29 @ 100 (a)		1,500,000		1,529,670
Lincoln National Corp., 3.80%, 3/1/28, Callable 12/1/27 @ 100		500,000		548,820
Main Street Capital Corp. 4.50%, 12/1/22		500,000		512,735
3.00%, 7/14/26, Callable 6/14/26 @ 100		1,000,000		1,003,110
MassMutual Global Funding II, 1.20%, 7/16/26 (a) (d)		1,500,000		1,471,125
Mercury General Corp., 4.40%, 3/15/27, Callable 12/15/26 @ 100		1,000,000		1,103,010
Morgan Stanley, 2.51% (SOFR+120bps), 10/20/32, MTN, Callable 10/20/31 @ 100 (b)		4,250,000		4,252,337
New York Community Bancorp, Inc., 5.90% (LIBOR03M+278bps), 11/6/28, Callable 11/6/23 @ 100 (b)		500,000		539,000
New York Life Global Funding, 1.85%, 8/1/31 (a)		1,500,000		1,459,650
Pacific Life Global Funding II, 1.38%, 4/14/26 (a)		2,000,000		1,990,420
Pine Street Trust I, 4.57%, 2/15/29, Callable 11/15/28 @ 100 (a)		500,000		564,215
Primerica, Inc., 2.80%, 11/19/31, Callable 8/19/31 @ 100		1,500,000		1,517,070
Principal Life Global Funding II, 1.25%, 8/16/26 (a)		2,000,000		1,953,040
Protective Life Global Funding, 1.90%, 7/6/28 (a)		2,000,000		1,956,640
Prudential Financial, Inc., 3.94%, 12/7/49, Callable 6/7/49 @ 100		1,000,000		1,174,510
Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100		4,000,000		3,916,560
Santander Holdings USA, Inc. 3.40%, 1/18/23, Callable 12/18/22 @ 100		250,000		255,513
4.40%, 7/13/27, Callable 4/14/27 @ 100		750,000		824,190
Stewart Information Services Corp., 3.60%, 11/15/31, Callable 8/15/31 @ 100		1,500,000		1,519,740

Security Description	Principal Amount		Value
Synchrony Financial 4.50%, 7/23/25, Callable 4/23/25 @ 100	$	500,000	$	540,545
5.15%, 3/19/29, Callable 12/19/28 @ 100		500,000		575,030
Synovus Bank/Columbus GA, 4.00% (H15T5Y+363bps), 10/29/30, Callable 10/29/25 @ 100 (b)		500,000		523,320
Synovus Financial Corp., 5.90% (USSW5+338bps), 2/7/29, Callable 2/7/24 @ 100 (b)		500,000		534,500
TCF National Bank, 4.13% (LIBOR03M+238bps), 7/2/29, Callable 7/2/24 @ 100 (b)		1,000,000		1,051,330
Texas Capital Bancshares, Inc., 4.00% (H15T5Y+315bps), 5/6/31, Callable 5/6/26 @ 100 (b)		1,000,000		1,029,420
Texas Capital Bank NA, 5.25%, 1/31/26		250,000		270,023
The Bank of New York Mellon Corp., 3.75% (H15T5Y+263bps), Callable 12/20/26 @ 100 (b) (e)		1,000,000		1,003,210
The PNC Financial Services Group, Inc., 2.55%, 1/22/30, Callable 10/24/29 @ 100		1,500,000		1,546,815
Torchmark Corp., 4.55%, 9/15/28, Callable 6/15/28 @ 100		500,000		568,215
Toyota Motor Credit Corp., 3.38%, 4/1/30, MTN		536,000		587,611
Truist Bank, 2.25%, 3/11/30, Callable 12/11/29 @ 100		1,050,000		1,049,412
UMB Financial Corp., 3.70% (H15T5Y+344bps), 9/17/30, Callable 9/17/25 @ 100 (b)		375,000		378,896
US BanCorp, 2.49% (H15T5Y+95bps), 11/3/36, Callable 11/3/31 @ 100 (b)		1,500,000		1,497,030
Webster Financial Corp. 4.38%, 2/15/24, Callable 1/16/24 @ 100		1,000,000		1,050,290
4.10%, 3/25/29, Callable 12/25/28 @ 100		500,000		549,140
Wells Fargo & Co. 2.19% (SOFR+200bps), 4/30/26, Callable 4/30/25 @ 100 (b)		750,000		764,168
3.00%, 10/23/26		1,000,000		1,051,770
Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100		1,000,000		1,033,940
				96,420,144
Health Care (3.1%):
AbbVie, Inc. 3.20%, 11/21/29, Callable 8/21/29 @ 100		2,000,000		2,141,080
4.25%, 11/21/49, Callable 5/21/49 @ 100		500,000		601,860
Anthem, Inc. 2.88%, 9/15/29, Callable 6/15/29 @ 100		323,000		337,835
2.55%, 3/15/31, Callable 12/15/30 @ 100		2,000,000		2,048,220
Baxter International, Inc., 2.54%, 2/1/32, Callable 11/1/31 @ 100 (a)		1,750,000		1,767,990
Boston Medical Center Corp., 3.91%, 7/1/28		500,000		545,405
Bristol Myers Squibb Co., 3.90%, 2/20/28, Callable 11/20/27 @ 100		500,000		557,530
Centene Corp., 2.50%, 3/1/31, Callable 12/1/30 @ 100		500,000		486,715
Cigna Corp., 2.38%, 3/15/31, Callable 12/15/30 @ 100		2,000,000		2,008,240
CVS Health Corp. 3.25%, 8/15/29, Callable 5/15/29 @ 100		500,000		533,585
1.75%, 8/21/30, Callable 5/21/30 @ 100		1,000,000		955,430
2.13%, 9/15/31, Callable 6/15/31 @ 100 (d)		2,000,000		1,960,360
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30, Callable 3/1/30 @ 100		2,000,000		2,111,740
Duke University Health System, Inc., 2.60%, 6/1/30		500,000		505,845
Eastern Maine Healthcare Systems, 3.71%, 7/1/26		400,000		409,061

Security Description	Principal Amount		Value
Fresenius Medical Care U.S. Finance III, Inc., 2.38%, 2/16/31, Callable 11/16/30 @ 100 (a) (d)	$	2,500,000	$	2,389,750
Gilead Sciences, Inc., 1.20%, 10/1/27, Callable 8/1/27 @ 100		1,000,000		966,530
HCA, Inc., 4.50%, 2/15/27, Callable 8/15/26 @ 100		1,250,000		1,379,525
Illumina, Inc., 2.55%, 3/23/31, Callable 12/23/30 @ 100		2,000,000		2,003,120
Mercy Health, 4.30%, 7/1/28, Callable 1/1/28 @ 100		250,000		281,018
Orlando Health Obligated Group 3.78%, 10/1/28, Callable 7/1/28 @ 100		500,000		543,085
2.89%, 10/1/35		1,000,000		1,010,260
PerkinElmer, Inc. 2.55%, 3/15/31, Callable 12/15/30 @ 100		1,500,000		1,512,780
2.25%, 9/15/31, Callable 6/15/31 @ 100		500,000		486,990
Quest Diagnostics, Inc., 3.45%, 6/1/26, Callable 3/1/26 @ 100		1,250,000		1,337,637
Roche Holdings, Inc., 1.93%, 12/13/28, Callable 10/13/28 @ 100 (a)		1,500,000		1,508,820
Royalty Pharma PLC 2.20%, 9/2/30, Callable 6/2/30 @ 100		2,000,000		1,936,880
2.15%, 9/2/31, Callable 6/2/31 @ 100		1,500,000		1,431,180
Southern Illinois Healthcare Enterprises, Inc., 3.97%, 5/15/50, Callable 11/15/49 @ 100		1,000,000		1,135,650
Universal Health Services, Inc., 2.65%, 1/15/32, Callable 10/15/31 @ 100 (a)		1,000,000		982,210
Viatris, Inc., 2.30%, 6/22/27, Callable 4/22/27 @ 100		1,250,000		1,261,063
				37,137,394
Industrials (3.5%):
Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100		2,000,000		1,948,980
Aircastle Ltd., 4.25%, 6/15/26, Callable 4/15/26 @ 100		1,000,000		1,072,180
American Airlines Pass Through Trust 3.70%, 4/1/28		312,683		316,654
3.85%, 8/15/29		429,217		405,515
3.60%, 4/15/31		405,286		393,443
Arconic, Inc., 5.90%, 2/1/27		250,000		285,757
Ashtead Capital, Inc. 4.25%, 11/1/29, Callable 11/1/24 @ 102.13 (a)		1,448,000		1,540,397
2.45%, 8/12/31, Callable 5/12/31 @ 100 (a)		667,000		650,032
British Airways Pass Through Trust 3.35%, 12/15/30 (a)		419,835		415,569
3.80%, 3/20/33 (a)		596,387		620,869
Carlisle Cos., Inc., 2.75%, 3/1/30, Callable 12/1/29 @ 100		1,000,000		1,021,620
Carrier Global Corp., 3.38%, 4/5/40, Callable 10/5/39 @ 100		1,000,000		1,046,320
Caterpillar, Inc., 2.60%, 4/9/30, Callable 1/9/30 @ 100		500,000		521,845
CNH Industrial Capital LLC, 1.88%, 1/15/26, Callable 12/15/25 @ 100		1,000,000		1,003,520
CoStar Group, Inc., 2.80%, 7/15/30, Callable 4/15/30 @ 100 (a)		669,000		670,385
FedEx Corp., 3.90%, 2/1/35		1,250,000		1,393,538
Fluor Corp., 4.25%, 9/15/28, Callable 6/15/28 @ 100 (d)		1,000,000		1,048,010
GXO Logistics, Inc., 2.65%, 7/15/31, Callable 4/15/31 @ 100 (a)		2,000,000		1,972,580
Hawaiian Airlines Pass Through Certificates 4.95%, 7/15/23		351,322		351,094
3.90%, 7/15/27		98,689		96,562
Hillenbrand, Inc. 5.00%, 9/15/26, Callable 7/15/26 @ 100		1,000,000		1,113,890
3.75%, 3/1/31, Callable 3/1/26 @ 101.88		350,000		350,847

Security Description	Principal Amount		Value
Howmet Aerospace, Inc., 3.00%, 1/15/29, Callable 11/15/28 @ 100	$	1,500,000	$	1,502,640
Hubbell, Inc. 3.50%, 2/15/28, Callable 11/15/27 @ 100		1,000,000		1,076,840
2.30%, 3/15/31, Callable 12/15/30 @ 100		1,500,000		1,501,020
Huntington Ingalls Industries, Inc., 2.04%, 8/16/28, Callable 6/16/28 @ 100 (a)		1,500,000		1,469,445
IDEX Corp., 3.00%, 5/1/30, Callable 2/1/30 @ 100		500,000		520,610
Ingersoll-Rand Global Holding Co. Ltd., 3.75%, 8/21/28, Callable 5/21/28 @ 100		500,000		545,945
JetBlue Pass Through Trust, 2.95%, 11/15/29		223,175		217,140
Kennametal, Inc., 4.63%, 6/15/28, Callable 3/15/28 @ 100		1,058,000		1,188,155
Leidos, Inc., 2.30%, 2/15/31, Callable 11/15/30 @ 100		1,500,000		1,439,805
Northrop Grumman Corp., 3.25%, 1/15/28, Callable 10/15/27 @ 100		500,000		534,635
Otis Worldwide Corp., 3.11%, 2/15/40, Callable 8/15/39 @ 100		1,000,000		1,024,220
Penske Truck Leasing Co. LP/PTL Finance Corp. 4.45%, 1/29/26, Callable 11/29/25 @ 100 (a)		1,000,000		1,098,480
1.70%, 6/15/26, Callable 5/15/26 @ 100 (a)		1,000,000		991,020
Ryder System, Inc., 3.40%, 3/1/23, MTN, Callable 2/1/23 @ 100		1,000,000		1,026,970
Southwest Airlines Co., 5.13%, 6/15/27, Callable 4/15/27 @ 100		800,000		915,664
Teledyne Technologies, Inc., 2.75%, 4/1/31, Callable 1/1/31 @ 100		2,000,000		2,032,660
The Boeing Co. 2.20%, 2/4/26, Callable 2/4/23 @ 100		1,333,000		1,332,787
3.25%, 2/1/28, Callable 12/1/27 @ 100		1,500,000		1,564,695
3.63%, 2/1/31, Callable 11/1/30 @ 100		1,000,000		1,068,130
5.71%, 5/1/40, Callable 11/1/39 @ 100		1,000,000		1,288,660
Union Pacific Corp., 3.25%, 2/5/50, Callable 8/5/49 @ 100		1,000,000		1,073,960
United Airlines Pass Through Trust 4.88%, 7/15/27		308,014		320,676
3.70%, 9/1/31		429,339		435,659
				42,409,423
Information Technology (2.4%):
Amphenol Corp. 4.35%, 6/1/29, Callable 3/1/29 @ 100		500,000		568,110
2.20%, 9/15/31, Callable 6/15/31 @ 100		1,125,000		1,102,601
Broadcom, Inc. 2.45%, 2/15/31, Callable 11/15/30 @ 100 (a)		2,500,000		2,447,625
3.42%, 4/15/33, Callable 1/15/33 @ 100 (a)		2,000,000		2,090,020
Dell International LLC / EMC Corp., 3.38%, 12/15/41, Callable 6/15/41 @ 100 (a)		500,000		495,055
Dell, Inc., 5.40%, 9/10/40		2,000,000		2,253,120
Global Payments, Inc., 2.90%, 11/15/31, Callable 8/15/31 @ 100		1,500,000		1,523,880
HP, Inc. 3.40%, 6/17/30, Callable 3/17/30 @ 100		743,000		784,831
2.65%, 6/17/31, Callable 3/17/31 @ 100 (a)		1,500,000		1,480,950
Jabil, Inc., 3.00%, 1/15/31, Callable 10/15/30 @ 100		1,474,000		1,516,422
Marvell Technology, Inc., 2.45%, 4/15/28, Callable 2/15/28 @ 100		1,050,000		1,065,970
Micron Technology, Inc., 2.70%, 4/15/32, Callable 1/15/32 @ 100		1,500,000		1,506,090
Microsoft Corp., 3.45%, 8/8/36, Callable 2/8/36 @ 100		500,000		574,445
Motorola Solutions, Inc., 2.75%, 5/24/31, Callable 2/24/31 @ 100		1,000,000		1,002,490

Security Description	Principal Amount		Value
Oracle Corp. 2.95%, 4/1/30, Callable 1/1/30 @ 100	$	1,000,000	$	1,010,730
2.88%, 3/25/31, Callable 12/25/30 @ 100		750,000		753,758
Qorvo, Inc., 3.38%, 4/1/31, Callable 4/1/26 @ 101.69 (a)		1,909,000		1,942,274
Salesforce.com, Inc., 3.70%, 4/11/28, Callable 1/11/28 @ 100		1,000,000		1,108,780
Skyworks Solutions, Inc., 3.00%, 6/1/31, Callable 3/1/31 @ 100		1,200,000		1,207,416
TSMC Arizona Corp., 2.50%, 10/25/31, Callable 7/25/31 @ 100		2,950,000		2,986,403
Western Digital Corp., 3.10%, 2/1/32, Callable 11/1/31 @ 100		1,500,000		1,510,950
				28,931,920
Materials (1.7%):
Avery Dennison Corp. 2.65%, 4/30/30, Callable 2/1/30 @ 100		800,000		810,568
2.25%, 2/15/32, Callable 11/15/31 @ 100		1,500,000		1,457,310
Ball Corp., 3.13%, 9/15/31, Callable 6/15/31 @ 100		1,500,000		1,484,580
Colonial Enterprises, Inc., 3.25%, 5/15/30, Callable 2/15/30 @ 100 (a)		375,000		395,940
Commercial Metals Co., 3.88%, 2/15/31, Callable 2/15/26 @ 101.94		1,000,000		994,580
DuPont de Nemours, Inc., 4.73%, 11/15/28, Callable 8/15/28 @ 100		500,000		579,550
Eagle Materials, Inc., 2.50%, 7/1/31, Callable 4/1/31 @ 100		1,500,000		1,482,165
Ecolab, Inc., 1.65%, 2/1/27, Callable 1/1/27 @ 100		1,200,000		1,206,096
Freeport-McMoRan, Inc., 4.38%, 8/1/28, Callable 8/1/23 @ 102.19		2,000,000		2,098,440
LYB International Finance III LLC, 2.25%, 10/1/30, Callable 7/1/30 @ 100		500,000		497,600
Martin Marietta Materials, Inc. 3.50%, 12/15/27, Callable 9/15/27 @ 100		625,000		673,113
2.40%, 7/15/31, Callable 4/15/31 @ 100		1,000,000		994,890
NewMarket Corp., 2.70%, 3/18/31, Callable 12/18/30 @ 100 (d)		1,250,000		1,246,137
Packaging Corp. of America 3.40%, 12/15/27, Callable 9/15/27 @ 100		500,000		539,045
3.05%, 10/1/51, Callable 4/1/51 @ 100		1,875,000		1,865,981
Reliance Steel & Aluminum Co. 4.50%, 4/15/23, Callable 1/15/23 @ 100		500,000		518,195
2.15%, 8/15/30, Callable 5/15/30 @ 100		1,000,000		975,160
The Mosaic Co., 4.05%, 11/15/27, Callable 8/15/27 @ 100		1,000,000		1,102,310
Vulcan Materials Co. 3.90%, 4/1/27, Callable 1/1/27 @ 100		500,000		547,480
3.50%, 6/1/30, Callable 3/1/30 @ 100		1,000,000		1,078,040
WRKCo, Inc., 3.00%, 6/15/33, Callable 3/15/33 @ 100		365,000		376,428
				20,923,608
Real Estate (1.7%):
Alexandria Real Estate Equities, Inc., 2.00%, 5/18/32, Callable 2/18/32 @ 100		2,750,000		2,640,027
AvalonBay Communities, Inc. 3.20%, 1/15/28, Callable 10/15/27 @ 100, MTN		750,000		802,875
2.45%, 1/15/31, Callable 10/17/30 @ 100, MTN		1,000,000		1,026,080
Boston Properties LP, 2.55%, 4/1/32, Callable 1/1/32 @ 100		2,250,000		2,238,975
CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		500,000		502,715
Crown Castle International Corp., 2.25%, 1/15/31, Callable 10/15/30 @ 100		1,500,000		1,459,755
Essex Portfolio LP 1.70%, 3/1/28, Callable 1/1/28 @ 100		1,500,000		1,463,940
2.65%, 3/15/32, Callable 12/15/31 @ 100		1,500,000		1,508,970

Security Description	Principal Amount		Value
GLP Capital LP/GLP Financing II, Inc. 3.25%, 1/15/32, Callable 10/15/31 @ 100	$	933,000	$	937,768
4.00%, 1/15/31, Callable 10/15/30 @ 100		250,000		266,833
Host Hotels & Resorts LP 3.38%, 12/15/29, Callable 9/15/29 @ 100		500,000		511,440
3.50%, 9/15/30, Callable 6/15/30 @ 100		811,000		832,824
Hudson Pacific Properties LP 3.95%, 11/1/27, Callable 8/1/27 @ 100		500,000		537,450
4.65%, 4/1/29, Callable 1/1/29 @ 100		500,000		567,005
3.25%, 1/15/30, Callable 10/15/29 @ 100		1,500,000		1,562,910
Kilroy Realty LP, 2.65%, 11/15/33, Callable 8/15/33 @ 100		1,500,000		1,457,983
Physicians Realty LP 4.30%, 3/15/27, Callable 12/15/26 @ 100		750,000		832,830
2.63%, 11/1/31, Callable 8/1/31 @ 100		750,000		748,507
Vornado Realty LP, 3.50%, 1/15/25, Callable 11/15/24 @ 100		500,000		524,410
				20,423,297
Utilities (3.2%):
AEP Texas, Inc., 3.45%, 1/15/50, Callable 7/15/49 @ 100		1,500,000		1,539,300
Alabama Power Co., 3.13%, 7/15/51, Callable 1/15/51 @ 100 (d)		2,000,000		2,048,720
Ameren Corp. 1.75%, 3/15/28, Callable 1/15/28 @ 100		1,400,000		1,356,572
3.50%, 1/15/31, Callable 10/15/30 @ 100		250,000		270,638
American Water Capital Corp., 2.95%, 9/1/27, Callable 6/1/27 @ 100		1,000,000		1,056,750
Appalachian Power Co., 2.70%, 4/1/31, Callable 1/1/31 @ 100		1,500,000		1,535,130
CenterPoint Energy, Inc., 2.65%, 6/1/31, Callable 3/1/31 @ 100		1,500,000		1,517,970
Cleco Corporate Holdings LLC, 3.38%, 9/15/29, Callable 6/15/29 @ 100		1,000,000		1,022,690
Dominion Energy, Inc., 2.25%, 8/15/31, Callable 5/15/31 @ 100		1,500,000		1,469,310
DTE Electric Co., 2.25%, 3/1/30, Callable 12/1/29 @ 100		1,000,000		1,004,240
Duke Energy Corp., 2.55%, 6/15/31, Callable 3/15/31 @ 100		1,500,000		1,499,130
Duquesne Light Holdings, Inc., 2.78%, 1/7/32, Callable 10/7/31 @ 100 (a)		1,200,000		1,193,616
Entergy Corp., 1.90%, 6/15/28, Callable 4/15/28 @ 100		2,000,000		1,961,260
Entergy Louisiana LLC, 4.00%, 3/15/33, Callable 12/15/32 @ 100		1,000,000		1,143,800
IPALCO Enterprises, Inc., 4.25%, 5/1/30, Callable 2/1/30 @ 100		1,525,000		1,672,620
ITC Holdings Corp., 2.95%, 5/14/30, Callable 2/14/30 @ 100 (a)		500,000		511,465
National Fuel Gas Co., 4.75%, 9/1/28, Callable 6/1/28 @ 100		1,000,000		1,102,500
NextEra Energy Capital Holdings, Inc. 0.45% (SOFR+40bps), 11/3/23, Callable 5/3/22 @ 100 (b)		1,500,000		1,498,125
2.44%, 1/15/32, Callable 10/15/31 @ 100		2,000,000		2,005,280
NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100 (a)		1,000,000		1,090,270
Oncor Electric Delivery Co. LLC, 2.70%, 11/15/51, Callable 5/15/51 @ 100 (a)		1,500,000		1,459,755
Public Service Co. of Colorado, 1.88%, 6/15/31, Callable 12/15/30 @ 100		2,000,000		1,949,480
Public Service Electric & Gas Co., 1.90%, 8/15/31, MTN, Callable 5/15/31 @ 100		2,000,000		1,958,960
South Jersey Industries, Inc., 5.02%, 4/15/31		1,000,000		1,096,470
Southern Co. Gas Capital Corp., 1.75%, 1/15/31, Callable 10/15/30 @ 100		1,000,000		939,750
Southwestern Electric Power Co., 3.25%, 11/1/51, Callable 5/1/51 @ 100		750,000		747,322
The AES Corp., 2.45%, 1/15/31, Callable 10/15/30 @ 100		1,000,000		973,340
The Cleveland Electric Illuminating Co., 4.55%, 11/15/30, Callable 8/15/30 @ 100 (a)		500,000		574,795
Vistra Operations Co. LLC, 4.30%, 7/15/29, Callable 4/15/29 @ 100 (a)		500,000		535,790

