General Electric RSP U.S. Equity Fund

Average Daily
Net Assets of Fund

Management Fee

GE RSP U.S. Equity Fund

All Assets

GE RSP Income Fund

All Assets

The information provided on the performance pages relates to the GE RSP U.S. Equity Fund and GE RSP Income Fund (each, a “Fund” and collectively, the “Funds”).

Total returns take into account changes in share price and assume reinvestment of dividends and capital gains distributions, if any. Total returns shown are net of Fund expenses.

The performance data quoted represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Periods less than one year are not annualized. Please call toll-free (800) 242-0134 or visit the Funds’ website at www.ssga.com/geam for the most recent month-end performance data.

An investment in a Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. An investment in a Fund is subject to risk, including possible loss of principal invested.

The S&P 500^® Index is an unmanaged, market capitalization-weighted index of stocks of 500 large U.S. companies, which is widely used as a measure of large-cap stock market performance.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index of taxable investment grade debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of one year or more. This index is designed to represent the performance of the U.S. investment-grade first rate bond market.

The results shown for the foregoing indices assume the reinvestment of net dividends or interest and do not reflect fees, expenses, or taxes. As such, index returns do not reflect the actual cost of investing in the instruments that comprise an index.

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice.

The GE RSP U.S. Equity Fund (the “Fund”) seeks to provide long-term growth of capital. The Fund’s benchmark is the S&P 500 Index (the “Index”).

For the 12-month period ended December 31, 2020 (the “Reporting Period”), the total return for the Fund was 23.82%, and the Index was 18.40%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

After the COVID-driven market plunge early in 2020, the market recovered strongly finishing the year up significantly for the full year. The Fund outperformed the Index during the Reporting Period. In a volatile year, the Fund outperformed in eight of eleven sectors and had seven different industries represented in the top 10 stock contributors, a testament to strong stock-picks across the research and PM team. The primary drivers of the outperformance came from stock selection in the consumer discretionary and financials sectors, while healthcare holdings detracted from performance. In consumer discretionary, long-time Fund holding Amazon.com was a key beneficiary of pandemic driven lockdowns, which drove an increase in online spending. In addition, the Fund’s holdings in higher quality retailers like Lowes and Ross Stores did well in the market recovery. The Fund also largely avoided the worst-hit consumer segments such as cruise lines. Bank stocks were particularly weak during the Reporting Period as they were impacted by falling rates and economic headwinds. The Fund is overweight banks but has exposure to the specialty regional bank First Republic Bank, which significantly outperformed the weak performing major banks. The positive financials attribution was also helped by significant outperformance of holdings in S&P Global, MSCI and TradeWeb Markets. In healthcare, Merck and Boston Scientific dragged on performance. Both companies were negatively impacted by COVID-19 as they experienced pandemic related declines across drugs and medical device sales that we would expect to recover as pent-up demand for these products return. Within healthcare, these negatives were offset by a positive contribution from Gilead, which benefited from the COVID-19 treatment Remdesivir.

On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Amazon.com, Apple, and Microsoft. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Schlumberger, Chevron, and JPMorgan Chase.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

As a shareholder of the Fund you incur ongoing costs. Ongoing costs include portfolio management fees, professional fees, administrative fees and other Fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

To illustrate these ongoing costs, we have provided an example and calculated the expenses paid by investors in shares of the Fund during the period. The information in the following table is based on an investment of $1,000, which is invested at the beginning of the period and held for the entire six-month period ended December 31, 2020.

Actual Expenses

The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, 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 given under the heading “Expenses paid during the period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table 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 Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare 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 shareholders reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs, such as sales charges or redemption fees, if any. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value July 1, 2020	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2020	$	1,237.30	$	1,024.43
Expenses Paid During Period*	$	0.79	$	0.71

*	Expenses are equal to the Fund’s annualized expense ratio of 0.14% (for the period July 1, 2020 - December 31, 2020), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Past performance does not predict future performance. The performance shown in the graphs and tables does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the fees or charges that would be associated with variable contracts through which shares of the Fund are offered.


	Number of Shares		Fair Value $


Common Stock - 99.1%†
Aerospace & Defense - 0.5%
Raytheon Technologies Corp.		475,137		33,977,047


Air Freight & Logistics - 0.5%
United Parcel Service Inc., Class B		191,648		32,273,523


Apparel Retail - 1.3%
Ross Stores Inc.		656,090		80,574,413


Application Software - 2.1%
Adobe Inc. (a)		94,125		47,073,795
Intuit Inc.		32,673		12,410,839
salesforce.com Inc. (a)		260,523		57,974,183
Splunk Inc. (a)		76,248		12,953,773

				130,412,590


Asset Management & Custody Banks - 0.3%
The Blackstone Group Inc., Class A		327,844		21,247,570


Automotive Retail - 0.5%
O’Reilly Automotive Inc. (a)		72,910		32,996,879


Biotechnology - 1.0%
BioMarin Pharmaceutical Inc. (a)		349,307		30,630,731
Vertex Pharmaceuticals Inc. (a)		131,430		31,062,166

				61,692,897


Building Products - 1.4%
Allegion PLC		105,128		12,234,797
Trane Technologies PLC		527,747		76,607,754

				88,842,551


Cable & Satellite - 1.7%
Charter Communications Inc., Class A (a)		94,551		62,550,214
Comcast Corp., Class A		820,265		42,981,886

				105,532,100


Construction Materials - 1.0%
Martin Marietta Materials Inc.		211,180		59,968,785


Data Processing & Outsourced Services - 4.1%
Fidelity National Information Services Inc.		178,951		25,314,408
Mastercard Inc., Class A		198,622		70,896,137


	Number of Shares		Fair Value $
PayPal Holdings Inc. (a)		37,885		8,872,667
Visa Inc., Class A		700,602		153,242,676

				258,325,888


Diversified Banks - 2.9%
JPMorgan Chase & Co.		1,441,240		183,138,367


Diversified Support Services - 0.4%
Cintas Corp.		61,831		21,854,785


Electric Utilities - 1.0%
American Electric Power Company Inc.		37,121		3,091,066
NextEra Energy Inc.		788,154		60,806,081

				63,897,147


Electronic Components - 2.5%
Amphenol Corp., Class A		496,033		64,866,235
Corning Inc.		2,473,214		89,035,704

				153,901,939


Electronic Equipment & Instruments - 0.6%
Keysight Technologies Inc. (a)		276,824		36,565,682


Environmental & Facilities Services - 1.1%
Waste Management Inc.		556,202		65,592,902


Financial Exchanges & Data - 2.2%
CME Group Inc.		380,558		69,280,584
MSCI Inc.		26,781		11,958,520
S&P Global Inc.		135,186		44,439,694
Tradeweb Markets Inc., Class A		205,866		12,856,331

				138,535,129


Footwear - 0.9%
NIKE Inc., Class B		384,540		54,400,874


Healthcare Equipment - 3.4%
Becton Dickinson & Co.		191,094		47,815,541
Boston Scientific Corp. (a)		3,273,228		117,672,546
Medtronic PLC		415,298		48,648,008

				214,136,095


Healthcare Facilities - 0.6%
HCA Healthcare Inc.		221,757		36,470,156


Healthcare Services - 0.9%
Cigna Corp.		204,255		42,521,806
Quest Diagnostics Inc.		121,440		14,472,005

				56,993,811


	Number of Shares		Fair Value $

Home Improvement Retail - 1.8%
Lowe’s Companies Inc.		590,948		94,853,063
The Home Depot Inc.		72,590		19,281,356

				114,134,419


Hotels, Resorts & Cruise Lines - 0.2%
Marriott International Inc., Class A		105,526		13,920,990


Household Products - 1.6%
Colgate-Palmolive Co.		332,483		28,430,621
The Procter & Gamble Co.		520,882		72,475,522

				100,906,143


Hypermarkets & Super Centers - 0.5%
Walmart Inc.		227,288		32,763,565


Industrial Conglomerates - 2.3%
Honeywell International Inc.		529,867		112,702,711
Roper Technologies Inc.		77,457		33,390,938

				146,093,649


Industrial Gases - 0.9%
Air Products & Chemicals Inc.		209,097		57,129,482


Industrial Machinery - 0.5%
Xylem Inc.		295,518		30,080,777


Insurance Brokers - 0.3%
Marsh & McLennan Companies Inc.		157,911		18,475,587


Integrated Oil & Gas - 0.8%
Chevron Corp.		352,874		29,800,209
Exxon Mobil Corp.		431,909		17,803,289

				47,603,498


Integrated Telecommunication Services - 0.4%
AT&T Inc.		795,352		22,874,323


Interactive Home Entertainment - 0.3%
Activision Blizzard Inc.		187,450		17,404,732


Interactive Media & Services - 6.8%
Alphabet Inc., Class A (a)		103,924		182,141,359
Alphabet Inc., Class C (a)		48,420		84,826,030
Facebook Inc., Class A (a)		580,649		158,610,081

				425,577,470


Internet & Direct Marketing Retail - 5.0%
Amazon.com Inc. (a)		95,599		311,359,251


	Number of Shares		Fair Value $
IT Consulting & Other Services - 0.4%
Accenture PLC, Class A		93,022		24,298,277


Life Sciences Tools & Services - 1.2%
IQVIA Holdings Inc. (a)		410,986		73,636,362


Managed Healthcare - 1.8%
Centene Corp. (a)		967,783		58,096,014
UnitedHealth Group Inc.		145,509		51,027,096

				109,123,110


Movies & Entertainment - 2.4%
Netflix Inc. (a)		41,444		22,410,014
The Walt Disney Co. (a)		684,347		123,989,989

				146,400,003


Multi-Line Insurance - 0.3%
American International Group Inc.		426,243		16,137,560


Multi-Sector Holdings - 1.1%
Berkshire Hathaway Inc., Class B (a)		303,941		70,474,800


Multi-Utilities - 2.0%
CMS Energy Corp.		442,613		27,003,819
Sempra Energy		772,211		98,387,404

				125,391,223


Oil & Gas Equipment & Services - 0.6%
Schlumberger N.V.		1,566,970		34,206,955


Oil & Gas Exploration & Production - 1.0%
ConocoPhillips		1,047,153		41,875,648
Pioneer Natural Resources Co.		153,059		17,431,890

				59,307,538


Packaged Foods & Meats - 1.4%
Mondelez International Inc., Class A		1,519,289		88,832,828


Personal Products - 0.4%
The Estee Lauder Companies Inc., Class A		103,828		27,637,975


Pharmaceuticals - 4.8%
Bristol-Myers Squibb Co.		731,154		45,353,483
Elanco Animal Health Inc. (a)		2,167,095		66,464,804
Johnson & Johnson		233,900		36,811,182


	Number of Shares		Fair Value $

Merck & Company Inc.		1,494,693		122,265,887
Viatris Inc. (a)		1,442,179		27,026,434

				297,921,790


Property & Casualty Insurance - 1.3%
Chubb Ltd.		481,837		74,164,351
The Progressive Corp.		96,662		9,557,939

				83,722,290


Railroads - 0.7%
Union Pacific Corp.		210,694		43,870,705


Regional Banks - 3.2%
First Republic Bank		688,354		101,139,853
Regions Financial Corp.		3,223,123		51,956,743
SVB Financial Group (a)		120,319		46,663,318

				199,759,914


Restaurants - 0.9%
Domino’s Pizza Inc.		39,740		15,238,701
McDonald’s Corp.		187,840		40,306,707

				55,545,408


Semiconductor Equipment - 1.8%
Applied Materials Inc.		1,315,277		113,508,405


Semiconductors - 4.6%
Intel Corp.		147,237		7,335,347
NVIDIA Corp.		144,376		75,393,147
QUALCOMM Inc.		807,492		123,013,331
Texas Instruments Inc.		472,272		77,514,004

				283,255,829


Soft Drinks - 1.7%
PepsiCo Inc.		692,798		102,741,943


Specialized REITs - 0.4%
American Tower Corp.		119,666		26,860,230


Specialty Chemicals - 0.7%
DuPont de Nemours Inc.		431,438		30,679,556
Ecolab Inc.		66,924		14,479,677

				45,159,233


Specialty Stores - 0.1%
Tractor Supply Co.		26,136		3,674,199


Systems Software - 6.8%
Microsoft Corp.		1,539,151		342,337,965
Oracle Corp.		611,149		39,535,229
ServiceNow Inc. (a)		76,684		42,209,174

				424,082,368


	Number of Shares		Fair Value $
Technology Hardware, Storage & Peripherals - 5.5%
Apple Inc.		2,593,901		344,184,724


Trading Companies & Distributors - 1.3%
United Rentals Inc. (a)		338,359		78,468,836


Trucking - 0.1%
Lyft Inc., Class A (a)		75,981		3,732,946


Wireless Telecommunication Services - 0.3%
T-Mobile US Inc. (a)		157,032		21,175,765


Total Common Stock (Cost $3,681,452,262)				6,172,766,232


Total Investments (Cost $3,681,452,262)				6,172,766,232

Other Assets and Liabilities, net - 0.9%				57,017,015


NET ASSETS - 100.0%				6,229,783,247

The views expressed in this document reflect our judgment as of the publication date and are subject to change at any time without notice. The securities cited may not be representative of the Fund’s future investments and should not be construed as a recommendation to purchase or sell a particular security. See the Fund’s Supplemental Information Documents and Consolidated Profile for complete descriptions of investment objectives, policies, risks and permissible investments.

(a)	Non-income producing security.

†	Percentages are based on net assets as of December 31, 2020.

Abbreviations:

REIT - Real Estate Investment Trust

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:


Fund	Investments	Level 1		Level 2		Level 3		Total

GE RSP U.S. Equity Fund	Investments in Securities

	Common Stock	$	6,172,766,232	$	—	$	—	$	6,172,766,232


	Total Investments in Securities	$	6,172,766,232	$	—	$	—	$	6,172,766,232

The GE RSP Income Fund (the “Fund”) seeks to provide the maximum income consistent with prudent investment management and the preservation of capital by investing at least 80% of its net assets under normal circumstances in debt securities. The Fund’s benchmark is the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”).

For the 12-month period ended December 31, 2020 (the “Reporting Period”), the total return for the Fund was 8.20% and the Index was 7.51%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Asset allocation and security selection, which each had a positive impact, and duration, which had a negative impact, were the primary drivers of Fund performance during the Reporting Period relative to the Index.

During the reporting period, the Fund increased its over-weight asset allocation to credit sectors from modest levels after credit spreads widened substantially in response to the COVID-19 global pandemic. The U.S. government responded with fiscal and monetary stimulus, which included a Federal Reserve program to temporarily buy U.S. corporate credit bonds, causing credit spreads to tighten significantly in the last three quarters of the Reporting Period. Given the timing of management’s allocation increase to credit, the Fund’s allocation to credit generated positive excess returns to the Index despite the fact that credit spreads widened during the Reporting Period.

Security selection in the investment-grade credit and agency MBS allocations generated positive excess returns relative to the Index, which was offset by security selection in the treasury allocation, which generated negative excess returns relative to the Index.

Over the course of the Reporting Period, the ten-year government interest rate decreased from 1.92% to 0.92%. During the first quarter of 2020, we had the view that the Phase One trade agreement between the U.S. and China coupled with pent up private investment would lead to above trend growth. As such, we felt that long-term interest rates were near a cyclical low and established a short duration position relative to the Index. The COVID-19 global pandemic caused interest rates to decline significantly, negatively impacting the Fund’s performance relative to the Index.

The Fund used treasury futures, interest rate swaps, options on treasury futures and index credit default swaps in order to actively manage duration and credit spread duration during the Reporting Period. The Fund’s use of options on treasury futures contributed to Fund performance relative to the Index, while its use of treasury futures, interest rate swaps, and index credit default swaps detracted from Fund performance relative to the Index.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Actual Fund Return		Hypothetical 5% Return (2.5% for the period)
Actual Fund Return
Beginning Account Value July 1, 2020	$	1,000.00	$	1,000.00
Ending Account Value December 31, 2020	$	1,028.20	$	1,024.28
Expenses Paid During Period*	$	0.87	$	0.87

*	Expenses are equal to the Fund’s annualized expense ratio of 0.17% (for the period July 1, 2020 - December 31, 2020), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).


