N-CSR

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Beginning on February 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Six Circles Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund. Instead, the reports will be made available on the Funds’ website (www.sixcirclesfunds.com/literature), and you or your J.P. Morgan representative as applicable, will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund by contacting your J.P. Morgan representative or by calling us collect at 1-212-464-2070.

You may elect to receive all future reports in paper free of charge. You can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by contacting your J.P. Morgan representative or by calling us collect at 1-212-464-2070. Your election to receive reports in paper will apply to all Six Circles Funds.

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

For more complete information about the Funds, including the Funds’ objectives, risks, charges and expenses, call your J.P. Morgan representative or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully. An investment in these Funds and any other Fund is not designed to be a complete investment program. The Funds are NOT designed to be used as stand-alone investments.

Dear Shareholder,

When we last wrote to you, few of us could have imagined that today we would still find ourselves in the midst of a global pandemic. Now, as then, it is our fervent hope that you and your loved ones are safe and well.

The 12-month period covered by this annual report will likely stand out as among the most consequential in our lifetime. Against the backdrop of the pandemic and a tumultuous U.S. Presidential election year, investors were faced with unprecedented market volatility and uncertainty.

The Six Circles Funds were designed in part to help our discretionary portfolios navigate through all types of markets, by providing us with the means to isolate and target our highest conviction ideas. On the following pages, we provide detailed discussions on each of the Six Circles Funds.

As a reminder, the Six Circles Funds are not meant to be standalone investments. They are purposefully constructed as completion funds and, as such, we believe they should be reviewed and evaluated within the context of your broader portfolio for a complete picture of their performance.

Introducing Six Circles Credit Opportunities Fund

In the Semi-Annual Report for the Funds, you learned that we had expanded the Six Circles Fund family to include Six Circles Global Bond Fund and Six Circles Tax Aware Bond Fund. Since

then, we have further grown our suite of Funds to include Six Circles Credit Opportunities Fund, which seeks to provide total return by investing mainly in global fixed income opportunities, including below investment-grade debt and other tactical credit opportunities.

As with all of the Six Circles Funds, J.P. Morgan Private Investments Inc. (“JPMPI”), an affiliate of J.P. Morgan, is investment adviser to Six Circles Credit Opportunities Fund, and is engaging third party investment managers with demonstrated asset class specialization to sub-advise the Funds in accordance with our investment philosophy.

I hope you find the information on these pages to be informative and helpful. If you should have any questions about the Funds, you can contact your J.P. Morgan team, visit the Fund’s website at www.sixcirclesfunds.com, or call us at 212-464-2070.

Wishing you all the best in 2021.

Sincerely,

LOGO

Mary Savino

President, Six Circles Funds

INVESTMENT OBJECTIVES AND STRATEGY**

Six Circles Ultra Short Duration Fund (the “Fund”) seeks to generate current income consistent with capital preservation. The Fund mainly invests in U.S. dollar and non-U.S. dollar denominated investment grade short-term fixed and floating rate debt securities. Allocates assets among securities with various maturities which, under normal market conditions, will not exceed an average effective portfolio duration of two years.

INVESTMENT APPROACH

J.P. Morgan Private Investments Inc., the Fund’s investment adviser (“JPMPI” or the “Adviser”) constructs the Fund’s portfolios by allocating the Fund’s assets among investment strategies managed by one or more sub-advisers retained by the Adviser (each a “Sub-Adviser”). The Adviser currently allocates Fund assets to the following Sub-Advisers:

•

Goldman Sachs Asset Management, L.P. (“Goldman”)*

•

BlackRock Investment Management, LLC (“BlackRock”)

•

Pacific Investment Management Company LLC (“PIMCO”)

(*During the reporting period, the Adviser has reduced Goldman’s allocated portion and strategy of the Fund to zero)

The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary portfolios managed by JPMPI or its affiliates (the “Portfolios”). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the broader Portfolios. As such, the Fund’s allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

During the period of January 1, 2020 through December 31, 2020 (the “reporting period”), the Fund posted a positive return on an absolute basis, and outperformed relative to the Bloomberg Barclays 1-3 Month U.S. T-Bill Index (the “Index”). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely-recognized index.

By sector composition, Investment Grade Credit and Securitized Credit comprised approximately 80% of the Fund’s exposure on a look-through basis at the end of the reporting period, and were the Fund’s largest sector overweights relative to the Index. During the reporting period, both sectors contributed to the Fund’s performance on an absolute basis, as well as relative to the Index.

The Fund’s exposure to Government Bonds was the Fund’s largest sector underweight relative to the Index and comprised approximately 9% of the Fund’s exposure on a look-through basis at the end of the reporting period. During the reporting period, this sector contributed to the Fund’s performance on an absolute basis, but detracted relative to the Index.

On an allocation level, both of the Fund’s allocations — Global Markets and Core Ultra Short — contributed to the Fund’s return on an absolute basis during the reporting period.

HOW WAS THE FUND POSITIONED?

At the start of the reporting period, the Fund was allocated to three Sub-Advisers across various sectors, credit ratings, maturity buckets, and regional exposures. During the reporting period, the Adviser reduced the Conservative Income allocation of the Fund to zero and added to the Core Ultra Short allocation, given that market volatility resulting from the spread of COVID-19 created significant opportunities in areas of the fixed income market other than what the Conservative Income allocation targeted. At the end of the reporting period, the Fund was allocated to two strategies managed by two Sub-Advisers as follows:


PORTFOLIO ALLOCATION***
Core Ultra Short (BlackRock)	70	%
Global Markets (PIMCO)	30

The return shown is based on the net asset value calculated for shareholder transactions. Certain adjustments were made to the net assets of the Fund at December 31, 2020 for financial reporting purposes, and as a result, the net asset value for shareholder transactions and the total return based on that net asset value may differ from the adjusted net assets and the total return for financial reporting.

The Adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

***

Percentages are based on total investments as of December 31, 2020. The portfolio allocation is subject to change.

Within the fixed income allocation on the broader Portfolio level, the Adviser prefers high-quality liquid investments combined with flexibility to implement opportunistic ideas across fixed income markets. The majority of the Fund’s assets were invested into the more liquid segments of the fixed income market, with approximately 91% of the Fund invested in instruments with maturities of three years and under as of December 31, 2020.

The Adviser allocates to the two Sub-Advisers with the expectation that the Sub-Advisers will capitalize on the opportunities present in the segment of the fixed income market that their specific mandate is focused on.

The Core Ultra Short allocation, which comprised approximately 70% of the Fund as of December 31, 2020, invests in a diversified fixed income portfolio on the shorter end of the U.S. fixed income market, balancing income against credit quality, within the context of the broader Portfolios.

The Global Markets allocation, which comprised approximately 30% of the Fund as of December 31, 2020, has a broad investment universe, seeking total return opportunities within the global fixed income markets.


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	1 Year			Since Inception (July 9, 2018)
Six Circles Ultra Short Duration Fund		2.05	%		5.73	%

GROWTH OF $10,000 REPORT (07/9/18 TO 12/31/20)

LOGO

¹⁾

Presented percentages may not sum to 100% due to rounding to the nearest percent. The above Sector allocation uses The Global Industry Classification Standard (GICS^®) and may differ from categories listed within the Schedule of Investments.

The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.41% and 0.25% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.

The Fund commenced operations on July 9, 2018.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Ultra Short Duration Fund and the Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index from July 9, 2018 to December 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index measures the performance of Treasury securities and is selected by a Market Value process. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund’s fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by JP MORGAN CHASE BANK NA. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

INVESTMENT OBJECTIVES AND STRATEGY**

Six Circles Tax Aware Ultra Short Duration Fund (the “Fund”) seeks to generate current income consistent with capital preservation. Invests at least 50% of its net assets in municipal securities, the income from which is exempt from federal income tax¹⁾. The Fund also may invest in taxable instruments. Allocates assets among securities with various maturities which, under normal market conditions, will not exceed an average effective portfolio duration of two years.

INVESTMENT APPROACH

•

Goldman Sachs Asset Management, L.P. (“Goldman”)*

•

Mellon Investments Corporation (“Mellon”)

•

Pacific Investment Management Company LLC (“PIMCO”)

(*During the reporting period, the Adviser has reduced Goldman’s allocated portion and strategy of the Fund to zero)

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

During the period of January 1, 2020 through December 31, 2020 (the “reporting period”), the Fund posted a positive return on an absolute basis, and outperformed relative to the iMoneyNet Tax-Free National Institutional Money Market (the “Index”). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely-recognized index.

By sector composition, Municipal Bonds and Investment Grade Credit were the largest sector exposures in the Fund on a look-through basis and comprised approximately 70% and 10% of the Fund, respectively, at the end of the reporting period. Both of these exposures contributed to the Fund’s performance on an absolute basis.

On an allocation level, both of the Fund’s allocations — Global Markets and Core Municipal Ultra Short — contributed to the Fund’s return on an absolute basis during the reporting period.

HOW WAS THE FUND POSITIONED?

At the start of the reporting period, the Fund was allocated to three Sub-Advisers across various sectors, credit ratings, maturity buckets, and regional exposures. During the reporting period, the Adviser reduced the Municipal Conservative Income allocation of the Fund to zero and added to the Core Municipal Ultra Short allocation, given that market volatility resulting from the spread of COVID-19 created significant opportunities in areas of the fixed income market other than what the Municipal Conservative Income allocation targeted. At the end of the reporting period, the Fund was allocated to two strategies managed by two Sub-Advisers as follows:


PORTFOLIO ALLOCATION***
Core Municipal Ultra Short (Mellon)	70	%
Global Markets (PIMCO)	30

The Adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

***

Percentages are based on total investments as of December 31, 2020. The portfolio allocation is subject to change.

¹⁾

Interest on Municipal securities is exempt from federal income tax however interest on certain bonds may be subject to the federal alternative minimum tax for individuals.

into the more liquid segments of the fixed income market, with approximately 97% of the Fund invested into instruments with maturities of three years and under as of December 31, 2020.

The Core Municipal Ultra Short allocation, which comprised approximately 70% of the Fund as of December 31, 2020, invests in a diversified fixed income portfolio on the shorter end of the U.S. municipal fixed income market, balancing income against credit quality, within the context of the broader portfolio.


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	1 Year			Since Inception (July 9, 2018)
Six Circles Tax Aware Ultra Short Duration Fund		1.81	%		4.32	%

GROWTH OF $10,000 REPORT (07/9/18 TO 12/31/20)

LOGO

²⁾

The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.37% and 0.21% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.

The Fund commenced operations on July 9, 2018.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Tax Aware Ultra Short Duration Fund and the iMoneyNet Tax-Free National Institutional Money Market Index from July 9, 2018 to December 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the iMoneyNet Tax-Free National Institutional Money Market Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The iMoneyNet Tax-Free National Institutional Money Market Index is an average of all tax-free and municipal, U.S.-domiciled institutional and retail money market funds. Investors cannot invest directly in an index.

INVESTMENT OBJECTIVES AND STRATEGY**

Six Circles U.S. Unconstrained Equity Fund (the “Fund”) seeks to provide capital appreciation. Invests at least 80% of its net assets in equity securities issued by U.S. companies and other instruments with economic characteristics similar to equity securities issued by U.S. companies. The Fund is generally unconstrained by any particular capitalization, style or industry sector.

INVESTMENT APPROACH

J.P. Morgan Private Investments Inc., the Fund’s investment adviser (“JPMPI” or the “Adviser”), actively allocates the Fund’s investments among a range of indexed investment strategies that are managed by the current sub-adviser, BlackRock Investment Management, LLC (the “Sub-Adviser” or “BlackRock”). For each indexed investment strategy, the Sub-Adviser seeks to replicate the performance of an index or sub-index selected by the Adviser. The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary portfolios managed by JPMPI or its affiliates (the “Portfolios”). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the broader Portfolios. As such, the Fund’s allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

During the period of January 1, 2020 through December 31, 2020 (the “reporting period”), the Fund posted a positive return on an absolute basis, and outperformed relative to the MSCI USA Index (the “Index”). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely-recognized index.

Industrials, Financials and Communication Services sectors comprised approximately 56% of the Fund’s sector exposure on a look-through basis at the end of the reporting period, and were the Fund’s largest sector overweights relative to the Index. During the reporting period, all the three sectors contributed to the Fund’s performance on an absolute basis, as well as relative to the Index.

Information Technology and Consumer Discretionary sectors comprised approximately 23% of the Fund’s sector exposure on a look-through basis at the end of the reporting period, and were the Fund’s largest sector underweights relative to the Index. Both sectors contributed to the Fund’s performance on an absolute basis. While Consumer Discretionary positioning relative to the Index contributed, relative positioning in Information Technology detracted.

The allocation to Dividend Growth, which the Adviser initiated as a way to obtain exposure to companies capable of consistently raising their dividend payments, was the largest detractor from the Fund’s return. The Adviser eliminated the allocation to Dividend Growth during the reporting period.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund was allocated to thirteen strategies managed by one Sub-Adviser, across various sector and sub-industry exposures as follows:


PORTFOLIO ALLOCATION***
USA	19	%
U.S. Financials	16
U.S. Interactive Media & Services	12
U.S. Industrials	9
U.S. Pharmaceuticals	8
U.S. Air Freight & Logistics	6
U.S. Machinery	6
U.S. Software	6
U.S. Beverages	5
U.S. Biotechnology	4
U.S. Automobiles	3
U.S. Internet Retail	3
U.S. Semi & Semi Equip	3

The Adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

***

Percentages are based on total investments as of December 31, 2020. The portfolio allocation is subject to change.

Allocation to Broad USA comprised approximately 19% of the Fund as of December 31, 2020. Within the context of the broader Portfolios, the Adviser believes that the allocation provides ability to tactically allocate to broad U.S. large cap exposure and use as a potential funding source for future targeted allocations.

Allocation to the U.S. Financials comprised approximately 16% of the Fund as of December 31, 2020. The Adviser believes in capital adequacy and dividend sustainability in the sector, and has conviction in the position given compelling valuations and more realistic market expectations about potential credit costs and buybacks.

Allocation to U.S. Interactive Media & Services focuses on companies engaged in content and information creation or distribution through proprietary platforms, where revenues are derived primarily through pay-per-click advertisements. This allocation was approximately 12% of the Fund as of December 31, 2020. The Adviser believes in the opportunities available in the cloud market and see potential for continued strength in earnings growth.

Allocation to the U.S. Industrials was approximately 9% of the Fund as of December 31, 2020. The Adviser believes that the Industrials are built on cyclical exposures that would benefit from economic recovery and growth.

Allocation to U.S. Pharmaceuticals and U.S. Biotechnology comprised approximately 8% and 4% of the Fund respectively, as of December 31, 2020. The Adviser believes that the market is overestimating the risks that potential policy changes may have, given the industry’s long-term growth tailwinds.

Allocation to U.S. Machinery, which is a sub-industry of the Industrials sector, is comprised of concentrated exposure to companies in which the Adviser has high conviction. The allocation was approximately 6% of the Fund as of December 31, 2020.

The Adviser believes that allocation to U.S. Air Freight & Logistics has benefited from COVID-19 given e-commerce networks. This allocation comprised approximately 6% of the Fund as of December 31, 2020.

Allocation to U.S. Software and U.S. Internet Retail provides what the Adviser believes is a multi-year opportunity for the leaders in this space to take advantage of businesses shifting workloads onto Cloud-based platforms. These exposures collectively comprised approximately 9% of the Fund as of December 31, 2020.

Allocation to U.S. Beverages was approximately 5% of the Fund’s exposure as of December 31, 2020 and reflects the Adviser’s belief that major players of this sector are going through structural changes and are set to improve free cash flow conversion.

The Adviser believes that allocation to U.S. Semis & Semi Equipment industries are attractive after the valuations have become more reasonable. This allocation comprised approximately 3% of the Fund as of December 31, 2020.

The Adviser believes that allocation to U.S. Automobiles helps target direct exposure to a concentrated segment of the market in order to manage risk related to the sector. This allocation comprised approximately 3% of the Fund as of December 31, 2020.


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	1 Year			Since Inception (July 9, 2018)
Six Circles U.S. Unconstrained Equity Fund		27.64	%		44.91	%

GROWTH OF $10,000 REPORT (07/9/18 TO 12/31/20)

LOGO

¹⁾

The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.29% and 0.08% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.

The Fund commenced operations on July 9, 2018.

The graph illustrates comparative performance for $10,000 invested in the Six Circles U.S. Unconstrained Equity Fund and the MSCI USA Index from July 9, 2018 to December 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the U.S. market. With 627 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the United States. Investors cannot invest directly in an index.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for

or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

INVESTMENT OBJECTIVES AND STRATEGY**

Six Circles International Unconstrained Equity Fund (the “Fund”) seeks to provide capital appreciation. Invests at least 80% of its net assets in equity securities and other instruments with economic characteristics similar to equity securities. Primarily invests in the equity securities of non-U.S. companies and is generally unconstrained by any particular capitalization, style or sector or non-U.S. country.

INVESTMENT APPROACH

J.P. Morgan Private Investments Inc., the Fund’s investment adviser (“JPMPI” or the “Adviser”), actively allocates the Fund’s investments among a range of indexed investment strategies that are managed by the current sub-adviser, BlackRock Investment Management, LLC (the “Sub-Adviser” or “BlackRock”). For each indexed investment strategy, the Sub-Adviser seeks to replicate the performance of an index or sub-index selected by the Adviser. The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary portfolios managed by JPMPI or its affiliates (the “Portfolios”). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the Portfolios. As such, the Fund’s allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

During the period of January 1, 2020 through December 31, 2020 (the “reporting period”), the Fund posted a positive return on an absolute basis, and underperformed the MSCI World ex USA Index (the “Index”). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely-recognized index.

Information Technology, Utilities and Health Care sectors comprised approximately 48% of the Fund’s sector exposure on a look-through basis at the end of the reporting period, and were the Fund’s largest sector overweights relative to the Index. All three sectors contributed to the Fund’s performance on an absolute basis. While Information Technology and Utilities contributed, Health Care detracted from the Fund’s performance relative to the Index.

Consumer Discretionary and Materials sectors comprised approximately 8% of the Fund’s sector exposure on a look-through basis at the end of the reporting period, and were the Fund’s largest sector underweights relative to the Index. Both sectors contributed to the Fund’s performance on an absolute basis but detracted relative to index.

The allocation to European Mid Cap detracted from the Fund’s return on an absolute basis during the reporting period. The allocation to European Mid Cap was removed by the Adviser during the reporting period.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund was allocated to eleven strategies managed by one Sub-Adviser, across various sector and sub-industry exposures as follows:


PORTFOLIO ALLOCATION***
Europe Pharmaceuticals	18	%
Europe Industrials	17
Europe Insurance	12
Europe ex-UK Utilities	10
Korea Tech Hardware Storage and Peripherals	10
Broad UK	8
Europe Info Technology	7
Europe	6
Emerging Markets	4
Europe Automobiles	4
Europe Food, Beverage &Tobacco	4

The Adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

***

Percentages are based on total investments as of December 31, 2020. The portfolio allocation is subject to change.

Allocation to Europe Pharmaceuticals comprised approximately 18% of the Fund as of December 31, 2020 and provides what the Adviser believes to be a defensive exposure with attractive fundamentals, within the context of the broader Portfolios.

Allocation to the Europe Industrials was approximately 17% of the Fund as of December 31, 2020. The Adviser believes that the Industrials sector is built on cyclical exposures that would benefit from economic recovery.

The Adviser believes that the Europe Insurance allocation allows the portfolios to be broadly underweight European Equities but allow the portfolios to target an overall overweight to European Insurance. This allocation was approximately 12% of the Fund as of December 31, 2020.

The Adviser believes that allocation to Europe ex-UK Utilities serves as a defensive position with exposure to renewable energy, which helps diversify against European Energy positions and provides a growth dynamic to the sector. This allocation was approximately 10% of the Fund as of December 31, 2020.

The Adviser believes that the allocation to Korea Technology Hardware, Software and Peripherals provides exposure to a strong player within the global technology supply chain. The allocation was approximately 10% of the Fund as of December 31, 2020.

Allocation to Broad UK comprised approximately 8% of the Fund as of December 31, 2020. Within the context of the broader Portfolios, the Adviser believes that the allocation is poised to recover with clarity around Brexit and as COVID-19 subsides.

Allocation to Europe Information Technology, which allows the Adviser to access broad European Technology within the Technology sector, was approximately 7% of the Fund as of December 31, 2020.

Allocation to Broad Europe comprised approximately 6% of the Fund as of December 31, 2020. Within the context of the broader Portfolios, the Adviser believes that the allocation provides ability to tactically allocate to broad Europe large cap exposure and use as a potential funding source for future targeted allocations.

The Adviser believes that the valuations of Emerging Markets look reasonable and the prospects for growth have improved. The sector has become less dependent on commodity-based industries like energy and is gaining more technology exposure. This allocation was approximately 4% of the Fund as of December 31, 2020.

The Adviser believes that allocation to Europe Automobiles is expected to perform well as the economy recovers. The focus on electric vehicles are likely to be a tailwind. This allocation comprised approximately 4% of the Fund as of December 31, 2020.

The Adviser believes that allocation to Europe Food, Beverage & Tobacco serves as a defensive anchor in the broader Portfolios, with better fundamentals and valuations than many other defensive exposures. This allocation was approximately 4% of the Fund as of December 31, 2020.


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	1 Year			Since Inception (July 9, 2018)
Six Circles International Unconstrained Equity Fund		6.17	%		4.99	%

GROWTH OF $10,000 REPORT (07/9/18 TO 12/31/20)

LOGO

¹⁾

The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.33% and 0.13% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.

The Fund commenced operations on July 9, 2018.

The graph illustrates comparative performance for $10,000 invested in the Six Circles International Unconstrained Equity Fund and the MSCI World ex-USA Index from July 9, 2018 to December 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI World ex-USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI World ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries—excluding the United States. With 1016 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Investors cannot invest directly in an index.

International investing has a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and different accounting and taxation policies outside the U.S. can affect returns.

make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

INVESTMENT OBJECTIVES AND STRATEGY**

Seeks to provide total return. Invests mainly in a global portfolio of investment grade fixed income securities with varying maturities mainly across government, corporate, and securitized fixed income sectors. The fund will also allocate across a number of different countries around the world.

INVESTMENT APPROACH

The Fund was launched on May 19, 2020. J.P. Morgan Private Investments Inc., the Fund’s investment adviser (“JPMPI” or the “Adviser”) constructs the Fund’s portfolios by allocating the Fund’s assets among investment strategies managed by one or more sub-advisers retained by the Adviser (each a “Sub-Adviser”). The Adviser currently allocates Fund assets to the following Sub-Advisers:

•

BlackRock Investment Management, LLC (“BlackRock”)

•

Pacific Investment Management Company LLC (“PIMCO”)

•

PGIM, Inc. (“PGIM”)

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

Since its launch on May 19, 2020 through December 31, 2020, the Fund posted a positive return on an absolute basis, and performed in line with the Bloomberg Barclays Global Aggregate Index (the “Hedged Index”). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely-recognized index.

By sector composition, Government Bonds were the largest sector exposure in the Fund on a look-through basis and comprised approximately 42% of the Fund at the end of the reporting period, with the Fund being underweight this sector relative to the Index. Core Bonds contributed to the Fund’s performance on an absolute basis during the reporting period.

Emerging Market Debt comprised approximately 6% of the Fund’s exposure on a look-through basis at the end of the reporting period, with the Fund being underweight this sector relative to the Index. During the reporting period, exposure to Emerging Markets Debt contributed to the Fund’s performance on an absolute basis.

On an allocation level, the Fund’s allocation to Global Credit was the largest contributor, while the allocation to U.S. Government was the largest detractor from the Fund’s return on an absolute basis during the reporting period.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund was allocated to ten strategies across various sectors, credit ratings, maturity buckets, and regional exposures.


PORTFOLIO ALLOCATION***
Asian Pacific Government (BlackRock)	40	%
Global Credit (PGIM)	10
Global Securitized (PIMCO)	10
Pan-European Government (BlackRock)	9
Pan-European Credit (BlackRock)	8
U.S. Government (BlackRock)	8
U.S. Securitized (BlackRock)	8
Global Government (PGIM)	5
Pan-European Securitized (BlackRock)	1
U.S. Credit (BlackRock)	1

As the Fund launched on May 19, 2020, its performance history is limited and may not reflect how the Fund will perform over longer periods. The return shown is based on the net asset value calculated for shareholder transactions. Certain adjustments were made to the net assets of the Fund at December 31, 2020 for financial reporting purposes, and as a result, the net asset value for shareholder transactions and the total return based on that net asset value may differ from the adjusted net assets and the total return for financial reporting.

The Adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

***

Percentages are based on total investments as of December 31, 2020. The portfolio allocation is subject to change.

Allocations to Asia Pacific Government and Pan-European Government comprised approximately 49% of the Fund as of December 31, 2020 and provide what the Adviser believes is a low tracking error, tactical way to allocate to government bonds within these regions.

Period May 19, 2020 (Fund Inception Date) Through December 31, 2020 (Unaudited) (continued)

Allocation to Global Credit and Pan European Credit comprised approximately 18% of the Fund as of December 31, 2020, and provides what the Adviser believes to be a full tracking error, flexible access point to a broad of global corporate bonds across different regions, sectors, and credit qualities.

Allocation to Global Securitized and Pan European Securitized comprised approximately 11% of the Fund as of December 31, 2020 and provides what the Adviser believes to be full tracking error, flexible access to a broad range of securitized debt across different regions, sectors, and credit qualities.

The Adviser believes that the allocation to Global Government provides full tracking error access to a broad range of government bonds across different regions. The allocation was approximately 5% of the Fund as of December 31, 2020.

Allocations to U.S. Credit, U.S. Government, and U.S. Securitized each comprised approximately 17% of the Fund as of December 31, 2020. These allocations provide what the Adviser believes is a low tracking error, tactical way to allocate within these sectors.


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	Since Inception (May 19, 2020)
Six Circles Global Bond Fund		2.67	%

GROWTH OF $10,000 REPORT (05/19/20 TO 12/31/20)

LOGO

¹⁾

The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.42% and 0.25% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.

The Fund commenced operations on May 19, 2020.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Global Bond Fund and the Bloomberg Barclays Global-Aggregate Index - Hedged USD from May 19, 2020 to December 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays Global-Aggregate Index - Hedged USD does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg Barclays Global Aggregate Index provides a broad-based measure of the global investmentgrade fixed income markets. Investors cannot invest directly in an index.

INVESTMENT OBJECTIVES AND STRATEGY**

Seeks to provide after-tax total return. Invests at least 50% in municipal securities (across varying maturity ranges), the income from which is exempt from federal income tax¹⁾. The Fund also may invest in taxable instruments.

INVESTMENT APPROACH

•

Capital International Inc. (“Capital Group”)

•

Nuveen Asset Management, LLC (“Nuveen”)

•

Wells Capital Management Incorporated (“WellsCap”)

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

Since its launch on May 19, 2020 through December 31, 2020, the Fund posted positive returns on an absolute basis, but outperformed relative to the Bloomberg Barclays Municipal Bond Blend 1-15 Year Index (the “Index”). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely-recognized index.

By sector composition, Municipal Bonds were the largest sector exposure in the Fund on a look-through basis and comprised approximately 90% of the Fund at the end of the reporting period. This sector contributed to the Fund’s performance on an absolute basis during the reporting period.

High Yield Municipal Bonds were approximately 2% of the Fund’s exposure on a look-through basis at the end of the reporting period, with the Fund being underweight this sector relative to the Index. During the reporting period, exposure to High Yield Municipal Bonds contributed to the Fund’s performance on an absolute basis.

On an allocation level, the Municipal allocation managed by Nuveen was the largest contributor, the Long Duration Municipal allocation was a detractor on an absolute basis during the reporting period.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund was allocated to five strategies across various sectors, credit ratings, maturity buckets, and regional exposures.


PORTFOLIO ALLOCATION***
Municipals (Nuveen)	30	%
Municipals (WellsCap)	30
Short Duration Municipal (Capital Group)	26
Intermediate Duration Municipal (Capital Group)	8
Long Duration Municipal (Capital Group)	6

The Adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

***

Percentages are based on total investments as of December 31, 2020. The portfolio allocation is subject to change.

¹⁾

Interest on Municipal securities is exempt from federal income tax however interest on certain bonds may be subject to the federal alternative minimum tax for individuals.

Period May 19, 2020 (Fund Inception Date) Through December 31, 2020 (Unaudited) (continued)

Allocations to Short Duration Municipal, Intermediate Duration Municipal and Long Duration Municipal comprised approximately 26%, 8% and 6% of the Fund, respectively, as of December 31, 2020. These allocations provide what the Adviser believes to be low tracking error, flexible access points to municipal debt within short and intermediate maturity ranges.

The Adviser believes that the allocations to Municipal strategies sub-advised by Nuveen and WellsCap provide full tracking error, flexible access to a broad range of municipals across different sectors and credit qualities. Each of these allocations were approximately 30% of the Fund as of December 31, 2020.


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	Since Inception (May 19, 2020)
Six Circles Tax Aware Bond Fund		5.03	%

GROWTH OF $10,000 REPORT (05/19/20 TO 12/31/20)

LOGO

²⁾

The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.39% and 0.24% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.

The Fund commenced operations on May 19, 2020.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Tax Aware Bond Fund and the Bloomberg Barclays 1-15 Year Municipal Bond Index from May 19, 2020 to December 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays 1-15 Year Municipal Bond Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg Barclays 1-15 Year Municipal Bond Index consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to 17 years. Investors cannot invest directly in an index.

Period August 19, 2020 (Fund Inception Date) through December 31, 2020 (Unaudited)

INVESTMENT OBJECTIVES AND STRATEGY**

Seeks to provide total return. Invests mainly in global fixed income opportunities, including below investment-grade debt, as well as other tactical credit opportunities.

INVESTMENT APPROACH

The Adviser currently allocates Fund assets to the following Sub-Advisers:

•

BlackRock Investment Management, LLC (“BlackRock”)

•

Federated Investment Management Company (“Federated”)

•

PGIM, INC. (“PGIM”)

•

Lord Abbett & Co, LLC (“Lord Abbett”)*

During the reporting period, the Adviser has not allocated assets to Lord Abbett.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

Since its launch on August 19, 2020 through December 31, 2020 (the “reporting period”), the Fund posted positive return on an absolute basis, and outperformed relative to the Bloomberg Barclays US Intermediate Corporate Bond Index (the “Index”). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely-recognized index.

By sector composition, High Yield was the largest sector exposure in the Fund on a look-through basis and comprised approximately 90% of the Fund at the end of the reporting

period. This sector contributed to the Fund’s performance on an absolute basis during the reporting period.

Investment Grade Corporate Bonds was the largest sector underweight, with approximately 5% of the Fund’s exposure on a look-through basis at the end of the reporting period. During the reporting period, exposure to Investment Grade Corporate Bonds contributed to the Fund’s performance on an absolute basis.

HOW WAS THE FUND POSITIONED?

As the Fund was launched on August 19, 2020, changes to the Fund were limited given the brief reporting period. At the end of the reporting period, the Fund was allocated to three Sub-Advisers across various sectors, credit ratings, maturity buckets, and regional exposures.


PORTFOLIO ALLOCATION***
High Yield (BlackRock)	38	%
High Yield (PGIM)	37
High Yield (Federated)	25

As the Fund launched on August 19, 2020, its performance history is limited and may not reflect how the Fund will perform over longer periods. The return shown is based on the net asset value calculated for shareholder transactions. Certain adjustments were made to the net assets of the Fund at December 31, 2020 for financial reporting purposes, and as a result, the net asset value for shareholder transactions and the total return based on that net asset value may differ from the adjusted net assets and the total return for financial reporting.

The Adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

***

Percentages are based on total investments as of December 31, 2020. The portfolio allocation is subject to change.

Allocations to High Yield managed by BlackRock comprised approximately 38% of the Fund as of December 31, 2020. The Adviser believes that the allocation provides flexibility in the portfolio construction process for adjusting credit quality and sector allocations in response to market movements.

Allocations to High Yield managed by PGIM comprised approximately 37% of the Fund as of December 31, 2020. This allocation provides what the Adviser believes to be a broader market exposure, with potential ability to offer excess returns without taking large sector or credit rating bets.

Period August 19, 2020 (Fund Inception Date) through December 31, 2020 (Unaudited) (continued)

The allocation to High Yield managed by Federated comprised approximately 25% of the Fund as of December 31, 2020 and provides what the Adviser believes to be a more focused exposure to CCC or B-rated names.


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	Since Inception (August 19, 2020)
Six Circles Credit Opportunities Fund		4.11	%

GROWTH OF $10,000 REPORT

LOGO

¹⁾

The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.91% and 0.39% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.

The Fund commenced operations on August 19, 2020.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Credit Opportunities Fund and The Bloomberg Barclays Intermediate Corporate Total Return Bond Index from August 19, 2020 to December 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays Intermediate Corporate Total Return Bond Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg Barclays Intermediate Corporate Total Return Bond Index measures the investment grade, fixed-rate, taxable corporate bond market whose maturity ranges between 1 to 9.9999 years. It includes USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers. Investors cannot invest directly in an index.


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — 13.6%
Anchorage Capital CLO Ltd., (Cayman Islands),
Series 2015-7A, Class AR2, (ICE LIBOR USD 3 Month + 1.09%), 1.31%, 01/28/2031 (e) (aa)		577		574
Series 2016-8A, Class AR, (ICE LIBOR USD 3 Month + 1.00%), 1.22%, 07/28/2028 (e) (aa)		1,646		1,641
Apidos CLO XXI, (Cayman Islands), Series 2015-21A, Class A1R, (ICE LIBOR USD 3 Month + 0.93%), 1.15%, 07/18/2027 (e) (aa)		951		949
Atlas Senior Loan Fund III Ltd., (Cayman Islands), Series 2013-1A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 1.05%, 11/17/2027 (e) (aa)		464		460
Atrium XII, (Cayman Islands), Series 12A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 1.05%, 04/22/2027 (e) (aa)		955		951
B2R Mortgage Trust, Series 2016-1, Class A, 2.57%, 06/15/2049 (e)		718		718
Battalion CLO Ltd., (Cayman Islands), Series 2020-18A, Class A1, (ICE LIBOR USD 3 Month + 1.80%), 2.03%, 10/15/2032 (e) (aa)		1,000		1,002
Battalion CLO X Ltd., (Cayman Islands), Series 2016-10A, Class A1R, (ICE LIBOR USD 3 Month + 1.25%), 1.46%, 01/24/2029 (e) (aa)		1,500		1,500
Birch Grove CLO Ltd., (Cayman Islands), Series 19A, Class A, (ICE LIBOR USD 3 Month + 1.49%), 1.71%, 06/15/2031 (e) (aa)		2,000		2,000
BlueMountain CLO Ltd., (Cayman Islands), Series 2012-2A, Class AR2, (ICE LIBOR USD 3 Month + 1.05%), 1.27%, 11/20/2028 (e) (aa)		2,100		2,096
BMW Canada Auto Trust, (Canada),
Series 2019-1A, Class A1, 2.15%, 10/20/2021 (e)	CAD	181		142
Series 2020-1A, Class A1, 1.96%, 09/20/2022 (e)	CAD	1,321		1,045
Burnham Park CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 1.37%, 10/20/2029 (e) (aa)		500		497
CBAM Ltd., (Cayman Islands), Series 2017-3A, Class A, (ICE LIBOR USD 3 Month + 1.23%), 1.45%, 10/17/2029 (e) (aa)		1,140		1,139
Chesapeake Funding II LLC,
Series 2018-2A, Class A1, 3.23%, 08/15/2030 (e)		906		926
Series 2019-1A, Class A1, 2.94%, 04/15/2031 (e)		821		834
Series 2020-1A, Class A2, (ICE LIBOR USD 1 Month + 0.65%), 0.81%, 08/16/2032 (e) (aa)		987		989


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

CIFC Funding Ltd., (Cayman Islands), Series 2014-5A, Class A1R2, (ICE LIBOR USD 3 Month + 1.20%), 1.42%, 10/17/2031 (e) (aa)		750		749
CNH Equipment Trust, Series 2020-A, Class A2, 1.08%, 07/17/2023		960		963
Drive Auto Receivables Trust, Series 2019-4, Class A3, 2.16%, 05/15/2023		608		610
DT Auto Owner Trust, Series 2020-3A, Class A, 0.54%, 04/15/2024 (e)		1,591		1,594
Enterprise Fleet Financing LLC,
Series 2018-2, Class A2, 3.14%, 02/20/2024 (e)		439		442
Series 2019-3, Class A2, 2.06%, 05/20/2025 (e)		1,233		1,254
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e)		800		803
Ford Auto Securitization Trust, (Canada), Series 2019-BA, Class A2, 2.32%, 10/15/2023 (e)	CAD	913		726
Ford Credit Auto Lease Trust, Series 2020-B, Class A2B, (ICE LIBOR USD 1 Month + 0.26%), 0.42%, 12/15/2022 (aa)		1,250		1,251
Ford Credit Floorplan Master Owner Trust A,
Series 2018-3, Class A2, (ICE LIBOR USD 1 Month + 0.40%), 0.56%, 10/15/2023 (aa)		3,000		3,006
Series 2019-1, Class A, 2.84%, 03/15/2024		1,400		1,443
Series 2019-3, Class A2, (ICE LIBOR USD 1 Month + 0.60%), 0.76%, 09/15/2024 (aa)		2,480		2,496
Series 2020-1, Class A1, 0.70%, 09/15/2025		1,400		1,410
Galaxy XXIII CLO Ltd., (Cayman Islands), Series 2017-23A, Class A, (ICE LIBOR USD 3 Month + 1.28%), 1.49%, 04/24/2029 (e) (aa)		720		720
Home Equity Asset Trust, Series 2005-8, Class M1, (ICE LIBOR USD 1 Month + 0.43%), 0.58%, 02/25/2036 (aa)		940		938
Honda Auto Receivables Owner Trust, Series 2018-4, Class A3, 3.16%, 01/17/2023		484		492
HPS Loan Management Ltd., (Cayman Islands), Series 14A-19, Class A1, (ICE LIBOR USD 3 Month + 1.27%), 1.48%, 07/25/2030 (e) (aa)		2,000		2,000
ICG US CLO Ltd., (Cayman Islands), Series 2015-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.14%), 1.36%, 10/19/2028 (e) (aa)		1,000		999
John Deere Owner Trust, Series 2020-B, Class A2, 0.41%, 03/15/2023		1,690		1,691
KVK CLO Ltd., (Cayman Islands), Series 2018-1A, Class A, (ICE LIBOR USD 3 Month + 0.93%), 1.15%, 05/20/2029 (e) (aa)		430		429
Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, SUB, 3.75%, 04/25/2059 (e)		248		251
Marlette Funding Trust, Series 2018-4A, Class A, 3.71%, 12/15/2028 (e)		100		100


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
Navient Private Education Loan Trust, Series 2017-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 1.06%, 12/16/2058 (e) (aa)		754		753
Nelnet Student Loan Trust, Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.05%, 06/27/2067 (e) (aa)		1,207		1,210
Neuberger Berman Loan Advisers CLO Ltd., (Cayman Islands), Series 2017-26A, Class A, (ICE LIBOR USD 3 Month + 1.17%), 1.39%, 10/18/2030 (e) (aa)		1,900		1,898
Oscar US Funding X LLC, (Japan), Series 2019-1A, Class A2, 3.10%, 04/11/2022 (e)		287		288
Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%, 09/10/2026 (e)		300		314
OZLM XII Ltd., (Cayman Islands), Series 2015-12A, Class A1R, (ICE LIBOR USD 3 Month + 1.05%), 1.26%, 04/30/2027 (e) (aa)		212		212
OZLM XIV Ltd., (Cayman Islands), Series 2015-14A, Class A1AR, (ICE LIBOR USD 3 Month + 1.16%), 1.40%, 01/15/2029 (e) (aa)		655		653
Palmer Square Loan Funding Ltd., (Cayman Islands), Series 2018-5A, Class A1, (ICE LIBOR USD 3 Month + 0.85%), 1.07%, 01/20/2027 (e) (aa)		1,156		1,150
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 0.94%, 07/25/2035 (aa)		1,629		1,625
Regatta Funding LP, (Cayman Islands), Series 2013-2A, Class A1R2, (ICE LIBOR USD 3 Month + 1.25%), 1.49%, 01/15/2029 (e) (aa)		600		600
SLM Student Loan Trust,
Series 2003-10A, Class A3, (ICE LIBOR USD 3 Month + 0.47%), 0.69%, 12/15/2027 (e) (aa)		1,032		1,032
Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 0.81%, 10/25/2029 (e) (aa)		1,688		1,684
SMB Private Education Loan Trust,
Series 2015-B, Class A2A, 2.98%, 07/15/2027 (e)		742		755
Series 2016-B, Class A2B, (ICE LIBOR USD 1 Month + 1.45%), 1.61%, 02/17/2032 (e) (aa)		1,231		1,250
Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e)		871		895
Series 2020-PTA, Class A1, (ICE LIBOR USD 1 Month + 0.30%), 0.45%, 09/15/2054 (e) (aa)		1,390		1,388
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)		700		707
Series 2020-PTB, Class A1, (ICE LIBOR USD 1 Month + 0.30%), 0.45%, 09/15/2054 (e) (aa)		1,166		1,165


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

SoFi Consumer Loan Program Trust,
Series 2019-1, Class A, 3.24%, 02/25/2028 (e)		150		151
Series 2019-3, Class A, 2.90%, 05/25/2028 (e)		288		291
SoFi Professional Loan Program LLC, Series 2016-C, Class A2B, 2.36%, 12/27/2032 (e)		666		675
SoFi Professional Loan Program Trust, Series 2020-A, Class A1FX, 2.06%, 05/15/2046 (e)		1,710		1,723
Sound Point CLO XV Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 1.36%, 01/23/2029 (e) (aa)		500		499
Springleaf Funding Trust, Series 2017-AA, Class A, 2.68%, 07/15/2030 (e)		305		305
TCI-Symphony CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR, (ICE LIBOR USD 3 Month + 1.16%), 1.38%, 10/13/2029 (e) (aa)		265		265
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e)		1,500		1,545
Venture XVIII CLO Ltd., (Cayman Islands), Series 2014-18A, Class AR, (ICE LIBOR USD 3 Month + 1.22%), 1.46%, 10/15/2029 (e) (aa)		2,100		2,096
Venture XXIV CLO Ltd., (Cayman Islands), Series 2016-24A, Class AR, (ICE LIBOR USD 3 Month + 1.18%), 1.40%, 10/20/2028 (e) (aa)		105		105
Verizon Owner Trust, Series 2020-A, Class A1B, (ICE LIBOR USD 1 Month + 0.27%), 0.42%, 07/22/2024 (aa)		520		521
Voya CLO Ltd., (Cayman Islands),
Series 2015-2A, Class AR, (ICE LIBOR USD 3 Month + 0.97%), 1.18%, 07/23/2027 (e) (aa)		725		723
Series 2018-3A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 1.39%, 10/15/2031 (e) (aa)		1,150		1,148
VOYA CLO, (Cayman Islands), Series 2017-2A, Class A1, (ICE LIBOR USD 3 Month + 1.21%), 1.45%, 06/07/2030 (e) (aa)		270		270
WhiteHorse VIII Ltd., (Cayman Islands), Series 2014-1A, Class AR, (ICE LIBOR USD 3 Month + 0.90%), 1.11%, 05/01/2026 (e) (aa)		33		33
World Omni Select Auto Trust, Series 2020-A, Class A2, 0.47%, 06/17/2024		700		701

Total Asset-Backed Securities (Cost $70,042)				70,460

Certificates of Deposit — 1.2%

Financial — 1.2%

Banks — 1.2%
Credit Suisse AG, (Switzerland), (United States SOFR + 0.30%), 0.38%, 09/17/2021 (aa)		3,000		3,002


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Certificates of Deposit — continued
Banks — continued
Sumitomo Mitsui Banking Corp., (Japan), 0.70%, 07/15/2022		3,000		3,003

Total Financial				6,005

Total Certificates of Deposit (Cost $6,000)				6,005

Collateralized Mortgage Obligations — 4.1%
Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 0.92%, 11/16/2066 (e) (aa)		198		199
Canterbury Finance No 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.35%), 1.40%, 05/16/2056 (aa)	GBP	1,000		1,365
COLT Mortgage Loan Trust, Series 2020-1R, Class A1, 1.26%, 09/25/2065 (e) (z)		422		422
Credit Suisse Mortgage Capital Certificates, Series 2019-RPL4, Class A1, 3.49%, 08/26/2058 (e)		265		266
FHLMC REMICS,
Series 4950, Class A, 2.50%, 06/25/2034		262		262
Series 4961, Class LA, 2.50%, 07/25/2034		366		367
Finsbury Square plc, (United Kingdom),
Series 2018-2, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.95%), 0.99%, 09/12/2068 (aa)	GBP	361		494
Series 2019-3, Class A, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.01%), 1.06%, 12/16/2069 (aa)	GBP	270		370
Series 2020-2A, Class A, (SONIA Deposit Rates Swap 3 Month + 1.30%), 0.00%, 06/16/2070 (e) (aa)	GBP	474		652
FNMA REMICS, Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 0.95%, 05/25/2050 (aa)		2,836		2,850
GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e)		1,456		1,471
GNMA,
Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 0.79%, 12/20/2064 (aa)		1,778		1,791
Series 2017-121, Class PE, 3.00%, 07/20/2046		1,021		1,044
Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 0.49%, 08/20/2065 (aa)		2,406		2,403
Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 0.57%, 05/20/2044 (aa)		846		847
Jupiter plc, (United Kingdom), Series 1A, Class A, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.00%, 06/01/2060 (e) (aa) (bb) (cc)	GBP	200		271
Lanark Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A1, (ICE LIBOR USD 3 Month + 0.77%), 1.03%, 12/22/2069 (e) (aa)		950		952


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

London Wall Mortgage Capital plc, (United Kingdom), Series 2017-FL1, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.85%), 0.90%, 11/15/2049 (aa)	GBP	75		103
New Residential Mortgage Loan Trust, Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)		193		209
Polaris RMBS, (United Kingdom), Series 2019-1, Class A, Reg. S, (SONIA Deposit Rates Swap 1 Month + 1.25%), 1.30%, 04/27/2057 (aa)	GBP	662		908
Ripon Mortgages plc, (United Kingdom), Series 1X, Class A1, Reg. S, (ICE LIBOR GBP 3 Month + 0.80%), 0.85%, 08/20/2056 (aa)	GBP	195		267
Sage AR Funding No 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Deposit Rates Swap 3 Month + 1.25%), 0.00%, 11/17/2030 (e) (aa)	GBP	800		1,094
Silverstone Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A, (ICE LIBOR USD 3 Month + 0.57%), 0.78%, 01/21/2070 (e) (aa)		144		144
Starwood Mortgage Residential Trust,
Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)		887		893
Series 2020-INV1, Class A1, 1.03%, 11/25/2055 (e) (z)		460		460
Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.95%, 07/20/2045 (e) (aa)	GBP	817		1,116
Trinity Square plc, (United Kingdom), Series 2015-1X, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 1.15%), 1.20%, 07/15/2051 (aa)	GBP	121		166

Total Collateralized Mortgage Obligations (Cost $20,900)				21,386

Commercial Mortgage-Backed Securities — 4.1%
AREIT Trust,
Series 2018-CRE2, Class A, (ICE LIBOR USD 1 Month + 0.98%), 1.13%, 11/14/2035 (e) (aa)		895		888
Series 2019-CRE3, Class A, (ICE LIBOR USD 1 Month + 1.02%), 1.17%, 09/14/2036 (e) (aa)		500		493
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 1.21%, 04/15/2036 (e) (aa)		400		389
BX Commercial Mortgage Trust, Series 2018-IND, Class A, (ICE LIBOR USD 1 Month + 0.75%), 0.91%, 11/15/2035 (e) (aa)		1,341		1,341
COMM, Series 2013-GAM, Class A2, 3.37%, 02/10/2028 (e)		1,500		1,428


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage-Backed Securities — continued
COMM Mortgage Trust,
Series 2014-UBS2, Class ASB, 3.47%, 03/10/2047		1,265		1,319
Series 2015-CR23, Class A2, 2.85%, 05/10/2048		579		583
Series 2015-CR27, Class A2, 2.22%, 10/10/2048		125		125
Series 2015-LC19, Class A2, 2.79%, 02/10/2048		434		434
Series 2015-LC19, Class ASB, 3.04%, 02/10/2048		485		509
GPMT Ltd., (Cayman Islands), Series 2018-FL1, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.05%, 11/21/2035 (e) (aa)		197		196
Grace Mortgage Trust, Series 2014-GRCE, Class A, 3.37%, 06/10/2028 (e)		1,000		1,000
GS Mortgage Securities Trust,
Series 2012-GCJ9, Class A3, 2.77%, 11/10/2045		978		1,007
Series 2013-GC14, Class A3, 3.53%, 08/10/2046		147		147
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2013-C10, Class ASB, 3.91%, 07/15/2046 (z)		187		194
Series 2013-C11, Class AAB, 3.85%, 08/15/2046		550		572
Morgan Stanley Capital I Trust,
Series 2012-C4, Class A3, 2.99%, 03/15/2045		74		74
Series 2012-C4, Class AS, 3.77%, 03/15/2045		1,400		1,439
Series 2014-CPT, Class A, 3.35%, 07/13/2029 (e)		1,500		1,511
Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.16%, 05/15/2036 (e) (aa)		700		676
PFP Ltd., (Cayman Islands), Series 2019-5, Class A, (ICE LIBOR USD 1 Month + 0.97%), 1.12%, 04/14/2036 (e) (aa)		934		924
Rosslyn Portfolio Trust, Series 2017-ROSS, Class B, (ICE LIBOR USD 1 Month + 1.25%), 2.24%, 06/15/2033 (e) (aa)		388		389
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class AAB, 3.19%, 01/10/2045		326		328
VMC Finance LLC, Series 2018-FL2, Class A, (ICE LIBOR USD 1 Month + 0.92%), 1.07%, 10/15/2035 (e) (aa)		701		697
Wells Fargo Commercial Mortgage Trust,
Series 2012-LC5, Class ASB, 2.53%, 10/15/2045		752		761
Series 2013-LC12, Class A3FL, (ICE LIBOR USD 1 Month + 1.05%), 1.20%, 07/15/2046 (e) (aa)		1,000		1,000


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Series 2015-NXS2, Class A2, 3.02%, 07/15/2058		423		432
Series 2016-NXS5, Class A2, 2.71%, 01/15/2059		61		61
WFRBS Commercial Mortgage Trust,
Series 2012-C9, Class A3, 2.87%, 11/15/2045		1,654		1,696
Series 2013-C12, Class ASB, 2.84%, 03/15/2048		796		814

Total Commercial Mortgage-Backed Securities (Cost $21,481)				21,427

Corporate Bonds — 53.6%

Basic Materials — 0.9%

Chemicals — 0.9%
LYB International Finance III LLC, (ICE LIBOR USD 3 Month + 1.00%), 1.24%, 10/01/2023 (aa)		2,400		2,404
Nutrition & Biosciences, Inc., 0.70%, 09/15/2022 (e)		2,400		2,407

Total Basic Materials				4,811

Communications — 1.3%

Media — 1.3%
Charter Communications Operating LLC / Charter Communications Operating Capital,
(ICE LIBOR USD 3 Month + 1.65%), 1.86%, 02/01/2024 (aa)		1,000		1,025
4.46%, 07/23/2022		5,250		5,535

				6,560

Telecommunications — 0.0% (g)
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 3.36%, 09/20/2021 (e)		89		90
Verizon Communications, Inc., (ICE LIBOR USD 3 Month + 1.10%), 1.32%, 05/15/2025 (aa)		200		206

				296

Total Communications				6,856

Consumer Cyclical — 7.4%

Auto Manufacturers — 6.4%
American Honda Finance Corp.,
(ICE LIBOR USD 3 Month + 0.35%), 0.57%, 11/05/2021 (aa)		2,855		2,862
1.70%, 09/09/2021		2,000		2,019
BMW Finance NV, (Netherlands), 2.25%, 08/12/2022 (e)		1,100		1,134
BMW US Capital LLC, (ICE LIBOR USD 3 Month + 0.41%), 0.63%, 04/12/2021 (e) (aa)		100		100
Daimler Finance North America LLC,
(ICE LIBOR USD 3 Month + 0.45%), 0.66%, 02/22/2021 (e) (aa)		1,200		1,201
Reg. S, (ICE LIBOR USD 3 Month + 0.67%), 0.89%, 11/05/2021 (aa)		300		301


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Auto Manufacturers — continued
2.55%, 08/15/2022 (e)		1,500		1,551
3.00%, 02/22/2021 (e)		3,500		3,511
General Motors Financial Co., Inc.,
(ICE LIBOR USD 3 Month + 0.85%), 1.08%, 04/09/2021 (aa)		1,000		1,001
(ICE LIBOR USD 3 Month + 1.10%), 1.33%, 11/06/2021 (aa)		730		732
3.45%, 04/10/2022		1,500		1,543
3.55%, 07/08/2022		3,500		3,650
4.20%, 03/01/2021		1,500		1,504
Hyundai Capital America,
Reg. S, 2.45%, 06/15/2021		365		368
Reg. S, 3.00%, 03/18/2021		430		432
Nissan Motor Acceptance Corp.,
(ICE LIBOR USD 3 Month + 0.52%), 0.74%, 03/15/2021 (e) (aa)		200		200
(ICE LIBOR USD 3 Month + 0.65%), 0.87%, 07/13/2022 (e) (aa)		600		595
(ICE LIBOR USD 3 Month + 0.69%), 0.94%, 09/28/2022 (e) (aa)		1,800		1,784
(ICE LIBOR USD 3 Month + 0.89%), 1.11%, 01/13/2022 (e) (aa)		40		40
Toyota Motor Credit Corp.,
2.95%, 04/13/2021		3,000		3,022
3.30%, 01/12/2022		1,100		1,135
Volkswagen Group of America Finance LLC,
0.75%, 11/23/2022 (e)		2,000		2,006
(ICE LIBOR USD 3 Month + 0.86%), 1.10%, 09/24/2021 (e) (aa)		1,000		1,005
2.70%, 09/26/2022 (e)		200		207
2.90%, 05/13/2022 (e)		1,250		1,290

				33,193

Lodging — 0.4%
Marriott International, Inc., Series N, 3.13%, 10/15/2021		2,000		2,026

Retail — 0.6%
McDonald’s Corp., (ICE LIBOR USD 3 Month + 0.43%), 0.65%, 10/28/2021 (aa)		3,000		3,008

Total Consumer Cyclical				38,227

Consumer Non-cyclical — 14.6%
Agriculture — 3.2%
Altria Group, Inc.,
2.85%, 08/09/2022		750		779
4.75%, 05/05/2021		7,500		7,608
BAT Capital Corp., (ICE LIBOR USD 3 Month + 0.88%), 1.10%, 08/15/2022 (aa)		3,200		3,223
Imperial Brands Finance plc, (United Kingdom), 3.75%, 07/21/2022 (e)		2,800		2,919
JT International Financial Services BV, (Netherlands), Reg. S, 3.50%, 09/28/2023		1,000		1,074
Philip Morris International, Inc., 2.90%, 11/15/2021		1,000		1,023

				16,626


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Biotechnology — 0.2%
Gilead Sciences, Inc., 2.50%, 09/01/2023		782		823

Commercial Services — 2.5%
Central Nippon Expressway Co. Ltd., (Japan), Reg. S, 2.36%, 05/28/2021		10,000		10,081
Equifax, Inc., (ICE LIBOR USD 3 Month + 0.87%), 1.09%, 08/15/2021 (aa)		2,800		2,809

				12,890

Food — 2.2%
General Mills, Inc.,
2.60%, 10/12/2022		915		949
6.41%, 10/15/2022		500		552
Kroger Co. (The), 2.80%, 08/01/2022		3,000		3,108
Mondelez International Holdings Netherlands BV, (Netherlands), 2.00%, 10/28/2021 (e)		6,000		6,074
Tyson Foods, Inc., 4.50%, 06/15/2022		792		830

				11,513

Healthcare — Services — 0.8%
Anthem, Inc., 3.13%, 05/15/2022		4,149		4,305

Pharmaceuticals — 5.7%
AbbVie, Inc.,
2.90%, 11/06/2022		3,500		3,661
5.00%, 12/15/2021		3,455		3,567
Bayer US Finance II LLC,
(ICE LIBOR USD 3 Month + 0.63%), 0.88%, 06/25/2021 (e) (aa)		1,150		1,152
(ICE LIBOR USD 3 Month + 1.01%), 1.23%, 12/15/2023 (e) (aa)		2,700		2,728
Becton Dickinson and Co., (ICE LIBOR USD 3 Month + 1.03%), 1.26%, 06/06/2022 (aa)		945		952
Cigna Corp., 3.40%, 09/17/2021		2,000		2,043
CVS Health Corp.,
(ICE LIBOR USD 3 Month + 0.72%), 0.95%, 03/09/2021 (aa)		3,580		3,584
2.13%, 06/01/2021		4,000		4,024
3.50%, 07/20/2022		279		291
GlaxoSmithKline Capital plc, (United Kingdom), (ICE LIBOR USD 3 Month + 0.35%), 0.57%, 05/14/2021 (aa)		750		751
Shire Acquisitions Investments Ireland DAC, (Ireland), 2.40%, 09/23/2021		1,137		1,152
Takeda Pharmaceutical Co. Ltd., (Japan),
4.00%, 11/26/2021		4,065		4,183
4.40%, 11/26/2023		1,000		1,107

				29,195

Total Consumer Non-cyclical				75,352

Energy — 0.4%

Oil & Gas — 0.1%
BG Energy Capital plc, (United Kingdom), 4.00%, 10/15/2021 (e)		750		770


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Pipelines — 0.3%
Williams Cos., Inc. (The), 3.60%, 03/15/2022		1,500		1,548

Total Energy				2,318

Financial — 25.1%

Banks — 19.9%
Banco Santander Chile, (Chile), (ICE LIBOR USD 3 Month + 1.20%), 1.42%, 11/28/2021 (aa)		3,000		3,002
Bank of America Corp.,
(ICE LIBOR USD 3 Month + 0.65%), 0.90%, 06/25/2022 (aa)		1,700		1,704
(ICE LIBOR USD 3 Month + 1.42%), 1.64%, 04/19/2021 (aa)		3,000		3,012
(Canada Bankers Acceptances 3 Month + 1.13%), 2.60%, 03/15/2023 (f) (aa)	CAD	1,000		805
(ICE LIBOR USD 3 Month + 0.37%), 2.74%, 01/23/2022 (aa)		2,000		2,003
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (aa)		2,000		2,105
Bank of Montreal, (Canada), (United States SOFR + 0.68%), 0.77%, 03/10/2023 (aa)		1,900		1,916
Barclays plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.38%), 1.60%, 05/16/2024 (aa)		1,200		1,216
Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 1.82%, 06/15/2023 (aa)	AUD	1,000		780
3.25%, 01/12/2021		3,000		3,002
BPCE SA, (France),
(ICE LIBOR USD 3 Month + 1.22%), 1.43%, 05/22/2022 (e) (aa)		1,000		1,011
3.00%, 05/22/2022 (e)		1,000		1,035
Citigroup, Inc.,
(ICE LIBOR USD 3 Month + 0.95%), 1.16%, 07/24/2023 (aa)		700		706
(ICE LIBOR USD 3 Month + 1.07%), 1.30%, 12/08/2021 (aa)		2,000		2,015
(United States SOFR + 0.87%), 2.31%, 11/04/2022 (aa)		700		711
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 01/24/2023 (aa)		4,233		4,353
Citizens Bank NA, 3.25%, 02/14/2022		2,000		2,059
Credit Suisse Group Funding Guernsey Ltd., (Guernsey),
3.45%, 04/16/2021		6,500		6,560
3.80%, 09/15/2022		1,000		1,056
Danske Bank A/S, (Denmark),
Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 1.28%, 09/12/2023 (aa)		500		501
(ICE LIBOR USD 3 Month + 1.25%), 3.00%, 09/20/2022 (e) (aa)		1,000		1,016
First Abu Dhabi Bank PJSC, (United Arab Emirates), Reg. S, (ICE LIBOR USD 3 Month + 0.95%), 1.18%, 04/16/2022 (aa)		1,700		1,707


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)


Banks — continued
Goldman Sachs Group, Inc. (The),
(ICE LIBOR USD 3 Month + 0.75%), 0.96%, 02/23/2023 (aa)		1,000		1,009
3.00%, 04/26/2022		1,200		1,210
3.20%, 02/23/2023		1,516		1,602
5.75%, 01/24/2022		3,000		3,171
HSBC Holdings plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.00%), 1.22%, 05/18/2024 (aa)		1,000		1,006
(ICE LIBOR USD 3 Month + 1.23%), 1.45%, 03/11/2025 (aa)		1,000		1,013
KEB Hana Bank, (South Korea), (ICE LIBOR USD 3 Month + 0.70%), 0.94%, 10/02/2022 (e) (aa)		400		401
Lloyds Banking Group plc, (United Kingdom), (ICE LIBOR USD 3 Month + 0.80%), 1.04%, 06/21/2021 (aa)		1,000		1,003
Mitsubishi UFJ Financial Group, Inc., (Japan),
(ICE LIBOR USD 3 Month + 0.86%), 1.07%, 07/26/2023 (aa)		2,300		2,325
(ICE LIBOR USD 3 Month + 1.06%), 1.28%, 09/13/2021 (aa)		1,185		1,193
3.22%, 03/07/2022		3,000		3,102
Mizuho Financial Group, Inc., (Japan),
(ICE LIBOR USD 3 Month + 0.63%), 0.84%, 05/25/2024 (aa)		2,000		2,003
(ICE LIBOR USD 3 Month + 0.94%), 1.16%, 02/28/2022 (aa)		1,000		1,009
(ICE LIBOR USD 3 Month + 1.48%), 1.70%, 04/12/2021 (e) (aa)		1,000		1,004
2.63%, 04/12/2021 (e)		1,500		1,509
Morgan Stanley,
(United States SOFR + 0.70%), 0.79%, 01/20/2023 (aa)		900		903
(Canada Bankers Acceptances 3 Month + 0.30%), 0.79%, 02/03/2023 (f) (aa)	CAD	1,800		1,416
(ICE LIBOR USD 3 Month + 0.93%), 1.15%, 07/22/2022 (aa)		700		703
2.50%, 04/21/2021		3,050		3,069
2.63%, 11/17/2021		3,000		3,059
3.75%, 02/25/2023		1,000		1,072
National Australia Bank Ltd., (Australia), (ICE LIBOR USD 3 Month + 1.00%), 1.22%, 07/12/2021 (e) (aa)		1,150		1,156
Natwest Group plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.47%), 1.69%, 05/15/2023 (aa)		400		404
(ICE LIBOR USD 3 Month + 1.55%), 1.80%, 06/25/2024 (aa)		900		917
NatWest Markets plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.40%), 1.65%, 09/29/2022 (e) (aa)		2,100		2,126
Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 1.16%, 08/30/2023 (e) (aa)		200		202


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued

Banks — continued
QNB Finance Ltd., (Cayman Islands),
Reg. S, (ICE LIBOR USD 3 Month + 1.00%), 1.21%, 05/02/2022 (aa)		800		802
Reg. S, (ICE LIBOR USD 3 Month + 1.35%), 1.57%, 05/31/2021 (aa)		1,200		1,204
Shinhan Bank Co. Ltd., (South Korea), Reg. S, 2.88%, 03/28/2022		1,900		1,955
Skandinaviska Enskilda Banken AB, (Sweden),
(ICE LIBOR USD 3 Month + 0.43%), 0.65%, 05/17/2021 (e) (aa)		1,500		1,502
(ICE LIBOR USD 3 Month + 0.65%), 0.86%, 12/12/2022 (e) (aa)		500		505
Standard Chartered plc, (United Kingdom),
Reg. S, (ICE LIBOR USD 3 Month + 1.20%), 1.43%, 09/10/2022 (aa)		300		301
3.05%, 01/15/2021 (e)		1,000		1,001
(ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa)		1,600		1,735
Sumitomo Mitsui Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 1.68%), 1.91%, 03/09/2021 (aa)		100		100
Synchrony Bank, 3.00%, 06/15/2022		300		310
Truist Bank, (ICE LIBOR USD 3 Month + 0.59%), 0.81%, 05/17/2022 (aa)		1,000		1,006
UBS Group AG, (Switzerland), 3.00%, 04/15/2021 (e)		4,675		4,711
Wells Fargo & Co.,
(ICE LIBOR USD 3 Month + 0.93%), 1.14%, 02/11/2022 (aa)		1,500		1,501
(ICE LIBOR USD 3 Month + 1.23%), 1.44%, 10/31/2023 (aa)		2,000		2,032
2.51%, 10/27/2023 (f)	CAD	500		410
2.63%, 07/22/2022		4,000		4,141

				103,078

Diversified Financial Services — 4.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),
4.45%, 12/16/2021		700		721
5.00%, 10/01/2021		1,460		1,503
Aircastle Ltd., (Bermuda), 5.50%, 02/15/2022		1,350		1,406
American Express Co.,
(ICE LIBOR USD 3 Month + 0.53%), 0.75%, 05/17/2021 (aa)		1,000		1,001
3.38%, 05/17/2021		3,000		3,026
3.40%, 02/27/2023		1,257		1,337
Aviation Capital Group LLC,
2.88%, 01/20/2022 (e)		1,400		1,418
6.75%, 04/06/2021 (e)		400		405
BOC Aviation Ltd., (Singapore),
(ICE LIBOR USD 3 Month + 1.05%), 1.26%, 05/02/2021 (e) (aa)		200		200
Reg. S, 2.38%, 09/15/2021		2,200		2,209


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Diversified Financial Services — continued
Capital One Bank USA NA, (United States SOFR + 0.62%), 2.01%, 01/27/2023 (aa)		1,500		1,526
Capital One Financial Corp., 2.60%, 05/11/2023		2,500		2,619
Mitsubishi UFJ Lease & Finance Co. Ltd., (Japan), 2.65%, 09/19/2022 (e)		800		824
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025		1,900		1,975
Synchrony Financial,
2.85%, 07/25/2022		300		310
3.75%, 08/15/2021		3,000		3,043

				23,523

Insurance — 0.6%
Marsh & McLennan Cos., Inc., 4.80%, 07/15/2021		3,000		3,041

Total Financial				129,642

Industrial — 1.2%

Aerospace/Defense — 0.2%
Boeing Co. (The), 2.13%, 03/01/2022		900		915

Transportation — 0.3%
Ryder System, Inc., 2.88%, 06/01/2022		1,500		1,550

Trucking & Leasing — 0.7%
GATX Corp., (ICE LIBOR USD 3 Month + 0.72%), 0.94%, 11/05/2021 (aa)		500		501
Penske Truck Leasing Co. Lp / PTL Finance Corp., 2.70%, 03/14/2023 (e)		3,000		3,137

				3,638

Total Industrial				6,103

Technology — 1.5%
Computers — 0.3%
Hewlett Packard Enterprise Co., (ICE LIBOR USD 3 Month + 0.72%), 0.96%, 10/05/2021 (aa)		1,464		1,464

Semiconductors — 1.2%
Broadcom Corp. / Broadcom Cayman Finance Ltd., (Multinational),
2.20%, 01/15/2021		650		650
3.00%, 01/15/2022		1,800		1,841
Broadcom, Inc., 3.13%, 10/15/2022		3,000		3,140
NXP BV / NXP Funding LLC, (Netherlands), 3.88%, 09/01/2022 (e)		400		422

				6,053

Total Technology				7,517

Utilities — 1.2%
Electric — 1.2%
Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 0.75%, 09/15/2023 (aa)		1,800		1,803
Duke Energy Corp., (ICE LIBOR USD 3 Month + 0.65%), 0.87%, 03/11/2022 (aa)		2,000		2,011
Israel Electric Corp. Ltd., (Israel), Series 6, Reg. S, 5.00%, 11/12/2024 (e)		300		338


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Electric — continued
Pacific Gas and Electric Co.,
1.75%, 06/16/2022		600		602
3.25%, 06/15/2023		100		104
3.40%, 08/15/2024		100		107
3.75%, 02/15/2024		100		107
3.85%, 11/15/2023		100		106
4.25%, 08/01/2023		800		859

Total Utilities				6,037

Total Corporate Bonds (Cost $275,063)				276,863


Foreign Government Securities — 1.3%
Canada Housing Trust No. 1, (Canada), 1.25%, 06/15/2021 (e)	CAD	6,000		4,737
Korea Development Bank (The), (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.80%), 1.01%, 10/30/2022 (aa)		400		404
Qatar Government International Bond, (Qatar), Reg. S, 2.38%, 06/02/2021		1,400		1,411

Total Foreign Government Securities (Cost $6,383)				6,552


U.S. Government Agency Securities — 1.4%
FHLMC,
0.60%, 10/20/2025		4,000		4,010
0.65%, 10/27/2025		3,000		3,000

Total U.S. Government Agency Securities (Cost $7,000)				7,010

Short-Term Investments — 20.5%
Banker’s Acceptance Bills — 3.8%
Bank of Nova Scotia (The), (Canada), 0.23%, 01/08/2021 (n)	CAD	10,000		7,856
Royal Bank of Canada, (Canada),
0.23%, 01/15/2021 (n)	CAD	5,000		3,928
0.23%, 01/08/2021 (n)	CAD	10,000		7,855

Total Banker’s Acceptance Bills				19,639

Certificates of Deposit — 3.3%
Bank of Montreal, (Canada), (ICE LIBOR USD 3 Month + 0.04%), 0.27%, 10/06/2021 (aa)		2,000		2,000
Barclays Bank plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 0.48%), 0.69%, 07/30/2021 (aa)		4,000		4,005
0.71%, 02/01/2021 (n)		2,000		2,001
Credit Suisse AG, (Switzerland), (United States SOFR + 0.35%), 0.44%, 08/03/2021 (aa)		3,000		3,002
Lloyds Bank Crop., 0.47%, 07/20/2021 (n)		3,000		3,003
Standard Chartered Bank, (United Kingdom), (ICE LIBOR USD 3 Month + 0.15%), 0.35%, 08/24/2021 (aa)		2,750		2,750

Total Certificates of Deposit				16,761

Commercial Papers — 0.5%
BPCE SA, (France), 0.32%, 08/20/2021 (e) (n)		1,000		998
Intercontinental Exchange, Inc., 0.45%, 09/23/2021 (e) (n)		1,575		1,569

Total Commercial Papers				2,567


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Corporate Bonds — 1.8%
Broadcom, Inc., 3.13%, 04/15/2021		2,100		2,112
Mitsubishi UFJ Securities Holding Co. Ltd., (Japan), 0.53%, 01/12/2021 (n)	CAD	3,000		2,357
Pacific Gas and Electric Co., (ICE LIBOR USD 3 Month + 1.38%), 1.60%, 11/15/2021 (aa)		900		901
Sumitomo Mitsui Banking Corp., (Japan),
0.27%, 01/19/2021 (n)	CAD	3,000		2,356
0.27%, 02/10/2021 (n)	CAD	2,000		1,571

Total Corporate Bonds				9,297

Foreign Government Securities — 6.6%
Japan Treasury Discount Bill, (Japan),
Series 932, Zero Coupon, 02/25/2021	JPY	1,000,000		9,686
Series 943, Zero Coupon, 01/18/2021	JPY	2,500,000		24,213

Total Foreign Government Securities				33,899

Repurchase Agreements — 3.0%
BNP Paribas SA, 0.09%, dated 12/31/2020, due 01/04/2021, repurchase price $15,500, collateralized by U.S. Treasury Security, 2.25%, due 08/15/2049, with a value of $15,867.		15,500		15,500
BofA Securities, Inc., 0.10%, dated 12/31/2020, due 01/04/2021, repurchase price $100, collateralized by U.S. Treasury Security, 1.38%, due 11/15/2040, with a value of $103.		100		100

Total Repurchase Agreements				15,600

Time Deposits — 1.5%
Australia & New Zealand Banking Group Ltd.,
(1.69%), 01/04/2021	AUD	56		43
0.01%, 01/04/2021		130		130
BNP Paribas SA, 0.01%, 01/04/2021		1,975		1,975
Brown Brothers Harriman,
(0.31%), 01/04/2021	JPY	67		1
0.01%, 01/04/2021	CAD	153		120
Citibank NA, 0.01%, 01/04/2021	GBP	4,057		5,548

Total Time Deposits				7,817

U.S. Treasury Obligations — 0.0% (g)
U.S. Cash Management Bill, Zero Coupon, 03/16/2021 (dd)		81		81
U.S. Treasury Bill, Zero Coupon, 02/04/2021 (dd)		112		112

Total U.S. Treasury Obligations				193

Total Short-Term Investments (Cost $104,958)				105,773


Total Investments — 99.8% (Cost $511,827)				515,476

Other Assets in Excess of Liabilities — 0.2%				1,052


NET ASSETS — 100.0%			$	516,528

Percentages indicated are based on net assets


ASX		— Australian Stock Exchange
BBSW		— Bank Bill Swap rate
BofA		— Bank of America
CDX		— Credit Default Swap Index
CLO		— Collateralized Loan Obligations
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
ICE		— Intercontinental Exchange
LIBOR		— London Interbank Offered Rate
Reg. S		— Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REMICS		— Real Estate Mortgage Investment Conduit
RMBS		— Residential Mortgage-Backed Securities
SOFR		— Secured Overnight Financing Rate
SONIA		— Sterling Overnight Interbank Average Rate
SUB		— Step-Up Bond. The interest rate shown is the rate in effect as of December 31, 2020.
(e)		— Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.


(f)		— Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended.
(g)		— Amount rounds to less than 0.05%.
(n)		— The rate shown is the effective yield as of December 31, 2020.
(z)		— Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2020.
(aa)		— Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2020
(bb)		— Security has been valued using significant unobservable inputs.
(cc)		— Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
(dd)		— Approximately $172,984 of these investments are restricted as collateral for forwards to Bank of America, NA.
AUD		— Australian Dollar
CAD		— Canadian Dollar
GBP		— British Pound
JPY		— Japanese Yen
USD		— United States Dollar


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — 4.4%
BMW Canada Auto Trust, (Canada),
Series 2019-1A, Class A1, 2.15%, 10/20/2021 (e)	CAD	205		161
Series 2020-1A, Class A1, 1.96%, 09/20/2022 (e)	CAD	1,427		1,128
Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 04/15/2031 (e)		821		834
DT Auto Owner Trust, Series 2020-3A, Class A, 0.54%, 04/15/2024 (e)		1,830		1,833
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e)		900		904
Ford Auto Securitization Trust, (Canada), Series 2019-BA, Class A2, 2.32%, 10/15/2023 (e)	CAD	913		726
Ford Credit Floorplan Master Owner Trust A,
Series 2018-3, Class A2, (ICE LIBOR USD 1 Month + 0.40%), 0.56%, 10/15/2023 (aa)		2,900		2,906
Series 2019-3, Class A2, (ICE LIBOR USD 1 Month + 0.60%), 0.76%, 09/15/2024 (aa)		600		604
Series 2020-1, Class A1, 0.70%, 09/15/2025		1,700		1,712
Home Equity Asset Trust, Series 2005-8, Class M1, (ICE LIBOR USD 1 Month + 0.43%), 0.58%, 02/25/2036 (aa)		955		954
Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, SUB, 3.75%, 04/25/2059 (e)		248		251
Marlette Funding Trust, Series 2018-4A, Class A, 3.71%, 12/15/2028 (e)		100		100
Nelnet Student Loan Trust, Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.05%, 06/27/2067 (e) (aa)		1,368		1,371
Oscar US Funding X LLC, (Japan), Series 2019-1A, Class A2, 3.10%, 04/11/2022 (e)		291		292
Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%, 09/10/2026 (e)		350		366
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 0.94%, 07/25/2035 (aa)		2,113		2,109
SLM Student Loan Trust, Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 0.81%, 10/25/2029 (e) (aa)		1,875		1,871
SMB Private Education Loan Trust,
Series 2015-B, Class A2A, 2.98%, 07/15/2027 (e)		742		755
Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e)		926		951
SMB Private Education Loan Trust,
Series 2020-PTA, Class A1, (ICE LIBOR USD 1 Month + 0.30%), 0.45%, 09/15/2054 (e) (aa)		369		369
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e)		800		808


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

SoFi Consumer Loan Program Trust,
Series 2019-1, Class A, 3.24%, 02/25/2028 (e)		150		151
Series 2019-3, Class A, 2.90%, 05/25/2028 (e)		288		291
SoFi Professional Loan Program Trust, Series 2020-A, Class A1FX, 2.06%, 05/15/2046 (e)		789		795
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e)		1,800		1,854
World Omni Select Auto Trust, Series 2020-A, Class A2, 0.47%, 06/17/2024		700		701

Total Asset-Backed Securities (Cost $24,418)				24,797

Collateralized Mortgage Obligations — 4.1%
Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 0.92%, 11/16/2066 (e) (aa)		198		199
Canterbury Finance No 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.35%), 1.40%, 05/16/2056 (aa)	GBP	1,000		1,365
COLT Mortgage Loan Trust, Series 2020-1R, Class A1, 1.26%, 09/25/2065 (e) (z)		422		422
Credit Suisse Mortgage Capital Certificates, Series 2019-RPL4, Class A1, 3.49%, 08/26/2058 (e)		265		266
FHLMC REMICS,
Series 4950, Class A, 2.50%, 06/25/2034		300		300
Series 4961, Class LA, 2.50%, 07/25/2034		407		408
Finsbury Square plc, (United Kingdom),
Series 2018-2, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.95%), 0.99%, 09/12/2068 (aa)	GBP	903		1,236
Series 2019-3, Class A, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.01%), 1.06%, 12/16/2069 (aa)	GBP	360		493
Series 2020-2, Class A, (SONIA Deposit Rates Swap 3 Month + 1.30%), 0.00%, 06/16/2070 (e) (aa)	GBP	474		652
FNMA REMICS, Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 0.95%, 05/25/2050 (aa)		3,160		3,176
GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e)		1,650		1,667
GNMA,
Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 0.79%, 12/20/2064 (aa)		1,778		1,791
Series 2017-121, Class PE, 3.00%, 07/20/2046		1,213		1,240
Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 0.49%, 08/20/2065 (aa)		2,406		2,403


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 0.57%, 05/20/2044 (aa)		994		994
Jupiter plc, (United Kingdom), Series 1A, Class A, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.00%, 06/01/2060 (e) (aa) (bb) (cc)	GBP	200		271
Lanark Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A1, (ICE LIBOR USD 3 Month + 0.77%), 1.03%, 12/22/2069 (e) (aa)		950		952
London Wall Mortgage Capital plc, (United Kingdom), Series 2017-FL1, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.85%), 0.90%, 11/15/2049 (aa)	GBP	94		129
New Residential Mortgage Loan Trust, Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z)		193		209
Polaris RMBS, (United Kingdom), Series 2019-1, Class A, Reg. S, (SONIA Deposit Rates Swap 1 Month + 1.25%), 1.30%, 04/27/2057 (aa)	GBP	728		999
Ripon Mortgages plc, (United Kingdom), Series 1X, Class A1, Reg. S, (ICE LIBOR GBP 3 Month + 0.80%), 0.85%, 08/20/2056 (aa)	GBP	260		356
Sage AR Funding No 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Deposit Rates Swap 3 Month + 1.25%), 0.00%, 11/17/2030 (e) (aa)	GBP	800		1,094
Silverstone Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A, (ICE LIBOR USD 3 Month + 0.57%), 0.78%, 01/21/2070 (e) (aa)		144		144
Starwood Mortgage Residential Trust, Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z)		1,064		1,071
Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.95%, 07/20/2045 (e) (aa)	GBP	817		1,116
Trinity Square plc, (United Kingdom), Series 2015-1X, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 1.15%), 1.20%, 07/15/2051 (aa)	GBP	121		166

Total Collateralized Mortgage Obligations (Cost $22,549)				23,119

Commercial Mortgage-Backed Securities — 1.3%
AREIT Trust,
Series 2018-CRE2, Class A, (ICE LIBOR USD 1 Month + 0.98%), 1.13%, 11/14/2035 (e) (aa)		895		888
Series 2019-CRE3, Class A, (ICE LIBOR USD 1 Month + 1.02%), 1.17%, 09/14/2036 (e) (aa)		500		493
AREIT Trust, (Cayman Islands), Series 2020-CRE4, Class A, (ICE LIBOR USD 1 Month + 2.62%), 2.78%, 04/15/2037 (e) (aa)		1,100		1,111


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Commercial Mortgage-Backed Securities — continued
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 1.21%, 04/15/2036 (e) (aa)		400		389
BX Commercial Mortgage Trust, Series 2018-IND, Class A, (ICE LIBOR USD 1 Month + 0.75%), 0.91%, 11/15/2035 (e) (aa)		1,459		1,459
GPMT Ltd., (Cayman Islands), Series 2018-FL1, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.05%, 11/21/2035 (e) (aa)		197		196
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class AAB, 3.85%, 08/15/2046		550		572
Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.16%, 05/15/2036 (e) (aa)		700		676
PFP Ltd., (Cayman Islands), Series 2019-5, Class A, (ICE LIBOR USD 1 Month + 0.97%), 1.12%, 04/14/2036 (e) (aa)		934		924
VMC Finance LLC, Series 2018-FL2, Class A, (ICE LIBOR USD 1 Month + 0.92%), 1.07%, 10/15/2035 (e) (aa)		797		793

Total Commercial Mortgage-Backed Securities (Cost $7,539)				7,501

Corporate Bonds — 17.4%
Communications — 0.2%
Media — 0.2%
Charter Communications Operating LLC / Charter Communications Operating Capital, (ICE LIBOR USD 3 Month + 1.65%), 1.86%, 02/01/2024 (aa)		1,100		1,128

Telecommunications — 0.0% (g)
Verizon Communications, Inc., (ICE LIBOR USD 3 Month + 1.10%), 1.32%, 05/15/2025 (aa)		200		205

Total Communications				1,333

Consumer Cyclical — 1.9%
Auto Manufacturers — 1.9%
American Honda Finance Corp., (ICE LIBOR USD 3 Month + 0.45%), 0.67%, 02/15/2022 (aa)		2,100		2,109
Daimler Finance North America LLC,
(ICE LIBOR USD 3 Month + 0.45%), 0.66%, 02/22/2021 (e) (aa)		1,500		1,501
Reg. S, (ICE LIBOR USD 3 Month + 0.67%), 0.89%, 11/05/2021 (aa)		800		803
General Motors Financial Co., Inc., 3.45%, 04/10/2022		1,500		1,543
Hyundai Capital America,
Reg. S, 2.45%, 06/15/2021		100		100
Reg. S, 3.00%, 03/18/2021		200		201
3.00%, 03/18/2021 (e)		400		402


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Auto Manufacturers — continued
Nissan Motor Acceptance Corp.,
(ICE LIBOR USD 3 Month + 0.52%), 0.74%, 03/15/2021 (e) (aa)		200		200
Reg. S, (ICE LIBOR USD 3 Month + 0.63%), 0.87%, 09/21/2021 (aa)		400		399
(ICE LIBOR USD 3 Month + 0.65%), 0.87%, 07/13/2022 (e) (aa)		700		695
(ICE LIBOR USD 3 Month + 0.69%), 0.94%, 09/28/2022 (e) (aa)		1,620		1,606
Volkswagen Group of America Finance LLC, (ICE LIBOR USD 3 Month + 0.86%), 1.10%, 09/24/2021 (e) (aa)		1,000		1,005

Total Consumer Cyclical				10,564

Consumer Non-cyclical — 4.5%
Agriculture — 1.5%
BAT Capital Corp., (ICE LIBOR USD 3 Month + 0.88%), 1.10%, 08/15/2022 (aa)		3,500		3,524
Imperial Brands Finance plc, (United Kingdom), 3.75%, 07/21/2022 (e)		3,100		3,232
JT International Financial Services BV, (Netherlands), Reg. S, 3.50%, 09/28/2023		1,200		1,289

				8,045

Commercial Services — 2.3%
Central Nippon Expressway Co. Ltd., (Japan), Reg. S, 2.36%, 05/28/2021		10,000		10,081
Equifax, Inc., (ICE LIBOR USD 3 Month + 0.87%), 1.09%, 08/15/2021 (aa)		3,090		3,100

				13,181

Food — 0.1%
General Mills, Inc., 6.41%, 10/15/2022		600		662


Pharmaceuticals — 0.6%
Bayer US Finance II LLC, (ICE LIBOR USD 3 Month + 1.01%), 1.23%, 12/15/2023 (e) (aa)		3,500		3,536

Total Consumer Non-cyclical				25,424

Energy — 0.2%
Oil & Gas — 0.2%
BG Energy Capital plc, (United Kingdom), 4.00%, 10/15/2021 (e)		1,045		1,073

Financial — 8.9%

Banks — 6.1%
Banco Santander Chile, (Chile), (ICE LIBOR USD 3 Month + 1.20%), 1.42%, 11/28/2021 (aa)		3,200		3,202
Bank of America Corp., (Canada Bankers Acceptances 3 Month + 1.13%), 2.60%, 03/15/2023 (f) (aa)	CAD	1,200		966


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Banks — continued
Barclays plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.38%), 1.60%, 05/16/2024 (aa)		1,000		1,014
Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 1.82%, 06/15/2023 (aa)	AUD	750		585
Citigroup, Inc., (ICE LIBOR USD 3 Month + 0.95%), 1.16%, 07/24/2023 (aa)		850		858
Danske Bank A/S, (Denmark),
Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 1.28%, 09/12/2023 (aa)		600		602
(ICE LIBOR USD 3 Month + 1.25%), 3.00%, 09/20/2022 (e) (aa)		1,200		1,219
First Abu Dhabi Bank PJSC, (United Arab Emirates), Reg. S, (ICE LIBOR USD 3 Month + 0.95%), 1.18%, 04/16/2022 (aa)		1,800		1,807
Goldman Sachs Group, Inc. (The), (ICE LIBOR USD 3 Month + 0.75%), 0.96%, 02/23/2023 (aa)		200		202
HSBC Holdings plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.00%), 1.22%, 05/18/2024 (aa)		800		805
(ICE LIBOR USD 3 Month + 1.23%), 1.45%, 03/11/2025 (aa)		1,000		1,013
KEB Hana Bank, (South Korea), (ICE LIBOR USD 3 Month + 0.70%), 0.94%, 10/02/2022 (e) (aa)		500		501
Mitsubishi UFJ Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.86%), 1.07%, 07/26/2023 (aa)		2,500		2,527
Mizuho Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.63%), 0.84%, 05/25/2024 (aa)		3,400		3,406
Morgan Stanley,
(United States SOFR + 0.70%), 0.79%, 01/20/2023 (aa)		1,594		1,599
(Canada Bankers Acceptances 3 Month + 0.30%), 0.79%, 02/03/2023 (f) (aa)	CAD	2,000		1,574
Natwest Group plc, (United Kingdom),
(ICE LIBOR USD 3 Month + 1.47%), 1.69%, 05/15/2023 (aa)		700		708
(ICE LIBOR USD 3 Month + 1.55%), 1.80%, 06/25/2024 (aa)		700		713
NatWest Markets plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.40%), 1.65%, 09/29/2022 (e) (aa)		2,360		2,389
Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 1.16%, 08/30/2023 (e) (aa)		200		202
QNB Finance Ltd., (Cayman Islands),
Reg. S, (ICE LIBOR USD 3 Month + 1.00%), 1.21%, 05/02/2022 (aa)		1,100		1,103
Reg. S, (ICE LIBOR USD 3 Month + 1.35%), 1.57%, 05/31/2021 (aa)		1,200		1,203


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
Shinhan Bank Co. Ltd., (South Korea), Reg. S, 2.88%, 03/28/2022		2,100		2,160
Standard Chartered plc, (United Kingdom),
Reg. S, (ICE LIBOR USD 3 Month + 1.20%), 1.43%, 09/10/2022 (aa)		500		502
(ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa)		1,700		1,843
Wells Fargo & Co., (ICE LIBOR USD 3 Month + 1.23%), 1.44%, 10/31/2023 (aa)		2,200		2,235

				34,938

Diversified Financial Services — 2.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.45%, 12/16/2021		700		721
Aircastle Ltd., (Bermuda), 5.50%, 02/15/2022		1,450		1,510
American Express Co., 2.75%, 05/20/2022		3,700		3,817
Aviation Capital Group LLC, 2.88%, 01/20/2022 (e)		1,600		1,620
BOC Aviation Ltd., (Singapore),
(ICE LIBOR USD 3 Month + 1.05%), 1.26%, 05/02/2021 (e) (aa)		200		200
Reg. S, 2.38%, 09/15/2021		2,500		2,510
Mitsubishi UFJ Lease & Finance Co. Ltd., (Japan), 2.65%, 09/19/2022 (e)		1,700		1,751
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025		2,300		2,390
ORIX Corp., (Japan), 2.90%, 07/18/2022		688		713
Synchrony Financial, 2.85%, 07/25/2022		600		620

				15,852

Total Financial				50,790

Industrial — 0.8%
Aerospace/Defense — 0.3%
Boeing Co. (The), 2.13%, 03/01/2022		800		813
4.51%, 05/01/2023		1,000		1,081

				1,894

Transportation — 0.4%
Ryder System, Inc., 2.88%, 06/01/2022		1,900		1,963

Trucking & Leasing — 0.1%
GATX Corp., (ICE LIBOR USD 3 Month + 0.72%), 0.94%, 11/05/2021 (aa)		500		501

Total Industrial				4,358

Technology — 0.1%
Semiconductors — 0.1%
Broadcom, Inc., 3.13%, 10/15/2022		200		209
NXP BV / NXP Funding LLC, (Netherlands), 3.88%, 09/01/2022 (e)		400		422

Total Technology				631


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Utilities — 0.8%
Electric — 0.8%
American Electric Power Co., Inc., Series A, (ICE LIBOR USD 3 Month + 0.48%), 0.68%, 11/01/2023 (aa)		1,300		1,302
Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 0.75%, 09/15/2023 (aa)		800		801
Israel Electric Corp. Ltd., (Israel), Series 6, Reg. S, 5.00%, 11/12/2024 (e)		300		339
Pacific Gas and Electric Co.,
1.75%, 06/16/2022		600		602
3.25%, 06/15/2023		200		209
3.75%, 02/15/2024		100		107
3.85%, 11/15/2023		400		425
4.25%, 08/01/2023		800		859

Total Utilities				4,644

Total Corporate Bonds (Cost $97,648)				98,817

Foreign Government Securities — 0.6%
Export-Import Bank of Korea, (South Korea), (ICE LIBOR USD 3 Month + 0.53%), 0.78%, 06/25/2022 (aa)		1,000		1,004
Korea Development Bank (The), (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.80%), 1.01%, 10/30/2022 (aa)		500		505
Qatar Government International Bond, (Qatar), Reg. S, 2.38%, 06/02/2021		2,100		2,117

Total Foreign Government Securities (Cost $3,620)				3,626

Municipal Bonds — 64.7% (t)
Alabama — 0.1%
Lower Alabama Gas District, Series A, Rev., 4.00%, 12/01/2022		550		587

Alaska — 0.4%
Alaska Housing Finance Corp., Series B, Rev., VRDO, 0.08%, 01/07/2021 (z)		2,400		2,400

Arizona — 1.1%
City of Phoenix Civic Improvement Corp., Senior Lien, Rev., AMT, 5.00%, 07/01/2021		1,750		1,784
Maricopa County Industrial Development Authority, Honorhealth, Series A, Rev., 5.00%, 09/01/2021		725		746
Maricopa County Unified School District, GO, 5.00%, 07/01/2022		1,310		1,404
Maricopa County, Unified School District No. 80 Chandler, Series A, GO, 5.00%, 07/01/2021		1,300		1,331
Maricopa County, Union High School District No. 210, School Improvement Project 2011 and 2017, GO, 5.00%, 07/01/2022		1,000		1,072

				6,337


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
California — 1.9%
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series B, Rev., AMT, 5.00%, 07/01/2022		1,430		1,517
City of Long Beach, Series B, Rev., AMT, 4.00%, 05/15/2022		3,000		3,147
City of Long Beach, Harbor Revenue, Series C, Rev., 4.00%, 07/15/2021		2,000		2,041
Golden State Tobacco Securitization Corp., Series A1, Rev., 5.00%, 06/01/2021		400		407
Los Angeles Department of Water, Series B4, Rev., VRDO, 0.09%, 01/04/2021 (z)		500		500
Southern California Public Power Authority, Windy Point/Windy Flats Project, Rev., 5.00%, 07/01/2021		1,250		1,279
State of California,
GO, 5.00%, 10/01/2022		1,000		1,084
GO, 5.00%, 11/01/2022		1,000		1,089

				11,064

Colorado — 2.1%
City & County of Denver, Airport System, Series A, Rev., AMT, 5.00%, 11/15/2021		2,000		2,077
Colorado Health Facilities Authority, Sisters of Charity of Leavenworth Health System, Inc. Obligated Group, Series A, Rev., 5.00%, 01/01/2022		2,500		2,613
Colorado Housing & Finance Authority, Multifamily Project, Series B2, Class I, Rev., 1.35%, 02/01/2022		5,000		5,023
Weld County School District No. 6 Greeley, GO, 5.00%, 12/01/2022		1,850		2,021

				11,734

Connecticut — 2.3%
Connecticut Housing Finance Authority,
Series B3, Rev., VRDO, 0.08%, 01/07/2021 (z)		280		280
Series F3, Rev., VRDO, 0.08%, 01/07/2021 (z)		10,000		10,000
Connecticut State, Health & Educational Facilities Authority, Yale University, Series U2, Rev., 2.00%, 07/01/2033 (z)		1,300		1,326
Hartford County, Metropolitan District (The), Series A, GO, 5.00%, 07/15/2022		1,200		1,284

				12,890

District of Columbia — 0.1%
District of Columbia, Georgetown University (The), Series B1, Rev., VRDO, LOC: Bank of America NA, 0.08%, 01/07/2021 (z)		500		500

Florida — 7.5%
City of Fort Lauderdale, Police and Public Safety Project, Series B, GO, 5.00%, 07/01/2022		1,215		1,303
City of Gainesville, Utilities System,
Series A, Rev., 5.00%, 10/01/2021		1,400		1,450


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Florida — continued
Series B, Rev., VRDO, 0.11%, 01/07/2021 (z)		4,830		4,830
City of Orlando, Series B, Rev., 5.00%, 10/01/2021		775		803
County of Miami-Dade Aviation, Series C, Rev., 5.00%, 10/01/2021		1,650		1,708
County of Miami-Dade, Building Better Communities Project,
Series A, GO, 5.00%, 07/01/2021		5,000		5,118
Series A, GO, 5.00%, 07/01/2022		6,000		6,432
Florida Atlantic University Finance Corp., Series A, Rev., 5.00%, 07/01/2021		880		896
Florida Gulf Coast University Financing Corp., Parking Project, Series A, Rev., VRDO, LOC: TD Bank NA, 0.11%, 01/07/2021 (z)		3,655		3,655
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 0.09%, 01/07/2021 (z)		4,000		4,000
Lee Memorial Health System, Series A1, Rev., 5.00%, 04/01/2022		1,000		1,056
Orlando Utilities Commission, Series 1, Rev., VRDO, 0.09%, 01/07/2021 (z)		6,200		6,200
Seacoast Utility Authority, Series B, Rev., 5.00%, 03/01/2023		2,215		2,443
State of Florida, Board Education, Capital Outlay, Series A, GO, 5.00%, 06/01/2022		2,500		2,670

				42,564

Georgia — 0.2%
Brookhaven Development Authority, Children’s Healthcare of Atlanta Obligated Group, Series A, Rev., 5.00%, 07/01/2022		1,040		1,113

Hawaii — 0.2%
State of Hawaii, Series EA, GO, 5.00%, 12/01/2021		1,075		1,122

Idaho — 0.8%
Idaho Health Facilities Authority, St. Luke’s Health System Obligated Group, Rev., VRDO, LOC: U.S. Bank NA, 0.09%, 01/04/2021 (z)		4,500		4,500

Illinois — 3.0%
Chicago Midway International Airport, Second Lien, Series A, Rev., AMT, 5.00%, 01/01/2021		2,580		2,580
Chicago O’Hare International Airport, Senior Lien,
Series A, Rev., AMT, 5.00%, 01/01/2022 (p)		2,000		2,091
Series C, Rev., 5.00%, 01/01/2022		3,670		3,840
Fountaindale Public Library District, GO, 5.00%, 02/01/2021		1,050		1,054
Illinois Finance Authority, Northwestern Memorial Hospital, Series A2, Rev., VRDO, 0.09%, 01/04/2021 (z)		2,675		2,675


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Illinois — continued
Illinois Finance Authority, University of Chicago Medical Center Obligated Group, Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.09%, 01/04/2021 (z)		200		200
Illinois Housing Development Authority, Multifamily Housing, Century Woods IL TC LP, Rev., GNMA COLL, 1.90%, 10/01/2022 (z)		1,500		1,517
Illinois Housing Development Authority, Multifamily Housing, Heather Ridge IL TC LP, Rev., 1.90%, 10/01/2022 (z)		3,000		3,035

				16,992

Indiana — 1.7%
Indiana Finance Authority, Educational Facilities, Marian University Project, Rev., 6.50%, 09/15/2030 (p)		3,000		3,131
Indiana Finance Authority, Green Bond, Series B, Rev., 5.00%, 02/01/2022		950		999
Indiana Finance Authority, Health Systems, Sisters of St. Francis, Series I, Rev., VRDO, LOC: Barclays Bank plc, 0.08%, 01/04/2021 (z)		800		800
Indiana Municipal Power Agency, Series B, Rev., VRDO, LOC: U.S. Bank NA, 0.09%, 01/04/2021 (z)		1,300		1,300
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority, Rev., AMT, 5.00%, 01/01/2022		3,085		3,218

				9,448

Kansas — 0.2%
Geary County Unified School District, Series B, GO, 5.00%, 09/01/2022		1,275		1,377

Kentucky — 0.2%
City of Owensboro, Electric Light & Power System, Series B, Rev., 5.00%, 01/01/2021		1,250		1,250

Louisiana — 0.4%
Jefferson Sales Tax District, Series A, Rev., AGM, 5.00%, 12/01/2021		2,325		2,423

Maryland — 0.4%
City of Frederick, Public Improvement, GO, 3.00%, 12/01/2022		1,000		1,054
County of Anne Arundel, General Improvements, GO, 5.00%, 04/01/2022		1,165		1,235

				2,289

Massachusetts — 4.4%
Massachusetts Bay Transportation Authority, Series A2, Rev., VRDO, 0.08%, 01/07/2021 (z)		5,130		5,130
Massachusetts Development Finance Agency, Beth Israel Lahey Health Obligated Group, Series K, Rev., 4.00%, 07/01/2021		720		732


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Massachusetts — continued
Massachusetts Development Finance Agency, Dana-Farber Cancer Institute Obligated Group, Series O, Rev., 5.00%, 12/01/2021		1,000		1,040
Massachusetts Development Finance Agency, Northeastern University, Series A, Rev., 5.00%, 10/01/2022		2,350		2,544
Massachusetts Development Finance Agency, Partners Healthcare System, Inc., Series K1, Rev., VRDO, 0.08%, 01/07/2021 (z)		5,700		5,700
Massachusetts Educational Financing Authority,
Series A, Rev., AMT, 5.00%, 01/01/2021		3,150		3,150
Series B, Rev., AMT, 5.00%, 07/01/2021		900		921
Series B, Rev., AMT, 5.00%, 07/01/2022		2,000		2,136
Massachusetts School Building Authority,
Series A, Rev., 5.00%, 08/15/2022 (p)		2,710		2,919
Town of Hingham, Water Bonds, GO, 5.00%, 02/15/2022		650		685

				24,957

Michigan — 0.6%
University of Michigan, Series D1, Rev., VRDO, 0.09%, 01/04/2021 (z)		3,675		3,675

Missouri — 0.5%
State of Missouri, Health & Educational Facilities Authority, Series F, Rev., VRDO, 0.09%, 01/04/2021 (z)		2,635		2,635

Nevada — 1.5%
County of Clark Department of Aviation, Series A1, Rev., AMT, 5.00%, 07/01/2021		5,000		5,112
Las Vegas Valley Water District, Series B, GO, 5.00%, 06/01/2022		2,000		2,136
Washoe County School District, Series C, GO, 5.00%, 10/01/2021		1,250		1,294

				8,542

New Hampshire — 1.1%
New Hampshire Health and Education Facilities Authority Act, University System of New Hampshire, Series B, Rev., VRDO, 0.08%, 01/04/2021 (z)		2,600		2,600
New Hampshire Health and Education Facilities Authority, University System, Series B1, Rev., VRDO, 0.08%, 01/04/2021 (z)		3,420		3,420

				6,020

New Jersey — 0.9%
City of Newark, Series A, GO, 5.00%, 10/01/2022		700		749
New Jersey Sports & Exposition Authority, Series A, Rev., 5.00%, 09/01/2021		4,000		4,108

				4,857


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
New Mexico — 0.1%
New Mexico Municipal Energy Acquisition Authority, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 11/01/2021		625		644

New York — 9.6%
City of New York,
Series F, GO, 5.00%, 08/01/2022		1,125		1,181
Series G4, GO, VRDO, LOC: Citibank NA, 0.09%, 01/07/2021 (z)		1,000		1,000
Series G6, GO, VRDO, LOC: Mizuho Bank Ltd., 0.09%, 01/04/2021 (z)		615		615
Series I4, GO, VRDO, LOC: TD Bank NA, 0.11%, 01/04/2021 (z)		2,000		2,000
Metropolitan Transportation Authority,
Series A, Rev., BAN, 4.00%, 02/01/2022		12,000		12,243
Series A, Rev., BAN, 5.00%, 03/01/2022		2,000		2,098
New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series BB, Rev., VRDO, 0.11%, 01/04/2021 (z)		1,000		1,000
New York City Transitional Finance Authority, Future Tax Secured Revenue,
Series A4, Rev., VRDO, 0.11%, 01/04/2021 (z)		3,500		3,500
Series B1, Rev., 4.00%, 11/01/2022		1,800		1,923
Series B5, Rev., VRDO, 0.10%, 01/04/2021 (z)		1,000		1,000
Series E1, Rev., 5.00%, 02/01/2022		2,490		2,618
New York City Water & Sewer System, Municipal Water Finance Authority, Series F1, Rev., VRDO, 0.09%, 01/04/2021 (z)		5,700		5,700
New York State Urban Development Corp., Series A, Rev., 5.00%, 03/15/2022		8,575		9,072
Onondaga County Resource Recovery Agency, Series A, Rev., AGM, AMT, 5.00%, 05/01/2021		1,915		1,943
Port Authority of New York & New Jersey, Consolidated, Series 195, Rev., AMT, 5.00%, 10/01/2021		1,600		1,656
Port Authority of New York & New Jersey, Consolidated, Series 180, Rev., AMT, 5.00%, 09/01/2021		3,060		3,155
Triborough Bridge & Tunnel Authority,
Series B2, Rev., VRDO, LOC: Citibank NA, 0.07%, 01/04/2021 (z)		2,600		2,600
Series B3, Rev., VRDO, LOC: State Street Bank & Trust Co., 0.11%, 01/04/2021 (z)		1,430		1,430

				54,734

North Carolina — 0.2%
County of Durham, GO, 5.00%, 04/01/2022		1,135		1,203

Ohio — 2.2%
City of Cincinnati, Series A, GO, 5.00%, 12/01/2032 (p)		1,700		1,816


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Ohio — continued
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group, Series B3, Rev., VRDO, 0.08%, 01/04/2021 (z)		3,800		3,800
Ohio State University (The), Series B2, Rev., VRDO, 0.07%, 01/07/2021 (z)		6,725		6,725

				12,341

Oklahoma — 0.6%
Oklahoma County, Independent School District No. 12 Edmond, Combined Purpose, GO, 2.00%, 03/01/2021		1,270		1,274
Tulsa County, Independent School District No. 1, Series A, GO, 2.00%, 03/01/2023		2,130		2,205

				3,479

Pennsylvania — 4.2%
Commonwealth of Pennsylvania, First Series, GO, 5.00%, 08/15/2021		7,210		7,424
Geisinger Authority, Health System, Series A, Rev., 5.00%, 04/01/2022		2,400		2,536
Monroeville Finance Authority, UPMC Obligated Group, Rev., 5.00%, 02/15/2021		1,155		1,161
Pennsylvania Economic Development Financing Authority, Waste Management PA Obligated Group, Series A, Rev., 2.15%, 11/01/2021		1,375		1,390
Philadelphia Authority for Industrial Development, Rev., 5.00%, 10/01/2021		4,000		4,116
Philadelphia Authority for Industrial Development, City Service Agreement, Rebuild Project, Rev., 5.00%, 05/01/2021		750		760
Phoenixville Area School District, GO, 4.00%, 11/15/2022		1,000		1,066
Ringgold Pennsylvania School District, GO, BAM, 3.00%, 09/01/2022		2,325		2,429
School District of Philadelphia (The),
Series A, GO, 5.00%, 09/01/2021		1,600		1,647
Series F, GO, 5.00%, 09/01/2021		1,500		1,544

				24,073

Rhode Island — 0.3%
Rhode Island Commerce Corp., Grant Anticipation Rhode Island, Rev., 5.00%, 06/15/2022		1,550		1,655

Tennessee — 1.2%
Memphis-Shelby County Airport Authority, Series B, Rev., AMT, 5.00%, 07/01/2022		1,750		1,863
Shelby County Health Educational & Housing Facilities Board, Methodist Le Bonheur, Rev., VRDO, AGM, 0.09%, 01/04/2021 (z)		2,875		2,875
Tennessee Energy Acquisition Corp., Series A, Rev., 5.25%, 09/01/2021		2,040		2,106

				6,844


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Texas — 10.1%
City of Arlington, Water & Wastewater System, Series A, Rev., 2.00%, 06/01/2021		400		403
City of Corpus Christi, Utility System Revenue, Junior Lien, Rev., 5.00%, 07/15/2021		3,635		3,727
City of Dallas, Refunding and Improvement, GO, 5.00%, 02/15/2022		3,000		3,161
City of Houston, Series A, GO, 5.00%, 03/01/2022		2,505		2,646
City of Houston, Airport System, Series D, Rev., 5.00%, 07/01/2021		1,150		1,176
City of San Antonio, Municipal Drainage Utility, Rev., 5.00%, 02/01/2023		1,000		1,099
Collin County, Community College District, Series A, GO, 5.00%, 08/15/2022		1,310		1,412
County of Harris, Road Bonds, Series A, GO, 5.00%, 10/01/2022		1,660		1,800
County of Williamson,
GO, 4.00%, 02/15/2022		3,190		3,327
GO, 4.00%, 02/15/2023		2,315		2,498
GO, 5.00%, 02/15/2022		1,000		1,054
Dallas Fort Worth International Airport, Series B, Rev., 5.00%, 11/01/2022		3,000		3,251
Fort Bend Independent School District,
GO, PSF-GTD, 5.00%, 08/15/2021		1,000		1,030
GO, PSF-GTD, 5.00%, 08/15/2022		1,000		1,078
Frisco Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2022		2,000		2,108
GO, PSF-GTD, 5.00%, 08/15/2022		1,240		1,337
Harris County Toll Road Authority, First Lien,
Rev., 5.00%, 08/15/2022 (w)		2,100		2,266
Rev., 5.00%, 08/15/2023 (w)		1,600		1,802
Harris County, Flood Control District, Series A, Rev., 5.00%, 10/01/2022		4,000		4,334
North Texas Tollway Authority, Rev., 5.00%, 01/01/2022 (p)		880		921
North Texas Tollway Authority, Unrefunded, Rev., 5.00%, 01/01/2022		1,120		1,173
Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2022		1,280		1,377
San Antonio Independent School District, GO, PSF-GTD, 5.00%, 02/15/2022		6,560		6,912
Texas State University System, Series A, Rev., 5.00%, 03/15/2022		2,200		2,327
Texas Water Development Board,
Rev., 3.00%, 10/15/2021		1,750		1,789
Rev., 3.00%, 04/15/2022		1,000		1,037
Rev., 3.00%, 10/15/2022		2,000		2,101

				57,146

Virginia — 2.1%
Albermarle County Economic Development Authority, Sentara Healthcare Obligated Group, Series B, Rev., VRDO, 0.07%, 01/04/2021 (z)		1,350		1,350


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Virginia — continued
Norfolk Economic Development Authority, Sentara Healthcare Obligated Group, Series A, Rev., VRDO, 0.09%, 01/07/2021 (z)		9,400		9,400
Virginia Port Authority, Series B, Rev., AMT, 5.00%, 07/01/2021		1,405		1,437

				12,187

Washington — 1.2%
Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 0.08%, 01/07/2021 (z)		4,000		4,000
Pierce County, School District No. 403 Bethel, GO, SCH BD GTY, 4.00%, 12/01/2021		850		880
Port of Seattle, Intermediate Lien, Rev., AMT, 5.00%, 04/01/2022		2,000		2,114

				6,994

Wisconsin — 1.3%
State of Wisconsin,
Series A, GO, 5.00%, 05/01/2022		4,815		5,124
Series B, GO, 5.00%, 05/01/2021		2,435		2,473

				7,597

Total Municipal Bonds
(Cost $366,524)				368,173

U.S. Government Agency Securities — 1.4%
FHLMC,
0.60%, 10/20/2025		4,600		4,610
0.65%, 10/27/2025		3,600		3,600

Total U.S. Government Agency Securities (Cost $8,200)				8,210

Short-Term Investments — 6.2%
Municipal Bonds — 5.4% (t)
City of San Antonio, GO, 5.00%, 08/01/2021		1,550		1,593
County of Erie, GO, RAN, 3.00%, 06/24/2021		5,000		5,062
Memphis-Shelby County Airport Authority, Series B, Rev., AMT, 5.00%, 07/01/2021		1,100		1,124
San Diego Unified School District, Series A, Rev., TRAN, 5.00%, 06/30/2021		4,400		4,504
State of Texas, Rev., TRAN, 4.00%, 08/26/2021		11,900		12,197
Township of Washington, Gloucester County, Series A, GO, BAN, 1.75%, 06/22/2021		6,000		6,039

Total Municipal Bonds				30,519

Repurchase Agreement — 0.7%
Goldman Sachs Co. LLC, 0.07%, dated 12/31/2020, due 01/04/2021, repurchase price $3,800, collateralized by Mortgage-Backed Security, 3.50%, due 08/01/2049, with a value of $3,967.		3,800		3,800

Time Deposits — 0.1%
Australia & New Zealand Banking Group Ltd., 0.01%, 01/04/2021		469		469
BNP Paribas SA, 0.01%, 01/04/2021		86		86


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Short-Term Investments — continued
Time Deposits — continued
Brown Brothers Harriman,
(1.69%), 01/04/2021	AUD	4		3
(0.72%), 01/04/2021	EUR	2		2
(0.31%), 01/04/2021	JPY	26		—	(h)
0.01%, 01/04/2021	CAD	152		120
Citibank NA, 0.01%, 01/04/2021	GBP	73		100

Total Time Deposits				780

U.S. Treasury Obligations — 0.0% (g)
U.S. Cash Management Bill, Zero Coupon, 03/16/2021 (dd)		172		172
U.S. Treasury Bills, Zero Coupon, 02/18/2021 (dd)		61		61

Total U.S. Treasury Obligations				233

Total Short-Term Investments (Cost $35,325)				35,332


Total Investments — 100.1% (Cost $565,823)				569,575

Liabilities in Excess of Other Assets — (0.1)%				(749	)


NET ASSETS — 100.0%				568,826

Percentages indicated are based on net assets.