Security Description	Principal Amount		Value
Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100	$	1,250,000	$	1,235,575
Xcel Energy, Inc., 2.35%, 11/15/31, Callable 5/15/31 @ 100		500,000		499,415
				38,470,038
Total Corporate Bonds (Cost $384,204,891)				392,067,432
Yankee Dollars (8.3%)
Communication Services (0.1%):
British Telecommunications PLC, 3.25%, 11/8/29, Callable 8/8/29 @ 100 (a)		1,000,000		1,022,820
Consumer Discretionary (0.4%):
Ascot Group Ltd., 4.25%, 12/15/30, Callable 12/15/25 @ 100 (a)		1,000,000		1,029,940
GENM Capital Labuan Ltd., 3.88%, 4/19/31, Callable 1/19/31 @ 100 (a)		1,500,000		1,465,950
International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63 (a)		1,000,000		1,060,840
Nemak SAB de CV, 3.63%, 6/28/31, Callable 3/28/31 @ 100 (a)		1,269,000		1,238,569
				4,795,299
Consumer Staples (0.9%):
Alimentation Couche-Tard, Inc. 2.95%, 1/25/30, Callable 10/25/29 @ 100 (a)		667,000		692,259
3.44%, 5/13/41, Callable 11/13/40 @ 100 (a)		750,000		776,700
Anheuser-Busch InBev Worldwide, Inc., 3.75%, 7/15/42		750,000		815,393
Bacardi Ltd. 4.45%, 5/15/25, Callable 3/15/25 @ 100 (a)		1,500,000		1,624,890
2.75%, 7/15/26, Callable 4/15/26 @ 100 (a)		500,000		515,180
4.70%, 5/15/28, Callable 2/15/28 @ 100 (a)		500,000		565,465
Becle SAB de CV, 2.50%, 10/14/31, Callable 7/14/31 @ 100 (a)		1,750,000		1,716,995
Imperial Brands Finance PLC, 3.88%, 7/26/29, Callable 4/26/29 @ 100 (a)		1,000,000		1,060,320
JDE Peet's NV, 2.25%, 9/24/31, Callable 6/24/31 @ 100 (a)		3,000,000		2,896,770
				10,663,972
Energy (0.3%):
Aker BP ASA, 4.00%, 1/15/31, Callable 10/15/30 @ 100 (a)		750,000		812,333
Petroleos Mexicanos 6.50%, 3/13/27		2,000,000		2,133,400
6.70%, 2/16/32, Callable 11/16/31 @ 100		500,000		503,515
Transocean Guardian Ltd., 5.88%, 1/15/24, Callable 2/7/22 @ 102.94 (a)		335,000		321,315
				3,770,563
Financials (4.7%):
ABN AMRO Bank NV, 4.80%, 4/18/26 (a)		500,000		551,435
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 4/17/25 (a)		357,000		389,808
Banco Santander SA, 4.38%, 4/12/28		600,000		671,946
Bank of Montreal, 3.80% (USSW5+143bps), 12/15/32, Callable 12/15/27 @ 100 (b)		500,000		535,405
Bank of New Zealand, 1.00%, 3/3/26 (a)		1,600,000		1,557,152
Barclays PLC 4.61% (LIBOR03M+140bps), 2/15/23, Callable 2/15/22 @ 100 (b)		1,000,000		1,004,250
3.93% (LIBOR03M+161bps), 5/7/25, Callable 5/7/24 @ 100 (b)		500,000		526,330

Security Description	Principal Amount		Value
2.28% (H15T1Y+105bps), 11/24/27, Callable 11/24/26 @ 100 (b)	$	2,000,000	$	2,005,040
BNP Paribas SA, 4.71% (LIBOR03M+224bps), 1/10/25, Callable 1/10/24 @ 100 (a) (b)		1,000,000		1,064,350
BPCE SA 4.00%, 9/12/23 (a)		500,000		523,200
3.25%, 1/11/28 (a)		1,000,000		1,065,960
Brookfield Finance, Inc., 2.72%, 4/15/31, Callable 1/15/31 @ 100		1,000,000		1,009,600
Commonwealth Bank of Australia, 2.69%, 3/11/31 (a)		1,000,000		983,630
Cooperatieve Rabobank UA 1.11% (H15T1Y+55bps), 2/24/27, Callable 2/24/26 @ 100 (a) (b)		2,000,000		1,942,620
4.00% (USSW5+189bps), 4/10/29, Callable 4/10/24 @ 100, MTN (b)		600,000		628,164
Credit Agricole SA, 3.25%, 10/4/24 (a)		1,250,000		1,312,688
Credit Suisse Group AG, 1.31% (SOFR+98bps), 2/2/27, Callable 2/2/26 @ 100 (a) (b)		1,000,000		966,580
Credit Suisse Group Funding Guernsey Ltd., 3.75%, 3/26/25		500,000		531,100
Deutsche Bank AG, 1.69%, 3/19/26		1,500,000		1,495,950
Enel Finance International NV, 1.88%, 7/12/28, Callable 5/12/28 @ 100 (a)		2,000,000		1,950,740
HSBC Holdings PLC 3.80% (LIBOR03M+121bps), 3/11/25, Callable 3/11/24 @ 100 (b)		500,000		525,025
4.29% (LIBOR03M+135bps), 9/12/26, Callable 9/12/25 @ 100 (b)		500,000		539,920
2.21% (SOFR+129bps), 8/17/29, Callable 8/17/28 @ 100 (b)		1,500,000		1,471,380
ING Groep NV, 2.73% (SOFR+112bps), 4/1/32, Callable 4/1/31 @ 100 (b)		2,000,000		2,038,300
JAB Holdings BV, 3.75%, 5/28/51, Callable 11/28/50 @ 100 (a)		500,000		548,145
Lloyds Banking Group PLC 2.91% (LIBOR03M+81bps), 11/7/23, Callable 11/7/22 @ 100 (b)		250,000		254,015
1.63% (H15T1Y+85bps), 5/11/27, Callable 5/11/26 @ 100 (b)		1,000,000		983,530
3.57% (LIBOR03M+121bps), 11/7/28, Callable 11/7/27 @ 100 (b)		250,000		267,240
Macquarie Bank Ltd., 3.05% (H15T5Y+170bps), 3/3/36, Callable 3/3/31 @ 100 (a) (b)		1,250,000		1,227,525
Mizuho Financial Group, Inc. 2.56%, 9/13/31		1,000,000		975,890
2.17% (H15T1Y+87bps), 5/22/32, Callable 5/22/31 @ 100 (b)		1,500,000		1,457,175
National Australia Bank Ltd., 3.93% (H15T5Y+188bps), 8/2/34, Callable 8/2/29 @ 100 (a) (b)		1,500,000		1,595,640
Nationwide Building Society 3.62% (LIBOR03M+118bps), 4/26/23, Callable 4/26/22 @ 100 (a) (b)		1,000,000		1,008,260
4.27% (LIBOR03M+139bps), 8/1/24, Callable 8/1/23 @ 100 (a) (b)		750,000		785,640
4.30% (LIBOR03M+145bps), 3/8/29, Callable 3/8/28 @ 100 (a) (b)		250,000		276,350
3.96% (LIBOR03M+186bps), 7/18/30, Callable 7/18/29 @ 100 (a) (b)		500,000		550,620
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.65%, 2/15/32, Callable 11/15/31 @ 100 (a)		1,500,000		1,505,535
Royal Bank of Scotland Group PLC 4.27% (LIBOR03M+176bps), 3/22/25, Callable 3/22/24 @ 100 (b)		1,000,000		1,059,070
5.08% (LIBOR03M+191bps), 1/27/30, Callable 1/27/29 @ 100 (b)		500,000		580,070
4.45% (LIBOR03M+187bps), 5/8/30, Callable 5/8/29 @ 100 (b)		1,000,000		1,125,220
Santander UK Group Holdings PLC, 2.90% (SOFR+148bps), 3/15/32, Callable 3/15/31 @ 100 (b)		2,000,000		2,021,000
Shell International Finance BV, 2.88%, 11/26/41, Callable 5/26/41 @ 100		1,500,000		1,505,460

Security Description	Principal Amount		Value
Siemens Financieringsmaatschappij NV 1.70%, 3/11/28 (a)	$	1,000,000	$	990,160
2.15%, 3/11/31 (a)		1,000,000		996,800
Societe Generale SA 3.88%, 3/28/24 (a)		1,000,000		1,052,770
1.49% (H15T1Y+1bps), 12/14/26, Callable 12/14/25 @ 100 (a) (b)		500,000		487,435
Standard Chartered PLC, 4.87% (LIBOR03M+197bps), 3/15/33, Callable 3/15/28 @ 100 (a) (b)		500,000		545,375
Sumitomo Mitsui Financial Group, Inc., 2.22%, 9/17/31		1,500,000		1,469,280
Swedbank AB, 0.85%, 3/18/24 (a)		1,500,000		1,490,100
The Bank of Nova Scotia 4.50%, 12/16/25		500,000		550,330
1.30%, 9/15/26, Callable 6/15/26 @ 100 (d)		1,500,000		1,473,405
The Toronto-Dominion Bank, 2.00%, 9/10/31 (d)		1,500,000		1,478,220
Westpac Banking Corp. 4.32% (USISDA05+224bps), 11/23/31, Callable 11/23/26 @ 100 (b)		1,000,000		1,081,880
2.67% (H15T5Y+2bps), 11/15/35, Callable 11/15/30 @ 100 (b)		1,000,000		975,490
3.02% (H15T5Y+153bps), 11/18/36, Callable 11/18/31 @ 100 (b)		1,000,000		990,030
				56,598,233
Health Care (0.6%):
Mylan NV, 3.95%, 6/15/26, Callable 3/15/26 @ 100		1,000,000		1,078,580
Olympus Corp., 2.14%, 12/8/26 (a)		758,000		762,351
Smith & Nephew PLC, 2.03%, 10/14/30, Callable 7/14/30 @ 100		3,500,000		3,384,675
STERIS Irish FinCo Unlimited Co., 2.70%, 3/15/31, Callable 12/15/30 @ 100		2,000,000		2,023,440
				7,249,046
Industrials (0.7%):
Air Canada Pass Through Trust, 4.13%, 11/15/26 (a)		1,857,191		1,873,739
Aircastle Ltd., 4.40%, 9/25/23, Callable 8/25/23 @ 100		500,000		523,775
BAE Systems PLC, 3.40%, 4/15/30, Callable 1/15/30 @ 100 (a)		750,000		799,815
Canadian Pacific Railway Co., 2.45%, 12/2/31, Callable 9/2/31 @ 100		833,000		848,894
CK Hutchison International 19 II Ltd., 2.75%, 9/6/29, Callable 6/6/29 @ 100 (a)		1,500,000		1,554,060
Ferguson Finance PLC, 3.25%, 6/2/30, Callable 3/2/30 @ 100 (a)		1,450,000		1,526,139
Port of Newcastle Investments Financing Pty Ltd., 5.90%, 11/24/31, Callable 8/24/31 @ 100 (a) (d)		1,000,000		1,029,260
Rolls-Royce PLC, 3.63%, 10/14/25, Callable 7/14/25 @ 100 (a)		275,000		279,994
				8,435,676
Information Technology (0.0%): (f)
CGI, Inc., 1.45%, 9/14/26, Callable 8/14/26 @ 100 (a)		533,000		521,668
Materials (0.3%):
Anglo American Capital PLC, 4.00%, 9/11/27 (a)		1,000,000		1,077,700
Braskem Netherlands Finance BV, 4.50%, 1/31/30 (a)		1,000,000		1,065,020
CCL Industries, Inc., 3.05%, 6/1/30, Callable 3/1/30 @ 100 (a)		2,000,000		2,069,980
				4,212,700

Security Description	Principal Amount		Value
Real Estate (0.3%):
Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31, Callable 7/15/31 @ 100 (a)	$	3,233,000	$	3,245,512
Total Yankee Dollars (Cost $98,930,930)				100,515,489
Municipal Bonds (3.1%)
Arizona (0.1%):
The University of Arizona Revenue, Series A, 1.82%, 6/1/30		1,000,000		1,001,424
California (0.2%):
California Statewide Communities Development Authority Revenue, 1.73%, 4/1/27		1,000,000		985,009
City of El Cajon Revenue Series A, 1.70%, 4/1/27		620,000		614,920
Series A, 1.90%, 4/1/28		500,000		496,497
San Jose Redevelopment Agency Successor Agency Tax Allocation, Series A-T, 3.13%, 8/1/28, Continuously Callable @ 100		500,000		529,201
				2,625,627
Colorado (0.1%):
City & County of Denver Co. Airport System Revenue, Series C, 2.14%, 11/15/29		1,500,000		1,519,068
Connecticut (0.1%):
State of Connecticut, GO, Series A, 3.43%, 4/15/28		500,000		546,739
Florida (0.3%):
County of Miami-Dade Seaport Department Revenue, Series B-3, 2.34%, 10/1/33, Continuously Callable @ 100		1,500,000		1,467,732
Hillsborough County IDA Revenue, 3.58%, 8/1/35, Continuously Callable @ 100		1,500,000		1,624,136
Hillsborough County School Board Certificate of Participation, Series B, 1.92%, 7/1/25		750,000		758,670
				3,850,538
Georgia (0.1%):
City of Atlanta GA Water & Wastewater Revenue, 2.26%, 11/1/35, Continuously Callable @ 100		1,500,000		1,496,268
Hawaii (0.1%):
State of Hawaii Airports System Revenue, Series E, 1.81%, 7/1/27		915,000		915,061
Illinois (0.0%): (f)
Illinois Finance Authority Revenue, 3.55%, 8/15/29		500,000		543,040
Louisiana (0.1%):
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, 1.55%, 2/1/27		700,000		687,585
Louisiana Public Facilities Authority Revenue, 2.28%, 6/1/30		500,000		503,836
				1,191,421

Security Description	Principal Amount		Value
Michigan (0.2%):
Michigan Finance Authority Revenue 2.47%, 12/1/25	$	1,000,000	$	1,031,816
3.08%, 12/1/34		1,000,000		1,060,581
				2,092,397
New Jersey (0.3%):
New Jersey Economic Development Authority Revenue, Series NNN, 3.47%, 6/15/27		1,000,000		1,062,357
New Jersey Health Care Facilities Financing Authority Revenue, Series A, 3.36%, 7/1/40		1,000,000		1,046,645
New Jersey Transportation Trust Fund Authority Revenue, 4.08%, 6/15/39		385,000		426,930
South Jersey Transportation Authority Revenue, Series B, 2.38%, 11/1/27		900,000		888,142
				3,424,074
New York (0.2%):
New York City Industrial Development Agency Revenue, 2.73%, 3/1/34		1,500,000		1,510,017
New York State Dormitory Authority Revenue, Series A, 2.46%, 7/1/32		750,000		754,035
				2,264,052
Oklahoma (0.1%):
Oklahoma Development Finance Authority Revenue, Series C, 5.45%, 8/15/28		500,000		560,322
The University of Oklahoma Revenue, Series C, 2.05%, 7/1/29		1,000,000		993,761
				1,554,083
Pennsylvania (0.2%):
Commonwealth Financing Authority Revenue, Series A, 3.63%, 6/1/29		500,000		540,731
Public Parking Authority Of Pittsburgh Revenue, 2.33%, 12/1/29		895,000		899,177
State Public School Building Authority Revenue, 3.15%, 4/1/30		1,290,000		1,377,680
				2,817,588
Texas (0.8%):
City of Houston Airport System Revenue, Series C, 2.09%, 7/1/28		750,000		752,491
City of San Antoni, GO, 1.76%, 2/1/31, Continuously Callable @ 100		630,000		618,057
County of Bexar Revenue, 2.28%, 8/15/32, Continuously Callable @ 100		1,070,000		1,036,187
Harris County Cultural Education Facilities Finance Corp. Revenue 3.34%, 11/15/37		2,000,000		2,124,478
Series D, 2.28%, 7/1/34		370,000		365,719
North Texas Tollway Authority Revenue, 1.02%, 1/1/25		1,000,000		989,818
San Antonio Education Facilities Corp. Revenue, 2.50%, 4/1/29		1,270,000		1,241,370
Tarrant County Cultural Education Facilities Finance Corp. Revenue 1.63%, 9/1/26		525,000		526,856
1.82%, 9/1/27		700,000		702,140
Uptown Development Authority Tax Allocation Series B, 2.58%, 9/1/31		270,000		272,293
Series B, 2.78%, 9/1/33, Continuously Callable @ 100		500,000		509,615
				9,139,024
Virginia (0.1%):
Virginia Housing Development Authority Revenue Series J, 1.97%, 11/1/28		225,000		226,200

Security Description	Principal Amount		Value
Series J, 2.27%, 11/1/31, Continuously Callable @ 100	$	225,000	$	226,540
Series J, 2.42%, 11/1/32, Continuously Callable @ 100		275,000		278,345
Series J, 2.47%, 11/1/33, Continuously Callable @ 100		270,000		273,041
Series J, 2.52%, 11/1/34, Continuously Callable @ 100		250,000		252,692
Series J, 2.57%, 11/1/35, Continuously Callable @ 100		300,000		303,169
				1,559,987
Washington (0.1%):
Washington State University Revenue, Series A, 2.24%, 10/1/28		1,000,000		1,013,194
Total Municipal Bonds (Cost $36,829,598)				37,553,585
U.S. Government Agency Mortgages (3.4%)
Federal Home Loan Mortgage Corp. Series K028, Class A2, 3.11%, 2/25/23		992,943		1,012,883
Series K059, Class A2, 3.12%, 9/25/26 (c)		1,000,000		1,071,798
Series KIR3, Class A2, 3.28%, 8/25/27		1,500,000		1,636,289
Series K069, Class A2, 3.19%, 9/25/27 (c)		86,000		93,451
Series K071, Class A2, 3.29%, 11/25/27		500,000		546,640
Series K075, Class A2, 3.65%, 2/25/28 (c)		500,000		558,391
Series K087, Class A2, 3.77%, 12/25/28		500,000		565,398
Series K091, Class A2, 3.51%, 3/25/29		1,250,000		1,395,817
Series K095, Class A2, 2.79%, 6/25/29		1,000,000		1,072,865
Series K097, Class A2, 2.51%, 7/25/29		2,000,000		2,107,443
Series K096, Class A2, 2.52%, 7/25/29		1,000,000		1,054,252
Series KG02, Class A2, 2.41%, 8/25/29		909,000		948,260
Series K100, Class A2, 2.67%, 9/25/29		545,000		581,013
Series K159, Class A2, 3.95%, 11/25/30 (c)		500,000		579,715
3.00%, 3/1/31 – 2/1/33		303,206		318,169
3.50%, 5/1/33 – 11/1/47		1,561,143		1,660,739
Series K-1510, Class A3, 3.79%, 1/25/34		1,000,000		1,161,443
Series K-1512, Class A3, 3.06%, 4/25/34		1,000,000		1,089,919
4.00%, 7/1/42 – 5/1/46		1,235,304		1,341,268
4.50%, 12/1/45		93,343		102,867
				18,898,620
Federal National Mortgage Association Series M4, Class A2, 3.06%, 3/25/28 (c)		463,717		501,709
Series 2019-M1, Class A2, 3.55%, 9/25/28 (c)		750,000		839,111
Series 2019-M12, Class A2, 2.89%, 5/25/29 (c)		1,000,000		1,078,352
2.50%, 11/1/34		340,456		352,214
4.00%, 12/1/41 – 2/1/50		5,259,888		5,607,213
3.50%, 9/1/45 – 2/1/50		5,579,653		5,915,419
4.50%, 8/1/47		16,174		17,490
3.00%, 2/1/50		617,345		640,208
2.00%, 11/1/51 – 12/1/51		3,473,387		3,473,007
				18,424,723
Government National Mortgage Association 3.00%, 10/20/51		2,963,899		3,074,926
Total U.S. Government Agency Mortgages (Cost $39,044,092)				40,398,269

Security Description	Principal Amount		Value
U.S. Treasury Obligations (39.1%)
U.S. Treasury Bonds 4.38%, 2/15/38	$	750,000	$	1,034,766
3.50%, 2/15/39		2,770,000		3,481,111
4.38%, 11/15/39		1,000,000		1,393,125
1.13%, 5/15/40		1,000,000		879,531
1.38%, 11/15/40		5,000,000		4,571,094
1.88%, 2/15/41		9,000,000		8,935,312
1.75%, 8/15/41		1,000,000		972,656
2.75%, 8/15/47		500,000		582,422
2.75%, 11/15/47		500,000		582,813
3.00%, 2/15/48		3,500,000		4,275,469
3.38%, 11/15/48		2,012,000		2,634,462
1.38%, 8/15/50		7,000,000		6,163,281
1.63%, 11/15/50		3,000,000		2,807,813
1.88%, 2/15/51		4,000,000		3,976,875
2.00%, 8/15/51		2,000,000		2,048,750
U.S. Treasury Inflation Indexed Bonds, 0.88%, 1/15/29		500,000		633,382
U.S. Treasury Notes
2.50%, 1/15/22		712,000		712,501
1.88%, 1/31/22		1,000,000		1,001,289
1.50%, 1/31/22		7,000,000		7,007,109
2.50%, 2/15/22		2,000,000		2,005,547
1.88%, 2/28/22		1,700,000		1,704,648
2.25%, 4/15/22		2,000,000		2,011,875
0.13%, 5/31/22		5,000,000		4,999,219
0.13%, 6/30/22		10,000,000		9,995,703
0.13%, 7/31/22		12,500,000		12,492,187
1.50%, 8/15/22		1,000,000		1,007,656
0.13%, 9/30/22		6,000,000		5,992,266
0.13%, 10/31/22		10,000,000		9,983,594
2.00%, 10/31/22		400,000		405,391
0.13%, 6/30/23		10,000,000		9,932,812
0.13%, 8/31/23		5,000,000		4,956,055
0.13%, 9/15/23		6,000,000		5,944,687
0.13%, 10/15/23		2,500,000		2,474,902
0.25%, 11/15/23		22,000,000		21,817,813
0.13%, 1/15/24		10,000,000		9,873,437
2.00%, 4/30/24		24,550,000		25,215,535
0.25%, 6/15/24		20,000,000		19,706,250
0.38%, 7/15/24		7,000,000		6,913,594
0.38%, 8/15/24		10,000,000		9,867,969
1.50%, 10/31/24		3,000,000		3,047,109
1.00%, 12/15/24		30,000,000		30,032,813
2.25%, 12/31/24		5,000,000		5,189,063
2.75%, 2/28/25		850,000		895,820
0.25%, 6/30/25		10,000,000		9,716,406
3.00%, 9/30/25		300,000		320,648
0.25%, 9/30/25		3,500,000		3,389,531
0.38%, 11/30/25		13,000,000		12,612,031

Security Description	Shares or Principal Amount		Value
0.38%, 1/31/26	$	4,000,000	$	3,872,188
1.50%, 8/15/26		2,000,000		2,023,281
1.38%, 8/31/26		8,000,000		8,050,000
1.13%, 10/31/26		4,000,000		3,976,563
1.63%, 10/31/26		5,000,000		5,086,719
2.00%, 11/15/26		2,700,000		2,794,500
0.50%, 6/30/27		2,500,000		2,392,773
2.25%, 8/15/27		1,000,000		1,049,375
2.25%, 11/15/27		1,700,000		1,785,930
0.63%, 11/30/27		13,000,000		12,456,641
0.75%, 1/31/28		10,000,000		9,637,500
2.75%, 2/15/28		2,000,000		2,161,875
1.25%, 3/31/28		8,000,000		7,935,000
1.25%, 4/30/28		10,000,000		9,917,187
2.88%, 5/15/28		4,000,000		4,359,063
1.25%, 6/30/28		15,000,000		14,851,172
1.00%, 7/31/28		15,000,000		14,608,594
2.88%, 8/15/28		630,000		688,275
1.13%, 8/31/28		5,000,000		4,905,469
3.13%, 11/15/28		1,000,000		1,111,875
2.63%, 2/15/29		1,000,000		1,081,250
1.63%, 8/15/29		10,000,000		10,146,875
0.63%, 5/15/30		2,500,000		2,340,625
0.63%, 8/15/30		5,000,000		4,664,062
0.88%, 11/15/30		17,000,000		16,165,937
1.13%, 2/15/31		12,000,000		11,647,500
1.63%, 5/15/31		20,000,000		20,256,250
1.25%, 8/15/31		5,000,000		4,889,844
Total U.S. Treasury Obligations (Cost $472,732,255)				471,054,645
Commercial Papers (2.8%) (g)
CenterPoint Energy, 0.15%, 1/3/22 (a)		10,000,000		9,999,872
Hannover Funding Co. LLC, 0.16%, 1/3/22 (a)		1,000,000		999,987
One Gas, Inc., 0.29%, 1/18/22 (a)		2,000,000		1,999,708
Sonoco Products Co., 0.15%, 1/3/22 (a)		11,000,000		10,999,858
Wisconsin Energy Corp., 0.12%, 1/4/22 (a)		10,000,000		9,999,867
Total Commercial Papers (Cost $33,999,419)				33,999,292
Collateral for Securities Loaned^ (0.8%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (h)		214,462		214,462
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (h)		4,212,067		4,212,067
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (h)		107,027		107,027
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (h)		853,402		853,402

Security Description	Principal Amount		Value
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (h)	$	3,837,063	$	3,837,063
Total Collateral for Securities Loaned (Cost $9,224,021)				9,224,021
Total Investments (Cost $1,199,098,007) — 100.3%				1,208,360,510
Liabilities in excess of other assets — (0.3)%				(3,633,478	)
NET ASSETS — 100.00%			$	1,204,727,032

^ Purchased with cash collateral from securities on loan.