	Principal Amount ($) or Number of Shares		Fair Value $


Bonds and Notes - 94.3%†
U.S. Treasuries - 12.4%
1.25%, 05/15/50 (a)		8,342,000		7,571,668
2.25%, 08/15/46 (a)		14,668,000		16,753,606
3.00%, 08/15/48 (a)		32,000,000		42,120,000
3.75%, 08/15/41 (a)		4,853,300		6,895,478
0.25%, 07/31/25 (a)		18,910,000		18,853,861
0.38%, 07/31/27 (a)		88,561,500		87,385,293
0.63%, 08/15/30 (a)		8,712,000		8,495,561
1.25%, 03/31/21		58,239,000		58,395,972
2.63%, 02/15/29 (a)		11,129,000		12,775,744

				259,247,183


Agency Mortgage Backed - 26.4%
Federal Home Loan Mortgage Corp.
3.00%, 04/01/43 - 10/01/49 (a)		67,519,174		72,050,648
4.50%, 06/01/33 - 02/01/35 (a)		67,875		76,081
5.00%, 07/01/35 (a)		491,717		571,185
5.50%, 01/01/38 - 04/01/39 (a)		900,189		1,061,443
6.00%, 06/01/33 - 11/01/37 (a)		1,862,848		2,171,460
6.50%, 07/01/29 (a)		14,326		15,593
7.00%, 01/01/27 - 08/01/36 (a)		407,520		481,016
7.50%, 01/01/28 - 09/01/33 (a)		30,984		34,537
8.00%, 11/01/30 (a)		2,560		2,937
8.50%, 04/01/30 (a)		5,739		7,367
3.00%, 03/01/50 (a)		14,507,053		15,216,176
3.50%, 08/01/45 - 01/01/48 (a)		56,945,195		61,943,444
4.00%, 01/01/41 - 01/01/50 (a)		41,512,643		45,129,922
4.50%, 07/01/33 - 12/01/48 (a)		18,961,749		20,996,542
5.00%, 03/01/34 - 05/01/39 (a)		1,471,625		1,692,004
5.50%, 12/01/32 - 01/01/39 (a)		4,902,042		5,703,525
6.00%, 03/01/21 - 05/01/41 (a)		8,634,634		10,087,010
6.50%, 05/01/21 - 08/01/36 (a)		294,368		330,055
7.00%, 10/01/32 - 02/01/34 (a)		40,181		44,898
7.50%, 11/01/22 - 03/01/33 (a)		176,368		199,744


	Principal Amount ($) or Number of Shares		Fair Value $
8.00%, 06/01/24 - 10/01/31 (a)		62,853		68,777
8.50%, 04/01/30 (a)		13,933		16,892
9.00%, 06/01/21 - 12/01/22 (a)		3,848		3,904
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR
5.85%, 09/25/46 (a)(b)(c)		19,568,509		4,431,881
2.00%, TBA (d)		82,164,083		85,754,283
3.00%, 12/20/42 - 05/20/45 (a)		76,468,566		81,575,839
3.50%, 08/20/48 (a)		16,000,815		17,123,396
4.00%, 01/20/41 - 04/20/43 (a)		8,680,684		9,599,357
4.50%, 08/15/33 - 03/20/41 (a)		3,386,553		3,806,825
5.00%, 08/15/33 (a)		178,303		198,002
6.00%, 04/15/27 - 09/15/36 (a)		572,472		656,224
6.50%, 01/15/24 - 09/15/36 (a)		419,499		466,623
7.00%, 03/15/26 - 10/15/36 (a)		290,505		327,562
7.50%, 11/15/22 - 11/15/31 (a)		89,762		94,939
8.00%, 12/15/29 - 05/15/30 (a)		1,111		1,238
9.00%, 12/15/21 (a)		685		687
2.25%, 08/20/23 - 09/20/24 (a)(b)		1,348		1,363
2.88%, 04/20/24 (a)(b)		656		668
3.00%, 01/20/24 - 03/20/24 (a)(b)		868		881
3.13%, 11/20/21 - 10/20/25 (a)(b)		4,051		4,100
2.50% TBA (d)		102,005,196		107,946,999

				549,896,027


Agency Collateralized Mortgage Obligations - 0.9%
0.08%, 09/25/43 (a)(b)(c)		4,560,168		14,546
2.51%, 07/25/29 (a)		6,504,000		7,223,696
4.05%, 09/25/28 (a)(b)		2,313,000		2,797,574
Federal Home Loan Mortgage Corp. REMIC
3.50%, 11/15/30 (a)(c)		773,631		25,097
5.50%, 06/15/33 (a)(c)		170,371		29,391
7.50%, 07/15/27 (a)(c)		6,857		1,100


	Principal Amount ($) or Number of Shares		Fair Value $

Federal Home Loan Mortgage Corp. REMIC 6.15% - 1 month USD LIBOR 5.99%, 10/15/42 (a)(b)(c)		15,768,648		2,716,620
Federal Home Loan Mortgage Corp. REMIC 6.60% - 1 month USD LIBOR 6.44%, 08/15/25 (a)(b)(c)		202,110		4,849
Federal Home Loan Mortgage Corp. STRIPS
1.47%, 08/01/27 (a)(e)(f)		4,611		4,411
8.00%, 02/01/23 - 07/01/24 (a)(c)		10,583		1,007
Federal National Mortgage Assoc. 1.60% + 12 month USD LIBOR 3.35%, 04/01/37 (a)(b)		15,564		15,939
Federal National Mortgage Assoc. REMIC
1.10%, 12/25/42 (a)(b)(c)		650,481		23,334
5.00%, 02/25/40 - 09/25/40 (a)(c)		529,160		60,241
1,008.00%, 05/25/22 (a)(c)		4		21
Federal National Mortgage Assoc. REMIC 6.00% - 1 month USD LIBOR 5.85%, 07/25/38 (a)(b)(c)		207,689		37,565
Federal National Mortgage Assoc. REMIC 6.55% - 1 month USD LIBOR 6.40%, 11/25/41 (a)(b)(c)		24,327,518		5,404,471
Federal National Mortgage Assoc. STRIPS
1.87%, 12/25/34 (a)(e)		157,465		144,136
4.50%, 08/25/35 - 01/25/36 (a)(c)		374,790		51,145
5.00%, 03/25/38 - 05/25/38 (a)(c)		222,365		38,967
5.50%, 12/25/33 (a)(c)		62,621		10,075
6.00%, 01/25/35 (a)(c)		243,573		46,147
7.50%, 11/25/23 (a)(c)		29,710		2,198
8.00%, 08/25/23 - 07/25/24 (a)(c)		19,292		2,009
8.50%, 07/25/22 (a)(c)		2,031		58
9.00%, 05/25/22 (a)(c)		1,222		24
Government National Mortgage Assoc. REMIC 4.50%, 08/16/39 (a)(c)		24,222		57

				18,654,678


	Principal Amount ($) or Number of Shares		Fair Value $

Asset Backed - 2.0%
Ally Auto Receivables Trust 2018-1 2.35%, 06/15/22 (a)		270,358		270,957
American Express Credit Account Master Trust 2018-8 3.18%, 04/15/24 (a)		5,865,000		5,985,990
BMW Floorplan Master Owner Trust 2018-1 3.15%, 05/15/23 (a)(g)		2,965,000		2,995,038
CarMax Auto Owner Trust 3.13%, 06/15/23 (a)		1,129,258		1,148,189
Chase Funding Trust 2004-1 4.99%, 11/25/33 (a)(h)		480,908		480,908
Enterprise Fleet Financing 2019-1 LLC 3.07%, 10/20/24 (a)(g)		4,214,000		4,396,631
Ford Credit Auto Owner Trust 2020-B 0.56%, 10/15/24 (a)		8,079,000		8,114,651
Irwin Home Equity Loan Trust 2006-2 0.30% + 1 month USD LIBOR 0.45%, 02/25/36 (a)(b)(g)		5,365		5,335
Nissan Auto Lease Trust 2019-A 2.76%, 03/15/22 (a)		2,576,928		2,591,781
Nissan Auto Lease Trust 2020-A 1.80%, 05/16/22 (a)		2,092,702		2,102,270
Santander Retail Auto Lease Trust 2019-B 2.30%, 01/20/23 (a)(g)		7,900,000		8,045,281
Securitized Term Auto Receivables Trust 2018-1A 3.30%, 11/25/22 (a)(g)		1,400,000		1,419,968
Trillium Credit Card Trust II 3.04%, 01/26/24 (a)(g)		4,156,000		4,163,410

				41,720,409


Corporate Notes - 42.5%
3M Co. 3.13%, 09/19/46 (a)		1,208,000		1,350,834
Abbott Laboratories
3.75%, 11/30/26 (a)		569,000		666,492
4.90%, 11/30/46 (a)		497,000		734,029
AbbVie Inc.
2.60%, 11/21/24		1,229,000		1,317,254
2.95%, 11/21/26		1,704,000		1,887,010


	Principal Amount ($) or Number of Shares		Fair Value $

3.20%, 05/14/26 (a)		700,000		777,392
3.20%, 11/21/29		1,106,000		1,245,798
3.25%, 10/01/22		839,000		873,877
3.45%, 03/15/22		1,842,000		1,898,789
4.05%, 11/21/39		710,000		858,575
4.25%, 11/21/49		862,000		1,084,224
4.63%, 10/01/42		129,000		163,995
4.70%, 05/14/45 (a)		248,000		323,506
4.88%, 11/14/48 (a)		237,000		322,258
5.00%, 12/15/21		1,837,000		1,895,196
Advance Auto Parts Inc. 3.90%, 04/15/30 (a)		2,852,000		3,285,675
Aetna Inc. 3.50%, 11/15/24 (a)		640,000		702,835
Aircastle Ltd. 4.25%, 06/15/26 (a)		986,000		1,044,509
Albemarle Wodgina Pty Ltd. 3.45%, 11/15/29 (a)		1,416,000		1,509,739
Alcon Finance Corp.
2.60%, 05/27/30 (a)(g)		560,000		595,801
3.80%, 09/23/49 (a)(g)		793,000		937,802
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (a)		720,000		717,610
4.70%, 07/01/30 (a)		433,000		537,552
Alibaba Group Holding Ltd.
3.40%, 12/06/27 (a)		300,000		335,829
4.00%, 12/06/37 (a)		450,000		530,820
4.20%, 12/06/47 (a)		339,000		424,899
Alimentation Couche-Tard Inc.
2.70%, 07/26/22 (a)(g)		1,104,000		1,140,012
2.95%, 01/25/30 (a)(g)		818,000		892,921
3.80%, 01/25/50 (a)(g)		1,015,000		1,198,593
Ally Financial Inc. 5.75%, 11/20/25 (a)		829,000		964,343
Alphabet Inc. 1.10%, 08/15/30 (a)		713,000		700,965
Altria Group Inc.
2.95%, 05/02/23 (a)		513,000		541,041
3.40%, 05/06/30 (a)		295,000		329,665
3.80%, 02/14/24 (a)		448,000		489,368
4.25%, 08/09/42 (a)		96,000		106,997
4.45%, 05/06/50 (a)		470,000		555,606
4.50%, 05/02/43 (a)		330,000		382,444
4.80%, 02/14/29 (a)		993,000		1,190,627
Amazon.com Inc.
1.50%, 06/03/30 (a)		529,000		538,628
2.50%, 06/03/50 (a)		650,000		673,582
2.70%, 06/03/60 (a)		505,000		539,497
3.15%, 08/22/27 (a)		386,000		439,110


	Principal Amount ($) or Number of Shares		Fair Value $
4.05%, 08/22/47 (a)		342,000		451,844
4.25%, 08/22/57 (a)		213,000		301,893
Ameren Corp.
2.50%, 09/15/24 (a)		1,817,000		1,936,595
3.65%, 02/15/26 (a)		435,000		490,871
America Movil SAB de C.V.
3.13%, 07/16/22 (a)		1,469,000		1,527,084
4.38%, 04/22/49 (a)		800,000		1,028,312
American Campus Communities Operating Partnership LP
4.13%, 07/01/24 (a)		372,000		406,436
American Electric Power Company Inc. 3.25%, 03/01/50 (a)		505,000		540,557
American Electric Power Company Inc. 2.30%, 03/01/30 (a)		605,000		631,656
American Express Co. 3.00%, 10/30/24 (a)		1,027,000		1,120,591
American International Group Inc.
4.25%, 03/15/29 (a)		751,000		901,936
4.50%, 07/16/44 (a)		717,000		917,194
American International Group Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 month USD LIBOR thereafter) 5.75% 04/01/48 (a)(b)		217,000		249,702
American Tower Corp.
1.50%, 01/31/28		2,057,000		2,070,268
2.90%, 01/15/30 (a)		724,000		789,377
3.70%, 10/15/49 (a)		408,000		462,395
3.80%, 08/15/29 (a)		891,000		1,034,496
American Water Capital Corp. 2.95%, 09/01/27 (a)		653,000		719,900
Amgen Inc.
2.45%, 02/21/30 (a)		302,000		324,408
3.15%, 02/21/40 (a)		1,215,000		1,325,298
3.38%, 02/21/50 (a)		331,000		369,432
4.56%, 06/15/48 (a)		595,000		783,145
4.66%, 06/15/51 (a)		248,000		336,717
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (a)		1,156,000		1,307,494
4.70%, 02/01/36 (a)		367,000		465,242
4.90%, 02/01/46 (a)		801,000		1,040,795


	Principal Amount ($) or Number of Shares		Fair Value $

Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (a)		812,000		940,970
4.00%, 04/13/28 (a)		263,000		309,775
4.35%, 06/01/40 (a)		1,423,000		1,742,122
4.38%, 04/15/38 (a)		1,280,000		1,580,467
4.50%, 06/01/50 (a)		625,000		788,788
4.60%, 04/15/48 (a)		461,000		581,432
4.75%, 04/15/58 (a)		362,000		475,936
5.55%, 01/23/49 (a)		1,276,000		1,809,764
Anthem Inc.
2.88%, 09/15/29 (a)		404,000		447,907
3.30%, 01/15/23 (a)		598,000		632,977
3.70%, 09/15/49 (a)		404,000		481,592
ANZ New Zealand International Ltd. 3.45%, 01/21/28 (a)(g)		1,128,000		1,288,447
Apollo Management Holdings LP 2.65%, 06/05/30 (a)(g)		2,848,000		2,909,004
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 year CMT Rate thereafter) 4.95%, 01/14/50 (a)(b)(g)		965,000		984,406
Apple Inc.
2.20%, 09/11/29 (a)		808,000		872,745
2.95%, 09/11/49 (a)		534,000		598,587
3.35%, 02/09/27 (a)		391,000		445,099
3.45%, 02/09/45 (a)		1,358,000		1,646,969
3.85%, 08/04/46 (a)		1,222,000		1,571,590
Applied Materials Inc. 4.35%, 04/01/47 (a)		461,000		638,909
Aptiv PLC 4.40%, 10/01/46 (a)		552,000		600,703
Archer-Daniels-Midland Co. 2.50%, 08/11/26 (a)		476,000		519,187
Ares Capital Corp. 3.25%, 07/15/25 (a)		4,062,000		4,298,165
Ascension Health 4.85%, 11/15/53 (a)		649,000		964,654
AstraZeneca PLC
4.00%, 01/17/29 (a)		370,000		441,521
4.38%, 08/17/48 (a)		199,000		267,526
AT&T Inc.
2.30%, 06/01/27 (a)		1,220,000		1,299,898
2.75%, 06/01/31 (a)		2,441,000		2,608,355
3.30%, 02/01/52 (a)		826,000		819,549
3.85%, 06/01/60 (a)		1,140,000		1,201,024


	Principal Amount ($) or Number of Shares		Fair Value $
4.35%, 03/01/29 (a)		1,173,000		1,399,002
4.45%, 04/01/24 (a)		551,000		615,076
4.50%, 05/15/35 (a)		838,000		1,015,296
4.55%, 03/09/49 (a)		452,000		539,376
4.75%, 05/15/46 (a)		269,000		331,303
4.80%, 06/15/44 (a)		566,000		703,006
4.85%, 03/01/39 (a)		1,092,000		1,353,796
5.15%, 11/15/46 (a)		147,000		189,848
5.25%, 03/01/37 (a)		567,000		734,191
5.35%, 12/15/43 (a)		626,000		796,253
5.45%, 03/01/47 (a)		981,000		1,323,408
Athene Holding Ltd.
4.13%, 01/12/28 (a)		626,000		696,682
6.15%, 04/03/30 (a)		1,221,000		1,515,517
Avangrid Inc.
3.15%, 12/01/24 (a)		1,078,000		1,175,139
Avery Dennison Corp.
2.65%, 04/30/30 (a)		414,000		445,029
Baidu Inc.
2.38%, 10/09/30 (a)		765,000		784,171
Bank of America Corp.
3.25%, 10/21/27 (a)		355,000		397,554
3.95%, 04/21/25 (a)		692,000		779,718
4.18%, 11/25/27 (a)		1,209,000		1,402,500
4.25%, 10/22/26 (a)		1,194,000		1,397,768
Bank of America Corp. (2.59% fixed rate until 04/29/30; 2.15% + SOFR thereafter)
2.59%, 04/29/31 (a)(b)		3,454,000		3,696,471
Bank of America Corp. (3.12% fixed rate until 01/20/22; 1.16% + 3 month USD LIBOR thereafter)
3.12%, 01/20/23 (a)(b)		675,000		694,508
Bank of America Corp. (3.37% fixed rate until 01/23/25; 0.81% + 3 month USD LIBOR thereafter)
3.37%, 01/23/26 (a)(b)		513,000		563,613
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.04% + 3 month USD LIBOR thereafter) 3.42%, 12/20/28 (a)(b)		737,000		831,321
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.06% + 3 month USD LIBOR thereafter)
3.56%, 04/23/27 (a)(b)		2,027,000		2,289,375


	Principal Amount ($) or Number of Shares		Fair Value $

Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.51% + 3 month USD LIBOR thereafter)
3.71%, 04/24/28 (a)(b)		1,631,000		1,859,829
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.19% + 3 month USD LIBOR thereafter)
3.95%, 01/23/49 (a)(b)		349,000		433,999
4.24%, 04/24/38 (a)(b)		1,016,000		1,254,577
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.31% + 3 month USD LIBOR thereafter)
4.27%, 07/23/29 (a)(b)		367,000		436,759
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.66% + 3 month USD LIBOR thereafter)
4.30%, 12/31/99 (a)(b)		1,625,000		1,668,631
Bank of America Corp. (4.44% fixed rate until 01/20/47; 1.99% + 3 month USD LIBOR thereafter)
4.44%, 01/20/48 (a)(b)		515,000		681,824
Bank of Montreal (4.34% fixed rate until 10/05/23; 1.28% + USD 5 year Swap Rate thereafter)
4.34%, 10/05/28 (a)(b)		1,347,000		1,476,676
Barclays PLC
4.38%, 01/12/26 (a)		911,000		1,049,089
4.84%, 05/09/28 (a)		478,000		552,166
Barclays PLC (2.65% fixed rate until 06/24/30; 1.90% + 1 year CMT Rate thereafter)
2.65%, 06/24/31 (a)(b)		2,060,000		2,148,353
Barclays PLC (2.85% fixed rate until 05/07/25; 2.45% + 3 month USD LIBOR thereafter)
2.85%, 05/07/26 (a)(b)		1,320,000		1,417,759


	Principal Amount ($) or Number of Shares		Fair Value $
Barclays PLC (4.97% fixed rate until 05/16/28; 1.90% + 3 month USD LIBOR thereafter)
4.97%, 05/16/29 (a)(b)		709,000		852,856
Barrick North America Finance LLC
5.70%, 05/30/41 (a)		134,000		193,110
BAT Capital Corp.
2.26%, 03/25/28 (a)		620,000		641,161
2.73%, 03/25/31 (a)		1,236,000		1,279,544
3.56%, 08/15/27 (a)		542,000		604,254
3.73%, 09/25/40 (a)		775,000		810,634
3.98%, 09/25/50 (a)		1,236,000		1,286,775
4.39%, 08/15/37 (a)		910,000		1,018,426
4.54%, 08/15/47 (a)		409,000		454,137
4.70%, 04/02/27 (a)		609,000		718,090
4.91%, 04/02/30 (a)		813,000		981,828
BAT International Finance PLC
1.67 %, 03/25/26 (a)		620,000		635,686
Baxter International Inc.
3.95%, 04/01/30 (a)(g)		340,000		406,280
Bayer US Finance II LLC
3.50%, 06/25/21 (a)(g)		1,803,000		1,823,951
3.88%, 12/15/23 (a)(g)		608,000		662,836
Becton Dickinson and Co.
2.89%, 06/06/22 (a)		714,000		736,955
3.70%, 06/06/27 (a)		530,000		606,341
3.73%, 12/15/24 (a)		34,000		37,659
4.67%, 06/06/47 (a)		87,000		113,929
4.69%, 12/15/44 (a)		101,000		130,420
Berkshire Hathaway Energy Co.
3.25%, 04/15/28 (a)		402,000		458,513
3.70%, 07/15/30 (a)(g)		905,000		1,071,728
3.80%, 07/15/48 (a)		355,000		424,491
4.25%, 10/15/50 (a)(g)		607,000		783,097
6.13%, 04/01/36 (a)		362,000		534,555
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 (a)		822,000		832,908
2.85%, 10/15/50 (a)		915,000		981,337
4.25%, 01/15/49 (a)		521,000		690,257
Berkshire Hathaway Inc.
4.50%, 02/11/43 (a)		211,000		286,496
Berry Global Inc.
4.88%, 07/15/26 (g)		1,644,000		1,765,081
BHP Billiton Finance USA Ltd.
5.00%, 09/30/43 (a)		211,000		310,033


