❯	Large Cap Fund

❯	Large Cap Value Fund

❯	Large Cap Growth Fund

❯	Large Cap Index Fund

❯	Tax-Managed Large Cap Fund

❯	S&P 500 Index Fund

❯	Small Cap Fund

❯	Small Cap Value Fund

❯	Small Cap Growth Fund

❯	Tax-Managed Small/Mid Cap Fund

❯	Mid-Cap Fund

❯	U.S. Managed Volatility Fund

❯	Global Managed Volatility Fund

❯	Tax-Managed Managed Volatility Fund

❯	Tax-Managed International Managed Volatility Fund

❯	Real Estate Fund

❯	Core Fixed Income Fund

❯	High Yield Bond Fund

❯	Conservative Income Fund

❯	Tax-Free Conservative Income Fund

❯	Real Return Fund

❯	Dynamic Asset Allocation Fund

❯	Multi-Strategy Alternative Fund

❯	Multi-Asset Accumulation Fund

❯	Multi-Asset Income Fund

❯	Multi-Asset Inflation Managed Fund

❯	Multi-Asset Capital Stability Fund

Paper copies of the Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your

financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified by mail each time a report is posted on the Funds’ website and provided with a link to access the report online.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT reports are available on the Commission’s website at http://www.sec.gov.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.

Asset class performance was negative during the reporting period ending September 30, 2022. While equity markets withstood high volatility and concerns over new COVID-19 variants in late 2021, a potential recession, higher interest rates, and surging inflation weakened the backdrop for risk assets during the second half of the fiscal year. Stocks and bonds simultaneously faced steep price declines amid extreme volatility.

Risk assets came under pressure during the final months of the fiscal year following the U.S. Federal Reserve’s (Fed) more aggressive talk and actions. We expect further up-and-down volatility across asset classes. Short-term gyrations notwithstanding, the primary trend in risk assets still appears to be negative.

Tightening supply-chain dynamics contributed to higher prices for both consumers and producers. Intermediate- and long-term interest rates increased from historically low levels due to evidence of rising global inflation.

The U.S. Treasury yield curve flattened, especially over the last few months of the fiscal year, as the Fed hiked its benchmark interest rate. U.S. Treasury yields on the shorter end of the curve rose in greater magnitude than those on the long end. The yield on two-year Treasurys jumped by 394 basis points over the reporting period, while the yields on 10- and 30-year Treasurys rose 231 and 171 basis points, respectively.

COVID-19 was an unavoidable and significant theme across the period, claiming its six-millionth victim globally in February 2022 (including more than 900,000 in the U.S.). The first quarter of the period was defined predominantly by markets digesting the potential impact of the Omicron variant discovered in South Africa. Case numbers soared as the new variant proved to be highly transmissible, yet generally less severe.

The U.S. Congress voted to raise the debt ceiling (that is, the federal government’s borrowing limit) twice during the period—first with an October 2021 stopgap hike of $480 billion, and then with a December increase of $2.5 trillion—which is expected to cover spending through early 2023. President Joe Biden signed the Infrastructure Investment and Jobs Act—a multi-year infrastructure funding bill—into law in November 2021. The initiative appropriated $1.2 trillion (including $550 billion above baseline spending), with nearly $300 billion of new spending to fund transportation projects over the next decade, another $65 billion apiece dedicated to broadband internet and power grid projects, and $55 billion reserved for water infrastructure.

In late February 2022, Russia invaded Ukraine. Western nations responded with an array of sanctions, bans, and other coordinated actions—largely focused on disrupting Russia’s financial, energy, technology and transportation activities, as well as state-owned enterprises and high-profile individuals in public and business positions. In addition to mounting fierce resistance to Russia’s invasion, Ukraine submitted a formal application for admission to the European Union (EU).

The imposition of coordinated sanctions effectively blocked Russian entities from trade in major foreign currencies. The Central Bank of the Russian Federation was forced to increase its benchmark rate by 10.5 percentage points to 20.0%; offer unlimited liquidity support to banks as they faced runs; raise capital controls on exporters and residents; and shutter its financial markets. By mid-March, the EU had instituted a broad ban on investments in Russia as well as exports to and imports from the country (although imports of Russian metals and energy were still permitted).

Energy took center stage as inflation drove prices higher. Russia began reducing natural gas pipeline supply to Europe in mid-June, limiting the ability of European nations to stockpile gas for winter, and driving prices in the region much higher.

The North Atlantic Treaty Organization (NATO) announced a plan in the final quarter of the reporting period to increase its high-readiness Response Force (NRF) from 40,000 to 300,000 after activating NRF troops for the first time in its history following Russia’s attack on Ukraine. Sweden and Finland’s paths to join NATO brightened at the end of June. Turkey unblocked their applications and signed a trilateral memorandum of support for their memberships in exchange for weapons sales, and prioritization by the Scandinavian countries of Turkish extradition requests for purported Kurdish militants.

The U.S. followed NATO’s planned increases with its own European expansion announcement. The buildout will include a permanent Army base in Poland, rotations through Romania and the Baltics, more Navy ships in Spain, air defenses in Italy, and fighter jets in the U.K.

U.S. gross domestic product (GDP) continued to slow in July after accelerating sharply from the beginning of the year. GDP contracted by an annualized rate of 1.6% during the first quarter of 2022, and retreated by a 0.6% annualized rate during the second quarter of 2022. The reading marked two consecutive quarters of negative GDP, which meets a widely cited—but unofficial—technical definition of a recession. Many economists view a recession as a significant and sustained decline in economic activity (accompanied by high unemployment) that lasts more than a few months.

Nevertheless, consumer spending, which drives nearly 70% of U.S. economic activity, advanced by 0.4% in August (as measured by the personal consumption expenditures–PCE–price index). This appears to be a combination of wage inflation (consumers have more money) and price inflation (goods cost more to purchase). Many economists and market watchers expect spending to fall if current economic conditions persist.

The U.S. labor market remained quite healthy during the fiscal year and the third quarter of 2022. The U.S. unemployment rate held at 3.5% in September, just above a 50-year low. New claims for unemployment benefits declined throughout the final quarter of the fiscal year, falling back below 200,000 per week in late September for the first time since the spring.

The Federal Open Market Committee (FOMC) increased the federal funds rate by 0.50% (the first hike of its size since 2000) at its early-May 2022 meeting, by 0.75% (the first of its size since 1994) at its mid-June meeting, and then by 0.75% again in July and September, raising the benchmark rate’s target range to 3.0%-3.25%. The central bank also began to accelerate its balance-sheet reduction in September, doubling the amount of monthly Treasury and mortgage holdings that mature without being replaced to maximum paces of $60 billion and $35 billion, respectively.

The S&P 500 Index returned -15.47% during the fiscal year. Large-cap value stocks (as measured by the Russell 1000^® Value Index) declined 11.36% and led large-cap growth stocks (as measured by the Russell 1000^® Growth Index), which fell 22.59%. At the sector level, energy, utilities and consumer staples stocks were the strongest performers within the S&P 500 Index, while telecommunications, consumer discretionary and information technology lagged. Overall, U.S. equities outpaced major developed markets during the fiscal year.

Small-cap stocks, which tend to be sensitive to the success or decline in a local economy, underperformed large caps overall during the period. U.S. large-cap stocks (Russell 1000^® Index) finished the reporting period down 17.22%, while small-cap stocks (Russell 2000^® Index) fell 23.50%. There has been a significant amount of bad news priced into small-cap stocks. Small-cap earnings generally have held up well—especially for consumer and leisure stocks—but investors remained concerned about whether this trend can continue.

Developed markets, as measured by the MSCI World Index (Net), finished down 19.63% for the year, but outperformed emerging markets. The MSCI Emerging Markets Index (Net) finished the reporting period with a 28.11% loss in U.S.-dollar terms. Emerging-market stocks remained defensively positioned as emerging economies adopted aggressive monetary policies in an effort to combat high inflation and a rising U.S. dollar. Latin America was the only region to post positive equity performance for the 2022 year to date. European emerging stock markets were the weakest performers, with the MSCI Europe ex UK Index posting a 27.82% decline in U.S.-dollar terms.

The MSCI Europe Index (Net) tumbled 24.80% in U.S.-dollar terms over the reporting period. The MSCI ACWI Index (Net), a proxy for global equities in both developed and emerging markets, fell 20.66% in U.S.-dollar terms. The FTSE UK Series All-Share Index recorded a 20.52% drop in U.S. dollar terms over the full reporting period.

U.S. investment-grade corporate debt, as represented by the Bloomberg US Corporate Investment Grade Index, returned -18.53%, while the U.S. high-yield market, as measured by the ICE BofA US High Yield Constrained Index, was down 14.06% during the reporting period. Within the high-yield market, energy remained the largest sector, and it easily outperformed the broader market. Lower-quality issues also outperformed, as CCC rated securities led the index, followed by B and BB rated issues. U.S. asset-backed securities managed a small gain as the health of U.S. consumers improved during the fiscal year; mortgage-backed securities were down slightly.

The global fixed income market, as measured by the Bloomberg Global Aggregate Bond Index, was down 20.43% for the reporting period. Emerging-market debt (EMD) fared similarly. The J.P. Morgan Global Bond Index-Emerging Markets (GBI-EM) Global Diversified Index, which tracks local-currency-denominated EM bonds, fell 20.63% in U.S.-dollar terms. The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index, which tracks EMD-denominated in external currencies (such as the U.S. dollar), was down 24.28%.

Inflation-sensitive assets, such as commodities and Treasury Inflation-Protected Securities (TIPS), were mixed during the year. The Bloomberg Commodity Total Return Index (which represents the broad commodity market) finished up 6.64% over the reporting period due to increased demand expectations, as well as constrained supply in certain markets.

The U.S. dollar pushed into new-high territory following a strong August 2022 reading of the U.S. Consumer-Price Index and after Fed Chair Jerome Powell indicated that further interest-rate increases were on the way. Fed rate hikes attract investment in U.S. dollar-denominated assets. The large rate differential in favor of the U.S., along with the perception that the country is better positioned economically, are two major reasons behind the U.S. dollar’s extraordinary appreciation thus far in 2022. Outside of the U.S., a declining currency may give a competitive boost to domestic firms that export goods and services to the U.S. market, but it also exacerbates the inflationary pressures stemming from imports that are priced in dollars—most importantly, oil and liquefied natural gas.

The conflict in Ukraine and Russia’s suspension of natural-gas exports, high global inflation and central banks’ aggressive response to it, and a severe COVID-related slowdown in China are not exactly new; they have simply increased in intensity. Most importantly, they have forced monetary policy-makers globally to admit that they have a major inflation problem on their hands—one that is neither transitory nor likely to be resolved easily.

In our opinion, investors should be prepared to see a federal funds rate that could exceed 5%. Other central banks are following the Fed’s lead, talking tough and following up with outsized policy-rate increases. In the U.K., the bond market has gone haywire and the country’s currency has come under intense downward pressure. To use a newly popular phrase among economists and financial-market participants, things are “starting to break.”

We think that Europe will continue to be the area most under the gun owing to Russia’s suspension of natural-gas exports. Although storage facilities within the EU are now 80%-to-90% full, the continent still needs to have a steady flow of natural gas to get through the high-usage winter months. European governments may be forced to impose disruptive energy-saving restrictions on businesses and citizens. Heavy users of electricity, from aluminum smelters to glassmakers, already have been shutting down.

The U.K. has rolled out a plan to cap the cost of residential electricity at £2,500 per year over the next 18 months. Along with other measures previously announced, funding totals £180 billion, or 6.5% of the nation’s GDP. Other countries that have allocated funds for energy-related relief in excess of 3% of GDP include Croatia, Greece, Italy and Latvia.

We would not be surprised to see more energy-related relief come down the pike. Fiscal deficits could balloon in the same way they did during the early months of the COVID crisis as policy-makers do what they must to protect their populations.

Central bankers are forced by their mandates to lean hard against the rising trend in prices, although they are essentially working at cross-purposes against their own governments’ stimulus efforts. Unfortunately, they’re running just to keep up with the Fed. Interest-rate differentials versus the U.S. are still wide, with only Canada on par with the U.S.

Several large U.S. multinational companies have warned that U.S-dollar strength is beginning to exert a negative impact on revenues, suggesting that the currency’s value has risen well beyond its purchasing power parity (PPP) level. But discrepancies can last for a long time between PPP and market-based exchange rates.

Nonetheless, we would not be surprised to see at least a temporary reversal in the dollar’s trend. Given a catalyst—coordinated government action to weaken the dollar or a surprisingly weak U.S. unemployment report, for example—traders might cover their long positions in a major way, causing the dollar to fall abruptly.

The rise in U.S. hourly compensation has been extensive, with annualized gains exceeding 6% even when measured over a three-year span. This is the sharpest increase in almost four decades. Similar to the 1970s experience, compensation gains have been accelerating even as productivity growth has slowed. We are concerned about this divergence. The difference between the change in compensation and the change in productivity equals the change in unit labor costs.

Although unit labor costs are more volatile than inflation, there is still a strong positive correlation between the two.

Unfortunately, history shows that it usually takes an outright recession to beat down inflation, especially when it gets this intense. It does not appear as though Fed Chair Powell’s hope for a soft landing will happen. Unit labor costs have run far ahead of inflation, and we see no reason to expect a major reversal in the near term, even if the economy stumbles into a bona fide recession.

U.S. companies have been able to push higher employment and supply costs onto the consumer. There hasn’t been much of a decline in profit margins yet—they’ve remained above all the previous cyclical peaks going back to 1947. But we suspect that margins are on the cusp of a substantial erosion. It’s typical for profit margins to decline well before an economic recession materializes.

If the economy does fall into recession and profits decline, analysts will probably be forced to mark down earnings estimates aggressively to catch up with reality. Investors aren’t waiting for those earnings revisions. They have been pushing equity prices lower in reaction to the Fed’s aggressive shift and in anticipation of a recession, both in the U.S. and globally.

A fed funds rate in the 4.4%-to-4.9% range in 2023, as projected by Fed policymakers, might still be lower than the actual out-turn. But unless the Fed is truly ready to engineer a severe recession, we think PCE price inflation could settle in a 3%-to-4% range instead of the sub-2% pace recorded over much of the past 25 years.

Several asset classes look sharply oversold again, including equities, bonds, currencies and commodities.

The dollar’s sharp climb has reversed most of this year’s appreciation in the commodities complex. If the dollar breaks to the downside, commodities should break to the upside.

We are still bullish on commodities despite the demand destruction that is occurring in Europe and other parts of the globe. Years of underinvestment in fossil fuels and metals mines will likely lead to periodic shortages over the next few years.

In recent weeks, the Chinese central government has allowed Hong Kong and Macau to open up. This might be a preview of what will happen on the Mainland once the Communist Party National Congress installs President Xi Jinping for an unprecedented third term as General Secretary of the party in October.

President Xi’s position may seem unassailable, but we bet he’s looking for a way out of his zero-COVID policy. The loosening of restrictions and return to stronger economic growth is the only logical way out.

Other emerging economies would be big beneficiaries of a revival in Chinese economic activity, yet dollar strength is a central factor for investors in emerging-market (EM) equities. The relative performance of the MSCI Emerging Market Total Return Index versus the MSCI World Index peaked in 2010, more-or-less concurrent with the trough in the trade-weighted value of the dollar. EM equities now have surrendered nearly all of the relative gains versus advanced-country stock markets that they achieved between 2000 and 2010 as the dollar has grown stronger.

The rate-hiking cycle actually began far sooner in less-developed economies, during the latter months of 2020. Interest-rate hikes in EMs have accelerated significantly this year, in both frequency and magnitude. At the end of the reporting period, yields on three-month government bonds had reached double digits in Brazil (14.3%), Colombia (10.4%), Hungary (10.0%) and Turkey (17.8%). Among these four, only Brazil’s rate is comfortably above the inflation rate. Turkey, by contrast, is facing an inflation rate of close to 80%. There is little wonder that the Brazilian real has maintained its value against the dollar this year, while the Turkish lira has declined by almost 30%.

The bottom line is that a global recession is forming on the horizon, with Europe and the U.K. more vulnerable to a downturn than the U.S. in the near term.

Short-term gyrations notwithstanding, the primary trend in risk assets still appears negative. Inflation in the U.S. has probably peaked, but we do not expect it to fall as rapidly or as far as the Fed projects. The central bank may still be underestimating the extent to which it needs to tighten monetary policy in order to slow the economy and produce slack in the labor markets.

Bloomberg 1-3 Year U.S. Government/Credit Index: includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

Bloomberg 1-5 Year U.S. TIPS Index: represents an unmanaged market index composed of all U.S. Treasury inflation-linked indexed securities with maturities of 1 to 5 years.

Bloomberg Commodity Index: is a broadly diversified index that allows investors to track commodity futures through a single, simple measure.

Bloomberg Global Aggregate Index: is a broad-based benchmark that is considered representative of global investment-grade, fixed-income markets.

Bloomberg Long A+ US Credit Index: measures the performance of the U.S. corporate and a non-corporate component with maturities of 10 years and greater that includes foreign agencies, sovereigns, supranationals, and local authorities.

Bloomberg US Aggregate Bond Index: The Bloomberg U.S. Aggregate Bond Index is a benchmark index composed of U.S. securities in Treasury, government-related, corporate and securitized sectors. It includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $250 million.

Bloomberg US Corporate Investment Grade Index: is a broad-based benchmark that measures the investment-grade, fixed-rate, taxable corporate bond market.

Dow Jones Industrial Average: The Index measures the stock performance of 30 large companies listed on stock exchanges in the United States.

FTSE UK Series All-Share Index: is a capitalization-weighted index, comprising around 600 of more than 2,000 companies traded on the London Stock Exchange.

ICE BofA 3-Month U.S. Treasury Bill Index: measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90-day maturity.

ICE BofA US High Yield Constrained Index: tracks the performance of below-investment-grade, U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market; exposure to individual issuers is capped at 2%.

ICE BofA USD 3-Month Deposit Offered Rate Constant Maturity Index: is based on the assumed purchase of a synthetic instrument having 3 months to maturity and with a coupon equal to the closing quote for 3-Month LIBOR. That issue is sold the following day (priced at a yield equal to the current day closing 3-Month LIBOR rate) and is rolled into a new 3-Month instrument. The index, therefore, will always have a constant maturity equal to exactly 3 months.

JP Morgan EMBI Global Diversified Index: tracks the performance of external debt instruments (including U.S.-dollar-denominated and other external-currency-denominated Brady bonds, loans, eurobonds and local-market instruments) in emerging markets.

JP Morgan GBI-EM Global Diversified Composite Index: tracks the performance of debt instruments issued in local currencies by emerging-market governments.

MSCI EAFE Index: is an equity index which captures large and mid-cap representation across 21 Developed Markets countries around the world, excluding the US and Canada.

MSCI Emerging Markets Index: is a free float-adjusted market-capitalization-weighted index designed to measure the performance of global emerging-market equities.

MSCI Europe Index: is a free float-adjusted market-capitalization-weighted index designed to measure the performance of large- and mid-capitalization stocks across developed-market countries in Europe.

MSCI World Index: is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity-market performance of developed markets.

Russell 1000^® Index: includes 1,000 of the largest U.S. stocks based on market cap and current index membership; it is used to measure the activity of the U.S. large-cap equity market.

Russell 1000^®Growth Index: measures the performance of the large cap growth segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000^® Value Index: measures the performance of the large cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values.

Russell 2000^® Index: The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index.

Russell 2000^® Growth Index: measures the performance of the small cap growth segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with higher price-to-value ratios and higher forecasted growth values.

Russell 2000^® Value Index: measures the performance of the small cap value segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2500^® Index: measures the performance of the 2,500 smallest companies in the Russell 3000^® Index. This index is market cap-weighted and includes only common stocks incorporated in the U.S. and its territories.

Russell 3000^® Index: measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.

Russell Midcap^® Index: measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap^® Index represents approximately 31% of the total market capitalization of the Russell 1000^® companies.

S&P 500 Index: is an unmanaged, market-weighted index that consists of approximately 500 of the largest publicly-traded U.S. companies and is considered representative of the broad U.S. stock market.

Wilshire U.S. Real Estate Securities Index: is a broad measure of the performance of publicly traded U.S. real estate securities, such as REITs and REOCs. The index is capitalization-weighted. The beginning date, January 1, 1978, was selected because it coincides with the Russell/NCREIF Property Index start date. The Wilshire U.S. Real Estate Securities Index is rebalanced monthly, and returns are calculated on a buy and hold basis.

I. Objective

The Large Cap Fund (the “Fund”) seeks to provide long-term growth of capital and income.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment philosophies and strategies to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). Assets of the Fund not allocated to sub-advisors are managed directly by SIMC. The Fund utilized the following sub-advisors as of September 30, 2022: Brandywine Global Investment Management, LLC (Brandywine), Ceredex Value Advisors LLC (Ceredex), Coho Partners, Ltd. (Coho), Fred Alger Management, LLC (Alger), LSV Asset Management (LSV), MarVista Investment Partners, LLC (MarVista), and Parametric Portfolio Associates LLC (Parametric).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Large Cap Fund, Class F, returned -17.25%. The Fund’s benchmark—the Russell 1000^® Index, which tracks the performance of the U.S. large-cap equity market—returned -17.22%.

IV. Performance Discussion

Supply-chain disruptions, the end of pandemic-induced lockdowns, Russia’s invasion of Ukraine, and fiscal stimulus contributed to increased global inflation during the fiscal year. As noted in the shareholder letter, central banks globally reacted by raising interest rates at a record pace. This led to a selloff in most asset markets, including the U.S. stock market. Value stocks generally held up better than their growth counterparts in this environment. Small- and medium-capitalization stocks generally fell further than larger-capitalization stocks during the market decline.

Within the U.S. large-cap universe, as represented by the Russell 1000^® Index, the only GICS sectors to produce positive returns were energy and utilities as rising commodity prices benefited oil and gas companies and investors also gravitated toward the less economically sensitive industries such as electric utilities. The consumer staples and health care sectors saw smaller losses than the overall market and helped cushion the decline in portfolios. The communication services sector was the worst performer for the reporting period as shares of both traditional media companies and social media companies fell out of favor.

The Fund’s overweights to the less volatile consumer staples and health care sectors bolstered performance relative to the benchmark index. An underweight to the communication services sector also had a positive impact. Security selection within the information technology sector was hampered by an underweight to Apple, one of the few big-growth stocks that achieved a positive return for the year. Similarly, an underweight to Tesla weighed on Fund performance within the consumer discretionary sector. However, overall the Fund’s value tilt enhanced performance. The Fund’s greater emphasis on medium-capitalization stocks relative to the benchmark detracted from performance during the reporting period.

Coho, one of the Fund’s managers that emphasizes investments in quality companies, outperformed over the reporting period due to its emphasis of holdings within the consumer staples and health care sectors and its avoidance of the communication services sector. MarVista also emphasizes investments in quality companies, but its relative performance was hurt by the lack of investments in the energy and utilities sectors. MarVista’s security selection within the industrials and information technology sectors detracted from performance for the period. Alger lagged due to its growth orientation and its holdings within the information technology sector.

Brandywine outperformed during the reporting period due to its value orientation and its allocations to the energy, materials and utilities sectors. The outperformance of LSV was attributable to its value orientation, but was hampered by its medium-capitalization exposure and security selection within the consumer discretionary and information technology sectors. Ceredex’s relative performance benefited from its value exposure, while its security selection within the industrials and health care sectors had a negative impact. The SEI Momentum Factor Portfolio, managed by SIMC, outperformed due to positive payoffs to momentum stocks and its allocation to the energy sector in particular. The SEI Stability Factor Portfolio, also managed by SIMC, outperformed due to a significant allocation to the consumer staples sector and its holdings within the specialty retail and IT services industries.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Large Cap Fund, Class F	-17.25%	5.00%	6.47%	9.58%	9.99%
Large Cap Fund, Class Y	-17.08%	5.24%	6.72%	9.78%	10.14%
Russell 1000^® Index	-17.22%	7.95%	9.00%	11.60%	11.98%

Comparison of Change in the Value of a $100,000 Investment in the Large Cap Fund, Class F and Class Y, versus the Russell 1000^® Index

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares were offered beginning 9/30/09. Class Y shares were offered beginning 12/31/14. For periods prior to 12/31/14, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The Large Cap Value Fund (the “Fund”) seeks to provide long-term growth of capital and income.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment philosophies and strategies to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). Assets of the Fund not allocated to sub-advisors are managed directly by SIMC. The Fund utilized the following sub-advisors as of September 30, 2022: Brandywine Global Investment Management, LLC (Brandywine), Cullen Capital Management, LLC (Cullen) (fka Schafer Cullen Capital Management), LSV Asset Management (LSV) and Parametric Portfolio Associates LLC (Parametric).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Large Cap Value Fund, Class F, returned -10.30%. The Fund’s benchmark—the Russell 1000^® Value Index, which tracks the performance of the large-cap value segment of the U.S. equity universe—returned -11.36%.

IV. Performance Discussion

Fund performance for the reporting period benefited from the value orientation. The outperformance relative to the benchmark resulted primarily from favorable security selection; an underweight to the communication services sector also was a contributor. An overweight to the consumer discretionary sector was a slight headwind to performance. The Fund’s pharmaceutical holdings drove the positive security selection within the health care sector.

Among Fund managers, Brandywine outperformed the benchmark over the fiscal year due to an overweight to the utilities and materials sectors and an underweight to the real estate sector. LSV’s benchmark-relative underweights to the utilities and energy sectors detracted from Fund performance, but favorable stock selection within the health care and industrials sectors had a positive impact.

Cullen outperformed due to its lower-volatility exposure and its holdings within the energy sector. The outperformance of the SEI Value Factor Portfolio managed by SIMC was attributable to favorable security selection within the health care sector and an underweight to communication services.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Large Cap Value Fund, Class F	-10.30%	3.73%	4.29%	8.24%	9.98%
Large Cap Value Fund, Class I	-10.52%	3.50%	4.06%	8.00%	7.87%
Large Cap Value Fund, Class Y	-10.06%	3.99%	4.56%	8.42%	6.25%
Russell 1000^® Value Index	-11.36%	4.36%	5.29%	9.17%	9.11%

Comparison of Change in the Value of a $100,000 Investment in the Large Cap Value Fund, Class F, Class I and Class Y, versus the Russell 1000^® Value Index

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares were offered beginning 10/3/94 and Class I shares were offered beginning 8/6/01. The performance of Class I shares prior to 8/6/01 is calculated using the performance of the fund’s Class F shares adjusted for the higher expenses of the Class I shares. Class Y shares were offered beginning 10/30/15. For periods prior to 10/30/15, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The Large Cap Growth Fund (the “Fund”) seeks to provide capital appreciation.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment philosophies and strategies to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). Assets of the Fund not allocated to sub-advisors are managed directly by SIMC. The Fund utilized the following sub-advisors as of September 30, 2022: Fiera Capital Inc. (Fiera), Fred Alger Management, LLC (Alger), McKinley Capital Management, LLC (McKinley), and Parametric Portfolio Associates LLC (Parametric).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Large Cap Growth Fund, Class F, returned -23.91%. The Fund’s benchmark—the Russell 1000^® Growth Index, which tracks the performance of the large-cap growth segment of the U.S. equity universe—returned -22.59%.

IV. Performance Discussion

The Fund’s growth orientation hurt performance during the year. An underweight of the largest capitalization stocks detracted from security selection within the information technology sector. An overweight to the health care and materials sectors, along with favorable security selection within them, was beneficial. Security selection within the financials sector detracted. An underweight to the communication services sector helped benchmark-relative performance.

Alger’s performance was hurt by an underweight to the consumer staples sector and by security selection within the information technology sector. McKinley’s performance benefited from an overweight to the energy sector and favorable security selection within the materials sector, but security selection within the health care and communication services sectors detracted.

The SEI Momentum Factor Portfolio managed by SIMC outperformed due to an underweight of the communication services sector and favorable security selection within the information technology and health care sectors. Fiera’s overweight to the consumer staples sector was beneficial and Fiera provided favorable security selection results within the health care and consumer discretionary sectors.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Large Cap Growth Fund, Class F	-23.91%	8.67%	10.40%	11.41%	8.60%
Large Cap Growth Fund, Class I	-24.08%	8.43%	10.15%	11.17%	8.30%
Large Cap Growth Fund, Class Y	-23.73%	8.93%	10.67%	11.60%	8.67%
Russell 1000^® Growth Index	-22.59%	10.67%	12.17%	13.70%	9.92%

Comparison of Change in the Value of a $100,000 Investment in the Large Cap Growth Fund, Class F, Class I and Class Y, versus the Russell 1000^® Growth Index

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares were offered beginning 12/20/94 and Class I shares were offered beginning 8/6/01. The performance of Class I shares prior to 8/6/01 is calculated using the performance of the fund’s Class F shares adjusted for the higher expenses of the Class I shares. Class Y shares were offered beginning 10/30/15. For periods prior to 10/30/15, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The Large Cap Index Fund (the “Fund”) seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investments to manage portions the Fund’s portfolio under the general supervision of SEI Investments Management Corp. (SIMC). The sole sub-advisor as of September 30, 2022, was SSGA Funds Management, Inc. (SSGA).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Large Cap Index Fund, Class F, returned -17.38%. The Fund’s benchmark—the Russell 1000^® Index, which tracks the performance of approximately 1,000 large- and mid-cap U.S. companies that are considered representative of the broad U.S. stock market —returned -17.22%.

IV. Performance Discussion

The Fund achieved its objective of tracking, before fees and expenses, the performance of the Russell 1000^® Index.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized Inception to Date
Large Cap Index Fund, Class F	-17.38%	7.68%	6.67%
Russell 1000^® Index	-17.22%	7.95%	6.95%

Comparison of Change in the Value of a $100,000 Investment in the Large Index Cap Fund, Class F versus the Russell 1000^® Index

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares were offered beginning 1/31/18. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The Tax-Managed Large Cap Fund (the “Fund”) seeks to provide high, long-term after-tax returns.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). Assets of the Fund not allocated to sub-advisors are managed directly by SIMC. The Fund utilized the following sub-advisors as of September 30, 2022: Brandywine Global Investment Management, LLC (Brandywine), Coho Partners, Ltd. (Coho), Cullen Capital Management, LLC (Cullen) (fka Schafer Cullen Capital Management), Fiera Capital Inc. (Fiera), LSV Asset Management (LSV), MarVista Investment Partners, LLC (MarVista), and Parametric Portfolio Associates LLC (Parametric).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Tax-Managed Large Cap Fund, Class F, returned -14.72%. The Fund’s benchmark—the Russell 1000^® Index, which tracks the performance of the U.S. large-cap equity market—returned -17.22%.

IV. Performance Discussion

Within the U.S. large-cap universe, as represented by the Russell 1000^® Index, the only GICS sectors to produce positive returns were energy and utilities, as rising commodity prices benefited oil and gas companies and investors also gravitated toward the less economically sensitive industries such as electric utilities. The consumer staples and health care sectors saw smaller losses than the overall market and helped cushion the decline in portfolios. The communication services sector was the worst performer for the reporting period as shares of both

traditional media companies and social media companies fell out of favor.

The Fund’s value tilt helped it to outperform the benchmark Russell 1000^® Index for the fiscal year. The Fund’s overweights to the less volatile consumer staples and healthcare sectors contributed to performance relative to the benchmark. An underweight to the communication services sector was also beneficial. Security selection was favorable within the health care and consumer discretionary sectors, but security selection within financials detracted from performance.

Coho, one of the Fund’s managers that emphasizes investments in quality companies, outperformed during the reporting period due to its emphasis on holdings within the consumer staples and health care sectors and its avoidance of the communication services sector. MarVista also emphasizes investments in quality companies, but its relative performance was hampered by the lack of exposure to the energy or utilities sectors. MarVista’s security selection within the industrials and information technology sectors also detracted from performance. Fiera outperformed due to favorable security selection within the consumer discretionary and health care sectors.

Brandywine’s outperformance over the reporting period was attributable to its value orientation and its allocations to the energy, materials, and utilities sectors. LSV outperformed due to its value orientation, its medium-capitalization exposure and its security selection within the consumer discretionary and information technology sectors weighed on performance. Cullen outperformed due to its value orientation and its holdings within the energy sector, as well as its underweight to the communication services sector. The SEI Momentum Factor Portfolio managed by SIMC outperformed due mainly to positive contributions from momentum stocks and its allocation to the energy sector. The SEI Stability Factor Portfolio managed by SIMC outperformed due to a significant allocation to the consumer staples sector and its holdings within the specialty retail and IT services industries.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Tax-Managed Large Cap Fund, Class F	-14.72%	6.63%	7.54%	10.05%	5.93%
Tax-Managed Large Cap Fund, Class Y	-14.49%	6.91%	7.81%	10.26%	6.02%
Russell 1000^® Index	-17.22%	7.95%	9.00%	11.60%	7.29%

Comparison of Change in the Value of a $100,000 Investment in the Tax-Managed Large Cap Fund, Class F and Class Y, versus the Russell 1000^® Index

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares were offered beginning 3/5/98. Class Y shares were offered beginning 12/31/14. For periods prior to 12/31/14, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The S&P 500 Index Fund (the “Fund”) seeks to provide investment results that correspond to the aggregate price and dividend performance of the securities in the S&P 500 Index.

II. Investment Approach

The Fund uses a sub-advisor to manage the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC). The sole sub-advisor as of September 30, 2022, was SSGA Funds Management, Inc. (SSGA).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the S&P 500 Index Fund, Class F, returned -15.68%. The Fund’s benchmark—the S&P 500 Index (Gross), which tracks the performance of approximately 500 large U.S. companies that are considered representative of the broad U.S. stock market—returned -15.47%.

IV. Performance Discussion

The Fund achieved its objective of tracking, before fees and expenses, the performance of the S&P 500 Index for the fiscal year.

Within the U.S. large-cap universe, as represented by the Russell 1000^® Index, the only GICS sectors to produce positive returns were energy and utilities as rising commodity prices benefited oil and gas companies and investors also gravitated toward the less economically sensitive industries such as electric utilities. The consumer staples and health care sectors saw smaller losses than the overall market and helped cushion the decline in portfolios. The communication services sector was the worst performer for the reporting year as shares of both traditional media companies and social media companies fell out of favor.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
S&P 500 Index Fund, Class F	-15.68%	7.89%	8.97%	11.34%	8.27%
S&P 500 Index Fund, Class I	-16.02%	7.46%	8.54%	11.00%	7.96%
S&P 500 Index (Gross)	-15.47%	8.16%	9.24%	11.70%	8.67%

Comparison of Change in the Value of a $100,000 Investment in the S&P 500 Index Fund, Class F and Class I, versus the S&P 500 Index (Gross)

For the year ended 9/30/22. Past performance is not an indication of future performance. Class F shares were offered beginning 2/28/96. Class I shares were offered beginning 6/28/02. The performance of Class I shares prior to 6/28/02 is calculated using the performance of the fund’s Class F shares adjusted for the higher expenses of the Class I shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and reimbursements, performance would have been lower.

I. Objective

The Small Cap Fund (the “Fund”) seeks to provide capital appreciation.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). Assets of the Fund not allocated to sub-advisors are managed directly by SIMC. The Fund utilized the following sub-advisors as of September 30, 2022: Copeland Capital Management, LLC (Copeland), EAM Investors, LLC (EAM), Easterly Investment Partners LLC (Easterly) (fka Snow Capital Management L.P.), Hillsdale Investment Management Inc. (Hillsdale), Leeward Investments, LLC (Leeward) (fka LMCG Investments, LLC), Los Angeles Capital Management, LLC (LA Capital) and Parametric Portfolio Associates LLC (Parametric).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Small Cap Fund, Class F, returned -17.98%. The Fund’s benchmark—the Russell 2000 Index, which tracks the performance of the U.S. small-cap equity market—returned -23.50%.

IV. Performance Discussion

The 12-month period ended September 30, 2022, was extremely challenging for global financial markets. Optimism for an improving global economic backdrop gave way to recessionary fears amid the conflict in Ukraine, runaway inflation, and an aggressively tightening monetary policy from the U.S. Federal Reserve (Fed). U.S. small-cap stocks, as measured by the Russell 2000 Index, were down 23.5% for the period, and the -25.1% return for the 2022 year to date is one of the worst starts to a year on record for the asset class.

The fourth quarter of 2021 was defined predominantly by markets digesting the potential impact of the Omicron variant of COVID-19 discovered in South Africa. Consequently, defensive areas of the market led the way, and lower-quality names sold off—particularly in the small-cap sector—providing a tailwind to active management across the board. The year began with the ascent of “meme” stocks, but ended with them coming back down to earth.

The Fed announced a hastening of its planned wind-down of bond purchases as part of its shift to a generally more hawkish stance in an effort to combat elevated inflation.

The Fed also dropped references to inflation as “transitory” in a policy statement in December 2021. From a factor perspective, quality outperformed for the quarter, as did value in small cap, but the style remained challenged by the FAANG (Meta – formerly known as Facebook, Amazon, Apple, Netflix, and Alphabet – formerly known as Google) contingent in large cap. Low volatility was also a beneficiary of the de-risking trend.

As noted in the shareholder letter, in the first quarter of 2022, Omicron swept across the U.S., with new daily cases hitting highs not seen even in the height of the Delta variant wave. Omicron appeared to be less severe in nature, leading to fewer hospitalizations and deaths than prior iterations. This headline consideration was largely pushed from the public focus, however, when Russia invaded Ukraine in February 2022. Western countries levied a series of sanctions against notable oligarchs and the country as a whole, which, combined with the conflict in the export-heavy region, sent commodity prices skyrocketing.

This began a series of events which led the Fed to implement quantitative tightening and interest-rate hikes in a more aggressive manner than initially postured. While financial markets sold off on news of the invasion, subsequently hawkish positioning by the Fed sent them into a tailspin. Mega-cap technology names, long-duration assets, and lower-quality companies in the small-cap sector all took the brunt of this, declining most dramatically – creating a tailwind for active management. Value stocks outperformed their growth counterparts, though they also were not completely immune from the volatility.

Nearly every asset class aside from commodities meaningfully declined during the second quarter of 2022. Most major equity indexes fell by at least 20% with small caps and growth stocks experiencing the sharpest drawdowns. Recessionary fears accelerated as there was some skepticism that the Fed could curb inflation to its target of 2% without triggering a full-blown recession. This has only been accomplished once since the end of World War II, when inflation exceeded 5% in 1951-1952. Concerns also mounted around China’s zero- COVID policy-induced lockdowns, disrupting both its domestic and the global economy.

The downward trend temporarily reversed in the third quarter of 2022 in what many described as a ”bear market rally.” Better-than-expected Consumer Price Index (CPI) data in early in the quarter triggered a wave of speculation that the Fed might pivot on its rate-hiking program earlier than expected. Until about mid-August, markets rallied, led by the most speculative, least financially sound names. However, markets resumed their downward trend when

Fed Chair Jerome Powell reiterated the Fed’s dedication to bringing inflation under control, and subsequent inflation statistics were not as promising. This resulted in a poor performance for equities in September. Quality, low volatility, and value all underperformed for the quarter.

Energy was the best-performing sector for the reporting period, returning over 24%, while the broader Russell 2000 Index fell 23.5%. Utilities was the only other sector to chalk up a gain, returning roughly 3%. Communication services, consumer discretionary, health care and information technology were the largest market laggards, while consumer staples, financials, industrials and materials outperformed.

The Fund significantly outperformed its benchmark, the Russell 2000 Index, for the reporting year, bolstered mainly by stock selection in information technology and an underweight to health care. It was a generally positive environment for the Fund, with value, quality, and momentum outperforming. Value comprised the largest tailwind to Fund performance, closely followed by quality. Momentum began to take residence within value and quality stocks, and the three alphas aligning in this way is when we would expect to see the strongest tailwinds to Fund performance. Nonetheless, the fourth quarter of the fiscal year was particularly challenging for our alpha sources, as both value and quality underperformed in a speculative environment.

Five of six Fund sub-advisors outperformed for the period. Leeward was the leading positive contributor, benefitting from tailwinds to its stable value approach. Copeland similarly was bolstered by factor tailwinds, with both quality and low-volatility outperforming over the full fiscal year. Easterly (fka Snow) contributed to a slightly lesser degree, as its portfolio is more cyclically oriented; however, value still provided a tailwind to performance. Hillsdale and LA Capital also contributed to Fund performance. EAM was the only manager to modestly detract from the Fund’s return, despite momentum tailwinds. Part of this was due to EAM building a large position in energy in March and April 2022, only for the sector to reverse performance meaningfully in June. Nevertheless, we expect EAM to follow trends, and this is a known risk to momentum investing.

Capital was reallocated from Copeland after a period of positive relative performance into EAM following a period of underperformance.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

	AVERAGE ANNUAL TOTAL RETURN¹
		1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Small Cap Fund, Class F		-17.98%	6.65%	4.56%	7.81%	8.46%
Small Cap Fund, Class Y		-17.78%	6.94%	4.82%	8.02%	8.62%
Russell 2000^® Index		-23.50%	4.29%	3.55%	8.55%	9.55%

Comparison of Change in the Value of a $100,000 Investment in the Small Cap Fund, Class F and Class Y, versus the Russell 2000^® Index

For the year ended 9/30/22. Past performance is not an indication of future performance. Class F shares were offered beginning 9/30/09. Class Y shares were offered beginning 12/31/14. For periods prior to 12/31/14, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and reimbursements, performance would have been lower.

I. Objective

The Small Cap Value Fund (the “Fund”) seeks to provide capital appreciation.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). Assets of the Fund not allocated to sub-advisors are managed directly by SIMC. The Fund utilized the following sub-advisors as of September 30, 2022: Cardinal Capital Management, L.L.C. (Cardinal), Easterly Investment Partners LLC (Easterly) (fka Snow Capital Management, L.P.), LSV Asset Management (LSV) and Parametric Portfolio Associates LLC (Parametric).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Small Cap Value Fund, Class F, returned -16.59%. The Fund’s benchmark—the Russell 2000^® Value Index, which tracks the performance of the small-cap value segment of the U.S. equity universe—returned -17.69%.

IV. Performance Discussion

perspective, quality outperformed for the quarter, as did value in small cap, but the style remained challenged by the FAANG (Meta – formerly known as Facebook, Amazon, Apple, Netflix, and Alphabet – formerly known as Google) contingent in large cap. Low volatility was also a beneficiary of the de-risking trend.

inflation statistics were not as promising. This resulted in a poor performance for equities in September. Quality, low volatility, and value all underperformed for the quarter.

Energy was the best-performing sector for the period, returning over 27%, while the broader Russell 2000^® Value Index fell 17.69%. Utilities was the only other sector to chalk up a gain, returning roughly 2.5%. The communication services, consumer discretionary, health care and estate sectors were the primary market laggards, while consumer staples, financials, and industrials outperformed.

The Fund outperformed the benchmark Russell 2000^® Value Index over the fiscal year, attributable largely to positive stock selection within materials, communication services, and information technology. Sector positioning broadly detracted from performance, particularly an overweight to communication services, an underweight to utilities, and an overweight to consumer discretionary. The Fund’s positive active value exposure relative to the benchmark was the largest factor tailwind, benefiting both from an overweight to the cheapest names, but also an underweight to the most expensive stocks. Similarly, positive loading to quality added to Fund performance, as the lowest-quality stocks underperformed for the reporting period.

On a sub-advisor basis, LSV was the largest positive contributor to the Fund’s return. Its systematic exposure to the value factor, as well as stock selection in several sectors, were tailwinds to performance.

The SEI value strategy managed by SIMC contributed for similar reasons, with performance more or less on par with that of LSV. Easterly contributed to a lesser extent as the sub-advisor’s cyclical orientation was at times a drag on the value tailwind.

Cardinal was the sole detractor from the Fund’s excess return due to an overweight to communication services and weak stock selection in financials.

The Fund reallocated approximately 2% of assets from Cardinal to LSV and Easterly.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Small Cap Value Fund, Class F	-16.59%	3.75%	1.51%	6.39%	8.54%
Small Cap Value Fund, Class I	-16.77%	3.52%	1.29%	6.16%	8.24%
Small Cap Value Fund, Class Y	-16.40%	4.01%	1.76%	6.57%	8.60%
Russell 2000^® Value Index	-17.69%	4.72%	2.87%	7.94%	9.44%

Comparison of Change in the Value of a $100,000 Investment in the Small Cap Value Fund, Class F, Class I and Class Y, versus the Russell 2000^® Value Index

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares were offered beginning 12/20/94 and Class I shares were offered beginning 2/11/02. Class I shares performance for the period prior to 2/11/02 is derived from the performance of Class F shares adjusted for the higher expenses of the Class I shares. Class Y shares were offered beginning 10/30/15. For periods prior to 10/30/15, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The Small Cap Growth Fund (the “Fund”) seeks to provide long-term capital appreciation.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). Assets of the Fund not allocated to sub-advisers are managed directly by SIMC. The Fund utilized the following sub-advisors as of September 30, 2022: ArrowMark Colorado Holdings LLC (ArrowMark), EAM Investors LLC (EAM), Jackson Creek Investment Advisors, LLC (Jackson Creek) and Parametric Portfolio Associates LLC (Parametric).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Small Cap Growth Fund, Class F, returned -25.22%. The Fund’s benchmark—the Russell 2000 Growth Index, which tracks the performance of the small-cap growth segment of the U.S. equity universe—returned -29.27%.

IV. Performance Discussion

inflation statistics were not as promising. This resulted in a poor performance for equities in September. Quality, low volatility, and value all underperformed for the quarter.

Energy was the best-performing sector for the reporting period, returning over 18%, while the broader Russell 2000 Growth Index fell 25.22%. The communication services, consumer discretionary, health care, information technology, and real estate sectors were the largest market laggards, while utilities, consumer staples, financials, industrials and materials outperformed.

The Fund outperformed its benchmark, the Russell 2000 Growth Index, for the period, predominantly due to positive stock selection within information technology. Sector positioning also had a broadly positive impact, particularly an overweight to energy and underweight to health care. Additionally, Fund performance benefited significantly from overweights to value and quality relative to the broader index—particularly the underweights to the most expensive and lowest-quality names. Momentum positioning also contributed to Fund performance.

Among the sub-advisors, Jackson Creek was the top contributor to the Fund’s returns for the fiscal year. Jackson Creek benefited from earnings revisions (momentum) tailwinds, as well as value tailwinds, as the two factors remained positively correlated.

The SEI momentum strategy, managed by SIMC, and sub-advisor EAM also contributed to Fund performance on momentum tailwinds, though to a lesser degree. ArrowMark was the sole detractor from the Fund’s excess return largely due to poor selection within the health care sector.

Capital was cycled out of Jackson Creek after a period of positive relative performance and into EAM after a period of weaker performance.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Small Cap Growth Fund, Class F	-25.22%	3.62%	3.71%	8.37%	8.34%
Small Cap Growth Fund, Class I	-25.41%	3.37%	3.45%	8.09%	8.03%
Small Cap Growth Fund, Class Y	-25.01%	3.89%	3.97%	8.56%	8.40%
Russell 2000^® Growth Index	-29.27%	2.94%	3.60%	8.81%	7.28%

Comparison of Change in the Value of a $100,000 Investment in the Small Cap Growth Fund, Class F, Class I and Class Y, versus the Russell 2000^® Growth Index

For the year ended 9/30/22. Past performance is not an indication of future performance. Class F shares were offered beginning 4/20/92 and Class I shares were offered beginning 8/6/01. Class I shares performance for the period prior to 8/6/01 is derived from the performance of Class F shares adjusted for the higher expenses of Class I shares. Class Y shares were offered beginning 10/30/15. For periods prior to 10/30/15, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and/or reimbursements, performance would have been lower.

I. Objective

The Tax-Managed Small/Mid Cap Fund (the “Fund”) seeks to provide high, long-term after-tax returns.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). Assets of the Fund not allocated to sub-advisers are managed directly by SIMC. The Fund utilized the following sub-advisers during the fiscal year ending September 30, 2022: Cardinal Capital Management LLC (Cardinal), Easterly Investment Partners LLC (Easterly) (fka Snow Capital Management, L.P.), Hillsdale Investment Management Inc. (Hillsdale), Martingale Asset Management, LP (Martingale), Parametric Portfolio Associates LLC (Parametric) and Rice Hall James and Associates, LLC (Rice Hall).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Tax-Managed Small/Mid Cap Fund, Class F, returned -18.96%. The Fund’s benchmark—the Russell 2500 Index, which tracks the performance of the small- to mid-cap segment of the U.S. equity universe—returned -21.11%.

IV. Performance Discussion

The Fed announced a hastening of its planned wind-down of bond purchases as part of its shift to a generally more

hawkish stance in an effort to combat elevated inflation. The Fed also dropped references to inflation as “transitory” in a policy statement in December 2021. From a factor perspective, quality outperformed for the quarter, as did value in small cap, but the style remained challenged by the FAANG (Meta – formerly known as Facebook, Amazon, Apple, Netflix, and Alphabet – formerly known as Google) contingent in large cap. Low volatility was also a beneficiary of the de-risking trend.

However, markets resumed their downward trend when Fed Chair Jerome Powell reiterated the Fed’s dedication to bringing inflation under control, and subsequent inflation statistics were not as promising. This resulted in a poor performance for equities in September. Quality, low volatility, and value all underperformed for the quarter.

Energy was the best-performing sector for the reporting period, returning over 36%, while the broader Russell 2500 Index fell 21.11%. Utilities was the only other sector to chalk up a gain, returning roughly 1.5%. Communication services, consumer discretionary, health care and information technology were the most notable market laggards, while consumer staples, financials, industrials and materials outperformed.

The Fund outperformed the benchmark Russell 2500 Index for the reporting period. Positive stock selection in the information technology and health care sectors, as well as an underweight to health care, contributed to the Fund’s excess return. From a factor perspective, the Fund’s positive loading to value, quality, and momentum benefited performance amid tailwinds to all three factors. Value was the largest contributor, followed by quality—particularly the underweight to the lowest-quality names in the index. Momentum has begun to reside in both value and quality stocks, and when the three alpha sources align like this, we would expect the Fund to outperform. Nevertheless, the third quarter of 2022 saw a reversal in this factor environment, and both value and quality underperformed.

Among the Fund’s sub-advisors, Martingale was the largest contributor to the Fund’s return for the fiscal year, benefiting from a low-volatility-based investment process, and a beta significantly lower than 1.0 in a sharply down market. Hillsdale and Easterly also contributed to a lesser extent - both on style tailwinds – though Easterly’s cyclical orientation at times was a headwind. Rice Hall and Cardinal both modestly detracted from the Fund’s return. Rice Hall has less significant exposure to the quality alpha source, and Cardinal’s concentrated portfolio can lead to stock selection-driven outcomes over short periods.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Tax-Managed Small/Mid Cap Fund, Class F	-18.96%	3.45%	3.22%	7.71%	6.11%
Tax-Managed Small/Mid Cap Fund, Class Y	-18.81%	3.68%	3.45%	7.89%	6.19%
Russell 2500^® Index	-21.11%	5.36%	5.45%	9.58%	8.00%

Comparison of Change in the Value of a $100,000 Investment in the Tax-Managed Small/Mid Cap Fund, Class F and Class Y, versus the Russell 2500^® Index

I. Objective

The Mid-Cap Fund (the “Fund”) seeks to provide long-term capital appreciation.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: Leeward Investments, LLC (Leeward) (fka LMCG Investments, LLC), and Los Angeles Capital Management LLC (LA Capital).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Mid-Cap Fund, Class F, returned -15.67%. The Fund’s benchmark—the Russell Midcap^® Index, which tracks the performance of the mid-cap segment of the U.S. equity universe—returned -19.39%.

IV. Performance Discussion

The one-year period ended September 30, 2022, was extremely challenging for financial markets. As noted in the shareholder letter, optimism for an improving global economic backdrop gave way to recessionary fears amid conflict in Ukraine, runaway inflation, and an aggressively tightening monetary policy from the U.S. Federal Reserve (Fed). Mid-cap stocks, as measured by the Russell Midcap Index, were down 19.39% for the period, and shed 24.27% for the year to date through September 30.

The fourth quarter of 2021 was defined predominantly by global financial markets digesting the potential impact of the Omicron variant of COVID-19 that was discovered in South Africa. Defensive areas of the market led the way as a result and lower-quality names sold off – particularly down cap – providing a tailwind to active management across the board. The year began with the ascent of “meme” stocks, but ended with them coming back down to earth.

The Fed announced a hastening of its planned wind-down of bond purchases as part of its shift to a generally more hawkish stance in an effort to combat elevated inflation. The Fed also dropped references to inflation as “transitory” in a policy statement in December 2021. From a factor perspective, quality outperformed for the quarter, as did Value down cap, but the style remained challenged by the FAANG (Meta - formerly known as Facebook, Amazon, Apple, Netflix, and Alphabet - formerly known as

Google) contingent in Large Cap. Low Volatility was also a beneficiary of the de-risking trend.

In the first quarter of 2022, the Omicron variant swept across the U.S., with new daily cases hitting highs not seen even in the height of the Delta wave. The variant appeared to be less severe in nature, leading to fewer hospitalization and deaths than prior COVID iterations. This headline consideration was largely pushed from the public focus though when Russia invaded Ukraine late in the first quarter. Western countries levied a series of sanctions against notable oligarchs and the country as a whole, which combined with the conflict in the export heavy region sent commodities prices skyrocketing.

This began a series of events which led the Fed to implement quantitative tightening and interest-rate hikes in a more aggressive manner than initially postured. While markets sold off on news of Russia’s invasion of Ukraine, subsequently hawkish positioning by the Fed sent them into a tailspin. Mega-cap tech names, long-duration assets, and lower-quality small-cap companies have all taken the brunt of this, declining the most dramatically – creating a tailwind for active management. Value stocks endured more valiantly, though they also were not completely immune from the volatility.

Nearly every asset class aside from commodities meaningfully declined in the second quarter of 2022. Most major equity indexes fell by at least 20% with small caps and growth stocks experiencing the sharpest drawdowns. Recessionary fears accelerated as there is some skepticism that the Fed could curb inflation to its target of 2% without triggering a full-blown recession. This has only been successfully accomplished once since the end of World War II, when inflation exceeded 5% (i.e. 1951-1952). Concerns also mounted around China’s zero-COVID policy induced lockdowns, disrupting both its domestic and the global economy.

The third quarter of 2022 temporarily reversed this downward trend in what many described as a “bear market rally.” Better-than-expected CPI numbers early in the quarter triggered a wave of speculation that the Fed might pivot on its rate-hiking plan earlier than expected. Until about mid-August, global markets rallied, led by the most speculative, least financially sound names. Markets resumed their downward trend when Fed Chair Jerome Powell reiterated the central bank’s dedication to bringing inflation under control, and subsequent inflation statistics were not as promising. This resulted in weak performance for equities in September. Quality, low volatility, and value all underperformed for the quarter.

Energy was the best-performing sector within the Russell Midcap Index for the 12-month reporting period, returning over 40%, while the broader index fell 19.39%. Utilities was the only other sector to chalk up a gain, returning just about 4.5%. Communication services, consumer discretionary, health care and information technology all dramatically underperformed during the period, while consumer staples, financials, industrials and materials outperformed relative to the index.

Over the reporting period, the Fund outperformed its benchmark as a result of security selection within health care, consumer discretionary and industrials. A moderate overweight to energy also contributed to the excess return. From a factor perspective, Fund performance benefited from the positive loading to value, quality, and momentum. Specifically, the underweights to the most expensive and lowest-quality names contributed to Fund performance over the fiscal year. However, these tailwinds largely shifted to headwinds in the third quarter of 2022.

Among Fund managers, Leeward was the top contributor to returns for the reporting period, benefiting from its stable value investment approach and lower beta. Stock selection in consumer discretionary, industrials, and health care was the largest contributor to returns. Sector positioning enhanced Fund performance across the board, with nearly every sector positively contributing via allocation effect.

LA Capital contributed to the Fund’s returns to a lesser degree over the reporting period. As a trend-following multi-factor quant, the strategy generally benefited from its alpha sources’ persistent outperformance over the period, though there were some periods of rapid reversals in investor preferences. Stock selection in health care and a moderate overweight to energy were the largest contributors to the Fund’s returns.

The Fund reallocated approximately 2% of assets to Leeward from LA Capital over the period.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Mid-Cap Fund, Class F	-15.67%	4.54%	4.66%	9.64%	9.28%
Mid-Cap Fund, Class I	-15.88%	4.29%	4.41%	9.39%	8.99%
Mid-Cap Fund, Class Y	-15.48%	4.79%	4.91%	9.83%	9.34%
Russell Midcap^® Index	-19.39%	5.19%	6.48%	10.30%	10.34%

Comparison of Change in the Value of a $100,000 Investment in the Mid-Cap Fund, Class F, Class I and Class Y, versus the Russell Midcap^® Index

For the year ended 09/30/22. Past performance is not indication of future performance. Class F shares were offered beginning 2/16/93 and Class I shares were offered beginning 10/01/07. Class I shares performance for the period prior to 10/01/07 is derived from the performance of Class F shares adjusted for the higher expenses of the Class I Shares. Class Y shares were offered beginning 10/30/15. For periods prior to 10/30/15, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The U.S. Managed Volatility Fund (the “Fund”) seeks to provide capital appreciation with less volatility than the broad U.S. equity markets.

II. Investment Approach

No manager changes were made during the Fund’s fiscal period.

III. Returns

For the full year ended September 30, 2022, the U.S. Managed Volatility Fund, Class F, returned -5.98%. The Fund’s benchmark—the Russell 3000^® Index, which tracks the performance of 3,000 of the largest U.S.-traded stocks—returned -17.63%.

IV. Performance Discussion

U.S. equities declined during the fiscal year, fueled by a strong selloff in growth areas of the market as implications of inflation and interest-rate hikes became a key concern over the period. As Consumer Price Index (CPI) data signaled unusually large spikes in inflation, the U.S. Federal Reserve (Fed) took an immediate and aggressive hawkish monetary policy stance, raising the Fed Funds rate by 300 basis points in several increments during the reporting period. A rising yield curve triggered substantial selling in long-duration growth stocks, particularly in the information technology and consumer discretionary sectors. As noted in the shareholder letter, there were additional market jitters as geopolitical tensions devolved into Russia’s invasion of Ukraine, which has yet to be resolved. Energy was the sole sector within the broader-market Russell 3000^® Index to post a positive return as commodity prices rose in this inflationary and conflicted backdrop.

Low-volatility strategies recorded losses over the reporting period, but to a significantly lesser degree than the broader market. Fund performance benefited from strategic overweights to defensive stocks and an underweight to high-beta growth names. The relatively defensive utilities, consumer staples and health care sectors were the most insulated from market declines, while greater losses were most evident in higher-beta areas of the market such as

consumer discretionary and information technology. While energy was a standout sector posting strong positive returns, Fund participation was limited as it is a typically volatile sector which the Fund underweights.

The Fund delivered a meaningful risk reduction of approximately 30% compared to its benchmark during the fiscal year, as measured by the standard deviation of its daily returns, and posted advantageous performance overall in what was generally a declining, risk-averse environment for global equities. In addition to defensive positioning, valuation considerations and diversification objectives were strong contributors to the Fund’s relative performance as the market underwent a rotation out of growth companies into value stocks.

Both managers achieved a substantial risk reduction over the 12-month period and each generated favorable returns relative to the Fund’s benchmark. LSV was the stronger performer between the two sub-advisors, placing sharper focus on stocks meeting both low-volatility and value characteristics. Value was an important driver of LSV’s performance. This cohort of the market was quite resistant to the selloff in equities as it avoided holding high-beta growth stocks that led the market declines. Allspring similarly benefitted from defensive holdings and valuation-awareness, though to a lesser extent as that strategy targets relatively more significant low-volatility positioning while holding a more moderate valuation tilt.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results. Diversification may not protect against market risk.

	AVERAGE ANNUAL TOTAL RETURN¹
		1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
U.S. Managed Volatility Fund, Class F		-5.98%	2.50%	5.38%	9.12%	7.97%
U.S. Managed Volatility Fund, Class I		-6.26%	2.23%	5.10%	8.85%	7.67%
U.S. Managed Volatility Fund, Class Y		-5.73%	2.76%	5.64%	9.33%	8.09%
Russell 3000^® Index		-17.63%	7.70%	8.62%	11.39%	8.81%

Comparison of Change in the Value of a $100,000 Investment in the U.S. Managed Volatility Fund, Class F, Class I and Class Y, versus the Russell 3000^® Index

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares were offered beginning 10/28/04 and Class I shares were offered beginning 6/29/07. Class I shares performance for the period prior to 06/29/07 is derived from the performance of Class F shares adjusted for the higher expenses of the Class I shares. Class Y shares were offered beginning 12/31/14. For periods prior to 12/31/14, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The Global Managed Volatility Fund (the “Fund”) seeks to provide capital appreciation with less volatility than the broad global equity markets.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment philosophies to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: Acadian Asset Management LLC (Acadian) and Allspring Global Investments, LLC (Allspring).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Global Managed Volatility Fund, Class F, returned -9.19%. The Fund’s benchmark—the MSCI World Index (Net), which tracks large- and mid-cap equity performance across all 23 developed-market countries—returned -19.63%.

IV. Performance Discussion

Global equities declined during the fiscal year, fueled by a strong selloff in growth areas of the market as implications of inflation and interest-rate hikes became a key concern over the period. As Consumer Price Index (CPI) figures signaled unusually large spikes in inflation, the U.S. Federal Reserve (Fed) took an immediate and aggressive hawkish stance, hiking its benchmark interest rate several times and adding 300 basis points to the Fed Funds rate. A rising yield curve triggered substantial selling in long-duration growth stocks, particularly in technology and consumer discretionary sectors. As noted in the shareholder letter, there were additional market jitters as geopolitical tensions devolved into Russia’s invasion of Ukraine, which has yet to be resolved. Energy was the sole sector to post a positive return for the reporting period as commodity prices rose in this inflationary and conflicted backdrop.

Low-volatility strategies declined over the period, but to a significantly lesser degree than the broader market. Fund performance benefitted from strategic overweights to defensive stocks and underweights to high-beta growth names. The defensive utilities, consumer staples and health care sectors were the most insulated from market declines, while greater losses were most evident in higher beta areas of the market such as consumer discretionary and technology. While energy was a standout sector posting

strong gains, Fund participation was limited as it is a typically volatile sector which the strategy underweights.

The Fund delivered a meaningful risk reduction of approximately 30% compared to its benchmark, as measured by the standard deviation of its daily returns, and posted advantageous performance overall in what was generally a declining, risk-averse environment for global equities. In addition to defensive positioning, valuation considerations and diversification objectives were beneficial and strong contributors to relative performance as the market underwent a rotation out of growth and into value.

Both managers achieved a substantial risk reduction over the 12-month period, and each outperformed relative to the Fund’s benchmark. Allspring was the modestly stronger performer of the two managers, benefiting from a lower-beta profile along with greater emphasis on valuations over the period. Acadian similarly benefited from defensive holding and valuation awareness, though tended to be more broadly diversified across sectors per its multifactor blend model.

The Fund also used derivatives to hedge currency risk. For the fiscal year, hedging currency risk had a positive effect on performance amid the environment of a strengthening U.S. dollar against a basket of major currencies.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results. Diversification may not protect against market risk.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Global Managed Volatility Fund, Class F	-9.19%	-0.20%	2.40%	6.99%	4.46%
Global Managed Volatility Fund, Class I	-9.37%	-0.45%	2.14%	6.73%	4.18%
Global Managed Volatility Fund, Class Y	-8.95%	0.05%	2.65%	7.20%	4.59%
MSCI World Index (Net)	-19.63%	4.56%	5.30%	8.11%	5.79%

Comparison of Change in the Value of a $100,000 Investment in the Global Managed Volatility Fund, Class F, Class I and Class Y, versus the MSCI World Index (Net)

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares were offered beginning 7/27/06 and Class I shares were offered beginning 6/29/07. Class I shares performance for the period prior to 06/29/07 is derived from the performance of Class F shares adjusted for the higher expenses of the Class I shares. Class Y shares were offered beginning 12/31/14. For periods prior to 12/31/14, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The Tax-Managed Managed Volatility Fund (the “Fund”) seeks to maximize after-tax returns, but with a lower level of volatility than the broad U.S. equity markets.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches, to manage portions of the Fund’s portfolio under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: LSV Asset Management (LSV), Parametric Portfolio Associates LLC (Parametric) and Allspring Global Investments, LLC (Allspring).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Tax-Managed Managed Volatility Fund, Class F, returned -2.48%. The Fund’s benchmark—the Russell 3000^® Index, which tracks the performance of 3,000 of the largest U.S.-traded stocks—returned -17.63%.

IV. Performance Discussion

most evident in higher-beta areas of the market such as consumer discretionary and information technology. While energy was a standout sector posting strong positive returns, Fund participation was limited as it is a typically volatile sector which the Fund underweights.

The Fund delivered a meaningful risk reduction of approximately 30% compared to its benchmark, the Russell 3000^® Index, as measured by the standard deviation of its daily returns, and posted advantageous performance overall in what was generally a declining, risk-averse environment for global equities. In addition to defensive positioning, valuation considerations and diversification objectives were strong contributors to relative performance as the market underwent a rotation out of growth companies into value stocks.

The managers achieved a substantial risk reduction over the 12-month period and each generated favorable returns relative to the Fund’s benchmark. LSV was a stronger performer than Allspring, placing sharper focus on stocks meeting both low-volatility and value characteristics. Value was an important driver of LSV’s performance. This cohort of the market was quite resistant to the selloff in equities as it avoided holding high-beta growth stocks that led the market declines. Allspring similarly benefited from defensive holdings and valuation awareness, though to lesser extent as that strategy targets relatively more significant low-volatility positioning more keenly while holding a more moderate valuation tilt.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Tax-Managed Managed Volatility Fund, Class F	-2.48%	5.06%	6.88%	10.01%	8.28%
Tax-Managed Managed Volatility Fund, Class Y	-2.28%	5.31%	7.15%	10.21%	8.42%
Russell 3000^® Index	-17.63%	7.70%	8.62%	11.39%	8.32%

Comparison of Change in the Value of a $100,000 Investment in the Tax-Managed Managed Volatility Fund, Class F and Class Y, versus the Russell 3000^® Index

For the year ended 9/30/22. Past performance is not an indication of future performance. Class F shares were offered beginning 12/20/07 and Class Y shares were offered beginning 4/30/15. For periods prior to 4/30/15, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and/or reimbursements, performance would have been lower.

I. Objective

The Tax-Managed International Managed Volatility Fund (the “Fund”) seeks tax-sensitive long-term capital appreciation with less volatility than the broad international equity markets.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: Acadian Asset Management LLC (Acadian), LSV Asset Management (LSV), Parametric Portfolio Associates LLC (Parametric) and Allspring Global Investments, LLC (Allspring).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Tax-Managed International Managed Volatility Fund, Class F, returned -20.68%. The Fund’s benchmark—the MSCI EAFE Index (Net), which tracks equity performance of developed markets outside the U.S. and Canada—returned -25.13%.

IV. Performance Discussion

International equities declined during the fiscal year, fueled by strong a selloff in growth areas of the market as implications of inflation and interest-rate hikes became a key concern over the period. As Consumer Price Index (CPI) data signaled unusually large spikes in inflation, the U.S. Federal Reserve (Fed) took an immediate and aggressive hawkish monetary policy stance, raising the Fed Funds rate by 300 basis points in several increments over the reporting period. A rising yield curve triggered substantial selling in long-duration growth stocks, particularly in the technology and consumer discretionary sectors. The resulting strength in the U.S. dollar exchange rate was not beneficial to non-U.S. economies. As noted in the shareholder letter, there were additional market jitters as geopolitical tensions devolved into Russia’s invasion of Ukraine, which has yet to be resolved. Energy was the sole sector within the MSCI EAFE Index to garner positive returns as commodity prices rose in this inflationary and conflicted backdrop.

consumer staples and health care sectors were the most insulated from market declines, while greater losses were most evident in higher-beta areas of the market such as consumer discretionary and technology. While energy was a standout sector, posting positive returns, Fund participation was limited as it is a typically volatile sector which the Fund underweights.

The Fund delivered a meaningful risk reduction of approximately 30% compared to its benchmark, as measured by the standard deviation of its daily returns, and posted advantageous performance overall in what was generally a declining, risk-averse environment for global equities. In addition to defensive positioning, valuation considerations objectives were strong contributors to the Fund’s relative performance as the market underwent a rotation out of growth companies and into value stocks. Diversification across capitalizations somewhat hindered Fund results as smaller-cap stocks felt the brunt of market declines.

The managers achieved a substantial risk reduction over the 12-month period and each generated favorable returns relative to the Fund’s benchmark. Despite nuanced approaches, results were very close across managers. LSV is held at a larger weight in the Fund and thus contributed proportionality more to results. Their sharper focus on stocks meeting both low-volatility and value characteristics was a favorable driver of performance over the period.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

	AVERAGE ANNUAL TOTAL RETURN¹
		1 Year Return	3 Year Return	5 Year Return	Annualized Inception to Date
Tax-Managed International Managed Volatility Fund, Class F		-20.68%	-4.52%	-3.10%	-0.20%
Tax-Managed International Managed Volatility Fund, Class Y		-20.44%	-4.27%	-2.85%	0.05%
MSCI EAFE Index (Net)		-25.13%	-1.83%	-0.84%	2.71%

Comparison of Change in the Value of a $100,000 Investment in the Tax-Managed International Managed Volatility Fund, Class F and Class Y, versus the MSCI EAFE Index (Net).

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares and Class Y shares were offered beginning 10/17/16. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and/or reimbursements, performance would have been lower.

I. Objective

The Real Estate Fund (the “Fund”) seeks to provide total return including current income and capital appreciation.

II. Investment Approach

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Real Estate Fund, Class F, returned -17.41%. The Fund’s benchmark – Wilshire U.S. Real Estate Securities Index, which tracks the performance of the U.S. real-estate market and includes both real-estate investment trusts and real-estate operating companies – returned -17.56%.

IV. Performance Discussion

The fourth quarter of 2021 was defined predominantly by markets digesting the potential impact of the Omicron variant of COVID-19 discovered in South Africa. New case numbers soared over this period as the new variant proved to be highly transmissible, though by most accounts also less severe in nature. Consequently, defensive areas of the market led the way, and lower-quality names sold off—particularly in the small-cap sector—providing a tailwind to active management across the board. The year began with the ascent of “meme” stocks, but ended with them coming back down to earth.

The Fed announced a hastening of its planned wind-down of bond purchases as part of its shift to a generally more hawkish stance in an effort to combat elevated inflation. The Fed also dropped references to inflation as “transitory” in a policy statement in December 2021. From a factor perspective, Quality outperformed for the quarter, as did value in small cap, but the style remained challenged by

the FAANG (Meta – formerly known as Facebook, Amazon, Apple, Netflix, and Alphabet – formerly known as Google) contingent in large cap. Low volatility was also a beneficiary of the de-risking trend.

poor performance for equities in September. Quality, low volatility, and value all underperformed for the quarter.

The Wilshire U.S. Real Estate Securities Index outperformed U.S. small-cap equity indexes and performed largely in line with the Russell 1000 index for the 12-month reporting period. Within equity markets, defensive securities, including real estate, tended to outperform. However, this trend reversed in the final quarter of the period as a speculative rally left defensive sectors out of favor.

The Fund slightly outperformed its benchmark for the fiscal year due to the stock selection of CenterSquare. Positions in industrial and residential REITs were the largest contributors to performance. An underweight to office REITs also had a positive impact.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Real Estate Fund, Class F	-17.41%	-0.65%	3.87%	6.30%	7.57%
Real Estate Fund, Class I	-17.54%	-0.83%	3.65%	6.07%	7.33%
Real Estate Fund, Class Y	-17.18%	-0.39%	4.13%	6.51%	7.68%
Wilshire U.S. Real Estate Securities Index	-17.56%	-2.17%	2.89%	6.32%	7.77%

Comparison of Change in the Value of a $100,000 Investment in the Real Estate Fund, Class F, Class I and Class Y, versus the Wilshire U.S. Real Estate Securities Index

For the year ended 9/30/22. Past performance is not an indication of future performance. Class F shares were offered beginning 11/13/03 and Class I shares were offered beginning 10/01/07. Class I shares performance for the period prior to 10/01/07 is derived from the performance of Class F shares adjusted for the higher expenses of Class I shares. Class Y shares were offered beginning 12/31/14. For periods prior to 12/31/14, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and/or reimbursements, performance would have been lower.

I. Objective

The Core Fixed Income Fund (the “Fund”) seeks to provide current income consistent with the preservation of capital.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: Jennison Associates LLC (Jennison), MetLife Investment Management, LLC (MetLife), Metropolitan West Asset Management LLC (MetWest), Allspring Global Investments, LLC (Allspring), Western Asset Management Company, LLC and Western Asset Management Company Limited (Western).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Core Fixed Income Fund, Class F, returned -16.70%, while the Fund’s benchmark—the Bloomberg US Aggregate Bond Index, which tracks the performance of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market—returned -14.60%.

IV. Performance Discussion

As noted in the shareholder letter, U.S. Treasury yields rose during the reporting period as the Federal Reserve (Fed) increased the target range for the Fed Funds rate to 3.00%-3.25% during the period after starting at a zero-interest-rate policy (ZIRP). Inflation moved from transitory to persistent as inflation metrics such as the Consumer Price Index (CPI) continue to reach multi-decade highs. The Fed has indicated to markets that it will do whatever it takes to get inflation under control, even if that includes some pain for financial markets. Spread sectors generated negative excess returns as risk assets reacted to tightening monetary policy. Securitized assets generally fared better than corporates as rising input costs had a negative impact on profit margins. Higher-quality asset-backed securities (ABS) underperformed comparable-duration U.S. Treasurys, but outperformed other spread sectors as unemployment remained tight and the health of the U.S. consumer remained in good shape. An allocation to AAA rated collateralized loan obligations (CLOs) benefited from rising interest rates, while agency mortgage-backed securities (MBS) sold off given the Fed’s balance-sheet reduction and rise in yields.

The Fund’s duration posture remained relatively long during the reporting period and detracted from performance as the Fed increased rates and the 10-year Treasury yield rose by nearly 240 basis points and closed the fiscal period at 3.83%. The Fund’s overweight to corporate bonds detracted from performance as spreads widened and security selection had a negative impact with the exception of utilities, which was a contributor. Within the corporate sector, managers generally moved to higher-conviction names with healthier balance sheets as recessionary risks continued to rise. Security selection with agency MBS enhanced Fund performance as managers preferred specified pools over to-be-announced (TBA) securities.

All managers underperformed for the period, most notably Western and Metwest. Western’s long-duration posture weighed on performance as interest rates rose significantly over the period. An overweight to credit also was a detractor. MetWest’s underperformance was attributable in part to overweights to MBS and ABS, while security selection within the financials sector was a contributor. Metlife, Allspring, and Jennison all underperformed, but their returns were closer to that of the benchmark. Allspring’s selection in agency MBS added to performance; however, this was offset by an overweight to corporates. Defensive positioning with the corporate sector bolstered Jennison’s performance, while the yield-curve positioning detracted. MetLife’s security selection within the corporate sector weighed on performance for the period.

The Fund employed futures, swaps and options to help manage duration, yield-curve positioning, and credit exposure. These positions detracted slightly from Fund performance during the reporting period. To a limited extent, the Fund used currency-forward contracts to manage currency exposure, which had a negative impact on performance.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Core Fixed Income Fund, Class F	-16.70%	-3.56%	-0.50%	1.03%	5.25%
Core Fixed Income Fund, Class I	-16.99%	-3.80%	-0.73%	0.80%	4.88%
Core Fixed Income Fund, Class Y	-16.56%	-3.36%	-0.26%	1.21%	5.30%
Bloomberg US Aggregate Bond Index	-14.60%	-3.26%	-0.27%	0.89%	5.42%

Comparison of Change in the Value of a $100,000 Investment in the Core Fixed Income Fund, Class F, Class I and Class Y, versus the Bloomberg US Aggregate Bond Index

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares were offered beginning 5/1/87 and Class I shares were offered beginning 8/06/01. Class I shares performance for the period prior to 6/29/07 is derived from the performance of Class F shares adjusted for the higher expenses of the Class I shares. Class Y shares were offered beginning 6/30/15. For periods prior to 6/30/15, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The High Yield Bond Fund (the "Fund") seeks total return.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment approaches to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). Assets of the Fund not allocated to sub-advisors are managed directly by SIMC. The Fund utilized the following sub-advisors as of September 30, 2022: Ares Capital Management II LLC (Ares), Benefit Street Partners, LLC (Benefit Street), Brigade Capital Management, LLC (Brigade), J.P. Morgan Investment Management Inc. (JP Morgan) and T. Rowe Price Associates, Inc. (T. Rowe Price).

III. Returns

For the full-year ended September 30, 2022, the High Yield Bond Fund, Class F, returned -12.98%. The Fund’s benchmark—the ICE BofA US High Yield Constrained Index, which tracks the performance of below-investment-grade, U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market—returned -14.06%.

IV. Performance Discussion

The reporting period was tumultuous for below-investment-grade markets as materially higher interest rates and growing fears of a recession resulted in massive losses. As noted in the shareholder letter, the period began on a positive note, but sentiment changed along with the calendar and, despite a few bear-market bounces, has yet to stage a persistent recovery. The -14.06% return of the ICE BofA US High Yield Constrained Index over the 12-month period is among its worst annual return historically, despite spreads remaining well below levels generally associated with a recession. This shows how significant changes in U.S. Treasury yields can be for traditional fixed-income assets. The market yield began the period at 4.10%, reached a period low of 4.09% on November 8, 2021, and finished the period at 9.60% — the highest level for the period. The market spread began the period at 316 basis points (bps), reached a low of 303 bps in late December 2021, and a high of 601 bps in early July 2022, and finished the period at 545 bps. B-rated bonds were the top performers within the ICE BofA US High Yield Constrained Index for the period, returning -13.55%, followed by BB-rated bonds, down 13.64%, and CCC-rated bonds, which lost 17.60%. The energy sector remained the largest within the high-yield market, and it easily outperformed the broader market, returning approximately -8% over the reporting period.

The allocation to structured credit (collateralized loan obligations - CLOs) was the top contributor to Fund performance for the period. The floating-rate coupons of bank loans, which increase along with Federal Reserve rate hikes, allowed the asset class to hold up much better, with a modest 3% decline. CLOs generally track the bank loan market and were also down slightly over the past 12 months. The CLO allocation remained composed primarily of equity tranches, which outperformed amid the benign default conditions. Defaults are expected to increase over the next 12 months, but not to extreme levels, and we feel that our holdings are positioned to deliver attractive relative returns. Selection within basic industry (primarily chemicals) and energy further contributed to Fund performance for the period. Security selection within the health care sector, and overweights and security selection within media (primarily media content), and services were detractors.

All managers outperformed during the reporting period, with the exception of T. Rowe Price. SIMC was the best-performing manager in the Fund, as its off-benchmark allocation to the CLO market outperformed the high-yield bond market over the period. Ares benefited from an overweight to and security selection within energy and healthcare. Selection within leisure, an underweight and selection within services, an overweight and selection within technology & electronics, and selection within media detracted from performance. Benefit Street outperformed due to an overweight and security selection within transportation, and selection within technology & electronics and healthcare. Detractors included an overweight and selection within media, as well as underweights and selection within the leisure and automotive sectors. Brigade benefited from selection within basic industry and energy, and an overweight and selection within leisure, while it was challenged by an overweight and selection within health care, media, and financial services. J.P. Morgan was bolstered by selection within leisure, basic industry and telecommunications, while an overweight and selection within healthcare, a lack of insurance exposure, and an underweight to utility had a negative impact. T. Rowe Price benefited from an overweight and selection within the energy sector, an underweight and selection within banking, and selection within retail. Conversely, selection within media and telecommunications, as well as an overweight and selection within consumer goods, weighed on performance.

The Fund used derivatives throughout the fiscal year ending September 30, 2022, to help manage duration, yield-curve positioning and spread duration more efficiently. High-yield credit-default swap index futures were used for this

purpose, and they had a negligible impact on overall Fund performance.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results. Diversification may not protect against market risk.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
High Yield Bond Fund, Class F	-12.98%	0.73%	2.05%	4.03%	6.37%
High Yield Bond Fund, Class I	-13.14%	0.59%	1.82%	3.70%	6.06%
High Yield Bond Fund, Class Y	-12.77%	0.98%	2.33%	4.23%	6.44%
ICE BofA US High Yield Constrained Index	-14.06%	-0.70%	1.39%	3.86%	6.65%

Comparison of Change in the Value of a $100,000 Investment in the High Yield Bond Fund, Class F, Class I and Class Y, versus the ICE BofA US High Yield Constrained Index

For the year ended 9/30/22. Past performance is not an indication of future performance. Class F shares were offered beginning 1/11/95 and Class I shares were offered beginning 10/1/07. Class I shares performance for the period prior to 10/1/07 is derived from the performance of Class F shares adjusted for the higher expenses of the Class I shares. Class Y shares were offered beginning 12/31/14. For periods prior to 12/31/14, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and/or reimbursements, performance would have been lower.

I. Objective

The Conservative Income Fund (the “Fund”) seeks principal preservation and a high degree of liquidity while providing current income.

II. Investment Approach

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Conservative Income Fund, Class F, returned 0.65%. The Fund’s benchmark—the ICE BofA 3-Month U.S. Treasury Bill Index, which tracks the performance of three-month Treasury bills—returned 0.62%.

Although the Fund’s performance is benchmarked against the return of the ICE BofA 3-Month U.S. Treasury Bill Index, an investment in the Fund is substantially different from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund is expected to be more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest.

IV. Performance Discussion

As noted in the shareholder letter, U.S. Treasury yields in the front end of the curve rose during the fiscal year as the Federal Reserve (Fed) moved away from a zero-interest-rate policy (ZIRP) and increased the target range on the Fed Funds rate to 3.00%-3.25%. Treasury-bill supply was generally lower over the year as peak inflation led to higher-than-expected tax receipts. Front-end demand remained elevated, as represented by the Fed’s reverse purchase agreement (RRP) program, which maintained balances above $2 trillion for much of the reporting period.

During the fiscal year, BlackRock benefited from positions in commercial paper and certificates of deposit (which have a yield pick-up relative to comparable-duration Treasurys). Fund performance over the full reporting period reflected the rising-yield environment as the three-month London Interbank Offered Rate (Libor) increased by 362 basis points.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized Inception to Date
Conservative Income Fund, Class F	0.65%	0.54%	1.10%	1.01%
Conservative Income Fund, Class Y	0.70%	0.62%	1.19%	1.10%
ICE BofA 3-Month U.S. Treasury Bill Index	0.62%	0.59%	1.15%	1.02%

Comparison of Change in the Value of a $100,000 Investment in the Conservative Income Fund, Class F and Class Y, versus the ICE BofA 3-Month US Treasury Bill Index

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares and Class Y shares were offered beginning 4/22/16. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The Tax-Free Conservative Income Fund (the “Fund”) seeks to preserve principal value and maintain a high degree of liquidity while providing current income exempt from federal income taxes.

II. Investment Approach

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Tax-Free Conservative Income Fund, Class F, returned 0.29%. The Fund’s benchmark—the ICE BofA 3-Month U.S. Treasury Bill Index, which tracks the performance of three-month Treasury bills—returned 0.62%.

Although the Fund’s performance is benchmarked against the return of the ICE BofA 3-Month U.S. Treasury Bill Index, an investment in the Fund is substantially different from an investment in U.S. Treasury bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund is expected to be more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest.

IV. Performance Discussion

As noted in the shareholder letter, U.S. Treasury yields in the front end of the curve rose during the 12-month period ending September 30, 2022, as the Federal Reserve (Fed) moved away from a zero-interest-rate policy (ZIRP) and increased the target range on the Fed Funds rate to 3.00%-3.25%. T-Bill supply was generally lower relative to that of the previous year as peak inflation led to higher-than-expected tax receipts, while municipal bonds benefited overall from reduced issuance given strong surplus balance sheets. Front-end demand remained elevated, as represented by the Fed’s Reverse Repurchase Facility (RRP), which maintained balances above $2 trillion for much of the reporting period.