(b) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2021.

(d) All or a portion of this security is on loan.

(e) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future.

(f) Amount represents less than 0.05% of net assets.

(g) Rate represents the effective yield at December 31, 2021.

(h) Rate disclosed is the daily yield on December 31, 2021.

bps — Basis points

GO — General Obligation

H15T1Y — 1 Year Treasury Constant Maturity Rate

H15T5Y — 5 Year Treasury Constant Maturity Rate

IDA — Industrial Development Authority

LIBOR — London InterBank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of December 31, 2021, based on the last reset date of the security

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of December 31, 2021, based on the last reset date of the security

LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

SOFR — Secured Overnight Financing Rate

USISDA05 — 5 Year USD ICE Swap, rate disclosed as of December 31, 2021

USSW5 — USD 5 Year Swap Rate, rate disclosed as of December 31, 2021.

	VictoryShares USAA Core Short-Term Bond ETF		VictoryShares USAA Core Intermediate-Term Bond ETF
Assets:
Investments, at value (Cost $388,206,445 and $1,199,098,007)	$	388,350,097	$	1,208,360,510	(a)
Cash		1,615,979		1,016,991
Deposit with broker for futures contracts		—		40,048
Receivables:
Interest and dividends		2,522,145		5,439,577
Investments sold		200,966		—
Prepaid expenses		302		980
Total Assets		392,689,489		1,214,858,106
Liabilities:
Payables:
Collateral received on loaned securities		—		9,224,021
Investments purchased		5,536,741		523,185
Accrued expenses and other payables:
Investment advisory fees		81,307		305,324
Administration fees		7,197		22,017
Custodian fees		2,336		3,891
Compliance fees		143		592
Trustees' fees		—		1,634
Other accrued expenses		26,112		50,410
Total Liabilities		5,653,836		10,131,074
Net Assets:
Capital		386,881,097		1,195,534,676
Total accumulated earnings/(loss)		154,556		9,192,356
Net Assets	$	387,035,653	$	1,204,727,032
Shares (unlimited shares authorized, no par value):		7,550,000		22,750,000
Net asset value:	$	51.26	$	52.96

(a) Includes $8,913,411 of securities on loan.

	VictoryShares USAA Core Short-Term Bond ETF			VictoryShares USAA Core Intermediate-Term Bond ETF
Investment Income:
Interest	$	2,705,477		$	10,399,779
Securities lending (net of fees)		1,216			5,900
Total Income		2,706,693			10,405,679
Expenses:
Investment advisory fees		379,152			1,604,831
Administration fees		82,313			290,420
Sub-Administration fees		10,057			12,395
Custodian fees		7,381			19,668
Servicing fees		7,339			7,337
Trustees' fees		8,765			28,984
Compliance fees		974			3,509
Legal and audit fees		13,661			34,699
Other expenses		23,987			50,311
Total Expenses		533,629			2,052,154
Expenses waived/reimbursed by Adviser		(48,057	)		(169,575	)
Net Expenses		485,572			1,882,579
Net Investment Income (Loss)		2,221,121			8,523,100
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		466,159			1,834,964
Net change in unrealized appreciation/depreciation on investment securities		(2,669,667	)		(14,036,879	)
Net realized/unrealized gains (losses) on investments		(2,203,508	)		(12,201,915	)
Change in net assets resulting from operations	$	17,613		$	(3,678,815	)

	VictoryShares USAA Core Short-Term Bond ETF						VictoryShares USAA Core Intermediate-Term Bond ETF
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	2,221,121		$	3,587,482		$	8,523,100		$	12,759,697
Net realized gains (losses) from investments		466,159			1,090,676			1,834,964			3,145,663
Net change in unrealized appreciation/depreciation on investments		(2,669,667	)		1,492,704			(14,036,879	)		(2,477,903	)
Change in net assets resulting from operations		17,613			6,170,862			(3,678,815	)		13,427,457
Change in net assets resulting from distributions to shareholders		(3,915,435	)		(4,553,556	)		(13,555,127	)		(14,839,541	)
Change in net assets resulting from capital transactions		118,637,570			165,678,281			327,627,854			444,955,757
Change in net assets		114,739,748			167,295,587			310,393,912			443,543,673
Net Assets:
Beginning of period		272,295,905			105,000,318			894,333,120			450,789,447
End of period	$	387,035,653		$	272,295,905		$	1,204,727,032		$	894,333,120
Capital Transactions:
Proceeds from shares issued	$	118,637,570		$	181,229,714		$	327,627,854		$	458,507,492
Cost of shares redeemed		—			(15,551,433	)		—			(13,551,735	)
Change in net assets resulting from capital transactions	$	118,637,570		$	165,678,281		$	327,627,854		$	444,955,757
Share Transactions:
Issued		2,300,000			3,500,000			6,100,000			8,500,000
Redeemed		—			(300,000	)		—			(250,000	)
Change in Shares		2,300,000			3,200,000			6,100,000			8,250,000

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
VictoryShares USAA Core Short-Term Bond ETF
Six Months Ended December 31, 2021 (Unaudited)	$	51.87		0.38		(0.37	)		0.01			(0.45	)		(0.17	)
Year Ended June 30, 2021	$	51.22		0.84		0.93			1.77			(0.90	)		(0.22	)
Ten Months Ended June 30, 2020(f)	$	50.65		1.10		0.48			1.58			(1.01	)		—
Year Ended August 31, 2019	$	49.50		1.37		1.13			2.50			(1.35	)		—
October 24, 2017(h) through August 31, 2018	$	50.00		0.93		(0.59	)		0.34			(0.84	)		—
VictoryShares USAA Core Intermediate-Term Bond ETF
Six Months Ended December 31, 2021 (Unaudited)	$	53.71		0.43		(0.52	)		(0.09	)		(0.53	)		(0.13	)
Year Ended June 30, 2021	$	53.67		1.08		0.27			1.35			(1.11	)		(0.20	)
Ten Months Ended June 30, 2020(f)	$	52.48		1.21		1.12			2.33			(1.14	)		—
Year Ended August 31, 2019	$	48.61		1.62		3.81			5.43			(1.56	)		—
October 24, 2017(h) through August 31, 2018	$	49.93		1.29		(1.46	)		(0.17	)		(1.15	)		—

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return(b)			Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares USAA Core Short-Term Bond ETF
Six Months Ended December 31, 2021 (Unaudited)		(0.62	)	$	51.26		0.04	%		0.32	%(e)		1.46	%		0.35	%	$	387,036		36	%
Year Ended June 30, 2021		(1.12	)	$	51.87		3.48	%		0.34	%(e)		1.62	%		0.37	%	$	272,296		80	%
Ten Months Ended June 30, 2020(f)		(1.01	)	$	51.22		3.17	%		0.35	%		2.62	%		0.44	%	$	105,000		72	%(g)
Year Ended August 31, 2019		(1.35	)	$	50.65		5.11	%		0.35	%		2.75	%		0.40	%	$	83,573		30	%
October 24, 2017(h) through August 31, 2018		(0.84	)	$	49.50		0.70	%		0.35	%		2.21	%		0.40	%	$	61,872		22	%
VictoryShares USAA Core Intermediate-Term Bond ETF
Six Months Ended December 31, 2021 (Unaudited)		(0.66	)	$	52.96		(0.18	)%		0.35	%(i)		1.59	%		0.38	%	$	1,204,727		10	%
Year Ended June 30, 2021		(1.31	)	$	53.71		2.55	%		0.37	%(e)		2.01	%		0.41	%	$	894,333		16	%
Ten Months Ended June 30, 2020(f)		(1.14	)	$	53.67		4.52	%		0.38	%(i)		2.80	%		0.42	%	$	450,789		13	%
Year Ended August 31, 2019		(1.56	)	$	52.48		11.37	%		0.39	%		3.27	%		0.44	%	$	314,856		3	%(j)
October 24, 2017(h) through August 31, 2018		(1.15	)	$	48.61		(0.33	)%		0.40	%		3.10	%		0.45	%	$	150,703		10	%

See notes to financial statements.

1. Organization:

The accompanying financial statements are those of the following two Funds (collectively, the "Funds" and individually, a "Fund"). Each Fund is classified as diversified under the 1940 Act.

Funds (Legal Name)				Funds (Short Name)
VictoryShares USAA Core Short-Term Bond ETF				USAA Core Short-Term Bond ETF
VictoryShares USAA Core Intermediate-Term Bond ETF				USAA Core Intermediate-Term Bond ETF

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

Shares of the Funds are listed and traded on the NYSE Arca, Inc. (the "Exchange"). The Funds issue and redeem shares ("Shares") at net asset value ("NAV") only in aggregations of 50,000 shares, (each a "Creation Unit"). Creation Units are issued and redeemed in exchange for a basket of securities included in the respective Fund's Index (the "Deposit Securities"), and/or with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee. Shares trade on the Exchange at market prices that may be below, at, or above NAV. Shares of a Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the distributor. Only Authorized Participants may purchase or redeem the shares directly from a Fund. In addition, shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash equal to up to 105% of the market value of the missing Deposit Securities. In each instance of such cash creations or redemptions, transaction fees may be imposed and may be higher than the transaction fees associated with in-kind creations or redemptions.

The transaction fees for each Fund are listed below:

	Fee for In-Kind and Cash Purchases and Redemptions		Maximum Additional Variable Charge for Cash Purchases and Redemptions*
USAA Core Short-Term Bond ETF	$	100		2.00	%
USAA Core Intermediate-Term Bond ETF		100		2.00	%

* As a percentage of the amount invested.

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

Investments in open-end investment companies are valued at their NAV. These valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt securities are valued each business day by a pricing service approved by the Board. The approved pricing service uses the evaluated bid or the last sale price to value securities. Debt obligations maturing within 60 days may be valued at amortized cost, provided that the amortized cost represents the fair value of such securities. These valuations are typically categorized as Level 2 in the fair value hierarchy.

A summary of the valuations as of December 31, 2021, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments:

	Level 1		Level 2		Level 3		Total
USAA Core Short-Term Bond ETF
Asset-Backed Securities	$	—	$	63,279,163	$	—	$	63,279,163
Collateralized Mortgage Obligations		—		18,281,161		—		18,281,161
Senior Secured Loans		—		4,948,961		—		4,948,961
Corporate Bonds		—		165,385,385		—		165,385,385
Yankee Dollars		—		49,146,937		—		49,146,937
Municipal Bonds		—		68,212,629		—		68,212,629
U.S. Treasury Obligations		—		8,996,250		—		8,996,250
Commercial Papers		—		10,099,611		—		10,099,611
Total	$	—	$	388,350,097	$	—	$	388,350,097
USAA Core Intermediate-Term Bond ETF
Asset-Backed Securities	$	—	$	93,763,478	$	—	$	93,763,478
Collateralized Mortgage Obligations		—		29,784,299		—		29,784,299
Corporate Bonds		—		392,067,432		—		392,067,432
Yankee Dollars		—		100,515,489		—		100,515,489
Municipal Bonds		—		37,553,585		—		37,553,585
U.S. Government Agency Mortgages		—		40,398,269		—		40,398,269
U.S. Treasury Obligations		—		471,054,645		—		471,054,645
Commercial Papers		—		33,999,292		—		33,999,292
Collateral for Securities Loaned		9,224,021		—		—		9,224,021
Total	$	9,224,021	$	1,199,136,489	$	—	$	1,208,360,510

For the six months ended December 31, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

Municipal Obligations:

The values of municipal obligations can fluctuate and may be affected by adverse tax, legislative, or political changes, and by financial developments affecting municipal issuers. Payment of municipal obligations may depend on a relatively limited source of revenue, resulting in greater credit risk. Future changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations.

Mortgage- and Asset-Backed Securities:

collateral and may fluctuate in response to the market's perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as "Ginnie Mae"), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as "Fannie Mae" and "Freddie Mac," respectively), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

Below-Investment-Grade Securities:

Certain Funds may invest in below-investment-grade securities (i.e., lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment-grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

Collateralized Loan Obligations ("CLOs"):

CLOs are securities issued by entities that are collateralized by a pool of loans. CLOs are issued in multiple classes (tranches) and can be equity or debt with specific adjustable or fixed interest rates and varying maturities. The cash flow from the underlying loans is used to pay off each tranche separately within the debt, or senior tranches. Equity, or subordinated tranches, typically are not paid a cash flow but do offer ownership in the CLO itself in the event of a sale.

Bank Loans:

Floating rate loans in which a Fund invests are primarily "senior" loans. Senior floating rate loans typically hold a senior position in the capital structures of the borrower, are typically secured by specific collateral, and have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debtholders and stockholders of the borrower. While these protections may reduce risk, these investments still present significant credit risk. A significant portion of a Fund's floating rate investments may be issued in connection with highly leveraged transactions such as leveraged buyouts, leveraged recapitalization loans, and other types of acquisition financing. Obligations in these types of transactions are subject to greater credit risk (including default and bankruptcy) than many other investments and may be, or become, illiquid. See the note below regarding below investment grade securities.

The Funds may purchase second-lien loans (secured loans with a claim on collateral subordinate to a senior lender's claim on such collateral), fixed rate loans, unsecured loans, and other debt obligations.

Transactions in loans often settle on a delayed basis, and a Fund may not receive the proceeds from the sale of a loan or pay for a loan purchase for a substantial period of time after entering into the transactions.

Investment Companies:

Open-End Funds:

Investment Transactions and Related Income:

The Funds may receive other income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees, and commitment fees. These fees are recorded as income when received. These amounts, if received, are included in Interest income on the Statements of Operations.

Securities Lending:

The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default.

The following table is a summary of the Funds' securities lending transactions as of December 31, 2021.

				Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
USAA Core Intermediate-Term Bond ETF				$	8,913,411			$	—			$	9,224,021

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

Pursuant to Rule 17a-7 under the 1940 Act, the Funds may engage in securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-adviser. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. For the year ended June 30, 2021, the Fund engaged in the following securities transactions with affiliated funds, which resulted in the following net realized gains (losses):

				Purchases				Sales				Net Realized Gains (Losses)
USAA Core Intermediate-Term Bond ETF				$	2,881,243			$	—			$	—

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended December 31, 2021, were as follows:

	Excluding U.S. Government Securities				U.S. Government Securities
	Purchases		Sales		Purchases		Sales
USAA Core Short-Term Bond ETF	$	188,756,119	$	75,750,542	$	31,931,484	$	22,878,086
USAA Core Intermediate-Term Bond ETF		220,077,849		46,939,311	$	193,576,205		50,342,179

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Funds by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. The Adviser is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC.

	Flat Rate
USAA Core Short-Term Bond ETF		0.25	%
USAA Core Intermediate-Term Bond ETF		0.30	%

Amounts incurred and paid to VCM for the six months ended December 31, 2021, are reflected on the Statements of Operations as Investment advisory fees.

Administration and Servicing Fees:

Net Assets
Up to $15 billion			$15 billion – $30 billion			Over $30 billion
	0.08	%, plus		0.05	%, plus		0.04	%

Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as Administration fees.

Transfer Agency Fees:

Citibank serves as the Funds' Transfer Agent. Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as Transfer agent fees.

Distributor/Underwriting Services:

Foreside Fund Services, LLC ("Foreside") serves as the Funds' distributor.

Other Fees:

Sidley Austin LLP provides legal services to the Trust.

such Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of a Fund's business are excluded from the expense limits. As of December 31, 2021, the expense limits (excluding voluntary waivers) are as follows:

	In Effect Until October 31, 2022
USAA Core Short-Term Bond ETF		0.35	%
USAA Core Intermediate-Term Bond ETF		0.40	%

				2023
USAA Core Short-Term Bond ETF				$	41,935

The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time and are reflected on the Statements of Operations as Expenses waived/reimbursed by Adviser. For the six months ended December 31, 2021, the Adviser voluntarily waived the following amounts:

USAA Core Short-Term Bond ETF				$	48,057
USAA Core Intermediate-Term Bond ETF					169,574

5. Risks:

The Funds may be subject to other risks in addition to these identified risks.

Debt Securities or Bond Risk — The Funds are subject to the risk that the market value of the bonds in the Funds' portfolios will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices typically fall; conversely, when interest rates fall, bond prices typically rise. The price volatility of a bond also depends on its duration, which is a measure of a bond's sensitivity to a change in interest rates. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. Should the U.S. Federal Reserve raise interest rates, the Funds may be subject to risks associated with rising interest rates. The fixed-income securities in the Funds' portfolios also are subject to credit risk, which is the possibility that an issuer of a fixed-income security cannot make timely interest and principal payments on its securities or that negative market perceptions of the issuer's ability to make such payments will cause the price of that security to decline. The Funds accept some credit risk as a recognized means to enhance an investor's return.

High-Yield Bond Risk — Fixed-income securities rated below investment grade, also known as "junk" or high-yield bonds, generally entail greater credit and liquidity risk than investment-grade securities. Their prices also may be more volatile, especially during economic downturns and financial setbacks or liquidity events. The Funds' values could be hurt by price declines due to actual or perceived changes in an issuer's ability to make such payments. These securities are considered by the major rating agencies to be predominantly speculative with respect to the issuer's continuing ability to pay principal and interest, and they carry a greater risk that the issuer of such securities will default on the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Funds may lose their entire investment. The creditworthiness of issuers of these securities may be more complex to analyze than that of issuers of investment-grade debt securities, and the overreliance on credit ratings may present additional risks.

Asset-Backed and Mortgage-Backed Securities Risk — Mortgage- and asset-backed securities ("MBS" or "ABS," respectively) differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. MBS and ABS are subject to prepayment or call risk, which is the risk that a borrower's payments may be received earlier than expected due to changes in prepayment rates on underlying loans. As a result, the Funds may reinvest these early payments at lower interest rates, thereby reducing the Fund's income. These securities also are subject to extension risk, which is the risk that the life of the ABS or MBS may be extended due to higher interest rates and lower prepayments. As a result, the value of the securities will decrease. The value of MBS can be impacted by factors affecting the housing market, and MBS also are subject to the risk of high default rates on the mortgages within the mortgage pool. The liquidity of non-agency or privately issued ABS or MBS securities, in particular those that are rated as non-investment grade, may change dramatically over time.

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2021, through December 31, 2021.

	Beginning Account Value 7/1/21		Actual Ending Account Value 12/31/21		Hypothetical Ending Account Value 12/31/21		Actual Expenses Paid During Period 7/1/21- 12/31/21*		Hypothetical Expenses Paid During Period 7/1/21- 12/31/21*		Annualized Expense Ratio During Period 7/1/21- 12/31/21
USAA Core Short-Term Bond ETF	$	1,000.00	$	1,000.40	$	1,023.59	$	1.61	$	1.63		0.32	%
USAA Core Intermediate- Term Bond ETF		1,000.00		998.20		1,023.44		1.76		1.79		0.35	%

Considerations of the Board in Continuing the Investment Advisory Agreement (the "Agreement")

The Board noted that each Fund assumed the performance of its predecessor fund, that the Adviser became the investment adviser to each Fund on February 26, 2019, and that prior to that date each predecessor fund was managed by a different investment adviser.

• The requirements of the Funds for the services provided by the Adviser;

• The nature, quality and extent of the services provided and expected to be provided;

• The performance of the Funds as compared to comparable funds;

• Whether the fee would be sufficient to enable the Adviser to attract and retain experienced personnel and continue to provide quality services to the Funds;

• Total expenses of each Fund;

• Management's commitment to operating the Funds at competitive expense levels;

• The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser's costs) with respect to the Adviser's relationship with the Funds;

• The fact that the Funds are actively managed exchange-traded funds ("ETFs");

• Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions;

• The capabilities and financial condition of the Adviser;

• Current economic and industry trends; and

• The historical relationship between the Trust and the Adviser.

the median gross management fee and median expense ratio of a universe of comparable ETFs compiled by the consultant and a peer group of funds with similar investment strategies selected by that consultant from the universe. The Board reviewed the factors and methodology used by the consultant in the selection of each Fund's peer group, including the consultant's selection of a broad universe of funds, the more specific universe of comparable funds, and peer groups of funds with comparable investment strategies and asset levels, among other factors.

The Board noted that none of the advisory fee arrangements for the Funds included breakpoints, which would be a structure that results in reduced fees as a fund grows. The Board also considered the Adviser's commitment to limit expenses as discussed in more detail below.

The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund's respective peer group. The Board also found that each Fund's net annual expense ratio was reasonable as compared with each Fund's respective peer group. The Board considered the Adviser's contractual agreement with each Fund to waive its fees and reimburse expenses for a specified period of time, as described in the Fund's prospectus.

The Board reviewed each Fund's performance over the one-year period against the performance of the Fund's selected peer group and benchmark index. The Board recognized that the performance of the Funds and the peer group funds are net of expenses, while the performance of the benchmark index is gross returns.

VictoryShares USAA Core Short-Term Bond ETF

VictoryShares USAA Core Intermediate-Term Bond ETF

Conclusion

Security Description	Shares		Value
Common Stocks (99.7%)
Communication Services (5.1%):
Alphabet, Inc., Class A (a)		1,177	$	3,409,816
AMC Entertainment Holdings, Inc. (a) (b)		13,974		380,093
AT&T, Inc.		60,436		1,486,726
Discovery, Inc., Class A (a) (b)		64,310		1,513,857
DISH Network Corp., Class A (a) (b)		50,117		1,625,795
Liberty Global PLC, Class C (a)		90,634		2,545,909
Lumen Technologies, Inc. (b)		187,747		2,356,225
News Corp., Class A		105,735		2,358,948
The Interpublic Group of Cos., Inc.		60,671		2,272,129
ViacomCBS, Inc., Class B		40,676		1,227,602
				19,177,100
Consumer Discretionary (9.4%):
Advance Auto Parts, Inc.		4,950		1,187,406
AutoZone, Inc. (a)		738		1,547,136
Bath & Body Works, Inc.		17,486		1,220,348
BorgWarner, Inc.		45,583		2,054,426
D.R. Horton, Inc.		21,477		2,329,181
DoorDash, Inc., Class A (a)		4,356		648,608
eBay, Inc.		16,999		1,130,433
Ford Motor Co.		120,481		2,502,390
Garmin Ltd.		9,128		1,242,960
General Motors Co. (a)		33,916		1,988,495
Genuine Parts Co.		9,938		1,393,308
Lear Corp.		11,423		2,089,838
Lennar Corp., Class A		17,095		1,985,755
LKQ Corp.		32,919		1,976,128
Mohawk Industries, Inc. (a)		7,971		1,452,157
Newell Brands, Inc.		84,623		1,848,166
PulteGroup, Inc.		32,663		1,867,017
Target Corp. (c)		10,726		2,482,425
Tesla, Inc. (a)		602		636,182
Tractor Supply Co.		6,242		1,489,341
Whirlpool Corp.		9,290		2,179,991
				35,251,691
Consumer Staples (8.2%):
Archer-Daniels-Midland Co.		51,249		3,463,920
Bunge Ltd.		32,082		2,995,176
Costco Wholesale Corp.		3,895		2,211,191
Keurig Dr Pepper, Inc.		57,030		2,102,126
Molson Coors Beverage Co., Class B		54,078		2,506,515
The Estee Lauder Cos., Inc.		4,123		1,526,335
The J.M. Smucker Co.		30,020		4,077,316
The Kraft Heinz Co.		73,108		2,624,577
The Kroger Co.		73,940		3,346,524
Tyson Foods, Inc., Class A		35,317		3,078,230
Walgreens Boots Alliance, Inc.		52,395		2,732,923
				30,664,833