	Principal Amount ($) or Number of Shares		Fair Value $

Biogen Inc.
2.25%, 05/01/30 (a)		386,000		401,621
3.15%, 05/01/50 (a)		250,000		258,205
Block Financial LLC
3.88%, 08/15/30 (a)		375,000		404,678
BNP Paribas S.A. (2.82% fixed rate until 11/19/24; 1.11% + 3 month USD LIBOR thereafter)
2.82%, 11/19/25 (a)(b)(g)		1,007,000		1,074,096
BNP Paribas S.A. (5.13% fixed rate until 11/15/27; 2.84% + USD 5 year Swap Rate thereafter)
5.13%, 12/31/99 (a)(b)(g)		600,000		622,584
Boardwalk Pipelines LP
4.80%, 05/03/29 (a)		797,000		912,557
Boston Scientific Corp.
4.70%, 03/01/49 (a)		328,000		447,458
BP Capital Markets America Inc.
3.00%, 02/24/50 (a)		975,000		1,003,138
3.02%, 01/16/27 (a)		2,002,000		2,212,530
BP Capital Markets PLC (4.38% Fixed rate until 06/22/25; 4.04% + 5 year CMT Rate thereafter)
4.38%, 12/31/99 (a)(b)		1,220,000		1,300,654
BP Capital Markets PLC (4.88% Fixed rate until 03/22/30; 4.40% + 5 year CMT Rate thereafter)
4.88%, 12/31/99 (a)(b)		1,220,000		1,355,664
BPCE S.A.
4.50%, 03/15/25 (a)(g)		2,060,000		2,327,409
Brighthouse Financial Inc.
3.70%, 06/22/27 (a)		46,000		50,004
4.70%, 06/22/47 (a)		24,000		25,218
Bristol-Myers Squibb Co.
1.45%, 11/13/30		2,415,000		2,424,877
2.35%, 11/13/40		488,000		499,492
2.55%, 11/13/50		588,000		600,889
3.20%, 06/15/26 (a)		1,202,000		1,352,478
3.40%, 07/26/29 (a)		773,000		898,589
3.45%, 11/15/27 (a)		51,000		58,750
4.13%, 06/15/39 (a)		632,000		810,211
4.25%, 10/26/49 (a)		632,000		852,600
4.35%, 11/15/47 (a)		84,000		113,070
4.55%, 02/20/48 (a)		223,000		309,464


	Principal Amount ($) or Number of Shares		Fair Value $
5.00%, 08/15/45 (a)		207,000		298,666
Brixmor Operating Partnership LP
3.90%, 03/15/27 (a)		261,000		290,289
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65%, 01/15/23 (a)		211,000		219,672
3.13%, 01/15/25 (a)		230,000		248,651
3.88%, 01/15/27 (a)		87,000		97,604
Broadcom Inc.
3.15%, 11/15/25 (a)		1,610,000		1,758,200
4.15%, 11/15/30 (a)		1,225,000		1,416,455
4.30%, 11/15/32 (a)		815,000		965,995
Brown-Forman Corp.
4.00%, 04/15/38 (a)		202,000		249,963
Bunge Limited Finance Corp.
3.75%, 09/25/27 (a)		291,000		332,782
Burlington Northern Santa Fe LLC
4.15%, 12/15/48 (a)		717,000		954,485
4.55%, 09/01/44 (a)		1,080,000		1,468,746
C&W Senior Financing DAC
7.50%, 10/15/26 (a)(g)		500,000		531,800
Cameron LNG LLC
3.30%, 01/15/35 (a)(g)		395,000		444,466
Canadian Natural Resources Ltd.
3.85%, 06/01/27 (a)		702,000		788,676
4.95%, 06/01/47 (a)		173,000		218,167
Cantor Fitzgerald LP
4.88%, 05/01/24 (a)(g)		1,946,000		2,163,427
Capital One Financial Corp.
3.75%, 07/28/26 (a)		1,189,000		1,344,486
4.75%, 07/15/21 (a)		1,654,000		1,692,290
Cardinal Health Inc.
2.62%, 06/15/22 (a)		415,000		427,251
3.08%, 06/15/24 (a)		301,000		323,744
Carrier Global Corp.
2.72%, 02/15/30		770,000		823,161
3.38%, 04/05/40		535,000		586,638
3.58%, 04/05/50		770,000		861,230
Caterpillar Inc.
3.25%, 09/19/49 - 04/09/50 (a)		1,176,000		1,380,049
3.80%, 08/15/42 (a)		259,000		326,726
Celulosa Arauco y Constitucion S.A.
4.20%, 01/29/30 (a)(g)		1,291,000		1,461,012


	Principal Amount ($) or Number of Shares		Fair Value $

Centene Corp.
3.38%, 02/15/30 (a)		1,097,000		1,153,847
4.25%, 12/15/27 (a)		3,230,000		3,437,850
5.38%, 08/15/26 (g)		4,892,000		5,172,752
CenterPoint Energy Inc.
2.50%, 09/01/22 (a)		1,670,000		1,726,346
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46%, 07/23/22 (a)		1,140,000		1,201,594
4.80%, 03/01/50 (a)		407,000		483,390
4.91%, 07/23/25 (a)		241,000		279,796
5.05%, 03/30/29 (a)		1,415,000		1,714,966
5.75%, 04/01/48 (a)		876,000		1,144,844
6.38%, 10/23/35 (a)		116,000		159,049
6.48%, 10/23/45 (a)		248,000		350,295
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/25 (a)		1,590,000		1,850,251
Chevron Corp.
1.55%, 05/11/25 (a)		408,000		424,675
2.24%, 05/11/30 (a)		816,000		874,972
2.98%, 05/11/40 (a)		595,000		659,284
3.08%, 05/11/50 (a)		1,015,000		1,133,105
Choice Hotels International Inc.
3.70%, 01/15/31 (a)		860,000		950,119
Chubb INA Holdings Inc.
1.38%, 09/15/30 (a)		3,430,000		3,418,578
4.35%, 11/03/45 (a)		572,000		774,225
Cigna Corp.
2.40%, 03/15/30 (a)		730,000		776,917
3.25%, 04/15/25 (a)		471,000		517,478
3.40%, 09/17/21 - 03/15/50 (a)		1,412,000		1,523,487
3.75%, 07/15/23 (a)		371,000		400,706
3.88%, 10/15/47 (a)		201,000		238,382
4.13%, 11/15/25 (a)		928,000		1,067,571
4.38%, 10/15/28 (a)		370,000		446,720
4.80%, 08/15/38 (a)		324,000		421,343
4.90%, 12/15/48 (a)		163,000		223,905
Cisco Systems Inc.
5.90%, 02/15/39 (a)		424,000		650,145
Citigroup Inc.
4.40%, 06/10/25 (a)		5,037,000		5,774,266
4.45%, 09/29/27 (a)		900,000		1,062,981
4.65%, 07/23/48 (a)		1,072,000		1,477,741
4.75%, 05/18/46 (a)		482,000		639,913
5.50%, 09/13/25 (a)		2,140,000		2,573,650


	Principal Amount ($) or Number of Shares		Fair Value $
Citigroup Inc. (1.68% fixed rate until 05/15/23; 1.67% + SOFR thereafter)
1.68%, 05/15/24 (a)(b)		4,079,000		4,204,796
Citigroup Inc. (2.88%, fixed rate until 07/24/22; 0.95%, + 3 month USD LIBOR thereafter)
2.88%, 07/24/23 (a)(b)		261,000		270,908
Citigroup Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter)
2.98%, 11/05/30 (a)(b)		750,000		826,087
Citigroup Inc. (3.88%, fixed rate until 01/24/38; 1.17%, + 3 month USD LIBOR thereafter)
3.88%, 01/24/39 (a)(b)		355,000		424,978
Citigroup Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter)
4.70%, 12/31/99 (a)(b)		1,659,000		1,703,959
CME Group Inc.
3.75%, 06/15/28 (a)		443,000		525,766
CMS Energy Corp.
4.88%, 03/01/44 (a)		1,200,000		1,591,584
CNA Financial Corp.
3.45%, 08/15/27 (a)		336,000		380,355
3.90%, 05/01/29 (a)		791,000		938,877
CNH Industrial Capital LLC
1.95%, 07/02/23 (a)		1,315,000		1,355,712
4.88%, 04/01/21 (a)		785,000		792,560
CNOOC Finance 2014 ULC
4.25%, 04/30/24 (a)		2,095,000		2,274,479
CNOOC Petroleum North America ULC
6.40%, 05/15/37 (a)		540,000		743,099
Comcast Corp.
2.65%, 08/15/62 (a)		1,035,000		1,035,362
2.80%, 01/15/51 (a)		680,000		708,247
3.10%, 04/01/25 (a)		680,000		747,850
3.20%, 07/15/36 (a)		740,000		838,516
3.25%, 11/01/39 (a)		1,191,000		1,346,390
3.38%, 08/15/25 (a)		262,000		292,321
3.45%, 02/01/50 (a)		578,000		678,994
3.97%, 11/01/47 (a)		1,261,000		1,577,650
4.15%, 10/15/28 (a)		813,000		975,039


	Principal Amount ($) or Number of Shares		Fair Value $

4.60%, 08/15/45 (a)		385,000		515,580
4.70%, 10/15/48 (a)		394,000		547,049
CommonSpirit Health
4.35%, 11/01/42 (a)		1,029,000		1,206,009
Conagra Brands Inc.
5.30%, 11/01/38 (a)		371,000		497,548
5.40%, 11/01/48 (a)		325,000		463,496
Concho Resources Inc.
3.75%, 10/01/27 (a)		171,000		195,581
4.30%, 08/15/28 (a)		574,000		679,978
4.88%, 10/01/47 (a)		286,000		389,272
ConocoPhillips Co.
4.30%, 11/15/44 (a)		746,000		941,497
Consolidated Edison Company of New York Inc.
2.90%, 12/01/26 (a)		912,000		996,615
3.35%, 04/01/30 (a)		350,000		400,593
3.88%, 06/15/47 (a)		418,000		494,143
3.95%, 04/01/50 (a)		580,000		706,051
Constellation Brands Inc.
3.15%, 08/01/29 (a)		1,668,000		1,857,018
3.70%, 12/06/26 (a)		651,000		746,105
4.50%, 05/09/47 (a)		599,000		759,466
Continental Resources Inc. 4.50%, 04/15/23 (a)		2,697,000		2,779,420
Corning Inc. 4.38%, 11/15/57 (a)		406,000		500,180
Corporate Nacional del Cobre de Chile 3.15%, 01/15/51 (g)		1,200,000		1,209,432
Corporate Office Properties LP 2.25%, 03/15/26 (a)		880,000		917,057
Costco Wholesale Corp. 1.75%, 04/20/32 (a)		815,000		845,041
Credit Suisse AG 2.95%, 04/09/25 (a)		1,080,000		1,184,587
Credit Suisse Group AG
3.80%, 06/09/23 (a)		937,000		1,009,224
4.28%, 01/09/28 (a)(g)		846,000		980,446
Credit Suisse Group AG (4.19%, fixed rate until 04/01/30; 3.73% + SOFR thereafter) 4.19%, 04/01/31 (a)(b)(g)		2,228,000		2,621,398
Crown Castle International Corp.
3.30%, 07/01/30 (a)		2,238,000		2,512,446
4.15%, 07/01/50 (a)		340,000		412,026
5.20%, 02/15/49 (a)		524,000		713,468


	Principal Amount ($) or Number of Shares		Fair Value $
CSX Corp. 4.50%, 03/15/49 - 08/01/54 (a)		1,191,000		1,590,803
CubeSmart LP 4.38%, 02/15/29 (a)		948,000		1,117,455
Cummins Inc.
1.50%, 09/01/30 (a)		828,000		832,869
2.60%, 09/01/50 (a)		828,000		842,970
CVS Health Corp.
3.00%, 08/15/26 (a)		811,000		898,385
3.25%, 08/15/29 (a)		671,000		755,620
3.35%, 03/09/21 (a)		586,000		589,106
3.63%, 04/01/27 (a)		760,000		865,207
3.75%, 04/01/30 (a)		555,000		647,063
3.88%, 07/20/25 (a)		336,000		380,507
4.25%, 04/01/50 (a)		405,000		506,554
4.30%, 03/25/28 (a)		169,000		200,307
4.78%, 03/25/38 (a)		496,000		628,124
5.00%, 12/01/24 (a)		777,000		892,113
5.13%, 07/20/45 (a)		482,000		646,666
5.30%, 12/05/43 (a)		816,000		1,104,725
D.R. Horton Inc. 2.60%, 10/15/25 (a)		2,039,000		2,199,612
Dell International LLC/EMC Corp.
4.00%, 07/15/24 (a)(g)		994,000		1,096,670
5.45%, 06/15/23 (a)(g)		538,000		595,200
6.02%, 06/15/26 (a)(g)		249,000		303,959
8.10%, 07/15/36 (a)(g)		100,000		147,019
8.35%, 07/15/46 (a)(g)		235,000		354,389
Deutsche Bank AG
3.30%, 11/16/22 (a)		875,000		913,981
3.70%, 05/30/24 (a)		357,000		384,471
Deutsche Telekom AG 3.63%, 01/21/50 (a)(g)		309,000		356,651
Deutsche Telekom International Finance BV 2.49%, 09/19/23 (a)(g)		758,000		793,133
Devon Energy Corp. 5.00%, 06/15/45 (a)		269,000		315,392
DH Europe Finance II Sarl
2.60%, 11/15/29 (a)		694,000		758,965
3.25%, 11/15/39 (a)		396,000		450,597
3.40%, 11/15/49 (a)		197,000		233,599
Diamondback Energy Inc.
2.88%, 12/01/24 (a)		994,000		1,044,068
3.25%, 12/01/26 (a)		695,000		742,781
3.50%, 12/01/29 (a)		595,000		635,972
5.38%, 05/31/25 (a)		2,385,000		2,476,202
Digital Realty Trust LP 3.60%, 07/01/29 (a)		1,300,000		1,490,931
Discover Bank 2.70%, 02/06/30 (a)		535,000		569,850


	Principal Amount ($) or Number of Shares		Fair Value $

Discovery Communications LLC
2.95%, 03/20/23 (a)		1,066,000		1,122,573
3.95%, 03/20/28 (a)		581,000		666,128
4.95%, 05/15/42 (a)		206,000		248,417
5.00%, 09/20/37 (a)		269,000		341,859
Dollar General Corp.
3.50%, 04/03/30 (a)		1,034,000		1,190,268
4.13%, 04/03/50 (a)		704,000		895,432
Dollar Tree Inc. 4.00%, 05/15/25 (a)		671,000		757,418
Dominion Energy Inc.
3.07%, 08/15/24 (a)(h)		730,000		788,860
3.38%, 04/01/30 (a)		1,195,000		1,360,531
Dover Corp. 2.95%, 11/04/29 (a)		818,000		887,121
DTE Energy Co.
2.85%, 10/01/26 (a)		384,000		421,716
3.85%, 12/01/23 (a)		419,000		455,968
Duke Energy Carolinas LLC 3.95%, 03/15/48 (a)		474,000		593,652
Duke Energy Corp.
3.55%, 09/15/21 (a)		638,000		647,021
3.75%, 09/01/46 (a)		324,000		376,041
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 year CMT Rate thereafter) 4.88%, 12/31/99 (a)(b)		1,202,000		1,298,364
Duke Energy Progress LLC 4.15%, 12/01/44 (a)		451,000		574,971
Duke Realty LP
3.05%, 03/01/50 (a)		360,000		390,917
3.25%, 06/30/26 (a)		473,000		528,984
3.38%, 12/15/27 (a)		370,000		416,431
DuPont de Nemours Inc.
2.17%, 05/01/23 (a)		1,185,000		1,200,654
5.32%, 11/15/38 (a)		298,000		403,912
5.42%, 11/15/48 (a)		298,000		431,176
Duquesne Light Holdings Inc. 3.62%, 08/01/27 (a)(g)		1,252,000		1,387,191
DXC Technology Co. 4.00%, 04/15/23 (a)		1,632,000		1,744,102
Eastman Chemical Co.
3.50%, 12/01/21 (a)		833,000		855,966
3.60%, 08/15/22 (a)		326,000		339,549
4.65%, 10/15/44 (a)		809,000		1,023,037
Eaton Corp. 3.10%, 09/15/27 (a)		502,000		562,396


	Principal Amount ($) or Number of Shares		Fair Value $
Ecolab Inc.
1.30%, 01/30/31 (a)		831,000		822,457
2.13%, 08/15/50 (a)		1,655,000		1,580,144
Edison International
4.95%, 04/15/25 (a)		1,360,000		1,549,938
5.75%, 06/15/27 (a)		240,000		287,266
EI du Pont de Nemours & Co. 2.30%, 07/15/30 (a)		612,000		651,284
Eli Lilly & Co. 3.95%, 03/15/49 (a)		732,000		955,604
Emera US Finance LP 4.75%, 06/15/46 (a)		166,000		211,960
Emerson Electric Co.
1.80%, 10/15/27 (a)		533,000		562,752
2.75%, 10/15/50 (a)		407,000		432,206
Empower Finance 2020 LP
1.36%, 09/17/27 (a)(g)		1,230,000		1,242,472
1.78%, 03/17/31 (a)(g)		2,056,000		2,103,021
Enbridge Energy Partners LP 5.50%, 09/15/40 (a)		112,000		138,421
Enbridge Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 year CMT Rate thereafter) 5.75%, 07/15/80 (a)(b)		2,066,000		2,325,035
Enel Finance International N.V. 3.63%, 05/25/27 (a)(g)		1,011,000		1,148,183
Energy Transfer Operating LP
4.25%, 03/15/23 (a)		784,000		832,788
4.50%, 04/15/24 (a)		624,000		683,642
4.95%, 06/15/28 (a)		267,000		307,221
5.30%, 04/15/47 (a)		825,000		908,036
6.13%, 12/15/45 (a)		215,000		254,018
6.50%, 02/01/42 (a)		623,000		761,917
Energy Transfer Operating LP (6.75% fixed rate until 05/15/25; 5.13% + 5 year CMT Rate thereafter) 6.75%, 12/31/99 (a)(b)		2,488,000		2,302,345
Energy Transfer Partners LP/Regency Energy Finance Corp. 4.50%, 11/01/23 (a)		398,000		431,034
Entergy Louisiana LLC
3.05%, 06/01/31 (a)		620,000		701,629
4.00%, 03/15/33 (a)		320,000		398,864