BlackRock benefited from its position in municipal commercial paper during the period. Positions in variable-

rate demand notes (VRDNs) linked to the seven-day SIFMA Swap Index contributed to Fund performance; this index has no duration, so the position in VDRNs added to Fund performance as yields moved higher over the reporting period.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized Inception to Date
Tax-Free Conservative Income Fund, Class F	0.29%	0.31%	0.66%	0.61%
Tax-Free Conservative Income Fund, Class Y	0.44%	0.43%	0.77%	0.71%
ICE BofA 3-Month U.S. Treasury Bill Index	0.62%	0.59%	1.15%	1.02%

Comparison of Change in the Value of a $100,000 Investment in the Tax-Free Conservative Income Fund, Class F and Class Y, versus the ICE BofA 3-Month U.S. Treasury Bill Index

I. Objective

The Real Return Fund (the “Fund”) seeks to provide total return exceeding the rate of inflation.

II. Investment Approach

During the one-year period ending September 30, 2022, the Fund was managed by the SEI Fixed Income Portfolio Management Team of SEI Investments Management Corporation (SIMC).

III. Returns

For the full year ended September 30, 2022, the Real Return Fund, Class F, returned -4.52%. The Fund’s benchmark—Bloomberg 1-5 Year U.S. TIPS Index, which tracks the performance of inflation-protected public obligations of the U.S. Treasury that have a remaining maturity of one to five years—returned -4.09%.

IV. Performance Discussion

As noted in the shareholder letter, with inflation running at levels not witnessed since the early 1980s, central banks across the developed world pivoted to an increasingly hawkish monetary policy stance during the 12-month period ending September 30, 2022. This aggressive policy shift pushed yields sharply higher. Exacerbating the pain of the yield selloff, the long-running bond bull market resulted in unfavorable starting conditions, leaving coupon income insufficient to offset the price depreciation of rising yields. This culminated to deliver historically poor performance for global fixed income markets over the period.

Real rates were severely hampered by the hawkish pivot of central banks leading to breakeven inflation rates tightening across the yield curve during the reporting period. Five-year breakevens tightened during the year, as elevated recession risk weighed on forward-looking inflation expectations. Despite the sharply higher repricing of real rates and the contraction of inflation breakeven rates, U.S. Treasury Inflation-Protected Securities (TIPS) still outperformed conventional bonds as high realized inflation delivered impressive inflation-accretion returns.

Through the Fund’s exposure to TIPS, performance was within our expectations as the Fund manager aimed to replicate the performance of the Bloomberg 1-5 Year US TIPS Index.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

	AVERAGE ANNUAL TOTAL RETURN¹
		1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Real Return Fund, Class F		-4.52%	1.80%	1.75%	0.74%	1.63%
Real Return Fund, Class Y		-4.40%	1.92%	1.87%	0.84%	1.70%
Bloomberg 1-5 Year U.S. TIPS Index		-4.09%	2.27%	2.24%	1.21%	2.08%

Comparison of Change in the Value of a $100,000 Investment in the Real Return Fund, Class F and Class Y, versus the Bloomberg 1-5 Year U.S. TIPS Index

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares were offered beginning 7/2/09 and Class Y shares were offered beginning 12/31/14. For periods prior to 12/31/14, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

I. Objective

The Dynamic Asset Allocation Fund (the “Fund”) seeks long-term total return.

II. Investment Approach

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Dynamic Asset Allocation Fund, Class F, returned -13.56%. The Fund’s benchmark—the S&P 500 Index (Gross), which tracks the performance of approximately 500 large-cap U.S. companies—returned -15.47%.

IV. Performance Discussion

A majority of the Fund’s volatility is typically driven by strategic exposure to the S&P 500 Index, which served as the most significant driver of the Fund’s return during the period. The fund’s tactical trades contributed positively to both absolute and relative returns.

The U.S. equity market began the fiscal year with positive performance in the fourth quarter of 2021. However, as noted in the shareholder letter, in the next three quarters of the fiscal year, the U.S. equity market was under pressure as the Federal Reserve (Fed) aggressively focused on monetary tightening to bring inflation under control. Within the S&P 500 Index, energy was the best-performing sector during the fiscal year, followed by utilities and consumer staples. The communication services sector was the worst performer, followed by consumer discretionary and information technology. As the market moved into a risk-off environment, the typically more defensive sectors experienced favorable relative performance versus more growth-oriented sectors in the market.

The largest contributors to the Fund’s relative performance for the reporting period were two options on 30-year U.S. payer swap rates, which benefited from higher U.S. Treasury yields. The Fund’s position in the Bloomberg Commodity Index through total-return swaps also bolstered performance. Commodities continued to benefit from tight supply conditions across a number of markets, coupled with the geopolitical impact from Russia’s invasion of Ukraine. A position in a 5y5y overnight index swap (OIS) benefitted from tighter Fed monetary policy. This position was initiated

as a proxy for the Federal Funds terminal rate. A swap on 10-year U.S. Consumer Price Index (CPI) benefited from higher inflation expectations in the U.S. A position in the Goldman Sachs U.S. Financial Conditions Index via a total return swap contributed to Fund performance as Fed policy has resulted in tighter financial conditions in the U.S.

The largest detractor from relative performance for the period was an equity tilt in the portfolio via an S&P 500 Equal Weight total return swap and MSCI EAFE Index futures. This position was closed out during the fiscal year.

The Fund used equity index futures, interest-rate swaps, interest-rate swaptions, total return swaps, total-return swaps, options on equity indices and currency forwards. Derivatives had a meaningful impact on Fund relative performance during the period. Interest-rate swaps and swaptions garnered positive performance during the period, benefitting from higher U.S. interest rates. Equity index futures detracted from Fund performance as equities experienced negative performance during the reporting period. The Fund has a controlled foreign corporation designed to provide commodity exposure, primarily through commodity total-return swaps. This exposure contributed to the total return over the period. Options on equity indices experienced negative performance for the period. Forward-currency contracts did not have a meaningful impact on performance over the fiscal year.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized Inception to Date
Dynamic Asset Allocation Fund, Class F	-13.56%	9.70%	8.39%	8.81%
Dynamic Asset Allocation Fund, Class Y	-13.44%	9.92%	8.64%	9.06%
S&P 500 Index (Gross)	-15.47%	8.16%	9.24%	9.73%

I. Objective

The Multi-Strategy Alternative Fund (the “Fund”) allocates its assets among a variety of investment strategies to seek to generate an absolute return with reduced correlation to the stock and bond markets.

II. Investment Approach

The Fund’s assets are managed under the direction of SEI Investments Management Corporation (SIMC), which manages the Fund’s assets in a way that it believes will achieve the Fund’s investment objective. In order to achieve its investment objective, the Fund may allocate its assets among a variety of investment strategies through the use of: (i) affiliated and unaffiliated funds, including open-end funds, closed-end funds and exchange traded funds (underlying funds); and (ii) one or more investment sub-advisors. During the fiscal year ending September 30, 2022, the Fund allocated its assets among unaffiliated funds and one affiliated fund.

The Fund utilized the following sub-advisors as of September 30, 2022: Brigade Capital Management, LP (Brigade), Emso Asset Management Limited (EMSO), Global Credit Advisers, LLC (GCA), Kettle Hill Capital Management, LLC (Kettle Hill), Mountaineer Partners Management, LLC (Mountaineer), Putnam Investment Management, LLC (Putnam) and Ramius Advisors, LLC (Ramius).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full-year ended September 30, 2022, the Multi-Strategy Alternative Fund, Class F, returned -7.24%. The Fund’s benchmark—the ICE BofA U.S. 3-Month Treasury Bill Index, which tracks the performance of three-month Treasury bills—returned 0.62%.

Although the Fund’s performance is benchmarked against the return of the ICE BofAML US 3-Month Treasury Bill Index, an investment in the Fund is substantially different from an investment in U.S. Treasury Bills. Among other things, Treasury bills are backed by the full faith and credit of the U.S. government and have a fixed rate of return. Treasury bill investors do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund is expected to be substantially more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest.

IV. Performance Discussion

The fiscal year ending September 30, 2022, was dominated by a sharp global economic reversal, as most central banks moved from a policy of monetary policy stimulus to tightening. This was precipitated by evidence that the inflationary pressures that had been building throughout 2021 were not “transitory,” but were broad-based and persistent. The U.S. Federal Reserve (Fed) began to raise interest rates in March of 2022, and by the end of September, had increased the Fed Funds rate from near 0% to a range of 3.0% to 3.25%, sending a clear message that there are more rate hikes to come.

The Fed’s policy tightening wreaked havoc in asset markets during the reporting period. Global equities declined sharply in the first three quarters of 2022, with the U.S. broader-market S&P 500 Index entering bear market territory. Growth stocks (for example, technology companies), which are more sensitive to interest rates, fared even worse. Value stocks lost ground, but outperformed their growth counterparts. The fixed-income sector, which is traditionally considered a “safe haven” in volatile markets, also posted large losses as interest rates rose, credit spreads widened, and bond prices fell.

The downturns affected international markets as well, and were especially pronounced in emerging-market debt, which suffered from rising interest rates and also a much stronger U.S. dollar. The economic picture was further clouded by geopolitical events, namely Russia’s invasion of Ukraine in February 2022, as noted in the shareholder letter. Apart from the human tragedy, the invasion upended commodity markets and added to the upward pressure on energy prices, with particularly acute economic consequences for Europe.

Essentially all of the Fund’s losses came in the first three quarters of 2022. There were few bright spots as seven of the eight investment strategies recorded negative returns in 2022 and the remaining strategy saw essentially flat performance. While the market downturn had a negative impact on the Equity-Hedge strategy, it actually posted smaller losses than one may have expected. Managers Kettle Hill and Mountaineer limited losses to the low-single-digits due to their conservative positioning and shift towards value stocks. Putnam performed materially worse due to its focus on the underperforming technology sector.

In the Fund’s Relative Value sleeve, EMSO’s poor performance for the reporting period was attributable to its emphasis on emerging-market debt, which was affected disproportionally by higher U.S. interest rates. Brigade also sustained significant losses as the U.S. high-yield bond market sold off. GCA was able to protect capital, limiting

losses to low-single-digits, as the manager quickly shifted to a defensive stance.

The Event-Driven sleeve comprises two merger arbitrage strategies. The portfolio managed by Ramius saw significant volatility, especially in the second quarter of 2022, as merger spreads widened due to general risk aversion. On the bright side, the Merger Fund preserved capital and posted a virtually flat return for the period due to its diversified portfolio and avoidance of higher risk mergers-and-acquisitions (M&A) deals.

The only significant change involving managers over the Fund’s fiscal year was the reduction in the amount of capital allocated to Putnam by roughly 25%.

Derivatives used in the Fund comprised primarily of currency futures and forwards, interest-rate swaps, credit default swaps, and equity and equity-index options. The Fund’s sub-advisors primarily employed derivatives in the Fund for hedging and risk management. Derivatives were most commonly used to hedge currency and interest-rates risk when sub-advisors, particularly EMSO, held bonds issued by non-U.S. governments or corporations which may have been denominated in local currency. Sub-advisors, particularly Ramius and Putnam, commonly used equity puts and calls, in an effort to enhance returns or limit losses in common stock positions. On balance, derivatives performance had a positive impact on Fund performance during the period.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

AVERAGE ANNUAL TOTAL RETURN¹
	1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Multi-Strategy Alternative Fund, Class F	-7.24%	1.85%	1.49%	1.81%	1.41%
Multi-Strategy Alternative Fund, Class Y	-7.09%	2.10%	1.73%	1.99%	1.55%
ICE BofA U.S. 3-Month Treasury Bill Index	0.62%	0.59%	1.15%	0.68%	0.57%

Comparison of Change in the Value of a $100,000 Investment in the Multi-Strategy Alternative Fund, Class F and Class Y, versus the ICE BofA U.S. 3-Month Treasury Bill Index

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares were offered beginning 3/31/10 and Class Y shares were offered beginning 4/30/15. For periods prior to 4/30/15, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower. Although the Fund’s performance is benchmarked against the return of the ICE BofA U.S. 3-Month Treasury Bill Index, an investment in the Fund is substantially different from an investment in U.S. Treasury bill. Among other things, Treasury bills are backed by the full faith and credit of the U.S. Government and have a fixed rate of return. Investors in Treasury bills do not risk losing their investment, whereas loss of money is a risk of investing in the Fund. Further, an investment in the Fund is expected to be substantially more volatile than an investment in Treasury bills because of the breadth and types of securities and other instruments in which the Fund may invest.

I. Objective

The Multi-Asset Accumulation Fund (the “Fund”) seeks to provide total return, including capital appreciation and income.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment strategies to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: AQR Capital Management, LLC (AQR) and PanAgora Asset Management Inc. (PanAgora).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Multi-Asset Accumulation Fund, Class F, returned -20.79%. The Fund’s blended benchmark—MSCI World Index (Net) Hedged (USD) Index (which tracks the equity-market performance of developed markets) (60%) and Bloomberg Global Aggregate Index, Hedged (USD) (which tracks the performance of investment-grade fixed-income securities denominated in 13 currencies) (40%)—returned -13.60%.

IV. Performance Discussion

Major asset-class performance was mixed during the fiscal year. As noted in the shareholder letter, global equities and global credit declined during the period as fears of a lasting global recession escalated and central bankers worldwide raised interest rates to combat stubbornly high inflation. Broad commodities gained ground (as measured by the Bloomberg Commodity Index) and reached a 10-year high in June 2022 on increased demand, coupled with constrained supply in certain markets, before supply-side concerns gave way to recession fears later over the third quarter of the year.

Risk assets were challenged by the worst inflation in four decades and the U.S. Federal Reserve’s (Fed) effort to combat it by raising interest rates. The Fed increased the federal funds rate by 300 basis points during the fiscal year. Potential economic recession in major developed countries further dampened investor sentiment for risk assets, while developed-market sovereign bonds exhibited weak performance as global interest rates increased over the period. Commodities were one of the best-performing assets classes during the fiscal year. Energy and agriculture experienced strong performance, especially as Russia’s

invasion of Ukraine disrupted the trade and supply of energy and food. Both industrial and precious metals recorded negative returns despite supply tightness and low stockpiles as mounting recessionary fears and slowing demand created headwinds.

The Fund’s relatively higher weight in sovereign bonds was the greatest detractor from relative performance. Developed bond markets experienced negative performance during the reporting period as global central banks lifted interest rates. Within the asset class, UK gilts plunged over the third quarter of 2022, as investors feared the new UK government’s tax and spending plans would balloon the country’s debt and stoke inflation. The Fund’s exposure to global inflation-linked bonds also detracted from performance as the longer-maturity debt within the asset class absorbed the largest losses. The Fund’s lower average concentration in global equities relative to its blended benchmark contributed to performance during the period as most global equity markets fell into bear-market territory. The Fund’s exposure to commodities was also a meaningful contributor to relative performance, bolstered by higher prices within the energy and agriculture sectors.

Among the Fund’s managers, both AQR and PanAgora experienced negative performance over the reporting period and underperformed the Fund’s blended benchmark. Exposure to global sovereign bonds and global inflation-linked bonds provided headwinds for both managers. Exposure to commodities, as well as an underweight to global equities, benefited Fund performance for both managers.

The Fund used equity index futures, bond index futures, interest-rate swaps, commodity futures, total-return swaps and currency forwards to provide cost-effective exposures to desired asset classes. Derivatives had a meaningful impact on Fund performance during the period. Sovereign bond index futures, interest-rate swaps and, to a lesser extent, sovereign bond total-return swaps (used for market exposure), produced negative performance as interest rates rose globally (on average) over the period. Globally, both developed-market and emerging-market equity futures (used for market exposure) detracted from performance. The Fund has a controlled foreign corporation designed to provide commodity exposure, primarily through commodity futures and, to a lesser degree, commodity total-return swaps, as commodities are a key part of the Fund’s strategy. The commodity futures provide strategic exposure to a diversified mix of underlying commodities. This exposure contributed to the Fund’s total return over the period. Forward-currency contracts on emerging-market currencies (used for market exposure) contributed to both the Fund’s total and benchmark-relative returns.

Forward currency contracts on developed-market currencies were principally used to hedge foreign-currency risk relative to the U.S. dollar. These exposures contributed to performance over the Fund’s fiscal year.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

	AVERAGE ANNUAL TOTAL RETURN¹
		1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Multi-Asset Accumulation Fund, Class F		-20.79%	-2.93%	1.05%	2.64%	3.04%
Multi-Asset Accumulation Fund, Class Y		-20.57%	-2.71%	1.27%	2.82%	3.21%
MSCI World Index (Net) (Hedged) (USD)		-14.98%	6.34%	7.15%	9.97%	9.84%
Bloomberg Global Aggregate Index, (Hedged) (USD)		-12.05%	-3.07%	0.32%	1.69%	1.93%
60/40 Hybrid consisting of the MSCI World Index (Net) (Hedged) (USD) and Bloomberg Global Aggregate Index, (Hedged) (USD)		-13.60%	2.82%	4.67%	6.79%	6.82%

Comparison of Change in the Value of a $100,000 Investment in the Multi-Asset Accumulation Fund, Class F and Class Y, versus the 60/40 Hybrid consisting of the MSCI World Index (Net) (Hedged) (USD) and Bloomberg Global Aggregate Index, (Hedged) (USD)

For the year ended 9/30/22. Past performance is no indication of future performance. Class F shares were offered beginning 4/09/12 and Class Y shares were offered beginning 12/31/14. For periods prior to 12/31/14, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for the period reflect fee waivers and/or reimbursements in effect for the period; absent fee waivers and reimbursements, performance would have been lower.

N/A — Not available.

I. Objective

The Multi-Asset Income Fund (the “Fund”) seeks to provide total return with an emphasis on current income.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment strategies to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund used the following sub-advisors as of September 30, 2022: Goldman Sachs Asset Management, L.P. (Goldman Sachs), SSGA Funds Management, Inc. (SSGA), Western Asset Management Company, LLC and Western Asset Management Company Limited (Western).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Multi-Asset Income Fund, Class F, returned -16.13%. The Fund’s blended benchmark—Bloomberg US Aggregate Bond Index (which tracks the performance of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market) (45%), the ICE BofA US High Yield Constrained Index (which tracks the performance of below-investment grade, U.S. dollar-denominated corporate bonds publicly issued in the U.S.) (40%) and the S&P 500 Index (Gross) (which tracks the performance of approximately 500 large U.S. companies that are considered representative of the broad U.S. stock market) (15%)—returned -14.36%.

IV. Performance Discussion

As noted in the shareholder letter, U.S. Treasury yields rose significantly over the year. Persistent inflation helped drive the Federal Reserve (Fed) to raise its federal funds rate a total of 300 basis points (bps) over five meetings during the 12-month period. After the Fed’s September 2022 meeting, projections from the central bank indicated that participants expected to increase interest rates by at least 125 bps in the two remaining meetings of 2022. Fed Chair Jerome Powell reiterated that lower growth and softer labor markets will likely be the unfortunate costs of hiking rates to fight inflation, and that expectations for a premature pivot to looser monetary policy probably will not come to fruition.

Credit markets were pressured by the rise in interest rates and spreads widened significantly, reflecting increasing pessimism about the economic outlook. Despite the widening in spreads, lower-quality segments of the

corporate credit market, such as high-yield bonds and bank loans, were the best performers over the period, as investors deemed that deterioration in credit quality or a sharp increase in defaults for high-yield bond issuers was unlikely. Securitized credit struggled, although the generally lower duration of the asset class provided some relief in a rising-yield environment. Emerging-market debt was challenged and underperformed developed-market bonds, as the appreciation of the U.S. dollar created a headwind for emerging-market borrowers to repay dollar-denominated debt.

The greatest detractors to Fund performance for the reporting period were an overweight to emerging-market debt and an underweight to high-yield securities. The Fund’s underweight to U.S. government bonds in favor of spread sectors benefited performance. Allocations to securitized assets contributed modestly to performance as securitized assets generally outperformed over the fiscal year.

Goldman Sachs detracted from performance due to its underweight to securitized credit. Western was a contributor, benefiting from its exposure to securitized credit, specifically bank loans, which were helped by their lack of duration in a rising-rate environment. SSGA’s covered-call strategy produced performance within expectations over the period; the manager benefited as its strategy outperformed the S&P 500 Index.

The Fund used total-return swaps on bond futures, interest-rate swaps and futures and options on exchange-traded funds, equity indexes, credit default swaps and currency forwards. The Fund employed derivatives for various reasons, including fixed-income relative value, to generate option income and hedge interest-rate risk. Derivatives had a meaningful impact on Fund performance for the period. The Fund used interest-rate futures to manage duration. This benefited Fund performance as rates increased during the period. Interest-rate swaps had a modestly positive impact on performance due to their short exposure. Options, which were used as part of the covered-call strategy, contributed to Fund performance. Currency forwards had a slightly positive impact on performance. Exposure to investment-grade credit and high-yield bonds through credit default swaps did not have a notable impact on Fund performance for the period.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

	AVERAGE ANNUAL TOTAL RETURN¹
		1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Multi-Asset Income Fund, Class F		-16.13%	-2.22%	0.56%	3.44%	3.79%
Multi-Asset Income Fund, Class Y		-16.08%	-2.12%	0.66%	3.51%	3.87%
Bloomberg U.S. Aggregate Bond Index		-14.60%	-3.26%	-0.27%	-0.27%	1.14%
ICE BofA U.S. High Yield Constrained Index		-14.06%	-0.70%	1.39%	1.39%	4.32%
S&P 500 Index (Gross)		-15.47%	8.16%	9.24%	9.24%	11.69%
45/40/15 Hybrid consisting of the Bloomberg U.S. Aggregate Bond Index, ICE BofA U.S. High Yield Constrained Index and S&P 500 Index (Gross)		-14.36%	-0.35%	1.98%	3.78%	4.08%

Comparison of Change in the Value of a $100,000 Investment in the Multi-Asset Income Fund, Class F and Class Y, versus the 45/40/15 Hybrid consisting of the Bloomberg U.S. Aggregate Bond Index, ICE BofA U.S. High Yield Constrained Index, and S&P 500 Index (Gross)

For the year ended 9/30/22. Past performance is not an indication of future performance. Class F shares were offered beginning 4/9/12. Class Y shares were offered beginning 12/31/14. For periods prior to 12/31/14, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and reimbursements, performance would have been lower.

I. Objective

The Multi-Asset Inflation Managed Fund (the “Fund”) seeks to provide total return exceeding the rate of inflation.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment strategies to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: AllianceBernstein L.P. (AllianceBernstein), Columbia Management Investment Advisers, LLC (Columbia), Credit Suisse Asset Management, LLC (Credit Suisse), and Franklin Advisors, Inc. (Franklin).

Columbia manages a wholly-owned subsidiary of the Fund. Columbia has delegated certain of its duties to Threadneedle International Ltd. as a sub-advisor. Credit Suisse also manages a wholly-owned subsidiary of the Fund.

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Multi-Asset Inflation Managed Fund, Class F, returned 5.10%. The Fund’s blended benchmark—the Bloomberg 1-5 Year US TIPS Index (70%), the Bloomberg Commodity Total Return Index (20%) and the S&P 500 Index (Gross) (which tracks the performance of approximately 500 large U.S. companies that are considered representative of the broad U.S. stock market) (10%)—returned -1.89%.

IV. Performance Discussion

Real assets experienced mixed performance over the fiscal year. As noted in the shareholder letter, commodities finished the period higher, while Treasury inflation-protected securities (TIPS) and U.S. equities recorded negative returns. Within commodities, energy and agriculture experienced strong performance, especially as the Russian invasion in Ukraine disrupted the trade and supply of energy and food; both the precious metals and industrial metals sectors posted negative returns for the year, despite supply tightness and low stockpiles as mounting recessionary fears and slowing demand created headwinds. TIPS fell 4.09% during the year (as measured by the Bloomberg 1-5 Year US TIPS Index). As noted in the shareholder letter, higher interest rates more than offset the increase in unexpected inflation.

Manager performance was mixed during the fiscal year. Franklin’s inflation-sensitive equity long/short strategy

benefited Fund performance; the energy sector was the largest positive contributor, while the strategy’s short position in consumer discretionary was one of the largest detractors. Security selection within the commodities sector was beneficial for the Fund’s commodities managers, Columbia and Credit Suisse, in aggregate. AllianceBernstein underperformed and was hurt by its overweight to credit-spread sectors, which detracted as spreads widened.

The Fund used commodity futures, commodity total-return swaps, bond-index futures, equity-index futures, options on futures and interest-rate swaps during the reporting period. The use of derivatives had a meaningful impact on Fund performance. The Fund employed short positions in U.S. Treasury futures and interest-rate swaps to hedge duration risk for a portion of the corporate bond exposure. The hedge contributed to the total return as interest rates increased. The Fund implemented a short position in global equity total-return swaps to hedge risk for a portion of the long equity positions. This hedge also contributed to fund performance, as global equity returns were negative. Within the Fund, a controlled foreign corporation was established to provide additional exposure to commodities, including commodity futures and commodity total-return swaps. The commodity futures, commodity total-return swaps and options on futures exposure, used to provide a strategic exposure to a diversified mix of underlying commodities, experienced positive performance for the period. The Fund used forward-currency contracts on developed-market currencies principally to hedge foreign-currency risk relative to the U.S. dollar; this did not have a meaningful impact on performance.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

	AVERAGE ANNUAL TOTAL RETURN¹
		1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Multi-Asset Inflation Managed Fund, Class F		5.10%	5.21%	3.18%	0.08%	0.22%
Multi-Asset Inflation Managed Fund, Class Y		5.36%	5.47%	3.44%	0.26%	0.40%
Bloomberg 1-5 Year U.S. TIPS Index		-4.09%	2.27%	2.24%	1.21%	1.23%
Bloomberg Commodity Index		11.80%	13.45%	6.96%	-2.14%	-1.57%
S&P 500 Index (Gross)		-15.47%	8.16%	9.24%	11.70%	11.69%
70/20/10 Hybrid consisting of the Bloomberg 1-5 Year U.S. TIPS Index, Bloomberg Commodity Index and S&P 500 Index (Gross)		-1.89%	5.38%	4.14%	1.76%	1.75%

Comparison of Change in the Value of a $100,000 Investment in the Multi-Asset Inflation Managed Fund, Class F and Class Y, versus a 70/20/10 Hybrid consisting of the Bloomberg 1-5 Year U.S. TIPS Index, Bloomberg Commodity Index and the S&P 500 Index (Gross).

I. Objective

The Multi-Asset Capital Stability Fund (the “Fund”) seeks to manage the risk of a loss while providing current income and an opportunity for capital appreciation.

II. Investment Approach

The Fund uses a multi-manager approach, relying on a number of sub-advisors with differing investment strategies to manage portions of the Fund’s portfolio, under the general supervision of SEI Investments Management Corporation (SIMC). The Fund utilized the following sub-advisors as of September 30, 2022: AllianceBernstein L.P. (AllianceBernstein) and Janus Henderson Investors US LLC (Janus).

No manager changes were made during the Fund’s fiscal year.

III. Returns

For the full year ended September 30, 2022, the Multi-Asset Capital Stability Fund, Class F, returned

-4.24%. The Fund’s blended benchmark—the Bloomberg 1-3 Year US Government/Credit Index (which measures the performance of investment-grade, U.S. dollar-denominated, fixed-rate Treasurys, government-related and corporate securities with maturities of 1 to 3 years) (95%) and S&P 500 Index (Gross) (which tracks the performance of approximately 500 large U.S. companies that are considered representative of the broad U.S. stock market) (5%)—returned -5.53%.

IV. Performance Discussion

Major asset-class performance was mixed during the fiscal year. As noted in the shareholder letter, global equities and global credit declined during the period as fears of a lasting global recession escalated and global central bankers raised interest rates to combat stubbornly high inflation. Developed-market sovereign bonds also exhibited weak performance as global interest rates increased over the period.

The Fund recorded negative absolute performance that remained within expectations for its mandate, and outperformed its blended benchmark over the full reporting period. Through most of the period, the Fund maintained below-average exposure to both equities and fixed income. The primary contributor to relative performance was the Fund’s ability to derisk to cash (and not U.S. Treasurys) during a volatile environment for both global equities and fixed income; the Fund’s relatively low duration and moderate interest-rate risk was able to largely sidestep the move higher in interest rates. The Fund’s

underweight to credit also contributed to performance. The Fund maintained a tactical position in U.S. Treasury inflation-protected securities (TIPS) that was a headwind as higher interest rates more than offset the increase in unexpected inflation.

Both AllianceBernstein and Janus experienced negative performance over the reporting period but outperformed the Fund’s blended benchmark. Janus benefited from its ability to de-risk to cash (and not U.S. Treasurys) during a volatile environment for both global equities and fixed income; its off-benchmark exposure to emerging-market equities detracted as the asset class suffered from the headwinds of tighter monetary conditions and a relentless rally in the U.S. dollar. AllianceBernstein benefited from its underweight to nominal Treasurys, which suffered two of their five worst quarterly selloffs ever during the period; an overweight to U.S. TIPS detracted as real rates moved higher on increasing expectations for Federal Reserve rate hikes.

The Fund used credit-default swaps, equity-index futures, bond-index futures, interest-rate swaps, equity options, interest-rate swaptions and currency forwards during the reporting period. Derivatives are primarily used to provide cost-effective exposures to the desired asset classes and had a meaningful impact on Fund performance in the period. The use of stock index futures, primarily developed-market equities used for market exposure, resulted in negative performance during the Fund’s fiscal year. Interest-rate futures and swaps also detracted from performance over the period as interest rates increased globally on average. Small positions in credit-default swaps, used to gain exposure to high-yield and investment-grade credit, further detracted from Fund performance. Forward-currency contracts on developed-market currencies were principally used to hedge foreign-currency risk relative to the U.S. dollar. These hedges had a positive impact on Fund performance for the fiscal year.

Investing is subject to risk, including the possible loss of principal. Past performance is no indication of future results.

	AVERAGE ANNUAL TOTAL RETURN¹
		1 Year Return	Annualized 3 Year Return	Annualized 5 Year Return	Annualized 10 Year Return	Annualized Inception to Date
Multi-Asset Capital Stability Fund, Class F		-4.24%	0.47%	1.41%	1.30%	1.37%
Multi-Asset Capital Stability Fund, Class Y		-4.23%	0.57%	1.51%	1.37%	1.45%
Bloomberg 1-3 year U.S. Government/Credit Index		-5.07%	-0.41%	0.70%	0.81%	0.84%
S&P 500 Index (Gross)		-15.47%	8.16%	9.24%	11.70%	11.69%
95/5 Hybrid consisting of Bloomberg 1-3 Year U.S. Government/Credit Index and S&P 500 Index (Gross)		-5.53%	0.09%	1.19%	1.38%	1.40%

Comparison of Change in the Value of a $100,000 Investment in the Multi-Asset Capital Stability Fund, Class F and Class Y, versus a 95/5 Hybrid of the following indexes: the Bloomberg 1-3 Year U.S. Government/Credit Index, and the S&P 500 Index (Gross).

For the year ended 9/30/22. Past performance is not an indication of future performance. Class F shares were offered beginning 4/9/12 and Class Y shares were offered beginning 12/31/14. For periods prior to 12/31/14, the performance of the Fund’s Class F Shares has been used. Returns for Class Y Shares would have been substantially similar to those of Class F Shares and would have differed only to the extent that Class Y Shares have lower total annual fund operating expenses than Class F Shares. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and/or reimbursements, performance would have been lower.

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 99.0%
Communication Services — 6.0%
Alphabet Inc, Cl A *		67,513	$	6,458
Alphabet Inc, Cl C *		228,376		21,958
AT&T Inc		76,885		1,179
Comcast Corp, Cl A		142,077		4,167
Fox Corp, Cl A		48,678		1,493
Live Nation Entertainment Inc *		86,592		6,584
Meta Platforms Inc, Cl A *		76,652		10,400
Netflix Inc *		1,379		325
Nexstar Media Group Inc, Cl A		7,733		1,290
Paramount Global, Cl B		22,664		432
Take-Two Interactive Software Inc, Cl A *		18,644		2,032
TEGNA Inc		150,197		3,106
T-Mobile US Inc *		62,799		8,426
Verizon Communications Inc		280,734		10,660
Walt Disney Co/The *		149,447		14,097
Warner Bros Discovery Inc *		56,488		650
				93,257
Consumer Discretionary — 11.6%
Advance Auto Parts Inc		32,751		5,120
Alibaba Group Holding ADR *		27,851		2,228
Amazon.com Inc, Cl A *		282,471		31,919
Autoliv Inc		12,805		853
AutoZone Inc *		1,731		3,708
Best Buy Co Inc		53,582		3,394
Booking Holdings Inc *		2,518		4,138
BorgWarner Inc		204,343		6,416
Capri Holdings Ltd *		66,333		2,550
Carnival Corp *		75,978		534
Dick's Sporting Goods Inc (A)		36,476		3,817
Dillard's Inc, Cl A		7,630		2,081
Dollar General Corp		41,094		9,857
Domino's Pizza Inc		12,467		3,867
DR Horton Inc		43,190		2,909


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
eBay Inc		56,727	$	2,088
Foot Locker Inc, Cl A		23,394		728
Ford Motor Co		105,794		1,185
General Motors Co		209,815		6,733
Goodyear Tire & Rubber Co/The *		38,367		387
Harley-Davidson Inc, Cl A		49,267		1,718
Kohl's Corp		31,690		797
Lear Corp		26,627		3,187
Lennar Corp, Cl A		12,211		910
Lithia Motors Inc, Cl A		10,129		2,173
Lowe's Cos Inc		60,506		11,364
Magna International Inc, Cl A		49,219		2,334
MercadoLibre Inc *		1,300		1,076
MGM Resorts International		188,891		5,614
NIKE Inc, Cl B		89,182		7,413
O'Reilly Automotive Inc *		1,186		834
PulteGroup Inc		193,668		7,263
Ralph Lauren Corp, Cl A		18,347		1,558
Ross Stores Inc		119,268		10,051
Royal Caribbean Cruises Ltd *		5,535		210
Starbucks Corp		76,846		6,475
Target Corp, Cl A		35,105		5,209
Tesla Inc *		34,686		9,201
Thor Industries Inc		40,679		2,847
Toll Brothers Inc		48,368		2,031
Vail Resorts Inc		3,358		724
Whirlpool Corp		27,260		3,675
Williams-Sonoma Inc		9,127		1,076
				182,252
Consumer Staples — 6.9%
Altria Group Inc		46,068		1,860
Archer-Daniels-Midland Co		5,437		437
Coca-Cola Co/The		146,094		8,184
Coca-Cola Europacific Partners PLC		89,238		3,803
Colgate-Palmolive Co		118,734		8,341
Conagra Brands Inc		265,977		8,679
Costco Wholesale Corp		3,582		1,692
Haleon ADR *		146,088		890
Hershey Co/The		2,052		452
Ingredion Inc		86,415		6,958
J M Smucker Co/The		69,587		9,562
Kraft Heinz Co/The		12,498		417
Kroger Co/The		317,607		13,895
Molson Coors Beverage Co, Cl B		30,456		1,462
Mondelez International Inc, Cl A		47,375		2,597
PepsiCo Inc		65,470		10,689
Philip Morris International Inc		121,483		10,084
Procter & Gamble Co/The		8,013		1,012
Sysco Corp, Cl A		145,077		10,258
Tyson Foods Inc, Cl A		105,363		6,947


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Walgreens Boots Alliance Inc		38,987	$	1,224
				109,443
Energy — 4.5%
Antero Resources Corp *		15,418		471
Baker Hughes Co, Cl A		197,219		4,134
BP PLC ADR		131,377		3,751
Canadian Natural Resources Ltd		102,799		4,787
Chevron Corp		84,335		12,117
ConocoPhillips		86,961		8,900
Devon Energy Corp		132,584		7,972
EOG Resources Inc		15,571		1,740
Exxon Mobil Corp		7,057		616
HF Sinclair Corp		50,438		2,715
Marathon Petroleum Corp		74,494		7,399
Phillips 66		44,348		3,580
Pioneer Natural Resources Co		29,908		6,476
Shell PLC ADR		30,942		1,540
Valero Energy Corp		52,768		5,638

				71,836
Financials — 13.7%
Aflac Inc		94,072		5,287
American Financial Group Inc/OH		10,346		1,272
Ameriprise Financial Inc		25,172		6,342
Bank of America Corp		326,138		9,849
Bank of New York Mellon Corp/The		19,244		741
Berkshire Hathaway Inc, Cl B *		67,449		18,010
Capital One Financial Corp		35,930		3,312
Charles Schwab Corp/The		175,492		12,613
Citigroup Inc		188,132		7,840
Citizens Financial Group Inc		9,142		314
Discover Financial Services		32,032		2,912
Everest Re Group Ltd		1,843		484
Fifth Third Bancorp		126,810		4,053
First American Financial Corp		21,368		985
First Horizon Corp		121,274		2,777
First Republic Bank/CA		85,489		11,161
Goldman Sachs Group Inc/The		3,354		983
Hartford Financial Services Group Inc/The		83,818		5,192
JPMorgan Chase & Co		80,157		8,376
KeyCorp		107,415		1,721
Markel Corp *		13,030		14,127
Marsh & McLennan Cos Inc		62,972		9,401
Moody's Corp		38,887		9,454
Morgan Stanley		43,905		3,469
New York Community Bancorp Inc		34,328		293
Popular Inc		60,934		4,391
Progressive Corp/The		57,358		6,666
Radian Group Inc		16,498		318
Regions Financial Corp		212,723		4,269
Reinsurance Group of America Inc, Cl A		15,254		1,919
S&P Global Inc		20,519		6,266


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Signature Bank/New York NY, Cl B		17,115	$	2,584
Starwood Property Trust Inc ^‡		32,387		590
State Street Corp		101,461		6,170
Synchrony Financial		108,206		3,050
US Bancorp		323,806		13,056
Voya Financial Inc		60,780		3,677
Wells Fargo & Co		109,997		4,424
Willis Towers Watson PLC		63,313		12,722
Zions Bancorp NA		71,519		3,637
				214,707
Health Care — 15.9%
AbbVie Inc		59,751		8,019
Acadia Healthcare Co Inc, Cl A *		45,579		3,563
Agilent Technologies Inc		32,444		3,944
AmerisourceBergen Corp, Cl A		82,413		11,153
Amgen Inc, Cl A		57,858		13,041
AstraZeneca PLC ADR		85,913		4,711
Axonics Inc *		4,899		345
Baxter International Inc		113,683		6,123
Biogen Inc *		2,286		610
Bristol-Myers Squibb Co		155,447		11,051
Cardinal Health Inc		12,980		865
Cigna Corp		1,877		521
Cooper Cos Inc/The, Cl A		5,574		1,471
CVS Health Corp		185,443		17,686
Danaher Corp, Cl A		43,061		11,122
DaVita Inc *		4,103		340
DENTSPLY SIRONA Inc		9,719		276
Edwards Lifesciences Corp, Cl A *		34,783		2,874
Gilead Sciences Inc		19,050		1,175
GSK ADR		24,118		710
Horizon Therapeutics Plc *		39,537		2,447
Humana Inc		16,035		7,780
Jazz Pharmaceuticals PLC *		28,183		3,756
Johnson & Johnson		177,216		28,950
McKesson Corp		37,517		12,751
Medtronic PLC		80,577		6,507
Merck & Co Inc		91,347		7,867
Mettler-Toledo International Inc *		11,204		12,146
Natera Inc *		72,929		3,196
Organon & Co		15,833		370
Perrigo Co PLC		77,382		2,759
Pfizer Inc		237,127		10,377
Teleflex Inc		23,390		4,712
Thermo Fisher Scientific Inc		13,456		6,825
TransMedics Group Inc *		35,600		1,486
UnitedHealth Group Inc		46,343		23,405
Vertex Pharmaceuticals Inc *		21,049		6,095
Zimmer Biomet Holdings Inc		86,871		9,082
				250,111


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Industrials — 9.2%
AerCap Holdings NV *		62,810	$	2,659
AGCO Corp		28,514		2,742
Alaska Air Group Inc *		80,294		3,143
Allison Transmission Holdings Inc		37,699		1,273
American Airlines Group Inc *		147,592		1,777
AMETEK Inc		38,760		4,396
Cummins Inc		30,186		6,143
Delta Air Lines Inc, Cl A *		64,342		1,805
Eaton Corp PLC		36,869		4,917
FedEx Corp		33,861		5,027
Fortive Corp		171,178		9,980
General Electric Co		70,202		4,346
GXO Logistics Inc *		156,482		5,486
Honeywell International Inc		113,389		18,933
Huntington Ingalls Industries Inc, Cl A		10,975		2,431
IDEX Corp		18,824		3,762
Jacobs Solutions Inc		28,438		3,085
Lockheed Martin Corp		7,508		2,900
ManpowerGroup Inc		29,203		1,889
Norfolk Southern Corp		6,491		1,361
Northrop Grumman Corp		2,095		985
Owens Corning		34,317		2,698
Parker-Hannifin Corp, Cl A		25,904		6,277
Republic Services Inc		2,552		347
Ryder System Inc		14,973		1,130
Snap-on Inc		8,649		1,742
Textron Inc		56,360		3,284
Timken Co/The		72,653		4,289
TransDigm Group Inc *		23,745		12,462
Uber Technologies Inc *		10,267		272
United Airlines Holdings Inc *		23,047		750
United Parcel Service Inc, Cl B		54,473		8,800
Westinghouse Air Brake Technologies Corp		9,477		771
WW Grainger Inc		25,940		12,690
				144,552
Information Technology — 21.7%
Adobe Inc *		45,772		12,596
Advanced Micro Devices Inc *		92,604		5,867
Amdocs Ltd		42,052		3,341
Amkor Technology Inc		51,908		885
Amphenol Corp, Cl A		108,662		7,276
Apple Inc		350,543		48,445
Applied Materials Inc		60,065		4,921
Arrow Electronics Inc, Cl A *		14,925		1,376
Automatic Data Processing Inc		1,600		362
Cadence Design Systems Inc *		20,149		3,293
Cisco Systems Inc		151,519		6,061
Crowdstrike Holdings Inc, Cl A *		21,093		3,476
Datadog Inc, Cl A *		27,575		2,448
Dell Technologies Inc, Cl C		24,102		824
DXC Technology Co *		70,284		1,721


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
First Solar Inc *		12,669	$	1,676
Fortinet Inc *		15,777		775
Global Payments Inc		148,513		16,047
Hewlett Packard Enterprise Co		249,894		2,994
HP Inc		173,068		4,313
Intel Corp		118,591		3,056
International Business Machines Corp		24,273		2,884
Intuit Inc		46,564		18,035
Jabil Inc		68,671		3,963
Juniper Networks Inc		168,528		4,402
Microchip Technology Inc		299,789		18,296
Micron Technology Inc		45,152		2,262
Microsoft Corp		222,410		51,799
Motorola Solutions Inc		50,222		11,248
NetApp Inc		7,231		447
NVIDIA Corp		39,931		4,847
ON Semiconductor Corp *		4,887		305
Oracle Corp, Cl B		89,486		5,465
Palo Alto Networks Inc *		21,639		3,544
Paychex Inc		23,818		2,673
PayPal Holdings Inc *		41,194		3,546
Qorvo Inc *		8,524		677
QUALCOMM Inc		62,595		7,072
Roper Technologies Inc		21,778		7,832
salesforce.com *		56,006		8,056
SAP SE ADR		84,618		6,875
Seagate Technology Holdings PLC		44,700		2,379
SolarEdge Technologies Inc *		10,209		2,363
Teradyne Inc		53,338		4,008
Trade Desk Inc/The, Cl A *		34,054		2,035
Visa Inc, Cl A		110,461		19,623
Vishay Intertechnology Inc		115,899		2,062
VMware Inc, Cl A *		16,249		1,730
Vontier Corp		467,725		7,816
Xerox Holdings Corp		58,641		767
Zebra Technologies Corp, Cl A *		4,292		1,125

				339,889
Materials — 4.1%
Air Products and Chemicals Inc		58,182		13,541
Berry Global Group Inc *		31,426		1,462
Celanese Corp, Cl A		37,618		3,398
Crown Holdings Inc		65,796		5,332
DuPont de Nemours Inc		38,689		1,950
Eastman Chemical Co		73,135		5,196
Huntsman Corp		180,232		4,423
International Flavors & Fragrances Inc		13,914		1,264
International Paper Co		39,192		1,242
Linde PLC		21,885		5,900
Louisiana-Pacific Corp		24,368		1,247
LyondellBasell Industries NV, Cl A		3,410		257
Newmont Corp		48,882		2,055
O-I Glass Inc, Cl I *		23,882		309


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Packaging Corp of America		4,398	$	494
PPG Industries Inc		58,040		6,424
Reliance Steel & Aluminum Co		8,194		1,429
Steel Dynamics Inc		9,490		673
Sylvamo Corp		17,925		608
Vulcan Materials Co		40,048		6,316
Westrock Co		8,670		268
				63,788
Real Estate — 3.1%
American Homes 4 Rent, Cl A ^‡		227,098		7,451
American Tower Corp, Cl A ^‡		55,725		11,964
Crown Castle International Corp ^‡		70,972		10,259
Extra Space Storage Inc ^‡		35,970		6,212
Gaming and Leisure Properties Inc ^‡		87,103		3,854
Howard Hughes Corp/The *^‡		35,813		1,984
Iron Mountain Inc ^‡		24,500		1,077
Omega Healthcare Investors Inc ^‡		57,992		1,710
Prologis Inc ^‡		19,649		1,996
Sabra Health Care REIT Inc ^‡		73,150		960
Service Properties Trust ^‡		283,336		1,471

				48,938
Utilities — 2.3%
CenterPoint Energy Inc		133,505		3,762
CMS Energy Corp		21,421		1,248
Edison International		104,559		5,916
FirstEnergy Corp		182,591		6,756
NextEra Energy Inc		25,266		1,981

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
NRG Energy Inc		60,226	$	2,305
PPL Corp		319,532		8,100
UGI Corp		103,502		3,346
Vistra Corp		114,510		2,405
				35,819
Total Common Stock
(Cost $1,209,558) ($ Thousands)				1,554,592


AFFILIATED PARTNERSHIP — 0.1%
SEI Liquidity Fund, LP
2.930% **^†(B)		1,262,355		1,266

Total Affiliated Partnership
(Cost $1,260) ($ Thousands)				1,266



CASH EQUIVALENT — 1.0%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†	15,251,869		15,252

Total Cash Equivalent
(Cost $15,252) ($ Thousands)			15,252
Total Investments in Securities — 100.1%
(Cost $1,226,070) ($ Thousands)		$	1,571,110

A list of the open futures contracts held by the Fund at September 30, 2022 is as follows:

	Percentages are based on Net Assets of $1,569,904 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 12). The total market value of securities on loan at September 30, 2022 was $1,141 ($ Thousands).
(B)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $1,266 ($ Thousands).

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as

options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 98.4%

Communication Services — 6.3%
AT&T Inc		1,031,235	$	15,819
BCE Inc (A)		272,263		11,419
Comcast Corp, Cl A		396,511		11,630
Fox Corp, Cl A		114,572		3,515
Meta Platforms Inc, Cl A *		81,306		11,032
Nexstar Media Group Inc, Cl A		7,601		1,268
Paramount Global, Cl B		47,731		909
TEGNA Inc		131,658		2,723
T-Mobile US Inc *		49,749		6,675
Verizon Communications Inc		174,796		6,637
Walt Disney Co/The *		49,774		4,695
Warner Bros Discovery Inc *		235,617		2,709
				79,031
Consumer Discretionary — 7.8%
Autoliv Inc		22,443		1,496
Best Buy Co Inc		56,534		3,581
Booking Holdings Inc *		1,165		1,914
BorgWarner Inc		26,597		835
Carnival Corp *		115,551		812
Dick's Sporting Goods Inc (A)		20,614		2,157
Dillard's Inc, Cl A		10,481		2,859
DR Horton Inc		32,509		2,190
eBay Inc		41,518		1,528
Foot Locker Inc, Cl A		44,858		1,396
Ford Motor Co		185,547		2,078
General Motors Co		241,473		7,749
Genuine Parts Co		132,329		19,759
Goodyear Tire & Rubber Co/The *		217,723		2,197
Harley-Davidson Inc, Cl A		31,143		1,086
Kohl's Corp		41,773		1,050
Lear Corp		12,142		1,453
Lennar Corp, Cl A		10,600		790
Lithia Motors Inc, Cl A		9,683		2,078
Lowe's Cos Inc		47,666		8,952


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Magna International Inc, Cl A		27,465	$	1,303
PulteGroup Inc		197,768		7,416
Royal Caribbean Cruises Ltd *		22,429		850
Target Corp, Cl A		98,887		14,674
Thor Industries Inc		20,376		1,426
Whirlpool Corp		24,849		3,350
Williams-Sonoma Inc		23,528		2,773
				97,752
Consumer Staples — 8.0%
Altria Group Inc		207,317		8,371
Archer-Daniels-Midland Co		6,119		492
Conagra Brands Inc		146,906		4,794
Diageo PLC ADR		37,752		6,411
Haleon PLC ADR (A)		281,752		1,716
Ingredion Inc		83,947		6,760
J M Smucker Co/The		17,549		2,411
Kimberly-Clark Corp		77,089		8,676
Kraft Heinz Co/The		56,221		1,875
Kroger Co/The		285,342		12,484
Molson Coors Beverage Co, Cl B		104,071		4,994
Philip Morris International Inc		181,374		15,056
Procter & Gamble Co/The		16,629		2,099
Tyson Foods Inc, Cl A		147,143		9,701
Unilever PLC ADR		172,247		7,551
Walgreens Boots Alliance Inc		146,771		4,609
Walmart Inc		9,909		1,285

				99,285
Energy — 7.6%
BP PLC ADR		137,941		3,938
Canadian Natural Resources Ltd		52,201		2,431
Chevron Corp		153,812		22,098
ConocoPhillips		195,001		19,956
Devon Energy Corp		61,920		3,723
Exxon Mobil Corp		259,550		22,662
HF Sinclair Corp		33,815		1,821
Marathon Petroleum Corp		93,598		9,297
Phillips 66		15,015		1,212
Shell PLC ADR		61,589		3,065
Valero Energy Corp		42,050		4,493
				94,696
Financials — 18.9%
Aflac Inc		86,434		4,858
Allstate Corp/The		34,766		4,329
Ally Financial Inc		9,091		253
American Financial Group Inc/OH		20,349		2,501
Ameriprise Financial Inc		23,214		5,849
Annaly Capital Management Inc ^‡		66,321		1,138
Bank of America Corp		623,733		18,837
Bank of New York Mellon Corp/The		191,211		7,365
Berkshire Hathaway Inc, Cl B *		40,463		10,804
Capital One Financial Corp		28,002		2,581


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Charles Schwab Corp/The		39,902	$	2,868
Chubb Ltd		85,357		15,525
Citigroup Inc		538,848		22,454
Citizens Financial Group Inc		104,794		3,601
Discover Financial Services		35,862		3,261
Fifth Third Bancorp		113,014		3,612
First American Financial Corp		19,225		886
First Horizon Corp		21,614		495
Goldman Sachs Group Inc/The		6,327		1,854
Hartford Financial Services Group Inc/The		40,505		2,509
JPMorgan Chase & Co		171,797		17,953
KeyCorp		125,944		2,018
Lincoln National Corp		29,914		1,314
MetLife Inc		85,353		5,188
Morgan Stanley		228,481		18,052
New York Community Bancorp Inc		299,179		2,552
Popular Inc		58,412		4,209
Principal Financial Group Inc, Cl A		7,865		567
Prudential Financial Inc		60,510		5,191
Radian Group Inc		35,327		681
Regions Financial Corp		201,984		4,054
Reinsurance Group of America Inc, Cl A		21,858		2,750
State Street Corp		47,517		2,889
Synchrony Financial		153,808		4,336
T Rowe Price Group Inc		8,660		909
Travelers Cos Inc/The		48,773		7,472
Truist Financial Corp		211,571		9,212
Unum Group		55,915		2,169
Voya Financial Inc		94,607		5,724
Wells Fargo & Co		377,180		15,170
Willis Towers Watson PLC		16,379		3,291
Zions Bancorp NA		79,407		4,039

				235,320
Health Care — 16.7%
AbbVie Inc		26,369		3,539
Amgen Inc, Cl A		23,430		5,281
AstraZeneca PLC ADR		54,158		2,970
Biogen Inc *		10,497		2,803
Bristol-Myers Squibb Co		183,512		13,046
Cardinal Health Inc		55,061		3,671
Cigna Corp		22,581		6,266
CVS Health Corp		185,795		17,719
DaVita Inc *		25,118		2,079
Gilead Sciences Inc		114,091		7,038
GSK PLC ADR		73,244		2,155
HCA Healthcare Inc		16,836		3,094
Hologic Inc *		10,362		669
Horizon Therapeutics Plc *		42,242		2,614
Jazz Pharmaceuticals PLC *		41,808		5,573
Johnson & Johnson		148,768		24,303
McKesson Corp		38,353		13,035
Medtronic PLC		177,966		14,371


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Merck & Co Inc		318,066	$	27,392
Novartis AG ADR		132,118		10,042
Organon & Co		16,136		378
Pfizer Inc		733,938		32,117
Viatris Inc, Cl W *		291,220		2,481
Zimmer Biomet Holdings Inc		45,934		4,802

				207,438
Industrials — 10.6%
3M Co		61,376		6,782
AerCap Holdings NV *		77,499		3,281
AGCO Corp		31,476		3,027
Alaska Air Group Inc *		72,619		2,843
Allison Transmission Holdings Inc		68,559		2,314
Cummins Inc		44,074		8,969
Delta Air Lines Inc, Cl A *		130,072		3,650
FedEx Corp		36,932		5,483
General Dynamics Corp		63,411		13,454
Huntington Ingalls Industries Inc, Cl A		16,362		3,624
Johnson Controls International plc		300,123		14,772
Lockheed Martin Corp		7,815		3,019
ManpowerGroup Inc		42,383		2,742
Northrop Grumman Corp		9,576		4,504
Owens Corning		23,991		1,886
PACCAR Inc		15,373		1,286
Raytheon Technologies Corp		209,293		17,133
Ryder System Inc		28,822		2,176
Siemens AG ADR		165,998		8,126
Snap-on Inc		18,096		3,644
Textron Inc		56,910		3,316
Timken Co/The		50,058		2,955
United Airlines Holdings Inc *		38,423		1,250
United Parcel Service Inc, Cl B		68,760		11,107

				131,343
Information Technology — 9.5%
Amdocs Ltd		68,616		5,452
Amkor Technology Inc		108,102		1,843
Applied Materials Inc		46,847		3,838
Arrow Electronics Inc, Cl A *		43,920		4,049
Broadcom Inc		22,984		10,205
Cisco Systems Inc		349,960		13,998
Cognizant Technology Solutions Corp, Cl A		30,034		1,725
Dell Technologies Inc, Cl C		40,811		1,395
DXC Technology Co *		71,616		1,753
Global Payments Inc		32,432		3,504
Hewlett Packard Enterprise Co		292,631		3,506
HP Inc		333,017		8,299
Intel Corp		576,838		14,865
International Business Machines Corp		35,900		4,265
Jabil Inc		72,955		4,210
Juniper Networks Inc		144,777		3,782
Micron Technology Inc		69,011		3,457


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Microsoft Corp		39,275	$	9,147
Oracle Corp, Cl B		76,101		4,648
QUALCOMM Inc		5,099		576
Seagate Technology Holdings PLC		47,512		2,529
Teradyne Inc		67,520		5,074
Vontier Corp		190,609		3,185
Xerox Holdings Corp		94,367		1,235
Zebra Technologies Corp, Cl A *		5,478		1,435

				117,975
Materials — 4.8%
Berry Global Group Inc *		26,280		1,223
Celanese Corp, Cl A		36,390		3,287
Crown Holdings Inc		50,076		4,058
Dow Inc		306,089		13,446
DuPont de Nemours Inc		50,372		2,539
Eastman Chemical Co		74,402		5,286
Huntsman Corp		202,556		4,971
International Paper Co		111,708		3,541
Louisiana-Pacific Corp		56,701		2,903
LyondellBasell Industries NV, Cl A		39,065		2,941
Newmont Corp		65,956		2,772
O-I Glass Inc, Cl I *		82,301		1,066
Reliance Steel & Aluminum Co		32,299		5,633
Steel Dynamics Inc		48,750		3,459
Sylvamo Corp		10,155		344
Westrock Co		60,481		1,868

				59,337
Real Estate — 3.3%
Boston Properties Inc ^‡		87,252		6,541
Gaming and Leisure Properties Inc ^‡		70,961		3,139
Healthpeak Properties Inc ^‡		430,340		9,864
Iron Mountain Inc ^‡		44,969		1,977
Omega Healthcare Investors Inc ^‡		84,133		2,481
Sabra Health Care REIT Inc ^‡		182,928		2,400
Service Properties Trust ^‡		264,868		1,375
Simon Property Group Inc ^‡		27,995		2,513

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
VICI Properties Inc ^‡		372,874	$	11,130
				41,420
Utilities — 4.9%
Duke Energy Corp		138,050		12,842
Edison International		110,674		6,262
Exelon Corp		39,130		1,466
FirstEnergy Corp		118,673		4,391
NextEra Energy Inc		235,543		18,469
NRG Energy Inc		134,759		5,157
PPL Corp		147,944		3,750
UGI Corp		159,854		5,168
Vistra Corp		169,588		3,561
				61,066
Total Common Stock
(Cost $1,016,862) ($ Thousands)				1,224,663

AFFILIATED PARTNERSHIP — 1.3%
SEI Liquidity Fund, LP
2.930% **^†(B)		15,769,129		15,770
Total Affiliated Partnership
(Cost $15,772) ($ Thousands)				15,770

CASH EQUIVALENT — 1.3%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		15,999,758		16,000
Total Cash Equivalent
(Cost $16,000) ($ Thousands)				16,000
Total Investments in Securities — 101.0%
(Cost $1,048,634) ($ Thousands)			$	1,256,433

	Percentages are based on Net Assets of $1,244,360 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 12). The total market value of securities on loan at September 30, 2022 was $14,981 ($ Thousands).
(B)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $15,770 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

1,224,663

–

1,224,663

Affiliated Partnership

–

15,770

–

15,770

Cash Equivalent

16,000

–

16,000

Total Investments in Securities

1,240,663

15,770

–

1,256,433

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(670	)		–		–		(670	)
Total Other Financial Instruments		(670	)		–		–		(670	)

*	Futures contracts are valued at the unrealized depreciation on the instrument.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† — 98.9%

Communication Services — 7.9%
Alphabet Inc, Cl A *		333,626	$	31,911
Alphabet Inc, Cl C *		413,280		39,737
Live Nation Entertainment Inc *		211,953		16,117
Meta Platforms Inc, Cl A *		637		86
Netflix Inc *		17,623		4,149
Sirius XM Holdings Inc (A)		7,201		41
Take-Two Interactive Software Inc, Cl A *		54,181		5,906
Trade Desk Inc/The, Cl A *		68,109		4,070
				102,017
Consumer Discretionary — 16.4%
Airbnb Inc, Cl A *		31,685		3,328
Alibaba Group Holding ADR *		33,334		2,666
Amazon.com Inc, Cl A *		532,640		60,188
AutoNation Inc *		92		9
AutoZone Inc *		11,405		24,429
Booking Holdings Inc *		52		85
Capri Holdings Ltd *		125,545		4,826
Choice Hotels International Inc		875		96
Domino's Pizza Inc		16,493		5,116
eBay Inc		2,250		83
General Motors Co		46,002		1,476
Genuine Parts Co		6,335		946
Grand Canyon Education Inc *		1,095		90
H&R Block Inc		42,447		1,806
Home Depot Inc/The		42,314		11,676
LKQ Corp		1,885		89
Lowe's Cos Inc		70,462		13,234
Marriott International Inc/MD, Cl A		52,218		7,318
McDonald's Corp		12,195		2,814
MercadoLibre Inc *		2,507		2,075
MGM Resorts International		512,487		15,231
NIKE Inc, Cl B		49,782		4,138
Tesla Inc *		145,390		38,565
TJX Cos Inc/The		145,852		9,060


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Ulta Beauty Inc *		239	$	96
Vail Resorts Inc		17,939		3,868
Yum! Brands Inc		902		96
				213,404
Consumer Staples — 6.1%
Bunge Ltd		72,372		5,976
Colgate-Palmolive Co		82,910		5,824
Costco Wholesale Corp		35,499		16,765
General Mills Inc		24,220		1,856
Grocery Outlet Holding Corp *		2,931		98
Hershey Co/The		58,404		12,876
Kroger Co/The		188,320		8,239
PepsiCo Inc		129,634		21,164
Procter & Gamble Co/The		52,380		6,613

				79,411
Energy — 1.7%
Antero Resources Corp *		94,685		2,891
Cheniere Energy Inc		2,741		455
Chevron Corp		6,691		961
ConocoPhillips		49,249		5,040
Devon Energy Corp		1,517		91
EOG Resources Inc		19,753		2,207
Marathon Oil Corp		4,412		99
Pioneer Natural Resources Co		49,221		10,658

				22,402
Financials — 5.4%
Blackstone Inc, Cl A		56,046		4,691
CME Group Inc, Cl A		42,935		7,605
FactSet Research Systems Inc		24,114		9,648
Moody's Corp		62,183		15,117
MSCI Inc, Cl A		25,644		10,816
Ryan Specialty Holdings Inc, Cl A *		2,521		103
S&P Global Inc		29,549		9,023
Signature Bank/New York NY, Cl B		31,370		4,737
W R Berkley Corp		138,349		8,935
				70,675
Health Care — 12.8%
Abbott Laboratories		12,963		1,254
AbbVie Inc		69,968		9,390
Acadia Healthcare Co Inc, Cl A *		70,739		5,530
AstraZeneca PLC ADR		33,283		1,825
Becton Dickinson and Co		20,020		4,461
Centene Corp *		101,452		7,894
CVS Health Corp		1,792		171
Danaher Corp, Cl A		82,776		21,380
Edwards Lifesciences Corp, Cl A *		22,530		1,862
Eli Lilly & Co		17,210		5,565
Humana Inc		3,770		1,829
Johnson & Johnson		74,128		12,110
McKesson Corp		55,308		18,797


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Merck & Co Inc		38,050	$	3,277
Mettler-Toledo International Inc *		3,116		3,378
Natera Inc *		155,464		6,813
Pfizer Inc		2,165		95
Thermo Fisher Scientific Inc		195		99
TransMedics Group Inc *		52,630		2,197
UnitedHealth Group Inc		106,163		53,617
Veeva Systems Inc, Cl A *		620		102
Vertex Pharmaceuticals Inc *		17,992		5,209
				166,855
Industrials — 7.0%
AMETEK Inc		39,508		4,481
Carrier Global Corp		209,480		7,449
Eaton Corp PLC		109,427		14,593
General Dynamics Corp		28,519		6,051
Graco Inc		149,146		8,941
Middleby Corp/The *		51,098		6,549
Otis Worldwide Corp		108,620		6,930
Republic Services Inc		14,557		1,980
Tetra Tech Inc		41,695		5,359
TransDigm Group Inc		19,818		10,401
Uber Technologies Inc *		3,498		93
Union Pacific Corp		41,577		8,100
Waste Management Inc		37,738		6,046
Westinghouse Air Brake Technologies Corp		48,052		3,909
WillScot Mobile Mini Holdings Corp, Cl A *		2,559		103

				90,985
Information Technology — 38.0%
Adobe Inc *		37,036		10,192
Advanced Micro Devices Inc *		206,457		13,081
Analog Devices Inc		79,730		11,110
Apple Inc		776,188		107,269
Applied Materials Inc		93,624		7,671
Arista Networks Inc *		62,593		7,066
Autodesk Inc, Cl A *		533		100
Automatic Data Processing Inc		12,306		2,783
Broadcom Inc		24,306		10,792
Cadence Design Systems Inc *		24,900		4,069
Cisco Systems Inc		61,985		2,479
Crowdstrike Holdings Inc, Cl A *		44,656		7,360
Datadog Inc, Cl A *		92,849		8,243
Dolby Laboratories Inc, Cl A		33,180		2,162
Dropbox Inc, Cl A *		4,973		103
Enphase Energy Inc *		21,846		6,062
Fair Isaac Corp *		1,175		484
First Solar Inc *		35,253		4,663
Fortinet Inc *		107,759		5,294
HP Inc		150,277		3,745
Intuit Inc		69,770		27,023
Jabil Inc		65,181		3,762
Keysight Technologies Inc *		19,675		3,096


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Manhattan Associates Inc *		772	$	103
Marvell Technology Inc		9,597		412
Mastercard Inc, Cl A		73,622		20,934
Microsoft Corp		562,719		131,057
Monolithic Power Systems Inc		3,522		1,280
NetApp Inc		77,249		4,778
NortonLifeLock Inc		52,945		1,066
NVIDIA Corp		129,288		15,694
ON Semiconductor Corp *		82,028		5,113
Oracle Corp, Cl B		160,423		9,797
Palo Alto Networks Inc *		83,633		13,698
Paychex Inc		27,041		3,034
Paylocity Holding Corp *		401		97
PayPal Holdings Inc *		25,679		2,210
Pure Storage Inc, Cl A *		112,644		3,083
QUALCOMM Inc		12,608		1,425
ServiceNow Inc *		15,531		5,865
SolarEdge Technologies Inc *		9,408		2,178
Teradyne Inc		210		16
Texas Instruments Inc		1,709		264
Ubiquiti Inc		4,225		1,240
VeriSign Inc *		551		96
Visa Inc, Cl A		119,721		21,268
				493,317
Materials — 2.3%
CF Industries Holdings Inc		972		94
Linde PLC		47,014		12,675
Sherwin-Williams Co/The, Cl A		48,131		9,855
Steel Dynamics Inc		90,109		6,393
				29,017
Real Estate — 0.8%
Crown Castle Inc ^‡		62,271		9,001
Public Storage ^‡		5,307		1,554
				10,555
Utilities — 0.5%
National Fuel Gas Co		51,133		3,147
NextEra Energy Inc		44,859		3,518
				6,665
Total Common Stock
(Cost $832,475) ($ Thousands)				1,285,303

	Percentages are based on Net Assets of $1,299,744 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^†	Investment in Affiliated Security (see Note 6).
^†^†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
^‡	Real Estate Investment Trust.
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 12). The total market value of securities on loan at September 30, 2022 was $41 ($ Thousands).
(B)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $45 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

1,285,303

–

1,285,303

Affiliated Partnership

–

Cash Equivalent

13,898

–

13,898

Total Investments in Securities

1,299,201

–

1,299,246

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(516	)		–		–		(516	)
Total Other Financial Instruments		(516	)		–		–		(516	)

*	Futures contracts are valued at the unrealized depreciation on the instrument.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022, ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contract, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† — 99.3%

Communication Services — 7.7%
Activision Blizzard Inc		20,781	$	1,545
Alphabet Inc, Cl A *		160,960		15,396
Alphabet Inc, Cl C *		144,500		13,894
Altice USA Inc, Cl A *		5,800		34
AMC Entertainment Holdings Inc, Cl A *(A)		13,800		96
AT&T Inc		191,491		2,937
Cable One Inc		138		118
Charter Communications Inc, Cl A *		2,974		902
Comcast Corp, Cl A		117,129		3,435
DISH Network Corp, Cl A *		6,511		90
Electronic Arts Inc		7,406		857
Fox Corp, Cl A		8,031		246
Fox Corp, Cl B		4,000		114
Frontier Communications Parent Inc *		6,600		155
IAC Inc *		1,998		111
Interpublic Group of Cos Inc/The		10,400		266
Liberty Broadband Corp, Cl A *		500		37
Liberty Broadband Corp, Cl C *		3,258		240
Liberty Media Corp-Liberty Formula One, Cl A *		500		26
Liberty Media Corp-Liberty Formula One, Cl C *		5,400		316
Liberty Media Corp-Liberty SiriusXM *		6,198		234
Live Nation Entertainment Inc *		4,190		319
Lumen Technologies Inc		27,095		197
Madison Square Garden Sports Corp *		496		68
Match Group Inc *		7,699		368
Meta Platforms Inc, Cl A *		61,378		8,328
Netflix Inc *		11,677		2,749
New York Times Co/The, Cl A		4,312		124
News Corp, Cl A		10,300		156
News Corp, Cl B		3,200		49
Nexstar Media Group Inc, Cl A		1,000		167


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Omnicom Group Inc		5,526	$	349
Paramount Global, Cl A		219		5
Paramount Global, Cl B		15,453		294
Pinterest Inc, Cl A *		15,576		363
Playtika Holding Corp *		2,800		26
ROBLOX Corp, Cl A *		11,800		423
Roku Inc, Cl A *		3,145		177
Sirius XM Holdings Inc (A)		18,618		106
Spotify Technology SA *		3,760		325
Take-Two Interactive Software Inc, Cl A *		4,304		469
T-Mobile US Inc *		15,917		2,136
Trade Desk Inc/The, Cl A *		11,851		708
TripAdvisor Inc *		2,600		57
Twitter Inc *		19,880		872
Verizon Communications Inc		112,373		4,267
Walt Disney Co/The *		48,740		4,598
Warner Bros Discovery Inc *		63,320		728
World Wrestling Entertainment Inc, Cl A		1,200		84
ZoomInfo Technologies Inc, Cl A *		7,400		308
				69,869
Consumer Discretionary — 11.5%
ADT Inc		5,900		44
Advance Auto Parts Inc		1,617		253
Airbnb Inc, Cl A *		10,500		1,103
Amazon.com Inc, Cl A *		237,820		26,874
Aptiv PLC *		7,253		567
Aramark		6,191		193
AutoNation Inc *		994		101
AutoZone Inc *		543		1,163
Bath & Body Works Inc		6,100		199
Best Buy Co Inc		5,380		341
Booking Holdings Inc *		1,081		1,776
BorgWarner Inc		6,400		201
Boyd Gaming Corp		2,200		105
Bright Horizons Family Solutions Inc *		1,600		92
Brunswick Corp/DE		2,000		131
Burlington Stores Inc *		1,753		196
Caesars Entertainment Inc *		5,400		174
Capri Holdings Ltd *		3,500		134
CarMax Inc *		4,300		284
Carnival Corp *		25,927		182
Carter's Inc		1,100		72
Carvana Co, Cl A *		2,868		58
Chipotle Mexican Grill Inc, Cl A *		739		1,110
Choice Hotels International Inc		928		102
Churchill Downs Inc		961		177
Columbia Sportswear Co		1,000		67
Darden Restaurants Inc		3,299		417
Deckers Outdoor Corp *		701		219
Dick's Sporting Goods Inc		1,492		156
Dollar General Corp		6,145		1,474
Dollar Tree Inc *		5,656		770


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Domino's Pizza Inc		960	$	298
DoorDash Inc, Cl A *		6,664		329
DR Horton Inc		8,538		575
DraftKings Inc, Cl A *		8,700		132
eBay Inc		14,706		541
Etsy Inc *		3,404		341
Expedia Group Inc *		4,024		377
Five Below Inc *		1,483		204
Floor & Decor Holdings Inc, Cl A *		2,700		190
Ford Motor Co		105,785		1,185
GameStop Corp, Cl A *(A)		7,200		181
Gap Inc/The		5,300		44
Garmin Ltd		4,157		334
General Motors Co		38,849		1,247
Gentex Corp		6,235		149
Genuine Parts Co		3,676		549
Grand Canyon Education Inc *		800		66
H&R Block Inc		4,400		187
Hanesbrands Inc		9,000		63
Harley-Davidson Inc, Cl A		3,600		126
Hasbro Inc		3,602		243
Hilton Worldwide Holdings Inc		7,184		866
Home Depot Inc/The		27,607		7,618
Hyatt Hotels Corp, Cl A *		1,294		105
Kohl's Corp		3,625		91
Las Vegas Sands Corp *		8,846		332
Lear Corp		1,594		191
Leggett & Platt Inc		3,600		120
Lennar Corp, Cl A		6,789		506
Lennar Corp, Cl B		450		27
Leslie's Inc *		4,400		65
Lithia Motors Inc, Cl A		667		143
LKQ Corp		6,888		325
Lowe's Cos Inc		17,126		3,216
Lucid Group Inc *(A)		14,200		198
Lululemon Athletica Inc *		2,984		834
Macy's Inc		7,600		119
Marriott International Inc/MD, Cl A		7,355		1,031
Marriott Vacations Worldwide Corp		1,000		122
Mattel Inc *		9,300		176
McDonald's Corp		19,798		4,568
MGM Resorts International		8,753		260
Mister Car Wash Inc *		2,100		18
Mohawk Industries Inc *		1,432		131
Newell Brands Inc, Cl B		10,070		140
NIKE Inc, Cl B		32,744		2,722
Nordstrom Inc		3,000		50
Norwegian Cruise Line Holdings Ltd *		11,363		129
NVR Inc *		82		327
Ollie's Bargain Outlet Holdings Inc *		1,661		86
O'Reilly Automotive Inc *		1,650		1,160
Peloton Interactive Inc, Cl A *		7,927		55


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Penn EntertainmentInc *		4,400	$	121
Penske Automotive Group Inc, Cl A		700		69
Petco Health & Wellness Co Inc, Cl A *		2,300		26
Planet Fitness Inc, Cl A *		2,200		127
Polaris Inc		1,531		146
Pool Corp		1,021		325
PulteGroup Inc		6,100		229
PVH Corp		1,849		83
QuantumScape Corp, Cl A *(A)		6,600		55
Ralph Lauren Corp, Cl A		1,184		101
RH *		453		111
Rivian Automotive Inc, Cl A *		14,000		461
Ross Stores Inc		9,244		779
Royal Caribbean Cruises Ltd *		5,823		221
Service Corp International/US		4,100		237
Six Flags Entertainment Corp *		2,100		37
Skechers USA Inc, Cl A *		3,453		109
Starbucks Corp		30,701		2,587
Tapestry Inc		6,708		191
Target Corp, Cl A		12,402		1,840
Tempur Sealy International Inc		4,700		113
Terminix Global Holdings Inc *		3,200		122
Tesla Inc *		68,087		18,060
Thor Industries Inc		1,400		98
TJX Cos Inc/The		31,359		1,948
Toll Brothers Inc		2,900		122
TopBuild Corp *		858		141
Tractor Supply Co		3,001		558
Travel + Leisure Co		2,263		77
Ulta Beauty Inc *		1,378		553
Under Armour Inc, Cl A *		4,815		32
Under Armour Inc, Cl C *		5,600		33
Vail Resorts Inc		1,070		231
VF Corp		9,364		280
Victoria's Secret & Co *		2,266		66
Wayfair Inc, Cl A *		2,023		66
Wendy's Co/The		4,600		86
Whirlpool Corp		1,438		194
Williams-Sonoma Inc		1,800		212
Wyndham Hotels & Resorts Inc		2,463		151
Wynn Resorts Ltd *		2,815		177
YETI Holdings Inc *		2,300		66
Yum! Brands Inc		7,709		820
				103,888
Consumer Staples — 6.4%
Albertsons Cos Inc, Cl A		4,300		107
Altria Group Inc		48,450		1,956
Archer-Daniels-Midland Co		14,988		1,206
BJ's Wholesale Club Holdings Inc *		3,600		262
Boston Beer Co Inc/The, Cl A *		240		78
Brown-Forman Corp, Cl A		1,240		84
Brown-Forman Corp, Cl B		4,922		328


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Bunge Ltd		3,800	$	314
Campbell Soup Co		5,200		245
Casey's General Stores Inc		996		202
Church & Dwight Co Inc		6,510		465
Clorox Co/The		3,271		420
Coca-Cola Co/The		104,424		5,850
Colgate-Palmolive Co		22,079		1,551
Conagra Brands Inc		12,749		416
Constellation Brands Inc, Cl A		4,086		939
Costco Wholesale Corp		11,848		5,595
Coty Inc, Cl A *		9,339		59
Darling Ingredients Inc *		4,323		286
Estee Lauder Cos Inc/The, Cl A		6,124		1,322
Flowers Foods Inc		4,900		121
Freshpet Inc *		1,200		60
General Mills Inc		15,861		1,215
Grocery Outlet Holding Corp *		2,300		77
Hershey Co/The		3,942		869
Hormel Foods Corp		7,737		352
Ingredion Inc		1,810		146
J M Smucker Co/The		2,754		378
Kellogg Co		6,785		473
Keurig Dr Pepper Inc		22,885		820
Kimberly-Clark Corp		8,990		1,012
Kraft Heinz Co/The		18,749		625
Kroger Co/The		17,488		765
Lamb Weston Holdings Inc		3,900		302
McCormick & Co Inc/MD		6,682		476
Molson Coors Beverage Co, Cl B		4,695		225
Mondelez International Inc, Cl A		36,946		2,026
Monster Beverage Corp *		9,939		864
Olaplex Holdings Inc *		3,500		33
PepsiCo Inc		36,978		6,037
Performance Food Group Co *		4,100		176
Philip Morris International Inc		41,463		3,442
Pilgrim's Pride Corp *		1,300		30
Post Holdings Inc *		1,507		123
Procter & Gamble Co/The		63,920		8,070
Reynolds Consumer Products Inc		1,500		39
Seaboard Corp		6		20
Spectrum Brands Holdings Inc		1,057		41
Sysco Corp, Cl A		13,663		966
Tyson Foods Inc, Cl A		7,608		502
US Foods Holding Corp *		5,397		143
Walgreens Boots Alliance Inc		19,241		604
Walmart Inc		38,561		5,001

				57,718
Energy — 4.6%
Antero Midstream Corp		8,900		82
Antero Resources Corp *		7,900		241
APA Corp		8,600		294
Baker Hughes Co, Cl A		24,702		518


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Cheniere Energy Inc		6,673	$	1,107
Chesapeake Energy Corp		3,200		302
Chevron Corp		52,548		7,550
ConocoPhillips		34,051		3,485
Continental Resources Inc/OK, Cl A		900		60
Coterra Energy Inc		21,214		554
Devon Energy Corp		17,561		1,056
Diamondback Energy Inc, Cl A		4,629		558
DT Midstream Inc		2,506		130
Enviva Inc		800		48
EOG Resources Inc		15,582		1,741
EQT Corp		9,967		406
Exxon Mobil Corp		111,543		9,739
Halliburton Co		24,245		597
Hess Corp		7,549		823
HF Sinclair Corp		4,000		215
Kinder Morgan Inc		53,334		888
Marathon Oil Corp		18,092		408
Marathon Petroleum Corp		13,312		1,322
New Fortress Energy Inc, Cl A		1,300		57
NOV Inc		10,400		168
Occidental Petroleum Corp		21,823		1,341
ONEOK Inc		11,961		613
Ovintiv Inc		6,900		317
PDC Energy Inc, Cl A		2,500		145
Phillips 66		12,862		1,038
Pioneer Natural Resources Co		6,374		1,380
Range Resources Corp		7,000		177
Schlumberger NV, Cl A		37,775		1,356
Southwestern Energy Co *		29,800		182
Targa Resources Corp		6,000		362
Texas Pacific Land Corp		149		265
Valero Energy Corp		10,574		1,130
Williams Cos Inc/The		32,673		935

				41,590
Financials — 11.4%
Affiliated Managers Group Inc		1,071		120
Aflac Inc		16,846		947
AGNC Investment Corp ^‡		13,728		116
Alleghany Corp *		354		297
Allstate Corp/The		7,180		894
Ally Financial Inc		8,158		227
American Express Co		16,114		2,174
American Financial Group Inc/OH		1,843		226
American International Group Inc		20,303		964
Ameriprise Financial Inc		2,836		715
Annaly Capital Management Inc ^‡		11,193		192
Aon PLC, Cl A		5,647		1,513
Apollo Global Management Inc		12,247		570
Arch Capital Group Ltd *		9,489		432
Ares Management Corp, Cl A		4,100		254
Arthur J Gallagher & Co		5,505		943


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Assurant Inc		1,400	$	203
Assured Guaranty Ltd		1,514		73
Axis Capital Holdings Ltd		2,023		100
Bank of America Corp		187,866		5,673
Bank of Hawaii Corp		1,048		80
Bank of New York Mellon Corp/The		19,785		762
Bank OZK		2,900		115
Berkshire Hathaway Inc, Cl B *		48,215		12,874
BlackRock Inc		3,969		2,184
Blackstone Inc, Cl A		18,799		1,573
Blue Owl Capital Inc, Cl A		10,800		100
BOK Financial Corp		800		71
Brighthouse Financial Inc *		1,900		83
Brown & Brown Inc		6,400		387
Capital One Financial Corp		10,163		937
Carlyle Group Inc/The		5,600		145
Cboe Global Markets Inc		2,800		329
Charles Schwab Corp/The		40,616		2,919
Chubb Ltd		11,110		2,021
Cincinnati Financial Corp		4,200		376
Citigroup Inc		51,780		2,158
Citizens Financial Group Inc		13,159		452
CME Group Inc, Cl A		9,633		1,706
CNA Financial Corp		752		28
Coinbase Global Inc, Cl A *		4,100		264
Comerica Inc		3,453		246
Commerce Bancshares Inc/MO		2,880		191
Credit Acceptance Corp, Cl A *		217		95
Cullen/Frost Bankers Inc		1,514		200
Discover Financial Services		7,271		661
East West Bancorp Inc		3,800		255
Equitable Holdings Inc		9,900		261
Erie Indemnity Co, Cl A		656		146
Evercore Inc, Cl A		983		81
Everest Re Group Ltd		1,016		267
Eversource Energy		9,198		717
FactSet Research Systems Inc		985		394
Fidelity National Financial Inc		7,210		261
Fifth Third Bancorp		18,300		585
First American Financial Corp		2,800		129
First Citizens BancShares Inc/NC, Cl A		319		254
First Hawaiian Inc		3,500		86
First Horizon Corp		14,300		327
First Republic Bank/CA		4,773		623
FNB Corp/PA		9,200		107
Franklin Resources Inc		7,700		166
Globe Life Inc		2,401		239
Goldman Sachs Group Inc/The		8,939		2,620
Hanover Insurance Group Inc/The, Cl A		926		119
Hartford Financial Services Group Inc/The		8,559		530
Huntington Bancshares Inc/OH		38,438		507
Interactive Brokers Group Inc, Cl A		2,521		161


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Intercontinental Exchange Inc		14,812	$	1,338
Invesco Ltd		10,062		138
Janus Henderson Group PLC		3,600		73
Jefferies Financial Group Inc		5,600		165
JPMorgan Chase & Co		77,982		8,149
Kemper Corp, Cl A		1,755		72
KeyCorp		25,088		402
KKR & Co Inc		15,300		658
Lazard Ltd, Cl A		2,300		73
Lincoln National Corp		4,477		197
Loews Corp		5,289		264
LPL Financial Holdings Inc		2,092		457
M&T Bank Corp		4,677		825
Markel Corp *		360		390
MarketAxess Holdings Inc		975		217
Marsh & McLennan Cos Inc		13,395		2,000
MetLife Inc		17,915		1,089
MGIC Investment Corp		8,200		105
Moody's Corp		4,279		1,040
Morgan Stanley		33,462		2,644
Morningstar Inc, Cl A		700		149
MSCI Inc, Cl A		2,087		880
Nasdaq Inc, Cl A		9,300		527
New York Community Bancorp Inc		12,000		102
Northern Trust Corp		5,550		475
Old Republic International Corp		7,500		157
OneMain Holdings Inc, Cl A		3,181		94
PacWest Bancorp		3,000		68
Pinnacle Financial Partners Inc		2,000		162
PNC Financial Services Group Inc/The		11,056		1,652
Popular Inc		1,900		137
Primerica Inc		981		121
Principal Financial Group Inc, Cl A		6,634		479
Progressive Corp/The		15,607		1,814
Prosperity Bancshares Inc		2,400		160
Prudential Financial Inc		10,062		863
Raymond James Financial Inc		5,205		514
Regions Financial Corp		24,912		500
Reinsurance Group of America Inc, Cl A		1,824		229
RenaissanceRe Holdings Ltd		1,175		165
Rithm Capital Corp ^‡		11,640		85
Robinhood Markets Inc, Cl A *		14,900		151
Rocket Cos Inc, Cl A (A)		3,700		23
Ryan Specialty Holdings Inc, Cl A *		2,200		89
S&P Global Inc		8,938		2,729
SEI Investments Co ^†		2,800		137
Signature Bank/New York NY, Cl B		1,606		243
SLM Corp		6,540		92
SoFi Technologies Inc *		21,300		104
Starwood Property Trust Inc ^‡		7,600		138
State Street Corp		9,809		597
Stifel Financial Corp		2,700		140