Security Description	Shares		Value
Energy (3.0%):
ConocoPhillips		32,284	$	2,330,259
Devon Energy Corp.		39,737		1,750,415
Diamondback Energy, Inc.		5,952		641,923
EOG Resources, Inc.		22,388		1,988,726
Exxon Mobil Corp.		42,899		2,624,990
Pioneer Natural Resources Co.		11,519		2,095,076
				11,431,389
Financials (12.1%):
AGNC Investment Corp.		136,035		2,045,966
Ally Financial, Inc.		31,379		1,493,954
American Financial Group, Inc.		6,663		914,963
American International Group, Inc.		32,163		1,828,788
Athene Holding Ltd., Class A (a)		19,189		1,599,019
Bank of America Corp.		25,787		1,147,264
Blackstone, Inc.		18,013		2,330,702
Capital One Financial Corp.		10,463		1,518,077
Citigroup, Inc.		29,149		1,760,308
Citizens Financial Group, Inc.		41,116		1,942,731
Equitable Holdings, Inc.		56,572		1,854,996
Fifth Third Bancorp		22,672		987,366
Franklin Resources, Inc.		34,691		1,161,801
Invesco Ltd.		76,892		1,770,054
KKR & Co., Inc.		32,031		2,386,309
Lincoln National Corp.		18,251		1,245,813
Loews Corp.		47,575		2,747,932
MetLife, Inc.		34,165		2,134,971
Morgan Stanley		23,917		2,347,693
Prudential Financial, Inc.		18,940		2,050,066
Raymond James Financial, Inc.		13,596		1,365,038
Regions Financial Corp.		84,081		1,832,966
Signature Bank		3,033		981,084
Synchrony Financial		15,898		737,508
The Goldman Sachs Group, Inc.		6,005		2,297,213
Upstart Holdings, Inc. (a)		5,202		787,063
Wells Fargo & Co.		42,720		2,049,706
				45,319,351
Health Care (15.4%):
AbbVie, Inc.		25,964		3,515,526
Anthem, Inc.		5,489		2,544,371
Bio-Rad Laboratories, Inc., Class A (a)		1,772		1,338,870
Bio-Techne Corp.		2,768		1,431,997
Bristol-Myers Squibb Co.		54,902		3,423,140
Cardinal Health, Inc.		24,813		1,277,621
Centene Corp. (a)		29,518		2,432,283
Charles River Laboratories International, Inc. (a)		5,840		2,200,395
Cigna Corp.		10,948		2,513,989
CVS Health Corp.		29,996		3,094,387
Danaher Corp.		5,232		1,721,380

Security Description	Shares		Value
Eli Lilly & Co.		5,651	$	1,560,919
HCA Healthcare, Inc.		8,316		2,136,547
Horizon Therapeutics PLC (a)		18,295		1,971,469
Jazz Pharmaceuticals PLC (a)		19,498		2,484,045
Laboratory Corp. of America Holdings (a)		7,857		2,468,748
McKesson Corp.		12,218		3,037,028
Merck & Co., Inc.		23,062		1,767,472
Moderna, Inc. (a)		8,120		2,062,318
Molina Healthcare, Inc. (a)		6,637		2,111,097
Novavax, Inc. (a) (b)		2,956		422,915
PerkinElmer, Inc.		7,612		1,530,469
Pfizer, Inc.		35,306		2,084,819
Quest Diagnostics, Inc.		9,061		1,567,644
Universal Health Services, Inc., Class B		15,939		2,066,651
Viatris, Inc.		151,460		2,049,254
Waters Corp. (a)		3,527		1,314,160
West Pharmaceutical Services, Inc.		3,244		1,521,469
				57,650,983
Industrials (14.2%):
AMERCO, Inc.		3,873		2,812,689
Carrier Global Corp.		43,781		2,374,682
Deere & Co.		3,313		1,135,995
Eaton Corp. PLC		15,998		2,764,774
Expeditors International of Washington, Inc.		13,555		1,820,301
FedEx Corp.		4,073		1,053,441
Generac Holdings, Inc. (a)		5,171		1,819,778
General Dynamics Corp.		14,492		3,021,147
General Electric Co.		8,807		831,997
Huntington Ingalls Industries, Inc.		6,660		1,243,688
Ingersoll Rand, Inc. (c)		21,045		1,302,054
Jacobs Engineering Group, Inc.		18,909		2,632,700
Johnson Controls International PLC		35,857		2,915,533
Knight-Swift Transportation Holdings, Inc.		47,344		2,885,143
L3Harris Technologies, Inc.		12,716		2,711,560
Old Dominion Freight Line, Inc.		4,439		1,590,849
Owens Corning, Inc.		21,424		1,938,872
Parker-Hannifin Corp.		3,626		1,153,503
Raytheon Technologies Corp.		26,236		2,257,870
Republic Services, Inc. (c)		14,233		1,984,792
Robert Half International, Inc.		22,342		2,491,580
Sensata Technologies Holding PLC (a)		18,692		1,153,110
Snap-on, Inc.		11,270		2,427,333
Textron, Inc.		27,424		2,117,133
Trane Technologies PLC		6,513		1,315,821
United Rentals, Inc. (a)		4,949		1,644,503
Westinghouse Air Brake Technologies Corp.		21,903		2,017,485
				53,418,333

Security Description	Shares		Value
Information Technology (16.3%):
Affirm Holdings, Inc. (a)		8,460	$	850,738
Applied Materials, Inc.		13,865		2,181,796
Arrow Electronics, Inc. (a)		21,376		2,870,156
Asana, Inc., Class A (a)		8,593		640,608
Bill.com Holdings, Inc. (a)		3,749		934,063
Broadcom, Inc.		2,734		1,819,231
Cisco Systems, Inc.		32,292		2,046,344
Cloudflare, Inc., Class A (a)		14,620		1,922,530
Dell Technologies, Inc., Class C (a)		32,920		1,849,116
EPAM Systems, Inc. (a)		4,201		2,808,158
F5, Inc. (a)		12,822		3,137,672
Fortinet, Inc. (a)		6,767		2,432,060
Gartner, Inc. (a)		6,648		2,222,559
Hewlett Packard Enterprise Co.		164,739		2,597,934
HP, Inc.		74,757		2,816,096
Intel Corp.		51,243		2,639,015
International Business Machines Corp.		10,647		1,423,078
Intuit, Inc.		2,440		1,569,457
Juniper Networks, Inc.		100,549		3,590,605
Micron Technology, Inc.		27,290		2,542,064
NetApp, Inc.		27,623		2,541,040
NXP Semiconductors NV		5,355		1,219,762
ON Semiconductor Corp. (a)		14,208		965,007
Oracle Corp.		41,307		3,602,384
Qorvo, Inc. (a)		13,890		2,172,257
Seagate Technology Holdings PLC		26,483		2,992,049
TE Connectivity Ltd.		8,169		1,317,986
VMware, Inc., Class A		5,122		593,537
Western Digital Corp. (a)		28,218		1,840,096
Zebra Technologies Corp. (a)		1,928		1,147,546
				61,284,944
Materials (4.6%):
Albemarle Corp.		3,454		807,442
CF Industries Holdings, Inc.		14,876		1,052,923
Corteva, Inc.		51,998		2,458,465
Freeport-McMoRan, Inc.		44,480		1,856,150
International Paper Co.		21,293		1,000,345
LyondellBasell Industries NV, Class A		19,911		1,836,392
Nucor Corp.		20,236		2,309,939
Steel Dynamics, Inc.		32,681		2,028,510
The Mosaic Co.		50,055		1,966,661
Westrock Co.		41,393		1,836,194
				17,153,021
Real Estate (6.6%):
AvalonBay Communities, Inc.		4,890		1,235,165
Camden Property Trust		16,792		3,000,394
CBRE Group, Inc., Class A (a)		22,007		2,387,980
Equity Residential		14,390		1,302,295

Security Description	Shares		Value
Extra Space Storage, Inc.		15,519	$	3,518,623
Iron Mountain, Inc.		54,494		2,851,671
Mid-America Apartment Communities, Inc.		12,671		2,907,234
Public Storage		10,555		3,953,481
Regency Centers Corp.		12,382		932,984
Simon Property Group, Inc.		9,084		1,451,351
UDR, Inc.		20,945		1,256,490
				24,797,668
Utilities (4.8%):
CenterPoint Energy, Inc.		38,416		1,072,191
Duke Energy Corp. (c)		14,564		1,527,764
Edison International		20,458		1,396,259
Evergy, Inc. (c)		19,782		1,357,243
Exelon Corp.		57,085		3,297,230
FirstEnergy Corp.		32,855		1,366,439
NRG Energy, Inc.		60,803		2,619,393
PG&E Corp. (a)		105,839		1,284,885
UGI Corp.		61,298		2,814,191
Vistra Corp.		58,382		1,329,358
				18,064,953
Total Common Stocks (Cost $313,473,773)				374,214,266
Collateral for Securities Loaned^ (0.7%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (d)		60,722		60,722
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (d)		1,192,583		1,192,583
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (d)		30,303		30,303
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (d)		241,628		241,628
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (d)		1,086,406		1,086,406
Total Collateral for Securities Loaned (Cost $2,611,642)				2,611,642
Total Investments (Cost $316,085,415) — 100.4%				376,825,908
Liabilities in excess of other assets — (0.4)%				(1,377,671	)
NET ASSETS — 100.00%			$	375,448,237

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

(d) Rate disclosed is the daily yield on December 31, 2021.

PLC — Public Limited Company

Security Description	Shares		Value
Common Stocks (99.7%)
Communication Services (3.4%):
AMC Networks, Inc., Class A (a)		14,190	$	488,704
Cars.com, Inc. (a)		19,133		307,850
Consolidated Communications Holdings, Inc. (a)		28,072		209,979
Entercom Communications Corp. (a)		150,656		387,186
Gannett Co., Inc. (a)		41,684		222,176
Globalstar, Inc. (a)		318,985		370,023
Gray Television, Inc.		29,231		589,297
IDT Corp., Class B (a)		4,026		177,788
iHeartMedia, Inc., Class A (a)		27,432		577,169
John Wiley & Sons, Inc., Class A		8,346		477,975
Liberty Latin America Ltd., Class C (a)		25,758		293,641
Lions Gate Entertainment Corp., Class A (a)		39,752		661,473
Loyalty Ventures, Inc. (a)		1,090		32,776
Magnite, Inc. (a)		8,740		152,950
Nexstar Media Group, Inc., Class A		2,348		354,501
Scholastic Corp.		22,483		898,421
TechTarget, Inc. (a)		3,315		317,113
TEGNA, Inc.		41,701		773,970
Telephone & Data Systems, Inc.		44,801		902,740
The EW Scripps Co., Class A (a)		27,263		527,539
United States Cellular Corp. (a)		27,850		877,832
WideOpenWest, Inc. (a)		13,660		293,963
				9,895,066
Consumer Discretionary (11.6%):
Abercrombie & Fitch Co. (a)		12,086		420,955
Academy Sports & Outdoors, Inc. (a)		5,911		259,493
Adtalem Global Education, Inc. (a)		14,990		443,104
American Axle & Manufacturing Holdings, Inc. (a)		22,965		214,263
American Eagle Outfitters, Inc. (b)		8,998		227,829
Asbury Automotive Group, Inc. (a)		1,943		335,614
AutoNation, Inc. (a)		6,206		725,171
Big Lots, Inc.		4,832		217,682
Boot Barn Holdings, Inc. (a)		5,007		616,111
Caleres, Inc.		16,680		378,302
Capri Holdings Ltd. (a)		8,142		528,497
Carriage Services, Inc.		8,036		517,840
Century Communities, Inc.		6,512		532,616
Citi Trends, Inc. (a)		6,310		597,873
Clarus Corp.		15,754		436,701
Crocs, Inc. (a)		3,035		389,148
Dana, Inc.		22,485		513,108
Dick's Sporting Goods, Inc. (b)		4,871		560,116
Dillard's, Inc., Class A		1,966		481,709
Ethan Allen Interiors, Inc.		34,025		894,517
Foot Locker, Inc.		12,183		531,544
Funko, Inc., Class A (a)		26,305		494,534

Security Description	Shares		Value
GameStop Corp., Class A (a) (b)		2,441	$	362,220
Genesco, Inc. (a)		6,550		420,314
G-III Apparel Group Ltd. (a)		13,933		385,108
Golden Entertainment, Inc. (a)		9,141		461,895
Graham Holdings Co., Class B		1,775		1,117,948
Green Brick Partners, Inc. (a)		25,964		787,488
Group 1 Automotive, Inc.		3,080		601,278
GrowGeneration Corp. (a) (c)		9,658		126,037
H&R Block, Inc.		16,410		386,620
Haverty Furniture Cos., Inc. (b)		9,894		302,460
Hibbett, Inc.		5,731		412,231
Houghton Mifflin Harcourt Co. (a)		13,621		219,298
Hovnanian Enterprises, Inc., Class A (a)		4,540		577,897
KB Home		12,849		574,736
Kohl's Corp. (c)		7,521		371,462
Laureate Education, Inc., Class A		36,822		450,701
M/I Homes, Inc. (a)		8,343		518,768
Macy's, Inc.		18,772		491,451
MarineMax, Inc. (a) (b)		10,328		609,765
MDC Holdings, Inc.		13,131		733,104
Meritage Homes Corp. (a)		5,161		629,952
Modine Manufacturing Co. (a)		36,180		365,056
Movado Group, Inc.		16,291		681,453
Penske Automotive Group, Inc.		6,939		744,000
Perdoceo Education Corp. (a)		75,789		891,279
PVH Corp.		2,330		248,495
Qurate Retail, Inc., Class A		61,094		464,314
Rent-A-Center, Inc.		12,637		607,081
Revolve Group, Inc. (a)		8,273		463,619
Service Corp. International		8,043		570,973
Shoe Carnival, Inc.		6,511		254,450
Shutterstock, Inc.		7,277		806,874
Signet Jewelers Ltd.		5,201		452,643
Skyline Champion Corp. (a)		3,751		296,254
Smith & Wesson Brands, Inc.		26,065		463,957
Sportsman's Warehouse Holdings, Inc. (a)		17,598		207,656
Tapestry, Inc.		7,108		288,585
Taylor Morrison Home Corp. (a)		16,466		575,651
Tenneco, Inc., Class A (a)		31,461		355,509
The Buckle, Inc. (b)		8,128		343,896
The Container Store Group, Inc. (a)		16,877		168,432
The Goodyear Tire & Rubber Co. (a)		32,559		694,158
The ODP Corp. (a)		12,690		498,463
Toll Brothers, Inc.		10,050		727,520
TravelCenters of America, Inc. (a)		3,883		200,440
Tri Pointe Homes, Inc. (a)		24,156		673,711
Vista Outdoor, Inc. (a)		11,049		509,027
XPEL, Inc. (a)		3,913		267,180
Zumiez, Inc. (a)		12,580		603,714
				34,281,850

Security Description	Shares		Value
Consumer Staples (4.8%):
Celsius Holdings, Inc. (a)		6,273	$	467,778
Central Garden & Pet Co., Class A (a)		9,880		472,758
Coca-Cola Consolidated, Inc.		1,718		1,063,768
Coty, Inc., Class A (a) (c)		20,513		215,386
Darling Ingredients, Inc. (a)		10,616		735,583
Edgewell Personal Care Co.		8,825		403,391
Fresh Del Monte Produce, Inc.		24,298		670,625
Hostess Brands, Inc. (a)		40,857		834,300
Ingles Markets, Inc., Class A		14,427		1,245,627
Pilgrim's Pride Corp. (a)		35,470		1,000,254
Sanderson Farms, Inc.		5,148		983,680
Seaboard Corp.		283		1,113,608
SpartanNash Co.		28,129		724,603
The Andersons, Inc.		20,926		810,045
United Natural Foods, Inc. (a)		10,851		532,567
Universal Corp.		24,625		1,352,405
Weis Markets, Inc. (b) (c)		22,261		1,466,555
				14,092,933
Energy (3.5%):
Antero Resources Corp. (a)		30,224		528,920
Arch Resources, Inc.		3,783		345,464
Berry Corp.		24,522		206,475
Callon Petroleum Co. (a) (b)		12,002		567,094
Centennial Resource Development, Inc., Class A (a)		83,046		496,615
Civitas Resources, Inc.		12,527		613,447
CNX Resources Corp. (a)		24,718		339,873
CONSOL Energy, Inc. (a)		9,345		212,225
Dorian LPG Ltd.		61,219		776,869
EQT Corp. (a)		14,981		326,736
Gevo, Inc. (a) (b)		42,821		183,274
Helix Energy Solutions Group, Inc. (a)		125,227		390,708
International Seaways, Inc.		39,836		584,792
Laredo Petroleum, Inc. (a) (b)		3,354		201,676
Magnolia Oil & Gas Corp., Class A		14,389		271,520
Marathon Oil Corp.		44,587		732,119
Matador Resources Co.		8,274		305,476
Meta Materials, Inc. (a) (b)		51,259		126,097
Northern Oil and Gas, Inc.		11,278		232,101
Ovintiv, Inc.		17,784		599,321
PDC Energy, Inc.		10,378		506,239
Peabody Energy Corp. (a) (c)		21,681		218,328
SM Energy Co.		20,593		607,082
Transocean Ltd. (a) (b)		144,331		398,354
Whiting Petroleum Corp. (a)		8,577		554,760
				10,325,565

Security Description	Shares		Value
Financials (11.8%):
Affiliated Managers Group, Inc.		2,428	$	399,430
A-Mark Precious Metals, Inc.		4,384		267,862
American Equity Investment Life Holding Co.		14,185		552,080
American National Group, Inc.		4,597		868,098
Ameris Bancorp		7,517		373,445
Assured Guaranty Ltd.		12,452		625,090
Atlanticus Holdings Corp. (a)		3,188		227,368
B Riley Financial, Inc.		10,230		909,038
Berkshire Hills Bancorp, Inc.		12,903		366,832
Brighthouse Financial, Inc. (a)		10,430		540,274
BrightSpire Capital, Inc.		23,061		236,606
Chimera Investment Corp.		46,595		702,653
CIT Group, Inc.		9,710		498,511
Cowen, Inc., Class A		16,741		604,350
Customers Bancorp, Inc.		14,548		951,003
Dime Community Bancshares, Inc.		13,798		485,138
Donnelley Financial Solutions, Inc. (a)		15,453		728,454
Encore Capital Group, Inc. (a)		8,939		555,201
Enova International, Inc. (a)		14,477		592,978
Enstar Group Ltd. (a)		2,106		521,425
First Bancorp/Puerto Rico		25,041		345,065
Flagstar Bancorp, Inc.		16,613		796,427
Flushing Financial Corp.		16,941		411,666
FNB Corp.		68,697		833,295
Genworth Financial, Inc. (a)		155,973		631,691
Granite Point Mortgage Trust, Inc.		34,121		399,557
Great Western Bancorp, Inc.		9,740		330,770
Hancock Whitney Corp.		6,812		340,736
HarborOne Bancorp, Inc.		42,924		636,992
HCI Group, Inc.		7,463		623,459
Hope Bancorp, Inc.		58,303		857,637
Houlihan Lokey, Inc.		5,170		535,198
Janus Henderson Group PLC		18,896		792,498
Jefferies Financial Group, Inc.		22,295		865,046
LendingClub Corp. (a)		13,848		334,845
Meta Financial Group, Inc.		7,279		434,265
Metropolitan Bank Holding Corp. (a)		3,339		355,704
MFA Financial, Inc.		50,325		229,482
MGIC Investment Corp.		43,167		622,468
Midland States Bancorp, Inc.		18,236		452,070
Mr. Cooper Group, Inc. (a)		14,110		587,117
National Western Life Group, Inc., Class A		3,248		696,501
Navient Corp.		29,096		617,417
New Residential Investment Corp.		23,385		250,453
New York Community Bancorp, Inc.		39,212		478,779
Northfield Bancorp, Inc.		32,695		528,351
OFG Bancorp		13,217		351,044
Old Republic International Corp.		39,309		966,215

Security Description	Shares		Value
PacWest Bancorp		6,785	$	306,478
Pennymac Financial Services		9,453		659,630
Pinnacle Financial Partners, Inc.		8,289		791,600
Popular, Inc.		10,120		830,245
Radian Group, Inc.		14,346		303,131
Ready Capital Corp.		16,933		264,663
ServisFirst Bancshares, Inc.		6,924		588,125
Silvergate Capital Corp., Class A (a)		5,975		885,495
SiriusPoint Ltd. (a)		98,163		798,065
SLM Corp.		21,407		421,076
State Auto Financial Corp.		8,553		442,105
Sterling Bancorp		25,877		667,368
Triumph Bancorp, Inc. (a)		4,225		503,113
Universal Insurance Holdings, Inc.		30,204		513,468
Unum Group		23,771		584,054
				34,869,200
Health Care (25.0%):
Agios Pharmaceuticals, Inc. (a)		7,407		243,468
Alkermes PLC (a)		31,476		732,132
Anavex Life Sciences Corp. (a)		22,593		391,763
Atea Pharmaceuticals, Inc. (a)		33,271		297,443
Aurinia Pharmaceuticals, Inc. (a)		7,449		170,359
Avid Bioservices, Inc. (a)		16,432		479,486
Beam Therapeutics, Inc. (a) (b)		5,985		476,945
BioCryst Pharmaceuticals, Inc. (a)		14,915		206,573
Biohaven Pharmaceutical Holding Co. Ltd. (a)		2,409		331,984
C4 Therapeutics, Inc. (a)		7,115		229,103
CareDx, Inc. (a)		3,387		154,041
Castle Biosciences, Inc. (a)		4,398		188,542
Catalyst Pharmaceuticals, Inc. (a)		78,759		533,198
Celldex Therapeutics, Inc. (a)		9,854		380,759
Cerevel Therapeutics Holdings, Inc. (a)		7,888		255,729
Curis, Inc. (a)		72,122		343,301
Dynavax Technologies Corp. (a) (b)		13,190		185,583
Eagle Pharmaceuticals, Inc. (a)		18,179		925,675
Emergent BioSolutions, Inc. (a)		13,109		569,848
Enanta Pharmaceuticals, Inc. (a)		5,120		382,874
Exelixis, Inc. (a)		20,995		383,789
Fate Therapeutics, Inc. (a)		2,480		145,105
Halozyme Therapeutics, Inc. (a)		10,183		409,458
Humanigen, Inc. (a)		18,131		67,447
Ideaya Biosciences, Inc. (a)		12,235		289,235
Inhibrx, Inc. (a)		6,699		292,545
Intellia Therapeutics, Inc. (a)		3,112		367,963
Ironwood Pharmaceuticals, Inc. (a)		63,201		736,924
IVERIC bio, Inc. (a)		13,646		228,161
Ligand Pharmaceuticals, Inc. (a)		2,052		316,952
Morphic Holding, Inc. (a)		4,840		229,319

Security Description	Shares		Value
Myriad Genetics, Inc. (a)		15,105	$	416,898
Natera, Inc. (a)		2,909		271,672
Ocugen, Inc. (a) (b)		61,302		278,924
OPKO Health, Inc. (a)		112,822		542,674
Organogenesis Holdings, Inc. (a)		48,578		448,861
Protagonist Therapeutics, Inc. (a)		4,404		150,617
Prothena Corp. PLC (a)		8,137		401,968
Repligen Corp. (a)		2,866		759,031
Rubius Therapeutics, Inc. (a)		13,444		130,138
Sorrento Therapeutics, Inc. (a) (b)		36,760		170,934
SpringWorks Therapeutics, Inc. (a)		3,716		230,318
United Therapeutics Corp. (a)		5,442		1,175,907
Vanda Pharmaceuticals, Inc. (a)		43,573		683,660
Veracyte, Inc. (a)		5,998		247,118
Vericel Corp. (a)		5,078		199,565
Xenon Pharmaceuticals, Inc. (a)		7,545		235,706
AngioDynamics, Inc. (a)		28,452		784,706
Anika Therapeutics, Inc. (a) (b)		7,989		286,246
AtriCure, Inc. (a)		11,056		768,724
Atrion Corp.		747		526,560
Avanos Medical, Inc. (a)		10,919		378,562
BioLife Solutions, Inc. (a)		10,898		406,168
CONMED Corp.		5,508		780,814
CryoPort, Inc. (a)		8,158		482,709
Cutera, Inc. (a)		5,647		233,334
Envista Holdings Corp. (a)		13,518		609,121
Establishment Labs Holdings, Inc. (a)		8,470		572,487
Globus Medical, Inc. (a)		5,860		423,092
Heska Corp. (a)		3,721		679,045
ICU Medical, Inc. (a)		1,881		446,437
Inogen, Inc. (a)		4,919		167,246
Integer Holdings Corp. (a)		7,780		665,890
Integra LifeSciences Holdings Corp. (a)		13,905		931,496
Lantheus Holdings, Inc. (a)		25,033		723,203
LeMaitre Vascular, Inc.		15,902		798,757
LivaNova PLC (a)		4,249		371,490
Meridian Bioscience, Inc. (a)		26,794		546,598
Merit Medical Systems, Inc. (a)		12,064		751,587
Mesa Laboratories, Inc.		1,657		543,645
Natus Medical, Inc. (a)		31,673		751,600
NuVasive, Inc. (a)		6,291		330,152
OraSure Technologies, Inc. (a)		56,165		488,074
Orthofix Medical, Inc. (a)		25,187		783,064
OrthoPediatrics Corp. (a)		5,868		351,258
Quidel Corp. (a)		1,973		266,335
Senseonics Holdings, Inc. (a) (b)		64,222		171,473
Shockwave Medical, Inc. (a)		2,840		506,457
STAAR Surgical Co. (a)		2,068		188,808
Varex Imaging Corp. (a)		26,606		839,419