AGM		— Insured by Assured Guaranty Municipal Corp.
AMT		— Alternative Minimum Tax
ASX		— Australian Stock Exchange
BAM		— Insured by Build America Mutual
BAN		— Bond Anticipation Note
BBSW		— Bank Bill Swap rate
CDX		— Credit Default Swap Index
COLL		— Collateral
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GO		— General Obligation
GNMA		— Government National Mortgage Association
GTD		— Guaranteed
ICE		— Intercontinental Exchange
LIBOR		— London Interbank Offered Rate
LIQ		— Liquidity Agreement
LOC		— Letter of Credit
PSF		— Permanent School Fund
RAN		— Revenue Anticipation Note
Reg. S		— Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REMICS		— Real Estate Mortgage Investment Conduit
RMBS		— Residential Mortgage-Backed Securities
Rev.		— Revenue
SCH BD GTY		— School Bond Guaranty
SOFR		— Secured Overnight Financing Rate
SONIA		— Sterling Overnight Interbank Average Rate
SUB		— Step-Up Bond. The interest rate shown is the rate in effect as of December 31, 2020.
TRAN		— Tax & Revenue Anticipation Note


VRDO		— Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of December 31, 2020.
(e)		— Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)		— Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended.
(g)		— Amount rounds to less than 0.05%.
(h)		— Amount rounds to less than 500 shares or principal/ $500.
(p)		— Security is prerefunded or escrowed to maturity.
(t)		— The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(w)		— All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(z)		— Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2020.
(aa)		— Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2020.
(bb)		— Security has been valued using significant unobservable inputs.
(cc)		— Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
(dd)		— Approximately $232,970 of these investments is restricted as collateral for forwards to Bank of America, NA.
AUD		— Australian Dollar
CAD		— Canadian Dollar
EUR		— Euro
GBP		— British Pound
JPY		— Japanese Yen
USD		— United States Dollar


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — 99.4%
Basic Materials — 0.4%
Chemicals — 0.3%
Air Products and Chemicals, Inc.		17		4,516
Albemarle Corp.		8		1,123
Axalta Coating Systems Ltd. (a)		8		239
Celanese Corp., Class A		8		976
CF Industries Holdings, Inc.		16		609
Dow, Inc.		57		3,157
DuPont de Nemours, Inc.		56		3,984
Eastman Chemical Co.		10		996
Ecolab, Inc.		19		4,128
FMC Corp.		9		983
International Flavors & Fragrances, Inc.		6		676
Linde plc, (United Kingdom)		40		10,524
LyondellBasell Industries NV, Class A		21		1,911
Mosaic Co. (The)		28		635
PPG Industries, Inc.		18		2,560
RPM International, Inc.		7		644
Sherwin-Williams Co. (The)		6		4,446


				42,107

Forest Products & Paper — 0.0% (g)
International Paper Co.		34		1,708

Iron/Steel — 0.0% (g)
Nucor Corp.		25		1,319
Steel Dynamics, Inc.		13		474


				1,793

Mining — 0.1%
Freeport-McMoRan, Inc.		99		2,569
Newmont Corp.		54		3,222


				5,791

Total Basic Materials				51,399

Communications — 18.5%
Advertising — 0.1%
Interpublic Group of Cos., Inc. (The)		30		715
Omnicom Group, Inc.		17		1,039
Trade Desk, Inc. (The), Class A (a)		12		10,012


				11,766

Internet — 17.4%
Alphabet, Inc., Class A (a)		305		535,088
Alphabet, Inc., Class C (a)		295		517,281
Amazon.com, Inc. (a)		117		382,005
Booking Holdings, Inc. (a)		11		25,068
CDW Corp.		10		1,302
Chewy, Inc., Class A (a)		5		480
eBay, Inc.		182		9,153
Etsy, Inc. (a)		34		6,040
Expedia Group, Inc.		37		4,920
F5 Networks, Inc. (a)		4		766
Facebook, Inc., Class A (a)		2,440		666,474
GoDaddy, Inc., Class A (a)		11		922
IAC/InterActiveCorp. (a)		5		1,032


SECURITY DESCRIPTION	SHARES			VALUE($)

Internet — continued
Match Group, Inc. (a)		17			2,637
MercadoLibre, Inc., (Argentina) (a)		3			5,548
Netflix, Inc. (a)		33			17,726
NortonLifeLock, Inc.		162			3,374
Okta, Inc., Class A (a)		8			2,077
Palo Alto Networks, Inc. (a)		29			10,220
Pinterest, Inc., Class A (a)		34			2,234
Roku, Inc., Class A (a)		8			2,592
Snap, Inc., Class A (a)		67			3,355
Twitter, Inc. (a)		804			43,545
Uber Technologies, Inc. (a)		485			24,747
VeriSign, Inc. (a)		7			1,413
Wayfair, Inc., Class A (a)		5			1,076
Zendesk, Inc. (a)		34			4,838
Zillow Group, Inc., Class A (a)		4			535
Zillow Group, Inc., Class C (a)		11			1,453


					2,277,901

Media — 0.5%
Altice USA, Inc., Class A (a)		16			595
Cable One, Inc.		—	(h)		561
Charter Communications, Inc., Class A (a)		10			6,821
Comcast Corp., Class A		345			18,090
Discovery, Inc., Class A (a)		16			492
Discovery, Inc., Class C (a)		21			561
DISH Network Corp., Class A (a)		19			604
FactSet Research Systems, Inc.		30			10,078
Fox Corp., Class A		30			880
Fox Corp., Class B		9			266
Liberty Broadband Corp., Class C (a)		12			1,964
Liberty Global plc, (United Kingdom), Class A (a)		5			117
Liberty Global plc, (United Kingdom), Class C (a)		37			877
Liberty Media Corp.-Liberty Formula One, Class C (a)		14			589
Liberty Media Corp.-Liberty SiriusXM, Class A (a)		7			293
Liberty Media Corp.-Liberty SiriusXM, Class C (a)		11			499
News Corp., Class A		29			520
Sirius XM Holdings, Inc.		70			446
ViacomCBS, Inc., Class B		44			1,634
Walt Disney Co. (The) (a)		135			24,491


					70,378

Telecommunications — 0.5%
Arista Networks, Inc. (a)		4			1,213
AT&T, Inc.		540			15,526
CenturyLink, Inc.		66			641
Cisco Systems, Inc.		318			14,243
Corning, Inc.		57			2,066
Juniper Networks, Inc.		23			510
Motorola Solutions, Inc.		12			2,083


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — continued
Telecommunications — continued
T-Mobile US, Inc. (a)		41			5,549
Verizon Communications, Inc.		313			18,374


					60,205

Total Communications					2,420,250

Consumer Cyclical — 6.9%
Airlines — 0.1%
Delta Air Lines, Inc.		81			3,248
Southwest Airlines Co.		75			3,490


					6,738

Apparel — 0.1%
NIKE, Inc., Class B		95			13,391
VF Corp.		25			2,175


					15,566

Auto Manufacturers — 5.3%
Cummins, Inc.		302			68,494
Ford Motor Co.		3,530			31,033
General Motors Co.		1,166			48,564
PACCAR, Inc.		706			60,950
Tesla, Inc. (a)		676			477,179


					686,220

Auto Parts & Equipment — 0.0% (g)
Aptiv plc, (Ireland)		19			2,446
Autoliv, Inc., (Sweden) (a)		4			324
BorgWarner, Inc.		15			566
Lear Corp.		4			579


					3,915

Distribution/Wholesale — 0.3%
Copart, Inc. (a)		108			13,755
Fastenal Co.		292			14,282
LKQ Corp. (a)		19			686
Pool Corp.		2			874
WW Grainger, Inc.		23			9,281


					38,878

Entertainment — 0.0% (g)
DraftKings, Inc., Class A (a)		12			559
Live Nation Entertainment, Inc. (a)		11			811
Vail Resorts, Inc.		3			884


					2,254

Food Service — 0.0% (g)
Aramark		17			659

Home Builders — 0.0% (g)
DR Horton, Inc.		21			1,433
Lennar Corp., Class A		14			1,089
NVR, Inc. (a)		—	(h)		894
PulteGroup, Inc.		12			538


					3,954


SECURITY DESCRIPTION	SHARES		VALUE($)

Home Furnishings — 0.0% (g)
Whirlpool Corp.		5		917


Housewares — 0.0% (g)
Newell Brands, Inc.		31		664


Leisure Time — 0.0% (g)
Carnival Corp.		47		1,009
Peloton Interactive, Inc., Class A (a)		15		2,209
Royal Caribbean Cruises Ltd.		14		1,082


				4,300

Lodging — 0.1%
Hilton Worldwide Holdings, Inc.		22		2,484
Las Vegas Sands Corp.		24		1,435
Marriott International, Inc., Class A		22		2,885
MGM Resorts International		33		1,029
Wynn Resorts Ltd.		6		706


				8,539

Retail — 1.0%
Advance Auto Parts, Inc.		5		768
AutoZone, Inc. (a)		2		1,874
Best Buy Co., Inc.		17		1,703
Burlington Stores, Inc. (a)		4		1,160
CarMax, Inc. (a)		13		1,249
Carvana Co., Class A (a)		5		1,110
Chipotle Mexican Grill, Inc., Class A (a)		2		2,836
Costco Wholesale Corp.		33		12,606
Darden Restaurants, Inc.		10		1,179
Dollar General Corp.		18		3,814
Dollar Tree, Inc. (a)		18		1,900
Domino’s Pizza, Inc.		3		1,070
Genuine Parts Co.		9		911
Home Depot, Inc. (The)		80		21,236
Lowe’s Cos., Inc.		56		8,919
Lululemon Athletica, Inc., (Canada) (a)		9		3,249
McDonald’s Corp.		56		11,947
O’Reilly Automotive, Inc. (a)		5		2,165
Ross Stores, Inc.		26		3,199
Starbucks Corp.		88		9,389
Target Corp.		37		6,563
Tiffany & Co.		8		1,006
TJX Cos., Inc. (The)		89		6,071
Tractor Supply Co.		8		1,137
Ulta Beauty, Inc. (a)		4		1,108
Walgreens Boots Alliance, Inc.		56		2,244
Walmart, Inc.		109		15,692
Yum! Brands, Inc.		21		2,262


				128,367

Textiles — 0.0% (g)
Mohawk Industries, Inc. (a)		5		704

Toys/Games/Hobbies — 0.0% (g)
Hasbro, Inc.		10		926

Total Consumer Cyclical				902,601


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Agriculture — 0.1%
Altria Group, Inc.		133		5,454
Archer-Daniels-Midland Co.		48		2,395
Bunge Ltd.		11		754
Philip Morris International, Inc.		113		9,361


				17,964

Beverages — 5.1%
Brown-Forman Corp., Class B		367		29,142
Coca-Cola Co. (The)		4,879		267,553
Constellation Brands, Inc., Class A		200		43,878
Keurig Dr Pepper, Inc.		668		21,390
Molson Coors Beverage Co., Class B		227		10,267
Monster Beverage Corp. (a)		471		43,567
PepsiCo., Inc.		1,655		245,509


				661,306

Biotechnology — 2.7%
Alexion Pharmaceuticals, Inc. (a)		148		23,132
Alnylam Pharmaceuticals, Inc. (a)		78		10,093
Amgen, Inc.		395		90,924
Biogen, Inc. (a)		107		26,197
BioMarin Pharmaceutical, Inc. (a)		122		10,723
Bio-Rad Laboratories, Inc., Class A (a)		2		920
Corteva, Inc.		57		2,192
Exact Sciences Corp. (a)		107		14,174
Gilead Sciences, Inc.		848		49,409
Illumina, Inc. (a)		11		4,054
Incyte Corp. (a)		125		10,914
Ionis Pharmaceuticals, Inc. (a)		89		5,013
Moderna, Inc. (a)		186		19,449
Regeneron Pharmaceuticals, Inc. (a)		71		34,122
Royalty Pharma plc, Class A		3		152
Seagen, Inc. (a)		82		14,390
Vertex Pharmaceuticals, Inc. (a)		176		41,613


				357,471

Commercial Services — 2.0%
AMERCO		5		2,366
Automatic Data Processing, Inc.		32		5,653
Avalara, Inc. (a)		23		3,819
Booz Allen Hamilton Holding Corp., Class A		9		796
Cintas Corp.		45		15,821
CoStar Group, Inc. (a)		20		18,239
Equifax, Inc.		62		11,875
FleetCor Technologies, Inc. (a)		6		1,603
Gartner, Inc. (a)		6		958
Global Payments, Inc.		22		4,794
IHS Markit Ltd., (United Kingdom)		192		17,246
MarketAxess Holdings, Inc.		26		14,763
Moody’s Corp.		117		33,888
PayPal Holdings, Inc. (a)		83		19,427
Robert Half International, Inc.		60		3,761
Rollins, Inc.		114		4,447
S&P Global, Inc.		182		59,950


SECURITY DESCRIPTION	SHARES		VALUE($)

Commercial Services — continued
Square, Inc., Class A (a)		27		5,971
TransUnion		97		9,622
United Rentals, Inc. (a)		37		8,522
Verisk Analytics, Inc., Class A		79		16,441


				259,962

Cosmetics/Personal Care — 0.3%
Colgate-Palmolive Co.		58		4,957
Estee Lauder Cos., Inc. (The), Class A		17		4,430
Procter & Gamble Co. (The)		189		26,331


				35,718

Food — 0.1%
Campbell Soup Co.		11		553
Conagra Brands, Inc.		35		1,282
General Mills, Inc.		44		2,612
Hershey Co. (The)		10		1,538
Hormel Foods Corp.		21		999
J M Smucker Co. (The)		8		949
Kellogg Co.		16		1,014
Kraft Heinz Co. (The)		52		1,814
Kroger Co. (The)		58		1,849
Lamb Weston Holdings, Inc.		10		777
McCormick & Co., Inc.		17		1,617
Mondelez International, Inc., Class A		108		6,308
Sysco Corp.		35		2,611
Tyson Foods, Inc., Class A		24		1,563


				25,486

Healthcare — Products — 0.8%
10X Genomics, Inc., Class A (a)		4		573
Abbott Laboratories		133		14,600
ABIOMED, Inc. (a)		3		1,045
Align Technology, Inc. (a)		6		2,968
Avantor, Inc. (a)		35		990
Baxter International, Inc.		38		3,066
Boston Scientific Corp. (a)		108		3,885
Cooper Cos., Inc. (The)		4		1,384
Danaher Corp.		48		10,653
DENTSPLY SIRONA, Inc.		16		830
Edwards Lifesciences Corp. (a)		46		4,222
Hologic, Inc. (a)		19		1,358
IDEXX Laboratories, Inc. (a)		6		2,939
Insulet Corp. (a)		4		1,105
Intuitive Surgical, Inc. (a)		9		7,168
Masimo Corp. (a)		4		982
Medtronic plc, (Ireland)		103		12,016
Novocure Ltd., (Jersey) (a)		6		1,067
ResMed, Inc.		11		2,248
STERIS plc		6		1,144
Stryker Corp.		25		6,196
Teleflex, Inc.		3		1,367
Thermo Fisher Scientific, Inc.		30		13,803
Varian Medical Systems, Inc. (a)		7		1,154
West Pharmaceutical Services, Inc.		5		1,417


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Healthcare — Products — continued
Zimmer Biomet Holdings, Inc.		15		2,372


				100,552

Healthcare — Services — 0.5%
Anthem, Inc.		18		5,875
Catalent, Inc. (a)		132		13,707
Centene Corp. (a)		42		2,548
DaVita, Inc. (a)		6		662
HCA Healthcare, Inc.		21		3,371
Humana, Inc.		10		3,906
IQVIA Holdings, Inc. (a)		14		2,554
Laboratory Corp. of America Holdings (a)		7		1,499
Molina Healthcare, Inc. (a)		3		730
PPD, Inc. (a)		8		289
Quest Diagnostics, Inc.		10		1,183
Teladoc Health, Inc. (a)		8		1,664
UnitedHealth Group, Inc.		70		24,555
Universal Health Services, Inc., Class B		6		858


				63,401

Household Products/Wares — 0.1%
Avery Dennison Corp.		7		1,040
Church & Dwight Co., Inc.		16		1,429
Clorox Co. (The)		9		1,752
Kimberly-Clark Corp.		24		3,238


				7,459

Pharmaceuticals — 8.8%
AbbVie, Inc.		1,190		127,522
AmerisourceBergen Corp., Class A		12		1,133
Becton Dickinson and Co.		22		5,474
Bristol-Myers Squibb Co.		1,826		113,274
Cardinal Health, Inc.		21		1,110
Cigna Corp.		27		5,639
CVS Health Corp.		100		6,849
DexCom, Inc. (a)		7		2,586
Elanco Animal Health, Inc. (a)		30		920
Eli Lilly and Co.		646		109,137
Henry Schein, Inc. (a)		11		750
Horizon Therapeutics Plc (a)		15		1,086
Jazz Pharmaceuticals plc, (Ireland) (a)		3		572
Johnson & Johnson		2,131		335,324
McKesson Corp.		12		2,146
Merck & Co., Inc.		2,045		167,300
Neurocrine Biosciences, Inc. (a)		60		5,704
Perrigo Co. plc, (Ireland)		109		4,886
Pfizer, Inc.		4,494		165,417
Sarepta Therapeutics, Inc. (a)		50		8,533
Viatris, Inc. (a)		980		18,364
Zoetis, Inc., Class A		383		63,311


				1,147,037

Total Consumer Non-cyclical				2,676,356


SECURITY DESCRIPTION	SHARES		VALUE($)

Energy — 0.5%
Energy — Alternate Sources — 0.1%
Enphase Energy, Inc. (a)		38		6,729
SolarEdge Technologies, Inc., (Israel) (a)		16		5,124
Sunrun, Inc. (a)		59		4,080


				15,933

Oil & Gas — 0.3%
Cabot Oil & Gas Corp.		27		444
Chevron Corp.		145		12,216
Concho Resources, Inc.		13		782
ConocoPhillips		80		3,212
EOG Resources, Inc.		44		2,204
Exxon Mobil Corp.		322		13,286
Hess Corp.		19		1,001
Marathon Petroleum Corp.		49		2,027
Occidental Petroleum Corp.		69		1,196
Phillips 66		33		2,310
Pioneer Natural Resources Co.		12		1,382
Valero Energy Corp.		31		1,753


				41,813

Oil & Gas Services — 0.0% (g)
Baker Hughes Co., Class A		51		1,060
Halliburton Co.		66		1,244
Schlumberger NV		112		2,443


				4,747

Pipelines — 0.1% (g)
Cheniere Energy, Inc. (a)		14		856
Kinder Morgan, Inc.		145		1,976
ONEOK, Inc.		32		1,234
Williams Cos., Inc. (The)		84		1,692


				5,758

Total Energy				68,251

Financial — 17.7%
Banks — 6.5%
Bank of America Corp.		5,566		168,705
Bank of New York Mellon Corp. (The)		684		29,027
Citigroup, Inc.		1,526		94,106
Citizens Financial Group, Inc.		449		16,047
Fifth Third Bancorp		690		19,027
First Republic Bank		157		23,130
Goldman Sachs Group, Inc. (The)		248		65,304
Huntington Bancshares, Inc.		1,117		14,111
KeyCorp.		1,007		16,527
M&T Bank Corp.		131		16,629
Morgan Stanley		1,003		68,721
Northern Trust Corp.		191		17,820
PNC Financial Services Group, Inc. (The)		330		49,196
Regions Financial Corp.		996		16,060
State Street Corp.		316		22,986
SVB Financial Group (a)		51		19,614
Truist Financial Corp.		1,045		50,069
US Bancorp		1,055		49,143
Wells Fargo & Co.		2,883		87,021


				843,243


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Diversified Financial Services — 4.0%
Ally Financial, Inc.		255		9,096
American Express Co.		516		62,429
Ameriprise Financial, Inc.		94		18,270
BlackRock, Inc., Class A		75		53,985
Capital One Financial Corp.		370		36,608
Cboe Global Markets, Inc.		127		11,785
Charles Schwab Corp. (The)		1,152		61,114
CME Group, Inc., Class A		275		50,047
Discover Financial Services		273		24,749
Franklin Resources, Inc.		318		7,935
Intercontinental Exchange, Inc.		421		48,550
Invesco Ltd.		260		4,526
Mastercard, Inc., Class A		67		23,823
Nasdaq, Inc.		115		15,199
Raymond James Financial, Inc.		137		13,118
SEI Investments Co.		170		9,750
Synchrony Financial		452		15,690
T Rowe Price Group, Inc.		191		28,986
Tradeweb Markets, Inc., Class A		60		3,743
Visa, Inc., Class A		127		27,759
Western Union Co. (The)		28		612


				527,774

Insurance — 6.2%
Aflac, Inc.		588		26,155
Alleghany Corp.		14		8,360
Allstate Corp. (The)		264		28,991
American Financial Group, Inc.		82		7,167
American International Group, Inc.		638		24,153
Aon plc, Class A		183		38,625
Arch Capital Group Ltd., (Bermuda) (a)		276		9,960
Arthur J Gallagher & Co.		130		16,137
Assurant, Inc.		44		6,048
Athene Holding Ltd., (Bermuda), Class A (a)		111		4,770
Berkshire Hathaway, Inc., Class B (a)		990		229,451
Brown & Brown, Inc.		157		7,461
Chubb Ltd., (Switzerland)		333		51,180
Cincinnati Financial Corp.		137		11,941
Equitable Holdings, Inc.		371		9,495
Erie Indemnity Co., Class A		17		4,136
Everest Re Group Ltd., (Bermuda)		47		11,024
Fidelity National Financial, Inc.		201		7,857
Globe Life, Inc.		117		11,087
Hartford Financial Services Group, Inc. (The)		360		17,613
Lincoln National Corp.		229		11,511
Loews Corp.		226		10,176
Markel Corp. (a)		14		14,466
Marsh & McLennan Cos., Inc.		385		45,065
MetLife, Inc.		649		30,457
Principal Financial Group, Inc.		290		14,368
Progressive Corp. (The)		430		42,492
Prudential Financial, Inc.		342		26,719


SECURITY DESCRIPTION	SHARES		VALUE($)

Insurance — continued
Reinsurance Group of America, Inc.		54		6,256
RenaissanceRe Holdings Ltd., (Bermuda)		34		5,697
Travelers Cos., Inc. (The)		212		29,811
Voya Financial, Inc.		171		10,069
Willis Towers Watson plc, (United Kingdom)		108		22,675
W R Berkley Corp.		164		10,868


				812,241

Private Equity — 0.4%
Apollo Global Management, Inc., Class A		113		5,558
Blackstone Group, Inc. (The), Class A		542		35,114
Carlyle Group, Inc. (The)		81		2,549
KKR & Co., Inc.		335		13,578


				56,799

Real Estate — 0.0% (g)
CBRE Group, Inc., Class A (a)		27		1,694

REITS — 0.6%
AGNC Investment Corp.		362		5,654
Alexandria Real Estate Equities, Inc.		10		1,711
American Tower Corp.		33		7,365
Annaly Capital Management, Inc.		922		7,789
AvalonBay Communities, Inc.		11		1,723
Boston Properties, Inc.		11		1,047
Camden Property Trust		6		622
Crown Castle International Corp.		32		5,095
Digital Realty Trust, Inc.		20		2,799
Duke Realty Corp.		26		1,043
Equinix, Inc.		7		4,705
Equity LifeStyle Properties, Inc.		10		637
Equity Residential		28		1,681
Essex Property Trust, Inc.		5		1,133
Extra Space Storage, Inc.		9		1,023
Healthpeak Properties, Inc.		40		1,200
Host Hotels & Resorts, Inc.		54		794
Invitation Homes, Inc.		41		1,212
Iron Mountain, Inc.		20		596
Medical Properties Trust, Inc.		39		843
Mid-America Apartment Communities, Inc.		8		994
Omega Healthcare Investors, Inc.		16		573
Prologis, Inc.		56		5,559
Public Storage		12		2,743
Realty Income Corp.		26		1,597
Regency Centers Corp.		13		575
SBA Communications Corp., Class A		8		2,223
Simon Property Group, Inc.		24		2,048
Sun Communities, Inc.		7		1,065
UDR, Inc.		20		757
Ventas, Inc.		28		1,360
VEREIT, Inc.		18		666
VICI Properties, Inc.		39		988
Vornado Realty Trust		12		465


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
REITS — continued
Welltower, Inc.		32		2,039
Weyerhaeuser Co.		57		1,900
WP Carey, Inc.		12		832


				75,056

Total Financial				2,316,807

Industrial — 21.0%
Aerospace/Defense — 2.0%
Boeing Co. (The)		271		57,912
General Dynamics Corp.		123		18,274
HEICO Corp.		20		2,660
HEICO Corp., Class A		37		4,280
Howmet Aerospace, Inc.		196		5,606
L3Harris Technologies, Inc.		109		20,524
Lockheed Martin Corp.		127		44,977
Northrop Grumman Corp.		80		24,281
Raytheon Technologies Corp.		771		55,132
Teledyne Technologies, Inc. (a)		18		7,051
TransDigm Group, Inc. (a)		26		15,932


				256,629

Building Materials — 0.4%
Carrier Global Corp.		414		15,618
Fortune Brands Home & Security, Inc.		69		5,940
Johnson Controls International plc		376		17,524
Lennox International, Inc.		17		4,635
Martin Marietta Materials, Inc.		5		1,382
Masco Corp.		130		7,153
Owens Corning		54		4,095
Vulcan Materials Co.		10		1,529


				57,876

Electrical Components & Equipments — 0.4%
AMETEK, Inc.		119		14,419
Emerson Electric Co.		309		24,811
Generac Holdings, Inc. (a)		32		7,202


				46,432

Electronics — 1.3%
Agilent Technologies, Inc.		23		2,771
Allegion plc, (Ireland)		46		5,350
Amphenol Corp., Class A		23		3,017
Arrow Electronics, Inc. (a)		8		744
Fortive Corp.		618		43,739
Garmin Ltd., (Switzerland)		11		1,373
Honeywell International, Inc.		355		75,463
Keysight Technologies, Inc. (a)		14		1,870
Mettler-Toledo International, Inc. (a)		2		1,923
PerkinElmer, Inc.		8		1,187
Roper Technologies, Inc.		53		22,812
Sensata Technologies Holding plc (a)		79		4,145
TE Connectivity Ltd., (Switzerland)		25		3,087
Trimble, Inc. (a)		18		1,222
Waters Corp. (a)		4		1,053


				169,756


SECURITY DESCRIPTION	SHARES		VALUE($)

Engineering & Construction — 0.1%
Jacobs Engineering Group, Inc.		66		7,217

Environmental Control — 0.5%
Pentair plc, (United Kingdom)		336		17,851
Republic Services, Inc., Class A		117		11,275
Waste Connections, Inc.		136		13,931
Waste Management, Inc.		218		25,733


				68,790

Hand/Machine Tools — 0.6%
Snap-on, Inc.		105		17,946
Stanley Black & Decker, Inc.		326		58,205


				76,151

Machinery — Construction & Mining — 1.5%
Caterpillar, Inc.		1,105		201,203

Machinery — Diversified — 3.2%
Cognex Corp.		12		1,002
Deere & Co.		607		163,391
Dover Corp.		291		36,775
IDEX Corp.		153		30,577
Ingersoll Rand, Inc. (a)		723		32,929
Nordson Corp.		111		22,326
Otis Worldwide Corp.		838		56,615
Rockwell Automation, Inc.		59		14,817
Westinghouse Air Brake Technologies Corp.		369		27,039
Xylem, Inc.		366		37,258


				422,729

Miscellaneous Manufacturers — 2.7%
3M Co.		291		50,893
A O Smith Corp.		67		3,695
Eaton Corp. plc		207		24,915
General Electric Co.		4,422		47,757
Illinois Tool Works, Inc.		644		131,314
Parker-Hannifin Corp.		262		71,461
Textron, Inc.		113		5,477
Trane Technologies plc, (Ireland)		120		17,466


				352,978

Packaging & Containers — 0.1%
Amcor plc, (United Kingdom)		124		1,455
Ball Corp.		25		2,310
Crown Holdings, Inc. (a)		10		1,007
Packaging Corp. of America		8		1,036
Sealed Air Corp.		11		519
Westrock Co.		23		988


				7,315

Shipbuilding — 0.0% (g)
Huntington Ingalls Industries, Inc.		20		3,446

Transportation — 8.2%
CH Robinson Worldwide, Inc.		579		54,397
CSX Corp.		388		35,234


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Transportation — continued
Expeditors International of Washington, Inc.		722		68,630
FedEx Corp.		1,032		267,897
JB Hunt Transport Services, Inc.		44		5,997
Kansas City Southern		48		9,802
Knight-Swift Transportation Holdings, Inc., Class A		67		2,810
Norfolk Southern Corp.		130		30,801
Old Dominion Freight Line, Inc.		48		9,402
Union Pacific Corp.		344		71,724
United Parcel Service, Inc., Class B		3,039		511,708
XPO Logistics, Inc. (a)		47		5,567


				1,073,969

Total Industrial				2,744,491

Technology — 13.4%
Computers — 1.7%
Accenture plc, (Ireland), Class A		48		12,636
Apple, Inc.		1,270		168,506
Cognizant Technology Solutions Corp., Class A		41		3,339
Crowdstrike Holdings, Inc., Class A (a)		43		9,125
Dell Technologies, Inc., Class C (a)		18		1,320
EPAM Systems, Inc. (a)		4		1,337
Fortinet, Inc. (a)		41		6,134
Hewlett Packard Enterprise Co.		101		1,197
HP, Inc.		107		2,636
International Business Machines Corp.		67		8,471
Leidos Holdings, Inc.		10		1,029
NetApp, Inc.		15		974
Seagate Technology plc		16		983
Western Digital Corp.		22		1,239
Zscaler, Inc. (a)		21		4,268


				223,194

Office/Business Equipment — 0.0% (g)
Zebra Technologies Corp., Class A (a)		4		1,509

Semiconductors — 4.3%
Advanced Micro Devices, Inc. (a)		377		34,548
Analog Devices, Inc.		119		17,521
Applied Materials, Inc.		294		25,354
Broadcom, Inc.		129		56,567
Intel Corp.		1,367		68,091
IPG Photonics Corp. (a)		3		585
KLA Corp.		50		12,849
Lam Research Corp.		47		22,052
Marvell Technology Group Ltd.		214		10,179
Maxim Integrated Products, Inc.		84		7,414
Microchip Technology, Inc.		80		11,068
Micron Technology, Inc. (a)		358		26,878
Monolithic Power Systems, Inc.		13		4,910
NVIDIA Corp.		198		103,420
NXP Semiconductors NV, (Netherlands)		89		14,224
ON Semiconductor Corp. (a)		130		4,257


SECURITY DESCRIPTION	SHARES		VALUE($)

Semiconductors — continued
Qorvo, Inc. (a)		36		6,057
QUALCOMM, Inc.		362		55,123
Skyworks Solutions, Inc.		54		8,203
Teradyne, Inc.		53		6,335
Texas Instruments, Inc.		295		48,397
Xilinx, Inc.		78		11,062


				555,094

Software — 7.4%
Activision Blizzard, Inc.		58		5,377
Adobe, Inc. (a)		145		72,581
Akamai Technologies, Inc. (a)		12		1,219
ANSYS, Inc. (a)		26		9,338
Autodesk, Inc. (a)		66		20,133
Black Knight, Inc. (a)		10		894
Broadridge Financial Solutions, Inc.		8		1,160
Cadence Design Systems, Inc. (a)		84		11,411
Ceridian HCM Holding, Inc. (a)		39		4,196
Cerner Corp.		23		1,835
Citrix Systems, Inc.		35		4,589
Cloudflare, Inc., Class A (a)		46		3,501
Coupa Software, Inc. (a)		20		6,766
Datadog, Inc., Class A (a)		45		4,473
DocuSign, Inc., Class A (a)		52		11,616
Dropbox, Inc., Class A (a)		95		2,101
Dynatrace, Inc. (a)		55		2,360
Electronic Arts, Inc.		22		3,138
Fair Isaac Corp. (a)		8		4,341
Fidelity National Information Services, Inc.		46		6,554
Fiserv, Inc. (a)		43		4,873
Guidewire Software, Inc. (a)		24		3,127
HubSpot, Inc. (a)		13		5,091
Intuit, Inc.		79		29,910
Jack Henry & Associates, Inc.		5		855
Microsoft Corp.		2,168		482,314
MongoDB, Inc., Class A (a)		3		1,174
MSCI, Inc., Class A		57		25,524
Oracle Corp.		602		38,911
Paychex, Inc.		23		2,167
Paycom Software, Inc. (a)		15		6,751
PTC, Inc. (a)		33		3,888
RingCentral, Inc., Class A (a)		22		8,442
salesforce.com, Inc. (a)		274		61,042
ServiceNow, Inc. (a)		58		31,804
Slack Technologies, Inc., Class A (a)		117		4,951
Snowflake, Inc., Class A (a)		2		556
Splunk, Inc. (a)		48		8,085
SS&C Technologies Holdings, Inc.		69		5,033
Synopsys, Inc. (a)		46		11,875
Take-Two Interactive Software, Inc. (a)		9		1,775
Twilio, Inc., Class A (a)		10		3,261
Tyler Technologies, Inc. (a)		12		5,269
Veeva Systems, Inc., Class A (a)		10		2,673


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Software — continued
VMware, Inc., Class A (a)		25		3,559
Workday, Inc., Class A (a)		53		12,754
Zoom Video Communications, Inc., Class A (a)		52		17,573


				960,820

Total Technology				1,740,617

Utilities — 0.5%
Electric — 0.5%
AES Corp. (The)		45		1,053
Alliant Energy Corp.		14		728
Ameren Corp.		16		1,264
American Electric Power Co., Inc.		37		3,121
CenterPoint Energy, Inc.		39		842
CMS Energy Corp.		15		918
Consolidated Edison, Inc.		26		1,873
Dominion Energy, Inc.		63		4,749
DTE Energy Co.		15		1,786
Duke Energy Corp.		56		5,173
Edison International		29		1,815
Entergy Corp.		15		1,456
Evergy, Inc.		16		913
Eversource Energy		25		2,142
Exelon Corp.		80		3,386
FirstEnergy Corp.		40		1,234
NextEra Energy, Inc.		156		12,067
NRG Energy, Inc.		17		637
OGE Energy Corp.		11		344
PG&E Corp. (a)		108		1,345
Pinnacle West Capital Corp.		8		610
PPL Corp.		55		1,549
Public Service Enterprise Group, Inc.		37		2,179
Sempra Energy		22		2,808
Southern Co. (The)		80		4,898
Vistra Corp.		36		714
WEC Energy Group, Inc.		23		2,076


SECURITY DESCRIPTION	SHARES		VALUE($)

Electric — continued
Xcel Energy, Inc.		38		2,518


				64,198

Gas — 0.0% (g)
Atmos Energy Corp.		9		845
NiSource, Inc.		21		485
UGI Corp.		15		536


				1,866

Water — 0.0% (g)
American Water Works Co., Inc.		12		1,776
Essential Utilities, Inc.		15		700


				2,476

Total Utilities				68,540

Total Common Stocks (Cost $9,809,548)				12,989,312

	PRINCIPAL AMOUNT($)
Short-Term Investments — 0.5%
Time Deposits — 0.5%
Australia & New Zealand Banking Group Ltd., 0.01%, 01/04/2021		17,497		17,497
BNP Paribas SA, 0.01%, 01/04/2021		18,662		18,662
Brown Brothers Harriman, 0.01%, 01/04/2021		3		3
Citibank NA, 0.01%, 01/04/2021		15,066		15,066
Sumitomo Mitsui Banking Corp., 0.01%, 01/04/2021		5,564		5,564

Total Short-Term Investments (Cost $56,792)				56,792


Total Investments — 99.9% (Cost — $9,866,340)				13,046,104

Other Assets in Excess of Liabilities — 0.1%				18,314


NET ASSETS — 100.0%				$13,064,418

Percentages indicated are based on net assets

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS


REIT		— Real Estate Investment Trust
(a)		— Non-income producing security.
(g)		— Amount rounds to less than 0.05%.
(h)		— Amount rounds to less than 500 shares or principal/ $500.
USD		— United States Dollar

Summary of Investments by Industry, December 31, 2020

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE

Internet		17.5	%

Pharmaceuticals		8.8	%

Transportation		8.2	%

Software		7.4	%

Banks		6.5	%

Insurance		6.2	%

Auto Manufacturers		5.3	%

Beverages		5.1	%

Semiconductors		4.3	%

Diversified Financial Services		4.0	%

Machinery — Diversified		3.2	%

Biotechnology		2.7	%

Miscellaneous Manufacturers		2.7	%

Commercial Services		2.0	%

Aerospace/Defense		2.0	%

Computers		1.7	%

Machinery — Construction & Mining		1.5	%

Electronics		1.3	%

Others (Each less than 1.0%)		9.2	%

Short-Term Investments		0.4	%


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — 95.3%
Argentina — 0.0% (g)
Globant SA (a)		2		349
Telecom Argentina SA, ADR		1		8
YPF SA, ADR (a)		8		38


				395

Australia — 0.2%
BHP Group plc		744		19,642

Austria — 0.2%
Erste Group Bank AG (a)		16		474
OMV AG		8		315
Raiffeisen Bank International AG (a)		8		166
Verbund AG		140		11,888
voestalpine AG		7		242


				13,085

Belgium — 0.9%
Ageas SA		351		18,624
Anheuser-Busch InBev SA		353		24,603
Elia Group SA		64		7,658
Etablissements Franz Colruyt NV		3		172
Galapagos NV (a)		2		239
Groupe Bruxelles Lambert SA		6		619
KBC Group NV (a)		14		970
Proximus SADP		8		158
Sofina SA		1		291
Solvay SA		4		498
UCB SA		188		19,448
Umicore SA		11		529


				73,809

Brazil — 0.2%
Ambev SA		208		629
Atacadao SA		27		102
B2W Cia Digital (a)		9		138
B3 SA — Brasil Bolsa Balcao		89		1,069
Banco Bradesco SA		48		223
Banco BTG Pactual SA		10		183
Banco do Brasil SA		40		301
Banco Santander Brasil SA		19		162
BB Seguridade Participacoes SA		29		168
BRF SA (a)		24		101
CCR SA		51		132
Centrais Eletricas Brasileiras SA		14		102
Cia Brasileira de Distribuicao		7		97
Cia de Saneamento Basico do Estado de Sao Paulo		14		123
Cia Siderurgica Nacional SA		30		182
Cosan SA		9		130
CPFL Energia SA		12		77
Energisa SA		8		79
Engie Brasil Energia SA		10		86
Equatorial Energia SA		39		174
Hapvida Participacoes e Investimentos SA (e)		44		130


SECURITY DESCRIPTION	SHARES		VALUE($)

Brazil — continued
Hypera SA		15		101
JBS SA		46		210
Klabin SA		33		168
Localiza Rent a Car SA		27		356
Lojas Renner SA		33		280
Magazine Luiza SA		127		608
Multiplan Empreendimentos Imobiliarios SA		12		53
Natura & Co. Holding SA (a)		39		398
Notre Dame Intermedica Participacoes SA		22		327
Petrobras Distribuidora SA		30		129
Petroleo Brasileiro SA		157		866
Raia Drogasil SA		54		261
Rumo SA (a)		57		211
Sul America SA		13		109
Telefonica Brasil SA		20		183
TIM SA/Brazil		44		126
TOTVS SA		22		123
Ultrapar Participacoes SA		30		136
Vale SA		159		2,677
Via Varejo S/A (a)		54		169
WEG SA		36		531


				12,410

Chile — 0.1%
Antofagasta plc		139		2,730
Banco de Chile		1,989		203
Banco de Credito e Inversiones SA		2		89
Banco Santander Chile		2,952		142
Cencosud SA		61		108
Cencosud Shopping SA		4		6
Cia Cervecerias Unidas SA		6		44
Colbun SA		309		55
Empresas CMPC SA		56		147
Empresas COPEC SA		19		188
Enel Americas SA		1,392		227
Enel Chile SA		1,169		91
Falabella SA		31		113


				4,143

China — 1.4%
360 Security Technology, Inc., Class A		17		42
3SBio, Inc. (a) (e)		66		60
51job, Inc., ADR (a)		1		89
AAC Technologies Holdings, Inc.		33		183
AECC Aviation Power Co. Ltd., Class A		6		51
Agile Group Holdings Ltd.		54		72
Agricultural Bank of China Ltd., Class A		216		104
Agricultural Bank of China Ltd., Class H		1,214		445
Aier Eye Hospital Group Co. Ltd., Class A		11		126
Air China Ltd., Class A		68		78
Air China Ltd., Class H		16		13
Airtac International Group		4		129
AK Medical Holdings Ltd. (e)		24		42


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — continued
China — continued
Alibaba Group Holding Ltd., ADR (a)		82			19,088
A-Living Smart City Services Co. Ltd. (e)		21			92
Aluminum Corp. of China Ltd., Class A (a)		14			8
Aluminum Corp. of China Ltd., Class H (a)		184			65
Anhui Conch Cement Co. Ltd., Class A		15			119
Anhui Conch Cement Co. Ltd., Class H		48			301
Anhui Gujing Distillery Co. Ltd., Class A		1			59
Anhui Gujing Distillery Co. Ltd., Class B		5			71
Anhui Kouzi Distillery Co. Ltd., Class A		1			6
ANTA Sports Products Ltd.		48			762
Asymchem Laboratories Tianjin Co. Ltd., Class A		1			46
Autobio Diagnostics Co. Ltd., Class A		—	(h)		7
Autohome, Inc., ADR		3			267
AVIC Jonhon Optronic Technology Co. Ltd., Class A		1			11
AVIC Shenyang Aircraft Co. Ltd., Class A		1			8
AVIC Xi’an Aircraft Industry Group Co. Ltd., Class A		2			8
AviChina Industry & Technology Co. Ltd., Class H		103			72
Baidu, Inc., ADR (a)		12			2,554
Bank of Beijing Co. Ltd., Class A		121			90
Bank of Chengdu Co. Ltd., Class A		26			43
Bank of China Ltd., Class A		126			62
Bank of China Ltd., Class H		3,488			1,181
Bank of Communications Co. Ltd., Class A		151			104
Bank of Communications Co. Ltd., Class H		369			195
Bank of Hangzhou Co. Ltd., Class A		27			62
Bank of Jiangsu Co. Ltd., Class A		10			8
Bank of Nanjing Co. Ltd., Class A		58			72
Bank of Ningbo Co. Ltd., Class A		23			122
Bank of Shanghai Co. Ltd., Class A		71			85
Baoshan Iron & Steel Co. Ltd., Class A		44			40
Baozun, Inc., ADR (a)		3			87
BeiGene Ltd., ADR (a)		2			509
Beijing Capital International Airport Co. Ltd., Class H		86			72
Beijing Dabeinong Technology Group Co. Ltd., Class A		5			7
Beijing Enlight Media Co. Ltd., Class A		4			7
Beijing New Building Materials plc, Class A		1			8
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		10			59
Beijing Shunxin Agriculture Co. Ltd., Class A		1			7
Beijing Tiantan Biological Products Corp. Ltd., Class A		5			35
Beijing Yanjing Brewery Co. Ltd., Class A		5			7
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		86			75
Betta Pharmaceuticals Co. Ltd., Class A		—	(h)		7
BGI Genomics Co. Ltd., Class A		—	(h)		6
Bilibili, Inc., ADR (a)		5			441


SECURITY DESCRIPTION	SHARES			VALUE($)

China — continued
BOE Technology Group Co. Ltd., Class A		113			105
BYD Co. Ltd., Class A		6			165
BYD Co. Ltd., Class H		27			711
BYD Electronic International Co. Ltd.		29			150
By-health Co. Ltd., Class A		2			6
Caitong Securities Co. Ltd., Class A		3			6
CanSino Biologics, Inc., Class H (a) (e)		2			55
CGN Power Co. Ltd., Class H (e)		343			74
Changchun High & New Technology Industry Group, Inc., Class A		1			83
Changjiang Securities Co. Ltd., Class A		6			8
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		—	(h)		9
Chaozhou Three-Circle Group Co. Ltd., Class A		8			46
Chifeng Jilong Gold Mining Co. Ltd., Class A (a)		3			7
China Aoyuan Group Ltd.		53			52
China Bohai Bank Co. Ltd., Class H (a) (e)		134			87
China Cinda Asset Management Co. Ltd., Class H		327			62
China CITIC Bank Corp. Ltd., Class H		455			193
China Communications Construction Co. Ltd., Class H		117			51
China Communications Services Corp. Ltd., Class H		112			49
China Conch Venture Holdings Ltd.		71			343
China Construction Bank Corp., Class A		50			48
China Construction Bank Corp., Class H		4,173			3,148
China East Education Holdings Ltd. (e)		28			66
China Eastern Airlines Corp. Ltd., Class A		9			6
China Everbright Bank Co. Ltd., Class A		169			104
China Everbright Bank Co. Ltd., Class H		35			13
China Evergrande Group		82			158
China Feihe Ltd. (e)		53			124
China Galaxy Securities Co. Ltd., Class A		24			46
China Galaxy Securities Co. Ltd., Class H		122			76
China Greatwall Technology Group Co. Ltd., Class A		3			9
China Hongqiao Group Ltd.		76			70
China Huarong Asset Management Co. Ltd., Class H (e)		374			42
China International Capital Corp. Ltd., Class H (a) (e)		62			168
China Jushi Co. Ltd., Class A		3			8
China Lesso Group Holdings Ltd.		50			78
China Life Insurance Co. Ltd., Class A		9			54
China Life Insurance Co. Ltd., Class H		316			696
China Literature Ltd. (a) (e)		14			109
China Longyuan Power Group Corp. Ltd., Class H		141			142
China Medical System Holdings Ltd.		60			67
China Meidong Auto Holdings Ltd.		30			122
China Merchants Bank Co. Ltd., Class A		58			391


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
China — continued
China Merchants Bank Co. Ltd., Class H		169		1,066
China Merchants Energy Shipping Co. Ltd., Class A		8		7
China Merchants Securities Co. Ltd., Class A		23		82
China Minsheng Banking Corp. Ltd., Class A		136		109
China Minsheng Banking Corp. Ltd., Class H		237		135
China Molybdenum Co. Ltd., Class A		88		84
China Molybdenum Co. Ltd., Class H		111		73
China National Building Material Co. Ltd., Class H		170		205
China National Software & Service Co. Ltd., Class A		1		9
China Northern Rare Earth Group High-Tech Co. Ltd., Class A (a)		4		7
China Oilfield Services Ltd., Class H		72		61
China Pacific Insurance Group Co. Ltd., Class A		21		125
China Pacific Insurance Group Co. Ltd., Class H		115		450
China Petroleum & Chemical Corp., Class A		12		7
China Petroleum & Chemical Corp., Class H		1,032		460
China Railway Construction Corp. Ltd., Class A		18		22
China Railway Construction Corp. Ltd., Class H		44		24
China Railway Group Ltd., Class A		96		77
China Railway Group Ltd., Class H		119		53
China Resources Pharmaceutical Group Ltd. (e)		76		39
China Shenhua Energy Co. Ltd., Class A		24		67
China Shenhua Energy Co. Ltd., Class H		130		245
China Shipbuilding Industry Co. Ltd., Class A (a)		19		12
China South Publishing & Media Group Co. Ltd., Class A		33		48
China Southern Airlines Co. Ltd., Class A (a)		80		74
China Southern Airlines Co. Ltd., Class H (a)		54		32
China State Construction Engineering Corp. Ltd., Class A		117		90
China Telecom Corp. Ltd., Class H		558		154
China Tourism Group Duty Free Corp. Ltd., Class A		5		235
China Tower Corp. Ltd., Class H (e)		1,826		269
China TransInfo Technology Co. Ltd., Class A		2		6
China United Network Communications Ltd., Class A		62		42


SECURITY DESCRIPTION	SHARES		VALUE($)

China — continued
China Vanke Co. Ltd., Class A		30		133
China Vanke Co. Ltd., Class H		68		234
China Yangtze Power Co. Ltd., Class A		56		166
China Yuhua Education Corp. Ltd. (e)		54		47
China Zheshang Bank Co. Ltd., Class A		55		35
Chongqing Brewery Co. Ltd., Class A		2		37
Chongqing Changan Automobile Co. Ltd., Class A (a)		12		39
Chongqing Rural Commercial Bank Co. Ltd., Class H		212		86
Chongqing Zhifei Biological Products Co. Ltd., Class A		4		98
CIFI Holdings Group Co. Ltd.		142		120
CITIC Ltd.		229		162
CITIC Securities Co. Ltd., Class A		35		159
CITIC Securities Co. Ltd., Class H		85		192
CNOOC Ltd.		760		697
Contemporary Amperex Technology Co. Ltd., Class A		6		338
COSCO SHIPPING Holdings Co. Ltd., Class A (a)		39		74
COSCO SHIPPING Holdings Co. Ltd., Class H (a)		98		117
Country Garden Holdings Co. Ltd.		327		451
Country Garden Services Holdings Co. Ltd.		61		413
CRRC Corp. Ltd., Class A		44		36
CRRC Corp. Ltd., Class H		85		29
CSC Financial Co. Ltd., Class A		9		56
CSPC Pharmaceutical Group Ltd.		388		395
Dali Foods Group Co. Ltd. (e)		117		67
Daqin Railway Co. Ltd., Class A		80		80
DaShenLin Pharmaceutical Group Co. Ltd., Class A		3		34
Dongfang Electric Corp. Ltd., Class A		4		6
Dongfeng Motor Group Co. Ltd., Class H		114		133
DouYu International Holdings Ltd., ADR (a)		5		57
East Money Information Co. Ltd., Class A		26		123
ENN Energy Holdings Ltd.		35		511
Eve Energy Co. Ltd., Class A		6		77
Everbright Securities Co. Ltd., Class A		12		34
Fangda Carbon New Material Co. Ltd., Class A (a)		8		9
FAW Jiefang Group Co. Ltd., Class A (a)		4		7
First Capital Securities Co. Ltd., Class A		5		7
Focus Media Information Technology Co. Ltd., Class A		48		73
Foshan Haitian Flavouring & Food Co. Ltd., Class A		7		229
Fosun International Ltd.		114		178
Founder Securities Co. Ltd., Class A (a)		46		73
Foxconn Industrial Internet Co. Ltd., Class A		19		40


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — continued
China — continued
Fuyao Glass Industry Group Co. Ltd., Class A		7			52
Fuyao Glass Industry Group Co. Ltd., Class H (e)		20			110
Ganfeng Lithium Co. Ltd., Class A		3			53
GDS Holdings Ltd., ADR (a)		4			360
Gemdale Corp., Class A		19			40
Genscript Biotech Corp. (a)		50			73
GF Securities Co. Ltd., Class A		36			89
GF Securities Co. Ltd., Class H		40			57
Gigadevice Semiconductor Beijing, Inc., Class A		2			52
Glodon Co. Ltd., Class A		1			7
GoerTek, Inc., Class A		11			62
GOME Retail Holdings Ltd. (a)		446			54
Gotion High-tech Co. Ltd., Class A (a)		1			8
Great Wall Motor Co. Ltd., Class A		2			9
Great Wall Motor Co. Ltd., Class H		143			490
Greenland Holdings Corp. Ltd., Class A		8			7
Greentown China Holdings Ltd.		42			61
Greentown Service Group Co. Ltd.		64			79
GSX Techedu, Inc., ADR (a)		3			169
Guangdong Haid Group Co. Ltd., Class A		6			55
Guangdong Hongda Blasting Co. Ltd., Class A		1			7
Guangdong Kinlong Hardware Products Co. Ltd., Class A		—	(h)		7
Guanghui Energy Co. Ltd., Class A (a)		14			6
Guangzhou Automobile Group Co. Ltd., Class H		126			141
Guangzhou Baiyun International Airport Co. Ltd., Class A		3			7
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1			6
Guangzhou R&F Properties Co. Ltd., Class H		75			97
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		3			58
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1			8
Guosen Securities Co. Ltd., Class A		3			7
Guotai Junan Securities Co. Ltd., Class A		35			94
Guoyuan Securities Co. Ltd., Class A		5			7
Haidilao International Holding Ltd. (e)		35			270
Haier Smart Home Co. Ltd., Class A		19			85
Haier Smart Home Co. Ltd., Class H (a)		78			281
Haitian International Holdings Ltd.		29			100
Haitong Securities Co. Ltd., Class A		49			97
Haitong Securities Co. Ltd., Class H		88			79
Hangzhou First Applied Material Co. Ltd., Class A		3			39
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		19			142


SECURITY DESCRIPTION	SHARES		VALUE($)

China — continued
Hangzhou Tigermed Consulting Co. Ltd., Class A		3		72
Hangzhou Tigermed Consulting Co. Ltd., Class H (a) (e)		4		97
Hansoh Pharmaceutical Group Co. Ltd. (a) (e)		54		262
Henan Shuanghui Investment & Development Co. Ltd., Class A		9		62
Hengan International Group Co. Ltd.		29		202
Hengli Petrochemical Co. Ltd., Class A		18		78
Hengtong Optic-electric Co. Ltd., Class A		3		6
Hengyi Petrochemical Co. Ltd., Class A		3		7
Hesteel Co. Ltd., Class A (a)		19		7
Hithink RoyalFlush Information Network Co. Ltd., Class A		2		34
Hongfa Technology Co. Ltd., Class A		1		8
Hua Hong Semiconductor Ltd. (a) (e)		20		114
Huadong Medicine Co. Ltd., Class A		1		6
Huagong Tech Co. Ltd., Class A		2		6
Hualan Biological Engineering, Inc., Class A		7		47
Huaneng Power International, Inc., Class H		192		70
Huatai Securities Co. Ltd., Class A		42		116
Huatai Securities Co. Ltd., Class H (e)		36		56
Huaxia Bank Co. Ltd., Class A		105		101
Huaxin Cement Co. Ltd., Class A		2		6
Huayu Automotive Systems Co. Ltd., Class A		9		42
Huazhu Group Ltd., ADR		7		319
Hubei Biocause Pharmaceutical Co. Ltd., Class A		10		7
Hundsun Technologies, Inc., Class A		4		60
HUYA, Inc., ADR (a)		3		62
Iflytek Co. Ltd., Class A		9		54
Industrial & Commercial Bank of China Ltd., Class A		162		124
Industrial & Commercial Bank of China Ltd., Class H		2,637		1,694
Industrial Bank Co. Ltd., Class A		64		206
Industrial Securities Co. Ltd., Class A		34		46
Ingenic Semiconductor Co. Ltd., Class A (a)		1		7
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		9		7
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		19		132
Innovent Biologics, Inc. (a) (e)		45		470
iQIYI, Inc., ADR (a)		12		211
JA Solar Technology Co. Ltd., Class A (a)		1		8
Jafron Biomedical Co. Ltd., Class A		1		6
Jason Furniture Hangzhou Co. Ltd., Class A		1		7


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — continued
China — continued
JD Health International, Inc. (a) (e)		5			89
JD.com, Inc., ADR (a)		37			3,283
Jiangsu Expressway Co. Ltd., Class H		64			72
Jiangsu Hengli Hydraulic Co. Ltd., Class A		4			68
Jiangsu Hengrui Medicine Co. Ltd., Class A		15			254
Jiangsu King’s Luck Brewery JSC Ltd., Class A		5			47
Jiangsu Shagang Co. Ltd., Class A		4			7
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		4			151
Jiangsu Yangnong Chemical Co. Ltd., Class A		—	(h)		8
Jiangsu Zhongtian Technology Co. Ltd., Class A		4			7
Jiangxi Copper Co. Ltd., Class A		16			50
Jiangxi Copper Co. Ltd., Class H		38			60
Jiangxi Zhengbang Technology Co. Ltd., Class A		3			7
Jinke Properties Group Co. Ltd., Class A		6			6
Jinxin Fertility Group Ltd. (e)		58			118
JiuGui Liquor Co. Ltd., Class A		—	(h)		10
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		3			33
JOYY, Inc., ADR		3			207
Kaisa Group Holdings Ltd.		118			58
KE Holdings, Inc., ADR (a)		5			306
Kingdee International Software Group Co. Ltd. (a)		105			429
Kingfa Sci & Tech Co. Ltd., Class A		3			7
Kingsoft Cloud Holdings Ltd., ADR (a)		2			108
Kingsoft Corp. Ltd.		37			239
Koolearn Technology Holding Ltd. (a) (e)		10			36
Kuang-Chi Technologies Co. Ltd., Class A (a)		2			8
Kweichow Moutai Co. Ltd., Class A		3			983
KWG Group Holdings Ltd.		57			77
Lenovo Group Ltd.		318			301
Lens Technology Co. Ltd., Class A		15			68
Leyard Optoelectronic Co. Ltd., Class A		7			7
Li Ning Co. Ltd.		94			643
Liaoning Cheng Da Co. Ltd., Class A		2			7
Lingyi iTech Guangdong Co., Class A		19			35
Logan Group Co. Ltd.		61			100
Lomon Billions Group Co. Ltd., Class A		8			37
Longfor Group Holdings Ltd. (e)		78			456
LONGi Green Energy Technology Co. Ltd., Class A		10			148
Lufax Holding Ltd., ADR (a)		10			136
Luxshare Precision Industry Co. Ltd., Class A		21			179
Luye Pharma Group Ltd. (e)		145			67
Luzhou Laojiao Co. Ltd., Class A		4			145
Maccura Biotechnology Co. Ltd., Class A		1			7
Mango Excellent Media Co. Ltd., Class A		6			61


SECURITY DESCRIPTION	SHARES			VALUE($)

China — continued
Maxscend Microelectronics Co. Ltd., Class A		—	(h)		35
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (a)		4			7
Meituan, Class B (a)		156			5,887
Metallurgical Corp. of China Ltd., Class A		18			8
Microport Scientific Corp.		30			162
Minth Group Ltd.		34			180
Momo, Inc., ADR		6			89
Muyuan Foods Co. Ltd., Class A		10			123
NanJi E-Commerce Co. Ltd., Class A		3			7
Nanjing Securities Co. Ltd., Class A		4			7
NARI Technology Co. Ltd., Class A		16			65
NAURA Technology Group Co. Ltd., Class A		2			45
NavInfo Co. Ltd., Class A		3			6
NetEase, Inc., ADR		18			1,726
New China Life Insurance Co. Ltd., Class A		8			73
New China Life Insurance Co. Ltd., Class H		33			130
New Hope Liuhe Co. Ltd., Class A		12			42
New Oriental Education & Technology Group, Inc., ADR (a)		7			1,241
Ningbo Tuopu Group Co. Ltd., Class A		1			7
NIO, Inc., ADR (a)		55			2,702
Noah Holdings Ltd., ADR (a)		2			75
Offcn Education Technology Co. Ltd., Class A		6			34
OFILM Group Co. Ltd., Class A		3			6
Orient Securities Co. Ltd./China, Class A		29			52
Ovctek China, Inc., Class A		1			8
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (a)		97			32
People’s Insurance Co. Group of China Ltd. (The), Class H		389			123
Perfect World Co. Ltd./China, Class A		2			7
PetroChina Co. Ltd., Class A		11			7
PetroChina Co. Ltd., Class H		854			264
Pharmaron Beijing Co. Ltd., Class H (e)		7			113
PICC Property & Casualty Co. Ltd., Class H		264			200
Pinduoduo, Inc., ADR (a)		16			2,917
Ping An Bank Co. Ltd., Class A		60			179
Ping An Healthcare and Technology Co. Ltd. (a) (e)		22			271
Ping An Insurance Group Co. of China Ltd., Class A		30			401
Ping An Insurance Group Co. of China Ltd., Class H		258			3,134
Poly Developments and Holdings Group Co. Ltd., Class A		38			93
Poly Property Services Co. Ltd.		6			44
Postal Savings Bank of China Co. Ltd., Class A		109			80
Postal Savings Bank of China Co. Ltd., Class H (e)		391			221


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — continued
China — continued
Power Construction Corp. of China Ltd., Class A		74			44
Proya Cosmetics Co. Ltd., Class A		—	(h)		8
Qingdao Rural Commercial Bank Corp., Class A		9			7
Rongsheng Petro Chemical Co. Ltd., Class A		18			75
SAIC Motor Corp. Ltd., Class A		23			85
Sanan Optoelectronics Co. Ltd., Class A		16			65
Sangfor Technologies, Inc., Class A		1			53
Sany Heavy Industry Co. Ltd., Class A		25			134
SDIC Capital Co. Ltd., Class A		3			6
Seazen Group Ltd. (a)		90			75
Seazen Holdings Co. Ltd., Class A		8			43
Semiconductor Manufacturing International Corp. (a)		129			362
SF Holding Co. Ltd., Class A		12			156
SG Micro Corp., Class A		—	(h)		8
Shaanxi Coal Industry Co. Ltd., Class A		27			39
Shandong Gold Mining Co. Ltd., Class A		15			55
Shandong Gold Mining Co. Ltd., Class H (e)		37			86
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6			37
Shandong Sinocera Functional Material Co. Ltd., Class A		1			7
Shandong Sun Paper Industry JSC Ltd., Class A		20			43
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		108			244
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		3			40
Shanghai Baosight Software Co. Ltd., Class A		1			7
Shanghai Electric Group Co. Ltd., Class A (a)		8			6
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		6			46
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		22			105
Shanghai International Airport Co. Ltd., Class A		4			48
Shanghai International Port Group Co. Ltd., Class A		100			70
Shanghai Jahwa United Co. Ltd., Class A		1			7
Shanghai Jinjiang International Hotels Co. Ltd., Class A		1			7
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		56			44
Shanghai M&G Stationery, Inc., Class A		3			46
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		33			57
Shanghai Pudong Development Bank Co. Ltd., Class A		108			161


SECURITY DESCRIPTION	SHARES			VALUE($)

China — continued
Shanghai Putailai New Energy Technology Co. Ltd., Class A		—	(h)		7
Shanghai RAAS Blood Products Co. Ltd., Class A		32			36
Shanxi Meijin Energy Co. Ltd., Class A (a)		7			7
Shanxi Taigang Stainless Steel Co. Ltd., Class A		12			6
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		3			150
Shengyi Technology Co. Ltd., Class A		9			39
Shennan Circuits Co. Ltd., Class A		—	(h)		7
Shenwan Hongyuan Group Co. Ltd., Class A		90			73
Shenzhen Airport Co. Ltd., Class A		5			6
Shenzhen Capchem Technology Co. Ltd., Class A		—	(h)		6
Shenzhen Goodix Technology Co. Ltd., Class A		1			34
Shenzhen Inovance Technology Co. Ltd., Class A		5			73
Shenzhen Kangtai Biological Products Co. Ltd., Class A		3			72
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		3			190
Shenzhen Overseas Chinese Town Co. Ltd., Class A		6			7
Shenzhen SC New Energy Technology Corp., Class A		—	(h)		7
Shenzhen Sunway Communication Co. Ltd., Class A		1			7
Shenzhou International Group Holdings Ltd.		36			698
Sichuan Swellfun Co. Ltd., Class A		1			8
Silergy Corp.		4			344
SINA Corp./China (a)		3			114
Sinolink Securities Co. Ltd., Class A		3			6
Sinoma Science & Technology Co. Ltd., Class A		2			8
Sinopharm Group Co. Ltd., Class H		50			122
Sinotrans Ltd., Class A		10			7
Sinotruk Hong Kong Ltd.		31			79
Smoore International Holdings Ltd. (a) (e)		25			194
SooChow Securities Co. Ltd., Class A		4			7
Spring Airlines Co. Ltd., Class A		6			48
STO Express Co. Ltd., Class A		4			6
Sunac China Holdings Ltd.		110			407
Sungrow Power Supply Co. Ltd., Class A		4			49
Suning.com Co. Ltd., Class A		34			41
Sunny Optical Technology Group Co. Ltd.		32			688
Sunwoda Electronic Co. Ltd., Class A		2			8
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2			6
TAL Education Group, ADR (a)		16			1,179
TBEA Co. Ltd., Class A		5			8


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — continued
China — continued
TCL Technology Group Corp., Class A		49			54
Tencent Holdings Ltd.		248			17,852
Tencent Music Entertainment Group, ADR (a)		16			316
Thunder Software Technology Co. Ltd., Class A		—	(h)		7
Tianfeng Securities Co. Ltd., Class A		7			6
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		13			50
Tianma Microelectronics Co. Ltd., Class A		3			8
Tianshui Huatian Technology Co. Ltd., Class A		3			7
Tingyi Cayman Islands Holding Corp.		88			151
Tongcheng-Elong Holdings Ltd. (a)		38			73
Tongling Nonferrous Metals Group Co. Ltd., Class A		17			7
Tongwei Co. Ltd., Class A		13			77
Topchoice Medical Corp., Class A (a)		1			43
Topsec Technologies Group, Inc., Class A (a)		2			7
Topsports International Holdings Ltd. (e)		51			76
TravelSky Technology Ltd., Class H		40			97
Trip.com Group Ltd., ADR (a)		21			695
Tsingtao Brewery Co. Ltd., Class A		3			41
Tsingtao Brewery Co. Ltd., Class H		20			210
Unigroup Guoxin Microelectronics Co. Ltd., Class A		2			41
Uni-President China Holdings Ltd.		70			71
Unisplendour Corp. Ltd., Class A		2			6
Universal Scientific Industrial Shanghai Co. Ltd., Class A		2			7
Vipshop Holdings Ltd., ADR (a)		19			538
Visionox Technology, Inc., Class A (a)		4			6
Walvax Biotechnology Co. Ltd., Class A		1			7
Wangsu Science & Technology Co. Ltd., Class A		6			7
Wanhua Chemical Group Co. Ltd., Class A		9			131
Want Want China Holdings Ltd.		230			166
Weibo Corp., ADR (a)		3			105
Weichai Power Co. Ltd., Class A		30			73
Weichai Power Co. Ltd., Class H		72			145
Wens Foodstuffs Group Co. Ltd., Class A		21			59
Will Semiconductor Co. Ltd. Shanghai, Class A		3			89
Wingtech Technology Co. Ltd., Class A		4			59
Wuhan Guide Infrared Co. Ltd., Class A		7			44
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		2			7
Wuliangye Yibin Co. Ltd., Class A		11			481
WuXi AppTec Co. Ltd., Class A		7			151
WuXi AppTec Co. Ltd., Class H (e)		12			228
Wuxi Biologics Cayman, Inc. (a) (e)		134			1,770


SECURITY DESCRIPTION	SHARES			VALUE($)

China — continued
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		3			43
Wuxi Taiji Industry Co. Ltd., Class A		4			6
Xiaomi Corp., Class B (a) (e)		618			2,627
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		3			7
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		38			77
Xinyi Solar Holdings Ltd.		182			477
XPeng, Inc., ADR (a)		8			343
Yadea Group Holdings Ltd. (e)		50			103
Yantai Eddie Precision Machinery Co. Ltd., Class A		1			7
Yanzhou Coal Mining Co. Ltd., Class H		72			58
Yealink Network Technology Corp. Ltd., Class A		1			8
Yifeng Pharmacy Chain Co. Ltd., Class A		—	(h)		6
Yihai International Holding Ltd. (a)		21			312
Yonghui Superstores Co. Ltd., Class A		7			8
Yonyou Network Technology Co. Ltd., Class A		11			74
Youngor Group Co. Ltd., Class A		7			7
YTO Express Group Co. Ltd., Class A		4			7
Yum China Holdings, Inc.		18			1,005
Yunda Holding Co. Ltd., Class A		3			7
Yunnan Baiyao Group Co. Ltd., Class A		4			72
Yunnan Energy New Material Co. Ltd., Class A		3			68
Zai Lab Ltd., ADR (a)		3			420
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		2			78
Zhaojin Mining Industry Co. Ltd., Class H		74			88
Zhejiang Century Huatong Group Co. Ltd., Class A (a)		6			6
Zhejiang Chint Electrics Co. Ltd., Class A		13			78
Zhejiang Dahua Technology Co. Ltd., Class A		14			43
Zhejiang Dingli Machinery Co. Ltd., Class A		2			37
Zhejiang Expressway Co. Ltd., Class H		90			76
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		1			6
Zhejiang Huayou Cobalt Co. Ltd., Class A (a)		4			45
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		1			6
Zhejiang Longsheng Group Co. Ltd., Class A		3			7
Zhejiang NHU Co. Ltd., Class A		9			48
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		12			46
Zhejiang Semir Garment Co. Ltd., Class A		4			7
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		1			7
Zhenro Properties Group Ltd.		68			41


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
China — continued
Zheshang Securities Co. Ltd., Class A		3		7
ZhongAn Online P&C Insurance Co. Ltd., Class H (a) (e)		17		80
Zhongjin Gold Corp. Ltd., Class A		49		67
Zhongsheng Group Holdings Ltd.		26		186
Zhuzhou CRRC Times Electric Co. Ltd., Class H		23		101
Zijin Mining Group Co. Ltd., Class A		64		92
Zijin Mining Group Co. Ltd., Class H		248		281
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		26		40
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		52		63
ZTE Corp., Class A		9		47
ZTE Corp., Class H		29		74
ZTO Express Cayman, Inc., ADR		18		521


				123,687

Colombia — 0.0% (g)
Bancolombia SA		10		103
Ecopetrol SA		206		136
Grupo de Inversiones Suramericana SA		8		63
Interconexion Electrica SA ESP		19		140


				442

Cyprus — 0.0% (g)
Polymetal International plc		10		240

Czech Republic — 0.0% (g)
CEZ AS		6		136
Komercni banka as (a)		4		128
Moneta Money Bank AS (a) (e)		31		99


				363

Denmark — 4.6%
Ambu A/S, Class B		9		380
AP Moller — Maersk A/S, Class A		3		7,104
AP Moller — Maersk A/S, Class B		7		14,745
Carlsberg A/S, Class B		48		7,653
Chr Hansen Holding A/S (a)		6		604
Coloplast A/S, Class B		7		1,008
Danske Bank A/S (a)		39		637
Demant A/S (a)		6		224
DSV PANALPINA A/S		224		37,610
Genmab A/S (a)		4		1,472
GN Store Nord AS		7		566
H Lundbeck A/S		102		3,496
Novo Nordisk A/S, Class B		2,559		178,546
Novozymes A/S, Class B		12		662
Orsted AS (e)		386		79,041
Pandora A/S		5		604
ROCKWOOL International A/S, Class B		9		3,210
Tryg A/S		303		9,516
Vestas Wind Systems A/S		213		50,284


				397,362


SECURITY DESCRIPTION	SHARES		VALUE($)

Egypt — 0.0% (g)
Commercial International Bank Egypt SAE, GDR		64		242
Eastern Co. SAE		52		43


				285

Finland — 1.5%
Elisa OYJ		8		431
Fortum OYJ		912		22,040
Kesko Oyj, Class B		15		373
Kone OYJ, Class B		367		29,940
Neste OYJ		23		1,704
Nokia OYJ (a)		4,633		17,895
Nordea Bank Abp		180		1,473
Orion OYJ, Class B		157		7,205
Sampo OYJ, Class A		943		40,333
Stora Enso OYJ, Class R		32		618
UPM-Kymmene OYJ		30		1,104
Wartsila OYJ Abp		482		4,821


				127,937

France — 11.7%
Accor SA (a)		10		366
Aeroports de Paris (a)		32		4,174
Air Liquide SA		26		4,295
Airbus SE (a)		636		69,758
Alstom SA (a)		271		15,435
Amundi SA (a) (e)		3		257
Arkema SA		4		442
Atos SE (a)		81		7,431
AXA SA		3,874		92,897
BioMerieux		2		329
BNP Paribas SA (a)		62		3,285
Bollore SA		48		199
Bouygues SA		247		10,139
Bureau Veritas SA (a)		318		8,478
Capgemini SE		132		20,520
Carrefour SA		34		582
Cie de Saint-Gobain (a)		559		25,728
Cie Generale des Etablissements Michelin SCA		9		1,212
CNP Assurances (a)		344		5,594
Covivio		3		251
Credit Agricole SA (a)		64		809
Danone SA		286		18,824
Dassault Aviation SA (a)		3		2,917
Dassault Systemes SE		108		21,960
Edenred		201		11,436
Eiffage SA (a)		92		8,850
Electricite de France SA (a)		1,266		20,036
Engie SA (a)		3,733		57,229
EssilorLuxottica SA		16		2,452
Eurazeo SE (a)		2		161
Faurecia SE (a)		4		225
Gecina SA		2		384


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
France — continued
Getlink SE (a)		475		8,214
Hermes International		2		1,888
Iliad SA		1		157
Ipsen SA		56		4,610
Kering SA		4		3,042
Klepierre SA		10		233
La Francaise des Jeux SAEM (e)		5		227
Legrand SA		289		25,822
L’Oreal SA		14		5,312
LVMH Moet Hennessy Louis Vuitton SE		15		9,614
Natixis SA (a)		56		193
Orange SA		111		1,318
Orpea SA (a)		3		365
Pernod Ricard SA		97		18,624
Peugeot SA (a)		945		25,885
Publicis Groupe SA		12		585
Remy Cointreau SA		10		1,934
Renault SA (a)		309		13,521
Safran SA (a)		346		49,094
Sanofi		1,684		163,232
Sartorius Stedim Biotech		2		546
Schneider Electric SE		582		84,161
SCOR SE (a)		317		10,293
SEB SA		1		237
Societe Generale SA (a)		45		935
Sodexo SA		5		425
Suez SA		706		14,000
Teleperformance		63		21,079
Thales SA		115		10,527
TOTAL SE		139		6,018
Ubisoft Entertainment SA (a)		5		497
Unibail-Rodamco-Westfield		8		598
Valeo SA		13		507
Veolia Environnement SA		1,112		27,419
Vinci SA		563		56,048
Vivendi SA		46		1,485
Wendel SE		2		179
Worldline SA (a) (e)		196		19,059


				1,004,538

Germany — 13.4%
adidas AG (a)		11		3,832
Allianz SE (Registered)		835		205,251
BASF SE		51		4,016
Bayer AG (Registered)		1,460		86,026
Bayerische Motoren Werke AG		532		46,963
Bechtle AG		22		4,861
Beiersdorf AG		6		643
Brenntag AG		167		12,994
Carl Zeiss Meditec AG		2		303
Commerzbank AG (a)		55		354
Continental AG		6		908
Covestro AG (e)		10		628
Daimler AG (Registered)		1,375		97,485


SECURITY DESCRIPTION	SHARES		VALUE($)

Germany — continued
Delivery Hero SE (a) (e)		7		1,121
Deutsche Bank AG (Registered) (a)		109		1,198
Deutsche Boerse AG		11		1,795
Deutsche Lufthansa AG (Registered) (a)		325		4,298
Deutsche Post AG (Registered)		1,069		52,967
Deutsche Telekom AG (Registered)		184		3,366
Deutsche Wohnen SE		19		1,012
E.ON SE		4,617		51,120
Evonik Industries AG		12		386
Fresenius Medical Care AG & Co. KGaA		12		986
Fresenius SE & Co. KGaA		23		1,072
GEA Group AG		166		5,927
Hannover Rueck SE		121		19,245
HeidelbergCement AG		8		598
HelloFresh SE (a)		8		636
Henkel AG & Co. KGaA		6		538
HOCHTIEF AG		26		2,558
Infineon Technologies AG		1,070		40,861
KION Group AG		78		6,763
Knorr-Bremse AG		78		10,699
LANXESS AG		5		350
LEG Immobilien AG		4		601
Merck KGaA		192		32,946
MTU Aero Engines AG		57		14,963
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		281		83,368
Nemetschek SE		48		3,547
Puma SE (a)		5		614
Rational AG		6		5,143
RWE AG		1,311		55,464
SAP SE		856		110,812
Scout24 AG (e)		6		473
Siemens AG (Registered)		827		119,115
Siemens Energy AG (a)		432		15,835
Siemens Healthineers AG (e)		15		767
Symrise AG, Class A		7		949
TeamViewer AG (a) (e)		124		6,647
Telefonica Deutschland Holding AG		54		148
Uniper SE		419		14,526
United Internet AG (Registered)		6		253
Volkswagen AG		52		10,859
Vonovia SE		29		2,111
Zalando SE (a) (e)		8		944


				1,151,845

Greece — 0.0% (g)
Hellenic Telecommunications Organization SA		12		193
JUMBO SA		5		86
OPAP SA		11		141


				420


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Hong Kong — 0.1%
Alibaba Health Information Technology Ltd. (a)		174		515
Alibaba Pictures Group Ltd. (a)		590		73
Beijing Enterprises Holdings Ltd.		21		69
Beijing Enterprises Water Group Ltd. (a)		216		87
Bosideng International Holdings Ltd.		152		78
Brilliance China Automotive Holdings Ltd.		122		111
China Education Group Holdings Ltd.		39		75
China Everbright Environment Group Ltd.		157		89
China Everbright Ltd.		38		51
China Gas Holdings Ltd.		113		449
China Jinmao Holdings Group Ltd.		226		104
China Mengniu Dairy Co. Ltd. (a)		123		742
China Merchants Port Holdings Co. Ltd.		66		81
China Mobile Ltd.		265		1,511
China Overseas Land & Investment Ltd.		161		350
China Overseas Property Holdings Ltd.		60		31
China Power International Development Ltd.		182		39
China Resources Beer Holdings Co. Ltd.		64		589
China Resources Cement Holdings Ltd.		106		118
China Resources Gas Group Ltd.		40		213
China Resources Land Ltd.		136		560
China Resources Power Holdings Co. Ltd.		80		86
China State Construction International Holdings Ltd.		88		50
China Taiping Insurance Holdings Co. Ltd.		71		127
China Traditional Chinese Medicine Holdings Co. Ltd.		126		62
China Unicom Hong Kong Ltd.		260		148
China Youzan Ltd. (a)		608		182
COSCO SHIPPING Ports Ltd.		92		64
Far East Horizon Ltd.		95		98
Geely Automobile Holdings Ltd.		253		866
Guangdong Investment Ltd.		126		227
Hopson Development Holdings Ltd.		28		71
Hutchison China MediTech Ltd., ADR (a)		3		103
Kingboard Holdings Ltd.		32		135
Kingboard Laminates Holdings Ltd.		54		87
Kunlun Energy Co. Ltd.		168		146
Lee & Man Paper Manufacturing Ltd.		65		53
Nine Dragons Paper Holdings Ltd.		77		109
Shenzhen International Holdings Ltd.		56		90
Shenzhen Investment Ltd.		150		52
Shimao Group Holdings Ltd.		52		166
Sino Biopharmaceutical Ltd.		450		434
SSY Group Ltd.		60		34
Sun Art Retail Group Ltd.		105		107
Vinda International Holdings Ltd.		18		49
Wharf Holdings Ltd. (The)		71		191
Yuexiu Property Co. Ltd.		216		43


				9,715


SECURITY DESCRIPTION	SHARES		VALUE($)

Hungary — 0.0% (g)
MOL Hungarian Oil & Gas plc (a)		15		114
OTP Bank Nyrt (a)		10		456
Richter Gedeon Nyrt		7		164


				734

India — 0.4%
ACC Ltd.		4		78
Adani Green Energy Ltd. (a)		16		237
Adani Ports & Special Economic Zone Ltd.		22		146
Ambuja Cements Ltd.		31		106
Apollo Hospitals Enterprise Ltd.		4		120
Asian Paints Ltd.		16		624
Aurobindo Pharma Ltd.		12		155
Avenue Supermarts Ltd. (a) (e)		7		262
Axis Bank Ltd. (a)		97		821
Bajaj Auto Ltd.		3		137
Bajaj Finance Ltd.		12		850
Bajaj Finserv Ltd.		2		208
Balkrishna Industries Ltd.		4		83
Bandhan Bank Ltd. (a) (e)		33		179
Berger Paints India Ltd.		10		102
Bharat Forge Ltd.		10		72
Bharat Petroleum Corp. Ltd.		26		137
Bharti Airtel Ltd.		55		385
Biocon Ltd. (a)		20		130
Britannia Industries Ltd.		5		236
Cipla Ltd.		19		216
Coal India Ltd.		44		81
Colgate-Palmolive India Ltd.		5		113
Container Corp. Of India Ltd.		12		67
Dabur India Ltd.		24		175
Divi’s Laboratories Ltd.		6		302
DLF Ltd.		27		84
Dr Reddy’s Laboratories Ltd.		5		359
Eicher Motors Ltd.		6		198
GAIL India Ltd.		68		116
Godrej Consumer Products Ltd.		18		180
Grasim Industries Ltd.		14		176
Havells India Ltd.		10		124
HCL Technologies Ltd.		47		607
HDFC Asset Management Co. Ltd. (e)		2		91
HDFC Life Insurance Co. Ltd. (a) (e)		31		286
Hero MotoCorp. Ltd.		5		219
Hindalco Industries Ltd.		67		222
Hindustan Petroleum Corp. Ltd.		26		79
Hindustan Unilever Ltd.		36		1,165
Housing Development Finance Corp. Ltd.		73		2,552
ICICI Bank Ltd. (a)		221		1,625
ICICI Lombard General Insurance Co. Ltd. (a) (e)		9		186
ICICI Prudential Life Insurance Co. Ltd. (a) (e)		16		110
Indian Oil Corp. Ltd.		67		83
Indraprastha Gas Ltd.		14		95


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — continued
India — continued
Indus Towers Ltd.		16			52
Info Edge India Ltd.		3			215
Infosys Ltd.		147			2,513
InterGlobe Aviation Ltd. (a) (e)		4			103
Ipca Laboratories Ltd.		3			94
ITC Ltd.		125			359
JSW Steel Ltd.		34			178
Jubilant Foodworks Ltd.		4			137
Kotak Mahindra Bank Ltd. (a)		24			668
Larsen & Toubro Infotech Ltd. (e)		2			113
Larsen & Toubro Ltd.		29			516
Lupin Ltd.		10			132
Mahindra & Mahindra Ltd.		36			352
Marico Ltd.		24			134
Maruti Suzuki India Ltd.		6			599
Motherson Sumi Systems Ltd.		49			111
MRF Ltd.		—	(h)		89
Muthoot Finance Ltd.		5			88
Nestle India Ltd.		1			370
NTPC Ltd.		192			262
Oil & Natural Gas Corp. Ltd.		97			124
Page Industries Ltd.		—	(h)		100
Petronet LNG Ltd.		39			132
PI Industries Ltd.		4			110
Pidilite Industries Ltd.		6			151
Piramal Enterprises Ltd.		4			78
Power Grid Corp. of India Ltd.		92			238
REC Ltd.		38			69
Reliance Industries Ltd.		124			3,366
SBI Life Insurance Co. Ltd. (a) (e)		18			224
Shree Cement Ltd.		—	(h)		155
Shriram Transport Finance Co. Ltd.		8			116
Siemens Ltd.		3			68
State Bank of India (a)		79			296
Sun Pharmaceutical Industries Ltd.		35			287
Tata Consultancy Services Ltd.		40			1,588
Tata Consumer Products Ltd.		26			209
Tata Motors Ltd. (a)		71			178
Tata Steel Ltd.		28			248
Tech Mahindra Ltd.		27			364
Titan Co. Ltd.		16			337
Torrent Pharmaceuticals Ltd.		2			83
Trent Ltd.		8			74
UltraTech Cement Ltd.		5			370
United Spirits Ltd. (a)		13			102
UPL Ltd.		21			135
Vedanta Ltd.		77			171
Wipro Ltd.		50			266
Yes Bank Ltd. (a)		425			104
Zee Entertainment Enterprises Ltd.		36			112


					31,519


SECURITY DESCRIPTION	SHARES		VALUE($)

Indonesia — 0.1%
Ace Hardware Indonesia Tbk. PT		50		6
Adaro Energy Tbk. PT		550		56
Astra International Tbk. PT		849		365
Bank Central Asia Tbk. PT		435		1,050
Bank Mandiri Persero Tbk. PT		823		371
Bank Negara Indonesia Persero Tbk. PT		319		140
Bank Rakyat Indonesia Persero Tbk. PT		2,422		720
Barito Pacific Tbk. PT (a)		1,143		90
Charoen Pokphand Indonesia Tbk. PT		314		146
Gudang Garam Tbk. PT (a)		20		57
Indah Kiat Pulp & Paper Corp. Tbk. PT		115		85
Indocement Tunggal Prakarsa Tbk. PT		58		60
Indofood CBP Sukses Makmur Tbk. PT		146		100
Indofood Sukses Makmur Tbk. PT		192		93
Kalbe Farma Tbk. PT		1,090		115
Merdeka Copper Gold Tbk. PT (a)		493		85
Perusahaan Gas Negara Tbk. PT		482		57
Sarana Menara Nusantara Tbk. PT		856		58
Semen Indonesia Persero Tbk. PT		129		114
Telkom Indonesia Persero Tbk. PT		2,112		498
Unilever Indonesia Tbk. PT		326		171
United Tractors Tbk. PT		67		126


				4,563

Ireland — 1.0%
CRH plc		44		1,852
DCC plc		135		9,582
Experian plc		1,263		47,974
Flutter Entertainment plc		10		2,044
Kerry Group plc, Class A		74		10,691
Kingspan Group plc (a)		167		11,687
Smurfit Kappa Group plc		14		632


				84,462

Isle of Man — 0.0% (g)
Entain plc (a)		207		3,208

Italy — 4.1%
Amplifon SpA (a)		7		275
Assicurazioni Generali SpA		2,210		38,687
Atlantia SpA (a)		536		9,673
Davide Campari-Milano NV		270		3,091
DiaSorin SpA		1		281
Enel SpA		16,553		168,424
Eni SpA		141		1,473
Ferrari NV		203		46,987
FinecoBank Banca Fineco SpA (a)		32		524
Infrastrutture Wireless Italiane SpA (e)		18		216
Intesa Sanpaolo SpA (a)		916		2,166
Mediobanca Banca di Credito Finanziario SpA (a)		34		314
Moncler SpA (a)		11		652
Nexi SpA (a) (e)		359		7,145
Poste Italiane SpA (e)		1,046		10,702
Prysmian SpA		261		9,287


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Italy — continued
Recordati Industria Chimica e Farmaceutica SpA		156		8,650
Snam SpA		4,128		23,313
Telecom Italia SpA		820		401
Terna Rete Elettrica Nazionale SpA		2,930		22,511
UniCredit SpA (a)		118		1,105


				355,877

Jordan — 0.1%
Hikma Pharmaceuticals plc		308		10,587

Luxembourg — 0.0% (g)
ArcelorMittal SA (a)		40		918
Aroundtown SA		56		419
Eurofins Scientific SE (a)		7		599
Reinet Investments SCA		9		166
SES SA, Class A		21		200
Tenaris SA		27		222


				2,524

Malaysia — 0.1%
AMMB Holdings Bhd.		88		80
Axiata Group Bhd.		115		107
CIMB Group Holdings Bhd.		294		314
Dialog Group Bhd.		189		162
DiGi.Com Bhd.		128		132
Fraser & Neave Holdings Bhd.		7		53
Gamuda Bhd.		64		62
Genting Bhd.		89		99
Genting Malaysia Bhd.		124		83
Genting Plantations Bhd.		14		34
HAP Seng Consolidated Bhd.		24		52
Hartalega Holdings Bhd.		75		227
Hong Leong Bank Bhd.		34		152
Hong Leong Financial Group Bhd.		14		62
IHH Healthcare Bhd.		66		91
IOI Corp. Bhd.		105		114
Kossan Rubber Industries		57		64
Kuala Lumpur Kepong Bhd.		21		121
Malayan Banking Bhd.		188		395
Malaysia Airports Holdings Bhd.		47		69
Maxis Bhd.		98		124
MISC Bhd.		58		99
Nestle Malaysia Bhd.		4		121
Petronas Chemicals Group Bhd.		97		179
Petronas Dagangan Bhd.		16		87
Petronas Gas Bhd.		32		137
PPB Group Bhd.		33		153
Press Metal Aluminium Holdings Bhd.		62		128
Public Bank Bhd.		127		653
QL Resources Bhd.		59		85
RHB Bank Bhd.		84		114
Sime Darby Bhd.		103		59
Sime Darby Plantation Bhd.		87		108
Supermax Corp. Bhd. (a)		65		97


SECURITY DESCRIPTION	SHARES		VALUE($)

Malaysia — continued
Telekom Malaysia Bhd.		50		67
Tenaga Nasional Bhd.		95		247
Top Glove Corp. Bhd.		211		323
Westports Holdings Bhd.		37		39


				5,293

Mexico — 0.1%
America Movil SAB de CV, Series L		1,488		1,083
Arca Continental SAB de CV		26		124
Becle SAB de CV		28		70
Cemex SAB de CV (a)		678		350
Coca-Cola Femsa SAB de CV		24		112
Fibra Uno Administracion SA de CV		142		161
Fomento Economico Mexicano SAB de CV		83		633
Fresnillo plc		64		988
Gruma SAB de CV, Class B		11		130
Grupo Aeroportuario del Pacifico SAB de CV, Class B (a)		17		194
Grupo Aeroportuario del Sureste SAB de CV, Class B (a)		9		157
Grupo Bimbo SAB de CV, Series A		71		153
Grupo Carso SAB de CV (a)		18		59
Grupo Financiero Banorte SAB de CV, Class O (a)		114		630
Grupo Financiero Inbursa SAB de CV, Class O (a)		109		110
Grupo Mexico SAB de CV, Series B		135		574
Grupo Televisa SAB, Series CPO (a)		106		173
Industrias Penoles SAB de CV (a)		6		101
Infraestructura Energetica Nova SAB de CV (a)		25		99
Kimberly-Clark de Mexico SAB de CV, Class A		73		124
Megacable Holdings SAB de CV		18		64
Orbia Advance Corp. SAB de CV		48		113
Promotora y Operadora de Infraestructura SAB de CV		12		104
Telesites SAB de CV (a)		71		77
Wal-Mart de Mexico SAB de CV		235		659


				7,042

Netherlands — 4.2%
ABN AMRO Bank NV, GDR CVA (a) (e)		22		215
Adyen NV (a) (e)		15		34,577
Aegon NV		3,584		14,296
Akzo Nobel NV		11		1,149
Altice Europe NV (a)		36		233
Argenx SE (a)		2		731
ASML Holding NV		349		168,859
EXOR NV		6		500
Heineken Holding NV		53		5,022
Heineken NV		120		13,373
ING Groep NV (a)		216		2,011
JDE Peet’s NV (a)		34		1,552


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Netherlands — continued
Just Eat Takeaway.com NV (a) (e)		7		791
Koninklijke Ahold Delhaize NV		61		1,723
Koninklijke DSM NV		10		1,644
Koninklijke KPN NV		198		603
Koninklijke Philips NV (a)		50		2,715
Koninklijke Vopak NV		4		195
NN Group NV		577		24,957
Prosus NV (a)		27		2,911
QIAGEN NV (a)		13		664
Randstad NV (a)		129		8,338
Royal Dutch Shell plc, Class A		1,444		25,331
Royal Dutch Shell plc, Class B		1,305		22,124
Wolters Kluwer NV		295		24,901


				359,415

Norway — 0.2%
Adevinta ASA, Class B (a)		14		239
DNB ASA		53		1,030
Equinor ASA		54		907
Gjensidige Forsikring ASA		400		8,926
Mowi ASA		203		4,533
Norsk Hydro ASA		76		354
Orkla ASA		348		3,536
Schibsted ASA, Class A (a)		4		171
Schibsted ASA, Class B (a)		5		203
Telenor ASA		39		669
Yara International ASA		9		393


				20,961

Pakistan — 0.0% (g)
Habib Bank Ltd.		8		7
MCB Bank Ltd.		36		42


				49

Peru — 0.0% (g)
Cia de Minas Buenaventura SAA, ADR (a)		10		126
Credicorp Ltd.		3		523
Southern Copper Corp.		5		307


				956

Philippines — 0.0% (g)
Aboitiz Equity Ventures, Inc.		81		80
Aboitiz Power Corp.		23		13
Ayala Corp.		12		214
Ayala Land, Inc.		361		307
Bank of the Philippine Islands		88		149
BDO Unibank, Inc.		93		206
Globe Telecom, Inc.		2		67
GT Capital Holdings, Inc.		4		49
International Container Terminal Services, Inc.		42		109
JG Summit Holdings, Inc.		130		193
Jollibee Foods Corp.		20		80
Manila Electric Co.		10		62
Megaworld Corp.		440		37


SECURITY DESCRIPTION	SHARES			VALUE($)

Philippines — continued
Metro Pacific Investments Corp.		676			60
Metropolitan Bank & Trust Co.		93			95
PLDT, Inc.		4			105
Puregold Price Club, Inc. (a)		42			36
SM Investments Corp.		10			226
SM Prime Holdings, Inc.		432			347
Universal Robina Corp.		38			121


					2,556

Poland — 0.0% (g)
Allegro.eu SA (a) (e)		11			245
Bank Polska Kasa Opieki SA (a)		9			140
CD Projekt SA (a)		3			223
Cyfrowy Polsat SA		17			135
Dino Polska SA (a) (e)		2			172
KGHM Polska Miedz SA (a)		6			308
LPP SA (a)		—	(h)		134
Orange Polska SA (a)		36			64
PGE Polska Grupa Energetyczna SA (a)		38			67
Polski Koncern Naftowy ORLEN SA		12			186
Polskie Gornictwo Naftowe i Gazownictwo SA		70			105
Powszechna Kasa Oszczednosci Bank Polski SA (a)		41			314
Powszechny Zaklad Ubezpieczen SA (a)		28			241
Santander Bank Polska SA (a)		2			89


					2,423

Portugal — 0.4%
EDP — Energias de Portugal SA		5,779			36,273
Galp Energia SGPS SA		27			286
Jeronimo Martins SGPS SA		14			239


					36,798

Qatar — 0.0% (g)
Barwa Real Estate Co.		104			97
Commercial Bank PSQC (The)		111			134
Industries Qatar QSC		80			240
Masraf Al Rayan QSC		216			268
Mesaieed Petrochemical Holding Co.		193			109
Ooredoo QPSC		51			105
Qatar Electricity & Water Co. QSC		27			132
Qatar Gas Transport Co. Ltd.		105			92
Qatar International Islamic Bank QSC		50			123
Qatar Islamic Bank SAQ		67			313
Qatar National Bank QPSC		210			1,028


					2,641

Romania — 0.0% (g)
NEPI Rockcastle plc		21			133

Russia — 0.1%
Alrosa PJSC		111			148
Gazprom PJSC		509			1,463
Inter RAO UES PJSC		1,566			113
LUKOIL PJSC		19			1,289


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Russia — continued
Magnit PJSC (Registered), ADR GDR		16		273
Mail.Ru Group Ltd. (Registered), GDR (a)		6		159
MMC Norilsk Nickel PJSC		3		872
Mobile TeleSystems PJSC, ADR		20		179
Moscow Exchange MICEX-RTS PJSC		58		125
Novatek PJSC (Registered), ADR GDR		4		671
Novolipetskiy Metallurgicheskiy Kombinat PAO		63		180
PhosAgro PJSC (Registered), GDR		6		81
Polyus PJSC		1		301
Rosneft Oil Co. PJSC		62		363
Sberbank of Russia PJSC		465		1,705
Severstal PAO		9		165
Surgutneftegas PJSC		389		191
Tatneft PJSC		66		457
VTB Bank PJSC		150,586		77
X5 Retail Group NV (Registered), GDR		5		199
Yandex NV, Class A (a)		13		903


				9,914

Saudi Arabia — 0.1%
Abdullah Al Othaim Markets Co.		2		81
Advanced Petrochemical Co.		5		84
Al Rajhi Bank		52		1,020
Alinma Bank (a)		56		241
Almarai Co. JSC		11		162
Arab National Bank		30		159
Bank AlBilad		22		166
Bank Al-Jazira		20		74
Banque Saudi Fransi		28		237
Bupa Arabia for Cooperative Insurance Co. (a)		3		93
Co. for Cooperative Insurance (The) (a)		3		65
Dar Al Arkan Real Estate Development Co. (a)		23		52
Dr Sulaiman Al Habib Medical Services Group Co.		2		56
Emaar Economic City (a)		17		42
Etihad Etisalat Co. (a)		17		130
Jarir Marketing Co.		2		108
Mobile Telecommunications Co. Saudi Arabia (a)		19		69
National Commercial Bank		66		757
National Industrialization Co. (a)		19		68
Rabigh Refining & Petrochemical Co. (a)		2		6
Riyad Bank		64		344
Sahara International Petrochemical Co.		16		73
Samba Financial Group		44		363
Saudi Airlines Catering Co.		2		34
Saudi Arabian Fertilizer Co.		9		190
Saudi Arabian Mining Co. (a)		18		196
Saudi Arabian Oil Co. (e)		91		848
Saudi Basic Industries Corp.		39		1,060
Saudi British Bank (The)		37		246


SECURITY DESCRIPTION	SHARES			VALUE($)

Saudi Arabia — continued
Saudi Cement Co.		4			62
Saudi Electricity Co.		36			204
Saudi Industrial Investment Group		10			74
Saudi Kayan Petrochemical Co. (a)		33			124
Saudi Telecom Co.		26			731
Savola Group (The)		12			137
Yanbu National Petrochemical Co.		12			208


					8,564

Singapore — 0.0% (g)
BOC Aviation Ltd. (e)		9			79

South Africa — 0.1%
Absa Group Ltd.		32			264
African Rainbow Minerals Ltd.		5			91
Anglo American Platinum Ltd.		2			227
AngloGold Ashanti Ltd.		19			430
Aspen Pharmacare Holdings Ltd. (a)		16			140
Bid Corp. Ltd.		15			266
Bidvest Group Ltd. (The)		11			123
Capitec Bank Holdings Ltd. (a)		3			301
Clicks Group Ltd.		10			174
Discovery Ltd.		18			189
Exxaro Resources Ltd.		10			93
FirstRand Ltd.		202			704
Gold Fields Ltd.		40			372
Growthpoint Properties Ltd.		127			109
Harmony Gold Mining Co. Ltd. (a)		25			119
Impala Platinum Holdings Ltd.		34			474
Kumba Iron Ore Ltd.		2			106
Mr Price Group Ltd.		10			119
MTN Group		73			303
MultiChoice Group		19			172
Naspers Ltd., Class N		19			3,847
Nedbank Group Ltd.		16			142
Northam Platinum Ltd. (a)		15			219
Old Mutual Ltd.		218			177
Rand Merchant Investment Holdings Ltd.		33			73
Remgro Ltd.		22			143
Sanlam Ltd.		76			303
Sasol Ltd. (a)		24			222
Shoprite Holdings Ltd.		22			207
Sibanye Stillwater Ltd.		97			391
SPAR Group Ltd. (The)		8			98
Standard Bank Group Ltd.		57			497
Tiger Brands Ltd.		7			92
Vodacom Group Ltd.		27			228
Woolworths Holdings Ltd./South Africa		37			100


					11,515

South Korea — 8.9%
Alteogen, Inc. (a)		1			143
Amorepacific Corp. (a)		1			263
AMOREPACIFIC Group (a)		1			62
BGF retail Co. Ltd. (a)		—	(h)		37


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — continued
South Korea — continued
Celltrion Healthcare Co. Ltd. (a)		3			456
Celltrion Pharm, Inc. (a)		1			152
Celltrion, Inc. (a)		4			1,382
Cheil Worldwide, Inc. (a)		3			59
CJ CheilJedang Corp. (a)		—	(h)		129
CJ Corp. (a)		1			52
CJ ENM Co. Ltd. (a)		—	(h)		54
CJ Logistics Corp. (a)		—	(h)		65
Coway Co. Ltd. (a)		2			135
Daelim Industrial Co. Ltd. (a) (bb) (cc)		1			62
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a)		1			36
DB Insurance Co. Ltd. (a)		2			78
Doosan Bobcat, Inc. (a)		2			57
Doosan Heavy Industries & Construction Co. Ltd. (a)		8			102
Douzone Bizon Co. Ltd. (a)		1			80
E-MART, Inc.		1			117
Fila Holdings Corp. (a)		2			82
GS Engineering & Construction Corp. (a)		2			82
GS Holdings Corp. (a)		2			64
GS Retail Co. Ltd. (a)		1			36
Hana Financial Group, Inc.		13			416
Hankook Tire & Technology Co. Ltd. (a)		3			111
Hanmi Pharm Co. Ltd. (a)		—	(h)		94
Hanon Systems		8			116
Hanwha Corp. (a)		1			38
Hanwha Solutions Corp. (a)		5			204
HLB, Inc. (a)		2			164
Hotel Shilla Co. Ltd. (a)		1			98
Hyundai Engineering & Construction Co. Ltd. (a)		3			104
Hyundai Glovis Co. Ltd. (a)		1			144
Hyundai Heavy Industries Holdings Co. Ltd. (a)		—	(h)		84
Hyundai Marine & Fire Insurance Co. Ltd. (a)		2			52
Hyundai Mobis Co. Ltd. (a)		3			674
Hyundai Motor Co.		7			1,169
Hyundai Steel Co. (a)		3			126
Industrial Bank of Korea		12			101
Kakao Corp.		2			895
Kangwon Land, Inc. (a)		4			93
KB Financial Group, Inc.		17			693
Kia Motors Corp. (a)		11			660
KMW Co. Ltd. (a)		1			84
Korea Aerospace Industries Ltd. (a)		3			75
Korea Electric Power Corp.		11			270
Korea Gas Corp. (a)		—	(h)		7
Korea Investment Holdings Co. Ltd. (a)		2			131
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)		2			153
Korea Zinc Co. Ltd. (a)		—	(h)		132
Korean Air Lines Co. Ltd. (a)		4			99


SECURITY DESCRIPTION	SHARES			VALUE($)

South Korea — continued
KT&G Corp.		5			378
Kumho Petrochemical Co. Ltd. (a)		1			101
LG Chem Ltd. (a)		2			1,512
LG Corp. (a)		4			329
LG Display Co. Ltd.		10			173
LG Electronics, Inc.		5			577
LG Household & Health Care Ltd. (a)		—	(h)		607
LG Innotek Co. Ltd. (a)		1			104
LG Uplus Corp. (a)		9			93
Lotte Chemical Corp. (a)		1			185
Lotte Corp. (a)		1			33
Lotte Shopping Co. Ltd. (a)		—	(h)		37
Meritz Securities Co. Ltd. (a)		10			35
Mirae Asset Daewoo Co. Ltd. (a)		12			107
NAVER Corp. (a)		5			1,448
NCSoft Corp. (a)		1			612
Netmarble Corp. (a) (e)		1			110
NH Investment & Securities Co. Ltd. (a)		4			44
Orion Corp. (a)		1			115
Ottogi Corp. (a)		—	(h)		45
Pan Ocean Co. Ltd. (a)		13			61
Pearl Abyss Corp. (a)		—	(h)		67
POSCO		3			805
POSCO Chemical Co. Ltd.		1			111
S-1 Corp. (a)		1			63
Samsung Biologics Co. Ltd. (a) (e)		1			546
Samsung C&T Corp. (a)		4			459
Samsung Card Co. Ltd. (a)		1			34
Samsung Electro-Mechanics Co. Ltd. (a)		2			402
Samsung Electronics Co. Ltd.		9,655			720,993
Samsung Electronics Co. Ltd. (Registered), GDR		11			19,671
Samsung Engineering Co. Ltd. (a)		6			73
Samsung Fire & Marine Insurance Co. Ltd. (a)		1			212
Samsung Heavy Industries Co. Ltd. (a)		20			130
Samsung Life Insurance Co. Ltd. (a)		3			215
Samsung SDI Co. Ltd.		2			1,376
Samsung SDS Co. Ltd. (a)		1			241
Samsung Securities Co. Ltd. (a)		3			102
Seegene, Inc.		1			138
Shin Poong Pharmaceutical Co. Ltd. (a)		1			141
Shinhan Financial Group Co. Ltd.		19			567
Shinsegae, Inc.		—	(h)		61
SK Biopharmaceuticals Co. Ltd. (a)		1			103
SK Chemicals Co. Ltd. (a)		—	(h)		117
SK Holdings Co. Ltd.		2			337
SK Hynix, Inc.		24			2,574
SK Innovation Co. Ltd. (a)		2			411
SK Telecom Co. Ltd.		2			374
S-Oil Corp. (a)		2			150
Woori Financial Group, Inc.		23			205
Yuhan Corp. (a)		2			145


					768,301


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Spain — 3.7%
ACS Actividades de Construccion y Servicios SA		290		9,627
Aena SME SA (a) (e)		73		12,712
Amadeus IT Group SA		369		27,251
Banco Bilbao Vizcaya Argentaria SA		370		1,833
Banco Santander SA (a)		959		2,991
CaixaBank SA		200		514
Cellnex Telecom SA (e)		18		1,054
Enagas SA		318		6,998
Endesa SA		700		19,189
Ferrovial SA		526		14,549
Grifols SA		17		500
Iberdrola SA		12,367		177,713
Industria de Diseno Textil SA		60		1,920
Naturgy Energy Group SA		670		15,579
Red Electrica Corp. SA		630		12,937
Repsol SA		81		819
Siemens Gamesa Renewable Energy SA		258		10,473
Telefonica SA (a) (cc) (bb)		54		213
Telefonica SA		227		903


				317,775

Sweden — 3.4%
Alfa Laval AB (a)		340		9,382
Assa Abloy AB, Class B		1,084		26,777
Atlas Copco AB, Class A		726		37,312
Atlas Copco AB, Class B		422		18,936
Boliden AB		15		524
Electrolux AB, Class B		13		292
Epiroc AB, Class A		713		12,957
Epiroc AB, Class B		421		7,109
EQT AB		13		326
Essity AB, Class B		34		1,087
Evolution Gaming Group AB (e)		9		892
Fastighets AB Balder, Class B (a)		5		281
Hennes & Mauritz AB, Class B (a)		45		936
Hexagon AB, Class B		231		21,145
Husqvarna AB, Class B		24		308
ICA Gruppen AB		6		278
Industrivarden AB, Class A (a)		6		189
Industrivarden AB, Class C (a)		9		287
Investment AB Latour, Class B		162		3,912
Investor AB, Class B		25		1,839
Kinnevik AB, Class B (a)		13		674
L E Lundbergforetagen AB, Class B (a)		4		214
Lundin Energy AB		10		269
Nibe Industrier AB, Class B		337		11,056
Sandvik AB (a)		1,220		30,101
Securitas AB, Class B		338		5,449
Skandinaviska Enskilda Banken AB, Class A (a)		90		930
Skanska AB, Class B		368		9,372
SKF AB, Class B		412		10,711
Svenska Cellulosa AB SCA, Class B (a)		34		588


SECURITY DESCRIPTION	SHARES			VALUE($)

Sweden — continued
Svenska Handelsbanken AB, Class A (a)		86			870
Swedbank AB, Class A (a)		50			881
Swedish Match AB		75			5,833
Tele2 AB, Class B		28			375
Telefonaktiebolaget LM Ericsson, Class B		2,392			28,453
Telia Co. AB		134			555
Volvo AB, Class B (a)		1,540			36,445


					287,545

Switzerland — 15.1%
ABB Ltd. (Registered)		1,992			55,877
Adecco Group AG (Registered)		168			11,158
Alcon, Inc. (a)		27			1,811
Baloise Holding AG (Registered)		93			16,501
Banque Cantonale Vaudoise (Registered)		2			193
Barry Callebaut AG (Registered)		1			3,305
Chocoladefabriken Lindt & Spruengli AG		—	(h)		4,620
Chocoladefabriken Lindt & Spruengli AG (Registered)		—	(h)		4,821
Cie Financiere Richemont SA (Registered), Class A		29			2,609
Clariant AG (Registered)		10			222
Coca-Cola HBC AG		151			4,880
Credit Suisse Group AG (Registered)		134			1,726
EMS-Chemie Holding AG (Registered)		—	(h)		439
Geberit AG (Registered)		40			25,066
Givaudan SA (Registered)		1			2,166
Glencore plc (a)		3,521			11,183
Julius Baer Group Ltd.		12			715
Kuehne + Nagel International AG (Registered)		58			13,251
LafargeHolcim Ltd. (Registered) (a)		29			1,594
Logitech International SA (Registered)		135			13,085
Lonza Group AG (Registered)		4			2,654
Nestle SA (Registered)		1,333			157,622
Novartis AG (Registered)		3,300			310,751
Partners Group Holding AG		1			1,218
Roche Holding AG		1,044			363,722
Schindler Holding AG		44			11,904
Schindler Holding AG (Registered)		22			5,875
SGS SA (Registered)		7			19,726
Sika AG (Registered)		8			2,115
Sonova Holding AG (Registered) (a)		3			790
STMicroelectronics NV		522			19,324
Straumann Holding AG (Registered)		1			671
Swatch Group AG (The)		2			424
Swatch Group AG (The) (Registered)		3			169
Swiss Life Holding AG (Registered)		61			28,403
Swiss Prime Site AG (Registered)		4			414
Swiss Re AG		572			53,898
Swisscom AG (Registered)		1			777
Temenos AG (Registered)		55			7,629
UBS Group AG (Registered)		203			2,856
Vifor Pharma AG		68			10,643


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Switzerland — continued
Zurich Insurance Group AG		301		126,985


				1,303,792

Taiwan — 0.5%
Accton Technology Corp.		21		237
Acer, Inc.		124		105
Advantech Co. Ltd.		16		200
ASE Technology Holding Co. Ltd.		150		435
Asia Cement Corp.		95		146
ASMedia Technology, Inc.		2		112
Asustek Computer, Inc.		31		277
AU Optronics Corp. (a)		375		188
Catcher Technology Co. Ltd.		29		213
Cathay Financial Holding Co. Ltd.		331		498
Chailease Holding Co. Ltd.		51		305
Chang Hwa Commercial Bank Ltd.		285		182
Cheng Shin Rubber Industry Co. Ltd.		72		113
Chicony Electronics Co. Ltd.		25		77
China Development Financial Holding Corp.		592		196
China Life Insurance Co. Ltd.		112		89
China Steel Corp.		459		405
Chunghwa Telecom Co. Ltd.		161		625
Compal Electronics, Inc.		161		119
CTBC Financial Holding Co. Ltd.		789		554
Delta Electronics, Inc.		85		797
E.Sun Financial Holding Co. Ltd.		528		481
Eclat Textile Co. Ltd.		9		136
Evergreen Marine Corp. Taiwan Ltd. (a)		106		154
Far Eastern New Century Corp.		126		130
Far EasTone Telecommunications Co. Ltd.		72		157
Feng TAY Enterprise Co. Ltd.		17		121
First Financial Holding Co. Ltd.		497		378
Formosa Chemicals & Fibre Corp.		146		441
Formosa Petrochemical Corp.		44		156
Formosa Plastics Corp.		161		553
Foxconn Technology Co. Ltd.		49		93
Fubon Financial Holding Co. Ltd.		266		443
Giant Manufacturing Co. Ltd.		15		147
Globalwafers Co. Ltd.		10		253
Highwealth Construction Corp.		35		57
Hiwin Technologies Corp.		11		151
Hon Hai Precision Industry Co. Ltd.		540		1,771
Hotai Motor Co. Ltd.		13		298
Hua Nan Financial Holdings Co. Ltd.		375		244
Innolux Corp. (a)		361		182
Inventec Corp.		102		87
Largan Precision Co. Ltd.		4		456
Lite-On Technology Corp., ADR		85		151
MediaTek, Inc.		67		1,787
Mega Financial Holding Co. Ltd.		493		523
Micro-Star International Co. Ltd.		29		137
Nan Ya Plastics Corp.		214		548
Nanya Technology Corp.		54		167


SECURITY DESCRIPTION	SHARES		VALUE($)

Taiwan — continued
Nien Made Enterprise Co. Ltd.		9		105
Novatek Microelectronics Corp.		27		355
Oneness Biotech Co. Ltd. (a)		8		69
Pegatron Corp.		79		190
Phison Electronics Corp.		7		83
Pou Chen Corp.		101		113
Powertech Technology, Inc.		31		105
President Chain Store Corp.		26		247
Quanta Computer, Inc.		123		355
Realtek Semiconductor Corp.		21		293
Ruentex Development Co. Ltd.		40		58
Shanghai Commercial & Savings Bank Ltd. (The)		160		234
Shin Kong Financial Holding Co. Ltd.		462		145
SinoPac Financial Holdings Co. Ltd.		484		197
Standard Foods Corp.		18		39
Synnex Technology International Corp.		57		96
Taishin Financial Holding Co. Ltd.		507		239
Taiwan Business Bank		269		93
Taiwan Cement Corp.		220		339
Taiwan Cooperative Financial Holding Co. Ltd.		455		330
Taiwan High Speed Rail Corp.		86		97
Taiwan Mobile Co. Ltd.		70		246
Taiwan Semiconductor Manufacturing Co. Ltd.		1,063		20,109
Unimicron Technology Corp.		52		162
Uni-President Enterprises Corp.		206		495
United Microelectronics Corp.		502		844
Vanguard International Semiconductor Corp.		39		161
Walsin Technology Corp.		15		123
Win Semiconductors Corp.		15		185
Winbond Electronics Corp.		129		134
Wistron Corp.		118		131
Wiwynn Corp.		4		100
WPG Holdings Ltd.		81		124
Yageo Corp.		17		315
Yuanta Financial Holding Co. Ltd.		385		282
Zhen Ding Technology Holding Ltd.		27		110


				43,378

Thailand — 0.1%
Advanced Info Service PCL, NVDR		54		318
Airports of Thailand PCL, NVDR		189		393
Asset World Corp. PCL, NVDR		322		49
B Grimm Power PCL, NVDR		36		58
Bangkok Bank PCL (Registered)		29		115
Bangkok Commercial Asset Management PCL, NVDR		76		55
Bangkok Dusit Medical Services PCL, NVDR		392		272
Bangkok Expressway & Metro PCL, NVDR		344		95
Berli Jucker PCL, NVDR		48		56


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Thailand — continued
BTS Group Holdings PCL, NVDR		494		154
Bumrungrad Hospital PCL, NVDR		17		66
Central Pattana PCL, NVDR		95		152
Central Retail Corp. PCL, NVDR (a)		78		80
Charoen Pokphand Foods PCL, NVDR		179		159
CP ALL PCL, NVDR		259		504
Delta Electronics Thailand PCL, NVDR		14		220
Electricity Generating PCL, NVDR		12		74
Energy Absolute PCL, NVDR		65		107
Global Power Synergy PCL, NVDR		31		77
Gulf Energy Development PCL, NVDR		108		124
Home Product Center PCL, NVDR		255		116
Indorama Ventures PCL, NVDR		71		87
Intouch Holdings PCL, NVDR		101		189
Kasikornbank PCL		45		171
Kasikornbank PCL, NVDR		35		132
Krung Thai Bank PCL, NVDR		191		71
Krungthai Card PCL, NVDR		32		63
Land & Houses PCL, NVDR		343		91
Minor International PCL, NVDR (a)		131		112
Muangthai Capital PCL, NVDR		34		67
Osotspa PCL, NVDR		30		36
PTT Exploration & Production PCL, NVDR		53		175
PTT Global Chemical PCL, NVDR		96		188
PTT PCL, NVDR		486		690
Ratch Group PCL, NVDR		37		65
Siam Cement PCL (The), NVDR		34		431
Siam Commercial Bank PCL (The), NVDR		42		123
Sri Trang Gloves Thailand PCL, NVDR		20		52
Srisawad Corp. PCL, NVDR		34		74
Thai Oil PCL, NVDR		44		76
Thai Union Group PCL, NVDR		148		67
Total Access Communication PCL, NVDR		27		30
True Corp. PCL, NVDR		494		57


				6,291

Turkey — 0.0% (g)
Akbank T.A.S. (a)		128		119
Aselsan Elektronik Sanayi Ve Ticaret AS		27		66
BIM Birlesik Magazalar AS		20		206
Eregli Demir ve Celik Fabrikalari TAS		57		115
Ford Otomotiv Sanayi AS		3		47
Haci Omer Sabanci Holding AS		36		55
KOC Holding AS		32		90
Turk Hava Yollari AO (a)		22		38
Turkcell Iletisim Hizmetleri AS		50		107
Turkiye Garanti Bankasi AS (a)		94		131
Turkiye Is Bankasi AS, Class C (a)		62		58
Turkiye Petrol Rafinerileri AS (a)		5		76
Turkiye Sise ve Cam Fabrikalari AS		54		53
Yapi ve Kredi Bankasi AS (a)		115		48


				1,209


SECURITY DESCRIPTION	SHARES		VALUE($)

United Arab Emirates — 0.0% (g)
Abu Dhabi Commercial Bank PJSC		133		225
Abu Dhabi Islamic Bank PJSC		104		134
Aldar Properties PJSC		171		147
Dubai Islamic Bank PJSC		102		129
Emaar Malls PJSC (a)		137		68
Emaar Properties PJSC (a)		160		154
Emirates NBD Bank PJSC		117		329
Emirates Telecommunications Group Co. PJSC		83		381
First Abu Dhabi Bank PJSC		137		484
NMC Health plc (a) (bb) (cc)		116		—


				2,051

United Kingdom — 18.3%
3i Group plc		343		5,423
Admiral Group plc		440		17,395
Anglo American plc		432		14,271
Ashtead Group plc		619		29,162
Associated British Foods plc (a)		270		8,342
AstraZeneca plc		2,340		233,344
Auto Trader Group plc (e)		343		2,788
AVEVA Group plc		127		5,559
Aviva plc		9,033		40,178
BAE Systems plc		4,433		29,560
Barclays plc (a)		6,112		12,262
Barratt Developments plc (a)		360		3,291
Berkeley Group Holdings plc		44		2,859
BP plc		7,137		24,628
British American Tobacco plc		1,743		64,727
British Land Co. plc (The)		306		2,051
BT Group plc (a)		3,145		5,668
Bunzl plc		464		15,500
Burberry Group plc (a)		143		3,488
CNH Industrial NV (a)		1,106		13,906
Coca-Cola European Partners plc		95		4,715
Compass Group plc		629		11,724
Croda International plc		49		4,421
Diageo plc		1,776		70,265
Direct Line Insurance Group plc		3,137		13,720
Evraz plc		177		1,128
Ferguson plc		310		37,653
Fiat Chrysler Automobiles NV		1,771		31,994
GlaxoSmithKline plc		8,947		163,717
Halma plc		424		14,194
Hargreaves Lansdown plc		117		2,432
HSBC Holdings plc (a)		7,173		37,052
Imperial Brands plc		719		15,083
Informa plc (a)		529		3,959
InterContinental Hotels Group plc (a)		61		3,965
Intertek Group plc		222		17,178
J Sainsbury plc		623		1,915
JD Sports Fashion plc (a)		153		1,802
Johnson Matthey plc		67		2,236
Kingfisher plc (a)		743		2,745


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
United Kingdom — continued
Land Securities Group plc		247		2,286
Legal & General Group plc		13,722		50,009
Lloyds Banking Group plc (a)		24,942		12,435
London Stock Exchange Group plc		111		13,756
M&G plc		916		2,472
Melrose Industries plc (a)		6,686		16,290
Mondi plc		171		4,016
National Grid plc		1,240		14,654
Natwest Group plc (a)		1,713		3,915
Next plc (a)		47		4,517
Ocado Group plc (a)		171		5,356
Pearson plc		267		2,453
Persimmon plc		112		4,242
Phoenix Group Holdings plc		1,261		12,083
Prudential plc		5,999		110,314
Reckitt Benckiser Group plc		250		22,358
RELX plc		2,662		65,122
Rentokil Initial plc (a)		2,556		17,821
Rio Tinto plc		395		29,747
Rolls-Royce Holdings plc (a)		11,530		17,450
RSA Insurance Group plc		2,378		22,043
Sage Group plc (The)		1,217		9,662
Schroders plc		44		1,990
Segro plc		420		5,445
Severn Trent plc		85		2,641
Smith & Nephew plc		309		6,409
Smiths Group plc		546		11,228
Spirax-Sarco Engineering plc		102		15,689
SSE plc		366		7,504
St James’s Place plc		190		2,944
Standard Chartered plc (a)		945		6,003
Standard Life Aberdeen plc		794		3,045
Taylor Wimpey plc (a)		1,282		2,901
Tesco plc		3,451		10,890
Unilever plc		926		55,537
United Utilities Group plc		241		2,948
Vodafone Group plc		9,448		15,518
Whitbread plc (a)		71		3,007
Wm Morrison Supermarkets plc		853		2,063
WPP plc		433		4,687


				1,579,750

Total Common Stocks (Cost $7,046,330)				8,212,223

Preferred Stocks — 2.3%
Brazil — 0.1%
Alpargatas SA		10		78
Banco Bradesco SA		204		1,074
Bradespar SA		10		127
Centrais Eletricas Brasileiras SA		10		73
Cia Energetica de Minas Gerais		38		108
Cia Paranaense de Energia		5		74
Gerdau SA		52		244
Itau Unibanco Holding SA		214		1,308


SECURITY DESCRIPTION	SHARES			VALUE($)

Brazil — continued
Itausa SA		214			485
Lojas Americanas SA		38			194
Petroleo Brasileiro SA		207			1,123


					4,888

Chile — 0.0% (g)
Embotelladora Andina SA, Class B		6			14
Sociedad Quimica y Minera de Chile SA, Class B		5			231


					245

Colombia — 0.0% (g)
Bancolombia SA		22			228

Germany — 0.9%
Bayerische Motoren Werke AG		92			6,164
FUCHS PETROLUB SE		4			208
Henkel AG & Co. KGaA		10			1,114
Porsche Automobil Holding SE		246			16,999
Sartorius AG		2			832
Volkswagen AG		298			55,740


					81,057

Russia — 0.0% (g)
Surgutneftegas PJSC		300			170

South Korea — 1.3%
Hyundai Motor Co. (a)		2			176
LG Chem Ltd. (a)		—	(h)		111
LG Household & Health Care Ltd. (a)		—	(h)		56
Samsung Electronics Co. Ltd.		1,662			112,748


					113,091

Total Preferred Stocks (Cost $143,886)					199,679


	NUMBER OF RIGHTS
Right — 0.0% (g)
Spain — 0.0% (g)
Repsol SA, expiring 01/14/2021 (a) (Cost $29)		81			28


	PRINCIPAL AMOUNT($)
Short-Term Investments — 2.3%
Time Deposits — 2.3%
Australia & New Zealand Banking Group Ltd., 0.01%, 01/04/2021		4,320			4,320
BNP Paribas SA,
(4.52%), 01/04/2021	SEK	90,420			10,990
(2.94%), 01/04/2021	CHF	23,137			26,134
(2.05%), 01/04/2021	DKK	55,188			9,058
(0.72%), 01/04/2021	EUR	12,538			15,317
0.01%, 01/04/2021		7,084			7,084


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)			VALUE($)
Short-Term Investments — continued
Time Deposits — continued
Brown Brothers Harriman,
(7.00%), 01/04/2021	NOK	3,515			410
(4.52%), 01/04/2021	SEK	15,337			1,864
(2.94%), 01/04/2021	CHF	—	(h)		—	(h)
(2.05%), 01/04/2021	DKK	—	(h)		—	(h)
(0.72%), 01/04/2021	EUR	1			1
0.00%, 01/04/2021	HKD	876			113
0.01%, 01/04/2021	GBP	—	(h)		—	(h)
0.01%, 01/04/2021		4			4
7.70%, 01/04/2021	ZAR	217			15
Citibank NA,
(0.72%), 01/04/2021	EUR	73,475			89,761
0.01%, 01/04/2021	GBP	21,781			29,786
0.01%, 01/04/2021		2,318			2,318
Sumitomo Mitsui Banking Corp., 0.01%, 01/04/2021		7,459			7,459

Total Short-Term Investments (Cost $204,634)					204,634


Total Investments — 99.9% (Cost — $7,394,879)					8,616,564

Other Assets in Excess of Liabilities — 0.1%					5,074


NET ASSETS — 100.0%					$8,621,638

Percentages indicated are based on net assets


ADR		— American Depositary Receipt
CVA		— Dutch Certification
GDR		— Global Depositary Receipt
NVDR		— Non-Voting Depository Receipts
(a)		— Non-income producing security.
(e)		— Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)		— Amount rounds to less than 0.05%.
(h)		— Amount rounds to less than 500 shares or principal/ $500.