	Principal Amount ($) or Number of Shares		Fair Value $

Enterprise Products Operating LLC 4.25%, 02/15/48 (a)		1,168,000		1,369,714
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.03% + 3 month USD LIBOR thereafter) 5.25%, 08/16/77 (a)(b)		378,000		382,729
EOG Resources Inc.
4.15%, 01/15/26 (a)		413,000		479,898
4.38%, 04/15/30 (a)		905,000		1,103,068
4.95%, 04/15/50 (a)		809,000		1,098,622
5.10%, 01/15/36 (a)		332,000		413,074
Equinix Inc.
1.25%, 07/15/25 (a)		1,095,000		1,116,418
2.15%, 07/15/30 (a)		1,160,000		1,181,912
Equinor ASA 3.25%, 11/18/49 (a)		435,000		484,011
ERP Operating LP 4.50%, 07/01/44 (a)		276,000		364,624
Essex Portfolio LP 2.65%, 03/15/32 (a)		445,000		476,902
Eversource Energy 3.45%, 01/15/50 (a)		807,000		925,306
Exelon Corp.
3.50%, 06/01/22 (a)		647,000		672,964
4.05%, 04/15/30 (a)		1,221,000		1,445,615
4.45%, 04/15/46 (a)		761,000		971,470
4.70%, 04/15/50 (a)		814,000		1,078,933
Exxon Mobil Corp.
2.61%, 10/15/30 (a)		2,446,000		2,671,105
3.45%, 04/15/51 (a)		1,270,000		1,449,654
FedEx Corp.
3.80%, 05/15/25 (a)		3,258,000		3,680,497
4.10%, 02/01/45 (a)		1,791,000		2,123,320
FirstEnergy Transmission LLC 4.55%, 04/01/49 (a)(g)		741,000		864,977
Fiserv Inc.
3.50%, 07/01/29 (a)		543,000		623,712
4.40%, 07/01/49 (a)		324,000		431,856
Florida Power & Light Co.
2.85%, 04/01/25 (a)		1,465,000		1,598,813
4.13%, 02/01/42 (a)		447,000		568,656
Ford Motor Co. 4.35%, 12/08/26 (a)		525,000		559,818
Ford Motor Credit Company LLC
3.10%, 05/04/23 (a)		1,436,000		1,448,737
3.22%, 01/09/22 (a)		354,000		358,283
3.34%, 03/18/21 - 03/28/22 (a)		1,955,000		1,971,578


	Principal Amount ($) or Number of Shares		Fair Value $
3.81%, 01/09/24 (a)		945,000		969,060
5.88%, 08/02/21 (a)		2,613,000		2,669,807
Fox Corp. 3.50%, 04/08/30 (a)		826,000		940,591
General Dynamics Corp. 4.25%, 04/01/50 (a)		620,000		845,525
General Mills Inc.
2.88%, 04/15/30 (a)		455,000		504,786
4.55%, 04/17/38 (a)		353,000		455,585
4.70%, 04/17/48 (a)		134,000		187,802
General Motors Co.
5.20%, 04/01/45 (a)		118,000		142,791
5.40%, 10/02/23 - 04/01/48 (a)		511,000		612,616
6.13%, 10/01/25 (a)		1,224,000		1,486,144
6.80%, 10/01/27 (a)		655,000		842,553
General Motors Financial Company Inc.
3.45%, 01/14/22 - 04/10/22 (a)		2,754,000		2,828,906
3.55%, 04/09/21 (a)		1,834,000		1,847,553
4.20%, 11/06/21 (a)		3,039,000		3,129,441
5.25%, 03/01/26 (a)		503,000		591,442
Georgia-Pacific LLC
1.75%, 09/30/25 (a)(g)		1,632,000		1,707,692
3.60%, 03/01/25 (a)(g)		2,599,000		2,893,441
Gilead Sciences Inc.
1.20%, 10/01/27 (a)		580,000		584,217
1.65%, 10/01/30 (a)		480,000		480,970
2.60%, 10/01/40 (a)		618,000		624,236
2.80%, 10/01/50 (a)		618,000		617,085
2.95%, 03/01/27 (a)		135,000		149,095
3.50%, 02/01/25 (a)		355,000		392,534
3.65%, 03/01/26 (a)		356,000		403,661
4.15%, 03/01/47 (a)		302,000		369,618
4.80%, 04/01/44 (a)		265,000		349,723
GlaxoSmithKline Capital Inc.
3.38%, 05/15/23 (a)		785,000		840,939
3.63%, 05/15/25 (a)		742,000		836,115
GlaxoSmithKline Capital PLC 3.38%, 06/01/29 (a)		925,000		1,075,664
Glencore Finance Canada Ltd.
4.25%, 10/25/22 (a)(g)		1,578,000		1,678,866
4.95%, 11/15/21 (a)(g)		625,000		647,831
Glencore Funding LLC 2.50%, 09/01/30 (a)(g)		821,000		839,111
Gray Oak Pipeline LLC
2.00%, 09/15/23 (a)(g)		2,055,000		2,090,449
2.60%, 10/15/25 (a)(g)		1,480,000		1,532,126


	Principal Amount ($) or Number of Shares		Fair Value $

Grupo Televisa SAB 5.00%, 05/13/45 (a)		382,000		460,902
Halliburton Co.
3.80%, 11/15/25 (a)		29,000		32,515
5.00%, 11/15/45 (a)		360,000		424,642
HCA Inc.
4.13%, 06/15/29 (a)		429,000		498,048
4.50%, 02/15/27 (a)		814,000		947,333
Health Care Service Corp.
2.20%, 06/01/30 (a)(g)		2,036,000		2,125,604
3.20%, 06/01/50 (a)(g)		408,000		437,400
Healthcare Trust of America Holdings LP 2.00%, 03/15/31 (a)		665,000		664,993
Hess Corp.
5.60%, 02/15/41 (a)		173,000		209,427
5.80%, 04/01/47 (a)		109,000		137,531
Hewlett Packard Enterprise Co. 6.35%, 10/15/45 (a)		191,000		252,143
Highwoods Realty LP
4.13%, 03/15/28 (a)		490,000		547,350
4.20%, 04/15/29 (a)		1,190,000		1,356,838
Honeywell International Inc. 2.70%, 08/15/29 (a)		929,000		1,037,953
Hormel Foods Corp. 1.80%, 06/11/30 (a)		1,653,000		1,709,086
HSBC Holdings PLC 4.25%, 03/14/24 (a)		625,000		689,813
HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% + SOFR thereafter) 2.01%, 09/22/28 (a)(b)		2,935,000		3,005,146
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.35% + 3 month USD LIBOR thereafter) 4.29%, 09/12/26 (a)(b)		2,006,000		2,287,261
HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + USD 5 year Mid-Market Swap Rate thereafter) 6.00%, 12/31/99 (a)(b)		1,018,000		1,107,207
HSBC Holdings PLC (6.50% fixed rate until 03/23/28; 3.61% + USD 5 year Mid-Market Swap Rate thereafter)
6.50%, 12/31/99 (a)(b)		1,302,000		1,462,146


	Principal Amount ($) or Number of Shares		Fair Value $
Huntington Bancshares Inc.
2.55%, 02/04/30 (a)		1,622,000		1,742,677
Hyundai Capital America
3.10%, 04/05/22 (a)(g)		546,000		561,796
Imperial Brands Finance PLC
3.13%, 07/26/24 (a)(g)		844,000		903,612
3.50%, 02/11/23 - 07/26/26 (a)(g)		2,895,000		3,056,698
ING Groep N.V.
4.10%, 10/02/23 (a)		2,509,000		2,757,491
Ingredion Inc.
2.90%, 06/01/30 (a)		834,000		920,102
3.90%, 06/01/50 (a)		413,000		493,002
Intel Corp.
2.45%, 11/15/29 (a)		1,562,000		1,688,834
2.60%, 05/19/26 (a)		838,000		913,294
2.88%, 05/11/24 (a)		475,000		512,297
3.10%, 02/15/60 (a)		742,000		801,315
Intercontinental Exchange Inc.
1.85%, 09/15/32 (a)		414,000		417,180
2.65%, 09/15/40 (a)		414,000		424,644
3.00%, 09/15/60 (a)		785,000		817,860
International Business Machines Corp.
3.45%, 02/19/26 (a)		807,000		914,605
4.15%, 05/15/39 (a)		727,000		921,538
4.25%, 05/15/49 (a)		727,000		953,337
International Paper Co.
4.40%, 08/15/47 (a)		598,000		781,155
Interstate Power & Light Co.
3.40%, 08/15/25 (a)		2,263,000		2,498,375
ITC Holdings Corp.
2.95%, 05/14/30 (a)(g)		2,039,000		2,233,521
JAB Holdings BV
2.20%, 11/23/30 (g)		750,000		752,280
Jabil Inc.
3.95%, 01/12/28 (a)		630,000		715,075
Jefferies Group LLC
5.13%, 01/20/23 (a)		474,000		518,106
John Deere Capital Corp.
2.45%, 01/09/30 (a)		1,987,000		2,173,361
Johnson & Johnson
3.63%, 03/03/37 (a)		407,000		499,352
Johnson Controls International PLC
4.50%, 02/15/47 (a)		260,000		341,310
JPMorgan Chase & Co.
3.30%, 04/01/26 (a)		1,361,000		1,523,980
3.63%, 12/01/27 (a)		345,000		391,955


	Principal Amount ($) or Number of Shares		Fair Value $

JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + SOFR thereafter)
2.96%, 05/13/31 (a)(b)		1,330,000		1,455,951
JPMorgan Chase & Co. (3.51% fixed rate until 01/23/28; 0.95% + 3 month USD LIBOR thereafter)
3.51%, 01/23/29 (a)(b)		394,000		449,030
JPMorgan Chase & Co. (3.68% fixed rate until 04/30/21; 3.47% + 3 month USD LIBOR thereafter)
3.68%, 12/29/49 (a)(b)		562,000		557,976
JPMorgan Chase & Co. (3.88%, fixed rate until 07/24/37; 1.36% + 3 month USD LIBOR thereafter)
3.88%, 07/24/38 (a)(b)		875,000		1,063,291
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.22% + 3 month USD LIBOR thereafter)
3.90%, 01/23/49 (a)(b)		888,000		1,120,798
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.25% + 3 month USD LIBOR thereafter)
3.96%, 01/29/27 (a)(b)		1,461,000		1,679,639
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.12% + 3 month USD LIBOR thereafter)
4.01%, 04/23/29 (a)(b)		601,000		705,231
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.46% + 3 month USD LIBOR thereafter)
4.03%, 07/24/48 (a)(b)		585,000		742,745
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + SOFR thereafter)
4.49%, 03/24/31 (a)(b)		3,291,000		4,057,704


	Principal Amount ($) or Number of Shares		Fair Value $
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + SOFR thereafter)
4.60%, 12/31/99 (a)(b)		1,627,000		1,676,331
JPMorgan Chase & Co. (6.10% fixed rate until 10/01/24; 3.33% + 3 month USD LIBOR thereafter)
6.10%, 10/29/49 (a)(b)		1,384,000		1,515,397
Kaiser Foundation Hospitals
3.27%, 11/01/49 (a)		846,000		966,386
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (a)		912,000		1,034,846
3.80%, 05/01/50 (a)		1,302,000		1,558,286
4.50%, 11/15/45 (a)		353,000		451,893
4.60%, 05/25/28 (a)		177,000		215,931
KeyCorp
2.25%, 04/06/27 (a)		2,428,000		2,599,514
Kinder Morgan Energy Partners LP
3.50%, 03/01/21 (a)		1,951,000		1,951,000
4.70%, 11/01/42 (a)		148,000		169,479
5.00%, 03/01/43 (a)		318,000		375,956
6.38%, 03/01/41 (a)		269,000		353,200
Kinder Morgan Inc.
5.05%, 02/15/46 (a)		251,000		305,705
KLA Corp.
3.30%, 03/01/50 (a)		810,000		913,931
4.10%, 03/15/29 (a)		1,627,000		1,949,927
4.65%, 11/01/24 (a)		791,000		900,894
Kohl’s Corp.
9.50%, 05/15/25 (a)		410,000		531,372
Kreditanstalt fuer Wiederaufbau
2.00%, 10/04/22 (a)		1,948,000		2,009,615
L3Harris Technologies Inc.
3.85%, 12/15/26 (a)		656,000		758,539
Las Vegas Sands Corp.
3.50%, 08/18/26 (a)		594,000		636,839
Lear Corp.
4.25%, 05/15/29 (a)		947,000		1,079,949
5.25%, 05/15/49 (a)		417,000		510,345
Leidos Inc.
2.95%, 05/15/23 (a)(g)		1,628,000		1,713,079
3.63%, 05/15/25 (a)(g)		480,000		536,621
4.38%, 05/15/30 (a)(g)		1,617,000		1,938,314
Liberty Mutual Group Inc.
3.95%, 05/15/60 (a)(g)		409,000		490,518


	Principal Amount ($) or Number of Shares		Fair Value $

Life Storage LP
2.20%, 10/15/30 (a)		1,150,000		1,174,874
Lincoln National Corp.
3.63%, 12/12/26 (a)		311,000		356,058
4.35%, 03/01/48 (a)		441,000		563,285
Lloyds Banking Group PLC
3.75%, 01/11/27 (a)		574,000		651,588
Lloyds Banking Group PLC (2.44% fixed rate until 02/05/25; 1.00% + 1 year CMT Rate thereafter)
2.44%, 02/05/26 (a)(b)		800,000		845,760
Lloyds Banking Group PLC (2.91% fixed rate until 11/07/22; 0.81% + 3 month USD LIBOR thereafter)
2.91%, 11/07/23 (a)(b)		982,000		1,024,147
Lloyds Banking Group PLC (3.87% fixed rate until 07/09/24; 3.50% + 1 year CMT Rate thereafter)
3.87%, 07/09/25 (a)(b)		2,390,000		2,635,166
Lockheed Martin Corp.
3.55%, 01/15/26 (a)		458,000		520,430
3.80%, 03/01/45 (a)		231,000		287,724
4.50%, 05/15/36 (a)		742,000		979,915
Lowe’s Companies Inc.
1.30%, 04/15/28 (a)		540,000		543,208
1.70%, 10/15/30 (a)		414,000		418,475
3.00%, 10/15/50 (a)		824,000		883,822
3.70%, 04/15/46 (a)		296,000		352,876
4.05%, 05/03/47 (a)		343,000		428,832
LYB International Finance BV 4.88%, 03/15/44 (a)		195,000		245,745
LYB International Finance II BV 3.50%, 03/02/27 (a)		188,000		210,816
LYB International Finance III LLC
1.25%, 10/01/25 (a)		510,000		518,961
3.63%, 04/01/51 (a)		824,000		899,940
3.80%, 10/01/60 (a)		412,000		441,310
Marathon Oil Corp. 3.85%, 06/01/25 (a)		249,000		266,853
Masco Corp. 3.50%, 11/15/27 (a)		237,000		268,229
Mastercard Inc.
3.30%, 03/26/27 (a)		695,000		792,960
3.85%, 03/26/50 (a)		270,000		348,978


	Principal Amount ($) or Number of Shares		Fair Value $
McCormick & Company Inc.
2.50%, 04/15/30 (a)		742,000		794,816
3.25%, 11/15/25 (a)		4,625,000		5,086,159
McDonald’s Corp.
3.60%, 07/01/30 (a)		1,220,000		1,429,181
3.63%, 09/01/49 (a)		495,000		581,244
3.70%, 01/30/26 (a)		246,000		279,601
3.80%, 04/01/28 (a)		665,000		778,097
4.20%, 04/01/50 (a)		602,000		771,884
4.88%, 12/09/45 (a)		250,000		339,068
Medtronic Inc. 4.63%, 03/15/45 (a)		91,000		129,304
Memorial Sloan-Kettering Cancer Center 4.13%, 07/01/52 (a)		884,000		1,161,222
Merck & Company Inc.
1.45%, 06/24/30 (a)		1,070,000		1,082,273
2.45%, 06/24/50 (a)		1,015,000		1,051,286
2.75%, 02/10/25 (a)		925,000		1,006,039
4.00%, 03/07/49 (a)		276,000		364,582
MetLife Inc.
4.05%, 03/01/45 (a)		164,000		210,022
4.72%, 12/15/44 (a)		467,000		639,571
Microchip Technology Inc. 2.67%, 09/01/23 (a)(g)		4,069,000		4,261,179
Micron Technology Inc. 2.50%, 04/24/23 (a)		1,165,000		1,214,874
Microsoft Corp.
2.40%, 08/08/26 (a)		578,000		630,517
2.68%, 06/01/60 (a)		336,000		365,202
3.45%, 08/08/36 (a)		349,000		430,094
3.50%, 02/12/35 (a)		461,000		567,025
3.70%, 08/08/46 (a)		1,651,000		2,089,307
3.95%, 08/08/56 (a)		490,000		671,050
4.10%, 02/06/37 (a)		113,000		147,759
Mitsubishi UFJ Financial Group Inc. 2.80%, 07/18/24 (a)		2,310,000		2,475,558
Mizuho Financial Group Inc. (3.92% fixed rate until 09/11/23; 1.00% + 3 month USD LIBOR thereafter) 3.92%, 09/11/24 (a)(b)		1,310,000		1,423,066
Molson Coors Beverage Co.
2.10%, 07/15/21 (a)		790,000		795,791
4.20%, 07/15/46 (a)		264,000		302,034
Morgan Stanley
3.63%, 01/20/27 (a)		576,000		660,528
3.95%, 04/23/27 (a)		1,148,000		1,327,467


	Principal Amount ($) or Number of Shares		Fair Value $

4.35%, 09/08/26 (a)		1,634,000		1,922,908
4.38%, 01/22/47 (a)		612,000		831,659
5.00%, 11/24/25 (a)		3,673,000		4,385,856
Morgan Stanley (2.72% fixed rate until 07/22/24; 1.15% + SOFR thereafter) 2.72%, 07/22/25 (a)(b)		2,626,000		2,809,295
Morgan Stanley (3.62% fixed rate until 04/01/30; 3.12% + SOFR thereafter) 3.62%, 04/01/31 (a)(b)		1,015,000		1,179,684
Morgan Stanley (3.97% fixed rate until 07/22/37; 1.46% + 3 month USD LIBOR thereafter) 3.97%, 07/22/38 (a)(b)		546,000		675,484
MPLX LP
1.75%, 03/01/26 (a)		720,000		744,674
2.65%, 08/15/30 (a)		940,000		987,423
3.38%, 03/15/23 (a)		385,000		407,484
5.20%, 12/01/47 (a)		291,000		353,702
5.25%, 01/15/25 (a)		5,203,000		5,346,603
MPLX LP (1.34% fixed rate until 02/01/2021; 1.10% + 3 month USD LIBOR) 1.33%, 09/09/22 (a)(b)		1,542,000		1,542,401
Mylan Inc. 5.20%, 04/15/48 (a)		372,000		489,437
National Oilwell Varco Inc. 3.60%, 12/01/29 (a)		1,217,000		1,271,582
National Retail Properties Inc. 4.00%, 11/15/25 (a)		599,000		669,137
Natwest Group PLC (3.75% fixed rate until 11/01/24; 2.10% + 5 year CMT Rate thereafter) 3.75%, 11/01/29 (a)(b)		575,000		613,698
Natwest Group PLC (4.52% fixed rate until 06/25/23; 1.55% + 3 month USD LIBOR thereafter) 4.52%, 06/25/24 (a)(b)		953,000		1,040,504
Newmont Corp. 4.88%, 03/15/42 (a)		470,000		636,488
NextEra Energy Capital Holdings Inc. 3.25%, 04/01/26 (a)		1,111,000		1,242,876