Security Description	Shares		Value
Acadia Healthcare Co., Inc. (a)		8,734	$	530,154
Addus HomeCare Corp. (a)		8,939		835,886
AMN Healthcare Services, Inc. (a)		7,366		901,083
Apollo Medical Holdings, Inc. (a) (b)		5,946		436,912
CorVel Corp. (a)		5,771		1,200,368
Covetrus, Inc. (a)		28,139		561,936
Cross Country Healthcare, Inc. (a)		13,454		373,483
Encompass Health Corp.		6,212		405,395
Fulgent Genetics, Inc. (a)		4,788		481,625
Hanger, Inc. (a)		12,477		226,208
LHC Group, Inc. (a)		2,881		395,360
Magellan Health, Inc. (a)		8,628		819,574
MEDNAX, Inc. (a)		19,038		518,024
ModivCare, Inc. (a)		5,043		747,826
National HealthCare Corp. (c)		15,625		1,061,562
Option Care Health, Inc. (a)		22,673		644,820
Owens & Minor, Inc.		10,974		477,369
Patterson Cos., Inc. (c)		12,597		369,722
Premier, Inc., Class A		25,322		1,042,507
Progyny, Inc. (a)		4,836		243,493
RadNet, Inc. (a)		20,512		617,616
Select Medical Holdings Corp.		19,094		561,364
Surgery Partners, Inc. (a)		9,420		503,122
Tenet Healthcare Corp. (a)		5,868		479,357
The Ensign Group, Inc.		9,939		834,478
The Joint Corp. (a)		6,933		455,429
Tivity Health, Inc. (a) (b)		17,691		467,750
Triple-S Management Corp., Class B (a)		20,018		714,242
Allscripts Healthcare Solutions, Inc. (a)		41,887		772,815
Change Healthcare, Inc. (a)		26,651		569,798
Computer Programs and Systems, Inc. (a) (b)		26,934		789,166
Evolent Health, Inc., Class A (a)		19,343		535,221
HealthStream, Inc. (a)		44,039		1,160,868
NextGen Healthcare, Inc. (a)		41,335		735,350
Omnicell, Inc. (a)		5,229		943,521
OptimizeRx Corp. (a)		7,638		474,396
Phreesia, Inc. (a)		4,192		174,639
Vocera Communications, Inc. (a)		14,748		956,260
BioNano Genomics, Inc. (a)		64,885		194,006
Bruker Corp.		12,010		1,007,759
Codexis, Inc. (a)		8,053		251,817
Medpace Holdings, Inc. (a)		3,837		835,085
Pacific Biosciences of California, Inc. (a)		8,226		168,304
Syneos Health, Inc. (a)		7,042		723,073
Aclaris Therapeutics, Inc. (a)		15,791		229,601
Amneal Pharmaceuticals, Inc. (a)		104,020		498,256
Amphastar Pharmaceuticals, Inc. (a)		52,298		1,218,020
ANI Pharmaceuticals, Inc. (a)		20,616		949,985
Arvinas, Inc. (a)		6,116		502,368

Security Description	Shares		Value
BioDelivery Sciences International, Inc. (a)		218,236	$	676,532
Cassava Sciences, Inc. (a) (b)		6,659		290,998
Collegium Pharmaceutical, Inc. (a)		27,282		509,628
Corcept Therapeutics, Inc. (a)		26,904		532,699
Endo International PLC (a)		95,064		357,441
Harmony Biosciences Holdings, Inc. (a)		7,325		312,338
Innoviva, Inc. (a)		51,042		880,474
Oramed Pharmaceuticals, Inc. (a)		7,990		114,097
Pacira BioSciences, Inc. (a)		13,935		838,469
Perrigo Co. PLC		21,113		821,296
Phibro Animal Health Corp., Class A		15,693		320,451
Prestige Consumer Healthcare, Inc. (a)		17,921		1,086,909
SIGA Technologies, Inc. (a)		45,638		343,198
Supernus Pharmaceuticals, Inc. (a)		25,675		748,683
Tilray, Inc., Class 2 (a) (b)		20,268		142,484
Zomedica Corp. (a) (b)		480,271		147,203
				73,564,125
Industrials (13.3%):
ACCO Brands Corp.		73,243		604,987
Acuity Brands, Inc.		4,011		849,209
Advanced Drainage Systems, Inc.		3,251		442,559
AGCO Corp.		3,228		374,513
Air Lease Corp.		13,941		616,610
Altra Industrial Motion Corp.		5,119		263,987
ArcBest Corp.		9,030		1,082,245
Argan, Inc.		25,175		974,021
Atkore, Inc. (a)		5,909		657,022
Atlas Air Worldwide Holdings, Inc. (a)		7,163		674,182
Avis Budget Group, Inc. (a) (c)		795		164,859
Beacon Roofing Supply, Inc. (a)		5,680		325,748
Boise Cascade Co.		11,798		840,018
Builders FirstSource, Inc. (a)		10,500		899,955
Comfort Systems USA, Inc.		4,036		399,322
CRA International, Inc.		3,550		331,428
DXP Enterprises, Inc. (a)		17,443		447,762
EMCOR Group, Inc.		7,962		1,014,279
Encore Wire Corp.		9,627		1,377,624
Genco Shipping & Trading Ltd.		34,565		553,040
GMS, Inc. (a)		10,755		646,483
GrafTech International Ltd.		25,999		307,568
Granite Construction, Inc.		15,568		602,482
Great Lakes Dredge & Dock Corp. (a)		27,910		438,745
Heidrick & Struggles International, Inc.		19,159		837,823
Herc Holdings, Inc.		3,529		552,465
Hub Group, Inc., Class A (a)		6,143		517,486
Insteel Industries, Inc.		7,764		309,085
Interface, Inc.		17,980		286,781
Kelly Services, Inc., Class A		41,582		697,330

Security Description	Shares		Value
Kforce, Inc.		8,158	$	613,645
Korn Ferry		10,655		806,903
ManpowerGroup, Inc.		3,774		367,323
MasTec, Inc. (a)		3,714		342,728
Matson, Inc.		10,090		908,403
Matthews International Corp., Class A		10,688		391,929
Mueller Industries, Inc.		16,573		983,773
MYR Group, Inc. (a)		7,057		780,151
NOW, Inc. (a)		79,922		682,534
nVent Electric PLC		24,962		948,556
Primoris Services Corp.		28,104		673,934
Quanex Building Products Corp.		14,077		348,828
Quanta Services, Inc.		8,710		998,689
Regal Rexnord Corp.		6,213		1,057,328
Resideo Technologies, Inc. (a)		20,507		533,797
Resources Connection, Inc.		57,459		1,025,069
REV Group, Inc.		30,919		437,504
Rush Enterprises, Inc., Class A		18,628		1,036,462
Ryder System, Inc.		8,762		722,252
SkyWest, Inc. (a)		12,518		491,957
Sterling Construction Co., Inc. (a)		25,515		671,044
Terex Corp.		7,233		317,890
The Greenbrier Cos., Inc.		14,501		665,451
The Manitowoc Co., Inc. (a)		26,835		498,863
Triton International Ltd.		16,196		975,485
TrueBlue, Inc. (a)		33,944		939,230
Tutor Perini Corp. (a)		37,189		460,028
UFP Industries, Inc.		4,353		400,519
Veritiv Corp. (a)		4,249		520,800
Watts Water Technologies, Inc., Class A		2,935		569,889
WESCO International, Inc. (a)		4,884		642,685
Zurn Water Solutions Corp.		11,744		427,482
				39,330,749
Information Technology (13.8%):
A10 Networks, Inc.		20,140		333,921
Alliance Data Systems Corp.		6,089		405,345
Alpha & Omega Semiconductor Ltd. (a)		17,794		1,077,605
Ambarella, Inc. (a)		1,730		351,000
Amkor Technology, Inc.		26,181		649,027
Avaya Holdings Corp. (a)		13,005		257,499
Avid Technology, Inc. (a)		9,443		307,558
Avnet, Inc.		25,012		1,031,245
Axcelis Technologies, Inc. (a)		5,068		377,870
Belden, Inc.		5,248		344,951
Benchmark Electronics, Inc.		36,150		979,665
Calix, Inc. (a)		9,603		767,952
Cambium Networks Corp. (a)		9,255		237,206
Clearfield, Inc. (a)		4,838		408,424

Security Description	Shares		Value
CommScope Holding Co., Inc. (a)		18,084	$	199,647
Comtech Telecommunications Corp.		11,241		266,299
Concentrix Corp.		3,867		690,723
Conduent, Inc. (a)		71,514		381,885
Consensus Cloud Solutions, Inc. (a)		6,818		394,558
Digi International, Inc. (a)		14,422		354,348
Digital Turbine, Inc. (a)		4,434		270,430
Diodes, Inc. (a)		8,460		928,993
DXC Technology Co. (a)		16,872		543,110
Ebix, Inc.		14,042		426,877
EchoStar Corp., Class A (a)		34,539		910,103
ExlService Holdings, Inc. (a)		3,700		535,649
Fabrinet (a)		3,834		454,214
First Solar, Inc. (a)		3,717		323,974
Grid Dynamics Holdings, Inc. (a)		23,245		882,613
Ichor Holdings Ltd. (a)		5,349		246,214
Insight Enterprises, Inc. (a)		8,493		905,354
Jabil, Inc.		12,816		901,606
Kimball Electronics, Inc. (a)		17,568		382,280
Knowles Corp. (a)		44,144		1,030,762
Kulicke & Soffa Industries, Inc.		12,852		778,060
Marathon Digital Holdings, Inc. (a) (b)		10,970		360,474
MaxLinear, Inc. (a)		4,462		336,390
Methode Electronics, Inc.		18,453		907,334
MicroStrategy, Inc. (a) (b)		755		411,090
MicroVision, Inc. (a) (b)		16,426		82,294
Mimecast Ltd. (a)		4,976		395,940
NCR Corp. (a)		16,976		682,435
NETGEAR, Inc. (a)		14,610		426,758
NetScout Systems, Inc. (a)		33,824		1,118,898
Onto Innovation, Inc. (a)		9,135		924,736
Perficient, Inc. (a)		7,376		953,643
Photronics, Inc. (a)		56,131		1,058,069
Rambus, Inc. (a)		37,446		1,100,538
Ribbon Communications, Inc. (a)		46,225		279,661
Riot Blockchain, Inc. (a) (b)		13,190		294,533
Sanmina Corp. (a)		22,122		917,178
ScanSource, Inc. (a)		22,320		782,986
SiTime Corp. (a)		1,207		353,096
SMART Global Holdings, Inc. (a)		11,867		842,438
Sprout Social, Inc., Class A (a)		5,859		531,353
Super Micro Computer, Inc. (a)		7,980		350,721
Synaptics, Inc. (a)		3,090		894,586
TD SYNNEX Corp.		6,356		726,872
Teradata Corp. (a)		13,592		577,252
The Hackett Group, Inc.		20,780		426,613
TTEC Holdings, Inc.		3,809		344,905
TTM Technologies, Inc. (a)		64,958		967,874
Ultra Clean Holdings, Inc. (a)		10,835		621,496

Security Description	Shares		Value
Vishay Intertechnology, Inc.		20,097	$	439,521
Vishay Precision Group, Inc. (a)		12,059		447,630
Workiva, Inc. (a)		2,693		351,410
Xerox Holdings Corp.		35,306		799,328
Xperi Holding Corp.		31,730		600,014
Ziff Davis, Inc. (a)		8,786		974,016
				40,619,049
Materials (4.0%):
AdvanSix, Inc.		14,766		697,693
Alcoa Corp.		12,492		744,273
Alpha Metallurgical Resources, Inc. (a)		7,705		470,390
Clearwater Paper Corp. (a)		15,907		583,310
Cleveland-Cliffs, Inc. (a)		22,328		486,081
Commercial Metals Co.		24,182		877,565
Kraton Corp. (a)		5,481		253,880
Louisiana-Pacific Corp.		10,623		832,312
Mercer International, Inc.		62,733		752,169
Olin Corp.		11,996		690,010
Ranpak Holdings Corp. (a)		8,711		327,359
Reliance Steel & Aluminum Co.		6,923		1,123,049
Ryerson Holding Corp.		9,829		256,045
Schnitzer Steel Industries, Inc.		13,484		700,089
SunCoke Energy, Inc.		85,984		566,635
Trinseo PLC (a)		12,228		641,481
Tronox Holdings PLC, Class A		24,103		579,195
United States Steel Corp.		19,279		459,033
Warrior Met Coal, Inc.		14,941		384,133
Worthington Industries, Inc.		7,180		392,459
				11,817,161
Real Estate (7.1%):
American Homes 4 Rent, Class A		12,612		550,009
Brixmor Property Group, Inc.		12,303		312,619
Centerspace		4,475		496,277
City Office REIT, Inc.		55,856		1,101,480
CoreCivic, Inc. (a)		62,347		621,600
CorePoint Lodging, Inc. (a)		17,788		279,272
Cousins Properties, Inc.		10,762		433,493
CubeSmart		20,335		1,157,265
EastGroup Properties, Inc.		2,673		609,043
eXp World Holdings, Inc. (b)		5,412		182,330
First Industrial Realty Trust, Inc.		10,619		702,978
Independence Realty Trust, Inc.		36,254		936,441
Innovative Industrial Properties, Inc.		1,139		299,454
Jones Lang LaSalle, Inc. (a)		3,062		824,719
Kimco Realty Corp.		12,860		316,999
Life Storage, Inc.		8,237		1,261,744
LXP Industrial Trust		40,524		632,985
Marcus & Millichap, Inc. (a)		10,289		529,472

Security Description	Shares		Value
National Storage Affiliates Trust		17,358	$	1,201,174
NETSTREIT Corp.		13,738		314,600
NexPoint Residential Trust, Inc.		5,205		436,335
One Liberty Properties, Inc.		11,894		419,620
Plymouth Industrial REIT, Inc.		14,377		460,064
PS Business Parks, Inc.		3,037		559,324
RE/MAX Holdings, Inc.		20,251		617,453
Realogy Holdings Corp. (a)		26,570		446,642
RPT Realty		18,968		253,792
SITE Centers Corp.		15,895		251,618
STAG Industrial, Inc.		27,906		1,338,372
Tanger Factory Outlet Centers, Inc. (b)		27,184		524,108
The GEO Group, Inc. (b)		38,084		295,151
The RMR Group, Inc., Class A		18,856		653,926
UMH Properties, Inc.		41,257		1,127,554
Urban Edge Properties		17,608		334,552
Urstadt Biddle Properties, Inc., Class A		15,705		334,516
				20,816,981
Utilities (1.4%):
Hawaiian Electric Industries, Inc.		15,499		643,209
MDU Resources Group, Inc.		15,287		471,451
National Fuel Gas Co.		24,548		1,569,599
Otter Tail Corp. (c)		19,370		1,383,405
				4,067,664
Total Common Stocks (Cost $249,242,669)				293,680,343
Rights (0.0%) (d)
Health Care (0.0%): (d)
Achillion Pharmaceuticals (a) (e) (f)		17,954		4,130
Total Rights (Cost $—)				4,130
Collateral for Securities Loaned^ (2.5%)
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (g)		172,164		172,164
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (g)		3,381,329		3,381,329
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (g)		85,918		85,918
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (g)		685,087		685,087
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (g)		3,080,286		3,080,286
Total Collateral for Securities Loaned (Cost $7,404,784)				7,404,784
Total Investments (Cost $256,647,453) — 102.2%				301,089,257
Liabilities in excess of other assets — (2.2)%				(6,348,801	)
NET ASSETS — 100.00%			$	294,740,456

Security Description	Shares		Value
Common Stocks (99.4%)
Australia (2.8%):
Energy (0.3%):
Washington H Soul Pattinson & Co. Ltd. (a)		43,390	$	934,099
Health Care (0.4%):
Sonic Healthcare Ltd.		41,860		1,419,153
Industrials (0.4%):
Reece Ltd.		65,006		1,277,510
Materials (1.0%):
BlueScope Steel Ltd.		110,656		1,681,458
Fortescue Metals Group Ltd.		57,365		801,196
South32 Ltd.		352,920		1,028,929
				3,511,583
Real Estate (0.7%):
Goodman Group		69,390		1,336,926
Stockland		427,564		1,318,049
				2,654,975
				9,797,320
Austria (1.6%):
Energy (0.4%):
OMV AG		26,938		1,530,168
Financials (0.7%):
Erste Group Bank AG		16,189		761,261
Raiffeisen Bank International AG		58,217		1,713,375
				2,474,636
Materials (0.2%):
voestalpine AG		18,837		685,488
Utilities (0.3%):
Verbund AG		8,400		944,743
				5,635,035
Belgium (0.7%):
Financials (0.7%):
Sofina SA		5,415		2,660,238
Canada (10.2%):
Communication Services (0.6%):
Shaw Communications, Inc., Class B (b)		69,294		2,106,002
Consumer Discretionary (0.2%):
Magna International, Inc.		9,876		800,228

Security Description	Shares		Value
Consumer Staples (2.4%):
Empire Co. Ltd., Class A		34,607	$	1,055,895
George Weston Ltd.		31,548		3,662,930
Loblaw Cos. Ltd.		45,405		3,725,428
				8,444,253
Energy (0.8%):
Cenovus Energy, Inc.		36,235		444,923
Imperial Oil Ltd.		47,015		1,697,997
Tourmaline Oil Corp.		18,383		594,357
				2,737,277
Financials (1.8%):
Bank of Montreal		23,500		2,533,717
Canadian Imperial Bank of Commerce		11,981		1,398,566
Fairfax Financial Holdings Ltd.		2,379		1,171,919
Power Corp. of Canada		33,210		1,098,981
				6,203,183
Industrials (0.9%):
TFI International, Inc.		7,639		857,970
WSP Global, Inc.		16,795		2,441,567
				3,299,537
Information Technology (0.5%):
Lightspeed Commerce, Inc. (c)		21,678		876,628
Nuvei Corp. (c) (d)		16,014		1,039,582
				1,916,210
Materials (1.3%):
First Quantum Minerals Ltd.		24,996		599,002
Nutrien Ltd.		15,149		1,140,297
Teck Resources Ltd., Class B		55,091		1,588,857
West Fraser Timber Co. Ltd.		14,376		1,373,468
				4,701,624
Real Estate (1.2%):
FirstService Corp.		10,509		2,068,272
RioCan Real Estate Investment Trust		112,762		2,047,864
				4,116,136
Utilities (0.5%):
AltaGas Ltd.		83,006		1,794,636
				36,119,086
China (0.2%):
Financials (0.2%):
Futu Holdings Ltd., ADR (c)		13,629		590,136
Denmark (2.5%):
Consumer Discretionary (0.3%):
Pandora A/S		9,263		1,154,856

Security Description	Shares		Value
Financials (0.3%):
Danske Bank A/S		52,399	$	904,930
Health Care (1.0%):
Demant A/S (c)		15,896		814,457
Novo Nordisk A/S, Class B		23,999		2,697,032
				3,511,489
Industrials (0.9%):
AP Moller — Maersk A/S, Class B		606		2,172,807
DSV A/S		4,489		1,048,423
				3,221,230
				8,792,505
Finland (1.3%):
Consumer Staples (0.3%):
Kesko Oyj, Class B		24,852		829,201
Industrials (0.2%):
Wartsila Oyj Abp		56,580		795,279
Information Technology (0.2%):
Nokia Oyj (c)		129,603		821,524
Utilities (0.6%):
Fortum Oyj		68,988		2,117,457
				4,563,461
France (9.9%):
Communication Services (0.8%):
Publicis Groupe SA		24,209		1,629,810
Vivendi SE		99,001		1,338,627
				2,968,437
Consumer Discretionary (2.2%):
Cie Generale des Etablissements Michelin SCA		6,845		1,122,086
Hermes International		1,753		3,062,044
LVMH Moet Hennessy Louis Vuitton SE		2,991		2,472,800
Renault SA (c)		31,979		1,110,819
				7,767,749
Consumer Staples (0.7%):
Carrefour SA		125,735		2,302,794
Energy (0.6%):
Bollore SA		374,318		2,094,325
Financials (2.2%):
AXA SA		30,764		916,080
BNP Paribas SA		22,887		1,581,672
CNP Assurances		59,959		1,483,037
Credit Agricole SA		105,455		1,505,044
Eurazeo SE		10,311		900,534

Security Description	Shares		Value
Societe Generale SA		40,690	$	1,397,670
				7,784,037
Health Care (0.5%):
Ipsen SA		7,813		715,240
Sartorius Stedim Biotech		1,541		845,373
				1,560,613
Industrials (0.9%):
Bouygues SA		47,535		1,702,254
Cie de Saint-Gobain		22,499		1,583,002
				3,285,256
Information Technology (0.5%):
Capgemini SE		7,476		1,832,124
Materials (0.3%):
EssilorLuxottica SA		5,083		1,082,323
Utilities (1.2%):
Electricite de France SA		110,067		1,292,992
Suez SA		41,508		935,092
Veolia Environnement SA		59,084		2,167,567
				4,395,651
				35,073,309
Germany (6.6%):
Consumer Discretionary (1.7%):
Bayerische Motoren Werke AG		19,116		1,923,665
Daimler AG		15,791		1,213,753
Porsche Automobil Holding SE, Preference Shares		15,611		1,481,301
Volkswagen AG, Preference Shares		6,946		1,401,917
				6,020,636
Financials (0.7%):
Commerzbank AG (c)		171,594		1,305,274
Deutsche Bank AG, Registered Shares (c)		107,016		1,340,879
				2,646,153
Health Care (1.9%):
Bayer AG, Registered Shares		31,830		1,701,268
Carl Zeiss Meditec AG		4,280		899,708
Fresenius SE & Co. KGaA		36,776		1,480,492
Merck KGaA		10,364		2,675,417
				6,756,885
Industrials (1.3%):
Brenntag SE		22,100		2,000,020
Daimler Truck Holding AG (c)		7,895		289,907
Deutsche Post AG, Registered Shares		34,299		2,205,340
				4,495,267

Security Description	Shares		Value
Materials (0.6%):
Covestro AG (d)		13,175	$	812,060
HeidelbergCement AG		20,605		1,394,677
				2,206,737
Utilities (0.4%):
Uniper SE		29,786		1,415,881
				23,541,559
Hong Kong (4.9%):
Consumer Discretionary (0.2%):
Chow Tai Fook Jewellery Group Ltd.		467,600		840,880
Consumer Staples (0.5%):
WH Group Ltd. (d)		2,518,615		1,579,727
Industrials (1.8%):
CK Hutchison Holdings Ltd.		341,805		2,205,250
Jardine Matheson Holdings Ltd.		38,300		2,106,883
SITC International Holdings Co. Ltd.		187,000		676,398
Xinyi Glass Holdings Ltd.		611,593		1,529,708
				6,518,239
Real Estate (1.5%):
CK Asset Holdings Ltd.		374,256		2,359,412
Hongkong Land Holdings Ltd.		203,700		1,059,240
Sino Land Co. Ltd.		783,629		975,980
Sun Hung Kai Properties Ltd.		87,560		1,062,450
				5,457,082
Utilities (0.9%):
CK Infrastructure Holdings Ltd.		207,500		1,321,444
Power Assets Holdings Ltd. (b)		276,500		1,723,626
				3,045,070
				17,440,998
Israel (3.6%):
Financials (2.0%):
Bank Hapoalim BM		134,722		1,389,467
Bank Leumi Le-Israel BM		297,275		3,194,913
Israel Discount Bank Ltd., Class A		176,392		1,186,753
Mizrahi Tefahot Bank Ltd.		33,636		1,296,851
				7,067,984
Health Care (0.4%):
Inmode Ltd. (c)		6,495		458,417
Teva Pharmaceutical Industries Ltd., ADR (c)		130,549		1,045,697
				1,504,114
Materials (0.6%):
ICL Group Ltd.		216,268		2,085,273