(bb)		— Security has been valued using significant unobservable inputs.
(cc)		— Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
CHF		— Swiss Franc
DKK		— Danish Krone
EUR		— Euro
GBP		— British Pound
HKD		— Hong Kong Dollar
NOK		— Norwegian Krone
SEK		— Swedish Krona
USD		— United States Dollar
ZAR		— South African Rand

Summary of Investments by Industry, December 31, 2020

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE

Pharmaceuticals		18.6	%

Semiconductors		12.9	%

Insurance		12.5	%

Electric		9.1	%

Auto Manufacturers		4.6	%

Commercial Services		4.0	%

Food		2.9	%

Aerospace/Defense		2.3	%

Software		2.0	%

Miscellaneous Manufacturers		1.9	%

Beverages		1.9	%

Machinery—Diversified		1.7	%

Transportation		1.7	%

Banks		1.6	%

Engineering & Construction		1.5	%

Electrical Components & Equipments		1.4	%

Electronics		1.3	%

Oil & Gas		1.2	%

Telecommunications		1.1	%

Building Materials		1.0	%

Mining		1.0	%

Agriculture		1.0	%

Others (Each less than 1.0%)		10.4	%

Short-Term Investments		2.4	%


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — 104.1%
Asset-Backed Securities — 1.1%
Adams Mill CLO Ltd., (Cayman Islands), Series 2014-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.10%), 1.34%, 07/15/2026 (e) (aa)		401		400
American Express Credit Account Master Trust, Series 2019-3, Class A, 2.00%, 04/15/2025		615		633
Atlas Senior Loan Fund Ltd., (Cayman Islands), Series 2017-8A, Class A, (ICE LIBOR USD 3 Month + 1.30%), 1.53%, 01/16/2030 (e) (aa)		3,000		2,989
Benefit Street Partners CLO III Ltd., (Cayman Islands), Series 2013-IIIA, Class A1R, (ICE LIBOR USD 3 Month + 1.25%), 1.47%, 07/20/2029 (e) (aa)		998		998
Benefit Street Partners CLO IV Ltd., (Cayman Islands), Series 2014-IVA, Class A1RR, (ICE LIBOR USD 3 Month + 1.25%), 1.47%, 01/20/2029 (e) (aa)		3,000		3,000
BlueMountain CLO Ltd., (Cayman Islands), Series 2015-2A, Class A1R, (ICE LIBOR USD 3 Month + 0.93%), 1.15%, 07/18/2027 (e) (aa)		2,339		2,328
Capital One Multi-Asset Execution Trust,
Series 2017-A3, Class A3, 2.43%, 01/15/2025		360		370
Series 2019-A2, Class A2, 1.72%, 08/15/2024		500		512
Carlyle Global Market Strategies CLO Ltd., (Cayman Islands), Series 2015-3A, Class A1R, (ICE LIBOR USD 3 Month + 1.00%), 1.22%, 07/28/2028 (e) (aa)		1,250		1,245
Carmax Auto Owner Trust,
Series 2019-4, Class A3, 2.02%, 11/15/2024		141		145
Series 2020-1, Class A3, 1.89%, 12/16/2024		300		308
CBAM Ltd., (Cayman Islands), Series 2017-3A, Class A, (ICE LIBOR USD 3 Month + 1.23%), 1.45%, 10/17/2029 (e) (aa)		2,000		1,998
Crown City CLO II, (Cayman Islands), Series 2020-2A, Class A1A, (ICE LIBOR USD 3 Month + 1.38%), 0.00%, 01/20/2032 (e) (aa)		1,000		1,000
Dryden 36 Senior Loan Fund, (Cayman Islands), Series 2014-36A, Class AR3, (ICE LIBOR USD 3 Month + 1.02%), 1.17%, 04/15/2029 (e) (aa)		6,400		6,384
Ford Credit Auto Owner Trust, Series 2020-B, Class A4, 0.79%, 11/15/2025		850		861


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)


GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4, 1.74%, 08/18/2025		500		518
Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.41%, 11/15/2024		131		134
KKR CLO Ltd., (Cayman Islands), Series 18, Class A, (ICE LIBOR USD 3 Month + 1.27%), 1.49%, 07/18/2030 (e) (aa)		3,200		3,197
Madison Park Funding XI Ltd., (Cayman Islands), Series 2013-11A, Class AR, (ICE LIBOR USD 3 Month + 1.16%), 1.37%, 07/23/2029 (e) (aa)		250		250
Madison Park Funding XVII Ltd., (Cayman Islands), Series 2015-17A, Class AR, (ICE LIBOR USD 3 Month + 1.22%), 1.43%, 07/21/2030 (e) (aa)		5,000		4,980
Mercedes-Benz Auto Lease Trust, Series 2020-A, Class A4, 1.88%, 09/15/2025		1,000		1,023
Mercedes-Benz Auto Receivables Trust, Series 2019-1, Class A4, 2.04%, 01/15/2026		1,000		1,036
MidOcean Credit CLO VI, (Cayman Islands), Series 2016-6A, Class AR, (ICE LIBOR USD 3 Month + 1.25%), 1.47%, 01/20/2029 (e) (aa)		2,000		1,997
Mountain View CLO LLC, (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.09%), 1.32%, 10/16/2029 (e) (aa)		1,800		1,788
MP CLO VIII Ltd., (Cayman Islands), Series 2015-2A, Class AR, (ICE LIBOR USD 3 Month + 0.91%), 1.13%, 10/28/2027 (e) (aa)		1,752		1,746
Neuberger Berman CLO XIX Ltd., (Cayman Islands), Series 2015-19A, Class A1R2, (ICE LIBOR USD 3 Month + 0.80%), 1.04%, 07/15/2027 (e) (aa)		3,584		3,566
Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.38%, 12/16/2024		131		133
Oaktree CLO, (Cayman Islands), Series 2014-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.29%), 1.51%, 05/13/2029 (e) (aa)		1,959		1,954
OCP CLO Ltd., (Cayman Islands), Series 2017-14A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 1.37%, 11/20/2030 (e) (aa)		5,000		4,993
OZLM XIV Ltd., (Cayman Islands), Series 2015-14A, Class A1AR, (ICE LIBOR USD 3 Month + 1.16%), 1.40%, 01/15/2029 (e) (aa)		3,000		2,993


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Long Positions — continued
Asset-Backed Securities — continued
Palmer Square Loan Funding Ltd., (Cayman Islands), Series 2018-5A, Class A1, (ICE LIBOR USD 3 Month + 0.85%), 1.07%, 01/20/2027 (e) (aa)		439		437
Race Point IX CLO Ltd., (Cayman Islands), Series 2015-9A, Class A1AR, (ICE LIBOR USD 3 Month + 1.21%), 1.45%, 10/15/2030 (e) (aa)		497		495
Sound Point CLO XII Ltd., (Cayman Islands), Series 2016-2A, Class AR2, (ICE LIBOR USD 3 Month + 1.05%), 0.00%, 10/20/2028 (e) (aa)		100		100
Sound Point CLO XV Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 1.36%, 01/23/2029 (e) (aa)		6,000		5,983
TCW CLO AMR Ltd., (Cayman Islands), Series 2019-1A, Class A, (ICE LIBOR USD 3 Month + 1.07%), 1.29%, 02/15/2029 (e) (aa)		3,700		3,693
Venture XXI CLO Ltd., (Cayman Islands), Series 2015-21A, Class AR, (ICE LIBOR USD 3 Month + 0.88%), 1.12%, 07/15/2027 (e) (aa)		1,974		1,965
VOYA CLO, (Cayman Islands), Series 2017-2A, Class A1, (ICE LIBOR USD 3 Month + 1.21%), 1.45%, 06/07/2030 (e) (aa)		4,500		4,498
World Omni Auto Receivables Trust, Series 2020-A, Class A3, 1.10%, 04/15/2025		175		177

Total Asset-Backed Securities (Cost $70,783)				70,827

Certificate of Deposit — 0.0% (g)
Financial — 0.0% (g)
Banks — 0.0% (g)
China Development Bank Corp., (China), 3.20%, 09/23/2021 (Cost $146)	CNH	1,000		154

Collateralized Mortgage Obligations — 1.5%
FHLMC REMICS,
Series 3404, Class SA, IF, IO, (6.00% — ICE LIBOR USD 1 Month), 5.84%, 01/15/2038 (aa)		1,916		381
Series 3680, Class SA, IF, IO, (5.00% — ICE LIBOR USD 1 Month), 4.84%, 06/15/2040 (aa)		5,778		683
Series 4023, Class S, IF, IO, (6.25% — ICE LIBOR USD 1 Month), 6.09%, 03/15/2042 (aa)		2,012		378
Series 4056, Class GS, IF, IO, (6.65% — ICE LIBOR USD 1 Month), 6.49%, 12/15/2041 (aa)		1,095		146


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)


Series 4134, Class PI, IO, 3.00%, 11/15/2042		723		59
Series 4165, Class TI, IO, 3.00%, 12/15/2042		888		67
Series 4479, Class AI, IO, 3.50%, 09/15/2025		12,940		675
Series 4598, Class IK, IO, 3.50%, 03/15/2046		1,049		156
Series 4825, Class SE, IF, IO, (6.20% — ICE LIBOR USD 1 Month), 6.04%, 09/15/2048 (aa)		8,053		1,594
Series 4888, Class IB, IO, 4.00%, 03/15/2047		1,081		97
Series 4974, Class PO, PO, Zero Coupon, 08/25/2042		103		98
Series 4990, Class MI, IO, 4.00%, 07/25/2050		8,009		1,173
Series 5003, Class AS, IF, IO, (6.10% — ICE LIBOR USD 1 Month), 5.95%, 08/25/2050 (aa)		7,857		2,084
Series 5016, Class PI, IO, 3.00%, 09/25/2050		15,146		1,958
Series 5034, Class YI, IO, 4.00%, 11/25/2050		5,789		810
Series 5045, Class DI, IO, 2.50%, 11/25/2050		3,653		283
Series 5047, Class CI, IO, 2.00%, 12/25/2050		2,294		176
Series 5056, Class PI, IO, 2.50%, 12/25/2050		11,051		821
Series 5062, Class EI, IO, 2.00%, 01/25/2051 (bb) (cc)		4,784		365
Series 5065, Class IG, IO, 3.00%, 01/25/2051 (bb) (cc)		4,700		610
FHLMC Strips, Series 365, Class C2, IO, 4.00%, 06/15/2049		8,605		1,052
FNMA Interest Strip,
Series 379, Class S56, IF, IO, (7.90% — ICE LIBOR USD 1 Month), 7.75%, 05/25/2037 (aa)		702		170
Series 406, Class 23, IO, 6.00%, 11/25/2040 (z)		252		62
FNMA REMICS,
Series 2012-53, Class IO, IO, 3.50%, 05/25/2027		2,430		99
Series 2012-98, Class JI, IO, 3.00%, 04/25/2027		4,670		204
Series 2012-133, Class MO, PO, Zero Coupon, 12/25/2042		200		166
Series 2012-135, Class SB, IF, IO, (6.10% — ICE LIBOR USD 1 Month), 5.95%, 12/25/2042 (aa)		1,917		325
Series 2014-34, Class US, IF, (8.60% — ICE LIBOR USD 1 Month), 8.30%, 06/25/2044 (aa)		76		87


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2016-26, Class SY, IF, (7.03% — ICE LIBOR USD 1 Month), 6.69%, 11/25/2042 (aa)		973		1,070
Series 2016-63, Class AS, IF, IO, (6.00% — ICE LIBOR USD 1 Month), 5.85%, 09/25/2046 (aa)		1,667		375
Series 2018-67, Class SH, IF, IO, (6.20% — ICE LIBOR USD 1 Month), 6.05%, 09/25/2048 (aa)		6,257		1,249
Series 2019-48, Class IB, IO, 0.69%, 06/25/2039 (z)		32,906		939
Series 2019-68, Class US, IF, IO, (6.00% — ICE LIBOR USD 1 Month), 5.85%, 11/25/2049 (aa)		11,124		1,954
Series 2019-78, Class DI, IO, 4.50%, 11/25/2049		1,700		106
Series 2020-42, Class CI, IO, 3.00%, 06/25/2050		16,722		2,630
Series 2020-60, Class BI, IO, 3.50%, 09/25/2050		19,936		2,304
Series 2020-68, Class CI, IO, 3.00%, 10/25/2050		14,601		1,575
Series 2020-86, Class PI, IO, 2.50%, 12/25/2050		4,079		319
Series 2020-89, Class IM, IO, 2.00%, 12/25/2050		12,280		1,010
Series 2020-89, Class LI, IO, 3.00%, 12/25/2050		16,893		2,430
Series 2020-93, Class JI, IO, 2.50%, 01/25/2051 (bb) (cc)		4,300		538
Series 2020-99, Class IQ, IO, 3.00%, 01/25/2051 (bb) (cc)		1,300		169
GNMA,
Series 2015-H03, Class FA, (ICE LIBOR USD 1 Month + 0.50%), 0.64%, 12/20/2064 (aa)		131		132
Series 2015-H33, Class FA, (ICE LIBOR USD 1 Month + 0.66%), 0.80%, 12/20/2065 (aa)		10,377		10,462
Series 2019-H08, Class FE, (ICE LIBOR USD 1 Month + 0.65%), 0.79%, 01/20/2069 (aa)		7,307		7,397
Series 2019-H16, Class FD, (ICE LIBOR USD 1 Month + 0.80%), 0.94%, 10/20/2069 (aa)		4,048		4,141
Series 2020-142, Class MT, IF, IO, (6.15% — ICE LIBOR USD 1 Month), 0.05%, 07/20/2047 (aa)		24,434		37
Series 2020-142, Class TN, IF, IO, (6.20% — ICE LIBOR USD 1 Month), 0.10%, 09/20/2047 (aa)		39,100		113
Series 2020-H14, Class FH, (ICE LIBOR USD 1 Month + 1.25%), 1.40%, 08/20/2070 (aa)		10,033		10,595


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Series 2020-H15, Class FH, (ICE LIBOR USD 1 Month + 1.05%), 1.20%, 07/20/2070 (aa)		5,365		5,567
Series 2020-H15, Class FK, (ICE LIBOR USD 1 Month + 1.25%), 1.40%, 04/20/2070 (aa)		9,188		9,631
Series 2020-H16, Class FN, (ICE LIBOR USD 1 Month + 1.25%), 1.40%, 09/20/2070 (aa)		2,999		3,165
MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z)		14,149		14,153

Total Collateralized Mortgage Obligations (Cost $98,030)				96,840

Commercial Mortgage-Backed Securities — 0.6%
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class ASB, 3.43%, 09/15/2048		589		630
BANK,
Series 2017-BNK7, Class AS, 3.75%, 09/15/2060		750		848
Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (z)		500		593
Barclays Commercial Mortgage Trust,
Series 2019-C5, Class A4, 3.06%, 11/15/2052		1,000		1,123
Series 2019-C5, Class ASB, 2.99%, 11/15/2052		500		557
BBCMS Mortgage Trust,
Series 2020-C6, Class ASB, 2.60%, 02/15/2053		600		654
Series 2020-C7, Class A5, 2.04%, 04/15/2053		210		219
Benchmark Mortgage Trust,
Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z)		350		383
Series 2020-B17, Class A5, 2.29%, 03/15/2053		500		532
Series 2020-B20, Class A5, 2.03%, 10/15/2053		750		781
CD Mortgage Trust, Series 2017-CD5, Class AAB, 3.22%, 08/15/2050		1,000		1,095
Citigroup Commercial Mortgage Trust,
Series 2014-GC23, Class AS, 3.86%, 07/10/2047		250		271
Series 2014-GC25, Class A4, 3.64%, 10/10/2047		500		548
Series 2015-GC33, Class AS, 4.11%, 09/10/2058		500		555
Series 2019-GC41, Class AS, 3.02%, 08/10/2056		250		275
COMM Mortgage Trust, Series 2016-CR28, Class ASB, 3.53%, 02/10/2049		487		521
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class ASB, 3.31%, 11/15/2049		405		430


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage-Backed Securities — continued
CSMC, Series 2020-FACT, Class A, (ICE LIBOR USD 1 Month + 1.35%), 1.51%, 10/15/2037 (e) (aa)		2,100		2,103
FHLMC Multifamily Structured Pass Through Certificates,
Series K027, Class A2, 2.64%, 01/25/2023		805		835
Series K047, Class A2, 3.33%, 05/25/2025 (z)		1,000		1,114
Series K049, Class A2, 3.01%, 07/25/2025		250		276
Series K057, Class A2, 2.57%, 07/25/2026		850		930
Series K063, Class A2, 3.43%, 01/25/2027 (z)		1,000		1,147
Series K071, Class A2, 3.29%, 11/25/2027		500		576
Series K073, Class A2, 3.35%, 01/25/2028		1,000		1,157
Series K075, Class A2, 3.65%, 02/25/2028 (z)		500		590
Series K094, Class A2, 2.90%, 06/25/2029		112		127
Series K103, Class A2, 2.65%, 11/25/2029		500		561
Series K108, Class A2, 1.52%, 03/25/2030		304		314
Series K117, Class A2, 1.41%, 08/25/2030		1,500		1,530
Series K118, Class A2, 1.49%, 09/25/2030		500		514
Series K725, Class A2, 3.00%, 01/25/2024		225		242
Series K726, Class A2, 2.91%, 04/25/2024		905		967
Series K729, Class A2, 3.14%, 10/25/2024		200		218
Series K737, Class A2, 2.53%, 10/25/2026		650		711
FNMA-ACES,
Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z)		676		756
Series 2016-M5, Class A2, 2.47%, 04/25/2026		500		542
Series 2017-M11, Class A2, 2.98%, 08/25/2029		1,000		1,136
Series 2017-M12, Class A2, 3.08%, 06/25/2027 (z)		140		158
Series 2017-M13, Class A2, 2.94%, 09/25/2027 (z)		674		762
Series 2020-M46, Class A2, 1.32%, 05/25/2030		1,000		1,013
GS Mortgage Securities Trust,
Series 2013-GC12, Class AS, 3.38%, 06/10/2046		400		420


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Series 2019-GSA1, Class A4, 3.05%, 11/10/2052		250		280
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2012-C5, Class A4, 3.18%, 08/15/2045		1,000		1,031
Series 2016-C29, Class A4, 3.33%, 05/15/2049		500		553
Series 2016-C31, Class A5, 3.10%, 11/15/2049		500		553
Series 2016-C32, Class A4, 3.72%, 12/15/2049		1,000		1,145
UBS Commercial Mortgage Trust,
Series 2018-C11, Class ASB, 4.12%, 06/15/2051		687		787
Series 2018-C12, Class A5, 4.30%, 08/15/2051		1,380		1,637
UBS-Barclays Commercial Mortgage Trust,
Series 2012-C2, Class A4, 3.53%, 05/10/2063		200		206
Series 2012-C4, Class A5, 2.85%, 12/10/2045		500		518
Series 2013-C5, Class A4, 3.18%, 03/10/2046		415		433
Series 2013-C6, Class A4, 3.24%, 04/10/2046		400		420
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC18, Class A5, 3.41%, 12/15/2047		420		461
Series 2015-C27, Class A5, 3.45%, 02/15/2048		918		1,005
Series 2015-LC20, Class A5, 3.18%, 04/15/2050		500		547
Series 2017-C39, Class A5, 3.42%, 09/15/2050		1,000		1,133
Series 2017-C40, Class A4, 3.58%, 10/15/2050		550		627
WFRBS Commercial Mortgage Trust,
Series 2013-C12, Class A4, 3.20%, 03/15/2048		400		418
Series 2014-C20, Class ASB, 3.64%, 05/15/2047		1,043		1,096

Total Commercial Mortgage-Backed Securities (Cost $41,296)				41,564

Corporate Bonds — 19.9%
Basic Materials — 0.6%
Chemicals — 0.5%
Air Liquide Finance SA, (France),
Reg. S, 0.63%, 06/20/2030	EUR	400		518
Reg. S, 0.75%, 06/13/2024	EUR	600		757
Air Products and Chemicals, Inc.,
1.00%, 02/12/2025	EUR	1,550		1,985
2.80%, 05/15/2050		15		17
Albemarle New Holding GmbH, (Germany), Reg. S, 1.13%, 11/25/2025	EUR	425		536


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Chemicals — continued
Argentum Netherlands BV for Givaudan SA, (Netherlands),
Reg. S, 1.13%, 09/17/2025	EUR	800		1,032
Reg. S, 2.00%, 09/17/2030	EUR	2,200		3,153
Cabot Corp., 4.00%, 07/01/2029		50		54
Celanese US Holdings LLC, 2.13%, 03/01/2027	EUR	900		1,175
CF Industries, Inc., 4.50%, 12/01/2026 (e)		1,800		2,133
Covestro AG, (Germany),
Reg. S, 0.88%, 02/03/2026	EUR	1,875		2,382
Reg. S, 1.38%, 06/12/2030	EUR	775		1,017
Dow Chemical Co. (The),
1.88%, 03/15/2040	EUR	600		815
4.55%, 11/30/2025		1,800		2,106
5.25%, 11/15/2041		600		793
DuPont de Nemours, Inc.,
2.17%, 05/01/2023		100		101
4.21%, 11/15/2023		900		993
Eastman Chemical Co.,
1.50%, 05/26/2023	EUR	900		1,130
3.60%, 08/15/2022		2,900		3,030
Ecolab, Inc., 1.00%, 01/15/2024	EUR	1,950		2,456
FMC Corp.,
3.45%, 10/01/2029		13		15
4.50%, 10/01/2049		25		32
Givaudan Finance Europe BV, (Netherlands), Reg. S, 1.00%, 04/22/2027	EUR	100		130
Huntsman International LLC,
4.50%, 05/01/2029		132		152
5.13%, 11/15/2022		145		155
Linde Finance BV, (Netherlands),
Reg. S, 0.55%, 05/19/2032	EUR	400		510
Reg. S, 1.88%, 05/22/2024	EUR	425		558
LYB International Finance III LLC, 4.20%, 10/15/2049		600		701
Mosaic Co. (The), 4.25%, 11/15/2023		190		207
Nutrien Ltd., (Canada), 3.00%, 04/01/2025		1,100		1,188
PPG Industries, Inc., 2.55%, 06/15/2030		140		150
RPM International, Inc., 4.55%, 03/01/2029		60		70
Sherwin-Williams Co. (The),
3.13%, 06/01/2024		100		108
3.30%, 05/15/2050		70		77
3.45%, 08/01/2025		90		99
3.80%, 08/15/2049		90		109
4.50%, 06/01/2047		40		54
Westlake Chemical Corp., 1.63%, 07/17/2029	EUR	500		636
Yara International ASA, (Norway), 3.15%, 06/04/2030 (e)		1,000		1,083


				32,217


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Iron/Steel — 0.0% (g)
Reliance Steel & Aluminum Co.,
1.30%, 08/15/2025		20		20
2.15%, 08/15/2030		145		149
Steel Dynamics, Inc., 3.25%, 01/15/2031		1,400		1,566
Vale Overseas Ltd., (Cayman Islands),
6.88%, 11/21/2036		90		132
6.88%, 11/10/2039		6		9
Vale SA, (Brazil), 3.75%, 01/10/2023	EUR	425		552


				2,428

Mining — 0.1%
Anglo American Capital plc, (United Kingdom), Reg. S, 3.38%, 03/11/2029	GBP	1,350		2,077
Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039		920		1,324
BHP Billiton Finance Ltd., (Australia), Series 17, Reg. S, 1.50%, 04/29/2030	EUR	775		1,071
Kinross Gold Corp., (Canada),
4.50%, 07/15/2027		1,900		2,197
5.95%, 03/15/2024		185		211
Newmont Corp.,
2.25%, 10/01/2030		9		9
4.88%, 03/15/2042		60		82
Norsk Hydro ASA, (Norway), Reg. S, 1.13%, 04/11/2025	EUR	500		632
Southern Copper Corp.,
3.88%, 04/23/2025		35		39
5.88%, 04/23/2045		39		56

				7,698

Total Basic Materials				42,343

Communications — 1.3%
Advertising — 0.0% (g)
JCDecaux SA, (France), Reg. S, 2.63%, 04/24/2028	EUR	600		801
WPP Finance 2013, (United Kingdom), Reg. S, 2.88%, 09/14/2046	GBP	425		607


				1,408

Internet — 0.1%
Alibaba Group Holding Ltd., (Cayman Islands), 4.00%, 12/06/2037		600		708
Alphabet, Inc.,
1.90%, 08/15/2040		700		687
2.25%, 08/15/2060		65		63
Amazon.com, Inc.,
3.88%, 08/22/2037		20		25
4.25%, 08/22/2057		30		43
Baidu, Inc., (Cayman Islands),
3.43%, 04/07/2030		200		221
4.38%, 03/29/2028		480		553
Booking Holdings, Inc., 1.80%, 03/03/2027	EUR	1,000		1,343
eBay, Inc., 1.90%, 03/11/2025		5		5


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Internet — continued
Expedia Group, Inc.,
2.50%, 06/03/2022	EUR	500		624
3.60%, 12/15/2023 (e)		10		11
4.63%, 08/01/2027 (e)		5		5
JD.com, Inc., (Cayman Islands), 3.38%, 01/14/2030		660		717
Prosus NV, (Netherlands),
Reg. S, 2.03%, 08/03/2032	EUR	875		1,112
Reg. S, 1.54%, 08/03/2028	EUR	1,475		1,857
Tencent Music Entertainment Group, (Cayman Islands), 2.00%, 09/03/2030		460		457


				8,431

Media — 0.5%
Charter Communications Operating LLC / Charter Communications Operating Capital,
3.70%, 04/01/2051		2,110		2,191
4.46%, 07/23/2022		190		200
4.50%, 02/01/2024		115		128
4.80%, 03/01/2050		80		96
4.91%, 07/23/2025		1,545		1,794
5.38%, 05/01/2047		205		256
5.75%, 04/01/2048		105		137
6.38%, 10/23/2035		90		123
6.48%, 10/23/2045		60		85
Comcast Corp.,
1.50%, 02/15/2031		2,900		2,881
1.88%, 02/20/2036	GBP	775		1,147
2.35%, 01/15/2027		2,000		2,152
2.65%, 08/15/2062		70		70
3.60%, 03/01/2024		200		220
3.97%, 11/01/2047		220		276
4.05%, 11/01/2052		40		51
4.25%, 10/15/2030		120		148
4.60%, 10/15/2038		20		26
Cox Communications, Inc., 3.50%, 08/15/2027 (e)		3,180		3,595
Discovery Communications LLC,
5.20%, 09/20/2047		1,100		1,428
5.30%, 05/15/2049		90		119
Informa plc, (United Kingdom), Reg. S, 2.13%, 10/06/2025	EUR	2,056		2,645
ITV plc, (United Kingdom), Reg. S, 1.38%, 09/26/2026	EUR	1,300		1,630
Pearson Funding plc, (United Kingdom), Reg. S, 3.75%, 06/04/2030	GBP	475		747
RELX Finance BV, (Netherlands), Reg. S, 0.00%, 03/18/2024	EUR	100		122
Sky Ltd., (United Kingdom),
Reg. S, 2.25%, 11/17/2025	EUR	450		612
Reg. S, 2.50%, 09/15/2026	EUR	850		1,188
Thomson Reuters Corp., (Canada), 4.30%, 11/23/2023		120		132


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Media — continued
Time Warner Cable LLC,
4.50%, 09/15/2042		80		94
5.50%, 09/01/2041		800		1,028
ViacomCBS, Inc.,
3.70%, 08/15/2024		50		55
5.85%, 09/01/2043		1,100		1,530
Vivendi SA, (France),
Reg. S, 0.63%, 06/11/2025	EUR	1,200		1,508
Reg. S, 1.13%, 12/11/2028	EUR	1,200		1,567
Wolters Kluwer NV, (Netherlands),
Reg. S, 0.75%, 07/03/2030	EUR	775		988
Reg. S, 1.50%, 03/22/2027	EUR	2,275		3,034


				34,003

Telecommunications — 0.7%
America Movil SAB de CV, (Mexico), 5.00%, 10/27/2026	GBP	100		168
AT&T, Inc.,
1.80%, 09/05/2026	EUR	1,150		1,530
1.80%, 09/14/2039	EUR	1,200		1,560
2.05%, 05/19/2032	EUR	1,200		1,669
2.45%, 03/15/2035	EUR	425		610
2.55%, 12/01/2033 (e)		23		23
3.30%, 02/01/2052		90		89
3.50%, 06/01/2041		1,700		1,833
3.50%, 02/01/2061		75		75
3.55%, 09/15/2055 (e)		5		5
3.65%, 06/01/2051		1,800		1,885
3.80%, 03/01/2024		80		87
3.80%, 12/01/2057 (e)		52		54
3.85%, 06/01/2060		20		21
4.25%, 06/01/2043	GBP	200		362
4.30%, 12/15/2042		25		29
4.45%, 04/01/2024		50		56
4.80%, 06/15/2044		20		25
4.85%, 03/01/2039		175		218
5.25%, 03/01/2037		60		78
Reg. S, 5.50%, 03/15/2027	GBP	450		779
7.00%, 04/30/2040	GBP	400		945
CK Hutchison Group Telecom Finance SA, (Luxembourg), Reg. S, 0.38%, 10/17/2023		EUR 1,300		1,602
Deutsche Telekom International Finance BV, (Netherlands),
3.60%, 01/19/2027 (e)		900		1,012
8.75%, 06/15/2030		56		89
Elisa OYJ, (Finland), Reg. S, 0.88%, 03/17/2024	EUR	100		126
Global Switch Holdings Ltd., (British Virgin Islands), Reg. S, 1.50%, 01/31/2024	EUR	450		571
Level 3 Financing, Inc., 3.40%, 03/01/2027 (e)		2,000		2,177
Motorola Solutions, Inc.,
2.30%, 11/15/2030		120		122


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Telecommunications — continued
4.00%, 09/01/2024		15		17
4.60%, 02/23/2028		1,375		1,659
4.60%, 05/23/2029		40		48
Orange SA, (France), Reg. S, 3.25%, 01/15/2032	GBP	1,100		1,820
OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026	EUR	100		126
Proximus SADP, (Belgium), Reg. S, 2.38%, 04/04/2024	EUR	100		132
Telenor ASA, (Norway), Reg. S, 0.25%, 02/14/2028	EUR	700		868
Telstra Corp. Ltd., (Australia), 3.13%, 04/07/2025 (e)		2,600		2,855
T-Mobile USA, Inc.,
1.50%, 02/15/2026 (e)		10		10
3.50%, 04/15/2025 (e)		2,525		2,790
3.75%, 04/15/2027 (e)		35		40
3.88%, 04/15/2030 (e)		2,590		3,000
4.38%, 04/15/2040 (e)		120		146
4.50%, 04/15/2050 (e)		315		389
Verizon Communications, Inc.,
0.88%, 04/02/2025	EUR	1,150		1,464
0.88%, 04/08/2027	EUR	475		609
0.88%, 03/19/2032	EUR	1,100		1,405
1.30%, 05/18/2033	EUR	1,225		1,627
1.50%, 09/18/2030		40		39
1.68%, 10/30/2030 (e)		223		222
1.85%, 05/18/2040	EUR	750		1,052
1.88%, 11/03/2038	GBP	200		290
2.50%, 04/08/2031	GBP	1,000		1,547
2.65%, 11/20/2040		970		979
2.88%, 11/20/2050		20		20
2.99%, 10/30/2056 (e)		35		35
3.00%, 11/20/2060		60		61
3.25%, 02/17/2026	EUR	200		286
3.38%, 02/15/2025		50		56
4.07%, 06/18/2024	GBP	100		154
4.13%, 08/15/2046		80		98
4.40%, 11/01/2034		100		125
4.50%, 08/10/2033		1,900		2,397
4.86%, 08/21/2046		170		230

				44,396

Total Communications				88,238

Consumer Cyclical — 1.4%
Airlines — 0.1%
Ryanair DAC, (Ireland),
Reg. S, 1.13%, 08/15/2023	EUR	675		829
Reg. S, 2.88%, 09/15/2025	EUR	1,375		1,792
Southwest Airlines Co., 5.25%, 05/04/2025		1,630		1,888


				4,509

Apparel — 0.1%
Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025	GBP	425		582


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Apparel — continued
LVMH Moet Hennessy Louis Vuitton SE, (France),
Reg. S, 0.13%, 02/11/2028	EUR	800		988
Reg. S, 0.75%, 04/07/2025	EUR	300		380
NIKE, Inc.,
3.25%, 03/27/2040		166		193
3.38%, 03/27/2050		33		41
Tapestry, Inc., 4.13%, 07/15/2027		110		119
VF Corp., 2.40%, 04/23/2025		25		27


				2,330

Auto Manufacturers — 0.9%
American Honda Finance Corp.,
0.75%, 11/25/2026	GBP	4,800		6,588
1.00%, 09/10/2025		6,900		7,005
BMW US Capital LLC,
3.80%, 04/06/2023 (e)		169		181
3.90%, 04/09/2025 (e)		1,100		1,239
Cummins, Inc., 2.60%, 09/01/2050		30		31
Daimler AG, (Germany),
Reg. S, 1.13%, 11/06/2031	EUR	15		19
Reg. S, 1.63%, 08/22/2023	EUR	20		26
Reg. S, 2.13%, 07/03/2037	EUR	775		1,160
Reg. S, 2.38%, 05/22/2030	EUR	425		609
Reg. S, 2.63%, 04/07/2025	EUR	1,760		2,381
Daimler Finance North America LLC, 2.55%, 08/15/2022 (e)		3,100		3,205
Daimler International Finance BV, (Netherlands), Reg. S, 0.63%, 02/27/2023	EUR	425		527
Ford Motor Credit Co. LLC,
2.75%, 06/14/2024	GBP	1,600		2,186
3.37%, 11/17/2023		2,000		2,040
4.00%, 11/13/2030		545		572
General Motors Co.,
5.20%, 04/01/2045		455		553
5.40%, 04/01/2048		275		346
6.60%, 04/01/2036		520		704
6.75%, 04/01/2046		44		63
General Motors Financial Co., Inc.,
Reg. S, 1.69%, 03/26/2025	EUR	775		995
1.70%, 08/18/2023		70		72
Reg. S, 2.20%, 04/01/2024	EUR	100		129
Reg. S, 2.25%, 09/06/2024	GBP	700		987
Reg. S, 2.35%, 09/03/2025	GBP	1,225		1,743
2.70%, 08/20/2027		1,450		1,538
2.75%, 06/20/2025		80		86
2.90%, 02/26/2025		45		48
3.45%, 04/10/2022		60		62
4.20%, 11/06/2021		200		206
5.20%, 03/20/2023		20		22
Harley-Davidson Financial Services, Inc., Reg. S, 3.88%, 05/19/2023	EUR	425		562
PACCAR Financial Europe BV, (Netherlands),
Reg. S, 0.00%, 03/03/2023	EUR	500		611
Reg. S, 0.13%, 03/07/2022	EUR	100		123


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Auto Manufacturers — continued
Peugeot SA, (France), Reg. S, 2.75%, 05/15/2026	EUR	800		1,091
RCI Banque SA, (France),
Reg. S, 0.25%, 03/08/2023	EUR	1,550		1,892
Reg. S, 1.38%, 03/08/2024	EUR	2,000		2,499
Toyota Motor Credit Corp., 0.80%, 10/16/2025		3,875		3,903
Volkswagen Bank GmbH, (Germany),
Reg. S, 0.75%, 06/15/2023	EUR	300		372
Reg. S, 1.25%, 06/10/2024	EUR	1,500		1,897
Volkswagen Financial Services AG, (Germany),
Reg. S, 2.25%, 10/16/2026	EUR	10		13
Reg. S, 2.50%, 04/06/2023	EUR	915		1,179
Reg. S, 3.00%, 04/06/2025	EUR	20		27
Reg. S, 3.38%, 04/06/2028	EUR	1,450		2,121
Volkswagen International Finance NV, (Netherlands),
Reg. S, (EUR Swap Rate 5 Year + 3.75%), 3.50%, 06/17/2025 (x) (aa)	EUR	1,000		1,287
Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa)	EUR	2,000		2,639
Reg. S, (EUR Swap Rate 12 Year + 2.97%), 4.63%, 03/24/2026 (x) (aa)	EUR	210		285
Volvo Treasury AB, (Sweden),
Reg. S, 0.13%, 09/17/2024	EUR	425		522
1.63%, 05/26/2025	EUR	100		130
Reg. S, (EUR Swap Rate 5 Year + 4.10%), 4.85%, 03/10/2078 (aa)	EUR	1,575		2,085

				58,561

Auto Parts & Equipment — 0.1%
Aptiv Corp., 4.15%, 03/15/2024		55		60
Aptiv plc, (Jersey), 1.50%, 03/10/2025	EUR	425		547
Autoliv, Inc., Reg. S, 0.75%, 06/26/2023	EUR	700		867
BorgWarner, Inc., 1.80%, 11/07/2022	EUR	425		533
Cie Generale des Etablissements Michelin SCA, (France), Reg. S, 0.63%, 11/02/2040	EUR	300		374
Lear Corp.,
4.25%, 05/15/2029		30		34
5.25%, 05/15/2049		200		247
Magna International, Inc., (Canada),
1.90%, 11/24/2023	EUR	1,125		1,447
2.45%, 06/15/2030		1,000		1,076
4.15%, 10/01/2025		2,000		2,292

				7,477

Distribution/Wholesale — 0.0% (g)
Bunzl Finance plc, (United Kingdom), Reg. S, 1.50%, 10/30/2030	GBP	550		775

Home Furnishings — 0.0% (g)
Whirlpool Finance Luxembourg Sarl, (Luxembourg),
1.10%, 11/09/2027	EUR	225		293
1.25%, 11/02/2026	EUR	200		261

				554


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Lodging — 0.0% (g)
Choice Hotels International, Inc., 3.70%, 12/01/2029		40		44
InterContinental Hotels Group plc, (United Kingdom),
Reg. S, 1.63%, 10/08/2024	EUR	550		688
Reg. S, 3.38%, 10/08/2028	GBP	450		676
Reg. S, 3.75%, 08/14/2025	GBP	100		149
Las Vegas Sands Corp.,
2.90%, 06/25/2025		50		52
3.20%, 08/08/2024		20		21
3.50%, 08/18/2026		50		54
3.90%, 08/08/2029		65		70

				1,754

Retail — 0.2%
Alimentation Couche-Tard, Inc., (Canada), Reg. S, 1.88%, 05/06/2026	EUR	425		558
AutoNation, Inc., 4.75%, 06/01/2030		1,300		1,564
AutoZone, Inc., 1.65%, 01/15/2031		2,595		2,574
Best Buy Co., Inc.,
1.95%, 10/01/2030		285		286
4.45%, 10/01/2028		275		329
Costco Wholesale Corp., 1.75%, 04/20/2032		137		142
Darden Restaurants, Inc., 4.55%, 02/15/2048		15		17
Dollar General Corp.,
4.13%, 04/03/2050		160		203
4.15%, 11/01/2025		10		11
Home Depot, Inc. (The),
3.50%, 09/15/2056		75		94
4.20%, 04/01/2043		800		1,041
5.88%, 12/16/2036		90		136
McDonald’s Corp., Reg. S, 2.38%, 11/27/2024	EUR	800		1,073
Mitchells & Butlers Finance plc, (United Kingdom), Series A2, Reg. S, 5.57%, 12/15/2030	GBP	18		28
Next Group plc, (United Kingdom),
Reg. S, 3.00%, 08/26/2025	GBP	225		333
Reg. S, 3.63%, 05/18/2028	GBP	575		863
Reg. S, 4.38%, 10/02/2026	GBP	300		468
Walgreens Boots Alliance, Inc., 3.30%, 11/18/2021		50		51
Walmart, Inc.,
2.55%, 04/08/2026	EUR	2,550		3,556
2.95%, 09/24/2049		25		29
5.25%, 09/28/2035	GBP	550		1,196

				14,552

Textiles — 0.0% (g)
Mohawk Industries, Inc., 2.00%, 01/14/2022	EUR	550		681

Total Consumer Cyclical				91,193


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Consumer Non-cyclical — 3.0%
Agriculture — 0.3%
Altria Group, Inc.,
2.20%, 06/15/2027	EUR	825		1,099
3.49%, 02/14/2022		30		31
3.88%, 09/16/2046		40		42
5.38%, 01/31/2044		65		83
5.95%, 02/14/2049		10		14
6.20%, 02/14/2059		25		35
BAT Capital Corp.,
Reg. S, 1.13%, 11/16/2023	EUR	100		125
2.79%, 09/06/2024		3,285		3,512
3.22%, 08/15/2024		100		108
3.73%, 09/25/2040		35		37
4.76%, 09/06/2049		80		93
BAT International Finance plc, (United Kingdom),
Reg. S, 2.38%, 01/19/2023	EUR	3,800		4,875
7.25%, 03/12/2024	GBP	235		386
Bunge Finance Europe BV, (Netherlands), 1.85%, 06/16/2023	EUR	300		377
Bunge Ltd. Finance Corp.,
3.75%, 09/25/2027		30		34
4.35%, 03/15/2024		200		221
Cargill, Inc., 2.13%, 04/23/2030 (e)		1,500		1,578
JT International Financial Services BV, (Netherlands),
Reg. S, 1.13%, 09/28/2025	EUR	100		129
Reg. S, 2.75%, 09/28/2033	GBP	975		1,518
Philip Morris International, Inc.,
0.80%, 08/01/2031	EUR	1,125		1,392
0.88%, 05/01/2026		1,715		1,722
4.25%, 11/10/2044		40		50
6.38%, 05/16/2038		155		237
STG Global Finance BV, (Netherlands), Reg. S, 1.38%, 09/24/2025	EUR	425		528
Swedish Match AB, (Sweden), Reg. S, 0.88%, 02/26/2027	EUR	100		122


				18,348

Beverages — 0.2%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.,
4.70%, 02/01/2036		1,720		2,185
4.90%, 02/01/2046		1,100		1,430
Anheuser-Busch InBev SA, (Belgium),
Reg. S, 2.75%, 03/17/2036	EUR	10		15
Reg. S, 3.70%, 04/02/2040	EUR	800		1,380
Anheuser-Busch InBev Worldwide, Inc.,
4.15%, 01/23/2025		50		57
5.55%, 01/23/2049		50		71
Coca-Cola Co. (The), 0.13%, 03/15/2029	EUR	1,700		2,091
Constellation Brands, Inc., 3.70%, 12/06/2026		25		29
Diageo Capital plc, (United Kingdom), 3.88%, 04/29/2043		10		12


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Beverages — continued
Greene King Finance plc, (United Kingdom), Series A2, 5.32%, 09/15/2031	GBP	32		50
Keurig Dr Pepper, Inc.,
3.13%, 12/15/2023		90		97
4.06%, 05/25/2023		50		54
PepsiCo., Inc.,
0.40%, 10/09/2032	EUR	700		867
1.05%, 10/09/2050	EUR	750		970
3.45%, 10/06/2046		115		139
Pernod Ricard SA, (France),
Reg. S, 1.13%, 04/07/2025	EUR	1,600		2,054
Reg. S, 1.75%, 04/08/2030	EUR	800		1,116


				12,617

Biotechnology — 0.0% (g)
Amgen, Inc.,
1.90%, 02/21/2025		100		105
3.15%, 02/21/2040		100		110
Regeneron Pharmaceuticals, Inc.,
1.75%, 09/15/2030		1,055		1,039
2.80%, 09/15/2050		135		131

				1,385

Commercial Services — 0.7%
Abertis Infraestructuras SA, (Spain), Reg. S, 3.38%, 11/27/2026	GBP	400		600
ALD SA, (France), Reg. S, 1.25%, 10/11/2022	EUR	2,500		3,125
Amadeus IT Group SA, (Spain),
Reg. S, 0.88%, 09/18/2023	EUR	2,000		2,492
Reg. S, 1.88%, 09/24/2028	EUR	1,100		1,429
American University (The), Series 2019, 3.67%, 04/01/2049		30		33
Automatic Data Processing, Inc., 1.25%, 09/01/2030		1,500		1,497
Block Financial LLC, 3.88%, 08/15/2030		10		11
Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/2050		1,400		1,566
Central Nippon Expressway Co. Ltd., (Japan),
Reg. S, 1.87%, 09/26/2024	AUD	1,000		792
Series 65, 0.03%, 07/14/2021	JPY	100,000		968
Channel Link Enterprises Finance plc, (United Kingdom), Series A8, Reg. S, (ICE LIBOR EUR 6 Month + 5.90%), 2.71%, 06/30/2050 (aa)	EUR	100		124
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114		1,000		1,411
Duke University, Series 2020, 2.68%, 10/01/2044		20		21
East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026	JPY	100,000		966
Equifax, Inc.,
2.60%, 12/15/2025		110		119
3.10%, 05/15/2030		1,830		2,035


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Commercial Services — continued
ERAC USA Finance LLC,
2.70%, 11/01/2023 (e)		3,200		3,375
3.85%, 11/15/2024 (e)		160		178
4.50%, 02/15/2045 (e)		400		509
7.00%, 10/15/2037 (e)		800		1,241
Euronet Worldwide, Inc., 1.38%, 05/22/2026	EUR	2,225		2,700
Experian Finance plc, (United Kingdom),
Reg. S, 0.74%, 10/29/2025	GBP	300		414
Reg. S, 1.38%, 06/25/2026	EUR	1,125		1,475
Reg. S, 3.25%, 04/07/2032	GBP	225		376
George Washington University (The), Series 2014, 4.30%, 09/15/2044		30		38
Holding d’Infrastructures de Transport SASU, (France), Reg. S, 2.50%, 05/04/2027	EUR	1,900		2,591
IHS Markit Ltd., (Bermuda),
3.63%, 05/01/2024		60		65
4.13%, 08/01/2023		20		22
4.25%, 05/01/2029		148		180
4.75%, 08/01/2028		50		62
Johns Hopkins University, Series A, 2.81%, 01/01/2060		600		633
Massachusetts Institute of Technology,
3.89%, 07/01/2116		663		840
4.68%, 07/01/2114		500		762
Series F, 2.99%, 07/01/2050		20		23
Moody’s Corp.,
0.95%, 02/25/2030	EUR	1,125		1,458
1.75%, 03/09/2027	EUR	1,125		1,513
2.55%, 08/18/2060		20		18
Nats En Route plc, (United Kingdom), Reg. S, 5.25%, 03/31/2026	GBP	23		35
Northwestern University, Series 2020, 2.64%, 12/01/2050		10		11
PayPal Holdings, Inc.,
2.40%, 10/01/2024		50		54
2.65%, 10/01/2026		90		99
3.25%, 06/01/2050		35		40
President and Fellows of Harvard College, 2.52%, 10/15/2050		10		11
Quanta Services, Inc., 2.90%, 10/01/2030		200		214
Rentokil Initial plc, (United Kingdom),
Reg. S, 0.50%, 10/14/2028	EUR	1,900		2,343
Reg. S, 0.88%, 05/30/2026	EUR	100		127
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/2050		5		5
S&P Global, Inc.,
1.25%, 08/15/2030		2,110		2,080
2.30%, 08/15/2060		95		91
3.25%, 12/01/2049		20		23
Transurban Finance Co. Pty Ltd., (Australia),
Reg. S, 1.45%, 05/16/2029	EUR	425		565
Reg. S, 2.00%, 08/28/2025	EUR	475		629
Reg. S, 3.00%, 04/08/2030	EUR	100		148
Trustees of Princeton University (The), Series 2020, 2.52%, 07/01/2050		20		21


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Commercial Services — continued
University of Southern California, 2.81%, 10/01/2050		20		22
Verisk Analytics, Inc.,
3.63%, 05/15/2050		40		47
5.50%, 06/15/2045		123		174
West Nippon Expressway Co. Ltd., (Japan), Series 29, 0.31%, 02/12/2026	JPY	200,000		1,957
William Marsh Rice University, 3.57%, 05/15/2045		90		110


				44,468

Cosmetics/Personal Care — 0.2%
Colgate-Palmolive Co., 0.50%, 03/06/2026	EUR	2,275		2,881
Estee Lauder Cos., Inc. (The),
2.60%, 04/15/2030		60		66
3.13%, 12/01/2049		20		23
Procter & Gamble Co. (The),
0.63%, 10/30/2024	EUR	1,450		1,829
1.88%, 10/30/2038	EUR	1,125		1,746
4.88%, 05/11/2027	EUR	425		686
Unilever Finance Netherlands BV, (Netherlands),
Reg. S, 0.50%, 08/12/2023	EUR	1,400		1,746
Reg. S, 1.13%, 02/12/2027	EUR	425		558
Unilever plc, (United Kingdom), Reg. S, 1.50%, 06/11/2039	EUR	625		906


				10,441

Food — 0.2%
Conagra Brands, Inc., 5.30%, 11/01/2038		10		13
General Mills, Inc., 2.88%, 04/15/2030		100		111
Hershey Co. (The), 2.65%, 06/01/2050		10		11
Hormel Foods Corp., 1.80%, 06/11/2030		450		466
Kerry Group Financial Services Unltd Co., (Ireland),
Reg. S, 0.63%, 09/20/2029	EUR	1,025		1,290
Reg. S, 2.38%, 09/10/2025	EUR	1,400		1,908
Kroger Co. (The), 3.95%, 01/15/2050		5		6
Mars, Inc., 2.38%, 07/16/2040 (e)		1,200		1,229
McCormick & Co., Inc.,
3.15%, 08/15/2024		150		163
4.20%, 08/15/2047		5		6
Mondelez International Holdings Netherlands BV, (Netherlands), Reg. S, 0.38%, 09/22/2029	EUR	100		124
Mondelez International, Inc., 1.88%, 10/15/2032		1,300		1,320
Nestle Holdings, Inc., 1.25%, 09/15/2030 (e)		1,530		1,522
Tesco Corporate Treasury Services plc, (United Kingdom),
Reg. S, 0.88%, 05/29/2026	EUR	1,500		1,888
Reg. S, 1.38%, 10/24/2023	EUR	100		126
Reg. S, 2.75%, 04/27/2030	GBP	425		644


				10,827


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Healthcare — Products — 0.4%
Abbott Ireland Financing DAC, (Ireland),
Reg. S, 0.10%, 11/19/2024	EUR	700		863
Reg. S, 0.38%, 11/19/2027	EUR	1,950		2,443
Becton Dickinson Euro Finance Sarl, (Luxembourg), 1.21%, 06/04/2026	EUR	425		542
Boston Scientific Corp.,
0.63%, 12/01/2027	EUR	800		987
3.45%, 03/01/2024		100		108
Danaher Corp., 2.50%, 03/30/2030	EUR	525		765
DH Europe Finance II Sarl, (Luxembourg),
0.20%, 03/18/2026	EUR	3,775		4,653
1.35%, 09/18/2039	EUR	700		918
1.80%, 09/18/2049	EUR	700		966
Edwards Lifesciences Corp., 4.30%, 06/15/2028		135		160
Koninklijke Philips NV, (Netherlands), Reg. S, 1.38%, 05/02/2028	EUR	500		672
Medtronic Global Holdings SCA, (Luxembourg),
0.00%, 03/15/2023	EUR	325		399
0.38%, 03/07/2023	EUR	100		124
0.38%, 10/15/2028	EUR	500		626
1.38%, 10/15/2040	EUR	825		1,097
1.63%, 10/15/2050	EUR	1,000		1,360
1.75%, 07/02/2049	EUR	900		1,271
Molnlycke Holding AB, (Sweden), Reg. S, 0.63%, 01/15/2031	EUR	1,225		1,500
Stryker Corp., 1.00%, 12/03/2031	EUR	1,400		1,788
Thermo Fisher Scientific, Inc.,
1.88%, 10/01/2049	EUR	1,125		1,587
0.13%, 03/01/2025	EUR	2,275		2,798
1.75%, 04/15/2027	EUR	100		135
2.38%, 04/15/2032	EUR	100		148
2.88%, 07/24/2037	EUR	625		1,011
4.10%, 08/15/2047		95		127
4.13%, 03/25/2025		70		79
Zimmer Biomet Holdings, Inc.,
1.16%, 11/15/2027	EUR	1,450		1,853
2.43%, 12/13/2026	EUR	325		443
3.70%, 03/19/2023		100		107
4.45%, 08/15/2045		10		12

				29,542

Healthcare — Services — 0.4%
Advocate Health & Hospitals Corp., 3.39%, 10/15/2049		35		40
Aetna, Inc., 2.80%, 06/15/2023		30		32
Allina Health System, Series 2019, 3.89%, 04/15/2049		40		45
Anthem, Inc.,
3.35%, 12/01/2024		100		110
4.10%, 03/01/2028		2,900		3,429
Ascension Health, 3.95%, 11/15/2046		70		90
City of Hope, Series 2013, 5.62%, 11/15/2043		35		50


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Healthcare — Services — continued
CommonSpirit Health, 3.91%, 10/01/2050		18		20
Eurofins Scientific SE, (Luxembourg), Reg. S, 3.75%, 07/17/2026	EUR	1,750		2,505
Fresenius Medical Care AG & Co. KGaA, (Germany), Reg. S, 1.50%, 07/11/2025	EUR	325		423
Hackensack Meridian Health, Inc.,
Series 2020, 2.68%, 09/01/2041		1,335		1,350
Series 2020, 2.88%, 09/01/2050		35		36
HCA, Inc.,
5.00%, 03/15/2024		1,383		1,556
5.13%, 06/15/2039		700		896
5.25%, 06/15/2026		40		47
5.25%, 06/15/2049		140		185
5.50%, 06/15/2047		184		246
Health Care Service Corp. A Mutual Legal Reserve Co., 2.20%, 06/01/2030 (e)		1,400		1,465
Humana, Inc.,
2.90%, 12/15/2022		50		52
3.85%, 10/01/2024		50		55
3.95%, 08/15/2049		92		113
4.63%, 12/01/2042		30		38
4.80%, 03/15/2047		30		40
4.88%, 04/01/2030		6		8
4.95%, 10/01/2044		130		175
Kaiser Foundation Hospitals, 4.15%, 05/01/2047		1,700		2,214
Mayo Clinic,
3.77%, 11/15/2043		30		36
Series 2013, 4.00%, 11/15/2047		675		857
Memorial Health Services, 3.45%, 11/01/2049		10		11
Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052		50		66
Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050		1,500		1,530
MidMichigan Health, Series 2020, 3.41%, 06/01/2050		1,498		1,670
MultiCare Health System, 2.80%, 08/15/2050		1,000		1,039
New York and Presbyterian Hospital (The),
2.26%, 08/01/2040		1,090		1,066
4.02%, 08/01/2045		20		25
Northwell Healthcare, Inc., 4.26%, 11/01/2047		25		30
OhioHealth Corp., Series 2020, 3.04%, 11/15/2050		535		586
PeaceHealth Obligated Group,
Series 2020, 1.38%, 11/15/2025		700		714
Series 2020, 3.22%, 11/15/2050		849		922
Quest Diagnostics, Inc., 2.80%, 06/30/2031		60		66
Texas Health Resources, 2.33%, 11/15/2050		750		707
UnitedHealth Group, Inc.,
2.00%, 05/15/2030		160		170


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Healthcare — Services — continued
3.13%, 05/15/2060		140		162
3.70%, 08/15/2049		1,100		1,379
3.75%, 07/15/2025		20		23
3.88%, 08/15/2059		50		65
4.25%, 03/15/2043		120		157
Universal Health Services, Inc., 2.65%, 10/15/2030 (e)		444		461


				26,962

Household Products/Wares — 0.0% (g)
Avery Dennison Corp., 1.25%, 03/03/2025	EUR	650		828
Clorox Co. (The), 1.80%, 05/15/2030		10		10
Kimberly-Clark Corp., 2.88%, 02/07/2050		45		51
Reckitt Benckiser Treasury Services plc, (United Kingdom), Reg. S, 1.75%, 05/19/2032	GBP	1,675		2,486


				3,375

Pharmaceuticals — 0.6%
AbbVie, Inc.,
2.60%, 11/21/2024		190		204
3.20%, 11/21/2029		4,960		5,559
4.05%, 11/21/2039		105		127
4.25%, 11/21/2049		1,455		1,824
4.70%, 05/14/2045		65		85
AmerisourceBergen Corp.,
2.80%, 05/15/2030		100		109
3.25%, 03/01/2025		40		44
4.25%, 03/01/2045		10		12
4.30%, 12/15/2047		5		6
AstraZeneca plc, (United Kingdom),
0.70%, 04/08/2026		1,620		1,611
4.38%, 08/17/2048		20		27
Bayer AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 2.55%), 3.75%, 07/01/2074 (aa)	EUR	25		33
Becton Dickinson and Co., 2.89%, 06/06/2022		17		18
Bristol-Myers Squibb Co.,
2.35%, 11/13/2040		25		26
2.55%, 11/13/2050		110		112
3.40%, 07/26/2029		3,340		3,888
3.88%, 08/15/2025		50		57
4.55%, 02/20/2048		10		14
Cardinal Health, Inc.,
2.62%, 06/15/2022		40		41
3.08%, 06/15/2024		10		11
4.37%, 06/15/2047		2		2
Cigna Corp.,
2.40%, 03/15/2030		75		80
3.40%, 03/01/2027		2,800		3,162
4.90%, 12/15/2048		800		1,100
CVS Health Corp.,
1.30%, 08/21/2027		40		40


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Pharmaceuticals — continued
2.63%, 08/15/2024		60		64
3.70%, 03/09/2023		32		34
4.13%, 04/01/2040		1,200		1,440
4.30%, 03/25/2028		846		1,007
4.78%, 03/25/2038		75		95
5.05%, 03/25/2048		1,200		1,626
Eli Lilly and Co., 4.15%, 03/15/2059		15		21
GlaxoSmithKline Capital plc, (United Kingdom), 5.25%, 12/19/2033	GBP	640		1,322
Reg. S, 5.25%, 04/10/2042	GBP	50		116
GlaxoSmithKline Capital, Inc., 6.38%, 05/15/2038		35		55
Johnson & Johnson,
2.10%, 09/01/2040		10		10
2.25%, 09/01/2050		30		30
2.45%, 09/01/2060		40		42
3.40%, 01/15/2038		110		133
3.55%, 03/01/2036		15		19
McKesson Corp.,
0.90%, 12/03/2025		70		71
3.13%, 02/17/2029	GBP	425		653
Merck & Co., Inc.,
1.38%, 11/02/2036	EUR	550		774
1.88%, 10/15/2026	EUR	2,175		2,954
2.35%, 06/24/2040		50		52
3.70%, 02/10/2045		60		75
Merck Financial Services GmbH, (Germany), Reg. S, 0.01%, 12/15/2023	EUR	600		737
Merck KGaA, (Germany),
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.00%), 1.63%, 09/09/2080 (aa)	EUR	800		999
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.94%), 2.88%, 06/25/2079 (aa)	EUR	400		537
Mylan, Inc., 5.20%, 04/15/2048		30		39
Novartis Capital Corp., 2.75%, 08/14/2050		116		127
Roche Finance Europe BV, (Netherlands),
Reg. S, 0.50%, 02/27/2023	EUR	200		248
Reg. S, 0.88%, 02/25/2025	EUR	2,100		2,685
Sanofi, (France),
Reg. S, 1.50%, 04/01/2030	EUR	800		1,114
Reg. S, 2.50%, 11/14/2023	EUR	600		787
Series 20FX, Reg. S, 1.88%, 03/21/2038	EUR	400		629
Takeda Pharmaceutical Co. Ltd., (Japan), Reg. S, 3.00%, 11/21/2030	EUR	1,000		1,503
Upjohn Finance BV, (Netherlands), Reg. S, 1.91%, 06/23/2032	EUR	1,400		1,889
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		30		34
Viatris, Inc., 3.85%, 06/22/2040 (e)		2,200		2,483
Zoetis, Inc.,
3.90%, 08/20/2028		40		47
4.70%, 02/01/2043		190		260

				42,903

Total Consumer Non-cyclical				200,868


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Energy — 1.0%
Oil & Gas — 0.5%
BP Capital Markets plc, (United Kingdom),
Reg. S, 1.53%, 09/26/2022	EUR	350		441
Reg. S, 1.83%, 09/08/2025	GBP	100		145
Reg. S, (EUR Swap Rate 5 Year + 4.12%), 3.63%, 03/22/2029 (x) (aa)	EUR	1,300		1,735
Canadian Natural Resources Ltd., (Canada),
2.95%, 01/15/2023		10		11
3.85%, 06/01/2027		10		11
4.95%, 06/01/2047		61		78
6.25%, 03/15/2038		10		13
Cepsa Finance SA, (Spain), Reg. S, 2.25%, 02/13/2026	EUR	100		130
Chevron Corp., 2.24%, 05/11/2030		80		86
Chevron USA, Inc., 1.02%, 08/12/2027		3,000		3,015
CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037		40		54
Concho Resources, Inc.,
2.40%, 02/15/2031		2,100		2,198
4.88%, 10/01/2047		20		27
Diamondback Energy, Inc., 2.88%, 12/01/2024		3,100		3,259
Equinor ASA, (Norway),
Reg. S, 1.38%, 05/22/2032	EUR	425		579
1.75%, 01/22/2026		200		210
2.38%, 05/22/2030		60		64
3.25%, 11/18/2049		20		22
3.63%, 04/06/2040		1,800		2,157
3.70%, 04/06/2050		15		18
Reg. S, 6.88%, 03/11/2031	GBP	50		108
Exxon Mobil Corp.,
0.14%, 06/26/2024	EUR	2,000		2,466
0.84%, 06/26/2032	EUR	550		690
1.41%, 06/26/2039	EUR	700		896
Hess Corp., 3.50%, 07/15/2024		10		10
HollyFrontier Corp., 4.50%, 10/01/2030		35		37
Husky Energy, Inc., (Canada), 4.40%, 04/15/2029		3,700		4,117
MOL Hungarian Oil & Gas plc, (Hungary), Reg. S, 1.50%, 10/08/2027	EUR	364		457
Noble Energy, Inc., 5.25%, 11/15/2043		75		108
Petroleos Mexicanos, (Mexico),
(ICE LIBOR USD 3 Month + 0.43%), 0.65%, 02/15/2024 (aa)		975		976
1.95%, 12/20/2022		1,600		1,629
Pioneer Natural Resources Co., 1.90%, 08/15/2030		1,050		1,041
TOTAL SE, (France),
Reg. S, (EUR Swap Rate 5 Year + 2.75%), 2.71%, 05/05/2023 (x) (aa)	EUR	650		830
Reg. S, (EUR Swap Rate 5 Year + 3.35%), 3.37%, 10/06/2026 (x) (aa)	EUR	2,000		2,745


				30,363


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Oil & Gas Services — 0.0% (g)
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 4.49%, 05/01/2030		100		120
Halliburton Co.,
3.50%, 08/01/2023		60		64
5.00%, 11/15/2045		20		24
National Oilwell Varco, Inc., 3.95%, 12/01/2042		10		10
Schlumberger Finance Canada Ltd., (Canada), 1.40%, 09/17/2025		30		31


				249

Pipelines — 0.5%
Cheniere Corpus Christi Holdings LLC,
3.70%, 11/15/2029		309		344
5.88%, 03/31/2025		115		134
Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e)		1,330		1,504
Enbridge, Inc., (Canada),
2.90%, 07/15/2022		20		20
4.00%, 10/01/2023		100		109
Energy Transfer Operating LP,
4.05%, 03/15/2025		100		110
4.20%, 04/15/2027		5,800		6,392
5.30%, 04/15/2047		10		11
Enterprise Products Operating LLC,
4.20%, 01/31/2050		40		47
5.10%, 02/15/2045		1,700		2,209
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 02/15/2078 (aa)		600		606
Kinder Morgan Energy Partners LP, 4.30%, 05/01/2024		3,200		3,543
Magellan Midstream Partners LP,
3.95%, 03/01/2050		940		1,059
5.00%, 03/01/2026		10		12
MPLX LP,
2.65%, 08/15/2030		1,500		1,572
4.50%, 04/15/2038		15		17
4.70%, 04/15/2048		1,213		1,438
4.88%, 06/01/2025		2,300		2,657
5.20%, 03/01/2047		10		12
5.50%, 02/15/2049		15		20
ONEOK Partners LP, 4.90%, 03/15/2025		80		91
ONEOK, Inc.,
2.20%, 09/15/2025		1,000		1,033
2.75%, 09/01/2024		10		11
3.40%, 09/01/2029		60		64
4.45%, 09/01/2049		2,550		2,682
7.15%, 01/15/2051		20		28
Plains All American Pipeline LP / PAA Finance Corp.,
3.55%, 12/15/2029		65		68
5.15%, 06/01/2042		1,600		1,718
Sabine Pass Liquefaction LLC,
4.20%, 03/15/2028		130		149


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Pipelines — continued
4.50%, 05/15/2030 (e)		32		38
5.88%, 06/30/2026		70		85
Sunoco Logistics Partners Operations LP,
5.35%, 05/15/2045		10		11
5.40%, 10/01/2047		52		58
TransCanada PipeLines Ltd., (Canada),
4.63%, 03/01/2034		10		12
4.88%, 05/15/2048		20		26
6.20%, 10/15/2037		10		14
Transcontinental Gas Pipe Line Co. LLC,
3.25%, 05/15/2030		80		90
4.00%, 03/15/2028		20		23
Valero Energy Partners LP, 4.38%, 12/15/2026		1,736		2,010
Vier Gas Transport GmbH, (Germany), Reg. S, 0.50%, 09/10/2034	EUR	400		499
Williams Cos., Inc. (The),
3.50%, 11/15/2030		1,900		2,152
4.50%, 11/15/2023		80		88
5.10%, 09/15/2045		80		99

				32,865

Total Energy				63,477

Financial — 7.2%
Banks — 4.8%
ABN AMRO Bank NV, (Netherlands),
Reg. S, 0.60%, 01/15/2027	EUR	1,600		2,009
Reg. S, 0.88%, 01/14/2026	EUR	100		131
Reg. S, 1.25%, 01/10/2033	EUR	100		143
Reg. S, 1.45%, 04/12/2038	EUR	100		153
Reg. S, 1.50%, 09/30/2030	EUR	100		144
3.50%, 09/21/2022	EUR	200		261
Aktia Bank OYJ, (Finland), Reg. S, 0.38%, 05/30/2023	EUR	100		125
AMCO — Asset Management Co. SpA, (Italy), Reg. S, 1.38%, 01/27/2025	EUR	100		127
ANZ New Zealand Int’l Ltd., (New Zealand), Reg. S, 0.13%, 09/22/2023	EUR	100		124
ASB Finance Ltd., (New Zealand), Reg. S, 0.63%, 10/18/2024	EUR	100		127
Australia & New Zealand Banking Group Ltd., (Australia), 0.25%, 11/29/2022	EUR	100		124
Banca Monte dei Paschi di Siena SpA, (Italy),
Reg. S, 0.88%, 10/08/2026	EUR	3,504		4,513
Reg. S, 2.00%, 01/29/2024	EUR	100		131
Series 16, Reg. S, 2.88%, 07/16/2024	EUR	100		135
Banco Bilbao Vizcaya Argentaria SA, (Spain),
Reg. S, 0.75%, 01/20/2022	EUR	100		124
0.88%, 09/18/2023		200		201
Reg. S, 0.88%, 11/22/2026	EUR	100		131
Banco BPM SpA, (Italy), Reg. S, 0.75%, 03/31/2022	EUR	200		248
Banco Comercial Portugues SA, (Portugal), Reg. S, 0.75%, 05/31/2022	EUR	100		124


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Banks — continued
Banco de Sabadell SA, (Spain),
Reg. S, 0.88%, 03/05/2023	EUR	1,300		1,616
Reg. S, 1.00%, 04/26/2027	EUR	100		132
Reg. S, 1.63%, 03/07/2024	EUR	1,200		1,528
Banco di Desio e della Brianza SpA, (Italy), Reg. S, 0.88%, 09/12/2024	EUR	100		127
Banco Santander SA, (Spain), 0.10%, 02/27/2032	EUR	200		252
Reg. S, 0.75%, 09/09/2022	EUR	100		125
Reg. S, 1.00%, 04/07/2025	EUR	200		259
Reg. S, 1.38%, 01/05/2026	EUR	100		129
2.75%, 12/03/2030		200		206
3.49%, 05/28/2030		2,200		2,466
3.80%, 02/23/2028		200		226
3.85%, 04/12/2023		200		215
Bank of America Corp.,
Reg. S, (ICE LIBOR EUR 3 Month + 0.94%), 0.65%, 10/26/2031 (aa)	EUR	350		438
Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 0.81%, 05/09/2026 (aa)	EUR	2,300		2,898
(United States SOFR + 0.74%), 0.81%, 10/24/2024 (aa)		240		242
(United States SOFR + 0.91%), 0.98%, 09/25/2025 (aa)		30		30
Reg. S, (ICE LIBOR EUR 3 Month + 0.91%), 1.38%, 05/09/2030 (aa)	EUR	1,150		1,531
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (aa)		20		21
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 02/13/2031 (aa)		3,590		3,813
(United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa)		1,870		1,949
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 04/24/2023 (aa)		250		258
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (aa)		250		263
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/01/2025 (aa)		10		11
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 01/20/2023 (aa)		25		26
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (aa)		350		395
(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 03/15/2025 (aa)		25		27
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 03/05/2024 (aa)		25		27
Reg. S, (ICE LIBOR EUR 3 Month + 3.67%), 3.65%, 03/31/2029 (aa)	EUR	900		1,366
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa)		120		130
4.00%, 01/22/2025		4,200		4,720
(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 04/23/2040 (aa)		170		209


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 03/20/2051 (aa)		100		126
(ICE LIBOR USD 3 Month + 1.52%), 4.33%, 03/15/2050 (aa)		65		85
Reg. S, 7.00%, 07/31/2028	GBP	350		697
Bank of Montreal, (Canada),
Reg. S, 0.10%, 10/20/2023	EUR	100		124
1.85%, 05/01/2025		120		126
Bank of Nova Scotia (The), (Canada),
Reg. S, 0.01%, 01/14/2027	EUR	100		124
Reg. S, 0.25%, 09/28/2022	EUR	100		124
Reg. S, 0.38%, 10/23/2023	EUR	100		125
Bankia SA, (Spain), Reg. S, 1.00%, 09/25/2025	EUR	300		390
Bankinter SA, (Spain), Reg. S, 0.88%, 08/03/2022	EUR	100		125
Banque Federative du Credit Mutuel SA, (France),
Reg. S, 0.50%, 11/16/2022	EUR	1,200		1,488
0.65%, 02/27/2024 (e)		1,300		1,303
Reg. S, 0.75%, 06/15/2023	EUR	100		125
Reg. S, 1.25%, 06/03/2030	EUR	400		528
Reg. S, 1.88%, 11/04/2026	EUR	1,200		1,586
Barclays Bank plc, (United Kingdom), 5.75%, 09/14/2026	GBP	90		151
Barclays plc, (United Kingdom), (CMT Index 1 Year + 0.80%), 1.01%, 12/10/2024 (aa)		200		201
Reg. S, (EUR Swap Rate 5 Year + 1.90%), 2.00%, 02/07/2028 (aa)	EUR	1,700		2,122
(ICE LIBOR USD 3 Month + 2.45%), 2.85%, 05/07/2026 (aa)		1,200		1,289
Reg. S, 3.25%, 02/12/2027	GBP	600		913
Reg. S, (UK Gilts 5 Year + 3.75%), 3.75%, 11/22/2030 (aa)	GBP	425		635
4.34%, 01/10/2028		1,800		2,068
(ICE LIBOR USD 3 Month + 1.40%), 4.61%, 02/15/2023 (aa)		900		939
Basellandschaftliche Kantonalbank, (Switzerland), Reg. S, 0.38%, 05/13/2030	CHF	100		117
BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria), Reg. S, 0.01%, 01/21/2028	EUR	100		125
Bayerische Landesbank, (Germany), Reg. S, 0.25%, 01/14/2025	EUR	100		126
Belfius Bank SA, (Belgium), Reg. S, 0.13%, 01/28/2030	EUR	100		126
Berlin Hyp AG, (Germany),
Reg. S, 0.01%, 07/07/2028	EUR	100		125
Series 200, Reg. S, 0.38%, 02/21/2025	EUR	100		127
BNP Paribas SA, (France),
Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 0.50%, 09/01/2028 (aa)	EUR	1,100		1,357
Reg. S, 1.13%, 01/15/2023	EUR	2,430		3,052
Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.13%, 01/15/2032 (aa)	EUR	800		991


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Banks — continued
Reg. S, 1.38%, 05/28/2029	EUR	100		133
Reg. S, 1.63%, 07/02/2031	EUR	1,600		2,078
(United States SOFR + 1.61%), 1.90%, 09/30/2028 (e) (aa)		1,100		1,118
Reg. S, (EUR Swap Rate 5 Year + 1.85%), 2.38%, 11/20/2030 (aa)	EUR	800		1,054
(ICE LIBOR USD 3 Month + 1.11%), 2.82%, 11/19/2025 (e) (aa)		3,000		3,198
Reg. S, 2.88%, 10/01/2026	EUR	100		138
Reg. S, 3.38%, 01/23/2026	GBP	2,900		4,464
BNZ International Funding Ltd., (New Zealand), Reg. S, 0.38%, 09/14/2024	EUR	1,450		1,806
BPCE SA, (France),
Reg. S, 0.25%, 01/15/2026	EUR	2,600		3,221
Reg. S, 0.50%, 02/24/2027	EUR	1,300		1,617
Reg. S, 0.88%, 01/31/2024	EUR	1,200		1,506
(United States SOFR + 1.52%), 1.65%, 10/06/2026 (e) (aa)		1,145		1,172
4.63%, 07/11/2024 (e)		1,800		2,012
BPER Banca, (Italy), Reg. S, 0.88%, 01/22/2022	EUR	100		124
Caisse Centrale du Credit Immobilier de France SA, (France),
Reg. S, 0.00%, 01/17/2024	EUR	200		247
Reg. S, 0.13%, 10/26/2022	EUR	400		494
Caixa Economica Montepio Geral Caixa Economica Bancaria SA, (Portugal),
Reg. S, 0.13%, 11/14/2024	EUR	100		123
Reg. S, 0.88%, 10/17/2022	EUR	4,200		5,224
CaixaBank SA, (Spain),
Reg. S, 1.25%, 01/11/2027	EUR	200		267
Reg. S, (EUR Swap Rate 5 Year + 1.68%), 2.25%, 04/17/2030 (aa)	EUR	1,100		1,406
Canadian Imperial Bank of Commerce, (Canada),
Reg. S, 0.04%, 07/09/2027	EUR	100		125
Reg. S, 0.10%, 10/24/2023	CHF	50		57
3.10%, 04/02/2024		25		27
Cie de Financement Foncier SA, (France),
Reg. S, 0.23%, 09/14/2026	EUR	100		127
Reg. S, 0.25%, 03/16/2022	EUR	200		246
Reg. S, 0.25%, 04/11/2023	EUR	100		124
Reg. S, 0.50%, 09/04/2024	EUR	100		127
Reg. S, 0.75%, 05/29/2026	EUR	100		130
Reg. S, 3.88%, 04/25/2055	EUR	45		115
Citigroup, Inc., (United States SOFR + 0.69%), 0.78%, 10/30/2024 (aa)		330		332
Reg. S, (ICE LIBOR EUR 3 Month + 1.07%), 1.50%, 07/24/2026 (aa)	EUR	3,500		4,541
Reg. S, 1.50%, 10/26/2028	EUR	2,550		3,397
Reg. S, 1.63%, 03/21/2028	EUR	100		134
(United States SOFR + 1.67%), 1.68%, 05/15/2024 (aa)		25		26
1.75%, 01/28/2025	EUR	1,650		2,159
(United States SOFR + 0.87%), 2.31%, 11/04/2022 (aa)		150		152


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
(United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa)		3,600		3,837
(United States SOFR + 2.75%), 3.11%, 04/08/2026 (aa)		155		169
(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 01/24/2023 (aa)		190		195
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 04/24/2025 (aa)		65		71
3.38%, 03/01/2023		150		159
(ICE LIBOR USD 3 Month + 1.84%), 4.28%, 04/24/2048 (aa)		60		79
4.40%, 06/10/2025		3,500		4,002
(United States SOFR + 3.91%), 4.41%, 03/31/2031 (aa)		75		91
4.65%, 07/23/2048		205		283
Clydesdale Bank plc, (United Kingdom), Reg. S, 4.63%, 06/08/2026	GBP	100		167
Commerzbank AG, (Germany),
0.01%, 03/11/2030	EUR	100		125
0.50%, 06/09/2026	EUR	100		129
2.00%, 11/27/2023	EUR	100		131
Commonwealth Bank of Australia, (Australia),
Reg. S, 0.88%, 02/19/2029	EUR	100		133
Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.94%, 10/03/2029 (aa)	EUR	1,425		1,820
Reg. S, 3.00%, 05/03/2022	EUR	100		128
Cooperatieve Rabobank UA, (Netherlands),
Reg. S, 0.01%, 07/02/2030	EUR	100		125
Reg. S, 0.63%, 04/26/2026	EUR	100		130
Reg. S, 0.88%, 02/08/2028	EUR	100		133
Reg. S, 1.25%, 03/23/2026	EUR	775		1,013
Reg. S, 1.38%, 02/03/2027	EUR	25		33
Reg. S, 2.38%, 05/22/2023	EUR	30		39
Reg. S, 4.13%, 09/14/2022	EUR	1,950		2,551
4.38%, 08/04/2025		250		285
5.25%, 05/23/2041	GBP	50		118
Credit Agricole Italia SpA, (Italy),
Reg. S, 0.25%, 09/30/2024	EUR	100		125
Reg. S, 0.25%, 01/17/2028	EUR	100		127
Reg. S, 0.88%, 01/31/2022	EUR	100		124
Credit Agricole SA, (France),
Reg. S, 1.75%, 03/05/2029	EUR	100		136
Reg. S, 2.38%, 05/20/2024	EUR	100		133
3.75%, 04/24/2023 (e)		2,200		2,362
Credit Suisse Group AG, (Switzerland),
Reg. S, 0.65%, 09/10/2029	EUR	775		972
Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 07/17/2025 (aa)	EUR	1,400		1,780
(United States SOFR + 1.56%), 2.59%, 09/11/2025 (e) (aa)		3,850		4,051
(United States SOFR + 3.73%), 4.19%, 04/01/2031 (e) (aa)		2,000		2,354
Danske Bank A/S, (Denmark),
Reg. S, 0.25%, 11/28/2022	EUR	425		523


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Banks — continued
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.15%), 0.50%, 08/27/2025 (aa)	EUR	425		523
(CMT Index 1 Year + 1.03%), 1.17%, 12/08/2023 (e) (aa)		3,350		3,365
Reg. S, (UK Gilts 1 Year + 1.65%), 2.25%, 01/14/2028 (aa)	GBP	2,000		2,862
Reg. S, 3.75%, 06/23/2022	EUR	50		65
Danske Hypotek AB, (Sweden), Series 2212, Reg. S, 1.00%, 12/21/2022	SEK	2,000		248
de Volksbank NV, (Netherlands), Reg. S, 1.00%, 03/08/2028	EUR	100		134
Deutsche Apotheker-und Aerztebank eG, (Germany), Reg. S, 0.01%, 02/06/2029	EUR	100		125
Deutsche Bank AG, (Germany),
Reg. S, 0.13%, 01/21/2030	EUR	75		95
Reg. S, 0.25%, 03/08/2024	EUR	100		125
Reg. S, (ICE LIBOR EUR 3 Month + 1.60%), 1.00%, 11/19/2025 (aa)	EUR	400		496
Reg. S, 1.13%, 08/30/2023	EUR	775		978
Reg. S, 1.13%, 03/17/2025	EUR	400		505
Reg. S, 1.63%, 01/20/2027	EUR	400		510
(United States SOFR + 1.87%), 2.13%, 11/24/2026 (aa)		1,120		1,146
(United States SOFR + 2.16%), 2.22%, 09/18/2024 (aa)		585		602
3.95%, 02/27/2023		2,700		2,868
Deutsche Hypothekenbank AG, (Germany),
Reg. S, 0.13%, 11/23/2023	EUR	100		124
Reg. S, 0.50%, 06/29/2026	EUR	50		64
Deutsche Kreditbank AG, (Germany), Reg. S, 0.01%, 11/07/2029	EUR	50		63
Deutsche Pfandbriefbank AG, (Germany), 0.63%, 08/30/2027	EUR	100		130
Dexia Credit Local SA, (France),
Reg. S, 0.00%, 05/29/2024	EUR	300		372
Reg. S, 0.01%, 01/22/2027	EUR	200		248
Reg. S, 0.63%, 01/17/2026	EUR	600		767
Reg. S, 1.25%, 11/26/2024	EUR	700		909
Discover Bank, 3.45%, 07/27/2026		1,200		1,342
DNB Boligkreditt A/S, (Norway),
Reg. S, 0.25%, 01/23/2023	EUR	200		248
Reg. S, 0.38%, 11/20/2024	EUR	100		126
Reg. S, 1.88%, 11/21/2022	EUR	100		128
DZ HYP AG, (Germany),
Reg. S, 0.01%, 06/23/2028	EUR	100		126
Reg. S, 0.01%, 10/27/2028	EUR	25		31
Reg. S, 0.63%, 10/27/2023	EUR	200		252
Reg. S, 0.88%, 04/17/2034	EUR	100		138
Eika Boligkreditt A/S, (Norway), Reg. S, 0.38%, 02/26/2025	EUR	100		126
Erste Group Bank AG, (Austria),
Reg. S, 0.25%, 06/26/2024	EUR	100		125
Reg. S, 0.63%, 01/19/2023	EUR	100		125
Reg. S, 0.75%, 02/05/2025	EUR	100		129


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
Goldman Sachs Group, Inc. (The),
Reg. S, 0.88%, 01/21/2030	EUR	350		448
(United States SOFR + 0.79%), 1.09%, 12/09/2026 (aa)		270		273
Reg. S, 1.38%, 05/15/2024	EUR	1,650		2,080
Reg. S, 2.00%, 03/22/2028	EUR	1,000		1,372
2.60%, 02/07/2030		130		140
Reg. S, 3.13%, 07/25/2029	GBP	800		1,279
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa)		2,500		2,739
Reg. S, 3.38%, 03/27/2025	EUR	100		139
3.50%, 04/01/2025		115		128
3.80%, 03/15/2030		3,200		3,765
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (aa)		280		342
(ICE LIBOR USD 3 Month + 1.43%), 4.41%, 04/23/2039 (aa)		85		109
4.75%, 10/21/2045		190		265
5.15%, 05/22/2045		66		92
6.75%, 10/01/2037		50		76
6.88%, 01/18/2038	GBP	225		516
Hamburg Commercial Bank AG, (Germany), Reg. S, 0.25%, 04/25/2022	EUR	100		123
Heta Asset Resolution AG, (Austria), Reg. S, 2.38%, 12/13/2022	EUR	800		1,020
HSBC Bank plc, (United Kingdom), Reg. S, 6.25%, 01/30/2041	GBP	175		381
HSBC Holdings plc, (United Kingdom),
(United States SOFR + 1.54%), 1.65%, 04/18/2026 (aa)		1,000		1,023
(GBP Swap Rate 1 Year + 0.94%), 2.18%, 06/27/2023 (aa)	GBP	425		595
(United States SOFR + 2.39%), 2.85%, 06/04/2031 (aa)		200		214
(GBP Swap Rate 1 Year + 1.65%), 3.00%, 07/22/2028 (aa)	GBP	1,000		1,527
(GBP Swap Rate 1 Year + 1.77%), 3.00%, 05/29/2030 (aa)	GBP	225		350
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 05/18/2024 (aa)		200		216
(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 05/22/2030 (aa)		1,100		1,270
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 09/12/2026 (aa)		200		228
6.50%, 05/02/2036		200		290
Reg. S, 7.00%, 04/07/2038	GBP	300		649
ING Bank NV, (Netherlands),
Reg. S, 0.75%, 02/18/2029	EUR	100		133
Reg. S, 1.88%, 05/22/2023	EUR	100		129
ING Belgium SA, (Belgium), Reg. S, 0.01%, 02/20/2030	EUR	100		125
ING Groep NV, (Netherlands),
Reg. S, (ICE LIBOR EUR 3 Month + 0.60%), 0.10%, 09/03/2025 (aa)	EUR	1,500		1,838


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Banks — continued
Reg. S, 1.13%, 02/14/2025	EUR	1,200		1,533
Reg. S, 2.00%, 09/20/2028	EUR	300		418
Reg. S, (EUR Swap Rate 5 Year + 2.40%), 2.13%, 05/26/2031 (aa)	EUR	300		391
(EUR Swap Rate 5 Year + 2.85%), 3.00%, 04/11/2028 (aa)	EUR	300		388
4.10%, 10/02/2023		200		220
Intesa Sanpaolo SpA, (Italy),
Reg. S, 0.63%, 03/23/2023	EUR	100		125
Reg. S, 2.13%, 05/26/2025	EUR	2,275		3,004
Reg. S, 3.38%, 01/24/2025	EUR	100		141
Series XR, 3.25%, 09/23/2024 (e)		2,900		3,099
Investitionsbank Berlin, (Germany), Series 208, 0.05%, 03/02/2035	EUR	100		123
KBC Bank NV, (Belgium), Reg. S, 0.38%, 09/01/2022	EUR	100		124
Kookmin Bank, (South Korea), Reg. S, 0.05%, 07/15/2025	EUR	100		123
Kreditanstalt fuer Wiederaufbau, (Germany), 0.00%, 04/28/2022	EUR	390		481
Reg. S, 0.00%, 06/30/2023	EUR	880		1,093
Reg. S, 0.00%, 02/18/2025	EUR	120		150
Reg. S, 0.00%, 03/31/2027	EUR	500		632
Reg. S, 0.00%, 09/17/2030	EUR	150		190
Reg. S, 0.01%, 05/05/2027	EUR	520		657
Reg. S, 0.05%, 09/29/2034	EUR	280		353
0.13%, 06/07/2023	EUR	850		1,058
0.25%, 09/15/2025	EUR	1,100		1,399
0.38%, 07/18/2025		200		200
Reg. S, 0.38%, 04/23/2030	EUR	360		473
Reg. S, 0.50%, 09/28/2026	EUR	520		675
0.50%, 09/15/2027	EUR	500		653
Reg. S, 0.88%, 07/04/2039	EUR	40		57
Reg. S, 1.00%, 12/15/2022	GBP	2,350		3,279
Reg. S, 1.13%, 06/15/2037	EUR	340		496
Reg. S, 1.38%, 12/15/2025	GBP	225		327
Reg. S, 1.38%, 07/31/2035	EUR	202		301
2.00%, 05/02/2025		195		209
2.13%, 08/15/2023	EUR	1,100		1,442
2.38%, 12/29/2022		275		287
2.50%, 01/17/2022	EUR	150		189
4.70%, 06/02/2037	CAD	100		108
Reg. S, 4.88%, 03/15/2037	GBP	425		951
6.00%, 12/07/2028	GBP	500		987
Kutxabank SA, (Spain), Reg. S, 1.25%, 09/22/2025	EUR	100		131
La Banque Postale SA, (France),
Reg. S, 0.25%, 07/12/2026	EUR	200		248
Reg. S, (EUR Swap Rate 5 Year + 2.25%), 2.75%, 11/19/2027 (aa)	EUR	2,000		2,559
Landesbank Baden-Wuerttemberg, (Germany),
Reg. S, 0.38%, 02/18/2027	EUR	200		249
Reg. S, 0.50%, 08/04/2022	EUR	100		124


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
Reg. S, 0.88%, 09/15/2025	EUR	100		130
Series 809, Reg. S, 0.38%, 07/29/2026	EUR	100		124
Landesbank Hessen-Thueringen Girozentrale, (Germany), Reg. S, 0.63%, 01/12/2027	EUR	200		260
Landwirtschaftliche Rentenbank, (Germany),
Reg. S, 0.00%, 11/27/2029	EUR	270		342
Reg. S, 0.05%, 06/12/2023	EUR	270		335
Reg. S, 0.25%, 08/29/2025	EUR	300		380
Reg. S, 0.38%, 02/14/2028	EUR	140		182
Reg. S, 0.63%, 02/20/2030	EUR	140		187
Lansforsakringar Hypotek AB, (Sweden),
Series 515, Reg. S, 2.25%, 09/21/2022	SEK	700		88
Series 516, Reg. S, 1.25%, 09/20/2023	SEK	1,000		126
Series 517, Reg. S, 1.50%, 09/18/2024	SEK	600		77
Series 519, Reg. S, 1.50%, 09/16/2026	SEK	400		52
Lloyds Bank plc, (United Kingdom),
Reg. S, 0.13%, 06/18/2026	EUR	100		125
Reg. S, 0.25%, 03/25/2024	EUR	100		125
Reg. S, 4.88%, 03/30/2027	GBP	100		174
Reg. S, 7.63%, 04/22/2025	GBP	600		1,041
Lloyds Banking Group plc, (United Kingdom),
Reg. S, (EUR Swap Rate 1 Year + 0.85%),
0.50%, 11/12/2025 (aa)	EUR	2,400		2,965
3.90%, 03/12/2024		2,500		2,748
Mediobanca Banca di Credito Finanziario SpA, (Italy),
Reg. S, 0.75%, 07/15/2027	EUR	425		523
Reg. S, 1.13%, 07/15/2025	EUR	975		1,235
Series 4, Reg. S, 1.38%, 11/10/2025	EUR	100		132
Mitsubishi UFJ Financial Group, Inc., (Japan),
2.05%, 07/17/2030		200		209
3.76%, 07/26/2023		2,950		3,198
Mizuho Financial Group, Inc., (Japan),
(ICE LIBOR USD 3 Month + 1.51%), 2.20%, 07/10/2031 (aa)		620		643
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 05/25/2026 (aa)		3,000		3,156
(ICE LIBOR USD 3 Month + 0.98%), 2.84%, 07/16/2025 (aa)		200		213
Morgan Stanley,
(ICE LIBOR EUR 3 Month + 0.75%), 0.64%, 07/26/2024 (aa)	EUR	1,675		2,082
(United States SOFR + 0.72%), 0.99%, 12/10/2026 (aa)		150		151
(ICE LIBOR EUR 3 Month + 0.83%), 1.34%, 10/23/2026 (aa)	EUR	100		130
(United States SOFR + 1.03%), 1.79%, 02/13/2032 (aa)		215		217
1.88%, 04/27/2027	EUR	1,300		1,766
2.63%, 03/09/2027	GBP	725		1,102
(United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa)		4,180		4,551
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 07/22/2038 (aa)		270		333
4.00%, 07/23/2025		15		17


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Banks — continued
4.10%, 05/22/2023		2,700		2,930
4.30%, 01/27/2045		120		160
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 04/22/2039 (aa)		10		13
4.88%, 11/01/2022		90		97
5.00%, 11/24/2025		140		167
Muenchener Hypothekenbank eG, (Germany),
Reg. S, 0.01%, 11/02/2040	EUR	50		61
Reg. S, 1.50%, 06/25/2024	EUR	100		131
Reg. S, 2.50%, 07/04/2028	EUR	100		148
National Australia Bank Ltd., (Australia),
Reg. S, 0.25%, 03/28/2022	EUR	100		123
Reg. S, 0.75%, 01/30/2026	EUR	100		129
National Bank of Canada, (Canada), Reg. S, 0.75%, 03/13/2025	EUR	100		128
Nationale-Nederlanden Bank NV (The), (Netherlands), Reg. S, 0.01%, 07/08/2030	EUR	100		125
Natwest Group plc, (United Kingdom),
Reg. S, (ICE LIBOR EUR 3 Month + 1.08%), 1.75%, 03/02/2026 (aa)	EUR	1,200		1,554
Reg. S, (ICE LIBOR EUR 3 Month + 1.74%), 2.00%, 03/04/2025 (aa)	EUR	100		129
(CMT Index 1 Year + 2.15%), 2.36%, 05/22/2024 (aa)		2,000		2,081
Reg. S, (UK Gilts 5 Year + 3.55%), 3.62%, 08/14/2030 (aa)	GBP	600		883
NIBC Bank NV, (Netherlands), Reg. S, 0.63%, 06/01/2026	EUR	100		128
NORD / LB Luxembourg SA Covered Bond Bank, (Luxembourg), Reg. S, 0.01%, 06/10/2027	EUR	100		124
Norddeutsche Landesbank-Girozentrale, (Germany), 0.25%, 10/28/2026	EUR	20		25
Nordea Bank Abp, (Finland),
Reg. S, 0.88%, 06/26/2023	EUR	425		533
3.75%, 08/30/2023 (e)		1,900		2,054
Nordea Hypotek AB, (Sweden),
Series 5533, Reg. S, 1.25%, 09/20/2023	SEK	1,700		214
Series 5534, Reg. S, 1.00%, 09/18/2024	SEK	1,500		189
Series 5535, Reg. S, 1.00%, 09/17/2025	SEK	800		101
Nordea Kiinnitysluottopankki OYJ, (Finland),
Reg. S, 0.13%, 06/18/2027	EUR	100		127
Reg. S, 0.63%, 10/19/2022	EUR	200		249
NRW Bank, (Germany), 0.10%, 07/09/2035	EUR	100		125
Reg. S, 0.25%, 03/10/2025	EUR	120		151
Reg. S, 0.50%, 05/26/2025	EUR	320		408
Reg. S, 0.75%, 06/30/2028	EUR	260		344
1.20%, 03/28/2039	EUR	100		146
Nykredit Realkredit A/S, (Denmark),
Series 01E, Reg. S, 1.00%, 10/01/2053	DKK	42,300		7,009
Series 13H, Reg. S, 1.00%, 01/01/2022	DKK	800		133
Series 13HH, Reg. S, 1.00%, 07/01/2024	DKK	200		34
Series 13H, 1.00%, 01/01/2027	DKK	100		18
Series 13H, 2.00%, 01/01/2025	DKK	100		18


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
Oesterreichische Kontrollbank AG, (Austria),
Reg. S, 0.00%, 10/08/2026	EUR	150		187
Reg. S, 0.25%, 09/26/2024	EUR	300		377
OP Mortgage Bank, (Finland),
Reg. S, 0.25%, 03/13/2024	EUR	100		125
Reg. S, 0.63%, 02/15/2029	EUR	100		132
Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland),
Reg. S, 0.00%, 02/26/2030	CHF	700		804
Series 642, Reg. S, 0.00%, 02/14/2022	CHF	175		199
Series 670, Reg. S, 0.00%, 07/29/2024	CHF	100		115
Series 675, Reg. S, 0.00%, 06/15/2027	CHF	50		58
Series 678, Reg. S, 0.00%, 08/26/2049	CHF	125		141
Series 680, Reg. S, 0.00%, 03/30/2026	CHF	50		58
Series 682, Reg. S, 0.00%, 04/06/2027	CHF	50		58
Series 683, Reg. S, 0.00%, 02/25/2028	CHF	200		231
Series 684, Reg. S, 0.00%, 05/10/2045	CHF	50		56
Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland),
Series 472, Reg. S, 0.00%, 07/25/2023	CHF	200		229
Series 483, Reg. S, 0.00%, 01/27/2027	CHF	900		1,040
Series 485, Reg. S, 0.00%, 10/02/2026	CHF	300		347
Series 524, Reg. S, 0.00%, 06/21/2028	CHF	50		58
Series 528, Reg. S, 0.00%, 03/15/2030	CHF	50		58
Prima Banka Slovensko A/S, (Slovakia), Reg. S, 0.01%, 10/01/2026	EUR	100		124
Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria), 0.63%, 08/28/2026	EUR	100		129
Raiffeisenlandesbank Oberoesterreich AG, (Austria), Reg. S, 0.88%, 07/12/2028	EUR	100		133
Rheinland-Pfalz Bank, (Germany), SUB, 6.88%, 02/23/2028 (e)		200		256
Royal Bank of Canada, (Canada),
Reg. S, 0.25%, 01/29/2024	EUR	100		125
Reg. S, 0.25%, 05/02/2024	EUR	700		866
Reg. S, 0.63%, 09/10/2025	EUR	100		128
1.15%, 06/10/2025		260		266
2.25%, 11/01/2024		25		27
Santander Consumer Bank A/S, (Norway),
Reg. S, 0.13%, 02/25/2025	EUR	2,700		3,306
Reg. S, 0.75%, 03/01/2023	EUR	2,000		2,493
Santander Holdings USA, Inc., 3.45%, 06/02/2025		50		55
Santander UK Group Holdings plc, (United Kingdom),
3.57%, 01/10/2023		200		206
(ICE LIBOR USD 3 Month + 1.40%), 3.82%, 11/03/2028 (aa)		200		226
Santander UK plc, (United Kingdom),
Reg. S, 1.25%, 09/18/2024	EUR	100		130
Series 61, Reg. S, 0.25%, 04/21/2022	EUR	100		123
Skandinaviska Enskilda Banken AB, (Sweden),
Reg. S, 0.05%, 07/01/2024	EUR	775		955
Reg. S, 0.25%, 05/19/2023	EUR	325		402


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Banks — continued
Reg. S, 0.63%, 01/30/2023	EUR	100		125
Reg. S, (EUR Swap Rate 5 Year + 1.35%), 1.38%, 10/31/2028 (aa)	EUR	425		532
Series 576, Reg. S, 1.00%, 12/20/2023	SEK	2,000		250
Series 578, Reg. S, 4.25%, 12/01/2023	SEK	500		68
Series 579, Reg. S, 1.00%, 12/18/2024	SEK	2,000		252
Societe Generale SA, (France),
Reg. S, 0.75%, 01/25/2027	EUR	2,200		2,753
Reg. S, 1.13%, 01/23/2025	EUR	100		127
2.63%, 01/22/2025 (e)		2,100		2,224
SpareBank 1 Boligkreditt A/S, (Norway),
Reg. S, 0.01%, 09/22/2027	EUR	100		125
Reg. S, 0.38%, 06/26/2024	EUR	100		126
Reg. S, 1.00%, 01/30/2029	EUR	100		135
Sparebank 1 Oestlandet, (Norway), Reg. S, 0.25%, 09/30/2024	EUR	600		741
SpareBank 1 SR-Bank ASA, (Norway), Reg. S, 0.63%, 03/25/2024	EUR	700		873
SR-Boligkreditt A/S, (Norway), Reg. S, 0.75%, 10/17/2025	EUR	100		129
Stadshypotek AB, (Sweden),
Reg. S, 0.38%, 02/22/2023	EUR	100		125
Series 1587, Reg. S, 1.50%, 06/01/2023	SEK	2,000		252
Series 1588, Reg. S, 1.50%, 03/01/2024	SEK	2,000		254
Series 1589, Reg. S, 1.50%, 12/03/2024	SEK	2,000		257
Series 1594, Reg. S, 2.00%, 09/01/2028	SEK	1,000		137
Standard Chartered plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.21%), 2.82%, 01/30/2026 (e) (aa)		1,800		1,907
Sumitomo Mitsui Banking Corp., (Japan),
Reg. S, 0.41%, 11/07/2029	EUR	4,100		5,207
Reg. S, 0.55%, 11/06/2023	EUR	100		125
Sumitomo Mitsui Financial Group, Inc., (Japan),
2.45%, 09/27/2024		200		213
2.70%, 07/16/2024		3,700		3,950
3.75%, 07/19/2023		20		22
3.94%, 10/16/2023		120		131
Svenska Handelsbanken AB, (Sweden),
Reg. S, 0.50%, 03/21/2023	EUR	425		529
Reg. S, 0.50%, 02/18/2030	EUR	975		1,225
Reg. S, (EUR Swap Rate 5 Year + 0.80%), 1.25%, 03/02/2028 (aa)	EUR	1,675		2,090
Sveriges Sakerstallda Obligationer AB, (Sweden),
Reg. S, 0.63%, 10/30/2025	EUR	100		129
Series 144, Reg. S, 1.00%, 06/21/2023	SEK	2,000		249
Series 146, Reg. S, 0.50%, 06/11/2025	SEK	2,000		247
Swedbank AB, (Sweden),
Reg. S, 0.75%, 05/05/2025	EUR	700		885
Reg. S, 1.00%, 06/01/2022	EUR	425		529
Swedbank Hypotek AB, (Sweden),
Reg. S, 0.05%, 05/28/2025	EUR	100		125
Series 191, Reg. S, 1.00%, 06/15/2022	SEK	1,700		210
Series 192, Reg. S, 1.00%, 03/15/2023	SEK	1,000		124


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Banks — continued
Series 193, Reg. S, 1.00%, 12/20/2023	SEK	500		63
Series 194, Reg. S, 1.00%, 09/18/2024	SEK	1,100		138
Series 195, Reg. S, 1.00%, 06/18/2025	SEK	500		63
Tesco Personal Finance Group plc, (United Kingdom), Reg. S, 3.50%, 07/25/2025	GBP	100		147
Toronto-Dominion Bank (The), (Canada),
Reg. S, 0.25%, 03/26/2024	EUR	100		125
Reg. S, 0.38%, 04/27/2023	EUR	100		124
2.65%, 06/12/2024		50		54
3.25%, 03/11/2024		20		22
Truist Financial Corp.,
1.20%, 08/05/2025		160		164
3.88%, 03/19/2029		1,400		1,635
UBS Group AG, (Switzerland),
Reg. S, (EUR Swap Rate 1 Year + 0.77%), 0.25%, 11/05/2028 (aa)	EUR	1,200		1,471
Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 04/17/2025 (aa)	EUR	200		254
Reg. S, 1.75%, 11/16/2022	EUR	1,450		1,838
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 08/15/2023 (e) (aa)		3,900		4,043
UniCredit Bank AG, (Germany),
Reg. S, 0.01%, 09/15/2028	EUR	50		62
Reg. S, 0.25%, 01/15/2032	EUR	50		64
Reg. S, 0.85%, 05/22/2034	EUR	50		69
Reg. S, 0.88%, 01/11/2029	EUR	100		134
UniCredit Bank Austria AG, (Austria), Reg. S, 0.05%, 09/21/2035	EUR	100		124
UniCredit SpA, (Italy),
Reg. S, 0.38%, 10/31/2026	EUR	100		126
Reg. S, (ICE LIBOR EUR 3 Month + 1.35%), 1.20%, 01/20/2026 (aa)	EUR	1,175		1,457
Reg. S, (ICE LIBOR EUR 3 Month + 1.60%),
1.25%, 06/16/2026 (aa)	EUR	775		982
6.57%, 01/14/2022 (e)		700		738
Unione di Banche Italiane SpA, (Italy),
Reg. S, 0.38%, 09/14/2026	EUR	100		127
Reg. S, 1.00%, 01/27/2023	EUR	100		126
Reg. S, 1.50%, 04/10/2024	EUR	2,100		2,688
United Overseas Bank Ltd., (Singapore), Reg. S, 0.01%, 12/01/2027	EUR	100		124
US Bancorp, 0.85%, 06/07/2024	EUR	700		884
Valiant Bank AG, (Switzerland), Reg. S, 0.00%, 07/31/2029	CHF	50		57
Virgin Money UK plc, (United Kingdom),
Reg. S, (UK Gilts 1 Year + 2.80%), 4.00%, 09/25/2026 (aa)	GBP	100		149
Reg. S, (UK Gilts 5 Year + 5.25%), 5.13%, 12/11/2030 (aa)	GBP	500		733
Vseobecna Uverova Banka A/S, (Slovakia), Reg. S, 0.25%, 03/26/2024	EUR	100		124
Wells Fargo & Co.,
Reg. S, (ICE LIBOR EUR 3 Month + 1.85%), 1.74%, 05/04/2030 (aa)	EUR	1,200		1,625


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Banks — continued
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025 (aa)		400		423
(United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa)		1,975		2,148
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 06/17/2027 (aa)		1,590		1,763
3.75%, 01/24/2024		65		71
4.75%, 12/07/2046		45		59
Westpac Banking Corp., (Australia), Reg. S, 0.38%, 04/02/2026	EUR	100		127
Westpac Securities NZ Ltd., (New Zealand), Reg. S, 0.25%, 04/06/2022	EUR	100		123
Wirtschafts- und Infrastrukturbank Hessen, (Germany), 0.88%, 06/14/2028	EUR	100		133


				318,939

Diversified Financial Services — 0.4%
Aareal Bank AG, (Germany), Series 225, Reg. S, 0.13%, 02/01/2023	EUR	100		124
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.50%, 09/15/2023		150		163
Affiliated Managers Group, Inc.,
3.30%, 06/15/2030		200		217
3.50%, 08/01/2025		20		22
Affordable Housing Finance plc, (United Kingdom), Reg. S, 2.89%, 08/11/2043	GBP	100		188
Air Lease Corp.,
2.63%, 07/01/2022		140		144
3.50%, 01/15/2022		20		20
Ally Financial, Inc.,
1.45%, 10/02/2023		40		41
3.05%, 06/05/2023		40		42
Arkea Home Loans SFH SA, (France), Reg. S, 0.38%, 03/04/2024	EUR	200		251
Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033	GBP	50		107
AXA Bank Europe SCF, (France), Reg. S, 0.50%, 04/18/2025	EUR	200		254
AXA Home Loan SFH SA, (France), Reg. S, 0.13%, 06/25/2035	EUR	100		125
Ayt Cedulas Cajas Global, (Spain), Series 3, 3.75%, 12/14/2022	EUR	100		132
AyT Cedulas Cajas X Fondo de Titulizacion de Activos, (Spain), Series X, 3.75%, 06/30/2025	EUR	100		144
BPCE SFH SA, (France),
Reg. S, 0.01%, 05/27/2030	EUR	100		125
Reg. S, 0.63%, 09/22/2027	EUR	100		131
Reg. S, 0.75%, 09/02/2025	EUR	100		129
Reg. S, 2.38%, 11/29/2023	EUR	200		265
Reg. S, 4.00%, 03/23/2022	EUR	100		129