	Principal Amount ($) or Number of Shares		Fair Value $
NextEra Energy Capital Holdings Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 month USD LIBOR thereafter) 5.65%, 05/01/79 (a)(b)		741,000		869,734
NIKE Inc. 3.38%, 03/27/50 (a)		402,000		496,546
Nippon Life Insurance Co. (3.40% fixed rate until 01/23/30; 2.61% + 5 year CMT Rate thereafter) 3.40%, 01/23/50 (a)(b)(g)		1,000,000		1,083,480
NiSource Inc.
3.60%, 05/01/30 (a)		834,000		966,564
3.95%, 03/30/48 (a)		243,000		298,674
Noble Energy Inc.
3.85%, 01/15/28 (a)		1,477,000		1,710,425
3.90%, 11/15/24 (a)		363,000		403,500
4.20%, 10/15/49 (a)		407,000		528,872
5.05%, 11/15/44 (a)		157,000		220,299
Nomura Holdings Inc.
2.65%, 01/16/25 (a)		820,000		874,997
3.10%, 01/16/30 (a)		792,000		864,436
Norfolk Southern Corp. 3.95%, 10/01/42 (a)		512,000		620,401
Northrop Grumman Corp.
3.85%, 04/15/45 (a)		129,000		156,353
4.03%, 10/15/47 (a)		139,000		173,799
Novartis Capital Corp.
2.20%, 08/14/30 (a)		1,215,000		1,306,708
3.00%, 11/20/25 (a)		79,000		87,458
NRG Energy Inc.
2.00%, 12/02/25 (g)		1,230,000		1,274,686
2.45%, 12/02/27 (g)		825,000		866,052
Nucor Corp. 3.95%, 05/01/28 (a)		709,000		836,769
Nutrien Ltd.
4.00%, 12/15/26 (a)		284,000		329,957
4.90%, 06/01/43 (a)		507,000		651,875
NVIDIA Corp.
2.85%, 04/01/30 (a)		410,000		461,246
3.50%, 04/01/50 (a)		975,000		1,181,934
NXP BV/NXP Funding LLC/NXP USA Inc. 2.70%, 05/01/25 (a)(g)		815,000		876,264
Occidental Petroleum Corp.
2.90%, 08/15/24 (a)		481,000		463,607
4.85%, 03/15/21 (a)		86,000		86,025


	Principal Amount ($) or Number of Shares		Fair Value $

Oklahoma Gas & Electric Co. 3.25%, 04/01/30 (a)		680,000		773,514
Oncor Electric Delivery Company LLC 3.80%, 09/30/47 (a)		214,000		264,703
ONEOK Inc. 4.35%, 03/15/29 (a)		757,000		857,446
Oracle Corp.
2.40%, 09/15/23 (a)		339,000		356,597
2.65%, 07/15/26 (a)		847,000		928,244
2.95%, 04/01/30 (a)		1,221,000		1,364,797
3.60%, 04/01/50 (a)		814,000		950,231
3.80%, 11/15/37 (a)		257,000		308,914
4.00%, 07/15/46 - 11/15/47 (a)		1,219,000		1,496,548
4.13%, 05/15/45 (a)		234,000		290,754
Otis Worldwide Corp.
2.06%, 04/05/25 (a)		1,005,000		1,065,913
2.57%, 02/15/30 (a)		500,000		536,745
3.36%, 02/15/50 (a)		475,000		551,784
Ovintiv Exploration Inc. 5.63%, 07/01/24 (a)		4,004,000		4,284,801
Owens Corning 4.40%, 01/30/48 (a)		352,000		424,801
Pacific Gas & Electric Co. 2.50%, 02/01/31 (a)		1,220,000		1,220,451
Pacific Gas & Electric Co.
2.10%, 08/01/27 (a)		680,000		691,757
3.30%, 08/01/40 (a)		1,220,000		1,222,196
3.50%, 08/01/50 (a)		530,000		525,755
PacifiCorp
2.70%, 09/15/30 (a)		740,000		815,214
6.25%, 10/15/37 (a)		1,156,000		1,736,555
Parker-Hannifin Corp. 3.25%, 06/14/29 (a)		730,000		828,419
PartnerRe Finance B LLC (4.50% fixed rate until 04/01/30; 3.82% + 5 year CMT Rate thereafter) 4.50%, 10/01/50 (a)(b)		2,875,000		2,997,245
PayPal Holdings Inc.
2.65%, 10/01/26 (a)		1,072,000		1,178,021
3.25%, 06/01/50 (a)		613,000		704,447
PepsiCo Inc.
1.63%, 05/01/30 (a)		785,000		805,441
2.63%, 07/29/29 (a)		1,049,000		1,159,114
3.45%, 10/06/46 (a)		269,000		323,666
Perrigo Finance Unlimited Co.
3.15%, 06/15/30 (a)		740,000		793,421
4.38%, 03/15/26 (a)		500,000		566,405


	Principal Amount ($) or Number of Shares		Fair Value $
Petroleos Mexicanos
5.35%, 02/12/28 (a)		434,000		428,631
5.63%, 01/23/46 (a)		293,000		251,737
6.35%, 02/12/48 (a)		471,000		425,125
6.49%, 01/23/27 (a)		490,000		517,112
6.50%, 03/13/27 (a)		1,170,000		1,233,484
7.69%, 01/23/50 (a)		879,000		887,526
Pfizer Inc.
2.63%, 04/01/30 (a)		542,000		601,073
2.70%, 05/28/50 (a)		1,443,000		1,547,112
3.45%, 03/15/29 (a)		403,000		470,410
3.60%, 09/15/28 (a)		929,000		1,095,087
3.90%, 03/15/39 (a)		457,000		570,034
4.13%, 12/15/46 (a)		314,000		413,824
4.40%, 05/15/44 (a)		186,000		250,369
Philip Morris International Inc.
1.50%, 05/01/25 (a)		617,000		639,286
2.10%, 05/01/30 (a)		415,000		432,260
3.38%, 08/15/29 (a)		601,000		689,341
4.13%, 03/04/43 (a)		234,000		287,088
Phillips 66 2.15%, 12/15/30 (a)		4,068,000		4,126,172
Phillips 66 Partners LP
3.15%, 12/15/29 (a)		2,204,000		2,299,918
3.75%, 03/01/28 (a)		301,000		327,380
4.68%, 02/15/45 (a)		420,000		456,049
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (a)		1,180,000		1,235,472
3.65%, 06/01/22 (a)		1,147,000		1,181,766
PPL Capital Funding Inc. 3.10%, 05/15/26 (a)		707,000		781,991
Precision Castparts Corp. 4.38%, 06/15/45 (a)		473,000		594,736
Prologis LP 4.38%, 02/01/29 (a)		727,000		889,034
Prudential Financial Inc. 3.94%, 12/07/49 (a)		826,000		1,006,894
Prudential Financial Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 month USD LIBOR thereafter) 5.70%, 09/15/48 (a)(b)		956,000		1,103,539
Public Service Company of Colorado 3.70%, 06/15/28 (a)		869,000		1,014,584
Public Service Electric & Gas Co. 2.38%, 05/15/23 (a)		1,299,000		1,356,364


	Principal Amount ($) or Number of Shares		Fair Value $

PVH Corp. 4.63%, 07/10/25 (a)		1,610,000		1,812,361
QUALCOMM Inc.
1.30%, 05/20/28 (a)(g)		323,000		326,392
1.65%, 05/20/32 (a)(g)		50,000		50,172
3.25%, 05/20/27 (a)		57,000		64,728
4.30%, 05/20/47 (a)		140,000		188,297
Quest Diagnostics Inc. 2.95%, 06/30/30 (a)		288,000		317,771
Ralph Lauren Corp. 1.70%, 06/15/22 (a)		290,000		295,327
Raytheon Technologies Corp.
3.13%, 05/04/27 (a)		1,226,000		1,368,854
3.50%, 03/15/27		633,000		722,114
3.65%, 08/16/23 (a)		32,000		34,505
3.95%, 08/16/25 (a)		370,000		424,231
4.13%, 11/16/28 (a)		151,000		180,105
4.15%, 05/15/45 (a)		496,000		626,458
4.45%, 11/16/38 (a)		391,000		497,141
4.50%, 06/01/42 (a)		345,000		449,977
Realty Income Corp.
3.00%, 01/15/27 (a)		234,000		258,771
3.25%, 01/15/31 (a)		785,000		891,367
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (a)		1,445,000		1,424,264
2.80%, 09/15/50 (a)		645,000		624,637
Reliance Steel & Aluminum Co. 2.15%, 08/15/30 (a)		1,505,000		1,549,051
Reynolds American Inc. 4.45%, 06/12/25 (a)		41,000		46,737
Rio Tinto Finance USA PLC 4.13%, 08/21/42 (a)		304,000		396,595
Rockwell Automation Inc. 4.20%, 03/01/49 (a)		563,000		761,660
Rogers Communications Inc. 5.00%, 03/15/44 (a)		215,000		294,851
Roper Technologies Inc. 2.95%, 09/15/29 (a)		854,000		939,298
Ross Stores Inc. 4.70%, 04/15/27 (a)		298,000		352,311
Royalty Pharma PLC
0.75%, 09/02/23 (a)(g)		665,000		668,358
1.20%, 09/02/25 (a)(g)		885,000		899,107
1.75%, 09/02/27 (a)(g)		565,000		580,899
2.20%, 09/02/30 (a)(g)		243,000		249,466
3.30%, 09/02/40 (a)(g)		331,000		348,513
3.55%, 09/02/50 (a)(g)		250,000		266,418


	Principal Amount ($) or Number of Shares		Fair Value $
RPM International Inc. 3.75%, 03/15/27 (a)		449,000		497,618
Ryder System Inc. 2.90%, 12/01/26 (a)		2,081,000		2,286,582
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (a)		405,000		464,774
4.50%, 05/15/30 (a)(g)		465,000		552,764
5.00%, 03/15/27 (a)		239,000		282,065
5.88%, 06/30/26 (a)		1,212,000		1,465,769
Santander Holdings USA Inc. 4.40%, 07/13/27 (a)		418,000		476,089
Santander UK Group Holdings PLC 4.75%, 09/15/25 (a)(g)		1,003,000		1,119,037
Saudi Arabian Oil Co.
3.50%, 04/16/29 (a)(g)		1,243,000		1,381,296
4.38%, 04/16/49 (a)(g)		256,000		310,313
Schlumberger Holdings Corp. 3.90%, 05/17/28 (a)(g)		922,000		1,040,117
Selective Insurance Group Inc. 5.38%, 03/01/49 (a)		341,000		429,343
Sempra Energy
3.80%, 02/01/38 (a)		311,000		359,401
4.00%, 02/01/48 (a)		337,000		400,521
Shell International Finance BV
2.38%, 08/21/22 (a)		1,083,000		1,120,483
3.13%, 11/07/49 (a)		1,588,000		1,757,328
3.75%, 09/12/46 (a)		237,000		286,490
4.13%, 05/11/35 (a)		331,000		414,170
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (a)		206,000		208,563
2.88%, 09/23/23 (a)		573,000		607,334
3.20%, 09/23/26 (a)		224,000		250,504
Simon Property Group LP 3.38%, 06/15/27 (a)		564,000		624,252
Societe Generale S.A. (1.49% fixed rate until 12/14/25; 1.10% + 1 year CMT Rate thereafter) 1.49%, 12/14/26 (b)(g)		2,066,000		2,084,677
Southern California Edison Co.
2.40%, 02/01/22 (a)		908,000		923,490
4.00%, 04/01/47 (a)		1,466,000		1,724,192


	Principal Amount ($) or Number of Shares		Fair Value $

4.20%, 03/01/29 (a)		1,113,000		1,304,247
Southern Company Gas Capital Corp.
3.95%, 10/01/46 (a)		797,000		937,583
4.40%, 05/30/47 (a)		126,000		158,354
Southern Copper Corp. 5.88%, 04/23/45 (a)		525,000		760,478
Southwest Airlines Co. 2.63%, 02/10/30 (a)		1,213,000		1,236,860
Southwestern Electric Power Co. 2.75%, 10/01/26 (a)		634,000		688,847
Spectra Energy Partners LP
3.38%, 10/15/26 (a)		170,000		189,865
4.50%, 03/15/45 (a)		127,000		149,208
Spirit Realty LP 4.00%, 07/15/29 (a)		949,000		1,067,312
Standard Chartered PLC (2.82% fixed rate until 01/30/25; 1.21% + 3 month USD LIBOR thereafter) 2.82%, 01/30/26 (a)(b)(g)		1,510,000		1,599,860
Starbucks Corp. 4.00%, 11/15/28 (a)		489,000		581,661
Steel Dynamics Inc.
3.25%, 10/15/50 (a)		417,000		433,367
3.45%, 04/15/30 (a)		612,000		692,760
Stryker Corp.
1.95%, 06/15/30 (a)		1,629,000		1,676,094
2.90%, 06/15/50 (a)		740,000		784,652
Sumitomo Mitsui Financial Group Inc. 2.35%, 01/15/25 (a)		3,952,000		4,192,163
Suncor Energy Inc. 4.00%, 11/15/47 (a)		186,000		210,773
Sunoco Logistics Partners Operations LP 5.30%, 04/01/44 (a)		525,000		566,916
Sysco Corp.
3.25%, 07/15/27 (a)		478,000		533,438
5.95%, 04/01/30 (a)		240,000		315,509
6.60%, 04/01/50 (a)		200,000		306,998
T-Mobile USA Inc.
3.50%, 04/15/25 (a)(g)		1,003,000		1,109,729
3.75%, 04/15/27 (a)(g)		1,832,000		2,089,341
3.88%, 04/15/30 (a)(g)		500,000		578,045
4.50%, 04/15/50 (a)(g)		240,000		297,406


	Principal Amount ($) or Number of Shares		Fair Value $
Takeda Pharmaceutical Company Ltd.
2.05%, 03/31/30 (a)		200,000		204,302
3.03%, 07/09/40 (a)		300,000		317,082
3.18%, 07/09/50 (a)		300,000		319,095
3.38%, 07/09/60 (a)		300,000		330,933
4.00%, 11/26/21 (a)		2,490,000		2,561,065
Tampa Electric Co. 4.35%, 05/15/44 (a)		960,000		1,209,917
Target Corp. 2.50%, 04/15/26 (a)		502,000		554,795
Teck Resources Ltd.
3.90%, 07/15/30		825,000		918,497
5.40%, 02/01/43 (a)		490,000		581,949
Telefonica Emisiones S.A. 4.10%, 03/08/27 (a)		813,000		940,397
Texas Instruments Inc. 3.88%, 03/15/39 (a)		629,000		788,363
The Allstate Corp. 4.20%, 12/15/46 (a)		292,000		386,132
The Allstate Corp. (5.75% fixed rate until 08/15/23; 2.94% + 3 month USD LIBOR thereafter) 5.75%, 08/15/53 (a)(b)		1,069,000		1,144,856
The Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.13% + 3 month USD LIBOR thereafter) 4.63%, 12/29/49 (a)(b)		1,038,000		1,103,145
The Bank of Nova Scotia (4.65% fixed rate until 10/12/22; 2.65% + 3 month USD LIBOR thereafter) 4.65%, 12/31/99 (a)(b)		1,036,000		1,038,694
The Boeing Co.
2.70%, 02/01/27 (a)		1,519,000		1,579,213
2.95%, 02/01/30 (a)		493,000		509,801
3.25%, 03/01/28 (a)		249,000		263,684
3.55%, 03/01/38 (a)		335,000		342,749
3.75%, 02/01/50 (a)		437,000		457,015
5.04%, 05/01/27 (a)		2,232,000		2,611,552
5.15%, 05/01/30 (a)		1,607,000		1,945,097
5.81%, 05/01/50 (a)		1,428,000		1,966,385
The Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 year CMT Rate thereafter) 4.00%, 12/31/99 (b)		2,058,000		2,160,427


	Principal Amount ($) or Number of Shares		Fair Value $

The Cleveland Electric Illuminating Co. 4.55%, 11/15/30 (a)(g)		1,964,000		2,265,533
The Clorox Co. 1.80%, 05/15/30 (a)		1,140,000		1,173,391
The Coca-Cola Co.
2.60%, 06/01/50 (a)		1,633,000		1,715,989
2.75%, 06/01/60 (a)		830,000		893,761
The Dow Chemical Co.
2.10%, 11/15/30 (a)		623,000		637,659
3.60%, 11/15/50 (a)		623,000		698,539
4.25%, 10/01/34 (a)		551,000		665,228
5.55%, 11/30/48 (a)		447,000		643,188
The Estee Lauder Companies Inc.
2.38%, 12/01/29 (a)		630,000		681,729
3.13%, 12/01/49 (a)		500,000		577,075
The George Washington University 4.13%, 09/15/48 (a)		905,000		1,138,888
The Goldman Sachs Group Inc.
2.60%, 02/07/30 (a)		735,000		790,764
3.50%, 04/01/25 - 11/16/26 (a)		2,364,000		2,645,962
3.85%, 01/26/27 (a)		3,156,000		3,606,330
4.25%, 10/21/25 (a)		818,000		937,060
5.15%, 05/22/45 (a)		320,000		448,032
The Goldman Sachs Group Inc. (2.88% fixed rate until 10/31/21; 0.82% + 3 month USD LIBOR thereafter) 2.88%, 10/31/22 (a)(b)		1,118,000		1,140,729
The Goldman Sachs Group Inc. (2.91% fixed rate until 06/05/22; 1.05% + 3 month USD LIBOR thereafter) 2.91%, 06/05/23 (a)(b)		1,208,000		1,250,703
The Goldman Sachs Group Inc. (3.81% fixed rate until 04/23/28; 1.16% + 3 month USD LIBOR thereafter) 3.81%, 04/23/29 (a)(b)		470,000		543,945
The Goldman Sachs Group Inc. (4.02% fixed rate until 10/31/37; 1.37% + 3 month USD LIBOR thereafter) 4.02%, 10/31/38 (a)(b)		490,000		597,462