Security Description	Shares		Value
Real Estate (0.6%):
Azrieli Group Ltd.		23,348	$	2,227,977
				12,885,348
Italy (1.5%):
Communication Services (0.6%):
Telecom Italia SpA		3,899,178		1,925,312
Energy (0.2%):
Eni SpA		60,581		841,872
Financials (0.7%):
Intesa Sanpaolo SpA		325,143		840,820
UniCredit SpA		111,418		1,716,092
				2,556,912
				5,324,096
Japan (25.2%):
Communication Services (0.8%):
Dentsu Group, Inc.		11,200		398,767
KDDI Corp.		23,800		694,851
Konami Holdings Corp.		6,900		330,754
Nippon Telegraph & Telephone Corp.		58,600		1,602,970
				3,027,342
Consumer Discretionary (3.6%):
Aisin Corp.		20,400		781,243
Bridgestone Corp.		29,700		1,276,413
Denso Corp.		13,100		1,084,016
Honda Motor Co. Ltd.		34,100		956,476
Iida Group Holdings Co. Ltd.		44,700		1,038,749
Isuzu Motors Ltd.		54,600		678,499
Mazda Motor Corp. (c)		83,800		644,028
Nissan Motor Co. Ltd. (c)		160,300		773,694
Panasonic Corp.		39,000		428,422
Sekisui House Ltd.		30,900		662,517
Subaru Corp.		21,500		384,052
Sumitomo Electric Industries Ltd.		74,200		966,201
Toyota Industries Corp.		12,200		973,627
Toyota Motor Corp.		72,800		1,331,079
Yamaha Motor Co. Ltd.		30,400		728,354
				12,707,370
Consumer Staples (1.5%):
Asahi Group Holdings Ltd.		26,800		1,041,233
Japan Tobacco, Inc. (a)		88,300		1,780,876
Lawson, Inc.		13,200		624,723
Seven & i Holdings Co. Ltd.		31,200		1,369,869
Suntory Beverage & Food Ltd.		17,100		617,741
				5,434,442

Security Description	Shares		Value
Energy (1.3%):
Ajinomoto Co., Inc.		44,600	$	1,354,403
ENEOS Holdings, Inc.		273,800		1,023,109
Idemitsu Kosan Co. Ltd.		45,244		1,153,937
Inpex Corp.		107,100		931,911
				4,463,360
Financials (3.5%):
Concordia Financial Group Ltd.		239,700		870,085
Japan Post Bank Co. Ltd.		74,400		681,621
Japan Post Holdings Co. Ltd.		153,800		1,197,758
Japan Post Insurance Co. Ltd.		28,600		459,468
Mitsubishi HC Capital, Inc.		95,500		471,881
Mitsubishi UFJ Financial Group, Inc.		207,000		1,123,306
Mizuho Financial Group, Inc.		94,200		1,196,775
ORIX Corp.		46,900		956,083
Resona Holdings, Inc.		280,100		1,088,244
Sumitomo Mitsui Financial Group, Inc.		34,400		1,177,884
Sumitomo Mitsui Trust Holdings, Inc.		34,900		1,164,697
The Chiba Bank Ltd.		157,700		902,473
The Shizuoka Bank Ltd.		147,500		1,052,885
				12,343,160
Health Care (0.7%):
Medipal Holdings Corp.		68,000		1,272,546
Shionogi & Co. Ltd.		8,700		613,846
Sumitomo Dainippon Pharma Co. Ltd.		45,900		528,136
				2,414,528
Industrials (6.0%):
AGC, Inc.		20,800		991,637
Benefit One, Inc.		7,600		325,700
Dai Nippon Printing Co. Ltd.		42,700		1,072,738
Fuji Electric Co. Ltd.		18,200		992,541
Hitachi Ltd.		15,400		833,155
ITOCHU Corp.		45,800		1,399,196
Kajima Corp.		86,800		995,726
Kurita Water Industries Ltd.		19,700		934,063
Lixil Corp.		14,000		372,628
Marubeni Corp.		117,000		1,137,437
Mitsubishi Corp.		45,400		1,439,806
Mitsubishi Heavy Industries Ltd.		21,400		494,139
Mitsui & Co. Ltd.		53,600		1,267,679
NGK Insulators Ltd.		27,100		457,491
Nippon Express Co. Ltd. (e)		17,100		1,026,104
Nippon Yusen KK		11,600		882,428
Obayashi Corp.		130,300		1,007,051
Shimizu Corp.		157,400		974,566
Sumitomo Corp.		84,800		1,252,246
Taisei Corp.		33,800		1,025,843

Security Description	Shares		Value
TOPPAN, Inc.		58,700	$	1,099,016
Toshiba Corp.		10,000		410,751
Toyota Tsusho Corp.		17,200		791,629
				21,183,570
Information Technology (3.5%):
Brother Industries Ltd.		47,300		908,170
Canon, Inc. (a)		50,400		1,225,916
FUJIFILM Holdings Corp.		15,600		1,155,014
Fujitsu Ltd.		6,200		1,062,273
Hirose Electric Co. Ltd.		3,600		604,611
Ibiden Co. Ltd.		14,600		867,214
Kyocera Corp.		20,300		1,266,954
NEC Corp.		21,200		977,569
NTT Data Corp.		22,100		473,263
Renesas Electronics Corp. (c)		28,800		355,889
Ricoh Co. Ltd.		87,000		809,144
Rohm Co. Ltd.		8,300		754,644
Seiko Epson Corp.		45,900		825,486
SUMCO Corp. (b)		15,400		314,138
TDK Corp.		10,800		421,102
Tokyo Electron Ltd.		800		460,458
				12,481,845
Materials (2.2%):
JFE Holdings, Inc.		58,900		750,348
Mitsubishi Chemical Holdings Corp.		140,200		1,037,301
Mitsubishi Gas Chemical Co., Inc.		51,600		872,883
Mitsui Chemicals, Inc.		31,100		834,519
Nippon Steel Corp.		48,700		794,433
Oji Holdings Corp.		182,200		881,294
Sumitomo Chemical Co. Ltd.		189,400		891,449
Sumitomo Metal Mining Co. Ltd.		21,300		804,611
Tosoh Corp.		62,400		924,444
				7,791,282
Real Estate (1.0%):
Daito Trust Construction Co. Ltd.		9,100		1,040,745
Daiwa House Industry Co. Ltd.		31,600		907,757
Hulic Co. Ltd.		110,200		1,045,012
Japan Metropolitan Fund Invest		390		335,626
Open House Group Co. Ltd.		5,500		287,526
				3,616,666
Utilities (1.1%):
Chubu Electric Power Co., Inc.		123,700		1,301,936
Osaka Gas Co. Ltd.		38,000		627,311
The Kansai Electric Power Co., Inc.		124,100		1,157,426
Tokyo Electric Power Co. Holdings, Inc. (c)		337,800		871,231
				3,957,904
				89,421,469

Security Description	Shares		Value
Luxembourg (0.6%):
Health Care (0.2%):
Eurofins Scientific SE		6,549	$	810,293
Materials (0.4%):
ArcelorMittal SA		36,987		1,183,828
				1,994,121
Netherlands (4.0%):
Consumer Staples (0.8%):
Koninklijke Ahold Delhaize NV		82,138		2,814,839
Energy (0.2%):
Royal Dutch Shell PLC, Class B		35,701		784,512
Financials (1.3%):
Aegon NV		263,455		1,316,152
ING Groep NV		95,720		1,332,580
NN Group NV		36,520		1,977,275
				4,626,007
Industrials (0.7%):
IMCD NV		4,892		1,083,155
Wolters Kluwer NV		12,884		1,517,919
				2,601,074
Information Technology (1.0%):
ASM International NV		3,394		1,500,253
ASML Holding NV		2,426		1,949,684
				3,449,937
				14,276,369
Norway (0.7%):
Communication Services (0.2%):
Schibsted ASA, Class B		19,760		665,516
Materials (0.5%):
Norsk Hydro ASA		254,556		2,006,819
				2,672,335
Singapore (1.3%):
Consumer Staples (0.7%):
Wilmar International Ltd.		759,100		2,331,101
Real Estate (0.6%):
CapitaLand Integrated Commercial Trust		62,137		94,025
CapitaLand Investment Ltd. (c)		859,400		2,173,759
				2,267,784
				4,598,885

Security Description	Shares		Value
Spain (2.3%):
Communication Services (0.5%):
Telefonica SA		400,504	$	1,754,411
Energy (0.4%):
Repsol SA		133,041		1,578,911
Financials (1.0%):
Banco Bilbao Vizcaya Argentaria SA		221,381		1,321,715
Banco Santander SA		380,422		1,272,111
CaixaBank SA		277,332		761,335
				3,355,161
Utilities (0.4%):
Naturgy Energy Group SA		44,501		1,448,870
				8,137,353
Sweden (4.8%):
Consumer Discretionary (0.1%):
Evolution AB (d)		3,842		545,799
Financials (2.3%):
EQT AB		40,264		2,192,454
Industrivarden AB, Class A		34,684		1,104,819
Investor AB, Class B (a)		113,122		2,913,153
Kinnevik AB, Class B (c)		22,608		805,926
L E Lundbergforetagen AB, Class B (a)		19,146		1,074,257
				8,090,609
Health Care (0.2%):
Getinge AB, B Shares		17,921		782,053
Industrials (1.5%):
Alfa Laval AB		46,249		1,861,433
Investment AB Latour, Class B		31,230		1,271,780
Nibe Industrier AB, Class B		140,202		2,117,621
				5,250,834
Information Technology (0.3%):
Hexagon AB, Class B		59,116		937,945
Real Estate (0.4%):
Fastighets AB Balder, Class B (c)		11,134		801,553
Sagax AB, Class B		21,636		728,859
				1,530,412
				17,137,652
Switzerland (3.5%):
Consumer Discretionary (0.9%):
Cie Financiere Richemont SA, Registered Shares		14,838		2,230,219
The Swatch Group AG		17,903		1,050,228
				3,280,447

Security Description	Shares		Value
Health Care (1.1%):
Alcon, Inc.		13,292	$	1,177,848
Bachem Holding AG, Registered Shares		1,210		950,842
Sonova Holding AG		2,360		926,750
Straumann Holding AG, Class R		461		980,033
				4,035,473
Industrials (1.0%):
Kuehne + Nagel International AG, Class R		7,907		2,554,816
VAT Group AG (d)		1,756		875,736
				3,430,552
Materials (0.5%):
Glencore PLC		332,330		1,687,734
				12,434,206
United Kingdom (10.8%):
Communication Services (1.7%):
BT Group PLC		730,469		1,677,493
Pearson PLC		90,087		748,214
Vodafone Group PLC		1,231,626		1,872,687
WPP PLC		118,549		1,797,559
				6,095,953
Consumer Discretionary (1.2%):
Barratt Developments PLC		72,771		737,261
Entain PLC (c)		21,566		491,603
Kingfisher PLC		372,006		1,704,564
Stellantis NV		75,551		1,433,609
				4,367,037
Consumer Staples (2.9%):
British American Tobacco PLC		57,377		2,124,311
Coca-Cola Europacific Partners PLC		16,433		919,098
Imperial Brands PLC		90,186		1,974,586
J Sainsbury PLC		558,719		2,087,127
Tesco PLC		793,971		3,117,555
				10,222,677
Financials (1.8%):
3i Group PLC		53,007		1,040,310
Aviva PLC		151,621		842,807
Barclays PLC		563,106		1,426,241
Lloyds Banking Group PLC		1,239,474		802,466
NatWest Group PLC		482,655		1,475,468
Standard Chartered PLC		135,883		825,262
				6,412,554

Security Description	Shares		Value
Industrials (0.7%):
Ashtead Group PLC		9,346	$	752,177
CNH Industrial NV		88,460		1,717,191
				2,469,368
Materials (1.6%):
Anglo American PLC		36,541		1,492,702
Croda International PLC		11,559		1,584,390
Evraz PLC (b)		193,560		1,577,192
Rio Tinto PLC		14,522		962,219
				5,616,503
Real Estate (0.9%):
Segro PLC		170,164		3,310,812
				38,494,904
United States (0.4%):
Health Care (0.4%):
Bausch Health Cos., Inc. (c)		45,996		1,272,296
Total Common Stocks (Cost $316,504,031)				352,862,681
Collateral for Securities Loaned^ (0.8%)
United States (0.8%):
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (f)		69,976		69,976
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (f)		1,374,335		1,374,335
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (f)		34,921		34,921
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (f)		278,453		278,453
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (f)		1,251,977		1,251,977
Total Collateral for Securities Loaned (Cost $3,009,662)				3,009,662
Total Investments (Cost $319,513,693) — 100.2%				355,872,343
Liabilities in excess of other assets — (0.2)%				(866,087	)
NET ASSETS — 100.00%			$	355,006,256

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(b) All or a portion of this security has been segregated as collateral for derivative instruments.

(e) Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.3% of net assets as of December 31, 2021. (See Note 2 in the Notes to Financial Statements)

Security Description	Shares		Value
Common Stocks (99.4%)
Brazil (2.5%):
Communication Services (0.4%):
Telefonica Brasil SA		111,800	$	967,261
Consumer Staples (0.5%):
JBS SA		164,552		1,121,140
Financials (0.1%):
Banco Inter SA		46,100		236,459
Materials (1.2%):
Bradespar SA, Preference Shares		1		4
Braskem SA, Preference Shares		31,900		330,053
Cia Siderurgica Nacional SA		161,800		725,922
Vale SA		127,092		1,778,832
				2,834,811
Utilities (0.3%):
Centrais Eletricas Brasileiras SA		122,848		736,867
				5,896,538
Chile (0.4%):
Consumer Staples (0.4%):
Cencosud SA		627,977		1,050,314
China (19.8%):
Communication Services (0.4%):
Hello Group, Inc., ADR		64,258		577,037
JOYY, Inc., ADR		6,593		299,520
				876,557
Consumer Discretionary (1.6%):
Brilliance China Automotive Holdings Ltd. (a) (b) (c)		937,510		702,264
BYD Co. Ltd., Class H		11,489		392,874
Dongfeng Motor Group Co. Ltd., Class H		1,007,069		837,039
Great Wall Motor Co. Ltd., Class H		168,621		579,639
Guangzhou Automobile Group Co. Ltd.		958,228		945,163
Li Ning Co. Ltd.		38,000		416,005
				3,872,984
Energy (2.0%):
China Coal Energy Co. Ltd., Class H		1,018,000		587,586
China Shenhua Energy Co. Ltd., Class H		400,485		939,018
China Suntien Green Energy Corp. Ltd., Class H		569,000		443,739
PetroChina Co. Ltd., Class H		3,076,000		1,369,075
Yankuang Energy Group Co. Ltd., Class H (d)		706,574		1,404,756
				4,744,174
Financials (7.6%):
360 DigiTech, Inc., ADR		62,844		1,441,013
Agricultural Bank of China Ltd., Class H (e)		5,498,716		1,890,199

Security Description	Shares		Value
Bank of China Ltd., Class H (d) (e)		6,307,421	$	2,273,367
Bank of Communications Co. Ltd., Class H		3,201,181		1,933,938
China Cinda Asset Management Co. Ltd., Class H		7,868,733		1,433,193
China CITIC Bank Corp. Ltd., Class H		4,082,138		1,769,766
China Construction Bank Corp., Class H (e)		2,666,416		1,846,856
China Everbright Bank Co. Ltd., Class H		4,072,267		1,441,640
China Galaxy Securities Co. Ltd., Class H		1,888,479		1,085,179
China Huarong Asset Management Co. Ltd., Class H (a) (b) (c) (f)		9,215,577		602,843
China Minsheng Banking Corp. Ltd., Class H (d)		4,225,374		1,615,076
Industrial & Commercial Bank of China Ltd., Class H (d)		1,558,962		879,832
				18,212,902
Health Care (2.6%):
3SBio, Inc. (a) (f)		458,000		381,848
Cansino Biologics, Inc., Class H (a) (d) (f)		33,273		769,057
China Medical System Holdings Ltd.		425,866		711,206
Genscript Biotech Corp. (a)		144,000		637,225
I-Mab, ADR (a)		7,859		372,438
Pharmaron Beijing Co. Ltd., Class H (f)		22,354		344,931
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		66,500		292,995
Shanghai Pharmaceuticals Holding Co. Ltd.		809,322		1,534,289
Sinopharm Group Co. Ltd., Class H		494,890		1,076,579
				6,120,568
Industrials (2.3%):
China Railway Group Ltd., Class H		3,014,431		1,592,994
China State Construction International Holdings Ltd.		1,114,000		1,384,588
COSCO SHIPPING Holdings Co. Ltd., Class H (a)		459,907		891,935
Country Garden Services Holdings Co. Ltd.		69,696		417,480
Fosun International Ltd.		1,120,029		1,208,194
				5,495,191
Materials (1.5%):
Aluminum Corp. of China Ltd., Class H (a)		1,430,000		790,542
China Hongqiao Group Ltd.		772,711		815,696
China National Building Material Co. Ltd., Class H		731,535		897,025
Dongyue Group Ltd.		154,000		240,196
Jiangxi Copper Co. Ltd., Class H		569,929		912,319
				3,655,778
Utilities (1.8%):
China Longyuan Power Group Corp. Ltd., Class H		415,183		969,220
China Power International Development Ltd.		3,707,269		2,496,461
Huaneng Power International, Inc., Class H		1,243,183		830,777
				4,296,458
				47,274,612
Cyprus (0.5%):
Financials (0.5%):
TCS Group Holding PLC, GDR		15,820		1,287,135

Security Description	Shares		Value
Greece (1.0%):
Communication Services (0.3%):
Hellenic Telecommunications Organization SA		40,759	$	753,440
Consumer Discretionary (0.3%):
FF Group (a) (b) (c)		14,913		4,070
OPAP SA		38,316		543,357
				547,427
Financials (0.4%):
Alpha Services and Holdings SA (a)		237,897		291,369
Eurobank Ergasias Services and Holdings SA (a)		690,895		700,362
				991,731
				2,292,598
Hong Kong (7.6%):
Energy (0.2%):
Kunlun Energy Co. Ltd.		554,000		519,444
Financials (0.3%):
Far East Horizon Ltd. (d)		680,586		604,089
Health Care (0.6%):
China Traditional Chinese Medicine Holdings Co. Ltd.		2,256,525		1,496,381
Industrials (2.3%):
China Everbright Environment Group Ltd.		1,772,652		1,423,342
China Merchants Port Holdings Co. Ltd.		924,514		1,683,888
CITIC Ltd.		1,562,682		1,543,380
Sinotruk Hong Kong Ltd.		523,775		806,190
				5,456,800
Information Technology (0.9%):
Kingboard Holdings Ltd.		233,314		1,135,701
Kingboard Laminates Holdings Ltd.		235,077		399,821
Lenovo Group Ltd.		499,516		574,075
				2,109,597
Materials (0.3%):
Nine Dragons Paper Holdings Ltd.		778,940		836,259
Real Estate (1.5%):
China Overseas Property Holdings Ltd.		1,005,000		1,066,063
The Wharf Holdings Ltd.		304,783		936,284
Yuexiu Property Co. Ltd.		1,666,086		1,468,134
				3,470,481
Utilities (1.5%):
Beijing Enterprises Holdings Ltd.		496,847		1,714,298
China Resources Power Holdings Co. Ltd.		580,209		1,942,390
				3,656,688
				18,149,739

Security Description	Shares		Value
Hungary (1.3%):
Energy (0.6%):
MOL Hungarian Oil & Gas PLC		196,447	$	1,527,456
Health Care (0.7%):
Richter Gedeon Nyrt		61,118		1,645,346
				3,172,802
India (10.0%):
Consumer Discretionary (0.6%):
Tata Motors Ltd. (a)		135,899		881,914
Titan Co. Ltd.		18,456		626,260
				1,508,174
Consumer Staples (0.8%):
Avenue Supermarts Ltd. (a) (f)		8,246		518,201
Marico Ltd.		119,572		824,619
United Spirits Ltd. (a)		52,601		635,615
				1,978,435
Energy (0.7%):
Indian Oil Corp. Ltd.		387,870		581,787
Oil & Natural Gas Corp. Ltd.		606,737		1,162,287
				1,744,074
Financials (0.6%):
Bajaj Finserv Ltd.		2,125		468,997
State Bank of India		157,067		972,904
				1,441,901
Health Care (1.0%):
Apollo Hospitals Enterprise Ltd.		17,176		1,158,396
Divi's Laboratories Ltd.		9,665		608,252
Sun Pharmaceutical Industries Ltd.		58,313		663,414
				2,430,062
Industrials (0.8%):
Adani Enterprises Ltd.		36,086		829,847
Bharat Electronics Ltd.		174,604		493,143
Indian Railway Catering & Tourism Corp. Ltd.		44,810		501,384
				1,824,374
Information Technology (1.4%):
Larsen & Toubro Infotech Ltd. (f)		6,081		599,791
Mindtree Ltd.		8,840		568,438
Mphasis Ltd.		14,375		656,853
Tech Mahindra Ltd.		34,142		822,391
Wipro Ltd.		80,026		770,110
				3,417,583

Security Description	Shares		Value
Materials (2.1%):
Grasim Industries Ltd.		24,957	$	544,644
Hindalco Industries Ltd.		153,387		981,268
JSW Steel Ltd.		106,783		942,271
SRF Ltd.		21,173		689,316
Tata Steel Ltd.		57,276		856,378
Vedanta Ltd.		199,877		917,434
				4,931,311
Real Estate (0.6%):
DLF Ltd.		180,984		950,623
Godrej Properties Ltd. (a)		15,486		389,944
				1,340,567
Utilities (1.4%):
Adani Total Gas Ltd.		57,889		1,340,854
Adani Transmission Ltd. (a)		36,606		857,268
NTPC Ltd.		449,789		752,717
The Tata Power Co. Ltd.		145,073		431,205
				3,382,044
				23,998,525
Indonesia (1.2%):
Communication Services (0.2%):
PT Tower Bersama Infrastructure Tbk		2,038,000		421,828
Consumer Staples (1.0%):
PT Gudang Garam Tbk		506,080		1,086,549
PT Indofood Sukses Makmur Tbk		2,952,881		1,310,435
				2,396,984
				2,818,812
Isle of Man (0.2%):
Real Estate (0.2%):
NEPI Rockcastle PLC		83,338		553,498
Korea, Republic Of (19.3%):
Communication Services (2.8%):
HYBE Co. Ltd. (a)		1,719		504,674
Kakao Corp.		4,569		432,398
Kakao Games Corp. (a)		6,529		499,802
LG Uplus Corp.		118,692		1,357,906
NAVER Corp.		3,775		1,201,966
Pearl Abyss Corp. (a)		11,709		1,362,233
SK Telecom Co. Ltd.		25,667		1,250,153
				6,609,132
Consumer Discretionary (2.7%):
CJ ENM Co. Ltd.		3,842		448,597
F&F Co. Ltd. (a)		507		403,041

Security Description	Shares		Value
Hankook Tire & Technology Co. Ltd.		27,884	$	931,226
Hyundai Mobis Co. Ltd.		4,462		955,271
Hyundai Motor Co.		5,378		945,533
Kia Corp.		13,798		954,108
LG Electronics, Inc.		8,787		1,020,068
Lotte Shopping Co. Ltd.		12,551		920,671
				6,578,515
Consumer Staples (2.0%):
BGF Retail Co. Ltd.		4,491		549,687
CJ CheilJedang Corp.		3,647		1,188,822
E-MART, Inc.		8,481		1,077,292
KT&G Corp.		30,718		2,041,407
				4,857,208
Energy (0.9%):
GS Holdings Corp.		49,774		1,637,151
S-Oil Corp.		8,514		613,796
				2,250,947
Financials (4.7%):
DB Insurance Co. Ltd.		24,570		1,116,114
Hana Financial Group, Inc.		31,295		1,107,007
Industrial Bank of Korea		154,074		1,334,984
KB Financial Group, Inc.		28,296		1,309,173
Korea Investment Holdings Co. Ltd.		5,782		392,519
Meritz Securities Co. Ltd.		288,866		1,251,449
NH Investment & Securities Co. Ltd.		59,104		621,493
Samsung Securities Co. Ltd.		32,129		1,213,537
Shinhan Financial Group Co. Ltd.		42,780		1,324,336
Woori Financial Group, Inc.		140,604		1,502,142
				11,172,754
Health Care (0.1%):
Seegene, Inc.		4,725		242,461
Industrials (2.0%):
Doosan Bobcat, Inc. (a)		14,143		484,818
Ecopro BM Co. Ltd.		1,019		429,287
GS Engineering & Construction Corp.		31,059		1,034,647
HMM Co. Ltd. (a)		26,124		591,155
Hyundai Engineering & Construction Co. Ltd.		25,212		942,732
Hyundai Heavy Industries Holdings Co. Ltd.		10,161		459,008
LG Corp.		6,387		434,665
Pan Ocean Co. Ltd.		82,967		377,583
				4,753,895
Information Technology (2.0%):
L&F Co. Ltd.		1,568		293,353
LG Display Co. Ltd. (a)		56,586		1,170,991
LG Innotek Co. Ltd.		5,214		1,596,548