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Diversified Financial Services — continued
Brookfield Finance, Inc., (Canada), 4.00%, 04/01/2024		40		44
Caisse de Refinancement de l’Habitat SA, (France),
Reg. S, 0.01%, 10/08/2029	EUR	100		125
Reg. S, 0.13%, 04/30/2027	EUR	100		126
Reg. S, 2.38%, 03/05/2024	CHF	50		62
3.30%, 09/23/2022	EUR	100		130
3.90%, 10/20/2023	EUR	100		138
Capital One Financial Corp., 0.80%, 06/12/2024	EUR	425		530
Cedulas TDA 6 Fondo de Titulizacion de Activos, (Spain), Series A6, 3.88%, 05/23/2025	EUR	100		145
Clearstream Banking AG, (Germany), Reg. S, 0.00%, 12/01/2025	EUR	700		861
Credit Agricole Home Loan SFH SA, (France),
Reg. S, 0.13%, 12/16/2024	EUR	100		125
Reg. S, 0.38%, 09/30/2024	EUR	100		126
0.50%, 02/19/2026	EUR	100		128
Reg. S, 0.63%, 11/28/2022	EUR	100		125
0.88%, 08/11/2028	EUR	200		267
0.88%, 05/06/2034	EUR	100		138
Credit Agricole Public Sector SCF SA, (France), 0.88%, 08/02/2027	EUR	100		132
Credit Mutuel Home Loan SFH SA, (France),
Reg. S, 0.50%, 01/21/2022	EUR	100		123
Reg. S, 1.00%, 01/30/2029	EUR	100		135
Reg. S, 4.13%, 01/19/2024	EUR	100		140
Credit Suisse Schweiz AG, (Switzerland), Reg. S, 0.00%, 10/31/2030	CHF	25		28
Danmarks Skibskredit A/S, (Denmark), Reg. S, 0.13%, 03/20/2025	EUR	100		123
DLR Kredit A/S, (Denmark), Series B, Reg. S, 1.00%, 10/01/2022	DKK	300		50
FCA Bank SpA, (Italy), Reg. S, 0.25%, 02/28/2023	EUR	3,000		3,677
GE Capital Funding LLC, 3.45%, 05/15/2025 (e)		200		221
GE Capital International Funding Co.Unlimited Co., (Ireland), 3.37%, 11/15/2025		200		222
GE Capital UK Funding Unlimited Co., (Ireland), 5.88%, 01/18/2033	GBP	550		1,030
Harbour Funding plc, (United Kingdom), 5.28%, 03/31/2034	GBP	25		48
Intercontinental Exchange, Inc.,
3.00%, 09/15/2060		90		94
3.75%, 12/01/2025		25		28
4.25%, 09/21/2048		110		140
Jefferies Group LLC, 2.75%, 10/15/2032		1,420		1,490
Jyske Realkredit A/S, (Denmark),
Reg. S, 0.25%, 07/01/2023	EUR	100		124
Series 32IE, 1.00%, 04/01/2023	DKK	200		34
Series CCE, Reg. S, 1.00%, 10/01/2024	DKK	100		17


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Diversified Financial Services — continued
La Banque Postale Home Loan SFH SA, (France),
Reg. S, 0.50%, 01/30/2026	EUR	100		128
Reg. S, 2.38%, 01/15/2024	EUR	100		133
London Stock Exchange Group plc, (United Kingdom), Reg. S, 1.75%, 12/06/2027	EUR	1,000		1,345
Mastercard, Inc.,
2.10%, 12/01/2027	EUR	1,025		1,433
3.65%, 06/01/2049		140		174
Nasdaq, Inc.,
0.88%, 02/13/2030	EUR	1,950		2,473
1.75%, 05/19/2023	EUR	1,025		1,301
4.25%, 06/01/2024		60		67
Nomura Holdings, Inc., (Japan), 2.65%, 01/16/2025		2,200		2,350
Nordea Kredit Realkreditaktieselskab, (Denmark),
Series CC2, 1.00%, 04/01/2025	DKK	200		35
Series CT2, Reg. S, 1.00%, 10/01/2022	DKK	400		67
Programa Cedulas TDA Fondo de Titulizacion de Activos, (Spain), Series A6, 4.25%, 04/10/2031	EUR	100		177
Prs Finance plc, (United Kingdom), Reg. S, 2.00%, 01/23/2029	GBP	500		757
Realkredit Danmark A/S, (Denmark), Series 22S, Reg. S, 0.00%, 10/01/2040	DKK	49		8
Santander Consumer Finance SA, (Spain), Reg. S, 1.13%, 10/09/2023	EUR	2,500		3,162
Societe Generale SFH SA, (France),
Reg. S, 0.50%, 01/20/2023	EUR	100		125
Reg. S, 0.50%, 06/02/2025	EUR	100		127
Reg. S, 0.50%, 01/28/2026	EUR	100		128
Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031	GBP	45		77
THFC Funding No 1 plc, (United Kingdom), 5.13%, 12/21/2035	GBP	50		100
Visa, Inc.,
1.90%, 04/15/2027		1,100		1,171
2.00%, 08/15/2050		30		29
2.70%, 04/15/2040		190		207
Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036	GBP	225		486


				29,739

Insurance — 0.9%
Ageas SA, (Belgium), Reg. S, (ICE LIBOR EUR 3 Month + 3.10%), 1.88%, 11/24/2051 (aa)	EUR	400		496
Allianz Finance II BV, (Netherlands), Reg. S, 0.50%, 01/14/2031	EUR	100		127
Allianz SE, (Germany), Reg. S, (ICE EURIBOR Swap Rate 10 Year + 3.20%), 3.38%, 09/18/2024 (x) (aa)	EUR	2,400		3,218


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Insurance — continued
American International Group, Inc., 3.40%, 06/30/2030		3,080		3,529
Aon Corp., 2.80%, 05/15/2030		50		55
Aon plc, (Ireland), 4.60%, 06/14/2044		10		13
Aquarius & Investments plc for Zurich Insurance Co. Ltd., (Ireland), Reg. S, (ICE LIBOR EUR 3 Month + 3.45%), 4.25%, 10/02/2043 (aa)	EUR	100		135
Assicurazioni Generali SpA, (Italy),
Reg. S, 3.88%, 01/29/2029	EUR	500		726
Reg. S, 4.13%, 05/04/2026	EUR	100		144
Athene Global Funding, 2.50%, 01/14/2025 (e)		20		21
Athene Holding Ltd., (Bermuda),
3.50%, 01/15/2031		50		53
6.15%, 04/03/2030		130		162
Aviva plc, (United Kingdom),
Reg. S, (UK Gilts 5 Year + 4.70%), 4.00%, 06/03/2055 (aa)	GBP	425		671
Reg. S, (UK Gilts 5 Year + 2.85%), 6.13%, 11/14/2036 (aa)	GBP	230		388
AXA SA, (France), (ICE LIBOR GBP 3 Month + 2.75%), 6.69%, 07/06/2026 (x) (aa)	GBP	375		631
Berkshire Hathaway Finance Corp.,
2.38%, 06/19/2039	GBP	425		685
4.20%, 08/15/2048		130		172
4.25%, 01/15/2049		10		13
Berkshire Hathaway, Inc.,
0.00%, 03/12/2025	EUR	1,800		2,210
1.13%, 03/16/2027	EUR	100		131
BNP Paribas Cardif SA, (France), Reg. S, 1.00%, 11/29/2024	EUR	1,000		1,252
Brown & Brown, Inc., 4.20%, 09/15/2024		65		72
Chubb INA Holdings, Inc., 1.55%, 03/15/2028	EUR	2,000		2,684
CNA Financial Corp., 2.05%, 08/15/2030		2,500		2,549
CNO Financial Group, Inc., 5.25%, 05/30/2029		30		36
CNP Assurances, (France), Reg. S, 0.38%, 03/08/2028	EUR	400		487
Credit Agricole Assurances SA, (France),
Reg. S, 2.00%, 07/17/2030	EUR	1,200		1,568
Reg. S, (EUR Swap Rate 5 Year + 4.35%), 4.50%, 10/14/2025 (x) (aa)	EUR	100		140
Enstar Group Ltd., (Bermuda), 4.95%, 06/01/2029		90		102
Everest Reinsurance Holdings, Inc., 3.50%, 10/15/2050		745		845
Fairfax Financial Holdings Ltd., (Canada), 4.63%, 04/29/2030		80		90
Helvetia Europe SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 3.95%), 2.75%, 09/30/2041 (aa)	EUR	1,500		2,018


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Insurance — continued
Legal & General Finance plc, (United Kingdom), Reg. S, 5.88%, 04/05/2033	GBP	225		470
Legal & General Group plc, (United Kingdom),
Reg. S, (UK Gilts 5 Year + 5.25%), 4.50%, 11/01/2050 (aa)	GBP	425		670
Reg. S, (UK Gilts 5 Year + 4.58%), 5.38%, 10/27/2045 (aa)	GBP	300		481
Liberty Mutual Finance Europe DAC, (Ireland), Reg. S, 1.75%, 03/27/2024	EUR	2,000		2,570
Liberty Mutual Group, Inc., 3.95%, 10/15/2050 (e)		830		994
Loews Corp., 3.20%, 05/15/2030		10		11
M&G plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.16%), 5.56%, 07/20/2055 (aa)	GBP	425		694
Markel Corp.,
3.50%, 11/01/2027		5		6
4.15%, 09/17/2050		1,000		1,267
Marsh & McLennan Cos., Inc.,
1.98%, 03/21/2030	EUR	4,150		5,788
4.20%, 03/01/2048		190		250
4.75%, 03/15/2039		99		133
4.90%, 03/15/2049		45		65
Metropolitan Life Global Funding I,
Reg. S, 0.38%, 04/09/2024	EUR	1,125		1,397
Reg. S, 0.55%, 06/16/2027	EUR	775		980
Reg. S, 1.63%, 09/21/2029	GBP	725		1,065
NN Group NV, (Netherlands), Reg. S, (ICE LIBOR EUR 3 Month + 4.00%), 4.50%, 01/15/2026 (x) (aa)	EUR	1,350		1,899
Pension Insurance Corp. plc, (United Kingdom), Reg. S, 5.63%, 09/20/2030	GBP	1,121		1,929
Phoenix Group Holdings plc, (United Kingdom),
Reg. S, 5.63%, 04/28/2031	GBP	1,400		2,357
Reg. S, 6.63%, 12/18/2025	GBP	425		697
Principal Financial Group, Inc., 3.10%, 11/15/2026		1,400		1,561
Progressive Corp. (The),
4.13%, 04/15/2047		190		249
4.20%, 03/15/2048		70		94
RenaissanceRe Finance, Inc., 3.45%, 07/01/2027		250		274
RenaissanceRe Holdings Ltd., (Bermuda), 3.60%, 04/15/2029		210		238
Sampo OYJ, (Finland),
Reg. S, (ICE LIBOR EUR 3 Month + 3.60%), 2.50%, 09/03/2052 (aa)	EUR	525		694
Reg. S, (ICE LIBOR EUR 3 Month + 4.05%), 3.38%, 05/23/2049 (aa)	EUR	675		946
Unum Group, 4.00%, 06/15/2029		1,700		1,912
W R Berkley Corp., 4.00%, 05/12/2050		700		854


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Insurance — continued
Willis North America, Inc.,
2.95%, 09/15/2029		50		55
3.60%, 05/15/2024		100		109
XLIT Ltd., (Cayman Islands), (ICE LIBOR EUR 3 Month + 2.90%), 3.25%, 06/29/2047 (aa)	EUR	1,300		1,795


				57,927

Investment Companies — 0.1%
Ares Capital Corp.,
3.25%, 07/15/2025		90		95
3.50%, 02/10/2023		92		97
3.88%, 01/15/2026		87		94
4.25%, 03/01/2025		165		179
EXOR NV, (Netherlands),
Reg. S, 1.75%, 01/18/2028	EUR	500		658
Reg. S, 2.13%, 12/02/2022	EUR	225		285
Goldman Sachs BDC, Inc., 2.88%, 01/15/2026		345		352
Investor AB, (Sweden),
Reg. S, 0.38%, 10/29/2035	EUR	425		520
Reg. S, 1.50%, 09/12/2030	EUR	700		969
Owl Rock Capital Corp.,
3.40%, 07/15/2026		225		228
4.25%, 01/15/2026		150		158

				3,635

Private Equity — 0.1%
3i Group plc, (United Kingdom), Reg. S, 5.75%, 12/03/2032	GBP	350		671
Blackstone Property Partners Europe Holdings Sarl, (Luxembourg),
Reg. S, 0.50%, 09/12/2023	EUR	2,200		2,712
Reg. S, 2.00%, 02/15/2024	EUR	500		640


				4,023

Real Estate — 0.3%
Altarea SCA, (France), Reg. S, 1.75%, 01/16/2030	EUR	200		245
Annington Funding plc, (United Kingdom), Reg. S, 1.65%, 07/12/2024	EUR	2,000		2,563
Broadgate Financing plc, (United Kingdom), Series A4, Reg. S, 4.82%, 07/05/2033	GBP	50		92
Citycon Treasury BV, (Netherlands), Reg. S, 2.50%, 10/01/2024	EUR	1,575		1,995
Clarion Funding plc, (United Kingdom), Reg. S, 2.63%, 01/18/2029	GBP	100		155
Fastighets AB Balder, (Sweden), Reg. S, 1.88%, 01/23/2026	EUR	1,000		1,289
Heimstaden Bostad AB, (Sweden), Reg. S, 1.13%, 01/21/2026	EUR	1,200		1,517
Logicor 2019-1 UK plc, (United Kingdom), Reg. S, 1.88%, 11/17/2026	GBP	425		619
Logicor Financing Sarl, (Luxembourg),
Reg. S, 0.75%, 07/15/2024	EUR	1,500		1,868
Reg. S, 1.50%, 07/13/2026	EUR	1,200		1,546


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Real Estate — continued
London & Quadrant Housing Trust, (United Kingdom),
Reg. S, 2.00%, 10/20/2038	GBP	425		615
Reg. S, 2.63%, 02/28/2028	GBP	625		945
Reg. S, 2.75%, 07/20/2057	GBP	225		384
Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032	GBP	33		53
Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada), 4.13%, 02/01/2029 (e)		900		1,030
Orbit Capital plc, (United Kingdom), Reg. S, 3.38%, 06/14/2048	GBP	425		773
Samhallsbyggnadsbolaget i Norden AB, (Sweden),
Reg. S, 1.00%, 08/12/2027	EUR	1,575		1,948
Reg. S, 1.75%, 01/14/2025	EUR	850		1,090
Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039	GBP	85		176
Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033	GBP	38		65
Vonovia Finance BV, (Netherlands),
Reg. S, 0.63%, 07/09/2026	EUR	300		378
Reg. S, 0.88%, 07/03/2023	EUR	100		125
Reg. S, 1.63%, 04/07/2024	EUR	500		643


				20,114

REITS — 0.6%
Alexandria Real Estate Equities, Inc.,
1.88%, 02/01/2033		40		40
4.00%, 01/15/2024		120		132
American Campus Communities Operating Partnership LP, 3.30%, 07/15/2026		20		22
American Tower Corp.,
1.00%, 01/15/2032	EUR	3,000		3,730
1.30%, 09/15/2025		60		61
1.38%, 04/04/2025	EUR	1,050		1,351
3.38%, 05/15/2024		25		27
Brixmor Operating Partnership LP,
4.13%, 06/15/2026		2,300		2,606
4.13%, 05/15/2029		1,250		1,438
Camden Property Trust, 3.35%, 11/01/2049		10		12
Crown Castle International Corp.,
1.35%, 07/15/2025		100		102
5.25%, 01/15/2023		25		27
Digital Dutch Finco BV, (Netherlands), Reg. S, 1.25%, 02/01/2031	EUR	375		485
Digital Realty Trust LP, 4.75%, 10/01/2025		50		59
Digital Stout Holding LLC, Reg. S, 3.75%, 10/17/2030	GBP	550		914
Equinix, Inc.,
2.63%, 11/18/2024		120		128
2.95%, 09/15/2051		30		30
3.00%, 07/15/2050		205		208
3.20%, 11/18/2029		20		22


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
REITS — continued
ERP Operating LP, 2.85%, 11/01/2026		50		55
GLP Capital LP / GLP Financing II, Inc.,
3.35%, 09/01/2024		20		21
4.00%, 01/15/2030		115		125
4.00%, 01/15/2031		229		250
5.30%, 01/15/2029		100		115
5.38%, 11/01/2023		30		33
5.75%, 06/01/2028		60		71
Goodman Australia Finance Pty Ltd., (Australia), Reg. S, 1.38%, 09/27/2025	EUR	700		902
Healthpeak Properties, Inc.,
3.00%, 01/15/2030		1,400		1,532
4.20%, 03/01/2024		2,100		2,305
Kimco Realty Corp., 2.70%, 10/01/2030		1,900		2,050
Life Storage LP, 3.88%, 12/15/2027		50		57
LifeStorage LP, 3.50%, 07/01/2026		205		231
Omega Healthcare Investors, Inc.,
3.63%, 10/01/2029		20		21
4.50%, 04/01/2027		170		191
Prologis Euro Finance LLC,
0.25%, 09/10/2027	EUR	2,425		3,003
1.00%, 02/06/2035	EUR	700		897
Prologis LP,
2.25%, 06/30/2029	GBP	600		916
3.25%, 10/01/2026		50		57
3.75%, 11/01/2025		60		68
Public Storage,
3.09%, 09/15/2027		220		246
3.39%, 05/01/2029		145		166
Realty Income Corp.,
1.63%, 12/15/2030	GBP	100		144
3.00%, 01/15/2027		2,000		2,213
3.88%, 07/15/2024		100		110
3.88%, 04/15/2025		100		113
Simon International Finance SCA, (Luxembourg), Reg. S, 1.25%, 05/13/2025	EUR	425		541
Simon Property Group LP, 3.50%, 09/01/2025		80		89
STORE Capital Corp., 4.63%, 03/15/2029		40		46
Unibail-Rodamco-Westfield SE, (France), Reg. S, 1.38%, 12/04/2031	EUR	800		984
Ventas Realty LP, 4.13%, 01/15/2026		2,300		2,646
VEREIT Operating Partnership LP,
2.85%, 12/15/2032		800		837
3.10%, 12/15/2029		800		863
Welltower, Inc.,
2.75%, 01/15/2031		50		53
3.10%, 01/15/2030		1,500		1,641
4.50%, 01/15/2024		3,500		3,857
4.80%, 11/20/2028	GBP	850		1,426
Weyerhaeuser Co.,
4.00%, 11/15/2029		65		77
4.00%, 04/15/2030		1,500		1,776


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

REITS — continued
WPC Eurobond BV, (Netherlands), 1.35%, 04/15/2028	EUR	425		540


				42,662

Savings & Loans — 0.0% (g)
Nationwide Building Society, (United Kingdom),
Reg. S, 0.63%, 03/25/2027	EUR	100		130
Reg. S, 5.63%, 01/28/2026	GBP	100		173
Yorkshire Building Society, (United Kingdom), Reg. S, 0.01%, 10/13/2027	EUR	100		124

				427

Total Financial				477,466

Government — 1.7%
Multi-National — 1.0%
African Development Bank, (Supranational),
0.25%, 11/21/2024	EUR	925		1,162
0.88%, 05/24/2028	EUR	200		266
1.63%, 09/16/2022		65		66
Asian Development Bank, (Supranational),
0.03%, 01/31/2030	EUR	1,850		2,319
1.63%, 01/24/2023		130		134
1.75%, 09/13/2022		270		277
2.63%, 01/30/2024		258		277
Council Of Europe Development Bank, (Supranational),
Reg. S, 0.38%, 10/27/2022	EUR	725		901
Reg. S, 0.38%, 03/27/2025	EUR	175		222
0.63%, 01/30/2029	EUR	800		1,060
Reg. S, 0.75%, 06/09/2025	EUR	50		65
Erste Abwicklungsanstalt, (Germany), Reg. S, 0.01%, 11/03/2023	EUR	1,000		1,240
EUROFIMA, (Supranational),
Reg. S, 0.25%, 04/25/2023	EUR	825		1,025
4.55%, 03/30/2027	CAD	400		376
European Bank for Reconstruction & Development, (Supranational),
0.25%, 07/10/2023		95		95
6.45%, 12/13/2022	IDR	10,000,000		739
European Investment Bank, (Supranational),
0.00%, 10/16/2023	EUR	3,200		3,982
0.00%, 03/15/2024	EUR	300		374
0.00%, 03/25/2025	EUR	10,200		12,798
Reg. S, 0.00%, 03/13/2026	EUR	700		883
0.00%, 06/17/2027	EUR	1,500		1,899
Zero Coupon, 05/28/2037 (e)	CAD	150		85
Reg. S, 0.01%, 11/15/2035	EUR	200		250
0.05%, 01/16/2030	EUR	1,500		1,913
Reg. S, 0.25%, 06/15/2040	EUR	50		64
0.63%, 07/25/2025		20		20
Reg. S, 0.88%, 12/15/2023	GBP	1,675		2,345


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Multi-National — continued
0.88%, 09/13/2047	EUR	100		148
Reg. S, 1.00%, 04/14/2032	EUR	1,675		2,356
Reg. S, 1.00%, 11/14/2042	EUR	1,475		2,224
Reg. S, 1.13%, 09/15/2036	EUR	2,050		2,986
Reg. S, 1.38%, 03/07/2025	GBP	100		144
1.50%, 10/16/2048	EUR	445		752
Reg. S, 2.25%, 10/14/2022	EUR	4,100		5,272
Reg. S, 2.50%, 10/31/2022	GBP	1,000		1,431
2.50%, 03/15/2023		180		189
2.75%, 09/13/2030	EUR	130		208
Reg. S, 3.00%, 09/28/2022	EUR	4,600		5,981
3.13%, 12/14/2023		250		271
3.25%, 01/29/2024		315		344
Reg. S, 3.63%, 03/14/2042	EUR	25		54
Reg. S, 4.50%, 03/07/2044	GBP	1,100		2,648
Reg. S, 6.27%, 08/28/2024	IDR	10,000,000		734
Series 1981, 2.63%, 03/15/2035	EUR	40		68
Series DIP, 4.63%, 10/12/2054	GBP	555		1,570
FMS Wertmanagement, (Germany), Reg. S, 1.13%, 03/20/2023	GBP	1,200		1,678
Inter-American Development Bank, (Supranational),
1.25%, 12/15/2023	GBP	1,650		2,335
2.13%, 01/15/2025		250		267
2.50%, 01/18/2023		230		241
2.63%, 01/16/2024		130		139
7.88%, 03/14/2023	IDR	10,000,000		764
International Finance Corp., (Supranational), 2.88%, 07/31/2023		80		85
North American Development Bank, (Supranational),
Reg. S, 0.20%, 11/28/2028	CHF	200		229
2.40%, 10/26/2022		303		312

				68,267

Municipal — 0.0% (g)
Prs Finance plc, (United Kingdom), Reg. S, 1.75%, 11/24/2026	GBP	192		284
Transport for London, (United Kingdom),
Reg. S, 4.00%, 09/12/2033	GBP	500		918
5.00%, 03/31/2035	GBP	200		377

				1,579

Regional (State/Province) — 0.0% (g)
KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032	EUR	500		604

Sovereign — 0.7%
European Financial Stability Facility, (Luxembourg),
Reg. S, 0.00%, 10/13/2027	EUR	1,325		1,674
Reg. S, 0.13%, 10/17/2023	EUR	3,500		4,365
Reg. S, 0.40%, 02/17/2025	EUR	1,000		1,272
Reg. S, 0.50%, 01/20/2023	EUR	3,425		4,286


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Sovereign — continued
Reg. S, 0.50%, 07/11/2025	EUR	1,000		1,282
Reg. S, 0.63%, 10/16/2026	EUR	100		130
Reg. S, 0.70%, 01/20/2050	EUR	1,300		1,884
Reg. S, 0.88%, 04/10/2035	EUR	1,500		2,113
Reg. S, 1.20%, 02/17/2045	EUR	1,225		1,889
Reg. S, 1.45%, 09/05/2040	EUR	170		266
Reg. S, 1.75%, 07/17/2053	EUR	50		93
Reg. S, 2.25%, 09/05/2022	EUR	3,700		4,744
Reg. S, 2.75%, 12/03/2029	EUR	520		817
European Stability Mechanism, (Supranational),
Reg. S, 0.00%, 10/18/2022	EUR	2,000		2,471
Reg. S, 0.00%, 02/10/2023	EUR	100		124
Reg. S, 0.10%, 07/31/2023	EUR	2,000		2,489
Reg. S, 0.50%, 03/02/2026	EUR	400		516
Reg. S, 0.75%, 09/05/2028	EUR	1,450		1,941
Reg. S, 0.88%, 07/18/2042	EUR	20		29
Reg. S, 1.75%, 10/20/2045	EUR	50		86
Reg. S, 1.80%, 11/02/2046	EUR	920		1,621
Reg. S, 1.85%, 12/01/2055	EUR	80		154
Reg. S, 2.13%, 11/20/2023	EUR	700		923
European Union, (Supranational),
Reg. S, 0.00%, 11/04/2025	EUR	698		880
Reg. S, 0.10%, 10/04/2040	EUR	975		1,229
Reg. S, 0.30%, 11/04/2050	EUR	1,220		1,613
Reg. S, 0.50%, 04/04/2025	EUR	1,875		2,402
Reg. S, 0.63%, 11/04/2023	EUR	925		1,171
Reg. S, 0.75%, 04/04/2031	EUR	25		34
Reg. S, 1.13%, 04/04/2036	EUR	665		971
Reg. S, 3.75%, 04/04/2042	EUR	15		33
LCR Finance plc, (United Kingdom),
Reg. S, 4.50%, 12/07/2028	GBP	300		540
Reg. S, 4.50%, 12/07/2038	GBP	110		243
5.10%, 03/07/2051	GBP	50		141

				44,426

Total Government				114,876

Industrial — 1.3%
Aerospace/Defense — 0.1%
Airbus SE, (Netherlands),
Reg. S, 2.00%, 04/07/2028	EUR	100		136
Reg. S, 2.38%, 06/09/2040	EUR	900		1,306
BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e)		1,350		1,365
Boeing Co. (The),
4.51%, 05/01/2023		150		162
4.88%, 05/01/2025		130		148
5.71%, 05/01/2040		2,300		2,985
5.81%, 05/01/2050		105		145
5.93%, 05/01/2060		30		42
Raytheon Technologies Corp.,
3.20%, 03/15/2024		30		32
3.95%, 08/16/2025		140		161
7.20%, 08/15/2027		20		27

				6,509


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Building Materials — 0.2%
Buzzi Unicem SpA, (Italy), Reg. S, 2.13%, 04/28/2023	EUR	1,225		1,564
Carrier Global Corp.,
1.92%, 02/15/2023		25		26
2.24%, 02/15/2025		20		21
2.49%, 02/15/2027		10		11
2.72%, 02/15/2030		10		11
3.38%, 04/05/2040		180		197
3.58%, 04/05/2050		115		129
Fortune Brands Home & Security, Inc., 3.25%, 09/15/2029		20		22
HeidelbergCement Finance Luxembourg SA, (Luxembourg),
Reg. S, 1.13%, 12/01/2027	EUR	25		32
Reg. S, 2.50%, 10/09/2024	EUR	30		40
Imerys SA, (France), Reg. S, 2.00%, 12/10/2024	EUR	600		776
LafargeHolcim Sterling Finance Netherlands BV, (Netherlands), Reg. S, 3.00%, 05/12/2032	GBP	425		677
Martin Marietta Materials, Inc., 4.25%, 07/02/2024		4,540		5,063
Mohawk Capital Finance SA, (Luxembourg), 1.75%, 06/12/2027	EUR	400		503
Owens Corning,
3.88%, 06/01/2030		100		116
3.95%, 08/15/2029		1,000		1,153
Vulcan Materials Co.,
3.50%, 06/01/2030		60		69
4.50%, 04/01/2025		10		11
4.70%, 03/01/2048		900		1,163

				11,584

Electrical Components & Equipments — 0.1%
Eaton Capital Unlimited Co., (Ireland), Reg. S, 0.70%, 05/14/2025	EUR	1,325		1,673
Signify NV, (Netherlands),
Reg. S, 2.00%, 05/11/2024	EUR	550		710
Reg. S, 2.38%, 05/11/2027	EUR	1,575		2,131


				4,514

Electronics — 0.1%
Agilent Technologies, Inc.,
2.10%, 06/04/2030		232		240
2.75%, 09/15/2029		40		44
Allegion US Holding Co., Inc., 3.20%, 10/01/2024		85		91
Amphenol Corp., 2.80%, 02/15/2030		105		116
Amphenol Technologies Holding GmbH, (Germany), Reg. S, 0.75%, 05/04/2026	EUR	1,325		1,674
Arrow Electronics, Inc., 3.88%, 01/12/2028		20		22
Flex Ltd., (Singapore), 3.75%, 02/01/2026		25		28
FLIR Systems, Inc., 2.50%, 08/01/2030		1,400		1,469
Keysight Technologies, Inc., 4.60%, 04/06/2027		55		66


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Electronics — continued
PerkinElmer, Inc.,
1.88%, 07/19/2026	EUR	1,575		2,068
3.30%, 09/15/2029		140		158
Roper Technologies, Inc.,
1.75%, 02/15/2031		2,000		1,992
2.35%, 09/15/2024		200		214
Trimble, Inc., 4.90%, 06/15/2028		135		161


				8,343

Engineering & Construction — 0.1%
Aeroporti di Roma SpA, (Italy), Series A4, 5.44%, 02/20/2023	GBP	50		73
Aeroports de Paris, (France),
Reg. S, 1.00%, 01/05/2029	EUR	300		389
Reg. S, 1.50%, 07/02/2032	EUR	100		136
Reg. S, 2.75%, 04/02/2030	EUR	1,200		1,780
Heathrow Funding Ltd., (Jersey),
Reg. S, 4.63%, 10/31/2046	GBP	325		623
Reg. S, 6.45%, 12/10/2031	GBP	225		445
Reg. S, 6.75%, 12/03/2026	GBP	50		88
Reg. S, 7.13%, 02/14/2024	GBP	425		666
Royal Schiphol Group NV, (Netherlands), Reg. S, 0.38%, 09/08/2027	EUR	300		374


				4,574

Environmental Control — 0.0% (g)
Republic Services, Inc., 2.50%, 08/15/2024		50		53
Waste Connections, Inc., (Canada),
2.60%, 02/01/2030		200		215
4.25%, 12/01/2028		30		36

				304

Hand/Machine Tools — 0.0% (g)
Stanley Black & Decker, Inc., 2.75%, 11/15/2050		665		696

Machinery — Construction & Mining — 0.0% (g)
Metso Outotec OYJ, (Finland), Reg. S, 0.88%, 05/26/2028	EUR	500		616
Oshkosh Corp., 3.10%, 03/01/2030		5		5


				621

Machinery — Diversified — 0.1%
Atlas Copco AB, (Sweden), Reg. S, 0.63%, 08/30/2026	EUR	425		540
CNH Industrial Finance Europe SA, (Luxembourg), Reg. S, 0.00%, 04/01/2024	EUR	1,000		1,220
IDEX Corp., 3.00%, 05/01/2030		313		345
John Deere Capital Corp., 2.60%, 03/07/2024		50		54
John Deere Cash Management SA, (Luxembourg),
Reg. S, 2.20%, 04/02/2032	EUR	1,525		2,255
Reg. S, 1.38%, 04/02/2024	EUR	700		900
Reg. S, 1.65%, 06/13/2039	EUR	425		622


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Machinery — Diversified — continued
Otis Worldwide Corp.,
2.06%, 04/05/2025		20		21
2.57%, 02/15/2030		24		26
3.36%, 02/15/2050		80		92
Westinghouse Air Brake Technologies Corp.,
3.20%, 06/15/2025		50		54
4.40%, 03/15/2024		1,800		1,970

				8,099

Miscellaneous Manufacturers — 0.1%
Alfa Laval Treasury International AB, (Sweden), Reg. S, 1.38%, 09/12/2022	EUR	900		1,123
General Electric Co.,
4.25%, 05/01/2040		30		35
4.35%, 05/01/2050		5		6
Reg. S, 5.38%, 12/18/2040	GBP	4		8
6.75%, 03/15/2032		50		70
Illinois Tool Works, Inc., 1.25%, 05/22/2023	EUR	1,025		1,292
Parker-Hannifin Corp., 1.13%, 03/01/2025	EUR	850		1,080
Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029		2,000		2,364
Siemens Financieringsmaatschappij NV, (Netherlands), Reg. S, 0.30%, 02/28/2024	EUR	20		25
Textron, Inc., 2.45%, 03/15/2031		1,900		1,956


				7,959

Packaging & Containers — 0.1%
Ball Corp., 0.88%, 03/15/2024	EUR	2,000		2,443
DS Smith plc, (United Kingdom), Reg. S, 0.88%, 09/12/2026	EUR	2,300		2,864
SIG Combibloc PurchaseCo Sarl, (Luxembourg), Reg. S, 1.88%, 06/18/2023	EUR	2,000		2,522


				7,829

Transportation — 0.3%
AP Moller — Maersk A/S, (Denmark),
Reg. S, 1.75%, 03/16/2026	EUR	1,450		1,901
Reg. S, 4.00%, 04/04/2025	GBP	800		1,223
Brambles Finance Ltd., (Australia), Reg. S, 2.38%, 06/12/2024	EUR	425		560
Burlington Northern Santa Fe LLC,
4.15%, 04/01/2045		50		65
4.55%, 09/01/2044		170		230
4.95%, 09/15/2041		700		971
5.40%, 06/01/2041		70		102
Deutsche Bahn Finance GMBH, (Germany),
Reg. S, 0.50%, 04/09/2027	EUR	140		179
Reg. S, 1.38%, 03/28/2031	EUR	2,000		2,767
Reg. S, 1.38%, 04/16/2040	EUR	50		72
Reg. S, 1.50%, 08/26/2024	CHF	500		606
Reg. S, 1.50%, 12/08/2032	EUR	200		285
Reg. S, 1.63%, 08/16/2033	EUR	100		143
Reg. S, 2.75%, 06/20/2022	GBP	500		710


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Transportation — continued
Reg. S, 3.50%, 09/27/2024	AUD	300		254
Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa)	EUR	1,700		2,170
FedEx Corp.,
1.30%, 08/05/2031	EUR	1,125		1,476
0.70%, 05/13/2022	EUR	425		525
1.63%, 01/11/2027	EUR	700		933
3.80%, 05/15/2025		160		180
Ferrovie dello Stato Italiane SpA, (Italy), Reg. S, 1.50%, 06/27/2025	EUR	100		129
Kansas City Southern, 4.20%, 11/15/2069		10		12
La Poste SA, (France),
Reg. S, 0.38%, 09/17/2027	EUR	100		125
Reg. S, 0.63%, 10/21/2026	EUR	1,300		1,651
Reg. S, 1.38%, 04/21/2032	EUR	1,000		1,352
Network Rail Infrastructure Finance plc, (United Kingdom), Reg. S, 4.38%, 12/09/2030	GBP	190		358
OeBB-Infrastruktur AG, (Austria),
2.25%, 05/28/2029	EUR	325		481
3.00%, 10/24/2033	EUR	100		169
Reg. S, 3.38%, 05/18/2032	EUR	4		7
Reg. S, 3.88%, 06/30/2025	EUR	80		117
4.88%, 06/27/2022	EUR	500		660
Ile-de-France Mobilites, (France), Reg. S, 1.00%, 05/25/2034	EUR	200		273
United Parcel Service, Inc., 1.50%, 11/15/2032	EUR	1,125		1,591


				22,277

Trucking & Leasing — 0.1%
Penske Truck Leasing Co. Lp / PTL Finance Corp., 4.88%, 07/11/2022 (e)		2,800		2,985

Total Industrial				86,294

Technology — 0.6%
Computers — 0.2%
Apple, Inc.,
0.50%, 11/15/2031	EUR	775		993
1.00%, 11/10/2022	EUR	700		876
1.38%, 05/24/2029	EUR	100		136
1.63%, 11/10/2026	EUR	1,125		1,516
2.05%, 09/11/2026		140		150
3.05%, 07/31/2029	GBP	425		708
3.25%, 02/23/2026		50		56
3.35%, 02/09/2027		15		17
3.75%, 09/12/2047		1,000		1,254
Capgemini SE, (France), Reg. S, 0.63%, 06/23/2025	EUR	100		126
Dell International LLC / EMC Corp.,
5.45%, 06/15/2023 (e)		100		111
5.85%, 07/15/2025 (e)		10		12
6.02%, 06/15/2026 (e)		85		104
6.10%, 07/15/2027 (e)		5		6
6.20%, 07/15/2030 (e)		5		6


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Computers — continued
8.10%, 07/15/2036 (e)		83		123
8.35%, 07/15/2046 (e)		167		253
Genpact Luxembourg Sarl, (Luxembourg),
3.38%, 12/01/2024		1,400		1,524
3.70%, 04/01/2022		100		102
Hewlett Packard Enterprise Co., 4.45%, 10/02/2023		120		132
HP, Inc.,
2.20%, 06/17/2025		1,362		1,442
3.00%, 06/17/2027		100		110
NetApp, Inc., 1.88%, 06/22/2025		1,760		1,838
Teleperformance, (France),
Reg. S, 0.25%, 11/26/2027	EUR	500		607
Reg. S, 1.50%, 04/03/2024	EUR	2,600		3,305
Reg. S, 1.88%, 07/02/2025	EUR	200		262


				15,769

Semiconductors — 0.3%
ASML Holding NV, (Netherlands),
Reg. S, 0.63%, 05/07/2029	EUR	100		128
Reg. S, 1.63%, 05/28/2027	EUR	1,450		1,961
Broadcom Corp. / Broadcom Cayman Finance Ltd., (Multinational), 3.00%, 01/15/2022		60		62
Broadcom, Inc.,
2.25%, 11/15/2023		60		63
3.15%, 11/15/2025		30		33
3.46%, 09/15/2026		80		89
4.11%, 09/15/2028		100		114
4.15%, 11/15/2030		150		174
4.30%, 11/15/2032		215		255
4.70%, 04/15/2025		140		160
5.00%, 04/15/2030		2,980		3,622
Infineon Technologies AG, (Germany),
Reg. S, 0.75%, 06/24/2023	EUR	800		999
Reg. S, 1.13%, 06/24/2026	EUR	200		258
Reg. S, 2.00%, 06/24/2032	EUR	1,600		2,218
Marvell Technology Group Ltd., (Bermuda),
4.20%, 06/22/2023		70		76
4.88%, 06/22/2028		250		295
Microchip Technology, Inc., 3.92%, 06/01/2021		2,900		2,941
Micron Technology, Inc.,
2.50%, 04/24/2023		110		115
4.66%, 02/15/2030		27		33
NVIDIA Corp., 3.70%, 04/01/2060		10		13
NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), 3.40%, 05/01/2030 (e)		1,000		1,134
NXP BV / NXP Funding LLC, (Netherlands), 3.88%, 09/01/2022 (e)		2,600		2,740
Texas Instruments, Inc., 1.75%, 05/04/2030		90		93
Xilinx, Inc., 2.38%, 06/01/2030		305		320


				17,896


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Software — 0.1%
Activision Blizzard, Inc.,
1.35%, 09/15/2030		2,000		1,963
2.50%, 09/15/2050		100		98
Adobe, Inc., 2.30%, 02/01/2030		65		70
Citrix Systems, Inc.,
3.30%, 03/01/2030		320		354
4.50%, 12/01/2027		150		176
Fidelity National Information Services, Inc., 3.36%, 05/21/2031	GBP	100		163
Fiserv, Inc., 2.65%, 06/01/2030		155		168
Intuit, Inc., 1.65%, 07/15/2030		355		365
Microsoft Corp.,
2.53%, 06/01/2050		1,100		1,160
2.68%, 06/01/2060		110		119
4.00%, 02/12/2055		10		14
Oracle Corp., 2.50%, 04/01/2025		100		107
SAP SE, (Germany), Reg. S, 1.00%, 04/01/2025	EUR	50		64
ServiceNow, Inc., 1.40%, 09/01/2030		1,955		1,907
VMware, Inc., 4.50%, 05/15/2025		95		109

				6,837

Total Technology				40,502

Utilities — 1.8%
Electric — 1.4%
A2A SpA, (Italy),
Reg. S, 1.00%, 07/16/2029	EUR	100		131
Reg. S, 3.63%, 01/13/2022	EUR	100		127
ACEA SpA, (Italy),
Reg. S, 0.50%, 04/06/2029	EUR	100		123
Reg. S, 2.63%, 07/15/2024	EUR	100		133
AEP Texas, Inc., Series I, 2.10%, 07/01/2030		2,600		2,718
Alliander NV, (Netherlands), 2.88%, 06/14/2024	EUR	100		135
Ameren Corp.,
2.50%, 09/15/2024		30		32
3.50%, 01/15/2031		10		12
Ameren Illinois Co.,
1.55%, 11/15/2030		30		30
3.25%, 03/15/2050		1,200		1,403
American Electric Power Co., Inc.,
2.30%, 03/01/2030		25		26
3.25%, 03/01/2050		20		21
Appalachian Power Co.,
Series Y, 4.50%, 03/01/2049		20		26
Series Z, 3.70%, 05/01/2050		45		54
Arizona Public Service Co.,
2.60%, 08/15/2029		84		91
3.35%, 05/15/2050		10		12
Atlantic City Electric Co., 4.00%, 10/15/2028		50		59
Baltimore Gas and Electric Co., 2.90%, 06/15/2050		10		11


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Electric — continued
Berkshire Hathaway Energy Co.,
2.85%, 05/15/2051 (e)		10		10
4.25%, 10/15/2050 (e)		15		19
5.15%, 11/15/2043		60		83
Black Hills Corp.,
3.05%, 10/15/2029		20		22
3.88%, 10/15/2049		10		12
Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038	GBP	1,325		2,058
CenterPoint Energy Houston Electric LLC, Series AD, 2.90%, 07/01/2050		45		49
CenterPoint Energy, Inc.,
2.95%, 03/01/2030		5		5
4.25%, 11/01/2028		10		12
Coentreprise de Transport d’Electricite SA, (France),
Reg. S, 0.88%, 09/29/2024	EUR	100		126
Reg. S, 2.13%, 07/29/2032	EUR	100		146
Commonwealth Edison Co.,
3.00%, 03/01/2050		100		109
3.70%, 08/15/2028		10		12
4.00%, 03/01/2048		25		31
4.00%, 03/01/2049		10		13
4.70%, 01/15/2044		1,000		1,338
Consolidated Edison Co. of New York, Inc.,
3.85%, 06/15/2046		10		11
Series 09-C, 5.50%, 12/01/2039		10		14
Series 20A, 3.35%, 04/01/2030		70		80
Series 20B, 3.95%, 04/01/2050		55		67
Series A, 4.13%, 05/15/2049		20		25
Consumers Energy Co.,
2.50%, 05/01/2060		10		10
3.10%, 08/15/2050		30		35
3.25%, 08/15/2046		1,100		1,254
3.75%, 02/15/2050		5		6
Dominion Energy South Carolina, Inc., 4.60%, 06/15/2043		1,400		1,878
Dominion Energy, Inc.,
3.90%, 10/01/2025		220		250
4.25%, 06/01/2028		20		24
Series C, 3.38%, 04/01/2030		20		23
DTE Electric Co.,
2.95%, 03/01/2050		25		28
3.70%, 03/15/2045		1,100		1,329
3.95%, 03/01/2049		10		13
DTE Energy Co.,
Series C, 3.40%, 06/15/2029		20		22
Series F, 1.05%, 06/01/2025		1,400		1,416
Duke Energy Carolinas LLC, 5.30%, 02/15/2040		10		14
Duke Energy Corp.,
2.45%, 06/01/2030		10		11
2.65%, 09/01/2026		30		33
3.75%, 09/01/2046		10		11
4.20%, 06/15/2049		10		13


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Electric — continued
Duke Energy Florida LLC, 4.20%, 07/15/2048		10		13
Duke Energy Indiana LLC,
2.75%, 04/01/2050		20		21
Series YYY, 3.25%, 10/01/2049		40		45
Duke Energy Ohio, Inc.,
3.65%, 02/01/2029		10		12
3.70%, 06/15/2046		1,700		2,015
4.30%, 02/01/2049		80		103
E.ON International Finance BV, (Netherlands), Reg. S, 6.13%, 07/06/2039	GBP	350		810
E.ON SE, (Germany), Reg. S, 1.00%, 10/07/2025	EUR	100		128
EDP — Energias de Portugal SA, (Portugal), Reg. S, 1.63%, 04/15/2027	EUR	100		133
EDP Finance BV, (Netherlands), Reg. S, 2.00%, 04/22/2025	EUR	700		925
Electricite de France SA, (France),
Reg. S, 1.00%, 10/13/2026	EUR	600		776
Reg. S, 1.88%, 10/13/2036	EUR	100		143
Reg. S, 2.00%, 12/09/2049	EUR	600		853
Reg. S, 5.13%, 09/22/2050	GBP	200		446
Reg. S, (GBP Swap Rate 15 Year + 3.05%),
5.88%, 01/22/2029 (x) (aa)	GBP	300		475
5.88%, 07/18/2031	GBP	265		523
Reg. S, (GBP Swap Rate 13 Year + 3.96%), 6.00%, 01/29/2026 (x) (aa)	GBP	100		156
Reg. S, 6.13%, 06/02/2034	GBP	300		635
EnBW Energie Baden-Wuerttemberg AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 2.32%), 1.88%, 06/29/2080 (aa)	EUR	100		126
EnBW International Finance BV, (Netherlands), Reg. S, 0.63%, 04/17/2025	EUR	200		253
Enel Finance International NV, (Netherlands),
Reg. S, 0.00%, 06/17/2024	EUR	2,275		2,792
Reg. S, 1.13%, 10/17/2034	EUR	425		563
2.65%, 09/10/2024 (e)		3,500		3,733
3.50%, 04/06/2028 (e)		1,700		1,936
Enel SpA, (Italy),
Reg. S, (EUR Swap Rate 5 Year + 2.68%), 2.25%, 12/10/2026 (x) (aa)	EUR	350		445
Reg. S, (EUR Swap Rate 5 Year + 2.10%), 2.50%, 11/24/2078 (aa)	EUR	425		541
Reg. S, (EUR Swap Rate 5 Year + 3.56%), 3.50%, 05/24/2080 (aa)	EUR	100		134
e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041	EUR	20		41
Enexis Holding NV, (Netherlands),
Reg. S, 0.88%, 04/28/2026	EUR	100		128
Reg. S, 1.50%, 10/20/2023	EUR	100		128
Engie SA, (France), Reg. S, (EUR Swap Rate 5 Year + 3.17%), 3.25%, 11/28/2024 (x) (aa)	EUR	1,800		2,408


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Electric — continued
Entergy Corp.,
0.90%, 09/15/2025		30		30
3.75%, 06/15/2050		30		35
Entergy Louisiana LLC,
1.60%, 12/15/2030		1,500		1,515
2.90%, 03/15/2051		30		32
3.12%, 09/01/2027		2,500		2,786
3.25%, 04/01/2028		10		11
4.20%, 09/01/2048		10		13
Entergy Texas, Inc., 4.00%, 03/30/2029		15		18
ESB Finance DAC, (Ireland),
Reg. S, 1.75%, 02/07/2029	EUR	100		138
Reg. S, 2.13%, 06/08/2027	EUR	100		138
Evergy Kansas Central, Inc., 3.45%, 04/15/2050		5		6
Evergy Metro, Inc.,
4.20%, 03/15/2048		10		13
Series 2019, 4.13%, 04/01/2049		20		26
Series 2020, 2.25%, 06/01/2030		10		10
Evergy, Inc., 2.45%, 09/15/2024		3,000		3,181
Eversource Energy,
3.45%, 01/15/2050		30		34
Series R, 1.65%, 08/15/2030		1,410		1,404
Exelon Corp.,
3.50%, 06/01/2022		2,649		2,755
4.05%, 04/15/2030		10		12
4.45%, 04/15/2046		10		13
FirstEnergy Transmission LLC, 4.35%, 01/15/2025 (e)		1,100		1,199
Florida Power & Light Co.,
3.15%, 10/01/2049		20		23
3.95%, 03/01/2048		500		652
4.13%, 06/01/2048		20		27
FLUVIUS System Operator CVBA, (Belgium), Reg. S, 2.88%, 10/09/2023	EUR	400		528
Fortum OYJ, (Finland),
Reg. S, 2.13%, 02/27/2029	EUR	100		138
Reg. S, 0.88%, 02/27/2023	EUR	170		212
Georgia Power Co., Series B, 3.70%, 01/30/2050		60		72
Hera SpA, (Italy), Reg. S, 2.38%, 07/04/2024	EUR	100		132
Iberdrola International BV, (Netherlands),
Reg. S, 0.38%, 09/15/2025	EUR	1,900		2,371
Reg. S, (EUR Swap Rate 5 Year + 1.59%), 1.88%, 02/22/2023 (x) (aa)	EUR	1,200		1,503
Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.57%), 2.25%, 01/28/2029 (x) (aa)	EUR	800		1,025
Interstate Power and Light Co., 3.50%, 09/30/2049		10		12
Iren SpA, (Italy), Reg. S, 1.00%, 07/01/2030	EUR	550		710
Kentucky Utilities Co., 3.30%, 06/01/2050		15		17


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Electric — continued
MidAmerican Energy Co.,
3.10%, 05/01/2027		10		11
6.75%, 12/30/2031		10		15
Narragansett Electric Co. (The), 3.40%, 04/09/2030 (e)		200		227
National Grid Electricity Transmission plc, (United Kingdom), Reg. S, 2.00%, 04/17/2040	GBP	425		638
National Grid plc, (United Kingdom), Reg. S, 0.55%, 09/18/2029	EUR	1,575		1,971
National Rural Utilities Cooperative Finance Corp.,
1.35%, 03/15/2031		50		49
4.30%, 03/15/2049		20		27
Nevada Power Co.,
Series DD, 2.40%, 05/01/2030		100		108
Series EE, 3.13%, 08/01/2050		30		33
NextEra Energy Capital Holdings, Inc.,
2.25%, 06/01/2030		1,280		1,342
2.75%, 11/01/2029		35		38
Northern Powergrid Holdings Co., (United Kingdom), 7.25%, 12/15/2022	GBP	450		696
Northern Powergrid Yorkshire plc, (United Kingdom), Reg. S, 5.13%, 05/04/2035	GBP	50		100
Northern States Power Co., 2.60%, 06/01/2051		25		27
NRG Energy, Inc.,
2.00%, 12/02/2025 (e)		2,150		2,230
2.45%, 12/02/2027 (e)		1,275		1,342
Oglethorpe Power Corp., 5.05%, 10/01/2048		20		25
Oklahoma Gas and Electric Co., 4.15%, 04/01/2047		900		1,109
Oncor Electric Delivery Co. LLC,
2.75%, 06/01/2024		20		22
3.10%, 09/15/2049		50		57
3.70%, 05/15/2050		5		6
Orsted A/S, (Denmark),
Reg. S, 5.75%, 04/09/2040	GBP	225		531
Reg. S, (EUR Swap Rate 5 Year + 4.75%), 6.25%, 06/26/3013 (aa)	EUR	600		830
Pacific Gas and Electric Co.,
1.75%, 06/16/2022		50		50
3.15%, 01/01/2026		20		21
3.50%, 08/01/2050		20		20
3.75%, 07/01/2028		10		11
4.50%, 07/01/2040		100		112
4.55%, 07/01/2030		10		11
4.95%, 07/01/2050		10		12
PacifiCorp.,
3.30%, 03/15/2051		800		918
4.15%, 02/15/2050		15		19


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Electric — continued
PECO Energy Co., 2.80%, 06/15/2050		50		53
PPL Capital Funding, Inc.,
4.13%, 04/15/2030		120		144
5.00%, 03/15/2044		1,000		1,291
Public Service Co. of Colorado, Series 36, 2.70%, 01/15/2051		10		11
Public Service Electric and Gas Co.,
2.05%, 08/01/2050		10		9
2.45%, 01/15/2030		20		22
3.65%, 09/01/2028		120		139
3.85%, 05/01/2049		10		13
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025		3,000		3,001
Puget Energy, Inc., 4.10%, 06/15/2030		10		11
Puget Sound Energy, Inc., 3.25%, 09/15/2049		20		22
Red Electrica Financiaciones SAU, (Spain), Reg. S, 1.13%, 04/24/2025	EUR	100		129
RTE Reseau de Transport d’Electricite SADIR, (France),
Reg. S, 1.50%, 09/27/2030	EUR	200		277
Reg. S, 1.63%, 11/27/2025	EUR	300		397
Reg. S, 2.00%, 04/18/2036	EUR	100		152
San Diego Gas & Electric Co., 4.15%, 05/15/2048		820		1,031
Sempra Energy,
3.40%, 02/01/2028		10		11
4.00%, 02/01/2048		10		12
Southern California Edison Co.,
2.85%, 08/01/2029		10		11
3.65%, 02/01/2050		60		68
4.00%, 04/01/2047		20		23
4.05%, 03/15/2042		900		1,032
6.05%, 03/15/2039		10		14
Series B, 3.65%, 03/01/2028		25		28
Series D, 3.40%, 06/01/2023		1,400		1,486
Series E, 3.70%, 08/01/2025		10		11
Southern Co. (The), Series A, 3.70%, 04/30/2030		75		87
Southwestern Public Service Co.,
3.70%, 08/15/2047		1,000		1,181
Series 8, 3.15%, 05/01/2050		60		67
SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031	GBP	100		150
SSE plc, (United Kingdom), Reg. S, 1.75%, 04/16/2030	EUR	1,300		1,776
Stedin Holding NV, (Netherlands),
Reg. S, 0.88%, 10/24/2025	EUR	100		128
Reg. S, (EUR Swap Rate 5 Year + 2.75%), 3.25%, 12/01/2021 (x) (aa)	EUR	100		125
Tampa Electric Co., 4.30%, 06/15/2048		10		13
TenneT Holding BV, (Netherlands),
Reg. S, 0.88%, 06/03/2030	EUR	120		158
Reg. S, 1.00%, 06/13/2026	EUR	200		259
Reg. S, 1.75%, 06/04/2027	EUR	300		408


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Electric — continued
Terna Rete Elettrica Nazionale SpA, (Italy),
Reg. S, 0.38%, 09/25/2030	EUR	425		529
Reg. S, 0.75%, 07/24/2032	EUR	100		129
Reg. S, 1.38%, 07/26/2027	EUR	1,125		1,500
Tucson Electric Power Co.,
1.50%, 08/01/2030		30		30
4.00%, 06/15/2050		10		12
Union Electric Co., 3.25%, 10/01/2049		40		46
Virginia Electric and Power Co.,
3.30%, 12/01/2049		50		59
Series B, 3.80%, 09/15/2047		35		43
Vistra Operations Co. LLC, 3.55%, 07/15/2024 (e)		1,400		1,516
WEC Energy Group, Inc., 3.55%, 06/15/2025		168		187
Western Power Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027	GBP	20		36
Wisconsin Power and Light Co., 3.00%, 07/01/2029		50		56
Wisconsin Public Service Corp., 3.30%, 09/01/2049		5		6
Xcel Energy, Inc.,
3.40%, 06/01/2030		20		23
3.50%, 12/01/2049		20		23

				88,540

Gas — 0.3%
APT Pipelines Ltd., (Australia), Reg. S, 2.00%, 07/15/2030	EUR	1,000		1,376
Atmos Energy Corp.,
1.50%, 01/15/2031		1,630		1,629
2.63%, 09/15/2029		15		16
3.38%, 09/15/2049		210		244
4.15%, 01/15/2043		10		13
Italgas SpA, (Italy),
Reg. S, 1.00%, 12/11/2031	EUR	1,125		1,488
Reg. S, 1.13%, 03/14/2024	EUR	850		1,079
National Grid Gas plc, (United Kingdom), Reg. S, 1.38%, 02/07/2031	GBP	1,600		2,268
Nederlandse Gasunie NV, (Netherlands), Reg. S, 2.63%, 07/13/2022	EUR	100		127
NiSource, Inc.,
0.95%, 08/15/2025		3,000		3,018
3.49%, 05/15/2027		130		148
3.60%, 05/01/2030		25		29
4.80%, 02/15/2044		10		13
Piedmont Natural Gas Co., Inc., 3.35%, 06/01/2050		15		17
Redexis Gas Finance BV, (Netherlands), Reg. S, 1.88%, 05/28/2025	EUR	1,300		1,690
Snam SpA, (Italy), Reg. S, 0.88%, 10/25/2026	EUR	850		1,091


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Gas — continued
Southern California Gas Co.,
Series VV, 4.30%, 01/15/2049		20		26
Series XX, 2.55%, 02/01/2030		25		27
Southern Co. Gas Capital Corp.,
3.95%, 10/01/2046		20		24
Series 20-A, 1.75%, 01/15/2031		3,700		3,724
Southern Gas Networks plc, (United Kingdom),
Reg. S, 2.50%, 02/03/2025	GBP	425		628
6.38%, 05/15/2040	GBP	425		1,031
Southwest Gas Corp.,
2.20%, 06/15/2030		45		48
4.15%, 06/01/2049		10		12
Wales & West Utilities Finance plc, (United Kingdom), Reg. S, 1.88%, 05/28/2041	GBP	425		617
Washington Gas Light Co., 3.65%, 09/15/2049		10		12


				20,395

Water — 0.1%
Affinity Water Finance plc, (United Kingdom), 5.88%, 07/13/2026	GBP	30		52
American Water Capital Corp.,
2.80%, 05/01/2030		25		28
4.15%, 06/01/2049		35		46
Essential Utilities, Inc., 2.70%, 04/15/2030		40		43
Northumbrian Water Finance plc, (United Kingdom),
Reg. S, 1.63%, 10/11/2026	GBP	425		609
Reg. S, 5.63%, 04/29/2033	GBP	225		463
Thames Water Utilities Finance plc, (United Kingdom),
Reg. S, 2.38%, 04/22/2040	GBP	300		448
Reg. S, 5.50%, 02/11/2041	GBP	550		1,212
6.75%, 11/16/2028	GBP	180		348
United Utilities Water Finance plc, (United Kingdom), Reg. S, 2.00%, 07/03/2033	GBP	900		1,365
Wessex Water Services Finance plc, (United Kingdom),
Reg. S, 1.50%, 09/17/2029	GBP	700		992
5.38%, 03/10/2028	GBP	225		401
Reg. S, 5.75%, 10/14/2033	GBP	375		789

				6,796

Total Utilities				115,731

Total Corporate Bonds (Cost $1,274,755)				1,320,988

Foreign Government Securities — 48.3%
Action Logement Services, (France), Reg. S, 0.50%, 10/30/2034	EUR	100		128
Adif Alta Velocidad, (Spain),
Reg. S, 0.55%, 04/30/2030	EUR	200		253


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Reg. S, 1.88%, 09/22/2022	EUR	600		761
Reg. S, 1.88%, 01/28/2025	EUR	100		133
Agence Francaise de Developpement EPIC, (France),
Reg. S, 0.00%, 03/25/2025	EUR	200		249
Reg. S, 0.25%, 07/21/2026	EUR	500		632
Reg. S, 0.25%, 06/29/2029	EUR	400		507
Reg. S, 0.38%, 04/30/2024	EUR	400		502
Reg. S, 0.50%, 05/25/2030	EUR	200		259
Reg. S, 0.50%, 05/31/2035	EUR	300		386
Reg. S, 1.38%, 09/17/2024	EUR	500		652
Reg. S, 1.50%, 10/31/2034	EUR	100		145
Agence France Locale, (France),
Reg. S, 0.00%, 09/20/2027	EUR	500		622
Reg. S, 0.13%, 06/20/2026	EUR	100		125
Reg. S, 1.13%, 06/20/2028	EUR	1,000		1,344
Agricultural Development Bank of China, (China), 2.25%, 03/12/2022	CNY	62,000		9,419
Reg. S, 3.40%, 11/06/2024	CNH	56,000		8,711
Series 1512, 4.18%, 05/04/2022	CNY	8,000		1,245
Series 1605, 3.33%, 01/06/2026	CNY	17,000		2,604
Series 1712, 4.21%, 08/23/2022	CNY	27,000		4,216
Series 1806, 4.65%, 05/11/2028	CNY	8,100		1,324
Series 1813, 3.55%, 11/21/2023	CNY	600		93
Series 1901, 3.75%, 01/25/2029	CNY	7,000		1,078
Series 1906, 3.74%, 07/12/2029	CNY	73,000		11,229
Series 1907, 3.12%, 07/17/2022	CNY	40,000		6,138
Series 1908, 3.63%, 07/19/2026	CNY	95,300		14,751
Series 1909, 3.24%, 08/14/2024	CNY	58,000		8,887
Series 2002, 2.20%, 04/01/2023	CNY	101,200		15,184
Series 2004, 2.96%, 04/17/2030	CNY	91,000		13,164
Series 2005, 2.25%, 04/22/2025	CNY	130,700		19,178
Auckland Council, (New Zealand),
Reg. S, 1.00%, 01/19/2027	EUR	300		393
Reg. S, 1.50%, 11/28/2025	CHF	300		370
Australia Government Bond, (Australia),
Series 128, Reg. S, 5.75%, 07/15/2022	AUD	5,500		4,609
Series 133, Reg. S, 5.50%, 04/21/2023	AUD	14,600		12,647
Series 136, Reg. S, 4.75%, 04/21/2027	AUD	8,000		7,780
Series 138, Reg. S, 3.25%, 04/21/2029	AUD	365		337
Series 140, Reg. S, 4.50%, 04/21/2033	AUD	8,500		9,095
Series 142, Reg. S, 4.25%, 04/21/2026	AUD	5,000		4,635
Series 144, Reg. S, 3.75%, 04/21/2037	AUD	950		976
Series 145, Reg. S, 2.75%, 06/21/2035	AUD	450		412
Series 148, Reg. S, 2.75%, 11/21/2027	AUD	3,250		2,868
Series 149, Reg. S, 2.25%, 05/21/2028	AUD	200		172
Series 150, Reg. S, 3.00%, 03/21/2047	AUD	980		930
Series 152, Reg. S, 2.75%, 11/21/2028	AUD	1,400		1,245
Series 153, 2.25%, 11/21/2022	AUD	1,000		802
Series 154, Reg. S, 2.75%, 11/21/2029	AUD	34,155		30,582
Series 155, Reg. S, 2.50%, 05/21/2030	AUD	4,050		3,568
Series 156, Reg. S, 2.75%, 05/21/2041	AUD	5,491		4,983
Series 159, Reg. S, 0.25%, 11/21/2024	AUD	12,383		9,571
Series 160, Reg. S, 1.00%, 12/21/2030	AUD	2,250		1,739


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — continued
Series 161, Reg. S, 0.25%, 11/21/2025	AUD	2,100		1,613
Series 162, Reg. S, 1.75%, 06/21/2051	AUD	3,150		2,311
Series 139, Reg. S, 3.25%, 04/21/2025	AUD	7,475		6,502
Australian Capital Territory, (Australia), Reg. S, 1.25%, 05/22/2025	AUD	200		161
Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria),
Reg. S, 0.10%, 07/09/2029	EUR	500		633
Reg. S, 0.63%, 09/15/2022	EUR	160		199
Reg. S, 2.75%, 06/20/2033	EUR	130		216
Autonomous Community of Andalusia Spain, (Spain), Reg. S, 1.38%, 04/30/2029	EUR	30		41
Autonomous Community of Madrid Spain, (Spain),
Reg. S, 1.19%, 05/08/2022	EUR	600		749
Reg. S, 1.83%, 04/30/2025	EUR	270		360
4.30%, 09/15/2026	EUR	500		768
Basque Government, (Spain),
Reg. S, 0.85%, 04/30/2030	EUR	50		65
Reg. S, 1.75%, 03/16/2026	EUR	170		230
Bermuda Government International Bond, (Bermuda), 2.38%, 08/20/2030 (e)		670		703
BNG Bank NV, (Netherlands),
Reg. S, 0.10%, 01/15/2030	EUR	320		405
Reg. S, 0.13%, 04/11/2026	EUR	530		667
Reg. S, 0.13%, 07/09/2035	EUR	130		163
Reg. S, 0.20%, 11/09/2024	EUR	550		690
Reg. S, 0.38%, 01/14/2022	EUR	200		247
Reg. S, 0.88%, 10/17/2035	EUR	100		139
Reg. S, 1.50%, 07/15/2039	EUR	170		261
Reg. S, 3.88%, 05/26/2023	EUR	470		635
Bonos de la Tesoreria de la Republica en pesos, (Chile), Reg. S, 4.70%, 09/01/2030 (e)	CLP	70,000		117
Bpifrance Financement SA, (France),
Reg. S, 0.13%, 11/25/2023	EUR	300		373
Reg. S, 0.13%, 03/25/2025	EUR	400		499
Reg. S, 0.25%, 03/29/2030	EUR	200		253
Reg. S, 0.63%, 05/25/2026	EUR	500		644
Reg. S, 0.75%, 07/22/2022	GBP	200		276
Reg. S, 0.88%, 09/26/2028	EUR	200		266
Reg. S, 1.00%, 05/25/2027	EUR	500		662
Reg. S, 2.38%, 04/25/2022	EUR	300		380
Bulgaria Government International Bond, (Bulgaria), Reg. S, 2.95%, 09/03/2024	EUR	400		547
Bundesobligation, (Germany),
Series 176, Reg. S, 0.00%, 10/07/2022	EUR	1,030		1,274
Series 178, Reg. S, 0.00%, 10/13/2023	EUR	2,790		3,481
Series 179, Reg. S, 0.00%, 04/05/2024	EUR	79		99
Series 180, Reg. S, 0.00%, 10/18/2024	EUR	930		1,169
Series 181, Reg. S, 0.00%, 04/11/2025	EUR	790		997
Series 182, Reg. S, 0.00%, 10/10/2025	EUR	4,670		5,909


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Bundesrepublik Deutschland Bundesanleihe, (Germany),
Reg. S, 0.00%, 08/15/2026	EUR	2,070		2,636
Reg. S, 0.00%, 11/15/2027	EUR	1,560		1,998
Reg. S, 0.00%, 08/15/2029	EUR	1,540		1,986
Reg. S, 0.00%, 02/15/2030	EUR	890		1,149
Reg. S, 0.00%, 08/15/2030	EUR	1,000		1,291
Reg. S, 0.00%, 05/15/2035	EUR	2,165		2,795
Reg. S, 0.00%, 08/15/2050	EUR	730		936
Reg. S, 0.25%, 02/15/2027	EUR	2,400		3,112
Reg. S, 0.25%, 08/15/2028	EUR	43		56
Reg. S, 0.25%, 02/15/2029	EUR	210		276
Reg. S, 0.50%, 02/15/2025	EUR	227		292
Reg. S, 0.50%, 02/15/2026	EUR	140		182
Reg. S, 0.50%, 08/15/2027	EUR	2,160		2,856
Reg. S, 0.50%, 02/15/2028	EUR	230		306
Reg. S, 1.00%, 08/15/2024	EUR	250		325
Reg. S, 1.00%, 08/15/2025	EUR	1,130		1,494
Reg. S, 1.25%, 08/15/2048	EUR	1,050		1,807
Reg. S, 1.50%, 02/15/2023	EUR	1,240		1,588
Reg. S, 1.50%, 05/15/2023	EUR	3,510		4,519
Reg. S, 1.75%, 07/04/2022	EUR	330		418
Reg. S, 2.00%, 01/04/2022	EUR	2,119		2,661
Reg. S, 2.00%, 08/15/2023	EUR	3,450		4,522
Reg. S, 2.50%, 07/04/2044	EUR	1,460		2,995
Reg. S, 2.50%, 08/15/2046	EUR	2,165		4,559
Reg. S, 3.25%, 07/04/2042	EUR	480		1,055
Reg. S, 5.50%, 01/04/2031	EUR	940		1,872
Reg. S, 6.25%, 01/04/2030	EUR	775		1,555
Series 3, Reg. S, 4.75%, 07/04/2034	EUR	760		1,611
Series 5, Reg. S, 4.00%, 01/04/2037	EUR	1,037		2,194
Series 8, Reg. S, 4.75%, 07/04/2040	EUR	900		2,239
Series 97, Reg. S, 6.50%, 07/04/2027	EUR	1,410		2,555
Series 98, Reg. S, 4.75%, 07/04/2028	EUR	1,060		1,842
Series 98, Reg. S, 5.63%, 01/04/2028	EUR	12		21
Series 2007, Reg. S, 4.25%, 07/04/2039	EUR	1,020		2,352
Series G, Reg. S, 0.00%, 08/15/2030	EUR	770		997
Bundesschatzanweisungen, (Germany),
Reg. S, 0.00%, 03/11/2022	EUR	400		493
Reg. S, 0.00%, 06/10/2022	EUR	2,050		2,529
Caisse d’Amortissement de la Dette Sociale, (France),
Reg. S, 0.00%, 02/25/2028	EUR	200		251
Reg. S, 0.00%, 11/25/2030	EUR	300		374
Reg. S, 0.13%, 10/25/2023	EUR	1,800		2,241
Reg. S, 4.00%, 12/15/2025	EUR	316		473
Series DIP, Reg. S, 0.13%, 11/25/2022	EUR	300		371
Caisse des Depots et Consignations, (France), Reg. S, 0.00%, 06/19/2024	EUR	300		374
Caisse Francaise de Financement Local, (France),
Reg. S, 0.01%, 05/07/2025	EUR	100		124
Reg. S, 1.25%, 05/11/2032	EUR	100		142
Reg. S, 1.50%, 06/28/2038	EUR	200		307
Series 12, Reg. S, 0.63%, 01/26/2023	EUR	200		250


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — continued
Canada Housing Trust No. 1, (Canada), 0.95%, 06/15/2025 (e)	CAD	1,000		798
Canadian Government Bond, (Canada),
1.00%, 06/01/2027	CAD	200		162
1.25%, 06/01/2030	CAD	600		496
3.50%, 12/01/2045	CAD	1,500		1,782
4.00%, 06/01/2041	CAD	150		181
Canton of Geneva Switzerland, (Switzerland), Reg. S, 0.02%, 11/27/2024	CHF	240		275
Canton of Zurich, (Switzerland), Reg. S, 0.10%, 06/23/2045	CHF	50		58
Cassa Depositi e Prestiti SpA, (Italy),
Reg. S, 0.75%, 11/21/2022	EUR	600		746
Reg. S, 1.00%, 09/21/2028	EUR	100		127
Reg. S, 2.00%, 04/20/2027	EUR	100		135
Reg. S, 2.13%, 09/27/2023	EUR	200		259
Chile Government International Bond, (Chile),
0.83%, 07/02/2031	EUR	550		702
3.24%, 02/06/2028		200		227
China Development Bank, (China),
Reg. S, 0.88%, 01/24/2024	EUR	425		531
Reg. S, 4.35%, 08/06/2024	CNH	5,000		802
Reg. S, 4.35%, 09/19/2024	CNH	1,000		160
Series 1518, 3.74%, 09/10/2025	CNY	18,000		2,803
Series 1706, 4.02%, 04/17/2022	CNY	22,000		3,417
Series 1804, 4.69%, 03/23/2023	CNY	143,000		22,640
Series 1805, 4.88%, 02/09/2028	CNY	17,000		2,833
Series 1806, 4.73%, 04/02/2025	CNY	10,230		1,654
Series 1810, 4.04%, 07/06/2028	CNY	17,000		2,680
Series 1811, 3.76%, 08/14/2023	CNY	11,000		1,713
Series 1903, 3.30%, 02/01/2024	CNY	120,000		18,476
Series 1905, 3.48%, 01/08/2029	CNY	186,500		28,244
Series 1907, 3.18%, 05/17/2022	CNY	200		31
Series 1908, 3.42%, 07/02/2024	CNY	121,000		18,668
Series 1909, 3.50%, 08/13/2026	CNY	34,600		5,315
Series 1910, 3.65%, 05/21/2029	CNY	187,900		28,779
Series 1914, 2.97%, 10/25/2022	CNY	27,000		4,135
Series 1915, 3.45%, 09/20/2029	CNY	104,000		15,690
Series 2003, 3.23%, 01/10/2025	CNY	197,300		30,221
Series 2004, 3.43%, 01/14/2027	CNY	80,000		12,228
China Government Bond, (China),
1.99%, 04/09/2025	CNY	330,000		48,486
2.20%, 02/13/2022	CNY	15,700		2,389
2.36%, 07/02/2023	CNY	332,500		50,236
2.64%, 08/13/2022	CNY	266,000		40,601
2.85%, 06/04/2027	CNY	606,500		91,032
Reg. S, 3.30%, 07/04/2023	CNH	2,000		312
Reg. S, 3.31%, 11/30/2025	CNH	2,000		315
Reg. S, 3.38%, 11/21/2024	CNH	3,000		472
Reg. S, 3.38%, 07/04/2026	CNH	24,000		3,799
3.39%, 03/16/2050	CNY	240,300		34,222
Reg. S, 3.60%, 06/27/2028	CNH	8,500		1,368
Reg. S, 3.60%, 05/21/2030	CNH	7,000		1,134


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

3.73%, 05/25/2070	CNY	63,800		9,582
3.81%, 09/14/2050	CNY	142,000		22,023
Reg. S, 3.85%, 12/12/2026	CNH	19,000		3,089
Reg. S, 4.00%, 05/22/2024	CNH	8,500		1,360
Reg. S, 4.00%, 11/30/2035	CNH	6,500		1,094
Reg. S, 4.15%, 12/04/2027	CNH	20,000		3,325
Reg. S, 4.40%, 12/12/2046	CNH	25,000		4,432
Series 1809, 3.17%, 04/19/2023	CNY	17,000		2,621
Series 1819, 3.54%, 08/16/2028	CNY	500		79
Series 1824, 4.08%, 10/22/2048	CNY	22,100		3,545
Series 1827, 3.25%, 11/22/2028	CNY	143,100		21,926
Series 1906, 3.29%, 05/23/2029	CNY	10,000		1,535
Series 1907, 3.25%, 06/06/2026	CNY	15,700		2,427
Series 1908, 4.00%, 06/24/2069	CNY	5,000		792
Series 1910, 3.86%, 07/22/2049	CNY	2,500		387
Series 1911, 2.75%, 08/08/2022	CNY	18,000		2,752
Series 1913, 2.94%, 10/17/2024	CNY	10,000		1,528
Series 1916, 3.12%, 12/05/2026	CNY	15,000		2,292
China Government International Bond, (China),
Reg. S, 0.13%, 11/12/2026	EUR	200		246
Reg. S, 0.50%, 11/12/2031	EUR	650		798
City of Milan Italy, (Italy), 4.02%, 06/29/2035	EUR	40		66
City of Montreal Canada, (Canada), 2.30%, 09/01/2029	CAD	600		511
City of Paris France, (France), Reg. S, 1.75%, 05/25/2031	EUR	200		289
City of Quebec Canada, (Canada), 2.65%, 12/20/2027	CAD	565		486
City of Toronto Canada, (Canada),
2.95%, 04/28/2035	CAD	200		177
3.50%, 06/02/2036	CAD	300		284
Colombia Government International Bond, (Colombia), 3.00%, 01/30/2030		200		210
Corp. de Reservas Estrategicas de Productos Petroliferos Cores, (Spain), Reg. S, 1.50%, 11/27/2022	EUR	600		758
CPPIB Capital, Inc., (Canada),
Reg. S, 0.25%, 04/06/2027	EUR	1,450		1,828
Reg. S, 0.38%, 06/20/2024	EUR	300		377
Reg. S, 0.75%, 07/15/2049	EUR	300		407
Cyprus Government International Bond, (Cyprus),
Reg. S, 0.63%, 01/21/2030	EUR	235		299
Reg. S, 1.25%, 01/21/2040	EUR	720		948
Reg. S, 2.25%, 04/16/2050	EUR	10		16
Czech Republic Government Bond, (Czech Republic),
Series 49, Reg. S, 4.20%, 12/04/2036	CZK	5,390		349
Series 58, Reg. S, 5.70%, 05/25/2024	CZK	140		8
Series 78, Reg. S, 2.50%, 08/25/2028	CZK	7,890		405
Series 89, Reg. S, 2.40%, 09/17/2025	CZK	16,910		845
Series 95, Reg. S, 1.00%, 06/26/2026	CZK	500		23
Series 97, Reg. S, 0.45%, 10/25/2023	CZK	12,000		560
Series 100, 0.25%, 02/10/2027	CZK	10,380		461
Series 103, 2.00%, 10/13/2033	CZK	2,260		112


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — continued
Series 105, 2.75%, 07/23/2029	CZK	11,450		602
Series 121, 1.20%, 03/13/2031	CZK	4,970		229
Denmark Government Bond, (Denmark),
1.50%, 11/15/2023	DKK	3,960		690
1.75%, 11/15/2025	DKK	1,380		253
4.50%, 11/15/2039	DKK	5,350		1,681
7.00%, 11/10/2024	DKK	1,470		313
Series 10Y, 0.50%, 11/15/2027	DKK	4,540		798
Series 10YR, Reg. S, 0.50%, 11/15/2029 (e)	DKK	7,935		1,413
Series 30Y, Reg. S, 0.25%, 11/15/2052 (e)	DKK	1,460		263
Development Bank of Japan, Inc., (Japan),
Reg. S, 1.13%, 04/28/2023	GBP	600		835
4.75%, 11/26/2027	EUR	900		1,472
Series 86, 0.24%, 10/13/2027	JPY	100,000		975
Estonia Government International Bond, (Estonia), Reg. S, 0.13%, 06/10/2030	EUR	200		252
European Union, (Supranational), Reg. S, 3.38%, 04/04/2032	EUR	600		1,045
Export-Import Bank of China (The), (China),
Series 1603, 3.33%, 02/22/2026	CNY	100		15
Series 1703, 4.11%, 03/20/2027	CNY	10,000		1,580
Series 1905, 3.28%, 02/11/2024	CNY	43,000		6,602
Series 1906, 3.37%, 06/03/2022	CNY	60,000		9,245
Series 1908, 3.23%, 11/04/2022	CNY	8,000		1,231
Series 1910, 3.86%, 05/20/2029	CNY	53,000		8,232
Series 2002, 2.05%, 04/07/2022	CNY	20,000		3,029
Series 2003, 2.17%, 04/07/2023	CNY	17,500		2,629
Series 2005, 2.93%, 03/02/2025	CNY	114,600		17,321
Series 2007, 3.26%, 02/24/2027	CNY	48,000		7,256
Series 2010, 3.23%, 03/23/2030	CNY	40,500		5,997
Series 2012, 2.95%, 08/10/2022	CNY	66,000		10,103
Export-Import Bank of Korea, (South Korea), Reg. S, 8.00%, 05/15/2024	IDR	400,000		31
Federal Judiciary Office Building Trust, Zero Coupon, 02/15/2024		100		97
Finland Government Bond, (Finland),
Reg. S, 0.00%, 09/15/2023 (e)	EUR	330		411
Reg. S, 0.13%, 04/15/2036 (e)	EUR	120		153
Reg. S, 0.25%, 09/15/2040 (e)	EUR	220		285
Reg. S, 0.50%, 04/15/2026 (e)	EUR	820		1,066
Reg. S, 0.50%, 09/15/2027 (e)	EUR	280		368
Reg. S, 0.50%, 09/15/2029 (e)	EUR	610		811
Reg. S, 0.75%, 04/15/2031 (e)	EUR	10		14
Reg. S, 0.88%, 09/15/2025 (e)	EUR	430		565
Reg. S, 1.13%, 04/15/2034 (e)	EUR	360		521
Reg. S, 1.50%, 04/15/2023 (e)	EUR	454		583
Reg. S, 2.00%, 04/15/2024 (e)	EUR	250		333
Reg. S, 2.63%, 07/04/2042 (e)	EUR	170		330
Series 5y, Reg. S, 0.00%, 04/15/2022 (e)	EUR	6		8
Series 30Y, Reg. S, 1.38%, 04/15/2047 (e)	EUR	270		452


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Finnvera OYJ, (Finland),
Reg. S, 0.38%, 04/09/2029	EUR	100		129
Reg. S, 0.75%, 08/07/2028	EUR	100		133
Fondo De Titulizacion Del Deficit Del Sistema Electrico FTA, (Spain),
Reg. S, 0.01%, 09/17/2025	EUR	100		124
Reg. S, 0.85%, 12/17/2023	EUR	600		760
Free and Hanseatic City of Hamburg, (Germany),
Reg. S, 0.00%, 04/07/2026	EUR	280		351
Reg. S, 0.01%, 06/30/2028	EUR	180		227
Reg. S, 0.20%, 09/03/2049	EUR	70		86
Free State of Bavaria, (Germany), Reg. S, 0.01%, 01/18/2035	EUR	352		437
French Republic Government Bond OAT, (France),
Reg. S, 0.00%, 11/25/2029	EUR	2,540		3,218
Reg. S, 0.00%, 02/25/2022	EUR	2,460		3,029
Reg. S, 0.00%, 05/25/2022	EUR	2,260		2,788
Reg. S, 0.00%, 02/25/2023	EUR	1,600		1,985
Reg. S, 0.00%, 03/25/2023	EUR	2,530		3,140
Reg. S, 0.00%, 03/25/2024	EUR	1,300		1,625
Reg. S, 0.00%, 03/25/2025	EUR	3,340		4,197
Reg. S, 0.00%, 11/25/2030	EUR	1,530		1,933
Reg. S, 0.25%, 11/25/2026	EUR	2,730		3,506
Reg. S, 0.50%, 05/25/2025	EUR	3,140		4,034
Reg. S, 0.50%, 05/25/2026	EUR	28		36
Reg. S, 0.50%, 05/25/2029	EUR	1,920		2,538
Reg. S, 0.50%, 05/25/2040 (e)	EUR	2,190		2,886
Reg. S, 0.75%, 05/25/2028	EUR	1,140		1,526
Reg. S, 0.75%, 11/25/2028	EUR	1,140		1,532
Reg. S, 0.75%, 05/25/2052 (e)	EUR	2,230		3,035
Reg. S, 1.00%, 11/25/2025	EUR	470		622
Reg. S, 1.00%, 05/25/2027	EUR	2,430		3,274
Reg. S, 1.25%, 05/25/2034	EUR	1,580		2,299
Reg. S, 1.25%, 05/25/2036 (e)	EUR	1,350		1,984
Reg. S, 1.50%, 05/25/2031	EUR	810		1,181
Reg. S, 1.50%, 05/25/2050 (e)	EUR	1,260		2,050
Reg. S, 1.75%, 05/25/2023	EUR	1,840		2,381
Reg. S, 1.75%, 11/25/2024	EUR	2,930		3,926
Reg. S, 1.75%, 06/25/2039 (e)	EUR	1,060		1,711
Reg. S, 1.75%, 05/25/2066 (e)	EUR	750		1,394
Reg. S, 2.00%, 05/25/2048 (e)	EUR	1,060		1,887
Reg. S, 2.25%, 10/25/2022	EUR	900		1,159
Reg. S, 2.25%, 05/25/2024	EUR	300		404
Reg. S, 2.50%, 05/25/2030	EUR	5,190		8,099
Reg. S, 2.75%, 10/25/2027	EUR	1,560		2,345
Reg. S, 3.00%, 04/25/2022	EUR	720		922
Reg. S, 3.25%, 05/25/2045	EUR	1,220		2,575
Reg. S, 3.50%, 04/25/2026	EUR	36		54
Reg. S, 4.00%, 10/25/2038	EUR	850		1,787
Reg. S, 4.00%, 04/25/2055 (e)	EUR	790		2,092
Reg. S, 4.00%, 04/25/2060	EUR	540		1,515
Reg. S, 4.50%, 04/25/2041	EUR	1,460		3,379


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — continued
Reg. S, 4.75%, 04/25/2035	EUR	1,750		3,665
Reg. S, 5.50%, 04/25/2029	EUR	1,830		3,377
Reg. S, 5.75%, 10/25/2032	EUR	930		1,960
Reg. S, 6.00%, 10/25/2025	EUR	2,740		4,442
Reg. S, 8.50%, 04/25/2023	EUR	1,220		1,809
Gemeinsame Deutsche Bundeslaender, (Germany),
Series 46, Reg. S, 1.13%, 09/30/2024	EUR	720		935
Series 58, Reg. S, 0.00%, 02/19/2027	EUR	220		276
Hong Kong Government Bond Programme, (Hong Kong), 1.97%, 01/17/2029	HKD	1,300		185
Housing & Development Board, (Singapore),
Reg. S, 1.76%, 02/24/2027	SGD	250		199
2.09%, 08/30/2022	SGD	500		389
Reg. S, 2.25%, 11/21/2024	SGD	750		603
Reg. S, 2.32%, 01/24/2028	SGD	250		207
Reg. S, 2.60%, 10/30/2029	SGD	500		425
Hungary Government Bond, (Hungary),
Series 24/C, 2.50%, 10/24/2024	HUF	281,740		1,003
Series 26/E, 1.50%, 04/22/2026	HUF	100,410		341
Series 27/A, 3.00%, 10/27/2027	HUF	194,780		718
Series 28/A, 6.75%, 10/22/2028	HUF	25,000		115
Series 30/A, 3.00%, 08/21/2030	HUF	118,640		433
Hungary Government International Bond, (Hungary), Reg. S, 1.75%, 10/10/2027	EUR	425		571
Hydro-Quebec, (Canada), 6.00%, 02/15/2040	CAD	300		390
SUB, 8.40%, 03/28/2025		200		263
9.40%, 02/01/2021		12		12
Indonesia Government International Bond, (Indonesia), 0.90%, 02/14/2027	EUR	1,600		1,984
Reg. S, 2.15%, 07/18/2024	EUR	550		715
4.45%, 02/11/2024		200		221
Indonesia Treasury Bond, (Indonesia),
Series FR63, 5.63%, 05/15/2023	IDR	55,000,000		4,041
Series FR74, 7.50%, 08/15/2032	IDR	90,000,000		6,965
Series FR75, 7.50%, 05/15/2038	IDR	101,000,000		7,837
Series FR80, 7.50%, 06/15/2035	IDR	10,000,000		790
Series FR81, 6.50%, 06/15/2025	IDR	119,400,000		8,952
Series FR82, 7.00%, 09/15/2030	IDR	65,820,000		5,071
Series FR83, 7.50%, 04/15/2040	IDR	9,000,000		711
Series FR86, 5.50%, 04/15/2026	IDR	52,000,000		3,755
Infraestruturas de Portugal SA, (Portugal), Reg. S, 4.68%, 10/16/2024	EUR	150		217
Instituto de Credito Oficial, (Spain), Reg. S, 0.25%, 04/30/2024	EUR	50		63


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

International Bank for Reconstruction & Development, (Supranational), 0.00%, 01/15/2027	EUR	1,125		1,409
Zero Coupon, 10/31/2030		1,000		859
0.10%, 09/17/2035	EUR	775		968
0.25%, 09/23/2027	GBP	900		1,228
0.38%, 07/28/2025		50		50
0.50%, 07/24/2023	GBP	1,450		2,006
0.50%, 06/21/2035	EUR	50		66
0.88%, 12/13/2024	GBP	50		70
1.63%, 01/15/2025		215		226
2.00%, 01/26/2022		165		168
2.50%, 03/19/2024		365		391
Investitionsbank Schleswig-Holstein, (Germany), Reg. S, 0.01%, 05/15/2026	EUR	100		125
Ireland Government Bond, (Ireland),
Reg. S, 0.40%, 05/15/2035	EUR	610		799
Reg. S, 0.00%, 10/18/2022	EUR	330		408
Reg. S, 0.20%, 05/15/2027	EUR	880		1,124
Reg. S, 0.20%, 10/18/2030	EUR	720		924
Reg. S, 0.90%, 05/15/2028	EUR	12		16
Reg. S, 1.10%, 05/15/2029	EUR	240		331
Reg. S, 1.35%, 03/18/2031	EUR	365		522
Reg. S, 1.50%, 05/15/2050	EUR	230		376
Reg. S, 1.70%, 05/15/2037	EUR	290		455
Reg. S, 2.00%, 02/18/2045	EUR	330		579
Reg. S, 2.40%, 05/15/2030	EUR	590		910
Reg. S, 3.40%, 03/18/2024	EUR	490		677
Reg. S, 3.90%, 03/20/2023	EUR	270		363
5.40%, 03/13/2025	EUR	790		1,212
Israel Government AID Bond, (Israel), 5.50%, 09/18/2033		900		1,318
Israel Government Bond — Fixed, (Israel),
Series 142, 5.50%, 01/31/2042	ILS	290		159
Series 327, 2.00%, 03/31/2027	ILS	800		277
Series 537, 1.50%, 05/31/2037	ILS	305		97
Israel Government International Bond, (Israel),
Reg. S, 2.50%, 01/16/2049	EUR	425		692
2.75%, 07/03/2030		200		220
Italy Buoni Poliennali Del Tesoro, (Italy),
Reg. S, 0.85%, 01/15/2027 (e)	EUR	6,435		8,212
Reg. S, 0.30%, 08/15/2023 (e)	EUR	1,640		2,038
Reg. S, 0.60%, 06/15/2023	EUR	1,640		2,054
Reg. S, 0.90%, 08/01/2022	EUR	950		1,185
Reg. S, 0.90%, 04/01/2031	EUR	350		442
Reg. S, 0.95%, 09/15/2027 (e)	EUR	290		372
Reg. S, 0.95%, 08/01/2030	EUR	1,510		1,928
Reg. S, 1.00%, 07/15/2022	EUR	1,600		1,998
Reg. S, 1.25%, 12/01/2026	EUR	100		131
1.35%, 04/15/2022	EUR	72		90
Reg. S, 1.35%, 04/01/2030	EUR	1,390		1,838
Reg. S, 1.45%, 11/15/2024	EUR	1,900		2,471
Reg. S, 1.45%, 05/15/2025	EUR	770		1,005


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — continued
Reg. S, 1.45%, 03/01/2036 (e)	EUR	710		931
1.50%, 06/01/2025	EUR	1,620		2,121
Reg. S, 1.65%, 12/01/2030 (e)	EUR	1,170		1,586
Reg. S, 1.65%, 03/01/2032 (e)	EUR	513		695
Reg. S, 1.70%, 09/01/2051 (e)	EUR	340		442
Reg. S, 1.75%, 07/01/2024	EUR	1,140		1,489
Reg. S, 1.80%, 03/01/2041 (e)	EUR	430		581
Reg. S, 1.85%, 07/01/2025 (e)	EUR	2,260		3,004
2.00%, 12/01/2025	EUR	760		1,023
2.05%, 08/01/2027	EUR	1,290		1,770
Reg. S, 2.10%, 07/15/2026	EUR	1,480		2,014
2.20%, 06/01/2027	EUR	1,580		2,184
Reg. S, 2.25%, 09/01/2036 (e)	EUR	800		1,163
Reg. S, 2.45%, 09/01/2033 (e)	EUR	460		677
Reg. S, 2.50%, 11/15/2025	EUR	279		384
Reg. S, 2.70%, 03/01/2047 (e)	EUR	320		507
Reg. S, 2.80%, 12/01/2028	EUR	590		861
Reg. S, 2.80%, 03/01/2067 (e)	EUR	500		818
Reg. S, 2.95%, 09/01/2038 (e)	EUR	170		271
Reg. S, 3.00%, 08/01/2029	EUR	900		1,342
Reg. S, 3.10%, 03/01/2040 (e)	EUR	630		1,028
Reg. S, 3.25%, 09/01/2046 (e)	EUR	1,090		1,886
Reg. S, 3.35%, 03/01/2035 (e)	EUR	2,760		4,490
Reg. S, 3.45%, 03/01/2048 (e)	EUR	500		899
Reg. S, 3.50%, 03/01/2030 (e)	EUR	1,160		1,807
3.75%, 09/01/2024	EUR	1,230		1,721
Reg. S, 3.85%, 09/01/2049 (e)	EUR	560		1,080
Reg. S, 4.00%, 02/01/2037 (e)	EUR	1,310		2,313
4.50%, 05/01/2023	EUR	3,000		4,085
4.50%, 03/01/2024	EUR	59		83
Reg. S, 4.50%, 03/01/2026 (e)	EUR	3		4
Reg. S, 4.75%, 08/01/2023 (e)	EUR	1,000		1,385
Reg. S, 4.75%, 09/01/2028 (e)	EUR	1,470		2,399
Reg. S, 4.75%, 09/01/2044 (e)	EUR	2,050		4,278
5.00%, 03/01/2022	EUR	2,019		2,624
Reg. S, 5.00%, 03/01/2025 (e)	EUR	890		1,322
Reg. S, 5.00%, 08/01/2034 (e)	EUR	1,020		1,917
Reg. S, 5.00%, 08/01/2039 (e)	EUR	970		1,967
Reg. S, 5.00%, 09/01/2040 (e)	EUR	960		1,966
5.25%, 11/01/2029	EUR	1,000		1,737
5.50%, 09/01/2022	EUR	760		1,020
Reg. S, 5.50%, 11/01/2022	EUR	890		1,205
5.75%, 02/01/2033	EUR	490		948
Reg. S, 6.00%, 05/01/2031	EUR	1,150		2,170
6.50%, 11/01/2027	EUR	710		1,236
7.25%, 11/01/2026	EUR	1,580		2,738
Series 5Y, Reg. S, 2.45%, 10/01/2023	EUR	1,062		1,398
Series CAC, Reg. S, 2.45%, 09/01/2050 (e)	EUR	810		1,234
Japan Bank for International Cooperation, (Japan), 2.38%, 07/21/2022		200		206
Japan Expressway Holding and Debt Repayment Agency, (Japan),
Series 37, 2.42%, 06/20/2028	JPY	100,000		1,133
Series 75, 1.96%, 09/19/2031	JPY	100,000		1,147


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Japan Finance Corp., (Japan),
Series 57, 0.00%, 10/17/2025	JPY	400,000		3,873
Series 62, 0.00%, 07/31/2024	JPY	1,870,000		18,106
Japan Finance Organization for Municipalities, (Japan),
Reg. S, 0.05%, 02/12/2027	EUR	200		247
Series 4, 0.31%, 07/28/2023	JPY	1,000,000		9,763
Series 39, 0.82%, 08/26/2022	JPY	10,000		98
Series 55, 0.78%, 12/28/2023	JPY	100,000		990
Series 69, 0.48%, 02/28/2025	JPY	100,000		986
Series 2022, 2.32%, 06/18/2027	JPY	1,400,000		15,485
Japan Government Five Year Bond, (Japan),
Series 134, 0.10%, 12/20/2022	JPY	1,000,000		9,728
Series 135, 0.10%, 03/20/2023	JPY	1,735,200		16,891
Series 136, 0.10%, 06/20/2023	JPY	2,000,000		19,480
Series 143, 0.10%, 03/20/2025	JPY	586,400		5,732
Series 144, 0.10%, 06/20/2025	JPY	329,000		3,217
Japan Government Forty Year Bond, (Japan),
Series 1, 2.40%, 03/20/2048	JPY	100,000		1,411
Series 3, 2.20%, 03/20/2050	JPY	2,683,300		36,859
Series 4, 2.20%, 03/20/2051	JPY	322,200		4,438
Series 5, 2.00%, 03/20/2052	JPY	217,600		2,903
Series 7, 1.70%, 03/20/2054	JPY	5,600		71
Series 8, 1.40%, 03/20/2055	JPY	278,900		3,305
Series 9, 0.40%, 03/20/2056	JPY	36,500		324
Series 10, 0.90%, 03/20/2057	JPY	261,400		2,716
Series 11, 0.80%, 03/20/2058	JPY	802,900		8,091
Series 12, 0.50%, 03/20/2059	JPY	1,099,550		10,007
Series 13, 0.50%, 03/20/2060	JPY	294,700		2,682
Japan Government Ten Year Bond, (Japan),
Series 326, 0.70%, 12/20/2022	JPY	568,700		5,596
Series 328, 0.60%, 03/20/2023	JPY	378,650		3,726
Series 329, 0.80%, 06/20/2023	JPY	731,950		7,250
Series 330, 0.80%, 09/20/2023	JPY	5,612,350		55,715
Series 342, 0.10%, 03/20/2026	JPY	720,300		7,049
Series 343, 0.10%, 06/20/2026	JPY	988,200		9,676
Series 345, 0.10%, 12/20/2026	JPY	7,942,800		77,823
Series 346, 0.10%, 03/20/2027	JPY	1,000,000		9,802
Series 347, 0.10%, 06/20/2027	JPY	1,381,350		13,547
Series 348, 0.10%, 09/20/2027	JPY	3,407,900		33,428
Series 349, 0.10%, 12/20/2027	JPY	2,115,800		20,763
Series 350, 0.10%, 03/20/2028	JPY	290,250		2,847
Series 352, 0.10%, 09/20/2028	JPY	21,050		206
Series 354, 0.10%, 03/20/2029	JPY	142,650		1,399
Series 355, 0.10%, 06/20/2029	JPY	156,050		1,529
Series 356, 0.10%, 09/20/2029	JPY	2,081,850		20,389
Series 357, 0.10%, 12/20/2029	JPY	972,650		9,517
Series 358, 0.10%, 03/20/2030	JPY	1,115,100		10,903
Series 359, 0.10%, 06/20/2030	JPY	4,656,500		45,479
Series 360, 0.10%, 09/20/2030	JPY	733,950		7,160


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — continued
Japan Government Thirty Year Bond, (Japan),
Series 4, 2.90%, 11/20/2030	JPY	149,300		1,855
Series 11, 1.70%, 06/20/2033	JPY	100,000		1,155
Series 19, 2.30%, 06/20/2035	JPY	3,067,700		38,498
Series 20, 2.50%, 09/20/2035	JPY	82,250		1,058
Series 21, 2.30%, 12/20/2035	JPY	749,850		9,455
Series 32, 2.30%, 03/20/2040	JPY	3,200		42
Series 33, 2.00%, 09/20/2040	JPY	3,575,400		45,110
Series 34, 2.20%, 03/20/2041	JPY	158,350		2,063
Series 35, 2.00%, 09/20/2041	JPY	480,950		6,106
Series 37, 1.90%, 09/20/2042	JPY	1,558,300		19,613
Series 38, 1.80%, 03/20/2043	JPY	103,400		1,285
Series 39, 1.90%, 06/20/2043	JPY	366,450		4,632
Series 42, 1.70%, 03/20/2044	JPY	688,300		8,450
Series 44, 1.70%, 09/20/2044	JPY	159,250		1,959
Series 45, 1.50%, 12/20/2044	JPY	2,900		34
Series 46, 1.50%, 03/20/2045	JPY	711,600		8,454
Series 47, 1.60%, 06/20/2045	JPY	627,000		7,592
Series 48, 1.40%, 09/20/2045	JPY	2,360,800		27,534
Series 49, 1.40%, 12/20/2045	JPY	438,550		5,117
Series 50, 0.80%, 03/20/2046	JPY	8,200		84
Series 51, 0.30%, 06/20/2046	JPY	5,750		53
Series 53, 0.60%, 12/20/2046	JPY	9,550		94
Series 56, 0.80%, 09/20/2047	JPY	2,362,650		24,213
Series 57, 0.80%, 12/20/2047	JPY	326,000		3,335
Series 58, 0.80%, 03/20/2048	JPY	176,250		1,800
Series 61, 0.70%, 12/20/2048	JPY	81,450		808
Series 62, 0.50%, 03/20/2049	JPY	2,351,650		22,118
Series 63, 0.40%, 06/20/2049	JPY	8,650		79
Series 64, 0.40%, 09/20/2049	JPY	16,000		146
Series 65, 0.40%, 12/20/2049	JPY	517,250		4,705
Series 66, 0.40%, 03/20/2050	JPY	366,650		3,331
Series 67, 0.60%, 06/20/2050	JPY	477,500		4,575
Series 68, 0.60%, 09/20/2050	JPY	46,800		448
Japan Government Twenty Year Bond, (Japan),
Series 59, 1.70%, 12/20/2022	JPY	39,600		397
Series 60, 1.40%, 12/20/2022	JPY	91,000		908
Series 75, 2.10%, 03/20/2025	JPY	37,000		392
Series 80, 2.10%, 06/20/2025	JPY	517,000		5,503
Series 82, 2.10%, 09/20/2025	JPY	1,631,800		17,458
Series 92, 2.10%, 12/20/2026	JPY	196,250		2,150
Series 94, 2.10%, 03/20/2027	JPY	47,500		523
Series 96, 2.10%, 06/20/2027	JPY	93,350		1,033
Series 99, 2.10%, 12/20/2027	JPY	77,100		861
Series 105, 2.10%, 09/20/2028	JPY	25,450		288
Series 109, 1.90%, 03/20/2029	JPY	6,139,250		69,015
Series 118, 2.00%, 06/20/2030	JPY	1,865,000		21,458
Series 121, 1.90%, 09/20/2030	JPY	1,808,800		20,707
Series 122, 1.80%, 09/20/2030	JPY	965,200		10,959
Series 123, 2.10%, 12/20/2030	JPY	29,450		344
Series 124, 2.00%, 12/20/2030	JPY	253,200		2,932
Series 125, 2.20%, 03/20/2031	JPY	190,150		2,246


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Series 140, 1.70%, 09/20/2032	JPY	2,049,100		23,517
Series 145, 1.70%, 06/20/2033	JPY	23,000		266
Series 148, 1.50%, 03/20/2034	JPY	970,000		11,023
Series 149, 1.50%, 06/20/2034	JPY	4,177,850		47,541
Series 150, 1.40%, 09/20/2034	JPY	6,281,850		70,777
Series 151, 1.20%, 12/20/2034	JPY	429,350		4,730
Series 152, 1.20%, 03/20/2035	JPY	1,277,600		14,084
Series 153, 1.30%, 06/20/2035	JPY	800,000		8,938
Series 154, 1.20%, 09/20/2035	JPY	622,650		6,877
Series 155, 1.00%, 12/20/2035	JPY	869,450		9,359
Series 156, 0.40%, 03/20/2036	JPY	168,600		1,669
Series 157, 0.20%, 06/20/2036	JPY	4,350		42
Series 161, 0.60%, 06/20/2037	JPY	227,350		2,309
Series 164, 0.50%, 03/20/2038	JPY	349,100		3,479
Series 165, 0.50%, 06/20/2038	JPY	397,450		3,957
Series 166, 0.70%, 09/20/2038	JPY	22,000		226
Series 167, 0.50%, 12/20/2038	JPY	1,278,150		12,690
Series 168, 0.40%, 03/20/2039	JPY	689,000		6,711
Series 172, 0.40%, 03/20/2040	JPY	145,000		1,406
Series 173, 0.40%, 06/20/2040	JPY	872,500		8,456
Series 174, 0.40%, 09/20/2040	JPY	2,985,300		28,906
Japan Government Two Year Bond, (Japan),
Series 410, 0.10%, 03/01/2022	JPY	900,000		8,739
Series 412, 0.10%, 05/01/2022	JPY	510,000		4,954
Series 414, 0.10%, 07/01/2022	JPY	2,453,100		23,840
Series 415, 0.10%, 08/01/2022	JPY	959,300		9,326
Series 418, 0.10%, 11/01/2022	JPY	764,450		7,435
Japan Housing Finance Agency, (Japan),
Series 71, 1.75%, 03/19/2026	JPY	200,000		2,105
Series 108, 1.43%, 06/18/2027	JPY	100,000		1,051
Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026	JPY	200,000		1,936
Japanese Government CPI Linked Bond, Series 25, (Japan), 0.20%, 03/10/2030	JPY	99,119		980
Jersey International Bond, (Jersey), Reg. S, 3.75%, 06/09/2054	GBP	400		883
Kingdom of Belgium Government Bond, (Belgium),
Series 44, Reg. S, 5.00%, 03/28/2035 (e)	EUR	450		959
Series 48, 4.00%, 03/28/2022	EUR	880		1,137
Series 60, Reg. S, 4.25%, 03/28/2041 (e)	EUR	620		1,380
Series 66, Reg. S, 4.00%, 03/28/2032	EUR	530		966
Series 68, Reg. S, 2.25%, 06/22/2023	EUR	320		420
Series 71, Reg. S, 3.75%, 06/22/2045	EUR	370		830
Series 72, Reg. S, 2.60%, 06/22/2024 (e)	EUR	80		109


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — continued
Series 73, Reg. S, 3.00%, 06/22/2034 (e)	EUR	2,090		3,655
Series 74, Reg. S, 0.80%, 06/22/2025 (e)	EUR	870		1,134
Series 75, Reg. S, 1.00%, 06/22/2031 (e)	EUR	260		363
Series 76, Reg. S, 1.90%, 06/22/2038 (e)	EUR	410		665
Series 77, Reg. S, 1.00%, 06/22/2026 (e)	EUR	1,200		1,599
Series 78, Reg. S, 1.60%, 06/22/2047 (e)	EUR	920		1,498
Series 79, Reg. S, 0.20%, 10/22/2023 (e)	EUR	650		814
Series 80, Reg. S, 2.15%, 06/22/2066 (e)	EUR	280		577
Series 81, Reg. S, 0.80%, 06/22/2027 (e)	EUR	100		133
Series 82, Reg. S, 0.50%, 10/22/2024 (e)	EUR	780		997
Series 83, Reg. S, 2.25%, 06/22/2057 (e)	EUR	290		577
Series 84, Reg. S, 1.45%, 06/22/2037 (e)	EUR	190		288
Series 85, Reg. S, 0.80%, 06/22/2028 (e)	EUR	1,400		1,884
Series 86, Reg. S, 1.25%, 04/22/2033	EUR	700		1,014
Series 87, Reg. S, 0.90%, 06/22/2029 (e)	EUR	610		832
Series 88, Reg. S, 1.70%, 06/22/2050 (e)	EUR	440		744
Series 89, Reg. S, 0.10%, 06/22/2030	EUR	500		640
Series 90, Reg. S, 0.40%, 06/22/2040 (e)	EUR	260		335
Series 91, Reg. S, 0.00%, 10/22/2027 (e)	EUR	1,040		1,320
Series 65, Reg. S, 4.25%, 09/28/2022 (e)	EUR	460		611
Kommunalbanken A/S, (Norway),
Reg. S, 0.05%, 10/24/2029	EUR	100		125
Reg. S, 0.63%, 04/20/2026	EUR	500		643
Kommunekredit, (Denmark),
Reg. S, 0.25%, 03/29/2023	EUR	175		218
Reg. S, 0.50%, 01/24/2025	EUR	700		889
Kommuninvest I Sverige AB, (Sweden),
Reg. S, 1.50%, 05/12/2025	SEK	3,000		386
Series 2505, Reg. S, 1.00%, 05/12/2025	SEK	5,000		630
Series 2602, Reg. S, 0.75%, 02/04/2026	SEK	2,880		360
Series G23, Reg. S, 0.63%, 06/01/2023	SEK	100		12
Series G24, Reg. S, 0.38%, 03/27/2024	SEK	4,880		600
Korea Development Bank (The), (South Korea), 6.00%, 01/22/2025	IDR	15,000,000		1,094


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Korea Expressway Corp., (South Korea), Reg. S, 4.73%, 03/28/2021	CNH	5,000		772
Korea Housing Finance Corp., (South Korea), Reg. S, 0.10%, 06/18/2024	EUR	100		124
Korea Hydro & Nuclear Power Co. Ltd., (South Korea), Reg. S, 0.00%, 07/19/2024	CHF	300		341
Korea National Oil Corp., (South Korea), Reg. S, 0.00%, 10/04/2024	CHF	300		341
Korea Treasury Bond, (South Korea),
Series 2212, 1.25%, 12/10/2022	KRW	6,850,000		6,346
Series 2306, 1.00%, 06/10/2023	KRW	41,745,000		38,429
Series 2509, 1.13%, 09/10/2025	KRW	13,030,000		11,871
Series 2612, 1.50%, 12/10/2026	KRW	9,600,000		8,852
Series 2912, 1.38%, 12/10/2029	KRW	24,541,000		21,930
Series 3006, 1.38%, 06/10/2030	KRW	1,200,000		1,069
Series 3609, 1.50%, 09/10/2036	KRW	900,000		793
Series 3909, 1.13%, 09/10/2039	KRW	35,443,630		28,950
Series 5003, 1.50%, 03/10/2050	KRW	8,327,000		7,076
Series 6609, 1.50%, 09/10/2066	KRW	2,340,000		1,926
Kuntarahoitus OYJ, (Finland),
Reg. S, 0.05%, 09/06/2029	EUR	100		126
Reg. S, 0.13%, 03/07/2024	EUR	180		225
Reg. S, 1.25%, 02/23/2033	EUR	200		285
Land Baden-Wuerttemberg, (Germany),
Reg. S, 0.63%, 01/27/2026	EUR	380		491
Series 120, Reg. S, 2.00%, 11/13/2023	EUR	220		289
Land Berlin, (Germany),
Reg. S, 0.01%, 07/02/2030	EUR	490		616
Series 493, Reg. S, 0.63%, 02/08/2027	EUR	570		744
Series 495, Reg. S, 1.38%, 06/05/2037	EUR	260		388
Land Thueringen, (Germany), Reg. S, 0.05%, 05/06/2030	EUR	260		328
Latvia Government International Bond, (Latvia),
Reg. S, 1.13%, 05/30/2028	EUR	390		526
Reg. S, 1.38%, 05/16/2036	EUR	110		160
Lithuania Government International Bond, (Lithuania),
Reg. S, 0.25%, 05/06/2025	EUR	70		88
Reg. S, 0.50%, 07/28/2050	EUR	140		173
Reg. S, 0.75%, 05/06/2030	EUR	440		584
Luxembourg Government Bond, (Luxembourg),
Reg. S, 0.00%, 04/28/2025	EUR	240		301
Reg. S, 0.00%, 11/13/2026	EUR	130		164
Reg. S, 0.00%, 04/28/2030	EUR	150		190
Malaysia Government Bond, (Malaysia),
Series 118, 3.88%, 03/14/2025	MYR	2,000		532
Series 215, 3.80%, 09/30/2022	MYR	1,000		257
Series 216, 4.74%, 03/15/2046	MYR	7,200		2,044
Series 217, 4.06%, 09/30/2024	MYR	12,000		3,195


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — continued
Series 218, 3.76%, 04/20/2023	MYR	15,000		3,882
Series 219, 3.89%, 08/15/2029	MYR	3,800		1,039
Series 317, 4.76%, 04/07/2037	MYR	2,200		636
Series 318, 4.64%, 11/07/2033	MYR	3,000		853
Series 319, 3.48%, 06/14/2024	MYR	5,500		1,434
Series 418, 4.89%, 06/08/2038	MYR	11,600		3,400
Series 518, 4.92%, 07/06/2048	MYR	1,800		528
Series 519, 3.76%, 05/22/2040	MYR	30		8
Malaysia Government Investment Issue, (Malaysia),
Series 119, 4.13%, 07/09/2029	MYR	31,630		8,682
Series 217, 4.05%, 08/15/2024	MYR	3,090		819
Series 218, 4.37%, 10/31/2028	MYR	7,600		2,116
Series 418, 3.73%, 03/31/2022	MYR	1,800		458
Series 517, 4.76%, 08/04/2037	MYR	1,600		451
Series 615, 4.79%, 10/31/2035	MYR	6,300		1,796
Series 719, 3.15%, 05/15/2023	MYR	9,000		2,300
Mexican Bonos, (Mexico),
Series M, 7.75%, 05/29/2031	MXN	12,000		709
Series M 20, 7.50%, 06/03/2027	MXN	7,000		400
Series M 20, 8.50%, 05/31/2029	MXN	1,000		61
Mexico Government International Bond, (Mexico),
1.13%, 01/17/2030	EUR	100		121
1.35%, 09/18/2027	EUR	1,575		1,983
1.63%, 04/08/2026	EUR	100		127
2.66%, 05/24/2031		200		205
3.00%, 03/06/2045	EUR	425		575
3.25%, 04/16/2030		200		216
4.75%, 03/08/2044		170		202
5.75%, 10/12/2110		20		27
6.75%, 02/06/2024	GBP	100		161
Ministeries Van de Vlaamse Gemeenschap, (Belgium),
Reg. S, 0.01%, 06/23/2027	EUR	500		626
Reg. S, 0.38%, 10/13/2026	EUR	100		127
Reg. S, 1.38%, 11/21/2033	EUR	300		432
Reg. S, 1.50%, 07/12/2038	EUR	100		149
Municipal Finance Authority of British Columbia, (Canada),
1.10%, 06/01/2025	CAD	200		160
2.55%, 10/09/2029	CAD	300		262
2.80%, 12/03/2023	CAD	1,000		837
Nederlandse Waterschapsbank NV, (Netherlands),
Reg. S, 0.05%, 01/28/2030	EUR	250		314
0.13%, 09/25/2023	EUR	400		498
Reg. S, 0.25%, 06/07/2024	EUR	683		858
Reg. S, 0.50%, 01/19/2023	EUR	260		325
Reg. S, 0.75%, 10/04/2041	EUR	100		136
Reg. S, 1.00%, 03/01/2028	EUR	300		403
Reg. S, 1.25%, 05/27/2036	EUR	140		202
Reg. S, 1.50%, 06/15/2039	EUR	160		245
5.20%, 03/31/2025	CAD	1,000		928