	Principal Amount ($) or Number of Shares		Fair Value $
The Goldman Sachs Group Inc. (4.22% fixed rate until 05/01/28; 1.30% + 3 month USD LIBOR thereafter) 4.22%, 05/01/29 (a)(b)		780,000		923,738
The Hartford Financial Services Group Inc. 2.80%, 08/19/29 (a)		1,760,000		1,921,216
The Hartford Financial Services Group Inc. (2.35% fixed rate until 02/01/2021; 2.13% + 3 month USD LIBOR) 2.35%, 02/12/67 (a)(b)(g)		1,075,000		940,550
The Home Depot Inc.
2.70%, 04/15/30 (a)		467,000		520,738
3.35%, 04/15/50 (a)		812,000		968,716
3.50%, 09/15/56 (a)		446,000		551,162
3.90%, 12/06/28 - 06/15/47 (a)		923,000		1,148,438
4.50%, 12/06/48 (a)		364,000		511,533
The Kroger Co.
2.20%, 05/01/30 (a)		735,000		772,860
2.95%, 11/01/21 (a)		1,341,000		1,366,828
4.65%, 01/15/48 (a)		310,000		406,453
The Mosaic Co.
5.63%, 11/15/43 (a)		130,000		168,373
The Sherwin-Williams Co.
2.75%, 06/01/22 (a)		17,000		17,508
3.45%, 06/01/27 (a)		7,000		7,933
4.50%, 06/01/47 (a)		116,000		154,491
The Southern Co.
3.25%, 07/01/26 (a)		290,000		325,209
4.40%, 07/01/46 (a)		115,000		144,691
The Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + USD 5 year Swap Rate thereafter) 3.63%, 09/15/31 (a)(b)		1,101,000		1,245,209
The Travelers Companies Inc. 2.55%, 04/27/50 (a)		730,000		767,427
The Walt Disney Co.
2.65%, 01/13/31 (a)		1,195,000		1,310,043
3.38%, 11/15/26 (a)		179,000		201,898
3.60%, 01/13/51 (a)		1,221,000		1,480,023
4.75%, 11/15/46 (a)		119,000		160,945
6.65%, 11/15/37 (a)		795,000		1,251,203


	Principal Amount ($) or Number of Shares		Fair Value $

The Williams Companies Inc.
3.75%, 06/15/27 (a)		195,000		223,006
4.85%, 03/01/48 (a)		405,000		499,049
4.90%, 01/15/45 (a)		953,000		1,134,766
5.40%, 03/04/44 (a)		135,000		166,609
Thermo Fisher Scientific Inc.
4.13%, 03/25/25 (a)		42,000		47,781
4.50%, 03/25/30 (a)		275,000		343,173
Time Warner Cable LLC
4.50%, 09/15/42 (a)		118,000		137,478
6.55%, 05/01/37 (a)		360,000		494,093
Total Capital International S.A.
3.46%, 02/19/29 (a)		1,569,000		1,816,651
Trane Technologies Luxembourg Finance S.A.
3.55%, 11/01/24 (a)		604,000		667,426
3.80%, 03/21/29 (a)		1,113,000		1,305,872
TransCanada PipeLines Ltd.
4.25%, 05/15/28 (a)		1,128,000		1,334,683
4.88%, 01/15/26 (a)		201,000		239,031
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 month USD LIBOR thereafter) 5.63%, 05/20/75 (a)(b)		1,592,000		1,727,861
Transcontinental Gas Pipe Line Company LLC 4.00%, 03/15/28 (a)		530,000		607,990
Truist Bank (3.50% fixed rate until 08/02/21; 0.59% + 3 month USD LIBOR thereafter) 3.50%, 08/02/22 (a)(b)		811,000		825,760
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 year CMT Rate thereafter) 4.80%, 12/31/99 (a)(b)		2,197,000		2,311,991
TSMC Global Ltd.
0.75%, 09/28/25 (a)(g)		4,091,000		4,082,327
1.00%, 09/28/27 (a)(g)		566,000		560,595
1.38%, 09/28/30 (a)(g)		1,066,000		1,048,198
TWDC Enterprises 18 Corp. 4.13%, 06/01/44 (a)		261,000		332,083


	Principal Amount ($) or Number of Shares		Fair Value $
Tyco Electronics Group S.A. 3.13%, 08/15/27 (a)		539,000		597,573
Tyson Foods Inc.
4.00%, 03/01/26 (a)		1,569,000		1,803,267
4.55%, 06/02/47 (a)		149,000		197,541
U.S. Bancorp (5.13% fixed rate until 02/01/21; 3.49% + 3 month USD LIBOR thereafter) 5.13%, 12/29/49 (a)(b)		1,379,000		1,378,490
UBS Group AG (2.86% fixed rate until 08/15/22; 0.95% + 3 month USD LIBOR thereafter) 2.86%, 08/15/23 (a)(b)(g)		890,000		922,957
UBS Group AG (3.13% fixed rate until 08/13/29; 1.47% + 3 month USD LIBOR thereafter) 3.13%, 08/13/30 (a)(b)(g)		1,291,000		1,443,945
UDR Inc.
2.10%, 08/01/32 (a)		1,030,000		1,049,570
3.00%, 08/15/31 (a)		655,000		722,458
UniCredit S.p.A. (2.57% fixed rate until 09/22/25; 2.30% + 1 year CMT Rate thereafter) 2.57%, 09/22/26 (a)(b)(g)		2,140,000		2,182,821
Union Pacific Corp.
3.50%, 06/08/23 (a)		871,000		933,607
3.60%, 09/15/37 (a)		171,000		198,476
4.10%, 09/15/67 (a)		303,000		379,859
4.30%, 03/01/49 (a)		438,000		573,583
UnitedHealth Group Inc.
2.00%, 05/15/30 (a)		1,285,000		1,364,310
4.45%, 12/15/48 (a)		879,000		1,212,686
4.75%, 07/15/45 (a)		760,000		1,068,370
Unum Group 4.50%, 03/15/25 (a)		414,000		469,368
Utah Acquisition Sub Inc.
3.15%, 06/15/21 (a)		501,000		505,805
3.95%, 06/15/26 (a)		162,000		185,369
Vale S.A. 5.63%, 09/11/42 (a)		235,000		315,441
Valero Energy Corp.
2.85%, 04/15/25 (a)		819,000		873,791
4.00%, 04/01/29 (a)		1,080,000		1,215,367


	Principal Amount ($) or Number of Shares		Fair Value $

Ventas Realty LP 3.25%, 10/15/26 (a)		611,000		672,198
VEREIT Operating Partnership LP 2.85%, 12/15/32		770,000		804,858
Verizon Communications Inc.
3.00%, 03/22/27 (a)		2,848,000		3,156,324
4.33%, 09/21/28 (a)		664,000		798,340
4.40%, 11/01/34 (a)		1,278,000		1,595,481
4.52%, 09/15/48 (a)		496,000		642,300
4.67%, 03/15/55 (a)		413,000		553,304
4.86%, 08/21/46 (a)		1,670,000		2,243,361
5.25%, 03/16/37 (a)		401,000		547,301
ViacomCBS Inc.
2.90%, 01/15/27 (a)		301,000		330,344
3.45%, 10/04/26 (a)		387,000		418,289
3.70%, 06/01/28 (a)		370,000		422,536
5.25%, 04/01/44 (a)		134,000		174,542
Virginia Electric & Power Co. 4.00%, 11/15/46 (a)		813,000		1,036,616
Visa Inc.
2.00%, 08/15/50 (a)		1,035,000		984,533
2.05%, 04/15/30 (a)		775,000		828,707
2.70%, 04/15/40 (a)		843,000		920,977
Vistra Operations Company LLC 3.55%, 07/15/24 (a)(g)		2,041,000		2,211,342
Vodafone Group PLC
4.38%, 05/30/28 (a)		562,000		674,012
5.25%, 05/30/48 (a)		295,000		409,584
Volkswagen Group of America Finance LLC
1.63%, 11/24/27 (g)		2,067,000		2,087,277
Vornado Realty LP
3.50%, 01/15/25 (a)		373,000		393,813
Vulcan Materials Co.
3.90%, 04/01/27 (a)		245,000		285,614
Walmart Inc.
3.63%, 12/15/47 (a)		373,000		472,509
3.70%, 06/26/28 (a)		777,000		914,545
3.95%, 06/28/38 (a)		362,000		460,920
4.05%, 06/29/48 (a)		491,000		664,559
WEC Energy Group Inc.
3.55%, 06/15/25 (a)		460,000		512,845
Wells Fargo & Co.
4.15%, 01/24/29 (a)		1,510,000		1,791,237
4.75%, 12/07/46 (a)		1,699,000		2,224,603
Wells Fargo & Co. (1.65% fixed rate until 06/02/23; 1.60% + SOFR thereafter)
1.65%, 06/02/24 (a)(b)		1,060,000		1,089,542


	Principal Amount ($) or Number of Shares		Fair Value $
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter)
2.19%, 04/30/26 (a)(b)		1,270,000		1,336,713
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter)
2.39%, 06/02/28 (a)(b)		1,315,000		1,399,423
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter)
3.07%, 04/30/41 (a)(b)		1,700,000		1,843,225
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.17% + 3 month USD LIBOR thereafter)
3.20%, 06/17/27 (a)(b)		3,985,000		4,421,676
Wells Fargo & Co. (5.88% fixed rate until 06/15/25; 3.99% + 3 month USD LIBOR thereafter)
5.88%, 12/29/49 (a)(b)		782,000		880,313
Western Midstream Operating LP
5.38%, 06/01/21 (a)		1,488,000		1,500,514
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 year CMT Rate thereafter)
2.89%, 02/04/30 (a)(b)		1,625,000		1,704,040
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 year CMT Rate thereafter)
4.11%, 07/24/34 (a)(b)		910,000		1,033,896
Willis North America Inc.
3.60%, 05/15/24 (a)		599,000		654,258
3.88%, 09/15/49 (a)		823,000		1,007,574
WPP Finance 2010
3.75%, 09/19/24 (a)		350,000		388,175
WRKCo Inc.
3.00%, 09/15/24 (a)		507,000		545,177
Xcel Energy Inc.
3.40%, 06/01/30 (a)		1,015,000		1,166,326
Zoetis Inc.
3.00%, 09/12/27 (a)		237,000		265,298
3.90%, 08/20/28 (a)		557,000		656,608

				885,672,974


	Principal Amount ($) or Number of Shares		Fair Value $


Non-Agency Collateralized Mortgage Obligations - 8.5%
Banc of America Commercial Mortgage Trust 2015-UBS7
4.36%, 09/15/48 (a)(b)		2,456,000		2,182,086
Banc of America Commercial Mortgage Trust 2016-UBS10
4.90%, 07/15/49 (a)(b)		2,522,000		2,375,941
BANK 2017-BNK7
3.18%, 09/15/60 (a)		20,509,000		22,815,955
BANK 2018-BNK15
4.41%, 11/15/61 (a)(b)		8,550,000		10,302,548
BANK 2019-BNK17
4.52%, 04/15/52 (a)(b)		1,053,000		1,206,554
BX Commercial Mortgage Trust 2018-IND 0.75% + 1 month USD LIBOR
0.91%, 11/15/35 (a)(b)(g)		1,935,943		1,935,236
Cantor Commercial Real Estate Lending 2019-CF
3 3.01%, 01/15/53 (a)		4,022,000		4,480,809
CD 2019-CD8 Mortgage Trust
2.91%, 08/15/57 (a)		7,323,000		8,104,127
CFCRE Commercial Mortgage Trust 2016-C7
4.43%, 12/10/54 (b)		2,447,000		2,194,519
Citigroup Commercial Mortgage Trust 2015-GC35
4.49%, 11/10/48 (a)(b)		2,448,000		2,217,264
Citigroup Commercial Mortgage Trust 2015-P1
3.72%, 09/15/48 (a)		12,152,000		13,658,908
Citigroup Commercial Mortgage Trust 2016-P5
2.94%, 10/10/49 (a)		3,484,742		3,809,990
Citigroup Commercial Mortgage Trust 2016-P6
4.03%, 12/10/49 (a)(b)		2,942,926		3,268,573
COMM 2012-CCRE3 Mortgage Trust
3.92%, 10/15/45 (g)		1,602,000		1,575,327
COMM 2013-LC13 Mortgage Trust
4.56%, 08/10/46 (a)(b)(g)		1,375,000		1,484,607
COMM 2014-CR14 Mortgage Trust
4.53%, 02/10/47 (a)(b)		1,940,000		2,117,308


	Principal Amount ($) or Number of Shares		Fair Value $
CSAIL 2015-C3 Commercial Mortgage Trust
4.13%, 08/15/48 (a)(b)		1,822,454		1,724,922
CSAIL 2016-C7 Commercial Mortgage Trust
4.34%, 11/15/49 (b)		4,077,000		4,102,917
GS Mortgage Securities Trust 2012-GCJ9
1.93%, 11/10/45 (a)(b)(c)		5,346,465		143,664
GS Mortgage Securities Trust 2014-GC24
4.51%, 09/10/47 (a)(b)		3,298,000		3,269,675
GS Mortgage Securities Trust 2015-GS1
4.42%, 11/10/48 (a)(b)		3,270,000		2,856,931
GS Mortgage Securities Trust 2016-GS3
2.85%, 10/10/49 (a)		2,912,000		3,171,824
GS Mortgage Securities Trust 2017-GS8
3.47%, 11/10/50 (a)		7,000,045		7,956,579
GS Mortgage Securities Trust 2018-GS9
4.14%, 03/10/51 (a)(b)		2,609,000		3,017,259
GS Mortgage Securities Trust 2019-GC42
2.75%, 09/01/52 (a)		13,110,000		14,252,118
GS Mortgage Securities Trust 2019-GSA1
3.05%, 11/10/52 (a)		6,397,000		7,176,811
Impac CMB Trust 2004-5 0.72% + 1 month USD LIBOR
0.87,% 10/25/34 (a)(b)		317,823		311,436
JP Morgan Chase Commercial Mortgage Securities Trust 2012-LC9
1.49%, 12/15/47 (a)(b)(c)		4,558,056		104,151
JPMBB Commercial Mortgage Securities Trust 2013-C12
4.04%, 07/15/45 (a)(b)		1,010,000		1,071,962
JPMBB Commercial Mortgage Securities Trust 2015-C32
4.65%, 11/15/48 (a)(b)		2,174,000		1,770,714


	Principal Amount ($) or Number of Shares		Fair Value $

MASTR Alternative Loan Trust 2003-5
5.00%, 08/25/18 (a)(c)		9,379		99
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C7
4.12%, 02/15/46 (b)		3,391,000		2,910,567
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21
0.88%, 03/15/48 (a)(b)(c)		27,925,828		796,880
Morgan Stanley Capital I Trust 2006-IQ11
5.99%, 10/15/42 (a)(b)		258,064		256,595
Morgan Stanley Capital I Trust 2016-UBS12
4.03%, 12/15/49 (b)		3,468,000		3,235,788
UBS Commercial Mortgage Trust 2012-C1
5.57%, 05/10/45 (a)(b)(g)		2,236,000		2,151,462
UBS Commercial Mortgage Trust 2018-C12
4.79%, 08/15/51 (a)(b)		1,869,000		2,150,654
UBS-Barclays Commercial Mortgage Trust 2013-C6
3.88%, 04/10/46 (b)(g)		8,161,000		8,162,290
Wells Fargo Commercial Mortgage Trust 2014-LC16
4.32%, 08/15/50		8,162,000		8,031,237
Wells Fargo Commercial Mortgage Trust 2015-C26
1.21%, 02/15/48 (a)(b)(c)		21,816,816		901,486
Wells Fargo Commercial Mortgage Trust 2019-C50
4.35%, 05/15/52 (a)		1,505,000		1,492,523
WFRBS Commercial Mortgage Trust 2012-C10
3.74%, 12/15/45 (a)		2,166,000		2,027,382
WFRBS Commercial Mortgage Trust 2013-C17
4.26%, 12/15/46 (a)		1,880,000		2,037,884


	Principal Amount ($) or Number of Shares		Fair Value $
WFRBS Commercial Mortgage Trust 2014-C20
4.38%, 05/15/47		3,259,000		3,322,656
WFRBS Commercial Mortgage Trust 2014-LC14
4.35%, 03/15/47 (a)(b)		4,333,000		4,721,073

				176,859,291


Sovereign Bonds - 1.2%
Government of Chile
2.55%, 01/27/32 (a)		2,507,000		2,698,986
3.63%, 10/30/42 (a)		150,000		175,763
3.86%, 06/21/47 (a)		860,000		1,050,550
Government of Colombia
2.63%, 03/15/23 (a)		711,000		734,911
3.88%, 04/25/27 (a)		1,185,000		1,319,438
5.00%, 06/15/45 (a)		1,271,000		1,555,018
Government of Indonesia
3.50%, 01/11/28 (a)		578,000		647,857
4.35%, 01/11/48 (a)		232,000		277,423
Government of Mexico
3.60%, 01/30/25 (a)		1,402,000		1,561,337
4.00%, 10/02/23 (a)		620,000		678,838
4.60%, 02/10/48 (a)		972,000		1,141,779
4.75%, 03/08/44 (a)		2,068,000		2,459,659
Government of Panama
3.16%, 01/23/30 (a)		1,217,000		1,351,186
3.87%, 07/23/60 (a)		826,000		973,738
4.50%, 05/15/47 (a)		530,000		683,159
Government of Peru
1.86%, 12/01/32		1,230,000		1,245,129
2.78%, 12/01/60		2,055,000		2,078,201
5.63%, 11/18/50 (a)		884,000		1,390,143
Government of Philippines 3.95%, 01/20/40 (a)		835,000		994,694
Government of Qatar
3.38%, 03/14/24 (a)(g)		1,045,000		1,133,418
4.82%, 03/14/49 (a)(g)		275,000		375,205
Government of Uruguay 5.10%, 06/18/50 (a)		884,133		1,241,504

				25,767,936


Municipal Bonds and Notes - 0.4%
American Municipal Power Inc. 6.27%, 02/15/50 (a)		1,080,000		1,533,481
Board of Regents of the University of Texas System 3.35%, 08/15/47 (a)		1,025,000		1,230,769


	Principal Amount ($) or Number of Shares		Fair Value $

Port Authority of New York & New Jersey 4.46%, 10/01/62 (a)		1,870,000		2,487,736
State of California 4.60%, 04/01/38 (a)		1,840,000		2,212,342
State of Illinois 5.10%, 06/01/33 (a)		745,000		801,777

				8,266,105


FNMA (TBA) - 0.0%*
Lehman 5.50%, TBA (h)(i)		1,140,372		26,343


Total Bonds and Notes (Cost $1,840,896,894)				1,966,110,946


	Principal Amount ($) or Number of Shares		Fair Value $

Domestic Equity - 0.1%
Preferred Stock - 0.1%
Wells Fargo & Co. 5.85%, 3.09% + 3 month USD LIBOR (Cost $1,375,850) (a)(b)		55,034		1,477,663


Total Investments (Cost $1,842,272,744)				1,967,588,609

Other Assets and Liabilities, net - 5.6%				117,226,653


NET ASSETS - 100.0%				2,084,815,262

During the period ended December 31, 2020 average notional values related to derivative contracts were as follows:

(a)	At December 31, 2020, all or a portion of this security was pledged to cover collateral requirements for futures, swaps and/or TBAs.

(b)	Variable Rate Security—Interest rate shown is rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c)	Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding.

(d)	Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (“TBA”) in the future.

(e)	Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the “principal only” holder.

(f)	Coupon amount represents effective yield.