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
SVB Financial Group, Cl B *		1,591	$	534
Synchrony Financial		12,968		365
Synovus Financial Corp		3,900		146
T Rowe Price Group Inc		5,971		627
TFS Financial Corp		1,417		18
Tradeweb Markets Inc, Cl A		2,900		164
Travelers Cos Inc/The		6,370		976
Truist Financial Corp		35,527		1,547
Umpqua Holdings Corp		5,819		99
Unum Group		5,475		212
Upstart Holdings Inc *(A)		2,000		42
US Bancorp		35,880		1,447
UWM Holdings Corp (A)		2,800		8
Virtu Financial Inc, Cl A		2,800		58
Voya Financial Inc		2,600		157
W R Berkley Corp		5,450		352
Webster Financial Corp		4,768		216
Wells Fargo & Co		101,404		4,078
Western Alliance Bancorp		2,800		184
White Mountains Insurance Group Ltd		79		103
Willis Towers Watson PLC		2,950		593
Wintrust Financial Corp		1,600		130
Zions Bancorp NA		4,000		203
				102,756
Health Care — 14.6%
10X Genomics Inc, Cl A *		2,498		71
Abbott Laboratories		45,908		4,442
AbbVie Inc		47,223		6,338
ABIOMED Inc *		1,158		285
Acadia Healthcare Co Inc, Cl A *		2,400		188
Agilent Technologies Inc		8,054		979
agilon health Inc *		5,070		119
Align Technology Inc *		2,051		425
Alnylam Pharmaceuticals Inc *		3,227		646
Amedisys Inc *		900		87
AmerisourceBergen Corp, Cl A		3,995		541
Amgen Inc, Cl A		14,279		3,218
Avantor Inc *		16,620		326
Azenta Inc		1,900		81
Baxter International Inc		13,465		725
Becton Dickinson and Co		7,609		1,696
Biogen Inc *		3,859		1,030
BioMarin Pharmaceutical Inc *		4,967		421
Bio-Rad Laboratories Inc, Cl A *		556		232
Bio-Techne Corp		1,024		291
Boston Scientific Corp *		38,338		1,485
Bristol-Myers Squibb Co		56,954		4,049
Bruker Corp		2,900		154
Cardinal Health Inc		7,300		487
Catalent Inc *		4,623		335
Centene Corp *		15,181		1,181
Certara Inc *		3,100		41


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Change Healthcare Inc *		6,535	$	180
Charles River Laboratories International Inc *		1,303		256
Chemed Corp		392		171
Cigna Corp		7,966		2,210
Cooper Cos Inc/The, Cl A		1,268		335
CVS Health Corp		35,008		3,339
Danaher Corp, Cl A		17,295		4,467
DaVita Inc *		1,500		124
Definitive Healthcare Corp, Cl A *		600		9
DENTSPLY SIRONA Inc		5,800		164
Dexcom Inc *		10,472		843
Doximity Inc, Cl A *		2,600		79
Edwards Lifesciences Corp, Cl A *		16,547		1,367
Elanco Animal Health Inc *		11,877		147
Elevance Health Inc		6,463		2,936
Eli Lilly & Co		22,500		7,275
Encompass Health Corp		2,600		118
Enhabit Inc *		1,300		18
Enovis Corp *		1,266		58
Envista Holdings Corp *		4,300		141
Exact Sciences Corp *		4,600		149
Exelixis Inc *		8,200		129
Gilead Sciences Inc		33,544		2,069
Globus Medical Inc, Cl A *		2,100		125
Guardant Health Inc *		2,609		140
HCA Healthcare Inc		5,849		1,075
Henry Schein Inc *		3,647		240
Hologic Inc *		6,600		426
Horizon Therapeutics Plc *		6,000		371
Humana Inc		3,399		1,649
ICU Medical Inc *		519		78
IDEXX Laboratories Inc *		2,229		726
Illumina Inc *		4,228		807
Incyte Corp *		4,943		329
Insulet Corp *		1,819		417
Integra LifeSciences Holdings Corp *		1,900		81
Intuitive Surgical Inc *		9,607		1,801
Ionis Pharmaceuticals Inc *		3,700		164
IQVIA Holdings Inc *		4,905		889
Jazz Pharmaceuticals PLC *		1,680		224
Johnson & Johnson		70,380		11,497
Laboratory Corp of America Holdings		2,437		499
Maravai LifeSciences Holdings Inc, Cl A *		3,000		77
Masimo Corp *		1,300		184
McKesson Corp		3,842		1,306
Medtronic PLC		35,703		2,883
Merck & Co Inc		67,702		5,831
Mettler-Toledo International Inc *		593		643
Mirati Therapeutics Inc *		1,100		77
Moderna Inc *		9,081		1,074
Molina Healthcare Inc *		1,495		493


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Natera Inc *		2,200	$	96
Neurocrine Biosciences Inc *		2,584		274
Novavax Inc *		2,000		36
Novocure Ltd *		2,775		211
Oak Street Health Inc *		3,200		78
Organon & Co		6,770		158
Penumbra Inc *		900		171
PerkinElmer Inc		3,341		402
Perrigo Co PLC		3,493		125
Pfizer Inc		151,227		6,618
Premier Inc, Cl A		3,200		109
QIAGEN NV *		6,000		248
Quest Diagnostics Inc		3,100		380
QuidelOrtho Corp *		1,300		93
Regeneron Pharmaceuticals Inc *		2,788		1,921
Repligen Corp *		1,450		271
ResMed Inc		3,853		841
Royalty Pharma PLC, Cl A		9,800		394
Sarepta Therapeutics Inc *		2,300		254
Seagen Inc *		3,607		494
Signify Health Inc, Cl A *		1,800		52
Sotera Health Co *		2,700		18
STERIS PLC		2,640		439
Stryker Corp		9,366		1,897
Syneos Health Inc, Cl A *		2,659		125
Tandem Diabetes Care Inc *		1,662		80
Teladoc Health Inc *		4,310		109
Teleflex Inc		1,239		250
Tenet Healthcare Corp *		2,800		144
Thermo Fisher Scientific Inc		10,447		5,299
Ultragenyx Pharmaceutical Inc *		1,700		70
United Therapeutics Corp *		1,172		245
UnitedHealth Group Inc		25,065		12,659
Universal Health Services Inc, Cl B		1,675		148
Veeva Systems Inc, Cl A *		3,768		621
Vertex Pharmaceuticals Inc *		6,811		1,972
Viatris Inc, Cl W *		32,030		273
Waters Corp *		1,599		431
West Pharmaceutical Services Inc		1,928		474
Zimmer Biomet Holdings Inc		5,622		588
Zoetis Inc, Cl A		12,625		1,872
				131,503
Industrials — 8.5%
3M Co		15,152		1,674
A O Smith Corp		3,400		165
Acuity Brands Inc		819		129
Advanced Drainage Systems Inc		1,700		211
AECOM		3,500		239
AGCO Corp		1,700		163
Air Lease Corp, Cl A		2,800		87
Alaska Air Group Inc *		3,200		125
Allegion PLC		2,350		211


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Allison Transmission Holdings Inc		2,500	$	84
AMERCO		237		121
American Airlines Group Inc *		17,072		206
AMETEK Inc		6,183		701
Armstrong World Industries Inc		1,300		103
Avis Budget Group Inc *		800		119
Axon Enterprise Inc *		1,843		213
AZEK Co Inc/The, Cl A *		3,000		50
Boeing Co/The *		14,638		1,772
Booz Allen Hamilton Holding Corp, Cl A		3,540		327
Builders FirstSource Inc *		4,100		242
BWX Technologies Inc, Cl W		2,500		126
CACI International Inc, Cl A *		592		155
Carlisle Cos Inc		1,324		371
Carrier Global Corp		22,852		813
Caterpillar Inc, Cl A		14,145		2,321
CH Robinson Worldwide Inc		3,255		313
ChargePoint Holdings Inc *		5,900		87
Cintas Corp		2,301		893
Clarivate PLC *		12,400		116
Clean Harbors Inc *		1,400		154
Copa Holdings SA, Cl A *		833		56
Copart Inc *		5,714		608
Core & Main Inc, Cl A *		1,600		36
CoStar Group Inc *		10,500		731
Crane Holdings Co		1,300		114
CSX Corp		57,176		1,523
Cummins Inc		3,767		767
Curtiss-Wright Corp		1,000		139
Deere & Co		7,541		2,518
Delta Air Lines Inc, Cl A *		17,321		486
Donaldson Co Inc, Cl A		3,300		162
Dover Corp		3,851		449
Driven Brands Holdings Inc *		1,500		42
Dun & Bradstreet Holdings Inc		6,900		85
Eaton Corp PLC		10,711		1,428
Emerson Electric Co		15,846		1,160
Equifax Inc		3,279		562
Esab Corp		1,366		46
Expeditors International of Washington Inc		4,400		389
Fastenal Co, Cl A		15,387		708
FedEx Corp		6,460		959
Flowserve Corp		3,400		83
Fortive Corp		9,559		557
Fortune Brands Home & Security Inc		3,561		191
FTI Consulting Inc *		852		141
Gates Industrial Corp PLC *		2,600		25
Generac Holdings Inc *		1,700		303
General Dynamics Corp		6,455		1,370
General Electric Co		29,266		1,812
Graco Inc		4,500		270
GXO Logistics Inc *		2,933		103


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Hayward Holdings Inc *		2,000	$	18
HEICO Corp		1,250		180
HEICO Corp, Cl A		2,100		241
Hertz Global Holdings Inc *		5,400		88
Hexcel Corp, Cl A		2,200		114
Honeywell International Inc		18,051		3,014
Howmet Aerospace Inc		10,000		309
Hubbell Inc, Cl B		1,405		313
Huntington Ingalls Industries Inc, Cl A		1,027		227
IAA Inc *		3,600		115
IDEX Corp		2,003		400
Illinois Tool Works Inc		8,289		1,497
Ingersoll Rand Inc		10,949		474
ITT Inc		2,248		147
Jacobs Solutions Inc		3,395		368
JB Hunt Transport Services Inc		2,210		346
JetBlue Airways Corp *		8,197		54
Johnson Controls International plc		18,626		917
KBR Inc		3,700		160
Kirby Corp *		1,600		97
Knight-Swift Transportation Holdings Inc, Cl A		4,227		207
L3Harris Technologies Inc		5,143		1,069
Landstar System Inc		992		143
Leidos Holdings Inc		3,600		315
Lennox International Inc		878		196
Lincoln Electric Holdings Inc		1,542		194
Lockheed Martin Corp		6,388		2,468
Lyft Inc, Cl A *		8,300		109
ManpowerGroup Inc		1,388		90
Masco Corp		6,000		280
MasTec Inc *		1,600		102
MDU Resources Group Inc		5,300		145
Mercury Systems Inc *		1,500		61
Middleby Corp/The *		1,439		184
MSA Safety Inc		958		105
MSC Industrial Direct Co Inc, Cl A		1,179		86
Nielsen Holdings PLC		9,500		263
Nordson Corp		1,543		328
Norfolk Southern Corp		6,215		1,303
Northrop Grumman Corp		3,951		1,858
nVent Electric PLC		4,400		139
Old Dominion Freight Line Inc, Cl A		2,670		664
Oshkosh Corp		1,800		127
Otis Worldwide Corp		11,326		723
Owens Corning		2,660		209
PACCAR Inc		9,155		766
Parker-Hannifin Corp, Cl A (A)		3,456		837
Pentair PLC		4,400		179
Plug Power Inc *		14,100		296
Quanta Services Inc		3,800		484
Raytheon Technologies Corp		39,740		3,253


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Regal Rexnord Corp		1,800	$	253
Republic Services Inc		5,546		754
Robert Half International Inc		2,900		222
Rockwell Automation Inc		3,149		677
Rollins Inc		6,300		218
Ryder System Inc		1,400		106
Schneider National Inc, Cl B		1,500		30
Science Applications International Corp		1,500		133
Sensata Technologies Holding PLC		4,100		153
SiteOne Landscape Supply Inc *		1,152		120
Snap-on Inc		1,379		278
Southwest Airlines Co, Cl A *		15,844		489
Spirit AeroSystems Holdings Inc, Cl A		2,700		59
Stanley Black & Decker Inc		3,957		298
Stericycle Inc, Cl A *		2,400		101
Sunrun Inc *		5,409		149
Tetra Tech Inc		1,400		180
Textron Inc		5,638		328
Timken Co/The		1,700		100
Toro Co/The		2,800		242
Trane Technologies PLC		6,220		901
TransDigm Group Inc		1,375		722
TransUnion		5,100		303
Trex Co Inc *		3,100		136
Uber Technologies Inc *		50,429		1,336
Union Pacific Corp		16,836		3,280
United Airlines Holdings Inc *		8,873		289
United Parcel Service Inc, Cl B		19,696		3,182
United Rentals Inc *		1,894		512
Univar Solutions Inc *		4,500		102
Valmont Industries Inc		559		150
Verisk Analytics Inc, Cl A		4,149		708
Vertiv Holdings Co, Cl A		8,500		83
Waste Management Inc		11,050		1,770
Watsco Inc		876		226
WESCO International Inc *		1,200		143
Westinghouse Air Brake Technologies Corp		4,866		396
WillScot Mobile Mini Holdings Corp, Cl A *		5,500		222
Woodward Inc		1,642		132
WW Grainger Inc		1,211		592
XPO Logistics Inc *		2,733		122
Xylem Inc/NY		4,838		423

				76,996
Information Technology — 25.8%
Accenture PLC, Cl A		16,947		4,360
Adobe Inc *		12,603		3,468
Advanced Micro Devices Inc *		43,232		2,739
Affirm Holdings Inc, Cl A *		4,700		88
Akamai Technologies Inc *		4,200		337
Allegro MicroSystems Inc *		1,400		31
Alteryx Inc, Cl A *		1,536		86
Amdocs Ltd		3,300		262


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Amphenol Corp, Cl A		15,732	$	1,053
Analog Devices Inc		13,937		1,942
ANSYS Inc *		2,275		504
Apple Inc		409,111		56,539
Applied Materials Inc		23,197		1,901
AppLovin Corp, Cl A *		6,000		117
Arista Networks Inc *		6,552		740
Arrow Electronics Inc, Cl A *		1,731		160
Aspen Technology Inc *		731		174
Atlassian Corp PLC, Cl A *		3,643		767
Autodesk Inc, Cl A *		5,782		1,080
Automatic Data Processing Inc		11,174		2,527
Avalara Inc *		2,343		215
Avnet Inc		2,700		98
Bentley Systems Inc, Cl B		4,600		141
Bill.com Holdings Inc *		2,641		350
Black Knight Inc *		4,200		272
Block Inc, Cl A *		13,853		762
Broadcom Inc		10,531		4,676
Broadridge Financial Solutions Inc		3,125		451
Cadence Design Systems Inc *		7,302		1,193
CCC Intelligent Solutions Holdings Inc *		4,500		41
CDW Corp/DE		3,645		569
Ceridian HCM Holding Inc *		3,755		210
Ciena Corp *		4,100		166
Cirrus Logic Inc *		1,500		103
Cisco Systems Inc		111,175		4,447
Citrix Systems Inc		3,402		354
Cloudflare Inc, Cl A *		7,500		415
Cognex Corp		4,700		195
Cognizant Technology Solutions Corp, Cl A		13,861		796
Coherent Corp *		3,385		118
Concentrix Corp		1,200		134
Confluent Inc, Cl A *		3,300		78
Corning Inc, Cl B		20,414		592
Coupa Software Inc *		2,012		118
Crowdstrike Holdings Inc, Cl A *		5,641		930
Datadog Inc, Cl A *		6,900		613
Dell Technologies Inc, Cl C		6,887		235
DocuSign Inc, Cl A *		5,320		284
Dolby Laboratories Inc, Cl A		1,653		108
DoubleVerify Holdings Inc *		1,800		49
Dropbox Inc, Cl A *		7,300		151
DXC Technology Co *		6,081		149
Dynatrace Inc *		5,300		185
Elastic NV *		2,000		144
Enphase Energy Inc *		3,540		982
Entegris Inc		4,000		332
EPAM Systems Inc *		1,510		547
Euronet Worldwide Inc *		1,200		91
F5 Inc, Cl A *		1,581		229
Fair Isaac Corp *		662		273


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Fidelity National Information Services Inc, Cl B		16,319	$	1,233
First Solar Inc *		2,800		370
Fiserv Inc, Cl A *		15,728		1,472
Five9 Inc *		1,800		135
FleetCor Technologies Inc *		1,911		337
Fortinet Inc *		17,335		852
Gartner Inc *		2,025		560
Genpact Ltd		4,900		214
Global Payments Inc		7,377		797
GLOBALFOUNDRIES Inc *(A)		1,700		82
Globant SA *		1,053		197
GoDaddy Inc, Cl A *		4,225		300
Guidewire Software Inc, Cl Z *		2,182		134
Hewlett Packard Enterprise Co		34,807		417
HP Inc		27,701		690
HubSpot Inc *		1,171		316
Informatica Inc, Cl A *		900		18
Intel Corp		109,376		2,819
International Business Machines Corp		24,037		2,856
Intuit Inc		7,399		2,866
IPG Photonics Corp *		972		82
Jabil Inc		3,700		214
Jack Henry & Associates Inc		1,894		345
Jamf Holding Corp *		1,790		40
Juniper Networks Inc		8,500		222
Keysight Technologies Inc *		4,832		760
KLA Corp		3,789		1,147
Kyndryl Holdings Inc *		6,077		50
Lam Research Corp		3,607		1,320
Lattice Semiconductor Corp *		3,600		177
Littelfuse Inc		600		119
Lumentum Holdings Inc *		1,900		130
Manhattan Associates Inc *		1,705		227
Marvell Technology Inc		22,759		977
Mastercard Inc, Cl A		23,037		6,550
Microchip Technology Inc		14,350		876
Micron Technology Inc		29,473		1,477
Microsoft Corp		200,223		46,632
MKS Instruments Inc		1,500		124
MongoDB Inc, Cl A *		1,664		330
Monolithic Power Systems Inc		1,184		430
Motorola Solutions Inc		4,364		977
National Instruments Corp		3,527		133
nCino inc *		1,500		51
NCR Corp *		3,423		65
NetApp Inc		5,900		365
New Relic Inc *		1,400		80
NortonLifeLock Inc		15,201		306
Nutanix Inc, Cl A *		5,559		116
NVIDIA Corp		64,454		7,824
Okta Inc, Cl A *		4,016		228


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
ON Semiconductor Corp *		11,657	$	727
Oracle Corp, Cl B		40,493		2,473
Palantir Technologies Inc, Cl A *		48,220		392
Palo Alto Networks Inc *		7,823		1,281
Paychex Inc		8,590		964
Paycom Software Inc *		1,366		451
Paycor HCM Inc *		1,400		41
Paylocity Holding Corp *		1,035		250
PayPal Holdings Inc *		30,920		2,661
Pegasystems Inc		1,100		35
Procore Technologies Inc *		1,900		94
PTC Inc *		2,865		300
Pure Storage Inc, Cl A *		7,600		208
Qorvo Inc *		2,724		216
QUALCOMM Inc		29,943		3,383
RingCentral Inc, Cl A *		2,155		86
Roper Technologies Inc		2,840		1,021
Salesforce Inc *		25,754		3,704
SentinelOne Inc, Cl A *		4,600		118
ServiceNow Inc *		5,355		2,022
Shift4 Payments Inc, Cl A *		1,500		67
Skyworks Solutions Inc		4,326		369
Smartsheet Inc, Cl A *		3,300		113
Snowflake Inc, Cl A *		8,200		1,394
Splunk Inc *		4,382		330
SS&C Technologies Holdings Inc		5,900		282
Switch Inc, Cl A		3,900		131
Synopsys Inc *		4,092		1,250
TD SYNNEX Corp		1,100		89
Teledyne Technologies Inc *		1,194		403
Teradata Corp *		2,897		90
Teradyne Inc		4,154		312
Texas Instruments Inc		24,638		3,814
Thoughtworks Holding Inc *		2,400		25
Toast Inc, Cl A *		6,000		100
Trimble Inc *		6,800		369
Twilio Inc, Cl A *		4,658		322
Tyler Technologies Inc *		1,060		368
Ubiquiti Inc		169		50
UiPath Inc, Cl A *		10,000		126
Unity Software Inc *		5,553		177
Universal Display Corp		1,142		108
VeriSign Inc *		2,548		443
Viasat Inc *		1,900		57
Visa Inc, Cl A		44,004		7,817
VMware Inc, Cl A		5,575		594
Vontier Corp		4,463		75
Western Digital Corp *		8,292		270
Western Union Co/The		10,600		143
WEX Inc *		1,195		152
Wix.com Ltd *		1,400		109
Wolfspeed Inc *		3,130		324


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Workday Inc, Cl A *		5,239	$	798
Zebra Technologies Corp, Cl A *		1,384		363
Zendesk Inc *		3,252		248
Zoom Video Communications Inc, Cl A *		6,800		500
Zscaler Inc *		2,264		372
				232,691
Materials — 2.7%
Air Products and Chemicals Inc		5,910		1,375
Albemarle Corp		3,156		835
Alcoa Corp		4,900		165
Amcor PLC		40,100		430
AptarGroup Inc		1,800		171
Ardagh Metal Packaging SA		5,550		27
Ashland Inc		1,400		133
Avery Dennison Corp		2,166		352
Axalta Coating Systems Ltd *		6,000		126
Ball Corp		8,235		398
Berry Global Group Inc *		3,277		152
Celanese Corp, Cl A		2,938		265
CF Industries Holdings Inc		5,337		514
Chemours Co/The		4,200		104
Cleveland-Cliffs Inc *		14,000		189
Corteva Inc		19,334		1,105
Crown Holdings Inc		3,100		251
Dow Inc		19,275		847
DuPont de Nemours Inc		13,438		677
Eagle Materials Inc		1,059		114
Eastman Chemical Co		3,232		230
Ecolab Inc		6,588		951
Element Solutions Inc		6,100		99
FMC Corp		3,410		360
Freeport-McMoRan Inc, Cl B		38,302		1,047
Ginkgo Bioworks Holdings Inc *(A)		22,000		69
Graphic Packaging Holding Co		8,300		164
Huntsman Corp		5,105		125
International Flavors & Fragrances Inc		6,869		624
International Paper Co		9,591		304
Linde PLC		13,400		3,612
Louisiana-Pacific Corp		1,900		97
LyondellBasell Industries NV, Cl A		6,961		524
Martin Marietta Materials Inc, Cl A		1,616		520
Mosaic Co/The		9,300		450
MP Materials Corp *		2,400		66
NewMarket Corp		182		55
Newmont Corp		21,255		893
Nucor Corp		7,041		753
Olin Corp		3,700		159
Packaging Corp of America		2,464		277
PPG Industries Inc		6,288		696
Reliance Steel & Aluminum Co		1,629		284
Royal Gold Inc, Cl A		1,747		164
RPM International Inc		3,400		283


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Scotts Miracle-Gro Co/The, Cl A		1,077	$	46
Sealed Air Corp		3,900		174
Sherwin-Williams Co/The, Cl A		6,342		1,299
Silgan Holdings Inc		2,230		94
Sonoco Products Co		2,600		147
Southern Copper Corp		2,200		99
SSR Mining Inc		5,700		84
Steel Dynamics Inc		4,649		330
United States Steel Corp		6,200		112
Valvoline Inc		4,800		122
Vulcan Materials Co		3,539		558
Westlake Corp		932		81
Westrock Co		6,900		213
				24,395
Real Estate — 3.2%
Alexandria Real Estate Equities Inc ^‡		4,348		610
American Homes 4 Rent, Cl A ^‡		8,200		269
American Tower Corp, Cl A ^‡		12,384		2,659
Americold Realty Trust Inc ^‡		7,100		175
Apartment Income REIT Corp ^‡		4,165		161
AvalonBay Communities Inc ^‡		3,759		692
Boston Properties Inc ^‡		4,162		312
Brixmor Property Group Inc ^‡		7,900		146
Camden Property Trust ^‡		2,769		331
CBRE Group Inc, Cl A *		8,600		581
Cousins Properties Inc ^‡		4,000		93
Crown Castle Inc ^‡		11,536		1,667
CubeSmart ^‡		6,100		244
Digital Realty Trust Inc, Cl A ^‡		7,573		751
Douglas Emmett Inc ^‡		4,500		81
Duke Realty Corp ^‡		10,300		496
EastGroup Properties Inc ^‡		1,100		159
EPR Properties, Cl A ^‡		1,900		68
Equinix Inc ^‡		2,412		1,372
Equity LifeStyle Properties Inc ^‡		4,700		295
Equity Residential ^‡		9,883		664
Essex Property Trust Inc ^‡		1,717		416
Extra Space Storage Inc ^‡		3,540		611
Federal Realty Investment Trust ^‡		2,146		193
First Industrial Realty Trust Inc ^‡		3,600		161
Gaming and Leisure Properties Inc ^‡		6,410		284
Healthcare Realty Trust Inc, Cl A ^‡		10,300		215
Healthpeak Properties Inc ^‡		14,570		334
Highwoods Properties Inc ^‡		2,778		75
Host Hotels & Resorts Inc ^‡		19,202		305
Howard Hughes Corp/The *^‡		1,063		59
Hudson Pacific Properties Inc ^‡		3,800		42
Invitation Homes Inc ^‡		16,400		554
Iron Mountain Inc ^‡		7,800		343
JBG SMITH Properties ^‡		2,800		52
Jones Lang LaSalle Inc *^‡		1,303		197
Kilroy Realty Corp ^‡		3,100		130


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Kimco Realty Corp ^‡		16,305	$	300
Lamar Advertising Co, Cl A ^‡		2,300		190
Life Storage Inc ^‡		2,251		249
Medical Properties Trust Inc ^‡		15,735		187
Mid-America Apartment Communities Inc ^‡		3,100		481
National Retail Properties Inc ^‡		4,600		183
National Storage Affiliates Trust ^‡		2,300		96
Omega Healthcare Investors Inc ^‡		6,245		184
Opendoor Technologies Inc *^‡		12,400		39
Park Hotels & Resorts Inc ^‡		6,400		72
Prologis Inc ^‡		19,720		2,004
Public Storage ^‡		4,156		1,217
Rayonier Inc ^‡		4,000		120
Realty Income Corp ^‡		16,239		945
Regency Centers Corp ^‡		4,600		248
Rexford Industrial Realty Inc ^‡		4,500		234
SBA Communications Corp, Cl A ^‡		2,837		808
Simon Property Group Inc ^‡		8,735		784
SL Green Realty Corp ^‡		1,830		73
Spirit Realty Capital Inc ^‡		3,678		133
STORE Capital Corp ^‡		6,900		216
Sun Communities Inc ^‡		3,283		444
UDR Inc ^‡		8,600		359
Ventas Inc ^‡		10,790		433
VICI Properties Inc ^‡		25,694		767
Vornado Realty Trust ^‡		4,600		106
Welltower Inc ^‡		12,200		785
WeWork Inc, Cl A *^‡		3,500		9
Weyerhaeuser Co ^‡		20,097		574
WP Carey Inc ^‡		5,090		355
Zillow Group Inc, Cl A *^‡		1,600		46
Zillow Group Inc, Cl C *^‡		4,400		126

				28,564
Utilities — 2.9%
AES Corp/The		18,000		407
Alliant Energy Corp		6,821		361
Ameren Corp		6,925		558
American Electric Power Co Inc		13,729		1,187
American Water Works Co Inc		4,865		633
Atmos Energy Corp		3,666		373
Avangrid Inc		1,900		79
Brookfield Renewable Corp, Cl A		3,400		111
CenterPoint Energy Inc		16,955		478
CMS Energy Corp		7,710		449
Consolidated Edison Inc		9,479		813
Constellation Energy Corp		8,813		733
Dominion Energy Inc		22,202		1,534
DTE Energy Co		5,213		600
Duke Energy Corp		20,612		1,917
Edison International		10,049		569
Entergy Corp		5,489		552
Essential Utilities Inc		6,100		252


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Evergy Inc		6,017	$	357
Exelon Corp		26,639		998
FirstEnergy Corp		14,500		536
Hawaiian Electric Industries Inc		2,800		97
IDACORP Inc, Cl A		1,400		139
National Fuel Gas Co		2,300		142
NextEra Energy Inc		52,532		4,119
NiSource Inc		10,900		275
NRG Energy Inc		6,300		241
OGE Energy Corp		5,300		193
PG&E Corp *		41,306		516
Pinnacle West Capital Corp		3,000		194
PPL Corp		19,603		497
Public Service Enterprise Group Inc		13,404		754
Sempra Energy		8,431		1,264
Southern Co/The		28,362		1,929
UGI Corp		5,530		179
Vistra Corp		10,869		228
WEC Energy Group Inc		8,484		759
Xcel Energy Inc		14,590		934
				25,957

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Total Common Stock
(Cost $757,743) ($ Thousands)			$	895,927

AFFILIATED PARTNERSHIP — 0.1%
SEI Liquidity Fund, LP
2.930% **^†(B)		855,535		855
Total Affiliated Partnership
(Cost $856) ($ Thousands)				855

CASH EQUIVALENT — 0.6%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		5,327,145		5,327
Total Cash Equivalent
(Cost $5,327) ($ Thousands)				5,327
Total Investments in Securities — 100.0%
(Cost $763,926) ($ Thousands)			$	902,109

A list of the open futures contracts held by the Fund at September 30, 2022 is as follows:

	Percentages are based on Net Assets of $901,688 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
^†^†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 12). The total market value of securities on loan at September 30, 2022 was $822 ($ Thousands).
(B)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $855 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

895,927

–

895,927

Affiliated Partnership

–

855

–

855

Cash Equivalent

5,327

–

5,327

Total Investments in Securities

901,254

855

–

902,109

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(786	)		–		–		(786	)
Total Other Financial Instruments		(786	)		–		–		(786	)

*	Futures contracts are valued at the unrealized depreciation on the instrument.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 99.4%

Communication Services — 5.3%
Alphabet Inc, Cl A *		524,280	$	50,147
Alphabet Inc, Cl C *		456,960		43,937
AT&T Inc		209,514		3,214
BCE Inc (A)		433,577		18,184
Charter Communications Inc, Cl A *		12,696		3,851
Comcast Corp, Cl A		121,805		3,572
Electronic Arts Inc		44,812		5,185
Fox Corp, Cl A		63,219		1,940
Meta Platforms Inc, Cl A *		135,757		18,420
Omnicom Group Inc		87,409		5,515
Paramount Global, Cl B		245,524		4,675
TEGNA Inc		153,973		3,184
Verizon Communications Inc		97,068		3,686
Walt Disney Co/The *		279,123		26,330
Warner Bros Discovery Inc *		26,652		306

				192,146
Consumer Discretionary — 10.7%
Amazon.com Inc, Cl A *		368,960		41,692
AutoZone Inc *		16,513		35,370
Best Buy Co Inc		185,088		11,723
Booking Holdings Inc *		2,537		4,169
BorgWarner Inc		89,239		2,802
Brinker International Inc *		141,821		3,543
Darden Restaurants Inc		3,127		395
Dick's Sporting Goods Inc (A)		94,331		9,871
Dollar General Corp		207,000		49,651
Domino's Pizza Inc		16,892		5,240
DR Horton Inc		16,198		1,091
eBay Inc		127,055		4,677
Foot Locker Inc, Cl A		65,687		2,045
Genuine Parts Co		79,642		11,892


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Goodyear Tire & Rubber Co/The *		406,438	$	4,101
Grand Canyon Education Inc *		9,300		765
Harley-Davidson Inc, Cl A		88,020		3,070
Home Depot Inc/The		28,380		7,831
Lear Corp		89,362		10,696
Lowe's Cos Inc		328,236		61,646
Magna International Inc, Cl A		19,822		940
NIKE Inc, Cl B		357,743		29,736
O'Reilly Automotive Inc *		1,906		1,340
PulteGroup Inc		251,522		9,432
Ross Stores Inc		102,513		8,639
Royal Caribbean Cruises Ltd *		81,005		3,070
Starbucks Corp		68,046		5,733
Target Corp, Cl A		113,908		16,903
TJX Cos Inc/The		374,562		23,268
TopBuild Corp *		31,775		5,236
Whirlpool Corp		59,551		8,028
				384,595
Consumer Staples — 7.9%
Altria Group Inc		259,337		10,472
Archer-Daniels-Midland Co		50,878		4,093
Coca-Cola Co/The		123,765		6,933
Conagra Brands Inc		427,352		13,944
Constellation Brands Inc, Cl A		10,975		2,521
Costco Wholesale Corp		18,347		8,665
Diageo PLC ADR		73,341		12,454
Estee Lauder Cos Inc/The, Cl A		35,000		7,556
Hershey Co/The		26,426		5,826
Ingredion Inc		26,094		2,101
J M Smucker Co/The		115,422		15,860
Kimberly-Clark Corp		41,873		4,713
Kraft Heinz Co/The		115,076		3,838
Kroger Co/The		805,536		35,242
Lamb Weston Holdings Inc		16,377		1,267
Molson Coors Beverage Co, Cl B		246,452		11,827
Mondelez International Inc, Cl A		24,475		1,342
Monster Beverage Corp *		13,727		1,194
PepsiCo Inc		208,587		34,054
Philip Morris International Inc		372,863		30,951
Procter & Gamble Co/The		233,806		29,518
Sysco Corp, Cl A		22,279		1,575
Tyson Foods Inc, Cl A		253,116		16,688
Unilever PLC ADR		162,720		7,134
Walgreens Boots Alliance Inc		303,967		9,545
Walmart Inc		43,983		5,705
				285,018
Energy — 4.3%
Canadian Natural Resources Ltd		293,668		13,676
Chevron Corp		212,408		30,517
ConocoPhillips		204,582		20,937
Devon Energy Corp		507,321		30,505


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Exxon Mobil Corp		129,439	$	11,301
HF Sinclair Corp		40,846		2,199
Marathon Petroleum Corp		154,884		15,385
Phillips 66		109,951		8,875
Shell PLC ADR		66,816		3,325
Valero Energy Corp		173,346		18,522

				155,242
Financials — 14.9%
Aflac Inc		136,144		7,651
Allstate Corp/The		59,438		7,402
American Financial Group Inc/OH		11,100		1,365
Ameriprise Financial Inc		82,444		20,772
Assurant Inc		33,412		4,854
Assured Guaranty Ltd		31,872		1,544
Bank of America Corp		1,487,091		44,910
Berkshire Hathaway Inc, Cl B *		93,247		24,899
Capital One Financial Corp		43,778		4,035
Charles Schwab Corp/The		225,691		16,220
Citigroup Inc		120,793		5,033
Citizens Financial Group Inc		262,482		9,019
CME Group Inc, Cl A		77,815		13,783
Comerica Inc		75,804		5,390
Discover Financial Services		126,480		11,500
Everest Re Group Ltd		38,172		10,018
FactSet Research Systems Inc		11,209		4,485
Fifth Third Bancorp		589,594		18,843
First Republic Bank/CA		31,568		4,121
Goldman Sachs Group Inc/The		21,644		6,343
Hartford Financial Services Group Inc/The		66,936		4,146
Intercontinental Exchange Inc		58,438		5,280
JPMorgan Chase & Co		444,568		46,457
KeyCorp		778,006		12,464
KKR & Co Inc		122,910		5,285
Lincoln National Corp		232,070		10,190
Markel Corp *		6,756		7,325
Marsh & McLennan Cos Inc		138,328		20,651
Moody's Corp		257,973		62,716
Morgan Stanley		311,935		24,646
MSCI Inc, Cl A		64,006		26,997
Navient Corp		263,511		3,871
PNC Financial Services Group Inc/The		36,433		5,444
Popular Inc		125,661		9,055
Progressive Corp/The		23,730		2,758
Prudential Financial Inc		17,700		1,518
Regions Financial Corp		599,114		12,024
S&P Global Inc		17,358		5,300
SLM Corp		230,135		3,220
Travelers Cos Inc/The		119,703		18,339
Truist Financial Corp		71,501		3,113
US Bancorp		113,960		4,595
Voya Financial Inc		156,840		9,489
Wells Fargo & Co		92,870		3,735


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Willis Towers Watson PLC		3,595	$	722
Zions Bancorp NA		112,806		5,737

				537,264
Health Care — 16.4%
Abbott Laboratories		84,496		8,176
AbbVie Inc		92,048		12,354
AmerisourceBergen Corp, Cl A		137,635		18,626
Amgen Inc, Cl A		145,540		32,805
AstraZeneca PLC ADR		99,185		5,440
Becton Dickinson and Co		113,758		25,349
Biogen Inc *		23,794		6,353
Bristol-Myers Squibb Co		192,866		13,711
Cardinal Health Inc		36,074		2,405
Centene Corp *		30,902		2,405
Cigna Corp		27,340		7,586
CVS Health Corp		379,134		36,158
Edwards Lifesciences Corp, Cl A *		61,914		5,116
Elevance Health Inc		10,844		4,926
Eli Lilly & Co		89,501		28,940
Gilead Sciences Inc		120,443		7,430
HCA Healthcare Inc		109,165		20,063
Horizon Therapeutics Plc *		70,709		4,376
Humana Inc		11,818		5,734
IDEXX Laboratories Inc *		17,426		5,677
Intuitive Surgical Inc *		23,007		4,312
Johnson & Johnson		532,816		87,041
McKesson Corp		12,923		4,392
Medtronic PLC		186,190		15,035
Merck & Co Inc		563,613		48,538
Mettler-Toledo International Inc *		28,371		30,758
Novo Nordisk A/S ADR		53,634		5,344
Organon & Co		26,217		613
Perrigo Co PLC		47,323		1,688
Pfizer Inc		815,680		35,694
United Therapeutics Corp *		24,871		5,208
UnitedHealth Group Inc		167,008		84,346
Veeva Systems Inc, Cl A *		13,636		2,248
Vertex Pharmaceuticals Inc *		3,186		922
Zoetis Inc, Cl A		63,768		9,456
				589,225
Industrials — 9.0%
AerCap Holdings NV *		20,386		863
AGCO Corp		52,600		5,059
Alaska Air Group Inc *		317,367		12,425
Carlisle Cos Inc		6,137		1,721
Carrier Global Corp		357,041		12,696
Caterpillar Inc, Cl A		27,891		4,576
Chart Industries Inc *		31,418		5,792
Cummins Inc		8,214		1,672
Deere & Co		16,912		5,647
Delta Air Lines Inc, Cl A *		128,832		3,615


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Eaton Corp PLC		42,685	$	5,692
FedEx Corp		20,626		3,062
Fortive Corp		86,994		5,072
Graco Inc		542,313		32,512
GXO Logistics Inc *		547,989		19,213
Honeywell International Inc		61,532		10,274
Huntington Ingalls Industries Inc, Cl A		41,706		9,238
Illinois Tool Works Inc		47,481		8,577
Johnson Controls International plc		494,338		24,331
L3Harris Technologies Inc		25,220		5,242
Lockheed Martin Corp		19,019		7,347
ManpowerGroup Inc		18,167		1,175
Middleby Corp/The *		100,000		12,817
Northrop Grumman Corp		16,563		7,790
Oshkosh Corp		61,954		4,355
Otis Worldwide Corp		66,354		4,233
PACCAR Inc		43,000		3,599
Raytheon Technologies Corp		247,761		20,282
Republic Services Inc		20,519		2,791
Robert Half International Inc		25,692		1,965
Siemens AG ADR		170,436		8,343
Southwest Airlines Co, Cl A *		86,460		2,666
SPX Technologies *		105,452		5,823
Textron Inc		190,528		11,100
Timken Co/The		112,333		6,632
TransDigm Group Inc *		14,035		7,366
United Parcel Service Inc, Cl B		41,167		6,650
Waste Management Inc		18,232		2,921
WW Grainger Inc		64,211		31,411
				326,545
Information Technology — 21.1%
Adobe Inc *		132,912		36,577
Amphenol Corp, Cl A		104,624		7,006
Analog Devices Inc		101,656		14,165
Apple Inc		815,325		112,678
Applied Materials Inc		148,944		12,203
Arista Networks Inc *		90,886		10,260
ASML Holding NV, Cl G		11,193		4,649
Broadcom Inc		17,576		7,804
Cadence Design Systems Inc *		26,738		4,370
Cisco Systems Inc		498,298		19,932
Citrix Systems Inc		44,716		4,650
Cognizant Technology Solutions Corp, Cl A		8,912		512
Corning Inc, Cl B		177,573		5,153
Dolby Laboratories Inc, Cl A		48,189		3,140
Dropbox Inc, Cl A *		214,871		4,452
F5 Inc, Cl A *		39,620		5,734
Fair Isaac Corp *		2,421		998
Global Payments Inc		23,918		2,584
Hewlett Packard Enterprise Co		307,307		3,682
HP Inc		480,394		11,971
Intel Corp		570,596		14,704


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
International Business Machines Corp		6,932	$	824
Intuit Inc		136,225		52,763
Juniper Networks Inc		31,547		824
Keysight Technologies Inc *		96,705		15,218
Lam Research Corp		10,701		3,917
Marvell Technology Inc		74,923		3,215
Mastercard Inc, Cl A		168,189		47,823
Microchip Technology Inc		558,584		34,090
Micron Technology Inc		156,515		7,841
Microsoft Corp		513,120		119,506
Motorola Solutions Inc		22,111		4,952
NetApp Inc		86,734		5,364
ON Semiconductor Corp *		14,704		917
Oracle Corp, Cl B		512,747		31,313
Paychex Inc		6,401		718
QUALCOMM Inc		67,431		7,618
Roper Technologies Inc		56,426		20,293
Salesforce Inc *		29,258		4,208
SAP SE ADR		178,714		14,521
Seagate Technology Holdings PLC		112,151		5,970
ServiceNow Inc *		12,293		4,642
Texas Instruments Inc		44,297		6,856
VeriSign Inc *		91,384		15,873
Visa Inc, Cl A		275,684		48,975
Vishay Intertechnology Inc		833,329		14,825
Western Digital Corp *		33,750		1,099
Zendesk Inc *		29,165		2,219
				763,608
Materials — 5.2%
Air Products and Chemicals Inc		80,839		18,814
Cabot Corp		83,951		5,364
Celanese Corp, Cl A		28,298		2,556
Corteva Inc		64,004		3,658
Dow Inc		162,912		7,157
DuPont de Nemours Inc		43,599		2,197
Eastman Chemical Co		165,233		11,740
Ecolab Inc		37,520		5,419
Huntsman Corp		531,983		13,055
Ingevity Corp *		14,131		857
International Paper Co		135,045		4,281
Linde PLC		123,959		33,418
LyondellBasell Industries NV, Cl A		74,826		5,633
Newmont Corp		61,509		2,585
O-I Glass Inc, Cl I *		451,358		5,845
Reliance Steel & Aluminum Co		11,055		1,928
Sherwin-Williams Co/The, Cl A		199,665		40,881
Steel Dynamics Inc		320,489		22,739
Sylvamo Corp		12,276		416
Westrock Co		27,405		846
				189,389


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Real Estate — 2.1%
American Tower Corp, Cl A ^‡		101,757	$	21,847
Brandywine Realty Trust ^‡		24,300		164
CBRE Group Inc, Cl A *		41,173		2,780
Crown Castle Inc ^‡		34,157		4,937
Equinix Inc ^‡		1,986		1,130
Gaming and Leisure Properties Inc ^‡		87,521		3,872
Healthpeak Properties Inc ^‡		502,660		11,521
Invitation Homes Inc ^‡		28,203		952
Omega Healthcare Investors Inc ^‡		39,518		1,165
Public Storage ^‡		7,645		2,239
Sabra Health Care REIT Inc ^‡		317,033		4,159
SBA Communications Corp, Cl A ^‡		18,373		5,230
Service Properties Trust ^‡		532,589		2,764
VICI Properties Inc ^‡		249,601		7,451
Welltower Inc ^‡		70,223		4,517

				74,728
Utilities — 2.5%
Ameren Corp		64,109		5,164
American Electric Power Co Inc		57,553		4,976
CenterPoint Energy Inc		280,626		7,908
Constellation Energy Corp		59,660		4,963
Duke Energy Corp		171,577		15,960
Edison International		40,300		2,280
Exelon Corp		132,096		4,948
FirstEnergy Corp		132,356		4,897
National Fuel Gas Co		159,451		9,814
NextEra Energy Inc		192,725		15,112

Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
NiSource Inc		206,775	$	5,209
PPL Corp		254,215		6,444
UGI Corp		29,973		969
Vistra Corp		40,284		846
				89,490
Total Common Stock
(Cost $1,506,119) ($ Thousands)				3,587,250

AFFILIATED PARTNERSHIP — 0.8%
SEI Liquidity Fund, LP
2.930% **^†(B)		28,544,554		28,547
Total Affiliated Partnership
(Cost $28,549) ($ Thousands)				28,547

CASH EQUIVALENT — 0.6%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		21,653,573		21,654
Total Cash Equivalent
(Cost $21,654) ($ Thousands)				21,654
Total Investments in Securities — 100.8%
(Cost $1,556,322) ($ Thousands)			$	3,637,451

A list of the open futures contracts held by the Fund at September 30, 2022 is as follows:

	Percentages are based on Net Assets of $3,610,298 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 12). The total market value of securities on loan at September 30, 2022 was $26,824 ($ Thousands).
(B)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $28,547 ($ Thousands).

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† — 99.7%

Communication Services — 8.0%
Activision Blizzard Inc		17,552	$	1,305
Alphabet Inc, Cl A *		147,790		14,136
Alphabet Inc, Cl C *		132,135		12,705
AT&T Inc		175,617		2,694
Charter Communications Inc, Cl A *		2,732		829
Comcast Corp, Cl A		108,655		3,187
DISH Network Corp, Cl A *		6,238		86
Electronic Arts Inc		6,478		750
Fox Corp, Cl A		7,586		233
Fox Corp, Cl B		3,381		96
Interpublic Group of Cos Inc/The		9,601		246
Live Nation Entertainment Inc *		3,400		258
Lumen Technologies Inc		23,170		169
Match Group Inc *		6,900		329
Meta Platforms Inc, Cl A *		56,185		7,623
Netflix Inc *		10,959		2,580
News Corp, Cl A		9,775		148
News Corp, Cl B		3,000		46
Omnicom Group Inc		5,104		322
Paramount Global, Cl B		12,517		238
Take-Two Interactive Software Inc, Cl A *		3,900		425
T-Mobile US Inc *		14,800		1,986
Twitter Inc *		16,540		725
Verizon Communications Inc		103,513		3,930
Walt Disney Co/The *		44,924		4,238
Warner Bros Discovery Inc *		54,774		630
				59,914
Consumer Discretionary — 11.7%
Advance Auto Parts Inc		1,500		235
Amazon.com Inc, Cl A *		218,465		24,686
Aptiv PLC *		6,670		522
AutoZone Inc *		480		1,028
Bath & Body Works Inc		5,627		183
Best Buy Co Inc		4,954		314
Booking Holdings Inc *		979		1,609


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
BorgWarner Inc		5,753	$	181
Caesars Entertainment Inc *		5,400		174
CarMax Inc *		3,900		257
Carnival Corp *		24,484		172
Chipotle Mexican Grill Inc, Cl A *		684		1,028
Darden Restaurants Inc		3,018		381
Dollar General Corp		5,581		1,339
Dollar Tree Inc *		5,154		701
Domino's Pizza Inc		895		278
DR Horton Inc		7,758		523
eBay Inc		13,549		499
Etsy Inc *		3,100		310
Expedia Group Inc *		3,755		352
Ford Motor Co		97,270		1,089
Garmin Ltd		3,771		303
General Motors Co		35,947		1,154
Genuine Parts Co		3,496		522
Hasbro Inc		3,196		215
Hilton Worldwide Holdings Inc		6,700		808
Home Depot Inc/The		25,363		6,999
Las Vegas Sands Corp *		8,200		308
Lennar Corp, Cl A		6,274		468
LKQ Corp		6,500		306
Lowe's Cos Inc		15,706		2,950
Marriott International Inc/MD, Cl A		6,824		956
McDonald's Corp		18,154		4,189
MGM Resorts International		8,100		241
Mohawk Industries Inc *		1,300		119
Newell Brands Inc, Cl B		9,455		131
NIKE Inc, Cl B		31,176		2,591
Norwegian Cruise Line Holdings Ltd *		10,700		122
NVR Inc *		78		311
O'Reilly Automotive Inc *		1,577		1,109
Pool Corp		972		309
PulteGroup Inc		5,699		214
Ralph Lauren Corp, Cl A		1,105		94
Ross Stores Inc		8,619		726
Royal Caribbean Cruises Ltd *		5,400		205
Starbucks Corp		28,304		2,385
Tapestry Inc		6,219		177
Target Corp, Cl A		11,428		1,696
Tesla Inc *		65,639		17,411
TJX Cos Inc/The		28,886		1,794
Tractor Supply Co		2,680		498
Ulta Beauty Inc *		1,247		500
VF Corp		7,965		238
Whirlpool Corp		1,312		177
Wynn Resorts Ltd *		2,529		159
Yum! Brands Inc		6,970		741
				86,987
Consumer Staples — 6.9%
Altria Group Inc		44,373		1,792


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Archer-Daniels-Midland Co		13,818	$	1,112
Brown-Forman Corp, Cl B		4,565		304
Campbell Soup Co		4,884		230
Church & Dwight Co Inc		5,976		427
Clorox Co/The		3,042		391
Coca-Cola Co/The		95,948		5,375
Colgate-Palmolive Co		20,595		1,447
Conagra Brands Inc		11,765		384
Constellation Brands Inc, Cl A		3,907		897
Costco Wholesale Corp		10,931		5,162
Estee Lauder Cos Inc/The, Cl A		5,750		1,241
General Mills Inc		14,686		1,125
Hershey Co/The		3,612		796
Hormel Foods Corp		7,108		323
J M Smucker Co/The		2,653		365
Kellogg Co		6,267		437
Keurig Dr Pepper Inc		20,900		749
Kimberly-Clark Corp		8,303		934
Kraft Heinz Co/The		19,608		654
Kroger Co/The		16,036		702
Lamb Weston Holdings Inc		3,500		271
McCormick & Co Inc/MD		6,232		444
Molson Coors Beverage Co, Cl B		4,651		223
Mondelez International Inc, Cl A		33,720		1,849
Monster Beverage Corp *		9,354		813
PepsiCo Inc		33,979		5,547
Philip Morris International Inc		38,227		3,173
Procter & Gamble Co/The		58,872		7,433
Sysco Corp, Cl A		12,520		885
Tyson Foods Inc, Cl A		7,103		468
Walgreens Boots Alliance Inc		17,757		558
Walmart Inc		35,073		4,549

				51,060
Energy — 4.6%
APA Corp		8,031		275
Baker Hughes Co, Cl A		24,849		521
Chevron Corp		44,341		6,370
ConocoPhillips		31,408		3,214
Coterra Energy Inc		19,613		512
Devon Energy Corp		16,113		969
Diamondback Energy Inc, Cl A		4,151		500
EOG Resources Inc		14,407		1,610
EQT Corp		9,100		371
Exxon Mobil Corp		102,756		8,972
Halliburton Co		22,242		548
Hess Corp		6,875		749
Kinder Morgan Inc		48,382		805
Marathon Oil Corp		16,756		378
Marathon Petroleum Corp		12,258		1,218
Occidental Petroleum Corp		18,362		1,128
ONEOK Inc		11,009		564
Phillips 66		11,787		951


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Pioneer Natural Resources Co		5,866	$	1,270
Schlumberger NV, Cl A		34,900		1,253
Valero Energy Corp		9,710		1,038
Williams Cos Inc/The		30,169		864

				34,080
Financials — 11.0%
Aflac Inc		14,234		800
Allstate Corp/The		6,659		829
American Express Co		14,795		1,996
American International Group Inc		18,835		894
Ameriprise Financial Inc		2,635		664
Aon PLC, Cl A		5,201		1,393
Arthur J Gallagher & Co		5,149		882
Assurant Inc		1,305		190
Bank of America Corp		172,209		5,201
Bank of New York Mellon Corp/The		18,099		697
Berkshire Hathaway Inc, Cl B *		44,445		11,868
BlackRock Inc		3,719		2,047
Brown & Brown Inc		5,800		351
Capital One Financial Corp		9,449		871
Cboe Global Markets Inc		2,600		305
Charles Schwab Corp/The		37,670		2,707
Chubb Ltd		10,301		1,874
Cincinnati Financial Corp		3,683		330
Citigroup Inc		47,698		1,988
Citizens Financial Group Inc		12,100		416
CME Group Inc, Cl A		8,812		1,561
Comerica Inc		3,192		227
Discover Financial Services		6,730		612
Everest Re Group Ltd		937		246
Eversource Energy		8,535		665
FactSet Research Systems Inc		950		380
Fifth Third Bancorp		16,911		541
First Republic Bank/CA		4,459		582
Franklin Resources Inc		7,038		152
Globe Life Inc		2,239		223
Goldman Sachs Group Inc/The		8,399		2,461
Hartford Financial Services Group Inc/The		7,986		495
Huntington Bancshares Inc/OH		35,514		468
Intercontinental Exchange Inc		13,805		1,247
Invesco Ltd		11,316		155
JPMorgan Chase & Co		72,274		7,553
KeyCorp		22,883		367
Lincoln National Corp		3,789		166
Loews Corp		4,762		237
M&T Bank Corp		4,334		764
MarketAxess Holdings Inc		956		213
Marsh & McLennan Cos Inc		12,259		1,830
MetLife Inc		16,539		1,005
Moody's Corp		3,871		941
Morgan Stanley		33,036		2,610
MSCI Inc, Cl A		1,984		837


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Nasdaq Inc, Cl A		8,377	$	475
Northern Trust Corp		5,109		437
PNC Financial Services Group Inc/The		10,113		1,511
Principal Financial Group Inc, Cl A		5,757		415
Progressive Corp/The		14,385		1,672
Prudential Financial Inc		9,166		786
Raymond James Financial Inc		4,658		460
Regions Financial Corp		23,163		465
S&P Global Inc		8,405		2,566
Signature Bank/New York NY, Cl B		1,557		235
State Street Corp		9,045		550
SVB Financial Group, Cl B *		1,445		485
Synchrony Financial		11,963		337
T Rowe Price Group Inc		5,593		587
Travelers Cos Inc/The		5,856		897
Truist Financial Corp		32,706		1,424
US Bancorp		33,338		1,344
W R Berkley Corp		5,000		323
Wells Fargo & Co		93,467		3,759
Willis Towers Watson PLC		2,669		536
Zions Bancorp NA		3,686		188
				82,293
Health Care — 15.1%
Abbott Laboratories		43,112		4,172
AbbVie Inc		43,613		5,853
ABIOMED Inc *		1,100		270
Agilent Technologies Inc		7,315		889
Align Technology Inc *		1,786		370
AmerisourceBergen Corp, Cl A		3,696		500
Amgen Inc, Cl A		13,222		2,980
Baxter International Inc		12,335		664
Becton Dickinson and Co		7,021		1,564
Biogen Inc *		3,606		963
Bio-Rad Laboratories Inc, Cl A *		531		221
Bio-Techne Corp		963		273
Boston Scientific Corp *		35,276		1,366
Bristol-Myers Squibb Co		52,632		3,742
Cardinal Health Inc		6,759		451
Catalent Inc *		4,400		318
Centene Corp *		14,089		1,096
Charles River Laboratories International Inc *		1,260		248
Cigna Corp		7,543		2,093
Cooper Cos Inc/The, Cl A		1,204		318
CVS Health Corp		32,376		3,088
Danaher Corp, Cl A		16,155		4,173
DaVita Inc *		1,356		112
DENTSPLY SIRONA Inc		5,209		148
Dexcom Inc *		9,672		779
Edwards Lifesciences Corp, Cl A *		15,249		1,260
Elevance Health Inc		5,921		2,690
Eli Lilly & Co		19,462		6,293


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Gilead Sciences Inc		30,914	$	1,907
HCA Healthcare Inc		5,339		981
Henry Schein Inc *		3,300		217
Hologic Inc *		6,200		400
Humana Inc		3,131		1,519
IDEXX Laboratories Inc *		2,023		659
Illumina Inc *		3,896		743
Incyte Corp *		4,500		300
Intuitive Surgical Inc *		8,807		1,651
IQVIA Holdings Inc *		4,596		833
Johnson & Johnson		64,789		10,584
Laboratory Corp of America Holdings		2,210		453
McKesson Corp		3,543		1,204
Medtronic PLC		32,779		2,647
Merck & Co Inc		62,414		5,375
Mettler-Toledo International Inc *		554		601
Moderna Inc *		8,300		981
Molina Healthcare Inc *		1,429		471
Organon & Co		6,317		148
PerkinElmer Inc		3,098		373
Pfizer Inc		138,301		6,052
Quest Diagnostics Inc		2,824		347
Regeneron Pharmaceuticals Inc *		2,644		1,821
ResMed Inc		3,609		788
STERIS PLC		2,445		407
Stryker Corp		8,326		1,686
Teleflex Inc		1,129		227
Thermo Fisher Scientific Inc		9,668		4,904
UnitedHealth Group Inc		23,086		11,659
Universal Health Services Inc, Cl B		1,600		141
Vertex Pharmaceuticals Inc *		6,327		1,832
Viatris Inc, Cl W *		29,757		254
Waters Corp *		1,472		397
West Pharmaceutical Services Inc		1,822		448
Zimmer Biomet Holdings Inc		5,174		541
Zoetis Inc, Cl A		11,545		1,712

				112,157
Industrials — 7.8%
3M Co		13,671		1,511
A O Smith Corp		3,100		151
Alaska Air Group Inc *		3,200		125
Allegion PLC		2,170		195
American Airlines Group Inc *		16,309		196
AMETEK Inc		5,600		635
Boeing Co/The *		13,735		1,663
Carrier Global Corp		20,731		737
Caterpillar Inc, Cl A		13,034		2,139
CH Robinson Worldwide Inc		3,005		289
Cintas Corp		2,082		808
Copart Inc *		5,300		564
CoStar Group Inc *		9,800		683
CSX Corp		52,799		1,407


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Cummins Inc		3,498	$	712
Deere & Co		6,861		2,291
Delta Air Lines Inc, Cl A *		15,813		444
Dover Corp		3,537		412
Eaton Corp PLC		9,820		1,310
Emerson Electric Co		14,575		1,067
Equifax Inc		2,989		512
Expeditors International of Washington Inc		4,077		360
Fastenal Co, Cl A		14,218		655
FedEx Corp		5,911		878
Fortive Corp		8,787		512
Fortune Brands Home & Security Inc		3,227		173
Generac Holdings Inc *		1,554		277
General Dynamics Corp		5,544		1,176
General Electric Co		27,088		1,677
Honeywell International Inc		16,620		2,775
Howmet Aerospace Inc		9,078		281
Huntington Ingalls Industries Inc, Cl A		947		210
IDEX Corp		1,900		380
Illinois Tool Works Inc		6,965		1,258
Ingersoll Rand Inc		10,033		434
Jacobs Solutions Inc		3,162		343
JB Hunt Transport Services Inc		2,051		321
Johnson Controls International PLC		16,972		835
L3Harris Technologies Inc		4,709		979
Leidos Holdings Inc		3,343		292
Lockheed Martin Corp		5,828		2,251
Masco Corp		5,584		261
Nielsen Holdings PLC		9,000		250
Nordson Corp		1,300		276
Norfolk Southern Corp		5,786		1,213
Northrop Grumman Corp		3,580		1,684
Old Dominion Freight Line Inc, Cl A		2,244		558
Otis Worldwide Corp		10,350		660
PACCAR Inc		8,567		717
Parker-Hannifin Corp, Cl A		3,171		768
Pentair PLC		4,066		165
Quanta Services Inc		3,518		448
Raytheon Technologies Corp		36,428		2,982
Republic Services Inc		5,083		692
Robert Half International Inc		2,732		209
Rockwell Automation Inc		2,876		619
Rollins Inc		5,700		198
Snap-on Inc		1,307		263
Southwest Airlines Co, Cl A *		14,662		452
Stanley Black & Decker Inc		3,608		271
Textron Inc		5,207		303
Trane Technologies PLC		5,670		821
TransDigm Group Inc *		1,220		640
Union Pacific Corp		15,341		2,989
United Airlines Holdings Inc *		8,000		260
United Parcel Service Inc, Cl B		18,068		2,919


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
United Rentals Inc *		1,714	$	463
Verisk Analytics Inc, Cl A		3,866		659
Waste Management Inc		9,228		1,478
Westinghouse Air Brake Technologies Corp		4,471		364
WW Grainger Inc		1,114		545
Xylem Inc/NY		4,400		384

				58,429
Information Technology — 26.2%
Accenture PLC, Cl A		15,608		4,016
Adobe Inc *		11,547		3,178
Advanced Micro Devices Inc *		39,825		2,523
Akamai Technologies Inc *		3,904		314
Amphenol Corp, Cl A		14,660		982
Analog Devices Inc		12,772		1,780
ANSYS Inc *		2,107		467
Apple Inc		372,279		51,449
Applied Materials Inc		21,441		1,757
Arista Networks Inc *		6,070		685
Autodesk Inc, Cl A *		5,355		1,000
Automatic Data Processing Inc		10,215		2,311
Broadcom Inc		9,951		4,418
Broadridge Financial Solutions Inc		2,884		416
Cadence Design Systems Inc *		6,751		1,103
CDW Corp/DE		3,347		522
Ceridian HCM Holding Inc *		3,500		196
Cisco Systems Inc		101,978		4,079
Citrix Systems Inc		3,042		316
Cognizant Technology Solutions Corp, Cl A		12,805		736
Corning Inc, Cl B		18,708		543
DXC Technology Co *		5,630		138
Enphase Energy Inc *		3,300		916
EPAM Systems Inc *		1,400		507
F5 Inc, Cl A *		1,460		211
Fidelity National Information Services Inc, Cl B		14,965		1,131
Fiserv Inc, Cl A *		15,772		1,476
FleetCor Technologies Inc *		1,829		322
Fortinet Inc *		16,190		795
Gartner Inc *		1,956		541
Global Payments Inc		6,783		733
Hewlett Packard Enterprise Co		31,891		382
HP Inc		22,572		563
Intel Corp		101,137		2,606
International Business Machines Corp		22,268		2,646
Intuit Inc		6,959		2,695
Jack Henry & Associates Inc		1,800		328
Juniper Networks Inc		7,900		206
Keysight Technologies Inc *		4,432		697
KLA Corp		3,477		1,052
Lam Research Corp		3,374		1,235
Mastercard Inc, Cl A		21,056		5,987
Microchip Technology Inc		13,613		831


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Micron Technology Inc		27,169	$	1,361
Microsoft Corp		183,784		42,803
Monolithic Power Systems Inc		1,100		400
Motorola Solutions Inc		4,130		925
NetApp Inc		5,385		333
NortonLifeLock Inc		14,647		295
NVIDIA Corp		61,697		7,489
NXP Semiconductors NV		6,476		955
ON Semiconductor Corp *		10,700		667
Oracle Corp, Cl B		37,471		2,289
Paychex Inc		7,869		883
Paycom Software Inc *		1,159		382
PayPal Holdings Inc *		28,529		2,456
PTC Inc *		2,557		267
Qorvo Inc *		2,500		199
QUALCOMM Inc		27,632		3,122
Roper Technologies Inc		2,613		940
Salesforce Inc *		24,467		3,519
Seagate Technology Holdings PLC		4,800		256
ServiceNow Inc *		4,982		1,881
Skyworks Solutions Inc		3,916		334
SolarEdge Technologies Inc *		1,300		301
Synopsys Inc *		3,771		1,152
TE Connectivity Ltd		7,909		873
Teledyne Technologies Inc *		1,171		395
Teradyne Inc		3,815		287
Texas Instruments Inc		22,544		3,489
Trimble Inc *		6,100		331
Tyler Technologies Inc *		1,020		354
VeriSign Inc *		2,295		399
Visa Inc, Cl A		40,250		7,150
Western Digital Corp *		7,674		250
Zebra Technologies Corp, Cl A *		1,273		334
				195,860
Materials — 2.6%
Air Products and Chemicals Inc		5,466		1,272
Albemarle Corp		2,857		755
Amcor PLC		37,232		399
Avery Dennison Corp		1,964		320
Ball Corp		7,772		376
Celanese Corp, Cl A		2,452		221
CF Industries Holdings Inc		4,950		476
Corteva Inc		17,773		1,016
Dow Inc		17,706		778
DuPont de Nemours Inc		12,399		625
Eastman Chemical Co		3,020		215
Ecolab Inc		6,116		883
FMC Corp		3,100		328
Freeport-McMoRan Inc, Cl B		35,363		966
International Flavors & Fragrances Inc		6,326		575
International Paper Co		8,952		284
Linde PLC		12,296		3,315


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
LyondellBasell Industries NV, Cl A		6,274	$	472
Martin Marietta Materials Inc, Cl A		1,519		489
Mosaic Co/The		8,509		411
Newmont Corp		19,625		825
Nucor Corp		6,427		688
Packaging Corp of America		2,300		258
PPG Industries Inc		5,805		643
Sealed Air Corp		3,528		157
Sherwin-Williams Co/The, Cl A		5,845		1,197
Vulcan Materials Co		3,249		512
Westrock Co		6,384		197
				18,653
Real Estate — 2.8%
Alexandria Real Estate Equities Inc ^‡		3,660		513
American Tower Corp, Cl A ^‡		11,497		2,468
AvalonBay Communities Inc ^‡		3,428		631
Boston Properties Inc ^‡		3,500		262
Camden Property Trust ^‡		2,600		311
CBRE Group Inc, Cl A *		7,909		534
Crown Castle Inc ^‡		10,664		1,541
Digital Realty Trust Inc, Cl A ^‡		7,069		701
Duke Realty Corp ^‡		9,600		463
Equinix Inc ^‡		2,246		1,278
Equity Residential ^‡		8,344		561
Essex Property Trust Inc ^‡		1,621		393
Extra Space Storage Inc ^‡		3,299		570
Federal Realty Investment Trust ^‡		1,800		162
Healthpeak Properties Inc ^‡		13,200		303
Host Hotels & Resorts Inc ^‡		17,474		278
Invitation Homes Inc ^‡		14,400		486
Iron Mountain Inc ^‡		7,238		318
Kimco Realty Corp ^‡		15,113		278
Mid-America Apartment Communities Inc ^‡		2,840		440
Prologis Inc ^‡		18,220		1,851
Public Storage ^‡		3,887		1,138
Realty Income Corp ^‡		14,900		867
Regency Centers Corp ^‡		3,799		205
SBA Communications Corp, Cl A ^‡		2,649		754
Simon Property Group Inc ^‡		8,106		728
UDR Inc ^‡		7,500		313
Ventas Inc *^‡		9,832		395
VICI Properties Inc ^‡		23,700		707
Vornado Realty Trust ^‡		4,077		94
Welltower Inc ^‡		11,300		727
Weyerhaeuser Co ^‡		18,161		519
				20,789
Utilities — 3.0%
AES Corp/The		16,390		370
Alliant Energy Corp		6,200		329
Ameren Corp		6,353		512
American Electric Power Co Inc		12,615		1,091


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
American Water Works Co Inc		4,476	$	583
Atmos Energy Corp		3,400		346
CenterPoint Energy Inc		15,585		439
CMS Energy Corp		7,201		419
Consolidated Edison Inc		8,736		749
Constellation Energy Corp		8,051		670
Dominion Energy Inc		20,530		1,419
DTE Energy Co		4,770		549
Duke Energy Corp		18,991		1,767
Edison International		9,457		535
Entergy Corp		5,026		506
Evergy Inc		5,699		339
Exelon Corp		24,355		912
FirstEnergy Corp		13,323		493
NextEra Energy Inc		48,380		3,793
NiSource Inc		9,844		248
NRG Energy Inc		5,881		225
PG&E Corp *		39,700		496
Pinnacle West Capital Corp		2,849		184
PPL Corp		18,071		458
Public Service Enterprise Group Inc		12,330		693
Sempra Energy		7,745		1,161
Southern Co/The		26,219		1,783
WEC Energy Group Inc		7,771		695
Xcel Energy Inc		13,536		866
				22,630

Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Total Common Stock
(Cost $238,817) ($ Thousands)			$	742,852

AFFILIATED PARTNERSHIP — 0.0%
SEI Liquidity Fund, LP
2.930% **^†(A)		685		1
Total Affiliated Partnership
(Cost $1) ($ Thousands)				1

CASH EQUIVALENT — 0.4%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		2,986,115		2,986
Total Cash Equivalent
(Cost $2,986) ($ Thousands)				2,986
Total Investments in Securities — 100.1%
(Cost $241,804) ($ Thousands)			$	745,839

A list of the open futures contracts held by the Fund at September 30, 2022 is as follows:

	Percentages are based on Net Assets of $745,367 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
^†^†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
(A)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $1 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

742,852

–

742,852

Affiliated Partnership

–

Cash Equivalent

2,986

–

2,986

Total Investments in Securities

745,838

–

745,839

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(535	)		–		–		(535	)
Total Other Financial Instruments		(535	)		–		–		(535	)

*	Futures contracts are valued at the unrealized depreciation on the instrument.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 98.2%

Communication Services — 3.0%
Audacy Inc, Cl A *		338,940	$	131
Cable One Inc		1,018		868
Cinemark Holdings Inc *		212,465		2,573
Cogent Communications Holdings Inc		19,012		992
IDT Corp, Cl B *		13,680		340
Integral Ad Science Holding Corp *		17,252		125
Iridium Communications Inc *		33,736		1,497
Liberty Latin America Ltd, Cl A *		34,460		213
Lions Gate Entertainment Corp, Cl A *		396,020		2,942
MediaAlpha Inc, Cl A *		36,506		319
Nexstar Media Group Inc, Cl A		11,595		1,935
PubMatic Inc, Cl A *		20,300		338
Shutterstock Inc		17,822		894
TEGNA Inc		25,768		533
Thryv Holdings Inc *		23,050		526
World Wrestling Entertainment Inc, Cl A		10,404		730
Ziff Davis Inc *		8,487		581

				15,537
Consumer Discretionary — 10.2%
Aaron's Co Inc/The		83,764		814
Academy Sports & Outdoors Inc		15,860		669
ADT Inc		83,000		622
Advance Auto Parts Inc		6,387		998
American Eagle Outfitters Inc		273,967		2,666
Beazer Homes USA Inc, Cl A *		44,788		433
Biglari Holdings Inc, Cl B *		1,926		223
Bloomin' Brands Inc		140,700		2,579
Bluegreen Vacations Holding Corp, Cl A		30,461		503
Bowlero Corp *(A)		46,000		566
Brinker International Inc *		120,565		3,012
Brunswick Corp/DE		17,490		1,145


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Buckle Inc/The		5,800	$	184
Build-A-Bear Workshop Inc		9,420		126
Caleres Inc		20,370		493
Carter's Inc		16,616		1,089
Cavco Industries Inc *		2,934		604
Century Casinos Inc *		33,632		221
Chico's FAS Inc *		27,370		132
Churchill Downs Inc		7,134		1,314
Chuy's Holdings Inc *		14,373		333
Citi Trends Inc *		7,130		111
Container Store Group Inc/The *		33,377		164
Destination XL Group Inc *		174,216		944
Dick's Sporting Goods Inc		5,211		545
Domino's Pizza Inc		2,828		877
Dorman Products Inc *		13,904		1,142
Ethan Allen Interiors Inc		45,650		965
Express Inc *		97,700		106
Funko Inc, Cl A *		24,170		489
Goodyear Tire & Rubber Co/The *		48,899		493
H&R Block Inc		16,406		698
Haverty Furniture Cos Inc		34,149		850
Hibbett Inc		5,973		298
JAKKS Pacific Inc *		29,895		578
Kohl's Corp		27,970		703
Kura Sushi USA Inc, Cl A *		7,918		583
Latham Group Inc *		26,160		94
Lifetime Brands Inc		14,536		98
Light & Wonder Inc, Cl A *		9,390		403
Lovesac Co/The *		34,210		697
Marine Products Corp		14,288		121
MarineMax Inc *		6,130		183
MasterCraft Boat Holdings Inc *		30,100		567
Modine Manufacturing Co *		268,405		3,473
Monarch Casino & Resort Inc *		5,395		303
Monro Inc		22,764		989
Motorcar Parts of America *		10,530		160
Movado Group Inc		13,226		373
Murphy USA Inc		9,321		2,562
NEOGAMES SA *		21,190		273
Noodles & Co, Cl A *		31,075		146
OneWater Marine Inc, Cl A *		17,764		535
Oxford Industries Inc, Cl A		4,662		419
Pool Corp		2,712		863
Porch Group Inc *		173,380		390
Ruth's Hospitality Group Inc		47,270		797
Shoe Carnival Inc		23,518		504
Skyline Champion Corp *		9,961		527
Steven Madden Ltd		14,847		396
Superior Group of Cos Inc		9,028		80
Target Hospitality Corp *		70,105		885
Topgolf Callaway Brands Corp *		35,785		689
Travel + Leisure Co		28,817		983


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Unifi Inc *		2,424	$	23
Urban Outfitters Inc *		112,780		2,216
Vista Outdoor Inc *		15,160		369
Vivint Smart Home Inc *		165,005		1,086
Wingstop Inc, Cl A		10,549		1,323
Winmark Corp		648		140
WW International Inc *		63,900		251
Xometry Inc, Cl A *		11,847		673
XPEL Inc *		7,300		470
YETI Holdings Inc *		9,647		275

				52,608
Consumer Staples — 3.4%
Cal-Maine Foods Inc		21,816		1,213
Casey's General Stores Inc		6,060		1,227
Celsius Holdings Inc *		10,484		951
elf Beauty Inc *		34,512		1,298
Fresh Market Inc *		19,578		—
Hain Celestial Group Inc/The *		16,734		283
Hostess Brands Inc, Cl A *		107,537		2,499
Ingles Markets Inc, Cl A		6,530		517
Ingredion Inc		15,880		1,279
Inter Parfums Inc		14,108		1,065
Lancaster Colony Corp		4,882		734
MGP Ingredients Inc		18,062		1,918
Natural Grocers by Vitamin Cottage Inc		32,460		350
Performance Food Group Co *		13,432		577
Post Holdings Inc *		8,575		702
TreeHouse Foods Inc *		32,608		1,383
Village Super Market Inc, Cl A		18,788		363
Vita Coco Co Inc/The *		40,500		461
Weis Markets Inc		7,650		545
				17,365
Energy — 9.2%
Alto Ingredients Inc *		142,485		519
Antero Resources Corp *		12,409		379
Arch Resources Inc		2,973		353
Berry Corp		125,085		938
Brigham Minerals Inc, Cl A		23,500		580
Bristow Group Inc *		23,720		557
Cactus Inc, Cl A		21,892		841
California Resources Corp		10,898		419
Centrus Energy Corp, Cl A *		34,404		1,410
ChampionX Corp		61,853		1,210
Chesapeake Energy Corp		5,011		472
Chord Energy		11,302		1,546
Civitas Resources Inc		14,411		827
Comstock Resources Inc *		30,000		519
Coterra Energy Inc		38,986		1,018
Crescent Point Energy Corp		65,426		403
Delek US Holdings Inc		168,478		4,572
DHT Holdings Inc		142,000		1,073


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Diamondback Energy Inc, Cl A		9,088	$	1,095
Dorian LPG Ltd		12,010		163
Earthstone Energy Inc, Cl A *		62,790		774
Expro Group Holdings NV *		36,669		467
Golar LNG Ltd *		29,383		732
Helix Energy Solutions Group Inc *		68,430		264
Helmerich & Payne Inc		28,671		1,060
HF Sinclair Corp		65,582		3,531
International Seaways Inc		58,668		2,061
Liberty Energy Inc, Cl A *		45,091		572
Matador Resources Co		12,123		593
Murphy Oil Corp		14,600		513
New Fortress Energy Inc, Cl A		10,691		467
NexTier Oilfield Solutions Inc *		58,475		433
Northern Oil and Gas Inc		64,533		1,769
Oil States International Inc *		33,050		129
Par Pacific Holdings Inc *		32,536		534
Patterson-UTI Energy Inc		39,000		456
PBF Energy Inc, Cl A *		18,773		660
PDC Energy Inc, Cl A		21,643		1,251
Range Resources Corp		14,055		355
REX American Resources Corp *		34,989		977
RPC Inc		56,710		393
Scorpio Tankers Inc		29,576		1,243
Select Energy Services Inc, Cl A *		29,224		204
SFL Corp Ltd		127,942		1,166
Sitio Royalties Corp		36,015		796
SM Energy Co		15,800		594
Solaris Oilfield Infrastructure Inc, Cl A		100,716		943
Southwestern Energy Co *		356,934		2,184
Talos Energy Inc *		29,210		486
Teekay Tankers Ltd, Cl A *		44,129		1,215
TETRA Technologies Inc *		36,250		130
VAALCO Energy Inc		128,230		559
W&T Offshore Inc *		119,810		702
				47,107
Financials — 16.7%
1st Source Corp		8,269		383
AFC Gamma Inc ^‡		12,310		188
Allegiance Bancshares Inc		8,140		339
Amalgamated Financial Corp		48,213		1,087
American Equity Investment Life Holding Co		103,275		3,851
Argo Group International Holdings Ltd		42,600		820
Arrow Financial Corp		5,539		160
AssetMark Financial Holdings Inc *		22,648		414
Atlanticus Holdings Corp *		21,406		561
BancFirst Corp		4,497		402
Bank of Marin Bancorp		9,639		289
Bank of NT Butterfield & Son Ltd/The		40,966		1,330
Bank OZK		35,018		1,385
BankUnited Inc		141,922		4,849
Bankwell Financial Group Inc		17,322		504


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Bridgewater Bancshares Inc *		7,724	$	127
Byline Bancorp Inc		12,540		254
Cambridge Bancorp		1,614		129
Capital Bancorp Inc		11,564		267
Capstar Financial Holdings Inc		9,866		183
Carter Bankshares Inc *		15,208		245
Cathay General Bancorp		18,158		698
Central Pacific Financial Corp		19,330		400
Chimera Investment Corp ^‡		120,885		631
Civista Bancshares Inc		6,011		125
CNB Financial Corp/PA		5,880		139
CNO Financial Group Inc		174,717		3,140
Coastal Financial Corp/WA *		3,527		140
Cohen & Steers Inc		15,630		979
Community Trust Bancorp Inc		3,380		137
Crawford & Co, Cl A		22,240		128
CrossFirst Bankshares Inc *		24,550		320
CVB Financial Corp		48,125		1,219
Enova International Inc *		8,640		253
Equity Bancshares Inc, Cl A		5,280		156
Esquire Financial Holdings Inc		7,088		266
Essent Group Ltd		13,722		478
Evercore Inc, Cl A		5,075		418
FactSet Research Systems Inc		2,944		1,178
Farmers National Banc Corp		25,824		338
Financial Institutions Inc		15,449		372
First Bancshares Inc/The		5,003		149
First Commonwealth Financial Corp		153,047		1,965
First Community Bankshares Inc		17,640		565
First Financial Corp/IN		19,776		894
First Interstate BancSystem Inc, Cl A		65,101		2,627
First of Long Island Corp/The		12,271		212
FNB Corp/PA		275,820		3,199
Globe Life Inc		9,935		991
Great Southern Bancorp Inc		5,860		334
Hamilton Lane Inc, Cl A		15,746		939
Hanmi Financial Corp		23,660		560
HarborOne Bancorp Inc		16,352		219
HBT Financial Inc		19,240		349
Heritage Commerce Corp		79,153		898
Home BancShares Inc/AR		62,752		1,413
HomeTrust Bancshares Inc		12,200		270
Hope Bancorp Inc		34,174		432
Independent Bank Corp/MI		25,550		488
Investar Holding Corp		26,506		527
Kinsale Capital Group Inc		3,615		923
Lakeland Bancorp Inc		31,590		506
LendingTree Inc *		5,810		139
Macatawa Bank Corp		18,306		170
Mercantile Bank Corp		12,752		379
Merchants Bancorp/IN		21,630		499
Metrocity Bankshares Inc		11,856		233


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Metropolitan Bank Holding Corp *		13,490	$	868
MGIC Investment Corp		66,493		852
Morningstar Inc, Cl A		4,234		899
National Western Life Group Inc, Cl A		750		128
Nicolet Bankshares Inc *		7,009		494
NMI Holdings Inc, Cl A *		33,720		687
Northfield Bancorp Inc		13,194		189
OFG Bancorp		94,118		2,365
Old National Bancorp/IN, Cl A		211,068		3,476
Oppenheimer Holdings Inc, Cl A		24,720		766
Origin Bancorp Inc		4,080		157
Orrstown Financial Services Inc		12,962		310
PacWest Bancorp		30,721		694
Palomar Holdings Inc, Cl A *		8,300		695
PCSB Financial Corp		15,800		283
Peapack-Gladstone Financial Corp		9,550		321
Peoples Bancorp Inc/OH		6,720		194
Peoples Financial Services Corp		5,744		269
Pinnacle Financial Partners Inc		18,347		1,488
Popular Inc		15,238		1,098
Preferred Bank/Los Angeles CA		9,461		617
Primerica Inc		6,845		845
Prosperity Bancshares Inc		17,213		1,148
Provident Bancorp Inc		18,986		272
Pzena Investment Management Inc, Cl A		53,995		512
QCR Holdings Inc		5,497		280
RBB Bancorp		20,540		427
Regional Management Corp		25,347		711
Renasant Corp		18,763		587
Republic First Bancorp Inc *		55,140		156
S&T Bancorp Inc		21,003		616
ServisFirst Bancshares Inc		7,158		573
South Plains Financial Inc		4,763		131
Southern Missouri Bancorp Inc		4,691		239
SouthState Corp		13,074		1,034
Stellar Bancorp Inc		28,575		836
StepStone Group Inc, Cl A		14,875		365
StoneX Group Inc *		14,572		1,209
TrustCo Bank Corp NY		11,770		370
Umpqua Holdings Corp		207,233		3,542
Universal Insurance Holdings Inc		78,315		771
Univest Financial Corp		52,365		1,230
Washington Federal Inc		21,161		634
Western Alliance Bancorp		24,047		1,581
Wintrust Financial Corp		21,229		1,731
				85,812
Health Care — 15.2%
2seventy bio Inc *		14,580		212
Acadia Healthcare Co Inc, Cl A *		10,979		858
Accolade Inc *		11,960		137
Aerie Pharmaceuticals Inc *		44,450		672
Agenus Inc *		475,819		975


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Akero Therapeutics Inc *		20,600	$	701
Alector Inc *		111,680		1,056
Alignment Healthcare Inc *		37,000		438
Alkermes PLC *		20,466		457
Altimmune Inc *		26,500		338
ALX Oncology Holdings Inc *		76,127		729
Amedisys Inc *		9,426		912
Amicus Therapeutics Inc *		41,170		430
AMN Healthcare Services Inc *		27,999		2,967
Amneal Pharmaceuticals Inc *		61,270		124
Amphastar Pharmaceuticals Inc *		20,175		567
Anika Therapeutics Inc *		6,780		161
Apellis Pharmaceuticals Inc *		22,397		1,530
Arcellx Inc *		34,451		647
Arcturus Therapeutics Holdings Inc *		10,257		152
Atea Pharmaceuticals Inc *		82,770		471
Avanos Medical Inc *		21,500		468
Avidity Biosciences Inc *		6,140		100
Axonics Inc *		19,573		1,379
Axsome Therapeutics Inc *		11,454		511
BioLife Solutions Inc *		15,540		354
Brookdale Senior Living Inc, Cl A *		31,138		133
Cara Therapeutics Inc *		47,870		448
Castle Biosciences Inc *		10,150		265
Catalyst Pharmaceuticals Inc *		124,904		1,602
Chemed Corp		3,055		1,334
Chinook Therapeutics Inc *		30,204		594
CinCor Pharma Inc *		15,872		521
Co-Diagnostics Inc *		157,107		504
Cogent Biosciences Inc *		49,785		743
Collegium Pharmaceutical Inc *		75,660		1,212
Computer Programs and Systems Inc *		10,660		297
Concert Pharmaceuticals Inc *		141,325		947
Corcept Therapeutics Inc *		25,021		642
Cross Country Healthcare Inc *		20,161		572
CTI BioPharma Corp *		71,728		417
Cytokinetics Inc *		19,502		945
Deciphera Pharmaceuticals Inc *		38,771		717
Denali Therapeutics Inc *		21,553		661
Encompass Health Corp		46,723		2,113
Ensign Group Inc/The		19,969		1,588
Envista Holdings Corp *		28,267		927
Evolent Health Inc, Cl A *		21,085		758
Generation Bio Co *		35,081		186
Gossamer Bio Inc *		49,617		594
Haemonetics Corp *		12,046		892
HealthEquity Inc *		12,442		836
HealthStream Inc *		28,353		603
Heron Therapeutics Inc *		64,380		272
Inhibrx Inc *		28,440		510
Innoviva Inc *		32,903		382
Inspire Medical Systems Inc *		2,208		392