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Netherlands Government Bond, (Netherlands),
Reg. S, 4.00%, 01/15/2037 (e)	EUR	520		1,090
Reg. S, 0.00%, 01/15/2022 (e)	EUR	480		591
Reg. S, 0.00%, 01/15/2027 (e)	EUR	990		1,257
Reg. S, 0.00%, 07/15/2030 (e)	EUR	620		794
Reg. S, 0.00%, 01/15/2052 (e)	EUR	280		351
Reg. S, 0.50%, 07/15/2026 (e)	EUR	460		599
Reg. S, 0.50%, 01/15/2040 (e)	EUR	320		449
Reg. S, 0.75%, 07/15/2027 (e)	EUR	1,520		2,029
Reg. S, 1.75%, 07/15/2023 (e)	EUR	1,605		2,085
Reg. S, 2.00%, 07/15/2024 (e)	EUR	560		751
Reg. S, 2.25%, 07/15/2022 (e)	EUR	1,280		1,635
Reg. S, 2.50%, 01/15/2033 (e)	EUR	2,080		3,459
Reg. S, 2.75%, 01/15/2047 (e)	EUR	1,030		2,249
Reg. S, 3.75%, 01/15/2042 (e)	EUR	658		1,502
5.50%, 01/15/2028	EUR	210		369
New South Wales Treasury Corp., (Australia),
1.00%, 02/08/2024	AUD	500		395
2.00%, 03/20/2031	AUD	1,900		1,567
2.00%, 03/08/2033	AUD	1,500		1,224
2.25%, 05/07/2041	AUD	700		550
3.00%, 03/20/2028	AUD	1,800		1,600
Reg. S, 3.00%, 02/20/2030	AUD	300		269
Series 22, 6.00%, 03/01/2022	AUD	600		494
Series 27, Reg. S, 3.00%, 05/20/2027	AUD	4,100		3,619
New Zealand Government Bond, (New Zealand),
0.25%, 05/15/2028	NZD	3,700		2,568
0.50%, 05/15/2024	NZD	5,500		3,977
1.50%, 05/15/2031	NZD	2,700		2,038
1.75%, 05/15/2041	NZD	630		446
Series 423, Reg. S, 5.50%, 04/15/2023	NZD	3,250		2,616
Series 427, Reg. S, 4.50%, 04/15/2027	NZD	730		652
Series 429, 3.00%, 04/20/2029	NZD	280		237
Series 433, Reg. S, 3.50%, 04/14/2033	NZD	1,380		1,254
Series 437, Reg. S, 2.75%, 04/15/2037	NZD	2,050		1,734
New Zealand Local Government Funding Agency Bond, (New Zealand),
2.00%, 04/15/2037	NZD	200		143
3.50%, 04/14/2033	NZD	300		262
Northern Territory Treasury Corp., (Australia),
Reg. S, 2.00%, 04/21/2031	AUD	600		483
2.75%, 04/21/2027	AUD	2,200		1,904
Norway Government Bond, (Norway),
Series 475, Reg. S, 2.00%, 05/24/2023 (e)	NOK	1,590		193
Series 476, Reg. S, 3.00%, 03/14/2024 (e)	NOK	3,240		408
Series 477, Reg. S, 1.75%, 03/13/2025 (e)	NOK	1,920		235
Series 479, Reg. S, 1.75%, 02/17/2027 (e)	NOK	3,070		379
Series 480, Reg. S, 2.00%, 04/26/2028 (e)	NOK	1,450		183


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — continued
Series 481, Reg. S, 1.75%, 09/06/2029 (e)	NOK	3,040		379
Series 482, Reg. S, 1.38%, 08/19/2030 (e)	NOK	3,270		396
OMERS Finance Trust, (Canada), 0.45%, 05/13/2025 (e)	EUR	250		314
Reg. S, 0.45%, 05/13/2025	EUR	2,700		3,393
Ontario Teachers’ Finance Trust, (Canada), Reg. S, 0.50%, 05/06/2025	EUR	3,400		4,288
Panama Government International Bond, (Panama), 6.70%, 01/26/2036		60		89
Peruvian Government International Bond, (Peru),
2.39%, 01/23/2026		105		112
2.75%, 01/30/2026	EUR	425		589
2.78%, 01/23/2031		110		120
Reg. S, 6.90%, 08/12/2037	PEN	1,000		341
Philippine Government International Bond, (Philippines),
1.65%, 06/10/2031		200		202
9.50%, 02/02/2030		100		165
Portugal Obrigacoes do Tesouro OT, (Portugal),
Reg. S, 0.48%, 10/18/2030 (e)	EUR	770		981
Reg. S, 0.70%, 10/15/2027 (e)	EUR	1,305		1,697
Reg. S, 0.90%, 10/12/2035 (e)	EUR	337		441
Reg. S, 2.13%, 10/17/2028 (e)	EUR	290		417
Reg. S, 2.20%, 10/17/2022 (e)	EUR	740		951
Reg. S, 2.88%, 10/15/2025 (e)	EUR	610		865
Reg. S, 2.88%, 07/21/2026 (e)	EUR	580		837
Reg. S, 3.88%, 02/15/2030 (e)	EUR	50		83
Reg. S, 4.10%, 04/15/2037 (e)	EUR	510		984
Reg. S, 4.10%, 02/15/2045 (e)	EUR	500		1,062
Reg. S, 4.13%, 04/14/2027 (e)	EUR	480		751
Reg. S, 5.65%, 02/15/2024 (e)	EUR	670		978
Series 15Y, Reg. S, 2.25%, 04/18/2034 (e)	EUR	300		461
Province of Alberta Canada, (Canada),
Reg. S, 1.50%, 12/15/2022	GBP	400		561
2.20%, 06/01/2026	CAD	600		505
Province of British Columbia Canada, (Canada),
2.80%, 06/18/2048	CAD	200		184
7.88%, 11/30/2023	CAD	120		113
Province of Manitoba Canada, (Canada), 2.75%, 06/02/2029	CAD	500		440
Province of Nova Scotia Canada, (Canada), 3.45%, 06/01/2045	CAD	200		196
Province of Ontario Canada, (Canada),
Reg. S, 0.50%, 12/15/2023	GBP	500		690
Reg. S, 0.63%, 04/17/2025	EUR	400		510
5.60%, 06/02/2035	CAD	300		353
Province of Quebec Canada, (Canada),
Reg. S, 0.88%, 07/05/2028	EUR	1,025		1,350
Reg. S, 2.38%, 01/22/2024	EUR	425		563
3.50%, 12/01/2045	CAD	200		204


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Province of Saskatchewan Canada, (Canada), 3.30%, 06/02/2048	CAD	300		290
Queensland Treasury Corp., (Australia),
Reg. S, 1.75%, 08/21/2031 (e)	AUD	1,700		1,371
Reg. S, 1.75%, 07/20/2034 (e)	AUD	1,100		858
Reg. S, 2.25%, 04/16/2040 (e)	AUD	1,100		863
Reg. S, 3.25%, 08/21/2029 (e)	AUD	2,000		1,831
Series 23, Reg. S, 4.25%, 07/21/2023 (e)	AUD	3,500		2,979
Series 24, Reg. S, 5.75%, 07/22/2024	AUD	1,100		1,013
Series 26, Reg. S, 3.25%, 07/21/2026 (e)	AUD	1,000		885
Series 27, Reg. S, 2.75%, 08/20/2027 (e)	AUD	800		699
Series 28, Reg. S, 3.25%, 07/21/2028 (e)	AUD	2,100		1,903
Regie Autonome des Transports Parisiens, (France),
Reg. S, 0.38%, 06/15/2024	EUR	300		376
Reg. S, 0.88%, 05/25/2027	EUR	100		131
Reg. S, 1.75%, 05/25/2031	EUR	500		724
Region of Ile de France, (France),
Reg. S, 0.50%, 06/14/2025	EUR	200		255
Reg. S, 3.63%, 03/27/2024	EUR	100		138
Region Wallonne Belgium, (Belgium),
Reg. S, 0.05%, 06/22/2025	EUR	800		995
Reg. S, 0.25%, 05/03/2026	EUR	300		377
Reg. S, 1.05%, 06/22/2040	EUR	100		136
Republic of Austria Government Bond, (Austria),
Reg. S, 0.00%, 04/20/2023 (e)	EUR	850		1,055
Reg. S, 0.00%, 07/15/2023 (e)	EUR	700		870
Reg. S, 0.00%, 07/15/2024 (e)	EUR	280		350
Reg. S, 0.00%, 02/20/2030 (e)	EUR	240		305
Reg. S, 0.00%, 10/20/2040 (e)	EUR	150		184
Reg. S, 0.50%, 04/20/2027 (e)	EUR	600		786
Reg. S, 0.50%, 02/20/2029 (e)	EUR	610		808
Reg. S, 0.75%, 10/20/2026 (e)	EUR	1,000		1,322
Reg. S, 0.75%, 02/20/2028 (e)	EUR	320		428
Reg. S, 0.75%, 03/20/2051 (e)	EUR	315		460
Reg. S, 0.85%, 06/30/2120 (e)	EUR	50		80
Reg. S, 1.50%, 02/20/2047 (e)	EUR	220		371
Reg. S, 1.50%, 11/02/2086 (e)	EUR	190		391
Reg. S, 2.10%, 09/20/2117 (e)	EUR	310		844
Reg. S, 2.40%, 05/23/2034 (e)	EUR	615		1,024
Reg. S, 3.15%, 06/20/2044 (e)	EUR	350		748
Reg. S, 3.65%, 04/20/2022 (e)	EUR	790		1,019
Reg. S, 3.80%, 01/26/2062 (e)	EUR	150		445
Reg. S, 4.15%, 03/15/2037 (e)	EUR	530		1,107
Reg. S, 4.85%, 03/15/2026 (e)	EUR	570		901
Series 1, Reg. S, 1.65%, 10/21/2024 (e)	EUR	920		1,226
Republic of Italy Government International Bond, (Italy),
Reg. S, (0.08 * ICE EURIBOR Swap Rate 30 Year + 0.00%), 4.25%, 06/28/2029 (aa)	EUR	1,000		1,580


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — continued
Reg. S, 5.13%, 07/31/2024	EUR	520		751
Reg. S, 6.00%, 08/04/2028	GBP	1,050		1,898
Republic of Poland Government Bond, (Poland),
Series 428, 2.75%, 04/25/2028	PLN	500		152
Series 722, Zero Coupon, 07/25/2022	PLN	2,880		770
Series 726, 2.50%, 07/25/2026	PLN	770		228
Series 727, 2.50%, 07/25/2027	PLN	5,420		1,613
Series 922, 5.75%, 09/23/2022	PLN	1,690		497
Series 1024, 2.25%, 10/25/2024	PLN	5,960		1,712
Series 1029, 2.75%, 10/25/2029	PLN	2,800		856
Series 1030, 1.25%, 10/25/2030	PLN	23		6
Republic of Poland Government International Bond, (Poland),
Reg. S, 0.00%, 07/07/2023	EUR	425		522
Reg. S, 0.00%, 02/10/2025	EUR	60		74
Reg. S, 1.13%, 08/07/2026	EUR	925		1,215
Reg. S, 2.00%, 03/08/2049	EUR	53		86
Romania Government Bond, (Romania), Series 5Y, 3.65%, 07/28/2025	RON	1,000		261
Romanian Government International Bond, (Romania),
Reg. S, 2.75%, 02/26/2026	EUR	15		20
Reg. S, 2.88%, 10/28/2024	EUR	775		1,040
Reg. S, 3.38%, 02/08/2038	EUR	225		316
Reg. S, 3.38%, 01/28/2050	EUR	465		652
Reg. S, 3.62%, 05/26/2030	EUR	975		1,421
Russian Federal Bond — OFZ, (Russia),
Series 6207, 8.15%, 02/03/2027	RUB	32,780		504
Series 6212, 7.05%, 01/19/2028	RUB	53,210		777
Series 6220, 7.40%, 12/07/2022	RUB	20,430		292
Series 6221, 7.70%, 03/23/2033	RUB	27,810		424
Series 6222, 7.10%, 10/16/2024	RUB	69,940		1,014
Series 6223, 6.50%, 02/28/2024	RUB	70,390		997
Series 6225, 7.25%, 05/10/2034	RUB	364		5
Series 6226, 7.95%, 10/07/2026	RUB	951		14
Series 6228, 7.65%, 04/10/2030	RUB	58,968		900
Series 6233, 6.10%, 07/18/2035	RUB	17,890		237
SA de Gestion de Stocks de Securite, (France), Reg. S, 4.00%, 01/24/2024	EUR	100		138
Saitama Prefecture, (Japan), Series 7, 2.29%, 06/22/2029	JPY	500,000		5,734
Saudi Government International Bond, (Saudi Arabia), Reg. S, 0.75%, 07/09/2027	EUR	100		126
SFIL SA, (France),
Reg. S, 0.00%, 05/24/2024	EUR	200		248
Reg. S, 0.13%, 10/18/2024	EUR	500		624
Singapore Government Bond, (Singapore),
2.00%, 02/01/2024	SGD	7,700		6,121
2.13%, 06/01/2026	SGD	600		491
2.25%, 08/01/2036	SGD	600		527
2.38%, 06/01/2025	SGD	600		493
2.38%, 07/01/2039	SGD	1,320		1,191
2.63%, 05/01/2028	SGD	5,450		4,666


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

2.75%, 04/01/2042	SGD	2,710		2,627
2.75%, 03/01/2046	SGD	260		262
2.88%, 09/01/2030	SGD	1,015		912
3.13%, 09/01/2022	SGD	500		396
3.38%, 09/01/2033	SGD	1,150		1,111
Slovakia Government Bond, (Slovakia),
Series 225, Reg. S, 3.00%, 02/28/2023	EUR	370		487
Series 231, 0.63%, 05/22/2026	EUR	860		1,119
Series 233, Reg. S, 2.00%, 10/17/2047	EUR	180		320
Series 239, Reg. S, 1.00%, 05/14/2032	EUR	740		1,048
Slovenia Government Bond, (Slovenia),
Reg. S, 0.88%, 07/15/2030	EUR	190		255
Series RS70, Reg. S, 5.13%, 03/30/2026	EUR	470		744
Series RS74, Reg. S, 1.50%, 03/25/2035	EUR	120		177
Series RS76, Reg. S, 3.13%, 08/07/2045	EUR	160		327
Series RS77, Reg. S, 2.25%, 03/03/2032	EUR	130		201
Series RS82, Reg. S, 0.28%, 01/14/2030	EUR	200		255
SNCF Reseau, (France),
Reg. S, 0.88%, 01/22/2029	EUR	200		265
Reg. S, 1.13%, 05/19/2027	EUR	400		533
Reg. S, 1.50%, 05/29/2037	EUR	300		439
2.00%, 11/12/2026	CHF	300		384
Reg. S, 2.00%, 02/05/2048	EUR	100		162
5.00%, 10/10/2033	EUR	200		395
Reg. S, 5.00%, 03/11/2052	GBP	145		372
Reg. S, 5.25%, 12/07/2028	GBP	300		555
Societe Du Grand Paris EPIC, (France),
Reg. S, 0.70%, 10/15/2060	EUR	200		249
Reg. S, 1.13%, 10/22/2028	EUR	700		951
Reg. S, 1.13%, 05/25/2034	EUR	200		279
Reg. S, 1.70%, 05/25/2050	EUR	300		485
Societe Nationale SNCF SA, (France),
Reg. S, 0.63%, 04/17/2030	EUR	300		387
Reg. S, 1.50%, 02/02/2029	EUR	100		137
Reg. S, 4.63%, 02/02/2024	EUR	300		423
Reg. S, 5.38%, 03/18/2027	GBP	400		699
South Australian Government Financing Authority, (Australia),
2.75%, 05/24/2030	AUD	500		441
Series 23, 4.25%, 11/20/2023	AUD	350		302
Series 24, Reg. S, 2.25%, 08/15/2024	AUD	400		330
Series 26, Reg. S, 3.00%, 07/20/2026	AUD	1,600		1,397
Spain Government Bond, (Spain),
Reg. S, 1.25%, 10/31/2030 (e)	EUR	2,170		2,962
Reg. S, 2.15%, 10/31/2025 (e)	EUR	3,525		4,849
0.00%, 04/30/2023	EUR	3,598		4,453
0.00%, 01/31/2025	EUR	1,479		1,842
0.35%, 07/30/2023	EUR	1,880		2,350
0.40%, 04/30/2022	EUR	1,099		1,361
Reg. S, 0.50%, 04/30/2030 (e)	EUR	920		1,177
Reg. S, 0.60%, 10/31/2029 (e)	EUR	680		879
Reg. S, 0.80%, 07/30/2027 (e)	EUR	1,640		2,144
Reg. S, 1.00%, 10/31/2050 (e)	EUR	1,160		1,465
Reg. S, 1.20%, 10/31/2040 (e)	EUR	940		1,271
Reg. S, 1.30%, 10/31/2026 (e)	EUR	770		1,033


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — continued
Reg. S, 1.40%, 04/30/2028 (e)	EUR	16		22
Reg. S, 1.45%, 10/31/2027 (e)	EUR	1,840		2,509
Reg. S, 1.45%, 04/30/2029 (e)	EUR	3,020		4,168
Reg. S, 1.50%, 04/30/2027 (e)	EUR	1,520		2,072
Reg. S, 1.60%, 04/30/2025 (e)	EUR	430		573
Reg. S, 1.85%, 07/30/2035 (e)	EUR	1,650		2,440
Reg. S, 1.95%, 04/30/2026 (e)	EUR	340		468
Reg. S, 1.95%, 07/30/2030 (e)	EUR	1,340		1,941
Reg. S, 2.35%, 07/30/2033 (e)	EUR	670		1,032
Reg. S, 2.75%, 10/31/2024 (e)	EUR	930		1,279
Reg. S, 2.90%, 10/31/2046 (e)	EUR	600		1,098
Reg. S, 3.45%, 07/30/2066 (e)	EUR	740		1,633
Reg. S, 3.80%, 04/30/2024 (e)	EUR	940		1,316
Reg. S, 4.20%, 01/31/2037 (e)	EUR	710		1,380
Reg. S, 4.40%, 10/31/2023 (e)	EUR	770		1,074
Reg. S, 4.65%, 07/30/2025 (e)	EUR	1,763		2,662
Reg. S, 4.70%, 07/30/2041 (e)	EUR	910		1,991
Reg. S, 4.90%, 07/30/2040 (e)	EUR	770		1,700
Reg. S, 5.15%, 10/31/2028 (e)	EUR	1,230		2,129
Reg. S, 5.15%, 10/31/2044 (e)	EUR	850		2,051
5.75%, 07/30/2032	EUR	800		1,606
Reg. S, 5.85%, 01/31/2022 (e)	EUR	590		771
Reg. S, 5.90%, 07/30/2026 (e)	EUR	16		26
6.00%, 01/31/2029	EUR	1,430		2,616
Series 5YR, Reg. S, 0.25%, 07/30/2024 (e)	EUR	3		4
Series 30Y, Reg. S, 2.70%, 10/31/2048 (e)	EUR	470		843
State of Brandenburg, (Germany), Reg. S, 1.45%, 11/26/2038	EUR	180		275
State of Bremen, (Germany),
Series 191, Reg. S, 1.88%, 03/18/2024	EUR	580		764
Series 215, Reg. S, 1.20%, 01/30/2034	EUR	40		57
Series 224, Reg. S, 0.40%, 08/20/2049	EUR	30		39
Series 232, Reg. S, 0.55%, 02/04/2050	EUR	30		40
State of Hesse, (Germany),
Reg. S, 0.88%, 12/10/2024	EUR	600		774
Reg. S, 1.38%, 06/10/2024	EUR	490		639
Series 1801, Reg. S, 0.63%, 08/02/2028	EUR	230		304
State of Lower Saxony, (Germany),
0.05%, 03/09/2035	EUR	130		161
Series 884, Reg. S, 0.88%, 10/25/2028	EUR	320		431
State of North Rhine-Westphalia Germany, (Germany),
Reg. S, 0.20%, 04/09/2030	EUR	100		128
Reg. S, 0.38%, 02/16/2023	EUR	400		499
Reg. S, 0.38%, 09/02/2050	EUR	210		274
Reg. S, 0.75%, 08/16/2041	EUR	360		496
Reg. S, 0.80%, 07/30/2049	EUR	100		143
Reg. S, 1.38%, 01/15/2120	EUR	120		189
Reg. S, 1.45%, 02/16/2043	EUR	100		157
Reg. S, 1.65%, 02/22/2038	EUR	110		172
Reg. S, 1.65%, 05/16/2047	EUR	80		134
Reg. S, 1.75%, 10/26/2057	EUR	100		183
Reg. S, 1.75%, 07/11/2068	EUR	20		37


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Reg. S, 1.88%, 09/15/2022	EUR	600		764
Reg. S, 1.88%, 03/15/2024	EUR	630		830
Reg. S, 2.15%, 03/21/2119	EUR	202		437
Series 15YR, Reg. S, 1.10%, 03/13/2034	EUR	110		156
Series 790, Reg. S, 4.38%, 04/29/2022	EUR	640		833
Series 1250, Reg. S, 2.38%, 05/13/2033	EUR	350		562
Series 1409, Reg. S, 0.50%, 04/16/2026	EUR	360		463
State of Rhineland-Palatinate, (Germany),
Reg. S, 0.38%, 01/26/2027	EUR	220		283
Reg. S, 0.75%, 01/19/2026	EUR	350		455
State of Saxony-Anhalt, (Germany), Reg. S, 1.88%, 04/10/2024	EUR	300		396
State of Schleswig-Holstein Germany, (Germany),
Reg. S, 0.13%, 06/12/2029	EUR	160		204
Reg. S, 0.50%, 03/22/2029	EUR	140		183
Reg. S, 0.63%, 08/31/2028	EUR	140		185
States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046	GBP	200		388
Sweden Government Bond, (Sweden),
Series 1053, 3.50%, 03/30/2039	SEK	2,210		420
Series 1054, 3.50%, 06/01/2022	SEK	6,250		801
Series 1056, Reg. S, 2.25%, 06/01/2032	SEK	1,000		151
Series 1057, Reg. S, 1.50%, 11/13/2023 (e)	SEK	7,010		898
Series 1059, Reg. S, 1.00%, 11/12/2026	SEK	4,770		621
Series 1061, Reg. S, 0.75%, 11/12/2029 (e)	SEK	2,490		325
Series 1062, Reg. S, 0.13%, 05/12/2031 (e)	SEK	3,640		446
Series 1063, 0.50%, 11/24/2045	SEK	640		78
Sweden Government International Bond, (Sweden), Reg. S, 0.13%, 04/24/2023	EUR	700		869
Swiss Confederation Government Bond, (Switzerland),
Reg. S, 0.00%, 06/22/2029	CHF	240		285
Reg. S, 0.00%, 06/26/2034	CHF	440		524
Reg. S, 0.00%, 07/24/2039	CHF	130		156
Reg. S, 0.50%, 05/27/2030	CHF	330		410
Reg. S, 0.50%, 06/28/2045	CHF	60		82
Reg. S, 0.50%, 05/30/2058	CHF	160		247
Reg. S, 1.25%, 06/11/2024	CHF	410		496
Reg. S, 1.25%, 06/27/2037	CHF	230		329
Reg. S, 1.50%, 07/24/2025	CHF	190		237
Reg. S, 1.50%, 04/30/2042	CHF	90		142
Reg. S, 2.00%, 05/25/2022	CHF	200		235
Reg. S, 2.00%, 06/25/2064	CHF	80		195
Reg. S, 3.25%, 06/27/2027	CHF	510		725
Reg. S, 4.00%, 01/06/2049	CHF	130		333
Thailand Government Bond, (Thailand),
1.45%, 12/17/2024	THB	58,000		2,004
1.60%, 12/17/2029	THB	37,000		1,281
1.88%, 06/17/2049	THB	51,000		1,642


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — continued
2.00%, 12/17/2022	THB	111,000		3,822
2.00%, 06/17/2042	THB	4,000		139
2.13%, 12/17/2026	THB	1,570		57
2.40%, 12/17/2023	THB	220,000		7,761
2.88%, 12/17/2028	THB	180,000		6,837
2.88%, 06/17/2046	THB	15,000		597
3.30%, 06/17/2038	THB	202,300		8,386
3.60%, 06/17/2067	THB	53,000		2,378
3.65%, 06/20/2031	THB	50,000		2,061
Tokyo Metropolitan Government, (Japan),
Series 716, 0.77%, 12/20/2022	JPY	100,000		983
Series 726, 0.73%, 12/20/2023	JPY	1,800,000		17,798
Series 727, 0.72%, 12/20/2023	JPY	1,200,000		11,862
Treasury Corp. of Victoria, (Australia),
1.00%, 11/20/2023	AUD	3,650		2,879
1.25%, 11/19/2027	AUD	1,600		1,270
1.50%, 09/10/2031	AUD	2,400		1,872
2.25%, 11/20/2034	AUD	2,300		1,895
2.25%, 11/20/2041	AUD	500		390
Reg. S, 3.00%, 10/20/2028	AUD	1,200		1,071
UNEDIC ASSEO, (France),
Reg. S, 0.00%, 03/05/2030	EUR	100		125
Reg. S, 0.10%, 11/25/2026	EUR	600		754
Reg. S, 0.25%, 11/25/2029	EUR	500		638
Reg. S, 0.25%, 07/16/2035	EUR	200		252
Reg. S, 0.63%, 03/03/2026	EUR	100		129
Reg. S, 0.88%, 10/25/2022	EUR	1,100		1,377
Reg. S, 1.25%, 10/21/2027	EUR	200		271
United Kingdom Gilt, (United Kingdom),
Reg. S, 0.13%, 01/31/2023	GBP	1,430		1,963
Reg. S, 0.13%, 01/30/2026	GBP	160		221
Reg. S, 0.13%, 01/31/2028	GBP	140		192
Reg. S, 0.38%, 10/22/2030	GBP	1,050		1,458
Reg. S, 0.50%, 07/22/2022	GBP	1,970		2,721
Reg. S, 0.50%, 10/22/2061	GBP	630		811
Reg. S, 0.63%, 06/07/2025	GBP	2,690		3,795
Reg. S, 0.63%, 10/22/2050	GBP	980		1,298
Reg. S, 0.75%, 07/22/2023	GBP	2,380		3,327
Reg. S, 0.88%, 10/22/2029	GBP	2,290		3,331
Reg. S, 1.00%, 04/22/2024	GBP	1,510		2,141
Reg. S, 1.25%, 07/22/2027	GBP	2,480		3,664
Reg. S, 1.25%, 10/22/2041	GBP	420		637
Reg. S, 1.50%, 07/22/2026	GBP	2,420		3,596
Reg. S, 1.50%, 07/22/2047	GBP	1,360		2,200
Reg. S, 1.63%, 10/22/2028	GBP	1,300		1,995
Reg. S, 1.63%, 10/22/2054	GBP	610		1,061
Reg. S, 1.63%, 10/22/2071	GBP	610		1,226
Reg. S, 1.75%, 09/07/2037	GBP	1,420		2,304
Reg. S, 1.75%, 01/22/2049	GBP	1,160		1,996
Reg. S, 1.75%, 07/22/2057	GBP	1,020		1,877
Reg. S, 2.00%, 09/07/2025	GBP	1,980		2,976
Reg. S, 2.25%, 09/07/2023	GBP	2,190		3,184
Reg. S, 2.50%, 07/22/2065	GBP	860		2,017
Reg. S, 2.75%, 09/07/2024	GBP	520		786
Reg. S, 3.25%, 01/22/2044	GBP	1,870		3,935


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Reg. S, 3.50%, 01/22/2045	GBP	1,970		4,344
Reg. S, 3.50%, 07/22/2068	GBP	860		2,557
Reg. S, 3.75%, 07/22/2052	GBP	1,022		2,595
Reg. S, 4.00%, 03/07/2022	GBP	1,496		2,145
Reg. S, 4.00%, 01/22/2060	GBP	1,080		3,169
Reg. S, 4.25%, 12/07/2027	GBP	1,320		2,335
Reg. S, 4.25%, 06/07/2032	GBP	1,800		3,553
Reg. S, 4.25%, 03/07/2036	GBP	1,130		2,395
Reg. S, 4.25%, 09/07/2039	GBP	1,450		3,262
Reg. S, 4.25%, 12/07/2040	GBP	1,780		4,079
Reg. S, 4.25%, 12/07/2046	GBP	3,115		7,797
Reg. S, 4.25%, 12/07/2049	GBP	1,335		3,505
Reg. S, 4.25%, 12/07/2055	GBP	1,230		3,534
Reg. S, 4.50%, 09/07/2034	GBP	1,610		3,402
Reg. S, 4.50%, 12/07/2042	GBP	1,050		2,554
Reg. S, 4.75%, 12/07/2030	GBP	1,700		3,365
Reg. S, 4.75%, 12/07/2038	GBP	1,410		3,308
Reg. S, 5.00%, 03/07/2025	GBP	730		1,212
Reg. S, 6.00%, 12/07/2028	GBP	800		1,603
United States International Development Finance Corp., 3.37%, 10/05/2034		95		112
Uruguay Government International Bond, (Uruguay),
4.98%, 04/20/2055		50		69
5.10%, 06/18/2050		90		126
Western Australian Treasury Corp., (Australia),
1.75%, 10/22/2031	AUD	800		649
Series 24, Reg. S, 2.50%, 07/23/2024	AUD	2,800		2,332
Series 26, Reg. S, 3.00%, 10/21/2026	AUD	400		351
Series 28, Reg. S, 3.25%, 07/20/2028	AUD	1,400		1,273

Total Foreign Government Securities (Cost $3,107,511 )				3,194,526

Mortgage-Backed Securities — 24.0%
FHLMC Gold Pool,
3.00%, 10/01/2046		499		514
3.50%, 12/01/2044		2,054		2,144
3.50%, 06/01/2045		873		911
3.50%, 05/01/2046		468		488
3.50%, 10/01/2046		472		493
FHLMC Gold Pool, Single Family, 30 years,
3.00%, 03/01/2046		40		42
3.00%, 12/01/2046		61		64
4.00%, 08/01/2040		593		651
4.00%, 10/01/2040		4,230		4,663
4.00%, 11/01/2040		1,037		1,146
4.00%, 11/01/2047		4,821		5,179
FHLMC Non Gold Pool, ARM, (ICE LIBOR USD 1 Year + 1.64%), 3.48%, 01/01/2050 (aa)		167		173
FHLMC Pool,
3.50%, 02/01/2043		140		153
3.50%, 02/01/2044		160		175
6.00%, 08/01/2035		60		64


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
FHLMC Pool, Single Family, 15 years,
1.50%, 12/01/2035		547		562
2.00%, 12/01/2035		1,150		1,203
2.50%, 07/01/2032		4,030		4,300
FHLMC Pool, Single Family, 20 years,
3.50%, 06/01/2039		749		791
3.50%, 07/01/2039		454		479
3.50%, 08/01/2039		1,615		1,708
3.50%, 09/01/2039		908		963
FHLMC Pool, Single Family, 30 years,
2.50%, 11/01/2050 (gg)		64,429		68,168
3.50%, 03/01/2050		404		427
3.00%, 08/01/2050		12,199		12,821
3.50%, 05/01/2049		9,641		10,175
3.50%, 07/01/2049		824		869
3.50%, 12/01/2049		497		524
3.50%, 01/01/2050		1,261		1,331
3.50%, 04/01/2050		11,937		12,804
4.00%, 06/01/2049		197		210
1.50%, 12/01/2050		2,342		2,367
2.50%, 09/01/2050		17,513		18,477
2.50%, 10/01/2050		3,146		3,319
2.50%, 12/01/2050		1,938		2,045
3.00%, 11/01/2049		4,000		4,281
3.00%, 05/01/2050		5,705		6,217
3.00%, 07/01/2050		339		358
3.00%, 09/01/2050		9,906		10,386
3.50%, 03/01/2048		549		600
3.50%, 05/01/2048 (gg)		9,117		9,765
3.50%, 01/01/2049		201		213
3.50%, 09/01/2049		2,276		2,467
3.50%, 10/01/2049		1,132		1,227
3.50%, 11/01/2049		165		174
4.00%, 08/01/2048		70		75
4.00%, 10/01/2048		7,650		8,242
4.00%, 04/01/2049		7,759		8,339
4.00%, 09/01/2049		2,987		3,284
4.00%, 12/01/2049		76		82
4.00%, 03/01/2050		119		127
4.00%, 08/01/2050		3,820		4,081
4.00%, 09/01/2050		18,610		20,377
4.50%, 08/01/2049		2,985		3,313
4.50%, 10/01/2050		11,780		12,914
5.00%, 12/01/2049		835		951
FNMA or FHLMC, Single Family, 15 years,
TBA, 1.50%, 01/01/2036 (w)		5,400		5,556
TBA, 2.00%, 01/01/2036 (w)		11,250		11,761
TBA, 2.00%, 02/01/2036 (w)		101,200		105,678
TBA, 2.50%, 01/01/2036 (w)		38,775		40,441
TBA, 3.00%, 01/01/2036 (w)		17,975		18,864
TBA, 3.50%, 01/01/2036 (w)		9,075		9,623
TBA, 4.00%, 01/01/2036 (w)		250		265
FNMA or FHLMC, Single Family, 30 years,
TBA, 1.50%, 01/01/2051 (w)		2,875		2,905
TBA, 1.50%, 03/01/2051 (w)		2,200		2,218


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

TBA, 2.00%, 01/01/2051 (w)		22,675		23,555
TBA, 2.00%, 02/01/2051 (w)		13,300		13,793
TBA, 2.00%, 03/01/2051 (w)		92,700		95,981
TBA, 2.50%, 01/01/2051 (w)		84,758		89,347
TBA, 2.50%, 02/01/2051 (w)		950		1,000
TBA, 2.50%, 03/01/2051 (w)		26,000		27,323
TBA, 3.00%, 01/01/2051 (w)		61,994		64,953
TBA, 3.00%, 03/01/2051 (w)		40,000		41,973
TBA, 3.50%, 01/01/2051 (w)		21,028		22,227
TBA, 4.00%, 01/01/2051 (w)		30,975		33,080
TBA, 4.50%, 01/01/2051 (w)		10,950		11,867
TBA, 5.00%, 01/01/2051 (w)		2,150		2,379
FNMA Pool,
3.50%, 02/01/2045		497		543
3.00%, 05/01/2045		894		925
3.00%, 03/01/2060		29,941		31,747
3.50%, 08/01/2032		131		141
3.50%, 12/01/2042		309		334
3.50%, 04/01/2043		422		460
3.50%, 11/01/2043		205		223
3.50%, 09/01/2048		393		409
3.50%, 07/01/2049		668		694
4.00%, 04/01/2041		236		257
4.00%, 08/01/2046		196		217
5.39%, 07/01/2024		619		680
FNMA Pool, Single Family, 15 years,
2.00%, 12/01/2035		3,610		3,780
2.50%, 03/01/2035		3,463		3,610
2.50%, 08/01/2035		472		493
3.00%, 02/01/2034		3,006		3,159
3.00%, 06/01/2035		1,944		2,037
3.50%, 03/01/2035		3,313		3,580
3.50%, 05/01/2035		76		81
FNMA Pool, Single Family, 20 years,
3.50%, 03/01/2037		744		826
3.50%, 08/01/2038		300		316
3.50%, 04/01/2039		41		43
3.50%, 08/01/2039		494		522
FNMA Pool, Single Family, 30 years,
2.50%, 12/01/2050 (gg)		39,458		41,762
3.50%, 07/01/2049		1,406		1,484
3.50%, 05/01/2049		3,327		3,523
2.50%, 10/01/2050		5,953		6,297
3.00%, 01/01/2050		7,263		7,638
3.00%, 03/01/2050		2,768		2,970
3.00%, 07/01/2050		14,010		14,963
3.00%, 09/01/2050 (gg)		49,043		51,545
3.50%, 02/01/2048		5,736		6,083
3.50%, 06/01/2049 (gg)		4,811		5,078
3.50%, 08/01/2049		390		412
3.50%, 05/01/2050		6,047		6,428
3.50%, 07/01/2050		17,434		18,619
4.00%, 08/01/2048		169		180
4.00%, 02/01/2049		241		257
4.00%, 06/01/2049		2,715		2,970


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — continued
2.00%, 12/01/2050		10,424		10,830
2.50%, 08/01/2046		10,142		10,724
2.50%, 08/01/2050		25		27
2.50%, 09/01/2050 (gg)		25,948		27,377
2.50%, 11/01/2050		19,616		20,701
3.00%, 08/01/2046		2,583		2,718
3.50%, 08/01/2044		28		29
3.50%, 12/01/2045		4,688		5,010
3.50%, 07/01/2046		7,419		8,063
3.50%, 07/01/2047		1,193		1,266
3.50%, 09/01/2047		159		169
3.50%, 03/01/2048		367		400
3.50%, 08/01/2048		392		414
3.50%, 09/01/2048		67		70
3.50%, 10/01/2048		1,665		1,761
3.50%, 01/01/2050		547		578
3.50%, 03/01/2050 (gg)		21,999		23,235
4.00%, 04/01/2039		2,543		2,802
4.00%, 03/01/2042		1,010		1,131
4.00%, 04/01/2043		470		515
4.00%, 02/01/2045		476		521
4.00%, 09/01/2046		271		302
4.00%, 10/01/2047		1,324		1,420
4.00%, 03/01/2048		213		228
4.00%, 04/01/2048		1,181		1,265
4.00%, 06/01/2048		97		104
4.00%, 09/01/2048		3,940		4,198
4.00%, 10/01/2048		127		136
4.00%, 12/01/2048		138		147
4.00%, 01/01/2049		40		43
4.00%, 03/01/2049		82		87
4.00%, 04/01/2049		108		115
4.00%, 07/01/2049		63		68
4.00%, 10/01/2049		64		68
4.00%, 11/01/2049		434		477
4.00%, 02/01/2050		1,145		1,224
4.00%, 05/01/2050		2,845		3,041
4.00%, 06/01/2050		6,152		6,573
4.50%, 09/01/2048		1,655		1,799
4.50%, 05/01/2049		1,707		1,850
5.00%, 09/01/2049		2,703		3,053
FNMA, Single Family, 20 years, 1.50%, 02/01/2041		3,100		3,164
FNMA, Single Family, 30 years, 3.00%, 12/01/2050		5,518		6,017
GNMA II Pool,
3.50%, 06/20/2048		247		258
3.50%, 07/20/2048		229		239
3.50%, 08/20/2049		549		567
3.50%, 11/20/2049		898		939
4.00%, 11/20/2041		45		48
4.50%, 08/20/2040		58		63
4.50%, 10/20/2040		72		77
GNMA II Pool, Single Family, 30 years,
4.50%, 05/20/2048		18,057		19,656
4.50%, 11/20/2048		1,436		1,583


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

2.50%, 12/20/2050		4,101		4,345
3.00%, 04/20/2049		81		85
3.00%, 07/20/2050		10,158		10,660
3.00%, 08/20/2050		15,034		15,807
3.50%, 09/20/2047		3,978		4,293
3.50%, 08/20/2048		490		521
3.50%, 11/20/2048		568		603
3.50%, 12/20/2048		15		16
3.50%, 07/20/2049		3,263		3,460
3.50%, 01/20/2050		2,357		2,500
3.50%, 04/20/2050		410		435
4.00%, 07/20/2048		3,193		3,436
4.00%, 11/20/2048		93		100
4.00%, 05/20/2049		1,958		2,093
4.50%, 03/20/2047		852		947
4.50%, 06/20/2047		1,604		1,782
4.50%, 10/20/2047		774		854
4.50%, 11/20/2047		2,162		2,361
4.50%, 09/20/2048		849		919
4.50%, 10/20/2049		2,474		2,677
5.00%, 12/20/2048		538		597
GNMA, Single Family, 30 years,
TBA, 2.00%, 01/15/2051 (w)		4,375		4,575
TBA, 2.00%, 03/01/2051 (w)		47,500		49,515
TBA, 2.50%, 01/01/2051 (w)		10,000		10,586
TBA, 2.50%, 03/01/2051 (w)		35,200		37,124
TBA, 3.00%, 01/01/2051 (w)		9,650		10,091
TBA, 3.00%, 03/01/2051 (w)		39,200		41,016
TBA, 3.50%, 01/01/2051 (w)		40,350		42,765
TBA, 3.50%, 02/01/2051 (w)		12,100		12,820
TBA, 4.00%, 01/01/2051 (w)		27,500		29,320
TBA, 4.50%, 01/01/2051 (w)		4,525		4,845
TBA, 5.00%, 01/01/2051 (w)		675		737

Total Mortgage-Backed Securities (Cost $1,584,049)				1,586,986

Municipal Bonds — 0.0% (g) (t)
Arizona — 0.0% (g)
Salt River Project, Agricultural Improvement & Power District, Build America Bonds, Series A, Rev., 4.84%, 01/01/2041		100		139

California — 0.0% (g)
Bay Area Toll Authority, San Francisco Bay Area, Rev., 2.57%, 04/01/2031		100		108
California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051		15		15
Los Angeles County Metropolitan Transportation Authority, Build America Bonds, Rev., 5.74%, 06/01/2039		50		68
Los Angeles Department of Water & Power Power System Revenue, Build America Bonds, Rev., 6.60%, 07/01/2050		30		56


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
California — continued
Los Angeles Unified School District, Build America Bonds, GO, 5.75%, 07/01/2034		25		35
State of California, Build America Bonds,
GO, 7.50%, 04/01/2034		50		83
GO, 7.55%, 04/01/2039		50		88
GO, 7.60%, 11/01/2040		50		91
University of California, Build America Bonds, Rev., 5.95%, 05/15/2045		35		51
University of California, Taxable, Series AQ, Rev., 4.77%, 05/15/2115		20		28


				623

District of Columbia — 0.0% (g)
District of Columbia, Water & Sewer Authority, Senior Lien, Green Bonds, Series A, Rev., 4.81%, 10/01/2114		895		1,330

Illinois — 0.0% (g)
State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033		100		108

Massachusetts — 0.0% (g)
Commonwealth of Massachusetts, Taxable Consolidated Loan, Series H, GO, 2.90%, 09/01/2049		15		16

Michigan — 0.0% (g)
University of Michigan, Taxable, Series B, Rev., 2.56%, 04/01/2050		25		27

Missouri — 0.0% (g)
Health & Educational Facilities Authority of the State of Missouri, Washington University, Series A, Rev., 3.23%, 05/15/2050		35		41

New Jersey — 0.0% (g)
New Jersey Transportation Trust Fund Authority, Build America Bonds, Series B, Rev., 6.56%, 12/15/2040		25		35
New Jersey Turnpike Authority, Build America Bonds, Series F, Rev., 7.41%, 01/01/2040		30		50


				85

New York — 0.0% (g)
City of New York, Build America Bonds, GO, 5.52%, 10/01/2037		25		35
New York City Water & Sewer System, Build America Bonds, Second General Resolution, Rev., 5.44%, 06/15/2043		30		46
Port Authority of New York & New Jersey, Consolidated, Series 174, Rev., 4.46%, 10/01/2062		20		26
Port Authority of New York & New Jersey, Taxable, Consolidated Bonds, Series 21, Rev., 3.29%, 08/01/2069		40		43


				150


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Oregon — 0.0% (g)
Oregon State University, Taxable, Rev., BAM, 3.42%, 03/01/2060		10		10
State of Oregon Department of Transportation, Taxable Subordinated, Build America Bonds, Series A, Rev., 5.83%, 11/15/2034		50		73


				83

Texas — 0.0% (g)
City of San Antonio, Electric & Gas Systems Revenue, Build America Bonds, Rev., 5.99%, 02/01/2039		20		30
Dallas Area Rapid Transit, Build America Bonds, Rev., 5.02%, 12/01/2048		30		43
North Texas Tollway Authority, Build America Bonds, Series B, Rev., 6.72%, 01/01/2049		15		26
Texas Transportation Commission, Taxable Mobility Fund, GO, 2.47%, 10/01/2044		10		10
University of Texas System, Build America Bonds, Series C, Rev., 4.79%, 08/15/2046		10		14


				123

Virginia — 0.0% (g)
University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117		40		53

Total Municipal Bonds (Cost $2,735)				2,778

U.S. Government Agency Securities — 2.4%
FHLB,
0.50%, 04/14/2025		2,000		2,013
3.25%, 11/16/2028		650		777
5.50%, 07/15/2036		200		309
FHLMC,
Zero Coupon, 12/14/2029		1,000		895
Zero Coupon, 12/17/2029		32		28
Zero Coupon, 01/02/2034		550		446
0.13%, 07/25/2022		5		5
0.25%, 08/24/2023		2,650		2,655
0.38%, 07/21/2025		800		801
1.50%, 02/12/2025		107		112
6.25%, 07/15/2032		207		320
6.75%, 03/15/2031		400		616
FHLMC Coupon Strips, Zero Coupon, 03/15/2030		235		208
FHLMC Strips, Zero Coupon, 03/15/2031		700		609
FNMA,
0.25%, 05/22/2023		3,000		3,007
0.30%, 08/03/2023		100		100
0.35%, 08/18/2023		1,500		1,499
0.88%, 08/05/2030		910		893
5.38%, 06/07/2021	GBP	362		506
6.25%, 05/15/2029		1,000		1,426


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Government Agency Securities — continued
FNMA Interest Strip,
Zero Coupon, 09/23/2027		117		110
Zero Coupon, 10/08/2027		129		122
Zero Coupon, 07/15/2030		14		12
Zero Coupon, 11/15/2030		13		11
Resolution Funding Corp. Interest Strip,
Zero Coupon, 10/15/2028		50		46
Zero Coupon, 07/15/2029		500		452
Zero Coupon, 10/15/2029		40		36
Zero Coupon, 01/15/2030		285		253
Resolution Funding Corp. Principal Strip, Zero Coupon, 01/15/2030		50		45
Tennessee Valley Authority,
4.63%, 06/07/2043	GBP	200		445
5.88%, 04/01/2036		400		616
U.S. Treasury Bonds,
1.13%, 05/15/2040		6,482		6,154
1.13%, 08/15/2040		3,225		3,053
1.25%, 05/15/2050 (dd)		9,480		8,600
1.38%, 08/15/2050		3,626		3,396
1.63%, 11/15/2050		1,200		1,196
2.00%, 02/15/2050		3,259		3,540
2.25%, 08/15/2046		3,000		3,425
2.25%, 08/15/2049		3,300		3,777
2.38%, 11/15/2049		2,200		2,584
2.50%, 02/15/2045		5,500		6,559
2.50%, 02/15/2046		1,000		1,195
2.50%, 05/15/2046		1,975		2,359
2.75%, 11/15/2042		2,000		2,478
2.75%, 08/15/2047		900		1,128
2.75%, 11/15/2047		900		1,129
2.88%, 05/15/2043		2,000		2,528
2.88%, 11/15/2046		1,500		1,916
2.88%, 05/15/2049		3,000		3,873
3.00%, 05/15/2042		800		1,029
3.00%, 11/15/2044		900		1,165
3.00%, 05/15/2045		1,730		2,245
3.00%, 11/15/2045		4,229		5,504
3.00%, 02/15/2047		4,588		5,999
3.00%, 08/15/2048		2,020		2,657
3.00%, 02/15/2049		2,400		3,166
3.13%, 11/15/2041		800		1,046
3.13%, 02/15/2043		860		1,128
3.38%, 11/15/2048		3,700		5,197
3.63%, 08/15/2043		4,090		5,776
3.63%, 02/15/2044		3,000		4,248
3.75%, 11/15/2043		3,115		4,484
3.88%, 08/15/2040		900		1,290
4.25%, 11/15/2040		1,769		2,657
4.38%, 05/15/2041		410		629
4.50%, 02/15/2036		1,805		2,649
4.63%, 02/15/2040		1,000		1,559
4.75%, 02/15/2037		300		457


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

4.75%, 02/15/2041		800		1,278
5.00%, 05/15/2037		300		470
U.S. Treasury STRIP Coupon Bonds,
Zero Coupon, 05/15/2024		800		793
Zero Coupon, 05/15/2026		5,000		4,863
Zero Coupon, 11/15/2026		5,000		4,826
Zero Coupon, 11/15/2028 (ee) (ff)		12,000		11,199
Zero Coupon, 11/15/2038 (dd)		6,250		4,771
Zero Coupon, 11/15/2041 (ee)		200		144
Zero Coupon, 08/15/2045		600		397

Total U.S. Government Agency Securities (Cost $164,942)				159,889

U.S. Treasury Obligations — 6.3%
U.S. Treasury Inflation Indexed Notes, 0.13%, 04/15/2025		40		43
U.S. Treasury Notes,
0.13%, 04/30/2022		512		512
0.13%, 05/31/2022		20,200		20,204
0.13%, 06/30/2022		30,000		30,005
0.13%, 07/31/2022		10,500		10,502
0.13%, 09/30/2022		2,500		2,500
0.13%, 10/31/2022		18,000		18,003
0.13%, 07/15/2023		13,000		12,994
0.13%, 08/15/2023		455		455
0.25%, 04/15/2023		1,203		1,206
0.25%, 06/15/2023		11,000		11,028
0.25%, 05/31/2025		10,000		9,981
0.25%, 06/30/2025		10,000		9,975
0.25%, 07/31/2025		19,920		19,862
0.25%, 09/30/2025		2,500		2,491
0.25%, 10/31/2025		600		597
0.38%, 04/30/2025		1,085		1,089
0.38%, 11/30/2025		3,500		3,505
0.38%, 12/31/2025		90		90
0.38%, 07/31/2027		6,215		6,133
0.38%, 09/30/2027		5,500		5,416
0.50%, 03/15/2023		8,000		8,065
0.50%, 04/30/2027		2,532		2,526
0.50%, 05/31/2027		4,500		4,484
0.50%, 06/30/2027		5,000		4,979
0.50%, 08/31/2027		2,400		2,385
0.63%, 11/30/2027		2,200		2,200
0.63%, 05/15/2030		13,078		12,786
0.63%, 08/15/2030		4,555		4,441
0.88%, 11/15/2030		3,200		3,189
1.13%, 02/28/2027		4,000		4,148
1.25%, 07/31/2023		8,100		8,331
1.50%, 08/15/2026		1,000		1,059
1.50%, 02/15/2030		3,399		3,596
1.63%, 02/15/2026		3,000		3,191
1.63%, 05/15/2026		2,500		2,662
1.63%, 08/15/2029		2,000		2,139


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — continued
1.75%, 05/15/2022		890		910
1.75%, 09/30/2022		1,400		1,439
1.75%, 05/15/2023		140		145
1.75%, 12/31/2026		840		903
1.75%, 11/15/2029		2,000		2,161
1.88%, 07/31/2022		4,000		4,110
1.88%, 08/31/2022		675		695
2.00%, 02/15/2022		2,000		2,042
2.00%, 07/31/2022		1,600		1,647
2.00%, 11/30/2022		1,560		1,616
2.00%, 02/15/2023		500		520
2.00%, 08/15/2025		3,000		3,231
2.00%, 11/15/2026		6,700		7,292
2.13%, 02/29/2024		55		58
2.13%, 03/31/2024		12,000		12,749
2.13%, 07/31/2024		3,000		3,205
2.13%, 09/30/2024		10,400		11,133
2.13%, 05/15/2025		11,000		11,872
2.25%, 11/15/2024		10,700		11,527
2.25%, 11/15/2025		2,575		2,812
2.25%, 02/15/2027		5,000		5,527
2.25%, 08/15/2027		4,200		4,657
2.38%, 01/31/2023		1,600		1,674
2.38%, 08/15/2024		3,800		4,095
2.38%, 05/15/2027		8,000		8,924
2.38%, 05/15/2029		3,500		3,955
2.63%, 02/15/2029		1,600		1,837
2.75%, 07/31/2023		7,000		7,469
2.75%, 11/15/2023		4,300		4,619
2.75%, 02/15/2024		3,000		3,241
2.75%, 02/28/2025		13,800		15,211
2.75%, 02/15/2028		3,000		3,440
2.88%, 11/15/2021		1		1
2.88%, 09/30/2023		3,000		3,223
2.88%, 10/31/2023		1,524		1,641
2.88%, 04/30/2025		10,900		12,110
2.88%, 11/30/2025		1,300		1,460
2.88%, 05/15/2028		4,500		5,214
2.88%, 08/15/2028		1,800		2,091
3.00%, 09/30/2025		120		135
3.13%, 11/15/2028		6,390		7,566

Total U.S. Treasury Obligations (Cost $415,860)				414,929

Short-Term Investments — 10.1%
Repurchase Agreement — 1.2%
BNP Paribas SA, 0.09%, dated 12/31/2020 due 01/04/2021, repurchase price $80,800, collateralized by U.S. Treasury Security, 0.13%, due 07/15/2024, with a value of $47,338 and Mortgage-Backed Security, 3.50%, due 09/20/2044, with a value of $35,550.		80,800		80,800


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)			VALUE($)

Time Deposits — 8.8%
Australia & New Zealand Banking Group Ltd.,
(1.69%), 01/04/2021	AUD	224			173
0.01%, 01/04/2021		265,334			265,334
BNP Paribas SA,
(4.52%), 01/04/2021	SEK	908			110
(2.94%), 01/04/2021	CHF	155			175
(2.05%), 01/04/2021	DKK	751			123
(0.72%), 01/04/2021	EUR	1,537			1,877
0.01%, 01/04/2021		42,190			42,190
Brown Brothers Harriman,
(7.00%), 01/04/2021	NOK	625			73
(4.52%), 01/04/2021	SEK	133			16
(2.94%), 01/04/2021	CHF	9			10
(2.05%), 01/04/2021	DKK	60			10
(1.69%), 01/04/2021	AUD	—	(h)		—	(h)
(0.72%), 01/04/2021	EUR	4			5
(0.20%), 01/05/2021	NZD	793			571
0.00%, 01/04/2021	HKD	8,139			1,050
0.01%, 01/04/2021	CAD	—	(h)		—	(h)
0.01%, 01/04/2021	GBP	8			11
0.01%, 01/04/2021	SGD	922			698
0.01%, 01/04/2021		17			17
Citibank NA,
(0.72%), 01/04/2021	EUR	82			100
0.01%, 01/04/2021	GBP	1,447			1,980
0.01%, 01/04/2021		3,873			3,873
Sumitomo Mitsui Banking Corp.,
(0.31%), 01/04/2021	JPY	27,160,350			263,042
0.01%, 01/04/2021		1,208			1,208

Total Time Deposits					582,646

U.S. Treasury Obligations — 0.1%
U.S. Cash Management Bill, 0.09%, 03/16/2021 (n) (dd)		118			118
U.S. Treasury Bill,
0.07%, 01/14/2021 (n) (dd)		3,071			3,071
0.09%, 02/04/2021 (n) (dd)		20			20

Total U.S. Treasury Obligations					3,209

Total Short-Term Investments (Cost $666,655)					666,655


Total Investments, Before Short Positions — 114.2% (Cost $7,426,762)					7,556,136

Liabilities in Excess of Other Assets — (14.2)%					(936,428	)


NET ASSETS — 100.0%				$	6,619,708

Short Positions — 4.0%

Foreign Government Security — 0.0% (g)
China Development Bank, (China), Series 1706, 4.02%, 04/17/2022 (Proceeds $1,815)	CNY	12,000			1,863


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Mortgage-Backed Securities — 4.0%
FNMA or FHLMC, Single Family, 30 years,
TBA, 2.00%, 01/01/2051 (w)		4,400		4,571
TBA, 2.50%, 01/01/2051 (w)		81,000		85,385
TBA, 2.50%, 02/01/2051 (w)		43,500		45,779
TBA, 2.50%, 03/01/2051 (w)		30,000		31,527
TBA, 3.00%, 01/01/2051 (w)		50,600		53,015
TBA, 3.50%, 01/01/2051 (w)		15,300		16,173
GNMA, Single Family, 30 years, TBA, 3.50%, 01/01/2051 (w)		24,900		26,390


Total Mortgage-Backed Securities (Proceeds $261,304)				262,840


Total Securities Sold Short — 4.0% (Proceeds $263,119)				264,703

Percentages indicated are based on net assets.


BBSW		— Bank Bill Swap Rate
BIBOR		— Bangkok Interbank Offered Rate
BofA		— Bank of America
CDX		— Credit Default Swap Index
CLO		— Collateralized Loan Obligations
CMT		— Constant Maturity Treasury
CPI		— Consumer Price Index
EURIBOR		— Euro Interbank Offered Rate
FEDEF		— Federal Fund Effective Rate (Continuous Series)
FHLB		— Federal Home Loan Bank
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GO		— General Obligation
GNMA		— Government National Mortgage Association
IBR		— Indicador Bancario de Referencia
ICE		— Intercontinental Exchange
IF		— Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of December 31, 2020. The rate may be subject to a cap and floor.
IO		— Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
KLIBOR		— Kuala Lumpur Interbank Offered Rate
LIBOR		— London Interbank Offered Rate
OTC		— Over-the-Counter
OYJ		— Public Limited Company
PO		— Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
Reg. S		— Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REIT		— Real Estate Investment Trust
REMICS		— Real Estate Mortgage Investment Conduit
Rev.		— Revenue
SOFR		— Secured Overnight Financing Rate
SONIA		— Sterling Overnight Interbank Average Rate
STRIPS		— Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB		— Step-Up Bond. The interest rate shown is the rate in effect as of December 31, 2020.
TBA		— To Be Announced
(e)		— Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.


(g)		— Amount rounds to less than 0.05%.
(h)		— Amount rounds to less than 500 shares or principal/ $500.
(n)		— The rate shown is the effective yield as of December 31, 2020.
(t)		— The date shown represents the earliest of the next put date or final maturity date.
(w)		— All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)		— Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2020.
(z)		— Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2020.
(aa)		— Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2020.
(bb)		— Security has been valued using significant unobservable inputs.
(cc)		— Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
(dd)		— Approximately $6,135,516 of these investments is restricted as collateral for forwards to various brokers.
(ee)		— Approximately $283,363 of these investments is restricted as collateral for swaps to Citigroup Clearing.
(ff)		— Approximately $636,494 of these investments is restricted as collateral for futures to Citigroup Global Markets, Inc.
(gg)		— Position, or portion thereof, has been segregated to collateralize reverse repurchase agreements.
AUD		— Australian Dollar
CAD		— Canadian Dollar
CHF		— Swiss Franc
CLP		— Chilean Peso
CNH		— Chinese Yuan
CNY		— Chinese Yuan Renminbi
COP		— Colombian Peso
CZK		— Czech Koruna
DKK		— Danish Krone
EUR		— Euro
GBP		— British Pound
HKD		— Hong Kong Dollar
HUF		— Hungarian Forint
IDR		— Indonesian Rupiah
ILS		— Israeli New Shekel
JPY		— Japanese Yen
KRW		— Korean Won
MXN		— Mexican Peso
MYR		— Malaysian Ringgit
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
PEN		— Peruvian Nuevo Sol
PLN		— Polish Zloty
RON		— Romanian Leu
RUB		— Russian Ruble
SEK		— Swedish Krona
SGD		— Singapore Dollar
THB		— Thai Baht
USD		— United States Dollar


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — 91.0% (t)
Alabama — 1.5%
Alabama Federal Aid Highway Finance Authority, Series A, Rev., 5.00%, 09/01/2035		2,000		2,462
Alabama Housing Finance Authority, Capstone At Kinsey Cove Project, Rev., 0.35%, 12/01/2023 (z)		1,005		1,005
Alabama Public School and College Authority, Social Bonds,
Series A, Rev., 5.00%, 11/01/2035		5,000		6,825
Series A, Rev., 5.00%, 11/01/2039		10,000		13,466
Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046		5,000		5,996
Baldwin County Board of Education, School Warrants,
Rev., 5.00%, 06/01/2024 (p)		2,605		2,782
Rev., 5.00%, 06/01/2026 (p)		2,870		3,066
Black Belt Energy Gas District, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 07/01/2046 (z)		1,110		1,123
Black Belt Energy Gas District, Project No. 4, Series A1, Rev., 4.00%, 12/01/2049 (z)		1,175		1,356
Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z)		4,750		5,580
City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032		4,075		5,130
City of Huntsville, Warrants, Series A, GO, 5.00%, 09/01/2028		2,030		2,687
County of Jefferson, Sewer Revenue, Subordinated Lien, Series D, Rev., 6.50%, 10/01/2053		220		259
Health Care Authority of the City of Huntsville, Health System,
Series B1, Rev., 4.00%, 06/01/2045		1,750		2,032
Series B1, Rev., 5.00%, 06/01/2038		1,000		1,288
Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z)		3,020		3,263
Industrial Development Board of the City of Mobile Alabama, Power Co., Barry Plant, Rev., 2.90%, 07/15/2034 (z)		2,000		2,150
Selma Industrial Development Board, International Paper Co. Project, Rev., 1.38%, 05/01/2034 (z)		1,000		1,038
Southeast Alabama Gas Supply District (The), Project No. 2, Series A, Rev., 4.00%, 06/01/2049 (z)		100		111
State of Alabama Docks Department, Docks,
Series A, Rev., AGM, AMT, 5.00%, 10/01/2025		1,750		2,077
Series A, Rev., AGM, AMT, 5.00%, 10/01/2026		1,890		2,300
Tuscaloosa City Board of Education, Warrants, Rev., 5.00%, 08/01/2041 (p)		2,525		3,171


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Alabama — continued
UAB Medicine Finance Authority,
Rev., 5.00%, 09/01/2032		1,800		2,370
Series B, Rev., 5.00%, 09/01/2041		1,450		1,722
Water Works Board of the City of Birmingham, Series B, Rev., 5.00%, 01/01/2038 (p)		3,000		3,288


				76,547

Alaska — 0.2%
Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044		7,245		8,035
Alaska Housing Finance Corp., State Capital Project, Rev., 5.00%, 12/01/2031 (p)		1,690		1,804
Borough of North Slope, Series B, GO, 5.00%, 06/30/2023 (p)		1,665		1,705


				11,544

Arizona — 1.6%
Arizona Health Facilities Authority, Banner Health, Series A, Rev., 5.00%, 01/01/2044		1,055		1,188
Arizona Health Facilities Authority, Scottsdale Lincoln Hospital Project, Rev., 5.00%, 12/01/2029		2,705		3,170
Arizona Industrial Development Authority,
Series A, Rev., 4.00%, 09/01/2035		225		265
Series A, Rev., 4.00%, 09/01/2036		250		294
Arizona State University,
Series B, Rev., VRDO, 0.08%, 01/07/2021 (z)		2,005		2,005
Series C, Rev., 5.00%, 07/01/2042		2,000		2,398
Arizona State University, Board of Regents,
Series A, Rev., 5.00%, 07/01/2043 (p)		1,500		1,607
Series B, Rev., 5.00%, 07/01/2026		100		125
Series B, Rev., 5.00%, 07/01/2042		2,000		2,445
Chandler Industrial Development Authority, Intel Corp. Project, Rev., 2.40%, 12/01/2035 (z)		300		315
City of Mesa Excise Tax Revenue, Rev., 5.00%, 07/01/2028		600		791
City of Phoenix Civic Improvement Corp.,
Series A, Rev., 5.00%, 07/01/2029		750		919
Series A, Rev., 5.00%, 07/01/2031		2,000		2,427
Series A, Rev., 5.00%, 07/01/2032		1,000		1,207
City of Phoenix Civic Improvement Corp., Junior Lien, Series A, Rev., 4.00%, 07/01/2021		1,000		1,019
City of Phoenix, Civic Improvement Corp., Series A, Rev., 5.00%, 07/01/2034		2,185		2,618
City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien,
Series A, Rev., 5.00%, 07/01/2044		1,000		1,252
Series B, Rev., AMT, 5.00%, 07/01/2027		1,500		1,870
Series B, Rev., AMT, 5.00%, 07/01/2033		2,000		2,523


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Arizona — continued
City of Phoenix, Civic Improvement Corp., Senior Lien, Series B, Rev., 5.00%, 07/01/2021		1,500		1,536
County of Pima, Sewer System Revenue, Series A, Rev., 5.00%, 07/01/2021		2,100		2,150
Industrial Development Authority of the City of Phoenix, Republic Services, Inc. Project, Rev., AMT, 0.30%, 12/01/2035 (z)		2,000		2,000
Maricopa County Industrial Development Authority, Banner Health Obligated Group, Rev., 5.00%, 01/01/2026		2,500		3,076
Maricopa County Pollution Control Corp., Public Service Company of New Mexico, Rev., 1.05%, 01/01/2038 (z)		695		701
Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037		21,910		25,397
Northern Arizona University, Speed Stimulas Plan Economic Education, Rev., 5.00%, 08/01/2032 (p)		3,145		3,530
Salt River Project Agricultural Improvement & Power, Series A, Rev., 5.00%, 12/01/2045		7,300		8,591
Salt River Project Agricultural Improvement & Power District,
Series A, Rev., 5.00%, 01/01/2022		1,000		1,048
Series A, Rev., 5.00%, 12/01/2024		1,305		1,362
Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032		420		565
Salt Verde Financial Corp., Senior,
Rev., 5.25%, 12/01/2021		600		624
Rev., 5.50%, 12/01/2029		1,475		1,963

				80,981

Arkansas — 0.0% (g)
Arkansas Development Finance Authority Public Safety Charges Revenue, Division of Emergency Management Project, Rev., 5.00%, 06/01/2024		1,000		1,153
Arkansas Development Finance Authority, Big River Steel Project, Rev., AMT, 4.50%, 09/01/2049 (e)		630		678


				1,831

California — 10.4%
Alameda County, Oakland Unified School District,
GO, 5.00%, 08/01/2027		65		80
Series A, GO, 5.00%, 08/01/2040		300		348
Anaheim Housing & Public Improvements Authority,
Series A, Rev., 5.00%, 10/01/2035		250		297
Series A, Rev., 5.00%, 10/01/2050		1,780		2,070
Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036		2,250		2,698


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

California — continued
Bay Area Toll Authority, Subordinated, Series S4, Rev., 5.00%, 04/01/2031 (p)		4,000		4,434
Beverly Hills Unified School District, 2008 Election, GO, 2.00%, 08/01/2022		1,400		1,441
Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050		5,000		6,262
California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027		10		13
California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation,
Rev., 5.00%, 06/01/2032		340		458
Rev., 5.00%, 06/01/2033		170		226
California County, Tobacco Securitization Agency, Sonoma County Securitization,
Rev., 5.00%, 06/01/2031		255		345
Rev., 5.00%, 06/01/2032		250		337
Rev., 5.00%, 06/01/2033		300		400
Rev., 5.00%, 06/01/2049		405		486
California Educational Facilities Authority, Standford University, Series V1, Rev., 5.00%, 05/01/2049		1,000		1,643
California Educational Facilities Authority, Stanford University, Series U7, Rev., 5.00%, 06/01/2046		1,000		1,609
California Health Facilities Financing Authority, Adventist Health System, Rev., 3.00%, 03/01/2041 (z)		2,000		2,122
California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049		3,000		3,618
California Health Facilities Financing Authority, Commonspirit Health,
Series A, Rev., 4.00%, 04/01/2038		3,500		4,158
Series A, Rev., 5.00%, 04/01/2033		3,000		3,946
California Health Facilities Financing Authority, Kaiser Permanente, Series C, Rev., 5.00%, 06/01/2041 (z)		1,000		1,354
California Health Facilities Financing Authority, Pih Health,
Series A, Rev., 4.00%, 06/01/2050		1,545		1,804
Series A, Rev., 5.00%, 06/01/2035		3,010		3,926
California Health Facilities Financing Authority, Providence St. Josephs, Rev., 5.00%, 10/01/2039 (z)		2,000		2,432
California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 5.00%, 08/15/2043 (p)		465		565
California Infrastructure & Economic Development Bank, Brightline West Passenger, Rev., AMT, 0.45%, 01/01/2050 (e) (z)		21,480		21,500
California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031		1,230		1,511


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
California — continued
California Municipal Finance Authority, Anaheim Electric Utility District System, Rev., 5.00%, 10/01/2022		1,175		1,274
California Municipal Finance Authority, Republic Services, Rev., 0.23%, 09/01/2021 (w) (z)		10,000		10,000
California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%, 10/01/2050 (e)		2,000		2,041
California Municipal Finance Authority, Southern California Insitute, Rev., 5.00%, 12/01/2037		745		866
California Municipal Finance Authority, Waste Management, Inc. Project,
Rev., AMT, 0.25%, 10/01/2045 (w) (z)		9,000		9,000
Rev., AMT, 0.70%, 12/01/2044 (w) (z)		1,670		1,689
Series A, Rev., AMT, 2.40%, 10/01/2044 (z)		2,960		3,281
California Public Finance Authority, Henry Mayo Newhall Hospital,
Rev., 5.00%, 10/15/2030		1,165		1,364
Rev., 5.00%, 10/15/2032		1,000		1,164
California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e)		1,230		1,368
California State Public Works Board, Capital Projects,
Series D, Rev., 5.00%, 11/01/2029		3,460		4,718
Series E, Rev., 5.00%, 11/01/2026		3,040		3,846
California State Public Works Board, Corrections Facilities, Series A, Rev., 5.00%, 09/01/2039		7,560		8,708
California State Public Works Board, Davidson Library, Series C, Rev., 5.00%, 03/01/2031 (p)		1,250		1,381
California State University, Series A, Rev., 5.00%, 11/01/2044		2,640		3,446
California State University, Systemwide,
Series A, Rev., 5.00%, 11/01/2037 (p)		9,200		9,567
Series A, Rev., 5.00%, 11/01/2039		5,035		5,828
Series A, Rev., 5.00%, 11/01/2042 (p)		3,980		4,329
Series C, Rev., 5.00%, 11/01/2026		1,685		2,139
California State, Public Works Board,
Series B, Rev., 5.00%, 10/01/2028		110		142
Series E, Rev., 5.00%, 09/01/2024 (p)		1,865		2,015
California State, Public Works Board Projects, Series D, Rev., 5.00%, 09/01/2024 (p)		1,700		1,837
California Statewide Communities Development Authority, Series B, Special Assessment, 4.00%, 09/02/2040		1,120		1,217
California Statewide Communities Development Authority, Health Facility, Dignity Health, Rev., AGM, 0.05%, 07/01/2041 (z)		2,000		2,000


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

California — continued
California Statewide Communities Development Authority, Kaiser Permanente, Series 2004L, Rev., 5.00%, 04/01/2038 (z)		5,000		6,772
California Statewide Communities Development Authority, Loma Linda University Medical Center,
Rev., 5.25%, 12/01/2044		6,065		6,683
Rev., 5.50%, 12/01/2054		1,100		1,216
Series A, Rev., 5.00%, 12/01/2026 (e)		300		354
Chino Basin Regional Financing Authority, Series B, Rev., 4.00%, 11/01/2025		3,000		3,512
City & County of San Francisco,
Series D1, GO, 4.00%, 06/15/2041		1,215		1,448
Series D1, GO, 4.00%, 06/15/2043		3,350		3,974
City & County of San Francisco, 49 South Van Ness Project, Green Bond, Series A, COP, 4.00%, 04/01/2035		810		947
City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036		200		220
City of Los Angeles Department of Airports, Senior,
Series A, Rev., AMT, 4.75%, 05/15/2040		2,415		2,745
Series B, Rev., 5.00%, 05/15/2027		2,570		3,299
Series C, Rev., AMT, 5.00%, 05/15/2036		4,090		5,312
City of Los Angeles Department of Airports, Subordinated,
Series C, Rev., AMT, 5.00%, 05/15/2033		1,160		1,435
Series E, Rev., 5.00%, 05/15/2039		1,510		1,915
Series E, Rev., 5.00%, 05/15/2044		1,000		1,253
City of Los Angeles, Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2023		150		166
City of Los Angeles, Department of Airports, Senior,
Series B, Rev., 5.00%, 05/15/2026		2,000		2,497
Series B, Rev., 5.00%, 05/15/2034		1,600		2,150
City of Los Angeles, Wastewater System Revenue, Subordinated, Series A, Rev., 5.00%, 06/01/2025		1,040		1,159
City of Roseville, Special Tax, 5.00%, 09/01/2035		1,160		1,354
City of Roseville, Special Tax, Special Tax, 4.00%, 09/01/2040		1,000		1,097
City of San Francisco CA Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050		4,235		5,232
City of San Francisco, Public Utilities Commission Water Revenue, Green Bond, Series A, Rev., 5.00%, 11/01/2045		1,940		2,577
City of Santa Rosa Wastewater Revenue, Series A, Rev., 5.00%, 09/01/2033		1,770		2,416


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
California — continued
Coast Community College District, Series F, GO, 4.00%, 08/01/2022		100		106
Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036		1,400		939
Contra Costa Community College District, Election of 2014, Series C, GO, 4.00%, 08/01/2026		580		698
County of Sacramento, Airport System Revenue, Senior, Rev., 4.00%, 07/01/2037		2,000		2,395
County of Sacramento, Airport System Revenue, Subordinated, Series E, Rev., 5.00%, 07/01/2029		1,025		1,309
CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e)		3,295		3,752
CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e)		215		248
Department of Veterans Affairs, Veteran’s Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050		1,000		1,101
Deutsche Bank Spears/Lifers Trust, Series DBE8061, Rev., LIQ: Deutsche Bank AG, 0.69%, 01/01/2060 (e) (z)		5,000		5,000
East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035		1,200		1,515
East Side Union High School District, 2008 Election, Series D, GO, 5.00%, 08/01/2037 (p)		10,000		10,766
Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040		1,280		1,424
Foothill-De Anza Community College District, Series C, GO, 5.00%, 08/01/2040 (p)		1,430		1,470
Gilroy School Facilities Financing Authority, General Obligations, Series A, Rev., 5.00%, 08/01/2046 (p)		5,000		5,622
Golden State Tobacco Securitization Corp., Series A2, Rev., 5.00%, 06/01/2047		1,000		1,037
Kern Community College District, GO, BAN, Zero Coupon, 08/01/2023		280		276
Los Angeles Community College District, Series C, GO, 5.00%, 08/01/2021		2,300		2,364
Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds,
Series A, Rev., 5.00%, 06/01/2024		2,500		2,907
Series A, Rev., 5.00%, 06/01/2034		7,000		8,830
Los Angeles County Metropolitan Transportation Authority, Measure R Junior, Green Bond, Subordinated,
Series A, Rev., 5.00%, 06/01/2026		500		627
Series A, Rev., 5.00%, 06/01/2033		3,000		4,086


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

California — continued
Los Angeles County Metropolitan Transportation Authority, Prop A, First Tier, Senior, Series A, Rev., 5.00%, 07/01/2021		1,260		1,290
Los Angeles County Metropolitan Transportation Authority, Senior Proposition, Series B, Rev., 5.00%, 07/01/2022 (p)		1,000		1,024
Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030		3,000		4,166
Los Angeles Department of Water,
Series B, Rev., 4.00%, 07/01/2027		1,500		1,850
Series B, Rev., 4.00%, 07/01/2029		1,000		1,284
Series B, Rev., 5.00%, 07/01/2037		740		957
Series C, Rev., 5.00%, 07/01/2033 (w)		2,765		3,806
Los Angeles Department of Water & Power Power System Revenue,
Series A, Rev., 5.25%, 07/01/2049		9,500		12,309
Series B, Rev., 5.00%, 01/01/2022		2,275		2,376
Series B, Rev., 5.00%, 07/01/2038		1,000		1,238
Series A, Rev., 5.00%, 07/01/2021		5,640		5,775
Los Angeles Department of Water & Power, Power System Revenue, Series B, Rev., 5.00%, 07/01/2023		155		173
Los Angeles Unified School District,
Series C, GO, 4.00%, 07/01/2040		1,000		1,222
Series C, GO, 5.00%, 07/01/2026		2,285		2,867
Series C, GO, 5.00%, 07/01/2027		5,000		6,463
Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029		100		130
Manhattan Beach Unified School District, Measure C, Series B, GO, 4.00%, 09/01/2045		2,210		2,695
Metropolitan Water District of Southern California,
Rev., 5.00%, 01/01/2038		3,015		3,913
Series A1, Rev., VRDO, 0.09%, 01/04/2021 (z)		2,050		2,050
Metropolitan Water District of Southern California, Subordinated, Series B, Rev., 4.00%, 08/01/2021		1,620		1,650
Municipal Improvement Corp. of Los Angeles, Real Property, Series B, Rev., 5.00%, 11/01/2039		2,535		3,367
Natomas Unified School District,
Series A, GO, AGM, 4.00%, 08/01/2045		7,740		8,740
Series A, GO, AGM, 4.00%, 08/01/2049		2,655		2,986
Norman Y Mineta San Jose International Airport SJC,
Series A, Rev., AMT, 5.00%, 03/01/2023		100		109
Series A, Rev., AMT, 5.00%, 03/01/2024		1,290		1,466


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
California — continued
Northern California Power Agency, Hydroelectric Project, Series A, Rev., 5.00%, 07/01/2023		145		162
Orange County Water District, Interim Obligations, Series A, COP, 2.00%, 08/15/2023		1,540		1,596
Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045		3,000		3,781
Palomar Health, Rev., 5.00%, 11/01/2039		4,000		4,609
Palomar Health, Capital Appreciation, Electric Of 2004, Series A, GO, AGC, Zero Coupon, 08/01/2028		500		451
Pomona Unified School District, 2016 Election, Series D, GO, 4.00%, 08/01/2038		2,745		3,395
Port of Oakland, Intermediate Lien,
Series H, Rev., AMT, 5.00%, 05/01/2022 (w)		1,700		1,792
Series H, Rev., AMT, 5.00%, 05/01/2027 (w)		2,500		3,111
Series H, Rev., AMT, 5.00%, 05/01/2028 (w)		1,875		2,384
Series H, Rev., AMT, 5.00%, 05/01/2029 (w)		405		525
Port of Oakland, Senior Lien, Series P, Rev., AMT, 5.00%, 05/01/2026 (p)		360		382
Redondo Beach Unified School District, Election of 2008, Series E, GO, 5.50%, 08/01/2034 (p)		1,000		1,031
Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040		2,000		2,470
Sacramento Suburban Water District, Series A, VRDO, COP, LOC: Sumitomo Mitsui Banking Corp., 0.08%, 01/07/2021 (z)		3,550		3,550
San Bernardino City Unified School District,
Series A, GO, AGM, 5.00%, 08/01/2021		1,150		1,182
Series A, GO, AGM, 5.00%, 08/01/2022		1,500		1,615
San Bernardino Community College District, Election 2018, Series A, GO, 4.00%, 08/01/2049		1,440		1,655
San Diego Community College District,
GO, 0.00%, 08/01/2041		2,000		1,141
GO, 4.00%, 08/01/2032		2,910		3,420
GO, 5.00%, 08/01/2025 (p)		10,000		10,758
San Diego County Regional Airport Authority, Subordinate Airport Revenue Bonds,
Rev., 5.00%, 07/01/2026		2,120		2,634
Rev., 5.00%, 07/01/2027		2,000		2,550
San Diego County Regional Airport Authority, Subordinated,
Rev., 5.00%, 07/01/2034		2,000		2,639
Series B, Rev., AMT, 5.00%, 07/01/2031		775		952
San Diego Public Facilities Financing Authority, Series A, Rev., 5.00%, 05/15/2039		1,565		1,908


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

California — continued
San Diego Unified School District, Series R4, GO, 5.00%, 07/01/2026		2,500		3,026
San Diego Unified School District, Measure YY Bonds, Series D2, GO, 5.00%, 07/01/2022		2,000		2,142
San Dieguito School Facilities Financing Authority, Special Tax, 5.00%, 03/01/2031		1,030		1,317
San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036		1,875		2,376
San Francisco Bay Area Rapid Transit District, Green Bonds, Series C1, GO, 5.00%, 08/01/2026		1,000		1,262
San Francisco City & County Airport Comm-San Francisco International Airport,
Series A, Rev., 5.00%, 05/01/2031		205		248
Series C, Rev., 5.00%, 05/01/2046		1,920		2,258
San Francisco Unified School District,
GO, 5.00%, 06/15/2021		1,000		1,022
Series B, GO, 4.00%, 06/15/2022		2,000		2,112
Series B, GO, 4.00%, 06/15/2027		1,000		1,226
Santa Clara Unified School District, GO, 5.00%, 07/01/2024		100		117
Santa Clara Valley Water District, Water System Utility Improvement, COP, 5.00%, 06/01/2038		2,495		3,334
Saugus Union School District School Facilities Improvement District No. 2014-1, Series C, GO, 3.00%, 08/01/2022		1,000		1,045
Sierra View Local Health Care District, Tulare Co.,
Rev., 4.00%, 07/01/2022		460		481
Rev., 4.00%, 07/01/2024		475		525
Southern California Public Power Authority, Canyon Power Project, Series A, Rev., 5.00%, 07/01/2034		1,000		1,183
Southern California Public Power Authority, Subordinated, Series A, Rev., 5.00%, 07/01/2023		2,195		2,453
State of California,
GO, 3.00%, 11/01/2034		1,000		1,159
GO, 4.00%, 03/01/2036		8,850		10,976
GO, 4.00%, 11/01/2041		2,750		3,134
GO, 4.00%, 11/01/2045		2,000		2,265
GO, 5.00%, 11/01/2022		120		131
GO, 5.00%, 04/01/2028		100		132
GO, 5.00%, 11/01/2028		2,425		3,240
GO, 5.00%, 11/01/2030		14,245		19,879
GO, 5.00%, 10/01/2047		1,500		1,810
State of California Department of Water Resources, Water System, Series AT, Rev., (SIFMA Municipal Swap Index + 0.37%), 0.46%, 12/01/2035 (aa)		1,250		1,253
State of California, Bid Group, GO, 5.00%, 08/01/2027		3,065		3,837


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
California — continued
State of California, Department of Water Resources, Series BB, Rev., 5.00%, 12/01/2027		1,855		2,441
State of California, Veterans Bonds, GO, 5.00%, 12/01/2031		5,500		6,434
Tuolumne Wind Project Authority, Series A, Rev., 5.00%, 01/01/2023		4,425		4,853
Turlock Public Financing Authority Water Revenue, Rev., BAN, 4.00%, 03/01/2027		18,500		18,941
University of California, Series AR, Rev., 5.00%, 05/15/2041		2,000		2,412
University of California, Limited Proj,
Series K, Rev., 5.00%, 05/15/2035		1,980		2,407
Series M, Rev., 4.00%, 05/15/2047		1,300		1,486
University of California, Limited Project, Series K, Rev., 4.00%, 05/15/2046		300		338
Upper Santa Clara Valley Joint Powers Authority,
Series A, Rev., 4.00%, 08/01/2045		1,500		1,694
Series A, Rev., 4.00%, 08/01/2050		2,000		2,250
Ventura County Public Financing Authority,
Series A, Rev., 5.00%, 11/01/2024 (p)		1,000		1,088
Series A, Rev., 5.00%, 11/01/2025 (p)		1,000		1,089
Series A, Rev., 5.00%, 11/01/2026 (p)		1,000		1,089

				523,572

Colorado — 1.6%
Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042		1,000		1,255
Arapahoe County School District No. 6 Littleton, GO, 5.00%, 12/01/2023		670		762
Brighton Crossing Metropolitan District No. 6,
Series A, GO, 5.00%, 12/01/2035		525		552
Series A, GO, 5.00%, 12/01/2040		515		533
Castle Oaks Metropolitan District No. 3, GO, AGM, 4.00%, 12/01/2026		220		258
City & County of Denver, Airport System Revenue,
Series A, Rev., AMT, 5.00%, 11/15/2028		2,500		3,128
Series B2, Rev., AMT, 5.00%, 11/15/2031 (z)		1,000		1,198
City & County of Denver, Airport System Revenue, Subordinated, Series A, Rev., AMT, 5.00%, 12/01/2027		2,000		2,523
City & County of Denver, Airport System Revenue, Subordinated System, Series A, Rev., AMT, 5.00%, 12/01/2043		3,000		3,622
City of Aurora, Water Revenue, Green Bond, Rev., 5.00%, 08/01/2041		1,800		2,178
City of Colorado Springs Utilities System Revenue, System Improvement, Series A, Rev., VRDO, 0.09%, 01/07/2021 (z)		2,765		2,765


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Colorado — continued
City of Colorado Springs Utilities System Revenue, System Improvement, Subordinated Lien, Series A, Rev., VRDO, 0.08%, 01/07/2021 (z)		1,480		1,480
City of Colorado Springs, Utilities System Revenue,
Series A, Rev., 5.00%, 11/15/2021		2,500		2,605
Series A, Rev., 5.00%, 11/15/2022		1,195		1,302
Colorado Bridge Enterprise, Central 70 Project,
Rev., AMT, 4.00%, 12/31/2025		1,000		1,145
Rev., AMT, 4.00%, 12/31/2030		1,505		1,722
Colorado Educational & Cultural Facilities Authority, Johnson & Wales University, Series B, Rev., 5.00%, 04/01/2021		3,690		3,726
Colorado Educational & Cultural Facilities Authority, Nature Conservancy Project, Rev., VRDO, 0.10%, 01/07/2021 (z)		2,515		2,515
Colorado Health Facilities Authority, Adventhealth Obligated, Rev., 4.00%, 11/15/2038		2,000		2,380
Colorado Health Facilities Authority, Childrens Hospital, Series C, Rev., 5.00%, 12/01/2030		1,000		1,203
Colorado Health Facilities Authority, Commonspirit Health,
Series A1, Rev., 5.00%, 08/01/2027		1,025		1,280
Series A1, Rev., 5.00%, 08/01/2034		1,240		1,578
Series A2, Rev., 5.00%, 08/01/2028		2,215		2,826
Series A2, Rev., 5.00%, 08/01/2044		4,010		4,913
Colorado Health Facilities Authority, Covenant Retirement Communities, Series A, Rev., 5.00%, 12/01/2033 (p)		500		546
Colorado Health Facilities Authority, SCL Health System, Series A, Rev., 5.00%, 01/01/2030		1,175		1,574
Colorado Housing and Finance Authority, Series H, Rev., GNMA COLL, 3.00%, 05/01/2050		2,500		2,721
Copperleaf Metropolitan District No. 2,
GO, BAM, 4.00%, 12/01/2023		305		336
GO, BAM, 4.00%, 12/01/2025		470		547
Crystal Valley, Metropolitan District No. 2,
Series A, GO, AGM, 5.00%, 12/01/2028		500		648
Series A, GO, AGM, 5.00%, 12/01/2029		405		534
Series A, GO, AGM, 5.00%, 12/01/2030		360		484
Denver City & County School District No. 1, Series B, COP, 5.00%, 12/01/2030		1,000		1,007
Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029		1,000		1,257
Denver Urban Renewal Authority, Senior Subordinated Stapleton, Series B, Tax Allocation, 5.00%, 12/01/2025		500		607
E-470 Public Highway Authority, Senior,
Series A, Rev., 5.00%, 09/01/2027		1,000		1,280


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Colorado — continued
Series A, Rev., 5.00%, 09/01/2028		1,000		1,307
Series A, Rev., 5.00%, 09/01/2040		2,775		3,164
Great Western Metropolitan District, GO, 4.75%, 12/01/2050		500		503
Jefferson Center Metropolitan District No. 1,
Series A2, Rev., 4.13%, 12/01/2040		575		599
Series A2, Rev., 4.38%, 12/01/2047		795		829
Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031		2,000		2,639
Poudre Tech Metropolitan District, GO, AGM, 3.00%, 12/01/2022		420		439
Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038		3,000		4,766
Regional Transportation District, Denver Transit Partners Eagle,
Series A, Rev., 5.00%, 07/15/2026		575		704
Series A, Rev., 5.00%, 01/15/2027		1,000		1,238
Series A, Rev., 5.00%, 01/15/2032		1,470		1,944
State of Colorado, Series A, COP, 5.00%, 09/01/2026		1,500		1,882
Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040		500		519
Village Metropolitan District (The), GO, 4.15%, 12/01/2030		500		529
Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040		585		606
Westminster Public Schools, COP, AGM, 4.00%, 12/01/2048		1,000		1,139


				81,797

Connecticut — 1.5%
City of Bridgeport, Series A, GO, 4.00%, 06/01/2039		250		277
Connecticut Housing Finance Authority, Series E1, Rev., 3.00%, 11/15/2050		2,000		2,182
Connecticut Housing Finance Authority, Mortgage Finance Program, Series A1, Rev., 3.50%, 11/15/2045		4,000		4,491
Connecticut State Health & Educational Facilities Authority, Hartford Healthcare, Series A, Rev., 5.00%, 07/01/2041 (p)		1,780		1,821
Connecticut State Health & Educational Facilities Authority, Yale New Haven, Series B, Rev., 1.80%, 07/01/2049 (z)		4,000		4,170
Connecticut State Health & Educational Facilities Authority, Yale University,
Series A3, Rev., 1.80%, 07/01/2049 (z)		5,635		5,644
Series A, Rev., 2.05%, 07/01/2035 (z)		7,025		7,098
Series U2, Rev., 2.00%, 07/01/2033 (z)		250		255
Connecticut State, Health & Educational Facilities Authority, Series J, Rev., 5.00%, 11/01/2025		1,000		1,038
Connecticut State, Health & Educational Facilities Authority, Bridgeport Hospital, Series D, Rev., 5.00%, 07/01/2025		3,565		3,810


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Connecticut — continued
Connecticut State, Health & Educational Facilities Authority, Sacred Heart University,
Series K, Rev., 4.00%, 07/01/2045		750		857
Series K, Rev., 5.00%, 07/01/2037		950		1,211
Connecticut State, Health & Educational Facilities Authority, Yale University,
Series A2, Rev., 2.00%, 07/01/2042 (z)		3,575		3,877
Series A, Rev., 1.10%, 07/01/2048 (z)		1,755		1,783
Series C1, Rev., 5.00%, 07/01/2040 (z)		2,515		3,278
State of Connecticut,
Series 2021A, GO, 3.00%, 01/15/2022 (w)		1,655		1,702
Series 2021A, GO, 3.00%, 01/15/2026 (w)		5,000		5,614
Series 2021A, GO, 4.00%, 01/15/2027 (w)		7,000		8,386
Series 2021A, GO, 4.00%, 01/15/2028 (w)		3,500		4,273
Series A, GO, 4.00%, 03/15/2032		850		950
State of Connecticut, Special Tax Obligation Bonds,
Rev., 5.00%, 05/01/2025		1,150		1,373
Rev., 5.00%, 05/01/2040		300		391
State of Connecticut, Special Tax Revenue, Transportation Infrastructure, Series A, Rev., 5.00%, 09/01/2031		1,220		1,406
State of Connecticut, Transportation Infrastructure, Series B, Rev., 5.00%, 08/01/2021		1,250		1,284
Town of Hamden, Series A, GO, BAM, 5.00%, 08/01/2032		500		637
University of Connecticut,
Series A, Rev., 5.00%, 02/15/2025		2,590		3,071
Series A, Rev., 5.00%, 08/15/2026		1,400		1,564
Series A, Rev., 5.00%, 01/15/2037		3,000		3,646

				76,089

Delaware — 0.5%
Delaware State Economic Development Authority, Nrg Energy Project, Rev., 1.25%, 10/01/2045 (z)		5,210		5,283
Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039		5,345		6,949
Delaware Transportation Authority,
Rev., 5.00%, 07/01/2027		1,000		1,292
Rev., 5.00%, 07/01/2033		2,265		3,088
State of Delaware,
GO, 4.00%, 02/01/2031		3,000		3,765
GO, 5.00%, 02/01/2024		4,000		4,590
Series B, GO, 4.00%, 07/01/2024		1,750		1,982

				26,949

District of Columbia — 1.9%
District of Columbia,
Rev., 5.00%, 06/01/2040		1,725		2,051
Series A, Rev., 4.00%, 03/01/2037		2,000		2,448


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
District of Columbia — continued
Series A, Rev., 4.00%, 03/01/2040		12,345		14,917
Series A, GO, 5.00%, 06/01/2022		2,175		2,323
Series A, Rev., 5.00%, 12/01/2022		2,000		2,184
Series A, Rev., 5.00%, 03/01/2031		1,500		2,031
Series C, Rev., 4.00%, 05/01/2039		2,500		3,064
Series C, Rev., 5.00%, 05/01/2023		100		111
Series C, Rev., 5.00%, 10/01/2030		4,500		6,124
Series D, GO, 5.00%, 06/01/2026		5,475		6,852
Series E, GO, 5.00%, 06/01/2021		1,250		1,275
District of Columbia Housing Finance Agency, 218 Vine St Project, Rev., 0.30%, 01/01/2040 (z)		2,500		2,500
District of Columbia, Association American Medical Colleges,
Series B, Rev., 5.00%, 10/01/2041 (p)		1,850		1,917
Series B, Rev., 5.25%, 10/01/2036 (p)		5,000		5,189
District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030		745		830
District of Columbia, National Public Radio,
Rev., 4.00%, 04/01/2032 (p)		1,500		1,775
Rev., 4.00%, 04/01/2035 (p)		2,100		2,484
District of Columbia, Water & Sewer Authority, Subordinated Lien, Series A, Rev., 5.00%, 10/01/2027		615		664
District of Columbia, Income Tax, Series B, Rev., 5.00%, 12/01/2026		3,440		3,749
Metropolitan Washington Airports Authority,
Rev., AMT, 5.00%, 10/01/2026		1,335		1,659
Series A, Rev., AMT, 5.00%, 10/01/2027		5,000		6,363
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Capital Appreciation, Second Senior Lien, Series B, Rev., AGC, Zero Coupon, 10/01/2036		1,000		715
Metropolitan Washington Airports Authority, Airport System Revenue,
Series A, Rev., AMT, 5.00%, 10/01/2028		2,025		2,627
Series A, Rev., AMT, 5.00%, 10/01/2034		395		508
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B, Rev., 4.00%, 10/01/2049		1,000		1,124
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., AGC, 6.50%, 10/01/2041		350		439
Washington Metropolitan Area Transit Authority,
Series A, Rev., 5.00%, 07/15/2026		1,650		2,061
Series A, Rev., 5.00%, 07/15/2031		4,240		5,796
Series A, Rev., 5.00%, 07/15/2037		3,000		3,983

				87,763

Florida — 3.0%
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinic, Rev., 5.00%, 12/01/2032		1,000		1,295


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Florida — continued
Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040		345		362
Belmont II Community Development District, 2020 Assessment Area,
Special Assessment, 2.50%, 12/15/2025		25		25
Special Assessment, 3.13%, 12/15/2030		125		129
Brevard County Health Facilities Authority, Health First, Inc., Rev., 5.00%, 04/01/2025		1,600		1,824
Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032		1,350		1,570
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Rev., 5.00%, 08/01/2040		150		179
City of Cape Coral, Water & Sewer Revenue, Rev., 5.00%, 10/01/2029		250		321
City of Jacksonville, Series A, Rev., 5.00%, 10/01/2034		1,250		1,696
City of Jacksonville, Brooks Rehabilitation Project,
Rev., 4.00%, 11/01/2034		500		586
Rev., 4.00%, 11/01/2045		1,500		1,703
City of Lake Worth Beach Consolidated Utility Revenue,
Rev., BAM, 5.00%, 10/01/2029		1,930		2,569
Rev., BAM, 5.00%, 10/01/2030		2,135		2,902
City Of South Miami, Health Facilities Authority, Inc., Baptist Health South Florida, Rev., 5.00%, 08/15/2023		100		112
City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028		3,000		3,976
County of Broward Airport System Revenue, Series P1, Rev., AMT, 5.00%, 10/01/2026 (p)		1,120		1,212
County of Broward, Airport System Revenue,
Rev., AMT, 5.00%, 10/01/2033		655		795
Series A, Rev., AMT, 5.00%, 10/01/2028		800		1,024
County of Hillsborough, Rev., 4.00%, 08/01/2034		4,370		5,389
County of Miami-Dade Aviation Revenue,
Series A, Rev., 5.00%, 10/01/2023		2,000		2,255
Series A, Rev., 5.00%, 10/01/2025		1,250		1,514
Series A, Rev., AMT, 5.00%, 10/01/2025 (p)		2,250		2,430
Series A, Rev., 5.00%, 10/01/2031		2,000		2,670
Series A, Rev., AMT, 5.00%, 10/01/2031 (p)		1,000		1,080
Series A, Rev., AMT, 5.00%, 10/01/2032 (p)		1,000		1,080
County of Miami-Dade, Aviation Revenue,
Rev., AMT, 5.00%, 10/01/2028		7,000		8,028
Series A, Rev., AMT, 5.00%, 10/01/2027		1,325		1,525
Series A, Rev., AMT, 5.00%, 10/01/2030		2,000		2,316


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Florida — continued
County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044		350		425
County of Sarasota FL Utility System Revenue,
Series A, Rev., 5.00%, 10/01/2027		560		730
Series A, Rev., 5.00%, 10/01/2028		615		822
Cypress Bluff Community, Development District, Delaware Webb Project, Series A, Special Assessment, 2.70%, 05/01/2025 (e)		265		268
DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040		400		400
Eden Hills Community Development District, Special Assessment, 4.00%, 05/01/2040		300		311
Florida Development Finance Corp., Series A, Rev., 4.00%, 06/01/2030		500		515
Florida Development Finance Corp., Brightline Florida Passenger Rail, Series B, Rev., AMT, 7.38%, 01/01/2049 (e)		7,000		6,844
Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e)		1,500		1,549
Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040		400		460
Florida Development Finance Corp., Virgin Trains USA Passenger,
Series A, Rev., AMT, 6.38%, 01/01/2049 (e) (z)		2,000		1,936
Series A, Rev., AMT, 6.50%, 01/01/2049 (e) (z)		2,000		1,923
Florida Housing Finance Corp., Social Bonds, Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051		12,000		13,199
Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029		1,900		2,513
Greater Orlando Aviation Authority, Priority Subordinated,
Series A, Rev., AMT, 5.00%, 10/01/2033		1,500		1,830
Series A, Rev., AMT, 5.00%, 10/01/2036		2,230		2,702
Hammock Reserve Community Development District, Assesment Area One Project, Special Assessment, 4.00%, 05/01/2040		545		570
Highlands County, Health Facilities Authority, Hospital Adventist Health, Rev., VRDO, 0.09%, 01/07/2021 (z)		3,000		3,000
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A, Rev., 4.00%, 08/01/2045		3,275		3,789
Hillsborough County, School Board, Master Lease Program, Series A, COP, 5.00%, 07/01/2029 (p)		200		214


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Florida — continued
JEA Electric System, Series 3A, Rev., 5.00%, 10/01/2022		370		400
JEA Electric System Revenue,
Series 3A, Rev., 5.00%, 10/01/2021		500		517
Series 3A, Rev., 5.00%, 10/01/2035		5,000		6,636
Series IIIB, Rev., 5.00%, 10/01/2032		1,295		1,610
JEA Water & Sewer System Revenue, Series A, Rev., 5.00%, 10/01/2025		1,000		1,221
JEA Water & Sewer System Revenue, Subordinated, Series A, Rev., 5.00%, 10/01/2031		885		1,110
Lakewood Ranch Stewardship District, Lorraine Lakes Project, Special Assessment, 3.13%, 05/01/2030 (e)		315		324
Lakewood Ranch Stewardship District, Northeast Sector Project, Special Assessment, 2.50%, 05/01/2025 (e)		1,165		1,172
Special Assessment, 3.20%, 05/01/2030 (e)		545		561
Special Assessment, 3.50%, 05/01/2040		925		935
Lakewood Ranch Stewardship District, Zario Project, Special Assessment, 2.63%, 05/01/2025		690		698
Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037		350		364
North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040		1,345		1,351
Old Hickory Community Development District, Special Assessment, 2.50%, 06/15/2025		270		273
Orange County Health Facilities Authority, Rev., 5.00%, 10/01/2025		1,970		2,384
Orlando Utilities Commission,
Series 2018A, Rev., 5.00%, 10/01/2035		2,480		3,140
Series C, Rev., 5.00%, 10/01/2022		3,010		3,261
Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032		2,170		2,550
Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051		800		830
Pine Ridge Plantation Community Development District, Senior Lien,
Series A1, Special Assessment, AGM, 3.00%, 05/01/2022		470		483
Series A1, Special Assessment, AGM, 3.00%, 05/01/2023		480		504
Pinellas County Housing Finance Authority, Lexington Club Renaissance, Rev., 0.30%, 04/01/2023 (z)		2,000		2,000
Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040		500		532


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Florida — continued
Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039		615		658
School District of Broward County, Series A, COP, 5.00%, 07/01/2025 (p)		2,830		3,030
State of Florida, Series D, GO, 5.00%, 06/01/2024		7,555		7,705
State of Florida Department of Transportation Turnpike System Revenue, Department Transportation, Series A, Rev., 5.00%, 07/01/2023		1,000		1,024
State of Florida Lottery Revenue, Series A, Rev., 5.00%, 07/01/2022		1,625		1,664
State of Florida, Board Education, Capital Outlay, Series A, GO, 4.00%, 06/01/2021		75		76
State of Florida, Department of Transportation, Turnpike System Revenue,
Series A, Rev., 5.00%, 07/01/2022		1,310		1,404
Series A, Rev., 5.00%, 07/01/2029		2,000		2,713
Series B, Rev., 5.00%, 07/01/2023		125		140
Stoneybrook South Community Development District, Fox South Assessment Area,
Special Assessment, 2.50%, 12/15/2025 (e)		675		678
Special Assessment, 3.00%, 12/15/2030 (e)		475		479
Special Assessment, 3.50%, 12/15/2040 (e)		1,030		1,041
Towne Park Community Development District, Assessment Area 3D Project, Special Assessment, 2.63%, 05/01/2025 (e)		500		500
Village Community Development District No. 13,
Special Assessment, 1.88%, 05/01/2025 (e)		1,000		1,012
Special Assessment, 2.63%, 05/01/2030 (e)		1,500		1,548
Villamar Community Development District, Special Assessment, 3.75%, 05/01/2040		655		672


				151,767

Georgia — 2.5%
Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds,
Rev., 4.00%, 03/01/2035		1,100		1,315
Rev., 4.00%, 03/01/2036		1,000		1,191
Rev., 4.00%, 03/01/2037		1,135		1,347
Rev., 4.00%, 03/01/2038		1,000		1,183
Carroll County, School District, GO, 5.00%, 04/01/2024		1,000		1,154
City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040		3,000		3,825


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Georgia — continued
City of Atlanta, Department of Aviation, Series B, Rev., AMT, 5.00%, 07/01/2028		3,300		4,264
City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031		1,155		1,502
City of Atlanta, Water & Wastewater Revenue, Rev., 5.00%, 11/01/2024		3,110		3,672
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 4.00%, 04/01/2033		500		605
Development Authority of Monroe County (The), Oglethorpe Power Corporation Scherer Project, Series A, Rev., 1.50%, 01/01/2039 (z)		125		128
Georgia Housing & Finance Authority, Series A, Rev., 4.00%, 06/01/2050		3,980		4,514
Georgia State Road & Tollway Authority,
Rev., 5.00%, 06/01/2026		3,200		3,987
Rev., 5.00%, 06/01/2027		5,250		6,735
Rev., 5.00%, 06/01/2028		5,500		7,245
Rev., 5.00%, 06/01/2030		6,205		8,495
Main Street Natural Gas, Inc.,
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 04/01/2048 (z)		5,000		5,446
Series B, Rev., 4.00%, 08/01/2049 (z)		2,190		2,483
Series C, Rev., LIQ: Royal Bank of Canada, 4.00%, 08/01/2048 (z)		105		115
Series C, Rev., 4.00%, 03/01/2050 (z)		7,350		8,631
Metropolitan Atlanta Rapid Transit Authority, Series B, Rev., 5.00%, 07/01/2045		10,000		12,032
Municipal Electric Authority of Georgia, Combined Cycle Project,
Series A, Rev., 4.00%, 11/01/2023		2,750		3,031
Series A, Rev., 5.00%, 11/01/2027		250		320
Series A, Rev., 5.00%, 11/01/2029		250		332
Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037		1,125		1,347
Municipal Electric Authority of Georgia, Project One, Subordinated,
Series B, Rev., 4.00%, 01/01/2039		1,400		1,667
Series B, Rev., 5.00%, 01/01/2023		1,000		1,091
Private Colleges & Universities Authority, Emory University, Series A, Rev., 5.00%, 09/01/2041 (p)		2,000		2,064
Private Colleges & Universities Authority, Various Emory University, Series B, Rev., (SIFMA Municipal Swap Index + 0.42%), 0.51%, 10/01/2039 (aa)		1,000		1,000
Richmond County Development Authority, Subordinated, Series C, Rev., Zero Coupon, 12/01/2021 (p)		3,645		3,638
Savannah Economic Development Authority, International Paper Company Project, Rev., 1.90%, 08/01/2024		150		157


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Georgia — continued
State of Georgia,
Series A1, GO, 5.00%, 02/01/2024		100		115
Series C, GO, 4.00%, 09/01/2021		95		97
Series C, GO, 4.00%, 10/01/2022		2,015		2,150
State of Georgia, Group 1,
Series A, GO, 5.00%, 08/01/2026		5,000		6,309
Series A, GO, 5.00%, 08/01/2027		2,000		2,605
State of Georgia, Group 2, Series A, GO, 4.00%, 08/01/2034		2,000		2,559
State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030		2,000		2,715
Tender Option Bond Trust Receipts/Certificates, Series 2017ZF0589, Rev., LIQ: Bank of America NA, 0.00%, 06/01/2049 (e) (z)		3,750		3,750
Thomaston Housing Authority, Fairview Apartments Project, Series A, Rev., FNMA, 0.34%, 12/01/2023 (z)		4,250		4,248
Valdosta & Lowndes County Hospital Authority, South Medical Center Project, Series B, Rev., CNTY GTD, 5.00%, 10/01/2041 (p)		4,100		4,248


				123,312

Hawaii — 0.5%
City & County Honolulu, Wastewater System Revenue, Senior, Series A, Rev., 4.50%, 07/01/2030 (p)		2,000		2,042
City & County of Honolulu,
Series A, GO, 5.00%, 10/01/2025		15		18
Series A, GO, 5.00%, 09/01/2027		30		39
City & County of Honolulu, Wastewater System, Senior, Series A, Rev., 4.50%, 07/01/2028 (p)		1,000		1,021
County of Maui, GO, 5.00%, 03/01/2028		1,175		1,540
State of Hawaii,
Series EA, GO, 5.00%, 12/01/2023		2,000		2,086
Series FE, GO, 5.00%, 10/01/2021		2,500		2,590
Series FG, GO, 4.00%, 10/01/2032		2,000		2,331
State of Hawaii Airports System Revenue,
Rev., AMT, 5.00%, 07/01/2021 (p)		2,500		2,558
Series B, Rev., 5.00%, 07/01/2026		1,250		1,549
State of Hawaii Harbor System Revenue,
Series A, Rev., AMT, 4.00%, 07/01/2031		250		303
Series A, Rev., AMT, 4.00%, 07/01/2032		500		603
Series A, Rev., AMT, 4.00%, 07/01/2033		750		899
Series A, Rev., AMT, 4.00%, 07/01/2034		3,555		4,250
Series A, Rev., AMT, 5.00%, 07/01/2027		250		313
Series A, Rev., AMT, 5.00%, 07/01/2028		500		641
Series A, Rev., AMT, 5.00%, 07/01/2029		250		324
Series C, Rev., 4.00%, 07/01/2032		200		248
State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030		1,000		1,348


				24,703


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Idaho — 0.1%
Idaho Health Facilities Authority, Che Trinity Health Credit, Rev., 0.22%, 12/01/2048 (z)		2,735		2,735
Idaho Health Facilities Authority, Trinity Health Credit Group, Series A, Rev., 5.00%, 12/01/2047		1,715		2,097


				4,832

Illinois — 5.5%
Champaign County Community Unit School District No. 4 Champaign, GO, 5.00%, 01/01/2029		1,765		2,142
Chicago Board of Education, Capital Appreciation School Reform,
Series A, GO, NATL, Zero Coupon, 12/01/2029		1,000		772
Series B1, GO, NATL, Zero Coupon, 12/01/2022		1,000		966
Series B1, GO, NATL, Zero Coupon, 12/01/2029		1,000		772
Chicago O’Hare International Airport, General Senior Lien, Series B, Rev., AMT, 5.00%, 01/01/2025 (p)		1,200		1,255
Chicago O’Hare International Airport, Senior Lien,
Series A, Rev., 4.00%, 01/01/2035		3,500		4,147
Series A, Rev., BAM, 4.00%, 01/01/2036		3,000		3,584
Series A, Rev., 5.00%, 01/01/2035		6,000		7,710
Chicago O’Hare International Airport, Third Lien Series,
Rev., 5.63%, 01/01/2035 (p)		5,000		5,000
Rev., 5.75%, 01/01/2039 (p)		425		425
Chicago Transit Authority, Sales Tax Receipts Fund,
Rev., 5.25%, 12/01/2036 (p)		10,600		11,090
Rev., 5.25%, 12/01/2049		3,000		3,441
Series A, Rev., 5.00%, 12/01/2045		6,750		8,203
City of Berwyn, Series A, GO, 5.00%, 12/01/2029		1,000		1,120
City of Chicago,
Series A, GO, 5.00%, 01/01/2027		2,180		2,351
Series A, GO, 5.50%, 01/01/2033		1,815		2,003
Series A, GO, 6.00%, 01/01/2038		8,775		10,266
Series C, GO, 5.00%, 01/01/2028		1,450		1,606
City of Chicago Waterworks Revenue, Second Lien Project, Rev., 5.00%, 11/01/2023		100		111
City of Chicago, Waterworks Revenue, Second Lien, Rev., 4.00%, 11/01/2021		200		206
Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029 (w)		2,000		2,546
Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026		1,910		2,292


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Illinois — continued
Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034		2,000		2,368
Cook County, Community Unit School District No. 401, Elmwood Park,
GO, 3.00%, 12/01/2021		715		732
GO, 3.00%, 12/01/2022		500		525
County of Cook, Series A, GO, AGM, 5.00%, 11/15/2026		1,000		1,223
Illinois Finance Authority, Series B2, Rev., 5.00%, 05/15/2050 (z)		2,550		3,112
Illinois Finance Authority, Advocate Health Care, Rev., 5.00%, 06/01/2042 (p)		1,000		1,067
Illinois Finance Authority, Advocate Health Care Network Project,
Rev., 4.00%, 11/01/2030		2,000		2,301
Rev., 4.00%, 06/01/2047 (p)		2,535		2,668
Rev., 5.00%, 05/01/2022		1,000		1,063
Illinois Finance Authority, American Water Capital Corp. Project, Rev., 0.70%, 05/01/2040 (z)		895		894
Illinois Finance Authority, Ascension Health, Series A, Rev., 5.00%, 11/15/2037 (p)		1,530		1,593
Illinois Finance Authority, Ascension Health Credit, Series C, Rev., 5.00%, 02/15/2036		1,355		1,662
Illinois Finance Authority, Bradley University, Series B, Rev., VRDO, LOC: PNC Bank NA, 0.10%, 01/07/2021 (z)		6,000		6,000
Illinois Finance Authority, Centegra Health System,
Series A, Rev., 5.00%, 09/01/2025		1,495		1,741
Series A, Rev., 5.00%, 09/01/2027		1,200		1,388
Illinois Finance Authority, Clean Water Initiative, Rev., 5.00%, 07/01/2021		7,305		7,479
Illinois Finance Authority, Green Bonds,
Rev., 4.00%, 01/01/2033		12,350		15,724
Rev., 4.00%, 07/01/2040		1,500		1,846
Rev., 5.00%, 01/01/2022		1,500		1,572
Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery,
Rev., 4.00%, 10/01/2040		1,750		1,975
Rev., 5.00%, 10/01/2032		750		964
Rev., 5.00%, 10/01/2034		125		160
Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond,
Rev., 5.00%, 01/01/2022		220		230
Rev., 5.00%, 07/01/2023		1,650		1,847
Rev., 5.00%, 01/01/2028		100		131
Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040		1,000		1,155
Illinois Finance Authority, Northshore University Health System,
Rev., 5.00%, 08/15/2031		1,000		1,352
Rev., 5.00%, 08/15/2035		1,500		1,991


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Illinois — continued
Illinois Finance Authority, OSF Healthcare System, Series B1, Rev., 5.00%, 05/15/2050 (z)		2,250		2,578
Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031		2,135		2,613
Illinois Finance Authority, Swedish Covenant Hospital, Series A, Rev., 5.00%, 08/15/2026 (p)		1,180		1,480
Illinois State Toll Highway Authority,
Series A, Rev., 5.00%, 01/01/2028		100		129
Series A, Rev., 5.00%, 01/01/2044		1,000		1,268
Series B, Rev., 5.00%, 01/01/2029		100		121
Series C, Rev., 5.00%, 01/01/2023		60		66
Illinois State Toll Highway Authority, Senior,
Series A, Rev., 5.00%, 12/01/2031		5,115		6,131
Series B, Rev., 5.00%, 01/01/2028		7,020		9,064
Series B, Rev., 5.00%, 01/01/2041		2,000		2,365
Illinois State Toll Highway Authority, Toll Highway Revenue,
Series A, Rev., 5.00%, 01/01/2036		1,000		1,326
Series A, Rev., 5.00%, 01/01/2037		1,555		2,050
Illinois State Toll Highway Authority, Toll Highway Revenue, Senior,
Rev., 5.00%, 01/01/2027		500		630
Rev., 5.00%, 01/01/2031		2,000		2,667
Macon County, School District No. 61 Decatur,
GO, AGM, 4.00%, 01/01/2040		1,420		1,608
GO, AGM, 4.00%, 01/01/2045		3,000		3,353
Metropolitan Pier & Exposition Authority, Rev., NATL, Zero Coupon, 12/15/2034		1,500		1,047
Metropolitan Pier & Exposition Authority Revenue, Mccormick Place Expansion, Rev., 5.00%, 06/15/2042		2,500		2,949
Metropolitan Pier & Exposition Authority, Capital Appreciation,Mccormick, Series B, Rev., AGM, Zero Coupon, 06/15/2027		660		594
Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036		2,065		2,519
Railsplitter Tobacco Settlement Authority,
Rev., 5.00%, 06/01/2022		1,250		1,329
Rev., 5.00%, 06/01/2023		130		144
Rev., 5.25%, 06/01/2021		1,305		1,331
Sales Tax Securitization Corp., Second Lien, Series A, Rev., BAM, 5.00%, 01/01/2037		750		941
Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035		1,215		1,469
State of Illinois,
GO, 4.00%, 06/01/2036		485		511
GO, 5.00%, 07/01/2023		1,000		1,083
GO, 5.00%, 08/01/2024		850		892
GO, 5.00%, 02/01/2026		2,000		2,285
GO, 5.00%, 01/01/2028		6,810		7,675