(g)

Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, these securities amounted to $151,102,929 or 7.25% of the net assets of the GE RSP Income Fund. These securities have been determined to be liquid using procedures established by the Fund’s Board of Trustees.

(h)	Step coupon bond.

(i)	Security is fair valued by the Valuation Committee, in accordance with the procedures approved by the Fund’s Board of Trustees. Security value is determined based on level 3 inputs.

†	Percentages are based on net assets as of December 31, 2020.

*	Less than 0.05%.

Abbreviations:

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

STRIPS - Separate Trading of Registered Interest and Principal of Security

TBA - To Be Announced

The following table presents the Fund’s investments measured at fair value on a recurring basis at December 31, 2020:


Fund	Investments	Level 1			Level 2		Level 3		Total

GE RSP Income Fund	Investments in Securities

	U.S. Treasuries	$	—		$	259,247,183	$	—	$	259,247,183

	Agency Mortgage Backed		—			549,896,027		—		549,896,027

	Agency Collateralized Mortgage Obligations		—			18,654,678		—		18,654,678

	Asset Backed		—			41,720,409		—		41,720,409

	Corporate Notes		—			885,672,974		—		885,672,974

	Non-Agency Collateralized Mortgage Obligations		—			176,859,291		—		176,859,291

	Sovereign Bonds		—			25,767,936		—		25,767,936

	Municipal Bonds and Notes		—			8,266,105		—		8,266,105

	FNMA (TBA)		—			—		26,343		26,343

	Preferred Stock		1,477,663			—		—		1,477,663


	Total Investments in Securities	$	1,477,663		$	1,966,084,603	$	26,343	$	1,967,588,609


	Other Financial Instruments

	Credit Default Swap Contracts - Unrealized Appreciation	$	—		$	7,030,723	$	—	$	7,030,723

	Long Futures Contracts - Unrealized Appreciation		112,885			—		—		112,885

	Long Futures Contracts - Unrealized Depreciation		(763,374	)		—		—		(763,374	)

	Short Futures Contracts - Unrealized Appreciation		211,144			—		—		211,144

	Short Futures Contracts - Unrealized Depreciation		(153,556	)		—		—		(153,556	)


	Total Other Financial Instruments	$	(592,901	)	$	7,030,723	$	—	$	6,437,822

Selected data based on a share outstanding throughout the fiscal years indicated

The GE RSP U.S. Equity Fund and GE RSP Income Fund (each, a “Fund” and collectively, the “Funds”) are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. The Funds are two of the investment options offered under the GE Retirement Savings Plan (the “RSP” or the “Plan”). The Plan, through a trust, owns 69% of the GE RSP U.S. Equity Fund and 76% of the GE RSP Income Fund. The Funds operate as Employees’ Securities Companies (as defined in the 1940 Act) and as such are exempt from certain provisions of the 1940 Act.

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation Each Fund’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board of Trustees (the “Board”). The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value each Fund’s investments by major category are as follows:

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The value of the Fund’s investments according to the fair value hierarchy as of December 31, 2020 is disclosed in the Fund’s Schedule of Investments.

Investment Transactions and Income Recognition Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source, if any.

Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Expenses Certain expenses, which are directly identifiable to a specific Fund, are applied to the Fund that incurs such expenses. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund.

Distributions The GE RSP Income Fund declares investment income dividends daily and pays them monthly. The GE RSP U.S. Equity Fund declares and pays dividends from investment income annually.

Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

Delayed Delivery Transactions and When-Issued Securities During the fiscal year ended December 31, 2020, the GE RSP Income Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund’s Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to such purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

To-Be-Announced Transactions The GE RSP Income Fund may seek to obtain exposure to U.S. agency mortgage pass-through securities through the use of “to-be-announced” or “TBA transactions.” “TBA” refers to a commonly used mechanism for the forward settlement of U.S. agency mortgage pass-through securities. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, coupon, and price.

The GE RSP Income Fund may use TBA transactions to “roll over” such agreements prior to the settlement date. This type of TBA transaction is sometimes known as a “TBA roll.” In a TBA roll, the Fund generally will sell the obligation to purchase the pools stipulated in the TBA agreement prior to the settlement date and will enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities. The Fund may also enter into TBA agreements and settle such transactions on the stipulated settlement date by accepting actual receipt or delivery of the pools of mortgage pass-through securities.

Default by or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. To minimize this risk, the Fund will enter into TBA transactions only with established counterparties. The Fund’s use of “TBA rolls” may impact portfolio turnover, transaction costs and capital gain distributions to shareholders.

Futures Contracts The GE RSP Income Fund may enter into futures contracts to meet the Fund’s objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Summary Schedule of Investments and cash deposited, if any, is included in Net Cash at broker on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate the movement of the assets underlying such contracts.

For the fiscal year ended December 31, 2020, the GE RSP Income Fund entered into futures contracts in order to manage exposure to interest rates.

Options on Futures Contracts The GE RSP Income Fund may purchase and write options, including options on futures contracts, subject to certain limitations. Writing puts and buying calls tend to increase the Fund’s exposure to the underlying instrument while buying puts and writing calls tend to decrease the Fund’s exposure to the underlying instrument. The Fund will not enter into a transaction involving options for speculative purposes. The Fund’s risks in using these contracts include changes in the value of the underlying instruments, non-performance of the counterparties under the contracts’ terms and changes in the liquidity of the secondary market for the contracts.

When the Fund writes an option, the amount of the premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase, as a realized loss. When an option is exercised, the proceeds from the sale of the underlying instrument or the cost basis of the securities purchased is adjusted by the original premium received or paid. In return for a premium paid, call and put options on futures contracts give the holder the right, but not the obligation, to purchase or sell, respectively, a position in a particular futures contract at a specified exercise price.

For the fiscal year ended December 31, 2020, the GE RSP Income Fund purchased and wrote options in order to hedge against changes in market conditions and interest rates.

Credit Default Swaps During the fiscal year ended December 31, 2020, the GE RSP Income Fund engaged in credit default swaps to manage credit risk. When a Fund is the buyer in a credit default swap contract, a Fund is entitled to receive the par (or other agreed upon) value (full notional value) of a referenced debt obligation (or basket of debt obligations) from the counterparty (or central clearing party (“CCP”) in the case of a centrally cleared swap) to the contract if a credit event by a third party, such as a U.S. or foreign corporate issuer or sovereign issuer, on the debt obligation occurs. In return, a Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, a Fund loses its investment and recovers nothing. However, if a credit event occurs, a Fund receives full notional value for a referenced debt obligation that may have little or no value. When a Fund is the seller of a credit default swap, it receives a fixed rate of income throughout the term of the contract, provided there is no credit event. If a credit event occurs, a Fund is obligated to pay the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that a Fund could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by a Fund for the same referenced obligation.

As the seller, a Fund may create economic leverage to its portfolio because, in addition to its total net assets, a Fund is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap, which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as realized gain upon receipt or realized loss upon payment. A Fund also records an increase or decrease to unrealized appreciation (depreciation) in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization. For financial reporting purposes, unamortized upfront payments, if any, are netted with

unrealized appreciation or depreciation on swaps to determine the market value of swaps. A Fund segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. A Fund segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked to market on a daily basis. Credit default swaps involve greater risks than if a Fund had invested in the referenced debt obligation directly. If a Fund is a buyer of a credit default swap and no credit event occurs, a Fund will not earn any return on its investment. If a Fund is a seller of a credit default swap, a Fund’s risk of loss may be the entire notional amount of the swap. Swaps may also subject a Fund to the risk that the counterparty to the transaction may not fulfill its obligation. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP.

Interest Rate Swaps Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest, such as an exchange of fixed rate payments for floating rate payments.

During the fiscal year ended December 31, 2020, the GE RSP Income Fund entered into interest rate swaps in order to manage exposure to interest rates.

The following tables summarize the value of the Fund’s derivative instruments as of December 31, 2020 and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

Advisory Fee SSGA FM, a registered investment adviser, was retained by the Board to act as investment adviser and administrator of each Fund. SSGA FM’s compensation for investment advisory and administrative services (“Management Fee”) is paid monthly based on the average daily net assets of each Fund. The Management Fee is stated in the following schedule:

Custody, Fund Accounting and Sub-Administration Fees State Street Bank and Trust Company (“State Street”) serves as the custodian, fund accountant and sub-administrator to the Funds. Amounts paid by the Funds to State Street for performing such services are included as custody, fund accounting and sub-administration fees in the Statements of Operations.

Other Transactions with Affiliates During the fiscal year ended December 31, 2019, the Adviser reimbursed the GE RSP U.S. Equity Fund in the amount totaling $34,143 due to a separate compliance and trading matter.

Purchases and sales of investments (excluding in-kind transactions, short term investments and derivative contracts) for the year ended, December 31, 2020 were as follows:

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed each Fund’s tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles. Certain capital accounts in the financial statements have been adjusted for permanent book- tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for bond basis adjustments, swap contracts, futures contracts, foreign currency gains and losses, distribution re-designations, return of capital adjustments, and wash sale loss deferrals.

The tax character of distributions paid during the fiscal year ended December 31, 2020 was as follows:

The tax character of distributions paid during the fiscal year ended December 31, 2019, was as follows:

At December 31, 2020, the components of distributable earnings on a tax basis were as follows:

As of December 31, 2020, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

Concentration Risk As a result of a Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of a Fund’s investments more than if a Fund was more broadly diversified.

Interest Rate Risk Is the risk that fixed income securities will decline in value because of changes in interest rates. Bond prices generally rise when interest rates decline and generally decline when interest rates rise. Changes in governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of a Fund’s investments.

Credit Risk A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Market Risk The Fund’s investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses,

and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

The Funds and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2021 unless extended or renewed.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operation expenses. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.25% plus the New York Fed Bank Rate. Prior to October 8, 2020, interest was calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848)”. In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the guidance.

Proposed reorganization of the Funds: On January 19, 2021, the Board of Trustees of each Fund approved the reorganization of that Fund into a corresponding newly organized series of State Street Institutional Investment Trust (each, a “State Street Fund”), as lised in the table below.

The reorganization of each Fund into the corresponding State Street Fund is subject to approval of the holders of a majority of the units of that Fund. If required approval is obtained, and other customary closing conditions are satisfied, each reorganization is expected to be completed sometime in May 2021.

We have audited the accompanying statements of assets and liabilities of General Electric RSP U.S. Equity Fund and General Electric RSP Income Fund, (each a “Fund” and collectively the “Funds”), including the schedules of investments, as of December 31, 2020, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the financial highlights for each of the years in the five-year period then ended, and 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 the Funds as of December 31, 2020, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and their financial highlights for each of the years in the five-year period then ended, 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 law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risk 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 procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, brokers, or by other appropriate auditing procedures where replies from brokers were not received. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the Funds in General Electric RSP Funds since 2016.

Disclosure for the Boards of Trustees’ Consideration of the Continuance of the Investment Advisory and Administration Agreement with SSGA Funds Management, Inc.

At meetings of the Boards of Trustees (each, a “Board” and together, the “Boards”) of the General Electric RSP U.S. Equity Fund (the “GE RSP U.S. Equity Fund”) and the General Electric RSP Income Fund (the “GE RSP Income Fund,” together with GE RSP U.S. Equity Fund, each, a “Fund” and together, the “Funds”), held on May 18, 2020 and June 15, 2020 (the “Board Meetings”), a majority of the members of the Board of each Fund considered and approved the continuance for an additional year of the investment advisory and administration agreement (the “Investment Advisory and Administration Agreement”) with SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) on behalf of each Fund.

In considering whether to approve the continuance for an additional year of the Investment Advisory and Administration Agreement, the Board members considered and discussed a substantial amount of information and analysis provided, at the Boards’ request, by the Adviser. The Board members also considered detailed information regarding performance and expenses of other investment companies, including those with similar investment strategies and sizes, which was prepared by an independent third party provider, Broadridge Financial Solutions, Inc. (“Broadridge”). The Board members reviewed the fees charged by the Adviser for other mutual funds and investment products other than mutual funds that employ a similar investment strategy as either of the Funds. The Board members had the opportunity to ask questions and request additional information in connection with its considerations.

Before approving the continuance of the Investment Advisory and Administration Agreement, the Board members reviewed the information provided with management of the Adviser. The Board members also reviewed a memorandum prepared by legal counsel discussing the legal standards for the consideration of the proposed continuance. The Board members discussed the proposed continuance of the Investment Advisory and Administration Agreement in detail during private sessions in advance of, and at, the Board Meetings at which no representatives of the Adviser were present. The Board members requested, and received and considered, additional information from the Adviser following the May 18, 2020 Board Meeting and prior to the June 15, 2020 Board Meeting.

In advance of the Board Meetings, and in response to their detailed requests, the Board members received from the Adviser written responses to their inquiries, which included substantial exhibits and other materials related to the Adviser’s business and the services it provides to each Fund. The Board members took into account their experience as Board members.

During the Board Meetings, the Board members had an opportunity to discuss this information with SSGA FM representatives, including senior executives, representatives from the legal, compliance and finance departments, and investment personnel. The Board members posed questions to these representatives and engaged in significant discussions.

In reaching their determinations relating to the continuance of the Investment Advisory and Administration Agreement, the Boards considered those factors they deemed relevant, including the factors discussed below. In their deliberations, the Boards did not identify any single factor that was dispositive and each Board member may have attributed different weights to the various factors. The Board members evaluated the information provided to them, as well as the presentations and discussions that occurred at the Board Meetings, for each Fund on a Fund-by-Fund basis, and their determinations were made separately in respect of each Fund.

The material factors and conclusions that formed the basis for each Board’s determinations to approve the continuance of the Investment Advisory and Administration Agreement on behalf of each Fund are as discussed below.

The Board members reviewed the services provided by the Adviser. In connection with their consideration of the Adviser’s services, the Board members considered the Adviser’s management capabilities and investment process

with respect to the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. The Board members evaluated, where relevant, the abilities and experience of such investment personnel in analyzing particular markets, industries and specific issuers of securities in these markets and industries, as well as sector, credit quality and interest rate exposure (all as applicable). The Board members also considered the substantial expertise of the Adviser in developing and applying proprietary models for managing the Funds and the extensive experience and resources committed by the Adviser to the evaluation of the Funds’ portfolios. The Board members considered the extensive experience and resources committed by the Adviser to risk management, including with respect to investment risk, liquidity risk, operational risk, counterparty risk and model risk. The Board members also considered the significant risks assumed by the Adviser in connection with the services provided to the Funds, including reputational and entrepreneurial risks. Further, the Board members considered material enhancements made to the risk management processes and systems over the past year. The Board members also took into account the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Funds by senior management.

The Board members had previously reviewed the compliance programs of SSGA FM and various affiliated service providers (“Affiliated Service Providers”). Among other things, the Board members considered compliance and reporting matters. The Board members also considered the performance of certain portions of the business continuity plan which had been invoked in response to the coronavirus disease of 2019.

In light of the foregoing and other relevant information, the Board members concluded that the services provided by the Adviser continue to be satisfactory.

The Board members considered the investment performance of each Fund for various periods. The Board members reviewed detailed comparisons of the performance of the Funds with the relevant securities indices and peer and category groupings of mutual funds prepared by Broadridge with respect to various periods. The Board members also engaged in detailed discussions with SSGA FM management about its investment processes and performance results. These discussions focused on each Fund’s investment objective, the number and experience of portfolio management and supporting research personnel, each Fund’s investment style and approach employed, the likely market cycles for each Fund’s investment style and, in some instances, relative underperformance of the GE RSP Income Fund in certain periods and plans to seek to improve relative performance and the competitive performance of the GE U.S. Equity Fund for certain periods. The Board members took into account management’s discussion of each Fund’s performance.

Taking these factors into consideration, the Board members concluded that each Fund’s performance, or the Adviser’s explanation for relative underperformance and plans for improvement, as applicable, was acceptable overall.

Cost of the Services Provided And Profits Realized From The Relationships with the Funds.

The Board members considered the management fees paid to the Adviser by the Funds. The Board members reviewed the level of profits realized by the Adviser and the Affiliated Service Providers in providing investment advisory and other services to the Funds. Information also was presented regarding the financial condition of the Adviser for various past periods. The Board members also considered the Adviser’s statements concerning its significant investment in supporting registered investment companies. The Board members also considered the various risks borne by SSGA FM and the Affiliated Service Providers in connection with their various roles in servicing the Funds, including reputational and entrepreneurial risks.

The Board members concluded that the profitability of the Adviser and the profitability range of each of the Affiliated Service Providers with respect to its services to each of the Funds, were reasonable in relation to the services provided.

The Extent to Which Economies of Scale Would Be Realized as the Funds Grow and Whether Fee Levels Would Reflect Such Economies of Scale.

The Boards considered the extent to which the Adviser and the Affiliated Service Providers, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Boards acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of the Funds. The Boards concluded that, in light of, among other considerations, the current size of each of the Funds, the level of profitability of the Adviser and the Affiliated Service Providers with respect to the Funds, and/or the comparative management fees and expense ratios of the Funds, it does not appear that the Adviser or the Affiliated Service Providers has realized benefits from economies of scale in managing the assets of the Funds to such an extent that previously agreed management fees should be reduced or that breakpoints in such fees should be implemented for the Funds at this time.

The Boards discussed the services provided to the Funds by the Adviser and the fees charged to the Funds for those services. As part of its review, each Board considered each Fund’s management fee and total expense ratio, including the portion attributable to administrative services provided by SSGA FM, as compared to the expense ratios of a group of comparable mutual funds selected by Broadridge, and the related Broadridge analysis for the Funds. The Boards also considered the comparability of the fees charged and the services provided to the Funds by the Adviser to the fees charged and services provided to other clients of the Adviser. Among other information, the Board members considered that each Fund’s expense ratios and advisory fee were the lowest or among the lowest in the applicable Broadridge peer group ranges. The Boards also considered the Funds’ comparatively lower historical fee structure overall relative to advisers of other comparable industry peer group funds and noted that the Funds have generally benefitted from not having a high management fee rate since their inception.

In light of the foregoing, the Boards determined that the management fees, considered in relation to the services provided to the Funds, supported the Boards’ approval of the continuance of the Investment Advisory and Administration Agreement.

The Boards considered actual and potential financial benefits that the Adviser may derive from its relationships with the Funds, including the custody, fund accounting and sub-administration services being provided to the Funds by an affiliate of the Adviser and, with respect to the GE RSP U.S. Equity Fund, soft dollar commission benefits generated through Fund portfolio transactions. The Boards noted, however, that each Fund benefits from the vast array of resources available through SSGA FM, and that each Fund represents only a small portion of the assets managed by SSGA FM.

No single factor was determinative to the Boards’ decision. Based on their discussion and such other matters as were deemed relevant, the Board members approved the continuance of the Investment Advisory and Administration Agreement for the Funds.

For federal income tax purposes, the following information is furnished with respect to the distributions paid from the Funds during the fiscal year ended December 31, 2020.