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Integra LifeSciences Holdings Corp *		24,191	$	1,025
Intra-Cellular Therapies Inc, Cl A *		9,809		456
Invitae Corp *		99,246		244
Ionis Pharmaceuticals Inc *		12,945		573
iRadimed Corp		4,601		138
iRhythm Technologies Inc *		3,553		445
iTeos Therapeutics Inc *		43,940		837
IVERIC bio Inc *		38,500		691
Karuna Therapeutics Inc *		3,954		889
Karyopharm Therapeutics Inc *		24,890		136
Kiniksa Pharmaceuticals Ltd, Cl A *		38,672		497
Kodiak Sciences Inc *		60,710		470
Krystal Biotech Inc *		8,499		592
Lantheus Holdings Inc *		25,683		1,806
LeMaitre Vascular Inc		28,387		1,439
Merit Medical Systems Inc *		11,318		640
Mersana Therapeutics Inc *		132,580		896
Mirum Pharmaceuticals Inc *		9,345		196
Morphic Holding Inc *		4,860		138
Neurocrine Biosciences Inc *		6,090		647
Nurix Therapeutics Inc *		28,810		375
NuVasive Inc *		15,581		683
Ocular Therapeutix Inc *		128,116		532
OptimizeRx Corp *		37,655		558
Option Care Health Inc *		49,242		1,550
Organogenesis Holdings Inc, Cl A *		186,605		605
Perrigo Co PLC		6,803		243
Pliant Therapeutics Inc *		26,340		550
PMV Pharmaceuticals Inc *		14,500		173
Praxis Precision Medicines Inc *		55,370		126
Precigen Inc *		256,330		543
Prestige Consumer Healthcare Inc, Cl A *		46,136		2,299
Privia Health Group Inc *		40,948		1,395
PROCEPT BioRobotics Corp *		12,796		530
Prometheus Biosciences Inc *		11,300		667
Protagonist Therapeutics Inc *		40,220		339
Prothena Corp PLC *		11,192		679
PTC Therapeutics Inc *		14,160		711
Quest Diagnostics Inc		8,894		1,091
RAPT Therapeutics Inc *		5,520		133
Revance Therapeutics Inc *		22,500		607
Rhythm Pharmaceuticals Inc *		25,133		616
Rigel Pharmaceuticals Inc *		131,166		155
Sana Biotechnology Inc *		75,620		454
Sangamo Therapeutics Inc *		30,460		149
Sarepta Therapeutics Inc *		5,714		632
Seer Inc, Cl A *		24,000		186
Sensus Healthcare Inc *		54,234		680
Seres Therapeutics Inc *		31,940		205
Shockwave Medical Inc *		7,176		1,995
STAAR Surgical Co *		6,162		435
STERIS PLC		7,311		1,216


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Stoke Therapeutics Inc *		10,924	$	140
Sutro Biopharma Inc *		32,507		180
Tactile Systems Technology Inc *		47,220		368
TG Therapeutics Inc *		58,690		347
TransMedics Group Inc *		14,672		612
Trevi Therapeutics Inc *		82,619		127
US Physical Therapy Inc		8,274		629
Utah Medical Products Inc		2,416		206
Vanda Pharmaceuticals Inc *		17,800		176
Ventyx Biosciences Inc *(A)		15,300		534
Viemed Healthcare Inc *		77,886		467
Voyager Therapeutics Inc *		77,744		460
Zimvie Inc *		44,448		439
				78,505
Industrials — 18.4%
AAON Inc		9,110		491
ABM Industries Inc		107,054		4,093
ACCO Brands Corp		548,041		2,685
Air Lease Corp, Cl A		29,838		925
Allison Transmission Holdings Inc		34,359		1,160
Alta Equipment Group Inc		44,588		491
Altra Industrial Motion Corp		45,989		1,546
API Group Corp *		25,317		336
Applied Industrial Technologies Inc, Cl A		7,200		740
Arcosa Inc		12,400		709
Argan Inc		16,477		530
Array Technologies Inc *		30,600		507
AZEK Co Inc/The, Cl A *		35,617		592
Barrett Business Services Inc		5,833		455
Booz Allen Hamilton Holding Corp, Cl A		11,850		1,094
Brady Corp, Cl A		12,500		522
BWX Technologies Inc, Cl W		40,723		2,051
CACI International Inc, Cl A *		4,565		1,192
Carlisle Cos Inc		4,160		1,167
Casella Waste Systems Inc, Cl A *		8,474		647
CBIZ Inc *		29,111		1,245
CECO Environmental Corp *		76,554		677
Chart Industries Inc *		4,916		906
CIRCOR International Inc *		25,215		416
Clean Harbors Inc *		20,648		2,271
Comfort Systems USA Inc		7,386		719
Costamare Inc		39,644		355
CRA International Inc		12,466		1,106
CSW Industrials Inc		4,879		585
Daseke Inc *		98,404		532
Ducommun Inc *		7,899		313
Dycom Industries Inc *		12,050		1,151
Eagle Bulk Shipping Inc		7,710		333
EMCOR Group Inc		13,087		1,511
Energy Recovery Inc *		24,000		522
Enerpac Tool Group Corp, Cl A		22,943		409
Ennis Inc		22,670		456


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Enovix Corp *		23,500	$	431
EnPro Industries Inc		11,914		1,012
First Advantage Corp *		31,890		409
Fluence Energy Inc, Cl A *		30,000		438
Forrester Research Inc *		23,622		851
Forward Air Corp		6,001		542
Franklin Covey Co *		22,442		1,019
Gates Industrial Corp PLC *		56,352		550
GATX Corp		5,381		458
Genco Shipping & Trading Ltd		33,117		415
GFL Environmental Inc		42,794		1,082
Global Industrial Co		19,568		525
GMS Inc *		14,867		595
Griffon Corp		46,088		1,361
H&E Equipment Services Inc		16,515		468
Harsco Corp *		36,576		137
Heartland Express Inc		79,530		1,138
Heidrick & Struggles International Inc		16,326		424
Heritage-Crystal Clean Inc *		34,276		1,014
Hexcel Corp, Cl A		15,166		784
Hillenbrand Inc		19,666		722
Hub Group Inc, Cl A *		9,372		646
Hudson Technologies Inc *		154,703		1,137
Huntington Ingalls Industries Inc, Cl A		5,048		1,118
Huron Consulting Group Inc *		42,478		2,814
ICF International Inc, Cl A		5,900		643
Infrastructure and Energy Alternatives Inc *		72,766		985
Insperity Inc, Cl A		18,954		1,935
Insteel Industries Inc		16,740		444
Interface Inc, Cl A		20,583		185
ITT Inc		17,010		1,111
Kadant Inc		2,664		444
Kelly Services Inc, Cl A		24,618		335
Kennametal Inc		18,141		373
Kimball International Inc, Cl B		55,988		352
Korn Ferry		18,880		886
Landstar System Inc		7,682		1,109
LSI Industries Inc		76,000		584
Marten Transport Ltd		65,296		1,251
Masonite International Corp *		11,244		802
Matthews International Corp, Cl A		28,414		637
McGrath RentCorp		8,419		706
MRC Global Inc *		55,464		399
Mueller Industries Inc		22,095		1,313
Nordson Corp		4,527		961
NOW Inc *		53,000		533
PAM Transportation Services Inc *		6,904		214
Park Aerospace Corp		10,845		120
PGT Innovations Inc *		28,400		595
Quanex Building Products Corp		46,533		845
Radiant Logistics Inc *		130,025		740
RBC Bearings Inc *		2,650		551


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
RCM Technologies Inc *		2,752	$	46
Regal Rexnord Corp		15,136		2,124
Resources Connection Inc		91,625		1,656
Rush Enterprises Inc, Cl A		14,561		639
Safe Bulkers Inc		269,660		666
Simpson Manufacturing Co Inc		6,105		479
SP Plus Corp *		35,969		1,127
Standex International Corp		21,627		1,766
Sterling Infrastructure Inc *		21,990		472
SunPower Corp, Cl A *		25,500		588
Sunrun Inc *		17,500		483
Terex Corp		28,058		834
Tetra Tech Inc		9,132		1,174
Titan Machinery Inc *		29,244		826
TPI Composites Inc *		26,670		301
TriNet Group Inc *		5,597		399
TrueBlue Inc *		20,210		386
UFP Industries Inc		20,699		1,494
UniFirst Corp/MA		5,214		877
Universal Logistics Holdings Inc		8,740		277
V2X Inc *		13,330		472
Valmont Industries Inc		6,995		1,879
WESCO International Inc *		9,971		1,190
				94,738
Information Technology — 13.0%
8x8 Inc *		142,560		492
A10 Networks Inc		39,689		527
ACI Worldwide Inc *		22,872		478
Aehr Test Systems *		41,424		584
Agilysys Inc *		23,244		1,287
Alkami Technology Inc *		58,811		885
Alpha & Omega Semiconductor Ltd *		14,970		460
AudioCodes Ltd		39,811		868
Aviat Networks Inc *		15,520		425
AvidXchange Holdings Inc *		18,800		158
Axcelis Technologies Inc *		16,685		1,010
AXT Inc *		119,982		804
Bel Fuse Inc, Cl B		25,876		653
Belden Inc		36,003		2,161
Box Inc, Cl A *		26,101		637
Broadridge Financial Solutions Inc		6,924		999
Calix Inc *		23,073		1,411
Cantaloupe Inc *		38,240		133
Cass Information Systems Inc		11,720		407
Clearfield Inc *		9,977		1,044
Cognex Corp		14,623		606
CommScope Holding Co Inc *		61,000		562
CSG Systems International Inc		12,083		639
CTS Corp		15,980		666
Diebold Nixdorf Inc *		106,140		259
Digi International Inc *		28,982		1,002
Diodes Inc *		6,500		422


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
eGain Corp *		76,857	$	565
EngageSmart Inc *		34,000		703
Entegris Inc		8,382		696
ExlService Holdings Inc *		15,736		2,319
Extreme Networks Inc *		51,380		671
Fabrinet *		12,105		1,156
Grid Dynamics Holdings Inc *		32,470		608
Hackett Group Inc/The		49,277		873
Harmonic Inc, Cl A *		157,250		2,055
I3 Verticals Inc, Cl A *		8,772		176
Impinj Inc *		7,398		592
Instructure Holdings Inc *		21,000		468
International Money Express Inc *		79,303		1,807
Jack Henry & Associates Inc		6,337		1,155
Kulicke & Soffa Industries Inc		25,576		985
Lattice Semiconductor Corp *		9,044		445
Littelfuse Inc		4,937		981
Lumentum Holdings Inc *		24,933		1,710
MACOM Technology Solutions Holdings Inc *		18,901		979
MaxLinear Inc, Cl A *		12,540		409
Mitek Systems Inc *		15,216		139
Napco Security Technologies Inc *		40,221		1,170
National Instruments Corp		27,567		1,040
Onto Innovation Inc *		9,143		586
Payoneer Global Inc *		94,000		569
PC Connection Inc		21,707		979
PDF Solutions Inc *		22,690		557
Photronics Inc *		274,901		4,019
Power Integrations Inc		16,217		1,043
Qualys Inc *		10,366		1,445
Rambus Inc *		25,397		646
Sanmina Corp *		15,484		713
ScanSource Inc *		5,410		143
ShotSpotter Inc *		17,701		509
Silicon Motion Technology Corp ADR		28,690		1,870
SPS Commerce Inc *		4,521		562
Super Micro Computer Inc *		91,386		5,033
Tenable Holdings Inc *		11,405		397
TTEC Holdings Inc		15,912		705
TTM Technologies Inc *		30,437		401
Universal Display Corp		8,717		822
Veeco Instruments Inc *		16,224		297
Verra Mobility Corp, Cl A *		36,000		553
Viant Technology Inc, Cl A *		30,650		129
Viavi Solutions Inc *		95,552		1,247
Vishay Intertechnology Inc		65,445		1,164
Vishay Precision Group Inc *		32,870		973
				66,643
Materials — 5.1%
Alamos Gold Inc, Cl A		64,558		478
Alpha Metallurgical Resources Inc		4,496		615


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
American Vanguard Corp, Cl B		13,290	$	248
Aspen Aerogels Inc *		48,100		443
ATI Inc *		19,529		520
Axalta Coating Systems Ltd *		30,812		649
Balchem Corp		5,593		680
Cabot Corp		23,023		1,471
Century Aluminum Co *		45,599		241
Chase Corp		6,220		520
Clearwater Paper Corp *		14,700		553
Commercial Metals Co, Cl A		91,773		3,256
Element Solutions Inc		51,904		844
Graphic Packaging Holding Co		22,801		450
Hawkins Inc		5,214		203
Haynes International Inc		9,500		334
Ingevity Corp *		21,797		1,322
Innospec Inc		12,873		1,103
Kronos Worldwide Inc		22,587		211
Livent Corp *		72,212		2,213
LSB Industries Inc *		33,810		482
Materion Corp		13,083		1,047
O-I Glass Inc, Cl I *		89,618		1,161
Olympic Steel Inc		17,626		402
Quaker Chemical Corp		5,092		735
Rayonier Advanced Materials Inc *		66,490		209
Reliance Steel & Aluminum Co		6,652		1,160
Ryerson Holding Corp		52,461		1,350
Sensient Technologies Corp		7,200		499
Silgan Holdings Inc		10,361		436
SunCoke Energy Inc		156,130		907
Tredegar Corp		20,970		198
Valvoline Inc		31,721		804
Warrior Met Coal Inc		16,443		468

				26,212
Real Estate — 2.2%
Armada Hoffler Properties Inc ^‡		52,795		548
Ashford Hospitality Trust Inc *^‡		25,110		171
BRT Apartments Corp ^‡		27,900		567
Corporate Office Properties Trust ^‡		35,694		829
Douglas Elliman Inc ^‡		136,069		558
eXp World Holdings Inc ^‡(A)		59,813		670
Farmland Partners Inc ^‡		31,875		404
Forestar Group Inc *^‡		27,142		304
Independence Realty Trust Inc ^‡		24,415		408
Kennedy-Wilson Holdings Inc ^‡		60,649		938
National Storage Affiliates Trust ^‡		25,445		1,058
Newmark Group Inc, Cl A ^‡		85,944		693
NexPoint Residential Trust Inc ^‡		20,153		931
Outfront Media Inc ^‡		24,590		373
RMR Group Inc/The, Cl A ^‡		9,710		230
Ryman Hospitality Properties Inc ^‡		6,625		488
STAG Industrial Inc ^‡		41,420		1,178
Terreno Realty Corp ^‡		18,300		970


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Urstadt Biddle Properties Inc, Cl A ^‡		11,050	$	171
				11,489
Utilities — 1.8%
Algonquin Power & Utilities Corp (A)		95,994		1,047
Altus Power Inc, Cl A *		45,616		502
Artesian Resources Corp, Cl A		11,000		530
Avista Corp		14,500		537
Black Hills Corp, Cl A		13,218		895
Chesapeake Utilities Corp		4,500		519
Clearway Energy Inc, Cl C		19,700		628
IDACORP Inc, Cl A		10,543		1,044
Otter Tail Corp		10,435		642
Portland General Electric Co		36,071		1,568
Southwest Gas Holdings Inc		6,165		430
Spire Inc		9,544		595
Unitil Corp		4,414		205
Via Renewables Inc, Cl A		39,118		270
				9,412
Total Common Stock
(Cost $479,103) ($ Thousands)				505,428

EXCHANGE TRADED FUND — 0.2%
iShares Russell 2000 Value ETF		6,165		795



Total Exchange Traded Fund
(Cost $922) ($ Thousands)				795

AFFILIATED PARTNERSHIP — 0.5%
SEI Liquidity Fund, LP
2.930% **^†(B)		2,751,608		2,751
Total Affiliated Partnership
(Cost $2,751) ($ Thousands)				2,751



CASH EQUIVALENT — 1.8%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		9,049,978		9,050

Total Cash Equivalent
(Cost $9,050) ($ Thousands)				9,050
Total Investments in Securities — 100.7%
(Cost $491,826) ($ Thousands)			$	518,024

	Percentages are based on Net Assets of $514,514 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 12). The total market value of securities on loan at September 30, 2022 was $2,695 ($ Thousands).
(B)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $2,751 ($ Thousands).

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 97.1%

Communication Services — 5.5%
Advantage Solutions Inc *		22,958	$	49
AMC Networks Inc, Cl A *		19,791		402
Cars.com Inc *		39,027		449
Cinemark Holdings Inc *		157,758		1,910
EchoStar Corp, Cl A *		11,616		191
Entravision Communications Corp, Cl A		19,713		78
IDT Corp, Cl B *		1,416		35
John Wiley & Sons Inc, Cl A		68,811		2,585
Lions Gate Entertainment Corp, Cl A *		294,060		2,185
Nexstar Media Group Inc, Cl A		39,765		6,635
Scholastic Corp, Cl B		8,400		258
Telephone and Data Systems Inc		28,539		397
Yelp Inc, Cl A *		4,612		156
Ziff Davis Inc *		57,604		3,945
				19,275
Consumer Discretionary — 11.4%
Aaron's Co Inc/The		33,061		321
American Axle & Manufacturing Holdings Inc *		75,586		516
American Eagle Outfitters Inc		167,340		1,628
Big 5 Sporting Goods Corp (A)		6,921		74
Big Lots Inc		10,250		160
Biglari Holdings Inc, Cl B *		325		38
Bloomin' Brands Inc		104,472		1,915
Bluegreen Vacations Holding Corp, Cl A		3,502		58
Brinker International Inc *		89,522		2,236
Carriage Services Inc, Cl A		14,603		470
Carter's Inc		8,930		585
Cato Corp/The, Cl A		6,012		57
Chico's FAS Inc *		18,449		89
Dana Inc		55,012		629
Dick's Sporting Goods Inc		8,306		869
Duluth Holdings, Cl B *		3,586		25
Ethan Allen Interiors Inc		10,639		225


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Fossil Group Inc *		13,698	$	47
Genesco Inc *		9,533		375
G-III Apparel Group Ltd *		22,602		338
Goodyear Tire & Rubber Co/The *		83,417		842
GoPro Inc, Cl A *		4,827		24
Group 1 Automotive Inc		8,276		1,182
Guess?, Cl 3		26,500		389
H&R Block Inc		43,265		1,841
Harley-Davidson Inc, Cl A		14,447		504
Haverty Furniture Cos Inc		28,221		703
Helen of Troy Ltd *		9,645		930
KB Home		22,601		586
Kohl's Corp		21,105		531
La-Z-Boy Inc, Cl Z		31,318		707
Leslie's Inc *		136,139		2,003
Lithia Motors Inc, Cl A		14,027		3,009
Macy's Inc		25,524		400
MarineMax Inc *		6,250		186
MDC Holdings Inc		26,574		729
Meritage Homes Corp *		13,132		923
Modine Manufacturing Co *		191,612		2,479
Movado Group Inc		4,365		123
Murphy USA Inc		3,955		1,087
ODP Corp/The *		19,312		679
Perdoceo Education Corp *		21,965		226
Qurate Retail Inc *		103,000		207
Rent-A-Center Inc/TX		13,237		232
Sally Beauty Holdings Inc *		55,179		695
Shoe Carnival Inc		1,654		35
Signet Jewelers Ltd		11,820		676
Sleep Number Corp *		5,412		183
Smith & Wesson Brands Inc		15,147		157
Sonic Automotive Inc, Cl A		24,477		1,060
Taylor Morrison Home Corp, Cl A *		31,342		731
Tri Pointe Homes Inc *		85,724		1,295
Tupperware Brands Corp *		32,337		212
Universal Technical Institute Inc *		7,000		38
Urban Outfitters Inc *		65,488		1,287
Victoria's Secret & Co *		66,104		1,925
Vista Outdoor Inc *		2,670		65
Winnebago Industries		3,400		181
Zumiez Inc *		5,830		125

				39,842
Consumer Staples — 3.1%
Coca-Cola Consolidated Inc		2,124		874
Edgewell Personal Care Co		27,671		1,035
Energizer Holdings Inc		24,109		606
Herbalife Nutrition Ltd *		22,586		449
Ingles Markets Inc, Cl A		17,344		1,374
Ingredion Inc		9,967		802
Nature's Sunshine Products Inc *		3,728		31
Nu Skin Enterprises Inc, Cl A		14,650		489


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
SpartanNash Co		30,212	$	877
Spectrum Brands Holdings Inc		44,473		1,736
Sprouts Farmers Market Inc *		50,779		1,409
TreeHouse Foods Inc *		9,087		385
Village Super Market Inc, Cl A		15,136		293
Weis Markets Inc		4,645		331

				10,691
Energy — 7.7%
Arch Resources Inc		1,465		174
Bristow Group Inc *		7,575		178
California Resources Corp		10,898		419
Chord Energy		10,295		1,408
Comstock Resources Inc		65,620		1,135
CONSOL Energy Inc *		1,178		76
Crescent Point Energy Corp		50,731		312
Delek US Holdings Inc		109,297		2,966
DHT Holdings Inc		40,688		308
Dorian LPG Ltd		1,281		17
DT Midstream Inc		66,147		3,432
HF Sinclair Corp		81,907		4,410
Magnolia Oil & Gas Corp, Cl A		131,080		2,597
Murphy Oil Corp		23,067		811
National Energy Services Reunited Corp *		56,063		333
PBF Energy Inc, Cl A		13,334		469
PDC Energy Inc, Cl A		28,830		1,666
REX American Resources Corp *		4,644		130
SFL Corp Ltd		69,620		634
Southwestern Energy Co *		263,061		1,610
Viper Energy Partners LP		52,530		1,505
W&T Offshore Inc *		187,840		1,101
World Fuel Services Corp		39,870		934
				26,625
Financials — 24.7%
Amalgamated Financial Corp		4,384		99
American Equity Investment Life Holding Co		80,358		2,997
Apollo Commercial Real Estate Finance Inc ^‡		28,013		232
Arbor Realty Trust Inc ^‡		69,936		804
Argo Group International Holdings Ltd		32,482		626
Associated Banc-Corp		75,924		1,525
Assured Guaranty Ltd		10,362		502
Axis Capital Holdings Ltd		15,974		785
B Riley Financial Inc		12,282		547
Banco Latinoamericano de Comercio Exterior SA, Cl E		40,533		529
Bank OZK		26,052		1,031
BankUnited Inc		71,766		2,452
Bankwell Financial Group Inc		1,565		46
Banner Corp		10,029		592
Bar Harbor Bankshares		4,295		114
BCB Bancorp Inc		4,000		67


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
BGC Partners Inc, Cl A		611,888	$	1,921
Blue Ridge Bankshares Inc		5,776		73
Business First Bancshares Inc		5,863		126
Camden National Corp		21,470		915
Capital Bancorp Inc		2,753		64
Capstar Financial Holdings Inc		4,268		79
Carter Bankshares Inc *		7,203		116
Cathay General Bancorp		27,383		1,053
Central Pacific Financial Corp		26,324		545
Citizens Financial Group Inc		30,070		1,033
Civista Bancshares Inc		4,598		95
CNB Financial Corp/PA		5,063		119
CNO Financial Group Inc		242,809		4,363
Columbia Banking System Inc		81,609		2,358
Community Trust Bancorp Inc		10,699		434
Cowen Inc, Cl A		8,176		316
Crawford & Co, Cl A		5,820		33
Customers Bancorp Inc *		11,152		329
Donnelley Financial Solutions Inc *		28,127		1,040
Enact Holdings		4,656		103
Enova International Inc *		9,768		286
EZCORP Inc, Cl A *		15,751		121
Federal Agricultural Mortgage Corp, Cl C		8,125		805
Federated Hermes Inc, Cl B		28,016		928
Financial Institutions Inc		4,854		117
First American Financial Corp		11,142		514
First BanCorp/Puerto Rico		32,490		444
First Bank/Hamilton NJ		4,774		65
First Busey Corp		50,888		1,118
First Business Financial Services Inc		2,400		78
First Commonwealth Financial Corp		180,398		2,316
First Financial Corp/IN		13,922		629
First Guaranty Bancshares Inc		2,368		52
First Internet Bancorp		3,003		102
First Merchants Corp		59,320		2,294
Flagstar Bancorp Inc		21,667		724
Flushing Financial Corp		49,872		966
FNB Corp/PA		278,986		3,236
FS KKR Capital Corp		31,885		540
Fulton Financial Corp		64,683		1,022
GAMCO Investors Inc, Cl A		2,021		34
Genworth Financial Inc, Cl A *		255,190		893
Great Southern Bancorp Inc		7,274		415
Greenlight Capital Re Ltd, Cl A *		9,121		68
Hancock Whitney Corp, Cl A		32,386		1,484
Hanmi Financial Corp		31,341		742
HarborOne Bancorp Inc		46,542		625
HBT Financial Inc		2,321		42
Hercules Capital Inc, Cl A (A)		50,909		590
Hilltop Holdings Inc		18,110		450
HomeStreet Inc		27,020		778
HomeTrust Bancshares Inc		4,006		89


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hope Bancorp Inc		100,758	$	1,274
Independent Bank Corp/MI		6,278		120
Invesco Mortgage Capital ^‡		20,821		231
Jackson Financial, Cl A		22,618		628
Kearny Financial Corp/MD		52,484		557
LendingClub Corp *		30,343		335
Luther Burbank Corp		5,044		59
Mercantile Bank Corp		4,399		131
Merchants Bancorp/IN		5,977		138
MFA Financial ^‡		38,196		297
MGIC Investment Corp		65,342		838
Mid Penn Bancorp Inc		4,546		131
Midland States Bancorp Inc		6,502		153
MidWestOne Financial Group Inc		4,386		120
Navient Corp		61,823		908
New Mountain Finance Corp		37,379		431
OceanFirst Financial Corp		17,718		330
OFG Bancorp		124,659		3,133
Old National Bancorp/IN, Cl A		170,690		2,811
Oppenheimer Holdings Inc, Cl A		4,859		151
Orrstown Financial Services Inc		3,530		84
Pacific Premier Bancorp Inc		52,636		1,630
PacWest Bancorp		151,365		3,421
Pathward Financial		8,906		294
PCB Bancorp		3,500		63
Peapack-Gladstone Financial Corp		5,631		189
PennantPark Investment Corp		64,464		352
PennyMac Financial Services Inc		20,682		887
Peoples Bancorp Inc/OH		16,866		488
Peoples Financial Services Corp		2,240		105
Popular Inc		19,171		1,381
QCR Holdings Inc		4,275		218
Radian Group Inc		91,251		1,760
RBB Bancorp		4,906		102
Redwood Trust Inc ^‡		46,399		266
Republic Bancorp Inc/KY, Cl A		10,270		393
Republic First Bancorp Inc *		13,454		38
Rithm Capital Corp ^‡		120,063		879
Sculptor Capital Management Inc, Cl A		7,549		67
Sierra Bancorp		4,509		89
Simmons First National Corp, Cl A		40,784		889
SiriusPoint Ltd *		26,044		129
SmartFinancial Inc		2,250		56
South Plains Financial Inc		3,417		94
Starwood Property Trust Inc ^‡		160,953		2,933
Stewart Information Services Corp		1,532		67
Summit Financial Group Inc		3,604		97
Synovus Financial Corp		21,689		814
Two Harbors Investment Corp ^‡		46,386		154
Umpqua Holdings Corp		154,529		2,641
Universal Insurance Holdings Inc		24,840		245
Washington Federal Inc		29,863		895


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Zions Bancorp NA		12,392	$	630
				85,756
Health Care — 6.0%
Agenus Inc *		45,000		92
AMN Healthcare Services Inc *		30,179		3,198
Amneal Pharmaceuticals Inc *		99,560		201
Arcus Biosciences Inc *		8,983		235
Catalyst Pharmaceuticals Inc *		28,433		365
Co-Diagnostics Inc *		120,031		385
Collegium Pharmaceutical Inc *		44,632		715
Computer Programs and Systems Inc *		24,243		676
Corcept Therapeutics Inc *		2,148		55
Cue Health *		7,368		22
Dynavax Technologies Corp *		33,052		345
Eagle Pharmaceuticals Inc/DE *		3,432		91
Emergent BioSolutions *		34,367		721
Enovis Corp *		41,027		1,890
Exelixis Inc *		74,424		1,167
Fulgent Genetics Inc *		6,500		248
Innoviva Inc *		97,774		1,135
Ironwood Pharmaceuticals Inc, Cl A *		161,463		1,673
iTeos Therapeutics Inc *		7,004		134
LivaNova PLC *		22,431		1,139
National HealthCare Corp		2,766		175
NextGen Healthcare Inc *		7,504		133
Organogenesis Holdings Inc, Cl A *		20,000		65
Pediatrix Medical Group Inc *		17,806		294
Prestige Consumer Healthcare Inc, Cl A *		22,837		1,138
Select Medical Holdings Corp		64,085		1,416
Syneos Health Inc, Cl A *		49,658		2,342
Utah Medical Products Inc		541		46
Vanda Pharmaceuticals Inc *		17,220		170
Varex Imaging Corp *		4,500		95
Vir Biotechnology *		6,500		125
Zimvie Inc *		39,999		395
				20,881
Industrials — 13.2%
ABM Industries Inc		75,745		2,896
ACCO Brands Corp		518,491		2,541
AerSale Corp *		4,881		90
Allison Transmission Holdings Inc		25,623		865
Apogee Enterprises Inc		15,668		599
ArcBest Corp		15,646		1,138
Argan Inc		754		24
Atkore Inc *		14,658		1,140
Atlas Air Worldwide Holdings Inc *		22,885		2,187
Boise Cascade Co		11,817		703
BWX Technologies Inc, Cl W		61,119		3,079
CoreCivic Inc *^‡		19,750		175
Covenant Logistics Group Inc, Cl A		3,450		99
Crane Holdings Co		11,008		964


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Deluxe Corp		13,854	$	231
Eagle Bulk Shipping Inc		2,647		114
EMCOR Group Inc		7,256		838
Encore Wire Corp		5,986		692
Ennis Inc		23,122		465
Esab Corp		39,491		1,317
Fluor Corp *		11,319		282
Genco Shipping & Trading Ltd		6,414		80
GXO Logistics Inc *		53,453		1,874
Hawaiian Holdings Inc *		26,019		342
Heidrick & Struggles International Inc		5,834		152
Hillenbrand Inc		47,516		1,745
Hub Group Inc, Cl A *		724		50
IAA Inc *		46,808		1,491
Interface Inc, Cl A		40,563		365
Kaman Corp, Cl A		35,988		1,005
KAR Auction Services Inc *		182,118		2,034
Kelly Services Inc, Cl A		42,427		577
Kennametal Inc		13,700		282
ManpowerGroup Inc		7,435		481
Matson Inc		10,098		621
Matthews International Corp, Cl A		21,506		482
MDU Resources Group Inc		26,754		732
Moog Inc, Cl A		12,951		911
Mueller Industries Inc		18,224		1,083
Park-Ohio Holdings Corp		11,604		131
Primoris Services Corp		28,879		469
Quanex Building Products Corp		7,497		136
Resources Connection Inc		4,918		89
Rush Enterprises Inc, Cl A		18,392		807
Ryder System Inc		10,835		818
Safe Bulkers Inc		26,340		65
SkyWest Inc *		10,774		175
Terex Corp		21,108		628
Timken Co/The		15,640		923
Titan Machinery Inc *		5,890		166
Triton International Ltd		25,574		1,400
TrueBlue Inc *		13,004		248
Tutor Perini Corp *		11,956		66
UFP Industries Inc		3,443		248
V2X Inc *		593		21
Wabash National Corp		47,430		738
Werner Enterprises Inc		25,190		947
WESCO International Inc *		14,313		1,709
XPO Logistics Inc *		28,284		1,259
				45,789
Information Technology — 9.8%
ACI Worldwide Inc *		116,977		2,445
Adeia Inc		29,641		419
Amkor Technology Inc		116,052		1,979
Avnet Inc		22,554		815
Benchmark Electronics Inc		27,947		692


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cirrus Logic Inc *		6,269	$	431
Conduent Inc *		52,230		174
Consensus Cloud Solutions Inc *		22,164		1,048
CSG Systems International Inc		16,439		869
Diodes Inc *		14,386		934
Euronet Worldwide Inc *		17,997		1,363
Insight Enterprises Inc *		6,347		523
Jabil Inc		32,613		1,882
Lumentum Holdings Inc *		8,307		570
Methode Electronics Inc		24,262		901
NCR Corp *		22,713		432
NetScout Systems Inc *		6,016		188
Paysafe Ltd *		108,398		150
Photronics Inc *		179,129		2,619
Rimini Street Inc *		7,468		35
Sanmina Corp *		53,683		2,474
ScanSource Inc *		16,155		427
Silicon Motion Technology Corp ADR		35,654		2,324
SMART Global Holdings Inc *		2,172		34
Super Micro Computer Inc *		48,622		2,678
TD SYNNEX Corp		9,457		768
Teledyne Technologies Inc *		3,753		1,266
TTM Technologies Inc *		64,571		851
Unisys Corp *		8,449		64
Verint Systems Inc *		83,316		2,798
Vishay Intertechnology Inc		89,603		1,594
Xerox Holdings Corp		29,500		386
				34,133
Materials — 8.5%
AdvanSix Inc		24,882		799
Alamos Gold Inc, Cl A		49,850		369
Ashland Inc		34,528		3,279
Axalta Coating Systems Ltd *		123,899		2,609
Cabot Corp		11,719		749
Century Aluminum Co *		35,901		190
Chemours Co/The		21,776		537
Clearwater Paper Corp *		4,378		165
Commercial Metals Co, Cl A		96,981		3,441
FMC Corp		23,788		2,514
FutureFuel Corp		8,285		50
Greif Inc, Cl A		28,228		1,682
Huntsman Corp		29,727		729
Ingevity Corp *		10,362		628
Koppers Holdings Inc		25,164		523
Kronos Worldwide Inc		1,434		13
Louisiana-Pacific Corp		12,731		652
Mativ Holdings		14,549		321
Minerals Technologies Inc		1,186		59
O-I Glass Inc, Cl I *		51,317		665
Rayonier Advanced Materials Inc *		3,940		12
Resolute Forest Products Inc *		85,377		1,707
Schnitzer Steel Industries Inc, Cl A		13,943		397


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Silgan Holdings Inc		141,106	$	5,932
SunCoke Energy Inc		24,160		140
TimkenSteel Corp *		7,730		116
Tredegar Corp		8,703		82
Trinseo PLC		14,559		267
Valhi Inc		1,055		27
Warrior Met Coal Inc		13,035		371
Worthington Industries Inc		11,603		442

				29,467
Real Estate — 6.5%
Acadia Realty Trust ^‡		1,711		22
Alexander & Baldwin Inc ^‡		11,457		190
American Assets Trust Inc ^‡		22,364		575
Anywhere Real Estate *		33,998		276
Apple Hospitality REIT Inc ^‡		52,469		738
Brandywine Realty Trust ^‡		60,921		411
Brixmor Property Group Inc ^‡		22,601		417
CareTrust Inc ^‡		23,568		427
Chatham Lodging Trust *^‡		48,074		475
City Office REIT Inc ^‡		42,794		427
Corporate Office Properties Trust ^‡		24,979		580
CTO Realty Growth Inc ^‡		4,895		92
DiamondRock Hospitality Co ^‡		6,594		50
Diversified Healthcare Trust ^‡		48,583		48
Douglas Elliman Inc ^‡		25,262		104
EPR Properties, Cl A ^‡		14,634		525
Franklin Street Properties Corp ^‡		96,591		254
Gaming and Leisure Properties Inc ^‡		100,450		4,444
Global Net Lease Inc ^‡		33,245		354
Hersha Hospitality Trust, Cl A ^‡		32,350		258
Howard Hughes Corp/The *^‡		17,915		992
Industrial Logistics Properties Trust ^‡		36,893		203
Kite Realty Group Trust ^‡		34,398		592
LXP Industrial Trust, Cl B ^‡		3,503		32
Marcus & Millichap Inc ^‡		3,088		101
Medical Properties Trust Inc ^‡		217,861		2,584
National Health Investors Inc ^‡		7,600		430
Newmark Group Inc, Cl A ^‡		166,029		1,338
Office Properties Income Trust ^‡		20,671		290
Paramount Group Inc ^‡		2,496		16
Pebblebrook Hotel Trust ^‡		4,360		63
Piedmont Office Realty Trust Inc, Cl A ^‡		68,425		723
PotlatchDeltic Corp ^‡		16,237		666
RLJ Lodging Trust ^‡		16,338		165
Sabra Health Care REIT Inc ^‡		118,463		1,554
Service Properties Trust ^‡		28,972		150
SITE Centers Corp ^‡		4,500		48
Summit Hotel Properties Inc ^‡		4,100		28
Sunstone Hotel Investors Inc ^‡		17,789		168
Tanger Factory Outlet Centers Inc ^‡		61,989		848
Uniti Group Inc ^‡		98,055		681
Urstadt Biddle Properties Inc, Cl A ^‡		8,782		136


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Xenia Hotels & Resorts Inc ^‡		5,651	$	78
				22,553
Utilities — 0.7%
National Fuel Gas Co		28,110		1,730
Northwest Natural Holding Co		7,079		307
Otter Tail Corp		893		55
Portland General Electric Co		10,147		441
Unitil Corp		1,587		74
Via Renewables Inc, Cl A		4,287		30
				2,637
Total Common Stock
(Cost $318,470) ($ Thousands)				337,649

AFFILIATED PARTNERSHIP — 0.2%
SEI Liquidity Fund, LP
2.930% **^†(B)		672,844		675
Total Affiliated Partnership
(Cost $673) ($ Thousands)				675



CASH EQUIVALENT — 2.9%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		10,062,687		10,063

Total Cash Equivalent
(Cost $10,063) ($ Thousands)				10,063
Total Investments in Securities — 100.2%
(Cost $329,206) ($ Thousands)			$	348,387

	Percentages are based on Net Assets of $347,839 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 12). The total market value of securities on loan at September 30, 2022 was $664 ($ Thousands).
(B)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $675 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

337,649

–

337,649

Affiliated Partnership

–

675

–

675

Cash Equivalent

10,063

–

10,063

Total Investments in Securities

347,712

675

–

348,387

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† — 98.0%

Communication Services — 2.4%
Gogo Inc *		54,682	$	663
Iridium Communications Inc *		23,302		1,034
Nexstar Media Group Inc, Cl A		3,570		596
Reservoir Media Inc *(A)		97,127		474
Sinclair Broadcast Group Inc, Cl A		26,180		474
Starry Group Holdings Inc, Cl A *(A)		132,147		197
TechTarget Inc *		3,042		180
Thryv Holdings Inc *		14,749		337
WideOpenWest Inc *		5,875		72
World Wrestling Entertainment Inc, Cl A		11,750		824
Yelp Inc, Cl A *		18,737		635
Ziff Davis Inc *		2,050		140
ZipRecruiter Inc, Cl A *		121,966		2,012

				7,638
Consumer Discretionary — 10.1%
2U Inc *		30,611		191
Academy Sports & Outdoors Inc		23,058		973
ADT Inc		96,363		722
Asbury Automotive Group Inc *		6,354		960
Bowlero Corp *(A)		50,209		618
Boyd Gaming Corp		2,419		115
Canada Goose Holdings Inc *		22,294		340
Carter's Inc		7,500		491
Cavco Industries Inc *		1,460		300
Chegg Inc *		17,107		360
Clarus Corp		34,901		470
Crocs Inc *		2,634		181
Dave & Buster's Entertainment Inc *		16,816		522
Designer Brands Inc, Cl A		21,228		325
Dick's Sporting Goods Inc		4,913		514
Everi Holdings Inc *		50,983		827
Frontdoor Inc *		104,335		2,127
Funko Inc, Cl A *		16,722		338


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Grand Canyon Education Inc *		11,471	$	943
H&R Block Inc		24,846		1,057
Hanesbrands Inc		80,026		557
International Game Technology PLC		18,092		286
Kura Sushi USA Inc, Cl A *		9,253		681
Lovesac Co/The *		11,972		244
Malibu Boats Inc, Cl A *		8,714		418
MarineMax Inc *		10,740		320
Movado Group Inc		8,598		242
Murphy USA Inc		5,368		1,476
NEOGAMES SA *		26,351		340
Oxford Industries Inc, Cl A		10,752		965
Patrick Industries Inc		9,847		432
PlayAGS Inc *		186,766		990
Ruth's Hospitality Group Inc		20,040		338
Sally Beauty Holdings Inc *		144,338		1,819
SeaWorld Entertainment Inc *		7,223		329
Signet Jewelers Ltd		11,276		645
Skechers USA Inc, Cl A *		64,258		2,038
Skyline Champion Corp *		13,161		696
Stoneridge Inc *		67,051		1,137
Stride Inc *		9,849		414
Target Hospitality Corp *		109,163		1,378
Taylor Morrison Home Corp, Cl A *		23,765		554
TravelCenters of America Inc *		15,495		836
Vista Outdoor Inc *		12,660		308
Visteon Corp *		3,228		342
Xometry Inc, Cl A *		12,148		690
XPEL Inc *		6,699		432
				31,281
Consumer Staples — 4.5%
Andersons Inc/The		13,080		406
Beauty Health Co/The *		33,493		395
Cal-Maine Foods Inc		12,245		681
Celsius Holdings Inc *		17,997		1,632
Chefs' Warehouse Inc/The *		37,502		1,086
Coca-Cola Consolidated Inc		1,190		490
elf Beauty Inc *		23,015		866
Hostess Brands Inc, Cl A *		63,948		1,486
MGP Ingredients Inc		16,371		1,738
Performance Food Group Co *		9,746		419
Post Holdings Inc *		9,778		801
Simply Good Foods Co/The *		27,776		888
SpartanNash Co		22,872		664
Turning Point Brands Inc		54,562		1,158
United Natural Foods Inc *		19,079		656
Vita Coco Co Inc/The *		44,561		507
				13,873
Energy — 5.5%
Antero Resources Corp *		13,219		403
Cactus Inc, Cl A		8,341		321


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
California Resources Corp		25,808	$	992
Centrus Energy Corp, Cl A *		14,873		609
Chesapeake Energy Corp		6,547		617
Chord Energy		7,281		996
Civitas Resources Inc		6,849		393
Comstock Resources Inc *		33,235		575
CVR Energy Inc		16,819		487
DHT Holdings Inc		71,629		542
Earthstone Energy Inc, Cl A *(A)		69,581		857
HF Sinclair Corp		9,845		530
International Seaways Inc		24,843		873
Magnolia Oil & Gas Corp, Cl A		30,592		606
Matador Resources Co		22,451		1,098
New Fortress Energy Inc, Cl A		14,405		630
Northern Oil and Gas Inc		40,184		1,101
PBF Energy Inc, Cl A *		27,572		969
PDC Energy Inc, Cl A		8,531		493
Permian Resources Corp, Cl A *		77,692		528
Range Resources Corp		15,151		383
Ranger Oil Corp, Cl A		21,087		663
RPC Inc		48,465		336
Scorpio Tankers Inc		23,962		1,007
Teekay Tankers Ltd, Cl A *		27,687		763
Value Creation Inc *(B)(C)		145,600		56

				16,828
Financials — 7.2%
Amalgamated Financial Corp		15,047		339
Amerant Bancorp Inc, Cl A		5,820		145
American Equity Investment Life Holding Co		8,012		299
Ameris Bancorp		11,779		527
Arbor Realty Trust Inc ^‡		5,697		66
Associated Banc-Corp		17,838		358
Axos Financial Inc *		2,965		101
BancFirst Corp		11,021		986
Banner Corp		14,101		833
Blucora Inc *		26,195		507
Cathay General Bancorp		15,691		603
Compass Diversified Holdings		18,576		335
Customers Bancorp Inc *		5,019		148
CVB Financial Corp		28,237		715
Enova International Inc *		13,151		385
Enterprise Financial Services Corp		10,772		474
First Bank/Hamilton NJ		11,277		154
First Financial Bancorp		19,426		409
First Financial Bankshares Inc, Cl A		9,805		410
Fulton Financial Corp		50,504		798
Green Dot Corp, Cl A *		18,855		358
Hanmi Financial Corp		30,135		714
Hannon Armstrong Sustainable Infrastructure Capital Inc ^‡		17,927		537
HBT Financial Inc		10,948		199
Heartland Financial USA Inc		11,845		514


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
HomeStreet Inc		13,213	$	381
Hope Bancorp Inc		25,703		325
Houlihan Lokey Inc, Cl A		9,588		723
Kinsale Capital Group Inc		7,425		1,896
KKR Real Estate Finance Trust Inc ^‡		19,693		320
LendingClub Corp *		13,424		148
Metropolitan Bank Holding Corp *		1,758		113
Mr Cooper Group Inc *		14,057		569
MVB Financial Corp		5,912		165
Navient Corp		5,814		85
Orrstown Financial Services Inc		5,121		122
Palomar Holdings Inc, Cl A *		9,719		814
Provident Financial Services Inc		37,075		723
RLI Corp		4,258		436
S&T Bancorp Inc		17,015		499
ServisFirst Bancshares Inc		5,681		454
South Plains Financial Inc		8,114		224
Stewart Information Services Corp		2,757		120
StoneX Group Inc *		8,833		733
Towne Bank/Portsmouth VA		15,623		419
UMB Financial Corp		5,428		458
Washington Federal Inc		24,533		735
WisdomTree Investments Inc		189,015		885
				22,261
Health Care — 26.3%
4D Molecular Therapeutics Inc *		62,390		502
AbCellera Biologics Inc *		29,700		294
Acadia Healthcare Co Inc, Cl A *		12,612		986
Akero Therapeutics Inc *		22,855		778
Albireo Pharma Inc *		26,109		505
Alkermes PLC *		27,420		612
Allscripts Healthcare Solutions Inc *		26,756		407
Altimmune Inc *		28,557		365
Amicus Therapeutics Inc *		69,038		721
AMN Healthcare Services Inc *		11,907		1,262
Amphastar Pharmaceuticals Inc *		42,599		1,197
ANI Pharmaceuticals Inc *		24,013		772
Apellis Pharmaceuticals Inc *		13,934		952
Arbutus Biopharma Corp *		73,832		141
Arcellx Inc *		45,285		850
Artivion Inc *		46,721		647
Arvinas Inc *		10,477		466
Avid Bioservices Inc *		19,092		365
Axogen Inc *		84,925		1,012
Axonics Inc *		20,901		1,472
Axsome Therapeutics Inc *		15,822		706
C4 Therapeutics Inc *		77,945		684
Cardiovascular Systems Inc *		48,874		677
CareDx Inc *		45,421		773
Catalyst Pharmaceuticals Inc *		132,273		1,697
Certara Inc *		43,482		577
Chinook Therapeutics Inc *		31,747		624


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
CinCor Pharma Inc *		16,514	$	542
Cogent Biosciences Inc *		68,615		1,024
Collegium Pharmaceutical Inc *		9,396		151
Concert Pharmaceuticals Inc *		205,920		1,380
Corcept Therapeutics Inc *		28,337		727
CorVel Corp *		1,759		244
Cross Country Healthcare Inc *		14,434		409
CTI BioPharma Corp *		125,500		730
Cytokinetics Inc *		23,411		1,134
Denali Therapeutics Inc *		7,388		227
DICE Therapeutics Inc *		30,486		618
Dynavax Technologies Corp *		50,851		531
Ensign Group Inc/The		11,189		890
Erasca Inc *(A)		85,761		669
Evolent Health Inc, Cl A *		41,273		1,483
Gossamer Bio Inc *		52,561		630
Haemonetics Corp *		21,673		1,604
Halozyme Therapeutics Inc *		8,807		348
HealthEquity Inc *		41,814		2,809
Heron Therapeutics Inc *		164,901		696
ImmunoGen Inc *		15,787		75
Inhibrx Inc *		37,699		677
Instil Bio Inc *		151,662		734
Intercept Pharmaceuticals Inc *		57,163		797
Ionis Pharmaceuticals Inc *		13,573		600
iRadimed Corp		5,981		180
iRhythm Technologies Inc *		6,271		786
Ironwood Pharmaceuticals Inc, Cl A *		44,101		457
iTeos Therapeutics Inc *		15,248		290
IVERIC bio Inc *		47,479		852
Karuna Therapeutics Inc *		4,628		1,041
Kiniksa Pharmaceuticals Ltd, Cl A *		75,160		965
Krystal Biotech Inc *		8,313		579
Lantheus Holdings Inc *		42,455		2,986
Ligand Pharmaceuticals Inc *		2,641		227
MaxCyte Inc *		122,752		798
Medpace Holdings Inc *		7,112		1,118
Merit Medical Systems Inc *		47,928		2,708
Mirum Pharmaceuticals Inc *		34,876		733
ModivCare Inc *		3,757		374
Neurocrine Biosciences Inc *		6,858		728
Nevro Corp *		13,957		650
NextGen Healthcare Inc *		23,346		413
Nurix Therapeutics Inc *		28,553		372
Omnicell Inc *		13,637		1,187
Option Care Health Inc *		48,734		1,534
Owens & Minor Inc		6,394		154
Paragon 28 Inc *(A)		40,001		713
Pediatrix Medical Group Inc *		50,335		831
Phreesia Inc *		12,116		309
Pliant Therapeutics Inc *		31,034		648
PMV Pharmaceuticals Inc *		40,469		482


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Prestige Consumer Healthcare Inc, Cl A *		20,011	$	997
Privia Health Group Inc *		21,962		748
PROCEPT BioRobotics Corp *		14,080		584
Progyny Inc *		8,920		331
Prometheus Biosciences Inc *		12,229		722
Prothena Corp PLC *		10,859		658
QuidelOrtho Corp *		28,036		2,004
Relay Therapeutics Inc *		28,142		630
Revance Therapeutics Inc *		24,594		664
Rhythm Pharmaceuticals Inc *		37,454		918
Sarepta Therapeutics Inc *		6,176		683
Shockwave Medical Inc *		7,392		2,055
Sight Sciences Inc *		104,388		663
Silk Road Medical Inc *		11,225		505
Simulations Plus Inc		10,127		492
Sonendo Inc *(A)		139,610		149
SpringWorks Therapeutics Inc *		29,626		845
Supernus Pharmaceuticals Inc *		17,095		579
Syneos Health Inc, Cl A *		19,755		931
Tenet Healthcare Corp *		11,459		591
TransMedics Group Inc *		27,424		1,145
Twist Bioscience Corp *		23,566		830
Ventyx Biosciences Inc *(A)		15,776		551
Veracyte Inc *		43,259		718
Xencor Inc *		22,532		585
Zentalis Pharmaceuticals Inc *		5,583		121

				81,587
Industrials — 19.7%
ACV Auctions Inc, Cl A *		204,354		1,469
Air Transport Services Group Inc *		13,011		313
Alight Inc *		257,541		1,888
Apogee Enterprises Inc		12,442		476
ArcBest Corp		7,799		567
Array Technologies Inc *		35,397		587
Atkore Inc *		10,218		795
Atlas Air Worldwide Holdings Inc *		1,765		169
Avis Budget Group Inc *		1,439		214
Beacon Roofing Supply Inc *		12,460		682
BlueLinx Holdings Inc *		6,081		378
Boise Cascade Co		12,737		757
Byrna Technologies Inc *		104,661		492
CBIZ Inc *		17,184		735
Chart Industries Inc *		5,840		1,077
Cimpress PLC *		22,616		554
Clean Harbors Inc *		16,977		1,867
Comfort Systems USA Inc		8,343		812
Dycom Industries Inc *		14,094		1,346
EMCOR Group Inc		7,010		810
Encore Wire Corp		1,538		178
Energy Recovery Inc *		25,521		555
Enovix Corp *		31,368		575
Evoqua Water Technologies Corp *		15,408		510


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
First Advantage Corp *		92,344	$	1,185
Fluence Energy Inc, Cl A *		39,693		579
Forrester Research Inc *		20,439		736
Forward Air Corp		20,142		1,818
GATX Corp		8,726		743
GMS Inc *		15,701		628
Griffon Corp		33,262		982
Heartland Express Inc		80,106		1,146
Herc Holdings Inc		3,911		406
Heritage-Crystal Clean Inc *		89,092		2,634
Hillenbrand Inc		20,710		760
Hub Group Inc, Cl A *		6,341		437
Hudson Technologies Inc *		289,509		2,128
Huron Consulting Group Inc *		13,012		862
ICF International Inc, Cl A		12,279		1,339
John Bean Technologies Corp, Cl A		6,367		548
Kadant Inc		2,739		457
Kirby Corp *		18,824		1,144
Korn Ferry		18,082		849
Legalzoom.com Inc *		79,629		682
Lindsay Corp		3,736		535
Marten Transport Ltd		63,688		1,220
Matson Inc		25,604		1,575
Mueller Industries Inc		11,418		679
NOW Inc *		102,120		1,026
PGT Innovations Inc *		17,037		357
Quanex Building Products Corp		21,086		383
RBC Bearings Inc *		3,021		628
Resources Connection Inc		35,249		637
Ritchie Bros Auctioneers Inc		40,451		2,527
Rocket Lab USA Inc *		136,885		557
Rush Enterprises Inc, Cl A		15,765		691
Saia Inc *		2,296		436
SkyWest Inc *		21,892		356
SP Plus Corp *		30,060		941
SunPower Corp, Cl A *		28,411		655
Sunrun Inc *		22,183		612
Tennant Co		22,508		1,273
Titan International Inc *		25,580		311
Titan Machinery Inc *		26,187		740
Transcat Inc *		3,120		236
TriNet Group Inc *		18,427		1,312
TrueBlue Inc *		88,710		1,693
UFP Industries Inc		12,938		934
Valmont Industries Inc		2,681		720
WESCO International Inc *		4,926		588
WillScot Mobile Mini Holdings Corp, Cl A *		38,430		1,550
				61,041
Information Technology — 16.4%
8x8 Inc *		130,088		449
A10 Networks Inc		48,530		644
Actua Corp *(B)		105,055		1


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
ADTRAN Holdings Inc		35,995	$	705
Aehr Test Systems *		50,748		716
Agilysys Inc *		12,055		667
Alkami Technology Inc *		81,488		1,226
Allegro MicroSystems Inc *		44,409		970
Arlo Technologies Inc *		59,684		277
Asure Software Inc *		97,353		557
Avid Technology Inc *		8,835		206
Axcelis Technologies Inc *		8,770		531
Belden Inc		27,656		1,660
Benchmark Electronics Inc		30,418		754
Box Inc, Cl A *		18,736		457
Calix Inc *		14,565		891
ChannelAdvisor Corp *		48,520		1,099
Clearfield Inc *		9,511		995
CommScope Holding Co Inc *		67,292		620
Consensus Cloud Solutions Inc *		22,722		1,075
CTS Corp		55,390		2,307
Digi International Inc *		34,218		1,183
Diodes Inc *		12,778		829
ExlService Holdings Inc *		20,348		2,998
Extreme Networks Inc *		96,838		1,266
Fabrinet *		7,890		753
ForgeRock Inc, Cl A *		38,245		556
Grid Dynamics Holdings Inc *		28,914		542
Hackett Group Inc/The		6,806		121
Harmonic Inc, Cl A *		68,744		898
I3 Verticals Inc, Cl A *		24,136		483
Impinj Inc *		12,652		1,013
International Money Express Inc *		128,882		2,937
KnowBe4 Inc, Cl A *		29,620		616
Lattice Semiconductor Corp *		6,651		327
MACOM Technology Solutions Holdings Inc *		8,460		438
MaxLinear Inc, Cl A *		4,929		161
Mirion Technologies Inc *		134,203		1,002
Model N Inc *		33,091		1,133
Momentive Global Inc *		153,252		890
Monday.com Ltd *		8,365		948
Napco Security Technologies Inc *		22,140		644
Onto Innovation Inc *		16,989		1,088
Payoneer Global Inc *		54,249		328
Photronics Inc *		29,423		430
Progress Software Corp		21,644		921
Qualys Inc *		16,105		2,245
Rambus Inc *		16,503		420
Sanmina Corp *		42,749		1,970
SPS Commerce Inc *		9,823		1,220
Sumo Logic Inc *		34,530		259
Super Micro Computer Inc *		38,215		2,104
TTM Technologies Inc *		39,028		515
Upland Software Inc *		57,827		470


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Verint Systems Inc *		16,275	$	547
Verra Mobility Corp, Cl A *		50,199		772
Vertex Inc, Cl A *		62,725		857
Vishay Intertechnology Inc		12,825		228

				50,919
Materials — 2.4%
ATI Inc *		35,450		943
Cabot Corp		13,640		871
Ecovyst Inc *		50,217		424
Graphic Packaging Holding Co		21,936		433
Greif Inc, Cl A		7,950		474
Ingevity Corp *		4,012		243
Livent Corp *		76,426		2,342
Materion Corp		6,894		552
Mercer International Inc		31,641		389
MP Materials Corp *		8,093		221
Ranpak Holdings Corp, Cl A *		159,024		544
				7,436
Real Estate — 2.3%
Armada Hoffler Properties Inc ^‡		36,966		384
DiamondRock Hospitality Co ^‡		52,142		392
Easterly Government Properties Inc, Cl A ^‡		13,081		206
Farmland Partners Inc ^‡		32,810		416
Independence Realty Trust Inc ^‡		82,976		1,388
National Storage Affiliates Trust ^‡		26,597		1,106
Newmark Group Inc, Cl A ^‡		8,896		72
NexPoint Residential Trust Inc ^‡		12,740		589
Pebblebrook Hotel Trust ^‡		15,809		229
PotlatchDeltic Corp ^‡		4,565		187
SITE Centers Corp ^‡		64,434		690
St Joe Co/The ^‡		13,239		424
Sunstone Hotel Investors Inc ^‡		24,623		232
Tanger Factory Outlet Centers Inc ^‡		26,231		359
Xenia Hotels & Resorts Inc ^‡		26,943		371

				7,045
Utilities — 1.2%
ALLETE Inc		5,453		273
Altus Power Inc, Cl A *		45,073		496
Black Hills Corp, Cl A		6,677		452
Clearway Energy Inc, Cl C		21,525		686
New Jersey Resources Corp		8,295		321
Otter Tail Corp		17,790		1,095
Portland General Electric Co		8,353		363
				3,686
Total Common Stock
(Cost $316,371) ($ Thousands)				303,595


Description	Shares		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 1.2%
SEI Liquidity Fund, LP
2.930% **^†(D)		3,744,598	$	3,740


Total Affiliated Partnership
(Cost $3,745) ($ Thousands)				3,740

CASH EQUIVALENT — 2.1%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		6,614,304		6,614
Total Cash Equivalent
(Cost $6,614) ($ Thousands)				6,614


Total Investments in Securities — 101.3%
(Cost $326,730) ($ Thousands)			$	313,949

	Percentages are based on Net Assets of $309,953 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
^†^†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 12). The total market value of securities on loan at September 30, 2022 was $3,627 ($ Thousands).
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered restricted, excluding 144A. The total market value of such securities as of September 30, 2022 was $56 ($ Thousands) and represented 0.0% of the Net Assets of the Fund. See table below for acquisition dates and acquisition cost.
(D)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $3,740 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments carried at value ($ Thousands):
Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)⁽¹⁾		Total ($)
Common Stock		303,538		–		57		303,595
Affiliated Partnership		–		3,740		–		3,740
Cash Equivalent		6,614		–		–		6,614
Total Investments in Securities		310,152		3,740		57		313,949

(1)	A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the end of the period relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

A list of the restricted securities, excluding 144a, held by the Fund at September 30, 2022, is as follows:

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 98.6%

Communication Services — 5.7%
ATN International Inc		23,526	$	907
Cinemark Holdings Inc *		287,069		3,476
Cogent Communications Holdings Inc		18,392		959
EchoStar Corp, Cl A *		47,530		783
Electronic Arts Inc		2,290		265
IAC Inc *		3,105		172
Interpublic Group of Cos Inc/The		24,754		634
Iridium Communications Inc *		9,732		432
John Wiley & Sons Inc, Cl A		106,386		3,996
Lions Gate Entertainment Corp, Cl A *		675,776		5,021
Match Group Inc *		1,449		69
Nexstar Media Group Inc, Cl A		68,960		11,506
Ooma Inc *		8,203		101
Scholastic Corp, Cl B		18,006		554
Take-Two Interactive Software Inc, Cl A *		3,431		374
Trade Desk Inc/The, Cl A *		18,960		1,133
United States Cellular Corp *		5,851		152
World Wrestling Entertainment Inc, Cl A		43,520		3,054
Ziff Davis Inc *		154,251		10,563

				44,151
Consumer Discretionary — 8.8%
Advance Auto Parts Inc		10,274		1,606
American Eagle Outfitters Inc		312,360		3,039
Arko Corp		54,778		514
Asbury Automotive Group Inc *		3,907		590
AutoNation Inc *		4,391		447
Bloomin' Brands Inc		189,746		3,478
Bright Horizons Family Solutions Inc *		1,538		89
Brinker International Inc *		182,497		4,559
Carriage Services Inc, Cl A		26,433		850
Carter's Inc		5,185		340
Cavco Industries Inc *		271		56


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Dave & Buster's Entertainment Inc *		43,840	$	1,360
Deckers Outdoor Corp *		3,400		1,063
Dorman Products Inc *		9,989		820
Etsy Inc *		15,649		1,567
Group 1 Automotive Inc		4,472		639
Haverty Furniture Cos Inc		17,831		444
Helen of Troy Ltd *		13,463		1,298
Hibbett Inc		17,681		880
JAKKS Pacific Inc *		105,045		2,031
Kohl's Corp		26,002		654
LCI Industries		24,809		2,517
Leslie's Inc *		71,811		1,056
Lithia Motors Inc, Cl A		24,454		5,247
LKQ Corp		84,641		3,991
Modine Manufacturing Co *		540,000		6,988
Murphy USA Inc		11,043		3,036
Ollie's Bargain Outlet Holdings Inc *		3,893		201
Overstock.com Inc *		4,927		120
Penske Automotive Group Inc, Cl A		2,500		246
PetMed Express Inc		9,750		190
Pool Corp		15,000		4,773
Service Corp International/US		8,000		462
Skechers USA Inc, Cl A *		19,536		620
Skyline Champion Corp *		7,016		371
Strategic Education Inc		9,665		594
Stride Inc *		41,300		1,736
Taylor Morrison Home Corp, Cl A *		60,000		1,399
Urban Outfitters Inc *		129,062		2,536
Vail Resorts Inc		9,517		2,052
Victoria's Secret & Co *		94,426		2,750
Whirlpool Corp		3,320		448
Williams-Sonoma Inc		7,799		919
Winmark Corp		1,329		287
				68,863
Consumer Staples — 3.4%
BellRing Brands Inc *		9,532		197
BJ's Wholesale Club Holdings Inc *		24,382		1,775
Calavo Growers Inc		15,967		507
Cal-Maine Foods Inc		18,622		1,035
Casey's General Stores Inc		6,437		1,304
Central Garden & Pet Co, Cl A *		27,121		927
Coca-Cola Consolidated Inc		2,500		1,029
Darling Ingredients Inc *		16,819		1,113
Flowers Foods Inc		23,770		587
Fresh Del Monte Produce Inc		14,071		327
Fresh Market Inc *		17,502		—
Freshpet Inc *		8,866		444
Hostess Brands Inc, Cl A *		87,053		2,023
Ingles Markets Inc, Cl A		6,621		525
Ingredion Inc		14,851		1,196
J & J Snack Foods Corp		7,030		910
John B Sanfilippo & Son Inc		5,357		406


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kroger Co/The		6,156	$	269
Medifast Inc		25,446		2,757
Performance Food Group Co *		6,364		273
PriceSmart Inc		12,923		744
Primo Water Corp		30,856		387
Seaboard Corp		144		490
Seneca Foods Corp, Cl A *		315		16
SpartanNash Co		5,962		173
Spectrum Brands Holdings Inc		35,922		1,402
Sprouts Farmers Market Inc *		27,834		772
Tootsie Roll Industries Inc		5,885		196
TreeHouse Foods Inc *		9,556		405
Universal Corp		27,163		1,250
US Foods Holding Corp *		10,313		273
USANA Health Sciences Inc *		4,731		265
Village Super Market Inc, Cl A		24,489		473
WD-40 Co		2,556		449
Weis Markets Inc		27,069		1,929

				26,828
Energy — 6.2%
Arch Resources Inc		103		12
Brigham Minerals Inc, Cl A		18,290		451
ChampionX Corp		56,847		1,113
Coterra Energy Inc		69,602		1,818
Delek US Holdings Inc		374,934		10,176
DHT Holdings Inc		55,000		416
Diamondback Energy Inc, Cl A		18,330		2,208
DT Midstream Inc		70,000		3,632
Golar LNG Ltd *		45,458		1,133
Helmerich & Payne Inc		27,627		1,021
HF Sinclair Corp		73,441		3,954
International Seaways Inc		44,523		1,564
Liberty Energy Inc, Cl A *		72,157		915
Magnolia Oil & Gas Corp, Cl A		183,341		3,632
Marathon Petroleum Corp		7,296		725
NexTier Oilfield Solutions Inc *		77,121		571
Ovintiv Inc		27,987		1,287
Patterson-UTI Energy Inc		17,762		207
PBF Energy Inc, Cl A *		42,772		1,504
Pioneer Natural Resources Co		8,761		1,897
REX American Resources Corp *		8,283		231
SFL Corp Ltd		137,426		1,252
SM Energy Co		18,262		687
Southwestern Energy Co *		472,791		2,894
Teekay Tankers Ltd, Cl A *		5,352		147
Viper Energy Partners LP		185,573		5,319

				48,766
Financials — 16.7%
1st Source Corp		16,788		777
Allstate Corp/The		1,408		175
Amalgamated Financial Corp		43,074		971


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
A-Mark Precious Metals Inc		15,834	$	450
American Equity Investment Life Holding Co		164,447		6,132
American Financial Group Inc/OH		13,674		1,681
Ameriprise Financial Inc		4,701		1,184
Arch Capital Group Ltd *		10,008		456
Argo Group International Holdings Ltd		8,676		167
Arrow Financial Corp		21,181		610
Assurant Inc		5,558		807
Axos Financial Inc *		48,113		1,647
Bank of Marin Bancorp		6,366		191
Bank of NT Butterfield & Son Ltd/The		3,842		125
Bank OZK		55,988		2,215
BankUnited Inc		127,615		4,361
Bankwell Financial Group Inc		51,021		1,485
BGC Partners Inc, Cl A		1,099,126		3,451
Camden National Corp		18,864		804
Canadian Imperial Bank of Commerce		6,642		291
Capital City Bank Group Inc		9,652		300
Cboe Global Markets Inc		2,060		242
City Holding Co		10,410		923
CNB Financial Corp/PA		44,272		1,044
CNO Financial Group Inc		289,034		5,194
Columbia Banking System Inc		113,504		3,279
Columbia Financial Inc *		91,296		1,929
Community Trust Bancorp Inc		27,038		1,096
Consumer Portfolio Services Inc *		14,720		107
Diamond Hill Investment Group Inc		2,001		330
Donnelley Financial Solutions Inc *		39,415		1,457
Eagle Bancorp Inc		29,167		1,307
Employers Holdings Inc		17,888		617
Equity Bancshares Inc, Cl A		1,815		54
Everest Re Group Ltd		6,060		1,591
FactSet Research Systems Inc		1,300		520
Farmers National Banc Corp		35,637		466
Financial Institutions Inc		51,330		1,236
First American Financial Corp		3,200		148
First Busey Corp		5,528		122
First Citizens BancShares Inc/NC, Cl A		775		618
First Commonwealth Financial Corp		316,920		4,069
First Community Bankshares Inc		66,479		2,129
First Financial Corp/IN		34,238		1,547
First Interstate BancSystem Inc, Cl A		51,000		2,058
First Merchants Corp		77,646		3,003
First of Long Island Corp/The		12,820		221
FNB Corp/PA		494,669		5,738
Glacier Bancorp Inc, Cl A		18,951		931
Goldman Sachs Group Inc/The		1		—
Great Southern Bancorp Inc		13,042		744
Hanover Insurance Group Inc/The, Cl A		25,705		3,294
Heritage Financial Corp/WA		12,204		323
HomeStreet Inc		2,200		63
HomeTrust Bancshares Inc		4,975		110


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Horace Mann Educators Corp, Cl A		21,962	$	775
Houlihan Lokey Inc, Cl A		8,726		658
Independent Bank Corp/MI		12,857		246
Investar Holding Corp		56,265		1,120
MarketAxess Holdings Inc		350		78
Merchants Bancorp/IN		59,391		1,370
MidWestOne Financial Group Inc		2,052		56
Morgan Stanley		7,661		605
Morningstar Inc, Cl A		1,600		340
NBT Bancorp Inc		27,152		1,030
OFG Bancorp		133,441		3,353
Old National Bancorp/IN, Cl A		323,230		5,324
Origin Bancorp Inc		10,420		401
Pacific Premier Bancorp Inc		84,780		2,625
PacWest Bancorp		274,931		6,213
PCSB Financial Corp		35,655		639
PJT Partners Inc, Cl A		14,364		960
Popular Inc		11,261		812
Preferred Bank/Los Angeles CA		9,178		599
ProAssurance Corp		8,665		169
Provident Financial Services Inc		24,819		484
Reinsurance Group of America Inc, Cl A		7,938		999
RenaissanceRe Holdings Ltd		6,981		980
Republic Bancorp Inc/KY, Cl A		10,585		405
S&T Bancorp Inc		16,259		477
Safety Insurance Group Inc		7,585		619
Selective Insurance Group Inc		19,688		1,603
ServisFirst Bancshares Inc		26,000		2,080
Sierra Bancorp		31,572		624
Starwood Property Trust Inc ^‡		310,592		5,659
Stewart Information Services Corp		17,692		772
Stifel Financial Corp		5,705		296
SVB Financial Group, Cl B *		3,699		1,242
Towne Bank/Portsmouth VA		17,345		465
TPG RE Finance Trust Inc ^‡		58,414		409
TriCo Bancshares		22,196		991
TrustCo Bank Corp NY		9,472		298
Umpqua Holdings Corp		229,225		3,917
United Fire Group Inc		57,059		1,639
Univest Financial Corp		50,690		1,190
Washington Federal Inc		37,676		1,130
Westamerica BanCorp		30,117		1,575

				130,017
Health Care — 12.7%
ABIOMED Inc *		967		238
ACADIA Pharmaceuticals Inc *		61,438		1,005
Aerie Pharmaceuticals Inc *		76,561		1,158
Akero Therapeutics Inc *		30,983		1,055
Alignment Healthcare Inc *		45,018		533
Alkermes PLC *		20,268		453
AmerisourceBergen Corp, Cl A		4,713		638
Amicus Therapeutics Inc *		25,000		261


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
AMN Healthcare Services Inc *		58,131	$	6,160
Amphastar Pharmaceuticals Inc *		11,243		316
AnaptysBio Inc *		10,097		258
ANI Pharmaceuticals Inc *		11,989		385
Apellis Pharmaceuticals Inc *		6,385		436
Arcutis Biotherapeutics Inc *		7,979		152
Ascendis Pharma A/S ADR *		9,780		1,010
Atea Pharmaceuticals Inc *		33,287		189
AtriCure Inc *		14,000		547
Atrion Corp		329		186
Avanos Medical Inc *		28,106		612
Axonics Inc *		6,000		423
Biohaven Pharmaceutical Holding Co Ltd *		15,397		2,328
BioMarin Pharmaceutical Inc *		5,000		424
Bio-Techne Corp		3,600		1,022
Catalent Inc *		16,500		1,194
Catalyst Pharmaceuticals Inc *		73,063		937
Charles River Laboratories International Inc *		7,525		1,481
Chemed Corp		5,665		2,473
Chinook Therapeutics Inc *		21,466		422
Co-Diagnostics Inc *		58,730		189
Collegium Pharmaceutical Inc *		46,029		737
Computer Programs and Systems Inc *		40,547		1,130
Corcept Therapeutics Inc *		24,000		615
CorVel Corp *		3,132		434
Cross Country Healthcare Inc *		40,760		1,156
Deciphera Pharmaceuticals Inc *		74,562		1,379
Denali Therapeutics Inc *		7,351		226
Edgewise Therapeutics Inc *		38,713		381
Enanta Pharmaceuticals Inc *		8,148		423
Encompass Health Corp		19,928		901
Enhabit Inc *		9,964		140
Enovis Corp *		55,808		2,571
Ensign Group Inc/The		4,885		388
Global Blood Therapeutics Inc *		26,955		1,836
Globus Medical Inc, Cl A *		14,804		882
Gossamer Bio Inc *		29,124		349
Harmony Biosciences Holdings Inc *		2,962		131
HealthStream Inc *		55,326		1,176
Henry Schein Inc *		7,782		512
Horizon Therapeutics Plc *		5,156		319
ICON PLC ADR *		7,886		1,449
ICU Medical Inc *		5,669		854
IDEXX Laboratories Inc *		458		149
Incyte Corp *		3,300		220
Insmed Inc *		31,452		677
Intra-Cellular Therapies Inc, Cl A *		11,241		523
Iovance Biotherapeutics Inc *		98,996		948
Ironwood Pharmaceuticals Inc, Cl A *		33,853		351
Jazz Pharmaceuticals PLC *		8,669		1,155
Karyopharm Therapeutics Inc *		80,517		440


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kiniksa Pharmaceuticals Ltd, Cl A *		31,021	$	398
Lantheus Holdings Inc *		18,701		1,315
LeMaitre Vascular Inc		3,528		179
LHC Group Inc *		6,905		1,130
Ligand Pharmaceuticals Inc *		15,446		1,330
LivaNova PLC *		31,097		1,579
Masimo Corp *		3,863		545
Medpace Holdings Inc *		13,095		2,058
Meridian Bioscience Inc *		15,000		473
Merit Medical Systems Inc *		17,000		961
Mettler-Toledo International Inc *		411		446
Molina Healthcare Inc *		4,323		1,426
National HealthCare Corp		12,608		799
Neurocrine Biosciences Inc *		18,038		1,916
NextGen Healthcare Inc *		79,524		1,408
Novocure Ltd *		2,480		188
Omnicell Inc *		1,763		153
Option Care Health Inc *		42,714		1,344
Organon & Co		6,192		145
Orthofix Medical Inc *		46,418		887
Pacira BioSciences Inc *		44,489		2,366
Penumbra Inc *		1,427		271
PerkinElmer Inc		12,707		1,529
Perrigo Co PLC		39,724		1,417
Premier Inc, Cl A		95,195		3,231
Prestige Consumer Healthcare Inc, Cl A *		50,966		2,540
Privia Health Group Inc *		18,555		632
PTC Therapeutics Inc *		14,986		752
Puma Biotechnology Inc *		238,693		566
Repligen Corp *		1,304		244
Revance Therapeutics Inc *		61,071		1,649
Sensus Healthcare Inc *		148,553		1,861
Shockwave Medical Inc *		4,667		1,298
SIGA Technologies Inc		45,213		466
Simulations Plus Inc		5,000		243
Supernus Pharmaceuticals Inc *		50,405		1,706
Syneos Health Inc, Cl A *		96,849		4,566
Teleflex Inc		3,980		802
Tenet Healthcare Corp *		6,108		315
Travere Therapeutics Inc *		17,108		422
Trevi Therapeutics Inc *		345,786		532
United Therapeutics Corp *		7,055		1,477
Utah Medical Products Inc		6,164		526
Vanda Pharmaceuticals Inc *		20,715		205
Varex Imaging Corp *		2,840		60
Vaxcyte Inc *		2,331		56
Viemed Healthcare Inc *		122,739		736
Voyager Therapeutics Inc *		183,912		1,089
Zimvie Inc *		7,364		73
				99,247
Industrials — 14.0%
A O Smith Corp		4,400		214


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
AAON Inc		16,416	$	884
ABM Industries Inc		103,477		3,956
ACCO Brands Corp		741,833		3,635
Advanced Drainage Systems Inc		15,809		1,966
AECOM		13,579		928
Apogee Enterprises Inc		8,561		327
Applied Industrial Technologies Inc, Cl A		12,000		1,233
Arcosa Inc		7,500		429
Armstrong World Industries Inc		25,821		2,046
Atlas Air Worldwide Holdings Inc *		24,000		2,294
Barrett Business Services Inc		2,700		211
Boise Cascade Co		4,228		251
Builders FirstSource Inc *		23,370		1,377
BWX Technologies Inc, Cl W		92,285		4,648
CACI International Inc, Cl A *		2,500		653
Casella Waste Systems Inc, Cl A *		15,000		1,146
CBIZ Inc *		22,449		960
CECO Environmental Corp *		122,408		1,083
Cintas Corp		3,186		1,237
Clean Harbors Inc *		7,022		772
CoStar Group Inc *		32,286		2,249
CRA International Inc		11,678		1,036
CSW Industrials Inc		1,824		218
Curtiss-Wright Corp		15,306		2,130
EMCOR Group Inc		19,007		2,195
Ennis Inc		34,657		698
Esab Corp		55,808		1,862
Evoqua Water Technologies Corp *		9,047		299
Exponent Inc		30,000		2,630
Forrester Research Inc *		25,299		911
Forward Air Corp		18,000		1,625
Franklin Covey Co *		12,085		549
FTI Consulting Inc *		10,890		1,805
Griffon Corp		20,147		595
GXO Logistics Inc *		72,486		2,541
Heartland Express Inc		53,253		762
Heritage-Crystal Clean Inc *		29,302		866
Hillenbrand Inc		8,146		299
Hub Group Inc, Cl A *		12,964		894
Hubbell Inc, Cl B		1,193		266
Huntington Ingalls Industries Inc, Cl A		1,295		287
IAA Inc *		94,008		2,994
ICF International Inc, Cl A		4,655		507
IDEX Corp		4,000		799
Insperity Inc, Cl A		5,000		510
Kadant Inc		16,160		2,696
Kaman Corp, Cl A		64,158		1,792
KAR Auction Services Inc *		250,248		2,795
Kennametal Inc		30,727		632
Kforce Inc		10,057		590
L3Harris Technologies Inc		2,036		423
Landstar System Inc		8,600		1,242


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
LSI Industries Inc		4,246	$	33
Marten Transport Ltd		78,638		1,507
Masonite International Corp *		28,376		2,023
Matson Inc		14,549		895
Matthews International Corp, Cl A		87,915		1,970
McGrath RentCorp		6,000		503
Miller Industries Inc/TN		23,991		511
MRC Global Inc *		78,171		562
MSA Safety Inc		10,698		1,169
MSC Industrial Direct Co Inc, Cl A		3,679		268
Mueller Industries Inc		8,000		476
MYR Group Inc *		22,025		1,866
National Presto Industries Inc		7,176		467
Old Dominion Freight Line Inc, Cl A		7,000		1,741
Park Aerospace Corp		13,962		154
Radiant Logistics Inc *		49,017		279
RBC Bearings Inc *		4,000		831
RCM Technologies Inc *		946		16
Resources Connection Inc		97,278		1,758
Rush Enterprises Inc, Cl A		38,922		1,707
Saia Inc *		4,740		901
Schneider National Inc, Cl B		13,231		269
Science Applications International Corp		13,698		1,211
Simpson Manufacturing Co Inc		8,867		695
Standex International Corp		5,842		477
Tennant Co		12,618		714
Terex Corp		2,076		62
Tetra Tech Inc		27,739		3,565
Textainer Group Holdings Ltd		56,064		1,506
Toro Co/The		2,800		242
Trinity Industries Inc		19,013		406
UFP Industries Inc		20,396		1,472
United Rentals Inc *		4,375		1,182
Werner Enterprises Inc		19,446		731
WESCO International Inc *		33,000		3,940
Westinghouse Air Brake Technologies Corp		3,600		293
XPO Logistics Inc *		61,557		2,741
				109,090
Information Technology — 16.2%
A10 Networks Inc		136,224		1,808
ACI Worldwide Inc *		371,590		7,766
Agilysys Inc *		14,691		813
Alpha & Omega Semiconductor Ltd *		39,527		1,216
Amdocs Ltd		14,000		1,112
American Software Inc/GA, Cl A		30,440		466
Amkor Technology Inc		50,512		861
ANSYS Inc *		2,600		576
Arista Networks Inc *		9,952		1,123
Aspen Technology Inc *		10,699		2,549
Axcelis Technologies Inc *		22,971		1,391
Bel Fuse Inc, Cl B		80,329		2,028
Blackbaud Inc, Cl A *		5,456		240


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Broadridge Financial Solutions Inc		1,700	$	245
Cadence Design Systems Inc *		12,100		1,978
Calix Inc *		23,763		1,453
Cass Information Systems Inc		15,894		551
ChannelAdvisor Corp *		51,607		1,169
Coherent Corp *		15,210		530
CommVault Systems Inc *		26,733		1,418
Consensus Cloud Solutions Inc *		40,554		1,918
CSG Systems International Inc		37,468		1,981
CTS Corp		7,000		292
Digital Turbine Inc *		36,655		528
Diodes Inc *		15,000		974
EngageSmart Inc *		21,146		438
Entegris Inc		17,353		1,441
EPAM Systems Inc *		2,034		737
ePlus Inc *		9,920		412
Euronet Worldwide Inc *		60,308		4,569
EVERTEC Inc		55,000		1,724
ExlService Holdings Inc *		24,383		3,593
F5 Inc, Cl A *		2,056		298
Fabrinet *		2,627		251
Fair Isaac Corp *		2,500		1,030
Gartner Inc *		1,518		420
Genpact Ltd		30,604		1,339
Global Payments Inc		1,009		109
GoDaddy Inc, Cl A *		54,607		3,871
Hackett Group Inc/The		37,239		660
Ichor Holdings Ltd *		16,589		402
Insight Enterprises Inc *		21,641		1,783
International Money Express Inc *		1,250		29
Jack Henry & Associates Inc		6,394		1,165
Lattice Semiconductor Corp *		37,782		1,859
Littelfuse Inc		2,000		397
Lumentum Holdings Inc *		18,556		1,272
MACOM Technology Solutions Holdings Inc *		12,485		647
Manhattan Associates Inc *		10,280		1,368
Maximus Inc		21,124		1,222
MicroStrategy Inc, Cl A *(A)		726		154
Monolithic Power Systems Inc		2,213		804
NetScout Systems Inc *		35,165		1,101
ON Semiconductor Corp *		72,434		4,515
OSI Systems Inc *		1,909		138
Palo Alto Networks Inc *		2,358		386
Payoneer Global Inc *		124,924		756
PDF Solutions Inc *		26,638		653
Perficient Inc *		12,505		813
Photronics Inc *		254,726		3,724
Power Integrations Inc		16,712		1,075
Progress Software Corp		5,788		246
PTC Inc *		25,109		2,626
Qualys Inc *		15,897		2,216


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Radware Ltd *		15,000	$	327
Rambus Inc *		12,784		325
RingCentral Inc, Cl A *		773		31
ScanSource Inc *		5,340		141
Semtech Corp *		27,923		821
ShotSpotter Inc *		10,151		292
Shutterstock Inc		15,164		761
Silicon Motion Technology Corp ADR		114,000		7,432
SPS Commerce Inc *		16,563		2,058
Super Micro Computer Inc *		179,900		9,907
Synopsys Inc *		5,999		1,833
Teledyne Technologies Inc *		14,500		4,893
Tenable Holdings Inc *		29,500		1,027
Teradyne Inc		11,312		850
TTEC Holdings Inc		20,845		924
Tyler Technologies Inc *		4,508		1,567
Verint Systems Inc *		127,718		4,289
Verra Mobility Corp, Cl A *		50,000		769
Vishay Intertechnology Inc		25,000		445
Vishay Precision Group Inc *		10,000		296
Wix.com Ltd *		11,682		914
WNS Holdings Ltd ADR *		26,370		2,158