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Illinois — continued
GO, 5.00%, 02/01/2028		3,000		3,456
GO, 5.00%, 01/01/2029		2,085		2,339
GO, 5.00%, 02/01/2029		2,000		2,292
GO, 5.25%, 02/01/2030		2,000		2,163
GO, 5.50%, 05/01/2030		2,000		2,495
Series A, GO, 4.00%, 01/01/2026		1,050		1,072
Series A, GO, 5.00%, 10/01/2023		300		327
Series A, GO, 5.00%, 11/01/2026		2,500		2,890
Series B, GO, 5.00%, 10/01/2026		1,000		1,155
Series B, GO, 5.00%, 10/01/2028		1,715		2,032
Series B, GO, 5.00%, 10/01/2031		5,000		6,017
Series B, GO, 5.50%, 05/01/2039		250		303
Series C, GO, 5.00%, 11/01/2029		4,485		5,037
Series D, GO, 5.00%, 11/01/2021		2,000		2,057
Series D, GO, 5.00%, 11/01/2026		1,980		2,239
Series D, GO, 5.00%, 11/01/2027		6,130		6,986
Series D, GO, 5.00%, 11/01/2028		2,500		2,826
Tender Option Bond Trust Receipts/Certificates, Series 2018XL0082, Rev., VRDO, LIQ: Barclays Bank plc, 0.19%, 01/07/2021 (e) (z)		15,370		15,370
University of Illinois, Auxiliary Facilities System,
Series A, Rev., 5.00%, 04/01/2022		300		316
Series A, Rev., 5.00%, 04/01/2025		140		158
Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042		10,000		12,546
Will Grundy Etc Counties Community College District No. 525, Alternative Revenue Source, Series B, GO, 5.50%, 06/01/2031		3,375		3,852


				276,917

Indiana — 1.7%
City of Mount Vernon, Southern Industry Gas And Electric Company, Rev., AMT, 0.88%, 09/01/2055 (z)		250		250
City of Rockport, Industry Pollution Control, Michigan Power Company Project, Rev., 2.75%, 06/01/2025		100		109
City of Rockport, Rockport Pollution Control, Aep Generating Company Project, Series A, Rev., 1.35%, 07/01/2025 (z)		20		20
City of Whiting, BP Products North America, Inc. Project, Rev., AMT, 5.00%, 11/01/2047 (z)		5,000		5,847
City of Whiting, Whiting Industry Environmental Facilities, Bp Products North America, Inc., Series A, Rev., AMT, 5.00%, 03/01/2046 (z)		1,250		1,371
County of Knox, Good Samaritan Hospital, Series A, Rev., 5.00%, 04/01/2037		1,200		1,235
Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048		1,500		1,758


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Indiana — continued
Indiana Finance Authority, Community Foundation Northwest Industry, Rev., 4.00%, 03/01/2034 (p)		150		157
Indiana Finance Authority, Community Health Network, Series A, Rev., 5.00%, 05/01/2042 (p)		665		739
Indiana Finance Authority, Cwa Authority Project, Green Bonds, Rev., 5.00%, 10/01/2031		500		682
Indiana Finance Authority, Cwa Authority, First Lien, Series A, Rev., 5.25%, 10/01/2025		1,325		1,373
Indiana Finance Authority, Duke Energy Industry Project, Series A4, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.13%, 01/04/2021 (z)		2,500		2,500
Indiana Finance Authority, Indianapolis Power,
Series A, Rev., 0.75%, 12/01/2038 (z)		4,875		4,898
Series B, Rev., AMT, 0.95%, 12/01/2038 (z)		7,025		7,048
Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2045		5,000		5,600
Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030		1,000		1,067
Indiana University, Series X, Rev., 3.00%, 08/01/2029		1,000		1,114
Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028		200		240
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport, Rev., AMT, 5.00%, 01/01/2026		1,050		1,262
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority,
Series D, Rev., AMT, 5.00%, 01/01/2028		3,715		4,135
Series D, Rev., AMT, 5.00%, 01/01/2029		3,000		3,329
Series D, Rev., AMT, 5.00%, 01/01/2030		2,000		2,213
Series D, Rev., AMT, 5.00%, 01/01/2031		4,000		4,418
Series D, Rev., AMT, 5.00%, 01/01/2032		4,500		4,960
Series D, Rev., AMT, 5.00%, 01/01/2033		3,500		3,849
Series I, Rev., AMT, 5.00%, 01/01/2032		4,885		5,537
Series I, Rev., AMT, 5.00%, 01/01/2033		5,000		5,650
Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041		10,000		12,216
Southwest Allen Multi School Building Corp., 1st Mortgage, Rev., 5.00%, 01/15/2030		1,200		1,545
Tippecanoe School Corp., GO, 4.00%, 07/15/2023		1,080		1,176


				86,298

Iowa — 0.9%
Clinton Community School District,
GO, AGM, 5.00%, 06/01/2024		1,425		1,645


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Iowa — continued
GO, AGM, 5.00%, 06/01/2026		1,290		1,593
Iowa Finance Authority, Cj Bio America, Inc. Project, Rev., VRDO, LOC: Korea Development Bank, 0.22%, 01/07/2021 (z)		16,000		16,000
Iowa Finance Authority, Fertilizer Co. Project, Rev., 5.25%, 12/01/2025		3,550		3,871
PEFA, Inc., Rev., 5.00%, 09/01/2049 (z)		1,000		1,225
Sioux City Community School District, Rev., BAM, 3.00%, 10/01/2025		3,625		4,027
Southeast Polk Community School District,
Series A, GO, 4.00%, 05/01/2029		3,000		3,647
Series A, GO, 5.00%, 05/01/2028		5,185		6,742
West Des Moines Community School District, Capital Loan Notes, Series A, GO, 5.00%, 05/01/2028		3,000		3,916


				42,666

Kansas — 0.3%
State of Kansas, Department of Transportation, Series C3, Rev., (0.70 * ICE LIBOR USD 1 Month + 0.40%), 0.51%, 09/01/2023 (aa)		2,000		2,000
University of Kansas Hospital Authority, University Kansas Health System, Series A, Rev., 5.00%, 03/01/2047		10,000		12,009


				14,009

Kentucky — 0.5%
County of Trimble, Louisville Gas And Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z)		1,000		1,014
Kentucky Asset Liability Commission, Project Notes, Series A, Rev., 5.00%, 09/01/2022		2,000		2,155
Kentucky Economic Development Finance Authority, Baptist Healthcare System, Rev., 5.00%, 08/15/2042 (p)		175		180
Kentucky Economic Development Finance Authority, Norton Healthcare, Inc.,
Series B, Rev., NATL, Zero Coupon, 10/01/2026		3,930		3,619
Series B, Rev., NATL, Zero Coupon, 10/01/2027		1,995		1,792
Kentucky Housing Corp., City View Park Project, Rev., 1.16%, 02/01/2023 (z)		3,500		3,538
Kentucky Public Energy Authority, Gas Supply, Series B, Rev., 4.00%, 01/01/2049 (z)		3,475		3,906
Kentucky State Property & Building Commission, Project No. 100, Series A, Rev., 5.00%, 08/01/2026 (p)		2,000		2,055
Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026		2,750		2,766


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Kentucky — continued
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031		670		812
Tender Option Bond Trust Receipts/Certificates, Series 2018XG0161, Rev., AGM, LOC: Bank of America NA, LIQ: Bank of America NA, 0.00%, 12/01/2041 (e) (z)		5,460		5,460


				27,297

Louisiana — 1.3%
City of Shreveport, GO, 5.00%, 08/01/2029 (p)		4,790		4,922
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax,
Rev., AGM, 5.00%, 08/01/2022		80		86
Rev., AGM, 5.00%, 08/01/2027		1,400		1,782
East Baton Rouge Parish, Sewerage Commission, Series B, Rev., 5.00%, 02/01/2039 (p)		1,200		1,431
Ernest N. Morial New Orleans Exhibition Hall Authority, Special Tax, 5.00%, 07/15/2027		900		950
Louisiana Housing Corp., Stone Vista Apartments Project, Rev., 0.32%, 12/01/2023 (z)		1,250		1,250
Louisiana Local Government Environmental Facilities & Community Development Authority, East Baton Rouge Sewage Commission, Subordinated Lien,
Rev., 5.00%, 02/01/2028 (p)		1,655		1,895
Series A, Rev., 4.00%, 02/01/2048 (p)		1,660		1,792
Louisiana Public Facilities Authority, Ochsner Clinic Foundation,
Series A, Rev., 4.00%, 05/15/2049		2,000		2,299
Series B, Rev., 5.00%, 05/15/2050 (z)		2,935		3,505
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.00%, 05/15/2042		1,480		1,760
Louisiana State University & Agricultural & Mechanical College, Auxiliary, Series A, Rev., 5.00%, 07/01/2021		1,285		1,314
New Orleans Aviation Board, Series B, Rev., AMT, 5.00%, 01/01/2040		3,000		3,375
New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033		1,100		1,311
New Orleans Aviation Board, General Airport North Terminal,
Series B, Rev., AMT, 5.00%, 01/01/2038		1,000		1,179
Series B, Rev., AMT, 5.00%, 01/01/2048		5,000		5,794
Parish of St. James, Various Nucor Steel Louisiana, Series A1, Rev., VRDO, 0.16%, 01/07/2021 (z)		5,000		5,000


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Louisiana — continued
Parish of St. John the Baptist, Marathon Oil Corp. Project, Series B1, Rev., 2.13%, 06/01/2037 (z)		875		897
Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039		1,170		1,462
Regional Transit Authority Sales Tax Revenue, Series A, Rev., AGM, 5.00%, 01/01/2029		3,000		3,839
State of Louisiana, Series A, GO, 5.00%, 03/01/2037		9,555		12,417
State of Louisiana Gasoline & Fuels Tax Revenue, Second Lien,
Series A, Rev., 0.60%, 05/01/2043 (z)		4,135		4,148
Series D, Rev., 0.55%, 05/01/2043 (z)		2,295		2,296
Series D, Rev., 0.60%, 05/01/2043 (z)		1,605		1,610
Tobacco Settlement Financing Corp., Asset Backed, Series A, Rev., 5.00%, 05/15/2023		125		139


				66,453

Maine — 0.3%
Maine Turnpike Authority,
Rev., 4.00%, 07/01/2045		9,000		10,654
Rev., 5.00%, 07/01/2031		400		538
Rev., 5.00%, 07/01/2033		1,155		1,536

				12,728

Maryland — 3.0%
City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050		3,200		4,149
City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029		500		541
County of Baltimore, Metropolitan District, GO, BAN, 4.00%, 03/22/2021		1,500		1,512
County of Howard, Metropolitan District, Series E, GO, 5.00%, 02/15/2027		1,850		2,370
County of Montgomery,
Series A, GO, 4.00%, 08/01/2031		5,000		6,470
Series B, GO, 4.00%, 11/01/2028		7,985		10,109
Series C, GO, 5.00%, 10/01/2026		1,000		1,268
County of Prince George’s, Chesapeake Lighthouse Obligations, Series A, Rev., 6.50%, 08/01/2035 (e)		500		560
County of Prince George’s, Public Improvement, Series A, GO, 4.00%, 07/15/2032		5,000		6,267
Maryland Community Development Administration,
Series B, Rev., 4.00%, 09/01/2049		2,585		2,876
Series D, Rev., 3.25%, 09/01/2050		500		554
Maryland Community Development Administration, Residential,
Series A, Rev., 3.75%, 03/01/2050		1,500		1,678
Series A, Rev., 4.50%, 09/01/2048		7,000		7,912
Series B, Rev., AMT, 4.50%, 09/01/2048		6,225		6,960


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Maryland — continued
Maryland Economic Development Corp., Morgan State University Project, Rev., 4.00%, 07/01/2040		665		694
Maryland Economic Development Corp., Port Covington Project,
Tax Allocation, 3.25%, 09/01/2030		1,405		1,433
Tax Allocation, 4.00%, 09/01/2040		1,280		1,343
Maryland Health & Higher Educational Facilities Authority, Series A, Rev., 5.00%, 07/01/2043 (p)		2,000		2,143
Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare,
Rev., 4.00%, 01/01/2038		1,155		1,316
Rev., 5.00%, 01/01/2025 (w)		470		519
Rev., 5.00%, 01/01/2036 (w)		2,290		2,783
Maryland Health & Higher Educational Facilities Authority, Ascension Health, Series B, Rev., 5.00%, 11/15/2051 (p)		1,150		1,198
Maryland Health & Higher Educational Facilities Authority, Carroll Hospital, Series A, Rev., 5.00%, 07/01/2023 (p)		1,415		1,515
Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center, Rev., 5.00%, 07/01/2028		1,300		1,527
Maryland Health & Higher Educational Facilities Authority, Western Maryland Health System, Rev., 5.00%, 07/01/2024 (p)		2,500		2,903
State of Maryland, Series B, GO, 5.00%, 08/01/2022		270		291
State of Maryland, First,
Series A, GO, 5.00%, 03/01/2024 (p)		1,000		1,056
Series B, GO, 4.50%, 08/01/2021		1,305		1,338
State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028		1,500		2,000
State of Maryland, Group 2, State and Local Facilities Loan, GO, 5.00%, 08/01/2033		4,700		6,451
State of Maryland, Local Facilities Loan,
Series A, GO, 4.00%, 03/15/2034		18,070		22,767
Series A, GO, 5.00%, 08/01/2028		7,000		9,332
Series A, GO, 5.00%, 08/01/2029		4,000		5,460
State of Maryland, Second, Series B, GO, 5.00%, 08/01/2025 (p)		505		543
Tender Option Bond Trust Receipts/Certificates, Series 2018XF0605, Rev., LIQ: Bank of America NA, 0.00%, 05/01/2047 (e) (z)		3,300		3,300
Washington Suburban Sanitary Commission,
Rev., CNTY GTD, 5.00%, 06/01/2021		4,245		4,329
Rev., CNTY GTD, 5.00%, 06/01/2028		1,000		1,328
Rev., CNTY GTD, 5.00%, 12/01/2028		2,290		3,081
Rev., CNTY GTD, 5.00%, 06/01/2029		4,000		5,447
Series A, Rev., VRDO, BAN, CNTY GTD, 0.07%, 01/07/2021 (z)		3,400		3,400
Washington Suburban Sanitary Commission, Consolidated Public Improvement,
Rev., CNTY GTD, 4.00%, 06/01/2022		75		79


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Maryland — continued
Rev., CNTY GTD, 5.00%, 06/01/2029		1,500		1,979
Series 2, Rev., CNTY GTD, 5.00%, 06/01/2022		1,200		1,282
Washington Suburban Sanitary Commission, Consolidated Public Improvement Bonds, Rev., CNTY GTD, 5.00%, 06/01/2033		3,000		3,883
Washington Suburban Sanitary Commission, Green Bond, Series 2, Rev., CNTY GTD, 5.00%, 12/01/2028		1,305		1,756


				149,702

Massachusetts — 1.2%
Commonwealth of Massachusetts,
Series A, GO, 5.00%, 04/01/2024 (p)		2,500		2,529
Series A, GO, 5.00%, 06/01/2044 (z)		1,500		1,671
Series D, GO, 4.00%, 11/01/2036		2,500		3,144
Series D, GO, 4.00%, 11/01/2041		4,000		4,946
Commonwealth of Massachusetts, Consolidated Loan,
Series D2, GO, 1.70%, 08/01/2043 (z)		1,000		1,021
Series E, GO, 5.00%, 08/01/2024 (p)		2,000		2,056
Massachusetts Development Finance Agency, Series A1, Rev., 5.00%, 07/01/2050 (z)		5,000		6,688
Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (e)		1,000		1,170
Massachusetts Educational Financing Authority,
Series B, Rev., AMT, 2.63%, 07/01/2036		5,460		5,659
Series B, Rev., AMT, 5.00%, 07/01/2023		250		278
Series B, Rev., AMT, 5.00%, 07/01/2024		615		706
Series I, Rev., AMT, 5.00%, 01/01/2025		3,000		3,495
Massachusetts Health & Educational Facilities Authority, Massachusetts Institute Technology, Series J2, Rev., VRDO, 0.07%, 01/07/2021 (z)		4,015		4,015
Massachusetts Housing Finance Agency, Social Bond,
Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050		3,750		4,134
Series 220, Rev., GNMA/FNMA/FHLMC, 5.00%, 12/01/2023		500		569
Massachusetts School Building Authority, Senior,
Series B, Rev., 5.00%, 08/15/2028 (p)		5,000		5,390
Series B, Rev., 5.00%, 10/15/2041 (p)		1,355		1,406
Massachusetts School Building Authority, Subordinated, Series A, Rev., 5.00%, 02/15/2036		7,190		8,155
Massachusetts Water Resources Authority, Series C, Rev., 4.00%, 08/01/2022 (p)		3,180		3,370
Massachusetts Water Resources Authority, Green Bonds, Series C, Rev., 4.00%, 08/01/2022 (p)		100		106
Metropolitan Boston Transit Parking Corp., Rev., 5.25%, 07/01/2036		300		307


				60,815


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Michigan — 1.1%
City of Detroit, Sewage Disposal System Revenue, Senior Lien, Series A, Rev., 5.00%, 07/01/2023		5,000		5,349
City of Lansing, GO, AGM, 5.00%, 05/01/2028		515		670
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C, Rev., 5.00%, 07/01/2032		75		91
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B, Rev., 5.00%, 07/01/2030		3,200		3,941
L’Anse Creuse Public Schools, GO, Q-SBLF, 5.00%, 05/01/2029		2,405		2,847
Michigan Finance Authority,
Rev., 5.00%, 11/15/2022		125		135
Rev., 5.00%, 11/15/2023		1,375		1,548
Rev., 5.00%, 11/15/2025		435		515
Michigan Finance Authority, Holland Community Hospital, Series A, Rev., 5.00%, 01/01/2040		1,980		2,119
Michigan Finance Authority, Hospital Trinity Health Credit, Rev., 5.00%, 12/01/2027		100		130
Michigan Finance Authority, Local Government Loan Program, Series D1, Rev., 5.00%, 07/01/2021		1,300		1,330
Michigan Finance Authority, Senior,
Series A, Rev., 4.00%, 06/01/2022		1,500		1,576
Series A, Rev., 5.00%, 06/01/2024		2,000		2,309
Michigan State Building Authority,
Series I, Rev., 5.00%, 10/15/2027		2,500		3,244
Series I, Rev., 5.00%, 10/15/2029		1,750		2,378
Michigan State Building Authority, Facilities Program, Series IA, Rev., 5.50%, 10/15/2045 (p)		2,770		2,886
Michigan State Building Authority, Multi Modal Facilities Program, Rev., VRDO, 0.19%, 01/07/2021 (z)		3,500		3,500
Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027		100		130
Michigan State Hospital Finance Authority, Trinity Health, Rev., 5.00%, 12/01/2034 (p)		1,000		1,067
Michigan State Hospital Finance Authority, Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2029		1,010		1,301
Michigan State Housing Development Authority,
Rev., 0.32%, 12/01/2023 (z)		4,150		4,150
Series C, Rev., 3.00%, 06/01/2051		2,770		3,050
Michigan State University,
Series A, Rev., 5.00%, 08/15/2022		705		759
Series A, Rev., 5.00%, 08/15/2029		2,000		2,669
Series A, Rev., 5.00%, 08/15/2038		250		276


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Michigan — continued
Michigan State University, Board of Trustees, Series B, Rev., 4.00%, 02/15/2024		300		335
Monroe County Economic Development Corp., Collateral Detroit Edison Co., Series AA, Rev., NATL, 6.95%, 09/01/2022		2,500		2,774
State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030		400		551
State of Michigan, Garvee, Rev., GAN, 5.00%, 03/15/2024		1,435		1,641
Wayne County Airport Authority, Series F, Rev., AMT, 5.00%, 12/01/2034		1,470		1,717


				54,988

Minnesota — 1.1%
Burnsville-Eagan-Savage Independent School District No. 191,
GO, 4.00%, 02/01/2024		1,040		1,157
GO, 4.00%, 02/01/2026		1,210		1,428
County of Hennepin,
Series B, GO, 5.00%, 12/01/2027		2,850		3,733
Series C, GO, 5.00%, 12/15/2032		3,000		4,070
Dakota County Community Development Agency, Aster House Apartments Project, Rev., 0.35%, 06/01/2024 (z)		4,815		4,814
Farmington Independent School District No. 192, Series A, GO, 5.00%, 02/01/2025		2,680		3,065
Housing & Redevelopment Authority of The City of St Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047		9,000		10,789
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043		1,000		1,027
Minneapolis Saint Paul Metropolitan Airports Commission, Series A, Rev., 5.00%, 01/01/2025		425		502
Minnesota Housing Finance Agency,
Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051		3,875		4,256
Series I, Rev., 3.00%, 01/01/2051		2,555		2,822
Robbinsdale Independent School District No. 281, Series B, GO, 5.00%, 02/01/2024		3,020		3,453
Shakopee Independent School District No. 720, Series D, GO, 5.00%, 02/01/2024		3,685		4,200
St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e)		1,500		1,536
State of Minnesota,
Series A, GO, 5.00%, 08/01/2026		250		315
Series A, GO, 5.00%, 10/01/2029		45		58


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Minnesota — continued
Series A, GO, 5.00%, 08/01/2031		2,340		3,171
Series A, GO, 5.00%, 08/01/2034		2,000		2,601
Series B, GO, 4.00%, 08/01/2028		2,000		2,513
Series B, GO, 5.00%, 08/01/2022		100		108
Series E, GO, 3.00%, 08/01/2026		710		813
State of Minnesota, Various Purpose, Series F, GO, 5.00%, 10/01/2021		1,000		1,036


				57,467

Mississippi — 0.3%
Mississippi Business Finance Corp., Chevron USA, Inc. Project, Series E, Rev., VRDO, 0.10%, 01/04/2021 (z)		4,000		4,000
Mississippi Development Bank, Hinds Community College District Capital, Rev., AGM, 5.25%, 04/01/2029 (p)		2,425		2,455
Mississippi Home Corp., Gateway Affordable Cmntys, Rev., HUD, 2.40%, 02/01/2022 (p) (z)		4,500		4,553
Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Care, Rev., 5.00%, 09/01/2044 (z)		250		292
State of Mississippi, Series F, GO, 5.00%, 11/01/2030 (p)		1,000		1,228


				12,528

Missouri — 0.9%
City of Kansas City Airport Revenue, General Improvement, Series A, Rev., AMT, 5.00%, 09/01/2023 (p)		1,000		1,031
City of St. Charles, Series B, COP, 4.00%, 02/01/2029		515		632
Curators of the University of Missouri (The),
Series A, Rev., 4.00%, 11/01/2034		2,500		2,815
Series A, Rev., 4.00%, 11/01/2035		1,000		1,125
Hanley Road Corridor Transportation Development District, Rev., 1.00%, 10/01/2027		400		399
Health & Educational Facilities Authority of the State of Missouri, Capital Region Medical Center, Rev., 5.00%, 11/01/2035		1,700		2,079
Health & Educational Facilities Authority of the State of Missouri, Lukes Health System, Rev., 4.00%, 11/15/2038		2,000		2,421
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029		1,410		1,593
Kansas City Industrial Development Authority, Cathedral Towers, Rev., 0.35%, 12/01/2024 (z)		6,000		6,001
Kansas City Industrial Development Authority, Kansas City International Airport,
Rev., AMT, 4.00%, 03/01/2036		1,250		1,449


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Missouri — continued
Rev., AMT, 4.00%, 03/01/2040		2,500		2,867
Rev., AMT, 5.00%, 03/01/2029		3,050		3,907
Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029		370		485
Missouri Housing Development Commission, First Place Homeownership Loan, Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051		2,000		2,223
Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033		2,000		2,201
Orchard Farm R-V School District,
COP, 4.00%, 04/01/2027		400		474
COP, 4.00%, 04/01/2028		410		493
RBC Municipal Products, Inc. Trust, Floater Certificates, Series C16, Rev., VRDO, LOC: Royal Bank of Canada, LIQ: Royal Bank of Canada, 0.15%, 01/07/2021 (e) (z)		11,000		11,000
St Louis Municipal Finance Corp., Convention Center Expansion, Rev., AGM, 5.00%, 10/01/2045		3,215		4,021
State of Missouri, Health & Educational Facilities, Saint Lukes Health System, Inc., Rev., 5.00%, 11/15/2023		250		283


				47,499

Montana — 0.1%
Montana Board of Housing, Rev., 3.00%, 12/01/2050		2,580		2,836
Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033		1,000		1,212


				4,048

Nebraska — 0.6%
Central Plains Energy Project,
Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2049 (z)		4,000		4,594
Rev., 5.00%, 09/01/2042		625		669
Central Plains Energy, Project No. 3, Series A, Rev., 5.00%, 09/01/2042		1,000		1,464
City of Omaha, Various Purpose,
Series A, GO, 4.00%, 04/15/2022		1,125		1,181
Series A, GO, 4.00%, 04/15/2023		1,675		1,818
County of Washington, Cargill, Inc. Project, Rev., AMT, 0.90%, 09/01/2030 (z)		350		355
Douglas County Hospital Authority No. 2, Health Facilities Childrens Hospital, Rev., 5.00%, 11/15/2047		3,000		3,613
Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033		2,100		2,275
Douglas County, Hospital Authority No. 2, Childrens Hospital Obligated Group, Rev., 5.00%, 11/15/2053 (z)		2,190		2,643


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Nebraska — continued
Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037		1,000		1,126
Nebraska Public Power District, Series A, Rev., 0.60%, 01/01/2051 (z)		9,000		9,031


				28,769

Nevada — 1.1%
City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047		1,000		1,158
City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035		210		215
City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027		2,000		2,486
Clark County School District, Building,
Series A, GO, 5.00%, 06/15/2029		500		638
Series B, GO, AGM-CR, 5.00%, 06/15/2033		3,000		3,805
County of Clark Passenger Facility Charge Revenue, Mccarran International,
Rev., 5.00%, 07/01/2029		5,000		6,637
Rev., 5.00%, 07/01/2031		1,950		2,554
Rev., 5.00%, 07/01/2032		2,385		3,108
County of Clark, Detention Center, GO, 4.00%, 06/01/2034		3,335		4,048
County of Clark, Limited Tax, Flood Control, GO, 5.00%, 11/01/2038 (p)		2,000		2,268
County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030		1,425		1,878
County of Washoe, Sierra Pacific Power Company, Rev., AMT, 0.63%, 03/01/2036 (z)		900		901
Las Vegas Convention & Visitors Authority, Series B, Rev., 5.00%, 07/01/2043		4,900		5,871
Las Vegas Valley Water District,
Series A, GO, 5.00%, 06/01/2022		3,000		3,204
Series B, GO, 5.00%, 06/01/2022		1,000		1,068
Series D, GO, 5.00%, 06/01/2023		1,180		1,315
Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046		5,000		5,976
Las Vegas Valley, Water District, Series B, GO, 5.00%, 12/01/2023		70		80
Nevada Housing Division, Whittell Pointe, Rev., 0.30%, 10/01/2023 (z)		3,665		3,664
State of Nevada, Department of Business & Industry, Republic Services, Inc. Project, Rev., AMT, 0.30%, 12/01/2026 (e) (z)		2,000		2,000


				52,874


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
New Hampshire — 0.0% (g)
New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (e)		2,000		2,013
New Hampshire Business Finance Authority, Rev., 4.13%, 01/20/2034		988		1,109
New Hampshire Health and Education Facilities Authority Act, Wentworth Douglas Hospital, Series A, Rev., 6.50%, 01/01/2031 (p)		95		95


				3,217

New Jersey — 3.6%
City of Newark,
Series A, GO, AGM, 5.00%, 10/01/2027		100		126
Series A, GO, AGM, 5.00%, 10/01/2028		750		962
Garden State Preservation Trust, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 11/01/2026		1,000		928
Hudson County Improvement Authority, Hudson County Courthouse Project, Rev., 5.00%, 10/01/2028		150		197
New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026		1,000		1,236
New Jersey Economic Development Authority,
Series A, Rev., 5.00%, 11/01/2027		2,500		3,089
Series AAA, Rev., 5.50%, 06/15/2028		5,000		6,154
Series B, Rev., 5.00%, 11/01/2023		75		84
Series DDD, Rev., 5.00%, 06/15/2033		1,500		1,777
New Jersey Economic Development Authority, American Water Company, Series B, Rev., AMT, 1.20%, 11/01/2034 (z)		1,085		1,100
New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Rev., AMT, 5.13%, 09/15/2023		2,000		2,119
New Jersey Economic Development Authority, Higher Education Capital Improvement Fund, Series A, Rev., 5.00%, 09/01/2025		245		279
New Jersey Economic Development Authority, Municipal Rehabilitation, Series A, Rev., 5.25%, 04/01/2027 (z)		5,000		6,143
New Jersey Economic Development Authority, New Jersey American Water Company, Inc.,
Rev., AMT, 1.10%, 11/01/2029 (z)		2,610		2,623
Series E, Rev., AMT, 0.85%, 12/01/2025		2,205		2,210
New Jersey Economic Development Authority, School Facilities, Series GG, Rev., 5.00%, 09/01/2021		3,000		3,021
New Jersey Economic Development Authority, School Facilities Construction,
Rev., 5.00%, 03/01/2021		35		35
Rev., 5.00%, 03/01/2031		1,190		1,273


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

New Jersey — continued
New Jersey Economic Development Authority, School Facilities Construction Sifma, Series I, Rev., (SIFMA Municipal Swap Index + 1.60%), 1.69%, 03/01/2028 (aa)		10,000		9,992
New Jersey Economic Development Authority, State House Project,
Series B, Rev., 5.00%, 06/15/2027		10,690		13,040
Series B, Rev., 5.00%, 06/15/2028		8,635		10,740
New Jersey Educational Facilities Authority, Montclair State University, Series D, Rev., 5.00%, 07/01/2028		2,000		2,316
New Jersey Educational Facilities Authority, Princeton University,
Series A, Rev., 5.00%, 07/01/2022		1,710		1,833
Series I, Rev., 5.00%, 07/01/2024		1,290		1,507
Series I, Rev., 5.00%, 07/01/2036		1,015		1,290
New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group, Rev., 5.00%, 07/01/2037		1,600		1,968
New Jersey Health Care Facilities Financing Authority, Princeton Health Care, Rev., 5.00%, 07/01/2025		1,320		1,593
New Jersey Higher Education Student Assistance Authority, Senior Bonds, Series B, Rev., AMT, 5.00%, 12/01/2024		300		349
New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048		1,195		1,256
New Jersey Transportation Trust Fund Authority,
Series A, Rev., 5.00%, 12/15/2028		300		376
Series AA, Rev., 4.00%, 06/15/2040		3,750		4,259
Series AA, Rev., 5.00%, 06/15/2035		3,000		3,781
Series AA, Rev., 5.00%, 06/15/2045		660		803
Series B, Rev., 5.25%, 06/15/2036		1,500		1,529
New Jersey Transportation Trust Fund Authority, Capital Appreciation, Series A, Rev., BAM, Zero Coupon, 12/15/2038		4,430		2,935
New Jersey Transportation Trust Fund Authority, Transportation System Bond, Rev., 4.00%, 12/15/2039		2,000		2,250
New Jersey Transportation Trust Fund Authority,Transportation System Bond,
Rev., 5.00%, 12/15/2028		1,000		1,255
Rev., 5.00%, 12/15/2031		1,560		1,970
New Jersey Turnpike Authority,
Series A, Rev., 5.00%, 01/01/2030 (p)		1,000		1,072
Series E, Rev., 5.00%, 01/01/2027		1,000		1,257
Rutgers The State University of New Jersey, Series L, Rev., 5.00%, 05/01/2043 (p)		1,805		2,007
South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037		1,000		1,147


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
New Jersey — continued
South Jersey Transportation Authority,
Series A, Rev., AGM, 5.00%, 11/01/2030		500		651
Series A, Rev., AGM, 5.00%, 11/01/2033		1,215		1,557
Series A, Rev., BAM, 5.00%, 11/01/2041		2,925		3,740
State of New Jersey, Covid-19 Emergency Bonds, General Obligations,
Series A, GO, 4.00%, 06/01/2030		2,000		2,449
Series A, GO, 4.00%, 06/01/2031		8,340		10,313
Series A, GO, 5.00%, 06/01/2028		4,245		5,412
Series A, GO, 5.00%, 06/01/2029		15,000		19,428
Tender Option Bond Trust Receipts/Certificates, Series 2019XG0258, Rev., VRDO, LOC: Barclays Bank plc, LIQ: Barclays Bank plc, 0.12%, 01/07/2021 (e) (z)		13,300		13,300
Tender Option Bond Trust Receipts/Certificates, Floaters, Series 2016-XM0226, Rev., BHAC-CR, NATL-RE, LIQ: Bank of America NA, 0.00%, 07/01/2026 (e) (z)		10,220		10,220
Series 2018-XX1093, Rev., VRDO, LOC: Barclays Bank plc, LIQ: Barclays Bank plc, 0.12%, 01/07/2021 (e) (z)		9,500		9,500
Tobacco Settlement Financing Corp.,
Series A, Rev., 5.00%, 06/01/2021		15		15
Series A, Rev., 5.00%, 06/01/2022		2,055		2,191

				182,657

New Mexico — 0.5%
City of Farmington, Pollution Control Revenue, Public Service Company, New Mexico Sanitary, Series E, Rev., 1.15%, 06/01/2040 (z)		3,355		3,423
New Mexico Finance Authority,Subordinated Lien, Public Project Revolving Fund, Rev., 5.00%, 06/15/2024		1,000		1,162
New Mexico Hospital Equipment Loan Council,
Rev., 5.00%, 06/01/2030		1,050		1,318
Rev., 5.00%, 06/01/2032		1,000		1,241
New Mexico Mortgage Finance Authority, Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051		3,400		3,739
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049		6,780		7,487
New Mexico Municipal Energy Acquisition Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 11/01/2039 (z)		3,815		4,513
Santa Fe Public School District, GO, 5.00%, 08/01/2029		1,375		1,788


				24,671


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

New York — 11.9%
Albany County, Airport Authority, Series B, Rev., AMT, 5.00%, 12/15/2023		1,225		1,366
Broome County, Local Development Corp., United Health Services Hospital,
Rev., AGM, 4.00%, 04/01/2039		2,750		3,264
Rev., AGM, 5.00%, 04/01/2026		500		615
Build NYC Resource Corp., Rev., 5.00%, 07/01/2026		325		377
Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e)		1,220		1,223
City of Long Beach,
Series A, GO, 5.00%, 09/01/2025		1,990		2,324
Series A, GO, 5.00%, 09/01/2027		1,500		1,818
City of New York,
Series A1, GO, 4.00%, 08/01/2034		3,000		3,685
Series A1, GO, 5.00%, 08/01/2026		2,000		2,494
Series A1, GO, 5.00%, 08/01/2028		3,595		4,721
Series A1, GO, 5.00%, 08/01/2029		2,900		3,893
Series A1, GO, 5.00%, 08/01/2041		3,000		3,809
Series A, GO, 5.00%, 08/01/2028		100		128
Series B1, GO, 5.00%, 11/01/2029		1,920		2,591
Series C1, GO, 4.00%, 08/01/2022		1,800		1,904
Series C, GO, 5.00%, 08/01/2022		60		64
Series C, GO, 5.00%, 08/01/2027		1,870		2,396
Series D1, GO, 5.00%, 12/01/2024		150		177
Series D1, GO, 5.00%, 12/01/2031		1,380		1,794
Series D1, GO, 5.00%, 12/01/2036		11,955		15,213
Series D1, GO, 5.00%, 12/01/2044		2,560		3,187
Series E4, GO, LOC: Bank of America NA, 0.07%, 08/01/2034 (z)		1,500		1,500
Series E, GO, 5.00%, 08/01/2028		1,625		2,134
Series F1, GO, 5.00%, 03/01/2037		750		821
Series F1, GO, 5.00%, 04/01/2037		2,730		3,409
Series F1, GO, 5.00%, 04/01/2039		5,000		6,213
Series J3, GO, AGM, 0.19%, 06/01/2036 (z)		2,000		2,000
City of New York NY, Series C4, GO, AGC, 0.19%, 10/01/2027 (z)		2,000		2,000
City of New York, Fiscal 2008, Series J10, GO, 5.00%, 08/01/2026		1,755		2,188
City of New York, Fiscal 2020,
Series B1, GO, 4.00%, 10/01/2023		990		1,089
Series B1, GO, 5.00%, 10/01/2038		5,000		6,433
City of New York, Fiscal 2021,
Series C, GO, 4.00%, 08/01/2037		450		544
Series C, GO, 5.00%, 08/01/2033		2,000		2,689
Series C, GO, 5.00%, 08/01/2035		4,740		6,302
County of Dutchess, Local Development Corp., Marist College Project, Series A, Rev., 5.00%, 07/01/2045		485		550
County of Nassau,
Series B, GO, BAM, 5.00%, 10/01/2027		1,450		1,789
Series C, GO, 5.00%, 10/01/2025		1,005		1,200


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
New York — continued
County of Suffolk, Series A, GO, AGM, 4.00%, 02/01/2021		1,475		1,479
Dutchess County Local Development Corp., Bard College Project, Series A, Rev., 5.00%, 07/01/2051 (e)		1,000		1,093
Dutchess County, Local Development Corp., Health Quest System, Inc. Project, Series B, Rev., 5.00%, 07/01/2046		1,250		1,419
Geneva Development Corp., Hobart & William Smith College, Rev., 5.00%, 09/01/2032 (p)		530		572
Hudson Yards Infrastructure Corp.,
Rev., 4.00%, 02/15/2044		9,335		10,516
Series A, Rev., 5.00%, 02/15/2026		1,050		1,287
Series A, Rev., 5.00%, 02/15/2045		2,210		2,637
Long Island Power Authority,
Rev., 5.00%, 09/01/2042		2,070		2,553
Series A, Rev., 5.00%, 09/01/2037		1,250		1,673
Series C, Rev., (0.70 * ICE LIBOR USD 1 Month + 0.75%), 0.86%, 05/01/2033 (aa)		5,000		5,006
Long Island Power Authority, Unrefunded, Series A, Rev., 5.00%, 09/01/2042		500		536
Metropolitan Transportation Authority,
Series A, Rev., BAN, 4.00%, 02/01/2022		4,645		4,739
Series B1, Rev., BAN, 5.00%, 05/15/2022		4,000		4,158
Series B, Rev., 5.00%, 11/15/2024		1,095		1,215
Series B, Rev., 5.00%, 11/15/2025		540		614
Series D1, Rev., BAN, 5.00%, 09/01/2022		3,000		3,143
Series D1, Rev., 5.00%, 11/01/2028		2,000		2,110
Series D, Rev., 5.00%, 11/15/2027		1,200		1,391
Series D, Rev., 5.00%, 11/15/2038		600		643
Series F, Rev., 5.00%, 11/15/2022		135		142
Series F, Rev., BAN, 5.00%, 11/15/2022		3,375		3,556
Metropolitan Transportation Authority, Green Bond,
Series A1, Rev., BAN, 5.00%, 02/01/2023		1,575		1,669
Series A2, Rev., 5.00%, 11/15/2024		1,815		2,014
Series A2, Rev., 5.00%, 11/15/2027		1,085		1,258
Series B, Rev., 5.00%, 11/15/2021		125		128
Series B, Rev., 5.00%, 11/15/2023		100		108
Metropolitan Transportation Authority, Green Bonds,
Series A2, Rev., 5.00%, 11/15/2025		2,000		2,273
Series B1, Rev., 5.00%, 11/15/2046		2,000		2,389
Series C1, Rev., 5.00%, 11/15/2024		320		355
Series C1, Rev., 5.00%, 11/15/2025		850		966
Series C1, Rev., 5.00%, 11/15/2026		4,500		5,230
Series C1, Rev., 5.00%, 11/15/2027		1,115		1,320
Series D1, Rev., 5.00%, 11/15/2043		2,000		2,433
Series D3, Rev., 4.00%, 11/15/2049		2,000		2,209


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

New York — continued
Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036		10,000		12,144
Metropolitan Transportation Authority, Refunding, Transportation Subordinated, Series C1, Rev., 5.00%, 11/15/2025		1,055		1,199
Metropolitan Transportation Authority, Transportation,
Series A1, Rev., 5.00%, 11/15/2044		4,500		4,818
Series A1, Rev., 5.25%, 11/15/2039		1,000		1,082
Series C1, Rev., 5.00%, 11/15/2026		305		347
Series C2, Rev., BAN, 5.00%, 09/01/2021		3,000		3,057
Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026		1,720		1,999
Metropolitan Transportation Authority, Transportation, Green Bonds, Series B, Rev., 5.00%, 11/15/2022		605		638
Metropolitan Transportation Authority, Unrefunded Balance, Transportation, Series A, Rev., 5.00%, 11/15/2041 (p)		4,000		4,168
Monroe County Industrial Development Corp., Rochester Regional Health Project,
Rev., 5.00%, 12/01/2022		600		651
Rev., 5.00%, 12/01/2027		1,000		1,259
Rev., 5.00%, 12/01/2028		1,700		2,183
Rev., 5.00%, 12/01/2029		1,900		2,477
New York City Health and Hospitals Corp.,
Series A, Rev., 4.00%, 02/15/2025 (w)		1,250		1,428
Series A, Rev., 5.00%, 02/15/2024 (w)		270		308
Series A, Rev., 5.00%, 02/15/2025 (w)		2,225		2,632
Series A, Rev., 5.00%, 02/15/2026 (w)		6,055		7,410
Series A, Rev., 5.00%, 02/15/2027 (w)		5,360		6,742
Series A, Rev., 5.00%, 02/15/2028 (w)		4,890		6,302
Series A, Rev., 5.00%, 02/15/2029 (w)		2,485		3,272
New York City Housing Development Corp., Sustainability Bonds, Rev., FHA, 0.70%, 11/01/2060 (z)		9,490		9,491
New York City Housing Development Corp., Sustainable Development Bonds, Series D2, Rev., FHA, 0.70%, 05/01/2060 (z)		1,000		999
New York City Housing Development Corp., Sustainable Neighborhood Bonds, Rev., 1.75%, 05/01/2059 (z)		1,000		1,011
New York City Industrial Development Agency, Yankee Stadium Project Pilot,
Rev., AGM, 4.00%, 03/01/2045		8,825		10,321
Rev., AGM, 5.00%, 03/01/2028		1,250		1,590
Rev., AGM, 5.00%, 03/01/2029		1,500		1,947
Rev., AGM, 5.00%, 03/01/2030		3,900		5,152
New York City Transitional Finance Authority Building Aid Revenue, Fiscal 2015, Subordinate, Series S, Rev., 5.00%, 07/15/2040		17,800		21,075


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
New York — continued
New York City Transitional Finance Authority Building Aid Revenue, Fiscal Year 2015, Series S1, Rev., 5.00%, 07/15/2035		585		683
New York City Transitional Finance Authority Building Aid Revenue, Subordinate, Series S1, Rev., 5.00%, 07/15/2043		1,505		1,792
New York City Transitional Finance Authority Future Tax Secured,
Rev., 5.00%, 11/01/2028		1,000		1,327
Rev., 5.00%, 08/01/2029		5,000		6,736
New York City Transitional Finance Authority Future Tax Secured Revenue, Fiscal 2011, Series D, Rev., 5.00%, 02/01/2035		1,000		1,003
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured,
Rev., 4.00%, 11/01/2035		7,000		8,640
Rev., 5.00%, 11/01/2021		920		957
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate,
Rev., 4.00%, 05/01/2038		2,000		2,436
Series A1, Rev., 5.00%, 08/01/2042		2,000		2,494
Series A3, Rev., 4.00%, 05/01/2041		11,000		12,929
Series C1, Rev., 5.00%, 11/01/2021		1,970		2,049
Series DS, Rev., 4.00%, 11/01/2038		4,000		4,864
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, Future Tax Secured,
Rev., 3.75%, 11/01/2025		8,000		8,674
Series A1, Rev., 5.00%, 08/01/2021 (p)		1,000		1,028
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated,
Rev., 5.00%, 05/01/2031		1,000		1,370
Series A3, Rev., 4.00%, 05/01/2042		2,000		2,342
Series A3, Rev., 5.00%, 08/01/2040		1,720		2,104
Series C1, Rev., 5.00%, 05/01/2024		1,000		1,157
New York City Transitional Finance Authority Future Tax Secured, Future Tax Secured Subordinated Fiscal,
Series 1, Rev., 5.00%, 11/01/2026		2,600		3,284
Series 1, Rev., 5.00%, 11/01/2028		4,955		6,577
New York City Transitional Finance Authority, Future Tax Secured, Rev., 5.00%, 11/01/2026		1,375		1,737
New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032		500		662
New York City Water & Sewer System,
Series AA2, Rev., 5.00%, 06/15/2029		2,850		3,859
Series FF, Rev., 5.00%, 06/15/2041		2,000		2,632
Series GG1, Rev., 5.00%, 06/15/2030		1,000		1,385
Series GG, Rev., 5.00%, 06/15/2039		2,660		3,152
New York City Water & Sewer System, Second General Resolution,
Rev., 5.00%, 06/15/2047		14,655		16,143
Series CC1, Rev., 5.00%, 06/15/2048		2,730		3,368


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

New York — continued
Series CC1, Rev., 5.25%, 06/15/2037		2,345		2,972
Series DD1, Rev., 5.00%, 06/15/2048		3,115		3,898
Series DD2, Rev., 5.00%, 06/15/2040		2,000		2,538
Series DD, Rev., 5.00%, 06/15/2047		6,550		8,108
Series FF, Rev., 5.00%, 06/15/2045		500		533
New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 0.08%, 01/04/2021 (z)		2,000		2,000
New York City Water & Sewer System, Water And Sewer System Revenue Second General Resolution, Series BB2, Rev., 4.00%, 06/15/2042		900		1,095
New York City, Water & Sewer System, Series BB1, Rev., 5.00%, 06/15/2049		500		639
New York Liberty Development Corp., World Trade Center Project,
Rev., 5.75%, 11/15/2051		10,165		10,602
Series 1, Rev., 5.00%, 11/15/2044 (e)		1,700		1,831
New York State Dormitory Authority,
Series A, Rev., 2.00%, 03/15/2021		1,000		1,004
Series A, Rev., 5.00%, 03/15/2024		100		115
Series A, Rev., 5.00%, 03/15/2034		2,000		2,431
New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026		100		124
New York State Dormitory Authority, General Purpose, Unrefunded, Series A, Rev., 5.00%, 02/15/2022		250		263
New York State Dormitory Authority, Group 1, Series A, Rev., 5.00%, 03/15/2024		2,000		2,301
New York State Dormitory Authority, Group 2,
Series A, Rev., 5.00%, 03/15/2033		2,000		2,686
Series A, Rev., 5.00%, 03/15/2036		2,015		2,576
New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037		5,000		6,369
New York State Dormitory Authority, Montefiore Obligated Group,
Series A, Rev., 5.00%, 08/01/2025		2,035		2,376
Series A, Rev., 5.00%, 08/01/2026		750		899
Series A, Rev., 5.00%, 08/01/2031		1,010		1,229
New York State Dormitory Authority, Municipal Health Facilities, Rev., 4.00%, 01/15/2023		50		50
New York State Dormitory Authority, New York University, Series A, Rev., 4.00%, 07/01/2035		620		724
New York State Dormitory Authority, Rockefeller University, Series A, Rev., 5.00%, 07/01/2038		1,000		1,063
New York State Dormitory Authority, School Districts Financing Program, Series A, Rev., AGM, 5.00%, 10/01/2025		1,460		1,772
New York State Dormitory Authority, State University Dormitory Facilities, Series A, Rev., 5.00%, 07/01/2023 (p)		150		161


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
New York — continued
New York State Dormitory Authority, State University New York Dormitory Facilities, Series B, Rev., 5.00%, 07/01/2031		1,365		1,588
New York State Environmental Facilities Corp., Municipal Water, Subordinated, Rev., 5.00%, 06/15/2042		2,655		3,328
New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Casella Waste System, Inc. Project, Rev., AMT, 2.75%, 09/01/2050 (e) (z)		250		259
New York State Housing Finance Agency, Sustainability Bonds,
Series K, Rev., SONYMA, 0.70%, 11/01/2024		1,085		1,087
Series P, Rev., 1.55%, 11/01/2023		300		302
New York State Thruway Authority,
Series K, Rev., 4.00%, 01/01/2021		500		500
Series K, Rev., 5.00%, 01/01/2022		105		110
Series L, Rev., 5.00%, 01/01/2024		75		85
New York State Thruway Authority, General Revenue, Series I, Rev., 5.00%, 01/01/2032 (p)		2,050		2,149
New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041		4,120		4,906
New York State Thruway Authority, Transportation, Series A, Rev., 5.00%, 03/15/2024		100		103
New York State Urban Development Corp., Series A, Rev., 4.00%, 03/15/2049		1,300		1,529
New York State Urban Development Corp., Personal Income Tax,
Rev., 4.00%, 03/15/2037		2,000		2,426
Rev., 4.00%, 03/15/2041		5,000		5,988
Rev., 5.00%, 03/15/2030		500		684
Series C3, Rev., 5.00%, 03/15/2038		1,500		1,850
New York State Urban Development Corp., State Personal Income Tax,
Rev., 5.00%, 03/15/2028		1,250		1,633
Rev., 5.00%, 03/15/2034		3,000		3,410
Series A, Rev., 5.00%, 03/15/2024		8,000		9,224
New York State Urban Development Corp., State Personal Income Tax, General Purpose,
Series A, Rev., 5.00%, 03/15/2042		5,000		6,247
Series B, Rev., 3.54%, 03/15/2028		7,000		8,042
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia, Rev., AMT, 5.00%, 10/01/2035		10,000		12,304
New York Transportation Development Corp., Laguardia Airport Terminal B, Rev., AMT, 5.25%, 01/01/2050		2,000		2,200
New York Transportation Development Corp., Terminal 4 John F Kennedy International,
Rev., AMT, 4.00%, 12/01/2038		300		349
Rev., AMT, 4.00%, 12/01/2039		300		348


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

New York — continued
Rev., AMT, 4.00%, 12/01/2040		300		347
Rev., AMT, 4.00%, 12/01/2041		300		346
Rev., AMT, 4.00%, 12/01/2042		300		344
Rev., 5.00%, 12/01/2024		200		232
Rev., 5.00%, 12/01/2025		200		239
Rev., 5.00%, 12/01/2026		200		245
Rev., 5.00%, 12/01/2027		200		250
Rev., 5.00%, 12/01/2028		200		254
Rev., 5.00%, 12/01/2037		250		320
Rev., 5.00%, 12/01/2038		250		319
Port Authority of New York & New Jersey, Series 207, Rev., AMT, 5.00%, 09/15/2031		5,000		6,267
Port Authority of New York & New Jersey, Consolidated,
Series 166, Rev., 5.25%, 07/15/2036		5,000		5,016
Series 197, Rev., AMT, 5.00%, 11/15/2032		3,000		3,618
Series 221, Rev., AMT, 5.00%, 07/15/2031		1,620		2,154
Series 221, Rev., AMT, 5.00%, 07/15/2032		1,500		1,981
Port Authority of New York & New Jersey, Consolidated One Hundred Eighty,
Rev., AMT, 5.00%, 09/01/2026		3,000		3,444
Series 222, Rev., 4.00%, 07/15/2036		10,250		12,460
Series 222, Rev., 5.00%, 07/15/2034		5,000		6,665
Tender Option Bond Trust Receipts/Certificates, Series 2020ZF0950, Rev., VRDO, LIQ: Toronto Dominion Bank, 0.13%, 01/07/2021 (e) (z)		7,020		7,020
Triborough Bridge & Tunnel Authority,
Series A, Rev., 5.00%, 11/15/2038		1,000		1,079
Series A, Rev., 5.00%, 11/15/2041		1,975		2,348
Series A, Rev., 5.00%, 11/15/2049		3,040		3,927
Series B1, Rev., VRDO, LOC: Bank of America NA, 0.12%, 01/04/2021 (z)		5,000		5,000
Triborough Bridge & Tunnel Authority, Subordinated, Series A, Rev., 5.00%, 11/15/2025		50		55
Trust for Cultural Resources of The City of New York, Whitney Museum of American Art, Rev., 5.00%, 07/01/2031		1,000		1,000
TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048		6,780		7,258
Utility Debt Securitization Authority, Restructuring, Series TE, Rev., 5.00%, 12/15/2033		3,150		3,567
Westchester County Industrial Development Agency, Eg Mount Vernon Preservation, Rev., FNMA COLL, 0.30%, 12/01/2023 (z)		1,525		1,525


				600,114


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
North Carolina — 1.7%
Charlotte-Mecklenburg Hospital Authority, Atrium Health, Series B, Rev., 5.00%, 01/15/2048 (z)		1,000		1,054
City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International,
Rev., 5.00%, 07/01/2049		5,000		6,283
Rev., AMT, 5.00%, 07/01/2049		5,000		6,146
City of Charlotte, 2003 Governmental Facilities Project, VRDO, COP, LIQ: Wells Fargo Bank NA, 0.07%, 01/07/2021 (z)		3,000		3,000
City of Charlotte, Water & Sewer System Revenue,
Rev., 5.00%, 07/01/2026		1,850		2,325
Rev., 5.00%, 07/01/2027		1,000		1,295
County of Mecklenburg, Public Improvement, GO, 5.00%, 03/01/2021		3,000		3,023
County of Wake, Series A, Rev., 5.00%, 08/01/2021		50		51
Durham Housing Authority, Jj Henderson, Rev., 0.30%, 06/01/2024 (z)		1,750		1,749
Durham Housing Authority, Oakley Square Apartments Project, Series A, Rev., 0.30%, 05/01/2024 (z)		2,000		2,000
North Carolina Capital Facilities Finance Agency, Republic Services, Inc. Project, Rev., AMT, 0.25%, 06/01/2038 (z)		10,000		10,000
North Carolina Housing Finance Agency,
Series 37A, Rev., AMT, 3.50%, 07/01/2039		120		126
Series 45, Rev., GNMA/FNMA/FHLMC COLL, 1.90%, 01/01/2032		1,705		1,739
Series 45, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051		3,995		4,392
North Carolina Medical Care Commission, Presbyterian Homes Obligations,
Series A, Rev., 4.00%, 10/01/2027		710		840
Series A, Rev., 4.00%, 10/01/2040		600		673
Series A, Rev., 4.00%, 10/01/2045		1,000		1,108
North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031		1,760		2,290
North Carolina Turnpike Authority, Rev., BAN, 5.00%, 02/01/2024		5,200		5,894
North Carolina Turnpike Authority, Senior Lien, Rev., AGM, 5.00%, 01/01/2038		2,375		2,967
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.00%, 01/01/2049		1,000		1,244
Raleigh Durham Airport Authority, Series A, Rev., AMT, 5.00%, 05/01/2032		1,200		1,520
Sanford Housing Authority, Matthews Garden Gilmore, Rev., HUD, 0.00%, 10/01/2023 (z)		3,750		3,749
State of North Carolina,
Series A, GO, 5.00%, 06/01/2022		1,440		1,538


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

North Carolina — continued
Series A, GO, 5.00%, 06/01/2026		3,000		3,762
State of North Carolina, Build Nc Programs,
Series B, Rev., 5.00%, 05/01/2026		2,255		2,813
Series B, Rev., 5.00%, 05/01/2027		2,750		3,534
State of North Carolina, Public Improvement, Series B, GO, 5.00%, 06/01/2026		3,500		4,389
University of North Carolina at Chapel Hill, Series B, Rev., (0.67 * ICE LIBOR USD 1 Month + 0.40%), 0.50%, 12/01/2041 (aa)		3,000		3,002
Western Carolina University, Series B, Rev., 5.00%, 04/01/2031		2,120		2,829


				85,335

North Dakota — 0.3%
City of West Fargo,
Series A, GO, 2.00%, 05/01/2022		500		511
Series A, GO, 2.00%, 05/01/2023		525		543
North Dakota Housing Finance Agency, Series B, Rev., 3.00%, 07/01/2051		2,365		2,605
North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049		7,000		7,755
North Dakota Housing Finance Agency, Housing Home Mortgage Finance Program, Series E, Rev., VRDO, 0.11%, 01/07/2021 (z)		2,000		2,000
West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026		300		358


				13,772

Ohio — 2.6%
Akron Bath Copley Joint Township Hospital District, Rev., 5.25%, 11/15/2046		1,605		1,896
Akron Bath Copley Joint Township Hospital District, Summa Health Obligations,
Rev., 4.00%, 11/15/2034		500		584
Rev., 4.00%, 11/15/2035		1,000		1,163
Rev., 4.00%, 11/15/2038		750		862
Rev., 5.00%, 11/15/2026		200		245
American Municipal Power, Inc., Series A, Rev., 5.25%, 02/15/2033 (p)		2,430		2,568
Buckeye Tobacco Settlement Financing Authority, Series B2, Rev., 5.00%, 06/01/2055		3,000		3,394
Buckeye Tobacco Settlement Financing Authority, Capital Appreciation, Series A3, Rev., 6.25%, 06/01/2037 (p)		2,160		2,344
Buckeye Tobacco Settlement Financing Authority, Senior, Series A2, Rev., 4.00%, 06/01/2048		2,210		2,516
City of Cincinnati, Water System Revenue, Series A, Rev., 5.00%, 12/01/2036 (p)		2,500		2,610


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Ohio — continued
City of Cleveland, Airport System Revenue, Series A, Rev., AGM, 5.00%, 01/01/2031 (p)		1,000		1,047
City of Columbus, Series 1, GO, 5.00%, 07/01/2026 (p)		1,000		1,120
Cleveland Department of Public Utilities, Division of Water, Series FF, Rev., 5.00%, 01/01/2026		300		370
County of Allen Hospital Facilities Revenue, Catholic Health Partners, Series A, Rev., 5.00%, 05/01/2042 (p)		1,465		1,558
County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027		50		64
County of Cuyahoga, Series D, Rev., 5.00%, 12/01/2026		3,500		4,413
County of Franklin, Che Trinity Health Credit Group, Rev., 0.22%, 12/01/2046 (z)		6,285		6,285
County of Geauga, South Franklin Circle Project, Series A, Rev., 8.00%, 12/31/2047 (p) (z)		6,100		7,118
County of Hamilton, Trihealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040		1,510		1,957
Dayton Metro Library, Library Improvement, Series A, GO, 5.00%, 12/01/2038 (p)		145		151
Hamilton City School District, Various Purpose, GO, 5.00%, 12/01/2034 (p)		1,500		1,779
Lancaster Port Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 08/01/2049 (z)		5,000		5,859
Ohio Air Quality Development Authority, American Electric Power Company, Series A, Rev., AMT, 2.10%, 01/01/2029 (z)		1,250		1,311
Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z)		1,000		1,095
Ohio Higher Educational Facility Commission, University Of Dayton, Rev., 5.00%, 02/01/2034		1,125		1,459
Ohio Higher Educational Facility Commission, Western Reserve University, Rev., (0.70 * ICE LIBOR USD 1 Month + 0.42%), 0.53%, 10/01/2044 (aa)		3,000		2,999
Ohio Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048		1,500		1,674
Ohio Housing Finance Agency, The Arts Apartments Project, Series A, Rev., HUD, 0.35%, 12/01/2023 (z)		2,750		2,749
Ohio Water Development Authority, Series A, Rev., 5.00%, 06/01/2029		500		674
Ohio Water Development Authority Water Pollution Control Loan Fund,
Series A, Rev., VRDO, LIQ: BMO Harris Bank NA, 0.08%, 01/07/2021 (z)		3,500		3,500


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Ohio — continued
Series B, Rev., 5.00%, 06/01/2024		1,000		1,162
Series B, Rev., 5.00%, 06/01/2025		1,300		1,572
Series B, Rev., 5.00%, 06/01/2029		3,480		4,715
State of Ohio,
Series A, GO, 5.00%, 08/01/2021		1,500		1,542
Series A, GO, 5.00%, 09/15/2022		95		103
Series A, GO, 5.00%, 12/15/2022		75		82
Series A, GO, 5.00%, 02/01/2024		2,000		2,295
Series A, GO, 5.00%, 02/01/2038		3,000		3,621
State of Ohio, Cleveland Clinic Health System, Series A, Rev., 5.00%, 01/01/2027		940		1,195
State of Ohio, Common Shares, Series C, GO, 4.00%, 09/15/2022		5,000		5,329
State of Ohio, Conservation Project,
Series B, GO, 4.00%, 03/01/2022		1,145		1,196
Series B, GO, 4.00%, 03/01/2023		1,000		1,083
State of Ohio, Higher Education,
Series A, GO, 5.00%, 05/01/2026		1,000		1,248
Series A, GO, 5.00%, 05/01/2032		10,000		12,692
Series C, GO, 5.00%, 08/01/2028		7,000		9,314
State of Ohio, Natural Resources, Series S, GO, 5.00%, 04/01/2024 (p)		140		155
State of Ohio, Premier Health Partners,
Rev., 4.00%, 11/15/2039		1,320		1,476
Rev., 4.00%, 11/15/2041		1,450		1,610
Rev., 5.00%, 11/15/2028		680		840
State of Ohio, University Hospitals Health System, Series A, Rev., 5.00%, 01/15/2041		1,000		1,169
Tender Option Bond Trust Receipts/Certificates, Series 2020BAML5023, Rev., LIQ: Bank of America NA, 0.00%, 08/01/2037 (e) (z)		9,560		9,560
Toledo City School District, School Facilities Improvement,
GO, 5.00%, 12/01/2030 (p)		1,125		1,281
Series B, GO, 5.00%, 12/01/2024 (p)		2,920		3,189

				131,793

Oklahoma — 0.1%
Oklahoma Development Finance Authority, Gilcrease Expressway West, Rev., AMT, 1.63%, 07/06/2023		1,100		1,101
Oklahoma Housing Finance Agency, Homeownership Loan Program, Series B, Rev., GNMA/FNMA/FHLMC, 3.25%, 09/01/2050		2,010		2,239
Oklahoma Turnpike Authority, Second, Series C, Rev., 5.00%, 01/01/2031 (p)		3,000		3,145


				6,485

Oregon — 1.1%
City of Portland Sewer System Revenue, Second Lien, Series A, Rev., 4.00%, 03/01/2033		3,850		4,897


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Oregon — continued
City of Portland Water System Revenue, Second Lien, Series A, Rev., 5.00%, 05/01/2033		1,825		2,451
Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030		1,000		1,346
Medford Hospital Facilities Authority, Asante Project, Series A, Rev., AGM, 4.00%, 08/15/2045		1,330		1,579
Multnomah County School District No. 1 Portland,
GO, SCH BD GTY, 5.00%, 06/15/2028		3,600		4,777
Series B, GO, SCH BD GTY, 5.00%, 06/15/2022		10,000		10,701
Oregon State Facilities Authority, Providence Health and Services, Series A, Rev., 5.00%, 10/01/2022		80		86
Oregon State Lottery, Series A, Rev., 5.25%, 04/01/2030 (p)		1,700		1,721
Port of Portland Airport Revenue,
Series 27A, Rev., AMT, 5.00%, 07/01/2028		1,595		2,028
Series 27A, Rev., AMT, 5.00%, 07/01/2036		2,000		2,561
Port of Portland Airport Revenue, Portland International Airport, Series 25B, Rev., AMT, 5.00%, 07/01/2039		1,020		1,268
Salem Hospital Facility Authority, Multi Model, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2023		100		111
State of Oregon, Series N, GO, 5.00%, 12/01/2023		2,070		2,161
State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036		9,095		12,135
State of Oregon Housing & Community Services Department, Series B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.10%, 01/07/2021 (z)		1,500		1,500
State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030		100		123
State of Oregon, Article Xi-M & Xi-N Seismic, GO, 5.00%, 06/01/2030		1,995		2,766
State of Oregon, St Property, Series J, GO, 5.00%, 05/01/2036 (p)		1,050		1,067
University of Oregon, Series A, Rev., 5.00%, 04/01/2048		1,000		1,234


				54,512

Pennsylvania — 4.4%
Allegheny County Airport Authority, Pittsburgh International Airport, Series B, Rev., 4.00%, 01/01/2030 (p)		670		695
Allegheny County, Hospital Development Authority, Health Network Obligations, Series A, Rev., 5.00%, 04/01/2023		1,000		1,099


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Pennsylvania — continued
Allegheny County, Hospital Development Authority, Pittsburg University Medical Center,
Series A, Rev., 4.00%, 07/15/2036		2,200		2,582
Series A, Rev., 5.00%, 07/15/2027		765		978
Allegheny County, Sanitary Authority,
Series B, Rev., 4.00%, 06/01/2035		400		494
Series B, Rev., 4.00%, 06/01/2036		675		830
Series B, Rev., 5.00%, 06/01/2030		500		674
Series B, Rev., 5.00%, 06/01/2032		550		742
Series B, Rev., 5.00%, 06/01/2033		600		805
Bentworth School District, Series A, GO, BAM, 4.00%, 03/15/2025		1,380		1,563
Berks County Industrial Development Authority, Tower Health Project, Rev., 5.00%, 11/01/2047		3,000		3,215
Berks County Municipal Authority (The), Tower Health Project, Series A, Rev., 5.00%, 02/01/2029		500		570
Berks County Municipal Authority, Hospital Medical Center, Series A, Rev., 5.00%, 11/01/2044		620		632
Bucks County, Industrial Development Authority, Waste Management, Inc. Project, Rev., AMT, 2.75%, 12/01/2022		100		104
Capital Region Water Water Revenue, Rev., 5.00%, 07/15/2032		1,000		1,270
Chester County Health and Education Facilities Authority, Main Line Health System, Series B, Rev., 5.00%, 06/01/2024		1,000		1,158
City of Philadelphia,
GO, AGM, 5.00%, 08/01/2031		1,795		2,242
Series A, GO, 5.00%, 08/01/2030		4,000		4,743
City of Philadelphia Airport Revenue,
Series A, Rev., 5.00%, 07/01/2047		5,000		6,010
Series C, Rev., AMT, 4.00%, 07/01/2050		1,500		1,679
Series C, Rev., AMT, 5.00%, 07/01/2028		10,000		12,713
City of Philadelphia Water & Wastewater Revenue, Series A, Rev., 5.00%, 01/01/2036 (p)		2,835		2,835
City of Philadelphia, Water & Wastewater Revenue, Series A, Rev., 5.00%, 11/01/2040		2,790		3,686
City of Pittsburgh,
GO, 5.00%, 09/01/2030		500		634
Series B, GO, 5.00%, 09/01/2025 (p)		3,000		3,241
Series B, GO, 5.00%, 09/01/2026 (p)		1,000		1,080
Commonwealth of Pennsylvania,
Series 1, GO, 4.00%, 03/15/2034		5,000		5,610
Series 1, GO, 4.00%, 03/01/2035		3,650		4,342
Series 1, GO, 4.00%, 03/15/2035		2,000		2,245
Series 1, GO, 5.00%, 11/15/2026 (p)		1,000		1,042
County of Allegheny, Series C75, GO, 5.00%, 11/01/2028		2,305		2,881


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Pennsylvania — continued
County of Lehigh, Lehigh Valley Health Network, Rev., 4.00%, 07/01/2049		1,000		1,152
Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030		1,000		1,201
Delaware River Joint Toll Bridge Commission, Series A, Rev., 5.00%, 07/01/2025 (p)		1,020		1,093
Delaware River Port Authority,
Rev., 5.00%, 01/01/2030		2,500		2,803
Rev., 5.00%, 01/01/2037		3,000		3,340
DuBois Hospital Authority, Penn Highlands Healthcare,
Rev., 4.00%, 07/15/2045		1,400		1,538
Rev., 5.00%, 07/15/2043		3,410		4,030
Emmaus General Authority, Rev., VRDO, AGM, 0.09%, 01/07/2021 (z)		4,710		4,710
Geisinger Authority, Geisinger Health System, Series C, Rev., 5.00%, 04/01/2043 (z)		1,630		2,149
Health Care Facilities Authority of Sayre, Guthrie Health, Rev., (0.67 * ICE LIBOR USD 3 Month + 0.78%), 0.93%, 12/01/2024 (aa)		1,665		1,662
Lancaster County Hospital Authority, Health Facilities St Annes, Rev., 5.00%, 04/01/2033		1,830		1,861
Lycoming County Authority, Pennsylvania College Technology, Rev., 5.00%, 05/01/2026		2,000		2,112
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044		1,610		1,827
Montgomery County Industrial Development Authority, Retirement,
Rev., 5.00%, 11/15/2025 (p)		1,500		1,599
Rev., 5.00%, 11/15/2028 (p)		1,600		1,705
Montgomery County Industrial Development Authority, Retirement Life Cmntys,
Rev., 5.00%, 11/15/2033		1,500		1,756
Series C, Rev., 5.00%, 11/15/2045		2,585		3,069
New Castle Sanitation Authority,
Series A, Rev., AGM, 3.00%, 06/01/2029 (w)		500		565
Series A, Rev., AGM, 3.00%, 06/01/2030 (w)		500		562
Norristown Area School District, GO, 5.00%, 09/01/2026		1,500		1,844
Pennsylvania Economic Development Financing Authority,
Rev., AMT, 5.00%, 06/30/2022		1,000		1,061
Series A, Rev., 5.00%, 11/15/2023		1,665		1,888
Pennsylvania Economic Development Financing Authority, Philadelphia Bioslides Facility,
Rev., 4.00%, 01/01/2028		1,590		1,847
Rev., 4.00%, 01/01/2029		450		527
Rev., 4.00%, 01/01/2031		800		949


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Pennsylvania — continued
Pennsylvania Economic Development Financing Authority, Republic Services, Inc. Project, Rev., AMT, 0.28%, 06/01/2044 (w) (z)		5,000		5,000
Pennsylvania Economic Development Financing Authority, Upmc, Series A1, Rev., 4.00%, 04/15/2045		5,440		6,287
Pennsylvania Higher Educational Facilities Authority, Temple University,
Rev., 5.00%, 04/01/2035 (p)		5,000		5,300
Rev., 5.00%, 04/01/2042 (p)		3,000		3,180
Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035		1,170		1,375
Pennsylvania Housing Finance Agency, Series 133, Rev., 3.00%, 10/01/2050		3,600		3,954
Pennsylvania Turnpike Commission,
Series A1, Rev., 5.00%, 12/01/2027		1,000		1,302
Series A1, Rev., 5.00%, 12/01/2031		250		316
Series A1, Rev., 5.00%, 12/01/2034		1,000		1,254
Series A1, Rev., 5.00%, 12/01/2046		1,000		1,173
Series A2, Rev., 5.00%, 12/01/2024		100		118
Series A2, Rev., 5.00%, 12/01/2025		1,300		1,595
Series A, Rev., 5.00%, 12/01/2044		2,000		2,519
Series A, Rev., AGM, 5.25%, 07/15/2028		300		405
Series A, Rev., 5.25%, 12/01/2044		2,500		3,197
Series B, Rev., 5.00%, 12/01/2026		400		506
Series B, Rev., 5.00%, 12/01/2027		900		1,172
Series B, Rev., 5.00%, 12/01/2028		700		935
Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040		1,000		1,218
Pennsylvania Turnpike Commission, Senior Lien, Series A, Rev., 5.00%, 12/01/2042 (p)		2,000		2,184
Pennsylvania Turnpike Commission, Subordinated,
Series A, Rev., 5.00%, 12/01/2036		2,670		3,224
Series B, Rev., 5.25%, 12/01/2031 (p)		1,000		1,046
Philadelphia Authority for Industrial Development, Rev., 5.00%, 05/01/2033		1,250		1,540
Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e)		900		1,040
Philadelphia Authority for Industrial Development, Thomas Jefferson University,
Series A, Rev., 5.00%, 09/01/2032		1,110		1,341
Series A, Rev., 5.00%, 09/01/2035		1,105		1,325
Series A, Rev., 5.00%, 09/01/2047		1,000		1,173
Philadelphia Gas Works Co., Series A, Rev., AGM, 4.00%, 08/01/2045		5,000		5,867
Pittsburgh Water & Sewer Authority,
Series B, Rev., AGM, 4.00%, 09/01/2036		500		619
Series B, Rev., AGM, 4.00%, 09/01/2038		500		611
Series B, Rev., AGM, 4.00%, 09/01/2045		2,250		2,691


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Pennsylvania — continued
Series C, Rev., AGM, (SIFMA Municipal Swap Index + 0.65%), 0.74%, 09/01/2040 (aa)		4,275		4,285
Pittsburgh Water & Sewer Authority, Subordinated, Series B, Rev., AGM, 5.00%, 09/01/2031		1,750		2,437
Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037		1,025		1,195
Sports & Exhibition Authority of Pittsburgh and Allegheny County,
Rev., AGM, 5.00%, 02/01/2027		2,250		2,817
Rev., AGM, 5.00%, 02/01/2028		2,590		3,314
State Public School Building Authority, Montgomery County Community College, Rev., 5.50%, 05/01/2033		1,000		1,111
State Public School Building Authority, Northampton County Area Community,
Rev., BAM, 4.00%, 03/01/2029		1,000		1,217
Rev., BAM, 4.00%, 03/01/2030		640		773
Rev., BAM, 4.00%, 03/01/2031		500		599
Rev., BAM, 5.00%, 03/01/2027		715		894
Rev., BAM, 5.00%, 03/01/2028		755		967
State Public School Building Authority, Philadelphia Community College Project, Rev., 5.00%, 06/15/2022		250		266
State Public School Building Authority, Philadelphia School District, Rev., AGM, 5.00%, 06/01/2030		3,480		4,263
State Public School Building Authority, School District of Philadelphia,
Rev., 5.00%, 04/01/2024 (p)		2,000		2,119
Rev., 5.00%, 04/01/2030 (p)		3,000		3,178
University of Pittsburgh-of the Commonwealth System of Higher Education, Rev., (SIFMA Municipal Swap Index + 0.24%), 0.33%, 09/15/2021 (aa)		3,000		3,001
Westmoreland County Industrial Development Authority, Excela Health Project,
Series A, Rev., 4.00%, 07/01/2024		255		278
Series A, Rev., 4.00%, 07/01/2025		575		639
Series A, Rev., 4.00%, 07/01/2026		1,250		1,412
Series A, Rev., 5.00%, 07/01/2028		1,400		1,715

				219,191

Puerto Rico — 0.2%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured, Series A1, Rev., Zero Coupon, 07/01/2031		2,825		2,198
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured,
Series A1, Rev., 4.55%, 07/01/2040		945		1,037
Series A2, Rev., 4.33%, 07/01/2040		4,450		4,822

				8,057


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Rhode Island — 0.1%
Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity,
Series 73A, Rev., 0.95%, 04/01/2026		500		503
Series 73A, Rev., 1.10%, 04/01/2027		300		302
Series 73A, Rev., 1.65%, 10/01/2029		715		730
Series 73A, Rev., 3.00%, 10/01/2050		1,500		1,649

				3,184

South Carolina — 1.2%
City of Rock Hill, Combined Utility System, Rev., 5.00%, 01/01/2027		250		301
Lexington County Health Services District, Inc., Lexmed Obligated Group,
Rev., 4.00%, 11/01/2030		1,000		1,173
Rev., 4.00%, 11/01/2031		1,000		1,170
Patriots Energy Group Financing Agency, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 10/01/2048 (z)		40		44
South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Series S, Rev., 5.00%, 12/01/2048 (z)		1,000		1,195
South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048		1,000		1,206
South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030		1,500		1,880
South Carolina Ports Authority, Rev., AMT, 5.00%, 07/01/2043		5,680		6,916
South Carolina Public Service Authority,
Series A, Rev., 4.00%, 12/01/2033		1,000		1,213
Series A, Rev., 4.00%, 12/01/2034		2,000		2,421
Series A, Rev., 5.00%, 12/01/2024		500		587
Series A, Rev., 5.00%, 12/01/2028		1,700		2,015
Series A, Rev., 5.00%, 12/01/2031		4,500		6,121
Series A, Rev., 5.00%, 12/01/2032		2,000		2,702
Series A, Rev., 5.00%, 12/01/2050		5,000		5,775
Series B, Rev., 5.00%, 12/01/2041		1,000		1,209
Series C, Rev., 5.00%, 12/01/2021		500		521
South Carolina Public Service Authority, Santee Cooper, Series A, Rev., 5.75%, 12/01/2043 (p)		4,445		5,154
South Carolina Public Service Authority, Santee Cooper Project,
Series C, Rev., 5.00%, 12/01/2036		715		743
Series D, Rev., 5.00%, 12/01/2043 (p)		3,125		3,335
South Carolina State Housing Finance & Development Authority, Series B, Rev., 3.25%, 01/01/2052		8,140		9,041
South Carolina Transportation Infrastructure Bank, Series 2003B, Rev., (0.67 * ICE LIBOR USD 1 Month + 0.45%), 0.55%, 10/01/2031 (aa)		7,000		6,991


				61,713


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
South Dakota — 0.0% (g)
Harrisburg School District No. 41-2, GO, 4.50%, 07/15/2036 (p)		1,000		1,045

Tennessee — 0.5%
Chattanooga Health Educational & Housing Facility Board, Commonspirit Health, Series A1, Rev., 5.00%, 08/01/2028		305		389
City of Memphis, Gas System Revenue, Rev., 4.00%, 12/01/2045		2,175		2,649
City of Memphis, Sanitary Sewerage System Revenue,
Series B, Rev., 5.00%, 10/01/2022		1,430		1,550
Series B, Rev., 5.00%, 10/01/2023		1,000		1,131
Series B, Rev., 5.00%, 10/01/2027		1,000		1,297
County of Coffee, GO, 5.00%, 06/01/2026		250		310
Greeneville Health & Educational Facilities Board, People Road Portfolio Project, Rev., 1.45%, 12/01/2022 (z)		1,115		1,126
Health Educational and Housing Facility Board of the City of Memphis, Memphis Towers Apartments, Rev., 0.25%, 12/01/2023 (z)		3,875		3,874
Memphis-Shelby County Airport Authority,
Rev., AMT, 5.00%, 07/01/2032		270		334
Rev., AMT, 5.00%, 07/01/2043		2,055		2,474
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040		2,685		3,167
Metropolitan Nashville Airport Authority, Subordinated, Series A, Rev., 5.00%, 07/01/2054		1,000		1,256
Tennessee Energy Acquisition Corp., Rev., 4.00%, 11/01/2049 (z)		1,480		1,700
Tennessee Energy Acquisition Corp., Junior, Series B, Rev., 5.63%, 09/01/2026		1,410		1,739
Tennessee Housing Development Agency, Residential Finance Program Bonds, Rev., 4.00%, 01/01/2048		2,950		3,333


				26,329

Texas — 10.0%
Abilene Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2024 (p)		2,800		3,085
Angleton Independent School District, GO, PSF-GTD, 4.00%, 02/15/2022 (w)		2,880		2,999
Argyle Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2027		1,000		1,289
Austin Affordable Public Facility Corp., Inc., Bridge at Turtle Creek, Rev., 0.42%, 12/01/2040 (z)		6,000		5,999
Austin Independent School District, GO, PSF-GTD, 5.00%, 08/01/2028		1,000		1,325


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Texas — continued
Balmorhea Independent School District, Series A, GO, PSF-GTD, 4.00%, 02/15/2050		2,500		2,697
Barbers Hill Independent School District, GO, PSF-GTD, 5.00%, 02/15/2029		4,370		5,831
Bexar County Hospital District, Certificates Obligation, GO, 5.00%, 02/15/2031		1,000		1,320
Board of Regents of the University of Texas System,
Series A, Rev., 5.00%, 08/15/2030		2,000		2,782
Series E, Rev., 5.00%, 08/15/2027		1,000		1,295
Board of Regents of the University of Texas System, Green Bond, Series B, Rev., 2.50%, 08/15/2036 (z)		5,000		5,052
Board of Regents of the University of Texas System, Refunding Financing System, Series B, Rev., VRDO, 0.06%, 01/07/2021 (z)		2,500		2,500
Boerne Public Facilities Corp., Liv At Boerne Senior Apartments, Rev., 2.75%, 11/01/2022 (z)		100		102
Boerne School District, School Building, GO, PSF-GTD, 5.00%, 02/01/2043 (p)		1,800		1,891
Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033		1,670		2,082
Brazosport Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2022		6,000		6,324
GO, PSF-GTD, 5.00%, 02/15/2027		2,500		3,190
GO, PSF-GTD, 5.00%, 02/15/2028		5,000		6,556
GO, PSF-GTD, 5.00%, 02/15/2029		3,000		4,034
GO, PSF-GTD, 5.00%, 02/15/2030		3,000		3,998
Bryan Independent School District, GO, PSF-GTD, 5.00%, 02/15/2021		1,095		1,101
Capital Area Housing Finance Corp., Redwood Apartments, Rev., 0.41%, 01/01/2041 (z)		9,205		9,205
Central Texas Regional Mobility Authority, Senior Lien,
Series B, Rev., 4.00%, 01/01/2039		600		707
Series B, Rev., 4.00%, 01/01/2040		500		587
Series B, Rev., 5.00%, 01/01/2024		230		260
Series B, Rev., 5.00%, 01/01/2045		3,595		4,505
Series E, Rev., 5.00%, 01/01/2045		2,665		3,337
Central Texas Regional Mobility Authority, Subordinated, Series F, Rev., BAN, 5.00%, 01/01/2025		4,770		5,483
Central Texas Regional Mobility Authority, Subordinated Lien, Rev., 5.00%, 01/01/2042 (p)		3,000		3,285
Central Texas Turnpike System, First Tier, Series A, Rev., 5.00%, 08/15/2041 (p)		7,045		7,595
City Austin, Certificates Obligation,
GO, 5.00%, 09/01/2032		1,750		2,411
GO, 5.00%, 09/01/2033		1,100		1,507
GO, 5.00%, 09/01/2034		1,750		2,389


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Texas — continued
City of Austin, GO, 5.00%, 11/01/2021		1,520		1,581
City of Austin, Airport System Revenue,
Rev., AMT, 5.00%, 11/15/2025		3,000		3,618
Series B, Rev., AMT, 5.00%, 11/15/2030		1,000		1,296
Series B, Rev., AMT, 5.00%, 11/15/2033		1,130		1,351
Series B, Rev., AMT, 5.00%, 11/15/2036		2,085		2,477
City of Austin, Electric Utility Revenue,
Series B, Rev., 5.00%, 11/15/2037		1,505		1,999
Series B, Rev., 5.00%, 11/15/2038		1,340		1,777
Series B, Rev., 5.00%, 11/15/2044		2,000		2,603
City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033		620		849
City of Austin, Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041		7,000		8,619
City of Dallas, Waterworks & Sewer System Revenue,
Series C, Rev., 4.00%, 10/01/2039		7,470		9,372
Series C, Rev., 4.00%, 10/01/2040		1,000		1,251
Series C, Rev., 5.00%, 10/01/2029		1,125		1,535
City of Denton Utility System Revenue, Rev., 5.00%, 12/01/2022		1,000		1,091
City of Houston Airport System Revenue, Subordinated Lien,
Series A, Rev., AMT, 4.00%, 07/01/2040		3,570		4,153
Series A, Rev., AMT, 5.00%, 07/01/2023 (p)		10,000		10,677
Series A, Rev., AMT, 5.00%, 07/01/2024		1,000		1,149
Series A, Rev., AMT, 5.00%, 07/01/2028		1,000		1,275
Series A, Rev., AMT, 5.00%, 07/01/2034		1,000		1,285
Series B, Rev., 5.00%, 07/01/2027		1,995		2,532
City of Houston Combined Utility System Revenue, First Lien, Series C, Rev., (0.70 * ICE LIBOR USD 1 Month + 0.36%), 0.46%, 05/15/2034 (aa)		1,250		1,250
City of Houston, Airport System Revenue, Series C, Rev., AMT, 5.00%, 07/01/2028		275		351
City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028		600		673
City of Houston, Airport System Revenue, Subordinated Lien,
Series A, Rev., AMT, 5.00%, 07/01/2028		890		1,135
Series B, Rev., 5.00%, 07/01/2026		1,000		1,238
Series B, Rev., 5.00%, 07/01/2030		1,000		1,336
City of Houston, Combined Utility System Revenue, First Lien, Series C, Rev., 5.00%, 11/15/2029		2,850		3,886
City of Kyle, 6 Creeks Public Improvement, Special Assessment, 2.63%, 09/01/2025 (e)		500		500
City of Laredo Waterworks & Sewer System Revenue, Rev., AGM, 5.00%, 03/01/2041 (p)		210		212
City of Laredo, Certificates Obligation, GO, 5.00%, 02/15/2033		1,070		1,332


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Texas — continued
City of Lubbock Water & Wastewater System,
Series B, Rev., 5.00%, 02/15/2023		400		440
Series B, Rev., 5.00%, 02/15/2024		490		561
City of San Antonio Electric & Gas Systems Revenue, Junior Lien,
Rev., 5.00%, 02/01/2048 (p)		3,645		4,006
Series D, Rev., 1.13%, 12/01/2045 (z)		6,510		6,711
City of San Antonio, Electric & Gas Systems Revenue, Rev., 4.00%, 02/01/2027		3,000		3,643
City of San Antonio, Electric & Gas Systems Revenue, Junior Lien, Rev., 5.00%, 02/01/2043 (p)		4,350		4,781
Cleburne Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2036		1,065		1,295
Clifton Higher Education Finance Corp., Idea Public Schools, Rev., PSF-GTD, 5.00%, 08/15/2026		1,840		2,300
College Station Independent School District, GO, PSF-GTD, 5.00%, 08/15/2024		2,285		2,668
Collin County, Community College District, GO, 4.00%, 08/15/2021		85		87
Conroe Independent School District,
Series A, GO, PSF-GTD, 5.00%, 02/15/2024		750		861
Series A, GO, PSF-GTD, 5.00%, 02/15/2026		2,450		3,036
Series A, GO, PSF-GTD, 5.00%, 02/15/2029		4,745		6,385
County of Bexar,
GO, 4.00%, 06/15/2040		11,085		12,575
GO, 5.00%, 06/15/2031		1,500		1,854
County of Bexar, Certificates Obligation, Series A, GO, 4.00%, 06/15/2036 (p)		1,000		1,093
County of El Paso, Series A, GO, 5.00%, 02/15/2027		1,430		1,754
County of Harris,
Series A, GO, 5.00%, 10/01/2024		3,500		4,123
Series A, GO, 5.00%, 10/01/2026		2,390		3,015
Series A, GO, 5.00%, 10/01/2029		1,150		1,558
County of Harris, Road Bonds, Series A, GO, 5.00%, 10/01/2022		1,185		1,285
County of Harris, Cultural Education Facilities Finance Corp., Teco Project, Rev., 5.00%, 11/15/2022		1,000		1,087
County of Harris, Flood Control District,
Series A, GO, 4.00%, 10/01/2036		2,800		3,479
Series A, GO, 5.00%, 10/01/2027		1,275		1,657
Series A, GO, 5.00%, 10/01/2028		1,500		2,000
Series A, GO, 5.00%, 10/01/2029		2,500		3,413
County of Harris, Refunding Road, Series A, GO, 5.00%, 10/01/2029		1,090		1,324
County of Williamson, Road, GO, 5.00%, 02/15/2021		65		65


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Texas — continued
Cypress-Fairbanks Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2021		3,900		3,921
Dallas Area Rapid Transit, Series A, Rev., 5.00%, 12/01/2046		5,000		5,951
Dallas Area Rapid Transit, Senior Lien, Rev., 5.00%, 12/01/2032		1,000		1,343
Dallas Fort Worth International Airport, Series B, Rev., 4.00%, 11/01/2034		2,395		2,925
Dallas Fort Worth International Airport, Joint Improvement, Series D, Rev., AMT, 5.00%, 11/01/2042 (p)		10,740		11,158
Dallas Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2034		1,000		1,154
Dallas/Fort Worth, International Airport, Series C, Rev., AMT, 5.13%, 11/01/2043		350		376
Denton Independent School District, GO, PSF-GTD, 5.00%, 08/15/2027		1,000		1,292
Fort Bend Independent School District, Series B, GO, PSF-GTD, 0.88%, 08/01/2050 (z)		1,000		1,013
Frisco Independent School District, GO, PSF-GTD, 3.00%, 02/15/2022 (w)		1,625		1,676
Frisco Independent School District, School Building, Series A, GO, PSF-GTD, 4.00%, 08/15/2032		2,140		2,494
Garland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023		4,000		4,405
Goose Creek Consolidated Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2022		1,000		1,054
Series A, GO, PSF-GTD, 5.00%, 02/15/2028		2,000		2,459
Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045		10,125		11,998
Grand Parkway Transportation Corp., Subordinated Tier Toll, Series B, Rev., 5.00%, 04/01/2053 (p)		100		113
Harlandale Independent School District, GO, PSF-GTD, 0.75%, 08/15/2045 (z)		465		465
Harlingen Consolidated Independent School District,
GO, PSF-GTD, 5.00%, 08/15/2024		80		93
GO, PSF-GTD, 5.00%, 08/15/2026		105		132
Harris County Cultural Education Facilities Finance Corp., Baylor College, Rev., 5.00%, 11/15/2037 (p)		1,465		1,595
Harris County Cultural Education Facilities Finance Corp., Memorial Herman Health System, Series A, Rev., 5.00%, 12/01/2024		2,000		2,355
Harris County Cultural Education Facilities Finance Corp., Texas Medical Center, Series A, Rev., 0.90%, 05/15/2050 (z)		6,210		6,218


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Texas — continued
Harris County Toll Road Authority, First Lien, Rev., 4.00%, 08/15/2040 (w)		3,850		4,743
Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann, Rev., 5.00%, 06/01/2032 (z)		1,000		1,177
Harris County, Metropolitan Transit Authority, Sales & Use Tax Revenue, Series A, Rev., 5.00%, 11/01/2021		100		104
Harris County, Toll Road Authority, Senior Lien, Series A, Rev., 5.00%, 08/15/2024		100		117
Houston Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2021		4,500		4,525
GO, PSF-GTD, 5.00%, 02/15/2022		1,600		1,686
Houston Independent School District, Maintenance Tax Notes,
GO, 5.00%, 07/15/2021		1,500		1,538
GO, 5.00%, 07/15/2022		80		86
Houston Independent School District, Schoolhouse, Series B, GO, PSF-GTD, 2.40%, 06/01/2036 (z)		1,500		1,513
Humble Independent School District, School Building, Series A, GO, PSF-GTD, 5.00%, 02/15/2022		1,200		1,265
Irving Independent School District, GO, PSF-GTD, 5.00%, 02/15/2021		1,600		1,609
Katy Independent School District, Series B, GO, PSF-GTD, 5.00%, 02/15/2036		2,475		2,994
Katy Independent School District, School Building, Series A, GO, PSF-GTD, 5.00%, 02/15/2031 (p)		1,000		1,054
Klein Independent School District, GO, PSF-GTD, 5.00%, 08/01/2021		1,500		1,541
Lewisville Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2024		1,000		1,171
Lewisville Independent School District, School Building, Series E, GO, PSF-GTD, 5.00%, 08/15/2029 (p)		4,000		4,312
Longview Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023		575		633
Lower Colorado River Authority, Lcra Transmission Services,
Rev., 5.00%, 05/15/2021		1,000		1,018
Rev., 5.00%, 05/15/2027		700		891
Series A, Rev., 5.00%, 05/15/2022		1,000		1,065
Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029		100		133
Matagorda County Navigation District No. 1, Central Power and Light Co., Rev., AMT, 0.90%, 05/01/2030 (z)		4,945		4,969
Metropolitan Transit Authority of Harris County, Sales & Use Tax Revenue, Series A, Rev., 5.00%, 11/01/2036 (p)		1,785		1,856


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Texas — continued
Midland County Public Facility Corp., Palladium West Francis, Rev., 0.35%, 06/01/2024 (z)		8,500		8,501
Midlothian Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023		1,410		1,551
Mission Economic Development Corp., Republic Services, Rev., AMT, 0.30%, 01/01/2026 (z)		2,000		2,000
New Hope Cultural Education Facilities Finance Corp., Childrens Health System, Series A, Rev., 5.00%, 08/15/2047		1,000		1,210
North Fort Bend Water Authority, Series B, Rev., 5.00%, 12/15/2029		1,130		1,522
North Texas Tollway Authority, Series A, Rev., 5.00%, 01/01/2028		1,750		2,119
North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., AGC, Zero Coupon, 01/01/2030		1,500		1,301
North Texas Tollway Authority, First Tier,
Series A, Rev., 5.00%, 01/01/2025		390		425
Series A, Rev., 5.00%, 01/01/2029 (p)		1,000		1,047
Series D, Rev., 5.00%, 01/01/2038 (p)		2,120		2,221
North Texas Tollway Authority, First Tier Bonds, Series A, Rev., 4.00%, 01/01/2035		2,000		2,372
North Texas Tollway Authority, Second Tier, Series B, Rev., 5.00%, 01/01/2033		1,000		1,213
Northside Independent School District, GO, PSF-GTD, 0.70%, 06/01/2050 (z)		16,850		17,009
Pasadena Independent School District, School Building,
GO, PSF-GTD, 5.00%, 02/15/2038		7,500		8,226
Series A, GO, PSF-GTD, 5.00%, 02/15/2035 (p)		1,000		1,054
Pearland Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2026		5,505		6,800
GO, PSF-GTD, 5.00%, 02/15/2027		3,490		4,440
Plano Independent School District,
GO, PSF-GTD, 5.00%, 02/15/2023		2,665		2,924
Series A, GO, PSF-GTD, 4.00%, 02/15/2023		100		104
Rockwall Independent School District, GO, PSF-GTD, 5.00%, 02/15/2029		1,200		1,606
Round Rock Independent School District,
Series A, GO, PSF-GTD, 5.00%, 08/01/2021		1,700		1,747
Series A, GO, PSF-GTD, 5.00%, 08/01/2031		2,000		2,685
San Antonio Housing Trust Finance Corp., Alsbury Park Apartments, Rev., FHA, 1.38%, 09/01/2022 (z)		10		10
San Antonio Independent School District,
Series B, GO, PSF-GTD, 5.00%, 08/15/2027		2,510		3,246
Series B, GO, PSF-GTD, 5.00%, 08/15/2028		800		1,060


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Texas — continued
Schertz-Cibolo-Universal City Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2022		1,000		1,076
Spring Branch Independent School District, GO, PSF-GTD, 5.00%, 02/01/2023		65		71
State of Texas, Transportation Commission Highway Improvement, GO, 5.00%, 04/01/2022		3,000		3,180
State of Texas, Water Financial Assistance, GO, 5.00%, 08/01/2024		125		146
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Taxable,
Rev., AGM, 1.36%, 09/01/2024 (w)		800		805
Rev., AGM, 1.39%, 09/01/2025 (w)		600		600
Texas Municipal Gas Acquisition & Supply Corp. III,
Rev., 5.00%, 12/15/2027		1,000		1,079
Rev., 5.00%, 12/15/2032		1,000		1,068
Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058		4,420		5,294
Texas Private Activity Bond Surface Transportation Corp., Lbj Infrastructure Group,
Rev., 4.00%, 12/31/2030		3,970		4,911
Rev., 4.00%, 06/30/2033		1,000		1,201
Texas Transportation Commission State Highway Fund, First Tier,
Rev., 5.00%, 10/01/2022		2,195		2,380
Series A, Rev., 5.00%, 04/01/2021		1,375		1,391
Series A, Rev., 5.00%, 04/01/2022		1,000		1,060
Texas Water Development Board, Master Trust,
Rev., 4.00%, 10/15/2033		1,000		1,270
Rev., 5.00%, 10/15/2026		2,000		2,530
Texas Water Development Board, Revolving Fund,
Rev., 4.00%, 08/01/2038		500		626
Rev., 5.00%, 08/01/2024		250		292
Rev., 5.00%, 08/01/2028		125		166
Series A, Rev., 5.00%, 10/15/2028		100		132
Texas Water Development Board, St Revolving Fund, Rev., 5.00%, 08/01/2022		1,000		1,076
Texas Water Development Board, St Wtrust Implementation Fund,
Series A, Rev., 4.00%, 10/15/2033		1,900		2,298
Series A, Rev., 5.00%, 10/15/2047		2,480		3,117
Series B, Rev., 5.00%, 04/15/2049		11,535		14,749
Texas Water Development Board, St Wtrust Implementation Revenue, Rev., 5.25%, 10/15/2046		2,000		2,498
Texas Water Development Board, State Water Implementation Fund, Series A, Rev., 5.00%, 04/15/2026		100		125


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Texas — continued
Texas Water Development Board, Water Implementation Fund, Series A, Rev., 4.00%, 10/15/2049		1,000		1,203
Tomball Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2023		1,870		2,055
Travis County Housing Finance Corp., Montopolis Apartments, Rev., 0.40%, 07/01/2041 (z)		1,930		1,929
Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029		1,500		2,036
University of Houston, Series A, Rev., 5.00%, 02/15/2026		2,050		2,538
University of Texas, Series C, Rev., 5.00%, 08/15/2028		100		133
Upper Trinity Regional Water District, Rev., 4.00%, 08/01/2024		900		1,013
Waco Educational Finance Corp., Baylor University Issue, Series A, Rev., 4.00%, 03/01/2036		750		898


				501,711

Utah — 0.4%
County of Utah, Ihc Health Services, Inc.,
Rev., 5.00%, 05/15/2043 (p)		3,175		3,231
Series B, Rev., 5.00%, 05/15/2060 (z)		2,000		2,490
State of Utah,
GO, 5.00%, 07/01/2024		100		117
GO, 5.00%, 07/01/2026		3,005		3,780
GO, 5.00%, 07/01/2030		4,500		6,016
Series B, GO, 5.00%, 07/01/2029		100		134
University of Utah (The), Series A, Rev., 5.00%, 08/01/2039		1,505		1,873
University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040		1,750		2,148


				19,789

Vermont — 0.0% (g)
Vermont Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 11/01/2049		390		446
Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034		250		307


				753

Virginia — 1.9%
Chesapeake Hospital Authority, Chesapeake Regional Medical Center, Rev., 5.00%, 07/01/2030		300		390
Chesapeake Hospital Authority, Regional Medical Center, Rev., 5.00%, 07/01/2028		550		707
City of Norfolk, Capital Improvement, Series C, GO, 5.00%, 10/01/2042 (p)		7,825		7,917


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Virginia — continued
City of Richmond Public Utility Revenue, Taxable, Series B, Rev., 2.35%, 01/15/2027		3,000		3,246
City of Suffolk Prerefunded, Refunding, GO, 5.00%, 02/01/2041 (p)		7,395		7,421
County of Fairfax,
Series A, GO, 5.00%, 10/01/2029		2,500		3,430
Series A, GO, 5.00%, 10/01/2031		2,500		3,438
County of Fairfax, Public Improvement,
Series A, GO, 5.00%, 10/01/2031 (p)		945		1,178
Series B, GO, 5.00%, 10/01/2022		2,795		3,031
County of Loudoun, Series A, GO, 4.00%, 12/01/2030		3,000		3,758
Fairfax County Redevelopment & Housing Authority, Arrowbrook Apartments Project, Rev., 0.41%, 01/01/2041 (z)		5,250		5,250
Hampton Roads Transportation Accountability Commission, Senior Lien,
Series A, Rev., 5.00%, 07/01/2031		1,500		2,072
Series A, Rev., 5.00%, 07/01/2032		4,495		6,172
Series A, Rev., 5.00%, 07/01/2038		1,000		1,258
Series A, Rev., 5.00%, 07/01/2039		2,100		2,815
Louisa Industrial Development Authority, Virginia Electric And Power Co. Project, Series B, Rev., 0.75%, 11/01/2035 (z)		2,125		2,152
Norfolk Airport Authority, Rev., 5.00%, 07/01/2038		1,175		1,436
Roanoke Economic Development Authority, Carilion Clinic, Rev., 5.00%, 07/01/2053 (z)		4,000		5,371
University of Virginia, Series B, Rev., 5.00%, 08/01/2021 (p)		1,420		1,459
Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044		2,215		2,520
Virginia College Building Authority, Series A, Rev., 5.00%, 02/01/2023		1,505		1,656
Virginia College Building Authority, 21st Century Century College And Equipment, Rev., 5.00%, 02/01/2033		3,750		5,056
Virginia College Building Authority, 21st Century College, Rev., 5.00%, 02/01/2025		1,300		1,551
Virginia Public Building Authority, Series A, Rev., 5.00%, 08/01/2021		1,175		1,208
Virginia Resources Authority, Revolving Fund, Series A, Rev., 5.00%, 08/01/2023		700		719
Virginia Small Business Financing Authority, 95 Express Lanes LLC Project, Rev., AMT, 5.00%, 01/01/2044		1,500		1,557
Virginia Small Business Financing Authority, National Senior Campuses,
Series A, Rev., 5.00%, 01/01/2024		455		514
Series A, Rev., 5.00%, 01/01/2025		700		818
Series A, Rev., 5.00%, 01/01/2026		650		782


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Virginia — continued
Series A, Rev., 5.00%, 01/01/2031		1,500		1,863
Series A, Rev., 5.00%, 01/01/2032		1,500		1,854
Virginia Small Business Financing Authority, Senior Lien, Express Lanes LLC Project, Rev., AMT, 5.00%, 01/01/2040		1,450		1,505
Virginia Small Business Financing Authority, Transform 66 P3 Project,
Rev., AMT, 5.00%, 12/31/2049		1,500		1,748
Rev., AMT, 5.00%, 12/31/2052		4,000		4,652
Rev., AMT, 5.00%, 12/31/2056		1,000		1,160
Wise County Industrial Development Authority, Electric and Power Company Project, Series A, Rev., 0.75%, 10/01/2040 (z)		5,575		5,628
Wise County Industrial Development Authority, Virginia Electric & Power Company Project, Series A, Rev., 1.20%, 11/01/2040 (z)		15		15


				97,307

Washington — 3.1%
Central Puget Sound Regional Transit Authority, Green Bond, Series S1, Rev., 5.00%, 11/01/2035		1,085		1,304
Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026		1,285		1,573
City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040		1,300		1,603
City of Seattle Municipal Light & Power Revenue, Refunding, Series A, Rev., 5.00%, 02/01/2026 (p)		4,025		4,039
City of Seattle, Municipal Light & Power Revenue, Rev., 4.00%, 09/01/2040		1,000		1,112
County of King, Series A, GO, 5.00%, 12/01/2034		1,335		1,835
County of King, Sewer Revenue, Rev., AGM, 5.00%, 01/01/2047		5,000		5,705
County of King, Sewer Revenue, 2017 Refunding, Series B, Rev., 5.00%, 01/01/2034 (p)		1,050		1,050
Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027		100		129
Energy Northwest, Columbia Generating, Series A, Rev., 5.00%, 07/01/2022		1,125		1,152
Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series B, Rev., AMT, 5.00%, 01/01/2022 (p)		1,330		1,391
Grant County, Public Utility District No. 2, Electric Revenue,
Series 2017-O, Rev., 5.00%, 01/01/2047		4,950		6,114
Series R, Rev., 2.00%, 01/01/2044 (z)		1,500		1,599


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Washington — continued
King & Snohomish Counties School District No. 417 Northshore, GO, SCH BD GTY, 4.00%, 12/01/2032		1,000		1,108
King County Housing Authority, Rev., 5.00%, 11/01/2029		1,325		1,732
King County, School District No. 401 Highline, GO, SCH BD GTY, 5.00%, 12/01/2027		1,520		1,919
Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042		10,000		12,319
Port of Seattle, Series C, Rev., AMT, 5.00%, 04/01/2028		500		572
Port of Seattle, Intermediate Lien,
Rev., AMT, 5.00%, 04/01/2028		2,250		2,831
Rev., AMT, 5.00%, 04/01/2030		1,000		1,275
Rev., AMT, 5.00%, 04/01/2044		2,000		2,442
Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031		2,145		2,497
Snohomish County School District No. 201 Snohomish, GO, SCH BD GTY, 5.00%, 12/01/2028		4,500		5,984
Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034		2,000		2,560
State of Washington,
GO, 5.00%, 06/01/2040 (w)		4,250		5,563
Series 2020A, GO, 5.00%, 08/01/2036		8,000		10,555
Series 2020A, GO, 5.00%, 08/01/2038		1,500		1,968
Series A1, GO, 5.00%, 08/01/2040		13,645		16,145
Series A, GO, 5.00%, 08/01/2022		85		92
Series A, GO, 5.00%, 08/01/2040		3,890		5,191
Series B, GO, 5.00%, 07/01/2025		75		91
Series B, GO, 5.00%, 06/01/2035		4,760		6,432
Series E, GO, 5.00%, 02/01/2023		1,250		1,374
Series RC, GO, 5.00%, 08/01/2029		100		128
Series RD, GO, 5.00%, 08/01/2024		1,025		1,199
Series R-2017A, GO, 5.00%, 08/01/2022		975		1,049
Series R-2017A, GO, 5.00%, 08/01/2034		1,840		2,270
Series R-2020B, GO, 5.00%, 01/01/2026		2,500		3,085
State of Washington, Motor Vehicle, Series R-2012D, GO, 5.00%, 07/01/2023		1,000		1,072
State of Washington, Various Purpose,
Series 2015A1, GO, 5.00%, 08/01/2036		11,200		12,898
Series A, GO, 5.00%, 08/01/2024 (p)		4,750		4,883
Series B, GO, 5.25%, 02/01/2036 (p)		2,500		2,509
Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026		1,275		1,623
University of Washington, Forward Delivery,
Series C, Rev., 5.00%, 04/01/2022 (w)		1,250		1,318
Series C, Rev., 5.00%, 04/01/2025 (w)		1,750		2,086
Series C, Rev., 5.00%, 04/01/2026 (w)		1,750		2,160


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Washington — continued
Washington Health Care Facilities Authority, Fred Hutchinson Cancer,
Rev., (0.67 * ICE LIBOR USD 1 Month + 1.10%), 1.20%, 01/01/2042 (aa)		550		552
Series C, Rev., (SIFMA Municipal Swap Index + 1.05%), 1.14%, 01/01/2042 (aa)		3,000		3,028
Washington Health Care Facilities Authority, Providence Health & Services, Series B, Rev., 5.00%, 10/01/2042 (z)		345		357
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance, Rev., 5.00%, 09/01/2045		1,000		1,271
Washington State Housing Finance Commission, College Glen Apartments Project, Series A, Rev., FHA, 1.55%, 07/01/2022 (z)		1,000		1,012
Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030		2,000		2,313
Washington State Housing Finance Commission, Horizon House Project, Rev., 5.00%, 01/01/2023 (e)		275		292
Washington State Housing Finance Commission, Rockwood Retirement Communities, Rev., 3.00%, 07/01/2027 (e)		1,000		1,007


				157,368

West Virginia — 0.1%
Marshall University, Series A, Rev., AGM, 5.00%, 05/01/2030		300		394
Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e)		1,050		1,118
Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e)		500		533
West Virginia Economic Development Authority, Appalachian Power Company Amos Project, Rev., AMT, 1.00%, 01/01/2041 (z)		615		626
West Virginia University, Series A, Rev., 5.00%, 10/01/2029 (p)		1,500		1,626
West Virginia University Project, Series A, Rev., 5.00%, 10/01/2032 (p)		1,000		1,084


				5,381

Wisconsin — 2.0%
City of Milwaukee, Corporate Purpose Bonds, Series B4, GO, 5.00%, 04/01/2030		1,800		2,238


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Wisconsin — continued
City of Milwaukee, Promissory Notes, Series N4, GO, 5.00%, 04/01/2030		10,150		13,652
City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026		2,665		3,322
City of Superior, Collateral Midwest Energy Resources, Series E, Rev., NATL, 6.90%, 08/01/2021		510		529
County of Barron, Highway Department Bond,
Series B, GO, 3.00%, 11/01/2025		1,150		1,294
Series B, GO, 3.00%, 11/01/2026		1,185		1,357
County of Milwaukee, Airport Revenue, Series A, Rev., 5.00%, 12/01/2028		250		322
Fox Valley Technical College District, School Facilities, Series C, GO, 3.00%, 12/01/2027 (p)		5,000		5,267
Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045		1,105		1,272
Public Finance Authority, Point College Prep Project,
Rev., 4.00%, 06/15/2030 (e)		200		206
Rev., 5.00%, 06/15/2041 (e)		250		263
Public Finance Authority, Renown Regional Medical Center Project,
Rev., 5.00%, 06/01/2026		500		613
Rev., 5.00%, 06/01/2027		425		534
Rev., 5.00%, 06/01/2028		600		767
Rev., 5.00%, 06/01/2034		1,000		1,290
Public Finance Authority, Waste Management, Inc. Project,
Rev., AMT, 0.30%, 10/01/2025 (z)		5,000		5,000
Rev., AMT, 2.63%, 11/01/2025		5,000		5,463
State of Wisconsin,
Series 1, GO, 5.00%, 05/01/2027 (w)		2,400		3,073
Series 1, GO, 5.00%, 05/01/2030 (w)		2,500		3,433
Series 20212, GO, 5.00%, 05/01/2026 (w)		5,850		7,268
Series A, GO, 5.00%, 05/01/2021		4,010		4,073
Series B, GO, 5.00%, 05/01/2035		10,580		13,911
Wisconsin Center District, Capital Appreciation Senior Dedicated,
Series C, Rev., AGM, Zero Coupon, 12/15/2036		1,550		1,029
Series C, Rev., AGM, Zero Coupon, 12/15/2039		1,750		1,024
Series C, Rev., AGM, Zero Coupon, 12/15/2040		1,650		925
Series D, Rev., AGM, Zero Coupon, 12/15/2028		265		236
Series D, Rev., AGM, Zero Coupon, 12/15/2029		395		343
Wisconsin Department of Transportation, Series 1, Rev., 5.00%, 07/01/2024 (p)		1,940		2,080


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Municipal Bonds — continued
Wisconsin — continued
Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group,
Rev., 5.00%, 11/15/2027		500		649
Rev., 5.00%, 11/15/2029		1,000		1,358
Rev., 5.00%, 11/15/2036		1,500		1,818
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System,
Rev., 5.00%, 02/15/2051 (z)		2,600		3,154
Series B1, Rev., 5.00%, 02/15/2052 (z)		2,000		2,301
Series B, Rev., 5.00%, 02/15/2042		1,000		1,148
Series B, Rev., 5.00%, 02/15/2046		4,550		5,189
Wisconsin Housing & Economic Development Authority, Series D, Rev., 4.00%, 03/01/2047		4,000		4,397
Wisconsin Rapids School District, GO, 5.00%, 04/01/2026		1,110		1,356


				102,154

Wyoming — 0.1%
County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026		1,045		1,094
Wyoming Community Development Authority, Series 2, Rev., 3.00%, 06/01/2049		1,500		1,649

				2,743

Total Municipal Bonds (Cost $4,526,297)				4,576,026

Short-Term Investments — 10.5%
Municipal Bonds — 2.5% (t)
City & County of San Francisco, Series B, GO, 2.00%, 06/15/2021		5,000		5,042
City of Austin, GO, 5.00%, 05/01/2021		1,650		1,676
City of Boston, Series A, GO, 5.00%, 11/01/2021		2,850		2,964
City of Omaha, Various Purpose, Series A, GO, 4.00%, 04/15/2021		850		859
City of Philadelphia, Series A, Rev., TRAN, 4.00%, 06/30/2021		680		693
City of San Antonio, Certificates Obligation, GO, 5.00%, 08/01/2021		1,620		1,665
City of San Antonio, Tax Notes, GO, 5.00%, 08/01/2021		2,245		2,308
City of Wichita, Temporary Notes, Series 302, GO, 3.50%, 10/15/2021		2,000		2,052
Commonwealth of Pennsylvania, Series 1, GO, 3.00%, 05/01/2021		3,000		3,028
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, Rev., 5.00%, 08/01/2021		440		452
County of Los Angeles, Series A, Rev., TRAN, 4.00%, 06/30/2021		5,000		5,095


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Municipal Bonds — continued
County of Suffolk,
Series I, GO, TAN, 2.00%, 07/22/2021		4,000		4,025
Series I, GO, TAN, 3.00%, 09/24/2021		5,000		5,077
Series II, GO, TAN, 2.00%, 08/19/2021 (w)		2,000		2,015
Georgia State Road & Tollway Authority, Rev., 5.00%, 06/01/2021		1,500		1,530
Harlandale Independent School District, GO, PSF-GTD, 3.00%, 08/15/2021		1,355		1,378
Indianapolis Local Public Improvement Bond Bank, Fieldhouse Project, Series C, Rev., 1.40%, 06/01/2021		500		500
Kentucky Asset Liability Commission, Project Notes, Series A, Rev., 5.00%, 09/01/2021		2,000		2,063
Kentucky Rural Water Finance Corp., Public Projects Construction, Rev., 0.43%, 12/01/2021		4,460		4,461
Los Angeles Department of Water, Series C, Rev., 5.00%, 07/01/2021 (w)		1,000		1,024
Mauston School District, Rev., BAN, 1.50%, 06/30/2021		3,000		3,009
McKinney Independent School District, School Building, GO, 5.00%, 02/15/2021		10		10
Metropolitan District, GO, BAN, 3.00%, 09/01/2021		7,000		7,128
Michigan State University, Series A, Rev., 5.00%, 08/15/2021		720		741
Mineola Union Free School District, GO, TAN, 1.25%, 06/24/2021		6,500		6,530
New York State Dormitory Authority, Series B, Rev., RAN, 5.00%, 03/31/2021		305		309
Rockwall Independent School District, GO, PSF-GTD, 5.00%, 02/15/2021		440		442
San Diego Unified School District, Series A, Rev., TRAN, 5.00%, 06/30/2021		2,380		2,436
School District of Philadelphia, Series A, Rev., TRAN, 4.00%, 06/30/2021		3,710		3,779
State of Colorado, Rev., TRAN, 4.00%, 06/25/2021		10,000		10,184
State of Florida Department of Transportation Turnpike System Revenue, Series B, Rev., 5.00%, 07/01/2021 (w)		1,810		1,853
State of Texas, Rev., TRAN, 4.00%, 08/26/2021		37,270		38,199
Town of Stratford, Series B, GO, BAN, 2.00%, 12/16/2021		2,500		2,542

Total Municipal Bonds				125,069

Time Deposits — 8.0%
BNP Paribas SA, 0.01%, 01/04/2021		157,371		157,371
Citibank NA, 0.01%, 01/04/2021		175,297		175,297


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Short-Term Investments — continued
Time Deposits — continued
Sumitomo Mitsui Banking Corp., 0.01%, 01/04/2021		68,635		68,635

Total Time Deposits				401,303

Total Short-Term Investments (Cost $526,359)				526,372


Total Investments — 101.5% (Cost $5,052,656)				5,102,398

Liabilities in Excess of Other Assets — (1.5)%				(72,748	)


NET ASSETS —100.0%			$	5,029,650

Percentages indicated are based on net assets.