The GE RSP U.S. Equity Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

A portion of dividends distributed by the GE RSP U.S. Equity Fund during the fiscal year ended December 31, 2020 is considered qualified dividend income and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. The GE RSP U.S. Equity Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Long term capital gains dividends were paid from the GE RSP U.S. Equity Fund and GE RSP Income Fund during the year ended December 31, 2020 in the amount of $303,400,273 and $4,450,607, respectively.

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted and implemented a liquidity risk management program (the “Program”). SSGA FM has been designated by the Board to administer the Funds’ Program. The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period October 2019 through September 2020. As reported to the Board, the Program supported each Fund’s ability to honor redemption requests timely and SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility. SSGA FM reported that the Program operated adequately to meet the requirements of Rule 22e-4 and that the implementation of the Program has been effective.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s Supplemental Information Documents and Consolidated Profile for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

The Funds have adopted the proxy voting policies of SSGA FM. A description of the policies and procedures that the Funds have adopted to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-242-0134, (ii) on the Funds’ website at http://www.ssga.com/geam, and (iii) on the SEC’s website at www.sec.gov. Information regarding how the Funds voted proxies, if any, during the most recent 12-month period ended June 30 is available by August 31 of each year without charge (1) by calling 1-800-242-0134 (toll free), and (2) on the website of the SEC at www.sec.gov.

Following the Funds’ first, second and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit to their reports on Form N-PORT, which can be found on the SEC’s website at www.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling 1-800-242-0134.

Independent Registered Public Accounting Firm

BBD, LLP

Custodian

State Street Bank & Trust Company

Shareholder Servicing Agent

Address all inquiries inside the Plan to:

GE Retirement Savings Plan Service Center

c/o Fidelity Investments

P.O. Box 770003

Cincinnati, OH 45277-0065

Address all inquiries outside the Plan to:

GE RSP Mutual Funds

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201-0701

Shares or units held inside the Plan have been credited to your account as a result of contributions and investment earnings. For a statement summarizing your account balance in the Plan, please refer to your GE RSP Retirement Savings Statement, which is provided quarterly and is available online at any time or upon request. You may obtain additional information and process transactions on investments held inside the Plan by calling:

If shares of the GE RSP U.S. Equity and the GE RSP Income Funds have been distributed to you from the Plan, information on these investments may be obtained by calling:

As of the end of the period covered by this report, General Electric RSP U.S. Equity Fund (the “Registrant” or the “Fund”) has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code”). That Code comprises written standards that are reasonably designed to deter wrongdoing and to promote: (1) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (2) full, fair, accurate, timely and understandable disclosure in reports and documents that the Registrant files with, or submits to, the U.S. Securities Exchange Commission (the “SEC”) and in other public communications made by the Registrant; (3) compliance with applicable laws and governmental rules and regulations; (4) the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and (5) accountability for adherence to the Code. The Registrant has not made any amendments to the Code that relates to any element of the code of ethics definition set forth in Item 2(b) of Form N-CSR during the covered period. The Registrant has not granted any waivers from any provisions of the Code during the covered period. A copy of the Code is filed as Exhibit 13(a)(1) to this Form N-CSR.

The Fund’s Board of Trustees (the “Board”) has determined that the Fund has the following “audit committee financial expert” as defined in Item 3(b) of Form N-CSR serving on its audit committee (the “Audit Committee”): Mr. Vaidheesh Krishnamurti. The “audit committee financial expert” is deemed to be an “interested person” of the Registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (15 U.S.C. 80a-2(a)(19)).

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the Audit Committee or the Board.

For the fiscal years ended December 31, 2020 and December 31, 2019, the aggregate audit fees billed for professional services rendered BBD, LLP (“BBD”), the Registrant’s principal accountant, for the audit of the Registrant’s annual financial statements, or services that are normally provided by BBD in connection with the Registrant’s statutory and regulatory filings and engagements were $19,000 and $19,000, respectively.

For the fiscal years ended December 31, 2020 and December 31, 2019, there were no fees for assurance and related services by BBD reasonably related to the performance of the audit of the Fund’s financial statements that were not reported under paragraph (a) of this Item.

For the fiscal years ended December 31, 2020 and December 31, 2019, there were no fees for professional services rendered by BBD for tax compliance, tax advice or tax planning.

For the fiscal years ended December 31, 2020 and December 31, 2019, there were no fees billed for professional services rendered by BBD for products and services provided by BBD to the Fund, other than the services reported in paragraphs (a) through (c).

The Audit Committee of the General Electric RSP Funds (the “Funds”) Board of Trustees is responsible for, among other things, the appointment, compensation and oversight of the work of the Funds’ Auditor. As part of this responsibility and to ensure that the Auditor’s independence is not impaired, the Audit Committee (1) pre-approves the audit and non-audit services provided to the Funds by the Auditor, and (2) all non-audit services provided to the Funds’ investment adviser and Covered Affiliates (as defined in the Audit Committee Charter) that provide ongoing services to the Funds if the services directly impact the Funds’ operations or financial reporting, in accordance with the Audit Committee Charter. The following excerpt from the Audit Committee Charter sets forth the pre-approval policies and procedures:

Pre-Approval of Audit Related Services and Permissible Non-Audit Services. The Audit Committee shall pre-approve both audit (including audit, review, and attest) services and permissible non-audit services provided to the Fund and, if the nature of the engagement relates directly to the operations and financial reporting of the Fund, permissible non-audit services provided to any Covered Affiliate.

The Audit Committee may determine to delegate the authority to grant pre-approvals to one or more Audit Committee members, each acting on behalf of the Audit Committee. In this event, the member of the Audit Committee so delegated shall report each delegated pre-approval to the Audit Committee at its next regularly scheduled meeting. The Audit Committee may also adopt and follow, in lieu of explicit pre-approval described above, written policies and procedures detailed as to the particular service, designed to safeguard the continued independence of the Auditor, consistent with the requirements of the 1940 Act and SEC regulations thereunder.

Notwithstanding the foregoing, the pre-approval requirement concerning permissible non-audit services provided to the Fund or any Covered Affiliate is waived if: (1) the aggregate amount of all such non-audit services provided constitutes no more than five percent (5%) of the total amount of revenues paid to the Auditor by the Fund and the Covered Affiliates during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee, (2) the non-audit services were not recognized as non-audit services at the time of the engagement, and (3) such non-audit services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or one or more designated members of the Audit Committee prior to the completion of the audit.

None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the period of time for which such rule was effective.

For the fiscal years ended December 31, 2020 and December 31, 2019, the aggregate non-audit fees billed by BBD for services rendered to the Fund and SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”) and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Funds were $0 and $0, respectively.

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

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

There were no material changes to the procedures by which shareholders may recommend nominees to the Board.

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

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

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

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

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


	One Year			Five Year			Ten Year			Ending Value of a $10,000 Investment
GE RSP U.S. Equity Fund		23.82	%		16.06	%		13.69	%	$	36,084

S&P 500^® Index		18.40	%		15.22	%		13.89	%	$	36,700


Moody’s / S&P /Rating*	Percentage of Fair Value
Aaa / AAA		8.4	%

Aa / AA		44.9	%

A / A		11.3	%

Baa / BBB		30.7	%

Ba / BB and lower		3.3	%

NR / Other		1.4	%

		100.0	%


	Page
Notes to Performance		1
Manager Reviews and Schedules of Investments		2
Financial Statements
Financial Highlights		39
Statements of Assets and Liabilities		41
Statements of Operations		42
Statements of Changes in Net Assets		43
Notes to Financial Statements		44
Report of Independent Registered Public Accounting Firm		52
Advisory Agreement Renewal		53
Other Information		56
Investment Team		60


Apple Inc.	5.58	%

Microsoft Corp.	5.55	%

Amazon.com Inc.	5.04	%

JPMorgan Chase & Co.	2.97	%

Alphabet Inc., Class A	2.95	%

Facebook Inc., Class A	2.57	%

Visa Inc., Class A	2.48	%

The Walt Disney Co.	2.01	%

QUALCOMM Inc.	1.99	%

Merck & Company Inc.	1.98	%


Reference Entity	Counterparty	Notional Amount (000s omitted)		Contract Annual Fixed Rate/ Payment Frequency		Termination Date		Market Value		Unamortized Upfront Payments Received (Paid)			Unrealized Appreciation (Depreciation)
Sell Protection
Markit CDX North America High Yield Index	Intercontinental Exchange	$	47,320		5.00%/Quarterly		06/20/25	$	4,391,155	$	(2,639,569	)	$	7,030,723


Description	Expiration date		Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Ultra Long-Term U.S. Treasury Bond Futures		March 2021		220	$	47,631,202	$	46,984,385	$	(646,817	)
U.S. Long Bond Futures		March 2021		103		17,954,870		17,838,313		(116,557	)
2 Yr. U.S. Treasury Notes Futures		March 2021		543		119,877,388		119,990,273		112,885

									$	(650,489	)


	Purchased Put Options		Purchased Call Options		Written Put Options		Written Call Contracts		Long Futures Contracts		Short Futures Contracts		Credit Default Swap Contracts		Interest Rate Swap Contracts
Average Notional Value	$	—	$	318,246	$	—	$	—	$	314,287,668	$	149,126,443	$	133,487,169	$	72,305,650


	12/31/20			12/31/19			12/31/18			12/31/17			12/31/16
Net asset value, beginning of period	$	57.30		$	46.05		$	52.45		$	49.27		$	47.59


Income/(loss) from investment operations:
Net investment income		0.77	^(a)		0.78	^(a)		0.77	^(a)		0.76	^(a)		0.92
Net realized and unrealized gains/(losses) on investments		12.86			14.07			(2.41	)		9.35			3.92

Total income/(loss) from investment operations		13.63			14.85			(1.64	)		10.11			4.84


Less distributions from:
Net investment income		0.81			0.77			0.81			0.81			0.91
Net realized gains		3.73			2.83			3.95			6.12			2.25

Total distributions		4.54			3.60			4.76			6.93			3.16

Net asset value, end of period	$	66.39		$	57.30		$	46.05		$	52.45		$	49.27

Total Return^(b)		23.82	%		32.22	%		(3.05	)%		20.50	%		10.13	%

Ratios/Supplemental Data:
Net assets, end of period (in thousands)	$	6,229,783		$	5,541,415		$	4,700,274		$	5,435,513		$	4,914,567

Ratios to average net assets:
Gross expenses		0.14	%		0.14	%		0.14	%		0.14	%		0.16	%
Net investment income		1.29	%		1.44	%		1.41	%		1.39	%		1.79	%
Portfolio turnover rate		37	%		31	%		40	%		77	%		38	%


	GE RSP U.S. Equity Fund		GE RSP Income Fund
Assets
Investments in securities, at fair value (cost $3,681,452,262 and $1,842,272,744, respectively)	$	6,172,766,232	$	1,967,588,609
Cash, interest bearing		54,349,439		302,038,315
Net cash at broker for futures contracts		—		439,862
Income receivables		6,410,995		10,343,435
Receivable for fund shares sold		—		308,934
Receivable for accumulated variation margin on swap contracts		—		4,453,725
Other assets		5,338		2,098


Total assets		6,233,532,004		2,285,174,978


Liabilities
Distribution payable to shareholders		755,988		150,048
Net cash collateral on swap contracts due to broker		—		4,329,530
Payable for investments purchased		—		194,853,229
Payable for fund shares redeemed		2,134,376		49,772
Payable for accumulated variation margin on futures contracts		—		589,686
Payable to the Adviser		622,458		228,788
Payable for custody, fund accounting and sub-administration fees		38,212		16,519
Accrued other expenses		197,723		142,144


Total liabilities		3,748,757		200,359,716



Net Assets	$	6,229,783,247	$	2,084,815,262


Net Assets Consist of:
Capital paid in	$	3,766,100,559	$	1,939,401,107
Total distributable earnings (loss)	$	2,463,682,688	$	145,414,155


Net Assets	$	6,229,783,247	$	2,084,815,262


Shares outstanding ($25.00 and $10.00 par value, respectively; unlimited shares authorized)		93,838,310		167,898,075
Net asset value per share	$	66.39	$	12.42


	GE RSP U.S. Equity Fund			GE RSP Income Fund
Investment Income
Income
Dividend	$	77,666,037		$	—
Interest		56,934			47,977,847
Less: Foreign taxes withheld		(1,376	)		(75	)

Total income		77,721,595			47,977,772


Expenses
Advisory and administration fees		6,523,574			2,675,312
Transfer agent fees		517,929			478,304
Custody, fund accounting and sub-administration fees		340,023			286,272
Professional fees		17,452			33,784
Other expenses		139,336			39,536

Total Expenses		7,538,314			3,513,208

Net investment income	$	70,183,281		$	44,464,564


Net Realized and Unrealized Gain (Loss) on Investments
Realized gain (loss) on:
Investments	$	328,591,241		$	67,651,614
Futures		—			(2,465,063	)
Swap contracts		—			(18,558,979	)
Foreign currency transactions		(34	)		—
Increase (decrease) in unrealized appreciation/depreciation on:
Investments		799,903,293			60,489,495
Futures		—			(1,233,001	)
Swap contracts		—			9,163,864


Net realized and unrealized gain (loss) on investments		1,128,494,500			115,047,930


Net Increase in Net Assets Resulting from Operations	$	1,198,677,781		$	159,512,494


	GE RSP U.S. Equity Fund						GE RSP Income Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets

Operations:
Net investment income	$	70,183,281		$	75,533,364		$	44,464,564		$	54,095,486
Net realized gain (loss) on investments, futures, swap contracts, options contracts, and foreign currency related transactions		328,591,207			246,992,970			46,627,572			51,428,998
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts		799,903,293			1,122,037,278			68,420,358			75,572,625

Net increase (decrease) from operations		1,198,677,781			1,444,563,612			159,512,494			181,097,109


Distributions to shareholders:
Total distributions		(400,316,279	)		(328,895,329	)		(64,080,587	)		(56,663,793	)

Increase (decrease) in assets from operations and distributions		798,361,502			1,115,668,283			95,431,907			124,433,316


Share transactions:
Proceeds from sale of shares		55,418,614			20,879,021			48,154,654			34,357,470
Value of distributions reinvested		379,700,260			311,798,754			61,957,884			54,586,248
Cost of shares redeemed		(545,111,984	)		(607,205,188	)		(145,433,304	)		(180,842,366	)

Net increase (decrease) from share transactions		(109,993,110	)		(274,527,413	)		(35,320,766	)		(91,898,648	)


Total increase (decrease) in net assets		688,368,392			841,140,870			60,111,141			32,534,668

Net Assets
Beginning of year		5,541,414,855			4,700,273,985			2,024,704,121			1,992,169,453


End of year	$	6,229,783,247		$	5,541,414,855		$	2,084,815,262		$	2,024,704,121


Changes in Fund Shares
Shares sold		914,306			404,270			3,948,098			2,956,246
Issued for distributions reinvested		5,739,128			5,422,709			5,055,918			4,688,763
Shares redeemed		(9,524,851	)		(11,183,222	)		(12,024,475	)		(15,628,926	)

Net decrease in fund shares		(2,871,417	)		(5,356,243	)		(3,020,459	)		(7,983,917	)


	Interest Rate Contracts Risk		Foreign Exchange Contracts Risk		Credit Contracts Risk		Equity Contracts Risk		Commodity Contracts Risk		Total
GE RSP Income Fund
Swap Contracts	$	—	$	—	$	4,453,725	$	—	$	—	$	4,453,725


	U.S. Government Obligations				Non-U.S. Government Securities
Fund	Purchases		Sales		Purchases		Sales
GE RSP U.S. Equity Fund	$	—	$	—	$	1,983,052,635	$	2,415,118,000
GE RSP Income Fund		5,012,909,572		5,450,673,411		820,987,910		472,169,540


Fund	Exempt Income		Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
GE RSP U.S. Equity Fund	$	—	$	96,916,006	$	303,400,273	$	—	$	400,316,279
GE RSP Income Fund		—		59,629,980		4,450,607		—		64,080,587


	Undistributed Ordinary Income		Capital Loss Carryforwards		Undistributed Long Term Gain		Net Unrealized Gains (Losses)		Total
GE RSP U.S. Equity Fund	$	5,331,293	$	—	$	155,077	$	2,458,196,318	$	2,463,682,688
GE RSP Income Fund		29,116,361		—		1,687,425		114,610,369		145,414,155


	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
GE RSP U.S. Equity Fund	$	3,714,569,914	$	2,532,332,228	$	74,135,910	$	2,458,196,318
GE RSP Income Fund		1,842,010,807		136,788,640		4,773,016		132,015,624


RSP Fund		Corresponding New State Street Fund
General Electric RSP U.S. Equity Fund		State Street U.S. Core Equity Fund
General Electric RSP Income Fund		State Street Income Fund



Name, Address and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 years
OFFICERS
Ellen M. Needham SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1967	President	Term: Indefinite Served: Since September 2018	Chairman, SSGA Funds Management, Inc. (March 2020 – present); President and Director, SSGA Funds Management, Inc. (2001 – present); Senior Managing Director, State Street Global Advisors (1992 – present)*; Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 – present).

Arthur A. Jensen SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 YOB: 1966	Treasurer	Term: Indefinite Served: Since June 2011	Vice President State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 – present); Mutual Funds Controller at GE Asset Management Incorporated (April 2011 – July 2016).

Brian Harris SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1973	Chief Compliance Officer and Anti-Money Laundering Officer	Term: Indefinite Served: Since December 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (2013 – Present); Senior Vice President and Global Head of Investment Compliance, BofA Global Capital Management (September 2010 – May 2013).

Bruce S. Rosenberg SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1961	Assistant Treasurer	Term: Indefinite Served: Since March 2017	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 – present); Director, Credit Suisse (April 2008 – July 2015).

Ann M. Carpenter SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1966	Assistant Treasurer	Term: Indefinite Served: Since March 2017	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 – present); Managing Director, State Street Global Advisors (April 2005 –present).

Chad C. Hallett SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1969	Assistant Treasurer	Term: Indefinite Served: Since March 2017	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 – present); Vice President, State Street Bank and Trust Company (2001 – November 2014).*

Darlene Anderson-Vasquez SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1968	Assistant Treasurer	Term: Indefinite Served: Since March 2017	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 – present); Senior Vice President, John Hancock Investments (September 2007 – May 2016).

David Barr SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 YOB: 1974	Secretary	Term: Indefinite Served: Since December 2020	Vice President and Senior Counsel, State Street Global Advisors (October 2019 – present); Vice President at Eaton Vance Corp. (October 2010 – October 2019).


Registrant:		GENERAL ELECTRIC RSP U.S. EQUITY FUND

By:		/s/ Ellen M. Needham
		Ellen M. Needham
		President

Date:		March 5, 2021


By:		/s/ Ellen M. Needham
		Ellen M. Needham
		President (Principal Executive Officer)

Date:		March 5, 2021

By:		/s/ Arthur A. Jensen
		Arthur A. Jensen
		Treasurer (Principal Financial and Accounting Officer)

Date:		March 5, 2021