				127,289
Materials — 7.3%
Alamos Gold Inc, Cl A		80,913		599
Albemarle Corp		4,500		1,190
Alpha Metallurgical Resources Inc		5,966		816
Ashland Inc		55,852		5,304
Avery Dennison Corp		2,472		402
Axalta Coating Systems Ltd *		207,370		4,367
Balchem Corp		17,944		2,182
Cabot Corp		10,000		639
Century Aluminum Co *		164,270		867
Chase Corp		3,821		319
Clearwater Paper Corp *		23,901		899
Commercial Metals Co, Cl A		235,000		8,338
Crown Holdings Inc		4,800		389
FMC Corp		63,800		6,744
Fortitude Gold Corp		40,846		226
Hawkins Inc		12,136		473
Ingevity Corp *		42,000		2,546
Innospec Inc		7,000		600
Louisiana-Pacific Corp		10,000		512
LSB Industries Inc *		58,535		834
Materion Corp		13,906		1,112
NewMarket Corp		2,127		640
Novagold Resources Inc *		222,204		1,042
Packaging Corp of America		2,600		292
Reliance Steel & Aluminum Co		1,787		312
Royal Gold Inc, Cl A		8,757		822
Ryerson Holding Corp		25,899		667
Sensient Technologies Corp		1,172		81


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Silgan Holdings Inc		257,609	$	10,830
Sonoco Products Co		12,000		681
Stepan Co		9,000		843
TriMas Corp		23,190		581
UFP Technologies Inc *		4,600		395
Warrior Met Coal Inc		11,000		313

				56,857
Real Estate — 4.8%
Alexander & Baldwin Inc ^‡		34,477		572
Alexander's Inc ^‡		2,361		493
American Assets Trust Inc ^‡		15,070		388
Armada Hoffler Properties Inc ^‡		80,825		839
BRT Apartments Corp ^‡		46,507		945
Camden Property Trust ^‡		13,101		1,565
Centerspace ^‡		15,417		1,038
Community Healthcare Trust Inc ^‡		384		13
EastGroup Properties Inc ^‡		14,800		2,136
Equity Commonwealth ^‡		36,970		901
Equity LifeStyle Properties Inc ^‡		20,564		1,292
FRP Holdings Inc *		4,575		249
Gaming and Leisure Properties Inc ^‡		167,435		7,407
Getty Realty Corp ^‡		28,351		762
Gladstone Commercial Corp ^‡		33,797		524
Howard Hughes Corp/The *^‡		35,000		1,939
Independence Realty Trust Inc ^‡		113,415		1,897
Invitation Homes Inc ^‡		32,569		1,100
Life Storage Inc ^‡		4,650		515
Medical Properties Trust Inc ^‡		398,546		4,727
National Storage Affiliates Trust ^‡		10,689		444
Newmark Group Inc, Cl A ^‡		450,766		3,633
Outfront Media Inc ^‡		79,456		1,207
RMR Group Inc/The, Cl A ^‡		5,417		128
Ryman Hospitality Properties Inc ^‡		10,995		809
Saul Centers Inc ^‡		11,295		424
Sun Communities Inc ^‡		1,400		189
Terreno Realty Corp ^‡		15,348		813
Universal Health Realty Income Trust ^‡		2,181		94
Ventas Inc ^‡		7,436		299

				37,342
Utilities — 2.8%
ALLETE Inc		14,700		736
American States Water Co		5,000		390
Artesian Resources Corp, Cl A		30,081		1,447
Avista Corp		18,000		667
Black Hills Corp, Cl A		7,000		474
Brookfield Infrastructure Corp, Cl A		12,000		488
California Water Service Group, Cl A		8,000		422
Chesapeake Utilities Corp		12,037		1,389
Essential Utilities Inc		3,682		152
Hawaiian Electric Industries Inc		21,153		733
IDACORP Inc, Cl A		10,909		1,080


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
MGE Energy Inc		21,134	$	1,387
Middlesex Water Co		22,660		1,749
New Jersey Resources Corp		23,000		890
NiSource Inc		15,000		378
Northwest Natural Holding Co		36,396		1,579
NorthWestern Corp		5,270		260
Ormat Technologies Inc		2,920		252
Otter Tail Corp		29,000		1,784
Portland General Electric Co		43,378		1,885
Southwest Gas Holdings Inc		12,000		837
Spire Inc		16,000		997
UGI Corp		6,450		209
Unitil Corp		20,406		948
York Water Co/The		9,081		349

				21,482
Total Common Stock
(Cost $535,391) ($ Thousands)				769,932



AFFILIATED PARTNERSHIP — 0.1%
SEI Liquidity Fund, LP
2.930% **^†(B)		518,228		525


Total Affiliated Partnership
(Cost $518) ($ Thousands)				525

CASH EQUIVALENT — 1.4%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		10,783,156		10,783
Total Cash Equivalent
(Cost $10,783) ($ Thousands)				10,783


Total Investments in Securities — 100.1%
(Cost $546,692) ($ Thousands)			$	781,240

	Percentages are based on Net Assets of $780,749 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 12). The total market value of securities on loan at September 30, 2022 was $149 ($ Thousands).
(B)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $525 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

769,932

–

769,932

Affiliated Partnership

–

525

–

525

Cash Equivalent

10,783

–

10,783

Total Investments in Securities

780,715

525

–

781,240

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 96.5%

Communication Services — 2.4%
Fox Corp, Cl A		2,180	$	67
Liberty Broadband Corp, Cl A *		2,100		157
Liberty Media Corp-Liberty SiriusXM *		5,921		223
News Corp, Cl B		7,090		109
Nexstar Media Group Inc, Cl A		840		140
Pinterest Inc, Cl A *		5,895		137
ROBLOX, Cl A *		1,470		53
Trade Desk Inc/The, Cl A *		4,560		273
Twitter Inc *		4,879		214
Warner Bros Discovery Inc *		4,800		55
ZoomInfo Technologies, Cl A *		5,190		216

				1,644
Consumer Discretionary — 7.9%
Advance Auto Parts Inc		754		118
AutoNation Inc *		2,649		270
AutoZone Inc *		212		454
BorgWarner Inc		5,866		184
Boyd Gaming Corp		3,304		157
Caesars Entertainment Inc *		2,030		66
Capri Holdings Ltd *		1,300		50
Carter's Inc		1,605		105
Carvana Co, Cl A *		3,090		63
Chipotle Mexican Grill Inc, Cl A *		114		171
Columbia Sportswear Co		3,653		246
Dollar Tree Inc *		2,046		278
DoorDash Inc, Cl A *		3,210		159
eBay Inc		4,020		148
Expedia Group Inc *		600		56
Harley-Davidson Inc, Cl A		8,536		298
Hasbro Inc		2,567		173
Lennar Corp, Cl A		2,710		202
Lennar Corp, Cl B		1,585		94
LKQ Corp		5,866		277


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Lululemon Athletica Inc *		591	$	165
Macy's Inc		5,270		82
Mattel Inc *		3,420		65
MGM Resorts International		1,710		51
Rivian Automotive, Cl A *		1,410		46
Six Flags Entertainment Corp *		3,120		55
Tapestry Inc		6,897		196
Thor Industries Inc		1,010		71
Toll Brothers Inc		11,640		489
Tractor Supply Co		844		157
Travel + Leisure Co		5,670		193
Ulta Beauty Inc *		217		87
Wendy's Co/The		3,940		74
Williams-Sonoma Inc		881		104
Wyndham Hotels & Resorts Inc		1,250		77
				5,481
Consumer Staples — 5.9%
Archer-Daniels-Midland Co		1,290		104
BJ's Wholesale Club Holdings Inc *		710		52
Brown-Forman Corp, Cl A		5,290		357
Brown-Forman Corp, Cl B		6,380		425
Campbell Soup Co		3,210		151
Casey's General Stores Inc		938		190
Constellation Brands Inc, Cl A		1,018		234
Coty Inc, Cl A *		23,710		150
Darling Ingredients Inc *		8,186		541
Hain Celestial Group Inc/The *		3,367		57
Hershey Co/The		1,341		296
Ingredion Inc		3,973		320
Kellogg Co		2,033		142
Kroger Co/The		4,100		179
Lamb Weston Holdings Inc		3,167		245
Olaplex Holdings Inc *		8,690		83
Performance Food Group Co *		1,830		78
TreeHouse Foods Inc *		6,915		293
Tyson Foods Inc, Cl A		3,242		214

				4,111
Energy — 6.9%
Antero Midstream Corp		24,150		222
Antero Resources Corp *		1,510		46
ChampionX Corp		7,990		156
Cheniere Energy Inc		730		121
Coterra Energy Inc		12,712		332
Diamondback Energy Inc, Cl A		1,651		199
DT Midstream Inc		10,625		551
HF Sinclair Corp		6,475		349
Marathon Petroleum Corp		2,865		285
ONEOK Inc		5,185		266
Ovintiv Inc		3,680		169
PDC Energy Inc, Cl A		3,060		177
Phillips 66		4,385		354


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Pioneer Natural Resources Co		2,881	$	624
Targa Resources Corp		7,616		459
Valero Energy Corp		1,843		197
Williams Cos Inc/The		8,812		252

				4,759
Financials — 15.2%
Allstate Corp/The		2,585		322
American International Group Inc		4,847		230
Ameriprise Financial Inc		1,344		339
Arch Capital Group Ltd *		19,258		877
Assurant Inc		450		65
Axis Capital Holdings Ltd		1,750		86
Bank OZK		2,020		80
Cboe Global Markets Inc		3,034		356
Chimera Investment Corp ^‡		18,240		95
CNA Financial Corp		1,490		55
Comerica Inc		2,261		161
Cullen/Frost Bankers Inc		4,160		550
East West Bancorp Inc		2,774		186
Evercore Inc, Cl A		920		76
Everest Re Group Ltd		1,305		343
Eversource Energy		2,140		167
Fidelity National Financial Inc		10,102		366
First American Financial Corp		2,817		130
First Hawaiian Inc		3,930		97
First Republic Bank/CA		1,145		149
Globe Life Inc		2,277		227
Interactive Brokers Group Inc, Cl A		4,624		295
Loews Corp		1,340		67
Markel Corp *		220		238
MGIC Investment Corp		35,030		449
Nasdaq Inc, Cl A		1,386		79
New York Community Bancorp Inc		11,935		102
Old Republic International Corp		5,508		115
PacWest Bancorp		8,068		182
Pinnacle Financial Partners Inc		2,870		233
Popular Inc		2,256		163
Primerica Inc		977		121
Progressive Corp/The		3,005		349
Prosperity Bancshares Inc		2,904		194
Regions Financial Corp		3,604		72
Reinsurance Group of America Inc, Cl A		3,541		445
Signature Bank/New York NY, Cl B		2,136		323
SLM Corp		7,455		104
Stifel Financial Corp		8,358		434
Synchrony Financial		7,920		223
Synovus Financial Corp		2,590		97
Umpqua Holdings Corp		4,080		70
Unum Group		7,000		272
W R Berkley Corp		2,062		133
Webster Financial Corp		3,691		167
Western Alliance Bancorp		5,414		356


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Wintrust Financial Corp		1,890	$	154
Zions Bancorp NA		1,180		60

				10,454
Health Care — 10.6%
Agilent Technologies Inc		4,116		500
agilon health Inc *		6,400		150
Alnylam Pharmaceuticals Inc *		550		110
AmerisourceBergen Corp, Cl A		2,250		304
Biogen Inc *		2,000		534
Bio-Techne Corp		292		83
Centene Corp *		4,475		348
Chemed Corp		765		334
DaVita Inc *		860		71
Dexcom Inc *		840		68
Doximity Inc, Cl A *		4,230		128
Encompass Health Corp		7,343		332
Enhabit Inc *		992		14
Envista Holdings Corp *		5,310		174
Exelixis Inc *		11,950		188
IDEXX Laboratories Inc *		890		290
Incyte Corp *		1,010		67
IQVIA Holdings Inc *		1,778		322
Jazz Pharmaceuticals PLC *		504		67
Laboratory Corp of America Holdings		2,260		463
Mettler-Toledo International Inc *		241		261
Molina Healthcare Inc *		970		320
Neurocrine Biosciences Inc *		940		100
Organon & Co		2,600		61
Perrigo Co PLC		3,990		142
Premier Inc, Cl A		7,870		267
Quest Diagnostics Inc		1,165		143
QuidelOrtho Corp *		770		55
Repligen Corp *		725		136
Royalty Pharma PLC, Cl A		7,173		288
Signify Health Inc, Cl A *		2,270		66
United Therapeutics Corp *		1,090		228
Veeva Systems Inc, Cl A *		1,429		236
Waters Corp *		1,013		273
Zimmer Biomet Holdings Inc		1,699		178
				7,301
Industrials — 12.7%
A O Smith Corp		3,510		171
Advanced Drainage Systems Inc		3,000		373
AerCap Holdings NV *		3,592		152
Allegion PLC		2,188		196
AMETEK Inc		967		110
Booz Allen Hamilton Holding Corp, Cl A		2,692		249
Carlisle Cos Inc		882		247
Cintas Corp		790		307
Clean Harbors Inc *		5,086		559
Copa Holdings SA, Cl A *		1,280		86


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Copart Inc *		740	$	79
Cummins Inc		450		92
Dover Corp		3,233		377
Expeditors International of Washington Inc		1,220		108
Fastenal Co, Cl A		3,047		140
Fortune Brands Home & Security Inc		2,451		132
GXO Logistics Inc *		1,760		62
HEICO Corp, Cl A		1,930		221
Hexcel Corp, Cl A		3,561		184
Huntington Ingalls Industries Inc, Cl A		518		115
Knight-Swift Transportation Holdings Inc, Cl A		2,826		138
Landstar System Inc		1,408		203
Leidos Holdings Inc		1,698		149
Lincoln Electric Holdings Inc		420		53
Masco Corp		1,242		58
MSC Industrial Direct Co Inc, Cl A		940		68
Old Dominion Freight Line Inc, Cl A		1,250		311
Otis Worldwide Corp		7,115		454
Owens Corning		3,589		282
Parker-Hannifin Corp, Cl A		880		213
Regal Rexnord Corp		3,186		447
Republic Services Inc		1,024		139
Robert Half International Inc		3,713		284
Rockwell Automation Inc		265		57
Ryder System Inc		3,630		274
Schneider National Inc, Cl B		5,190		105
Snap-on Inc		1,067		215
Tetra Tech Inc		1,350		173
Textron Inc		1,270		74
Trane Technologies PLC		853		124
United Rentals Inc *		1,330		359
Univar Solutions Inc *		4,440		101
Watsco Inc		523		135
Westinghouse Air Brake Technologies Corp		2,574		209
WW Grainger Inc		470		230
				8,815
Information Technology — 15.7%
Affirm Holdings, Cl A *		2,540		48
Akamai Technologies Inc *		2,730		219
Amdocs Ltd		3,196		254
Amphenol Corp, Cl A		935		63
Arrow Electronics Inc, Cl A *		575		53
Avnet Inc		7,385		267
Bill.com Holdings Inc *		1,134		150
Cadence Design Systems Inc *		2,175		355
CDW Corp/DE		2,098		327
Ceridian HCM Holding Inc *		980		55
Cirrus Logic Inc *		1,400		96
Cloudflare Inc, Cl A *		2,887		160
Crowdstrike Holdings Inc, Cl A *		2,930		483
Datadog Inc, Cl A *		2,505		222


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
DoubleVerify Holdings Inc *		7,350	$	201
Dynatrace Inc *		6,363		222
Enphase Energy Inc *		1,062		295
Entegris Inc		1,800		149
F5 Inc, Cl A *		1,644		238
Fair Isaac Corp *		213		88
First Solar Inc *		450		60
FleetCor Technologies Inc *		2,267		399
Fortinet Inc *		1,440		71
Global Payments Inc		2,207		238
HubSpot Inc *		487		132
Jabil Inc		8,883		513
Keysight Technologies Inc *		583		92
Lattice Semiconductor Corp *		5,870		289
Manhattan Associates Inc *		2,295		305
Marvell Technology Inc		2,675		115
Microchip Technology Inc		4,676		285
MongoDB Inc, Cl A *		259		51
Monolithic Power Systems Inc		1,320		480
Motorola Solutions Inc		2,623		588
NortonLifeLock Inc		6,590		133
Palantir Technologies Inc, Cl A *		11,452		93
Palo Alto Networks Inc *		1,398		229
Paychex Inc		4,870		546
Paycom Software Inc *		1,330		439
PTC Inc *		1,605		168
Qorvo Inc *		2,760		219
Skyworks Solutions Inc		3,509		299
Smartsheet Inc, Cl A *		3,166		109
Splunk Inc *		1,720		129
StoneCo Ltd, Cl A *		8,750		83
Synopsys Inc *		744		227
Twilio Inc, Cl A *		980		68
Unity Software Inc *		2,186		70
Universal Display Corp		1,569		148
VeriSign Inc *		462		80
Vontier Corp		3,099		52
Zebra Technologies Corp, Cl A *		248		65
Zscaler Inc *		520		85
				10,805
Materials — 5.3%
Albemarle Corp		640		169
Ashland Inc		2,340		222
Axalta Coating Systems Ltd *		8,917		188
Berry Global Group Inc *		4,410		205
Chemours Co/The		4,209		104
Eagle Materials Inc		2,380		255
Element Solutions Inc		4,550		74
FMC Corp		2,898		306
Huntsman Corp		2,156		53
International Flavors & Fragrances Inc		1,285		117
International Paper Co		5,550		176


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Livent Corp *		8,015	$	246
NewMarket Corp		423		127
Nucor Corp		1,340		144
Packaging Corp of America		760		85
PPG Industries Inc		870		96
Reliance Steel & Aluminum Co		706		123
Scotts Miracle-Gro Co/The, Cl A		1,143		49
Silgan Holdings Inc		6,038		254
Sonoco Products Co		1,530		87
SSR Mining		9,160		135
Steel Dynamics Inc		1,175		83
United States Steel Corp		4,710		85
Valvoline Inc		6,894		175
Westrock Co		2,370		73

				3,631
Real Estate — 7.9%
Alexandria Real Estate Equities Inc ^‡		1,668		234
Apartment Income Corp ^‡		4,460		172
AvalonBay Communities Inc ^‡		294		54
Boston Properties Inc ^‡		1,468		110
Camden Property Trust ^‡		1,440		172
CBRE Group Inc, Cl A *		4,163		281
Cousins Properties Inc ^‡		2,120		49
Digital Realty Trust Inc, Cl A ^‡		1,062		105
Douglas Emmett Inc ^‡		3,500		63
EastGroup Properties Inc ^‡		930		134
EPR Properties, Cl A ^‡		7,190		258
Equity Residential ^‡		770		52
Essex Property Trust Inc ^‡		1,071		259
Extra Space Storage Inc ^‡		856		148
Federal Realty Investment trustOP LP ^‡		670		60
First Industrial Realty Trust Inc ^‡		3,610		162
Healthcare Realty Trust, Cl A ^‡		3,470		72
Healthpeak Properties Inc ^‡		3,829		88
Highwoods Properties Inc ^‡		2,949		80
Host Hotels & Resorts Inc ^‡		12,628		201
Invitation Homes Inc ^‡		2,405		81
Jones Lang LaSalle Inc *^‡		1,550		234
Lamar Advertising Co, Cl A ^‡		760		63
Mid-America Apartment Communities Inc ^‡		1,106		172
National Retail Properties Inc ^‡		10,541		420
Omega Healthcare Investors Inc ^‡		4,425		130
Park Hotels & Resorts Inc ^‡		7,770		88
Rexford Industrial Realty Inc ^‡		1,910		99
SBA Communications Corp, Cl A ^‡		1,260		359
Simon Property Group Inc ^‡		3,083		277
SL Green Realty Corp ^‡		1,640		66
Spirit Realty Capital Inc ^‡		3,775		136
STORE Capital Corp ^‡		8,350		262
Ventas Inc ^‡		4,763		191


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Welltower Inc ^‡		1,737	$	112
				5,444
Utilities — 6.0%
Alliant Energy Corp		2,500		132
American Water Works Co Inc		1,980		258
CenterPoint Energy Inc		10,746		303
CMS Energy Corp		1,280		75
Consolidated Edison Inc		810		69
DTE Energy Co		2,111		243
Entergy Corp		3,442		346
Evergy Inc		6,437		382
FirstEnergy Corp		5,373		199
Hawaiian Electric Industries Inc		4,330		150
IDACORP Inc, Cl A		1,502		149
National Fuel Gas Co		4,615		284
NiSource Inc		14,219		358
NRG Energy Inc		4,560		175
PPL Corp		10,580		268
UGI Corp		4,683		151
Vistra Corp		2,460		52
WEC Energy Group Inc		4,039		361
Xcel Energy Inc		2,510		161

				4,116
Total Common Stock
(Cost $73,556) ($ Thousands)				66,561



EXCHANGE TRADED FUND — 0.3%

iShares Russell Mid-Cap Value ETF		2,070		199
Total Exchange Traded Fund
(Cost $224) ($ Thousands)				199



CASH EQUIVALENT — 3.1%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		2,161,454		2,161

Total Cash Equivalent
(Cost $2,161) ($ Thousands)				2,161
Total Investments in Securities — 99.9%
(Cost $75,941) ($ Thousands)			$	68,921

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

	Percentages are based on a Net Assets of $68,994 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).

As of September 30, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 97.4%

Communication Services — 6.1%
Advantage Solutions Inc *		6,689	$	14
Alphabet Inc, Cl A *		15,040		1,439
Alphabet Inc, Cl C *		15,073		1,449
AT&T Inc		397,100		6,091
Comcast Corp, Cl A		153,928		4,515
EchoStar Corp, Cl A *		9,048		149
Fox Corp, Cl A		114,612		3,516
Fox Corp, Cl B		35,449		1,010
IMAX Corp *		9,477		134
Interpublic Group of Cos Inc/The		12,705		325
Omnicom Group Inc		118,736		7,491
Playstudios Inc *(A)		20,626		72
Scholastic Corp, Cl B		5,995		185
Shutterstock Inc		4,465		224
SK Telecom Co Ltd ADR		84,213		1,622
United States Cellular Corp *		630		16
Verizon Communications Inc		440,474		16,725
Warner Bros Discovery Inc *		71,994		828
World Wrestling Entertainment Inc, Cl A		44,230		3,104

				48,909
Consumer Discretionary — 7.3%
Arko Corp		22,999		216
AutoZone Inc *		3,356		7,188
Canadian Tire Corp Ltd, Cl A		23,000		2,461
Coursera Inc *		5,773		62
Dollar General Corp		4,345		1,042
DR Horton Inc		26,000		1,751
eBay Inc		66,799		2,459
Gentex Corp		37,401		892
Grand Canyon Education Inc *		21,460		1,765
H&R Block Inc		150,165		6,388
Honda Motor Co Ltd ADR		145,242		3,136
Lowe's Cos Inc		18,200		3,418


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Marriott International Inc/MD, Cl A		10,160	$	1,424
Mattel Inc *		1,245		24
Murphy USA Inc		19,500		5,361
Service Corp International/US		63,165		3,647
Standard Motor Products Inc		1,702		55
Stride Inc *		4,253		179
Sturm Ruger & Co Inc		61,800		3,139
Target Corp, Cl A		30,300		4,496
Toyota Motor Corp ADR (A)		33,700		4,391
Vail Resorts Inc		8,727		1,882
Whirlpool Corp		20,400		2,750
				58,126
Consumer Staples — 17.1%
Altria Group Inc		117,970		4,764
Andersons Inc/The		8,466		263
Archer-Daniels-Midland Co		64,900		5,221
Benson Hill Inc *		56,800		156
BRC Inc, Cl A *(A)		6,187		48
Bunge Ltd		13,231		1,093
Calavo Growers Inc		1,459		46
Cal-Maine Foods Inc		7,568		421
Campbell Soup Co		94,090		4,434
Church & Dwight Co Inc		38,343		2,739
Clorox Co/The		20,499		2,632
Coca-Cola Co/The		63,303		3,546
Coca-Cola Consolidated Inc		546		225
Colgate-Palmolive Co		64,470		4,529
Conagra Brands Inc		264,317		8,625
Costco Wholesale Corp		5,933		2,802
Duckhorn Portfolio Inc/The *		9,557		138
Energizer Holdings Inc		1,730		43
Flowers Foods Inc		130,308		3,217
Fresh Del Monte Produce Inc		2,281		53
General Mills Inc		151,986		11,644
Hain Celestial Group Inc/The *		3,693		62
Herbalife Nutrition Ltd *		7,175		143
Hershey Co/The		3,472		765
Hormel Foods Corp		69,899		3,176
Hostess Brands Inc, Cl A *		20,093		467
Ingles Markets Inc, Cl A		1,106		88
Inter Parfums Inc		192		15
J & J Snack Foods Corp		2,786		361
J M Smucker Co/The		89,816		12,342
John B Sanfilippo & Son		6,116		463
Kellogg Co		118,840		8,278
Keurig Dr Pepper Inc		37,691		1,350
Kimberly-Clark Corp		7,760		873
Kraft Heinz Co/The		219,400		7,317
Kroger Co/The		327,927		14,347
Lancaster Colony Corp		1,267		190
Molson Coors Beverage Co, Cl B		101,200		4,857
National Beverage Corp, Cl A *		1,229		47


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Natural Grocers by Vitamin Cottage Inc		4,622	$	50
Nu Skin Enterprises Inc, Cl A		4,066		136
PepsiCo Inc		7,766		1,268
Pilgrim's Pride Corp *		89,326		2,056
PriceSmart Inc		1,060		61
Procter & Gamble Co/The		30,554		3,857
Reynolds Consumer Products Inc		18,700		486
Seaboard Corp		64		218
Simply Good Foods Co/The *		9,161		293
SpartanNash Co		10,003		290
Tootsie Roll Industries Inc		8,692		289
Turning Point Brands Inc		10,972		233
Tyson Foods Inc, Cl A		130,085		8,577
Universal Corp/VA		7,525		346
USANA Health Sciences Inc *		5,168		290
Utz Brands Inc		24,924		376
Vector Group Ltd		29,933		264
Village Super Market Inc, Cl A		10,265		198
Vital Farms Inc *		17,985		215
WD-40 Co		1,798		316
Weis Markets Inc		62,800		4,474
Whole Earth Brands Inc *		39,627		152

				136,225
Energy — 3.4%
Arch Resources Inc		162		19
California Resources Corp		3,981		153
Cheniere Energy Inc		5,442		903
Chesapeake Energy Corp		27,760		2,615
Chevron Corp		49,000		7,040
DT Midstream Inc		23,349		1,212
EOG Resources Inc		1,542		172
Exxon Mobil Corp		95,432		8,332
HighPeak Energy Inc (A)		3,951		86
Kinder Morgan Inc		317,300		5,280
Marathon Oil Corp		40,267		909
SFL Corp Ltd		8,928		81
Southwestern Energy Co *		85,507		523
				27,325
Financials — 10.6%
Aflac Inc		221,967		12,475
Alerus Financial Corp		3,428		76
Allstate Corp/The		79,900		9,950
Amalgamated Financial Corp		7,140		161
American Financial Group Inc/OH		14,800		1,819
AMERISAFE Inc		2,289		107
Annaly Capital Management Inc ^‡		63,275		1,086
Axis Capital Holdings Ltd		22,074		1,085
Bank of New York Mellon Corp/The		198,000		7,627
Berkshire Hathaway Inc, Cl B *		27,300		7,290
Blue Ridge Bankshares Inc		15,967		203
Business First Bancshares Inc		657		14


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Byline Bancorp Inc		5,118	$	104
Canadian Imperial Bank of Commerce		85,800		3,775
Cboe Global Markets Inc		23,418		2,749
City Holding Co		189		17
Columbia Financial Inc *		22,911		484
Community Bank System Inc		5,489		330
CVB Financial Corp		9,968		252
Donegal Group Inc, Cl A		12,750		172
Eastern Bankshares Inc		16,002		314
Employers Holdings Inc		9,925		342
Erie Indemnity Co, Cl A		3,284		730
Everest Re Group Ltd		12,673		3,326
Farmers National Banc Corp		8,060		106
First Financial Bankshares Inc, Cl A		3,256		136
First Financial Corp/IN		6,284		284
Five Star Bancorp		836		24
Greenlight Capital Re Ltd, Cl A *		22,757		169
Hanover Insurance Group Inc/The, Cl A		6,921		887
HarborOne Bancorp Inc		7,453		100
Hartford Financial Services Group Inc/The		69,100		4,280
Independent Bank Corp/MI		1,017		19
Intercontinental Exchange Inc		21,332		1,927
Loblaw Cos Ltd		61,600		4,904
MarketAxess Holdings Inc		7,060		1,571
Marsh & McLennan Cos Inc		20,801		3,105
MetLife Inc		57,100		3,471
Midland States Bancorp Inc		5,574		131
Morningstar Inc, Cl A		7,938		1,685
National Bank Holdings Corp, Cl A		6,100		226
NI Holdings Inc *		1,671		22
OceanFirst Financial Corp		2,130		40
Safety Insurance Group Inc		3,396		277
SLM Corp		5,318		74
Stewart Information Services Corp		3,874		169
TPG RE Finance Trust Inc ^‡		3,486		24
Univest Financial Corp		7,325		172
Virtu Financial Inc, Cl A		130,019		2,700
Washington Federal Inc		79,300		2,377
Zions Bancorp NA		28,443		1,447
				84,815
Health Care — 20.6%
4D Molecular Therapeutics Inc *		1,835		15
Abbott Laboratories		6,401		619
AbbVie Inc		75,588		10,145
AbCellera Biologics Inc *		11,869		117
Aclaris Therapeutics Inc *		10,219		161
AdaptHealth Corp, Cl A *		4,881		92
Adicet Bio Inc *		7,789		111
Aerie Pharmaceuticals Inc *		4,863		74
Agilent Technologies Inc		2,829		344
Alkermes PLC *		982		22
Alpine Immune Sciences Inc *(A)		18,254		131


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Amgen Inc, Cl A		42,500	$	9,580
Amphastar Pharmaceuticals Inc *		7,361		207
Anika Therapeutics Inc *		7,152		170
Becton Dickinson and Co		2,810		626
Biogen Inc *		6,089		1,626
Bio-Rad Laboratories Inc, Cl A *		283		118
Bio-Techne Corp		1,894		538
Bristol-Myers Squibb Co		175,120		12,449
Catalyst Pharmaceuticals Inc *		20,671		265
Cigna Corp		138		38
Computer Programs and Systems Inc *		1,830		51
Corcept Therapeutics Inc *		6,732		173
Cross Country Healthcare Inc *		719		20
CVS Health Corp		119,726		11,418
Danaher Corp, Cl A		8,579		2,216
DocGo Inc *		2,041		20
Dynavax Technologies Corp *		10,904		114
Eagle Pharmaceuticals Inc/DE *		9,374		248
Exelixis Inc *		53,446		838
Gilead Sciences Inc		242,628		14,968
Halozyme Therapeutics Inc *		732		29
Harmony Biosciences Holdings Inc *		4,446		197
Henry Schein Inc *		2,487		164
Hologic Inc *		17,518		1,130
Horizon Therapeutics Plc *		41,295		2,556
IDEXX Laboratories Inc *		629		205
Incyte Corp *		42,397		2,825
iRadimed Corp *		8,227		247
Ironwood Pharmaceuticals Inc, Cl A *		22,391		232
iTeos Therapeutics Inc *		6,344		121
Johnson & Johnson		87,799		14,343
Laboratory Corp of America Holdings		14,400		2,949
Masimo Corp *		6,331		894
McKesson Corp		29,000		9,856
Merck & Co Inc		259,926		22,385
Mesa Laboratories Inc		902		127
Mettler-Toledo International Inc *		759		823
Neurocrine Biosciences Inc *		29,537		3,137
Organon & Co		24,839		581
Orthofix Medical Inc *		1,216		23
Pacira BioSciences Inc *		4,236		225
Patterson Cos Inc		8,521		205
PerkinElmer Inc		1,810		218
Pfizer Inc		355,081		15,538
Phibro Animal Health Corp, Cl A		8,450		112
Point Biopharma Global Inc, Cl A *		4,532		35
Premier Inc, Cl A		77,570		2,633
Prestige Consumer Healthcare Inc, Cl A *		2,007		100
QIAGEN NV *		71,644		2,958
Quest Diagnostics Inc		27,500		3,374
Sage Therapeutics Inc *		3,057		120
Tango Therapeutics Inc *		3,300		12


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Thermo Fisher Scientific Inc		2,307	$	1,170
UFP Technologies Inc *		3,754		322
United Therapeutics Corp *		8,267		1,731
Vanda Pharmaceuticals Inc *		26,865		265
Viatris Inc, Cl W *		288,975		2,462
West Pharmaceutical Services Inc		6,991		1,720
Zimmer Biomet Holdings Inc		8,974		938
				164,476
Industrials — 8.7%
3M Co		26,093		2,883
AerSale Corp *		5,045		93
Allison Transmission Holdings Inc		141,695		4,784
AMERCO		3,441		1,752
Barrett Business Services Inc		480		37
Booz Allen Hamilton Holding Corp, Cl A		12,611		1,165
BWX Technologies Inc, Cl W		11,628		586
CBIZ Inc *		9,093		389
CH Robinson Worldwide Inc		35,240		3,394
Cummins Inc		31,600		6,431
Ennis Inc		15,604		314
Expeditors International of Washington Inc		35,723		3,155
Exponent Inc		525		46
Franklin Covey Co *		2,173		99
FTI Consulting Inc *		20,463		3,391
General Dynamics Corp		10,979		2,329
Golden Ocean Group Ltd (A)		19,649		147
Heidrick & Struggles International Inc		7,375		192
Hudson Technologies Inc *		34,139		251
Huntington Ingalls Industries Inc, Cl A		7,736		1,713
Kforce Inc		3,627		213
Landstar System Inc		6,957		1,004
Lockheed Martin Corp		19,149		7,397
ManpowerGroup Inc		15,472		1,001
Miller Industries Inc/TN		1,507		32
Mueller Industries Inc		2,586		154
National Presto Industries		5,408		352
Northrop Grumman Corp		14,832		6,976
Otis Worldwide Corp		10,404		664
Resources Connection Inc		14,682		265
Robert Half International Inc		26,373		2,018
Rollins Inc		37,951		1,316
Schneider National Inc, Cl B		152,118		3,088
Snap-on Inc		20,400		4,108
Toro Co/The		11,834		1,023
TrueBlue Inc *		5,196		99
V2X Inc *		3,981		141
Waste Management Inc		15,500		2,483
Werner Enterprises Inc		101,288		3,808

				69,293
Information Technology — 14.8%
A10 Networks Inc		18,240		242


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Adeia Inc		1,825	$	26
Adobe Inc *		140		39
Amdocs Ltd		218,312		17,345
Arrow Electronics Inc, Cl A *		38,000		3,503
Autodesk Inc, Cl A *		2,918		545
Automatic Data Processing Inc		6,364		1,439
Aviat Networks Inc *		5,439		149
Avnet Inc		84,000		3,034
Brightcove Inc *		8,921		56
Broadridge Financial Solutions Inc		11,505		1,660
Cadence Design Systems Inc *		10,231		1,672
Canon Inc ADR (A)		212,800		4,639
Cisco Systems Inc		236,600		9,464
Consensus Cloud Solutions Inc *		11,533		545
CSG Systems International Inc		44,058		2,330
E2open Parent Holdings Inc *		17,751		108
GoDaddy Inc, Cl A *		15,666		1,110
Guidewire Software Inc, Cl Z *		6,158		379
Hackett Group Inc/The		9,794		174
Hewlett Packard Enterprise Co		418,100		5,009
Intel Corp		379,362		9,776
InterDigital Inc		6,798		275
International Business Machines Corp		102,708		12,203
Jack Henry & Associates Inc		1,684		307
KnowBe4 Inc, Cl A *		5,424		113
Knowles Corp *		187,900		2,287
Microsoft Corp		6,927		1,613
NetApp Inc		6,942		429
Open Text Corp		57,000		1,515
Oracle Corp, Cl B		245,528		14,994
OSI Systems Inc *		29,896		2,154
Progress Software Corp		8,096		344
QUALCOMM Inc		5,591		632
Sapiens International Corp NV		11,967		230
Seagate Technology Holdings PLC		106,500		5,669
Skyworks Solutions Inc		12,229		1,043
SPS Commerce Inc *		1,105		137
SS&C Technologies Holdings Inc		7,993		382
Synopsys Inc *		6,460		1,974
Upland Software Inc *		2,843		23
Western Union Co/The		608,574		8,216
				117,784
Materials — 3.2%
Ardagh Metal Packaging SA		25,040		121
Balchem Corp		1,406		171
Berry Global Group Inc *		56,453		2,627
International Paper Co		65,600		2,079
NewMarket Corp		17,959		5,403
Packaging Corp of America		32,800		3,683
Sealed Air Corp		43,200		1,923
Silgan Holdings Inc		155,186		6,524


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Sonoco Products Co		46,200	$	2,621
				25,152
Real Estate — 0.7%
Agree Realty Corp ^‡		3,126		211
Broadstone Net Lease Inc, Cl A ^‡		15,122		235
BRT Apartments Corp ^‡		11,548		235
City Office REIT Inc ^‡		11,287		112
Easterly Government Properties Inc, Cl A ^‡		5,111		81
Equity Commonwealth *^‡		16,655		406
Jones Lang LaSalle Inc *		8,062		1,218
Postal Realty Trust Inc, Cl A ^‡		29,590		434
Public Storage ^‡		8,782		2,571
RMR Group Inc/The, Cl A		9,071		215
				5,718
Utilities — 4.9%
American States Water Co		5,843		455
Artesian Resources Corp, Cl A		5,040		242
Avista Corp		4,419		164
Black Hills Corp, Cl A		3,328		225
Chesapeake Utilities Corp		3,721		429
Consolidated Edison Inc		9,926		851
DTE Energy Co		23,300		2,681
Entergy Corp		29,700		2,989
Evergy Inc		172,200		10,229
Exelon Corp		61,000		2,285
Hawaiian Electric Industries Inc		11,878		412
MGE Energy Inc		1,980		130
National Fuel Gas Co		116,469		7,169
New Jersey Resources Corp		336		13
Northwest Natural Holding Co		4,426		192
NorthWestern Corp		2,224		110
Otter Tail Corp		32,688		2,011
Portland General Electric Co		118,800		5,163
SJW Group		3,675		212
Spire		4,893		305
UGI Corp		76,500		2,473
Unitil Corp		5,006		232
				38,972
Total Common Stock
(Cost $702,101) ($ Thousands)				776,795

AFFILIATED PARTNERSHIP — 1.0%
SEI Liquidity Fund, LP
2.930% **^†(B)		7,815,959		7,816
Total Affiliated Partnership
(Cost $7,817) ($ Thousands)				7,816

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

	Percentages are based on a Net Assets of $797,442 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 12). The total market value of securities on loan at September 30, 2022, was $7,508 ($ Thousands).
(B)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $7,816 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

776,795

–

776,795

Affiliated Partnership

–

7,816

–

7,816

Cash Equivalent

9,947

–

9,947

Total Investments in Securities

786,742

7,816

–

794,558

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(456	)		–		–		(456	)
Total Other Financial Instruments		(456	)		–		–		(456	)

*	Futures contracts are valued at the unrealized depreciation on the instrument.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 97.5%
Australia — 0.4%
Coles Group Ltd		31,635	$	335
Glencore PLC		120,052		631
Newcrest Mining Ltd		34,166		377
Orica Ltd		5,444		47
Rio Tinto Ltd		26,791		1,629
Telstra Corp Ltd, Cl B		71,362		177
				3,196

Austria — 0.0%
Oberbank AG		81		8
Telekom Austria AG, Cl A		44,848		259
				267

Belgium — 0.4%
Ageas SA/NV		21,222		774
Deme Group NV *		667		69
Etablissements Franz Colruyt NV		24,942		548
Solvay SA		20,355		1,575
				2,966

Brazil — 0.2%
Yara International ASA		52,707		1,848

Canada — 4.2%
Atco Ltd/Canada, Cl I		2,500		77
BCE Inc (A)		147,478		6,185
Canadian Utilities Ltd, Cl A		78,800		2,061
Dollarama Inc		14,300		825
Emera Inc		134,100		5,455
Empire Co Ltd, Cl A		52,400		1,310
Fortis Inc/Canada		44,300		1,692
George Weston Ltd		39,921		4,202
Loblaw Cos Ltd		65,526		5,216
Metro Inc/CN, Cl A		22,600		1,138
Nutrien Ltd		2,800		235
Tourmaline Oil Corp		37,700		1,970


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Waste Connections Inc		25,600	$	3,477
				33,843

China — 0.7%
BOC Hong Kong Holdings Ltd		1,053,500		3,504
CITIC Telecom International Holdings Ltd		1,597,000		516
Kerry Logistics Network Ltd		135,554		217
Wilmar International Ltd		433,000		1,153
				5,390

Denmark — 0.9%
AP Moller - Maersk A/S, Cl B		42		76
Carlsberg AS, Cl B		22,777		2,662
Danske Bank A/S *		75,885		944
Novo Nordisk A/S, Cl B		35,981		3,583
				7,265

Finland — 1.0%
Elisa Oyj		122,658		5,556
Orion Oyj, Cl A		259		11
Orion Oyj, Cl B		26,878		1,131
Sampo Oyj, Cl A		27,138		1,158
				7,856

France — 1.7%
ABC arbitrage		4,265		27
Air Liquide SA		7,580		866
Bureau Veritas SA		9,397		210
Carrefour SA		185,952		2,578
Orange SA		398,206		3,600
Pernod Ricard SA		1,407		258
Sanofi		85,944		6,542
				14,081
Germany — 0.1%
Bayerische Motoren Werke AG		10,464		709
Commerzbank AG *		28,234		201
McKesson Europe AG		874		17
				927

Hong Kong — 2.9%
CK Hutchison Holdings Ltd		63,161		348
CK Infrastructure Holdings Ltd		316,000		1,612
CLP Holdings Ltd, Cl B		853,156		6,448
Dah Sing Banking Group Ltd		108,898		72
HK Electric Investments & HK Electric Investments Ltd		2,631,315		1,843
HKT Trust & HKT Ltd		2,767,000		3,240
Langham Hospitality Investments and Langham Hospitality Investments Ltd ^‡		425,500		43
Link REIT ^‡		135,200		944
Miramar Hotel & Investment		49,000		75
MTR Corp Ltd		118,500		543
New World Development Co Ltd ^‡		345,000		980
PCCW Ltd		4,732,000		2,135


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Power Assets Holdings Ltd		964,000	$	4,832
Prosperity REIT ^‡		126,000		32
Regal Hotels International Holdings Ltd *		158,182		59
SmarTone Telecommunications Holdings Ltd		118,020		62
VTech Holdings Ltd		58,569		336
WH Group Ltd		478,000		300
				23,904
Ireland — 0.3%
Kerry Group PLC, Cl A		25,073		2,234
Israel — 2.3%
Bank Hapoalim BM		284,519		2,408
Bank Leumi Le-Israel BM		419,890		3,595
Bezeq The Israeli Telecommunication Corp Ltd		762,886		1,250
Check Point Software Technologies Ltd *		71,994		8,065
First International Bank Of Israel Ltd/The		24,926		1,011
ICL Group Ltd		131,062		1,053
Isracard Ltd		5		–
Nice Ltd *		2,924		552
Radware Ltd *		29,598		645
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd		2,332		167
				18,746
Italy — 0.6%
ACEA SpA		28,012		304
Iren SpA		1,004,960		1,324
Italgas SpA		28,912		134
Orsero SpA		2,595		37
Recordati Industria Chimica e Farmaceutica SpA		10,314		377
Snam SpA		718,125		2,902
TXT e-solutions SpA *		5,101		56
				5,134

Japan — 8.0%
Achilles Corp		2,500		23
Ahjikan Co Ltd		1,800		11
Aichi Electric Co Ltd		600		13
Akita Bank Ltd		2,000		22
Alinco Inc		2,700		17
Anritsu Corp (A)		35,500		386
Araya Industrial Co Ltd		2,600		30
Arcs Co Ltd		38,300		547
Asante Inc		5,100		53
Autobacs Seven Co Ltd		33,200		321
Axial Retailing Inc		2,300		52
Belc Co Ltd		4,300		160
Calbee Inc		19,600		420
Canon Inc		25,800		564
Canon Marketing Japan Inc		7,100		157


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cawachi Ltd		27,300	$	402
C'BON COSMETICS Co Ltd		1,100		12
CI Takiron Corp		11,600		42
Computer Engineering & Consulting Ltd		18,100		184
CONEXIO Corp		4,800		39
Create Medic Co Ltd		5,677		35
Dai Nippon Toryo Co Ltd		7,800		39
Earth Corp		21,200		760
Eizo Corp		8,600		216
Ezaki Glico Co Ltd		5,500		136
FAN Communications Inc		8,000		23
FJ Next Holdings Co Ltd		6,400		45
Fujicco Co Ltd (A)		22,500		297
Fujiya Co Ltd		8,200		139
Fukuda Denshi Co Ltd		100		5
Gakken Holdings Co Ltd		5,300		35
Gakkyusha Co Ltd		5,600		63
Hagihara Industries Inc		9,300		67
Heiwado Co Ltd		10,000		138
Hitachi Ltd		569		24
Hitachi Metals Ltd *		154,100		2,318
Hokkaido Gas Co Ltd *		2,400		26
Hokuto Corp		57,900		759
Inpex Corp		12,500		117
Itochu-Shokuhin Co Ltd		2,003		67
Japan Oil Transportation Co Ltd		2,100		33
Japan Tobacco Inc		384,100		6,311
JSP Corp		6,600		64
Kaken Pharmaceutical Co Ltd		23,200		611
Kakiyasu Honten Co Ltd		1,131		18
Kato Sangyo Co Ltd		27,200		628
KDDI Corp		219,100		6,405
Kenedix Retail REIT Corp ^‡		162		299
Key Coffee Inc		1,800		26
Komeri Co Ltd		2,800		53
Kyokuyo Co Ltd		5,100		127
KYORIN Holdings Inc		104,700		1,280
Maezawa Kasei Industries Co Ltd		2,400		21
Marimo Regional Revitalization REIT Inc ^‡		75		68
Marubeni Corp		122,300		1,067
Marvelous Inc *		5,300		24
McDonald's Holdings Co Japan Ltd		5,800		202
Megmilk Snow Brand Co Ltd		4,900		58
Ministop Co Ltd		4,700		46
Miroku Jyoho Service Co Ltd		6,500		65
Mitsubishi Corp		32,200		881
Mitsubishi Shokuhin Co Ltd		18,900		426
Mitsui & Co Ltd		23,800		506
MIXI Inc (A)		10,900		173
Miyoshi Oil & Fat Co Ltd		16,300		112
Mochida Pharmaceutical Co Ltd		6,100		142
Mori Hills REIT Investment Corp ^‡		165		179


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Mori Trust Sogo Reit Inc ^‡		42	$	40
Morinaga Milk Industry Co Ltd		4,000		117
Morozoff Ltd		1,200		31
Musashi Co Ltd		2,400		24
Natori Co Ltd		500		7
NEC Capital Solutions Ltd		1,600		23
Nichirei Corp		6,100		101
Nichirin Co Ltd		2,600		27
Nihon Chouzai Co Ltd		25,200		220
Nikko Co Ltd/Hyogo		5,600		23
Nippn Corp		111,234		1,194
Nippon Air Conditioning Services Co Ltd		4,300		22
Nippon BS Broadcasting Corp		1,700		11
NIPPON EXPRESS HOLDINGS INC		38,900		1,977
NIPPON REIT Investment Corp ^‡		76		194
Nippon Telegraph & Telephone Corp		307,800		8,301
Nisshin Oillio Group Ltd/The		12,152		268
Nissin Foods Holdings Co Ltd		3,700		257
Nittoc Construction Co Ltd		17,600		109
Ohsho Food Service Corp		2,000		88
Okinawa Cellular Telephone Co		7,000		123
Okinawa Electric Power Co Inc/The *		35,000		256
Ooedo Onsen Reit Investment Corp ^‡		67		30
Osaki Electric Co Ltd		13,700		47
Otsuka Holdings Co Ltd		31,100		985
OUG Holdings Inc		2,236		42
Plenus Co Ltd		3,000		40
San Holdings Inc		3,800		44
San ju San Financial Group Inc		3,700		36
San-A Co Ltd, Cl A		13,200		398
Sankyo Co Ltd		33,700		1,020
Shinmaywa Industries Ltd		22,800		153
Showa Sangyo Co Ltd		18,600		319
SKY Perfect JSAT Holdings Inc		180,700		647
SoftBank Corp (A)		597,800		5,969
SRA Holdings		5,000		103
ST Corp		5,400		56
Sugi Holdings Co Ltd		7,300		293
Sumitomo Corp		160,500		1,983
Sundrug Co Ltd		51,800		1,260
Suzuden Corp		2,100		30
Takamatsu Construction Group Co Ltd		6,300		82
Takasago International Corp		2,300		42
Takeda Pharmaceutical Co Ltd		38,300		994
Teijin Ltd		6,400		62
Tekken Corp		6,000		73
Toho Holdings Co Ltd		3,311		44
TOKAI Holdings Corp		35,200		212
Tokyo Gas Co Ltd		28,700		484
Trend Micro Inc/Japan *		114,200		6,151
Unicafe Inc *(A)		6,400		41
United Super Markets Holdings Inc		101,800		743


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Uoriki Co Ltd		3,100	$	43
Valor Holdings Co Ltd		6,500		80
Vital KSK Holdings Inc		46,400		208
Wowow Inc		19,124		176
XYMAX REIT Investment Corp ^‡		105		89
Yaoko Co Ltd		6,100		277
Yokorei Co Ltd		21,200		129
				65,387

Netherlands — 1.7%
Heineken Holding NV		1,881		129
JDE Peet's NV		15,328		448
Koninklijke Ahold Delhaize NV		151,653		3,861
Koninklijke KPN NV		633,337		1,713
OCI NV		26,860		983
Shell PLC		95,963		2,393
Wolters Kluwer NV		45,110		4,391
				13,918

New Zealand — 0.6%
Auckland International Airport Ltd *		87,157		353
Freightways Ltd		64,062		355
Manawa Energy Ltd		8,293		27
Mercury NZ Ltd		18,110		58
Spark New Zealand Ltd		1,377,583		3,896
Vector Ltd		16,407		37
				4,726

Norway — 1.5%
AF Gruppen ASA		449		6
Bouvet ASA		2,334		12
Equinor ASA		207,947		6,852
Gjensidige Forsikring ASA		9,038		155
Orkla ASA		216,768		1,574
Sparebank 1 Oestlandet		3,854		38
SpareBank 1 Sorost-Norge		3,479		16
SpareBank 1 SR-Bank ASA		3,367		32
Sparebanken Vest		8,999		68
Telenor ASA (A)		387,209		3,541
Veidekke ASA		21,684		162
				12,456

Portugal — 0.7%
Corticeira Amorim SGPS SA		6,549		58
Jeronimo Martins SGPS SA		207,913		3,871
Navigator Co SA/The		192,891		657
NOS SGPS SA		63,602		208
REN - Redes Energeticas Nacionais SGPS SA		471,024		1,113
				5,907

Singapore — 0.8%
Bukit Sembawang Estates Ltd ^‡		11,000		35
Fraser and Neave Ltd		20,400		17
Jardine Cycle & Carriage Ltd		60,000		1,405
Jardine Matheson Holdings Ltd		32,300		1,633


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kimly Ltd		90,400	$	21
Sheng Siong Group Ltd		1,367,374		1,506
Singapore Exchange Ltd		259,300		1,703
Singapore Technologies Engineering Ltd		206,400		513
				6,833
Spain — 0.7%
Banco Bilbao Vizcaya Argentaria SA		95,851		430
Banco Santander SA		23,026		54
Cia de Distribucion Integral Logista Holdings SA		29,542		538
Corp Financiera Alba SA		1,963		83
Endesa SA		37,373		561
Red Electrica Corp SA		247,820		3,802
				5,468
Sweden — 1.1%
Axfood AB		211,095		4,837
Essity AB, Cl B		47,942		947
Swedish Orphan Biovitrum AB *		34,105		659
Telefonaktiebolaget LM Ericsson, Cl B		66,465		389
Telia Co AB		698,023		2,010
				8,842

Switzerland — 4.8%
AEVIS VICTORIA SA		1,211		23
Allreal Holding AG ^‡		3,340		466
Berner Kantonalbank AG		248		54
BKW AG		5,456		652
Emmi AG		346		269
Intershop Holding AG ^‡		64		40
Luzerner Kantonalbank AG		118		49
Nestle SA		52,811		5,726
Novartis AG		95,835		7,324
Plazza AG ^‡		133		44
PSP Swiss Property AG ^‡		51,815		5,192
Roche Holding AG		24,006		7,962
Sonova Holding AG		12,263		2,705
St Galler Kantonalbank AG		625		287
Swisscom AG		17,778		8,345
TX Group AG		316		39
Zug Estates Holding AG, Cl B ^‡		3		5
				39,182
United Kingdom — 4.6%
Alliance Pharma PLC		15,630		10
British Land Co PLC/The ^‡		94,402		365
Bunzl PLC		41,823		1,277
Diageo PLC		3,467		146
Genus PLC		5,958		173
GSK PLC		332,356		4,799
HSBC Holdings PLC		586,895		3,038
IG Group Holdings PLC		28,721		243
Imperial Brands PLC		261,985		5,386


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Liberty Global PLC, Cl A *		28,939	$	451
Liberty Global PLC, Cl C *		53,863		889
National Grid PLC		14,786		152
Reckitt Benckiser Group PLC		61,432		4,071
RELX PLC		230,133		5,622
Sage Group PLC/The		405,948		3,128
Shell PLC		155,576		3,859
Spirent Communications PLC		56,223		163
Standard Chartered PLC		25,733		161
Tesco PLC		920,270		2,112
Unilever PLC		23,783		1,045
				37,090
United States — 57.3%
3M Co		15,219		1,682
AbbVie Inc		52,221		7,009
Advance Auto Parts Inc		4,493		702
Allscripts Healthcare Solutions Inc *		18,511		282
Alphabet Inc, Cl A *		48,730		4,661
Alphabet Inc, Cl C *		17,340		1,667
Altria Group Inc		89,391		3,609
Amcor PLC		433,917		4,656
Amdocs Ltd		75,235		5,977
AMERCO *		709		361
American Business Bank *		1,369		54
American Electric Power Co Inc		24,246		2,096
American Software Inc/GA, Cl A		2,317		36
AMETEK Inc		1,257		142
Amgen Inc, Cl A		35,555		8,014
Aon PLC, Cl A		7,297		1,955
Apple Inc		45,559		6,296
AptarGroup Inc		15,356		1,459
Arrow Electronics Inc, Cl A *		19,194		1,769
Ashland Inc		3,510		333
AT&T Inc		291,376		4,470
AutoZone Inc *		3,599		7,709
Avnet Inc		16,532		597
Becton Dickinson and Co		10,910		2,431
Berkshire Hathaway Inc, Cl A *		11		4,471
Berkshire Hathaway Inc, Cl B *		10,147		2,709
Bio-Rad Laboratories Inc, Cl A *		8,030		3,350
BlackRock TCP Capital Corp		7,332		80
Bristol-Myers Squibb Co		74,587		5,302
Broadcom Inc		1,476		655
Brown & Brown Inc		15,200		919
Cadence Design Systems Inc *		8,407		1,374
Campbell Soup Co		68,397		3,223
Casey's General Stores Inc		7,894		1,599
Cboe Global Markets Inc		23,313		2,736
CF Industries Holdings Inc		27,785		2,674
CH Robinson Worldwide Inc		40,023		3,855
Chemed Corp		10,825		4,726
Church & Dwight Co Inc		118,550		8,469


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Ciena Corp *		55,597	$	2,248
Cigna Corp		6,966		1,933
Cisco Systems Inc		197,494		7,900
Clorox Co/The		19,529		2,507
CME Group Inc, Cl A		6,275		1,112
Coca-Cola Co/The		99,581		5,579
Colgate-Palmolive Co		101,625		7,139
Comcast Corp, Cl A		8,307		244
CommVault Systems Inc *		59,847		3,174
Computer Programs and Systems Inc *		3,066		85
Conagra Brands Inc		2,371		77
Consolidated Edison Inc		23,418		2,008
Costco Wholesale Corp		19,009		8,977
Crane Holdings Co		42,859		3,752
CVS Health Corp		26,200		2,499
Dell Technologies Inc, Cl C		10,610		363
Dolby Laboratories Inc, Cl A		34,396		2,241
Dollar General Corp		2,668		640
Dollar Tree Inc *		14,460		1,968
Domino's Pizza Inc		10,167		3,154
DTE Energy Co		51,056		5,874
Duke Energy Corp		58,999		5,488
Ecolab Inc		31,428		4,539
Ennis Inc		4,803		96
EOG Resources Inc		2,004		224
Everest Re Group Ltd		2,635		692
Exelon Corp		39,512		1,480
Expeditors International of Washington Inc		47,526		4,197
Exxon Mobil Corp		7,131		623
Fair Isaac Corp *		5,805		2,392
Flowers Foods Inc		175,867		4,342
FMC Corp		9,445		998
Fortinet Inc *		12,019		590
Fox Corp, Cl A		52,087		1,598
Fox Corp, Cl B		51,090		1,456
General Dynamics Corp		14,188		3,010
General Mills Inc		143,152		10,967
Genuine Parts Co		2,648		395
Gilead Sciences Inc		179,698		11,086
Graco Inc		17,242		1,034
Graham Holdings Co, Cl B		1,503		809
Grand Canyon Education Inc *		7,818		643
Henry Schein Inc *		26,827		1,764
Hershey Co/The		48,185		10,623
HF Sinclair Corp		98,327		5,294
Hologic Inc *		4,389		283
Hormel Foods Corp		23,330		1,060
Incyte Corp *		43,586		2,904
Intercontinental Exchange Inc		64,065		5,788
InterDigital Inc		2,441		99
International Business Machines Corp		21,660		2,573
J M Smucker Co/The		30,046		4,129


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Jack Henry & Associates Inc		7,815	$	1,424
Jacobs Solutions Inc		19,602		2,127
John B Sanfilippo & Son Inc		7,496		568
Johnson & Johnson		68,222		11,145
Juniper Networks Inc		279,235		7,294
Kellogg Co		108,918		7,587
Keysight Technologies Inc *		3,442		542
Kimberly-Clark Corp		78,717		8,859
Knight-Swift Transportation Holdings Inc, Cl A		635		31
Kroger Co/The		84,855		3,713
Liberty Media Corp-Liberty Braves *		3,311		91
Lockheed Martin Corp		7,163		2,767
Marsh & McLennan Cos Inc		46,568		6,952
McCormick & Co Inc/MD		1,515		108
McKesson Corp		22,786		7,744
Merck & Co Inc		23,440		2,019
Microsoft Corp		28,838		6,716
Molina Healthcare Inc *		4,335		1,430
Mondelez International Inc, Cl A		119,899		6,574
National HealthCare Corp		3,231		205
Nelnet Inc, Cl A		644		51
NetApp Inc		14,925		923
NetScout Systems Inc *		14,779		463
New Mountain Finance Corp		8,564		99
NewMarket Corp		567		171
Newmont Corp		29,934		1,258
NextGen Healthcare Inc *		14,112		250
NiSource Inc		9,494		239
Northrop Grumman Corp		2,162		1,017
OGE Energy Corp		8,050		294
Omnicom Group Inc		6,364		401
Oracle Corp, Cl B		131,464		8,029
O'Reilly Automotive Inc *		1,137		800
PACCAR Inc		27,078		2,266
Packaging Corp of America		51,056		5,733
PepsiCo Inc		41,651		6,800
Pfizer Inc		82,505		3,610
Philip Morris International Inc		74,471		6,182
PPL Corp		98,732		2,503
Prestige Consumer Healthcare Inc, Cl A *		31,741		1,582
Procter & Gamble Co/The		70,137		8,855
Public Storage ^‡		11,664		3,415
QIAGEN NV *		6,486		268
Regeneron Pharmaceuticals Inc *		444		306
Reliance Steel & Aluminum Co		30,806		5,373
Robert Half International Inc		2,671		204
Royal Gold Inc, Cl A		52,614		4,936
Royalty Pharma PLC, Cl A		35,690		1,434
RPM International Inc		20,644		1,720
Scholastic Corp, Cl B		4,346		134
Sealed Air Corp		10,578		471


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Service Corp International/US		32,119	$	1,854
Sherwin-Williams Co/The, Cl A		22,829		4,674
Silgan Holdings Inc		119,090		5,007
Sixth Street Specialty Lending Inc		6,157		101
Sonoco Products Co		27,270		1,547
Southern Co/The		12,234		832
SS&C Technologies Holdings Inc		20,116		961
Synopsys Inc *		612		187
Travelers Cos Inc/The		19,381		2,969
Tyson Foods Inc, Cl A		58,775		3,875
UGI Corp		27,565		891
UnitedHealth Group Inc		1,757		887
USANA Health Sciences Inc *		14,391		806
Varia US Properties AG ^‡		560		26
Verint Systems Inc *		17,057		573
Verizon Communications Inc		297,686		11,303
Vertex Pharmaceuticals Inc *		12,933		3,744
VMware Inc, Cl A *		1,674		178
Walgreens Boots Alliance Inc		75,431		2,369
Walmart Inc		33,741		4,376
Waste Connections Inc		2,059		278
Waste Management Inc		2,314		371
Waters Corp *		3,123		842
Waterstone Financial Inc		15,028		243
WEC Energy Group Inc		13,217		1,182
Western Union Co/The		62,808		848
Xcel Energy Inc		11,086		710
				468,076
Total Common Stock
(Cost $841,892) ($ Thousands)				795,542


AFFILIATED PARTNERSHIP — 2.1%
SEI Liquidity Fund, LP
2.930% **^†(B)		17,357,413		17,355

Total Affiliated Partnership
(Cost $17,359) ($ Thousands)				17,355


CASH EQUIVALENT — 1.0%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		8,497,139		8,497

Total Cash Equivalent
(Cost $8,497) ($ Thousands)				8,497

Total Investments in Securities — 100.6%
(Cost $867,748) ($ Thousands)			$	821,394

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

A list of the open forward foreign currency contracts held by the Fund at September 30, 2022, is as follows:

	Percentages are based on Net Assets of $816,386 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 12). The total market value of securities on loan at September 30, 2022 was $15,403 ($ Thousands).
(B)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $17,355 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

795,507

–

795,542

Affiliated Partnership

–

17,355

–

17,355

Cash Equivalent

8,497

–

8,497

Total Investments in Securities

804,004

17,390

–

821,394

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(437	)		–			–		(437	)
Forwards Contracts*
Unrealized Appreciation		–			4,356			–		4,356
Unrealized Depreciation		–			(103	)		–		(103	)
Total Other Financial Instruments		(437	)		4,253			–		3,816

*	Futures contracts and forward contracts are valued at unrealized appreciation (depreciation) on the instrument.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 98.4%

Communication Services — 1.9%
Alphabet Inc, Cl A *		26,840	$	2,567
Alphabet Inc, Cl C *		8,020		771
AT&T Inc		190,500		2,923
Fox Corp, Cl A		83,711		2,568
Fox Corp, Cl B		20,512		585
Madison Square Garden Sports Corp *		8,586		1,173
Netflix Inc *		3,320		782
New York Times Co/The, Cl A		72,583		2,087
Verizon Communications Inc		77,700		2,950

				16,406
Consumer Discretionary — 5.2%
Amazon.com Inc, Cl A *		3,759		425
AutoZone Inc *		10,000		21,419
Darden Restaurants Inc		9,348		1,181
Dick's Sporting Goods Inc (A)		32,446		3,395
Dollar General Corp		8,848		2,122
Frontdoor Inc *		42,162		860
Honda Motor Co Ltd ADR		129,300		2,791
McDonald's Corp		25,411		5,863
Target Corp, Cl A		29,367		4,358
Toyota Motor Corp ADR		16,500		2,150

				44,564
Consumer Staples — 15.7%
Altria Group Inc		51,246		2,069
Archer-Daniels-Midland Co		11,942		961
Bunge Ltd		11,344		937
Campbell Soup Co		38,780		1,827
Church & Dwight Co Inc		65,117		4,652
Clorox Co/The		10,925		1,403
Coca-Cola Co/The		64,114		3,592
Coca-Cola Europacific Partners PLC		49,400		2,106
Colgate-Palmolive Co		77,717		5,460
Costco Wholesale Corp		10,898		5,147


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
General Mills Inc		69,730	$	5,342
Hershey Co/The		33,058		7,288
Hormel Foods Corp		116,121		5,277
J M Smucker Co/The		33,538		4,609
Kellogg Co		91,886		6,401
Kimberly-Clark Corp		2,775		312
Kroger Co/The		387,301		16,944
Lamb Weston Holdings Inc		28,333		2,192
McCormick & Co Inc/MD		75,751		5,399
Metro Inc/CN, Cl A		58,400		2,940
PepsiCo Inc		56,305		9,192
Procter & Gamble Co/The		43,164		5,449
Tyson Foods Inc, Cl A		155,580		10,257
Walmart Inc		207,579		26,923

				136,679
Energy — 0.8%
Chesapeake Energy Corp		29,840		2,811
DT Midstream Inc		19,049		989
Williams Cos Inc/The		96,414		2,760
				6,560
Financials — 15.1%
Aflac Inc		112,800		6,339
Allstate Corp/The		65,446		8,150
American Financial Group Inc/OH		41,500		5,102
Assurant Inc		10,566		1,535
Bank of America Corp		13,067		395
Bank of Hawaii Corp		40,011		3,046
Bank OZK		120,055		4,749
Berkshire Hathaway Inc, Cl B *		64,800		17,303
Cboe Global Markets Inc		46,588		5,468
Chubb Ltd		12,399		2,255
Cullen/Frost Bankers Inc		14,152		1,871
Everest Re Group Ltd		39,096		10,260
Eversource Energy		77,645		6,053
First Hawaiian Inc		91,228		2,247
Hanover Insurance Group Inc/The, Cl A		31,723		4,065
M&T Bank Corp		11,588		2,043
MGIC Investment Corp		141,647		1,816
Morningstar Inc, Cl A		21,864		4,642
National Bank of Canada		54,700		3,447
Progressive Corp/The		115,800		13,457
RenaissanceRe Holdings Ltd		31,431		4,412
TFS Financial Corp		125,478		1,631
Travelers Cos Inc/The		110,125		16,871
Upstart Holdings Inc *(A)		11,322		236
White Mountains Insurance Group Ltd		2,847		3,710

				131,103
Health Care — 21.8%
AbbVie Inc		53,300		7,153
ABIOMED Inc *		6,106		1,500
AmerisourceBergen Corp, Cl A		14,727		1,993


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Amgen Inc, Cl A		16,800	$	3,787
AstraZeneca PLC ADR		93,200		5,111
Baxter International Inc		21,262		1,145
Bio-Rad Laboratories Inc, Cl A *		3,640		1,518
Bristol-Myers Squibb Co		116,538		8,285
Chemed Corp		1,680		733
CVS Health Corp		31,417		2,996
Danaher Corp, Cl A		9,565		2,471
Elevance Health Inc		44,047		20,008
Eli Lilly & Co		86,800		28,067
Gilead Sciences Inc		48,639		3,001
Humana Inc		27,874		13,524
Johnson & Johnson		144,318		23,576
McKesson Corp		8,957		3,044
Merck & Co Inc		219,478		18,901
Mettler-Toledo International Inc *		3,296		3,573
Organon & Co		24,129		565
Pfizer Inc		215,073		9,412
Premier Inc, Cl A		67,410		2,288
Quest Diagnostics Inc		50,752		6,227
Thermo Fisher Scientific Inc		3,463		1,756
UnitedHealth Group Inc		35,650		18,005

				188,639
Industrials — 12.0%
3M Co		20,442		2,259
Carrier Global Corp		50,700		1,803
CH Robinson Worldwide Inc		34,716		3,344
Cummins Inc		10,600		2,157
EMCOR Group Inc		13,365		1,543
General Dynamics Corp		30,100		6,386
L3Harris Technologies Inc		26,704		5,550
Landstar System Inc		11,414		1,648
Lockheed Martin Corp		5,885		2,273
Northrop Grumman Corp		40,245		18,928
Quanta Services Inc		37,697		4,802
Raytheon Technologies Corp		135,100		11,059
Republic Services Inc		146,100		19,876
Schneider National Inc, Cl B		104,539		2,122
Waste Management Inc		124,467		19,941
				103,691
Information Technology — 16.6%
Amdocs Ltd		227,100		18,043
Apple Inc		238,100		32,906
Atlassian Corp PLC, Cl A *		9,066		1,909
Automatic Data Processing Inc		11,806		2,671
Ciena Corp *		22,463		908
Cisco Systems Inc		153,946		6,158
CSG Systems International Inc		37,600		1,988
F5 Inc, Cl A *		24,109		3,490
Jack Henry & Associates Inc		10,939		1,994
Marvell Technology Inc		24,484		1,051


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Microsoft Corp		92,307	$	21,498
Motorola Solutions Inc		87,963		19,701
NetApp Inc		46,295		2,863
Oracle Corp, Cl B		220,065		13,439
Qorvo Inc *		29,520		2,344
Synopsys Inc *		41,600		12,709

				143,672
Materials — 2.2%
AptarGroup Inc		6,262		595
Avery Dennison Corp		31,600		5,141
Corteva Inc		84,619		4,836
Royal Gold Inc, Cl A		13,377		1,255
Sealed Air Corp		79,700		3,547
Silgan Holdings Inc		81,300		3,418
Sylvamo Corp		4,001		136
				18,928
Real Estate — 0.3%
Equity LifeStyle Properties Inc ^‡		29,390		1,847
SBA Communications Corp, Cl A ^‡		4,204		1,196
				3,043
Utilities — 6.8%
Ameren Corp		74,283		5,983
American Electric Power Co Inc		79,818		6,900
DTE Energy Co		38,099		4,383
Duke Energy Corp		41,536		3,864
Entergy Corp		17,400		1,751
National Fuel Gas Co		34,340		2,114
NextEra Energy Inc		101,249		7,939
Portland General Electric Co		73,374		3,189
Public Service Enterprise Group Inc		183,544		10,321
Southern Co/The		83,686		5,691
WEC Energy Group Inc		73,650		6,586

				58,721
Total Common Stock
(Cost $412,604) ($ Thousands)				852,006



AFFILIATED PARTNERSHIP — 0.4%
SEI Liquidity Fund, LP
2.930% **^†(B)		3,472,715		3,473


Total Affiliated Partnership
(Cost $3,473) ($ Thousands)				3,473

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

	Percentages are based on a Net Assets of $865,674 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 12). The total market value of securities on loan at September 30, 2022, was $3,144 ($ Thousands).
(B)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $3,473 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

852,006

–

852,006

Affiliated Partnership

–

3,473

–

3,473

Cash Equivalent

14,834

–

14,834

Total Investments in Securities

866,840

3,473

–

870,313

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(200	)		–		–		(200	)
Total Other Financial Instruments		(200	)		–		–		(200	)

*	Futures contracts are valued at unrealized depreciation on the instrument.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 95.9%
Australia — 6.0%
AGL Energy Ltd		212,782	$	933
Ansell Ltd		49,106		794
APA Group		26,202		162
ASX Ltd		5,643		261
Aurizon Holdings Ltd		646,471		1,437
Australia & New Zealand Banking Group		6,058		89
Bendigo & Adelaide Bank		74,373		374
BHP Group Ltd		12,406		309
Coles Group Ltd		70,257		744
Computershare Ltd		19,479		312
CSL Ltd		4,422		808
Deterra Royalties		101,448		262
Dexus *^‡		24,778		124
EBOS Group Ltd		5,627		120
Elders Ltd		75,275		577
Endeavour Group Ltd/Australia		21,286		96
Glencore PLC		134,502		707
Harvey Norman Holdings Ltd		390,215		1,015
JB Hi-Fi Ltd		37,759		918
Medibank Pvt Ltd		47,280		106
Metcash Ltd, Cl A		364,359		910
Newcrest Mining Ltd		13,198		146
Orica Ltd		26,594		228
Orora Ltd		552,104		1,070
Rio Tinto Ltd		10,669		649
Rio Tinto PLC		6,903		373
Sonic Healthcare Ltd		32,724		642
South32 Ltd		90,000		215
Telstra Corp Ltd, Cl B		502,620		1,248
Treasury Wine Estates Ltd		12,237		99
Vicinity Centres ^‡		492,026		551
Wesfarmers Ltd		30,590		841
Woolworths Group Ltd		17,215		376
				17,496


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Austria — 0.6%
CA Immobilien Anlagen AG ^‡		4,737	$	141
Mayr Melnhof Karton AG		3,798		489
Oesterreichische Post AG (A)		28,842		768
S Immo AG		9,548		–
Telekom Austria AG, Cl A		81,520		471
				1,869
Belgium — 0.7%
Ageas SA/NV		24,693		900
Etablissements Franz Colruyt NV		38,879		854
Proximus SADP		12,731		132
UCB SA, Cl A		3,619		251
				2,137
Brazil — 0.2%
Yara International ASA		14,272		500
Canada — 2.4%
Bank of Nova Scotia/The, Cl C		11,839		566
Canadian Imperial Bank of Commerce (A)		27,615		1,215
Canadian Tire Corp Ltd, Cl A		16,576		1,774
Cogeco Communications Inc		11,746		616
Empire Co Ltd, Cl A		34,652		867
Loblaw Cos Ltd		24,108		1,919
				6,957
China — 0.3%
BOC Hong Kong Holdings Ltd		182,500		607
Wilmar International Ltd		124,500		331
				938
Denmark — 2.6%
AP Moller - Maersk A/S, Cl B		278		505
Carlsberg AS, Cl B		7,040		823
Coloplast A/S, Cl B		8,141		827
Danske Bank A/S		54,050		672
DSV A/S		1,567		184
Genmab A/S *		1,478		475
Jyske Bank A/S *		2,041		106
Novo Nordisk A/S, Cl B		16,930		1,686
Novozymes A/S, Cl B		9,303		467
Scandinavian Tobacco Group A/S		73,722		1,069
Solar A/S, Cl B		2,119		139
Sydbank A/S		22,507		616
UIE		5,640		141
				7,710

Finland — 1.9%
Elisa Oyj		10,673		484
Kemira Oyj		45,914		509
Kesko Oyj, Cl B		61,076		1,139
Metsa Board, Cl B		40,788		296
Orion Oyj, Cl B		31,149		1,311
TietoEVRY Oyj		44,315		1,002


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Tokmanni Group Corp		25,796	$	281
Valmet Oyj		23,100		467
				5,489
France — 8.4%
Air Liquide SA		4,883		558
Arkema SA		16,880		1,230
AXA SA		28,335		618
BNP Paribas SA		3,209		136
Caisse Regionale De Credit Agricole Mutuel Toulouse 31		1,278		79
Carrefour SA		175,877		2,438
Cie Generale des Etablissements Michelin SCA		71,836		1,609
Credit Agricole SA		22,471		182
Danone SA		14,006		662
Engie SA		101,359		1,166
Euroapi *		2,998		50
Ipsen SA		868		80
Legrand SA		2,586		167
L'Oreal SA		1,698		543
Metropole Television SA		61,744		745
Orange SA		463,660		4,192
Pernod Ricard SA		6,112		1,121
Publicis Groupe SA		1,746		83
Sanofi		67,489		5,137
Societe BIC SA		25,897		1,642
Thales SA, Cl A		5,065		558
TotalEnergies SE (A)		29,793		1,397
Virbac SA		506		132
Vivendi SE		23,119		179
				24,704
Germany — 4.6%
BASF SE		3,269		125
Bayer AG		3,100		143
Beiersdorf AG		12,795		1,257
Deutsche Boerse AG		4,123		676
Deutsche Post AG		32,014		965
Deutsche Telekom AG		173,520		2,952
E.ON SE		135,978		1,044
Freenet AG		58,729		1,113
Hannover Rueck SE		1,509		226
Hornbach Holding AG & Co KGaA		11,109		696
Merck KGaA		6,512		1,054
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		6,021		1,449
QIAGEN NV *		28,029		1,164
Siemens Healthineers AG		6,608		283
Sirius Real Estate Ltd ^‡		87,389		69
Talanx AG		3,767		133
				13,349


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hong Kong — 4.0%
Chevalier International Holdings		86,000	$	80
China Motor Bus Co Ltd ^‡		9,200		88
CK Asset Holdings Ltd ^‡		295,000		1,771
CK Hutchison Holdings Ltd		154,500		851
CK Infrastructure Holdings Ltd		94,000		479
CLP Holdings Ltd, Cl B		105,500		797
Dah Sing Banking Group Ltd		476,800		315
Henderson Land Development		52,000		146
HK Electric Investments & HK Electric Investments Ltd		1,490,000		1,044
HKT Trust & HKT Ltd		830,000		972
Kerry Properties Ltd ^‡		349,500		662
Link ^‡		58,800		410
Pacific Textiles Holdings		860,000		268
PCCW Ltd		1,246,704		563
Power Assets Holdings Ltd		205,500		1,030
SmarTone Telecommunications Holdings Ltd		328,500		172
VTech Holdings Ltd		271,500		1,557
WH Group Ltd		723,000		455
				11,660

Indonesia — 0.1%
First Resources Ltd		306,300		295


Ireland — 0.1%
Dole PLC		11,373		83
Kerry Group PLC, Cl A		2,681		239
				322

Israel — 1.7%
Albaad Massuot Yitzhak Ltd *		8,411		32
Bank Hapoalim BM		61,461		520
Bank Leumi Le-Israel BM		115,572		990
Check Point Software Technologies Ltd *		11,712		1,312
Elbit Systems Ltd		2,489		472
ICL Group Ltd		81,689		656
Isracard Ltd		–		–
Kerur Holdings Ltd		4,093		94
Mizrahi Tefahot Bank Ltd		12,013		422
Radware Ltd *		14,549		317
Shufersal Ltd		26,493		166
				4,981
Italy — 2.0%
A2A SpA		788,006		765
ACEA SpA		8,054		88
Assicurazioni Generali SpA		15,478		211
Enel SpA		61,229		251
Eni SpA		180,650		1,919
Hera SpA		309,958		658
Snam SpA		64,750		262
Terna - Rete Elettrica Nazionale		41,284		251


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
UnipolSai Assicurazioni SpA		629,240	$	1,305
				5,710

Japan — 25.4%
AEON Investment Corp ^‡		918		991
Aozora Bank Ltd (A)		37,600		672
Arcs Co Ltd		32,700		467
Bandai Namco Holdings Inc		2,300		150
Bridgestone Corp		32,900		1,064
Brother Industries Ltd (A)		33,600		580
Canon Inc		99,600		2,175
Choushimaru Co Ltd		10,500		82
CI Takiron Corp		40,400		146
Daicel Corp		83,800		493
Daiichi Sankyo Co Ltd		7,500		210
Daiki Aluminium Industry Co Ltd		9,800		79
Dairei Co Ltd		6,300		81
Daito Trust Construction Co Ltd		3,800		355
DCM Holdings Co Ltd		137,200		1,118
Earth Corp		3,900		140
EDION Corp (A)		75,700		616
ENEOS Holdings Inc (A)		302,500		976
Fuji Nihon Seito		29,300		93
FUJIFILM Holdings Corp		7,600		347
Hokkaido Gas Co Ltd		9,800		107
Honda Motor Co Ltd		22,500		488
Hoya Corp		1,500		145
Idemitsu Kosan Co Ltd		11,000		239
Inaba Denki Sangyo Co Ltd		33,300		628
Inpex Corp		165,000		1,539
ITOCHU Corp (A)		124,300		3,000
Itochu Enex Co Ltd		106,300		750
Itoham Yonekyu Holdings		147,300		678
Iwatani Corp		11,200		422
Japan Post Bank Co Ltd		80,100		560
Japan Post Holdings Co Ltd		212,600		1,408
Japan Tobacco Inc		139,200		2,287
Kadoya Sesame Mills Inc		2,600		64
Kajima Corp (A)		111,600		1,058
Kaken Pharmaceutical Co Ltd		43,400		1,143
Kamigumi Co Ltd		31,800		587
Kaneka Corp		20,500		512
Kato Sangyo Co Ltd		8,700		201
KDDI Corp		142,600		4,169
Keihanshin Building Co Ltd ^‡		14,200		120
Keisei Electric Railway		4,674		127
Keiyo Co Ltd		32,400		203
Kewpie Corp		5,800		95
Kinden Corp (A)		97,300		1,026
K's Holdings Corp		85,700		706
Kuraray Co Ltd		67,300		470
Kurimoto Ltd		18,400		204
KYORIN Holdings Inc		12,100		148


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kyushu Electric Power Co Inc		41,100	$	219
Lawson Inc		14,800		484
Lintec Corp		27,600		424
Lion Corp		51,200		579
Marubeni Corp		17,400		152
Maruichi Steel Tube Ltd		14,300		293
McDonald's Holdings Co Japan Ltd		45,600		1,589
Medipal Holdings Corp		7,500		95
MEIJI Holdings Co Ltd (A)		22,000		976
Mitsubishi Corp		3,200		88
Mitsubishi Electric Corp		74,000		669
Mitsubishi Shokuhin Co Ltd		33,300		750
Mitsui & Co Ltd		28,400		604
Miyoshi Oil & Fat Co Ltd		10,200		70
Mizuho Financial Group Inc (A)		238,380		2,580
Morishita Jintan Co Ltd		800		10
MS&AD Insurance Group Holdings Inc		52,400		1,388
Nintendo Co Ltd		4,000		161
Nippn Corp		8,300		89
Nippon Electric Glass		35,100		605
NIPPON EXPRESS HOLDINGS INC		8,700		442
Nippon Telegraph & Telephone Corp		189,600		5,114
Nippon Television Holdings		69,200		554
Nissin Foods Holdings Co Ltd		2,500		174
Nitto Fuji Flour Milling Co Ltd		5,000		166
Nomura Holdings Inc		182,600		605
Okinawa Cellular Telephone Co		6,200		109
Ono Pharmaceutical Co Ltd		8,100		189
ORIX Corp (A)		30,600		429
Otsuka Corp		9,100		284
Otsuka Holdings Co Ltd		14,300		453
OUG Holdings Inc		4,800		89
Rengo Co Ltd		107,600		626
S&B Foods		3,700		95
Sankyo Co Ltd		38,600		1,169
Sankyu Inc		16,800		488
Secom Co Ltd		11,200		639
Seino Holdings Co Ltd		76,000		611
Sekisui House Ltd		47,800		792
Senko Group Holdings		59,100		390
Seven & i Holdings Co Ltd		5,500		221
SoftBank Corp (A)		144,000		1,438
Sompo Holdings Inc		16,900		676
Sugi Holdings Co Ltd		2,500		100
Sumitomo Chemical Co Ltd		26,200		90
Sumitomo Corp		58,500		723
Sumitomo Mitsui Financial Group Inc		51,200		1,419
Sumitomo Mitsui Trust Holdings		26,200		745
Sundrug Co Ltd		3,600		88
Suntory Beverage & Food Ltd		4,500		160
Taisei Corp		3,500		97
Takeda Pharmaceutical Co Ltd		3,700		96


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Techno Ryowa		6,100	$	36
Teijin Ltd (A)		134,900		1,308
Toho Holdings Co Ltd		13,800		185
Tohoku Electric Power Co Inc (A)		142,300		669
Tokio Marine Holdings Inc		51,600		917
Tokyo Gas Co Ltd		36,000		608
Toyo Suisan Kaisha Ltd		17,600		726
Toyota Motor Corp		20,500		268
Trend Micro Inc/Japan		25,600		1,379
USS Co Ltd		55,500		857
Yamada Denki Co Ltd		406,800		1,338
Yamaguchi Financial Group		115,300		614
Yellow Hat Ltd		11,200		139
Zaoh Co Ltd		8,700		107
				74,166
Netherlands — 3.3%
ABN AMRO Bank NV		11,695		105
Heineken Holding NV		1,435		98
Heineken NV		5,349		467
JDE Peet's NV		21,171		619
Koninklijke Ahold Delhaize NV		197,687		5,033
Koninklijke KPN NV		75,711		205
NN Group NV		44,665		1,736
Signify NV		15,388		396
Wolters Kluwer NV		11,210		1,091
				9,750

New Zealand — 0.7%
Fisher & Paykel Healthcare Corp Ltd		19,131		200
Freightways Ltd		50,268		279
Mainfreight Ltd		8,970		342
Mercury NZ Ltd		109,078		351
Meridian Energy Ltd		35,190		95
Spark New Zealand Ltd		281,388		796
				2,063