AGC		— Insured by Assured Guaranty Corp.
AGM		— Insured by Assured Guaranty Municipal Corp.
AMT		— Alternative Minimum Tax
BAN		— Bond Anticipation Note
BAM		— Insured by Build America Mutual
BHAC		— Insured by Berkshire Hathaway Assurance Corp.
CNTY		— County
COLL		— Collateral
COP		— Certificate of Participation
CR		— Custodial Receipts
FHA		— Federal Housing Administration
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GAN		— Grant Anticipation Notes
GNMA		— Government National Mortgage Association
GO		— General Obligation
GTD		— Guaranteed
HUD		— U.S. Department of Housing and Urban Development
ICE		— Intercontinental Exchange
LIBOR		— London Interbank Offered Rate
LIQ		— Liquidity Agreement
LOC		— Letter of Credit
NATL		— Insured by National Public Finance Guarantee Corp.
PSF		— Permanent School Fund
Q-SBLF		— Qualified School Bond Loan Fund
RAN		— Revenue Anticipation Note
RE		— Reinsured
Rev.		— Revenue


SCH BD GTY		— School Bond Guaranty
SIFMA		— Securities Industry and Financial Markets Association
SONYMA		— State of New York Mortgage Agency
TAN		— Tax Anticipation Note
TRAN		— Tax & Revenue Anticipation Note
VRDO		— Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of December 31, 2020.
(e)		— Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)		— Amount rounds to less than 0.05%.
(p)		— Security is prerefunded or escrowed to maturity.
(t)		— The date shown represents the earliest of the next put date or final maturity date.
(w)		— All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(z)		— Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2020.
(aa)		— Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2020.
USD		— United States Dollar


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Convertible Bonds — 0.5%
Communications — 0.2%
Media — 0.2%
DISH Network Corp., 3.38%, 08/15/2026		567		540
Liberty Broadband Corp.,
1.25%, 09/30/2050 (e)		320		324
2.75%, 09/30/2050 (e)		1,099		1,176

Total Communications				2,040

Consumer Cyclical — 0.0% (g)
Entertainment — 0.0% (g)
Live Nation Entertainment, Inc., 2.00%, 02/15/2025 (e)		167		177

Financial — 0.2%
Banks — 0.2%
Barclays Bank plc, (United Kingdom),
Zero Coupon, 02/04/2025		1,273		1,612
Series VUN, Zero Coupon, 02/18/2025		622		693

Total Financial				2,305

Technology — 0.1%
Semiconductors — 0.1%
ams AG, (Austria), Reg. S, Zero Coupon, 03/05/2025	EUR	200		181
Microchip Technology, Inc., 1.63%, 02/15/2025		91		275

Total Technology				456

Total Convertible Bonds (Cost $4,938)				4,978

Corporate Bonds — 91.0%
Basic Materials — 4.0%
Chemicals — 1.7%
Atotech Alpha 3 BV / Alpha US Bidco, Inc., (Netherlands), 6.25%, 02/01/2025 (e)		1,425		1,450
Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e)		1,668		1,668
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, (Multinational), 4.75%, 06/15/2027 (e)		450		479
CeramTec BondCo GmbH, (Germany), Reg. S, 5.25%, 12/15/2025	EUR	100		124
Chemours Co. (The),
5.75%, 11/15/2028 (e)		127		129
7.00%, 05/15/2025		2,100		2,177
Element Solutions, Inc., 3.88%, 09/01/2028 (e)		2,649		2,725
GCP Applied Technologies, Inc., 5.50%, 04/15/2026 (e)		344		354
HB Fuller Co., 4.25%, 10/15/2028		600		615
Hexion, Inc., 7.88%, 07/15/2027 (e)		1,125		1,204
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (e)		671		738
INEOS Finance plc, (United Kingdom), Reg. S, 3.38%, 03/31/2026	EUR	100		126
Minerals Technologies, Inc., 5.00%, 07/01/2028 (e)		310		324


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Chemicals — continued
Monitchem HoldCo. 3 SA, (Luxembourg), Reg. S, 5.25%, 03/15/2025	EUR	100		127
OCI NV, (Netherlands), Reg. S, 3.63%, 10/15/2025	EUR	100		127
PQ Corp., 5.75%, 12/15/2025 (e)		370		380
Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 04/01/2025 (e)		500		508
Rayonier AM Products, Inc., 7.63%, 01/15/2026 (e)		100		104
TPC Group, Inc., 10.50%, 08/01/2024 (e)		1,150		949
Tronox Finance plc, (United Kingdom), 5.75%, 10/01/2025 (e)		1,500		1,556
Tronox, Inc.,
6.50%, 05/01/2025 (e)		805		861
6.50%, 04/15/2026 (e)		250		260
Valvoline, Inc., 4.25%, 02/15/2030 (e)		155		164
Venator Finance Sarl / Venator Materials LLC, (Multinational), 5.75%, 07/15/2025 (e)		600		561
WR Grace & Co-Conn,
4.88%, 06/15/2027 (e)		525		557
5.63%, 10/01/2024 (e)		830		895

				19,162

Forest Products & Paper — 0.1%
Clearwater Paper Corp., 4.75%, 08/15/2028 (e)		511		529
WEPA Hygieneprodukte GmbH, (Germany), Reg. S, (ICE LIBOR EUR 3 Month + 2.88%), 2.88%, 12/15/2026 (aa)	EUR	100		122


				651

Iron/Steel — 0.3%
Allegheny Technologies, Inc., 7.88%, 08/15/2023		46		50
Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e)		2,248		2,428
thyssenkrupp AG, (Germany), Reg. S, 2.88%, 02/22/2024	EUR	100		123
United States Steel Corp., 12.00%, 06/01/2025 (e)		640		739


				3,340

Mining — 1.9%
Arconic Corp., 6.00%, 05/15/2025 (e)		570		609
Coeur Mining, Inc., 5.88%, 06/01/2024		800		806
Compass Minerals International, Inc., 4.88%, 07/15/2024 (e)		750		778
Constellium SE, (France),
5.75%, 05/15/2024 (e)		1,085		1,107
6.63%, 03/01/2025 (e)		850		868
First Quantum Minerals Ltd., (Canada),
6.50%, 03/01/2024 (e)		200		206
6.88%, 03/01/2026 (e)		2,900		3,023
Freeport-McMoRan, Inc.,
4.25%, 03/01/2030		50		54
4.55%, 11/14/2024		1,250		1,366


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Mining — continued
4.63%, 08/01/2030		918		1,008
5.00%, 09/01/2027		925		980
5.45%, 03/15/2043		1,784		2,221
Hecla Mining Co., 7.25%, 02/15/2028		635		694
Hudbay Minerals, Inc., (Canada), 6.13%, 04/01/2029 (e)		650		700
IAMGOLD Corp., (Canada), 5.75%, 10/15/2028 (e)		600		609
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/2028 (e)		198		224
New Gold, Inc., (Canada),
6.38%, 05/15/2025 (e)		350		366
7.50%, 07/15/2027 (e)		1,458		1,611
Novelis Corp.,
4.75%, 01/30/2030 (e)		1,501		1,617
5.88%, 09/30/2026 (e)		1,250		1,306


				20,153

Total Basic Materials				43,306

Communications — 17.2%
Advertising — 0.6%
Lamar Media Corp.,
4.88%, 01/15/2029		25		27
5.75%, 02/01/2026		900		928
Outfront Media Capital LLC / Outfront Media Capital Corp.,
5.00%, 08/15/2027 (e)		341		347
6.25%, 06/15/2025 (e)		500		528
Summer BC Holdco B Sarl, (Luxembourg), Reg. S, 5.75%, 10/31/2026	EUR	200		257
Terrier Media Buyer, Inc., 8.88%, 12/15/2027 (e)		3,670		4,046


				6,133

Internet — 1.1%
Adevinta ASA, (Norway), Reg. S, 3.00%, 11/15/2027	EUR	100		126
ANGI Group LLC, 3.88%, 08/15/2028 (e)		395		402
Arches Buyer, Inc.,
4.25%, 06/01/2028 (e)		115		117
6.13%, 12/01/2028 (e)		38		39
Cablevision Lightpath LLC,
3.88%, 09/15/2027 (e)		1,258		1,266
5.63%, 09/15/2028 (e)		1,321		1,382
Cars.com, Inc., 6.38%, 11/01/2028 (e)		900		955
Expedia Group, Inc., 6.25%, 05/01/2025 (e)		831		963
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 5.25%, 12/01/2027 (e)		1,000		1,053
Match Group Holdings II LLC,
4.63%, 06/01/2028 (e)		649		680
5.00%, 12/15/2027 (e)		1,000		1,063
Netflix, Inc., 5.38%, 11/15/2029 (e)		1,539		1,814
Uber Technologies, Inc.,
6.25%, 01/15/2028 (e)		5		6
7.50%, 05/15/2025 (e)		1,569		1,695


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Internet — continued
7.50%, 09/15/2027 (e)		484		532
8.00%, 11/01/2026 (e)		2		2

				12,095

Media — 9.0%
Altice Financing SA, (Luxembourg), 7.50%, 05/15/2026 (e)		1,789		1,888
AMC Networks, Inc.,
4.75%, 12/15/2022		1,350		1,352
4.75%, 08/01/2025		400		413
Cable One, Inc., 4.00%, 11/15/2030 (e)		421		437
CCO Holdings LLC / CCO Holdings Capital Corp.,
4.25%, 02/01/2031 (e)		3,320		3,499
4.50%, 08/15/2030 (e)		275		292
4.50%, 05/01/2032 (e)		5,936		6,338
4.75%, 03/01/2030 (e)		4,200		4,532
5.00%, 02/01/2028 (e)		525		555
5.13%, 05/01/2027 (e)		2,160		2,292
5.50%, 05/01/2026 (e)		1,500		1,554
5.75%, 02/15/2026 (e)		1,100		1,135
5.88%, 05/01/2027 (e)		2,500		2,597
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.85%, 04/01/2061		770		776
Clear Channel Worldwide Holdings, Inc.,
5.13%, 08/15/2027 (e)		3,567		3,603
9.25%, 02/15/2024		2,550		2,582
CSC Holdings LLC,
4.13%, 12/01/2030 (e)		2,500		2,614
4.63%, 12/01/2030 (e)		4,443		4,637
5.25%, 06/01/2024		1,000		1,082
5.38%, 02/01/2028 (e)		1,872		1,998
5.50%, 05/15/2026 (e)		2,768		2,879
5.75%, 01/15/2030 (e)		358		393
6.50%, 02/01/2029 (e)		200		226
6.75%, 11/15/2021		2,600		2,717
7.50%, 04/01/2028 (e)		200		225
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026 (e)		423		433
Diamond Sports Group LLC / Diamond Sports Finance Co.,
5.38%, 08/15/2026 (e)		600		487
6.63%, 08/15/2027 (e)		2,600		1,573
DISH DBS Corp.,
5.88%, 07/15/2022		1,640		1,714
5.88%, 11/15/2024		1,965		2,060
7.38%, 07/01/2028		1,750		1,864
7.75%, 07/01/2026		2,018		2,260
Entercom Media Corp.,
6.50%, 05/01/2027 (e)		625		635
7.25%, 11/01/2024 (e)		550		549
EW Scripps Co. (The), 5.13%, 05/15/2025 (e)		950		970


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Media — continued
Gray Television, Inc.,
4.75%, 10/15/2030 (e)		2,480		2,527
5.88%, 07/15/2026 (e)		500		524
7.00%, 05/15/2027 (e)		25		27
iHeartCommunications, Inc.,
4.75%, 01/15/2028 (e)		525		539
5.25%, 08/15/2027 (e)		600		630
8.38%, 05/01/2027		1,675		1,788
LCPR Senior Secured Financing DAC, (Ireland), 6.75%, 10/15/2027 (e)		810		872
Midcontinent Communications / Midcontinent Finance Corp., 5.38%, 08/15/2027 (e)		350		366
Nexstar Broadcasting, Inc., 5.63%, 07/15/2027 (e)		1,550		1,660
Radiate Holdco LLC / Radiate Finance, Inc.,
4.50%, 09/15/2026 (e)		1,982		2,044
6.50%, 09/15/2028 (e)		1,887		1,988
Scripps Escrow II, Inc., 5.38%, 01/15/2031 (e)		183		191
Scripps Escrow, Inc., 5.88%, 07/15/2027 (e)		825		862
Sinclair Television Group, Inc.,
4.13%, 12/01/2030 (e)		528		540
5.13%, 02/15/2027 (e)		61		63
5.50%, 03/01/2030 (e)		800		832
5.88%, 03/15/2026 (e)		1,100		1,131
Sirius XM Radio, Inc.,
4.13%, 07/01/2030 (e)		747		795
5.38%, 07/15/2026 (e)		2,200		2,294
Summer BidCo. BV, (Netherlands), Reg. S, 9.00% (cash), 11/15/2025 (v)	EUR	105		132
TEGNA, Inc.,
4.75%, 03/15/2026 (e)		750		801
5.00%, 09/15/2029		1,050		1,109
Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e)		1,600		1,706
Townsquare Media, Inc., 6.88%, 02/01/2026 (e)		389		407
Univision Communications, Inc.,
5.13%, 02/15/2025 (e)		1,550		1,561
6.63%, 06/01/2027 (e)		765		822
9.50%, 05/01/2025 (e)		684		761
UPC Holding BV, (Netherlands), Reg. S, 3.88%, 06/15/2029	EUR	100		125
Virgin Media Finance plc, (United Kingdom),
Reg. S, 3.75%, 07/15/2030	EUR	200		249
5.00%, 07/15/2030 (e)		1,450		1,504
Virgin Media Secured Finance plc, (United Kingdom),
4.50%, 08/15/2030 (e)		782		817
5.50%, 05/15/2029 (e)		375		407
Virgin Media Vendor Financing Notes IV DAC, (Ireland), 5.00%, 07/15/2028 (e)		889		925


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Media — continued
Ziggo Bond Co. BV, (Netherlands),
5.13%, 02/28/2030 (e)		393		415
6.00%, 01/15/2027 (e)		1,625		1,717
Ziggo BV, (Netherlands), 5.50%, 01/15/2027 (e)		537		560


				96,852

Telecommunications — 6.5%
Altice France Holding SA, (Luxembourg),
6.00%, 02/15/2028 (e)		860		871
10.50%, 05/15/2027 (e)		2,620		2,941
Altice France SA, (France),
Reg. S, 4.13%, 01/15/2029	EUR	200		249
5.50%, 01/15/2028 (e)		1,186		1,240
7.38%, 05/01/2026 (e)		1,200		1,263
8.13%, 02/01/2027 (e)		678		747
Avaya, Inc., 6.13%, 09/15/2028 (e)		1,071		1,144
CenturyLink, Inc.,
4.00%, 02/15/2027 (e)		649		670
4.50%, 01/15/2029 (e)		847		862
5.13%, 12/15/2026 (e)		1,270		1,341
Series P, 7.60%, 09/15/2039		1,250		1,519
Series S, 6.45%, 06/15/2021		800		816
Series U, 7.65%, 03/15/2042		2,135		2,583
Series W, 6.75%, 12/01/2023		225		251
Series Y, 7.50%, 04/01/2024		1,000		1,132
CommScope Technologies LLC,
5.00%, 03/15/2027 (e)		181		179
6.00%, 06/15/2025 (e)		542		554
CommScope, Inc.,
5.50%, 03/01/2024 (e)		994		1,025
6.00%, 03/01/2026 (e)		960		1,012
7.13%, 07/01/2028 (e)		97		103
Connect Finco Sarl / Connect US Finco LLC, (Multinational), 6.75%, 10/01/2026 (e)		2,339		2,520
Consolidated Communications, Inc., 6.50%, 10/01/2028 (e)		674		721
Digicel Group 0.5 Ltd., (Bermuda), 10.00% (PIK), 04/01/2024 (v)		1,250		1,119
Digicel Holdings Bermuda Ltd. / Digicel International Finance Ltd., (Multinational), 8.75%, 05/25/2024 (e)		600		630
Digicel Ltd., (Bermuda), 6.75%, 03/01/2023 (e)		6,000		4,643
Frontier Communications Corp.,
5.00%, 05/01/2028 (e)		632		659
5.88%, 10/15/2027 (e)		914		988
6.75%, 05/01/2029 (e)		394		422
Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc., 9.88%, 05/01/2024 (e)		199		213
Intelsat Jackson Holdings SA, (Luxembourg), 9.75%, 07/15/2025 (d) (e)		1,875		1,350
Intrado Corp., 8.50%, 10/15/2025 (e)		1,000		967


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Telecommunications — continued
Level 3 Financing, Inc.,
3.63%, 01/15/2029 (e)		90		90
4.25%, 07/01/2028 (e)		1,137		1,168
4.63%, 09/15/2027 (e)		25		26
5.25%, 03/15/2026		1,200		1,240
Ligado Networks LLC, 15.50% (PIK), 11/01/2023 (e) (v)		506		491
LogMeIn, Inc., 5.50%, 09/01/2027 (e)		625		655
Lorca Telecom Bondco SA, (Spain), Reg. S, 4.00%, 09/18/2027	EUR	100		128
Matterhorn Telecom SA, (Luxembourg), Reg. S, 4.00%, 11/15/2027	EUR	100		125
Nokia OYJ, (Finland), 6.63%, 05/15/2039		275		351
QualityTech LP / QTS Finance Corp., 3.88%, 10/01/2028 (e)		639		652
Qwest Corp., 6.75%, 12/01/2021		1,000		1,046
SoftBank Group Corp., (Japan),
Reg. S, 5.00%, 04/15/2028	EUR	100		136
Reg. S, (USD ICE Swap Rate 5 Year + 4.23%), 6.00%, 07/19/2023 (x) (aa)		200		195
Sprint Capital Corp.,
6.88%, 11/15/2028		297		392
8.75%, 03/15/2032		1,327		2,101
Sprint Communications, Inc.,
6.00%, 11/15/2022		100		108
11.50%, 11/15/2021		459		498
Sprint Corp.,
7.63%, 02/15/2025		2,400		2,870
7.63%, 03/01/2026		2,255		2,799
7.88%, 09/15/2023		2,650		3,068
Switch Ltd., 3.75%, 09/15/2028 (e)		509		517
Telecom Italia Capital SA, (Luxembourg), 6.00%, 09/30/2034		1,029		1,253
Telecom Italia Finance SA, (Luxembourg), 7.75%, 01/24/2033	EUR	200		359
Telecom Italia SpA, (Italy), 5.30%, 05/30/2024 (e)		707		769
Telesat Canada / Telesat LLC, (Canada), 4.88%, 06/01/2027 (e)		524		542
T-Mobile USA, Inc.,
4.50%, 02/01/2026		3,500		3,578
6.00%, 03/01/2023		1,300		1,301
6.50%, 01/15/2026		1,075		1,113
ViaSat, Inc.,
5.63%, 09/15/2025 (e)		365		373
5.63%, 04/15/2027 (e)		1,196		1,256
6.50%, 07/15/2028 (e)		841		910
Vodafone Group plc, (United Kingdom), Reg. S, (USD Semi-annual Swap Rate 5 Year + 3.05%), 6.25%, 10/03/2078 (aa)		200		221
Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 08/15/2028 (e)		1,325		1,334


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Telecommunications — continued
Zayo Group Holdings, Inc.,
4.00%, 03/01/2027 (e)		1,296		1,299
6.13%, 03/01/2028 (e)		2,710		2,866

				70,564

Total Communications				185,644

Consumer Cyclical — 16.0%
Airlines — 0.4%
American Airlines, Inc., 11.75%, 07/15/2025 (e)		312		360
Delta Air Lines, Inc., 7.00%, 05/01/2025 (e)		489		565
Delta Air Lines, Inc. / SkyMiles IP Ltd., (Multinational),
4.50%, 10/20/2025 (e)		5		5
4.75%, 10/20/2028 (e)		898		980
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (e)		1,462		1,572
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., (Cayman Islands), 8.00%, 09/20/2025 (e)		2		2
United Airlines 2020-1 Class A Pass Through Trust, Series 20-1, 5.88%, 10/15/2027		1,178		1,272


				4,756

Apparel — 0.4%
Hanesbrands, Inc., 4.63%, 05/15/2024 (e)		500		524
Levi Strauss & Co., 5.00%, 05/01/2025		1,000		1,025
William Carter Co. (The),
5.50%, 05/15/2025 (e)		324		344
5.63%, 03/15/2027 (e)		1,000		1,052
Wolverine World Wide, Inc.,
5.00%, 09/01/2026 (e)		325		331
6.38%, 05/15/2025 (e)		700		746

				4,022

Auto Manufacturers — 2.6%
Allison Transmission, Inc.,
3.75%, 01/30/2031 (e)		331		339
5.88%, 06/01/2029 (e)		1,224		1,352
Ford Motor Co.,
4.75%, 01/15/2043		2,788		2,844
5.29%, 12/08/2046		1,750		1,829
7.40%, 11/01/2046		275		333
9.00%, 04/22/2025		3,280		4,021
9.63%, 04/22/2030		350		494
Ford Motor Credit Co. LLC,
3.09%, 01/09/2023		1,489		1,515
3.38%, 11/13/2025		2,250		2,311
4.00%, 11/13/2030		1,775		1,864
4.39%, 01/08/2026		2,500		2,624
4.54%, 03/06/2025	GBP	100		145
5.13%, 06/16/2025		1,806		1,964


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Auto Manufacturers — continued
General Motors Co.,
5.95%, 04/01/2049		777		1,051
6.25%, 10/02/2043		746		1,006
General Motors Financial Co., Inc., Series C, (CMT Index 5 Year + 5.00%), 5.70%, 09/30/2030 (x) (aa)		5		6
JB Poindexter & Co., Inc., 7.13%, 04/15/2026 (e)		850		899
Navistar International Corp.,
6.63%, 11/01/2025 (e)		25		26
9.50%, 05/01/2025 (e)		1,475		1,656
Nissan Motor Co. Ltd., (Japan), 4.81%, 09/17/2030 (e)		471		530
PM General Purchaser LLC, 9.50%, 10/01/2028 (e)		600		665
RCI Banque SA, (France), Reg. S, (EUR Swap Rate 5 Year + 2.85%), 2.63%, 02/18/2030 (aa)		EUR 100		123
Tesla, Inc., 5.30%, 08/15/2025 (e)		368		384
Wabash National Corp., 5.50%, 10/01/2025 (e)		349		356


				28,337

Auto Parts & Equipment — 1.5%
Adient Global Holdings Ltd., (Jersey), 4.88%, 08/15/2026 (e)		2,600		2,672
Adient US LLC,
7.00%, 05/15/2026 (e)		125		136
9.00%, 04/15/2025 (e)		435		485
American Axle & Manufacturing, Inc.,
6.25%, 04/01/2025		50		52
6.25%, 03/15/2026		1,000		1,030
6.50%, 04/01/2027		950		1,000
Clarios Global LP / Clarios US Finance Co., (Multinational),
Reg. S, 4.38%, 05/15/2026	EUR	100		127
6.25%, 05/15/2026 (e)		1,632		1,750
8.50%, 05/15/2027 (e)		4,100		4,454
Clarios Global LP, (Canada), 6.75%, 05/15/2025 (e)		29		31
Dana Financing Luxembourg Sarl, (Luxembourg),
5.75%, 04/15/2025 (e)		75		78
6.50%, 06/01/2026 (e)		875		915
Dana, Inc.,
5.50%, 12/15/2024		100		102
5.63%, 06/15/2028		1,200		1,292
Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (e)		336		354
Faurecia SE, (France), Reg. S, 3.75%, 06/15/2028	EUR	100		128
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025		315		356
IHO Verwaltungs GmbH, (Germany),
6.00% (cash), 05/15/2027 (e) (v)		200		212
6.38% (cash), 05/15/2029 (e) (v)		1,000		1,100


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Auto Parts & Equipment — continued
Meritor, Inc., 4.50%, 12/15/2028 (e)		71		73
Tenneco, Inc., 7.88%, 01/15/2029 (e)		88		99
ZF Finance GmbH, (Germany), Reg. S, 3.75%, 09/21/2028	EUR	100		131


				16,577

Distribution/Wholesale — 0.6%
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/2026 (e)		1,250		1,295
Core & Main Holdings LP, 8.63% (cash), 09/15/2024 (e) (v)		1,153		1,179
Core & Main LP, 6.13%, 08/15/2025 (e)		1,357		1,403
H&E Equipment Services, Inc., 3.88%, 12/15/2028 (e)		1,929		1,950
KAR Auction Services, Inc., 5.13%, 06/01/2025 (e)		800		823


				6,650

Entertainment — 3.1%
Affinity Gaming, 6.88%, 12/15/2027 (e)		539		565
Bally’s Corp., 6.75%, 06/01/2027 (e)		700		751
Caesars Entertainment, Inc.,
6.25%, 07/01/2025 (e)		2,720		2,897
8.13%, 07/01/2027 (e)		2,186		2,420
Caesars Resort Collection LLC / CRC Finco, Inc.,
5.25%, 10/15/2025 (e)		2,575		2,602
5.75%, 07/01/2025 (e)		1,287		1,364
CCM Merger, Inc., 6.38%, 05/01/2026 (e)		25		26
Cedar Fair LP, 5.25%, 07/15/2029		1,050		1,081
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op,
5.50%, 05/01/2025 (e)		1,026		1,070
6.50%, 10/01/2028 (e)		3		3
Churchill Downs, Inc., 5.50%, 04/01/2027 (e)		947		1,003
Cirsa Finance International Sarl, (Luxembourg), Reg. S, 4.75%, 05/22/2025	EUR	100		119
CPUK Finance Ltd., (Jersey), Reg. S, 4.88%, 08/28/2025	GBP	100		136
International Game Technology plc, (United Kingdom),
Reg. S, 3.50%, 06/15/2026	EUR	100		126
6.25%, 01/15/2027 (e)		355		407
6.50%, 02/15/2025 (e)		900		1,006
Jacobs Entertainment, Inc., 7.88%, 02/01/2024 (e)		622		637
Live Nation Entertainment, Inc.,
3.75%, 01/15/2028 (e)		550		556
4.75%, 10/15/2027 (e)		98		100
4.88%, 11/01/2024 (e)		33		33
6.50%, 05/15/2027 (e)		1,440		1,611


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Entertainment — continued
Mohegan Gaming & Entertainment, 7.88%, 10/15/2024 (e)		525		548
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In, 8.50%, 11/15/2027 (e)		50		53
Penn National Gaming, Inc., 5.63%, 01/15/2027 (e)		1,400		1,461
Powdr Corp., 6.00%, 08/01/2025 (e)		150		158
Scientific Games International, Inc.,
5.00%, 10/15/2025 (e)		396		409
7.25%, 11/15/2029 (e)		225		247
8.25%, 03/15/2026 (e)		2,748		2,961
8.63%, 07/01/2025 (e)		2,058		2,253
Six Flags Entertainment Corp., 4.88%, 07/31/2024 (e)		1,050		1,051
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (e)		1,247		1,347
Stars Group Holdings BV / Stars Group US Co-Borrower LLC, (Netherlands), 7.00%, 07/15/2026 (e)		1,650		1,737
Vail Resorts, Inc., 6.25%, 05/15/2025 (e)		301		321
WMG Acquisition Corp.,
3.00%, 02/15/2031 (e)		500		490
3.88%, 07/15/2030 (e)		25		26
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.,
5.13%, 10/01/2029 (e)		999		1,046
7.75%, 04/15/2025 (e)		655		710

				33,331

Food Service — 0.2%
Aramark Services, Inc.,
5.00%, 02/01/2028 (e)		41		43
6.38%, 05/01/2025 (e)		1,581		1,690

				1,733

Home Builders — 2.3%
Ashton Woods USA LLC / Ashton Woods Finance Co.,
6.63%, 01/15/2028 (e)		200		211
6.75%, 08/01/2025 (e)		1,750		1,820
Beazer Homes USA, Inc.,
5.88%, 10/15/2027		2,600		2,736
6.75%, 03/15/2025		1,400		1,458
7.25%, 10/15/2029		100		113
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., (Canada),
4.88%, 02/15/2030 (e)		4		4
6.25%, 09/15/2027 (e)		2,575		2,739
Century Communities, Inc., 6.75%, 06/01/2027		850		908
KB Home, 4.80%, 11/15/2029		1,500		1,646
M/I Homes, Inc., 4.95%, 02/01/2028		955		1,011


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Home Builders — continued
Mattamy Group Corp., (Canada),
4.63%, 03/01/2030 (e)		1,426		1,512
5.25%, 12/15/2027 (e)		250		264
MDC Holdings, Inc., 6.00%, 01/15/2043		191		256
Meritage Homes Corp., 5.13%, 06/06/2027		1,500		1,676
Picasso Finance Sub, Inc., 6.13%, 06/15/2025 (e)		866		927
PulteGroup, Inc., 6.38%, 05/15/2033		576		789
Shea Homes LP / Shea Homes Funding Corp.,
4.75%, 02/15/2028 (e)		1,000		1,035
4.75%, 04/01/2029 (e)		200		206
STL Holding Co. LLC, 7.50%, 02/15/2026 (e)		950		983
Taylor Morrison Communities, Inc.,
5.13%, 08/01/2030 (e)		462		518
5.75%, 01/15/2028 (e)		100		113
6.63%, 07/15/2027 (e)		2,690		2,907
TRI Pointe Group, Inc., 5.25%, 06/01/2027		175		190
Williams Scotsman International, Inc., 4.63%, 08/15/2028 (e)		71		73


				24,095

Leisure Time — 0.3%
Carnival Corp., (Panama),
7.63%, 03/01/2026 (e)		273		297
9.88%, 08/01/2027 (e)		190		219
Reg. S, 10.13%, 02/01/2026	EUR	100		141
11.50%, 04/01/2023 (e)		910		1,053
NCL Corp. Ltd., (Bermuda), 5.88%, 03/15/2026 (e)		229		241
Royal Caribbean Cruises Ltd., (Liberia),
9.13%, 06/15/2023 (e)		303		329
11.50%, 06/01/2025 (e)		495		578

				2,858

Lodging — 1.7%
Boyd Gaming Corp.,
4.75%, 12/01/2027		150		156
6.00%, 08/15/2026		1,050		1,089
6.38%, 04/01/2026		1,475		1,532
8.63%, 06/01/2025 (e)		721		802
Hilton Domestic Operating Co., Inc.,
3.75%, 05/01/2029 (e)		1,600		1,668
4.00%, 05/01/2031 (e)		933		984
4.88%, 01/15/2030		362		396
5.13%, 05/01/2026		1,325		1,368
5.75%, 05/01/2028 (e)		75		82
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 04/01/2027		1,567		1,659
MGM Resorts International,
4.63%, 09/01/2026		500		529
4.75%, 10/15/2028		750		804
5.50%, 04/15/2027		1,300		1,449


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Lodging — continued
6.00%, 03/15/2023		725		778
6.75%, 05/01/2025		1,075		1,164
Station Casinos LLC,
4.50%, 02/15/2028 (e)		675		680
5.00%, 10/01/2025 (e)		1,325		1,340
Wyndham Destinations, Inc., 6.63%, 07/31/2026 (e)		301		345
Wyndham Hotels & Resorts, Inc.,
4.38%, 08/15/2028 (e)		319		331
5.38%, 04/15/2026 (e)		1,000		1,035

				18,191

Office Furnishings — 0.1%
Interface, Inc., 5.50%, 12/01/2028 (e)		605		637

Retail — 2.7%
1011778 BC ULC / New Red Finance, Inc., (Canada),
3.50%, 02/15/2029 (e)		1,300		1,298
4.00%, 10/15/2030 (e)		3,555		3,603
4.38%, 01/15/2028 (e)		1,306		1,345
5.75%, 04/15/2025 (e)		77		83
Academy Ltd., 6.00%, 11/15/2027 (e)		350		367
Asbury Automotive Group, Inc.,
4.50%, 03/01/2028		388		405
4.75%, 03/01/2030		3		3
Brinker International, Inc.,
3.88%, 05/15/2023		800		801
5.00%, 10/01/2024 (e)		6		6
Dufry One BV, (Netherlands), Reg. S, 2.50%, 10/15/2024	EUR	100		117
eG Global Finance plc, (United Kingdom),
Reg. S, 6.25%, 10/30/2025	EUR	100		125
6.75%, 02/07/2025 (e)		818		843
Gap, Inc. (The), 8.88%, 05/15/2027 (e)		275		319
Golden Nugget, Inc., 6.75%, 10/15/2024 (e)		961		954
IRB Holding Corp., 7.00%, 06/15/2025 (e)		263		287
Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e)		3		3
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 5.25%, 06/01/2026 (e)		25		26
L Brands, Inc.,
6.63%, 10/01/2030 (e)		3		3
6.88%, 07/01/2025 (e)		562		610
6.88%, 11/01/2035		569		639
LBM Acquisition LLC, 6.25%, 01/15/2029 (e)		354		366
Macy’s, Inc., 8.38%, 06/15/2025 (e)		722		802
Marks & Spencer plc, (United Kingdom), Reg. S, 4.50%, 07/10/2027	GBP	100		142
Michaels Stores, Inc., 8.00%, 07/15/2027 (e)		525		564


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Retail — continued
Nordstrom, Inc., 8.75%, 05/15/2025 (e)		653		731
Penske Automotive Group, Inc., 3.50%, 09/01/2025		394		400
PetSmart, Inc.,
5.88%, 06/01/2025 (e)		793		815
7.13%, 03/15/2023 (e)		2,175		2,175
Sally Holdings LLC / Sally Capital, Inc.,
5.50%, 11/01/2023		1,000		1,005
5.63%, 12/01/2025		1,250		1,284
8.75%, 04/30/2025 (e)		325		361
Specialty Building Products Holdings LLC / SBP Finance Corp., 6.38%, 09/30/2026 (e)		515		546
SRS Distribution, Inc., 8.25%, 07/01/2026 (e)		806		856
Staples, Inc., 7.50%, 04/15/2026 (e)		696		727
Stonegate Pub Co. Financing 2019 PLC, (United Kingdom), Reg. S, 8.25%, 07/31/2025	GBP	100		138
Suburban Propane Partners LP / Suburban Energy Finance Corp.,
5.50%, 06/01/2024		1,128		1,152
5.75%, 03/01/2025		985		1,005
5.88%, 03/01/2027		100		104
Superior Plus LP / Superior General Partner, Inc., (Canada), 7.00%, 07/15/2026 (e)		1,075		1,149
Tendam Brands SAU, (Spain), Reg. S, (ICE LIBOR EUR 3 Month + 5.25%), 5.25%, 09/15/2024 (aa)	EUR	100		113
White Cap Buyer LLC, 6.88%, 10/15/2028 (e)		1,256		1,339
Yum! Brands, Inc.,
3.63%, 03/15/2031		1,300		1,314
4.75%, 01/15/2030 (e)		377		414
7.75%, 04/01/2025 (e)		38		42

				29,381

Toys/Games/Hobbies — 0.1%
Mattel, Inc.,
5.45%, 11/01/2041		300		330
6.20%, 10/01/2040		23		27
6.75%, 12/31/2025 (e)		855		902

				1,259

Total Consumer Cyclical				171,827

Consumer Non-cyclical — 16.3%
Agriculture — 0.2%
Tereos Finance Groupe I SA, (France), Reg. S, 7.50%, 10/30/2025	EUR	100		129
Vector Group Ltd., 6.13%, 02/01/2025 (e)		1,818		1,849


				1,978


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Commercial Services — 4.4%
ADT Security Corp. (The), 4.88%, 07/15/2032 (e)		552		598
Allied Universal Holdco LLC / Allied Universal Finance Corp.,
6.63%, 07/15/2026 (e)		3,943		4,205
9.75%, 07/15/2027 (e)		3,522		3,839
AMN Healthcare, Inc.,
4.00%, 04/15/2029 (e)		875		895
4.63%, 10/01/2027 (e)		25		26
APX Group, Inc., 6.75%, 02/15/2027 (e)		417		448
Autostrade per l’Italia SpA, (Italy), Reg. S, 1.88%, 11/04/2025	EUR	100		122
Brink’s Co. (The), 5.50%, 07/15/2025 (e)		600		641
Garda World Security Corp., (Canada),
4.63%, 02/15/2027 (e)		1,100		1,111
9.50%, 11/01/2027 (e)		1,708		1,892
Gartner, Inc.,
3.75%, 10/01/2030 (e)		997		1,050
4.50%, 07/01/2028 (e)		50		53
Herc Holdings, Inc., 5.50%, 07/15/2027 (e)		421		446
Jaguar Holding Co. II / PPD Development LP,
4.63%, 06/15/2025 (e)		650		686
5.00%, 06/15/2028 (e)		1,337		1,427
Laureate Education, Inc., 8.25%, 05/01/2025 (e)		2,100		2,226
Loxam SAS, (France), Reg. S, 3.75%, 07/15/2026	EUR	100		124
MPH Acquisition Holdings LLC, 5.75%, 11/01/2028 (e)		2,256		2,217
Nielsen Co. Luxembourg Sarl (The), (Luxembourg), 5.00%, 02/01/2025 (e)		500		513
Nielsen Finance LLC / Nielsen Finance Co.,
5.00%, 04/15/2022 (e)		1,620		1,624
5.63%, 10/01/2028 (e)		2,056		2,234
5.88%, 10/01/2030 (e)		6		7
Prime Security Services Borrower LLC / Prime Finance, Inc.,
5.75%, 04/15/2026 (e)		266		291
6.25%, 01/15/2028 (e)		518		556
Refinitiv US Holdings, Inc., 8.25%, 11/15/2026 (e)		6,428		7,015
Sabre GLBL, Inc.,
7.38%, 09/01/2025 (e)		440		477
9.25%, 04/15/2025 (e)		647		770
Service Corp. International, 3.38%, 08/15/2030		1,450		1,508
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026 (e)		413		430
Sotheby’s, 7.38%, 10/15/2027 (e)		818		876
Techem Verwaltungsgesellschaft 674 mbH, (Germany), Reg. S, 6.00%, 07/30/2026	EUR	100		128


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Commercial Services — continued
United Rentals North America, Inc.,
3.88%, 02/15/2031		2,475		2,596
4.00%, 07/15/2030		650		684
4.88%, 01/15/2028		1,500		1,598
5.88%, 09/15/2026		1,500		1,588
Verscend Escrow Corp., 9.75%, 08/15/2026 (e)		2,018		2,187


				47,088

Cosmetics/Personal Care — 0.0% (g)
Coty, Inc., Reg. S, 4.00%, 04/15/2023	EUR	100		117

Food — 2.7%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC,
3.25%, 03/15/2026 (e)		580		589
3.50%, 02/15/2023 (e)		25		26
3.50%, 03/15/2029 (e)		791		800
4.63%, 01/15/2027 (e)		478		508
4.88%, 02/15/2030 (e)		968		1,067
5.88%, 02/15/2028 (e)		550		598
7.50%, 03/15/2026 (e)		1,500		1,679
B&G Foods, Inc., 5.25%, 09/15/2027		750		797
C&S Group Enterprises LLC, 5.00%, 12/15/2028 (e)		375		374
Chobani LLC / Chobani Finance Corp., Inc.,
4.63%, 11/15/2028 (e)		566		575
7.50%, 04/15/2025 (e)		833		873
Iceland Bondco plc, (United Kingdom), Reg. S, 4.63%, 03/15/2025	GBP	100		135
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Multinational),
5.50%, 01/15/2030 (e)		912		1,048
6.50%, 04/15/2029 (e)		1,923		2,238
Kraft Heinz Foods Co.,
4.25%, 03/01/2031 (e)		2,425		2,704
4.38%, 06/01/2046		2,818		3,049
4.88%, 10/01/2049 (e)		469		547
5.50%, 06/01/2050 (e)		2,185		2,753
Lamb Weston Holdings, Inc., 4.88%, 05/15/2028 (e)		505		564
Pilgrim’s Pride Corp., 5.75%, 03/15/2025 (e)		1,850		1,899
Post Holdings, Inc.,
4.63%, 04/15/2030 (e)		1,608		1,692
5.00%, 08/15/2026 (e)		1,599		1,651
5.75%, 03/01/2027 (e)		1,075		1,138
Premier Foods Finance plc, (United Kingdom), Reg. S, 6.25%, 10/15/2023	GBP	100		141
Quatrim SASU, (France), Reg. S, 5.88%, 01/15/2024	EUR	100		126
Sysco Corp., 6.60%, 04/01/2050		392		604
US Foods, Inc., 5.88%, 06/15/2024 (e)		1,065		1,080


				29,255


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Healthcare — Products — 0.5%
Avantor Funding, Inc., 4.63%, 07/15/2028 (e)		2,127		2,249
Hologic, Inc.,
3.25%, 02/15/2029 (e)		4		4
4.63%, 02/01/2028 (e)		572		607
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA,
7.25%, 02/01/2028 (e)		1,770		1,867
7.38%, 06/01/2025 (e)		21		23
Teleflex, Inc., 4.25%, 06/01/2028 (e)		551		584


				5,334

Healthcare — Services — 5.7%
Acadia Healthcare Co., Inc.,
5.00%, 04/15/2029 (e)		2		2
5.50%, 07/01/2028 (e)		539		579
6.50%, 03/01/2024		1,550		1,583
AHP Health Partners, Inc., 9.75%, 07/15/2026 (e)		374		413
Catalent Pharma Solutions, Inc., Reg. S, 2.38%, 03/01/2028	EUR	100		123
Centene Corp.,
3.00%, 10/15/2030		859		910
4.63%, 12/15/2029		1,197		1,329
5.38%, 08/15/2026 (e)		4,175		4,410
Charles River Laboratories International, Inc., 4.25%, 05/01/2028 (e)		405		424
CHS / Community Health Systems, Inc.,
5.63%, 03/15/2027 (e)		877		943
6.00%, 01/15/2029 (e)		767		829
6.63%, 02/15/2025 (e)		943		992
8.00%, 03/15/2026 (e)		1,868		2,013
8.63%, 01/15/2024 (e)		1,125		1,173
DaVita, Inc.,
3.75%, 02/15/2031 (e)		1,325		1,345
4.63%, 06/01/2030 (e)		25		27
Encompass Health Corp., 4.63%, 04/01/2031		304		325
Global Medical Response, Inc., 6.50%, 10/01/2025 (e)		1,200		1,254
HCA, Inc.,
3.50%, 09/01/2030		3,855		4,096
5.38%, 02/01/2025		5,027		5,653
5.38%, 09/01/2026		1,114		1,280
5.63%, 09/01/2028		500		590
5.88%, 05/01/2023		50		55
5.88%, 02/15/2026		50		58
IQVIA, Inc., 5.00%, 10/15/2026 (e)		1,197		1,251
Legacy LifePoint Health LLC,
4.38%, 02/15/2027 (e)		750		751
6.75%, 04/15/2025 (e)		399		428
LifePoint Health, Inc., 5.38%, 01/15/2029 (e)		1,031		1,029


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Healthcare — Services — continued
MEDNAX, Inc.,
5.25%, 12/01/2023 (e)		925		937
6.25%, 01/15/2027 (e)		1,025		1,099
Molina Healthcare, Inc.,
3.88%, 11/15/2030 (e)		810		869
4.38%, 06/15/2028 (e)		675		710
Prime Healthcare Services, Inc., 7.25%, 11/01/2025 (e)		3		3
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 9.75%, 12/01/2026 (e)		2,670		2,937
RP Escrow Issuer LLC, 5.25%, 12/15/2025 (e)		165		172
Surgery Center Holdings, Inc.,
6.75%, 07/01/2025 (e)		1,511		1,538
10.00%, 04/15/2027 (e)		1,402		1,549
Syneos Health, Inc., 3.63%, 01/15/2029 (e)		1,212		1,215
Tenet Healthcare Corp.,
4.63%, 09/01/2024 (e)		970		1,002
5.13%, 05/01/2025		1,800		1,835
5.13%, 11/01/2027 (e)		2,017		2,135
6.13%, 10/01/2028 (e)		6,970		7,263
6.25%, 02/01/2027 (e)		2,100		2,226
6.75%, 06/15/2023		220		236
7.50%, 04/01/2025 (e)		98		107
West Street Merger Sub, Inc., 6.38%, 09/01/2025 (e)		1,892		1,939


				61,637

Household Products/Wares — 0.3%
Central Garden & Pet Co., 4.13%, 10/15/2030		350		365
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 5.00%, 12/31/2026 (e)		185		193
Prestige Brands, Inc.,
5.13%, 01/15/2028 (e)		50		53
6.38%, 03/01/2024 (e)		1,500		1,534
Spectrum Brands, Inc., 5.50%, 07/15/2030 (e)		1,307		1,408


				3,553

Pharmaceuticals — 2.5%
AdaptHealth LLC, 4.63%, 08/01/2029 (e)		236		243
Bausch Health Americas, Inc., 8.50%, 01/31/2027 (e)		850		945
Bausch Health Cos., Inc., (Canada),
5.00%, 01/30/2028 (e)		2,075		2,139
5.00%, 02/15/2029 (e)		755		776
5.25%, 01/30/2030 (e)		3,000		3,150
5.25%, 02/15/2031 (e)		612		639
5.75%, 08/15/2027 (e)		508		545
6.13%, 04/15/2025 (e)		3,000		3,092
6.25%, 02/15/2029 (e)		6,111		6,638


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Pharmaceuticals — continued
7.00%, 01/15/2028 (e)		959		1,054
9.00%, 12/15/2025 (e)		2,172		2,398

Cheplapharm Arzneimittel GmbH, (Germany),
Reg. S, 4.38%, 01/15/2028	EUR	100		125
5.50%, 01/15/2028 (e)		429		448
Diocle SpA, (Italy), Reg. S, (ICE LIBOR EUR 3 Month + 3.88%), 3.88%, 06/30/2026 (aa)	EUR	90		110
Endo Dac / Endo Finance LLC / Endo Finco, Inc., (Multinational),
6.00%, 06/30/2028 (e)		525		446
9.50%, 07/31/2027 (e)		404		451
Nidda BondCo GmbH, (Germany), Reg. S, 5.00%, 09/30/2025	EUR	100		123
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/2025 (e)		631		678
Par Pharmaceutical, Inc., 7.50%, 04/01/2027 (e)		1,703		1,848
Rossini Sarl, (Luxembourg), Reg. S, 6.75%, 10/30/2025	EUR	100		130
Teva Pharmaceutical Finance Netherlands II BV, (Netherlands), 4.50%, 03/01/2025	EUR	100		126
Vizient, Inc., 6.25%, 05/15/2027 (e)		460		495


				26,599

Total Consumer Non-cyclical				175,561

Diversified — 0.1%
Holding Companies — Diversified — 0.1%
Stena International SA, (Luxembourg), 6.13%, 02/01/2025 (e)		550		543

Energy — 11.5%
Energy — Alternate Sources — 0.3%
Enviva Partners LP / Enviva Partners Finance Corp., 6.50%, 01/15/2026 (e)		1,450		1,541
TerraForm Power Operating LLC, 4.25%, 01/31/2023 (e)		1,550		1,602


				3,143

Oil & Gas — 6.1%
Antero Resources Corp.,
5.00%, 03/01/2025		1,900		1,805
5.13%, 12/01/2022		1,000		997
5.63%, 06/01/2023		525		515
8.38%, 07/15/2026 (e)		207		211
Apache Corp.,
4.38%, 10/15/2028		175		182
4.75%, 04/15/2043		653		677
4.88%, 11/15/2027		1,086		1,151
5.10%, 09/01/2040		482		514
5.25%, 02/01/2042		25		27
5.35%, 07/01/2049		25		26
Ascent Resources Utica Holdings LLC / ARU Finance Corp.,
7.00%, 11/01/2026 (e)		3,000		2,842


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Oil & Gas — continued
8.25%, 12/31/2028 (e)		100		100
9.00%, 11/01/2027 (e)		210		233
BP Capital Markets plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.17%), 4.25%, 03/22/2027 (x) (aa)	GBP	100		147
Cenovus Energy, Inc., (Canada), 5.38%, 07/15/2025		692		780
Citgo Holding, Inc., 9.25%, 08/01/2024 (e)		1,470		1,352
CNX Resources Corp.,
6.00%, 01/15/2029 (e)		303		311
7.25%, 03/14/2027 (e)		2,547		2,725
Comstock Resources, Inc.,
7.50%, 05/15/2025 (e)		49		50
9.75%, 08/15/2026		999		1,077
Continental Resources, Inc.,
4.90%, 06/01/2044		50		49
5.75%, 01/15/2031 (e)		1,346		1,494
CrownRock LP / CrownRock Finance, Inc., 5.63%, 10/15/2025 (e)		2,074		2,118
Diamondback Energy, Inc., 3.50%, 12/01/2029		505		540
Double Eagle III Midco 1 LLC / Double Eagle Finance Corp., 7.75%, 12/15/2025 (e)		817		866
Endeavor Energy Resources LP / EER Finance, Inc.,
5.50%, 01/30/2026 (e)		2,087		2,141
5.75%, 01/30/2028 (e)		700		755
6.63%, 07/15/2025 (e)		25		27
EQT Corp.,
3.90%, 10/01/2027		2,031		2,018
5.00%, 01/15/2029		775		817
8.75%, 02/01/2030		25		30
Hilcorp Energy I LP / Hilcorp Finance Co.,
5.00%, 12/01/2024 (e)		1,325		1,319
5.75%, 10/01/2025 (e)		50		51
Indigo Natural Resources LLC, 6.88%, 02/15/2026 (e)		758		775
Jagged Peak Energy LLC, 5.88%, 05/01/2026		750		776
Matador Resources Co., 5.88%, 09/15/2026		739		724
MEG Energy Corp., (Canada),
6.50%, 01/15/2025 (e)		931		959
7.00%, 03/31/2024 (e)		542		547
7.13%, 02/01/2027 (e)		825		852
Nabors Industries Ltd., (Bermuda),
7.25%, 01/15/2026 (e)		700		491
7.50%, 01/15/2028 (e)		25		17
Occidental Petroleum Corp.,
2.70%, 08/15/2022		836		837
2.70%, 02/15/2023		1,616		1,614
2.90%, 08/15/2024		2,887		2,779
3.00%, 02/15/2027		250		223


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Oil & Gas — continued
3.40%, 04/15/2026		50		48
3.50%, 08/15/2029		112		103
4.20%, 03/15/2048		668		544
4.40%, 04/15/2046		600		523
4.63%, 06/15/2045		59		51
5.50%, 12/01/2025		636		663
5.55%, 03/15/2026		25		26
5.88%, 09/01/2025		50		53
6.13%, 01/01/2031		1,288		1,378
6.20%, 03/15/2040		2,495		2,470
6.45%, 09/15/2036		1,200		1,256
6.63%, 09/01/2030		100		109
6.95%, 07/01/2024		31		34
7.50%, 05/01/2031		1,300		1,465
8.50%, 07/15/2027		1,400		1,616
8.88%, 07/15/2030		100		117
Ovintiv, Inc.,
6.50%, 08/15/2034		325		376
6.50%, 02/01/2038		150		168
6.63%, 08/15/2037		75		84
Parsley Energy LLC / Parsley Finance Corp., 4.13%, 02/15/2028 (e)		670		704
PBF Holding Co. LLC / PBF Finance Corp., 9.25%, 05/15/2025 (e)		1,227		1,210
PDC Energy, Inc.,
5.75%, 05/15/2026		1,508		1,557
6.13%, 09/15/2024		25		26
Precision Drilling Corp., (Canada), 5.25%, 11/15/2024		600		519
QEP Resources, Inc.,
5.25%, 05/01/2023		828		871
5.38%, 10/01/2022		24		25
5.63%, 03/01/2026		775		850
Range Resources Corp.,
4.88%, 05/15/2025		1,775		1,677
9.25%, 02/01/2026		1,300		1,358
Repsol International Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 4.41%), 4.25%, 09/11/2028 (x) (aa)	EUR	100		135
SM Energy Co.,
5.63%, 06/01/2025		675		550
10.00%, 01/15/2025 (e)		939		1,010
Southwestern Energy Co., 6.45%, 01/23/2025		20		21
Sunoco LP / Sunoco Finance Corp.,
4.50%, 05/15/2029 (e)		191		199
5.50%, 02/15/2026		1,475		1,512
Viper Energy Partners LP, 5.38%, 11/01/2027 (e)		306		320
WPX Energy, Inc.,
4.50%, 01/15/2030		1,602		1,698
5.25%, 09/15/2024		400		436


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Oil & Gas — continued
5.25%, 10/15/2027		1,374		1,456
5.88%, 06/15/2028		50		54

				65,813

Oil & Gas Services — 0.5%
Archrock Partners LP / Archrock Partners Finance Corp.,
6.25%, 04/01/2028 (e)		2,067		2,152
6.88%, 04/01/2027 (e)		225		242
USA Compression Partners LP / USA Compression Finance Corp.,
6.88%, 04/01/2026		125		130
6.88%, 09/01/2027		2,429		2,593

				5,117

Pipelines — 4.6%
Antero Midstream Partners LP / Antero Midstream Finance Corp.,
5.75%, 03/01/2027 (e)		200		196
5.75%, 01/15/2028 (e)		2,900		2,785
7.88%, 05/15/2026 (e)		1,250		1,291
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.63%, 12/15/2025 (e)		193		206
Buckeye Partners LP,
4.50%, 03/01/2028 (e)		352		362
5.60%, 10/15/2044		305		293
5.85%, 11/15/2043		17		17
Cheniere Energy Partners LP,
4.50%, 10/01/2029		2,655		2,809
5.25%, 10/01/2025		50		51
Cheniere Energy, Inc., 4.63%, 10/15/2028 (e)		3,709		3,894
CNX Midstream Partners LP / CNX Midstream Finance Corp., 6.50%, 03/15/2026 (e)		1,050		1,068
DCP Midstream Operating LP,
5.63%, 07/15/2027		1,598		1,774
6.75%, 09/15/2037 (e)		658		710
Energy Transfer Operating LP,
5.00%, 05/15/2050		1,066		1,154
6.00%, 06/15/2048		285		336
6.13%, 12/15/2045		220		260
6.50%, 02/01/2042		150		183
Series 20Y, 5.80%, 06/15/2038		100		115
EnLink Midstream LLC, 5.63%, 01/15/2028 (e)		185		189
EnLink Midstream Partners LP,
4.40%, 04/01/2024		368		363
5.05%, 04/01/2045		32		26
5.60%, 04/01/2044		324		260
EQM Midstream Partners LP,
5.50%, 07/15/2028		1,625		1,776
6.00%, 07/01/2025 (e)		1,000		1,095
6.50%, 07/01/2027 (e)		1,027		1,156
6.50%, 07/15/2048		600		624


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Pipelines — continued
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 01/15/2027		242		240
Global Partners LP / GLP Finance Corp., 7.00%, 08/01/2027		600		642
Hess Midstream Operations LP, 5.13%, 06/15/2028 (e)		825		862
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 02/01/2028 (e)		650		655
Kinder Morgan, Inc., 5.05%, 02/15/2046		150		183
MPLX LP,
4.70%, 04/15/2048		200		237
5.50%, 02/15/2049		446		588
New Fortress Energy, Inc., 6.75%, 09/15/2025 (e)		1,627		1,728
NGPL PipeCo LLC, 7.77%, 12/15/2037 (e)		303		410
NuStar Logistics LP,
5.63%, 04/28/2027		50		53
6.00%, 06/01/2026		1,061		1,147
6.38%, 10/01/2030		13		15
6.75%, 02/01/2021		800		802
Plains All American Pipeline LP / PAA Finance Corp.,
4.30%, 01/31/2043		175		172
6.65%, 01/15/2037		359		438
Rattler Midstream LP, 5.63%, 07/15/2025 (e)		368		389
Rockies Express Pipeline LLC,
3.60%, 05/15/2025 (e)		50		52
7.50%, 07/15/2038 (e)		1,000		1,100
Sabine Pass Liquefaction LLC, 4.50%, 05/15/2030 (e)		500		593
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 5.75%, 04/15/2025		25		16
Sunoco Logistics Partners Operations LP,
5.35%, 05/15/2045		150		165
5.40%, 10/01/2047		300		335
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,
5.50%, 09/15/2024 (e)		250		254
5.50%, 01/15/2028 (e)		550		562
6.00%, 03/01/2027 (e)		1,438		1,490
6.00%, 12/31/2030 (e)		204		210
7.50%, 10/01/2025 (e)		28		30
Targa Resources Partners LP / Targa Resources Partners Finance Corp.,
4.88%, 02/01/2031 (e)		1,150		1,253
5.13%, 02/01/2025		50		51
5.50%, 03/01/2030		3,501		3,801
5.88%, 04/15/2026		2,250		2,386
6.50%, 07/15/2027		25		27
6.88%, 01/15/2029		38		43
Western Midstream Operating LP,
3.95%, 06/01/2025		204		208
4.10%, 02/01/2025		1,250		1,288


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Pipelines — continued
5.05%, 02/01/2030		1,125		1,260
5.30%, 03/01/2048		75		74
5.45%, 04/01/2044		1,400		1,416
6.25%, 02/01/2050		1,390		1,529


				49,697

Total Energy				123,770

Financial — 7.8%
Banks — 0.5%
AIB Group plc, (Ireland), Reg. S, (EUR Swap Rate 5 Year + 6.63%), 6.25%, 06/23/2025 (x) (aa)	EUR	200		270
Bank of America Corp., Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 03/10/2026 (x) (aa)		732		855
Barclays plc, (United Kingdom), (UK Gilts 5 Year + 6.58%), 7.13%, 06/15/2025 (x) (aa)	GBP	200		304
Citigroup, Inc., Series W, (CMT Index 5 Year + 3.60%), 4.00%, 12/10/2025 (x) (aa)		175		180
Credit Suisse Group AG, (Switzerland), (CMT Index 5 Year + 3.55%), 4.50%, 09/03/2030 (e) (x) (aa)		220		221
Reg. S, (USD Semi-annual Swap Rate 5 Year + 3.46%), 6.25%, 12/18/2024 (x) (aa)		200		218
(CMT Index 5 Year + 4.82%), 6.38%, 08/21/2026 (e) (x) (aa)		1,053		1,173
Freedom Mortgage Corp., 7.63%, 05/01/2026 (e)		508		537
Intesa Sanpaolo SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 7.19%), 7.75%, 01/11/2027 (x) (aa)	EUR	200		292
Morgan Stanley, Series H, (ICE LIBOR USD 3 Month + 3.61%), 3.85%, 04/15/2021 (x) (aa)		614		610
National Westminster Bank plc, (United Kingdom), Series C, (ICE LIBOR USD 3 Month + 0.25%), 0.50%, 02/28/2021 (x) (aa)		200		184
Stichting AK Rabobank Certificaten, (Netherlands), Reg. S, 6.50% (x)	EUR	105		170


				5,014

Diversified Financial Services — 2.4%
Alliance Data Systems Corp., 4.75%, 12/15/2024 (e)		500		505
Ally Financial, Inc., 8.00%, 11/01/2031		775		1,138
Arrow Global Finance plc, (United Kingdom), Reg. S, 5.13%, 09/15/2024	GBP	100		136
Charles Schwab Corp. (The), Series H, (CMT Index 10 Year + 3.08%), 4.00%, 12/01/2030 (x) (aa)		973		1,024


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Diversified Financial Services — continued
Garfunkelux Holdco 3 SA, (Luxembourg), Reg. S, 6.75%, 11/01/2025	EUR	100		125
Genworth Mortgage Holdings, Inc., 6.50%, 08/15/2025 (e)		802		868
Intrum AB, (Sweden), Reg. S, 4.88%, 08/15/2025	EUR	100		126
LHC3 plc, (Jersey), Reg. S, 4.13% (cash), 08/15/2024 (v)	EUR	100		124
LPL Holdings, Inc., 5.75%, 09/15/2025 (e)		585		605
Nationstar Mortgage Holdings, Inc.,
5.13%, 12/15/2030 (e)		160		167
5.50%, 08/15/2028 (e)		3,405		3,576
Navient Corp.,
6.13%, 03/25/2024		400		427
6.75%, 06/25/2025		426		463
6.75%, 06/15/2026		1,200		1,304
7.25%, 09/25/2023		50		55
NFP Corp., 6.88%, 08/15/2028 (e)		3,151		3,364
OneMain Finance Corp.,
4.00%, 09/15/2030		504		523
6.13%, 03/15/2024		1,000		1,092
6.63%, 01/15/2028		966		1,147
6.88%, 03/15/2025		1,000		1,161
7.13%, 03/15/2026		1,981		2,343
8.88%, 06/01/2025		150		170
PennyMac Financial Services, Inc., 5.38%, 10/15/2025 (e)		890		941
Quicken Loans LLC, 5.25%, 01/15/2028 (e)		1,525		1,628
Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., 3.88%, 03/01/2031 (e)		1,225		1,271
United Shore Financial Services LLC, 5.50%, 11/15/2025 (e)		1,300		1,372


				25,655

Insurance — 1.5%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer,
4.25%, 10/15/2027 (e)		1,458		1,491
6.75%, 10/15/2027 (e)		3,229		3,455
AmWINS Group, Inc., 7.75%, 07/01/2026 (e)		1,000		1,074
Ardonagh Midco 2 plc, (United Kingdom), 11.50%, 01/15/2027 (e)		500		534
AssuredPartners, Inc., 5.63%, 01/15/2029 (e)		380		396
GTCR AP Finance, Inc., 8.00%, 05/15/2027 (e)		1,988		2,159
HUB International Ltd., 7.00%, 05/01/2026 (e)		4,633		4,845
Legal & General Group plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 5.38%), 5.63%, 03/24/2031 (x) (aa)	GBP	200		303


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Insurance — continued
Liberty Mutual Group, Inc., Reg. S, (EUR Swap Rate 5 Year + 3.70%), 3.63%, 05/23/2059 (aa)	EUR	100		125
MGIC Investment Corp., 5.25%, 08/15/2028		300		321
USI, Inc., 6.88%, 05/01/2025 (e)		1,425		1,461


				16,164

Investment Companies — 0.2%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.,
5.25%, 05/15/2027		249		267
6.25%, 05/15/2026		837		886
Owl Rock Capital Corp.,
3.40%, 07/15/2026		207		210
4.25%, 01/15/2026		791		833

				2,196

Private Equity — 0.0% (g)
Owl Rock Technology Finance Corp., 3.75%, 06/17/2026 (e)		145		146

Real Estate — 0.5%
ADLER Group SA, (Luxembourg), Reg. S, 3.25%, 08/05/2025	EUR	100		127
Aroundtown SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 3.98%), 3.38%, 09/23/2024 (x) (aa)	EUR	100		128
Consus Real Estate AG, (Germany), Reg. S, 9.63%, 05/15/2024	EUR	100		131
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (e)		491		541
Five Point Operating Co. LP / Five Point Capital Corp., 7.88%, 11/15/2025 (e)		1,075		1,138
Greystar Real Estate Partners LLC, 5.75%, 12/01/2025 (e)		50		51
Heimstaden Bostad AB, (Sweden), Reg. S, (EUR Swap Rate 5 Year + 3.91%), 3.38%, 01/15/2026 (x) (aa)	EUR	100		127
Howard Hughes Corp. (The), 5.38%, 08/01/2028 (e)		1,877		2,019
Hunt Cos., Inc., 6.25%, 02/15/2026 (e)		1,025		1,050


				5,312

REITS — 2.7%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 5.75%, 05/15/2026 (e)		16		16
Diversified Healthcare Trust, 9.75%, 06/15/2025		1,973		2,242
ESH Hospitality, Inc.,
4.63%, 10/01/2027 (e)		1,050		1,076
5.25%, 05/01/2025 (e)		825		846
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/2027 (e)		589		607


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
REITS — continued
GLP Capital LP / GLP Financing II, Inc., 4.00%, 01/15/2031		77		84
Iron Mountain, Inc., 5.63%, 07/15/2032 (e)		1,242		1,369
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/2027 (e)		442		434
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.,
3.88%, 02/15/2029 (e)		1,452		1,485
4.50%, 09/01/2026		1,210		1,302
4.50%, 01/15/2028		211		224
4.63%, 06/15/2025 (e)		1,110		1,189
5.63%, 05/01/2024		1,391		1,511
MPT Operating Partnership LP / MPT Finance Corp.,
3.50%, 03/15/2031		1,085		1,120
4.63%, 08/01/2029		1,139		1,217
5.00%, 10/15/2027		513		546
5.25%, 08/01/2026		250		262
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer,
5.88%, 10/01/2028 (e)		53		57
7.50%, 06/01/2025 (e)		2,300		2,484
RHP Hotel Properties LP / RHP Finance Corp., 4.75%, 10/15/2027		753		779
Sabra Health Care LP, 5.13%, 08/15/2026		75		84
SBA Communications Corp.,
3.88%, 02/15/2027 (e)		1,447		1,520
4.88%, 09/01/2024		605		620
Service Properties Trust,
5.50%, 12/15/2027		150		164
7.50%, 09/15/2025		535		617
Starwood Property Trust, Inc., 5.50%, 11/01/2023 (e)		2		2
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.88%, 02/15/2025 (e)		247		265
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 8.25%, 10/15/2023		689		694
VICI Properties LP / VICI Note Co., Inc.,
3.75%, 02/15/2027 (e)		500		511
4.13%, 08/15/2030 (e)		1,500		1,584
4.25%, 12/01/2026 (e)		2,697		2,797
4.63%, 12/01/2029 (e)		1,200		1,284


				28,992

Total Financial				83,479

Industrial — 10.4%
Aerospace/Defense — 2.4%
Boeing Co. (The),
5.15%, 05/01/2030		1,315		1,592
5.81%, 05/01/2050		1,060		1,461
5.93%, 05/01/2060		4,303		6,104


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Aerospace/Defense — continued
F-Brasile SpA / F-Brasile US LLC, (Italy), Series XR, 7.38%, 08/15/2026 (e)		490		475
Rolls-Royce plc, (United Kingdom),
5.75%, 10/15/2027 (e)		712		789
Reg. S, 5.75%, 10/15/2027	GBP	100		151
Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028 (e)		490		493
Spirit AeroSystems, Inc.,
5.50%, 01/15/2025 (e)		321		338
7.50%, 04/15/2025 (e)		550		590
SSL Robotics LLC, 9.75%, 12/31/2023 (e)		1,484		1,677
TransDigm UK Holdings plc, (United Kingdom), 6.88%, 05/15/2026		2,700		2,853
TransDigm, Inc.,
6.25%, 03/15/2026 (e)		5,456		5,811
6.38%, 06/15/2026		206		213
7.50%, 03/15/2027		50		53
8.00%, 12/15/2025 (e)		1,109		1,226
Triumph Group, Inc., 8.88%, 06/01/2024 (e)		1,060		1,163


				24,989

Building Materials — 1.7%
Cornerstone Building Brands, Inc.,
6.13%, 01/15/2029 (e)		1,289		1,369
8.00%, 04/15/2026 (e)		2,300		2,421
CP Atlas Buyer, Inc., 7.00%, 12/01/2028 (e)		608		632
Forterra Finance LLC / FRTA Finance Corp., 6.50%, 07/15/2025 (e)		729		784
Griffon Corp., 5.75%, 03/01/2028		1,000		1,057
JELD-WEN, Inc., 4.63%, 12/15/2025 (e)		1,000		1,021
Masonite International Corp., (Canada), 5.38%, 02/01/2028 (e)		854		917
SRM Escrow Issuer LLC, 6.00%, 11/01/2028 (e)		888		928
Standard Industries, Inc.,
3.38%, 01/15/2031 (e)		1,370		1,377
4.38%, 07/15/2030 (e)		2,640		2,824
4.75%, 01/15/2028 (e)		1,325		1,395
5.00%, 02/15/2027 (e)		100		104
Summit Materials LLC / Summit Materials Finance Corp.,
5.25%, 01/15/2029 (e)		648		681
6.50%, 03/15/2027 (e)		850		903
US Concrete, Inc., 5.13%, 03/01/2029 (e)		1,050		1,081


				17,494

Electrical Components & Equipments — 0.6%
Belden, Inc., Reg. S, 3.88%, 03/15/2028	EUR	100		127
Energizer Holdings, Inc., 4.75%, 06/15/2028 (e)		1,383		1,455
WESCO Distribution, Inc.,
7.13%, 06/15/2025 (e)		2,482		2,730
7.25%, 06/15/2028 (e)		2,257		2,567

				6,879


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Electronics — 0.3%
Brightstar Escrow Corp., 9.75%, 10/15/2025 (e)		450		481
Itron, Inc., 5.00%, 01/15/2026 (e)		500		510
Sensata Technologies BV, (Netherlands), 5.63%, 11/01/2024 (e)		25		28
Sensata Technologies, Inc., 3.75%, 02/15/2031 (e)		652		676
TTM Technologies, Inc., 5.63%, 10/01/2025 (e)		1,000		1,024


				2,719

Engineering & Construction — 0.4%
Abertis Infraestructuras Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.69%), 3.25%, 11/24/2025 (x) (aa)	EUR	100		127
AECOM,
5.13%, 03/15/2027		1,150		1,280
5.88%, 10/15/2024		50		56
Brand Industrial Services, Inc., 8.50%, 07/15/2025 (e)		678		692
KBR, Inc., 4.75%, 09/30/2028 (e)		6		6
MasTec, Inc., 4.50%, 08/15/2028 (e)		342		359
TopBuild Corp., 5.63%, 05/01/2026 (e)		1,800		1,865


				4,385

Environmental Control — 0.4%
Clean Harbors, Inc., 5.13%, 07/15/2029 (e)		517		565
GFL Environmental, Inc., (Canada),
3.50%, 09/01/2028 (e)		343		349
4.00%, 08/01/2028 (e)		365		368
5.13%, 12/15/2026 (e)		1,074		1,142
8.50%, 05/01/2027 (e)		870		966
Stericycle, Inc., 3.88%, 01/15/2029 (e)		176		181
Tervita Corp., (Canada), 11.00%, 12/01/2025 (e)		132		142
Waste Pro USA, Inc., 5.50%, 02/15/2026 (e)		661		676


				4,389

Hand/Machine Tools — 0.0% (g)
Colfax Corp., 6.38%, 02/15/2026 (e)		438		468

Machinery — Construction & Mining — 0.0% (g)
BWX Technologies, Inc., 4.13%, 06/30/2028 (e)		460		479

Machinery — Diversified — 0.5%
ATS Automation Tooling Systems, Inc., (Canada),
4.13%, 12/15/2028 (e)		214		218
6.50%, 06/15/2023 (e)		305		310
GrafTech Finance, Inc., 4.63%, 12/15/2028 (e)		144		146


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Machinery — Diversified — continued
Husky III Holding Ltd., (Canada), 13.00% (cash), 02/15/2025 (e) (v)		69		75
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024 (e)		1,281		1,334
Titan Acquisition Ltd. / Titan Co-Borrower LLC, (Multinational), 7.75%, 04/15/2026 (e)		715		744
Vertical Holdco GmbH, (Germany), 7.63%, 07/15/2028 (e)		1,199		1,307
Vertical Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027	EUR	100		128
Vertical US Newco, Inc., 5.25%, 07/15/2027 (e)		1,133		1,201


				5,463

Miscellaneous Manufacturers — 1.3%
Amsted Industries, Inc.,
4.63%, 05/15/2030 (e)		1,367		1,432
5.63%, 07/01/2027 (e)		196		208
Bombardier, Inc., (Canada),
7.50%, 12/01/2024 (e)		1,500		1,439
7.50%, 03/15/2025 (e)		1,000		927
7.88%, 04/15/2027 (e)		3,369		3,098
8.75%, 12/01/2021 (e)		3,060		3,182
Gates Global LLC / Gates Corp., 6.25%, 01/15/2026 (e)		2,094		2,199
General Electric Co., 4.35%, 05/01/2050		267		325
Koppers, Inc., 6.00%, 02/15/2025 (e)		1,400		1,442


				14,252

Packaging & Containers — 2.6%
ARD Finance SA, (Luxembourg), 6.50% (cash), 06/30/2027 (e) (v)		2,660		2,839
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., (Multinational),
4.13%, 08/15/2026 (e)		727		760
5.25%, 08/15/2027 (e)		2,022		2,123
6.00%, 02/15/2025 (e)		1,750		1,813
Ball Corp., 2.88%, 08/15/2030		925		923
Berry Global, Inc.,
4.88%, 07/15/2026 (e)		75		81
5.13%, 07/15/2023		1,600		1,620
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 01/15/2023		625		659
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 09/30/2026		410		452
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 02/01/2026		350		363
Flex Acquisition Co., Inc., 7.88%, 07/15/2026 (e)		2,500		2,625
Graphic Packaging International LLC, 3.50%, 03/01/2029 (e)		25		26
Intelligent Packaging Holdco Issuer LP, (Canada), 9.00% (cash), 01/15/2026 (e) (v)		175		173


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Packaging & Containers — continued
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, (Canada), 6.00%, 09/15/2028 (e)		308		316
LABL Escrow Issuer LLC,
6.75%, 07/15/2026 (e)		514		556
10.50%, 07/15/2027 (e)		22		25
Mauser Packaging Solutions Holding Co.,
5.50%, 04/15/2024 (e)		1,313		1,339
7.25%, 04/15/2025 (e)		1,200		1,212
OI European Group BV, (Netherlands), Reg. S, 2.88%, 02/15/2025	EUR	100		124
Owens-Brockway Glass Container, Inc.,
5.38%, 01/15/2025 (e)		50		54
6.63%, 05/13/2027 (e)		2,500		2,706
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 4.00%, 10/15/2027 (e)		875		897
Sealed Air Corp., 5.25%, 04/01/2023 (e)		750		797
Trident TPI Holdings, Inc.,
6.63%, 11/01/2025 (e)		25		25
9.25%, 08/01/2024 (e)		1,025		1,092
Trivium Packaging Finance BV, (Netherlands),
5.50%, 08/15/2026 (e)		1,083		1,145
8.50%, 08/15/2027 (e)		2,966		3,248

				27,993

Transportation — 0.2%
CMA CGM SA, (France), Reg. S, 7.50%, 01/15/2026	EUR	100		131
Getlink SE, (France), Reg. S, 3.50%, 10/30/2025	EUR	100		126
Watco Cos. LLC / Watco Finance Corp., 6.50%, 06/15/2027 (e)		25		27
XPO Logistics, Inc.,
6.13%, 09/01/2023 (e)		150		152
6.25%, 05/01/2025 (e)		1,900		2,045
6.75%, 08/15/2024 (e)		75		80

				2,561

Trucking & Leasing — 0.0% (g)
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/2025 (e)		81		85

Total Industrial				112,156

Technology — 4.9%
Computers — 1.8%
Austin BidCo, Inc., 7.13%, 12/15/2028 (e)		83		87
Banff Merger Sub, Inc., 9.75%, 09/01/2026 (e)		4,648		5,020
Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 (e)		1,054		1,086
Centurion Bidco SpA, (Italy), Reg. S, 5.88%, 09/30/2026	EUR	100		126


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Computers — continued
Dell International LLC / EMC Corp.,
5.88%, 06/15/2021 (e)		430		431
7.13%, 06/15/2024 (e)		2,000		2,074
Diebold Nixdorf, Inc., 9.38%, 07/15/2025 (e)		75		84
Everi Payments, Inc., 7.50%, 12/15/2025 (e)		25		26
NCR Corp.,
5.25%, 10/01/2030 (e)		2,200		2,359
6.13%, 09/01/2029 (e)		650		720
Presidio Holdings, Inc., 4.88%, 02/01/2027 (e)		393		417
Science Applications International Corp., 4.88%, 04/01/2028 (e)		338		358
Seagate HDD Cayman, (Cayman Islands),
3.13%, 07/15/2029 (e)		450		450
3.38%, 07/15/2031 (e)		375		377
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 6.75%, 06/01/2025 (e)		5,201		5,375


				18,990

Office/Business & Equipments — 0.2%
CDW LLC / CDW Finance Corp.,
3.25%, 02/15/2029		1,831		1,867
4.13%, 05/01/2025		23		24

				1,891

Semiconductors — 0.8%
Entegris, Inc., 4.38%, 04/15/2028 (e)		378		403
Infineon Technologies AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.63%, 01/01/2028 (x) (aa)	EUR	100		131
Microchip Technology, Inc., 4.25%, 09/01/2025 (e)		3,027		3,202
ON Semiconductor Corp., 3.88%, 09/01/2028 (e)		789		817
Qorvo, Inc., 3.38%, 04/01/2031 (e)		1,357		1,401
Sensata Technologies UK Financing Co. plc, (United Kingdom), 6.25%, 02/15/2026 (e)		2,810		2,921


				8,875

Software — 2.1%
Black Knight InfoServ LLC, 3.63%, 09/01/2028 (e)		2,756		2,822
Boxer Parent Co., Inc.,
Reg. S, 6.50%, 10/02/2025	EUR	100		129
7.13%, 10/02/2025 (e)		1,364		1,480
9.13%, 03/01/2026 (e)		265		285
BY Crown Parent LLC / BY Bond Finance, Inc., 4.25%, 01/31/2026 (e)		2,708		2,776
Camelot Finance SA, (Luxembourg), 4.50%, 11/01/2026 (e)		577		602
CDK Global, Inc., 5.25%, 05/15/2029 (e)		504		558


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Software — continued
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 03/01/2025 (e)		1,262		1,287
Dun & Bradstreet Corp. (The),
6.88%, 08/15/2026 (e)		1,392		1,497
10.25%, 02/15/2027 (e)		535		603
MSCI, Inc.,
3.63%, 09/01/2030 (e)		725		758
3.88%, 02/15/2031 (e)		722		763
Open Text Corp., (Canada), 3.88%, 02/15/2028 (e)		650		676
Open Text Holdings, Inc., 4.13%, 02/15/2030 (e)		689		733
PTC, Inc.,
3.63%, 02/15/2025 (e)		350		360
4.00%, 02/15/2028 (e)		400		419
Rackspace Technology Global, Inc., 5.38%, 12/01/2028 (e)		1,061		1,112
Solera LLC / Solera Finance, Inc., 10.50%, 03/01/2024 (e)		71		74
SS&C Technologies, Inc., 5.50%, 09/30/2027 (e)		2,999		3,203
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 (e)		2,827		2,901


				23,038

Total Technology				52,794

Utilities — 2.8%
Electric — 2.5%
Calpine Corp.,
3.75%, 03/01/2031 (e)		1,846		1,828
4.50%, 02/15/2028 (e)		2,111		2,196
4.63%, 02/01/2029 (e)		3,534		3,634
5.00%, 02/01/2031 (e)		2,138		2,234
5.13%, 03/15/2028 (e)		675		710
Clearway Energy Operating LLC, 4.75%, 03/15/2028 (e)		254		273
Electricite de France SA, (France), Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.38%, 06/15/2030 (x) (aa)	EUR	200		266
FirstEnergy Corp.,
2.65%, 03/01/2030		29		29
Series B, 2.25%, 09/01/2030		24		23
Series B, 3.90%, 07/15/2027		108		119
Series C, 3.40%, 03/01/2050		216		207
Series C, 4.85%, 07/15/2047		686		854
FirstEnergy Transmission LLC, 5.45%, 07/15/2044 (e)		340		432
NRG Energy, Inc.,
3.38%, 02/15/2029 (e)		450		461
3.63%, 02/15/2031 (e)		875		900
4.45%, 06/15/2029 (e)		493		572
5.25%, 06/15/2029 (e)		975		1,072


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Electric — continued
6.63%, 01/15/2027		2,100		2,218
7.25%, 05/15/2026		75		79
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e)		769		811
PG&E Corp.,
5.00%, 07/01/2028		2,000		2,130
5.25%, 07/01/2030		674		741
Pike Corp., 5.50%, 09/01/2028 (e)		5		5
Vistra Operations Co. LLC,
5.00%, 07/31/2027 (e)		1,000		1,060
5.50%, 09/01/2026 (e)		2,350		2,449
5.63%, 02/15/2027 (e)		1,588		1,689


				26,992

Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp.,
5.63%, 05/20/2024		2,000		2,155
5.75%, 05/20/2027		100		114
5.88%, 08/20/2026		1,270		1,428

				3,697

Water — 0.0% (g)
Thames Water Kemble Finance plc, (United Kingdom), Reg. S, 4.63%, 05/19/2026	GBP	100		138

Total Utilities				30,827

Total Corporate Bonds (Cost $965,582)				979,907

Loan Assignments — 4.2% (o)
Basic Materials — 0.4%
Chemicals — 0.4%
Alpha 3 BV, Initial Term B-1 Loan, (Netherlands), (ICE LIBOR USD 3 Month + 3.00%), 4.00%, 01/31/2024 (aa)		1,302		1,296
Ascend Performance Materials Operations LLC, Initial Term Loan, (ICE LIBOR USD 3 Month + 5.25%), 5.25%, 08/27/2026 (u) (aa)		445		446
Diamond, Initial USD Term Loan, (Netherlands), (ICE LIBOR USD 3 Month + 3.00%), 3.21%, 09/06/2024 (aa)		677		666
Illuminate Buyer LLC, Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 4.00%, 06/30/2027 (u) (aa)		450		450
Solenis Holdings LLC, Initial Dollar Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.00%), 4.23%, 06/26/2025 (aa)		1,239		1,237
Solenis Holdings LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 8.50%), 8.73%, 06/26/2026 (u) (aa)		500		497

Total Basic Materials				4,592


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Loan Assignments — continued
Communications — 1.3%
Advertising — 0.1%
Clear Channel Outdoor Holdings, Inc., Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 3.50%, 08/21/2026 (u) (aa)		954		916

Internet — 0.1%
Barracuda Networks, Inc., Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 6.75%), 7.50%, 10/30/2028 (aa)		83		84
CNT Holdings I Corp., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 11/08/2027 (aa)		449		448
Northwest Fiber LLC, Term B Loan (First Lien), (ICE LIBOR USD 3 Month + 5.50%), 5.50%, 04/30/2027 (u) (aa)		321		322


				854

Media — 0.2%
iHeartCommunications, Inc., Second Amendment Incremental Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 05/01/2026 (u) (aa)		997		997
Ion Media Networks, Inc., Term B-4 Loan, (ICE LIBOR USD 3 Month + 3.00%), 3.19%, 12/18/2024 (aa)		748		747


				1,744

Telecommunications — 0.9%
Delta Topco, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/01/2027 (aa)		601		600
Digicel International Finance Limited, Initial Term B Loan (First Lien), (Saint Lucia), (ICE LIBOR USD 3 Month + 3.25%), 3.51%, 05/27/2024 (aa)		412		376
Intelsat Jackson Holdings S.A., Tranche B-5 Term Loan, (Luxembourg), 0.00%, 01/02/2024 (u)		2,006		2,037
Intrado Corp., Initial Term B Loan, (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 10/10/2024 (u) (aa)		3,989		3,856
Xplornet Communications Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 4.90%, 06/10/2027 (aa)		2,155		2,155
Zayo Group Holdings, Inc., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 03/09/2027 (aa)		1,055		1,047

				10,071

Total Communications				13,585

Consumer Cyclical — 0.4%
Airlines — 0.1%
SkyMiles IP Ltd., Initial Term Loan, (Cayman Islands), (ICE LIBOR USD 3 Month + 3.75%), 3.75%, 10/20/2027 (u) (aa)		490		507


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Lodging — 0.1%
Caesars Resort Collection LLC, Term B-1 Loan, (ICE LIBOR USD 1 Month + 4.50%), 4.65%, 07/21/2025 (aa)		13		13
Golden Nugget, Inc., Initial B Term Loan, (ICE LIBOR USD 2 Month + 2.50%), 3.36%, 10/04/2023 (aa)		915		882


				895

Retail — 0.2%
IRB Holding Corp., Fourth Amendment Incremental Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 3.25%, 12/15/2027 (u) (aa)		419		419
LBM Acquisition LLC, Initial Delayed Draw Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 3.75%, 12/17/2027 (u) (aa)		10		10
LBM Acquisition LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 3.75%, 12/17/2027 (u) (aa)		45		45
PetSmart, Inc., Amended Loan, (ICE LIBOR USD 3 Month + 3.50%), 3.50%, 03/11/2022 (u) (aa)		724		722
SRS Distribution Inc., First Amendment Incremental Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 05/23/2025 (u) (aa)		259		258
SRS Distribution Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 3.00%, 05/23/2025 (u) (aa)		457		449
White Cap Buyer LLC, Initial Closing Date Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 10/19/2027 (u) (aa)		747		746

				2,649

Total Consumer Cyclical				4,051

Consumer Non-cyclical — 0.3%
Commercial Services — 0.1%
Parexel International Corp., Initial Term Loan, (ICE LIBOR USD 3 Month + 2.75%), 2.75%, 09/27/2024 (u) (aa)		379		372
Refinitiv US Holdings Inc., Initial Dollar Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 3.25%, 10/01/2025 (u) (aa)		293		293
Sabre GLBL Inc., 2020 Other Term B Loan, (ICE LIBOR USD 3 Month + 4.00%), 4.00%, 12/17/2027 (u) (aa)		100		100
Sotheby’s, Initial Term Loan, (ICE LIBOR USD 1 Month + 5.50%), 6.50%, 01/15/2027 (aa)		193		193


				958


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Loan Assignments — continued
Healthcare — Products — 0.1%
Ortho-Clinical Diagnostics, Inc., Second Amendment New Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 3.25%, 06/30/2025 (u) (aa)		197		194
Sotera Health Holdings LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.50%), 5.50%, 12/11/2026 (aa)		430		432


				626

Healthcare — Services — 0.1%
Envision Healthcare Corp., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 3.90%, 10/10/2025 (aa)		657		546
Jaguar Holding Co. I LLC, 2018 Term Loan, (ICE LIBOR USD 1 Month + 2.50%), 3.50%, 08/18/2022 (aa)		291		291
WCG Purchaser Corp., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.00%), 4.00%, 01/08/2027 (u) (aa)		293		293


				1,130

Total Consumer Non-cyclical				2,714

Energy — 0.0% (g)
Oil & Gas — 0.0% (g)
Ascent Resources Utica Holdings Llc / Aru Finance Corp., Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 9.00%), 10.00%, 11/01/2025 (u) (aa)		429		465

Financial — 0.1%
Insurance — 0.1%
Asurion LLC, Second Lien Replacement B-2 Term Loan, (ICE LIBOR USD 3 Month + 6.50%), 6.50%, 08/04/2025 (u) (aa)		444		447
Sedgwick Claims Management Services, Inc., 2020 Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 09/03/2026 (u) (aa)		593		596

Total Financial				1,043

Industrial — 0.4%
Aerospace/Defense — 0.1%
Sequa Mezzanine Holdings L.L.C., Extended Term Loan (First Lien), (ICE LIBOR USD 3 Month + 6.75%), 6.75%, 11/28/2023 (u) (aa)		291		293
Spirit Aerosystems, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 5.25%), 6.00%, 01/15/2025 (aa)		312		314


				607

Building Materials — 0.0% (g)
CP Atlas Buyer, Inc., Initial Tranche B-1 Term Loan, (ICE LIBOR USD 3 Month + 4.50%), 5.25%, 11/23/2027 (aa)		80		80


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)

Building Materials — continued
CP Atlas Buyer, Inc., Initial Tranche B-2 Term Loan, (ICE LIBOR USD 3 Month + 4.50%), 5.25%, 11/23/2027 (aa)		27		27


				107

Engineering & Construction — 0.1%
Brand Energy & Infrastructure Services, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.25%, 06/21/2024 (aa)		1,607		1,564

Machinery — Construction & Mining — 0.0% (g)
Vertiv Group Corp., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 3.15%, 03/02/2027 (aa)		451		447

Machinery — Diversified — 0.1%
Titan Acquisition Limited, Initial Term Loan, (Canada), (ICE LIBOR USD 3 Month + 3.00%), 3.00%, 03/28/2025 (u) (aa)		918		893

Packaging & Containers — 0.0% (g)
BWay Holding Co., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 3.25%, 04/03/2024 (u) (aa)		388		374

Shipbuilding — 0.1%
MHI Holdings LLC, Initial Term Loan, (ICE LIBOR USD 1 Month + 5.00%), 5.15%, 09/21/2026 (aa)		544		541

Total Industrial				4,533

Technology — 1.2%
Computers — 0.2%
McAfee LLC, Term B USD Loan, (ICE LIBOR USD 1 Month + 3.75%), 3.90%, 09/30/2024 (aa)		1,798		1,796

Software — 1.0%
Boxer Parent Co. Inc., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 4.40%, 10/02/2025 (aa)		455		452
Camelot U.S. Acquisition 1 Co., Amendment No. 2 Incremental Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 3.00%, 10/30/2026 (u) (aa)		1,899		1,897
Castle US Holding Corp., Initial Dollar Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 4.00%, 01/29/2027 (aa)		306		300
Dun & Bradstreet Corp., The, Initial Term Borrowing, (ICE LIBOR USD 1 Month + 3.75%), 3.90%, 02/06/2026 (aa)		515		515
Epicor Software Corp., Term B Loan (2020), (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 07/30/2027 (u) (aa)		423		425
Greeneden U.S. Holdings I LLC, Initial Dollar Term Loan (2020), (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/01/2027 (u) (aa)		373		373


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)		VALUE($)
Loan Assignments — continued
Software — continued
Informatica LLC, Initial Loan (Second Lien), 0.00%, 02/25/2025 (u)		558		567
Misys Limited, Dollar Term Loan (Second Lien), (United Kingdom), (ICE LIBOR USD 3 Month + 7.25%), 8.25%, 06/13/2025 (aa)		1,000		1,000
Planview Parent, Inc., Closing Date Loan (Second Lien), (ICE LIBOR USD 3 Month + 7.25%), 7.25%, 12/18/2028 (u) (aa)		180		178
Rackspace Technology Global, Inc., Term B Loan (First Lien), (ICE LIBOR USD 3 Month + 3.00%), 3.00%, 11/03/2023 (u) (aa)		1,870		1,866
Solera LLC, Dollar Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 2.90%, 03/03/2023 (aa)		296		294
Sophia, L.P., Closing Date Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 10/07/2027 (aa)		1,297		1,298
TIBCO Software Inc., Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 7.25%), 7.25%, 03/03/2028 (u) (aa)		455		459
Ultimate Software Group, Inc., The, 2020 Incremental Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.00%), 4.00%, 05/04/2026 (u) (aa)		445		447
Veritas US Inc., Initial Dollar Term B-2020 Loan, (ICE LIBOR USD 3 Month + 5.50%), 5.50%, 09/01/2025 (u) (aa)		1,139		1,135


				11,206

Total Technology				13,002


SECURITY DESCRIPTION	PRINCIPAL AMOUNT($)			VALUE($)

Utilities — 0.1%
Electric — 0.1%
Heritage Power LLC, Term Loan, (ICE LIBOR USD 3 Month + 6.00%), 7.00%, 07/30/2026 (u) (aa)		1,496			1,406

Total Loan Assignments (Cost $45,151)					45,391

Short-Term Investments — 5.4%
Time Deposits — 5.4%
Australia & New Zealand Banking Group Ltd., 0.01%, 01/04/2021		21,033			21,033
BNP Paribas SA, 0.01%, 01/04/2021		36,683			36,683
Brown Brothers Harriman, 0.01%, 01/04/2021	GBP	—	(h)		—	(h)
Citibank NA,
(0.72%), 01/04/2021	EUR	116			142
0.01%, 01/04/2021		164			164
Total Short-Term Investments (Cost $58,022)					58,022


Total Investments — 101.1% (Cost $1,073,693)					1,088,298

Liabilities in Excess of Other Assets — (1.1)%					(11,773	)


NET ASSETS — 100.0%				$	1,076,525

Percentages indicated are based on net assets.


CDX		— Credit Default Swap Index
CMT		— Constant Maturity Treasury
ICE		— Intercontinental Exchange
LIBOR		— London Interbank Offered Rate
Reg. S		— Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REIT		— Real Estate Investment Trust
(d)		— Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(e)		— Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)		— Amount rounds to less than 0.05%.


(h)		— Amount rounds to less than 500 shares or principal/ $500.
(o)		— Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms.
(x)		— Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2020.
(u)		— All or a portion of the security is unsettled as of December 31, 2020. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(v)		— Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(aa)		— Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2020.
EUR		— Euro
GBP		— British Pound
USD		— United States Dollar

Six Circles Trust (the “Trust”) was formed on November 8, 2017, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 8, 2017, as amended and restated June 12, 2018, and further amended to add fund series on September 21, 2018, November 19, 2019, and April 13, 2020, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are seven separate series of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report. Each Fund currently offers one class of shares.

The investment objective of each of the Six Circles Ultra Short Duration Fund and the Six Circles Tax Aware Ultra Short Duration Fund is to generate current income consistent with capital preservation.

The investment objective of each of the Six Circles U.S. Unconstrained Equity Fund and the Six Circles International Unconstrained Equity Fund is to provide capital appreciation.

The investment objective of the Six Circles Global Bond Fund and the Six Circles Credit Opportunities Fund is to provide total return.

The investment objective of the Six Circles Tax Aware Bond Fund is to provide after-tax total return.

J.P. Morgan Private Investments Inc. (“JPMPI”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as the Funds’ investment adviser (the “Adviser”). The Adviser has engaged certain Sub-Advisers to manage the assets of the Funds.

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Board has appointed the Six Circles Funds Valuation Committee (“VC”), comprised of officers of the Funds and other personnel of the Adviser, to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The VC oversees and carries out policies and procedures for the valuation of investments held by the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor due diligence. The VC, through the Adviser, is responsible for assessing the potential impacts to the fair values on an ongoing basis, and discussing this on at least a quarterly basis with the Board.

A market-based approach is primarily used to value the Funds’ investments for which market quotations are readily available and which are generally valued at their current market value. Other securities and assets, including securities for which market quotations are not readily available, market quotations are determined not to be reliable, or whose value has been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund’s net asset value (“NAV”) is calculated, are valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. The valuation may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment in order to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based on current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equity securities listed on a North American, Central American, South American or Caribbean (“Americas”) securities exchange are generally valued at the last sale price or official market closing price on the primary exchange on which the security is principally traded that is reported before the time when the net assets values of the Funds are calculated on a valuation date. The Funds calculate their NAV as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading.

Foreign equity securities are valued as of the close of trading on the stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Generally foreign equity securities, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services.

The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated. The fair valued securities are converted at the exchange rates available at 4 p.m. Eastern time.

Fixed income securities are valued based on prices received from Pricing Services. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, Pricing Services may consider a variety of inputs and factors, including, but not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows.

Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

Shares of exchange-traded funds (“ETFs”) are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares of open-end investment companies are valued at their respective NAVs.

Futures are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Funds may purchase when-issued securities, including To Be Announced (“TBA”) securities, and enter into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchase delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

D. Loan Assignments — The Six Circles Credit Opportunities Fund invests in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent administers the terms of the loan, as specified in the loan agreement. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, each Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between each Fund and the Borrower (“Intermediate Participants”). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. The Adviser or Sub-Advisers may have access to material non-public information regarding the Borrower.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 5.

Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities, if any. As of December 31, 2020, The Six Circles Credit Opportunities Fund had the following unfunded loan commitments (amounts in thousands):

E. Derivatives — The Funds used derivative instruments including futures, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures as well as credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated by the Sub-Advisers, with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

(1) Futures Contracts — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and Six Circles Credit Opportunities Fund used interest rate futures to manage interest rate risks associated with portfolio investments. The Six Circles U.S. Unconstrained Equity Fund and Six Circles International Unconstrained Equity Fund used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.

Futures contracts may provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities. Futures contracts outstanding at period end, if any, are listed after each Fund’s SOI.

The use of futures contracts may expose the Funds to interest rate and equity price risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent the liquidation of positions.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2) Forward Foreign Currency Exchange Contracts — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund and Six Circles Credit Opportunities Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Forward contracts outstanding at period end, if any, are listed after each Fund’s SOI.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation/depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Funds’ forward foreign currency exchange contracts may be subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(3) Swaps — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Global Bond Fund engaged in various swap transactions, including interest swaps, to manage interest rate (e.g., duration, yield curve) risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap contracts outstanding at period end, if any, are listed after each Fund’s SOI.

Upfront payments made and/or received are recorded as assets or liabilities, respectively on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period.

Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearing house acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearing house.

The Funds may be required to post or receive collateral in the form of cash or securities based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. Collateral received by the Funds is held in escrow in segregated accounts maintained by Brown Brothers Harriman & Co.

The Funds’ swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund and Six Circles Credit Opportunities Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit

events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Global Bond Fund entered into interest rate swap contracts to manage fund exposure to interest rates and/or to preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

The following tables present the value of derivatives held as of December 31, 2020, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

The following tables present the Funds’ gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of December 31, 2020 (amounts in thousands):

The following tables present the effect of derivatives on the Statements of Operations for the year ended December 31, 2020, by primary underlying risk exposure (amounts in thousands):

The tables below disclose the volume of the Funds’ futures contracts, forward foreign currency exchange contracts and swaps activity during the period ended December 31, 2020 (amounts in thousands, except number of contracts). Please refer to the tables in the Summary of Derivative Information for derivative-related gains and losses associated with volume activity (amounts in thousands).

F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within the Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency. Currency gains or losses may be realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

G. Short Sales — The Funds may engage in short sales as part of their normal investment activities. In a short sale, the Funds sell securities they do not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Funds borrow securities from a broker. To close out a short position, the Funds deliver the same securities to the broker.

The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the custodian is recorded as Restricted cash on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net income or fee is reported as Interest income or Interest expense, respectively, on securities sold short on the Statements of Operations. The Funds are obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short.

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation (depreciation) on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Funds are also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms. The Funds will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Funds replace the borrowed security. The Funds will record a realized gain if the price of the borrowed security declines between those dates.

H. Security Transactions, Investment Income and Expense Allocation — Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend. Six Circles Credit Opportunities Fund may receive 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 by the Fund. These amounts are included in Interest income on the Statements of Operations.

Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Global Bond Fund invested in treasury inflation Protected securities (TIPS) during the year ended December 31, 2020. The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as increases or decreases to interest income on the Statements of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid. Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer.

The Funds are charged for those expenses of the Trust that are directly attributable to each Fund. Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets.

I. Repurchase Agreements — The Funds may invest in repurchase agreements, which are short term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds’ policy that their custodian take possession of the underlying collateral securities, the market value of which, at all times, shall equal at least 100% of the principal amount of the repurchase transaction. The repurchase agreements further authorize the Funds to demand additional collateral in the event that the dollar value of the collateral falls below 100%. The Funds will make payments for such securities only upon physical delivery or upon evidence of book entry transfer to the account of the custodian.

The Funds’ repurchase agreements are not subject to master netting arrangements.

J. Reverse Repurchase Agreements — In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

Six Circles Global Bond Fund had an average amount of borrowings outstanding during the year ended December 31, 2020 of $6,492,210 at a weighted average interest rate of 0.193%

K. Federal Income Tax — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to regulated investment companies. Each Fund intends to distribute to shareholders, substantially all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary.

The Funds follow the provisions of FASB Codification Section 740 (“ASC Section 740”) “Accounting for Uncertainty in Income Taxes” which clarifies the accounting for uncertainty in tax positions taken or expected to be taken on a tax return. ASC Section 740 sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a “more likely than not” standard, that based on their technical merits, have more than 50 percent likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds’ federal income tax returns for all open years, and has concluded that no provision for federal income tax is required in the Funds’ financial statements. At December 31, 2020, the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Funds’ federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

L. Foreign Tax — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

M. Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income and net realized capital gains are generally declared and paid according to the following schedule:

Income and capital gain distributions will be determined in accordance with federal income tax regulations which may differ from GAAP. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character.

Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short- term gains as ordinary income for tax purposes. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gain (loss) reported on the Fund financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statement of Changes in Net Assets and have been recorded to paid-in capital.

N. Sale-buyback Transactions — A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Fund are reflected in the payable for investments purchased on the Statements of Assets and Liabilities. The Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the ‘price drop’. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Fund and counterparty. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under sale-buyback transactions. Sale-buyback transactions are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”), which are agreements between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of sale-buyback transactions as of period end, if any, is disclosed in the Fund’s Schedule of Investments.

Six Circles Ultra Short Duration Fund had an average amount of borrowings outstanding during the year ended December 31, 2020 of $189,535 at a weighted average interest rate of 1.463%. Six Circles Tax Aware Short Duration Fund had an average amount of borrowings outstanding during the year ended December 31, 2020 of $165,897 at a weighted average interest rate of 1.283%.

A. Investment Advisory Fees — The Adviser serves as the Funds’ investment adviser pursuant to an investment advisory agreement (the “Investment Advisory Agreement”). Under the terms of the Investment Advisory Agreement, the Adviser generally manages the Funds’ investments in accordance with the stated policies of each Fund, subject to the supervision of the Funds’ Board of Trustees. For the services provided to the Funds, the Adviser is entitled to a fee, accrued daily and paid monthly, at the annual rate of 0.25% of the average daily net assets of each Fund except Six Circles Credit Opportunities Fund. The fee for the Six Circles Credit Opportunities Fund is 0.75% of the average daily net assets.

The Adviser selects and oversees professional money managers (the “Sub-Advisers”) who are responsible for investing the assets of the Funds under sub-advisory agreements (the “Sub-Advisory Agreements”). Pursuant to each respective Sub-Advisory Agreement, the Adviser agrees to pay each Sub-Adviser a sub-advisory fee from its investment advisory fees. BlackRock Investment Management, LLC (“BlackRock”), BNY Mellon Asset Management North America Corporation, (now known as Mellon Investments Corporation) (“Mellon”), Capital International, Inc. (“Capital”), Goldman Sachs Asset Management, L.P. (“Goldman”), Nuveen Asset Management, LLC (“Nuveen”) , Pacific Investment Management Company LLC (“PIMCO”), PGIM, Inc. (“PGIM”), Wells Capital Management Incorporated (“WellsCap”), Federated Investment Management Company (“Federated”) and Lord Abbett & Co. LLC (“Lord Abbett”) currently serve as the Sub-Advisers to the Funds. The Sub-Advisers are paid a management fee by the Adviser pursuant to their individually negotiated Sub-Advisory Agreements.

As of December 31, 2020, the allocation of assets to each Sub-Adviser for the Funds was as follows:

On October 5, 2018, the Adviser entered into an agreement to allow Russell Investments Implementation Services, LLC (“Russell”) to provide stand-by interim sub-advisory services, as well as transition management services, for each Fund, to be utilized as needed in certain transitional circumstances involving a Fund Sub-Adviser. During the reporting period, the Adviser engaged Russell for transition management services to move assets between Sub-Advisers in the Global Bond Fund.

During the reporting period, the Adviser made a payment to the Six Circles U.S. Unconstrained Equity Fund of $29,806 relating to an operational error. In addition, during the reporting period, an affiliate of the Adviser made a payment to the Six Circles Tax Aware Bond Fund of $12,784, relating to a trade error.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3G and reflected on the Statement of Operations.

B. Administration and Accounting Fees — Pursuant to an Administrative Agency Agreement, Brown Brothers Harriman & Co. (the “Administrator”) provides certain administration and fund accounting services to the Funds.

C. Distribution Fees — Pursuant to a Distribution Agreement, Foreside Fund Services, LLC (the “Distributor”), will serve as the Funds’ principal underwriter and acts as the agent of the Funds’ in connection with the continuous offering of shares of each Fund. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Funds. The Distributor does not receive compensation from the Funds, but instead is compensated by the Adviser for certain distribution-related expenses.

D. Custodian — Pursuant to a Custodian Agreement, Brown Brothers Harriman & Co. serves as the custodian (the “Custodian”) for each of the Funds and is responsible for holding portfolio securities and cash and maintaining the books of account and records of portfolio transactions.

E. Transfer Agent — Pursuant to a Transfer Agency and Service Agreement, DST Asset Manager Solutions, Inc. (the “Transfer Agent”) serves as each Fund’s transfer and dividend disbursing agent. The Transfer Agent is responsible for maintaining account records, detailing the ownership of Fund shares and for crediting income, capital gains and other changes in share ownership to shareholder accounts.

F. Offering Costs — Offering costs, including professional fees, printing fees and initial registration costs, have been amortized over a period not longer than twelve months from the date the Fund commenced operations.

G. Waivers and Reimbursements — The Adviser has contractually agreed through at least the date noted in the table below, to waive any management fees that exceed the aggregate management fees the Adviser is contractually required to pay the Fund’s Sub-Advisers. Thereafter, this waiver will continue for subsequent one year terms unless terminated in accordance with its terms. Such waivers are not subject to reimbursement by the Fund. The Adviser has also contractually agreed through at least the date noted in the table below, to reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, if any, dividend and interest expenses related to short sales, brokerage fees, interest on borrowings, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the following percentages of the average daily net assets of each Fund (the “Expense Cap”):

An expense reimbursement by the Fund’s Adviser is subject to repayment by the Fund only to the extent it can be made within thirty-six months following the date of such reimbursement by the Adviser. Repayment must be limited to amounts that would not cause the Fund’s operating expenses (taking into account any reimbursements by the Adviser and repayments by the Fund) to exceed the Expense Cap in effect at the time of the reimbursement by the Adviser or at the time of repayment by the Fund. This expense reimbursement is in effect through the dates noted above, at which time the Adviser and/or its affiliates will determine whether to renew or revise it.

For the year ended December 31, 2020, the Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and the Six Circles Credit Opportunities Fund recouped all eligible expenses during the period. The Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and the Six Circles Credit Opportunities Fund recouped $252,000, $225,000 and $214,000 respectively.

H. Cross Trades — The Funds may participate in purchase and sale transactions with other Six Circles Funds. These cross trades are executed in accordance with procedures adopted by the Trust’s Board and comply with Rule 17a-7 of the 1940 Act, which require, among other things, that such cross trades be effected at the independent current market price of the security. During the year ended December 31, 2020, the aggregate value of purchases and sale cross trades with other Six Circles Funds were as follows (amounts in thousands):

During the year ended December 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Since the Funds are non-diversified, they may invest a greater percentage of their assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Funds` shares being more sensitive to economic results among those issuing the securities.

The Six Circles Ultra Short Duration Fund, Six Circles International Unconstrained Equity Fund and Six Circles Global Bond Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period depending on the Funds. Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of December 31, 2020, the Six Circles Ultra Short Duration Fund had non-U.S. country allocations representing greater than 10% of Net Assets allocated as follows:

As of December 31, 2020, the Six Circles International Unconstrained Equity Fund had non-U.S. country allocations representing greater than 10% of Net Assets as follows:

As of December 31, 2020, the Six Circles Global Bond Fund had non-U.S. country allocations representing greater than 10% of Net Assets allocated as follows:

As of December 31, 2020, a significant portion of the Six Circles International Unconstrained Equity and Six Circles Global Bond Funds’ net assets consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Global Bond Fund are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and Six Circles Credit Opportunities Fund may be subject to leveraging risk, which is the risk that certain transactions of the Fund, such as loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and Six Circles Credit Opportunities Fund may invest in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds”). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.

Six Circles Credit Opportunities Fund may invest a substantial portion of the Fund’s total assets in below investment grade credit instruments including “high-yield” instruments (also known as “junk bonds”) and “distressed” debt instruments.

The Funds are subject to the risk that, should the Funds decide to sell an illiquid investment when a ready buyer is not available at a price the Funds deem to be representative of its value, the value of the Funds’ net assets could be adversely affected.

The Six Circles Credit Opportunities Fund invests in Loan Assignments. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a Fund may not receive the proceeds from a sale of such investments for a period after the sale. Certain loan assignments are also subject to the risks associated with high yield securities described above.

The value of the Funds’ investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of this pandemic on public health and business and market conditions may continue to have a significant negative impact on the performance of the Funds’ investments, increase the Funds’ volatility, exacerbate pre-existing political, social and economic risks to the Fund, and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may contribute to the negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on the Funds’ investment performance. The full impact of the COVID-19 pandemic, or other future epidemics or pandemics, is currently unknown.

The Funds may also invest in shares of other investment companies and ETFs. ETFs are ownership interests in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks designed to track the price performance and dividend yield of a particular broad-based, sector or international index. ETFs include a wide range of investments. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another investment company or ETF. The Fund is subject to the risks associated with the ETF’s or investment company’s investments. ETFs, investment companies and other investment vehicles that invest in commodities or currencies are subject to the risks associated with direct investments in commodities or currencies. The price and movement of an ETF or closed-end fund designed to track an index may not track the index and may result in a loss. In addition, closed-end funds that trade on an exchange often trade at a price below their net asset value (also known as a discount). Certain ETFs or closed-end funds traded on exchanges may be thinly-traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed each Fund’s original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap contracts and forward foreign currency exchange contracts.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Tax Aware Bond Fund invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Fund’s ability to collect principal and interest in the event of an issuer’s default may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

The London InterBank Offered Rate (“LIBOR”) is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020 were as follows (amounts in thousands):

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in swap contracts, mark-to market of forward foreign currency contracts, mark to market of futures contracts, REITs, straddle loss deferrals, wash sale loss deferrals, contingent debt obligation investments, debt to equity perpetual bond investments and mark-to market investments in passive foreign investment companies (“PFICs”).

The tax character of distributions paid during the year ended December 31, 2020 was as follows (amounts in thousands):

The tax character of distributions paid during the year ended December 31, 2019 was as follows (amounts in thousands):

As of December 31, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

As of December 31, 2020, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):

During the year ended December 31, 2020, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

Specified ordinary losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended December 31, 2020, the Funds deferred to January 1, 2021 the following specified ordinary losses of (amounts in thousands):

The Six Circles International Unconstrained Equity Fund has calculated an excise tax liability in the amount of $20,054 associated with the December 31, 2020 year end Federal income tax calculation.

As of December 31, 2020, Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and Six Circles Credit Opportunities Fund each had one affiliated omnibus account for the benefit of its clients which owned 100% of its outstanding shares.

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. Management expects that the adoption of this guidance will not have a material impact on the Funds’ financial statements.

The Funds have evaluated subsequent events through the date of issuance of this report and have determined that there are no material events that need disclosure.

To the Board of Trustees of Six Circles Trust and Shareholders of each of the seven funds listed in the table below

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds listed in the table below (seven of the funds constituting Six Circles Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2020, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

We have served as the auditor of one or more investment companies in the Six Circles Trust complex since 2018.

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each fund at the beginning of the reporting period, July 1, 2020 and for Six Circles Credit Opportunities Fund the beginning of reporting period is August 19, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

Actual Expenses

For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, 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 first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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 the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2020:

The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. We recommend that you consult with your tax adviser to determine if any portion of the dividends you received is exempt from state income taxes.

The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax adviser regarding the appropriate treatment of foreign taxes paid.

Board Review and Initial Approval of Advisory and Sub-Advisory Agreements for the Credit Opportunties Fund

The Board of Trustees (the “Board” or the “Trustees”) of the Six Circles Trust (the “Trust”), including the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended, the “1940 Act”) of J.P. Morgan Private Investments Inc. (“JPMPI” or the “Adviser”), the Sub-Advisers (as defined below) or their affiliates (the “Independent Trustees”), as part of the Board’s quarterly meeting for the Trust, met on June 30, 2020 (the “Meeting”) to consider and approve (i) the proposed amendment to the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, and JPMPI to add the Six Circles Credit Opportunities Fund (the “Fund”), a new series of the Trust; (ii) the proposed amendment to the Sub-Advisory Agreement between JPMPI and BlackRock Investment Management, LLC (“BlackRock”) to add the Fund, as well as new Sub-Sub-Advisory Agreement between BlackRock and its affiliate, BlackRock International Limited (together, “BlackRock”) with respect to the Fund; the proposed amendment to the Sub-Advisory Agreement between JPMPI and PGIM, Inc. (“PGIM”) to add the Fund, as well as a new Sub-Sub-Advisory Agreement between PGIM and its affiliate, PGIM Ltd. (together, “PGIM”) with respect to the Fund; the proposed Sub-Advisory Agreement between JPMPI and Federated Investment Management Company (“Federated”) with respect to the Fund, (each a “Sub-Advisory Agreement” and together, the “Sub-Advisory Agreements”); and (iii) the proposed Interim Sub-Advisory Agreement between JPMPI and Russell Investments Implementation Services, LLC (the “Interim Agreement” and, together with the Sub-Advisory Agreements and the Advisory Agreement, the “Agreements”) each for an initial term of two years. At the Meeting, the Board, including the Independent Trustees, unanimously approved the Advisory Agreement, the Sub-Advisory Agreements and the Interim Agreement.