Security Description	Shares		Value
SK Hynix, Inc.		12,479	$	1,375,183
SK Square Co. Ltd. (a)		6,732		376,029
				4,812,104
Materials (1.6%):
Hyundai Steel Co.		23,518		811,136
Kumho Petrochemical Co. Ltd.		5,488		766,358
Lotte Chemical Corp.		5,719		1,043,973
POSCO		4,832		1,115,780
				3,737,247
Utilities (0.5%):
Korea Electric Power Corp.		67,703		1,258,663
				46,272,926
Malaysia (1.4%):
Consumer Discretionary (0.5%):
Genting Bhd		1,064,700		1,193,507
Financials (0.4%):
CIMB Group Holdings Bhd		714,400		934,585
Health Care (0.5%):
IHH Healthcare Bhd		668,200		1,177,289
				3,305,381
Mexico (3.4%):
Communication Services (0.6%):
America Movil SAB de CV, Class L		971,810		1,029,981
Grupo Televisa SAB		177,145		333,688
				1,363,669
Consumer Staples (2.8%):
Arca Continental SAB de CV (d)		342,696		2,185,618
Coca-Cola Femsa SAB de CV		159,370		869,857
Fomento Economico Mexicano Sab de CV		216,089		1,682,253
Grupo Bimbo SAB de CV, Class A		655,692		2,017,539
				6,755,267
				8,118,936
Poland (3.8%):
Communication Services (1.1%):
Cyfrowy Polsat SA		163,852		1,411,508
Orange Polska SA (a)		530,574		1,112,383
				2,523,891
Consumer Discretionary (0.5%):
LPP SA		308		1,314,411

Security Description	Shares		Value
Energy (0.9%):
Polski Koncern Naftowy ORLEN SA		57,693	$	1,064,137
Polskie Gornictwo Naftowe i Gazownictwo SA		722,460		1,129,292
				2,193,429
Financials (1.0%):
Bank Polska Kasa Opieki SA		42,110		1,274,667
Powszechna Kasa Oszczednosci Bank Polski SA (a)		57,587		641,967
Santander Bank Polska SA		5,965		515,781
				2,432,415
Utilities (0.3%):
PGE Polska Grupa Energetyczna SA (a)		299,246		598,581
				9,062,727
Russian Federation (2.5%):
Consumer Staples (0.2%):
Magnit PJSC, GDR		32,007		480,105
Energy (0.6%):
Gazprom PJSC		323,772		1,481,803
Financials (0.3%):
Sberbank of Russia PJSC		177,348		694,248
Materials (0.9%):
PhosAgro PJSC, GDR (e)		34,984		754,955
Severstal PAO		37,439		801,228
United Co. RUSAL International PJSC (a)		553,950		546,518
				2,102,701
Utilities (0.5%):
Inter RAO UES PJSC		23,404,572		1,333,169
				6,092,026
South Africa (2.7%):
Communication Services (0.4%):
MTN Group Ltd. (a)		89,621		958,597
Consumer Discretionary (0.2%):
Pepkor Holdings Ltd. (a) (f)		309,278		424,191
Consumer Staples (0.3%):
Shoprite Holdings Ltd.		51,661		676,125
Energy (0.4%):
Exxaro Resources Ltd.		99,585		953,857
Health Care (0.4%):
Aspen Pharmacare Holdings Ltd.		71,376		1,003,736

Security Description	Shares		Value
Materials (1.0%):
African Rainbow Minerals Ltd.		68,227	$	988,437
Impala Platinum Holdings Ltd.		46,286		652,528
Sasol Ltd. (a)		36,283		588,803
Sibanye Stillwater Ltd.		87,400		268,881
				2,498,649
				6,515,155
Taiwan (17.3%):
Consumer Discretionary (1.0%):
momo.com, Inc.		17,000		998,482
Pou Chen Corp.		1,181,000		1,415,049
				2,413,531
Financials (4.9%):
Cathay Financial Holding Co. Ltd.		517,000		1,167,908
Chailease Holding Co. Ltd.		83,000		790,490
China Development Financial Holding Corp.		3,556,000		2,249,250
Fubon Financial Holding Co. Ltd.		692,100		1,908,672
Shin Kong Financial Holding Co. Ltd.		2,079,000		830,338
SinoPac Financial Holdings Co. Ltd.		2,318,000		1,353,081
Taishin Financial Holding Co. Ltd.		3,350,768		2,295,046
Yuanta Financial Holding Co. Ltd.		1,141,656		1,043,984
				11,638,769
Industrials (1.0%):
Evergreen Marine Corp. Ltd.		173,000		891,043
Wan Hai Lines Ltd.		111,900		802,839
Yang Ming Marine Transport Corp. (a)		140,000		612,282
				2,306,164
Information Technology (9.4%):
Acer, Inc.		1,530,000		1,683,901
ASE Technology Holding Co. Ltd.		294,000		1,131,709
Asustek Computer, Inc.		134,000		1,821,086
AU Optronics Corp.		1,227,000		1,015,589
Catcher Technology Co. Ltd.		106,000		599,595
Compal Electronics, Inc. (e)		2,609,000		2,282,062
eMemory Technology, Inc.		4,000		316,623
Foxconn Technology Co. Ltd.		579,000		1,358,192
Hon Hai Precision Industry Co. Ltd.		387,000		1,454,729
Innolux Corp.		1,293,000		915,994
Lite-On Technology Corp.		851,000		1,962,403
Nan Ya Printed Circuit Board Corp.		44,000		909,676
Synnex Technology International Corp.		1,021,000		2,442,990
Unimicron Technology Corp.		81,000		676,293
United Microelectronics Corp.		463,142		1,088,092
Winbond Electronics Corp.		412,000		506,307
WPG Holdings Ltd. (e)		1,243,000		2,363,169
				22,528,410

Security Description	Shares		Value
Materials (0.3%):
China Steel Corp.		636,000	$	812,614
Real Estate (0.7%):
Ruentex Development Co. Ltd.		699,000		1,611,892
				41,311,380
Thailand (1.5%):
Consumer Staples (1.1%):
Charoen Pokphand Foods PCL		1,890,900		1,443,435
Thai Union Group PCL		2,169,800		1,266,610
				2,710,045
Health Care (0.3%):
Sri Trang Gloves Thailand PCL		690,500		625,284
Information Technology (0.1%):
Delta Electronics Thailand PCL		15,950		196,719
				3,532,048
Turkey (1.8%):
Communication Services (0.2%):
Turkcell Iletisim Hizmetleri A/S		454,675		632,038
Financials (0.9%):
Akbank TAS		800,606		434,072
Turkiye Garanti Bankasi A/S		892,704		757,602
Turkiye Is Bankasi A/S		1,654,540		895,811
				2,087,485
Industrials (0.2%):
KOC Holding AS		231,201		494,097
Materials (0.5%):
Eregli Demir ve Celik Fabrikalari TAS		550,385		1,167,103
				4,380,723
United Arab Emirates (1.0%):
Communication Services (0.5%):
Emirates Telecommunications Group Co. PJSC		139,822		1,206,724
Real Estate (0.5%):
Aldar Properties PJSC		1,062,426		1,154,103
				2,360,827
United States (0.2%):
Health Care (0.2%):
Legend Biotech Corp., ADR (a)		8,086		376,888
Total Common Stocks (Cost $215,196,045)				237,823,590

Security Description	Shares		Value
Collateral for Securities Loaned^ (1.2%)
United States (1.2%):
BlackRock Liquidity Funds TempFund, Institutional Shares, 0.04% (g)		64,235	$	64,235
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 0.01% (g)		1,261,575		1,261,575
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 0.02% (g)		32,056		32,056
JPMorgan Prime Money Market Fund, Capital Shares, 0.07% (g)		255,606		255,606
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 0.06% (g)		1,149,255		1,149,255
Total Collateral for Securities Loaned (Cost $2,762,727)				2,762,727
Total Investments (Cost $217,958,772) — 100.6%				240,586,317
Liabilities in excess of other assets — (0.6)%				(1,333,835	)
NET ASSETS — 100.00%			$	239,252,482

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2021, illiquid securities were 0.5% of net assets.

(c) Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.5% of net assets as of December 31, 2021. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements)

(d) All or a portion of this security is on loan.

(e) All or a portion of this security has been segregated as collateral for derivative instruments.

(f) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2021, the fair value of these securities was $3,640,862 and amounted to 1.5% of net assets.

(g) Rate disclosed is the daily yield on December 31, 2021.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

PCL — Public Company Limited

PLC — Public Limited Company

	VictoryShares USAA MSCI USA Value Momentum ETF			VictoryShares USAA MSCI USA Small Cap Value Momentum ETF
Assets:
Investments, at value (Cost $316,085,415 and $256,647,453)	$	376,825,908	(a)	$	301,089,257	(b)
Cash		663,399			1,413,256
Deposit with broker for futures contracts		304,819			247,681
Receivables:
Interest and dividends		346,836			196,485
From Adviser		9,843			—
Prepaid expenses		971			522
Total Assets		378,151,776			302,947,201
Liabilities:
Payables:
Collateral received on loaned securities		2,611,642			7,404,784
Investments purchased		—			728,620
Variation margin on open futures contracts		2,750			1,640
Accrued expenses and other payables:
Investment advisory fees		47,161			36,632
Administration fees		6,112			5,116
Custodian fees		3,502			2,449
Compliance fees		290			205
Trustees' fees		57			182
Other accrued expenses		32,025			27,117
Total Liabilities		2,703,539			8,206,745
Net Assets:
Capital		337,073,558			264,090,869
Total accumulated earnings/(loss)		38,374,679			30,649,587
Net Assets	$	375,448,237		$	294,740,456
Shares (unlimited shares authorized, no par value):		5,300,000			4,000,000
Net asset value:	$	70.84		$	73.69

(a) Includes $2,442,929 of securities on loan.

(b) Includes $6,790,948 of securities on loan.

	VictoryShares USAA MSCI International Value Momentum ETF			VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
Assets:
Investments, at value (Cost $319,513,693 and $217,958,772)	$	355,872,343	(a)	$	240,586,317	(b)
Foreign currency, at value (Cost $114,351 and $148,041)		114,873			148,041
Cash		911,838			1,884,766
Deposit with broker for futures contracts		225,974			245,250
Receivables:
Interest and dividends		484,780			938,387
Reclaims		526,636			7,092
From Adviser		9,578			13,903
Prepaid expenses		702			395
Total Assets		358,146,724			243,824,151
Liabilities:
Payables:
Collateral received on loaned securities		3,009,662			2,762,727
Investments purchased		—			1,242,490
Variation margin on open futures contracts		794			5,950
Accrued foreign capital gains taxes		—			388,906
Accrued expenses and other payables:
Investment advisory fees		73,641			60,142
Administration fees		6,034			4,239
Custodian fees		31,864			62,749
Compliance fees		245			149
Trustees' fees		221			—
Other accrued expenses		18,007			44,317
Total Liabilities		3,140,468			4,571,669
Net Assets:
Capital		371,548,061			235,681,076
Total accumulated earnings/(loss)		(16,541,805	)		3,571,406
Net Assets	$	355,006,256		$	239,252,482
Shares (unlimited shares authorized, no par value):		7,200,000			4,950,000
Net asset value:	$	49.31		$	48.33

(a) Includes $2,864,892 of securities on loan.

(b) Includes $2,617,115 of securities on loan.

	VictoryShares USAA MSCI USA Value Momentum ETF			VictoryShares USAA MSCI USA Small Cap Value Momentum ETF
Investment Income:
Dividends	$	3,587,529		$	2,178,857
Interest		42			129
Securities lending (net of fees)		6,094			111,973
Foreign tax withholding		(1,465	)		(2,390	)
Total Income		3,592,200			2,288,569
Expenses:
Investment advisory fees		295,237			224,060
Administration fees		106,927			81,134
Sub-Administration fees		9,052			9,052
Custodian fees		9,953			7,535
Servicing fees		1,835			1,835
Trustees' fees		13,705			9,752
Compliance fees		1,496			1,077
Legal and audit fees		14,532			12,970
Broker interest fees		292			152
Interest fees		321			—
Licensing fees		49,160			37,340
Other expenses		21,047			14,613
Total Expenses		523,557			399,520
Expenses waived/reimbursed by Adviser		(129,611	)		(47,377	)
Net Expenses		393,946			352,143
Net Investment Income (Loss)		3,198,254			1,936,426
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(2,638,865	)		(8,996,918	)
Net realized gains (losses) from futures contracts		258,550			(13,092	)
Net realized gains (losses) from in-kind redemptions		53,659,916			32,257,724
Net change in unrealized appreciation/depreciation on investment securities		(21,770,718	)		(17,978,661	)
Net change in unrealized appreciation/depreciation on futures contracts		(32,417	)		15,069
Net realized/unrealized gains (losses) on investments		29,476,466			5,284,122
Change in net assets resulting from operations	$	32,674,720		$	7,220,548

	VictoryShares USAA MSCI International Value Momentum ETF			VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
Investment Income:
Dividends	$	4,817,287		$	5,922,276
Non-cash dividends		249,914			896,433
Interest		5,086			—
Securities lending (net of fees)		43,705			13,477
Foreign tax withholding		(467,093	)		(819,375	)
Total Income		4,648,899			6,012,811
Expenses:
Investment advisory fees		448,183			367,652
Administration fees		97,376			66,568
Sub-Administration fees		9,052			10,057
Custodian fees		62,876			142,059
Servicing fees		2,446			2,446
Trustees' fees		11,769			8,226
Compliance fees		1,311			890
Legal and audit fees		21,214			22,750
Line of credit fees		—			2,155
Broker interest fees		185			227
Interest fees		3,455			2,130
Licensing fees		62,743			42,867
Other expenses		12,957			10,690
Total Expenses		733,567			678,717
Expenses waived/reimbursed by Adviser		(99,242	)		(123,067	)
Net Expenses		634,325			555,650
Net Investment Income (Loss)		4,014,574			5,457,161
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency transactions		9,282,023			6,199,893
Foreign taxes on realized gains		—			(295,428	)
Net realized gains (losses) from futures contracts		(67,768	)		(72,685	)
Net realized gains (losses) from in-kind redemptions		—			480,667
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		(9,117,973	)		(21,758,629	)
Net change in unrealized appreciation/depreciation on futures contracts		57,196			7,001
Net change in accrued foreign taxes on unrealized gains		—			(58,536	)
Net realized/unrealized gains (losses) on investments		153,478			(15,497,717	)
Change in net assets resulting from operations	$	4,168,052		$	(10,040,556	)

	VictoryShares USAA MSCI USA Value Momentum ETF						VictoryShares USAA MSCI USA Small Cap Value Momentum ETF
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	3,198,254		$	7,298,240		$	1,936,426		$	2,465,298
Net realized gains (losses) from investments		51,279,601			91,664,113			23,247,714			68,043,756
Net change in unrealized appreciation/depreciation on investments		(21,803,135	)		93,224,120			(17,963,592	)		59,565,325
Change in net assets resulting from operations		32,674,720			192,186,473			7,220,548			130,074,379
Change in net assets resulting from distributions to shareholders		(3,945,776	)		(7,140,505	)		(1,462,984	)		(3,526,739	)
Change in net assets resulting from capital transactions		(96,494,071	)		(206,179,954	)		(10,648,389	)		(66,163,688	)
Change in net assets		(67,765,127	)		(21,133,986	)		(4,890,825	)		60,383,952
Net Assets:
Beginning of period		443,213,364			464,347,350			299,631,281			239,247,329
End of period	$	375,448,237		$	443,213,364		$	294,740,456		$	299,631,281
Capital Transactions:
Proceeds from shares issued		88,866,918			189,957,267			72,615,771			143,357,344
Cost of shares redeemed		(185,360,989	)		(396,137,221	)		(83,264,160	)		(209,521,032	)
Change in net assets resulting from capital transactions		(96,494,071	)		(206,179,954	)		(10,648,389	)		(66,163,688	)
Share Transactions:
Issued		1,300,000			3,200,000			1,000,000			2,200,000
Redeemed		(2,750,000	)		(6,700,000	)		(1,150,000	)		(3,300,000	)
Change in Shares		(1,450,000	)		(3,500,000	)		(150,000	)		(1,100,000	)

	VictoryShares USAA MSCI International Value Momentum ETF						VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021			Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	4,014,574		$	10,949,323		$	5,457,161		$	7,389,948
Net realized gains (losses) from investments		9,214,255			36,512,318			6,312,447			19,617,138
Net change in unrealized appreciation/depreciation on investments		(9,060,777	)		62,078,654			(21,810,164	)		61,071,078
Change in net assets resulting from operations		4,168,052			109,540,295			(10,040,556	)		88,078,164
Change in net assets resulting from distributions to shareholders		(6,542,244	)		(10,100,636	)		(9,058,794	)		(6,382,157	)
Change in net assets resulting from capital transactions		—			(57,063,375	)		(7,238,988	)		19,002,805
Change in net assets		(2,374,192	)		42,376,284			(26,338,338	)		100,698,812
Net Assets:
Beginning of period		357,380,448			315,004,164			265,590,820			164,892,008
End of period	$	355,006,256		$	357,380,448		$	239,252,482		$	265,590,820
Capital Transactions:
Proceeds from shares issued		—			45,460,436			—			72,396,227
Cost of shares redeemed		—			(102,523,811	)		(7,238,988	)		(53,393,422	)
Change in net assets resulting from capital transactions		—			(57,063,375	)		(7,238,988	)		19,002,805
Share Transactions:
Issued		—			1,100,000			—			1,800,000
Redeemed		—			(2,100,000	)		(150,000	)		(1,050,000	)
Change in Shares		—			(1,000,000	)		(150,000	)		750,000

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return(b)
VictoryShares USAA MSCI USA Value Momentum ETF
Six Months Ended December 31, 2021 (Unaudited)	$	65.66		0.55		5.32			5.87			(0.69	)		(0.69	)	$	70.84		8.99	%
Year Ended June 30, 2021	$	45.30		0.81		20.32			21.13			(0.77	)		(0.77	)	$	65.66		47.02	%
Ten Months Ended June 30, 2020(e)	$	50.37		0.72		(4.85	)		(4.13	)		(0.94	)		(0.94	)	$	45.30		(8.31	)%
Year Ended August 31, 2019	$	53.85		1.00		(3.59	)		(2.59	)		(0.89	)		(0.89	)	$	50.37		(4.79	)%
October 24, 2017(f) through August 31, 2018	$	50.19		0.78		3.34			4.12			(0.46	)		(0.46	)	$	53.85		8.23	%
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF
Six Months Ended December 31, 2021 (Unaudited)	$	72.20		0.47		1.38			1.85			(0.36	)		(0.36	)	$	73.69		2.57	%
Year Ended June 30, 2021	$	45.57		0.52		26.84			27.36			(0.73	)		(0.73	)	$	72.20		60.47	%
Ten Months Ended June 30, 2020(e)	$	49.54		0.60		(3.74	)		(3.14	)		(0.83	)		(0.83	)	$	45.57		(6.44	)%
Year Ended August 31, 2019	$	57.21		1.00		(7.86	)		(6.86	)		(0.81	)		(0.81	)	$	49.54		(11.99	)%
October 24, 2017(f) through August 31, 2018	$	50.13		0.57		6.81			7.38			(0.30	)		(0.30	)	$	57.21		14.80	%

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

	Ratios to Average Net Assets									Supplemental Data
	Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares USAA MSCI USA Value Momentum ETF
Six Months Ended December 31, 2021 (Unaudited)		0.20	%		1.63	%		0.27	%	$	375,448		24	%
Year Ended June 30, 2021		0.20	%		1.47	%		0.27	%	$	443,213		76	%
Ten Months Ended June 30, 2020(e)		0.20	%		1.80	%		0.28	%	$	464,347		66	%
Year Ended August 31, 2019		0.20	%		2.00	%		0.25	%	$	468,445		87	%
October 24, 2017(f) through August 31, 2018		0.20	%		1.76	%		0.25	%	$	398,504		84	%
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF
Six Months Ended December 31, 2021 (Unaudited)		0.24	%		1.30	%		0.27	%	$	294,740		34	%
Year Ended June 30, 2021		0.24	%(g)		0.87	%		0.28	%	$	299,631		78	%
Ten Months Ended June 30, 2020(e)		0.25	%		1.53	%		0.31	%	$	239,247		70	%
Year Ended August 31, 2019		0.25	%		1.98	%		0.30	%	$	101,564		88	%
October 24, 2017(f) through August 31, 2018		0.25	%		1.25	%		0.30	%	$	71,517		81	%

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions			Net Asset Value, End of Period		Total Return(b)
VictoryShares USAA MSCI International Value Momentum ETF
Six Months Ended December 31, 2021 (Unaudited):	$	49.64		0.56		0.02			0.58			(0.91	)		(0.91	)	$	49.31		1.17	%
Year Ended June 30, 2021	$	38.42		1.28		11.17			12.45			(1.23	)		(1.23	)	$	49.64		32.66	%
Ten Months Ended June 30, 2020(e)	$	43.16		0.83		(4.35	)		(3.52	)		(1.22	)		(1.22	)	$	38.42		(8.39	)%
Year Ended August 31, 2019	$	48.10		1.30		(4.99	)		(3.69	)		(1.25	)		(1.25	)	$	43.16		(7.70	)%
October 24, 2017(f) through August 31, 2018	$	50.08		1.34		(2.64	)		(1.30	)		(0.68	)		(0.68	)	$	48.10		(2.64	)%
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
Six Months Ended December 31, 2021 (Unaudited):	$	52.08		1.10		(3.03	)		(1.93	)		(1.82	)		(1.82	)	$	48.33		(3.69	)%
Year Ended June 30, 2021	$	37.91		1.36		14.10			15.46			(1.29	)		(1.29	)	$	52.08		41.48	%
Ten Months Ended June 30, 2020(e)	$	41.23		0.73		(2.85	)		(2.12	)		(1.20	)		(1.20	)	$	37.91		(5.47	)%
Year Ended August 31, 2019	$	45.58		1.31		(4.73	)		(3.42	)		(0.93	)		(0.93	)	$	41.23		(7.62	)%
October 24, 2017(f) through August 31, 2018	$	49.95		1.17		(5.10	)		(3.93	)		(0.44	)		(0.44	)	$	45.58		(7.95	)%

Victory Portfolios II

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

	Ratios to Average Net Assets									Supplemental Data
	Net Expenses(c)			Net Investment Income (Loss)(c)			Gross Expenses(c)			Net Assets, End of Period (000's)		Portfolio Turnover(b)(d)
VictoryShares USAA MSCI International Value Momentum ETF
Six Months Ended December 31, 2021 (Unaudited):		0.35	%		2.24	%		0.41	%	$	355,006		36	%
Year Ended June 30, 2021		0.35	%		2.86	%		0.42	%	$	357,380		90	%
Ten Months Ended June 30, 2020(e)		0.35	%		2.41	%		0.41	%	$	315,004		62	%
Year Ended August 31, 2019		0.35	%		2.90	%		0.40	%	$	323,693		87	%
October 24, 2017(f) through August 31, 2018		0.35	%		3.12	%		0.40	%	$	307,836		65	%
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF
Six Months Ended December 31, 2021 (Unaudited):		0.45	%		4.46	%		0.55	%	$	239,252		35	%
Year Ended June 30, 2021		0.45	%		2.98	%		0.56	%	$	265,591		95	%
Ten Months Ended June 30, 2020(e)		0.45	%		2.18	%		0.57	%	$	164,892		51	%
Year Ended August 31, 2019		0.45	%		3.00	%		0.50	%	$	169,051		67	%
October 24, 2017(f) through August 31, 2018		0.45	%		2.77	%		0.50	%	$	154,974		58	%

1. Organization:

The accompanying financial statements are those of the following four Funds (collectively, the "Funds" and individually, a "Fund"). Each Fund is classified as diversified under the 1940 Act.