Norway — 1.3%
Austevoll Seafood ASA		33,117		224
DNB Bank ASA		22,448		356
Equinor ASA		18,362		605
Norsk Hydro ASA		28,454		153
Orkla ASA		263,596		1,915
SpareBank 1 SR-Bank ASA		17,208		161
Telenor ASA		36,912		337
				3,751
Portugal — 0.7%
Galp Energia SGPS SA		11,883		114
Jeronimo Martins SGPS SA		75,328		1,403
NOS SGPS SA		37,349		122
Sonae SGPS		383,487		309
				1,948


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Singapore — 4.1%
DBS Group Holdings Ltd		108,700	$	2,517
Great Eastern Holdings Ltd		6,700		88
Jardine Cycle & Carriage Ltd		129,200		3,025
Jardine Matheson Holdings Ltd		19,300		976
Keppel Corp Ltd		49,200		237
Mapletree Logistics Trust ^‡		154,270		167
Oversea-Chinese Banking Corp Ltd		266,300		2,184
Sheng Siong Group Ltd		383,000		422
Singapore Exchange Ltd		14,800		97
Singapore Post Ltd		217,600		82
Straits Trading Co Ltd		87,910		149
United Overseas Bank Ltd		106,300		1,927
Venture Corp Ltd		17,400		198
				12,069
South Africa — 0.1%
Anglo American PLC		10,549		317
Thungela Resources Ltd		1,394		26
				343
Spain — 2.3%
CaixaBank SA		37,980		122
Cia de Distribucion Integral Logista Holdings SA		90,492		1,648
Ebro Foods SA		40,375		588
Endesa SA		105,051		1,577
Faes Farma SA		125,662		455
Iberdrola SA		67,684		631
Red Electrica Corp SA		51,275		787
Repsol SA, Cl A		67,895		780
				6,588
Sweden — 1.4%
Axfood AB		40,738		933
Epiroc AB, Cl B		14,793		186
Essity AB, Cl B		23,160		458
KNOW IT AB		7,589		152
Nordea Bank Abp, Cl A		56,350		482
Nyfosa AB ^‡		18,745		108
Svenska Cellulosa AB SCA, Cl B		11,438		145
Swedbank AB, Cl A		38,917		511
Swedish Match AB		27,086		268
Swedish Orphan Biovitrum AB *		13,675		264
Tele2 AB, Cl B		10,380		90
Telefonaktiebolaget LM Ericsson, Cl B		38,928		228
Telia Co AB		97,571		281
				4,106

Switzerland — 9.4%
Alcon Inc		3,282		191
ALSO Holding AG		606		90
Baloise Holding AG		10,614		1,360
Banque Cantonale Vaudoise		2,566		243


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Barry Callebaut AG		349	$	660
Basellandschaftliche Kantonalbank		303		283
Berner Kantonalbank AG		473		103
BKW AG		12,115		1,447
Chocoladefabriken Lindt & Spruengli AG		97		1,300
Emmi AG		589		459
EMS-Chemie Holding AG		540		342
Helvetia Holding AG		6,900		648
Intershop Holding AG ^‡		203		128
Kuehne + Nagel International AG		410		84
Nestle SA		10,269		1,114
Novartis AG		49,726		3,800
PSP Swiss Property AG ^‡		3,835		384
Roche Holding AG		19,746		6,444
Romande Energie Holding SA		76		87
Schindler Holding AG		861		134
Sika AG		1,337		269
Sonova Holding AG		3,097		683
Swiss Life Holding AG		4,709		2,086
Swiss Prime Site AG ^‡		7,511		600
Swiss Re AG		1,155		85
Swisscom AG		6,786		3,185
Thurgauer Kantonalbank		927		111
TX Group AG		559		69
Valiant Holding AG		10,191		968
				27,357

United Kingdom — 11.6%
3i Group PLC		26,140		314
AstraZeneca PLC ADR		1,720		94
Atalaya Mining PLC		70,542		150
Auto Trader Group PLC		31,774		180
B&M European Value Retail SA		187,800		639
BAE Systems PLC		453,357		3,982
BP PLC		20,073		96
BP PLC ADR		18,564		530
British American Tobacco PLC		49,933		1,790
British Land Co PLC/The ^‡		175,465		679
Britvic PLC		17,747		141
BT Group PLC, Cl A		789,651		1,061
Bunzl PLC		38,068		1,163
Computacenter PLC		22,216		477
Diageo PLC		12,148		511
Eco Animal Health Group *		68,500		91
Finsbury Food Group PLC		134,390		118
Gateley Holdings		45,924		98
GSK PLC		263,563		3,806
GSK PLC ADR		3,224		95
Haleon *		195,700		610
HSBC Holdings PLC		164,931		854
Imperial Brands PLC		167,084		3,435
Inchcape PLC		24,346		184
J Sainsbury PLC		575,075		1,114


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Kingfisher PLC		275,142	$	670
National Grid PLC		113,695		1,170
Premier Foods PLC		426,123		453
QinetiQ Group PLC		414,692		1,513
Real Estate Investors PLC ^‡		453,673		160
Reckitt Benckiser Group PLC		13,086		867
RELX PLC		26,799		655
Sage Group PLC/The		54,119		417
Shell PLC		74,536		1,849
Standard Chartered PLC		15,580		98
Tate & Lyle		217,300		1,638
Tesco PLC		654,090		1,501
Unilever PLC		8,703		382
Vodafone Group PLC		272,328		305
Woodside Energy Group		5,009		102
YouGov PLC		8,551		84
				34,076
United States — 0.0%
Taro Pharmaceutical Industries Ltd *		3,133		94
Total Common Stock
(Cost $289,154) ($ Thousands)				280,428



PREFERRED STOCK — 0.1%
Germany — 0.1%
Draegerwerk AG & Co KGaA (B)		5,426		227

Total Preferred Stock
(Cost $301) ($ Thousands)				227

AFFILIATED PARTNERSHIP — 6.3%
SEI Liquidity Fund, LP
2.930% **^†(C)		18,524,972		18,526
Total Affiliated Partnership
(Cost $18,527) ($ Thousands)				18,526



CASH EQUIVALENT — 0.9%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		2,753,533		2,754

Total Cash Equivalent
(Cost $2,754) ($ Thousands)				2,754
Total Investments in Securities — 103.2%
(Cost $310,736) ($ Thousands)			$	301,935

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

	Percentages are based on a Net Assets of $292,604 ($ Thousands).
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
(A)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 10). The total market value of securities on loan at September 30, 2022, was $17,510 ($ Thousands).
(B)	There is currently no rate available.
(C)	This security was purchased with cash collateral held from securities on loan (see Note 10). The total market value of such securities as of September 30, 2022 was $18,526 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):
Investments in Securities	Level 1 ($)		Level 2 ($)		Level 3 ($)		Total ($)
Common Stock		280,428		—		—		280,428
Preferred Stock		227		—		—		227
Affiliated Partnership		—		18,526		—		18,526
Cash Equivalent		2,754		—		—		2,754
Total Investments in Securities		283,409		18,526		—		301,935

Other Financial Instruments	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(70	)		–		–		(70	)
Total Other Financial Instruments		(70	)		–		–		(70	)

*	Futures contracts are valued at unrealized depreciation on the instrument.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the period ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† — 97.1%

Real Estate — 97.1%
Acadia Realty Trust ^‡		54,632	$	689
Alexandria Real Estate Equities Inc ^‡		9,190		1,288
American Homes 4 Rent, Cl A ^‡		63,387		2,080
American Tower Corp, Cl A ^‡		9,043		1,942
Americold Realty Trust Inc ^‡		17,324		426
Apartment Investment and Management Co, Cl A ^‡		14,980		109
Apple Hospitality REIT Inc ^‡		35,140		494
AvalonBay Communities Inc ^‡		16,000		2,947
Boston Properties Inc ^‡		3,940		295
Brixmor Property Group Inc ^‡		100,298		1,853
Cousins Properties Inc ^‡		32,671		763
DiamondRock Hospitality Co ^‡		10,401		78
Digital Realty Trust Inc, Cl A ^‡		28,990		2,875
Douglas Emmett Inc ^‡		21,030		377
Duke Realty Corp ^‡		45,720		2,204
Equinix Inc ^‡		8,192		4,660
Equity Residential ^‡		40,300		2,709
Essex Property Trust Inc ^‡		3,520		853
Extra Space Storage Inc ^‡		7,894		1,363
First Industrial Realty Trust Inc ^‡		33,635		1,507
Healthpeak Properties Inc ^‡		42,040		964
Highwoods Properties Inc ^‡		16,580		447
Host Hotels & Resorts Inc ^‡		19,720		313
Hudson Pacific Properties Inc ^‡		15,060		165
Invitation Homes Inc ^‡		99,060		3,345
JBG SMITH Properties ^‡		32,239		599
Kilroy Realty Corp ^‡		32,560		1,371
Life Storage Inc ^‡		18,298		2,027
Medical Properties Trust Inc ^‡		48,415		574
Mid-America Apartment Communities Inc ^‡		11,640		1,805
Omega Healthcare Investors Inc ^‡		13,695		404
Park Hotels & Resorts Inc ^‡		29,162		328
Prologis Inc ^‡		57,140		5,805
Public Storage ^‡		16,612		4,864
Regency Centers Corp ^‡		12,470		672
Rexford Industrial Realty Inc ^‡		31,460		1,636
RPT Realty ^‡		67,040		507
Ryman Hospitality Properties Inc ^‡		6,270		461
Sabra Health Care REIT Inc ^‡		53,289		699
SBA Communications Corp, Cl A ^‡		6,890		1,961
Simon Property Group Inc ^‡		26,000		2,334
Sun Communities Inc ^‡		20,380		2,758
Sunstone Hotel Investors Inc ^‡		34,640		326


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
UDR Inc ^‡		53,350	$	2,225
Urban Edge Properties ^‡		35,800		478
Ventas Inc ^‡		72,590		2,916
Veris Residential Inc *^‡		51,425		585
Welltower Inc ^‡		31,650		2,036
Xenia Hotels & Resorts Inc ^‡		62,272		859

				72,976
Total Common Stock
(Cost $66,402) ($ Thousands)				72,976



AFFILIATED PARTNERSHIP — 0.0%
SEI Liquidity Fund, LP
2.930% **^†(A)		4,176		3


Total Affiliated Partnership
(Cost $4) ($ Thousands)				3

CASH EQUIVALENT — 2.8%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		2,109,522		2,110
Total Cash Equivalent
(Cost $2,110) ($ Thousands)				2,110


Total Investments in Securities — 99.9%
(Cost $68,516) ($ Thousands)			$	75,089

	Percentages are based on Net Assets of $75,163 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
^†^†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
(A)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $3 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

72,976

–

72,976

Affiliated Partnership

–

Cash Equivalent

2,110

–

2,110

Total Investments in Securities

75,086

–

75,089

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 37.4%
Agency Mortgage-Backed Obligations — 31.0%
FHLMC
7.500%, 05/01/2031 to 02/01/2038	$	217	$	224
7.000%, 05/01/2024 to 03/01/2039		59		63
6.500%, 10/01/2031 to 09/01/2039		105		109
6.000%, 02/01/2032 to 09/01/2038		153		160
5.500%, 01/01/2024 to 06/01/2052		716		715
5.000%, 05/01/2033 to 09/01/2052		10,563		10,395
4.500%, 04/01/2035 to 07/01/2052		7,096		6,878
4.000%, 03/01/2037 to 07/01/2052		18,840		17,730
3.500%, 12/01/2033 to 05/01/2052		46,264		42,397
3.463%, ICE LIBOR USD 12 Month + 1.770%, 09/01/2042(A)		113		116
3.394%, ICE LIBOR USD 12 Month + 1.635%, 04/01/2048(A)		1,269		1,276
3.000%, 03/01/2031 to 06/01/2052		26,440		23,447
2.903%, ICE LIBOR USD 12 Month + 1.683%, 09/01/2047(A)		634		640
2.500%, 10/01/2031 to 05/01/2052		60,938		51,559
2.000%, 04/01/2041 to 05/01/2052		44,129		36,152
1.500%, 10/01/2041 to 12/01/2050		10,242		7,881
0.000%, 07/15/2031(B)		265		182
FHLMC ARM
4.303%, SOFR30A + 2.130%, 07/01/2052(A)		529		517
4.119%, SOFR30A + 2.380%, 09/01/2052(A)		293		284
3.991%, SOFR30A + 2.140%, 08/01/2052(A)		574		549


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
3.912%, SOFR30A + 2.130%, 07/01/2052(A)	$	430	$	415
3.442%, ICE LIBOR USD 12 Month + 1.637%, 03/01/2049(A)		548		547
3.083%, ICE LIBOR USD 12 Month + 1.621%, 02/01/2050(A)		258		248
3.008%, ICE LIBOR USD 12 Month + 1.628%, 11/01/2048(A)		1,435		1,362
2.876%, ICE LIBOR USD 12 Month + 1.723%, 01/01/2044(A)		207		209
2.873%, ICE LIBOR USD 12 Month + 1.619%, 11/01/2047(A)		476		459
2.807%, ICE LIBOR USD 12 Month + 1.640%, 05/01/2049(A)		320		311
2.730%, ICE LIBOR USD 12 Month + 1.682%, 02/01/2043(A)		152		156
2.668%, ICE LIBOR USD 12 Month + 1.612%, 10/01/2043(A)		120		120
2.554%, ICE LIBOR USD 12 Month + 1.606%, 09/01/2043(A)		48		47
2.532%, ICE LIBOR USD 12 Month + 1.646%, 10/01/2043(A)		199		200
2.507%, ICE LIBOR USD 12 Month + 1.632%, 11/01/2043(A)		102		102
2.435%, ICE LIBOR USD 12 Month + 1.637%, 09/01/2045(A)		1,217		1,220
2.357%, ICE LIBOR USD 12 Month + 1.635%, 07/01/2043(A)		60		60
2.344%, ICE LIBOR USD 12 Month + 1.642%, 08/01/2043(A)		108		109
2.339%, ICE LIBOR USD 12 Month + 1.650%, 03/01/2043(A)		152		153
FHLMC CMO, Ser 1997-1983, Cl Z
6.500%, 12/15/2023		33		33
FHLMC CMO, Ser 2001-2277, Cl B
7.500%, 01/15/2031		18		19
FHLMC CMO, Ser 2002-2399, Cl XG
6.500%, 01/15/2032		178		184
FHLMC CMO, Ser 2006-R007, Cl ZA
6.000%, 05/15/2036		472		487
FHLMC CMO, Ser 2007-3281, Cl AI, IO
3.612%, 02/15/2037(A)		37		3
FHLMC CMO, Ser 2007-3294, Cl CB
5.500%, 03/15/2037		112		114
FHLMC CMO, Ser 2007-3316, Cl JO, PO
0.000%, 05/15/2037(B)		1		1
FHLMC CMO, Ser 2008-3451, Cl SB, IO
3.212%, 05/15/2038(A)		5		–
FHLMC CMO, Ser 2010-3621, Cl SB, IO
3.412%, 01/15/2040(A)		25		2
FHLMC CMO, Ser 2011-3947, Cl SG, IO
3.132%, 10/15/2041(A)		206		18


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC CMO, Ser 2012-264, Cl 30
3.000%, 07/15/2042	$	979	$	887
FHLMC CMO, Ser 2012-271, Cl 30
3.000%, 08/15/2042		261		239
FHLMC CMO, Ser 2012-283, Cl IO, IO
3.500%, 10/15/2027		154		8
FHLMC CMO, Ser 2012-4054, Cl SA, IO
3.232%, 08/15/2039(A)		391		32
FHLMC CMO, Ser 2012-4146, Cl DI, IO
3.000%, 12/15/2031		282		16
FHLMC CMO, Ser 2013-4194, Cl BI, IO
3.500%, 04/15/2043		50		8
FHLMC CMO, Ser 2013-4203, Cl PS, IO
3.432%, 09/15/2042(A)		187		14
FHLMC CMO, Ser 2013-4205, Cl PA
1.750%, 05/15/2043		312		265
FHLMC CMO, Ser 2013-4210, Cl Z
3.000%, 05/15/2043		70		57
FHLMC CMO, Ser 2013-4239, Cl IO, IO
3.500%, 06/15/2027		107		5
FHLMC CMO, Ser 2014-328, Cl S4, IO
0.074%, 02/15/2038(A)		12		–
FHLMC CMO, Ser 2014-4335, Cl SW, IO
3.182%, 05/15/2044(A)		41		4
FHLMC CMO, Ser 2014-4415, Cl IO, IO
0.180%, 04/15/2041(A)		137		5
FHLMC CMO, Ser 2015-4426, Cl QC
1.750%, 07/15/2037		483		445
FHLMC CMO, Ser 2015-4479, Cl HA
3.750%, 05/15/2039(C)		170		169
FHLMC CMO, Ser 2016-353, Cl S1, IO
3.182%, 12/15/2046(A)		295		27
FHLMC CMO, Ser 2016-4639, Cl HZ
3.250%, 04/15/2053(C)		1,817		1,502
FHLMC CMO, Ser 2017-356, Cl 300
3.000%, 09/15/2047		1,328		1,219
FHLMC CMO, Ser 2017-4742, Cl PA
3.000%, 10/15/2047		974		894
FHLMC CMO, Ser 2018-4813, Cl CJ
3.000%, 08/15/2048		196		177
FHLMC CMO, Ser 2018-4818, Cl CA
3.000%, 04/15/2048		457		413
FHLMC CMO, Ser 2018-4846, Cl PA
4.000%, 06/15/2047		51		50
FHLMC CMO, Ser 2019-4880, Cl DA
3.000%, 05/15/2050		649		597
FHLMC CMO, Ser 2020-4995, Cl IC, IO
4.500%, 07/25/2050		816		138
FHLMC CMO, Ser 2020-5010, Cl IK, IO
2.500%, 09/25/2050		282		42
FHLMC CMO, Ser 2020-5010, Cl JI, IO
2.500%, 09/25/2050		750		117


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC CMO, Ser 2020-5012, Cl BI, IO
4.000%, 09/25/2050	$	2,992	$	555
FHLMC CMO, Ser 2020-5013, Cl IN, IO
2.500%, 09/25/2050		350		55
FHLMC CMO, Ser 2020-5018, Cl MI, IO
2.000%, 10/25/2050		526		72
FHLMC CMO, Ser 2020-5040, Cl IB, IO
2.500%, 11/25/2050		152		22
FHLMC CMO, Ser 2020-5059, Cl IB, IO
2.500%, 01/25/2051		710		115
FHLMC CMO, Ser 2021-5070, Cl DI, IO
4.000%, 02/25/2051		2,513		465
FHLMC CMO, Ser 2021-5071, Cl IH, IO
2.500%, 02/25/2051		538		71
FHLMC CMO, Ser 2021-5085, Cl NI, IO
2.000%, 03/25/2051		1,083		129
FHLMC CMO, Ser 2021-5091, Cl AB
1.500%, 03/25/2051		1,097		917
FHLMC CMO, Ser 2021-5119, Cl AB
1.500%, 08/25/2049		452		368
FHLMC CMO, Ser 2021-5140, Cl NI, IO
2.500%, 05/25/2049		1,031		142
FHLMC CMO, Ser 2021-5178, Cl TP
2.500%, 04/25/2049		877		757
FHLMC CMO, Ser 2021-5182, Cl M
2.500%, 05/25/2049		555		492
FHLMC CMO, Ser 2022-5201, Cl CA
2.500%, 07/25/2048		827		742
FHLMC CMO, Ser 2022-5202, Cl LA
2.500%, 05/25/2049		792		688
FHLMC CMO, Ser 2022-5203, Cl G
2.500%, 11/25/2048		353		310
FHLMC CMO, Ser 2022-5217, Cl CD
2.500%, 07/25/2049		725		668
FHLMC CMO, Ser 2022-5224, Cl HL
4.000%, 04/25/2052		2,100		1,912
FHLMC Multiclass Certificates, Ser P009, Cl A2
1.878%, 01/25/2031		500		413
FHLMC Multifamily Structured Pass Through Certificates, Ser K144, Cl A2
2.450%, 04/25/2032		782		653
FHLMC Multifamily Structured Pass Through Certificates, Ser K145, Cl A2
2.580%, 06/25/2055		782		660
FHLMC Multifamily Structured Pass Through Certificates, Ser K146, Cl A2
2.920%, 06/25/2032		1,491		1,304
FHLMC Multifamily Structured Pass Through Certificates, Ser K147, Cl A2
3.000%, 06/25/2032(A)		1,491		1,313


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC Multifamily Structured Pass Through Certificates, Ser K148, Cl A2
3.500%, 07/25/2032(A)	$	1,705	$	1,559
FHLMC Multifamily Structured Pass Through Certificates, Ser K149, Cl X1, IO
0.264%, 08/25/2032(A)		11,000		264
FHLMC Multifamily Structured Pass Through Certificates, Ser KG07, Cl A2
3.123%, 08/25/2032(A)		780		694
FHLMC Multifamily Structured Pass-Through Certificates, Ser K032, Cl X1, IO
0.179%, 05/25/2023(A)		29,960		14
FHLMC Multifamily Structured Pass-Through Certificates, Ser K047, Cl A2
3.329%, 05/25/2025(A)		280		271
FHLMC Multifamily Structured Pass-Through Certificates, Ser K064, Cl X1, IO
0.739%, 03/25/2027(A)		4,628		103
FHLMC Multifamily Structured Pass-Through Certificates, Ser K094, Cl X1, IO
1.015%, 06/25/2029(A)		1,991		93
FHLMC Multifamily Structured Pass-Through Certificates, Ser K094, Cl XAM, IO
1.283%, 06/25/2029(A)		4,850		314
FHLMC Multifamily Structured Pass-Through Certificates, Ser K095, Cl XAM, IO
1.374%, 06/25/2029(A)		700		49
FHLMC Multifamily Structured Pass-Through Certificates, Ser K110, Cl X1, IO
1.814%, 04/25/2030(A)		1,296		123
FHLMC Multifamily Structured Pass-Through Certificates, Ser K723, Cl X1, IO
1.037%, 08/25/2023(A)		6,330		36
FHLMC Multifamily Structured Pass-Through Certificates, Ser K736, Cl X1, IO
1.414%, 07/25/2026(A)		972		38
FHLMC Multifamily Structured Pass-Through Certificates, Ser K741, Cl X1, IO
0.656%, 12/25/2027(A)		2,997		73
FHLMC Multifamily Structured Pass-Through Certificates, Ser K743, Cl X1, IO
1.028%, 05/25/2028(A)		3,999		171
FHLMC Multifamily Structured Pass-Through Certificates, Ser KC05, Cl X1, IO
1.343%, 06/25/2027(A)		1,554		50
FHLMC Multifamily Structured Pass-Through Certificates, Ser KLU1, Cl A4
2.854%, 01/25/2031		600		541
FHLMC Multifamily Structured Pass-Through Certificates, Ser KSG2, Cl A2
2.091%, 11/25/2031(A)		710		582


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC Multifamily Structured Pass-Through Certificates, Ser S8FX, Cl A2
3.291%, 03/25/2027	$	320	$	303
FHLMC Multifamily Structured Pass-Through Certificates, Ser X3FX, Cl A2FX
3.000%, 06/25/2027		580		546
FHLMC STACR REMIC Trust, Ser 2020-DNA1, Cl B1
5.384%, ICE LIBOR USD 1 Month + 2.300%, 01/25/2050(A)(D)		590		540
FHLMC STACR REMIC Trust, Ser 2021-DNA6, Cl M2
3.781%, SOFR30A + 1.500%, 10/25/2041(A)(D)		5,146		4,670
FHLMC Structured Pass-Through Certificates, Ser 2007-76, Cl 2A
1.949%, 10/25/2037(A)		64		55
FNMA
7.500%, 10/01/2037 to 04/01/2039		73		79
7.000%, 09/01/2026 to 02/01/2039		290		304
6.500%, 05/01/2027 to 05/01/2040		97		100
6.000%, 02/01/2023 to 07/01/2041		1,072		1,113
5.500%, 02/01/2035 to 09/01/2056		4,072		4,152
5.000%, 07/01/2033 to 07/01/2052		10,826		10,748
4.500%, 04/01/2025 to 08/01/2058		21,604		20,972
4.440%, 11/01/2032		100		101
4.200%, 01/01/2029		775		759
4.060%, 07/01/2032		100		96
4.000%, 01/01/2027 to 08/01/2059		44,556		42,048
3.880%, 07/01/2032		100		95
3.840%, 07/01/2032 to 08/01/2032		300		284
3.820%, 07/01/2027		112		106
3.790%, 12/01/2025		1,201		1,184
3.740%, 09/01/2032		200		187
3.560%, 07/01/2032		100		92
3.520%, 06/01/2032		100		92
3.500%, 05/01/2033 to 05/01/2052		40,737		37,233
3.450%, 03/01/2029		58		55
3.250%, 05/01/2029		59		55
3.160%, 05/01/2029		182		168
3.020%, 06/01/2024 to 05/01/2026		1,540		1,523
3.000%, 12/01/2031 to 07/01/2060		104,619		92,996
2.930%, 06/01/2030		77		69
2.900%, 11/01/2029		500		454
2.820%, 07/01/2027		559		521
2.500%, 03/01/2035 to 09/01/2061		95,243		81,248
2.455%, 04/01/2040		1,920		1,363
2.150%, 02/01/2032(A)		239		198
2.000%, 05/01/2036 to 04/01/2052		115,334		94,698
1.850%, 09/01/2035		574		483
1.500%, 10/01/2041 to 03/01/2051		12,963		10,229


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA ARM
4.650%, SOFR30A + 2.122%, 08/01/2052(A)	$	1,938	$	1,912
4.615%, SOFR30A + 2.127%, 08/01/2052(A)		1,291		1,278
4.347%, SOFR30A + 2.124%, 07/01/2052(A)		1,140		1,119
4.320%, SOFR30A + 2.125%, 08/01/2052(A)		1,151		1,128
4.225%, SOFR30A + 2.370%, 09/01/2052(A)		293		285
4.200%, SOFR30A + 2.120%, 07/01/2052(A)		990		956
3.963%, SOFR30A + 2.120%, 08/01/2052(A)		251		240
3.686%, SOFR30A + 2.370%, 08/01/2052(A)		636		609
3.017%, 12 Month Treas Avg + 1.929%, 11/01/2035(A)		173		180
2.998%, ICE LIBOR USD 12 Month + 1.579%, 06/01/2045(A)		270		271
2.953%, ICE LIBOR USD 12 Month + 1.641%, 01/01/2043(A)		90		92
2.937%, 12 Month Treas Avg + 1.848%, 10/01/2035(A)		42		43
2.897%, 12 Month Treas Avg + 1.859%, 11/01/2035(A)		33		35
2.875%, 12 Month Treas Avg + 1.854%, 10/01/2035(A)		159		164
2.791%, ICE LIBOR USD 12 Month + 1.584%, 01/01/2046(A)		770		782
2.468%, ICE LIBOR USD 12 Month + 1.579%, 10/01/2043(A)		275		275
2.453%, ICE LIBOR USD 12 Month + 1.564%, 03/01/2043(A)		40		41
2.255%, ICE LIBOR USD 12 Month + 1.560%, 06/01/2043(A)		80		81
1.612%, 12/01/2051(A)		283		253
FNMA CMO, Ser 1999-11, Cl Z
5.500%, 03/25/2029		103		99
FNMA CMO, Ser 2005-117, Cl LC
5.500%, 11/25/2035		35		35
FNMA CMO, Ser 2005-29, Cl ZA
5.500%, 04/25/2035		126		131
FNMA CMO, Ser 2006-112, Cl ST, IO
3.616%, 11/25/2036(A)		229		12
FNMA CMO, Ser 2009-103, Cl MB
3.290%, 12/25/2039(A)		21		21
FNMA CMO, Ser 2009-86, Cl BO, PO
0.000%, 03/25/2037(B)		441		374
FNMA CMO, Ser 2011-59, Cl NZ
5.500%, 07/25/2041		900		921


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA CMO, Ser 2011-87, Cl SG, IO
3.466%, 04/25/2040(A)	$	57	$	2
FNMA CMO, Ser 2011-96, Cl SA, IO
3.466%, 10/25/2041(A)		498		36
FNMA CMO, Ser 2012-101, Cl BI, IO
4.000%, 09/25/2027		17		1
FNMA CMO, Ser 2012-101, Cl AI, IO
3.000%, 06/25/2027		93		3
FNMA CMO, Ser 2012-133, Cl CS, IO
3.066%, 12/25/2042(A)		132		14
FNMA CMO, Ser 2012-151, Cl NX
1.500%, 01/25/2043		346		300
FNMA CMO, Ser 2012-28, Cl B
6.500%, 06/25/2039		6		7
FNMA CMO, Ser 2012-35, Cl SC, IO
3.416%, 04/25/2042(A)		111		12
FNMA CMO, Ser 2012-46, Cl BA
6.000%, 05/25/2042		113		119
FNMA CMO, Ser 2012-74, Cl SA, IO
3.566%, 03/25/2042(A)		145		10
FNMA CMO, Ser 2012-74, Cl OA, PO
0.000%, 03/25/2042(B)		11		10
FNMA CMO, Ser 2012-75, Cl AO, PO
0.000%, 03/25/2042(B)		22		20
FNMA CMO, Ser 2013-11, Cl AP
1.500%, 01/25/2043		1,232		1,094
FNMA CMO, Ser 2013-111, Cl PL
2.000%, 12/25/2042		298		262
FNMA CMO, Ser 2013-124, Cl SB, IO
2.866%, 12/25/2043(A)		217		20
FNMA CMO, Ser 2013-126, Cl CS, IO
3.066%, 09/25/2041(A)		175		10
FNMA CMO, Ser 2013-35, Cl CL
3.000%, 02/25/2043		6,875		6,452
FNMA CMO, Ser 2013-43, Cl BP
1.750%, 05/25/2043		397		347
FNMA CMO, Ser 2013-54, Cl BS, IO
3.066%, 06/25/2043(A)		81		9
FNMA CMO, Ser 2013-73, Cl IA, IO
3.000%, 09/25/2032		212		14
FNMA CMO, Ser 2013-73, Cl IB, IO
3.500%, 07/25/2028		34		2
FNMA CMO, Ser 2013-9, Cl SA, IO
3.066%, 03/25/2042(A)		179		9
FNMA CMO, Ser 2013-9, Cl CB
5.500%, 04/25/2042		1,055		1,078
FNMA CMO, Ser 2013-9, Cl BC
6.500%, 07/25/2042		138		147
FNMA CMO, Ser 2014-47, Cl AI, IO
0.124%, 08/25/2044(A)		93		4
FNMA CMO, Ser 2015-55, Cl IO, IO
0.309%, 08/25/2055(A)		251		8


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA CMO, Ser 2015-56, Cl AS, IO
3.066%, 08/25/2045(A)	$	33	$	4
FNMA CMO, Ser 2015-65, Cl CZ
3.500%, 09/25/2045		256		221
FNMA CMO, Ser 2015-84, Cl PA
1.700%, 08/25/2033		1,423		1,301
FNMA CMO, Ser 2016-37, Cl MJ
3.500%, 08/25/2043		70		69
FNMA CMO, Ser 2016-48, Cl MA
2.000%, 06/25/2038		1,425		1,291
FNMA CMO, Ser 2016-57, Cl PC
1.750%, 06/25/2046		2,750		2,301
FNMA CMO, Ser 2017-13, Cl PA
3.000%, 08/25/2046		548		501
FNMA CMO, Ser 2017-76, Cl SB, IO
3.016%, 10/25/2057(A)		835		83
FNMA CMO, Ser 2017-85, Cl SC, IO
3.116%, 11/25/2047(A)		261		23
FNMA CMO, Ser 2018-14, Cl KC
3.000%, 03/25/2048		987		915
FNMA CMO, Ser 2018-43, Cl CT
3.000%, 06/25/2048		748		675
FNMA CMO, Ser 2018-54, Cl KA
3.500%, 01/25/2047		290		281
FNMA CMO, Ser 2018-8, Cl KL
2.500%, 03/25/2047		270		238
FNMA CMO, Ser 2019-15, Cl AB
3.500%, 05/25/2053		1,173		1,112
FNMA CMO, Ser 2019-25, Cl PA
3.000%, 05/25/2048		920		848
FNMA CMO, Ser 2019-79, Cl FA
3.584%, ICE LIBOR USD 1 Month + 0.500%, 01/25/2050(A)		1,369		1,355
FNMA CMO, Ser 2020-25, Cl BI, IO
3.500%, 01/25/2047		669		107
FNMA CMO, Ser 2020-45, Cl JL
3.000%, 07/25/2040		1,055		960
FNMA CMO, Ser 2020-47, Cl GZ
2.000%, 07/25/2050		418		250
FNMA CMO, Ser 2020-48, Cl AB
2.000%, 07/25/2050		452		393
FNMA CMO, Ser 2020-48, Cl DA
2.000%, 07/25/2050		1,364		1,166
FNMA CMO, Ser 2020-56, Cl DI, IO
2.500%, 08/25/2050		566		90
FNMA CMO, Ser 2020-56, Cl AQ
2.000%, 08/25/2050		900		711
FNMA CMO, Ser 2020-64, Cl IB, IO
4.000%, 09/25/2050		964		194
FNMA CMO, Ser 2020-65, Cl EI, IO
4.000%, 09/25/2050		1,689		364


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA CMO, Ser 2020-65, Cl JI, IO
4.000%, 09/25/2050	$	2,036	$	375
FNMA CMO, Ser 2020-65, Cl DI, IO
4.000%, 09/25/2050		1,128		209
FNMA CMO, Ser 2020-96, Cl IN, IO
3.000%, 01/25/2051		754		125
FNMA CMO, Ser 2021-1, Cl IG, IO
2.500%, 02/25/2051		175		30
FNMA CMO, Ser 2021-27, Cl EC
1.500%, 05/25/2051		1,921		1,592
FNMA CMO, Ser 2021-78, Cl ND
1.500%, 11/25/2051		1,123		931
FNMA CMO, Ser 2021-78, Cl PA
2.500%, 11/25/2051		601		526
FNMA CMO, Ser 2022-11, Cl A
2.500%, 07/25/2047		1,685		1,534
FNMA CMO, Ser 2022-28, Cl CA
2.000%, 01/25/2048		662		594
FNMA Connecticut Avenue Securities Trust, Ser 2019-R02, Cl 1M2
4.744%, ICE LIBOR USD 1 Month + 2.300%, 08/25/2031(A)(D)		155		154
FNMA Connecticut Avenue Securities Trust, Ser 2019-R07, Cl 1M2
5.184%, ICE LIBOR USD 1 Month + 2.100%, 10/25/2039(A)(D)		225		224
FNMA Connecticut Avenue Securities, Ser 2014-C02, Cl 1M2
5.684%, ICE LIBOR USD 1 Month + 2.600%, 05/25/2024(A)		377		376
FNMA Connecticut Avenue Securities, Ser 2014-C03, Cl 1M2
6.084%, ICE LIBOR USD 1 Month + 3.000%, 07/25/2024(A)		1,398		1,404
FNMA Connecticut Avenue Securities, Ser 2018-C05, Cl 1B1
6.694%, ICE LIBOR USD 1 Month + 4.250%, 01/25/2031(A)		540		548
FNMA Interest CMO, Ser 2005-360, Cl 2, IO
5.000%, 08/25/2035		511		93
FNMA Interest CMO, Ser 2012-409, Cl C22, IO
4.500%, 11/25/2039		150		31
FNMA Interest CMO, Ser 2012-409, Cl C2, IO
3.000%, 04/25/2027		140		6
FNMA Interest CMO, Ser 2012-409, Cl C13, IO
3.500%, 11/25/2041		121		19
FNMA Interest CMO, Ser 2012-411, Cl A3
3.000%, 08/25/2042		654		588
FNMA Interest CMO, Ser 2012-414, Cl A35
3.500%, 10/25/2042		949		895


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA Interest CMO, Ser 2018-424, Cl C11, IO
3.500%, 02/25/2048	$	1,262	$	248
FNMA TBA
6.000%, 11/01/2037 to 12/01/2037		10,445		10,561
5.500%, 12/01/2035 to 10/15/2052		12,550		12,461
5.000%, 10/15/2052		23,795		23,178
4.520%, 11/01/2032		300		301
4.500%, 10/15/2052 to 11/15/2052		44,483		42,372
4.410%, 10/01/2032 to 11/01/2032		500		503
4.370%, 12/01/2032		200		201
4.260%, 11/01/2032		200		197
4.000%, 10/15/2052		14,954		13,875
3.500%, 10/15/2052		8,305		7,474
3.000%, 10/15/2052		35,859		31,204
2.500%, 10/15/2027 to 11/15/2052		70,472		59,197
2.000%, 10/15/2037 to 11/15/2052		73,209		59,475
FNMA, Ser 2014-M8, Cl X2, IO
0.413%, 06/25/2024(A)		2,768		9
FNMA, Ser 2017-M7, Cl A2
2.961%, 02/25/2027(A)		294		276
FNMA, Ser M13, Cl A2
2.593%, 06/25/2032		620		528
FNMA, Ser M15, Cl 1A2
3.700%, 01/25/2036		100		91
FNMA, Ser M36, Cl X1, IO
1.552%, 09/25/2034(A)		560		46
FREMF Mortgage Trust, Ser 2019-KF58, Cl B
4.703%, ICE LIBOR USD 1 Month + 2.150%, 01/25/2026(A)(D)		709		697
GNMA
8.000%, 11/15/2029 to 09/15/2030		29		29
7.500%, 03/15/2029 to 10/15/2037		36		37
7.000%, 09/15/2031		14		15
6.500%, 07/15/2028 to 12/15/2035		763		794
6.000%, 12/15/2028 to 10/20/2040		1,390		1,453
5.510%, 07/20/2060(A)		1		1
5.000%, 12/20/2039 to 03/20/2049		5,335		5,295
4.700%, 09/20/2061(A)		93		92
4.536%, 01/20/2069(A)		10		10
4.500%, 04/20/2041 to 12/20/2050		6,341		6,171
4.000%, 06/20/2047 to 11/20/2050		9,887		9,378
3.630%, 04/20/2063(A)		11		11
3.500%, 01/20/2046 to 06/20/2052		12,433		11,445
3.000%, 09/15/2042 to 04/20/2052		21,856		19,442
2.500%, 04/20/2051 to 12/20/2051		12,383		10,675
2.000%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.500%, 02/20/2034(A)		87		86
GNMA CMO, Ser 2007-17, Cl IB, IO
3.236%, 04/20/2037(A)		273		14


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA CMO, Ser 2007-51, Cl SG, IO
3.566%, 08/20/2037(A)	$	34	$	2
GNMA CMO, Ser 2007-78, Cl SA, IO
3.591%, 12/16/2037(A)		355		15
GNMA CMO, Ser 2009-66, Cl XS, IO
3.861%, 07/16/2039(A)		192		9
GNMA CMO, Ser 2010-4, Cl NS, IO
3.451%, 01/16/2040(A)		2,237		211
GNMA CMO, Ser 2010-85, Cl HS, IO
3.636%, 01/20/2040(A)		6		–
GNMA CMO, Ser 2010-H11, Cl FA
3.493%, ICE LIBOR USD 1 Month + 1.000%, 06/20/2060(A)		300		300
GNMA CMO, Ser 2010-H27, Cl FA
2.737%, ICE LIBOR USD 1 Month + 0.380%, 12/20/2060(A)		831		823
GNMA CMO, Ser 2010-H28, Cl FE
2.757%, ICE LIBOR USD 1 Month + 0.400%, 12/20/2060(A)		285		282
GNMA CMO, Ser 2011-H08, Cl FD
2.857%, ICE LIBOR USD 1 Month + 0.500%, 02/20/2061(A)		137		136
GNMA CMO, Ser 2011-H08, Cl FG
2.837%, ICE LIBOR USD 1 Month + 0.480%, 03/20/2061(A)		296		293
GNMA CMO, Ser 2011-H09, Cl AF
2.857%, ICE LIBOR USD 1 Month + 0.500%, 03/20/2061(A)		206		204
GNMA CMO, Ser 2012-141, Cl WA
4.525%, 11/16/2041(A)		182		179
GNMA CMO, Ser 2012-34, Cl SA, IO
3.036%, 03/20/2042(A)		261		27
GNMA CMO, Ser 2012-43, Cl SN, IO
3.661%, 04/16/2042(A)		45		6
GNMA CMO, Ser 2012-98, Cl SA, IO
3.161%, 08/16/2042(A)		111		11
GNMA CMO, Ser 2012-H25, Cl FA
3.057%, ICE LIBOR USD 1 Month + 0.700%, 12/20/2061(A)		6		6
GNMA CMO, Ser 2012-H27, Cl AI, IO
1.585%, 10/20/2062(A)		604		16
GNMA CMO, Ser 2013-53, Cl OI, IO
3.500%, 04/20/2043		92		10
GNMA CMO, Ser 2013-69, Cl AI, IO
3.500%, 05/20/2043		277		45
GNMA CMO, Ser 2014-5, Cl SP, IO
3.211%, 06/16/2043(A)		80		3
GNMA CMO, Ser 2014-H10, Cl TA
2.957%, ICE LIBOR USD 1 Month + 0.600%, 04/20/2064(A)		428		424
GNMA CMO, Ser 2015-167, Cl OI, IO
4.000%, 04/16/2045		73		12


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA CMO, Ser 2015-H10, Cl FC
2.837%, ICE LIBOR USD 1 Month + 0.480%, 04/20/2065(A)	$	265	$	263
GNMA CMO, Ser 2015-H18, Cl FA
2.807%, ICE LIBOR USD 1 Month + 0.450%, 06/20/2065(A)		126		125
GNMA CMO, Ser 2015-H20, Cl FA
2.827%, ICE LIBOR USD 1 Month + 0.470%, 08/20/2065(A)		186		184
GNMA CMO, Ser 2016-135, Cl SB, IO
3.161%, 10/16/2046(A)		210		29
GNMA CMO, Ser 2017-167, Cl BQ
2.500%, 08/20/2044		535		499
GNMA CMO, Ser 2017-H15, Cl KI, IO
1.698%, 07/20/2067(A)		492		28
GNMA CMO, Ser 2017-H18, Cl BI, IO
2.655%, 09/20/2067(A)		3,174		112
GNMA CMO, Ser 2017-H20, Cl IB, IO
2.294%, 10/20/2067(A)		225		10
GNMA CMO, Ser 2017-H22, Cl IC, IO
3.115%, 11/20/2067(A)		105		3
GNMA CMO, Ser 2018-11, Cl PC
2.750%, 12/20/2047		503		464
GNMA CMO, Ser 2018-H06, Cl PF
2.657%, ICE LIBOR USD 1 Month + 0.300%, 02/20/2068(A)		291		288
GNMA CMO, Ser 2018-H07, Cl FD
2.657%, ICE LIBOR USD 1 Month + 0.300%, 05/20/2068(A)		523		520
GNMA CMO, Ser 2019-132, Cl NA
3.500%, 09/20/2049		379		363
GNMA CMO, Ser 2019-31, Cl JC
3.500%, 03/20/2049		277		263
GNMA CMO, Ser 2019-90, Cl AB
3.000%, 07/20/2049		318		292
GNMA CMO, Ser 2020-123, Cl NI, IO
2.500%, 08/20/2050		656		91
GNMA CMO, Ser 2020-123, Cl IL, IO
2.500%, 08/20/2050		246		36
GNMA CMO, Ser 2020-127, Cl IN, IO
2.500%, 08/20/2050		327		48
GNMA CMO, Ser 2020-129, Cl IE, IO
2.500%, 09/20/2050		255		38
GNMA CMO, Ser 2020-160, Cl YI, IO
2.500%, 10/20/2050		948		129
GNMA CMO, Ser 2020-160, Cl VI, IO
2.500%, 10/20/2050		251		37
GNMA CMO, Ser 2020-160, Cl IH, IO
2.500%, 10/20/2050		173		26
GNMA CMO, Ser 2020-175, Cl GI, IO
2.000%, 11/20/2050		327		35


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA CMO, Ser 2020-181, Cl WI, IO
2.000%, 12/20/2050	$	2,130	$	237
GNMA CMO, Ser 2020-47, Cl NI, IO
3.500%, 04/20/2050		228		35
GNMA CMO, Ser 2020-47, Cl MI, IO
3.500%, 04/20/2050		565		91
GNMA CMO, Ser 2020-H09, Cl FL
2.883%, ICE LIBOR USD 1 Month + 1.150%, 05/20/2070(A)		585		582
GNMA CMO, Ser 2020-H09, Cl NF
3.607%, ICE LIBOR USD 1 Month + 1.250%, 04/20/2070(A)		253		255
GNMA CMO, Ser 2020-H12, Cl F
2.857%, ICE LIBOR USD 1 Month + 0.500%, 07/20/2070(A)		51		50
GNMA CMO, Ser 2020-H13, Cl FA
2.807%, ICE LIBOR USD 1 Month + 0.450%, 07/20/2070(A)		604		586
GNMA CMO, Ser 2021-115, Cl MI, IO
2.500%, 05/20/2051		449		51
GNMA CMO, Ser 2021-176, Cl IN, IO
2.500%, 10/20/2051		1,122		153
GNMA CMO, Ser 2021-23, Cl MG
1.500%, 02/20/2051		1,306		1,118
GNMA CMO, Ser 2021-29, Cl TI, IO
2.500%, 02/20/2051		476		82
GNMA CMO, Ser 2021-57, Cl BI, IO
3.000%, 03/20/2051		1,489		219
GNMA CMO, Ser 2021-96, Cl VI, IO
2.500%, 06/20/2051		935		140
GNMA CMO, Ser 2022-107, Cl C
2.500%, 06/20/2051		2,315		1,951
GNMA CMO, Ser 2022-31, Cl GH
2.500%, 12/20/2049		1,589		1,438
GNMA CMO, Ser 2022-50, Cl DC
2.500%, 08/20/2051		687		587
GNMA CMO, Ser 2022-84, Cl A
2.500%, 01/20/2052		4,397		3,706
GNMA TBA
5.000%, 10/01/2033		9,465		9,263
4.500%, 10/15/2052		25,465		24,374
4.000%, 10/15/2052		4,383		4,093
3.500%, 10/15/2052		6,488		5,901
3.000%, 10/15/2052		7,621		6,734
2.500%, 10/15/2052		28,550		24,528
2.000%, 10/15/2052		1,600		1,332
GNMA, Ser 103, Cl AD
1.450%, 01/16/2063		780		631
GNMA, Ser 107, Cl AD
2.849%, 11/16/2047(A)		236		216
GNMA, Ser 110, Cl IO, IO
0.871%, 11/16/2063(A)		2,408		172


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA, Ser 113, Cl Z
2.000%, 09/16/2061	$	2,211	$	1,485
GNMA, Ser 14, Cl AB
1.340%, 06/16/2063		520		400
GNMA, Ser 2012-112, Cl IO, IO
0.128%, 02/16/2053(A)		437		1
GNMA, Ser 2012-152, Cl IO, IO
0.583%, 01/16/2054(A)		2,562		42
GNMA, Ser 2012-27, Cl IO, IO
0.293%, 04/16/2053(A)		551		2
GNMA, Ser 2013-96, Cl IO, IO
0.051%, 10/16/2054(A)		645		2
GNMA, Ser 2014-47, Cl IA, IO
0.146%, 02/16/2048(A)		56		–
GNMA, Ser 2014-50, Cl IO, IO
0.630%, 09/16/2055(A)		244		7
GNMA, Ser 2014-92, Cl IX, IO
0.108%, 05/16/2054(A)		2,946		17
GNMA, Ser 2015-5, Cl IK, IO
0.326%, 11/16/2054(A)		2,722		30
GNMA, Ser 2019-71, Cl PT
3.000%, 06/20/2049		168		155
GNMA, Ser 21, Cl AH
1.400%, 06/16/2063		92		72
GNMA, Ser 3, Cl IO, IO
0.640%, 02/16/2061(A)		692		39
GNMA, Ser 3, Cl B
1.850%, 02/16/2061		300		189
GNMA, Ser 41, Cl IO, IO
0.618%, 07/16/2058(A)		588		18
GNMA, Ser 59, Cl IO, IO
0.571%, 02/16/2062(A)		3,470		190
GNMA, Ser 60, Cl IO, IO
0.826%, 05/16/2063(A)		2,307		150


				1,115,997
Non-Agency Mortgage-Backed Obligations — 6.4%
Alen Mortgage Trust, Ser ACEN, Cl A
3.968%, ICE LIBOR USD 1 Month + 1.150%, 04/15/2034(A)(D)		885		847
Alternative Loan Trust, Ser 2006-18CB, Cl A6
16.264%, 07/25/2036(A)		148		138
American Home Mortgage Investment Trust, Ser 2005-1, Cl 6A
5.566%, ICE LIBOR USD 6 Month + 2.000%, 06/25/2045(A)		501		497
American Home Mortgage Investment Trust, Ser 2005-4, Cl 5A
5.345%, ICE LIBOR USD 6 Month + 1.750%, 11/25/2045(A)		714		348


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
American Home Mortgage Investment Trust, Ser 2006-1, Cl 12A1
3.484%, ICE LIBOR USD 1 Month + 0.400%, 03/25/2046(A)	$	2,117	$	1,902
Angel Oak Mortgage Trust I, Ser 2019-2, Cl A1
3.628%, 03/25/2049(A)(D)		1		1
Angel Oak Mortgage Trust, Ser 2020-2, Cl A1A
2.531%, 01/26/2065(A)(D)		300		278
Angel Oak Mortgage Trust, Ser 2020-5, Cl A1
1.373%, 05/25/2065(A)(D)		102		91
Angel Oak Mortgage Trust, Ser 2021-6, Cl A1
1.458%, 09/25/2066(A)(D)		537		428
Angel Oak Mortgage Trust, Ser 2022-2, Cl A1
3.353%, 01/25/2067(A)(D)		5,124		4,597
Arbor Multifamily Mortgage Securities Trust, Ser MF2, Cl B
2.560%, 06/15/2054(A)(D)		615		463
AREIT Trust, Ser CRE3, Cl A
4.306%, TSFR1M + 1.384%, 09/14/2036(A)(D)		646		644
AREIT, Ser CRE7, Cl A
5.260%, TSFR1M + 2.242%, 06/17/2039(A)(D)		2,050		2,009
BAMLL Commercial Mortgage Securities Trust, Ser 2018-PARK, Cl A
4.227%, 08/10/2038(A)(D)		1,790		1,622
BAMLL Re-REMIC Trust, Ser 2016-GG10, Cl AJA
5.809%, 08/10/2045(A)(D)		936		271
BANK 2022, Ser BNK40, Cl A4
3.507%, 03/15/2064(A)		605		526
BANK, Ser BNK42, Cl A5
4.493%, 06/15/2055(A)		655		621
BANK, Ser BNK43, Cl A5
4.399%, 08/15/2055		1,715		1,610
Barclays Commercial Mortgage Trust, Ser C3, Cl A3
3.319%, 05/15/2052		110		98
Bayview MSR Opportunity Master Fund Trust, Ser 2022-2, Cl A1
3.000%, 12/25/2051(A)(D)		1,882		1,552
BBCMS Mortgage Trust, Ser C2, Cl ASB
4.236%, 12/15/2051		221		213
BBCMS Mortgage Trust, Ser C6, Cl A2
2.690%, 02/15/2053		660		621
BBCMS Trust, Ser 2015-SRCH, Cl A1
3.312%, 08/10/2035(D)		510		473


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Adjustable Rate Mortgage Trust, Ser 2004-2, Cl 14A
3.102%, 05/25/2034(A)	$	4	$	4
Bear Stearns ARM Trust, Ser 2003-7, Cl 9A
3.076%, 10/25/2033(A)		266		249
Bear Stearns Asset Backed Securities I Trust, Ser 2005-AC8, Cl A3, IO
4.566%, 11/25/2035(A)		2,364		451
Bear Stearns Asset-Backed Securities I Trust, Ser 2005-AC6, Cl 1A3
5.500%, 09/25/2035(A)		634		550
Bear Stearns Mortgage Funding Trust, Ser 2007-AR3, Cl 1A1
3.224%, ICE LIBOR USD 1 Month + 0.140%, 03/25/2037(A)		2,525		2,158
Benchmark Mortgage Trust, Ser B31, Cl A5
2.669%, 12/15/2054		1,274		1,036
Benchmark Mortgage Trust, Ser B33, Cl A5
3.458%, 03/15/2055		935		817
Benchmark Mortgage Trust, Ser B35, Cl AS
4.594%, 05/15/2055(A)		645		577
Benchmark Mortgage Trust, Ser B35, Cl A5
4.594%, 05/15/2055(A)		1,069		1,011
Benchmark Mortgage Trust, Ser B36, Cl A5
4.470%, 07/15/2055(A)		292		275
BMO Mortgage Trust, Ser C1, Cl A1
2.198%, 02/15/2055		728		680
BPR Trust, Ser OANA, Cl A
4.743%, TSFR1M + 1.898%, 04/15/2037(A)(D)		915		901
BPR Trust, Ser STAR, Cl A
6.077%, TSFR1M + 3.232%, 08/15/2024(A)(D)		1,750		1,728
BPR Trust, Ser TY, Cl A
3.868%, ICE LIBOR USD 1 Month + 1.050%, 09/15/2038(A)(D)		1,160		1,102
Bunker Hill Loan Depositary Trust, Ser 2019-2, Cl A1
2.879%, 07/25/2049(C)(D)		385		358
Bunker Hill Loan Depositary Trust, Ser 2019-3, Cl A1
2.724%, 11/25/2059(C)(D)		244		236
BWAY Mortgage Trust, Ser 1740, Cl A
2.917%, 01/10/2035(D)		1,540		1,385
BX Commercial Mortgage Trust, Ser 2019-XL, Cl F
4.818%, ICE LIBOR USD 1 Month + 2.000%, 10/15/2036(A)(D)		2,303		2,211
BX Commercial Mortgage Trust, Ser 2019-XL, Cl A
3.738%, ICE LIBOR USD 1 Month + 0.920%, 10/15/2036(A)(D)		4,653		4,583


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
BX Commercial Mortgage Trust, Ser VIV4, Cl A
2.843%, 03/09/2044(D)	$	2,000	$	1,615
BX Commercial Mortgage Trust, Ser VOLT, Cl A
3.518%, ICE LIBOR USD 1 Month + 0.700%, 09/15/2036(A)(D)		2,867		2,737
BX Commercial Mortgage Trust, Ser XL2, Cl A
3.507%, ICE LIBOR USD 1 Month + 0.689%, 10/15/2038(A)(D)		965		925
BX Trust, Ser 2019-OC11, Cl A
3.202%, 12/09/2041(D)		1,200		1,000
BX Trust, Ser GPA, Cl A
4.665%, TSFR1M + 2.165%, 10/15/2039(A)(D)		1,285		1,277
BX Trust, Ser MMP, Cl A
3.818%, ICE LIBOR USD 1 Month + 1.000%, 08/15/2036(A)(D)		483		470
BX Trust, Ser PSB, Cl A
5.296%, TSFR1M + 2.451%, 08/15/2039(A)(D)		1,005		1,003
Cali Mortgage Trust, Ser 101C, Cl A
3.957%, 03/10/2039(D)		1,280		1,130
CD Commercial Mortgage Trust, Ser 2006-CD2, Cl X, IO
0.023%, 01/15/2046(A)(D)		52		–
CD Commercial Mortgage Trust, Ser 2017-CD3, Cl A4
3.631%, 02/10/2050		310		289
CD Commercial Mortgage Trust, Ser 2017-CD5, Cl XA, IO
0.930%, 08/15/2050(A)		7,508		223
CD Mortgage Trust, Ser CD3, Cl AS
3.833%, 02/10/2050		3,843		3,482
CFCRE Commercial Mortgage Trust, Ser 2017-C8, Cl ASB
3.367%, 06/15/2050		281		269
CFCRE Commercial Mortgage Trust, Ser 2017-C8, Cl A4
3.572%, 06/15/2050		371		343
CFCRE Commercial Mortgage Trust, Ser C4, Cl AM
3.691%, 05/10/2058		2,502		2,311
CFK Trust, Ser 2020-MF2, Cl E
3.573%, 03/15/2039(A)(D)		2,840		2,295
CFK Trust, Ser MF2, Cl F
3.573%, 03/15/2039(A)(D)		2,960		2,314
Chase Mortgage Finance, Ser 2007-A1, Cl 9A1
3.087%, 02/25/2037(A)		3		3


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Chase Mortgage Finance, Ser 2007-A1, Cl 2A1
3.647%, 02/25/2037(A)	$	6	$	6
Chase Mortgage Finance, Ser 2007-A2, Cl 1A1
3.213%, 06/25/2035(A)		6		6
CIM Trust, Ser 2018-INV1, Cl A4
4.000%, 08/25/2048(A)(D)		57		54
CIM Trust, Ser 2021-R6, Cl A1
1.425%, 07/25/2061(A)(D)		1,237		1,087
CIM TRUST, Ser 2022-R2, Cl A1
3.750%, 12/25/2061(A)(D)		744		701
Citigroup Commercial Mortgage Trust, Ser 2013-375P, Cl A
3.251%, 05/10/2035(D)		240		234
Citigroup Commercial Mortgage Trust, Ser 2019-GC41, Cl A5
2.869%, 08/10/2056		2,680		2,299
Citigroup Commercial Mortgage Trust, Ser GC48, Cl A5
4.743%, 05/15/2054(A)		594		569
Citigroup Global Markets Mortgage Securities VII, Ser 2003-HYB1, Cl A
3.639%, 09/25/2033(A)		5		5
Citigroup Mortgage Loan Trust, Ser 2021-INV1, Cl A3A
2.500%, 05/25/2051(A)(D)		1,751		1,391
COLT Mortgage Loan Trust, Ser 2021-2, Cl A1
0.924%, 08/25/2066(A)(D)		684		565
COLT Mortgage Loan Trust, Ser 2021-4, Cl A1
1.397%, 10/25/2066(A)(D)		761		624
COMM Mortgage Trust, Ser 2013-CR10, Cl A4
4.210%, 08/10/2046(A)		15		15
COMM Mortgage Trust, Ser 2013-CR12, Cl B
4.762%, 10/10/2046(A)		120		113
COMM Mortgage Trust, Ser 2013-CR12, Cl C
5.216%, 10/10/2046(A)		70		48
COMM Mortgage Trust, Ser 2013-CR12, Cl AM
4.300%, 10/10/2046		130		126
COMM Mortgage Trust, Ser 2013-CR6, Cl B
3.397%, 03/10/2046(D)		299		295
COMM Mortgage Trust, Ser 2014-UBS2, Cl XA, IO
1.234%, 03/10/2047(A)		1,377		14
COMM Mortgage Trust, Ser 2014-UBS2, Cl A5
3.961%, 03/10/2047		236		231


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust, Ser 2014-UBS3, Cl AM
4.012%, 06/10/2047	$	285	$	276
COMM Mortgage Trust, Ser 2015-LC19, Cl XA, IO
1.226%, 02/10/2048(A)		5,285		99
COMM Mortgage Trust, Ser 2017-PANW, Cl A
3.244%, 10/10/2029(D)		410		387
COMM Mortgage Trust, Ser CBM, Cl A2
2.896%, 02/10/2037(D)		1,230		1,129
COMM Mortgage Trust, Ser CR11, Cl A4
4.258%, 08/10/2050		1,833		1,821
COMM Mortgage Trust, Ser CR14, Cl B
4.736%, 02/10/2047(A)		850		830
COMM Mortgage Trust, Ser CR26, Cl C
4.619%, 10/10/2048(A)		870		796
COMM Mortgage Trust, Ser CR6, Cl A4
3.101%, 03/10/2046		1,420		1,414
COMM Mortgage Trust, Ser CR8, Cl A5
3.612%, 06/10/2046(A)		590		586
COMM Mortgage Trust, Ser LC19, Cl A3
2.922%, 02/10/2048		865		824
COMM Mortgage Trust, Ser LC23, Cl ASB
3.598%, 10/10/2048		496		484
COMM Mortgage Trust, Ser LC23, Cl A3
3.521%, 10/10/2048		368		350
COMM Mortgage Trust, Ser LC6, Cl AM
3.282%, 01/10/2046		1,560		1,553
COMM Mortgage Trust, Ser UBS4, Cl A4
3.420%, 08/10/2047		729		706
Commercial Mortgage Pass-Through Certificates, Ser 2012-CR3, Cl A3
2.822%, 10/15/2045		60		60
Commercial Mortgage Pass-Through Certificates, Ser 2012-CR4, Cl AM
3.251%, 10/15/2045		590		574
Commercial Mortgage Trust, Ser PF1, Cl A5
2.522%, 11/15/2054		480		387
Connecticut Avenue Securities Trust, Ser 2020-R01, Cl 1M2
5.134%, ICE LIBOR USD 1 Month + 2.050%, 01/25/2040(A)(D)		217		214
Credit Suisse First Boston Mortgage Securities, Ser 2003-29, Cl 5A1
7.000%, 12/25/2033		14		13
Credit Suisse First Boston Mortgage Securities, Ser 2003-AR24, Cl 2A4
3.667%, 10/25/2033(A)		424		405
Credit Suisse Mortgage Trust
0.000%, 10/25/2066(E)		1,401		1,387
Credit Suisse Mortgage Trust, Ser NXSR, Cl A4
3.795%, 12/15/2049(A)		730		683


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Trust, Ser RIO, Cl A
5.842%, ICE LIBOR USD 1 Month + 3.024%, 12/15/2022(A)(D)	$	3,765	$	3,759
CSAIL Commercial Mortgage Trust, Ser 2015-C3, Cl A3
3.447%, 08/15/2048		477		455
CSAIL Commercial Mortgage Trust, Ser C16, Cl A2
3.067%, 06/15/2052		363		318
CSAIL Commercial Mortgage Trust, Ser C20, Cl A3
2.805%, 03/15/2054		1,049		875
CSAIL Commercial Mortgage Trust, Ser C3, Cl ASB
3.448%, 08/15/2048		910		891
CSMC Trust, Ser 2014-USA, Cl E
4.373%, 09/15/2037(D)		290		214
CSMC Trust, Ser 2017-CHOP, Cl G
8.168%, ICE LIBOR USD 1 Month + 5.350%, 07/15/2032(A)(D)		1,000		889
CSMC Trust, Ser 2017-PFHP, Cl A
3.768%, ICE LIBOR USD 1 Month + 0.950%, 12/15/2030(A)(D)		1,190		1,180
CSMC Trust, Ser 2017-RPL1, Cl M2
2.958%, 07/25/2057(A)(D)		1,760		1,413
CSMC Trust, Ser 2018-J1, Cl A2
3.500%, 02/25/2048(A)(D)		1,905		1,676
CSMC Trust, Ser 2020-RPL4, Cl A1
2.000%, 01/25/2060(A)(D)		624		556
CSMC Trust, Ser 2021-RPL3, Cl A1
2.000%, 01/25/2060(A)(D)		1,661		1,441
CSMC Trust, Ser 2021-RPL4, Cl A1
1.796%, 12/27/2060(A)(D)		472		439
CSMC Trust, Ser 2021-RPL6, Cl A1
2.000%, 10/25/2060(A)(D)		1,590		1,394
CSMC, Ser 2014-11R, Cl 9A2
2.539%, ICE LIBOR USD 1 Month + 0.140%, 10/27/2036(A)(D)		1,833		1,450
CSMC, Ser 2014-USA, Cl A2
3.953%, 09/15/2037(D)		2,135		1,938
CSMC, Ser 2015-5R, Cl 1A1
1.564%, 09/27/2046(A)(D)		18		18
CSMC, Ser 2021-NQM8, Cl A1
1.841%, 10/25/2066(A)(D)		1,462		1,224
CSMC, Ser 2022-ATH2, Cl A1
4.547%, 05/25/2067(A)(D)		3,113		2,978
CSMC, Ser MARK, Cl A
5.541%, TSFR1M + 2.695%, 06/15/2039(A)(D)		480		478
DBCCRE Mortgage Trust, Ser 2014-ARCP, Cl A
4.238%, 01/10/2034(D)		1,175		1,135


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
DBCCRE Mortgage Trust, Ser 2018-ARCP, Cl C
5.099%, 01/10/2034(A)(D)	$	550	$	518
DC Office Trust, Ser 2019-MTC, Cl A
2.965%, 09/15/2045(D)		1,240		1,007
DSLA Mortgage Loan Trust, Ser 2004-AR2, Cl A2B
3.793%, ICE LIBOR USD 1 Month + 0.800%, 11/19/2044(A)		267		248
ELP Commercial Mortgage Trust, Ser ELP, Cl C
4.138%, ICE LIBOR USD 1 Month + 1.320%, 11/15/2038(A)(D)		2,500		2,362
EQUS Mortgage Trust, Ser EQAZ, Cl B
3.918%, ICE LIBOR USD 1 Month + 1.100%, 10/15/2038(A)(D)		790		748
EQUS Mortgage Trust, Ser EQAZ, Cl A
3.573%, ICE LIBOR USD 1 Month + 0.755%, 10/15/2038(A)(D)		816		775
EverBank Mortgage Loan Trust, Ser 2018-1, Cl A22
3.500%, 02/25/2048(A)(D)		145		127
Flagstar Mortgage Trust, Ser 2018-2, Cl A4
3.500%, 04/25/2048(A)(D)		89		88
Flagstar Mortgage Trust, Ser 2021-13IN, Cl A2
3.000%, 12/30/2051(A)(D)		1,773		1,463
FWDSecuritization Trust, Ser 2019-INV1, Cl A1
2.810%, 06/25/2049(A)(D)		337		319
GCAT Trust, Ser 2022-INV1, Cl A1
3.000%, 12/25/2051(A)(D)		1,050		866
GPMT, Ser FL3, Cl A
4.243%, ICE LIBOR USD 1 Month + 1.250%, 07/16/2035(A)(D)		771		760
GS Mortgage Securities II, Ser 2017-SLP, Cl C
3.924%, 10/10/2032(D)		1,310		1,303
GS Mortgage Securities II, Ser ARDN, Cl B
4.468%, ICE LIBOR USD 1 Month + 1.650%, 11/15/2036(A)(D)		1,623		1,552
GS Mortgage Securities II, Ser GC30, Cl B
4.161%, 05/10/2050(A)		480		448
GS Mortgage Securities II, Ser SRP5, Cl A
4.618%, ICE LIBOR USD 1 Month + 1.800%, 09/15/2031(A)(D)		2,665		2,254
GS Mortgage Securities Trust, Ser 2013-GC16, Cl B
5.161%, 11/10/2046(A)		270		264
GS Mortgage Securities Trust, Ser 2014-GC18, Cl A4
4.074%, 01/10/2047		977		962


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust, Ser 2014-GC26, Cl B
4.215%, 11/10/2047(A)	$	680	$	637
GS Mortgage Securities Trust, Ser GC14, Cl A5
4.243%, 08/10/2046		415		412
GS Mortgage Securities Trust, Ser GC47, Cl A5
2.377%, 05/12/2053		328		268
GS Mortgage Securities Trust, Ser GSA2, Cl A4
1.721%, 12/12/2053		1,055		820
GS Mortgage Securities Trust, Ser ROSS, Cl A
3.968%, ICE LIBOR USD 1 Month + 1.150%, 05/15/2026(A)(D)		2,170		2,029
GS Mortgage-Backed Securities Trust, Ser 2018-RPL1, Cl A1A
3.750%, 10/25/2057(D)		2,111		2,047
GS Mortgage-Backed Securities Trust, Ser 2022-PJ2, Cl A24
3.000%, 06/25/2052(A)(D)		858		767
GSMPS Mortgage Loan Trust, Ser 1998-1, Cl A
8.000%, 09/19/2027(A)(D)		12		12
GSR Mortgage Loan Trust, Ser 2003-13, Cl 1A1
4.077%, 10/25/2033(A)		95		95
GSR Mortgage Loan Trust, Ser 2004-8F, Cl 2A3
6.000%, 09/25/2034		8		8
GSR Mortgage Loan Trust, Ser 2007-1F, Cl 2A4
5.500%, 01/25/2037		2		2
HarborView Mortgage Loan, Ser 2004-3, Cl 1A
2.766%, 05/19/2034(A)		405		383
HIT Trust, Ser HI32, Cl A
5.237%, TSFR1M + 2.391%, 07/15/2024(A)(D)		1,560		1,540
Hudson Yards Mortgage Trust, Ser 2019-30HY, Cl A
3.228%, 07/10/2039(D)		1,225		1,060
Hudson Yards Mortgage Trust, Ser 2019-55HY, Cl A
3.041%, 12/10/2041(A)(D)		1,240		1,040
Impact Funding, Ser 2010-1, Cl A1
5.314%, 01/25/2051(D)		703		674
JP Morgan Mortgage Trust, Ser 2021-11, Cl A3
2.500%, 01/25/2052(A)(D)		720		572


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
JP Morgan Mortgage Trust, Ser 2021-3, Cl A3
2.500%, 07/25/2051(A)(D)	$	500	$	399
JP Morgan Mortgage Trust, Ser 2021-INV2, Cl A2
2.500%, 12/25/2051(A)(D)		1,961		1,567
JP Morgan Mortgage Trust, Ser 2022-3, Cl A2
3.000%, 08/25/2052(A)(D)		1,801		1,485
JPMBB Commercial Mortgage Securities Trust, Ser 2013-C17, Cl B
5.049%, 01/15/2047(A)		130		127
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl C
4.699%, 09/15/2047(A)		120		108
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C23, Cl A4
3.670%, 09/15/2047		339		328
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C28, Cl A3
2.912%, 10/15/2048		1,471		1,393
JPMBB Commercial Mortgage Securities Trust, Ser 2015-C30, Cl A5
3.822%, 07/15/2048		568		546
JPMBB Commercial Mortgage Securities Trust, Ser C12, Cl A5
3.664%, 07/15/2045		605		599
JPMBB Commercial Mortgage Securities Trust, Ser C15, Cl AS
4.420%, 11/15/2045		925		911
JPMBB Commercial Mortgage Securities Trust, Ser C17, Cl A4
4.199%, 01/15/2047		210		207
JPMBB Commercial Mortgage Securities Trust, Ser C21, Cl AS
3.997%, 08/15/2047		415		400
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2006-CB15, Cl X1, IO
0.447%, 06/12/2043(A)		229		–
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2007-LD12, Cl AJ
6.723%, 02/15/2051(A)		2		2
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2014-C20, Cl C
4.712%, 07/15/2047(A)		380		351
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-BCON, Cl B
3.881%, 01/05/2031(A)(D)		1,305		1,296
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2019-OSB, Cl A
3.397%, 06/05/2039(D)		1,500		1,293


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Ser C16, Cl A4
4.166%, 12/15/2046	$	908	$	896
JPMorgan Chase Commercial Mortgage Securities Trust, Ser JP4, Cl A3
3.393%, 12/15/2049		206		191
JPMorgan Mortgage Trust, Ser 2006-A2, Cl 4A1
3.651%, 08/25/2034(A)		26		26
JPMorgan Mortgage Trust, Ser 2006-A2, Cl 5A3
3.123%, 11/25/2033(A)		11		11
JPMorgan Mortgage Trust, Ser 2015-5, Cl A9
2.974%, 05/25/2045(A)(D)		36		36
JPMorgan Mortgage Trust, Ser 2018-4, Cl A1
3.500%, 10/25/2048(A)(D)		101		90
JPMorgan Mortgage Trust, Ser 2018-5, Cl A1
3.500%, 10/25/2048(A)(D)		319		284
JPMorgan Mortgage Trust, Ser 2020-1, Cl A3A
3.000%, 06/25/2050(A)(D)		151		132
LAQ Mortgage Trust, Ser LAQ, Cl A
4.646%, TSFR1M + 1.724%, 03/15/2039(A)(D)		320		310
Legacy Mortgage Asset Trust, Ser 2021-GS2, Cl A1
1.750%, 04/25/2061(C)(D)		520		483
Lehman XS Trust, Ser 2007-16N, Cl 2A2
4.784%, ICE LIBOR USD 1 Month + 1.700%, 09/25/2047(A)		4,025		3,612
Master Resecuritization Trust, Ser 2005, Cl 3, PO
0.000%, 05/28/2035(B)(D)		2		1
MASTR Reperforming Loan Trust, Ser 2005-1, Cl 1A1
6.000%, 08/25/2034(D)		1,071		706
Med Trust, Ser MDLN, Cl A
3.768%, ICE LIBOR USD 1 Month + 0.950%, 11/15/2038(A)(D)		1,314		1,261
Merrill Lynch Mortgage Investors Trust, Ser 2003-A4, Cl 2A
3.003%, 07/25/2033(A)		8		7
MFA Trust, Ser 2021-RPL1, Cl A1
1.131%, 07/25/2060(A)(D)		570		507
MFA Trust, Ser 2022-NQM2, Cl A1
4.000%, 05/25/2067(C)(D)		959		893
MHC Trust, Ser MHC2, Cl A
3.668%, ICE LIBOR USD 1 Month + 0.850%, 05/15/2038(A)(D)		1,250		1,206


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Mill City Mortgage Loan Trust, Ser 2021-NMR1, Cl A1
1.125%, 11/25/2060(A)(D)	$	709	$	657
MKT Mortgage Trust, Ser 525M, Cl A
2.694%, 02/12/2040(D)		965		772
ML-CFC Commercial Mortgage Trust, Ser 2007-5, Cl AJFL
5.450%, 08/12/2048(A)(D)		11		5
ML-CFC Commercial Mortgage Trust, Ser 2007-5, Cl AJ
5.450%, 08/12/2048(A)		83		40
ML-CFC Commercial Mortgage Trust, Ser 2007-9, Cl AJ
6.193%, 09/12/2049(A)		15		15
Morgan Stanley BAML Trust, Ser 2012-CKSV, Cl A2
3.277%, 10/15/2030(D)		759		725
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2012-C6, Cl B
3.930%, 11/15/2045		390		382
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C9, Cl AS
3.456%, 05/15/2046		80		79
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2015-C25, Cl A5
3.635%, 10/15/2048		250		238
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C34, Cl B
4.111%, 11/15/2052(A)		1,030		918
Morgan Stanley Capital I Trust, Ser 2007-IQ16, Cl AJ
6.282%, 12/12/2049(A)		54		26
Morgan Stanley Capital I Trust, Ser 2016-BNK2, Cl XA, IO
1.094%, 11/15/2049(A)		2,897		86
Morgan Stanley Capital I Trust, Ser 2017-ASHF, Cl A
3.668%, ICE LIBOR USD 1 Month + 0.850%, 11/15/2034(A)(D)		36		35
Morgan Stanley Capital I Trust, Ser 2019-BPR, Cl A
4.468%, ICE LIBOR USD 1 Month + 1.650%, 05/15/2036(A)(D)		1,508		1,469
Morgan Stanley Capital I Trust, Ser HR8, Cl A3
1.790%, 07/15/2053		576		452
Morgan Stanley Capital I Trust, Ser L2, Cl A3
3.806%, 03/15/2052		480		441
Morgan Stanley Capital I, Ser L8, Cl AS
3.922%, 04/15/2055(A)		580		497
Morgan Stanley Residential Mortgage Loan Trust, Ser 2021-2, Cl A3
2.500%, 05/25/2051(A)(D)		5,748		4,564


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Mortgage Repurchase Agreement Financing Trust II Series, Ser 2022-S1, Cl A1
4.637%, SOFR30A + 2.000%, 03/30/2025(A)(D)	$	1,350	$	1,350
MSCG Trust, Ser 2015-ALDR, Cl A2
3.577%, 06/07/2035(A)(D)		620		563
New Residential Mortgage Loan Trust, Ser 2017-1A, Cl A1
4.000%, 02/25/2057(A)(D)		563		536
New Residential Mortgage Loan Trust, Ser 2019-NQM4, Cl A1
2.492%, 09/25/2059(A)(D)		147		134
New Residential Mortgage Loan Trust, Ser 2021-NQM3, Cl A3
1.516%, 11/27/2056(A)(D)		381		317
New Residential Mortgage Loan Trust, Ser 2022-NQM4, Cl A1
5.000%, 06/25/2062(C)(D)		1,862		1,808
NewRez Warehouse Securitization Trust, Ser 2021-1, Cl A
3.834%, ICE LIBOR USD 1 Month + 0.750%, 05/25/2055(A)(D)		1,957		1,913
OBX Trust, Ser 2019-EXP1, Cl 1A3
4.000%, 01/25/2059(A)(D)		55		52
OBX Trust, Ser 2020-EXP3, Cl 2A1A
3.344%, ICE LIBOR USD 1 Month + 0.900%, 01/25/2060(A)(D)		65		65
OBX Trust, Ser 2021-NQM2, Cl A1
1.101%, 05/25/2061(A)(D)		537		441
OBX Trust, Ser 2021-NQM3, Cl A3
1.362%, 07/25/2061(A)(D)		460		369
OBX Trust, Ser 2022-NQM1, Cl A1
2.305%, 11/25/2061(A)(D)		1,632		1,402
Oceanview Mortgage Trust, Ser 2021-1, Cl A1
3.000%, 12/25/2051(A)(D)		786		649
One Bryant Park Trust, Ser 2019-OBP, Cl A
2.516%, 09/15/2054(D)		1,570		1,290
PHH Alternative Mortgage Trust, Ser 2007-3, Cl A3
3.684%, ICE LIBOR USD 1 Month + 0.600%, 07/25/2037(A)		3,309		3,215
Prime Mortgage Trust, Ser 2004-CL1, Cl 1A1
6.000%, 02/25/2034		8		8
Prime Mortgage Trust, Ser 2004-CL1, Cl 1, PO
0.000%, 02/25/2034(B)		2		1
Prime Mortgage Trust, Ser 2006-DR1, Cl 2A1
5.500%, 05/25/2035(D)		642		543
PRKCM Trust, Ser 2022-AFC1, Cl A1A
4.100%, 04/25/2057(A)(D)		1,790		1,670


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Radnor RE, Ser 2018-1, Cl M2
5.784%, ICE LIBOR USD 1 Month + 2.700%, 03/25/2028(A)(D)	$	7,270	$	7,214
RATE Mortgage Trust, Ser 2021-HB1, Cl A1
2.500%, 12/25/2051(A)(D)		2,118		1,682
Rate Mortgage Trust, Ser 2021-J1, Cl A1
2.500%, 07/25/2051(A)(D)		406		322
Rate Mortgage Trust, Ser 2021-J1, Cl A7
2.500%, 07/25/2051(A)(D)		295		253
Rate Mortgage Trust, Ser 2022-J1, Cl A7
3.000%, 01/25/2052(A)(D)		920		759
RBSCF Trust, Ser 2013-GSP, Cl A
3.961%, 01/15/2032(A)(D)		445		430
RCKT Mortgage Trust, Ser 2021-3, Cl A1
2.500%, 07/25/2051(A)(D)		498		396
RCKT Mortgage Trust, Ser 2022-2, Cl A2
2.500%, 02/25/2052(A)(D)		622		494
Residential Asset Securitization Trust, Ser 2004-IP2, Cl 2A1
3.075%, 12/25/2034(A)		200		175
Residential Mortgage Loan Trust, Ser 2019-3, Cl A1
2.633%, 09/25/2059(A)(D)		300		291
Seasoned Credit Risk Transfer Trust, Ser 2016-1, Cl M2
3.750%, 09/25/2055(A)(D)		2,378		2,062
Seasoned Credit Risk Transfer Trust, Ser 2019-1, Cl M
4.750%, 07/25/2058(A)(D)		2,840		2,498
Sequoia Mortgage Trust, Ser 2018-CH4, Cl B1B
4.995%, 10/25/2048(A)(D)		1,181		1,112
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A2B
4.144%, 01/05/2043(A)(D)		75		55
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1
3.872%, 01/05/2043(A)(D)		390		282
Stack Infrastructure Issuer, Ser 2019-1A, Cl A2
4.540%, 02/25/2044(D)		289		286
STAR Trust, Ser 2021-1, Cl A1
1.219%, 05/25/2065(A)(D)		276		256
Starwood Mortgage Residential Trust, Ser 2020-1, Cl A1
2.275%, 02/25/2050(A)(D)		54		54
Starwood Mortgage Residential Trust, Ser 2020-3, Cl A1
1.486%, 04/25/2065(A)(D)		197		189
Starwood Mortgage Residential Trust, Ser 2020-INV1, Cl A1
1.027%, 11/25/2055(A)(D)		217		200


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Starwood Mortgage Residential Trust, Ser 2021-4, Cl A1
1.162%, 08/25/2056(A)(D)	$	711	$	603
Structured Asset Mortgage Investments II Trust, Ser 2007-AR3, Cl 2A1
3.274%, ICE LIBOR USD 1 Month + 0.190%, 09/25/2047(A)		3,265		2,978
Structured Asset Securities Mortgage Pass-Through Certificates, Ser 2003-24A, Cl 3A2
3.783%, 07/25/2033(A)		26		25
Structured Asset Securities Mortgage Pass-Through Certificates, Ser 2003-37A, Cl 2A
3.156%, 12/25/2033(A)		12		12
Towd Point Mortgage Trust, Ser 2017-5, Cl A1
3.684%, ICE LIBOR USD 1 Month + 0.600%, 02/25/2057(A)(D)		310		306
Towd Point Mortgage Trust, Ser 2017-6, Cl M1
3.250%, 10/25/2057(A)(D)		1,050		926
Towd Point Mortgage Trust, Ser 2019-4, Cl A1
2.900%, 10/25/2059(A)(D)		787		741
Towd Point Mortgage Trust, Ser 2019-MH1, Cl A1
3.000%, 11/25/2058(A)(D)		810		794
Towd Point Mortgage Trust, Ser 2020-3, Cl A1
3.088%, 02/25/2063(A)(D)		930		874
Towd Point Mortgage Trust, Ser 2021-1, Cl A1
2.250%, 11/25/2061(A)(D)		554		495
Towd Point Mortgage Trust, Ser 2022-4, Cl A1
3.750%, 09/25/2062(A)(D)		500		467
UBS Commercial Mortgage Trust, Ser C4, Cl A3
3.301%, 10/15/2050		428		390
UBS Commercial Mortgage Trust, Ser C7, Cl A3
3.418%, 12/15/2050		425		395
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C4, Cl D
4.651%, 12/10/2045(A)(D)		670		647
Verus Securitization Trust, Ser 2019-4, Cl A1
2.642%, 11/25/2059(C)(D)		262		255
Verus Securitization Trust, Ser 2019-INV2, Cl A1
2.913%, 07/25/2059(A)(D)		145		143


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Verus Securitization Trust, Ser 2019-INV3, Cl A1
2.692%, 11/25/2059(A)(D)	$	232	$	223
Verus Securitization Trust, Ser 2020-2, Cl A1
2.226%, 05/25/2060(A)(D)		207		202
Verus Securitization Trust, Ser 2020-5, Cl A1
1.218%, 05/25/2065(C)(D)		112		103
Verus Securitization Trust, Ser 2021-1, Cl A1
0.815%, 01/25/2066(A)(D)		355		306
Verus Securitization Trust, Ser 2021-2, Cl A1
1.031%, 02/25/2066(A)(D)		681		566
Verus Securitization Trust, Ser 2021-3, Cl A1
1.046%, 06/25/2066(A)(D)		514		421
Verus Securitization Trust, Ser 2021-4, Cl A1
0.938%, 07/25/2066(A)(D)		635		510
Verus Securitization Trust, Ser 2021-5, Cl A1
1.013%, 09/25/2066(A)(D)		2,061		1,718
Verus Securitization Trust, Ser 2021-7, Cl A1
1.829%, 10/25/2066(A)(D)		950		805
Verus Securitization Trust, Ser 2021-8, Cl A1
1.824%, 11/25/2066(A)(D)		684		584
Verus Securitization Trust, Ser 2021-R1, Cl A1
0.820%, 10/25/2063(A)(D)		318		290
Verus Securitization Trust, Ser 2021-R3, Cl A1
1.020%, 04/25/2064(A)(D)		329		303
Visio Trust, Ser 2020-1R, Cl A1
1.312%, 11/25/2055(D)		249		234
WaMu Mortgage Pass-Through Certificates, Ser 2003-AR10, Cl A7
3.024%, 10/25/2033(A)		20		19
WaMu Mortgage Pass-Through Certificates, Ser 2003-AR7, Cl A7
3.804%, 08/25/2033(A)		13		12
WaMu Mortgage Pass-Through Certificates, Ser 2003-AR9, Cl 1A6
4.142%, 09/25/2033(A)		20		19
WaMu Mortgage Pass-Through Certificates, Ser 2003-S4, Cl 2A10
8.982%, 06/25/2033(A)		3		3
WaMu Mortgage Pass-Through Certificates, Ser 2003-S9, Cl A8
5.250%, 10/25/2033		42		40
WaMu Mortgage Pass-Through Certificates, Ser 2004-AR3, Cl A2
3.098%, 06/25/2034(A)		12		11
WaMu Mortgage Pass-Through Certificates, Ser 2004-RA4, Cl 3A
7.500%, 07/25/2034		66		62