Materials Requested Prior to Meeting. Prior to the Meeting, Ropes & Gray LLP (“Ropes & Gray”), counsel to the Independent Trustees, had prepared letters on behalf of the Independent Trustees requesting detailed information from JPMPI and each Sub-Adviser in connection with the proposed Advisory Agreement, the Sub-Advisory Agreement and the Interim Agreement in an effort to observe the requirement under Section 15(c) of the 1940 Act that the Trustees request and evaluate, and that the investment adviser and sub-advisers furnish, such information as may be necessary to evaluate the terms of the proposed agreements. JPMPI and each Sub-Adviser responded to the information requests and provided memoranda and related materials and information for consideration by the Trustees, which were included in the materials for the Meeting (together, the “15(c) Materials”). Following receipt and review, the Independent Trustees and their counsel, Ropes & Gray, held a separate conference call to consider the 15(c) Materials and related proposed advisory, sub-advisory, and interim

sub-advisory arrangements in anticipation of the upcoming in person Meeting.

Set forth below is a summary of the material factors evaluated by the Trustees that formed the basis for the Board’s approval of the Advisory Agreement, the Sub-Advisory Agreements and the Interim Agreement. The Trustees’ conclusions as to the approval of the Agreements were based on a comprehensive consideration of all information provided to the Trustees. In deciding to approve the Advisory Agreement, and the Sub-Advisory Agreements and the Interim Agreement, the Board did not identify any single factor or particular information that, in isolation, was controlling. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors.

Materials Reviewed. In considering the approval of (i) an amendment to the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust and J.P. Morgan Private Investments Inc. (“JPMPI” or the “Adviser”) to add the Six Circles Credit Opportunities Fund (the “Fund”); (ii) an amendment to the Sub-Advisory Agreement between JPMPI and BlackRock Investment Management, LLC (“BlackRock”) to add the Fund, as well as new Sub-Sub-Advisory Agreements between BlackRock and its affiliate, BlackRock International Limited (together, “BlackRock”) with respect to the Fund; (iii) an amendment to the Sub-Advisory Agreement between JPMPI and PGIM, Inc. with respect to the Fund, as well as a new Sub-Sub-Advisory Agreement between PGIM Inc. and its affiliate, PGIM Ltd. (together, “PGIM”) with respect to the Fund; (iv) a new Sub-Advisory Agreement between JPMPI and Federated Investment Management Company (“Federated”) with respect to the Fund; and (v) an amendment to the Interim Sub-Advisory Agreement between JPMPI and Russell Investments Implementation Services LLC (“RIIS”) as stand-by Interim Sub-Advisor, and an amendment to the Implementation Services Agreement between JPMPI and RIIS, each to add the Fund; each of BlackRock, PGIM, Federated and RIIS are referred to herein as a “Sub-Adviser” and, together, the “Sub-Advisers”, the Trustees took into account the wide variety of materials relating to the services to be provided by JPMPI and the Sub-Advisers provided prior to and during the Meeting, the presentations made during the Meeting, and the extensive discussions during the Meeting. It was noted that RIIS, as Interim Sub-Adviser, is not expected to be an active Sub-Adviser on day one of the Fund’s operations. The Trustees reviewed information relating to, among other things, proposed operations, including the compliance programs of JPMPI and the Sub-Advisers, valuation, and other information related to personnel of JPMPI and the Sub-Advisers who would be providing investment management services to the Fund. They also reviewed comparative fee information prepared by Broadridge, and a memorandum provided by Independent Trustee Counsel

regarding the responsibilities of the Trustees in considering the approval of advisory and sub-advisory agreements.

Representatives of JPMPI and the Sub-Advisers also participated in the Meeting, at which the Trustees discussed the proposed arrangements with the Adviser and the Sub-Advisers. The Independent Trustees also discussed the proposed Advisory Agreement and Sub-Advisory Agreements in an executive session of the Meeting with Independent Trustee Counsel at which no representatives of JPMPI and the Sub-Advisers were present.

Review Process. In connection with the approval of the Advisory Agreement and the Sub-Advisory Agreements, the Trustees reviewed written materials provided by JPMPI, which included, among other things, comparative fee data prepared by Broadridge, an independent provider of investment company performance and fee and expense data. The Trustees also requested and received assistance and advice regarding applicable legal standards from Independent Trustee Counsel. The Trustees additionally considered the written information provided by JPMPI and the Sub-Advisers in response to the Trustees’ requests for information, and other information provided by JPMPI. The Trustees also heard oral presentations on matters related to the Advisory Agreement and the Sub-Advisory Agreements, as well as related arrangements from representatives of JPMPI and RIIS. In deciding to approve the Advisory Agreement and Sub-Advisory Agreements, the Trustees did not identify any single factor or particular information that, in isolation, was controlling.

Nature, Extent and Quality of Services. The Trustees considered the depth and quality of the investment management process of JPMPI and each of the Sub-Advisers, including for each entity, the experience and capabilities of its senior management, investment and other personnel, and the overall financial strength and stability of the organizations. The Trustees also considered the nature, extent and quality of the various services that JPMPI would provide under the Advisory Agreement. The Trustees also noted JPMPI’s commitment to investing in information technology, supporting compliance, as well as JPMPI’s continuing efforts to attract and retain qualified personnel and to maintain and enhance its resources and systems. The Trustees considered its review of JPMPI’s policies, procedures and systems to assure compliance with applicable laws and regulations and to conduct effective oversight of each sub-adviser; and its processes to keep the Trustees informed about matters relevant to the Fund and their shareholders.

Similarly, the Trustees considered the sub-advisory services proposed to be provided by each Sub-Adviser to the Fund. The Trustees also considered information about the investment personnel of BlackRock, PGIM, Federated and RIIS that would be responsible for providing services under the Sub-Advisory Agreements. For each of BlackRock, PGIM, Federated and RIIS, the Trustees reviewed the nature and quality of the investment

management, trading, risk management, compliance capabilities and resources, research capabilities, and the experience and capabilities of its portfolio management personnel, and the overall financial strength of each organization. The Trustees noted the certificates received from JPMPI and the Sub-Advisers regarding both their compliance programs and codes of ethics, which noted that that each of JPMPI, BlackRock, PGIM, Federated and RIIS had compliance policies and procedures in place that were reasonably designed to prevent violations of the federal securities laws with respect to the services provided by them and had each adopted a code of ethics that included provisions reasonably necessary to prevent access persons from (i) engaging in certain specified conduct and (ii) violating the code of ethics.

Ultimately, the Trustees concluded that the nature, extent and quality of services proposed to be provided by each of JPMPI, BlackRock, PGIM, Federated and RIIS under the Advisory Agreement, and the Sub-Advisory Agreements, respectively, were likely to benefit the Fund and their shareholders.

Investment Performance. Since the Fund had not yet commenced operations, the Trustees did not receive or consider investment performance information related to the Fund. The Trustees considered the manner in which the Adviser, and each of BlackRock, PGIM, Federated and RIIS proposed to manage the Fund or particular sleeves of the Fund, as well as each of BlackRock, PGIM, Federated and RIIS’s performance records in managing accounts similar to the strategies they will use to manage their respective sleeves of the Fund, as applicable, as described in the Meeting Materials. The Trustees also discussed the background and experience of each of BlackRock, PGIM, Federated and RIIS and their personnel. The Trustees concluded that based on the experience of the Adviser, each of BlackRock, PGIM, Federated and RIIS, the Adviser had a reasonable expectation of delivering acceptable performance to shareholders of the Funds.

Advisory Fees and Total Expenses. JPMPI reported to the Trustees that, in proposing fees and expenses for the Fund, JPMPI considered a number of factors, including the type and complexity of the services to be provided, the estimated cost of providing services, the risk assumed by JPMPI in the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to prospective investors in the Fund. In setting this contractual fee, JPMPI reported to the Trustees that they looked at peer data for comparative funds, and determined what fee level would be appropriate in light of its services and the services of the proposed sub-advisers, taking into account that, notwithstanding the low fees JPMPI had negotiated with the Funds’ proposed sub-advisers for the initial high yield strategies, JPMPI might need additional fee flexibility should more complex or expensive sub-adviser strategies be introduced for the Fund in

the future (while noting that JPMPI would not be retaining any excess fees due to the waiver discussed below).

The Trustees next reviewed the proposed advisory fee schedule under the Advisory Agreement and Sub-Advisory Agreements for the Fund. The Trustees noted that the Adviser had: 1) agreed to contractually waive any advisory fees that exceeded the aggregate advisory fees JPMPI is contractually required to pay to the Sub-Advisers, and (2) agreed to contractually reimburse expenses for the Fund to the extent the total expense ratio the Fund exceeded a certain specified limit. The Trustees considered how these agreements would affect the expenses borne by shareholders.

The Trustees reviewed the proposed advisory fee and estimated total expenses of the Fund (each as a percentage of average net assets) and compared such amounts with the average and median fees and expense levels of other similar funds. With respect to advisory fees, the Trustees reviewed data from Broadridge that compared the average and median advisory fees of other funds in a peer group of comparable funds. The Trustees compared the Fund’s estimated total expenses to other funds in the applicable peer group provided by Broadridge and found the total expenses of the Fund to be reasonable. The Trustees noted that the Broadridge information showed that the proposed advisory fee for the Fund was in the middle range of the applicable Broadridge peer group and universe. They further noted that the estimated total expense ratio for the Fund was also within the lower range of total expenses, when taking into account the proposed fee waiver and expense reimbursement arrangements for the Fund. The Trustees also found the proposed fees to be paid by JPMPI to BlackRock, PGIM, Federated and RIIS’s to be reasonable, noting that the Fund will not pay the fees to the Sub-Advisers directly, but that JPMPI will compensate them out of the advisory fee it receives from the Fund. The Trustees noted the Adviser’s views regarding the limitations of fee comparisons to separately managed accounts in light of the differences in services provided to the Fund as compared to those provided to separately managed accounts. Additionally, the Trustees noted the most-favored nation provisions agreed to by BlackRock, PGIM, Federated and RIIS, which should help ensure the sub-advisory fee rates charged are at least equal to the range of fees charged to similar clients.

Based on the information presented by JPMPI, BlackRock, PGIM, Federated and RIIS and Broadridge, the Trustees determined that the level of the advisory fees to be charged by JPMPI, the level of the sub-advisory fees to be paid by JPMPI to BlackRock, PGIM, Federated and RIIS, as well as the estimated total expenses of the Fund, are reasonable, fair and equitable and that approval of the Advisory Agreement and Sub-Advisory Agreements would likely benefit the Fund and its shareholders.

Adviser Costs, Level of Profits and Economies of Scale. As the Fund is newly organized, information regarding JPMPI’s and the Sub-Advisers’ actual costs in providing services to the Fund was not available.

The Trustees considered the estimated profits to be realized by the Adviser in connection with the operation of the Fund as well as the estimated profits to be realized by the Sub-Advisers in connection with the operation of the Fund based on profitability estimates included in the Meeting Materials, and whether the amount of estimated profit represented a fair entrepreneurial profit for the management of the Fund. In doing so, the Trustees also took into account the entrepreneurial and business risk JPMPI will undertake as investment manager and sponsor of the Funds. The Trustees also considered the Fund’s estimated operating expenses and the expected impact of the proposed expense limitation agreement and fee waiver agreement to be observed by JPMPI on the Adviser’s estimated profits. The Trustees noted that JPMPI did not expect to be profitable with respect to the Fund. The Trustees also noted that JPMPI had no current plans to utilize RIIS as interim sub-adviser for the Fund as of the date thereof, or what level of assets might be managed by RIIS over any particular time period. Accordingly, it was noted that RIIS’s profitability with respect to its sub-advisory services on behalf of the Fund could not reasonably be estimated at this time.

The Trustees further noted that the proposed advisory fee rates to be paid to JPMPI do not have break points, but that, due to the proposed fee waiver arrangements, JPMPI will not retain any portion of the advisory fees paid by the Fund. The Adviser has negotiated break points with the Sub-Advisers to take advantage of anticipated growth of the Fund.

Ultimately, the Trustees concluded that the Fund’s proposed fee and expense structure is reasonable, fair and equitable.

Ancillary Benefits. The Trustees next considered whether the Adviser, BlackRock, PGIM, Federated and RIIS or any of their affiliates may receive other benefits as a result of the proposed relationship with the Trust or the Fund. The Trustees considered that the Adviser was not affiliated with any of the Fund’s proposed service providers, and therefore would not benefit from those contractual relationships. The Trustees additionally considered that BlackRock, PGIM, Federated and RIIS were not affiliated with any of the Fund’s proposed service providers, and therefore would not benefit from those contractual relationships. The Trustees also considered portfolio trading practices of RIIS, noting the relatively low trading costs that RIIS expects to incur in completing portfolio transactions for the Fund. Additionally, the Trustees considered that RIIS may receive ancillary benefits of potentially receiving fees from serving as transition manager to the Fund under the Implementation Services Agreement between the Adviser and RIIS, but noted that those possible fees are not contingent on RIIS serving as an interim sub-adviser and would be for services

that are distinct from RIIS sub-advisory services. The Trustees also considered the proprietary nature of the Fund and whether any benefit would result to the Adviser by placing assets of J.P. Morgan managed account clients into the Fund and existing Funds. The Trustees also considered portfolio trading practices, noting that while the Adviser was affiliated with a broker-dealer, the broker-dealer affiliate would not execute portfolio transactions on behalf of the Fund and would not receive the benefit of research provided by any such broker-dealer.

Additionally, the Trustees considered that J.P. Morgan will receive the ancillary benefit of collecting fees from J.P. Morgan accounts that invest in the Fund, and that although the Fund are not expected to be profitable to JPMPI because JPMPI will not retain any management fees from the Funds, that J.P. Morgan may be profitable with respect to the assets invested in the Fund as part of J.P. Morgan’s overall managed account program, although the managed account fees are product agnostic (i.e., J.P. Morgan would be paid fees on those managed account assets regardless of whether they were invested in the Fund or another investment product). Taking these considerations into account, the Trustees concluded that the Adviser, BlackRock, PGIM, Federated and RIIS and their affiliates would not receive collateral benefits that would materially affect the reasonableness of the proposed advisory fees under the proposed Advisory Agreement and Sub-Advisory Agreements.

Conclusions. Having requested and received such information from the Adviser, BlackRock, PGIM, Federated and RIIS as the Trustees believed to be reasonably necessary to evaluate the terms of the proposed Advisory Agreement and Sub-Advisory Agreements, the Trustees, including the Independent Trustees, unanimously concluded that the proposed advisory fee and sub-advisory fee structures were reasonable and, in light of the matters that the Trustees had considered to be relevant in the exercise of their reasonable judgment, approved the Advisory Agreement and Sub-Advisory Agreements for an initial term of two years.

Board Review and Approval of Lord Abbett Sub-Advisory Agreement for the Credit Opportunties Fund

years. At the Meeting, the Board, including the Independent Trustees, unanimously approved the Proposed Sub-Advisory Agreement.

Materials Reviewed. In considering the approval of the Proposed Sub-Advisory Agreement with Lord Abbett for the Fund, the Board took into account the wide variety of materials relating to the services to be provided by Lord Abbett provided prior to and during the Meeting, the presentations made during the Meeting, and the extensive discussions during the Meeting. The Board reviewed information relating to, among other things, proposed investment management services to be provided by Lord Abbett to the Fund, including the compliance program of Lord Abbett and other information related to personnel of Lord Abbett that would be providing investment management services to the Fund. Among other items, the Board discussed a memorandum prepared by independent legal counsel regarding the responsibilities of the Board in approving advisory and Sub-Advisory agreements and information regarding Lord Abbett personnel who would be providing investment management services to the Fund.

Review Process. In connection with the approval of the Proposed Sub-Advisory Agreement, the Board reviewed written materials provided by Lord Abbett. The Board also requested and received assistance and advice regarding applicable legal standards from independent legal counsel. The Board additionally considered the written information provided by Lord Abbett in response to the Board’s request for information. The Board also heard oral presentations on matters related to the Proposed Sub-Advisory Agreement. In deciding to approve the Proposed Sub-Advisory Agreement, the Board did not identify any single factor or particular information that, in isolation, was controlling.

Nature, Extent and Quality of Services. The Board considered the depth and quality of the investment management process of Lord Abbett to be used for the Fund, including the experience and capabilities of its senior management, investment and other personnel, and the overall financial strength and stability of the organization. The Board considered the sub-advisory services proposed to be provided by Lord Abbett to the Fund. The Board also considered information about Lord Abbett’s investment personnel responsible for providing services under the Proposed Sub-Advisory Agreement. The Board reviewed the nature and quality of Lord Abbett’s investment management, trading, risk management, compliance capabilities and resources, research capabilities, and the experience and capabilities of its portfolio management personnel, and the overall financial strength of the organization. The Board noted the certificates received from Lord Abbett regarding both its compliance program and code of ethics, which noted that Lord Abbett has compliance policies and procedures in place that are reasonably designed to prevent violations of the federal securities laws with respect to the services provided by

Lord Abbett and that Lord Abbett has adopted a code of ethics that includes provisions reasonably necessary to prevent access persons from: (i) engaging in certain specified conduct; and (ii) violating the code of ethics.

Ultimately, the Board concluded that the nature, extent and quality of services proposed to be provided by Lord Abbett under the Proposed Sub-Advisory Agreement were likely to benefit the Fund and its shareholders.

Investment Performance. Since the Fund had not yet utilized Lord Abbett’s sub-advisory services, the Board did not receive or consider investment performance information related to the Fund’s performance with Lord Abbett as a Sub-Adviser. The Board considered the manner in which Lord Abbett proposed to manage a particular sleeve of the Fund, as well as Lord Abbett’s performance records in managing accounts similar to the strategy it will use to manage its respective sleeve of the Fund, as described in the Meeting materials. The Board also discussed the background and experience of Lord Abbett and its personnel. The Board concluded that based on the experience of Lord Abbett, Lord Abbett had a reasonable expectation of delivering acceptable performance to shareholders of the Fund.

Advisory Fees and Total Expenses. The Adviser reported to the Board that, in proposing the sub-advisory fees to be paid to Lord Abbett by the Adviser for the Fund, the Adviser considered a number of factors, including the type and complexity of the services to be provided, the estimated cost of providing services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to prospective investors in the Fund.

The Board also reviewed the proposed sub-advisory fee schedule under the Proposed Sub-Advisory Agreement for the Fund. The Board noted that the Adviser had agreed to contractually waive any advisory fees that exceeded the aggregate advisory fees the Adviser is contractually required to pay to the Sub-Advisers. The Board considered how these agreements would affect the expenses borne by Fund shareholders with respect to the Proposed Sub-Advisory Agreement.

The Board found the fees to be paid by the Adviser to Lord Abbett to be reasonable. In doing so, they noted that the Fund will not pay the fees to Lord Abbett directly, but that the Adviser will compensate Lord Abbett out of the advisory fee it receives from the Fund. The Board noted the funds advised by Lord Abbett with similar investment objectives and strategies as the sleeve of the Fund to be managed by Lord Abbett, noting the Adviser’s views regarding the limitations of fee comparisons to other funds and accounts that are not registered under

the Investment Company Act of 1940, as amended (the “1940 Act”), in light of the differences in services provided to the Fund compared to those provided to other funds and other accounts that are not registered under the 1940 Act. Further, the Board noted the limitations of fee comparisons to other funds for which Lord Abbett serves as primary investment adviser, as opposed to fees charged to funds that Lord Abbett sub-advises, in light of the differences in sub-advisory services provided to the Fund compared to those provided to other funds for which Lord Abbett serves as primary adviser. Additionally, the Board noted the most-favored nation provision agreed to by Lord Abbett in the Proposed Sub-Advisory Agreement, which it determined should help ensure that the sub-advisory fee rates paid to Lord Abbett with respect to the Fund are no greater than the range of fees it charges to similar clients.

Based on the information presented by Lord Abbett and the Adviser, the Board determined that the level of the sub-advisory fees to be paid by the Adviser to Lord Abbett are reasonable, fair and equitable and that approval of the Proposed Sub-Advisory Agreement would likely benefit the Fund and its shareholders.

Adviser Costs, Level of Profits and Economies of Scale. As the Fund had not yet utilized Lord Abbett’s sub-advisory services, information regarding Lord Abbett’s costs in providing services to the Fund was not available. The Board further noted that the sub-advisory fees paid to Lord Abbett have breakpoints, which may help to reflect economies of scale.

Ancillary Benefits. The Board next considered whether Lord Abbett may receive other benefits as a result of Lord Abbett’s proposed relationship with the Trust or the Fund. The Board considered that Lord Abbett was not affiliated with any of the Fund’s service providers, and therefore would not benefit from those contractual relationships. Taking these considerations into account, the Board concluded that Lord Abbett would not receive collateral benefits that would materially affect the reasonableness of the proposed sub-advisory fee under the Proposed Sub-Advisory Agreement.

Conclusions. Having requested and received such information from Lord Abbett as the Board believed to be reasonably necessary to evaluate the terms of the Proposed Sub-Advisory Agreement, the Board, including the Independent Trustees, unanimously concluded that the proposed sub-advisory fee structure was reasonable and, in light of the matters that the Board had considered to be relevant in the exercise of its reasonable judgment, approved the Proposed Sub-Advisory Agreement for an initial term of two years.

The names of the Trustees of the Trust, together with information regarding their year of birth, the year each Trustee first became a Board member of the Trust, principal occupations and other board memberships, including those in any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”) or subject to the requirements of Section 15(d) of the Securities Exchange Act or any company registered as an investment company under the 1940 Act, are shown below. The contact address for each of the Trustees is 383 Madison Avenue, New York, NY 10179.

The Trust’s executive officers (listed below) generally are employees of the Adviser or one of its affiliates. The officers conduct and supervise the business operations of the Trust. The officers hold office until a successor has been elected and duly qualified. The Trust has no employees. The names of the officers of the Funds, together with their year of birth, information regarding their positions held with the Trust and principal occupations are shown below. The contact address for each of the officers, unless otherwise noted, is 383 Madison Avenue, New York, NY 10179.

For more complete information about the Funds, including the Funds’ objectives, risks, charges and expenses, call your J.P. Morgan team or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully. An investment in these Funds and any other Fund is not designed to be a complete investment program. The Funds are NOT designed to be used as a stand-alone investments. J.P. Morgan is committed to making our products and services accessible to meet the financial services needs of all our clients. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance.

The Six Circles Funds are distributed by Foreside Fund Services, LLC a member of FINRA.

Contact Six Circles Funds collect at 1-212-464-2070 for a fund prospectus. You can also visit us at www.sixcirclesfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the Six Circles Funds before investing. The prospectus contains this and other information about the Six Circles Funds. Read the prospectus carefully before investing.

The Six Circles Funds file complete schedules of their fund holdings for the first and third quarters of their fiscal year with the SEC on Form N-PORT. The Six Circles Funds’ Forms N-PORT are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the Six Circles Funds’ website at www.sixcirclesfunds.com/literature.

A description of the Six Circles Funds’ policies and procedures with respect to the disclosure of the Six Circles Funds’ holdings is available in the prospectuses and Statements of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling collect 1-212-464-2070 or on the Six Circles Funds’ website at www.sixcirclesfunds.com. A description of such policies and procedures is in the Statement of Additional Information available on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser, and the Adviser in turn has delegated such authority to the Sub-Advisers. A copy of the Six Circles Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Six Circles Funds’ website at www.sixcirclesfunds.com no later than August 31 of each year. The Six Circles Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

Beginning on February 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Six Circles Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund. Instead, the reports will be made available on the Funds’ website (www.sixcirclesfunds.com/literature), and you or your J.P. Morgan representative, as applicable, will be notified by mail each time a report is posted and provided with a website link to access the report.

Dear Shareholder,

Introducing Six Circles Credit Opportunities Fund

In the Semi-Annual Report for the Funds, you learned that we had expanded the Six Circles Fund family to include Six Circles Global Bond Fund and Six Circles Tax Aware Bond Fund. Since

then, we have further grown our suite of Funds to include Six Circles Credit Opportunities Fund, which seeks to provide total return by investing mainly in global fixed income opportunities, including below investment-grade debt and other tactical credit opportunities.

Wishing you all the best in 2021.

Sincerely,

LOGO

Mary Savino

President, Six Circles Funds

INVESTMENT OBJECTIVES AND STRATEGY**

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (the “Fund”) seeks to provide capital appreciation. Invests at least 80% of its net assets in equity securities issued by U.S. companies and other instruments with economic characteristics similar to equity securities issued by U.S. companies. The Fund is generally unconstrained by any particular capitalization, style or industry sector.

INVESTMENT APPROACH

J.P. Morgan Private Investments Inc., the Fund’s investment adviser (“JPMPI” or the “Adviser”), actively allocates the Fund’s investments among a range of indexed investment strategies that are managed by the current sub-adviser, BlackRock Investment Management, LLC (the “Sub-Adviser” or “BlackRock”). For each indexed investment strategy, the Sub-Adviser seeks to replicate the performance of an index or sub-index selected by the Adviser. The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary Managed Equity Portfolios managed by JPMPI or its affiliates (the “Portfolios”). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the broader Portfolios. As such, the Fund’s allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

During the period January 1, 2020 through December 31, 2020 (the “reporting period”), the Fund posted a positive return on an absolute basis, and outperformed relative to the MSCI USA

Index (the “Index”). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely-recognized index.

Health Care, Consumer Staples, Industrials and Communication Services sectors comprised approximately 60% of the Fund’s sector exposure on a look-through basis at the end of the reporting period, and were the Fund’s largest sector overweights relative to the Index. During the reporting period, Health Care, Industrials and Communications Services contributed to the Fund’s performance on an absolute basis as well as relative to the Index, while Consumer Staples detracted.

Consumer Discretionary and Financials sectors comprised approximately 10% of the Fund’s sector exposure on a look-through basis at the end of the reporting period, and were the Fund’s largest sector underweights relative to the Index. During the reporting period, Consumer Discretionary contributed to the Fund’s performance, while Financials detracted from the Fund’s performance on an absolute basis. Both the sectors contributed positive performance relative to the Index.

The allocation to Dividend Growth, which the Adviser initiated as a way to obtain exposure to companies capable of consistently raising their dividend payments, was the largest detractor from the Fund’s return on an absolute basis during the reporting period. The Adviser eliminated the allocation to Dividend Growth during the reporting period.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund was allocated to fifteen strategies managed by one Sub-Adviser, across various sector and sub-industry exposures as follows:


PORTFOLIO ALLOCATION***
USA	21	%
U.S. Pharmaceuticals	12
U.S. Interactive Media & Services	11
U.S. Software	10
U.S. Air Freight & Logistics	8
U.S. Machinery	7
U.S. Beverages	5
U.S. Semi & Semi Equipment	5
U.S. Internet Retail	4
U.S. Tech Hardware Equipment	4
U.S. Tobacco	4
U.S. Information Technology	3
U.S. Automobiles	2
U.S. Biotechnology	2
U.S. Home Entertainment Software	2

The Adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

***

Percentages are based on total investments as of December 31, 2020. The portfolio allocation is subject to change.

Allocation to USA, which was approximately 21% of the Fund as of December 31, 2020, provides what the Adviser believes to be an ability to tactically allocate broad U.S. large cap exposure and use as a potential funding source for future targeted allocations.

Allocations to U.S. Pharmaceuticals and U.S. Biotechnology comprised approximately 14% of the Fund as of December 31, 2020, and provide what the Adviser believes is an opportunity as the market may be overestimating the risks potential policy changes would have, given the industry’s long-term growth tailwinds.

December 31, 2020. The Adviser believes in the opportunities available in the cloud market and sees potential for continued strength in earnings growth.

Allocations to U.S. Software and U.S. Internet Retail provide what the Adviser believes is a multi-year opportunity for the leaders in this space to take advantage of businesses shifting workloads onto Cloud platforms. These exposures comprised approximately 14% of the Fund as of December 31, 2020.

The Adviser believes that allocation to U.S. Air Freight & Logistics has benefited from COVID-19 given e-commerce networks. This allocation comprised approximately 8% of the Fund as of December 31, 2020.

Allocation to U.S. Technology Hardware Storage & Peripherals, which allows the Adviser to access specific exposures within the Technology sector, was approximately 4% of the Fund as of December 31, 2020.

Allocation to U.S. Tobacco comprised approximately 4% of the Fund as of December 31, 2020, reflecting what the Adviser believes to be a defensive sub-industry exposure, within the context of the broader Portfolios.

Allocation to U.S. Information Technology, which allows the Adviser to access specific exposures within the Technology sector, was approximately 3% of the Fund as of December 31, 2020.

The Adviser believes that allocation to U.S. Automobiles helps target direct exposure to a concentrated segment of the market that the Adviser has conviction in. This allocation comprised approximately 2% of the Fund as of December 31, 2020.

Allocation to U.S. Home Entertainment Software comprised approximately 2% of the Fund as of December 31, 2020, reflecting the Adviser’s belief that strong secular tailwinds and high barrier to entry could allow companies within this index to outperform.


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	1 Year			Since Inception (April 10, 2019)
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund		29.09	%		44.45	%

GROWTH OF $10,000 REPORT (04/10/19 to 12/31/20)

LOGO

¹⁾	Presented percentages may not sum to 100% due to rounding to the nearest percent. The above Sector allocation uses The Global Industry Classification Standard (GICS^®) and may differ from categories listed within the Schedule of Investments.

The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.33% and 0.11% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.

The Fund commenced operations on April 10, 2019.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and the MSCI USA Index from April 10, 2019 to December 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the U.S. market. With 627 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the United States. Investors cannot invest directly in an index.

shares.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

INVESTMENT OBJECTIVES AND STRATEGY**

Six Circles Managed Equity Portfolio International Unconstrained Fund (the “Fund”) seeks to provide capital appreciation. Invests at least 80% of its net assets in equity securities and other instruments with economic characteristics similar to equity securities. Primarily invests in the equity securities of non-U.S. companies and is generally unconstrained by any particular capitalization, style or sector or non-U.S. country.

INVESTMENT APPROACH

J.P. Morgan Private Investments Inc., the Fund’s investment adviser (“JPMPI” or the “Adviser”), actively allocates the Fund’s investments among a range of indexed investment strategies that are managed by the current sub-adviser, BlackRock Investment Management, LLC (the “Sub-Adviser” or “BlackRock”). For each indexed investment strategy, the Sub-Adviser seeks to replicate the performance of an index or sub-index selected by the Adviser. The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary Managed Equity Portfolios managed by JPMPI or its affiliates (the “Portfolios”). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the Portfolios. As such, the Fund’s allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

During the period January 1, 2020 through December 31, 2020 (the “reporting period”), the Fund posted positive return on an

absolute basis, and outperformed the MSCI World ex USA Index (the “Index”). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, and is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely-recognized index.

Health Care, Information Technology and Utilities sectors comprised approximately 41% of the Fund’s sector exposure on a look-through basis at the end of the reporting period, and were the Fund’s largest sector overweights relative to the Index. All three sectors contributed to the Fund’s performance on an absolute basis. Relative to the Index, Information Technology and Utilities contributed, while Health Care detracted from performance.

Consumer Discretionary and Financials comprised approximately 20% of the Fund’s sector exposure on a look-through basis at the end of the reporting period, and were the Fund’s largest sector underweights relative to the Index. While Consumer Discretionary contributed, Communication Services and Financials detracted from the Fund’s performance on an absolute basis. All the three sectors detracted from the Fund’s performance relative to the Index.

The Fund’s allocation to Europe Mid Cap was the largest detractor from the Fund’s return, while allocation to Europe Metal and Mining was the largest contributor on an absolute basis during the reporting period. The allocation to Europe Mid Cap was removed by the Adviser during the reporting period.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund was allocated to ten strategies managed by one Sub-Adviser, across various sector and sub-industry exposures as follows:


PORTFOLIO ALLOCATION***
Europe Pharmaceuticals	18	%
Europe Industrials	16
Europe Insurance	15
Europe Beverages	10
European Metals & Mining	10
Europe ex-UK Utilities	9
Europe Semiconductors	8
Korea Tech Hardware, Storage & Peripherals	7
Europe Automobiles	5
Europe Integrated Oil & Gas	2

The Adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

***

Percentages are based on total investments as of December 31, 2020. The portfolio allocation is subject to change.

Allocation to Europe Industrials was approximately 16% of the Fund as of December 31, 2020 and provides an exposure that the Adviser believes was beneficial during the pandemic.

The Adviser believes that the Europe Insurance allocation allows for an implementation of an underweight to European Banks and UK Insurance, which the Adviser doesn’t have con-

viction in from a fundamental perspective. This allocation was approximately 15% of the Fund as of December 31, 2020.

Allocation to Europe Beverages was approximately 10% of the Fund’s exposure as of December 31, 2020 and reflects the Adviser’s belief that major players in this sector are going through structural changes with a potential to improve free cash flows conversion.

The allocation to Europe Metal and Mining provides what the Adviser believes is a cyclical exposure to companies with strong balance sheets. The allocation was approximately 10% of the Fund as of December 31, 2020.

The Adviser believes that allocation to Europe ex-UK utilities serves as a defensive position with exposure to renewable energy, which helps diversify against European Energy positions and provides a growth dynamic to the sector. This allocation was approximately 9% of the Fund as of December 31, 2020.

The Adviser believes that companies within the Europe Semiconductors sector have stable long term growth prospects and strong balance sheets. The sector comprised approximately 8% of the Fund as of December 31, 2020.

The allocation to Korea Technology Hardware, Storage and Peripherals provides what the Adviser believes is exposure to a strong player within the global technology supply chain. The allocation was approximately 7% of the Fund as of December 31, 2020.

Allocation to Europe Integrated Oil & Gas provides exposure to companies that the Adviser believes are at attractive valuations, and comprised approximately 2% of the Fund as of December 31, 2020.


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2020
	1 Year		Since Inception (April 10, 2019)
Six Circles Managed Equity Portfolio International Unconstrained Fund		9.25%		14.06%

GROWTH OF $10,000 REPORT (04/10/19 to 12/31/2020)

LOGO

1)	Presented percentages may not sum to 100% due to rounding to the nearest percent. The above Sector allocation uses The Global Industry Classification Standard (GICS^®) and may differ from categories listed within the Schedule of Investments.

The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.48% and 0.26% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.

The Fund commenced operations on April 10, 2019.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Managed Equity Portfolio International Unconstrained Fund and the MSCI World ex-USA Index from April 10, 2019 to December 31, 2020. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI World ex-USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI World ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries—excluding the United States. With 1016 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Investors cannot invest directly in an index.


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — 98.8%
Basic Materials — 0.4%
Chemicals — 0.3%
Air Products and Chemicals, Inc.		3		762
Albemarle Corp.		1		180
Axalta Coating Systems Ltd. (a)		2		44
Celanese Corp., Class A		1		166
CF Industries Holdings, Inc.		3		117
Dow, Inc.		10		547
DuPont de Nemours, Inc.		9		669
Eastman Chemical Co.		2		177
Ecolab, Inc.		3		700
FMC Corp.		1		149
International Flavors & Fragrances, Inc.		1		112
Linde plc, (United Kingdom)		7		1,762
LyondellBasell Industries NV, Class A		4		350
Mosaic Co. (The)		5		113
PPG Industries, Inc.		3		428
RPM International, Inc.		1		108
Sherwin-Williams Co. (The)		1		733


				7,117

Forest Products & Paper — 0.0% (g)
International Paper Co.		6		277

Iron/Steel — 0.0% (g)
Nucor Corp.		5		241
Steel Dynamics, Inc.		2		78


				319

Mining — 0.1%
Freeport-McMoRan, Inc.		18		456
Newmont Corp.		9		562

				1,018

Total Basic Materials				8,731

Communications — 18.8%

Advertising — 0.2%
Interpublic Group of Cos., Inc. (The)		6		146
Omnicom Group, Inc.		3		211
Trade Desk, Inc. (The), Class A (a)		3		2,755


				3,112

Internet — 17.2%
Alphabet, Inc., Class A (a)		43		76,036
Alphabet, Inc., Class C (a)		42		73,623
Amazon.com, Inc. (a)		26		83,299
Booking Holdings, Inc. (a)		2		5,488
CDW Corp.		7		865
Chewy, Inc., Class A (a)		1		88
eBay, Inc.		40		2,002
Etsy, Inc. (a)		7		1,313
Expedia Group, Inc.		8		1,077
F5 Networks, Inc. (a)		3		524
Facebook, Inc., Class A (a)		347		94,765


SECURITY DESCRIPTION	SHARES			VALUE($)

Internet — continued
GoDaddy, Inc., Class A (a)		3			264
IAC/InterActiveCorp. (a)		1			212
Match Group, Inc. (a)		3			444
MercadoLibre, Inc., (Argentina) (a)		1			925
Netflix, Inc. (a)		6			3,005
NortonLifeLock, Inc.		46			954
Okta, Inc., Class A (a)		2			582
Palo Alto Networks, Inc. (a)		8			2,824
Pinterest, Inc., Class A (a)		6			377
Roku, Inc., Class A (a)		1			449
Snap, Inc., Class A (a)		11			566
Twitter, Inc. (a)		115			6,205
Uber Technologies, Inc. (a)		12			606
VeriSign, Inc. (a)		2			413
Wayfair, Inc., Class A (a)		1			182
Zendesk, Inc. (a)		9			1,342
Zillow Group, Inc., Class A (a)		1			123
Zillow Group, Inc., Class C (a)		2			220


					358,773

Media — 0.5%
Altice USA, Inc., Class A (a)		3			100
Cable One, Inc.		—	(h)		105
Charter Communications, Inc., Class A (a)		2			1,166
Comcast Corp., Class A		58			3,032
Discovery, Inc., Class A (a)		3			81
Discovery, Inc., Class C (a)		5			140
DISH Network Corp., Class A (a)		3			111
FactSet Research Systems, Inc.		—	(h)		154
Fox Corp., Class A		5			141
Fox Corp., Class B		2			53
Liberty Broadband Corp., Class A (a)		—	(h)		10
Liberty Broadband Corp., Class C (a)		2			303
Liberty Global plc, (United Kingdom), Class A (a)		1			26
Liberty Global plc, (United Kingdom), Class C (a)		6			149
Liberty Media Corp.-Liberty Formula One, Class C (a)		2			95
Liberty Media Corp.-Liberty SiriusXM, Class A (a)		1			61
Liberty Media Corp.-Liberty SiriusXM, Class C (a)		2			91
News Corp., Class A		4			77
Sirius XM Holdings, Inc.		9			57
ViacomCBS, Inc., Class B		8			287
Walt Disney Co. (The) (a)		23			4,153


					10,392

Telecommunications — 0.9%
Arista Networks, Inc. (a)		3			794
AT&T, Inc.		91			2,630
CenturyLink, Inc.		12			113
Cisco Systems, Inc.		199			8,924
Corning, Inc.		36			1,301
Juniper Networks, Inc.		17			381


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — continued
Telecommunications — continued
Motorola Solutions, Inc.		8			1,335
T-Mobile US, Inc. (a)		7			954
Verizon Communications, Inc.		52			3,074

					19,506

Total Communications					391,783

Consumer Cyclical — 4.7%

Airlines — 0.0% (g)
Delta Air Lines, Inc.		3			101
Southwest Airlines Co.		3			124


					225

Apparel — 0.1%
NIKE, Inc., Class B		16			2,252
VF Corp.		4			354


					2,606

Auto Manufacturers — 3.3%
Cummins, Inc.		43			9,771
Ford Motor Co.		309			2,716
General Motors Co.		102			4,241
PACCAR, Inc.		101			8,710
Tesla, Inc. (a)		59			41,746


					67,184

Auto Parts & Equipment — 0.0% (g)
Aptiv plc, (Ireland)		3			418
Autoliv, Inc., (Sweden) (a)		1			63
BorgWarner, Inc.		2			90
Lear Corp.		1			105


					676

Distribution/Wholesale — 0.1%
Copart, Inc. (a)		3			385
Fastenal Co.		8			394
LKQ Corp. (a)		3			117
Pool Corp.		—	(h)		154
WW Grainger, Inc.		1			214


					1,264

Entertainment — 0.0% (g)
DraftKings, Inc., Class A (a)		2			82
Live Nation Entertainment, Inc. (a)		2			136
Vail Resorts, Inc.		1			152


					370

Food Service — 0.0% (g)
Aramark		3			125

Home Builders — 0.0% (g)
DR Horton, Inc.		4			268
Lennar Corp., Class A		3			226
NVR, Inc. (a)		—	(h)		143


SECURITY DESCRIPTION	SHARES			VALUE($)

Home Builders — continued
PulteGroup, Inc.		3			111


					748

Home Furnishings — 0.0% (g)
Whirlpool Corp.		1			156

Housewares — 0.0% (g)
Newell Brands, Inc.		5			111

Leisure Time — 0.0% (g)
Carnival Corp.		9			188
Peloton Interactive, Inc., Class A (a)		2			370
Royal Caribbean Cruises Ltd.		3			191


					749

Lodging — 0.1%
Hilton Worldwide Holdings, Inc.		4			405
Las Vegas Sands Corp.		4			234
Marriott International, Inc., Class A		4			493
MGM Resorts International		6			174
Wynn Resorts Ltd.		1			102


					1,408

Retail — 1.1%
Advance Auto Parts, Inc.		1			129
AutoZone, Inc. (a)		—	(h)		318
Best Buy Co., Inc.		3			299
Burlington Stores, Inc. (a)		1			185
CarMax, Inc. (a)		2			227
Carvana Co., Class A (a)		1			183
Chipotle Mexican Grill, Inc., Class A (a)		—	(h)		478
Costco Wholesale Corp.		6			2,112
Darden Restaurants, Inc.		2			212
Dollar General Corp.		3			634
Dollar Tree, Inc. (a)		3			329
Domino’s Pizza, Inc.		—	(h)		177
Genuine Parts Co.		2			161
Home Depot, Inc. (The)		13			3,563
Lowe’s Cos., Inc.		9			1,497
Lululemon Athletica, Inc., (Canada) (a)		2			547
McDonald’s Corp.		9			1,991
O’Reilly Automotive, Inc. (a)		1			393
Ross Stores, Inc.		4			536
Starbucks Corp.		15			1,578
Target Corp.		6			1,118
Tiffany & Co.		1			172
TJX Cos., Inc. (The)		15			1,042
Tractor Supply Co.		1			190
Ulta Beauty, Inc. (a)		1			185
Walgreens Boots Alliance, Inc.		10			411
Walmart, Inc.		18			2,622
Yum! Brands, Inc.		4			385


					21,674


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — continued
Textiles — 0.0% (g)
Mohawk Industries, Inc. (a)		1			125

Toys/Games/Hobbies — 0.0% (g)
Hasbro, Inc.		2			154

Total Consumer Cyclical					97,575

Consumer Non-cyclical — 27.3%

Agriculture — 4.2%
Altria Group, Inc.		779			31,934
Archer-Daniels-Midland Co.		8			394
Bunge Ltd.		2			158
Philip Morris International, Inc.		653			54,047


					86,533

Beverages — 5.0%
Brown-Forman Corp., Class B		58			4,617
Coca-Cola Co. (The)		772			42,352
Constellation Brands, Inc., Class A		32			6,934
Keurig Dr Pepper, Inc.		106			3,380
Molson Coors Beverage Co., Class B		36			1,627
Monster Beverage Corp. (a)		75			6,890
PepsiCo., Inc.		262			38,859


					104,659

Biotechnology — 2.0%
Alexion Pharmaceuticals, Inc. (a)		18			2,753
Alnylam Pharmaceuticals, Inc. (a)		9			1,179
Amgen, Inc.		46			10,690
Biogen, Inc. (a)		13			3,109
BioMarin Pharmaceutical, Inc. (a)		14			1,263
Bio-Rad Laboratories, Inc., Class A (a)		—	(h)		150
Corteva, Inc.		10			382
Exact Sciences Corp. (a)		12			1,651
Gilead Sciences, Inc.		100			5,833
Illumina, Inc. (a)		2			716
Incyte Corp. (a)		15			1,289
Ionis Pharmaceuticals, Inc. (a)		11			607
Moderna, Inc. (a)		22			2,280
Regeneron Pharmaceuticals, Inc. (a)		8			3,999
Royalty Pharma plc, Class A		2			84
Seagen, Inc. (a)		10			1,684
Vertex Pharmaceuticals, Inc. (a)		21			4,909


					42,578

Commercial Services — 0.8%
AMERCO		—	(h)		102
Automatic Data Processing, Inc.		9			1,547
Avalara, Inc. (a)		6			1,063
Booz Allen Hamilton Holding Corp., Class A		3			236
Cintas Corp.		1			427
CoStar Group, Inc. (a)		—	(h)		442
Equifax, Inc.		2			325
FleetCor Technologies, Inc. (a)		2			437


SECURITY DESCRIPTION	SHARES			VALUE($)

Commercial Services — continued
Gartner, Inc. (a)		2			265
Global Payments, Inc.		6			1,294
IHS Markit Ltd., (United Kingdom)		5			473
MarketAxess Holdings, Inc.		—	(h)		274
Moody’s Corp.		2			614
PayPal Holdings, Inc. (a)		23			5,271
Robert Half International, Inc.		2			111
Rollins, Inc.		3			129
S&P Global, Inc.		3			992
Square, Inc., Class A (a)		7			1,598
TransUnion		3			266
United Rentals, Inc. (a)		1			254
Verisk Analytics, Inc., Class A		2			448


					16,568

Cosmetics/Personal Care — 0.3%
Colgate-Palmolive Co.		10			848
Estee Lauder Cos., Inc. (The), Class A		3			783
Procter & Gamble Co. (The)		32			4,395


					6,026

Food — 0.2%
Campbell Soup Co.		2			104
Conagra Brands, Inc.		6			220
General Mills, Inc.		7			430
Hershey Co. (The)		2			253
Hormel Foods Corp.		4			177
J M Smucker Co. (The)		1			162
Kellogg Co.		3			175
Kraft Heinz Co. (The)		9			321
Kroger Co. (The)		10			302
Lamb Weston Holdings, Inc.		2			125
McCormick & Co., Inc.		3			288
Mondelez International, Inc., Class A		19			1,091
Sysco Corp.		6			444
Tyson Foods, Inc., Class A		4			280


					4,372

Healthcare — Products — 0.8%
10X Genomics, Inc., Class A (a)		1			81
Abbott Laboratories		22			2,453
ABIOMED, Inc. (a)		1			178
Align Technology, Inc. (a)		1			496
Avantor, Inc. (a)		6			155
Baxter International, Inc.		7			525
Boston Scientific Corp. (a)		18			665
Cooper Cos., Inc. (The)		1			256
Danaher Corp.		8			1,796
DENTSPLY SIRONA, Inc.		3			138
Edwards Lifesciences Corp. (a)		8			729
Hologic, Inc. (a)		3			227
IDEXX Laboratories, Inc. (a)		1			520


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Healthcare — Products — continued
Insulet Corp. (a)		1		174
Intuitive Surgical, Inc. (a)		1		1,216
Masimo Corp. (a)		1		148
Medtronic plc, (Ireland)		17		2,029
Novocure Ltd., (Jersey) (a)		1		184
ResMed, Inc.		2		377
STERIS plc		1		192
Stryker Corp.		4		1,054
Teleflex, Inc.		1		217
Thermo Fisher Scientific, Inc.		5		2,355
Varian Medical Systems, Inc. (a)		1		197
West Pharmaceutical Services, Inc.		1		228
Zimmer Biomet Holdings, Inc.		3		409


				16,999

Healthcare — Services — 0.6%
Anthem, Inc.		3		984
Catalent, Inc. (a)		35		3,594
Centene Corp. (a)		7		431
DaVita, Inc. (a)		1		106
HCA Healthcare, Inc.		4		576
Humana, Inc.		2		652
IQVIA Holdings, Inc. (a)		2		436
Laboratory Corp. of America Holdings (a)		1		256
Molina Healthcare, Inc. (a)		1		126
PPD, Inc. (a)		1		32
Quest Diagnostics, Inc.		2		199
Teladoc Health, Inc. (a)		1		290
UnitedHealth Group, Inc.		12		4,204
Universal Health Services, Inc., Class B		1		150


				12,036

Household Products/Wares — 0.1%
Avery Dennison Corp.		1		205
Church & Dwight Co., Inc.		3		239
Clorox Co. (The)		1		298
Kimberly-Clark Corp.		4		556


				1,298

Pharmaceuticals — 13.3%
AbbVie, Inc.		140		14,972
AmerisourceBergen Corp., Class A		2		188
Becton Dickinson and Co.		4		953
Bristol-Myers Squibb Co.		478		29,622
Cardinal Health, Inc.		4		195
Cigna Corp.		5		956
CVS Health Corp.		17		1,144
DexCom, Inc. (a)		1		422
Elanco Animal Health, Inc. (a)		5		143
Eli Lilly and Co.		169		28,503
Henry Schein, Inc. (a)		2		158
Horizon Therapeutics Plc (a)		2		173


SECURITY DESCRIPTION	SHARES		VALUE($)

Pharmaceuticals — continued
Jazz Pharmaceuticals plc, (Ireland) (a)		1		90
Johnson & Johnson		557		87,611
McKesson Corp.		2		360
Merck & Co., Inc.		535		43,795
Neurocrine Biosciences, Inc. (a)		7		667
Perrigo Co. plc, (Ireland)		29		1,286
Pfizer, Inc.		1,176		43,284
Sarepta Therapeutics, Inc. (a)		6		997
Viatris, Inc. (a)		255		4,785
Zoetis, Inc., Class A		100		16,599

				276,903

Total Consumer Non-cyclical				567,972

Energy — 0.5%

Energy — Alternate Sources — 0.1%
Enphase Energy, Inc. (a)		9		1,572
SolarEdge Technologies, Inc., (Israel) (a)		4		1,198
Sunrun, Inc. (a)		1		104


				2,874

Oil & Gas — 0.3%
Cabot Oil & Gas Corp.		5		76
Chevron Corp.		24		2,036
Concho Resources, Inc.		2		136
ConocoPhillips		13		528
EOG Resources, Inc.		8		385
Exxon Mobil Corp.		55		2,248
Hess Corp.		3		164
Marathon Petroleum Corp.		8		329
Occidental Petroleum Corp.		12		206
Phillips 66		5		372
Pioneer Natural Resources Co.		2		242
Valero Energy Corp.		5		305


				7,027

Oil & Gas Services — 0.0% (g)
Baker Hughes Co., Class A		9		193
Halliburton Co.		11		212
Schlumberger NV		19		423


				828

Pipelines — 0.1% (g)
Cheniere Energy, Inc. (a)		2		135
Kinder Morgan, Inc.		24		324
ONEOK, Inc.		5		205
Williams Cos., Inc. (The)		14		285

				949

Total Energy				11,678

Financial — 3.1%

Banks — 0.7%
Bank of America Corp.		100		3,038


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — continued
Banks — continued
Bank of New York Mellon Corp. (The)		11			475
Citigroup, Inc.		27			1,679
Citizens Financial Group, Inc.		8			277
Fifth Third Bancorp		12			331
First Republic Bank		3			407
Goldman Sachs Group, Inc. (The)		4			1,141
Huntington Bancshares, Inc.		19			243
KeyCorp.		17			283
M&T Bank Corp.		2			291
Morgan Stanley		18			1,230
Northern Trust Corp.		3			274
PNC Financial Services Group, Inc. (The)		6			837
Regions Financial Corp.		17			278
State Street Corp.		5			370
SVB Financial Group (a)		1			342
Truist Financial Corp.		19			896
US Bancorp		19			882
Wells Fargo & Co.		51			1,548


					14,822

Diversified Financial Services — 1.1%
Ally Financial, Inc.		6			206
American Express Co.		9			1,063
Ameriprise Financial, Inc.		1			286
BlackRock, Inc., Class A		2			1,391
Capital One Financial Corp.		6			622
Cboe Global Markets, Inc.		2			143
Charles Schwab Corp. (The)		20			1,059
CME Group, Inc., Class A		5			835
Discover Financial Services		5			442
Franklin Resources, Inc.		5			120
Intercontinental Exchange, Inc.		7			812
Invesco Ltd.		6			109
Mastercard, Inc., Class A		18			6,425
Nasdaq, Inc.		2			218
Raymond James Financial, Inc.		2			200
SEI Investments Co.		2			113
Synchrony Financial		7			246
T Rowe Price Group, Inc.		3			481
Tradeweb Markets, Inc., Class A		2			99
Visa, Inc., Class A		34			7,418
Western Union Co. (The)		8			184


					22,472

Insurance — 0.7%
Aflac, Inc.		10			460
Alleghany Corp.		—	(h)		154
Allstate Corp. (The)		4			481
American Financial Group, Inc.		1			104
American International Group, Inc.		12			464
Aon plc, Class A		3			628
Arch Capital Group Ltd., (Bermuda) (a)		6			231


SECURITY DESCRIPTION	SHARES			VALUE($)

Insurance — continued
Arthur J Gallagher & Co.		3			341
Assurant, Inc.		1			159
Athene Holding Ltd., (Bermuda), Class A (a)		3			118
Berkshire Hathaway, Inc., Class B (a)		18			4,120
Brown & Brown, Inc.		4			169
Chubb Ltd., (Switzerland)		6			928
Cincinnati Financial Corp.		2			195
Equitable Holdings, Inc.		6			159
Erie Indemnity Co., Class A		—	(h)		86
Everest Re Group Ltd., (Bermuda)		1			162
Fidelity National Financial, Inc.		4			150
Globe Life, Inc.		2			166
Hartford Financial Services Group, Inc. (The)		6			290
Lincoln National Corp.		4			183
Loews Corp.		4			193
Markel Corp. (a)		—	(h)		219
Marsh & McLennan Cos., Inc.		7			793
MetLife, Inc.		11			537
Principal Financial Group, Inc.		5			250
Progressive Corp. (The)		8			771
Prudential Financial, Inc.		6			470
Reinsurance Group of America, Inc.		1			122
RenaissanceRe Holdings Ltd., (Bermuda)		1			127
Travelers Cos., Inc. (The)		4			497
Voya Financial, Inc.		2			141
Willis Towers Watson plc, (United Kingdom)		2			383
W R Berkley Corp.		2			160


					14,411

Private Equity — 0.1%
Apollo Global Management, Inc., Class A		2			99
Blackstone Group, Inc. (The), Class A		9			570
Carlyle Group, Inc. (The)		2			63
KKR & Co., Inc.		6			241


					973

Real Estate — 0.0% (g)
CBRE Group, Inc., Class A (a)		5			285

REITS — 0.5%
AGNC Investment Corp.		7			105
Alexandria Real Estate Equities, Inc.		2			284
American Tower Corp.		6			1,245
Annaly Capital Management, Inc.		15			126
AvalonBay Communities, Inc.		2			281
Boston Properties, Inc.		2			182
Camden Property Trust		1			94
Crown Castle International Corp.		5			836
Digital Realty Trust, Inc.		3			476
Duke Realty Corp.		4			174
Equinix, Inc.		1			798
Equity LifeStyle Properties, Inc.		1			95


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — continued
REITS — continued
Equity Residential		5			284
Essex Property Trust, Inc.		1			206
Extra Space Storage, Inc.		1			164
Healthpeak Properties, Inc.		7			214
Host Hotels & Resorts, Inc.		10			153
Invitation Homes, Inc.		6			187
Iron Mountain, Inc.		3			93
Medical Properties Trust, Inc.		6			138
Mid-America Apartment Communities, Inc.		1			145
Omega Healthcare Investors, Inc.		3			98
Prologis, Inc.		10			947
Public Storage		2			463
Realty Income Corp.		4			268
Regency Centers Corp.		2			92
SBA Communications Corp., Class A		1			375
Simon Property Group, Inc.		4			331
Sun Communities, Inc.		1			169
UDR, Inc.		3			106
Ventas, Inc.		5			236
VEREIT, Inc.		3			95
VICI Properties, Inc.		6			144
Vornado Realty Trust		2			89
Welltower, Inc.		6			358
Weyerhaeuser Co.		11			353
WP Carey, Inc.		2			158

					10,562

Total Financial					63,525

Industrial — 16.3%

Aerospace/Defense — 0.3%
Boeing Co. (The)		7			1,454
General Dynamics Corp.		3			494
HEICO Corp.		—	(h)		51
HEICO Corp., Class A		1			87
Howmet Aerospace, Inc.		5			139
L3Harris Technologies, Inc.		3			487
Lockheed Martin Corp.		3			1,083
Northrop Grumman Corp.		2			596
Raytheon Technologies Corp.		19			1,394
Teledyne Technologies, Inc. (a)		—	(h)		151
TransDigm Group, Inc. (a)		1			369


					6,305

Building Materials — 0.1%
Carrier Global Corp.		10			394
Fortune Brands Home & Security, Inc.		2			136
Johnson Controls International plc		10			474
Lennox International, Inc.		—	(h)		90
Martin Marietta Materials, Inc.		1			237
Masco Corp.		3			177
Owens Corning		1			90


SECURITY DESCRIPTION	SHARES			VALUE($)

Building Materials — continued
Vulcan Materials Co.		2			270


					1,868

Electrical Components & Equipments — 0.0% (g)
AMETEK, Inc.		3			398
Emerson Electric Co.		8			653
Generac Holdings, Inc. (a)		1			165


					1,216

Electronics — 0.8%
Agilent Technologies, Inc.		4			476
Allegion plc, (Ireland)		1			110
Amphenol Corp., Class A		14			1,852
Arrow Electronics, Inc. (a)		4			396
Fortive Corp.		88			6,247
Garmin Ltd., (Switzerland)		2			249
Honeywell International, Inc.		9			1,891
Keysight Technologies, Inc. (a)		9			1,201
Mettler-Toledo International, Inc. (a)		—	(h)		303
PerkinElmer, Inc.		1			199
Roper Technologies, Inc.		1			573
Sensata Technologies Holding plc (a)		2			85
TE Connectivity Ltd., (Switzerland)		16			1,909
Trimble, Inc. (a)		12			772
Waters Corp. (a)		1			172


					16,435

Engineering & Construction — 0.0% (g)
Jacobs Engineering Group, Inc.		2			197

Environmental Control — 0.2%
Pentair plc, (United Kingdom)		48			2,548
Republic Services, Inc., Class A		3			309
Waste Connections, Inc.		4			378
Waste Management, Inc.		6			668


					3,903

Hand/Machine Tools — 0.5%
Snap-on, Inc.		15			2,580
Stanley Black & Decker, Inc.		46			8,298


					10,878

Machinery — Construction & Mining — 1.4%
Caterpillar, Inc.		158			28,699

Machinery — Diversified — 2.8%
Cognex Corp.		8			668
Deere & Co.		87			23,287
Dover Corp.		42			5,267
IDEX Corp.		22			4,339
Ingersoll Rand, Inc. (a)		103			4,687
Nordson Corp.		16			3,181
Otis Worldwide Corp.		120			8,084


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — continued
Machinery — Diversified — continued
Rockwell Automation, Inc.		2			400
Westinghouse Air Brake Technologies Corp.		53			3,885
Xylem, Inc.		52			5,299


					59,097

Miscellaneous Manufacturers — 1.6%
3M Co.		7			1,284
A O Smith Corp.		2			85
Eaton Corp. plc		5			653
General Electric Co.		113			1,215
Illinois Tool Works, Inc.		92			18,726
Parker-Hannifin Corp.		37			10,191
Textron, Inc.		3			131
Trane Technologies plc, (Ireland)		3			412


					32,697

Packaging & Containers — 0.1%
Amcor plc, (United Kingdom)		22			259
Ball Corp.		4			401
Crown Holdings, Inc. (a)		2			184
Packaging Corp. of America		1			189
Sealed Air Corp.		2			93
Westrock Co.		4			185


					1,311

Shipbuilding — 0.0% (g)
Huntington Ingalls Industries, Inc.		—	(h)		76

Transportation — 8.5%
CH Robinson Worldwide, Inc.		111			10,395
CSX Corp.		10			893
Expeditors International of Washington, Inc.		138			13,111
FedEx Corp.		196			50,975
JB Hunt Transport Services, Inc.		1			185
Kansas City Southern		1			285
Knight-Swift Transportation Holdings, Inc., Class A		2			96
Norfolk Southern Corp.		3			811
Old Dominion Freight Line, Inc.		1			273
Union Pacific Corp.		9			1,827
United Parcel Service, Inc., Class B		581			97,829
XPO Logistics, Inc. (a)		1			167


					176,847

Total Industrial					339,529

Technology — 27.1%
Computers — 6.0%
Accenture plc, (Ireland), Class A		13			3,388
Apple, Inc.		806			106,887
Cognizant Technology Solutions Corp., Class A		11			922
Crowdstrike Holdings, Inc., Class A (a)		12			2,501
Dell Technologies, Inc., Class C (a)		11			838
EPAM Systems, Inc. (a)		1			372


SECURITY DESCRIPTION	SHARES		VALUE($)

Computers — continued
Fortinet, Inc. (a)		12		1,723
Hewlett Packard Enterprise Co.		62		739
HP, Inc.		69		1,697
International Business Machines Corp.		18		2,261
Leidos Holdings, Inc.		3		298
NetApp, Inc.		11		698
Seagate Technology plc		11		656
Western Digital Corp.		14		786
Zscaler, Inc. (a)		6		1,176


				124,942

Office/Business Equipment — 0.1%
Zebra Technologies Corp., Class A (a)		3		966

Semiconductors — 6.3%
Advanced Micro Devices, Inc. (a)		89		8,129
Analog Devices, Inc.		28		4,099
Applied Materials, Inc.		69		5,951
Broadcom, Inc.		30		13,305
Intel Corp.		322		16,018
IPG Photonics Corp. (a)		2		376
KLA Corp.		12		3,021
Lam Research Corp.		11		5,171
Marvell Technology Group Ltd.		50		2,393
Maxim Integrated Products, Inc.		20		1,761
Microchip Technology, Inc.		19		2,598
Micron Technology, Inc. (a)		84		6,337
Monolithic Power Systems, Inc.		3		1,161
NVIDIA Corp.		46		24,270
NXP Semiconductors NV, (Netherlands)		21		3,350
ON Semiconductor Corp. (a)		31		1,001
Qorvo, Inc. (a)		9		1,422
QUALCOMM, Inc.		85		12,935
Skyworks Solutions, Inc.		13		1,958
Teradyne, Inc.		12		1,494
Texas Instruments, Inc.		69		11,379
Xilinx, Inc.		18		2,601


				130,730

Software — 14.7%
Activision Blizzard, Inc.		296		27,491
Adobe, Inc. (a)		40		19,874
Akamai Technologies, Inc. (a)		3		341
ANSYS, Inc. (a)		7		2,606
Autodesk, Inc. (a)		18		5,569
Black Knight, Inc. (a)		3		248
Broadridge Financial Solutions, Inc.		2		327
Cadence Design Systems, Inc. (a)		23		3,179
Ceridian HCM Holding, Inc. (a)		11		1,154
Cerner Corp.		4		314
Citrix Systems, Inc.		10		1,257
Cloudflare, Inc., Class A (a)		13		962


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Software — continued
Coupa Software, Inc. (a)		5		1,862
Datadog, Inc., Class A (a)		13		1,238
DocuSign, Inc., Class A (a)		14		3,199
Dropbox, Inc., Class A (a)		27		600
Dynatrace, Inc. (a)		15		644
Electronic Arts, Inc.		111		15,961
Fair Isaac Corp. (a)		2		1,192
Fidelity National Information Services, Inc.		12		1,762
Fiserv, Inc. (a)		12		1,315
Guidewire Software, Inc. (a)		7		871
HubSpot, Inc. (a)		4		1,388
Intuit, Inc.		22		8,232
Jack Henry & Associates, Inc.		1		231
Microsoft Corp.		595		132,246
MongoDB, Inc., Class A (a)		1		329
MSCI, Inc., Class A		1		457
Oracle Corp.		166		10,710
Paychex, Inc.		6		594
Paycom Software, Inc. (a)		4		1,852
PTC, Inc. (a)		9		1,072
RingCentral, Inc., Class A (a)		6		2,319
salesforce.com, Inc. (a)		75		16,724
ServiceNow, Inc. (a)		16		8,735
Slack Technologies, Inc., Class A (a)		32		1,365
Snowflake, Inc., Class A (a)		1		173
Splunk, Inc. (a)		13		2,233
SS&C Technologies Holdings, Inc.		19		1,398
Synopsys, Inc. (a)		13		3,301
Take-Two Interactive Software, Inc. (a)		44		9,183
Twilio, Inc., Class A (a)		3		883
Tyler Technologies, Inc. (a)		3		1,442
Veeva Systems, Inc., Class A (a)		2		444
VMware, Inc., Class A (a)		7		985
Workday, Inc., Class A (a)		15		3,531
Zoom Video Communications, Inc., Class A (a)		14		4,831


				306,624

Total Technology				563,262

Utilities — 0.6%
Electric — 0.6%
AES Corp. (The)		9		202
Alliant Energy Corp.		2		121
Ameren Corp.		3		232
American Electric Power Co., Inc.		6		525
CenterPoint Energy, Inc.		6		140
CMS Energy Corp.		3		181
Consolidated Edison, Inc.		4		323
Dominion Energy, Inc.		11		804
DTE Energy Co.		3		307
Duke Energy Corp.		10		880
Edison International		5		315
Entergy Corp.		2		241


SECURITY DESCRIPTION	SHARES			VALUE($)

Electric — continued
Evergy, Inc.		3			150
Eversource Energy		4			338
Exelon Corp.		13			565
FirstEnergy Corp.		7			208
NextEra Energy, Inc.		25			1,927
NRG Energy, Inc.		4			147
OGE Energy Corp.		2			73
PG&E Corp. (a)		17			212
Pinnacle West Capital Corp.		1			113
PPL Corp.		9			255
Public Service Enterprise Group, Inc.		7			384
Sempra Energy		4			491
Southern Co. (The)		13			824
Vistra Corp.		6			124
WEC Energy Group, Inc.		4			336
Xcel Energy, Inc.		6			420


					10,838

Gas — 0.0% (g)
Atmos Energy Corp.		1			127
NiSource, Inc.		3			77
UGI Corp.		2			83


					287

Water — 0.0% (g)
American Water Works Co., Inc.		2			328
Essential Utilities, Inc.		3			126


					454

Total Utilities					11,579

Total Common Stocks (Cost $1,566,091)					2,055,634


	PRINCIPAL AMOUNT($)
Short-Term Investments — 0.9%
Time Deposits — 0.9%
Australia & New Zealand Banking Group Ltd., 0.01%, 01/04/2021		10,204			10,204
BNP Paribas SA, 0.01%, 01/04/2021		2,494			2,494
Brown Brothers Harriman, 0.01%, 01/04/2021		—	(h)		—	(h)
Citibank NA, 0.01%, 01/04/2021		6,118			6,118

Total Short-Term Investments (Cost $18,816)					18,816


Total Investments — 99.7% (Cost — $1,584,907)					2,074,450

Other Assets in Excess of Liabilities — 0.3%					7,062


NET ASSETS — 100.0%				$	2,081,512

Percentages indicated are based on net assets.

Summary of Investments by Industry, December 31, 2020

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE

Internet		17.3	%

Software		14.8	%

Pharmaceuticals		13.4	%

Transportation		8.5	%

Semiconductors		6.3	%

Computers		6.0	%

Beverages		5.0	%

Agriculture		4.2	%

Auto Manufacturers		3.2	%

Machinery — Diversified		2.8	%

Biotechnology		2.1	%

Miscellaneous Manufacturers		1.6	%

Machinery — Construction & Mining		1.4	%

Diversified Financial Services		1.1	%

Retail		1.0	%

Others (Each less than 1.0%)		10.4	%

Short-Term Investments		0.9	%


SECURITY DESCRIPTION	SHARES			VALUE($)
Common Stocks — 94.9%
Australia — 2.0%
BHP Group plc		1,049			27,689

Austria — 0.3%
OMV AG		12			473
Verbund AG		20			1,714
voestalpine AG		58			2,057


					4,244

Belgium — 2.5%
Ageas SA		69			3,673
Anheuser-Busch InBev SA		393			27,447
Elia Group SA		9			1,104
UCB SA		30			3,056


					35,280

Chile — 0.3%
Antofagasta plc		196			3,841

Denmark — 4.7%
AP Moller—Maersk A/S, Class A		—	(h)		969
AP Moller—Maersk A/S, Class B		1			2,023
Carlsberg A/S, Class B		53			8,527
DSV PANALPINA A/S		31			5,158
H Lundbeck A/S		16			558
Novo Nordisk A/S, Class B		403			28,109
Orsted AS (e)		56			11,386
ROCKWOOL International A/S, Class B		1			440
Tryg A/S		60			1,876
Vestas Wind Systems A/S		29			6,898


					65,944

Finland — 1.2%
Fortum OYJ		132			3,179
Kone OYJ, Class B		50			4,106
Orion OYJ, Class B		25			1,138
Sampo OYJ, Class A		186			7,954
Wartsila OYJ Abp		66			664


					17,041

France — 11.5%
Aeroports de Paris (a)		4			563
Airbus SE (a)		87			9,569
Alstom SA (a)		37			2,117
AXA SA		764			18,321
Bouygues SA		34			1,391
Bureau Veritas SA (a)		44			1,162
Cie de Saint-Gobain		77			3,529
CNP Assurances (a)		68			1,102
Dassault Aviation SA (a)		—	(h)		408
Eiffage SA (a)		13			1,213
Electricite de France SA (a)		183			2,891
Engie SA (a)		538			8,254
Getlink SE (a)		65			1,127


SECURITY DESCRIPTION	SHARES		VALUE($)

France — continued
Ipsen SA		9		730
Legrand SA		40		3,542
Pernod Ricard SA		108		20,774
Peugeot SA (a)		183		5,022
Remy Cointreau SA		12		2,172
Renault SA (a)		60		2,623
Safran SA (a)		48		6,734
Sanofi		265		25,698
Schneider Electric SE		80		11,545
SCOR SE (a)		63		2,031
Suez SA		102		2,016
Teleperformance		9		2,891
Thales SA		16		1,445
TOTAL SE		203		8,750
Veolia Environnement SA		160		3,947
Vinci SA		77		7,688


				159,255

Germany — 13.0%
Allianz SE (Registered)		165		40,479
Bayer AG (Registered)		230		13,543
Bayerische Motoren Werke AG		103		9,111
Brenntag AG		23		1,781
Daimler AG (Registered)		267		18,914
Deutsche Lufthansa AG (Registered) (a)		45		591
Deutsche Post AG (Registered)		147		7,266
E.ON SE		664		7,358
GEA Group AG		23		810
Hannover Rueck SE		24		3,795
HOCHTIEF AG		4		360
Infineon Technologies AG		482		18,407
KION Group AG		11		925
Knorr-Bremse AG		11		1,468
Merck KGaA		30		5,187
MTU Aero Engines AG		8		2,052
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		55		16,441
Rational AG		1		701
RWE AG		189		8,003
Siemens AG (Registered)		113		16,339
Siemens Energy AG (a)		59		2,172
Uniper SE		60		2,080
Volkswagen AG		10		2,110


				179,893

Ireland — 0.6%
DCC plc		15		1,032
Experian plc		136		5,162
Kingspan Group plc (a)		23		1,616


				7,810


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
Italy — 4.3%
Assicurazioni Generali SpA		436		7,629
Atlantia SpA (a)		73		1,327
Bio On Spa (a) (bb) (cc)		1		—
Davide Campari-Milano NV		300		3,440
Enel SpA		2,394		24,360
Eni SpA		205		2,136
Ferrari NV		39		9,115
Poste Italiane SpA (e)		206		2,111
Prysmian SpA		36		1,273
Recordati Industria Chimica e Farmaceutica SpA		24		1,361
Snam SpA		634		3,580
Terna Rete Elettrica Nazionale SpA		420		3,227


				59,559

Jordan — 0.1%
Hikma Pharmaceuticals plc		40		1,390

Luxembourg — 0.6%
ArcelorMittal SA (a)		356		8,140

Mexico — 0.1%
Fresnillo plc		91		1,413

Netherlands — 8.6%
Aegon NV		707		2,819
ASML Holding NV		157		76,068
Heineken Holding NV		59		5,600
Heineken NV		134		14,914
NN Group NV		114		4,922
Randstad NV (a)		18		1,142
Royal Dutch Shell plc, Class A		330		5,785
Royal Dutch Shell plc, Class B		298		5,053
Wolters Kluwer NV		40		3,415


				119,718

Norway — 0.5%
Equinor ASA		79		1,327
Gjensidige Forsikring ASA		79		1,763
Norsk Hydro ASA		668		3,107


				6,197

Portugal — 0.4%
EDP—Energias de Portugal SA		830		5,210
Galp Energia SGPS SA		40		427


				5,637

South Korea — 5.8%
Samsung Electronics Co. Ltd.		1,048		78,254
Samsung Electronics Co. Ltd. (Registered), GDR		1		1,954


				80,208


SECURITY DESCRIPTION	SHARES		VALUE($)

Spain — 3.0%
ACS Actividades de Construccion y Servicios SA		40		1,318
Aena SME SA (a) (e)		10		1,754
Enagas SA		61		1,338
Endesa SA		98		2,696
Ferrovial SA		72		1,995
Iberdrola SA		1,789		25,710
Naturgy Energy Group SA		95		2,220
Red Electrica Corp. SA		97		1,998
Repsol SA		118		1,186
Siemens Gamesa Renewable Energy SA		35		1,435


				41,650

Sweden — 2.5%
Alfa Laval AB (a)		47		1,288
Assa Abloy AB, Class B		149		3,673
Atlas Copco AB, Class A		100		5,118
Atlas Copco AB, Class B		58		2,597
Boliden AB		136		4,818
Epiroc AB, Class A		98		1,776
Epiroc AB, Class B		58		974
Investment AB Latour, Class B		22		536
Nibe Industrier AB, Class B		46		1,516
Sandvik AB (a)		167		4,129
Securitas AB, Class B		46		744
Skanska AB, Class B		50		1,285
SKF AB, Class B		56		1,469
Volvo AB, Class B (a)		211		4,998


				34,921

Switzerland — 14.4%
ABB Ltd. (Registered)		273		7,665
Adecco Group AG (Registered)		23		1,530
Baloise Holding AG (Registered)		18		3,253
Coca-Cola HBC AG		103		3,344
Geberit AG (Registered)		5		3,438
Glencore plc (a)		4,962		15,757
Kuehne + Nagel International AG (Registered)		8		1,817
Novartis AG (Registered)		520		48,922
Roche Holding AG		164		57,261
Schindler Holding AG		6		1,633
Schindler Holding AG (Registered)		3		813
SGS SA (Registered)		1		2,704
STMicroelectronics NV		235		8,704
Swiss Life Holding AG (Registered)		12		5,604
Swiss Re AG		113		10,633
Vifor Pharma AG		11		1,673
Zurich Insurance Group AG		59		25,044


				199,795


SECURITY DESCRIPTION	SHARES		VALUE($)
Common Stocks — continued
United Arab Emirates — %
NMC Health plc (a) (bb) (cc)		16		—


United Kingdom — 18.5%
Admiral Group plc		75		2,985
Anglo American plc		609		20,113
Ashtead Group plc		67		3,138
AstraZeneca plc		307		30,620
Aviva plc		1,551		6,900
BAE Systems plc		477		3,181
BP plc		1,630		5,624
Bunzl plc		50		1,668
CNH Industrial NV (a)		152		1,907
Coca-Cola European Partners plc		106		5,260
Diageo plc		1,207		47,756
Direct Line Insurance Group plc		539		2,357
Evraz plc		253		1,618
Ferguson plc		33		4,052
Fiat Chrysler Automobiles NV		344		6,207
GlaxoSmithKline plc		1,174		21,483
Intertek Group plc		24		1,848
Legal & General Group plc		2,357		8,589
Melrose Industries plc (a)		720		1,755
Phoenix Group Holdings plc		217		2,080
Prudential plc		1,030		18,947
RELX plc		286		7,008
Rentokil Initial plc (a)		275		1,917
Rio Tinto plc		557		41,934
Rolls-Royce Holdings plc (a)		1,241		1,878
RSA Insurance Group plc		409		3,787
Smiths Group plc		59		1,208
Spirax-Sarco Engineering plc		11		1,688


				257,508

Total Common Stocks (Cost $1,056,760)				1,317,133

Preferred Stocks — 1.9%
Germany — 1.1%
Bayerische Motoren Werke AG		18		1,196
Porsche Automobil Holding SE		48		3,298
Volkswagen AG		58		10,814


				15,308

South Korea — 0.8%
Samsung Electronics Co. Ltd.		180		12,242

Total Preferred Stocks (Cost $18,783)				27,550


SECURITY DESCRIPTION	NUMBER OF RIGHTS			VALUE($)
Right — 0.0%
Spain — 0.0% (g)
Repsol SA, expiring 01/14/2021 (a) (Cost $41)		117			40


	PRINCIPAL AMOUNT($)
Short-Term Investments — 2.4%
Time Deposits — 2.4%
Australia & New Zealand Banking Group Ltd., 0.01%, 01/04/2021		1,579			1,579
BNP Paribas SA,
(4.52%), 01/04/2021	SEK	7,789			947
(2.94%), 01/04/2021	CHF	3,796			4,288
(2.05%), 01/04/2021	DKK	8,916			1,463
(0.72%), 01/04/2021	EUR	2,311			2,823
0.01%, 01/04/2021		6,018			6,018
Brown Brothers Harriman,
(7.00%), 01/04/2021	NOK	325			38
(4.52%), 01/04/2021	SEK	346			42
(2.94%), 01/04/2021	CHF	—	(h)		—	(h)
(2.05%), 01/04/2021	DKK	44			7
(0.72%), 01/04/2021	EUR	—	(h)		—	(h)
0.00%, 01/04/2021	HKD	—	(h)		—	(h)
0.01%, 01/04/2021	CAD	—	(h)		—	(h)
0.01%, 01/04/2021	GBP	—	(h)		—	(h)
0.01%, 01/04/2021	SGD	—	(h)		—	(h)
0.01%, 01/04/2021		58			58
Citibank NA,
(0.72%), 01/04/2021	EUR	8,121			9,921
0.01%, 01/04/2021	GBP	3,851			5,267
0.01%, 01/04/2021		395			395
Sumitomo Mitsui Banking Corp., 0.01%, 01/04/2021		59			59

Total Short-Term Investments (Cost $32,905)					32,905


Total Investments — 99.2% (Cost — $1,108,489)					1,377,628

Other Assets in Excess of Liabilities — 0.8%					10,995


NET ASSETS — 100.0%					$1,388,623

Percentages indicated are based on net assets.

Summary of Investments by Industry, December 31, 2020

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE

Pharmaceuticals		17.5	%

Insurance		14.7	%

Semiconductors		14.2	%

Beverages		10.1	%

Mining		8.6	%

Electric		7.9	%

Auto Manufacturers		5.3	%

Oil & Gas		2.3	%

Commercial Services		2.0	%

Aerospace/Defense		1.8	%

Miscellaneous Manufacturers		1.6	%

Transportation		1.5	%

Engineering & Construction		1.3	%

Machinery — Diversified		1.3	%

Electrical Components & Equipments		1.2	%

Others (Each less than 1.0%)		6.3	%

Short-Term Investments		2.4	%

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS


GDR		— Global Depositary Receipt
(a)		— Non-income producing security.
(e)		— Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)		— Amount rounds to less than 0.05%.
(h)		— Amount rounds to less than 500 shares or principal/$500.
(bb)		— Security has been valued using significant unobservable inputs.
(cc)		— Security is valued in good faith at fair value by or under the direction of the Board of Trustees.
CAD		— Canadian Dollar
CHF		— Swiss Franc
DKK		— Danish Krone
EUR		— Euro
GBP		— British Pound
HKD		— Hong Kong Dollar
NOK		— Norwegian Krone
SEK		— Swedish Krona
SGD		— Singapore Dollar

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund are two separate series of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report. The Funds are classified as “non-diversified” funds. Each Fund currently offers one class of shares. The Funds commenced operations on April 10, 2019.

The investment objective of each of the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund is to provide capital appreciation.

not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows.

Futures are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

As of December 31, 2020, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A or Regulation S under the Securities Act.

C. Derivatives — The Funds used derivative instruments including futures, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures as well as credit and spread volatility.

terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

(1) Futures Contracts — The Funds used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.

Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities. Futures contracts outstanding at period end, if any, are listed after each Fund’s SOI.

The use of futures contracts may expose the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds credit risk is limited to failure of the exchange or board of trade.

Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent the liquidation of positions.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2) Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Forward contracts outstanding at period end, if any, are listed after each Fund’s SOI.

The following tables present the effect of derivatives on the Statements of Operations for the year ended December 31, 2020, by primary underlying risk exposure (amounts in thousands):

The tables below disclose the volume of the Funds’ futures contracts activity during the year ended December 31, 2020 (amounts in thousands, except number of contracts). Please refer to the tables in the Summary of Derivative Information for derivative-related gains and losses associated with volume activity (amounts in thousands).

D. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

E. Security Transactions, Investment Income and Expense Allocation — Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend. Coupon payments are based on the adjusted principal at the time the interest is paid. Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer.

F. Federal Income Tax — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to regulated investment companies. Each Fund intends to distribute to shareholders, substantially all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary.

The Funds follow the provisions of FASB Codification Section 740 (“ASC Section 740”) “Accounting for Uncertainty in Income Taxes” which clarifies the accounting for uncertainty in tax positions taken or expected to be taken on a tax return. ASC Section 740 sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a “more likely than not” standard, that based on their technical merits, have more than 50 percent likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds’ federal income tax returns for all open periods, and has concluded that no provision for federal income tax is required in the Funds’ financial statements. At December 31, 2020, the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Funds’ federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

G. Foreign Tax — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

H. Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income and net realized capital gains are generally declared and paid according to the following schedule:

Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gain (loss) reported on the Fund financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statement of Changes in Net Assets and have been recorded to paid-in capital.

The Adviser engaged Russell Investments Implementation Services, LLC (“Russell”) to provide stand-by interim sub-advisory services, as well as transition management services, for each Fund, to be utilized as needed in certain transitional circumstances involving a Fund Sub-Adviser. As of December 31, 2020, the Funds have not allocated assets to Russell.

During the reporting period, the Adviser made a payment to the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund of $654,165 and to the Six Circles Managed Equity Portfolio International Unconstrained Fund of $1,949 relating to an operational error.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3G and reflected on the Statement of Operations.

F. Offering Costs — Offering costs, including professional fees, printing fees and initial registration costs, are amortized over a period not longer than twelve months from the date the Fund commenced operations.

G. Waivers and Reimbursements — The Adviser has contractually agreed through at least April 30, 2021, to waive any management fees that exceed the aggregate management fees the Adviser is contractually required to pay the Fund’s Sub-Adviser. Thereafter, this waiver will continue for subsequent one year terms unless terminated in accordance with its terms. Such waivers are not subject to reimbursement by the Fund. The Adviser has also contractually agreed through at least April 30, 2021, to reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, if any, dividend and interest expenses related to short sales, brokerage fees, interest on borrowings, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the following percentages of the average daily net assets of each Fund (the “Expense Cap”):

An expense reimbursement by the Fund’s Adviser is subject to repayment by the Fund only to the extent it can be made within thirty-six months following the date of such reimbursement by the Adviser. Repayment must be limited to amounts that would not cause the Fund’s operating expenses (taking into account any reimbursements by the Adviser and repayments by the Fund) to exceed the Expense Cap in effect at the time of the reimbursement by the Adviser or at the time of repayment by the Fund. This expense reimbursement is in effect through April 30, 2021, at which time the Adviser and/or its affiliates will determine whether to renew or revise it.

For the year ended December 31, 2020, there were no amounts reimbursed by the Adviser, as well as the amounts available for potential future recoupment by the Adviser.

During the year ended December 31, 2020, the aggregate value of purchase and sale cross trades with other Six Circles Funds were as follows (amounts in thousands):

During the year ended December 31, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period depending on the Funds. Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of December 31, 2020, the Six Circles Managed Equity Portfolio International Unconstrained Fund had non-U.S. country allocations representing greater than 10% of Net Assets as follows:

As of December 31, 2020, a significant portion of the Six Circles Managed Equity Portfolio International Unconstrained Fund net assets consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

The value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world, including those in which the Fund

invests. The effects of this pandemic on public health and business and market conditions may continue to have a significant negative impact on the performance of the Fund’s investments, increase the Fund’s volatility, exacerbate pre-existing political, social and economic risks to the Fund, and negatively impact broad segments of businesses and populations. The Fund’s operations may be interrupted as a result, which may contribute to the negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could have a significant negative impact on the Fund’s investment performance. The full impact of the COVID-19 pandemic, or other future epidemics or pandemics, is currently unknown.

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2020

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of futures contracts, REITs, straddle loss deferrals, and wash sale loss deferrals.

The tax character of distributions paid during the year ended December 31, 2020 was as follows (amounts in thousands):

The tax character of distributions paid during the year ended December 31, 2019 was as follows (amounts in thousands):

As of December 31, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

For the Funds, the cumulative timing differences primarily consist of capital loss carryforwards, mark to market futures contracts, straddle loss deferrals, and wash sale loss deferrals.

As of December 31, 2020, the following Fund had the following post-enactment net capital loss carryforwards (amounts in thousands):

As of December 31, 2020, Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund had one affiliated omnibus account for the benefit of its clients which owned 100% of its outstanding shares.

The Funds have evaluated subsequent events through the date of issuance of this report and have determined that there are no material events that need disclosure.

To the Board of Trustees of Six Circles Trust and Shareholders of Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund (two of the funds constituting Six Circles Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2020, the related statements of operations for the year ended December 31, 2020 and the statements of changes in net assets and the financial highlights for the year ended December 31, 2020 and for the period April 10, 2019 (commencement of operations) through December 31, 2019, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the results of each of their operations for the year ended December 31, 2020, and the changes in each of their net assets and each of the financial highlights for the year ended December 31, 2020, and for the period April 10, 2019 (commencement of operations) through December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

We have served as the auditor of one or more investment companies in the Six Circles Trust complex since 2018.

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Fund on July 1, 2020, and continued to hold your shares at the end of the reporting period, December 31, 2020.

Actual Expenses

Hypothetical Example for Comparison Purposes

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2020:

For more complete information about the Funds, including the Funds’ objectives, risks, charges and expenses, call your J.P. Morgan team or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully. An investment in these Funds and any other Fund is not designed to be a complete investment program. The Funds are NOT designed to be used as stand-alone investments. J.P. Morgan is committed to making our products and services accessible to meet the financial services needs of all our clients. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance.

The Six Circles Funds are distributed by Foreside Fund Services, LLC a member of FINRA.

As of the period ended December 31, 2020 (the “Reporting Period”), the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer, principal accounting officer or controller or persons performing similar functions. During the Reporting Period, there have been no changes to, amendments to or waivers from, any provision of the code of ethics. A copy of this code of ethics can be obtained upon request, free of charge, by calling (212) 464-2070.

The Board of Trustees of the Registrant has determined that Mr. Neil Medugno possess the attributes identified in Instruction (b) of Item 3 to Form N-CSR to each qualify as an “audit committee financial expert,” and has designated Mr. Neil Medugno as the Registrant’s audit committee financial experts. Mr. Neil Medugno is an “independent” Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

The following fees paid to PricewaterhouseCoopers, LLP, the Registrant’s principal accounting firm, are for services rendered for the fiscal years ended December 31, 2020 and December 31, 2019.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $438,212 for 2020 and $272,000 for 2019.

The aggregate fees billed in each of the last two fiscal years for assurance and related services rendered to the Registrant by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item was $0 for 2020 and $0 for 2019.

The aggregate fees billed in each of the last two fiscal years for professional services rendered to the Registrant by the principal accountant for tax compliance, tax advice and tax planning was $110,279 for 2020 and $63,500 for 2019. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local entity tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification.

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for 2020 and $0 for 2019.

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.


President’s Letter			1

Market Overview			2

Fund Commentaries			3

Six Circles Ultra Short Duration Fund			3

Six Circles Tax Aware Ultra Short Duration Fund			5

Six Circles U.S. Unconstrained Equity Fund			7

Six Circles International Unconstrained Equity Fund			10

Six Circles Global Bond Fund			13

Six Circles Tax Aware Bond Fund			15

Six Circles Credit Opportunities Fund			17

Schedules of Portfolio Investments			19

Financial Statements			186

Financial Highlights			208

Notes to Financial Statements			222

Report of Independent Registered Public Accounting Firm			248

Schedule of Shareholder Expenses			249

Tax Information			250

Board Approval of Investment Advisory Agreements			251

Trustees and Officers			256

Privacy Policy — Located at the back of this Annual Report


REPORTING PERIOD RETURN
Fund*			2.05%
Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index			0.54%

Net Assets as of 12/31/2020 (In Thousands)			$516,528
Duration			0.68 years


REPORTING PERIOD RETURN
Fund*			1.81%
iMoneyNet Tax-Free National Institutional Money Market Index			0.40%

Net Assets as of 12/31/2020 (In Thousands)			$568,826
Duration			0.77 years


REPORTING PERIOD RETURN
Fund*		27.64%
MSCI USA Index		21.37%

Net Assets as of 12/31/2020 (In Thousands)	$	13,064,418


REPORTING PERIOD RETURN
Fund*		6.17%
MSCI World ex USA Index		7.59%

Net Assets as of 12/31/2020 (In Thousands)	$	8,621,638


REPORTING PERIOD RETURN
Fund*		2.67%
Bloomberg Barclays Global-Aggregate Index - Hedged USD		2.68%

Net Assets as of 12/31/2020 (In Thousands)	$	6,619,708
Duration		6.30 years


REPORTING PERIOD RETURN
Fund*			5.03%
Bloomberg Barclays 1-15 Year Municipal Bond Index			4.00%

Net Assets as of 12/31/2020 (In Thousands)			$5,029,650
Duration			4.66 years


REPORTING PERIOD RETURN
Fund*		4.11%
Bloomberg Barclays US Intermediate Corporate Bond Index		1.73%

Net Assets as of 12/31/2020 (In Thousands)	$	1,076,525
Duration		3.33 years


Futures contracts outstanding as of December 31, 2020:
Exchange Traded
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Canadian Bankers’ Acceptance		251			03/2023		CAD		48,965			(23	)
U.S. Treasury 2 Year Note		74			03/2021		USD		16,337			15

												(8	)


Short Contracts
U.S. Treasury 5 Year Note		(91	)		03/2021		USD		(11,453	)		(29	)
U.S. Ultra Treasury 10 Year Note		(22	)		03/2021		USD		(3,446	)		6

												(23	)

Total unrealized appreciation (depreciation)												(31	)


Forward foreign currency exchange contracts outstanding as of December 31, 2020:
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION)($)
USD	7,867		CAD	10,000	Morgan Stanley & Co.		01/08/2021		11
USD	1,573		CAD	2,000	Bank of America, NA		01/15/2021		2
USD	2,361		CAD	3,000	Morgan Stanley & Co.		01/19/2021		4
USD	1,574		CAD	2,000	Morgan Stanley & Co.		02/10/2021		3
CAD	312		USD	243	Bank of America, NA		02/19/2021		3
CAD	316		USD	242	Morgan Stanley & Co.		02/19/2021		6
GBP	140		USD	187	Barclays Bank plc		02/19/2021		4

Total unrealized appreciation									33


USD	7,845		CAD	10,000	Morgan Stanley & Co.		01/08/2021		(11	)
USD	5,384		GBP	3,990	Morgan Stanley & Co.		01/08/2021		(72	)
USD	2,351		CAD	3,000	Morgan Stanley & Co.		01/12/2021		(6	)
USD	2,352		CAD	3,000	Morgan Stanley & Co.		01/15/2021		(5	)
USD	23,736		JPY	2,500,000	Citibank NA		01/19/2021		(480	)
USD	4,609		CAD	6,065	Morgan Stanley & Co.		02/03/2021		(157	)
USD	726		AUD	1,000	Morgan Stanley & Co.		02/19/2021		(45	)
USD	4,948		CAD	6,504	Morgan Stanley & Co.		02/19/2021		(163	)
USD	6,140		GBP	4,655	Bank of America, NA		02/19/2021		(228	)
USD	313		GBP	236	Barclays Bank plc		02/19/2021		(10	)
USD	9,464		JPY	1,000,000	Goldman Sachs International		02/25/2021		(227	)

Total unrealized depreciation									(1,404	)

Net unrealized appreciation (depreciation)									(1,371	)


Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2020:
FLOATING RATE INDEX (a)	FIXED RATE		PAY/RECEIVE FLOATING RATE	MATURITY DATE		NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS)($)		UNREALIZED APPRECIATION (DEPRECIATION)($)			VALUE($)
ICE LIBOR USD 1 Month		ICE LIBOR USD 3 Month	Pay		01/13/2023		USD	9,600		—		(5	)		(5	)
ICE LIBOR USD 1 Month		ICE LIBOR USD 3 Month	Pay		01/13/2023		USD	12,500		—		(7	)		(7	)

Total										—		(12	)		(12	)


FLOATING RATE INDEX
ICE LIBOR USD 1 Month		0.14%
ICE LIBOR USD 3 Month		0.24%


Centrally Cleared Credit default swap contracts outstanding — buy protection (1) as of December 31, 2020:
REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)		PAYMENT FREQUENCY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (2)		NOTIONAL AMOUNT (3)			UPFRONT PAYMENTS (RECEIPTS)($) (4)			UNREALIZED APPRECIATION (DEPRECIATION)($)			VALUE($)
CDX.NA.IG.35-V1		1.00		Quarterly		12/20/2025		0.50		USD	15,300		(326	)		(54	)		(380	)

													(326	)		(54	)		(380	)


FLOATING RATE INDEX
ICE LIBOR USD 1 Month	0.14	%
ICE LIBOR USD 3 Month	0.24	%


FLOATING RATE INDEX
Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month			1.94%
Bank of Thailand BIBOR Fixings 6 Month			0.00%
BBSW ASX Australian 6 Month			0.02%
Canada Bankers Acceptances 3 Month			0.48%
Colombia IBR Overnight Nominal Interbank Reference Rate			0.00%
ICE LIBOR JPY 6 Month			0.06%
ICE LIBOR USD 3 Month			0.24%
KRW Certificate of Deposite 3 Month			0.66%
SONIA Interest Rate Benchmark			0.04%
United States FEDEF			0.09%



DECEMBER 31, 2020	SIX CIRCLES TRUST	1



2	SIX CIRCLES TRUST	DECEMBER 31, 2020



DECEMBER 31, 2020	SIX CIRCLES TRUST	3



4	SIX CIRCLES TRUST	DECEMBER 31, 2020


Reverse Repurchase Agreemets
COUNTERPARTY	SETTLEMENT DATE		MATURITY DATE		BORROWING RATE			AMOUNT BORROWED			PAYABLE FOR REVERSE REPURCHASE AGREEMENTS			COLLATERAL PLEDGED/ (RECEIVED)		NET AMOUNT (DUE TO)/ FROM COUNTERPATRY

BofA Securities, Inc.		12/11/2020		1/14/2021		0.18	%		(5,114	)		(5,114	)		5,114		—

BofA Securities, Inc.		12/14/2020		1/14/2021		0.18			(24,179	)		(24,182	)		24,182		—

BofA Securities, Inc.		12/3/2020		2/1/2021		0.19			(5,093	)		(5,094	)		5,094		—

BofA Securities, Inc.		12/4/2020		1/4/2021		0.20			(5,916	)		(5,917	)		5,917		—


												(40,307	)


Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
	OVERNIGHT AND CONTINUOUS		UP TO 30 DAYS			31-90 DAYS		GREATER THAN 90 DAYS		TOTAL
Reverse Repurchase Agreements
Mortgage Backed Securities		—		(40,307	)		—		—		(40,307	)

Payable for Reverse Repurchase Agreements											(40,307	)


ACES		— Alternative Credit Enhancement Securities
ARM		— Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of December 31, 2020.


	Six Circles Ultra Short Duration Fund
ASSETS:
Investments in non-affiliates, at value	$	499,876
Repurchase agreements, at value		15,600
Foreign currency, at value		3
Deposits at broker for futures contracts		248
Deposits at broker for centrally cleared swaps		283
Prepaid expenses		5
Receivables:
Fund shares sold		254
Interest and dividends from non-affiliates		2,027
Variation margin on futures contracts		117
Variation margin on centrally cleared swaps — (net upfront receipts of $326)		5
Unrealized appreciation on forward foreign currency exchange contracts		33

Total Assets		518,451


LIABILITIES:
Payables:
Due to custodian — cash		2
Investment securities purchased		271
Fund shares redeemed		106
Unrealized depreciation on forward foreign currency exchange contracts		1,404
Accrued liabilities:
Investment advisory fees		50
Administration fees		12
Custodian and accounting fees		24
Trustees’ fees		5
Other		49

Total Liabilities		1,923

Net Assets	$	516,528


NET ASSETS:
Paid-in capital	$	518,695
Total distributable earnings (loss)		(2,167	)

Total Net Assets	$	516,528

Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):		51,481
Net Asset Value, offering and redemption price per share (a):	$	10.03
Cost of investments in non-affiliates	$	496,227
Cost of repurchase agreements		15,600
Cost of foreign currency		3


	Six Circles Tax Aware Ultra Short Duration Fund
ASSETS:
Investments in non-affiliates, at value	$	565,775
Repurchase agreements, at value		3,800
Foreign currency, at value		10
Deposits at broker for futures contracts		311
Deposits at broker for centrally cleared swaps		327
Prepaid expenses		6
Receivables:
Investment securities sold		1,024
Fund shares sold		385
Interest and dividends from non-affiliates		4,751
Variation margin on futures contracts		54
Variation margin on centrally cleared swaps — (net upfront receipts of $379)		28
Unrealized appreciation on forward foreign currency exchange contracts		19

Total Assets		576,490


LIABILITIES:
Payables:
Due to custodian — cash		166
Investment securities purchased		4,339
Fund shares redeemed		2,543
Unrealized depreciation on forward foreign currency exchange contracts		480
Accrued liabilities:
Investment advisory fees		49
Administration fees		14
Custodian and accounting fees		20
Trustees’ fees		3
Registration and filing fees		5
Other		45

Total Liabilities		7,664

Net Assets	$	568,826


NET ASSETS:
Paid-in capital	$	570,315
Total distributable earnings (loss)		(1,489	)

Total Net Assets	$	568,826

Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):		56,794
Net Asset Value, offering and redemption price per share (a):	$	10.02
Cost of investments in non-affiliates	$	562,023
Cost of repurchase agreements		3,800
Cost of foreign currency		10


	Six Circles U.S. Unconstrained Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	13,046,104
Deposits at broker for futures contracts		5,449
Prepaid expenses		70
Receivables:
Investment securities sold		97,087
Fund shares sold		5,319
Interest and dividends from non-affiliates		10,750
Tax reclaims		109
Variation margin on futures contracts		354

Total Assets		13,165,242


LIABILITIES:
Payables:
Due to custodian — cash		34
Investment securities purchased		95,687
Fund shares redeemed		4,223
Accrued liabilities:
Investment advisory fees		441
Administration fees		64
Custodian and accounting fees		60
Trustees’ fees		35
Registration and filing fees		70
Other		210

Total Liabilities		100,824

Net Assets	$	13,064,418


NET ASSETS:
Paid-in capital	$	9,703,539
Total distributable earnings (loss)		3,360,879

Total Net Assets	$	13,064,418

Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):		971,839
Net Asset Value, offering and redemption price per share (a):	$	13.44
Cost of investments in non-affiliates	$	9,866,340


	Six Circles International Unconstrained Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	8,616,564
Foreign currency, at value		2,861
Deposits at broker for futures contracts		17,742
Prepaid expenses		42
Receivables:
Investment securities sold		141
Fund shares sold		4,531
Interest and dividends from non-affiliates		8,726
Tax reclaims		14,750

Total Assets		8,665,357


LIABILITIES:
Payables:
Due to custodian — cash		12
Investment securities purchased		39,886
Fund shares redeemed		2,234
Variation margin on futures contracts		638
Accrued liabilities:
Investment advisory fees		330
Administration fees		64
Custodian and accounting fees		175
Trustees’ fees		18
Registration and filing fees		234
Other		128

Total Liabilities		43,719

Net Assets	$	8,621,638


NET ASSETS:
Paid-in capital	$	8,135,053
Total distributable earnings (loss)		486,585

Total Net Assets	$	8,621,638

Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):		863,605
Net Asset Value, offering and redemption price per share (a):	$	9.98
Cost of investments in non-affiliates	$	7,394,879
Cost of foreign currency		2,861


	Six Circles Global Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	7,475,336
Repurchase agreements, at value		80,800
Cash		3
Foreign currency, at value		4,591
Deposits at broker for futures contracts		1,184
Deposits at broker for centrally cleared swaps		2,979
Deposits at broker for OTC contracts		10
Deferred offering costs		55
Prepaid expenses		—	(a)
Receivables:
Investment securities sold		39,067
Investment securities sold — delayed delivery securities		1,073,222
Fund shares sold		4,875
Interest and dividends from non-affiliates		37,109
Variation margin on centrally cleared swaps (net upfront payments of $1,956)		331
Unrealized appreciation on forward foreign currency exchange contracts		6,785
Outstanding OTC swap contracts, at value (net upfront receipts of $–(a))		—	(a)

Total Assets		8,726,347


LIABILITIES:
Securities sold short, at value		264,703
Payables:
Reverse repurchase agreement		40,307
Deposits from broker for OTC contracts		110
Deposits from broker for delayed delivery securities		2,164
Interest expense		52
Investment securities purchased		52,542
Investment securities purchased — delayed delivery securities		1,675,321
Fund shares redeemed		1,675
Variation margin on futures contracts		12
Unrealized depreciation on forward foreign currency exchange contracts		68,128
Accrued liabilities:
Investment advisory fees		334
Administration fees		64
Custodian and accounting fees		330
Trustees’ fees		8
Registration and filing fees		779
Other		110

Total Liabilities		2,106,639

Net Assets	$	6,619,708


NET ASSETS:
Paid-in capital	$	6,610,463
Total distributable earnings (loss)		9,245

Total Net Assets	$	6,619,708

Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):		648,731
Net Asset Value, offering and redemption price per share (b):	$	10.20
Cost of investments in non-affiliates	$	7,345,962
Cost of repurchase agreements		80,800
Cost of foreign currency		4,591
Proceeds from securities sold short		(263,119	)


	Six Circles Tax Aware Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	5,102,398
Cash		2
Deposits at broker for futures contracts		418
Deferred offering costs		47
Receivables:
Investment securities sold		1
Fund shares sold		11,172
Interest and dividends from non-affiliates		41,657
Variation margin on futures contracts		32

Total Assets		5,155,727


LIABILITIES:
Payables:
Investment securities purchased		123,513
Fund shares redeemed		1,434
Accrued liabilities:
Investment advisory fees		409
Administration fees		50
Custodian and accounting fees		70
Trustees’ fees		3
Registration and filing fees		519
Other		79

Total Liabilities		126,077

Net Assets	$	5,029,650


NET ASSETS:
Paid-in capital	$	4,979,819
Total distributable earnings (loss)		49,831

Total Net Assets	$	5,029,650

Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):		481,466
Net Asset Value, offering and redemption price per share (a):	$	10.45
Cost of investments in non-affiliates	$	5,052,656


	Six Circles Credit Opportunities Fund
ASSETS:
Investments in non-affiliates, at value	$	1,088,298
Cash		—	(a)
Foreign currency, at value		17
Deposits at broker for futures contracts		673
Deposits at broker for centrally cleared swaps		1,260
Deferred offering costs		85
Receivables:
Investment securities sold		308
Fund shares sold		1,804
Interest and dividends from non-affiliates		15,127
Variation margin on centrally cleared swaps — (net upfront payments of $918)		20

Total Assets		1,107,592


LIABILITIES:
Payables:
Investment securities purchased		30,230
Fund shares redeemed		251
Variation margin on futures contracts		46
Unrealized depreciation on forward foreign currency exchange contracts		71
Accrued liabilities:
Investment advisory fees		203
Administration fees		18
Custodian and accounting fees		50
Trustees’ fees		1
Registration and filing fees		130
Other		67

Total Liabilities		31,067

Net Assets	$	1,076,525


NET ASSETS:
Paid-in capital	$	1,061,688
Total distributable earnings (loss)		14,837

Total Net Assets	$	1,076,525

Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):		104,618
Net Asset Value, offering and redemption price per share (b):	$	10.29
Cost of investments in non-affiliates	$	1,073,693
Cost of foreign currency		17


	Six Circles Ultra Short Duration Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	13,417

Total investment income		13,417


EXPENSES:
Investment advisory fees		2,049
Administration fees		78
Custodian and accounting fees		165
Professional fees		98
Trustees’ fees		41
Printing and mailing costs		18
Registration and filing fees		39
Transfer agency fees		38
Interest expense		3
Other		10

Total expenses		2,539

Less advisory fees waived		(1,179	)

Net expenses		1,360

Net investment income (loss)		12,057


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on:
Investments in non-affiliates		2,523
Futures contracts		517
Securities sold short		1
Foreign currency transactions		(277	)
Forward foreign currency exchange contracts		692
Swaps		(1,293	)

Net realized gain (loss)		2,163

Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		(770	)
Futures contracts		305
Foreign currency translations		112
Forward foreign currency exchange contracts		(759	)
Swaps		494

Change in net unrealized appreciation (depreciation)		(618	)

Net realized/unrealized gains (losses)		1,545

Change in net assets resulting from operations	$	13,602


	Six Circles Tax Aware Ultra Short Duration Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	12,816

Total investment income		12,816


EXPENSES:
Investment advisory fees		2,359
Administration fees		91
Custodian and accounting fees		143
Professional fees		86
Trustees’ fees		44
Printing and mailing costs		20
Registration and filing fees		34
Transfer agency fees		38
Interest expense		2
Other		8

Total expenses		2,825

Less advisory fees waived		(1,500	)

Net expenses		1,325

Net investment income (loss)		11,491


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on:
Investments in non-affiliates		1,888
Futures contracts		483
Securities sold short		1
Foreign currency transactions		143
Forward foreign currency exchange contracts		1,395
Swaps		(1,008	)

Net realized gain (loss)		2,902

Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		(1,360	)
Futures contracts		240
Foreign currency translations		(17	)
Forward foreign currency exchange contracts		62
Swaps		359

Change in net unrealized appreciation (depreciation)		(716	)

Net realized/unrealized gains (losses)		2,186

Change in net assets resulting from operations	$	13,677


	Six Circles International Unconstrained Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1
Dividend income from non-affiliates		157,165
Non-cash dividend income from non-affiliates		23,559
Foreign taxes withheld		(18,514	)

Total investment income		162,211


EXPENSES:
Investment advisory fees		15,454
Administration fees		402
Custodian and accounting fees		1,194
Professional fees		265
Trustees’ fees		299
Printing and mailing costs		202
Registration and filing fees		287
Transfer agency fees		38
Interest expense		585
Other		42

Total expenses		18,768

Less advisory fees waived		(12,407	)

Net expenses		6,361

Net investment income (loss)		155,850


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on:
Investments in non-affiliates		(734,511	)
Futures contracts		(15,710	)
Foreign currency transactions		9,029
Forward foreign currency exchange contracts		(2,602	)

Net realized gain (loss)		(743,794	)

Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		1,006,379
Futures contracts		871
Foreign currency translations		1,798

Change in net unrealized appreciation (depreciation)		1,009,048

Net realized/unrealized gains (losses)		265,254

Change in net assets resulting from operations	$	421,104


	Six Circles Global Bond Fund*
INVESTMENT INCOME:
Interest income from non-affiliates	$	15,920
Foreign taxes withheld		(339	)

Total investment income		15,581


EXPENSES:
Investment advisory fees		4,353
Administration fees		144
Custodian and accounting fees		724
Professional fees		104
Trustees’ fees		85
Printing and mailing costs		118
Registration and filing fees		786
Transfer agency fees		19
Recoupment of expense reimbursement		252
Offering costs		141
Interest expense		16
Other		13

Total expenses		6,755

Less advisory fees waived		(3,255	)
Less expense reimbursements		(252	)

Net expenses		3,248

Net investment income (loss)		12,333


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on:
Investments in non-affiliates		4,877
Futures contracts		(169	)
Securities sold short		177
Foreign currency transactions		3,133
Forward foreign currency exchange contracts		(51,616	)
Swaps		95

Net realized gain (loss)		(43,503	)

Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		129,374
Futures contracts		(309	)
Foreign currency translations		2,373
Forward foreign currency exchange contracts		(61,343	)
Securities sold short		(1,584	)
Swaps		(187	)

Change in net unrealized appreciation (depreciation)		68,324

Net realized/unrealized gains (losses)		24,821

Change in net assets resulting from operations	$	37,154


	Six Circles Tax Aware Bond Fund*
INVESTMENT INCOME:
Interest income from non-affiliates	$	10,390

Total investment income		10,390


EXPENSES:
Investment advisory fees		2,517
Administration fees		98
Custodian and accounting fees		144
Professional fees		78
Trustees’ fees		51
Printing and mailing costs		68
Registration and filing fees		526
Transfer agency fees		20
Recoupment of expense reimbursement		225
Offering costs		135
Interest expense		2
Other		8

Total expenses		3,872

Less advisory fees waived		(1,481	)
Less expense reimbursements		(225	)

Net expenses		2,166

Net investment income (loss)		8,224


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on:
Investments in non-affiliates		145
Futures contracts		(38	)

Net realized gain (loss)		107

Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		49,742
Futures contracts		234

Change in net unrealized appreciation (depreciation)		49,976

Net realized/unrealized gains (losses)		50,083

Change in net assets resulting from operations	$	58,307


	Six Circles Credit Opportunities Fund*
INVESTMENT INCOME:
Interest income from non-affiliates	$	5,387
Dividend income from non-affiliates		159
Foreign taxes withheld		(8	)

Total investment income		5,538


EXPENSES:
Investment advisory fees		1,090
Administration fees		27
Custodian and accounting fees		72
Professional fees		153
Trustees’ fees		18
Printing and mailing costs		6
Registration and filing fees		139
Transfer agency fees		12
Recoupment of expense reimbursement		214
Offering costs		62
Interest expense		—	(a)
Other		2

Total expenses		1,795

Less advisory fees waived		(757	)
Less expense reimbursements		(214	)

Net expenses		824

Net investment income (loss)		4,714


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on:
Investments in non-affiliates		553
Futures contracts		2
Foreign currency transactions		29
Forward foreign currency exchange contracts		(272	)
Swaps		28

Net realized gain (loss)		340

Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		14,605
Futures contracts		44
Foreign currency translations		3
Forward foreign currency exchange contracts		(71	)
Swaps		221

Change in net unrealized appreciation (depreciation)		14,802

Net realized/unrealized gains (losses)		15,142

Change in net assets resulting from operations	$	19,856


	Six Circles Ultra Short Duration Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	12,057		$	28,800
Net realized gain (loss)		2,163			(2,740	)
Change in net unrealized appreciation (depreciation)		(618	)		5,429

Change in net assets resulting from operations		13,602			31,489


DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(13,072	)		(30,523	)

CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(684,169	)		116,351


NET ASSETS:
Change in net assets		(683,639	)		117,317
Beginning of year		1,200,167			1,082,850

End of year	$	516,528		$	1,200,167


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	125,901		$	243,459
Distributions reinvested		13,072			30,523
Cost of shares redeemed		(823,142	)		(157,631	)

Total change in net assets resulting from capital transactions	$	(684,169	)	$	116,351


SHARE TRANSACTIONS:
Issued		12,585			24,327
Reinvested		1,309			3,054
Redeemed		(82,592	)		(15,754	)

Change in Shares		(68,698	)		11,627


	Six Circles Tax Aware Ultra Short Duration Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	11,491		$	22,990
Net realized gain (loss)		2,902			(3,647	)
Change in net unrealized appreciation (depreciation)		(716	)		5,059

Change in net assets resulting from operations		13,677			24,402


DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(12,744	)		(24,544	)

CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(787,847	)		257,878


NET ASSETS:
Change in net assets		(786,914	)		257,736
Beginning of year		1,355,740			1,098,004

End of year	$	568,826		$	1,355,740


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	154,132		$	421,656
Distributions reinvested		12,744			24,544
Cost of shares redeemed		(954,723	)		(188,322	)

Total change in net assets resulting from capital transactions	$	(787,847	)	$	257,878


SHARE TRANSACTIONS:
Issued		15,408			42,173
Reinvested		1,277			2,457
Redeemed		(95,727	)		(18,837	)

Change in Shares		(79,042	)		25,793


	Six Circles U.S. Unconstrained Equity Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	198,563		$	186,512
Net realized gain (loss)		883,137			(154,822	)
Change in net unrealized appreciation (depreciation)		1,835,845			1,729,569

Change in net assets resulting from operations		2,917,545			1,761,259


DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(710,202	)		(186,283	)

CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(379,993	)		4,682,634


NET ASSETS:
Change in net assets		1,827,350			6,257,610
Beginning of year		11,237,068			4,979,458

End of year	$	13,064,418		$	11,237,068


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	1,742,825		$	5,681,168
Distributions reinvested		710,202			186,283
Cost of shares redeemed		(2,833,020	)		(1,184,817	)

Total change in net assets resulting from capital transactions	$	(379,993	)	$	4,682,634


SHARE TRANSACTIONS:
Issued		151,713			556,788
Reinvested		53,238			16,858
Redeemed		(243,375	)		(113,693	)

Change in Shares		(38,424	)		459,953


	Six Circles International Unconstrained Equity Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	155,850		$	148,168
Net realized gain (loss)		(743,794	)		52,680
Change in net unrealized appreciation (depreciation)		1,009,048			388,835

Change in net assets resulting from operations		421,104			589,683


DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(156,694	)		(151,214	)

CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		3,001,643			2,412,608


NET ASSETS:
Change in net assets		3,266,053			2,851,077
Beginning of year		5,355,585			2,504,508

End of year	$	8,621,638		$	5,355,585


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	4,422,231		$	2,835,400
Distributions reinvested		156,694			151,214
Cost of shares redeemed		(1,577,282	)		(574,006	)

Total change in net assets resulting from capital transactions	$	3,001,643		$	2,412,608


SHARE TRANSACTIONS:
Issued		479,556			302,401
Reinvested		15,908			15,967
Redeemed		(190,455	)		(61,666	)

Change in Shares		305,009			256,702