Funds (Legal Name)				Funds (Short Name)
VictoryShares USAA MSCI USA Value Momentum ETF				USAA MSCI USA Value Momentum ETF
VictoryShares USAA MSCI USA Small Cap Value Momentum ETF				USAA MSCI USA Small Cap Value Momentum ETF
VictoryShares USAA MSCI International Value Momentum ETF				USAA MSCI International Value Momentum ETF
VictoryShares USAA MSCI Emerging Markets Value Momentum ETF				USAA MSCI Emerging Markets Value Momentum ETF

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with Generally Accepted Accounting Principles in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

the transfer and other transactional costs associated with the purchase of Creation Units. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units. Variable fees received by each Fund are displayed in the Capital Transactions section of the Statements of Changes in Net Assets as an increase to Capital.

The transaction fees for each Fund are listed below:

	Fee for In-Kind and Cash Purchases and Redemptions		Maximum Additional Variable Charge for Cash Purchases and Redemptions*
USAA MSCI USA Value Momentum ETF	$	500		2.00	%
USAA MSCI USA Small Cap Value Momentum ETF		750		2.00	%
USAA MSCI International Value Momentum ETF		3,000		2.00	%
USAA MSCI Emerging Markets Value Momentum ETF		5,500		2.00	%

* As a percentage of the amount invested.

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

Portfolio securities listed or traded on securities exchanges, including ETFs, American Depositary Receipts ("ADRs"), and Rights, are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies are valued at their NAV. These valuations are typically categorized as Level 1 in the fair value hierarchy.

value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.

In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time the exchange on which they are traded closes and the time a Fund's NAV is calculated. The Funds use a systematic valuation model, provided daily by an independent third party to fair value its international equity securities. The valuations are considered as Level 2 in the fair value hierarchy.

A summary of the valuations as of December 31, 2021, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedules of Portfolio Investments:

	Level 1		Level 2		Level 3		Total
USAA MSCI USA Value Momentum ETF
Common Stocks	$	374,214,266	$	—	$	—	$	374,214,266
Collateral for Securities Loaned		2,611,642		—		—		2,611,642
Total	$	376,825,908	$	—	$	—	$	376,825,908
Other Financial Investments^:
Assets:
Futures	$	13,771	$	—	$	—	$	13,771
Total	$	13,771	$	—	$	—	$	13,771
USAA MSCI USA Small Cap Value Momentum ETF
Common Stocks	$	293,680,343	$	—	$	—	$	293,680,343
Rights		—		—		4,130		4,130
Collateral for Securities Loaned		7,404,784		—		—		7,404,784
Total	$	301,085,127	$	—	$	4,130	$	301,089,257
Other Financial Investments^:
Assets:
Futures	$	8,018	$	—	$	—	$	8,018
Total	$	8,018	$	—	$	—	$	8,018
USAA MSCI International Value Momentum ETF
Common Stocks	$	351,836,577	$	1,026,104	$	—	$	352,862,681
Collateral for Securities Loaned		3,009,662		—		—		3,009,662
Total	$	354,846,239	$	1,026,104	$	—	$	355,872,343
Other Financial Investments^:
Assets:
Futures	$	20,556	$	—	$	—	$	20,556
Total	$	20,556	$	—	$	—	$	20,556
USAA MSCI Emerging Markets Value Momentum ETF
Common Stocks	$	236,514,413	$	—	$	1,309,177	$	237,823,590
Collateral for Securities Loaned		2,762,727		—		—		2,762,727
Total	$	239,277,140	$	—	$	1,309,177	$	240,586,317
Other Financial Investments^:
Assets:
Futures	$	11,651	$	—	$	—	$	11,651
Total	$	11,651	$	—	$	—	$	11,651

^ Futures contracts are valued at the unrealized appreciation (depreciation) on the investment.

For the six months ended December 31, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

As of December 31, 2021, there were no significant Level 3 holdings in the fair value hierarchy

Real Estate Investment Trusts ("REITs"):

Investment Companies:

Open-End Funds:

Derivative Instruments:

Foreign Exchange Currency Contracts:

Futures Contracts:

the Funds to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Funds based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Funds may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Funds had not entered into any futures transactions. In addition, the value of the Funds' futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Funds' ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Funds is reflected on the Statements of Assets and Liabilities under Deposit with broker for futures contracts.

Summary of Derivative Instruments:

The following table summarizes the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of December 31, 2021:

	Asset
	Variation Margin Receivable on Open Futures Contracts*
Equity Risk Exposure:
USAA MSCI USA Value Momentum ETF	$	13,771
USAA MSCI USA Small Cap Value Momentum ETF		8,018
USAA MSCI International Value Momentum ETF		20,556
USAA MSCI Emerging Markets Value Momentum ETF		11,651

The following table presents the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended December 31, 2021:

	Net Realized Gains (Losses) on Derivatives Recognized as a Result of Operations			Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts			Net Change in Unrealized Appreciation/ Depreciation on Futures Contracts
Equity Risk Exposure:
USAA MSCI USA Value Momentum ETF	$	258,550		$	(32,417	)
USAA MSCI USA Small Cap Value Momentum ETF		(13,092	)		15,069
USAA MSCI International Value Momentum ETF		(67,768	)		57,196
USAA MSCI Emerging Markets Value Momentum ETF		(72,685	)		7,001

Investment Transactions and Related Income:

Securities Lending:

The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default.

The following table is a summary of the Funds' securities lending transactions as of December 31, 2021.

	Value of Securities on Loan		Non-Cash Collateral		Cash Collateral
USAA MSCI USA Value Momentum ETF	$	2,442,929	$	—	$	2,611,642
USAA MSCI USA Small Cap Value Momentum ETF		6,790,948		—		7,404,784
USAA MSCI International Value Momentum ETF		2,864,892		—		3,009,662
USAA MSCI Emerging Markets Value Momentum ETF		2,617,115		—		2,762,727

Foreign Currency Translations:

Foreign Taxes:

Federal Income Taxes:

Allocations:

3. Purchases and Sales:

	Excluding U.S. Government Securities				Associated with In-Kind Transactions
	Purchases		Sales		Purchases		Sales
USAA MSCI USA Value Momentum ETF	$	97,827,110	$	96,624,071	$	88,394,838	$	184,614,477
USAA MSCI USA Small Cap Value Momentum ETF		105,655,096		103,987,208		72,084,817		83,159,228
USAA MSCI International Value Momentum ETF		125,443,623		126,901,097		—		—
USAA MSCI Emerging Markets Value Momentum ETF		85,161,164		91,760,025		—		3,587,996

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

	Flat Rate
USAA MSCI USA Value Momentum Index ETF		0.15	%
USAA MSCI USA Small Cap Value Momentum ETF		0.15	%
USAA MSCI International Value Momentum ETF		0.25	%
USAA MSCI Emerging Markets Value Momentum ETF		0.30	%

Amounts incurred and paid to VCM for the six months ended December 31, 2021, are reflected on the Statements of Operations as Investment advisory fees.

Administration and Servicing Fees:

Net Assets
Up to $15 billion			$15 billion – $30 billion			Over $30 billion
	0.08	%, plus		0.05	%, plus		0.04	%

Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as Administration fees.

Transfer Agency Fees:

Citibank serves as the Funds' Transfer Agent. Amounts incurred for the six months ended December 31, 2021, are reflected on the Statements of Operations as Transfer agent fees.

Distributor/Underwriting Services:

Foreside Fund Services, LLC ("Foreside") serves as the Funds' distributor.

Other Fees:

Sidley Austin LLP provides legal services to the Trust.

	In Effect Until October 31, 2022
USAA MSCI USA Value Momentum ETF		0.20	%
USAA MSCI USA Small Cap Value Momentum ETF		0.25	%
USAA MSCI International Value Momentum ETF		0.35	%
USAA MSCI Emerging Markets Value Momentum ETF		0.45	%

	Expires 2023		Expires 2024		Expires 2025		Total
USAA MSCI USA Value Momentum ETF	$	197,876	$	169,706	$	56,677	$	424,259
USAA MSCI USA Small Cap Value Momentum ETF		40,487		—		—		40,487
USAA MSCI International Value Momentum ETF		71,346		144,936		42,382		258,664
USAA MSCI Emerging Markets Value Momentum ETF		114,888		195,585		84,196		394,669

The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time and are reflected on the Statements of Operations as Expenses waived/reimbursed by Adviser. For the six months ended December 31, 2021, the Adviser voluntarily waived the following amounts:

USAA MSCI USA Value Momentum ETF	$	72,934
USAA MSCI USA Small Cap Value Momentum ETF		47,377
USAA MSCI International Value Momentum ETF		56,860
USAA MSCI Emerging Markets Value Momentum ETF		38,871

5. Risks:

The Funds may be subject to other risks in addition to these identified risks.

Foreign Securities Risk — The USAA MSCI Emerging Markets Value Momentum ETF and USAA MSCI International Value Momentum ETF invest in securities of foreign issuers in various countries. Investing on an international basis involves certain risks not involved in domestic investments including the risk of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of foreign currency, confiscatory taxation, political or financial instability and diplomatic developments, which could affect the value of a Fund's investments in certain foreign countries. Governments of many countries have exercised, and continue to exercise, substantial influence over many aspects of the private sector through the ownership or control of many companies, including some of the largest in these countries. As a result, government actions in the future could have a significant effect on economic conditions which may adversely affect prices of certain portfolio securities. There is also generally less government supervision and regulation of stock exchanges, brokers and listed companies than in the U.S. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding taxes, and special U.S. tax considerations may apply. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. The Schedule of Portfolio Investments includes information on each Fund's holdings, including industry and/or geographic composition, as relevant.

6. Borrowing and Interfund Lending:

Line of Credit:

pro-rata portion of the upfront fee. Interest charged to each fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The average borrowing for the days outstanding and average interest rate for each Fund during the six months ended December 31, 2021, were as follows:

				Amount Outstanding at December 31, 2021				Average Borrowing*				Days Borrowings Outstanding				Average Interest Rate				Maximum Borrowing During the Period
USAA MSCI Emerging Markets Value Momentum ETF				$	—			$	14,200,000				4				1.15	%			18,000,000

* For the six months ended December 31, 2021, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

	Declared	Paid
USAA MSCI USA Value Momentum ETF	Monthly	Monthly
USAA MSCI USA Small Cap Value Momentum ETF	Monthly	Monthly
USAA MSCI International Value Momentum ETF	Monthly	Monthly
USAA MSCI Emerging Markets Value Momentum ETF	Monthly	Monthly

The amounts of dividends from net investment income and distributions from net realized gains (collectively, distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Funds may be reclassified as an offset to capital on the accompanying Statements of Assets and Liabilities.

	Short-Term		Long-Term		Total
USAA MSCI USA Value Momentum ETF	$	46,215,266	$	27,236,702	$	73,451,968
USAA MSCI USA Small Cap Value Momentum ETF		29,253,603		8,031,372		37,284,975
USAA MSCI International Value Momentum ETF		40,393,661		18,995,460		59,389,121
USAA MSCI Emerging Markets Value Momentum ETF		13,909,530		6,470,588		20,380,118

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2021, through December 31, 2021.

	Beginning Account Value 7/1/21		Actual Ending Account Value 12/31/21		Hypothetical Ending Account Value 12/31/21		Actual Expenses Paid During Period 7/1/21- 12/31/21*		Hypothetical Expenses Paid During Period 7/1/21- 12/31/21*		Annualized Expense Ratio During Period 7/1/21- 12/31/21
USAA MSCI USA Value Momentum Index ETF	$	1,000.00	$	1,089.90	$	1,024.20	$	1.05	$	1.02		0.20	%
USAA MSCI USA Small Cap Value Momentum ETF		1,000.00		1,025.70		1,024.00		1.23		1.22		0.24	%

Considerations of the Board in Continuing the Investment Advisory Agreement (the "Agreement")

• The requirements of the Funds for the services provided by the Adviser;

• The nature, quality and extent of the services provided and expected to be provided;

• The performance of the Funds as compared to comparable funds;

• Whether the fee would be sufficient to enable the Adviser to attract and retain experienced personnel and continue to provide quality services to the Funds;

• The total expenses of each Fund;

• Management's commitment to operating the Funds at competitive expense levels;

• The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser's costs) with respect to the Adviser's relationship with the Funds;

• Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions;

• The capabilities and financial condition of the Adviser;

• Current economic and industry trends; and

• The historical relationship between the Trust and the Adviser.

The Board reviewed each Fund's current management fee in the context of the Adviser's profitability with respect to each Fund. The Board retained a consultant to provide comparative information about fees and performance. The Board met with the consultant to review its inputs and methodologies, among other things. The Board compared each Fund's gross management fee and total expense ratio on a net and gross basis with the median gross management fee and median expense ratio of a universe of comparable exchange-traded funds ("ETFs") compiled by the consultant and a peer group of funds with similar investment strategies selected

by that consultant from the universe. The Board reviewed the factors and methodology used by the consultant in the selection of each Fund's peer group, including the consultant's selection of a broad universe of funds, the more specific universe of comparable funds, and peer groups of funds with comparable investment strategies and asset levels, among other factors.

The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund's respective peer group. The Board also found that each Fund's net annual expense ratio was reasonable as compared with each Fund's respective peer group. The Board considered the Adviser's contractual agreement with each Fund to waive its fees and reimburse expenses for a specified period of time, as described in the Fund's prospectus.

The Board reviewed each Fund's performance over the one-year period against the performance of the Fund's selected peer group and benchmark index, noting that each Fund's investment objective is to track its benchmark index before fees and expenses. The Board recognized that the performance of each Fund is net of expenses, while the performance of each benchmark index reflects gross returns, and as a result, each Fund will generally underperform its benchmark index due to fees and expenses. The Board also considered each Fund's tracking error as a factor in evaluating performance.

VictoryShares USAA MSCI USA Value Momentum ETF

Noting that the Fund commenced operations in 2017, the Board compared the Fund's one-year and three-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund outperformed the benchmark index for both of the periods reviewed, outperformed the peer group median for the one-year period and underperformed the peer group median for the three-year period.

VictoryShares USAA MSCI USA Small Cap Value Momentum ETF

Noting that the Fund commenced operations in 2017, the Board compared the Fund's one-year and three-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund outperformed both the benchmark index and the peer group median for both of the periods reviewed.

VictoryShares USAA MSCI International Value Momentum ETF

Noting that the Fund commenced operations in 2017, the Board compared the Fund's one-year and three-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for both of the periods reviewed, outperformed the peer group median for the one-year period and underperformed the peer group median for the three-year period.

VictoryShares USAA MSCI Emerging Markets Value Momentum ETF

Noting that the Fund commenced operations in 2017, the Board compared the Fund's one-year and three-year performance for the periods ended June 30, 2021, to that of the median performance of the Fund's peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for both of the periods reviewed, outperformed the peer group median for the one-year period and underperformed the peer group median for the three-year period.

Conclusion

• The nature, quality and extent of the investment advisory services provided by the Adviser;

• The Adviser's representations regarding its staffing and capabilities to manage the Funds, including the retention of personnel with relevant portfolio management experience;

• The Adviser's efforts to enhance investment results by, among other things, developing quality portfolio management teams; and

• The overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies and performance of the Adviser.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant

has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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

Investment Objective & Portfolio Holdings (Unaudited)					3
Schedules of Portfolio Investments
Victory US 500 Enhanced Volatility Wtd Index Fund					5
Victory Market Neutral Income Fund					17
Financial Statements
Statements of Assets and Liabilities					33
Statements of Operations					34
Statements of Changes in Net Assets					35
Financial Highlights					38
Notes to Financial Statements					42
Supplemental Information (Unaudited)					52
Proxy Voting and Portfolio Holdings Information					52
Expense Examples					52
Advisory Contract Approval					53
Privacy Policy (inside back cover)

The Procter & Gamble Co.	0.4	%
The Hershey Co.	0.4	%
Costco Wholesale Corp.	0.4	%
PepsiCo, Inc.	0.4	%
Church & Dwight Co., Inc.	0.4	%
Colgate-Palmolive Co.	0.4	%
Cerner Corp.	0.4	%
McDonald's Corp.	0.4	%
McCormick & Co., Inc.	0.3	%
The Coca-Cola Co.	0.3	%

Emera, Inc.	0.5	%
Far EasTone Telecommunications Co. Ltd.	0.5	%
Fortis, Inc.	0.5	%
Otter Tail Corp.	0.4	%
Taiwan Mobile Co. Ltd.	0.4	%
CSG Systems International, Inc.	0.4	%
The Bank of Nova Scotia	0.4	%
Mega Financial Holding Co. Ltd.	0.4	%
Costco Wholesale Corp.	0.4	%
BCE, Inc.	0.4	%

Visit our website at:				Call Victory at:
www.vcm.com				800-539-FUND (800-539-3863)
				800-235-8396 for Member Class

Investment Objective & Portfolio Holdings (Unaudited)					2
Schedules of Portfolio Investments
VictoryShares US 500 Volatility Wtd ETF					19
VictoryShares US Small Cap Volatility Wtd ETF					31
VictoryShares International Volatility Wtd ETF					43
VictoryShares US Large Cap High Div Volatility Wtd ETF					63
VictoryShares US Small Cap High Div Volatility Wtd ETF					67
VictoryShares International High Div Volatility Wtd ETF					71
VictoryShares Emerging Market High Div Volatility Wtd ETF					77
VictoryShares Dividend Accelerator ETF					83
VictoryShares US Multi-Factor Minimum Volatility ETF					86
VictoryShares US 500 Enhanced Volatility Wtd ETF					89
VictoryShares US EQ Income Enhanced Volatility Wtd ETF					101
VictoryShares US Discovery Enhanced Volatility Wtd ETF					105
VictoryShares Developed Enhanced Volatility Wtd ETF					117
VictoryShares Nasdaq Next 50 ETF					137
VictoryShares ESG Core Plus Bond ETF					139
VictoryShares ESG Corporate Bond ETF					150
VictoryShares THB Mid Cap ESG ETF					156
Financial Statements
Statements of Assets and Liabilities					158
Statements of Operations					164
Statements of Changes in Net Assets					170
Financial Highlights					176
Notes to Financial Statements					188
Supplemental Information (Unaudited)
Proxy Voting and Portfolio Holdings Information					206
Expense Examples					206
Advisory Contract Approval					208
Privacy Policy (inside back cover)

TTM Technologies, Inc.	0.6	%
Otter Tail Corp.	0.5	%
CSG Systems International, Inc.	0.4	%
Hostess Brands, Inc.	0.4	%
Mesa Laboratories, Inc.	0.4	%
Columbia Financial, Inc.	0.4	%
Encore Wire Corp.	0.4	%
Carriage Services, Inc.	0.4	%
Knowles Corp.	0.4	%
CBIZ, Inc.	0.4	%

Costco Wholesale Corp.	1.7	%
PepsiCo, Inc.	1.7	%
The Coca-Cola Co.	1.5	%
Consolidated Edison, Inc.	1.5	%
Johnson & Johnson	1.5	%
Verizon Communications, Inc.	1.5	%
Kimberly-Clark Corp.	1.4	%
The Southern Co.	1.4	%
General Mills, Inc.	1.4	%
Duke Energy Corp.	1.4	%

Otter Tail Corp.	2.0	%
CSG Systems International, Inc.	1.9	%
Chesapeake Utilities Corp.	1.6	%
MGE Energy, Inc.	1.6	%
SJW Group	1.5	%
Northwest Bancshares, Inc.	1.4	%
Safety Insurance Group, Inc.	1.4	%
Avista Corp.	1.4	%
Kforce, Inc.	1.4	%
Franchise Group, Inc.	1.4	%

Emera, Inc.	2.3	%
Fortis, Inc.	2.2	%
The Bank of Nova Scotia	1.9	%
BCE, Inc.	1.9	%
TELUS Corp.	1.8	%
Great-West Lifeco, Inc.	1.7	%
CLP Holdings Ltd.	1.6	%
Softbank Corp.	1.4	%
National Grid PLC	1.4	%
Snam SpA	1.4	%

Far EasTone Telecommunications Co. Ltd.	2.4	%
Taiwan Mobile Co. Ltd.	2.1	%
Mega Financial Holding Co. Ltd.	2.0	%
Mobile TeleSystems PJSC	1.8	%
SinoPac Financial Holdings Co. Ltd.	1.7	%
Bank of China Ltd., Class H	1.6	%
Rostelecom PJSC	1.5	%
Inter RAO UES PJSC	1.4	%
Tenaga Nasional Bhd	1.4	%
Arca Continental SAB de CV	1.4	%

3M Co.	3.0	%
McDonald's Corp.	3.0	%
Xcel Energy, Inc.	2.8	%
ResMed, Inc.	2.6	%
Alliant Energy Corp.	2.4	%
Consolidated Edison, Inc.	2.3	%
Aon PLC, Class A	2.3	%
W.W. Grainger, Inc.	2.3	%
Dollar General Corp.	2.0	%
Dover Corp.	2.0	%

Microsoft Corp.	9.0	%
Apple, Inc.	8.3	%
AbbVie, Inc.	3.9	%
Johnson & Johnson	3.9	%
AutoZone, Inc.	3.4	%
Walmart, Inc.	3.3	%
O'Reilly Automotive, Inc.	3.2	%
Automatic Data Processing, Inc.	3.2	%
Waste Management, Inc.	3.2	%
The Kroger Co.	3.1	%

Old Dominion Freight Line, Inc.	3.5	%
The Trade Desk, Inc., Class A	3.5	%
AstraZeneca PLC	3.0	%
MongoDB, Inc.	3.0	%
Zebra Technologies Corp.	2.7	%
CoStar Group, Inc.	2.7	%
ON Semiconductor Corp.	2.5	%
CDW Corp.	2.4	%
Etsy, Inc.	2.4	%
Cerner Corp.	2.3	%

Copart, Inc.	4.7	%
Cadence Design Systems, Inc.	4.6	%
Amphenol Corp., Class A	4.4	%
Verisk Analytics, Inc.	4.1	%
Waters Corp.	4.1	%
J.B. Hunt Transport Services, Inc.	3.8	%
Tyler Technologies, Inc.	3.8	%
NVR, Inc.	3.7	%
Synopsys, Inc.	3.7	%
Zebra Technologies Corp.	3.6	%

Investment Objective & Portfolio Holdings (Unaudited)					2
Schedules of Portfolio Investments
VictoryShares USAA Core Short-Term Bond ETF					4
VictoryShares USAA Core Intermediate-Term Bond ETF					19
Financial Statements
Statements of Assets and Liabilities					42
Statements of Operations					43
Statements of Changes in Net Assets					44
Financial Highlights					46
Notes to Financial Statements					48
Supplemental Information (Unaudited)					58
Proxy Voting and Portfolio Holdings Information					58
Expense Examples					58
Advisory Contract Approval					59
Privacy Policy (inside back cover)

The J.M. Smucker Co.	1.1	%
Public Storage	1.1	%
Oracle Corp.	1.0	%
Juniper Networks, Inc.	1.0	%
Extra Space Storage, Inc.	0.9	%
AbbVie, Inc.	0.9	%
Archer-Daniels-Midland Co.	0.9	%
Bristol-Myers Squibb Co.	0.9	%
Alphabet, Inc., Class A	0.9	%
The Kroger Co.	0.9	%

National Fuel Gas Co.	0.5	%
Weis Markets, Inc.	0.5	%
Otter Tail Corp.	0.5	%
Encore Wire Corp.	0.5	%
Universal Corp.	0.5	%
STAG Industrial, Inc.	0.5	%
Life Storage, Inc.	0.4	%
Ingles Markets, Inc., Class A	0.4	%
Amphastar Pharmaceuticals, Inc.	0.4	%
National Storage Affiliates Trust	0.4	%

Loblaw Cos. Ltd.	1.1	%
George Weston Ltd.	1.0	%
Segro PLC	0.9	%
Bank Leumi Le-Israel BM	0.9	%
Tesco PLC	0.9	%
Hermes International	0.9	%
Koninklijke Ahold Delhaize NV	0.8	%
Novo Nordisk A/S, Class B	0.8	%
Merck KGaA	0.8	%
Sofina SA	0.7	%

China Power International Development Ltd.	1.0	%
Synnex Technology International Corp.	1.0	%
WPG Holdings Ltd.	1.0	%
Taishin Financial Holding Co. Ltd.	1.0	%
Compal Electronics, Inc.	0.9	%
Bank of China Ltd., Class H	0.9	%
China Development Financial Holding Corp.	0.9	%
Arca Continental SAB de CV	0.9	%
KT&G Corp.	0.9	%
Grupo Bimbo SAB de CV, Class A	0.8	%

By (Signature and Title)*	/s/ Allan Shaer
	Allan Shaer, Principal Financial Officer

By (Signature and Title)*	/s/ Christopher K. Dyer
	Christopher K. Dyer, Principal Executive Officer