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
WaMu Mortgage Pass-Through Certificates, Ser 2005-AR13, Cl A1A3
4.644%, ICE LIBOR USD 1 Month + 1.560%, 10/25/2045(A)	$	170	$	163
WaMu Mortgage Pass-Through Certificates, Ser 2005-AR15, Cl A1A1
3.604%, ICE LIBOR USD 1 Month + 0.520%, 11/25/2045(A)		3,656		3,354
WaMu Mortgage Pass-Through Certificates, Ser 2007-OA1, Cl A1A
1.804%, 12 Month Treas Avg + 0.700%, 02/25/2047(A)		1,045		895
Washington Mutual Mortgage Pass-Through Certificates Trust, Ser 2007-OA2, Cl 2A
1.804%, 12 Month Treas Avg + 0.700%, 01/25/2047(A)		670		543
Wells Fargo Commercial Mortgage Trust, Ser 2013-LC12, Cl B
4.432%, 07/15/2046(A)		20		19
Wells Fargo Commercial Mortgage Trust, Ser 2014-LC18, Cl A5
3.405%, 12/15/2047		570		546
Wells Fargo Commercial Mortgage Trust, Ser 2016-C36, Cl XA, IO
1.322%, 11/15/2059(A)		4,639		167
Wells Fargo Commercial Mortgage Trust, Ser C62, Cl A4
4.000%, 04/15/2055(A)		840		758
Wells Fargo Mortgage Backed Securities Trust, Ser 2005-AR7, Cl B1
3.071%, 05/25/2035(A)		1,371		1,169
WFRBS Commercial Mortgage Trust, Ser 2013-C13, Cl XA, IO
1.307%, 05/15/2045(A)(D)		753		2
WFRBS Commercial Mortgage Trust, Ser 2014-C19, Cl B
4.723%, 03/15/2047(A)		110		106
WFRBS Commercial Mortgage Trust, Ser 2014-C21, Cl B
4.213%, 08/15/2047(A)		300		282
WFRBS Commercial Mortgage Trust, Ser C22, Cl B
4.371%, 09/15/2057(A)		245		235
WFRBS Commercial Mortgage Trust, Ser C25, Cl ASB
3.369%, 11/15/2047		232		227


				231,709
Total Mortgage-Backed Securities
(Cost $1,471,064) ($ Thousands)				1,347,706


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS — 32.1%
Communication Services — 3.0%
Alphabet
2.050%, 08/15/2050	$	150	$	88
1.900%, 08/15/2040		250		160
1.100%, 08/15/2030		240		186
0.800%, 08/15/2027 (F)		220		186
0.450%, 08/15/2025		110		99
Altice France
5.500%, 10/15/2029 (D)		210		158
AT&T
5.550%, 08/15/2041		130		120
5.350%, 09/01/2040 (F)		130		117
5.250%, 03/01/2037 (F)		2,420		2,228
5.150%, 03/15/2042 (F)		25		22
4.850%, 03/01/2039		750		649
4.750%, 05/15/2046		1,600		1,341
4.500%, 05/15/2035		445		385
4.350%, 03/01/2029 (F)		300		280
4.350%, 06/15/2045 (F)		350		270
3.800%, 02/15/2027 (F)		318		298
3.800%, 12/01/2057		4,432		2,994
3.650%, 09/15/2059		446		289
3.550%, 09/15/2055 (F)		458		301
3.500%, 06/01/2041		314		226
3.500%, 09/15/2053		2,823		1,881
3.300%, 02/01/2052 (F)		120		77
2.550%, 12/01/2033 (F)		590		437
2.300%, 06/01/2027 (F)		750		656
2.250%, 02/01/2032 (F)		60		45
1.700%, 03/25/2026 (F)		2,599		2,311
1.650%, 02/01/2028 (F)		2,005		1,648
CCO Holdings
4.750%, 02/01/2032 (D)(F)		250		195
4.500%, 08/15/2030 (D)		50		40
4.500%, 05/01/2032		1,240		946
Charter Communications Operating
6.834%, 10/23/2055 (F)		70		64
6.484%, 10/23/2045		110		97
6.384%, 10/23/2035		10		9
5.750%, 04/01/2048		1,097		885
5.500%, 04/01/2063		320		242
5.375%, 04/01/2038		663		537
5.375%, 05/01/2047		191		148
5.250%, 04/01/2053 (F)		1,650		1,264
5.125%, 07/01/2049		160		117
4.908%, 07/23/2025		1,924		1,876
4.800%, 03/01/2050		2,410		1,739
4.400%, 04/01/2033 (F)		800		662
4.200%, 03/15/2028 (F)		1,263		1,134
3.750%, 02/15/2028		85		75
3.500%, 06/01/2041		169		108
3.500%, 03/01/2042		1,003		636


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Comcast
7.050%, 03/15/2033	$	90	$	99
6.500%, 11/15/2035		97		103
4.950%, 10/15/2058 (F)		60		52
4.400%, 08/15/2035		1,770		1,565
4.250%, 10/15/2030 (F)		730		676
4.200%, 08/15/2034		220		193
4.150%, 10/15/2028 (F)		2,220		2,097
4.000%, 08/15/2047		90		70
4.000%, 03/01/2048 (F)		70		54
3.999%, 11/01/2049 (F)		259		198
3.969%, 11/01/2047		418		320
3.950%, 10/15/2025 (F)		90		87
3.750%, 04/01/2040 (F)		200		157
3.450%, 02/01/2050		140		98
3.400%, 04/01/2030 (F)		755		664
3.400%, 07/15/2046 (F)		60		42
3.300%, 04/01/2027		190		176
3.250%, 11/01/2039		60		44
3.150%, 03/01/2026		390		367
2.987%, 11/01/2063		364		211
2.937%, 11/01/2056		533		318
2.887%, 11/01/2051		410		257
2.800%, 01/15/2051		280		172
1.500%, 02/15/2031 (F)		2,425		1,820
Comcast Cable Communications Holdings
9.455%, 11/15/2022		180		181
Discovery Communications
4.000%, 09/15/2055 (F)		277		163
DISH DBS
7.750%, 07/01/2026		120		92
5.875%, 11/15/2024		410		366
5.750%, 12/01/2028 (D)		30		23
5.250%, 12/01/2026 (D)		170		139
5.125%, 06/01/2029		280		165
Fox
5.476%, 01/25/2039 (F)		520		451
3.500%, 04/08/2030 (F)		310		266
Level 3 Financing
3.875%, 11/15/2029 (D)(F)		2,165		1,706
3.400%, 03/01/2027 (D)(F)		1,455		1,219
Netflix
5.875%, 11/15/2028 (F)		561		547
5.375%, 11/15/2029 (D)		341		321
NTT Finance
1.162%, 04/03/2026 (D)		2,250		1,965
Paramount Global
6.875%, 04/30/2036		620		580
5.900%, 10/15/2040		455		382
4.750%, 05/15/2025 (F)		457		449
4.200%, 05/19/2032 (F)		970		786


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Rogers Communications
4.550%, 03/15/2052 (D)(F)	$	364	$	290
SES GLOBAL Americas Holdings
5.300%, 03/25/2044 (D)		1,200		918
Sprint Spectrum
5.152%, 03/20/2028 (D)(F)		3,552		3,476
4.738%, 03/20/2025 (D)		3,928		3,872
Take-Two Interactive Software
4.000%, 04/14/2032 (F)		1,265		1,099
Telefonica Emisiones
5.213%, 03/08/2047		150		114
T-Mobile USA
5.800%, 09/15/2062		353		328
5.650%, 01/15/2053		369		349
5.200%, 01/15/2033 (F)		830		794
4.500%, 04/15/2050		600		480
4.375%, 04/15/2040		1,730		1,409
3.875%, 04/15/2030		4,200		3,725
3.750%, 04/15/2027 (F)		2,195		2,026
3.500%, 04/15/2025 (F)		1,910		1,826
3.500%, 04/15/2031		798		671
3.400%, 10/15/2052		1,230		812
3.375%, 04/15/2029		1,827		1,578
2.875%, 02/15/2031		374		301
2.700%, 03/15/2032		70		55
2.625%, 02/15/2029		330		272
2.550%, 02/15/2031		2,601		2,061
2.250%, 02/15/2026		1,430		1,280
Verizon Communications
5.500%, 03/16/2047 (F)		60		57
5.250%, 03/16/2037 (F)		805		752
4.862%, 08/21/2046		470		405
4.500%, 08/10/2033 (F)		740		667
4.400%, 11/01/2034		2,062		1,815
4.329%, 09/21/2028 (F)		1,106		1,041
4.272%, 01/15/2036		78		67
4.125%, 08/15/2046		320		253
4.016%, 12/03/2029 (F)		714		648
4.000%, 03/22/2050		170		130
3.875%, 02/08/2029 (F)		210		192
3.850%, 11/01/2042 (F)		610		468
3.700%, 03/22/2061 (F)		510		346
3.550%, 03/22/2051 (F)		1,576		1,108
3.400%, 03/22/2041		130		95
3.150%, 03/22/2030		360		306
3.000%, 03/22/2027		140		127
2.875%, 11/20/2050 (F)		1,420		868
2.650%, 11/20/2040		1,359		886
2.625%, 08/15/2026		1,000		908
2.550%, 03/21/2031 (F)		2,312		1,846
2.355%, 03/15/2032 (F)		2,179		1,671
2.100%, 03/22/2028 (F)		400		338


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.750%, 01/20/2031	$	410	$	307
Vmed O2 UK Financing I
4.750%, 07/15/2031 (D)		630		486
Vodafone Group
5.250%, 05/30/2048		1,810		1,499
5.000%, 05/30/2038		147		126
4.875%, 06/19/2049		1,544		1,214
4.375%, 05/30/2028 (F)		670		630
4.250%, 09/17/2050 (F)		117		84
Walt Disney
6.650%, 11/15/2037		235		256
6.200%, 12/15/2034		65		68
4.625%, 03/23/2040 (F)		765		688
3.500%, 05/13/2040 (F)		500		386
Warnermedia Holdings
5.391%, 03/15/2062 (D)		733		531
5.141%, 03/15/2052 (D)		9,143		6,645
5.050%, 03/15/2042 (D)(F)		3,346		2,504
4.279%, 03/15/2032 (D)(F)		2,040		1,678
4.054%, 03/15/2029 (D)		1,219		1,053
3.638%, 03/15/2025 (D)(F)		587		556
WarnerMedia Inc
3.755%, 03/15/2027 (D)		1,093		978
				110,286

Consumer Discretionary — 1.6%
Amazon.com
4.950%, 12/05/2044		500		477
4.250%, 08/22/2057		110		91
4.050%, 08/22/2047 (F)		380		321
3.875%, 08/22/2037		1,290		1,121
3.600%, 04/13/2032 (F)		1,512		1,375
3.450%, 04/13/2029		751		694
3.300%, 04/13/2027 (F)		150		142
3.150%, 08/22/2027 (F)		680		634
2.875%, 05/12/2041		205		150
2.800%, 08/22/2024		245		238
2.500%, 06/03/2050		831		519
2.100%, 05/12/2031		811		658
1.500%, 06/03/2030 (F)		350		276
1.200%, 06/03/2027 (F)		672		574
0.800%, 06/03/2025		560		508
AutoNation
4.750%, 06/01/2030		514		452
BMW US Capital
3.800%, 04/06/2023 (D)		420		418
Comcast
4.049%, 11/01/2052		410		314
Cox Communications
4.800%, 02/01/2035 (D)		890		783
2.600%, 06/15/2031 (D)		915		710


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
CSC Holdings
4.500%, 11/15/2031 (D)	$	1,000	$	751
3.375%, 02/15/2031 (D)		200		141
Dollar General
3.250%, 04/15/2023		50		50
Ford Motor
6.100%, 08/19/2032 (F)		380		335
5.291%, 12/08/2046 (F)		99		70
4.750%, 01/15/2043		63		42
3.250%, 02/12/2032 (F)		480		346
Ford Motor Credit
5.125%, 06/16/2025		400		377
5.113%, 05/03/2029		420		364
4.950%, 05/28/2027		850		759
4.125%, 08/17/2027		200		172
4.000%, 11/13/2030		470		367
3.815%, 11/02/2027		261		219
3.810%, 01/09/2024		300		290
3.625%, 06/17/2031		618		459
2.900%, 02/16/2028		200		157
2.900%, 02/10/2029		572		433
2.700%, 08/10/2026		1,232		1,022
General Motors
6.600%, 04/01/2036		40		37
6.250%, 10/02/2043		260		226
6.125%, 10/01/2025		320		320
5.950%, 04/01/2049 (F)		80		67
5.600%, 10/15/2032		580		518
5.400%, 10/02/2023		190		190
5.400%, 10/15/2029		771		711
5.150%, 04/01/2038		240		193
4.875%, 10/02/2023		315		314
General Motors Financial
5.000%, 04/09/2027		355		336
4.350%, 01/17/2027 (F)		110		102
4.250%, 05/15/2023		110		110
4.150%, 06/19/2023		83		83
3.100%, 01/12/2032		467		352
Hanesbrands
4.875%, 05/15/2026 (D)(F)		210		189
4.625%, 05/15/2024 (D)		30		29
Hilton Domestic Operating
5.750%, 05/01/2028 (D)		150		140
5.375%, 05/01/2025 (D)(F)		460		450
Home Depot
4.950%, 09/15/2052		292		274
4.500%, 09/15/2032		615		588
4.250%, 04/01/2046		48		41
3.900%, 12/06/2028		40		38
3.900%, 06/15/2047		60		48
3.750%, 02/15/2024		66		65
3.625%, 04/15/2052		292		221


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.350%, 04/15/2050	$	710	$	509
3.300%, 04/15/2040		472		361
3.125%, 12/15/2049		569		391
2.700%, 04/15/2030		320		273
2.500%, 04/15/2027 (F)		280		254
2.375%, 03/15/2051		470		275
Hyundai Capital America MTN
2.000%, 06/15/2028 (D)(F)		292		233
1.300%, 01/08/2026 (D)(F)		620		536
0.800%, 01/08/2024 (D)		259		244
Las Vegas Sands
3.200%, 08/08/2024		1,980		1,866
2.900%, 06/25/2025		210		188
Lennar
4.750%, 11/29/2027 (F)		410		379
4.500%, 04/30/2024		140		137
Lowe's
5.625%, 04/15/2053		1,724		1,594
5.000%, 04/15/2033 (F)		1,232		1,164
5.000%, 04/15/2040 (F)		725		643
4.500%, 04/15/2030		200		187
4.250%, 04/01/2052		616		472
Marriott International
4.625%, 06/15/2030		877		792
3.500%, 10/15/2032		752		605
2.850%, 04/15/2031		392		308
McDonald's
5.150%, 09/09/2052		308		286
McDonald's MTN
4.875%, 12/09/2045		260		230
4.450%, 03/01/2047		240		201
4.450%, 09/01/2048		72		60
4.200%, 04/01/2050		1,237		992
3.800%, 04/01/2028 (F)		170		160
3.700%, 01/30/2026 (F)		220		212
3.625%, 09/01/2049 (F)		659		480
3.600%, 07/01/2030 (F)		290		261
3.500%, 03/01/2027 (F)		510		483
3.500%, 07/01/2027		200		187
3.300%, 07/01/2025		320		308
1.450%, 09/01/2025 (F)		80		73
MDC Holdings
6.000%, 01/15/2043		30		22
Mercedes-Benz Finance North America
2.700%, 06/14/2024 (D)		595		573
0.750%, 03/01/2024 (D)		980		923
Newell Brands
4.450%, 04/01/2026		110		101
4.100%, 04/01/2023		278		278
NIKE
3.375%, 03/27/2050 (F)		520		382
3.250%, 03/27/2040		210		162


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.850%, 03/27/2030	$	150	$	130
2.750%, 03/27/2027 (F)		410		377
2.400%, 03/27/2025		260		247
Nissan Motor
4.345%, 09/17/2027 (D)(F)		1,100		948
3.522%, 09/17/2025 (D)(F)		1,190		1,095
3.043%, 09/15/2023 (D)		580		564
QVC
4.850%, 04/01/2024 (F)		370		348
Sands China
5.900%, 08/08/2028		320		269
5.625%, 08/08/2025		1,580		1,431
4.300%, 01/08/2026 (F)		420		357
3.350%, 03/08/2029 (F)		690		513
2.800%, 03/08/2027		460		366
Starbucks
3.500%, 11/15/2050 (F)		625		437
3.350%, 03/12/2050		120		82
3.000%, 02/14/2032 (F)		1,325		1,097
Target
4.500%, 09/15/2032 (F)		1,077		1,027
2.950%, 01/15/2052 (F)		806		542
2.250%, 04/15/2025 (F)		450		424
Time Warner Cable
7.300%, 07/01/2038		530		504
6.750%, 06/15/2039		10		9
6.550%, 05/01/2037 (F)		268		242
5.875%, 11/15/2040		1,405		1,157
5.500%, 09/01/2041		1,599		1,255
Time Warner Entertainment
8.375%, 07/15/2033 (F)		270		288
Toll Brothers Finance
4.375%, 04/15/2023		120		119
Toyota Motor Credit MTN
4.550%, 09/20/2027		158		154
Virgin Media Secured Finance
5.500%, 05/15/2029 (D)		250		214
VOC Escrow
5.000%, 02/15/2028 (D)		380		309
Volkswagen Group of America Finance
1.250%, 11/24/2025 (D)		1,345		1,181
0.875%, 11/22/2023 (D)		1,055		1,004
Walmart
4.500%, 09/09/2052		462		433
4.150%, 09/09/2032 (F)		923		884
3.950%, 09/09/2027 (F)		770		747
Wynn Macau
5.625%, 08/26/2028 (D)		500		333
5.125%, 12/15/2029 (D)		200		130
				59,453


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Consumer Staples — 1.7%
Alimentation Couche-Tard
3.550%, 07/26/2027 (D)(F)	$	650	$	580
Altria Group
6.200%, 02/14/2059		76		66
5.950%, 02/14/2049 (F)		960		795
5.800%, 02/14/2039 (F)		1,190		1,039
4.800%, 02/14/2029 (F)		28		26
4.400%, 02/14/2026		514		495
3.875%, 09/16/2046 (F)		240		152
3.400%, 02/04/2041		600		378
2.450%, 02/04/2032		770		543
2.350%, 05/06/2025 (F)		130		120
Anheuser-Busch
4.900%, 02/01/2046		5,920		5,145
4.700%, 02/01/2036		831		749
3.650%, 02/01/2026 (F)		1,135		1,090
Anheuser-Busch InBev Worldwide
5.550%, 01/23/2049		645		607
5.450%, 01/23/2039		645		615
4.750%, 01/23/2029		120		117
4.600%, 04/15/2048 (F)		1,700		1,408
4.500%, 06/01/2050		670		552
4.375%, 04/15/2038		872		745
4.350%, 06/01/2040		560		474
4.000%, 04/13/2028 (F)		160		152
3.750%, 07/15/2042 (F)		498		378
3.500%, 06/01/2030 (F)		200		178
Bacardi
4.450%, 05/15/2025 (D)		1,840		1,764
BAT Capital
5.650%, 03/16/2052		850		648
5.282%, 04/02/2050		1,260		929
4.540%, 08/15/2047		2,583		1,711
4.390%, 08/15/2037		61		44
3.984%, 09/25/2050 (F)		460		281
3.734%, 09/25/2040		10		6
3.557%, 08/15/2027		3,000		2,635
3.222%, 08/15/2024		167		161
2.259%, 03/25/2028 (F)		315		251
Bunge Finance
1.630%, 08/17/2025		335		301
Cargill
1.375%, 07/23/2023 (D)		440		429
Clorox
4.600%, 05/01/2032		1,230		1,145
Coca-Cola
3.375%, 03/25/2027 (F)		380		363
2.600%, 06/01/2050 (F)		190		122
2.500%, 06/01/2040		20		14
1.450%, 06/01/2027 (F)		490		423


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Constellation Brands
4.750%, 05/09/2032	$	700	$	655
4.400%, 11/15/2025		415		406
4.350%, 05/09/2027 (F)		320		307
3.600%, 05/09/2024 (F)		230		225
2.250%, 08/01/2031		80		62
Costco Wholesale
3.000%, 05/18/2027 (F)		284		266
2.750%, 05/18/2024		183		179
1.600%, 04/20/2030		450		361
1.375%, 06/20/2027		780		673
Danone
2.589%, 11/02/2023 (D)		1,370		1,339
GSK Consumer Healthcare Capital US
4.000%, 03/24/2052 (D)		474		351
3.625%, 03/24/2032 (D)		1,566		1,328
3.375%, 03/24/2027 (D)		1,081		980
3.375%, 03/24/2029 (D)		575		501
Hershey
0.900%, 06/01/2025		130		118
Imperial Brands Finance
3.500%, 07/26/2026 (D)		635		573
3.125%, 07/26/2024 (D)		2,250		2,152
JBS USA LUX
6.500%, 12/01/2052 (D)		2,115		1,879
3.750%, 12/01/2031 (D)(F)		350		280
3.000%, 02/02/2029 (D)		1,205		986
3.000%, 05/15/2032 (D)(F)		1,520		1,123
Kraft Heinz Foods
7.125%, 08/01/2039 (D)		10		11
6.875%, 01/26/2039		40		41
6.750%, 03/15/2032		10		11
5.500%, 06/01/2050		220		198
5.200%, 07/15/2045 (F)		360		313
5.000%, 06/04/2042		1,250		1,086
4.875%, 10/01/2049 (F)		2,370		1,953
4.625%, 10/01/2039		10		8
4.375%, 06/01/2046		160		124
4.250%, 03/01/2031		110		99
3.000%, 06/01/2026		380		350
Mars
3.200%, 04/01/2030 (D)(F)		210		185
2.700%, 04/01/2025 (D)(F)		370		352
2.375%, 07/16/2040 (D)(F)		300		198
Mondelez International
1.500%, 05/04/2025 (F)		660		603
Nestle Holdings
4.700%, 01/15/2053 (D)		321		300
4.300%, 10/01/2032 (D)		473		450
4.125%, 10/01/2027 (D)		473		459
PepsiCo
2.875%, 10/15/2049 (F)		60		42


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.625%, 03/19/2027	$	50	$	46
2.250%, 03/19/2025		50		47
1.625%, 05/01/2030		440		353
0.750%, 05/01/2023 (F)		530		520
Philip Morris International
4.500%, 03/20/2042		130		95
2.500%, 11/02/2022		680		679
2.100%, 05/01/2030		290		220
1.125%, 05/01/2023 (F)		280		274
Procter & Gamble
3.000%, 03/25/2030		240		215
2.800%, 03/25/2027		80		74
Reckitt Benckiser Treasury Services
2.750%, 06/26/2024 (D)		1,505		1,450
Reynolds American
8.125%, 05/01/2040		570		585
7.250%, 06/15/2037		390		365
5.850%, 08/15/2045 (F)		3,140		2,463
Viterra Finance BV
5.250%, 04/21/2032 (D)		1,051		904
4.900%, 04/21/2027 (D)		391		361
Walmart
3.300%, 04/22/2024 (F)		60		59
1.800%, 09/22/2031 (F)		110		87
1.500%, 09/22/2028		230		192
				58,147

Corporate Obligation — 0.7%
Banco Santander
5.294%, 08/18/2027		1,200		1,130
5.147%, 08/18/2025 (F)		2,000		1,941
Bank of America
5.015%, U.S. SOFR + 2.160%, 07/22/2033 (A)(F)		679		630
4.948%, U.S. SOFR + 2.040%, 07/22/2028 (A)		1,693		1,627
4.827%, U.S. SOFR + 1.750%, 07/22/2026 (A)(F)		1,335		1,305
Citigroup
5.610%, SOFRINDX + 1.546%, 09/29/2026 (A)		2,720		2,705
Credit Suisse Group
6.442%, U.S. SOFR + 3.700%, 08/11/2028 (A)(D)		825		767
HSBC Holdings
5.402%, U.S. SOFR + 2.870%, 08/11/2033 (A)(F)		295		262
JPMorgan Chase
4.912%, U.S. SOFR + 2.080%, 07/25/2033 (A)(F)		615		567
4.851%, U.S. SOFR + 1.990%, 07/25/2028 (A)		748		718


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Lloyds Banking Group
4.976%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.300%, 08/11/2033 (A)(F)	$	3,000	$	2,621
4.716%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.750%, 08/11/2026 (A)(F)		1,242		1,193
Macquarie Group MTN
5.033%, ICE LIBOR USD 3 Month + 1.750%, 01/15/2030 (A)(D)		635		597
Mitsubishi UFJ Financial Group
5.472%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.125%, 09/13/2033 (A)		410		394
5.354%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.900%, 09/13/2028 (A)		1,236		1,205
5.133%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.125%, 07/20/2033 (A)		635		593
5.063%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.550%, 09/12/2025 (A)		1,620		1,603
Morgan Stanley
2.484%, U.S. SOFR + 1.360%, 09/16/2036 (A)		1,040		746
UBS Group
4.703%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.050%, 08/05/2027 (A)(D)		2,307		2,187
4.490%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.600%, 08/05/2025 (A)(D)		1,204		1,175
				23,966

Energy — 2.8%
Aker BP
4.000%, 01/15/2031 (D)		369		313
3.750%, 01/15/2030 (D)		219		186
3.100%, 07/15/2031 (D)		934		731
2.000%, 07/15/2026 (D)		783		675
Apache
7.750%, 12/15/2029		140		143
5.350%, 07/01/2049 (F)		230		181
5.250%, 02/01/2042		90		73
5.100%, 09/01/2040 (F)		205		166
4.750%, 04/15/2043 (F)		390		291
4.250%, 01/15/2044		890		630
Boardwalk Pipelines
3.400%, 02/15/2031		294		236
BP Capital Markets America
3.633%, 04/06/2030		320		288
3.410%, 02/11/2026 (F)		1,110		1,055


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.119%, 05/04/2026	$	230	$	215
3.000%, 02/24/2050		940		610
2.939%, 06/04/2051 (F)		292		185
Cameron LNG
3.302%, 01/15/2035 (D)		660		519
2.902%, 07/15/2031 (D)		140		115
Canadian Natural Resources
6.450%, 06/30/2033		50		50
Cheniere Corpus Christi Holdings
3.700%, 11/15/2029		938		813
Cheniere Energy
4.625%, 10/15/2028		260		239
Cheniere Energy Partners
4.000%, 03/01/2031		100		84
3.250%, 01/31/2032		530		407
Chevron
2.895%, 03/03/2024 (F)		560		548
1.995%, 05/11/2027 (F)		180		160
1.554%, 05/11/2025		520		480
Chevron USA
3.850%, 01/15/2028		200		190
3.250%, 10/15/2029		50		45
Conoco Funding
7.250%, 10/15/2031		180		201
ConocoPhillips
5.900%, 10/15/2032 (F)		10		10
5.900%, 05/15/2038		420		428
4.150%, 11/15/2034		280		240
Continental Resources
5.750%, 01/15/2031 (D)(F)		370		334
4.900%, 06/01/2044		80		57
4.500%, 04/15/2023 (F)		250		249
4.375%, 01/15/2028 (F)		520		467
3.800%, 06/01/2024		200		194
2.268%, 11/15/2026 (D)(F)		2,070		1,766
Coterra Energy
4.375%, 03/15/2029 (D)(F)		780		721
3.900%, 05/15/2027 (D)		970		899
DCP Midstream Operating
6.450%, 11/03/2036 (D)		110		101
Devon Energy
8.250%, 08/01/2023		50		51
7.875%, 09/30/2031 (F)		660		723
5.875%, 06/15/2028 (F)		40		40
5.850%, 12/15/2025 (F)		50		50
5.600%, 07/15/2041 (F)		490		439
5.250%, 10/15/2027 (F)		46		46
5.000%, 06/15/2045 (F)		1,232		1,025
4.750%, 05/15/2042 (F)		187		152
4.500%, 01/15/2030 (F)		304		277
Diamondback Energy
3.500%, 12/01/2029		500		432


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.250%, 12/01/2026	$	30	$	28
3.125%, 03/24/2031 (F)		471		382
Ecopetrol
5.875%, 05/28/2045 (F)		1,276		772
4.625%, 11/02/2031 (F)		160		112
4.125%, 01/16/2025 (F)		203		186
Energy Transfer
7.125%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.306%(A)(G)		580		477
6.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.134%(A)(F)(G)		500		432
6.500%, 02/01/2042		45		42
6.500%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.694%(A)(G)		200		174
6.250%, 04/15/2049 (F)		490		435
6.250%, ICE LIBOR USD 3 Month + 4.028%(A)(G)		90		74
6.125%, 12/15/2045		262		230
5.500%, 06/01/2027 (F)		118		115
5.400%, 10/01/2047		1,926		1,559
5.350%, 05/15/2045		465		374
5.300%, 04/01/2044		640		513
5.300%, 04/15/2047		690		550
5.250%, 04/15/2029		1,165		1,096
5.150%, 03/15/2045 (F)		414		326
5.000%, 05/15/2050 (F)		1,285		1,004
4.950%, 05/15/2028		1,083		1,010
4.950%, 06/15/2028 (F)		180		168
4.500%, 11/01/2023		690		684
4.400%, 03/15/2027		145		135
4.000%, 10/01/2027 (F)		1,190		1,079
3.750%, 05/15/2030		1,250		1,058
Eni
4.000%, 09/12/2023 (D)(F)		1,940		1,916
Enterprise Products Operating
7.550%, 04/15/2038		40		44
5.700%, 02/15/2042 (F)		40		37
5.375%, ICE LIBOR USD 3 Month + 2.570%, 02/15/2078 (A)		150		113
5.100%, 02/15/2045		395		336
4.850%, 03/15/2044		430		361
4.800%, 02/01/2049		60		49
4.200%, 01/31/2050		120		92
4.150%, 10/16/2028 (F)		1,605		1,492
3.950%, 01/31/2060		220		152
3.700%, 01/31/2051		270		190
3.125%, 07/31/2029 (F)		170		146
2.800%, 01/31/2030 (F)		540		451
EOG Resources
4.950%, 04/15/2050 (F)		450		419


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.375%, 04/15/2030 (F)	$	120	$	114
4.150%, 01/15/2026		340		331
3.900%, 04/01/2035		390		333
EQM Midstream Partners
5.500%, 07/15/2028		30		26
EQT
6.125%, 02/01/2025		30		30
5.000%, 01/15/2029		150		140
3.900%, 10/01/2027 (F)		1,020		928
3.625%, 05/15/2031 (D)		320		267
3.125%, 05/15/2026 (D)		10		9
Equinor
3.000%, 04/06/2027 (F)		555		512
2.875%, 04/06/2025 (F)		1,685		1,607
Exxon Mobil
4.327%, 03/19/2050		838		714
4.114%, 03/01/2046 (F)		533		440
3.482%, 03/19/2030 (F)		460		418
3.452%, 04/15/2051		1,023		762
3.043%, 03/01/2026 (F)		660		624
2.992%, 03/19/2025 (F)		2,400		2,302
1.571%, 04/15/2023		50		49
Galaxy Pipeline Assets Bidco
2.940%, 09/30/2040 (D)		252		191
2.625%, 03/31/2036 (D)		458		354
2.160%, 03/31/2034 (D)		666		547
1.750%, 09/30/2027 (D)		1,337		1,214
Halliburton
5.000%, 11/15/2045 (F)		80		66
4.850%, 11/15/2035		60		52
3.800%, 11/15/2025		17		16
Hess
6.000%, 01/15/2040		880		818
5.600%, 02/15/2041 (F)		860		752
HF Sinclair
5.875%, 04/01/2026 (D)(F)		620		608
KazMunayGas National JSC
5.750%, 04/19/2047 (D)		340		226
Kinder Morgan
5.550%, 06/01/2045 (F)		300		261
5.450%, 08/01/2052 (F)		956		828
5.200%, 03/01/2048 (F)		455		380
5.050%, 02/15/2046		170		139
4.300%, 06/01/2025 (F)		510		497
4.300%, 03/01/2028 (F)		150		140
3.600%, 02/15/2051		109		71
3.150%, 01/15/2023		193		192
Kinder Morgan Energy Partners
5.500%, 03/01/2044		415		345
5.400%, 09/01/2044		20		17
MEG Energy
5.875%, 02/01/2029 (D)		80		72


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
MPLX
5.500%, 02/15/2049	$	390	$	331
4.950%, 03/14/2052 (F)		1,160		908
4.875%, 12/01/2024		320		316
4.800%, 02/15/2029		330		307
4.700%, 04/15/2048		430		328
4.500%, 04/15/2038		520		419
Northwest Pipeline
4.000%, 04/01/2027		219		203
Occidental Petroleum
7.875%, 09/15/2031		610		651
7.500%, 05/01/2031		870		909
6.950%, 07/01/2024		288		296
6.600%, 03/15/2046		360		371
6.450%, 09/15/2036		280		280
5.550%, 03/15/2026		110		110
4.625%, 06/15/2045		280		232
4.400%, 04/15/2046 (F)		120		99
4.200%, 03/15/2048		170		136
4.100%, 02/15/2047 (F)		600		478
3.400%, 04/15/2026 (F)		270		256
3.000%, 02/15/2027 (F)		300		270
Parsley Energy
4.125%, 02/15/2028 (D)		60		55
Pertamina Persero
6.000%, 05/03/2042 (D)		300		263
Petrobras Global Finance BV
7.375%, 01/17/2027		310		319
6.900%, 03/19/2049		1,870		1,556
6.850%, 06/05/2115		820		639
6.250%, 03/17/2024		1,394		1,404
5.750%, 02/01/2029		300		281
5.299%, 01/27/2025 (F)		1,278		1,268
Petroleos Mexicanos
7.690%, 01/23/2050		150		92
6.950%, 01/28/2060		780		432
6.625%, 06/15/2035		767		489
6.375%, 01/23/2045 (F)		1,105		610
5.625%, 01/23/2046		480		250
4.875%, 01/18/2024		32		31
2.460%, 12/15/2025		646		621
2.378%, 04/15/2025		305		296
Petroleos Mexicanos MTN
6.875%, 08/04/2026		120		108
6.750%, 09/21/2047		2,970		1,656
Phillips 66
1.300%, 02/15/2026		405		354
Pioneer Natural Resources
2.150%, 01/15/2031		1,255		967
1.900%, 08/15/2030 (F)		737		563
1.125%, 01/15/2026 (F)		110		96


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Plains All American Pipeline
3.550%, 12/15/2029	$	495	$	412
2.850%, 01/31/2023		250		248
Range Resources
5.000%, 03/15/2023		322		321
4.875%, 05/15/2025		120		113
Reliance Industries
3.625%, 01/12/2052 (D)		2,220		1,391
2.875%, 01/12/2032 (D)(F)		320		251
Rockies Express Pipeline
6.875%, 04/15/2040 (D)		830		676
4.950%, 07/15/2029 (D)		2,235		1,917
Ruby Pipeline
8.000%, 04/01/2022 (D)(F)(H)		1,008		836
Sabine Pass Liquefaction
5.750%, 05/15/2024		1,370		1,375
5.000%, 03/15/2027 (F)		1,265		1,214
4.500%, 05/15/2030		1,210		1,102
Saudi Arabian Oil
1.625%, 11/24/2025 (D)		540		486
1.250%, 11/24/2023 (D)		450		432
Schlumberger Finance Canada
2.650%, 11/20/2022 (D)		329		329
Schlumberger Holdings
3.900%, 05/17/2028 (D)		475		428
Schlumberger Investment
3.650%, 12/01/2023		61		60
Shell International Finance BV
4.550%, 08/12/2043		280		243
4.375%, 05/11/2045 (F)		470		395
4.125%, 05/11/2035		1,566		1,372
3.250%, 04/06/2050		840		590
2.875%, 05/10/2026 (F)		900		838
2.750%, 04/06/2030		440		376
Sinopec Group Overseas Development
4.375%, 04/10/2024 (D)(F)		1,240		1,236
Southern Natural Gas
8.000%, 03/01/2032		170		186
Southwestern Energy
5.375%, 02/01/2029		20		18
5.375%, 03/15/2030		80		72
4.750%, 02/01/2032 (F)		190		159
Tallgrass Energy Partners
6.000%, 12/31/2030 (D)(F)		20		17
Targa Resources
6.250%, 07/01/2052		359		326
5.200%, 07/01/2027 (F)		540		519
4.200%, 02/01/2033		250		208
Targa Resources Partners
5.500%, 03/01/2030 (F)		304		273
5.000%, 01/15/2028 (F)		100		93
4.875%, 02/01/2031		1,060		912


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.000%, 01/15/2032 (F)	$	40	$	33
Tennessee Gas Pipeline
8.375%, 06/15/2032		1,140		1,260
2.900%, 03/01/2030 (D)		1,560		1,277
TransCanada PipeLines
4.625%, 03/01/2034		860		753
Transcontinental Gas Pipe Line
7.850%, 02/01/2026		60		64
Venture Global Calcasieu Pass
3.875%, 11/01/2033 (D)		290		225
Western Midstream Operating
5.500%, 08/15/2048		244		197
5.500%, 02/01/2050 (F)		210		170
5.300%, 03/01/2048		162		133
4.650%, 07/01/2026		40		37
4.500%, 03/01/2028		60		54
4.300%, 02/01/2030 (F)		1,200		1,026
3.555%, ICE LIBOR USD 3 Month + 1.100%, 01/13/2023 (A)		130		129
3.350%, 02/01/2025		390		364
Williams
7.750%, 06/15/2031		841		913
7.500%, 01/15/2031		100		107
5.750%, 06/24/2044		51		46
5.400%, 03/04/2044		84		73
3.750%, 06/15/2027 (F)		1,044		963
				101,233

Financials — 11.3%
ABN AMRO Bank
4.750%, 07/28/2025 (D)		360		346
AerCap Ireland Capital DAC
3.400%, 10/29/2033		540		392
Agree
4.800%, 10/01/2032		308		275
Ally Financial
1.450%, 10/02/2023 (F)		670		647
Ambac Assurance
5.100%(D)(G)		8		9
American Express
4.420%, U.S. SOFR + 1.760%, 08/03/2033 (A)(F)		924		840
4.050%, 05/03/2029		770		709
3.950%, 08/01/2025		555		538
3.375%, 05/03/2024 (F)		1,495		1,458
2.550%, 03/04/2027		1,325		1,180
American International Group
3.900%, 04/01/2026		530		506
3.875%, 01/15/2035 (F)		210		177
2.500%, 06/30/2025 (F)		260		243
American Tower
3.125%, 01/15/2027		307		276


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Antares Holdings
3.750%, 07/15/2027 (D)	$	899	$	726
Aon
6.250%, 09/30/2040		19		19
2.600%, 12/02/2031		2,080		1,626
Apollo Management Holdings
4.400%, 05/27/2026 (D)		530		503
Ares Capital
3.200%, 11/15/2031		282		201
Arthur J Gallagher
3.050%, 03/09/2052 (F)		1,370		846
Athene Global Funding
3.205%, 03/08/2027 (D)		635		561
2.986%, SOFRINDX + 0.700%, 05/24/2024 (A)(D)		2,025		1,987
2.950%, 11/12/2026 (D)		2,090		1,843
2.514%, 03/08/2024 (D)		1,202		1,148
2.500%, 03/24/2028 (D)		1,028		856
1.985%, 08/19/2028 (D)(F)		764		603
1.730%, 10/02/2026 (D)(F)		1,328		1,127
1.608%, 06/29/2026 (D)		1,365		1,161
Athene Global Funding MTN
2.646%, 10/04/2031 (D)		970		730
Athene Holding
4.125%, 01/12/2028 (F)		605		543
Avolon Holdings Funding
3.950%, 07/01/2024 (D)		715		676
2.875%, 02/15/2025 (D)		975		882
2.528%, 11/18/2027 (D)		779		609
AXA Equitable Holdings
3.900%, 04/20/2023		500		497
Bain Capital Specialty Finance
2.550%, 10/13/2026		62		51
Banco Santander
4.175%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.000%, 03/24/2028 (A)		200		180
3.848%, 04/12/2023 (F)		600		596
3.543%, ICE LIBOR USD 3 Month + 1.120%, 04/12/2023 (A)		400		400
3.225%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.600%, 11/22/2032 (A)(F)		400		280
2.749%, 12/03/2030		185		131
2.746%, 05/28/2025		1,400		1,280
1.722%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.900%, 09/14/2027 (A)		1,190		985
Bank of America
4.571%, U.S. SOFR + 1.830%, 04/27/2033 (A)		2,350		2,105
3.419%, ICE LIBOR USD 3 Month + 1.040%, 12/20/2028 (A)(F)		2,774		2,463


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.366%, ICE LIBOR USD 3 Month + 0.810%, 01/23/2026 (A)	$	631	$	598
3.004%, ICE LIBOR USD 3 Month + 0.790%, 12/20/2023 (A)		3,612		3,593
2.972%, U.S. SOFR + 1.330%, 02/04/2033 (A)		1,445		1,130
2.687%, U.S. SOFR + 1.320%, 04/22/2032 (A)		3,735		2,916
2.651%, U.S. SOFR + 1.220%, 03/11/2032 (A)		1,305		1,015
2.592%, U.S. SOFR + 2.150%, 04/29/2031 (A)(F)		2,130		1,689
2.572%, U.S. SOFR + 1.210%, 10/20/2032 (A)		3,710		2,837
1.734%, U.S. SOFR + 0.960%, 07/22/2027 (A)		5,442		4,669
1.658%, U.S. SOFR + 0.910%, 03/11/2027 (A)		7,358		6,376
Bank of America MTN
5.000%, 01/21/2044		830		717
4.450%, 03/03/2026 (F)		1,157		1,115
4.376%, U.S. SOFR + 1.580%, 04/27/2028 (A)(F)		1,140		1,068
4.330%, ICE LIBOR USD 3 Month + 1.520%, 03/15/2050 (A)		260		205
4.271%, ICE LIBOR USD 3 Month + 1.310%, 07/23/2029 (A)(F)		65		59
4.250%, 10/22/2026		80		76
4.244%, ICE LIBOR USD 3 Month + 1.814%, 04/24/2038 (A)		179		147
4.200%, 08/26/2024		1,530		1,505
4.125%, 01/22/2024		290		288
4.100%, 07/24/2023		340		339
4.083%, ICE LIBOR USD 3 Month + 3.150%, 03/20/2051 (A)		1,630		1,229
4.000%, 04/01/2024 (F)		1,309		1,294
4.000%, 01/22/2025		1,610		1,558
3.974%, ICE LIBOR USD 3 Month + 1.210%, 02/07/2030 (A)		1,900		1,691
3.970%, ICE LIBOR USD 3 Month + 1.070%, 03/05/2029 (A)		625		565
3.864%, ICE LIBOR USD 3 Month + 0.940%, 07/23/2024 (A)(F)		600		592
3.824%, ICE LIBOR USD 3 Month + 1.575%, 01/20/2028 (A)		524		482
3.593%, ICE LIBOR USD 3 Month + 1.370%, 07/21/2028 (A)		1,364		1,232
3.550%, ICE LIBOR USD 3 Month + 0.780%, 03/05/2024 (A)		860		853
3.500%, 04/19/2026 (F)		780		733
3.384%, U.S. SOFR + 1.330%, 04/02/2026 (A)(F)		2,400		2,267
3.300%, 01/11/2023		1,200		1,197


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.194%, ICE LIBOR USD 3 Month + 1.180%, 07/23/2030 (A)	$	240	$	202
3.093%, ICE LIBOR USD 3 Month + 1.090%, 10/01/2025 (A)		960		912
2.884%, ICE LIBOR USD 3 Month + 1.190%, 10/22/2030 (A)		265		217
2.087%, U.S. SOFR + 1.060%, 06/14/2029 (A)		6,025		4,896
1.530%, U.S. SOFR + 0.650%, 12/06/2025 (A)		2,088		1,910
1.197%, U.S. SOFR + 1.010%, 10/24/2026 (A)		720		628
Bank of Montreal MTN
1.850%, 05/01/2025 (F)		880		810
Bank of New York Mellon
3.400%, 05/15/2024 (F)		530		519
Bank of New York Mellon MTN
4.596%, U.S. SOFR + 1.755%, 07/26/2030 (A)		62		59
4.289%, U.S. SOFR + 1.418%, 06/13/2033 (A)		1,485		1,359
3.250%, 09/11/2024		100		97
1.600%, 04/24/2025 (F)		260		240
Bank of Nova Scotia
4.900%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.551%(A)(G)		510		455
4.588%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.050%, 05/04/2037 (A)		390		327
1.300%, 06/11/2025		480		432
Barclays
5.088%, ICE LIBOR USD 3 Month + 3.054%, 06/20/2030 (A)(F)		1,940		1,687
4.375%, 01/12/2026 (F)		2,270		2,140
Barclays MTN
4.972%, ICE LIBOR USD 3 Month + 1.902%, 05/16/2029 (A)		520		468
Berkshire Hathaway Finance
4.250%, 01/15/2049 (F)		870		723
3.850%, 03/15/2052		1,265		966
Blackstone Private Credit Fund
4.000%, 01/15/2029 (F)		936		750
3.250%, 03/15/2027		604		500
Blackstone Secured Lending Fund
3.625%, 01/15/2026 (F)		670		612
BNP Paribas
4.705%, ICE LIBOR USD 3 Month + 2.235%, 01/10/2025 (A)(D)(F)		930		916
4.625%, 03/13/2027 (D)		200		185
4.400%, 08/14/2028 (D)(F)		1,447		1,302
3.375%, 01/09/2025 (D)(F)		290		276


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.219%, U.S. SOFR + 2.074%, 06/09/2026 (A)(D)(F)	$	600	$	540
BNP Paribas MTN
4.375%, USD Swap Semi 30/360 5 Yr Curr + 1.483%, 03/01/2033 (A)(D)		400		345
3.500%, 03/01/2023 (D)		464		461
3.052%, U.S. SOFR + 1.507%, 01/13/2031 (A)(D)		200		159
BPCE
5.150%, 07/21/2024 (D)		410		400
Brighthouse Financial
3.850%, 12/22/2051 (F)		291		176
Brighthouse Financial Global Funding MTN
1.000%, 04/12/2024 (D)		1,505		1,405
Canadian Imperial Bank of Commerce
0.950%, 06/23/2023 (F)		480		467
Cantor Fitzgerald
4.500%, 04/14/2027 (D)		1,135		1,052
Capital One Financial
3.273%, U.S. SOFR + 1.790%, 03/01/2030 (A)		1,850		1,547
Cboe Global Markets
3.000%, 03/16/2032		1,330		1,093
Charles Schwab
2.900%, 03/03/2032		1,985		1,635
Chubb INA Holdings
3.350%, 05/03/2026		200		189
3.150%, 03/15/2025		74		71
2.875%, 11/03/2022		39		39
CI Financial
4.100%, 06/15/2051 (F)		1,020		607
3.200%, 12/17/2030		1,255		910
Citadel
4.875%, 01/15/2027 (D)(F)		660		616
Citigroup
8.125%, 07/15/2039		1,064		1,258
6.675%, 09/13/2043		70		71
6.625%, 06/15/2032 (F)		100		101
6.300%, ICE LIBOR USD 3 Month + 3.423%(A)(G)		300		279
5.950%, ICE LIBOR USD 3 Month + 3.905%(A)(G)		590		534
5.950%, ICE LIBOR USD 3 Month + 4.068%(A)(F)(G)		360		356
5.500%, 09/13/2025 (F)		950		949
5.300%, 05/06/2044 (F)		225		196
4.910%, U.S. SOFR + 2.086%, 05/24/2033 (A)(F)		2,426		2,232
4.750%, 05/18/2046		100		80
4.658%, U.S. SOFR + 1.887%, 05/24/2028 (A)(F)		1,083		1,029
4.650%, 07/30/2045 (F)		903		729
4.450%, 09/29/2027 (F)		1,295		1,199


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.412%, U.S. SOFR + 3.914%, 03/31/2031 (A)(F)	$	2,750	$	2,467
4.400%, 06/10/2025		1,080		1,050
4.300%, 11/20/2026 (F)		240		227
4.125%, 07/25/2028		210		189
4.075%, ICE LIBOR USD 3 Month + 1.192%, 04/23/2029 (A)		81		73
3.980%, ICE LIBOR USD 3 Month + 1.338%, 03/20/2030 (A)(F)		1,860		1,651
3.878%, ICE LIBOR USD 3 Month + 1.168%, 01/24/2039 (A)(F)		59		46
3.785%, U.S. SOFR + 1.939%, 03/17/2033 (A)		970		813
3.500%, 05/15/2023 (F)		630		626
3.352%, ICE LIBOR USD 3 Month + 0.897%, 04/24/2025 (A)		1,240		1,196
3.300%, 04/27/2025 (F)		120		114
3.200%, 10/21/2026		440		403
3.106%, U.S. SOFR + 2.842%, 04/08/2026 (A)		350		328
3.070%, U.S. SOFR + 1.280%, 02/24/2028 (A)		655		584
3.057%, U.S. SOFR + 1.351%, 01/25/2033 (A)		2,520		1,985
2.976%, U.S. SOFR + 1.422%, 11/05/2030 (A)		715		587
2.572%, U.S. SOFR + 2.107%, 06/03/2031 (A)		2,500		1,966
2.561%, U.S. SOFR + 1.167%, 05/01/2032 (A)		1,400		1,075
2.520%, U.S. SOFR + 1.177%, 11/03/2032 (A)		360		273
1.678%, U.S. SOFR + 1.667%, 05/15/2024 (A)(F)		500		489
1.462%, U.S. SOFR + 0.770%, 06/09/2027 (A)(F)		1,800		1,533
CME Group
3.000%, 03/15/2025		51		49
Cooperatieve Rabobank UA
4.375%, 08/04/2025		2,150		2,054
3.758%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.420%, 04/06/2033 (A)(D)(F)		2,927		2,420
3.649%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.220%, 04/06/2028 (A)(D)(F)		2,111		1,914
Credit Agricole MTN
4.000%, USD Swap Semi 30/360 5 Yr Curr + 1.644%, 01/10/2033 (A)(D)		250		215
1.907%, U.S. SOFR + 1.676%, 06/16/2026 (A)(D)		400		358


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Credit Suisse Group
9.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.383%(A)(D)(G)	$	2,030	$	1,991
6.537%, U.S. SOFR + 3.920%, 08/12/2033 (A)(D)		3,265		2,934
4.207%, ICE LIBOR USD 3 Month + 1.240%, 06/12/2024 (A)(D)		300		294
4.194%, U.S. SOFR + 3.730%, 04/01/2031 (A)(D)		730		574
3.750%, 03/26/2025		250		233
3.091%, U.S. SOFR + 1.730%, 05/14/2032 (A)(D)		2,365		1,660
2.593%, U.S. SOFR + 1.560%, 09/11/2025 (A)(D)		760		691
2.193%, U.S. SOFR + 2.044%, 06/05/2026 (A)(D)		1,888		1,642
1.305%, U.S. SOFR + 0.980%, 02/02/2027 (A)(D)		2,000		1,624
Credit Suisse NY
2.950%, 04/09/2025 (F)		520		478
CTR Partnership
3.875%, 06/30/2028 (D)(F)		90		74
Danske Bank
5.375%, 01/12/2024 (D)		650		646
3.875%, 09/12/2023 (D)		200		197
3.244%, ICE LIBOR USD 3 Month + 1.591%, 12/20/2025 (A)(D)		220		204
1.226%, 06/22/2024 (D)		200		186
Danske Bank MTN
4.375%, 06/12/2028 (D)		200		176
Deutsche Bank NY
3.742%, U.S. SOFR + 2.257%, 01/07/2033 (A)		1,674		1,085
DNB Bank
1.605%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.680%, 03/30/2028 (A)(D)(F)		2,065		1,719
1.127%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.850%, 09/16/2026 (A)(D)		5		5
Enstar Group
3.100%, 09/01/2031		739		525
F&G Global Funding
2.000%, 09/20/2028 (D)		620		501
1.750%, 06/30/2026 (D)		810		705
Farmers Exchange Capital
7.200%, 07/15/2048 (D)		1,021		1,088
7.050%, 07/15/2028 (D)		1,000		1,028
Farmers Exchange Capital II
6.151%, ICE LIBOR USD 3 Month + 3.744%, 11/01/2053 (A)(D)		1,650		1,575


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Federal Realty Investment Trust
3.950%, 01/15/2024	$	390	$	385
GA Global Funding Trust
0.800%, 09/13/2024 (D)		1,125		1,018
Global Payments
5.950%, 08/15/2052		216		190
4.950%, 08/15/2027		2,005		1,910
Goldman Sachs Capital II
4.000%, ICE LIBOR USD 3 Month + 0.768%(A)(F)(G)		10		7
Goldman Sachs Group
6.750%, 10/01/2037		30		30
6.250%, 02/01/2041		1,050		1,043
5.150%, 05/22/2045		820		684
4.750%, 10/21/2045		370		309
4.250%, 10/21/2025 (F)		1,120		1,081
4.223%, ICE LIBOR USD 3 Month + 1.301%, 05/01/2029 (A)		1,300		1,182
3.814%, ICE LIBOR USD 3 Month + 1.158%, 04/23/2029 (A)		480		426
3.750%, 02/25/2026		345		327
3.691%, ICE LIBOR USD 3 Month + 1.510%, 06/05/2028 (A)		380		344
3.615%, U.S. SOFR + 1.846%, 03/15/2028 (A)(F)		170		155
3.500%, 04/01/2025		540		516
3.500%, 11/16/2026 (F)		900		832
3.272%, ICE LIBOR USD 3 Month + 1.201%, 09/29/2025 (A)		2,700		2,572
3.210%, U.S. SOFR + 1.513%, 04/22/2042 (A)		120		81
3.200%, 02/23/2023		1,815		1,806
3.102%, U.S. SOFR + 1.410%, 02/24/2033 (A)(F)		905		719
2.908%, U.S. SOFR + 1.472%, 07/21/2042 (A)(F)		260		167
2.650%, U.S. SOFR + 1.264%, 10/21/2032 (A)		2,950		2,261
2.600%, 02/07/2030 (F)		125		101
2.383%, U.S. SOFR + 1.248%, 07/21/2032 (A)		3,845		2,899
1.948%, U.S. SOFR + 0.913%, 10/21/2027 (A)		2,298		1,965
1.757%, U.S. SOFR + 0.730%, 01/24/2025 (A)		1,233		1,172
1.542%, U.S. SOFR + 0.818%, 09/10/2027 (A)(F)		5,835		4,930
1.431%, U.S. SOFR + 0.798%, 03/09/2027 (A)(F)		1,150		989
1.217%, 12/06/2023 (F)		3,465		3,322
0.925%, U.S. SOFR + 0.486%, 10/21/2024 (A)		3,556		3,375


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
0.657%, U.S. SOFR + 0.505%, 09/10/2024 (A)	$	1,472	$	1,401
Goldman Sachs Group MTN
4.000%, 03/03/2024		690		680
3.850%, 07/08/2024 (F)		330		322
Guardian Life Global Funding
1.100%, 06/23/2025 (D)		190		171
Healthcare Realty Holdings
3.875%, 05/01/2025		200		191
2.400%, 03/15/2030		170		130
2.000%, 03/15/2031		120		88
HSBC Bank
7.650%, 05/01/2025		500		514
HSBC Bank USA
7.000%, 01/15/2039 (F)		275		289
HSBC Holdings
4.762%, U.S. SOFR + 2.530%, 03/29/2033 (A)		670		550
4.755%, U.S. SOFR + 2.110%, 06/09/2028 (A)		220		202
4.583%, ICE LIBOR USD 3 Month + 1.535%, 06/19/2029 (A)		945		842
4.375%, 11/23/2026 (F)		345		321
4.300%, 03/08/2026 (F)		1,710		1,638
4.250%, 03/14/2024 (F)		510		499
4.250%, 08/18/2025 (F)		560		531
3.973%, ICE LIBOR USD 3 Month + 1.610%, 05/22/2030 (A)		860		728
2.999%, U.S. SOFR + 1.430%, 03/10/2026 (A)(F)		370		342
2.871%, U.S. SOFR + 1.410%, 11/22/2032 (A)(F)		700		510
2.804%, U.S. SOFR + 1.187%, 05/24/2032 (A)(F)		370		272
2.206%, U.S. SOFR + 1.285%, 08/17/2029 (A)		1,930		1,493
2.099%, U.S. SOFR + 1.929%, 06/04/2026 (A)(F)		2,640		2,364
2.013%, U.S. SOFR + 1.732%, 09/22/2028 (A)		3,230		2,582
1.645%, U.S. SOFR + 1.538%, 04/18/2026 (A)		330		294
1.589%, U.S. SOFR + 1.290%, 05/24/2027 (A)		815		681
Huntington Bancshares
4.443%, U.S. SOFR + 1.970%, 08/04/2028 (A)(F)		615		581
ILFC E-Capital Trust II
5.365%, 12/21/2065 (A)(D)		400		272
Intercontinental Exchange
4.950%, 06/15/2052		150		132
4.600%, 03/15/2033		1,560		1,453
1.850%, 09/15/2032		1,470		1,074


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Intesa Sanpaolo
3.375%, 01/12/2023 (D)(F)	$	440	$	437
Intesa Sanpaolo MTN
5.017%, 06/26/2024 (D)		2,320		2,163
Invitation Homes Operating Partnership
2.000%, 08/15/2031		322		231
Jackson Financial
5.670%, 06/08/2032 (F)		502		459
5.170%, 06/08/2027		431		415
3.125%, 11/23/2031 (F)		1,405		1,057
JPMorgan Chase
8.750%, 09/01/2030		970		1,143
4.950%, 06/01/2045 (F)		430		359
4.565%, U.S. SOFR + 1.750%, 06/14/2030 (A)		743		685
4.452%, ICE LIBOR USD 3 Month + 1.330%, 12/05/2029 (A)		300		275
4.323%, U.S. SOFR + 1.560%, 04/26/2028 (A)		474		444
4.260%, ICE LIBOR USD 3 Month + 1.580%, 02/22/2048 (A)		84		66
4.250%, 10/01/2027 (F)		720		675
4.203%, ICE LIBOR USD 3 Month + 1.260%, 07/23/2029 (A)		800		728
4.023%, ICE LIBOR USD 3 Month + 1.000%, 12/05/2024 (A)(F)		1,480		1,456
3.882%, ICE LIBOR USD 3 Month + 1.360%, 07/24/2038 (A)		325		254
3.875%, 09/10/2024		1,140		1,115
3.625%, 05/13/2024 (F)		230		226
3.625%, 12/01/2027 (F)		230		208
3.332%, ICE LIBOR USD 3 Month + 0.550%, 02/01/2027 (A)		1,590		1,480
3.200%, 01/25/2023 (F)		100		100
3.109%, U.S. SOFR + 2.440%, 04/22/2051 (A)		130		82
2.956%, U.S. SOFR + 2.515%, 05/13/2031 (A)		620		491
2.950%, 10/01/2026 (F)		377		346
2.947%, U.S. SOFR + 1.170%, 02/24/2028 (A)		650		575
2.739%, U.S. SOFR + 1.510%, 10/15/2030 (A)(F)		855		695
2.580%, U.S. SOFR + 1.250%, 04/22/2032 (A)(F)		1,125		872
2.545%, U.S. SOFR + 1.180%, 11/08/2032 (A)		4,350		3,301
2.522%, U.S. SOFR + 2.040%, 04/22/2031 (A)		450		356
2.301%, U.S. SOFR + 1.160%, 10/15/2025 (A)		1,190		1,116
2.182%, U.S. SOFR + 1.890%, 06/01/2028 (A)		901		766


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.083%, U.S. SOFR + 1.850%, 04/22/2026 (A)(F)	$	830	$	756
2.069%, U.S. SOFR + 1.015%, 06/01/2029 (A)		1,285		1,042
2.005%, TSFR3M + 1.585%, 03/13/2026 (A)		2,045		1,873
1.953%, U.S. SOFR + 1.065%, 02/04/2032 (A)		3,020		2,234
1.578%, U.S. SOFR + 0.885%, 04/22/2027 (A)		5,390		4,653
1.561%, U.S. SOFR + 0.605%, 12/10/2025 (A)		6,375		5,846
1.514%, U.S. SOFR + 1.455%, 06/01/2024 (A)		1,340		1,308
1.470%, U.S. SOFR + 0.765%, 09/22/2027 (A)		731		618
1.045%, U.S. SOFR + 0.800%, 11/19/2026 (A)		2,040		1,764
1.040%, TSFR3M + 0.695%, 02/04/2027 (A)		2,942		2,500
0.969%, TSFR3M + 0.580%, 06/23/2025 (A)		4,070		3,765
Kimco Realty
4.600%, 02/01/2033		463		418
KKR Group Finance II
5.500%, 02/01/2043 (D)		80		72
KKR Group Finance III
5.125%, 06/01/2044 (D)		535		462
KKR Group Finance XII
4.850%, 05/17/2032 (D)(F)		359		330
Liberty Mutual Group
5.500%, 06/15/2052 (D)		445		384
Life Storage
2.400%, 10/15/2031		355		266
Lloyds Banking Group
4.375%, 03/22/2028 (F)		925		841
4.344%, 01/09/2048		200		141
4.050%, 08/16/2023		200		198
3.870%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 3.500%, 07/09/2025 (A)		1,190		1,147
2.907%, ICE LIBOR USD 3 Month + 0.810%, 11/07/2023 (A)		1,630		1,626
1.627%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.850%, 05/11/2027 (A)		2,000		1,699
Macquarie Bank
3.624%, 06/03/2030 (D)		425		344
Macquarie Group
4.442%, U.S. SOFR + 2.405%, 06/21/2033 (A)(D)(F)		330		281
1.340%, U.S. SOFR + 1.069%, 01/12/2027 (A)(D)		2,045		1,750


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Macquarie Group MTN
2.871%, U.S. SOFR + 1.532%, 01/14/2033 (A)(D)	$	1,400	$	1,052
Massachusetts Mutual Life Insurance
3.729%, 10/15/2070 (D)		88		58
Mercury General
4.400%, 03/15/2027		935		872
MetLife
6.400%, 12/15/2036		420		405
5.700%, 06/15/2035		15		15
MetLife Capital Trust IV
7.875%, 12/15/2037 (D)		800		854
Metropolitan Life Global Funding I
3.450%, 12/18/2026 (D)		1,955		1,817
Mitsubishi UFJ Financial Group
4.080%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.300%, 04/19/2028 (A)		400		372
3.837%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.125%, 04/17/2026 (A)		380		364
2.494%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.970%, 10/13/2032 (A)		276		209
2.309%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.950%, 07/20/2032 (A)		755		566
Moody's
4.250%, 08/08/2032		217		197
Morgan Stanley
1.593%, U.S. SOFR + 0.879%, 05/04/2027 (A)		510		441
0.985%, U.S. SOFR + 0.720%, 12/10/2026 (A)		1,496		1,290
0.790%, U.S. SOFR + 0.525%, 05/30/2025 (A)		1,895		1,744
Morgan Stanley MTN
4.431%, ICE LIBOR USD 3 Month + 1.628%, 01/23/2030 (A)		340		313
3.971%, ICE LIBOR USD 3 Month + 1.455%, 07/22/2038 (A)		119		95
3.772%, ICE LIBOR USD 3 Month + 1.140%, 01/24/2029 (A)		1,080		971
3.622%, U.S. SOFR + 3.120%, 04/01/2031 (A)		2,920		2,524
2.720%, U.S. SOFR + 1.152%, 07/22/2025 (A)		360		341
2.699%, U.S. SOFR + 1.143%, 01/22/2031 (A)(F)		520		422
2.511%, U.S. SOFR + 1.200%, 10/20/2032 (A)		2,265		1,731
2.475%, U.S. SOFR + 1.000%, 01/21/2028 (A)		2,317		2,025


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.239%, U.S. SOFR + 1.178%, 07/21/2032 (A)	$	1,195	$	898
2.188%, U.S. SOFR + 1.990%, 04/28/2026 (A)		1,300		1,192
1.794%, U.S. SOFR + 1.034%, 02/13/2032 (A)		2,400		1,754
1.512%, U.S. SOFR + 0.858%, 07/20/2027 (A)(F)		1,699		1,447
1.164%, U.S. SOFR + 0.560%, 10/21/2025 (A)		4,860		4,429
0.864%, U.S. SOFR + 0.745%, 10/21/2025 (A)		585		531
0.791%, U.S. SOFR + 0.509%, 01/22/2025 (A)		1,875		1,756
Morgan Stanley Direct Lending Fund
4.500%, 02/11/2027 (F)		246		218
MUFG Bank
4.100%, 09/09/2023 (D)		200		198
National Securities Clearing
1.500%, 04/23/2025 (D)		330		304
1.200%, 04/23/2023 (D)(F)		410		403
Nationwide Building Society
4.363%, ICE LIBOR USD 3 Month + 1.392%, 08/01/2024 (A)(D)		800		789
3.766%, ICE LIBOR USD 3 Month + 1.064%, 03/08/2024 (A)(D)		1,840		1,819
Nationwide Building Society MTN
2.972%, U.S. SOFR + 1.290%, 02/16/2028 (A)(D)(F)		1,375		1,182
Nationwide Mutual Insurance
5.583%, ICE LIBOR USD 3 Month + 2.290%, 12/15/2024 (A)(D)		3,735		3,735
NatWest Group
4.892%, ICE LIBOR USD 3 Month + 1.754%, 05/18/2029 (A)		200		182
4.519%, ICE LIBOR USD 3 Month + 1.550%, 06/25/2024 (A)		830		820
4.269%, ICE LIBOR USD 3 Month + 1.762%, 03/22/2025 (A)		1,500		1,458
1.642%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 0.900%, 06/14/2027 (A)		920		772
New York Life Global Funding
0.950%, 06/24/2025 (D)		340		305
Northwestern Mutual Life Insurance
3.625%, 09/30/2059 (D)		1,112		749
Ohio National Financial Services
6.050%, 01/24/2030 (D)(F)		625		579
ORIX
5.200%, 09/13/2032		1,130		1,075
Owl Rock Capital
3.400%, 07/15/2026 (F)		324		278


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Owl Rock Capital III
3.125%, 04/13/2027	$	400	$	324
Park Aerospace Holdings
5.500%, 02/15/2024 (D)(F)		212		208
4.500%, 03/15/2023 (D)(F)		2,070		2,058
Physicians Realty
2.625%, 11/01/2031		700		531
PNC Bank
3.875%, 04/10/2025		430		416
Principal Life Global Funding II
2.250%, 11/21/2024 (D)		1,465		1,378
1.250%, 06/23/2025 (D)		160		144
Prologis
4.625%, 01/15/2033		341		324
Prospect Capital
3.706%, 01/22/2026		500		433
Prudential Financial MTN
5.625%, 05/12/2041		10		9
Raymond James Financial
4.950%, 07/15/2046		180		159
Royal Bank of Canada MTN
1.600%, 04/17/2023 (F)		760		749
1.150%, 06/10/2025 (F)		460		415
S&P Global
4.750%, 08/01/2028 (D)(F)		1,215		1,186
Santander Holdings USA
4.500%, 07/17/2025		80		77
3.450%, 06/02/2025 (F)		640		599
Santander UK Group Holdings
4.796%, ICE LIBOR USD 3 Month + 1.570%, 11/15/2024 (A)		3,050		3,007
2.896%, U.S. SOFR + 1.475%, 03/15/2032 (A)		610		454
2.469%, U.S. SOFR + 1.220%, 01/11/2028 (A)		510		425
1.673%, U.S. SOFR + 0.989%, 06/14/2027 (A)		445		370
1.532%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.250%, 08/21/2026 (A)		235		204
1.089%, U.S. SOFR + 0.787%, 03/15/2025 (A)		2,475		2,285
SBL Holdings
5.000%, 02/18/2031 (D)		1,017		777
Scentre Group Trust 1
3.625%, 01/28/2026 (D)		635		594
Societe Generale
3.625%, 03/01/2041 (D)(F)		645		384
Societe Generale MTN
2.625%, 01/22/2025 (D)		735		680
State Street
3.300%, 12/16/2024 (F)		70		68


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Stewart Information Services
3.600%, 11/15/2031	$	396	$	305
Swedbank
1.300%, 06/02/2023 (D)		580		566
Teachers Insurance & Annuity Association of America
6.850%, 12/16/2039 (D)		124		135
4.900%, 09/15/2044 (D)		240		210
3.300%, 05/15/2050 (D)(F)		2,455		1,674
The Vanguard Group
3.050%, 08/22/2050		670		448
Toronto-Dominion Bank MTN
4.456%, 06/08/2032 (F)		2,190		2,000
2.800%, 03/10/2027 (F)		1,300		1,171
1.150%, 06/12/2025 (F)		460		413
0.750%, 06/12/2023 (F)		910		885
Truist Financial MTN
4.260%, U.S. SOFR + 1.456%, 07/28/2026 (A)		1,590		1,546
4.123%, U.S. SOFR + 1.368%, 06/06/2028 (A)		1,046		983
Trust Fibra Uno
6.390%, 01/15/2050 (D)		344		240
UBS MTN
4.500%, 06/26/2048 (D)		440		357
UBS Group
7.000%, USD Swap Semi 30/360 5 Yr Curr + 4.344%(A)(D)(G)		1,640		1,552
4.751%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.750%, 05/12/2028 (A)(D)(F)		360		338
4.488%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.550%, 05/12/2026 (A)(D)		1,005		969
4.253%, 03/23/2028 (D)(F)		350		322
4.125%, 09/24/2025 (D)		200		191
2.746%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.100%, 02/11/2033 (A)(D)		210		156
US Bancorp
4.967%, U.S. SOFR + 2.110%, 07/22/2033 (A)(F)		700		654
1.450%, 05/12/2025 (F)		1,020		936
Validus Holdings
8.875%, 01/26/2040		905		1,129
WEA Finance
4.750%, 09/17/2044 (D)		230		159
3.750%, 09/17/2024 (D)		990		935
Wells Fargo
7.950%, 11/15/2029 (F)		495		546
5.375%, 11/02/2043		400		346
3.000%, 10/23/2026 (F)		1,030		934


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.188%, U.S. SOFR + 2.000%, 04/30/2026 (A)	$	5,025	$	4,589
Wells Fargo MTN
5.013%, U.S. SOFR + 4.502%, 04/04/2051 (A)		4,525		3,906
4.900%, 11/17/2045 (F)		909		743
4.897%, U.S. SOFR + 2.100%, 07/25/2033 (A)		2,080		1,918
4.808%, U.S. SOFR + 1.980%, 07/25/2028 (A)		615		587
4.750%, 12/07/2046		700		560
4.650%, 11/04/2044		261		207
4.478%, U.S. SOFR + 4.032%, 04/04/2031 (A)(F)		2,630		2,406
4.400%, 06/14/2046 (F)		1,370		1,044
4.150%, 01/24/2029 (F)		1,010		929
4.125%, 08/15/2023 (F)		900		896
3.908%, U.S. SOFR + 1.320%, 04/25/2026 (A)		1,167		1,116
3.750%, 01/24/2024		250		246
3.526%, U.S. SOFR + 1.510%, 03/24/2028 (A)		6,890		6,240
3.350%, U.S. SOFR + 1.500%, 03/02/2033 (A)(F)		4,210		3,414
3.196%, ICE LIBOR USD 3 Month + 1.170%, 06/17/2027 (A)		1,550		1,411
2.879%, TSFR3M + 1.432%, 10/30/2030 (A)(F)		20		16
2.406%, U.S. SOFR + 1.087%, 10/30/2025 (A)(F)		1,005		938
2.393%, U.S. SOFR + 2.100%, 06/02/2028 (A)(F)		900		772
2.164%, ICE LIBOR USD 3 Month + 0.750%, 02/11/2026 (A)		2,265		2,085
Westpac Banking
2.668%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.750%, 11/15/2035 (A)		450		331
				403,181

Health Care — 3.2%
Abbott Laboratories
4.900%, 11/30/2046 (F)		470		450
4.750%, 11/30/2036 (F)		260		254
3.750%, 11/30/2026		463		449
AbbVie
4.875%, 11/14/2048		70		62
4.625%, 10/01/2042		38		32
4.550%, 03/15/2035		1,700		1,525
4.500%, 05/14/2035		510		454
4.450%, 05/14/2046		216		176
4.400%, 11/06/2042		1,000		830
4.300%, 05/14/2036		213		185


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.250%, 11/14/2028 (F)	$	335	$	315
4.250%, 11/21/2049		2,709		2,175
4.050%, 11/21/2039		762		613
3.800%, 03/15/2025 (F)		460		445
3.750%, 11/14/2023 (F)		100		99
3.600%, 05/14/2025 (F)		770		739
3.200%, 11/21/2029 (F)		2,198		1,924
2.950%, 11/21/2026		380		348
2.900%, 11/06/2022 (F)		10		10
2.600%, 11/21/2024		1,820		1,732
2.300%, 11/21/2022		2,846		2,839
Advocate Health & Hospitals
2.211%, 06/15/2030		1,615		1,309
Aetna
3.875%, 08/15/2047		90		66
2.800%, 06/15/2023		2,650		2,616
Alcon Finance
3.000%, 09/23/2029 (D)		1,975		1,666
Amgen
6.375%, 06/01/2037		910		968
5.150%, 11/15/2041		332		303
4.875%, 03/01/2053		509		448
4.663%, 06/15/2051		269		226
4.400%, 05/01/2045		375		306
4.050%, 08/18/2029		769		708
3.625%, 05/22/2024		130		128
3.150%, 02/21/2040		190		137
3.000%, 02/22/2029 (F)		600		525
3.000%, 01/15/2052		1,128		705
2.770%, 09/01/2053		263		153
2.000%, 01/15/2032 (F)		1,515		1,152
AstraZeneca
1.375%, 08/06/2030 (F)		297		229
Astrazeneca Finance
1.750%, 05/28/2028 (F)		1,036		871
Bausch Health
7.250%, 05/30/2029 (D)		170		65
6.250%, 02/15/2029 (D)		500		187
5.500%, 11/01/2025 (D)		20		16
Baxter International
3.950%, 04/01/2030		425		381
BayCare Health System
3.831%, 11/15/2050		1,595		1,269
Bayer US Finance
3.375%, 10/08/2024 (D)		800		770
Bayer US Finance II
4.875%, 06/25/2048 (D)(F)		1,795		1,466
4.700%, 07/15/2064 (D)(F)		210		154
4.625%, 06/25/2038 (D)		420		348
4.375%, 12/15/2028 (D)		4,578		4,188
4.250%, 12/15/2025 (D)(F)		520		498


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Becton Dickinson
4.685%, 12/15/2044	$	264	$	225
3.734%, 12/15/2024		287		277
3.700%, 06/06/2027 (F)		121		113
3.363%, 06/06/2024		758		737
Becton Dickinson and
1.957%, 02/11/2031 (F)		233		180
Biogen
3.250%, 02/15/2051 (F)		134		87
Bon Secours Mercy Health
3.464%, 06/01/2030 (F)		855		751
Bristol-Myers Squibb
4.550%, 02/20/2048		129		113
4.350%, 11/15/2047		51		44
3.700%, 03/15/2052		895		685
3.400%, 07/26/2029		124		112
3.200%, 06/15/2026 (F)		506		479
2.950%, 03/15/2032		1,130		965
2.900%, 07/26/2024		785		761
2.750%, 02/15/2023 (F)		300		299
Centene
4.625%, 12/15/2029		390		350
4.250%, 12/15/2027 (F)		260		238
3.375%, 02/15/2030		230		188
3.000%, 10/15/2030		3,732		2,955
2.625%, 08/01/2031		40		30
2.500%, 03/01/2031		275		207
2.450%, 07/15/2028 (F)		1,514		1,233
Cigna
4.900%, 12/15/2048 (F)		830		717
4.800%, 08/15/2038		1,144		1,014
4.375%, 10/15/2028		810		765
4.125%, 11/15/2025 (F)		290		282
3.875%, 10/15/2047		570		418
3.750%, 07/15/2023		462		459
3.400%, 03/01/2027		380		349
3.400%, 03/15/2050		268		181
3.400%, 03/15/2051		588		401
CommonSpirit Health
4.350%, 11/01/2042		480		378
4.187%, 10/01/2049 (F)		635		475
2.782%, 10/01/2030		1,970		1,572
CSL Finance
4.750%, 04/27/2052 (D)		554		477
4.050%, 04/27/2029 (D)(F)		295		272
3.850%, 04/27/2027 (D)		148		140
CVS Health
5.125%, 07/20/2045		670		587
5.050%, 03/25/2048 (F)		5,006		4,409
4.780%, 03/25/2038		565		495
4.300%, 03/25/2028		1,752		1,652
4.250%, 04/01/2050 (F)		30		23


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.125%, 04/01/2040	$	160	$	127
3.875%, 07/20/2025 (F)		515		499
3.750%, 04/01/2030		540		480
3.625%, 04/01/2027 (F)		360		337
3.000%, 08/15/2026		317		292
2.700%, 08/21/2040		500		328
2.125%, 09/15/2031 (F)		370		285
1.875%, 02/28/2031		110		84
CVS Pass-Through Trust
5.926%, 01/10/2034 (D)		65		64
Danaher
2.800%, 12/10/2051		234		151
2.600%, 10/01/2050		349		215
DH Europe Finance II Sarl
2.200%, 11/15/2024 (F)		805		761
2.050%, 11/15/2022		468		467
Elevance Health
4.625%, 05/15/2042		41		35
4.550%, 05/15/2052		250		211
4.100%, 05/15/2032		270		244
3.650%, 12/01/2027 (F)		220		205
3.500%, 08/15/2024 (F)		90		88
3.350%, 12/01/2024		1,425		1,371
2.950%, 12/01/2022		661		660
Fresenius Medical Care US Finance III
1.875%, 12/01/2026 (D)		1,345		1,124
Gilead Sciences
5.650%, 12/01/2041		35		34
4.750%, 03/01/2046		380		331
4.600%, 09/01/2035		500		452
4.500%, 02/01/2045		10		8
4.000%, 09/01/2036		262		218
3.700%, 04/01/2024		410		404
3.650%, 03/01/2026		460		437
2.800%, 10/01/2050		474		293
2.600%, 10/01/2040		508		335
HCA
5.875%, 02/01/2029		410		399
5.625%, 09/01/2028 (F)		60		57
5.500%, 06/15/2047		1,555		1,314
5.375%, 02/01/2025 (F)		160		158
5.375%, 09/01/2026		155		150
5.250%, 04/15/2025 (F)		820		803
5.250%, 06/15/2026		650		628
5.250%, 06/15/2049		2,150		1,748
4.625%, 03/15/2052 (D)(F)		1,474		1,107
4.500%, 02/15/2027 (F)		20		19
4.125%, 06/15/2029		1,500		1,315
3.625%, 03/15/2032 (D)(F)		840		680
3.500%, 09/01/2030 (F)		790		652
2.375%, 07/15/2031		945		699


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Humana
4.950%, 10/01/2044	$	60	$	53
4.800%, 03/15/2047		30		26
4.625%, 12/01/2042		170		145
4.500%, 04/01/2025 (F)		80		79
3.950%, 03/15/2027		70		66
3.850%, 10/01/2024		1,470		1,433
3.700%, 03/23/2029		3,205		2,874
3.150%, 12/01/2022		560		559
2.150%, 02/03/2032 (F)		130		99
Johnson & Johnson
3.700%, 03/01/2046 (F)		170		139
3.625%, 03/03/2037		260		225
3.500%, 01/15/2048 (F)		92		73
3.400%, 01/15/2038		173		144
2.625%, 01/15/2025		86		83
2.450%, 09/01/2060 (F)		935		547
0.950%, 09/01/2027 (F)		610		516
0.550%, 09/01/2025		300		268
Medtronic
4.625%, 03/15/2045		9		8
Merck
1.450%, 06/24/2030		300		235
0.750%, 02/24/2026 (F)		530		465
New York and Presbyterian Hospital
3.563%, 08/01/2036		730		608
Pfizer
4.000%, 12/15/2036		815		721
2.625%, 04/01/2030		440		378
2.550%, 05/28/2040		1,020		718
1.750%, 08/18/2031		594		464
1.700%, 05/28/2030 (F)		420		335
0.800%, 05/28/2025 (F)		670		608
Roche Holdings
2.607%, 12/13/2051 (D)		425		277
2.076%, 12/13/2031 (D)		1,051		842
Royalty Pharma
1.200%, 09/02/2025		535		473
0.750%, 09/02/2023		925		886
RWJ Barnabas Health
3.949%, 07/01/2046 (F)		1,030		843
Shire Acquisitions Investments Ireland DAC
2.875%, 09/23/2023		934		913
Smith & Nephew
2.032%, 10/14/2030 (F)		670		502
STERIS Irish FinCo UnLtd
3.750%, 03/15/2051		270		186
Takeda Pharmaceutical
5.000%, 11/26/2028 (F)		460		445
4.400%, 11/26/2023 (F)		2,174		2,160
3.175%, 07/09/2050 (F)		376		250
3.025%, 07/09/2040		362		256


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.050%, 03/31/2030	$	781	$	617
Tenet Healthcare
4.375%, 01/15/2030 (D)		20		17
Teva Pharmaceutical Finance BV
2.950%, 12/18/2022		190		188
Teva Pharmaceutical Finance Netherlands III BV
7.125%, 01/31/2025		390		380
6.000%, 04/15/2024		200		194
5.125%, 05/09/2029 (F)		1,780		1,468
4.750%, 05/09/2027		200		170
3.150%, 10/01/2026 (F)		1,500		1,231
2.800%, 07/21/2023		520		503
Thermo Fisher Scientific
2.800%, 10/15/2041		471		329
2.000%, 10/15/2031 (F)		496		391
1.750%, 10/15/2028 (F)		295		247
UnitedHealth Group
5.800%, 03/15/2036		280		285
4.750%, 05/15/2052		555		496
4.625%, 07/15/2035		985		906
4.450%, 12/15/2048		90		77
4.250%, 04/15/2047		450		371
4.250%, 06/15/2048		110		91
4.200%, 05/15/2032		290		269
4.000%, 05/15/2029		871		812
3.875%, 12/15/2028		170		159
3.875%, 08/15/2059 (F)		360		268
3.750%, 07/15/2025		270		262
3.700%, 08/15/2049		150		113
3.500%, 06/15/2023 (F)		150		149
3.250%, 05/15/2051		950		659
3.125%, 05/15/2060 (F)		50		32
3.050%, 05/15/2041 (F)		154		112
2.900%, 05/15/2050		522		343
2.875%, 03/15/2023		50		50
2.750%, 05/15/2040		225		158
2.375%, 10/15/2022		70		70
2.300%, 05/15/2031 (F)		80		64
2.000%, 05/15/2030		140		113
1.250%, 01/15/2026		170		152
Universal Health Services
1.650%, 09/01/2026 (D)		685		574
Viatris
4.000%, 06/22/2050		675		404
2.700%, 06/22/2030		140		104
Wyeth
5.950%, 04/01/2037		470		495
				117,103


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Industrials — 2.2%
3M
3.700%, 04/15/2050 (F)	$	660	$	480
3.050%, 04/15/2030 (F)		90		77
2.375%, 08/26/2029 (F)		390		320
Adani International Container Terminal Pvt
3.000%, 02/16/2031 (D)		262		201
ADT Security
4.125%, 08/01/2029 (D)		20		17
AerCap Ireland Capital DAC
4.875%, 01/16/2024 (F)		1,500		1,476
3.875%, 01/23/2028 (F)		345		298
3.500%, 01/15/2025 (F)		232		218
3.300%, 01/30/2032		3,775		2,839
3.150%, 02/15/2024		560		538
3.000%, 10/29/2028 (F)		2,375		1,905
2.450%, 10/29/2026		4,180		3,526
1.650%, 10/29/2024 (F)		1,395		1,274
1.150%, 10/29/2023 (F)		1,765		1,677
Air Lease
3.625%, 04/01/2027		221		196
3.625%, 12/01/2027		216		187
3.375%, 07/01/2025		310		289
3.250%, 03/01/2025		1,645		1,541
Air Lease MTN
2.300%, 02/01/2025 (F)		355		327
Allied Universal Holdco
6.625%, 07/15/2026 (D)		20		18
Boeing
5.930%, 05/01/2060 (F)		160		137
5.805%, 05/01/2050		1,390		1,208
5.705%, 05/01/2040		690		603
5.150%, 05/01/2030 (F)		940		870
4.875%, 05/01/2025 (F)		2,075		2,025
3.750%, 02/01/2050 (F)		992		646
3.625%, 03/01/2048 (F)		23		14
3.550%, 03/01/2038		196		134
3.250%, 02/01/2035		1,569		1,108
3.200%, 03/01/2029 (F)		490		409
3.100%, 05/01/2026 (F)		160		146
2.800%, 03/01/2027		190		167
2.700%, 02/01/2027		140		121
2.196%, 02/04/2026 (F)		2,047		1,817
1.433%, 02/04/2024		2,065		1,962
Builders FirstSource
4.250%, 02/01/2032 (D)		80		61
Burlington Northern Santa Fe
7.290%, 06/01/2036		90		102
5.400%, 06/01/2041		50		49
4.150%, 12/15/2048		150		125
4.050%, 06/15/2048		124		101
2.875%, 06/15/2052		120		78


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Canadian National Railway
4.400%, 08/05/2052	$	307	$	264
3.850%, 08/05/2032		462		421
Canadian Pacific Railway
6.125%, 09/15/2115		44		42
3.000%, 12/02/2041		195		138
2.450%, 12/02/2031 (F)		119		95
1.750%, 12/02/2026		142		124
1.350%, 12/02/2024 (F)		728		673
Carrier Global
3.577%, 04/05/2050		30		21
Cintas No. 2
4.000%, 05/01/2032		1,190		1,092
3.700%, 04/01/2027		400		379
CoStar Group
2.800%, 07/15/2030 (D)		830		655
Crowley Conro
4.181%, 08/15/2043		415		388
CSX
4.100%, 11/15/2032 (F)		769		698
Deere
3.750%, 04/15/2050 (F)		530		432
3.100%, 04/15/2030 (F)		100		89
Delta Air Lines
7.375%, 01/15/2026 (F)		580		586
7.000%, 05/01/2025 (D)		2,410		2,426
4.750%, 10/20/2028 (D)		2,170		2,021
4.500%, 10/20/2025 (D)		490		476
4.375%, 04/19/2028 (F)		153		129
3.800%, 04/19/2023		381		377
2.900%, 10/28/2024 (F)		60		56
Delta Air Lines Pass-Through Trust, Ser 2020-1, Cl AA
2.000%, 06/10/2028 (F)		3,522		2,987
DP World MTN
5.625%, 09/25/2048 (D)		990		864
Eaton
7.625%, 04/01/2024		75		78
4.150%, 11/02/2042		140		115
Emerson Electric
2.800%, 12/21/2051		280		179
Equifax
3.950%, 06/15/2023		1,612		1,604
2.600%, 12/15/2025 (F)		255		233
GE Capital International Funding Unlimited
4.418%, 11/15/2035		1,197		1,072
General Dynamics
4.250%, 04/01/2040		880		771
4.250%, 04/01/2050		200		173
3.500%, 05/15/2025 (F)		60		58
3.250%, 04/01/2025		160		155


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
General Electric MTN
6.750%, 03/15/2032	$	720	$	778
3.385%, ICE LIBOR USD 3 Month + 0.480%, 08/15/2036 (A)		2,400		1,997
GFL Environmental
4.250%, 06/01/2025 (D)		250		234
H&E Equipment Services
3.875%, 12/15/2028 (D)(F)		70		55
Hawaiian Brand Intellectual Property
5.750%, 01/20/2026 (D)		50		44
Honeywell International
1.350%, 06/01/2025 (F)		310		285
John Deere Capital MTN
4.150%, 09/15/2027		1,539		1,493
3.350%, 04/18/2029 (F)		1,255		1,133
2.350%, 03/08/2027		733		661
2.125%, 03/07/2025		441		415
L3Harris Technologies
5.054%, 04/27/2045		180		159
4.854%, 04/27/2035		80		72
Lockheed Martin
4.500%, 05/15/2036		90		82
4.150%, 06/15/2053 (F)		1,220		1,020
4.070%, 12/15/2042		91		77
3.900%, 06/15/2032 (F)		230		213
3.550%, 01/15/2026 (F)		1,188		1,148
Mileage Plus Holdings
6.500%, 06/20/2027 (D)		485		474
Northrop Grumman
5.250%, 05/01/2050		350		334
4.400%, 05/01/2030 (F)		1,048		990
4.030%, 10/15/2047		192		153
3.250%, 08/01/2023 (F)		716		710
3.250%, 01/15/2028		1,074		977
2.930%, 01/15/2025		810		772
Otis Worldwide
3.112%, 02/15/2040		335		236
2.056%, 04/05/2025		220		204
Parker-Hannifin
4.500%, 09/15/2029		595		561
4.250%, 09/15/2027 (F)		1,652		1,573
2.700%, 06/14/2024		400		385
Prime Security Services Borrower
5.750%, 04/15/2026 (D)		320		301
Protective Life Global Funding
1.618%, 04/15/2026 (D)(F)		2,170		1,921
Quanta Services
0.950%, 10/01/2024		584		533
Raytheon Technologies
4.625%, 11/16/2048 (F)		51		44
4.500%, 06/01/2042		170		145
4.450%, 11/16/2038		63		55


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.150%, 05/15/2045	$	59	$	47
4.125%, 11/16/2028		280		262
3.950%, 08/16/2025 (F)		510		498
3.150%, 12/15/2024		200		195
2.250%, 07/01/2030		420		339
Republic Services
3.950%, 05/15/2028		335		313
2.500%, 08/15/2024 (F)		385		368
1.450%, 02/15/2031		1,650		1,232
Siemens Financieringsmaatschappij
1.200%, 03/11/2026 (D)		1,120		977
Spirit Loyalty Cayman
8.000%, 09/20/2025 (D)		375		377
Triton Container International
2.050%, 04/15/2026 (D)(F)		755		641
Union Pacific
4.950%, 09/09/2052		700		653
3.839%, 03/20/2060		1,030		765
3.750%, 07/15/2025 (F)		340		332
3.750%, 02/05/2070 (F)		230		161
3.375%, 02/14/2042 (F)		352		268
3.250%, 02/05/2050		480		338
2.891%, 04/06/2036		1,595		1,215
2.800%, 02/14/2032 (F)		421		351
2.375%, 05/20/2031 (F)		310		252
United Airlines
4.625%, 04/15/2029 (D)		510		422
4.375%, 04/15/2026 (D)		300		268
United Parcel Service
5.200%, 04/01/2040 (F)		240		234
United Rentals North America
4.875%, 01/15/2028 (F)		150		138
3.875%, 11/15/2027		100		89
3.875%, 02/15/2031		920		748
3.750%, 01/15/2032		300		236
US Airways Pass-Through Trust, Ser 2012-2, Cl A
4.625%, 06/03/2025		451		407
Vertiv Group
4.125%, 11/15/2028 (D)		140		113
XPO Logistics
6.250%, 05/01/2025 (D)(F)		32		32
				81,663

Information Technology — 1.9%
Advanced Micro Devices
3.924%, 06/01/2032 (F)		945		856
Apple
4.375%, 05/13/2045		360		323
4.250%, 02/09/2047		162		144
4.100%, 08/08/2062 (F)		1,247		1,022
3.950%, 08/08/2052 (F)		616		514


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.850%, 05/04/2043	$	220	$	185
3.350%, 08/08/2032 (F)		769		685
3.250%, 08/08/2029 (F)		1,231		1,124
3.200%, 05/13/2025 (F)		64		62
3.200%, 05/11/2027 (F)		232		218
2.800%, 02/08/2061 (F)		208		129
2.650%, 05/11/2050		451		297
2.650%, 02/08/2051		200		131
2.450%, 08/04/2026		1,410		1,300
2.400%, 08/20/2050 (F)		38		24
2.375%, 02/08/2041 (F)		239		165
1.400%, 08/05/2028 (F)		580		483
1.125%, 05/11/2025		1,110		1,018
Broadcom
4.926%, 05/15/2037 (D)		966		797
4.300%, 11/15/2032		1,225		1,029
4.150%, 11/15/2030 (F)		716		620
4.150%, 04/15/2032 (D)		441		369
3.469%, 04/15/2034 (D)		655		491
3.419%, 04/15/2033 (D)		1,924		1,468
3.187%, 11/15/2036 (D)		10		7
3.150%, 11/15/2025 (F)		384		360
3.137%, 11/15/2035 (D)		1,960		1,373
2.450%, 02/15/2031 (D)		512		386
CommScope
6.000%, 03/01/2026 (D)		200		184
4.750%, 09/01/2029 (D)		140		114
Corning
5.450%, 11/15/2079		725		593
Dell International
6.100%, 07/15/2027		298		300
6.020%, 06/15/2026		39		39
3.450%, 12/15/2051 (D)(F)		873		496
3.375%, 12/15/2041 (D)		728		450
Intel
5.050%, 08/05/2062		307		266
4.900%, 08/05/2052		861		760
4.750%, 03/25/2050		470		406
3.700%, 07/29/2025		223		217
3.250%, 11/15/2049		380		252
3.050%, 08/12/2051 (F)		270		173
2.800%, 08/12/2041 (F)		766		516
1.600%, 08/12/2028 (F)		540		446
International Business Machines
3.000%, 05/15/2024		1,510		1,469
KLA
4.950%, 07/15/2052 (F)		272		247
3.300%, 03/01/2050 (F)		701		492
Kyndryl Holdings
2.050%, 10/15/2026		1,350		1,084
Lenovo Group
6.536%, 07/27/2032 (D)(F)		585		538


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Marvell Technology
1.650%, 04/15/2026 (F)	$	1,030	$	900
Mastercard
3.850%, 03/26/2050		80		64
3.375%, 04/01/2024		80		79
Microsoft
4.100%, 02/06/2037 (F)		251		232
3.625%, 12/15/2023 (F)		89		88
3.500%, 02/12/2035		156		140
3.450%, 08/08/2036 (F)		565		495
3.300%, 02/06/2027		1,550		1,477
3.041%, 03/17/2062		199		136
2.921%, 03/17/2052		365		257
2.875%, 02/06/2024		1,010		990
2.700%, 02/12/2025		250		240
2.675%, 06/01/2060 (F)		41		26
2.525%, 06/01/2050		546		357
2.400%, 08/08/2026		1,410		1,305
2.375%, 05/01/2023 (F)		20		20
NVIDIA
3.700%, 04/01/2060		310		222
3.500%, 04/01/2040		430		334
3.500%, 04/01/2050		1,200		878
2.850%, 04/01/2030		1,000		857
NXP BV
4.400%, 06/01/2027		355		335
3.400%, 05/01/2030		407		339
3.250%, 05/11/2041		321		210
2.700%, 05/01/2025		280		260
2.650%, 02/15/2032		606		455
Open Text Holdings
4.125%, 02/15/2030 (D)		20		16
4.125%, 12/01/2031 (D)		30		23
Oracle
4.375%, 05/15/2055 (F)		197		135
4.000%, 07/15/2046		564		381
3.950%, 03/25/2051		2,952		1,958
3.900%, 05/15/2035		1,720		1,318
3.800%, 11/15/2037		2,255		1,636
3.650%, 03/25/2041		800		544
3.600%, 04/01/2040		915		621
3.600%, 04/01/2050		1,150		720
2.950%, 11/15/2024 (F)		315		301
2.950%, 04/01/2030		860		693
2.875%, 03/25/2031 (F)		1,320		1,041
1.650%, 03/25/2026		1,030		902
PayPal Holdings
5.050%, 06/01/2052 (F)		1,235		1,100
2.300%, 06/01/2030 (F)		2,845		2,314
1.650%, 06/01/2025 (F)		400		368
Prosus
3.832%, 02/08/2051 (D)		320		177


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Prosus MTN
4.027%, 08/03/2050 (D)	$	730	$	407
3.061%, 07/13/2031 (D)(F)		2,100		1,442
Roper Technologies
1.000%, 09/15/2025		420		373
Salesforce
3.700%, 04/11/2028		670		635
3.250%, 04/11/2023		480		478
Sprint
7.875%, 09/15/2023		110		111
Sprint Capital
8.750%, 03/15/2032		590		684
Tencent Holdings MTN
3.975%, 04/11/2029 (D)		600		538
3.840%, 04/22/2051 (D)		1,225		800
3.680%, 04/22/2041 (D)		680		488
Texas Instruments
4.150%, 05/15/2048 (F)		300		256
1.750%, 05/04/2030 (F)		290		232
TSMC Arizona
1.750%, 10/25/2026		1,300		1,143
TSMC Global
4.625%, 07/22/2032 (D)		400		379
1.375%, 09/28/2030 (D)		1,365		1,012
Visa
4.300%, 12/14/2045		690		601
3.650%, 09/15/2047		235		184
3.150%, 12/14/2025 (F)		1,410		1,346
VMware
4.700%, 05/15/2030		589		530
1.800%, 08/15/2028		177		140
1.400%, 08/15/2026 (F)		1,025		877
1.000%, 08/15/2024		1,019		943
0.600%, 08/15/2023 (F)		1,435		1,382
Vontier
2.950%, 04/01/2031		425		306
1.800%, 04/01/2026		495		421
Workday
3.800%, 04/01/2032 (F)		1,370		1,189
3.700%, 04/01/2029		300		269
3.500%, 04/01/2027		180		166
Xilinx
2.375%, 06/01/2030 (F)		251		207
				67,105

Materials — 0.9%
Amcor Finance USA
3.625%, 04/28/2026		2,425		2,264
Anglo American Capital
4.750%, 04/10/2027 (D)(F)		720		681
4.750%, 03/16/2052 (D)		746		571
4.000%, 09/11/2027 (D)		200		183


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.875%, 03/16/2029 (D)	$	679	$	583
3.625%, 09/11/2024 (D)		710		687
ArcelorMittal
7.000%, 10/15/2039 (F)		120		113
Ball
3.125%, 09/15/2031		370		279
Barrick
5.250%, 04/01/2042		80		73
Barrick North America Finance
5.750%, 05/01/2043 (F)		290		273
5.700%, 05/30/2041		509		483
Berry Global
1.650%, 01/15/2027		2,985		2,475
BHP Billiton Finance USA
5.000%, 09/30/2043 (F)		410		389
4.125%, 02/24/2042		40		34
Celanese US Holdings
6.379%, 07/15/2032 (F)		880		818
6.330%, 07/15/2029		990		923
6.050%, 03/15/2025		2,425		2,369
Dow Chemical
7.375%, 11/01/2029 (F)		774		841
5.250%, 11/15/2041		25		22
4.800%, 05/15/2049		360		296
3.600%, 11/15/2050 (F)		298		203
DuPont de Nemours
4.493%, 11/15/2025		830		815
Equate Petrochemical BV MTN
4.250%, 11/03/2026 (D)		480		452
First Quantum Minerals
6.875%, 10/15/2027 (D)		220		198
Freeport-McMoRan
5.450%, 03/15/2043 (F)		785		655
5.250%, 09/01/2029 (F)		1,343		1,248
4.625%, 08/01/2030 (F)		180		158
4.550%, 11/14/2024		40		39
3.875%, 03/15/2023		20		20
Glencore Finance Canada
6.900%, 11/15/2037 (D)		338		338
6.000%, 11/15/2041 (D)(F)		38		34
Glencore Funding
4.125%, 05/30/2023 (D)(F)		200		199
4.125%, 03/12/2024 (D)(F)		1,340		1,317
4.000%, 03/27/2027 (D)		1,200		1,118
3.875%, 10/27/2027 (D)		220		200
3.000%, 10/27/2022 (D)		30		30
Hudbay Minerals
6.125%, 04/01/2029 (D)		20		16
Industrias Penoles
4.150%, 09/12/2029 (D)		1,005		869
International Flavors & Fragrances
5.000%, 09/26/2048		1,505		1,255


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.230%, 10/01/2025 (D)	$	1,835	$	1,608
Newcrest Finance Pty
3.250%, 05/13/2030 (D)		630		525
OCP
5.125%, 06/23/2051 (D)		360		229
4.500%, 10/22/2025 (D)		400		382
3.750%, 06/23/2031 (D)		410		310
Orbia Advance
2.875%, 05/11/2031 (D)(F)		780		567
1.875%, 05/11/2026 (D)		820		693
Rohm and Haas
7.850%, 07/15/2029		389		432
Sealed Air
1.573%, 10/15/2026 (D)(F)		795		666
Southern Copper
5.250%, 11/08/2042 (F)		2,220		1,945
Suzano Austria GmbH
3.750%, 01/15/2031		1,400		1,097
3.125%, 01/15/2032 (F)		70		50
Teck Resources
6.250%, 07/15/2041 (F)		5		5
6.000%, 08/15/2040		30		26
Vale Overseas
6.875%, 11/21/2036 (F)		874		830
6.250%, 08/10/2026 (F)		32		32
				32,918

Real Estate — 1.0%
Agree
2.600%, 06/15/2033		139		101
2.000%, 06/15/2028		613		494
American Assets Trust
3.375%, 02/01/2031 (F)		1,370		1,088
American Homes 4 Rent
4.300%, 04/15/2052		252		185
3.625%, 04/15/2032		3,139		2,589
American Tower
3.650%, 03/15/2027		434		397
2.700%, 04/15/2031		234		184
1.875%, 10/15/2030		1,430		1,058
AvalonBay Communities MTN
2.450%, 01/15/2031		1,155		942
Boston Properties
3.800%, 02/01/2024		1,250		1,229
3.400%, 06/21/2029		720		610
Brandywine Operating Partnership
3.950%, 11/15/2027		17		15
Brixmor Operating Partnership
2.500%, 08/16/2031 (F)		341		249
2.250%, 04/01/2028		197		159
Camden Property Trust
2.800%, 05/15/2030		265		222


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Crown Castle
2.900%, 04/01/2041 (F)	$	148	$	96
Crown Castle International
4.000%, 03/01/2027		148		138
3.300%, 07/01/2030		506		424
2.900%, 03/15/2027		961		853
1.050%, 07/15/2026		880		743
Equinix
3.900%, 04/15/2032		1,715		1,457
Essential Properties
2.950%, 07/15/2031		1,290		942
Essex Portfolio
2.550%, 06/15/2031		291		228
1.700%, 03/01/2028		739		599
Extra Space Storage
3.900%, 04/01/2029		281		250
2.350%, 03/15/2032		252		186
GLP Capital
5.375%, 04/15/2026 (F)		2,710		2,592
5.300%, 01/15/2029		1,480		1,349
5.250%, 06/01/2025 (F)		775		749
4.000%, 01/15/2030		200		167
3.350%, 09/01/2024		5		5
3.250%, 01/15/2032		35		26
Healthcare Realty Holdings
3.100%, 02/15/2030		1,645		1,347
Hudson Pacific Properties
4.650%, 04/01/2029 (F)		580		515
3.950%, 11/01/2027		1,246		1,112
Invitation Homes Operating Partnership
4.150%, 04/15/2032		1,604		1,356
Life Storage
3.875%, 12/15/2027		915		833
Mid-America Apartments
4.300%, 10/15/2023		289		287
4.000%, 11/15/2025		346		334
3.950%, 03/15/2029		283		257
MPT Operating Partnership
5.000%, 10/15/2027		90		78
4.625%, 08/01/2029		60		48
3.500%, 03/15/2031 (F)		400		279
Realty Income
3.400%, 01/15/2028		300		273
2.850%, 12/15/2032		408		327
2.200%, 06/15/2028		303		255
Regency Centers
2.950%, 09/15/2029		612		508
Rexford Industrial Realty
2.150%, 09/01/2031 (F)		312		234
Sabra Health Care
3.900%, 10/15/2029 (F)		715		583


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Simon Property Group
2.450%, 09/13/2029	$	1,020	$	830
STORE Capital
4.625%, 03/15/2029 (F)		359		343
4.500%, 03/15/2028		750		714
2.750%, 11/18/2030		499		440
2.700%, 12/01/2031		197		171
Sun Communities Operating
4.200%, 04/15/2032		564		472
2.300%, 11/01/2028		281		226
VICI Properties
5.750%, 02/01/2027 (D)		445		419
5.625%, 05/15/2052		627		519
5.125%, 05/15/2032 (F)		1,255		1,112
4.950%, 02/15/2030 (F)		30		27
4.625%, 06/15/2025 (D)		100		94
4.500%, 09/01/2026 (D)		375		343
4.500%, 01/15/2028 (D)		200		177
3.875%, 02/15/2029 (D)		705		591
3.750%, 02/15/2027 (D)		75		66
Welltower
4.500%, 01/15/2024		102		101

				35,597
Utilities — 1.8%
AEP Texas
6.650%, 02/15/2033		500		504
AES
1.375%, 01/15/2026		332		286
Alabama Power
3.700%, 12/01/2047 (F)		965		726
American Transmission Systems
2.650%, 01/15/2032 (D)		1,423		1,117
Baltimore Gas and Electric
2.250%, 06/15/2031		437		349
Berkshire Hathaway Energy
2.850%, 05/15/2051		1,060		652
Boston Gas
4.487%, 02/15/2042 (D)		35		28
CenterPoint Energy Houston Electric
3.600%, 03/01/2052		323		241
Cleco Power
6.000%, 12/01/2040		700		676
Comision Federal de Electricidad
3.875%, 07/26/2033 (D)(F)		270		188
Consolidated Edison of New York
4.650%, 12/01/2048		1,500		1,277
4.450%, 03/15/2044 (F)		1,120		928
3.950%, 04/01/2050		130		100
3.350%, 04/01/2030		180		158
Consumers Energy
2.650%, 08/15/2052		196		121


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.500%, 05/01/2060	$	249	$	137
Dominion Energy
3.071%, 08/15/2024 (C)		980		940
DTE Electric
3.650%, 03/01/2052 (F)		234		177
2.950%, 03/01/2050 (F)		511		342
DTE Energy
2.529%, 10/01/2024 (C)		830		788
1.050%, 06/01/2025		1,757		1,573
Duke Energy
5.000%, 08/15/2052		143		122
4.500%, 08/15/2032		832		752
4.300%, 03/15/2028		760		715
3.750%, 09/01/2046		91		64
3.500%, 06/15/2051 (F)		91		61
3.150%, 08/15/2027		280		253
2.550%, 06/15/2031 (F)		2,775		2,177
0.900%, 09/15/2025		705		624
Duke Energy Carolinas
4.250%, 12/15/2041 (F)		628		525
4.000%, 09/30/2042		1,000		804
3.550%, 03/15/2052		395		288
2.850%, 03/15/2032		543		450
2.550%, 04/15/2031		297		244
Duke Energy Florida
3.200%, 01/15/2027 (F)		1,080		1,013
2.400%, 12/15/2031		436		347
Duke Energy Indiana
4.200%, 03/15/2042		30		23
2.750%, 04/01/2050		280		174
Duke Energy Progress
4.100%, 05/15/2042 (F)		425		342
2.500%, 08/15/2050		441		261
Entergy Arkansas
2.650%, 06/15/2051 (F)		394		238
Evergy Metro
5.300%, 10/01/2041		100		94
Eversource Energy
4.600%, 07/01/2027 (F)		759		733
3.375%, 03/01/2032		273		230
2.900%, 10/01/2024		1,610		1,544
2.550%, 03/15/2031 (F)		316		253
1.400%, 08/15/2026		248		215
Exelon
5.625%, 06/15/2035		760		742
FirstEnergy
4.400%, 07/15/2027		940		872
1.600%, 01/15/2026		180		155
FirstEnergy Transmission
5.450%, 07/15/2044 (D)		35		32
Indiana Michigan Power
4.550%, 03/15/2046		325		272


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
ITC Holdings
4.050%, 07/01/2023	$	1,152	$	1,143
Jersey Central Power & Light
4.700%, 04/01/2024 (D)		700		689
2.750%, 03/01/2032 (D)		1,555		1,234
KeySpan Gas East
3.586%, 01/18/2052 (D)		2,295		1,480
2.742%, 08/15/2026 (D)		1,025		917
Metropolitan Edison
4.300%, 01/15/2029 (D)		514		480
3.500%, 03/15/2023 (D)		2,775		2,750
MidAmerican Energy
4.800%, 09/15/2043		830		746
2.700%, 08/01/2052 (F)		379		238
Mid-Atlantic Interstate Transmission
4.100%, 05/15/2028 (D)		162		150
Mississippi Power
4.250%, 03/15/2042		201		161
3.950%, 03/30/2028		523		482
3.100%, 07/30/2051		525		335
National Rural Utilities Cooperative Finance MTN
1.875%, 02/07/2025		275		257
NextEra Energy Capital Holdings
4.625%, 07/15/2027		1,006		972
0.650%, 03/01/2023		2,435		2,398
NiSource
5.800%, 02/01/2042		149		140
Northern States Power
3.200%, 04/01/2052		295		205
NSTAR Electric
4.950%, 09/15/2052		154		144
4.550%, 06/01/2052		355		308
3.100%, 06/01/2051		269		180
Oncor Electric Delivery
2.750%, 05/15/2030		1,065		913
Pacific Gas and Electric
5.250%, 03/01/2052 (F)		285		215
4.950%, 07/01/2050		590		432
4.750%, 02/15/2044		147		105
4.500%, 07/01/2040		150		109
4.200%, 06/01/2041		254		174
3.950%, 12/01/2047 (F)		733		466
3.500%, 08/01/2050		130		79
3.300%, 08/01/2040 (F)		60		38
2.500%, 02/01/2031		1,595		1,161
2.100%, 08/01/2027		1,529		1,236
1.700%, 11/15/2023		1,560		1,496
PacifiCorp
2.900%, 06/15/2052 (F)		1,330		851
PECO Energy
4.600%, 05/15/2052		1,000		881


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.150%, 10/01/2044	$	900	$	747
2.850%, 09/15/2051		528		340
Pennsylvania Electric
3.250%, 03/15/2028 (D)		425		378
Perusahaan Perseroan Persero Perusahaan Listrik Negara MTN
6.150%, 05/21/2048 (D)		500		414
Piedmont Natural Gas
5.050%, 05/15/2052		1,100		964
Public Service Electric and Gas MTN
3.700%, 05/01/2028		1,300		1,213
2.700%, 05/01/2050 (F)		239		150
2.050%, 08/01/2050		122		66
1.900%, 08/15/2031		586		458
Public Service Enterprise Group
2.450%, 11/15/2031		378		294
1.600%, 08/15/2030		337		253
Public Service of Oklahoma
3.150%, 08/15/2051		295		190
2.200%, 08/15/2031		292		227
Southern California Edison
4.125%, 03/01/2048		755		561
4.050%, 03/15/2042		5		4
3.700%, 08/01/2025		99		95
Southern California Gas
2.550%, 02/01/2030 (F)		900		757
Southern Gas Capital
5.875%, 03/15/2041 (F)		700		671
4.400%, 05/30/2047		500		393
Southwestern Electric Power
1.650%, 03/15/2026		1,575		1,389
Southwestern Public Service
3.750%, 06/15/2049 (F)		845		638
Texas Electric Market Stabilization Funding N
4.265%, 08/01/2034 (D)(F)		2,750		2,640
Trans-Allegheny Interstate Line
3.850%, 06/01/2025 (D)		207		199
Virginia Electric & Power
4.650%, 08/15/2043		585		503
Virginia Electric and Power
4.625%, 05/15/2052		328		284
2.950%, 11/15/2051		437		283
Vistra Operations
4.300%, 07/15/2029 (D)		1,590		1,355
WEC Energy Group
0.800%, 03/15/2024		595		560
Wisconsin Electric Power
4.750%, 09/30/2032		436		420


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
1.700%, 06/15/2028 (F)	$	255	$	213
				66,151

Total Corporate Obligations
(Cost $1,342,424) ($ Thousands)				1,156,803

U.S. TREASURY OBLIGATIONS — 24.1%
U.S. Cash Management Bill
3.204%, 12/27/2022 (I)		11,255		11,175
U.S. Treasury Bills
3.739%, 03/16/2023 (I)		6,470		6,361
2.506%, 11/10/2022 (I)		12,070		12,036
2.184%, 12/15/2022 (I)		3,530		3,510
1.281%, 10/20/2022 (I)		15,005		14,987
1.161%, 10/06/2022 (I)		2,735		2,734
U.S. Treasury Bonds
3.625%, 08/15/2043		240		224
3.375%, 08/15/2042		4,055		3,673
3.250%, 05/15/2042		4,995		4,433
3.000%, 08/15/2052		25,796		22,261
2.875%, 05/15/2052		15,462		12,966
2.375%, 02/15/2042		39,155		30,003
2.375%, 05/15/2051		9,300		6,958
2.250%, 05/15/2041		500		378
2.250%, 02/15/2052		38,359		27,870
2.000%, 11/15/2041		94,812		67,857
2.000%, 02/15/2050		4,840		3,325
2.000%, 08/15/2051		14,646		10,004
1.875%, 02/15/2041		1,382		979
1.875%, 02/15/2051		12,210		8,083
1.875%, 11/15/2051		11,797		7,801
1.750%, 08/15/2041 (J)		57,943		39,616
1.625%, 11/15/2050		10,924		6,782
1.375%, 11/15/2040		26,096		16,870
1.375%, 08/15/2050		38,780		22,455
1.250%, 05/15/2050		23,290		13,035
1.125%, 05/15/2040		13,102		8,187
1.125%, 08/15/2040		20,256		12,548
0.000%, 05/15/2049 (B)		5,380		1,989
U.S. Treasury Inflation Protected Securities
0.125%, 02/15/2052		2,105		1,331
U.S. Treasury Notes
4.250%, 09/30/2024		45,986		46,008
4.125%, 09/30/2027		82,324		82,594
3.500%, 09/15/2025		33,469		32,787
3.250%, 08/31/2024		34,570		33,946
3.250%, 06/30/2027		22,681		21,859
3.250%, 06/30/2029		2,594		2,479
3.125%, 08/15/2025		300		291
3.125%, 08/31/2027		1,803		1,729


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
3.125%, 08/31/2029	$	3,195	$	3,032
3.000%, 06/30/2024		737		721
3.000%, 07/31/2024		31,870		31,160
3.000%, 07/15/2025		8,100		7,829
2.875%, 04/30/2025		3,009		2,907
2.875%, 05/15/2032		860		795
2.750%, 04/30/2027		4,880		4,605
2.750%, 07/31/2027		38,440		36,197
2.750%, 02/15/2028		7,237		6,777
2.750%, 05/31/2029		3,582		3,317
2.750%, 08/15/2032		19,374		17,715
2.625%, 07/31/2029		20,569		18,901
2.500%, 04/30/2024		2,071		2,013
2.375%, 03/31/2029		13,070		11,834
2.250%, 11/15/2027		3,517		3,219
2.000%, 11/15/2026		5,213		4,787
1.625%, 05/15/2026		6,580		6,014
1.500%, 08/15/2026		18,401		16,643
1.500%, 01/31/2027		5,425		4,863
1.500%, 11/30/2028		2,552		2,200
1.375%, 10/31/2028 (J)		20,683		17,718
1.250%, 06/30/2028		10,002		8,572
1.250%, 09/30/2028		2,194		1,868
1.250%, 08/15/2031		690		558
1.000%, 07/31/2028		4,842		4,078
0.875%, 06/30/2026		1,989		1,761
0.750%, 05/31/2026		6,938		6,127
0.750%, 01/31/2028		849		715
0.625%, 11/30/2027		6,182		5,197
0.375%, 11/30/2025		3,245		2,877
0.375%, 01/31/2026		17,855		15,728
0.250%, 03/15/2024		3,532		3,331
0.250%, 08/31/2025		6,793		6,051
0.125%, 04/30/2023		6,713		6,563

Total U.S. Treasury Obligations
(Cost $992,886) ($ Thousands)				868,797

ASSET-BACKED SECURITIES — 9.2%
Automotive — 1.9%

Ally Auto Receivables Trust, Ser 2022-1, Cl A3
3.310%, 11/15/2026		828		810
Americredit Automobile Receivables Trust, Ser 2022-1, Cl A2
2.050%, 01/20/2026		1,268		1,256
Americredit Automobile Receivables Trust, Ser 2022-1, Cl A3
2.450%, 11/18/2026		274		266


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
AmeriCredit Automobile Receivables Trust, Ser 2022-2, Cl A3
4.380%, 04/18/2028	$	1,183	$	1,171
ARI Fleet Lease Trust, Ser 2022-A, Cl A2
3.120%, 01/15/2031 (D)		840		825
Avis Budget Rental Car Funding AESOP, Ser 2019-3A, Cl A
2.360%, 03/20/2026 (D)		665		623
Avis Budget Rental Car Funding AESOP, Ser 2020-1A, Cl A
2.330%, 08/20/2026 (D)		1,550		1,426
Avis Budget Rental Car Funding AESOP, Ser 2020-2A, Cl A
2.020%, 02/20/2027 (D)		2,800		2,495
Avis Budget Rental Car Funding AESOP, Ser 2021-2A, Cl A
1.660%, 02/20/2028 (D)		1,460		1,248
Avis Budget Rental Car Funding AESOP, Ser 2022-3A, Cl A
4.620%, 02/20/2027 (D)		1,232		1,192
Avis Budget Rental Car Funding AESOP, Ser 2022-4A, Cl A
4.770%, 02/20/2029 (D)		611		587
Capital One Prime Auto Receivables Trust, Ser 2022-2, Cl A3
3.660%, 05/17/2027		1,095		1,070
Chase Auto Owner Trust, Ser 2022-AA, Cl A4
3.990%, 03/27/2028 (D)		439		424
Chesapeake Funding II, Ser 2019-1A, Cl A1
2.940%, 04/15/2031 (D)		36		36
Chesapeake Funding II, Ser 2020-1A, Cl B
1.240%, 08/15/2032 (D)		1,455		1,402
Chesapeake Funding II, Ser 2020-1A, Cl D
2.830%, 08/15/2032 (D)		205		196
Donlen Fleet Lease Funding 2, Ser 2021-2, Cl A2
0.560%, 12/11/2034 (D)		909		878
Donlen Fleet Lease Funding 2, Ser 2021-2, Cl B
0.980%, 12/11/2034 (D)		575		537
Donlen Fleet Lease Funding 2, Ser 2021-2, Cl C
1.200%, 12/11/2034 (D)		1,010		940
Enterprise Fleet Funding, Ser 2021-1, Cl A3
0.700%, 12/21/2026 (D)		425		390
Ford Credit Auto Lease Trust, Ser 2022-A, Cl A3
3.230%, 05/15/2025		1,651		1,624
Ford Credit Auto Lease Trust, Ser 2022-A, Cl A4
3.370%, 07/15/2025		635		621


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Ford Credit Auto Owner Trust, Ser 2020-2, Cl A
1.060%, 04/15/2033 (D)	$	478	$	423
Ford Credit Auto Owner Trust, Ser 2022-1, Cl A
3.880%, 11/15/2034 (D)		2,218		2,117
Ford Credit Auto Owner Trust, Ser 2022-A, Cl A3
1.290%, 06/15/2026		436		416
Ford Credit Auto Owner Trust, Ser 2022-C, Cl A4
4.590%, 12/15/2027		1,097		1,086
Foursight Capital Automobile Receivables Trust, Ser 2022-1, Cl A2
1.150%, 09/15/2025 (D)		677		663
GLS Auto Receivables Issuer Trust, Ser 2021-3A, Cl A
0.420%, 01/15/2025 (D)		276		273
GM Financial Automobile Leasing Trust, Ser 2022-2, Cl A3
3.420%, 06/20/2025		666		653
GM Financial Automobile Leasing Trust, Ser 2022-2, Cl A4
3.540%, 05/20/2026		729		709
GM Financial Automobile Leasing Trust, Ser 2022-3, Cl A3
4.010%, 09/22/2025		840		829
GM Financial Automobile Leasing Trust, Ser 2022-3, Cl A4
4.110%, 08/20/2026		921		904
GM Financial Consumer Automobile Receivables Trust, Ser 2022-2, Cl A3
3.100%, 02/16/2027		1,894		1,835
GM Financial Consumer Automobile Receivables Trust, Ser 2022-2, Cl A4
3.250%, 04/17/2028		1,010		965
GM Financial Consumer Automobile Receivables Trust, Ser 2022-3, Cl A4
3.710%, 12/16/2027		563		544
Hertz Vehicle Financing III, Ser 2021-2A, Cl A
1.680%, 12/27/2027 (D)		780		667
Hertz Vehicle Financing III, Ser 2022-1A, Cl A
1.990%, 06/25/2026 (D)		2,664		2,429
Hertz Vehicle Financing, Ser 2022-2A, Cl A
2.330%, 06/26/2028 (D)		1,547		1,352
Hertz Vehicle Financing, Ser 2022-4A, Cl A
3.730%, 09/25/2026 (D)		363		348
Hertz Vehicle Financing, Ser 2022-5A, Cl A
3.890%, 09/25/2028 (D)		1,565		1,450


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Honda Auto Receivables Owner Trust, Ser 2022-2, Cl A3
3.730%, 07/20/2026	$	575	$	562
Honda Auto Receivables Owner Trust, Ser 2022-2, Cl A4
3.760%, 12/18/2028		419		407
Hyundai Auto Lease Securitization Trust, Ser 2022-C, Cl A3
4.380%, 10/15/2025 (D)		725		717
Hyundai Auto Lease Securitization Trust, Ser 2022-C, Cl A4
4.480%, 08/17/2026 (D)		900		889
Hyundai Auto Receivables Trust, Ser 2021-C, Cl A4
1.030%, 12/15/2027		566		514
Hyundai Auto Receivables Trust, Ser 2022-A, Cl A3
2.220%, 10/15/2026		1,061		1,017
Hyundai Auto Receivables Trust, Ser 2022-A, Cl A4
2.350%, 04/17/2028		361		337
JPMorgan Chase Bank - CACLN, Ser 2020-1, Cl B
0.991%, 01/25/2028 (D)		159		156
JPMorgan Chase Bank - CACLN, Ser 2020-2, Cl B
0.840%, 02/25/2028 (D)		328		320
JPMorgan Chase Bank - CACLN, Ser 2021-2, Cl B
0.889%, 12/26/2028 (D)		448		431
JPMorgan Chase Bank - CACLN, Ser 2021-3, Cl B
0.760%, 02/26/2029 (D)		1,153		1,103
Nissan Auto Lease Trust, Ser 2022-A, Cl A3
3.810%, 05/15/2025		1,228		1,214
Nissan Auto Receivables Owner Trust, Ser 2022-B, Cl A4
4.450%, 11/15/2029		818		802
PenFed Auto Receivables Owner Trust, Ser 2022-A, Cl A3
3.960%, 04/15/2026 (D)		648		638
PenFed Auto Receivables Owner Trust, Ser 2022-A, Cl A4
4.180%, 12/15/2028 (D)		318		311
Santander Drive Auto Receivables Trust, Ser 2021-2, Cl B
0.590%, 09/15/2025		1,841		1,832
Santander Drive Auto Receivables Trust, Ser 2021-2, Cl C
0.900%, 06/15/2026		850		828
Santander Drive Auto Receivables Trust, Ser 2022-2, Cl A2
2.120%, 10/15/2026		1,090		1,086


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust, Ser 2022-2, Cl A3
2.980%, 10/15/2026	$	1,980	$	1,941
Santander Drive Auto Receivables Trust, Ser 2022-3, Cl A3
3.400%, 12/15/2026		1,576		1,547
Santander Drive Auto Receivables Trust, Ser 2022-4, Cl A3
4.140%, 02/16/2027		935		924
Santander Drive Auto Receivables Trust, Ser 2022-5, Cl A3
4.110%, 08/17/2026		773		764
Santander Drive Auto Receivables Trust, Ser 2022-6, Cl A3
4.490%, 11/16/2026		2,530		2,508
Santander Retail Auto Lease Trust, Ser 2022-B, Cl A3
3.280%, 11/20/2025 (D)		1,115		1,085
Toyota Auto Loan Extended Note Trust, Ser 2019-1A, Cl A
2.560%, 11/25/2031 (D)		340		328
Toyota Auto Loan Extended Note Trust, Ser 2020-1A, Cl A
1.350%, 05/25/2033 (D)		640		584
Toyota Auto Loan Extended Note Trust, Ser 2022-1A, Cl A
3.820%, 04/25/2035 (D)		3,535		3,388
Toyota Auto Receivables Owner Trust, Ser 2021-D, Cl A3
0.710%, 04/15/2026		309		293
Toyota Auto Receivables Owner Trust, Ser 2022-B, Cl A4
3.110%, 08/16/2027		753		714
Toyota Auto Receivables Owner Trust, Ser 2022-C, Cl A3
3.760%, 04/15/2027		875		858
Toyota Auto Receivables Owner Trust, Ser 2022-C, Cl A4
3.770%, 02/15/2028		702		682
Volkswagen Auto Lease Trust, Ser 2022-A, Cl A3
3.440%, 07/21/2025		430		422
Westlake Automobile Receivables Trust, Ser 2019-3A, Cl C
2.490%, 10/15/2024 (D)		2		2
Westlake Automobile Receivables Trust, Ser 2021-1A, Cl A2A
0.390%, 10/15/2024 (D)		201		200
Wheels SPV 2, Ser 2020-1A, Cl A2
0.510%, 08/20/2029 (D)		609		601
World Omni Auto Receivables Trust, Ser 2022-C, Cl A3
3.660%, 10/15/2027		645		629


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
World Omni Automobile Lease Securitization Trust, Ser 2022-A, Cl A3
3.210%, 02/18/2025	$	710	$	696
World Omni Automobile Lease Securitization Trust, Ser 2022-A, Cl A4
3.340%, 06/15/2027		418		408
				69,418
Credit Cards — 0.7%

American Express Credit Account Master Trust, Ser 2022-2, Cl A
3.390%, 05/15/2027		3,404		3,293
American Express Credit Account Master Trust, Ser 2022-3, Cl A
3.750%, 08/15/2027		5,789		5,639
BA Credit Card Trust, Ser 2022-A1, Cl A1
3.530%, 11/15/2027		1,315		1,276
Capital One Multi-Asset Execution Trust, Ser 2021-A2, Cl A2
1.390%, 07/15/2030		1,036		860
Capital One Multi-Asset Execution Trust, Ser 2022-A2, Cl A
3.490%, 05/15/2027		931		903
Chase Issuance Trust, Ser 2022-A1, Cl A
3.970%, 09/15/2027		1,224		1,202
Citibank Credit Card Issuance Trust, Ser 2017-A6, Cl A6
3.553%, ICE LIBOR USD 1 Month + 0.770%, 05/14/2029 (A)		2,340		2,296
Discover Card Execution Note Trust, Ser 2022-A3, Cl A3
3.560%, 07/15/2027		4,851		4,714
Golden Credit Card Trust, Ser 2022-4A, Cl A
4.310%, 09/15/2027 (D)		1,940		1,906
Mercury Financial Credit Card Master Trust, Ser 2022-1A, Cl B
3.200%, 09/21/2026 (D)		580		525
Synchrony Card Funding, Ser 2022-A1, Cl A
3.370%, 04/15/2028		1,137		1,100
Synchrony Card Funding, Ser 2022-A2, Cl A
3.860%, 07/15/2028		1,114		1,084
				24,798
Mortgage Related Securities — 0.3%

Aegis Asset-Backed Securities Mortgage Pass Through Certificates, Ser 2003-3, Cl M1
4.134%, ICE LIBOR USD 1 Month + 1.050%, 01/25/2034 (A)		505		482


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Bayview Financial Mortgage Pass-Through Trust, Ser 2006-A, Cl M3
4.088%, ICE LIBOR USD 1 Month + 0.975%, 02/28/2041 (A)	$	207	$	206
Bear Stearns Asset-Backed Securities I Trust, Ser 2004-HE10, Cl M1
4.059%, ICE LIBOR USD 1 Month + 0.975%, 12/25/2034 (A)		233		227
Bear Stearns Asset-Backed Securities I Trust, Ser 2004-HE6, Cl M1
3.939%, ICE LIBOR USD 1 Month + 0.855%, 08/25/2034 (A)		2,599		2,465
Citigroup Mortgage Loan Trust, Ser 2006-HE2, Cl M1
3.519%, ICE LIBOR USD 1 Month + 0.435%, 08/25/2036 (A)		1,731		1,720
Master Asset-Backed Securities Trust, Ser 2007-HE1, Cl A4
3.364%, ICE LIBOR USD 1 Month + 0.280%, 05/25/2037 (A)		5,500		4,401
Morgan Stanley ABS Capital I Trust, Ser 2005-HE1, Cl M1
3.759%, ICE LIBOR USD 1 Month + 0.675%, 12/25/2034 (A)		243		235
				9,736
Other Asset-Backed Securities — 6.3%

Academic Loan Funding Trust, Ser 2012-1A, Cl A2
4.184%, ICE LIBOR USD 1 Month + 1.100%, 12/27/2044 (A)(D)		1,069		1,051
ACRES Commercial Realty, Ser 2021-FL1, Cl A
4.139%, ICE LIBOR USD 1 Month + 1.200%, 06/15/2036 (A)(D)		1,760		1,711
AIG CLO, Ser 2021-1A, Cl A1R
3.830%, ICE LIBOR USD 3 Month + 1.120%, 04/20/2032 (A)(D)		3,400		3,315
American Homes 4 Rent Trust, Ser 2015-SFR1, Cl A
3.467%, 04/17/2052 (D)		1,725		1,651
AMMC CLO XIII, Ser 2021-13A, Cl A1R2
3.833%, ICE LIBOR USD 3 Month + 1.050%, 07/24/2029 (A)(D)		3,023		2,983
Antares CLO, Ser 2021-1A, Cl A1R
4.243%, ICE LIBOR USD 3 Month + 1.460%, 10/23/2033 (A)(D)		1,400		1,318
Applebee's Funding, Ser 2019-1A, Cl A2I
4.194%, 06/05/2049 (D)		1,851		1,754
Aqua Finance Trust, Ser 2021-A, Cl A
1.540%, 07/17/2046 (D)		1,033		936


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Arbor Realty Commercial Real Estate Notes, Ser 2021-FL3, Cl A
3.888%, ICE LIBOR USD 1 Month + 1.070%, 08/15/2034 (A)(D)	$	3,213	$	3,085
Barings CLO, Ser 2017-IA, Cl AR
3.510%, ICE LIBOR USD 3 Month + 0.800%, 01/20/2028 (A)(D)		853		838
Brazos Higher Education Authority, Ser 2010-1, Cl A2
4.197%, ICE LIBOR USD 3 Month + 1.200%, 02/25/2035 (A)		3,015		2,998
Brazos Higher Education Authority, Ser 2011-2, Cl A3
3.783%, ICE LIBOR USD 3 Month + 1.000%, 10/27/2036 (A)		2,111		2,092
BSPRT Issuer, Ser 2019-FL5, Cl A
3.968%, ICE LIBOR USD 1 Month + 1.150%, 05/15/2029 (A)(D)		449		444
CARLYLE US CLO, Ser 2021-1A, Cl A2R
4.360%, ICE LIBOR USD 3 Month + 1.650%, 07/20/2034 (A)(D)		1,560		1,461
Cedar Funding XII CLO, Ser 2021-12A, Cl BR
4.383%, ICE LIBOR USD 3 Month + 1.600%, 10/25/2034 (A)(D)		3,000		2,792
Chase Funding Mortgage Loan Asset-Backed Certificates, Ser 2003-6, Cl 1A5
4.888%, 11/25/2034 (C)		25		24
CIFC Funding, Ser 2021-7A, Cl A1
3.913%, ICE LIBOR USD 3 Month + 1.130%, 01/23/2035 (A)(D)		3,500		3,333
CIT Education Loan Trust, Ser 2007-1, Cl A
3.731%, ICE LIBOR USD 3 Month + 0.090%, 03/25/2042 (A)(D)		827		789
Citicorp Residential Mortgage Trust, Ser 2007-1, Cl A5
5.010%, 03/25/2037 (C)		747		725
Citigroup Mortgage LoanTrust, Ser 2021-INV2, Cl A3A
2.500%, 05/25/2051 (A)(D)		501		398
CNH Equipment Trust, Ser 2022-B, Cl A3
3.890%, 08/16/2027		1,360		1,329
College Ave Student Loans, Ser 2021-C, Cl A2
2.320%, 07/26/2055 (D)		793		678
College Avenue Student Loans, Ser 2017-A, Cl A1
4.734%, ICE LIBOR USD 1 Month + 1.650%, 11/26/2046 (A)(D)		354		349
College Avenue Student Loans, Ser 2018-A, Cl A2
4.130%, 12/26/2047 (D)		231		215


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
College Avenue Student Loans, Ser 2019-A, Cl A2
3.280%, 12/28/2048 (D)	$	446	$	406
College Avenue Student Loans, Ser 2021-A, Cl A2
1.600%, 07/25/2051 (D)		563		467
College Avenue Student Loans, Ser 2021-B, Cl A2
1.760%, 06/25/2052 (D)		382		328
Countrywide Asset-Backed Certificates, Ser 2004-5, Cl 1A
3.584%, ICE LIBOR USD 1 Month + 0.500%, 10/25/2034 (A)		315		298
Countrywide Asset-Backed Certificates, Ser 2004-6, Cl 1A1
3.624%, ICE LIBOR USD 1 Month + 0.540%, 12/25/2034 (A)		221		209
Countrywide Asset-Backed Certificates, Ser 2007-13, Cl 2A2
3.884%, ICE LIBOR USD 1 Month + 0.800%, 10/25/2047 (A)		1,173		1,095
Countrywide Home Equity Loan Trust, Ser 2006-F, Cl 2A1A
2.958%, ICE LIBOR USD 1 Month + 0.140%, 07/15/2036 (A)		202		184
CSEMC, Ser 2020-1, Cl A
7.252%, 08/09/2024		1,263		1,235
Dividend Solar Loans, Ser 2019-1, Cl A
3.670%, 08/22/2039 (D)		1,160		1,045
DLLST, Ser 2022-1A, Cl A3
3.400%, 01/21/2025 (D)		2,440		2,371
Dryden 77 CLO, Ser 2021-77A, Cl BR
4.634%, ICE LIBOR USD 3 Month + 1.650%, 05/20/2034 (A)(D)		1,475		1,371
Dryden XXVI Senior Loan Fund, Ser 2018-26A, Cl AR
3.412%, ICE LIBOR USD 3 Month + 0.900%, 04/15/2029 (A)(D)		1,047		1,025
Educational Funding of the South, Ser 2011-1, Cl A2
3.433%, ICE LIBOR USD 3 Month + 0.650%, 04/25/2035 (A)		589		586
Educational Funding, Ser 2006-1A, Cl A3
3.133%, ICE LIBOR USD 3 Month + 0.350%, 04/25/2033 (A)(D)		1,600		1,186
EDvestinU Private Education Loan Issue No. 4, Ser 2022-A, Cl A
5.250%, 11/25/2040 (D)		690		674
First Franklin Mortgage Loan Trust, Ser 2004-FF5, Cl A3C
4.084%, ICE LIBOR USD 1 Month + 1.000%, 08/25/2034 (A)		287		276


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
FirstKey Homes Trust, Ser 2020-SFR2, Cl A
1.266%, 10/19/2037 (D)	$	3,392	$	3,040
FNMA Grantor Trust, Ser 2017-T1, Cl A
2.898%, 06/25/2027		199		185
Ford Credit Floorplan Master Owner Trust A, Ser 2018-4, Cl A
4.060%, 11/15/2030		1,860		1,734
Fremont Home Loan Trust, Ser 2005-E, Cl 2A4
3.744%, ICE LIBOR USD 1 Month + 0.660%, 01/25/2036 (A)		4,786		4,611
Global SC Finance II SRL, Ser 2014-1A, Cl A2
3.090%, 07/17/2029 (D)		308		301
GoldenTree Loan Opportunities IX, Ser 2018-9A, Cl AR2
3.916%, ICE LIBOR USD 3 Month + 1.110%, 10/29/2029 (A)(D)		2,880		2,841
GoodLeap Sustainable Home Solutions Trust, Ser 2021-4GS, Cl A
1.930%, 07/20/2048 (D)		920		739
GSAMP Trust, Ser 2003-SEA, Cl A1
3.884%, ICE LIBOR USD 1 Month + 0.800%, 02/25/2033 (A)		384		368
GSAMP Trust, Ser 2006-HE3, Cl A2D
3.584%, ICE LIBOR USD 1 Month + 0.500%, 05/25/2046 (A)		4,600		4,312
GSAMP Trust, Ser 2006-NC1, Cl A3
3.664%, ICE LIBOR USD 1 Month + 0.580%, 02/25/2036 (A)		55		55
Higher Education Funding, Ser 2014-1, Cl A
4.047%, ICE LIBOR USD 3 Month + 1.050%, 05/25/2034 (A)(D)		467		467
Hildene Community Funding CDO, Ser 2021-1A, Cl ARR
2.600%, 11/01/2035 (D)		1,240		1,082
Hilton Grand Vacations Trust, Ser 2020-AA, Cl A
2.740%, 02/25/2039 (D)		607		569
Home Partners of America Trust, Ser 2019-2, Cl A
2.703%, 10/19/2039 (D)		1,516		1,328
Home Partners of America Trust, Ser 2022-1, Cl A
3.930%, 04/17/2039 (D)		2,099		1,973
Hotwire Funding, Ser 2021-1, Cl A2
2.311%, 11/20/2051 (D)		820		702
JGWPT XXX, Ser 2013-3A, Cl A
4.080%, 01/17/2073 (D)		732		662
JGWPT XXXII, Ser 2014-2A, Cl A
3.610%, 01/17/2073 (D)		1,008		895
John Deere Owner Trust, Ser 2022-A, Cl A2
1.900%, 11/15/2024		340		335


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
LCM XXI, Ser 2018-21A, Cl AR
3.590%, ICE LIBOR USD 3 Month + 0.880%, 04/20/2028 (A)(D)	$	406	$	402
LMREC, Ser 2019-CRE3, Cl A
4.459%, ICE LIBOR USD 1 Month + 1.400%, 12/22/2035 (A)(D)		2,900		2,860
Lunar Structured Aircraft Portfolio Notes, Ser 2021-1, Cl A
2.636%, 10/15/2046 (D)		1,023		845
Magnetite VII, Ser 2018-7A, Cl A1R2
3.312%, ICE LIBOR USD 3 Month + 0.800%, 01/15/2028 (A)(D)		917		898
MF1, Ser 2020-FL4, Cl A
4.660%, TSFR1M + 1.814%, 11/15/2035 (A)(D)		710		703
MF1, Ser 2021-FL7, Cl A
4.073%, ICE LIBOR USD 1 Month + 1.080%, 10/16/2036 (A)(D)		4,115		3,940
MF1, Ser 2022-FL10, Cl A
5.659%, TSFR1M + 2.635%, 09/17/2037 (A)(D)		675		669
MF1, Ser 2022-FL8, Cl A
3.634%, SOFR30A + 1.350%, 02/19/2037 (A)(D)		2,380		2,275
MFA Trust, Ser 2021-NQM2, Cl A1
1.029%, 11/25/2064 (A)(D)		317		257
Mid-State Trust XI, Ser 2003-11, Cl A1
4.864%, 07/15/2038		1,132		1,088
Morgan Stanley Resecuritization Trust, Ser 2015-R7, Cl 1BXA
7.060%, 02/26/2029 (A)(D)		836		789
MVW, Ser 2021-1WA, Cl A
1.140%, 01/22/2041 (D)		598		539
MVW, Ser 2021-1WA, Cl B
1.440%, 01/22/2041 (D)		298		271
Navient Private Education Loan Trust, Ser 2014-AA, Cl A3
4.418%, ICE LIBOR USD 1 Month + 1.600%, 10/15/2031 (A)(D)		457		455
Navient Private Education Loan Trust, Ser 2016-AA, Cl A2B
4.968%, ICE LIBOR USD 1 Month + 2.150%, 12/15/2045 (A)(D)		262		264
Navient Private Education Loan Trust, Ser 2018-BA, Cl A2A
3.610%, 12/15/2059 (D)		284		276
Navient Private Education Refi Loan Trust, Ser 2018-A, Cl A2
3.190%, 02/18/2042 (D)		36		36
Navient Private Education Refi Loan Trust, Ser 2018-CA, Cl A2
3.520%, 06/16/2042 (D)		43		43


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Navient Private Education Refi Loan Trust, Ser 2018-DA, Cl A2A
4.000%, 12/15/2059 (D)	$	891	$	857
Navient Private Education Refi Loan Trust, Ser 2019-A, Cl A2A
3.420%, 01/15/2043 (D)		633		614
Navient Private Education Refi Loan Trust, Ser 2019-CA, Cl A2
3.130%, 02/15/2068 (D)		946		906
Navient Private Education Refi Loan Trust, Ser 2019-D, Cl A2A
3.010%, 12/15/2059 (D)		1,225		1,131
Navient Private Education Refi Loan Trust, Ser 2019-FA, Cl A2
2.600%, 08/15/2068 (D)		1,858		1,721
Navient Private Education Refi Loan Trust, Ser 2020-BA, Cl A2
2.120%, 01/15/2069 (D)		424		387
Navient Private Education Refi Loan Trust, Ser 2020-DA, Cl A
1.690%, 05/15/2069 (D)		164		148
Navient Private Education Refi Loan Trust, Ser 2020-GA, Cl A
1.170%, 09/16/2069 (D)		730		652
Navient Private Education Refi Loan Trust, Ser 2020-HA, Cl A
1.310%, 01/15/2069 (D)		805		731
Navient Private Education Refi Loan Trust, Ser 2021-A, Cl A
0.840%, 05/15/2069 (D)		105		92
Navient Private Education Refi Loan Trust, Ser 2021-BA, Cl A
0.940%, 07/15/2069 (D)		842		724
Navient Private Education Refi Loan Trust, Ser 2021-CA, Cl A
1.060%, 10/15/2069 (D)		1,402		1,203
Navient Private Education Refi Loan Trust, Ser 2021-EA, Cl A
0.970%, 12/16/2069 (D)		2,410		2,020
Navient Private Education Refi Loan Trust, Ser 2021-FA, Cl A
1.110%, 02/18/2070 (D)		994		839
Navient Private Education Refi Loan Trust, Ser 2021-GA, Cl A
1.580%, 04/15/2070 (D)		378		326
Navient Private Education Refi Loan Trust, Ser 2022-A, Cl A
2.230%, 07/15/2070 (D)		1,298		1,149
Navient Student Loan Trust, Ser 2014-1, Cl A3
3.594%, ICE LIBOR USD 1 Month + 0.510%, 06/25/2031 (A)		2,232		2,167


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Navient Student Loan Trust, Ser 2014-3, Cl A
3.704%, ICE LIBOR USD 1 Month + 0.620%, 03/25/2083 (A)	$	1,974	$	1,909
Navient Student Loan Trust, Ser 2014-4, Cl A
3.704%, ICE LIBOR USD 1 Month + 0.620%, 03/25/2083 (A)		1,334		1,299
Navient Student Loan Trust, Ser 2016-2A, Cl A3
4.584%, ICE LIBOR USD 1 Month + 1.500%, 06/25/2065 (A)(D)		1,189		1,181
Navient Student Loan Trust, Ser 2017-1A, Cl A3
4.234%, ICE LIBOR USD 1 Month + 1.150%, 07/26/2066 (A)(D)		892		885
Navient Student Loan Trust, Ser 2017-3A, Cl A3
4.134%, ICE LIBOR USD 1 Month + 1.050%, 07/26/2066 (A)(D)		2,900		2,875
Navient Student Loan Trust, Ser 2019-BA, Cl A2A
3.390%, 12/15/2059 (D)		1,280		1,212
Navient Student Loan Trust, Ser 2021-1A, Cl A1A
1.310%, 12/26/2069 (D)		463		381
Navient Student Loan Trust, Ser 2021-3A, Cl A1A
1.770%, 08/25/2070 (D)		1,129		983
Nelnet Student Loan Trust, Ser 2004-3, Cl A5
2.963%, ICE LIBOR USD 3 Month + 0.180%, 10/27/2036 (A)		439		428
Nelnet Student Loan Trust, Ser 2004-4, Cl A5
2.943%, ICE LIBOR USD 3 Month + 0.160%, 01/25/2037 (A)		711		696
Nelnet Student Loan Trust, Ser 2005-1, Cl A5
2.893%, ICE LIBOR USD 3 Month + 0.110%, 10/25/2033 (A)		2,505		2,448
Nelnet Student Loan Trust, Ser 2005-2, Cl A5
3.702%, ICE LIBOR USD 3 Month + 0.100%, 03/23/2037 (A)		2,038		1,992
Nelnet Student Loan Trust, Ser 2005-3, Cl A5
3.722%, ICE LIBOR USD 3 Month + 0.120%, 12/24/2035 (A)		2,025		1,979
Nelnet Student Loan Trust, Ser 2005-4, Cl A4
3.782%, ICE LIBOR USD 3 Month + 0.180%, 03/22/2032 (A)		327		318


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Nelnet Student Loan Trust, Ser 2014-2A, Cl A3
3.934%, ICE LIBOR USD 1 Month + 0.850%, 07/27/2037 (A)(D)	$	950	$	926
Nelnet Student Loan Trust, Ser 2014-4A, Cl A2
4.034%, ICE LIBOR USD 1 Month + 0.950%, 11/25/2048 (A)(D)		2,155		2,113
Nelnet Student Loan Trust, Ser 2021-A, Cl APT1
1.360%, 04/20/2062 (D)		509		449
Nelnet Student Loan Trust, Ser 2021-CA, Cl AFX
1.320%, 04/20/2062 (D)		1,008		900
Neuberger Berman CLO XVII, Ser 2020-17A, Cl AR2
3.789%, ICE LIBOR USD 3 Month + 1.030%, 04/22/2029 (A)(D)		348		342
New Economy Assets Phase 1 Sponsor, Ser 2021-1, Cl B1
2.410%, 10/20/2061 (D)		3,245		2,712
Oak Street Investment Grade Net Lease Fund, Ser 2020-1A, Cl A1
1.850%, 11/20/2050 (D)		1,084		954
Octagon Investment Partners 50, Ser 2021-4A, Cl AR
3.662%, ICE LIBOR USD 3 Month + 1.150%, 01/15/2035 (A)(D)		875		840
Octagon Investment Partners XIV, Ser 2021-1A, Cl AARR
3.462%, ICE LIBOR USD 3 Month + 0.950%, 07/15/2029 (A)(D)		3,200		3,148
Orange Lake Timeshare Trust, Ser 2019-A, Cl A
3.060%, 04/09/2038 (D)		445		421
Origen Manufactured Housing Contract Trust, Ser 2006-A, Cl A2
4.067%, 10/15/2037 (A)		598		546
Pawneee Equipment Receivables, Ser 2021-1, Cl A2
1.100%, 07/15/2027 (D)		938		898
PFCA Home Equity Investment Trust, Ser 2004-GP2, Cl A
3.439%, 08/25/2035 (A)(D)		863		723
Progress Residential Trust, Ser 2019-SFR3, Cl A
2.271%, 09/17/2036 (D)		1,059		1,001
Progress Residential Trust, Ser 2019-SFR4, Cl A
2.687%, 10/17/2036 (D)		880		837
Progress Residential Trust, Ser 2021-SFR11, Cl A
2.283%, 01/17/2039 (D)		698		579


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Progress Residential Trust, Ser 2021-SFR3, Cl A
1.637%, 05/17/2026 (D)	$	2,382	$	2,082
RAMP Trust, Ser 2006-RZ3, Cl M1
3.434%, ICE LIBOR USD 1 Month + 0.350%, 08/25/2036 (A)		3,520		3,375
Rockford Tower CLO, Ser 2021-2A, Cl AR
4.084%, ICE LIBOR USD 3 Month + 1.100%, 08/20/2032 (A)(D)		3,150		3,039
SBA Small Business Investment, Ser 2018-10B, Cl 1
3.548%, 09/10/2028		656		617
SBA Small Business Investment, Ser 2022-10A, Cl 1
2.938%, 03/10/2032		863		786
SBA Small Business Investment, Ser 2022-10B, Cl 1
4.262%, 09/10/2032		455		446
Sequoia Infrastructure Funding I Ltd., Ser 2021-1A, Cl A
3.912%, ICE LIBOR USD 3 Month + 1.400%, 04/15/2031 (A)(D)		682		675
Sierra Timeshare Receivables Funding, Ser 2018-3A, Cl B
3.870%, 09/20/2035 (D)		547		537
Sierra Timeshare Receivables Funding, Ser 2021-2A, Cl A
1.350%, 09/20/2038 (D)		452		420
SLM Private Credit Student Loan Trust, Ser 2004-B, Cl A3
3.623%, ICE LIBOR USD 3 Month + 0.330%, 03/15/2024 (A)		130		130
SLM Private Credit Student Loan Trust, Ser 2005-A, Cl A4
3.603%, ICE LIBOR USD 3 Month + 0.310%, 12/15/2038 (A)		1,025		990
SLM Student Loan Trust, Ser 2003-7A, Cl A5A
4.493%, ICE LIBOR USD 3 Month + 1.200%, 12/15/2033 (A)(D)		1,710		1,681
SLM Student Loan Trust, Ser 2005-4, Cl A4
2.953%, ICE LIBOR USD 3 Month + 0.170%, 07/25/2040 (A)		3,000		2,879
SLM Student Loan Trust, Ser 2006-8, Cl A6
2.943%, ICE LIBOR USD 3 Month + 0.160%, 01/25/2041 (A)		2,123		2,025
SLM Student Loan Trust, Ser 2007-7, Cl B
3.533%, ICE LIBOR USD 3 Month + 0.750%, 10/27/2070 (A)		1,050		883
SLM Student Loan Trust, Ser 2008-2, Cl B
3.983%, ICE LIBOR USD 3 Month + 1.200%, 01/25/2083 (A)		685		538


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Ser 2008-3, Cl B
3.983%, ICE LIBOR USD 3 Month + 1.200%, 04/26/2083 (A)	$	685	$	572
SLM Student Loan Trust, Ser 2008-4, Cl A4
4.433%, ICE LIBOR USD 3 Month + 1.650%, 07/25/2022 (A)		516		515
SLM Student Loan Trust, Ser 2008-4, Cl B
4.633%, ICE LIBOR USD 3 Month + 1.850%, 04/25/2073 (A)		685		658
SLM Student Loan Trust, Ser 2008-5, Cl A4
4.483%, ICE LIBOR USD 3 Month + 1.700%, 07/25/2023 (A)		87		87
SLM Student Loan Trust, Ser 2008-5, Cl B
4.633%, ICE LIBOR USD 3 Month + 1.850%, 07/25/2073 (A)		685		667
SLM Student Loan Trust, Ser 2008-6, Cl A4
3.883%, ICE LIBOR USD 3 Month + 1.100%, 07/25/2023 (A)		2,660		2,610
SLM Student Loan Trust, Ser 2008-6, Cl B
4.633%, ICE LIBOR USD 3 Month + 1.850%, 07/26/2083 (A)		685		639
SLM Student Loan Trust, Ser 2008-7, Cl B
4.633%, ICE LIBOR USD 3 Month + 1.850%, 07/26/2083 (A)		685		602
SLM Student Loan Trust, Ser 2008-8, Cl B
5.033%, ICE LIBOR USD 3 Month + 2.250%, 10/25/2075 (A)		685		662
SLM Student Loan Trust, Ser 2008-9, Cl A
4.283%, ICE LIBOR USD 3 Month + 1.500%, 04/25/2023 (A)		1,086		1,077
SLM Student Loan Trust, Ser 2008-9, Cl B
5.033%, ICE LIBOR USD 3 Month + 2.250%, 10/25/2083 (A)		685		641
SLM Student Loan Trust, Ser 2009-3, Cl A
3.834%, ICE LIBOR USD 1 Month + 0.750%, 01/25/2045 (A)(D)		434		424
SLM Student Loan Trust, Ser 2021-10A, Cl A4
3.963%, ICE LIBOR USD 3 Month + 0.670%, 12/17/2068 (A)(D)		914		887
SMB Private Education Loan Trust, Ser 2016-B, Cl A2A
2.430%, 02/17/2032 (D)		253		244
SMB Private Education Loan Trust, Ser 2016-B, Cl A2B
4.268%, ICE LIBOR USD 1 Month + 1.450%, 02/17/2032 (A)(D)		219		219
SMB Private Education Loan Trust, Ser 2016-C, Cl A2B
3.918%, ICE LIBOR USD 1 Month + 1.100%, 09/15/2034 (A)(D)		235		234
SMB Private Education Loan Trust, Ser 2018-C, Cl A2A
3.630%, 11/15/2035 (D)		363		349


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
SMB Private Education Loan Trust, Ser 2019-A, Cl A2A
3.440%, 07/15/2036 (D)	$	1,433	$	1,366
SMB Private Education Loan Trust, Ser 2020-B, Cl A1A
1.290%, 07/15/2053 (D)		558		499
SMB Private Education Loan Trust, Ser 2020-PTA, Cl A2A
1.600%, 09/15/2054 (D)		881		787
SMB Private Education Loan Trust, Ser 2020-PTB, Cl A2A
1.600%, 09/15/2054 (D)		2,698		2,382
SMB Private Education Loan Trust, Ser 2021-A, Cl A2B
1.590%, 01/15/2053 (D)		524		457
SMB Private Education Loan Trust, Ser 2021-A, Cl APT1
1.070%, 01/15/2053 (D)		2,191		1,867
SMB Private Education Loan Trust, Ser 2021-B, Cl A
1.310%, 07/17/2051 (D)		1,538		1,368
SMB Private Education Loan Trust, Ser 2021-C, Cl A2
3.618%, ICE LIBOR USD 1 Month + 0.800%, 01/15/2053 (A)(D)		1,274		1,227
SMB Private Education Loan Trust, Ser 2021-D, Cl A1A
1.340%, 03/17/2053 (D)		2,607		2,291
SMB Private Education Loan Trust, Ser 2021-E, Cl A1A
1.680%, 02/15/2051 (D)		1,262		1,129
SMB Private Education Loan Trust, Ser 2022-C, Cl A1A
4.480%, 05/16/2050 (D)		624		598
SoFi Professional Loan Program Trust, Ser 2020-C, Cl AFX
1.950%, 02/15/2046 (D)		105		95
SoFi Professional Loan Program Trust, Ser 2021-A, Cl AFX
1.030%, 08/17/2043 (D)		772		656
SoFi Professional Loan Program Trust, Ser 2021-B, Cl AFX
1.140%, 02/15/2047 (D)		785		653
South Carolina Student Loan, Ser 2015-A, Cl A
4.584%, ICE LIBOR USD 1 Month + 1.500%, 01/25/2036 (A)		917		913
Southwick Park CLO, Ser 2021-4A, Cl A1R
3.770%, ICE LIBOR USD 3 Month + 1.060%, 07/20/2032 (A)(D)		2,610		2,533
Stack Infrastructure Issuer, Ser 2020-1A, Cl A2
1.893%, 08/25/2045 (D)		1,355		1,203


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Store Master Funding I-VII XIV XIX XX, Ser 2021-1A, Cl A1
2.120%, 06/20/2051 (D)	$	1,491	$	1,241
Structured Asset Investment Loan Trust, Ser 2004-8, Cl A2
3.634%, ICE LIBOR USD 1 Month + 0.550%, 09/25/2034 (A)		351		329
Structured Asset Securities Mortgage Loan Trust, Ser 2007-WF1, Cl A1
3.504%, ICE LIBOR USD 1 Month + 0.420%, 02/25/2037 (A)		2,496		2,427
Structured Asset Securities Mortgage Pass-Through Certificates, Ser 2002-AL1, Cl A2
3.450%, 02/25/2032		5		5
STWD, Ser 2019-FL1, Cl A
4.116%, TSFR1M + 1.194%, 07/15/2038 (A)(D)		306		303
Sunrun Vulcan Issuer, Ser 2021-1A, Cl A
2.460%, 01/30/2052 (D)		683		566
Towd Point Mortgage Trust, Ser 2017-4, Cl A1
2.750%, 06/25/2057 (A)(D)		643		617
Trestles CLO IV, Ser 2021-4A, Cl B1
4.432%, ICE LIBOR USD 3 Month + 1.700%, 07/21/2034 (A)(D)		3,445		3,230
Triton Container Finance VIII, Ser 2020-1A, Cl A
2.110%, 09/20/2045 (D)		430		370
TRTX Issuer, Ser 2019-FL3, Cl A
4.186%, TSFR1M + 1.264%, 10/15/2034 (A)(D)		522		522
United States Small Business Administration, Ser 2019-20D, Cl 1
2.980%, 04/01/2039		174		161
United States Small Business Administration, Ser 2019-25G, Cl 1
2.690%, 07/01/2044		301		261
United States Small Business Administration, Ser 2022-25E, Cl 1
3.940%, 05/01/2047		510		489
United States Small Business Administration, Ser 2022-25F, Cl 1
4.010%, 06/01/2047		735		705
United States Small Business Administration, Ser 2022-25G, Cl 1
3.930%, 07/01/2047		4,873		4,651
United States Small Business Administration, Ser 2022-25H, Cl 1
3.800%, 08/01/2047		2,785		2,624
Vantage Data Centers Issuer, Ser 2018-2A, Cl A2
4.196%, 11/15/2043 (D)		3,353		3,299


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Verizon Master Trust, Ser 2022-2, Cl A
1.530%, 07/20/2028	$	610	$	565
Verizon Master Trust, Ser 2022-4, Cl A
3.400%, 11/20/2028 (C)		1,298		1,248
Verizon Master Trust, Ser 2022-6, Cl A
3.670%, 01/22/2029 (C)		1,144		1,110
Wells Fargo Home Equity Asset-Backed Securities Trust, Ser 2006-2, Cl M2
3.374%, ICE LIBOR USD 1 Month + 0.290%, 07/25/2036 (A)		5,660		5,526
Z Capital Credit Partners CLO, Ser 2021-1A, Cl A1R
4.250%, ICE LIBOR USD 3 Month + 1.510%, 07/16/2031 (A)(D)		1,000		986
				226,925
Total Asset-Backed Securities
(Cost $346,651) ($ Thousands)				330,877


LOAN PARTICIPATIONS — 1.5%
Air Canada, Term Loan, 1st Lien
6.421%, 08/11/2028 (A)		419		397
Ali Group
5.149%, 07/30/2029 (A)		845		813
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Initial U.S. Dollar Term Loan, 1st Lien
6.784%, LIBOR + 3.750%, 05/12/2028 (A)		1,249		1,095
Alterra Moutain Company, Series B-2 Term Loan, 1st Lien
6.615%, 08/17/2028 (A)		560		542
AMWINS Group Inc.
5.365%, 02/19/2028 (A)		442		422
APi Group DE, Inc., Initial Term Loan, 1st Lien
3.115%, LIBOR + 2.500%, 10/01/2026 (A)		849		826
Aramark Intermediate HoldCo Corp., Term Loan B, 1st Lien
4.865%, LIBOR + 1.750%, 03/11/2025 (A)		24		23
Asurion, LLC, New B-7 Term Loan, 1st Lien
6.115%, LIBOR + 3.000%, 11/03/2024 (A)(K)		559		522
Asurion, LLC, New B-8 Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 12/23/2026 (A)		327		277
Asurion, LLC, New B-9 Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 07/31/2027 (A)		374		315


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Athena Health, Term Loan, 1st Lien
3.500%, 02/15/2029 (A)(K)	$	223	$	200
Athena Helath Group, Initial Term Loan
6.576%, 02/15/2029 (A)		1,314		1,174
Avolon TLB Borrower 1 LLC
5.264%, 12/01/2027		275		268
B.C. ULC
4.871%, LIBOR + 1.750%, 11/19/2026 (A)		1,432		1,366
Berry Global, Inc.
4.178%, 07/01/2026 (A)		448		433
Brookfeild WEC Holdings
5.865%, 08/01/2025 (A)		225		215
Brown Group Holdings, LLC, Initial Term Loan, 1st Lien
5.615%, LIBOR + 2.750%, 06/07/2028 (A)		574		544
Caesars Resort Collection, LLC, Term B Loan, 1st Lien
5.865%, LIBOR + 2.750%, 12/23/2024 (A)		851		830
Caesars Resort Collection, LLC, Term B-1 Loan, 1st Lien
6.615%, 07/21/2025 (A)		348		342
Castlelake Avia
6.043%, 10/22/2026 (A)		949		916
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien
7.750%, ICE LIBOR USD 1 Month + 2.500%, 03/01/2024 (A)		707		704
Charter Communications Operating LLC, Lien1
4.870%, 04/30/2025		1,041		1,020
Charter Communications Operating LLC, Term B-2 Loan, 1st Lien
4.870%, LIBOR + 1.750%, 02/01/2027 (A)		157		151
Citadel Securities LP, 2021 Term Loan, 1st Lien
5.649%, LIBOR + 2.500%, 02/02/2028 (A)		681		660
Clarios Global, Term Loan 1st Lien
6.365%, LIBOR + 3.250%, 04/30/2026 (A)		923		871
CSC Holdings LLC, Term Loan B, 1st Lien
5.068%, 01/15/2026 (A)		197		184
CSC Holdings, LLC
5.318%, LIBOR + 2.500%, 04/15/2027 (A)		215		200
DCert Buyer, Inc., Initial Term Loan, 1st Lien
6.903%, LIBOR + 4.000%, 10/16/2026 (A)		1,327		1,263


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Deerfield Dakota Holding, LLC, Initial Dollar Term Loan, 1st Lien
6.784%, LIBOR + 3.750%, 04/09/2027 (A)	$	958	$	902
Energizer Holdings
5.313%, 12/22/2027		207		197
Entain PLC
6.174%, 03/29/2027		247		240
EyeCare Partners, LLC, Term Loan, 1st Lien
7.424%, LIBOR + 3.750%, 02/18/2027 (A)		303		274
First Eagle Holdings, Term Loan
6.174%, 02/01/2027		253		239
Fleetcor Technologies Operating Company
4.865%, 04/28/2028		444		427
Focus Financial Partnersm LLC, Tranche B-3, Term Loan, 1st Lien
5.115%, LIBOR + 2.000%, 07/03/2024 (A)(K)		590		575
Formula One Management Limited, Facility B3 (USD), 1st Lien
5.615%, LIBOR + 2.500%, 02/01/2024 (A)		50		50
Four Seasons Holdings Inc., Term Loan 2013, 1st Lien
5.121%, 11/30/2023 (K)		581		577
Froneri International Limited, Facility B2, 1st Lien
5.365%, LIBOR + 2.250%, 01/29/2027 (A)		430		405
Gainwell Acquisition Corp., Term B Loan, 1st Lien
7.674%, LIBOR + 4.000%, 10/01/2027 (A)		1,340		1,274
Garda World Security Corp
7.240%, LIBOR + 4.250%, 10/30/2026 (A)		268		252
Genesee & Wyoming Inc., Initial Term Loan, 1st Lien
5.674%, LIBOR + 2.000%, 12/30/2026 (A)		623		605
GFL Environmental, 2020 Refinancing Term Loan, 1st Lien
5.806%, 05/30/2025 (A)(K)		56		56
Global Medical Response, Inc., 2020 Refinancing Term Loan, 1st Lien
6.814%, LIBOR + 4.750%, 10/02/2025 (A)		711		615
Great Outdoors Group, LLC, Term B-2 Loan, 1st Lien
6.865%, 03/06/2028 (A)		305		281


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Grifols Worldwide Operations Limited, Dollar Tranche B Term Loan, 1st Lien
5.115%, LIBOR + 2.000%, 11/15/2027 (A)	$	1,279	$	1,211
Harbor Freight Tools USA, Inc
5.865%, 10/19/2027		786		709
Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, 1st Lien
4.809%, LIBOR + 1.750%, 06/22/2026 (A)		1,348		1,302
Horizon Therapeudics
4.875%, 03/15/2028		1,024		982
Hudson River Trading LLC, Term Loan, 1st Lien
6.164%, LIBOR + 3.000%, 03/20/2028 (A)		443		400
Hunter Douglas, Term Loan
6.340%, 02/26/2029		370		303
Hunter Douglas, Term Loan, 1st Lien
6.340%, 02/26/2029 (A)		1,007		824
Icon Public Limited Company, Lux Term Loan, 1st Lien
5.938%, 07/03/2028 (A)(K)		690		673
Icon Public Limited Company, U.S. Term Loan, 1st Lien
5.938%, 07/03/2028 (A)(K)		172		168
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.), New Term Loan, 1st Lien
6.115%, LIBOR + 3.000%, 05/01/2026 (A)		802		751
Jane Street Group, LLC, Dollar Term Loan, 1st Lien
5.865%, LIBOR + 2.750%, 01/26/2028 (A)		521		499
Jazz Pharmaceuticals Public Limited Company, Initial Dollar Term Loan, 1st Lien
6.615%, LIBOR + 3.500%, 05/05/2028 (A)		1,033		997
Level 3 Financing, Inc., Tranche B 2027 Term Loan, 1st Lien
4.865%, LIBOR + 1.750%, 03/01/2027 (A)(K)		120		114
Magenta Buyer LLC, Initial Term Loan, 1st Lien
7.870%, LIBOR + 5.000%, 07/27/2028 (A)		1,509		1,358
Mozart Debt Merger, Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 10/23/2028 (A)(K)		1,005		922


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Nexstar Broadcasting, Inc., Term B-4 Loan, 1st Lien
5.615%, 09/18/2026 (A)	$	874	$	860
Numericable U.S. LLC, Term Loan B, 1st Lien
6.200%, 01/31/2026 (A)		211		191
Parexel International, Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 11/15/2028 (A)		468		445
PCI Gaming Authority, Term B Facility Loan
5.615%, 05/29/2026 (A)		429		416
Peraton Corp., Term B Loan, 1st Lien
6.865%, LIBOR + 3.750%, 02/01/2028 (A)(K)		1,132		1,070
Petco Health and Wellness Co., Inc., Initial Term Loan, 1st Lien
6.924%, LIBOR + 3.250%, 03/03/2028 (A)		461		435
Phoenix Guarantor Inc., Tranche B-1 Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 03/05/2026 (A)		1,285		1,215
Pilot Travel Centers, LLC, Initial Tranche B Term Loan
5.134%, 08/04/2028 (A)		1,822		1,740
Prime Security Services Borrower, LLC, 2021 Refinancing Term B-1 Loan, 1st Lien
5.303%, LIBOR + 2.750%, 09/23/2026 (A)(K)		717		693
Project Sky, Term Loan, 1st Lien
6.865%, 10/08/2028 (A)		338		296
Quikrete Holding, Term Loan B1, 1st Lien
6.115%, 06/11/2028 (A)		458		440
Rackspace Technology Global, Inc., 2021 Term B Loan, 1st Lien
5.617%, 02/15/2028		374		265
Realpage Inc.
6.274%, 04/24/2028 (A)		1,040		972
Regionalcare Hospital Partners Holdings, Inc., Term B Loan, 1st Lien
6.871%, LIBOR + 3.750%, 11/16/2025 (A)(K)		478		444
Reynolds Consumer Products LLC, Initial Term Loan, 1st Lien
4.865%, LIBOR + 1.750%, 02/04/2027 (A)		1,062		1,020
Scientific Games/Lights & Wonder
5.906%, 04/14/2029 (A)		898		870
Seattle SpinCo, Inc., Initial Term Loan, 1st Lien
5.865%, LIBOR + 2.500%, 06/21/2024 (A)		44		43
Setanta Aircraft
5.674%, 11/05/2028		1,060		1,033


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Sotera Health Holdings, LLC, Refinancing Loan, 1st Lien
5.865%, 12/11/2026 (A)	$	1,370	$	1,199
Station Casinos LLC
5.370%, 02/08/2027 (A)(K)		669		639
Terrier Media Buyer, Inc., 2021 Term B Loan, 1st Lien
6.615%, LIBOR + 3.500%, 12/17/2026 (A)		512		478
Transdigm Inc.
5.924%, 12/09/2025 (A)		49		47
Triton Water Holdings, Inc., Initial Term Loan, 1st Lien
7.174%, LIBOR + 3.500%, 03/31/2028 (A)		810		725
UFC Holdings, Term Loan, 1st Lien
5.520%, 04/29/2026		846		812
United AirLines, Inc., Class B Term Loan, 1st Lien
6.533%, LIBOR + 3.750%, 04/21/2028 (A)		818		779
Verscend Holding Corp., Term B-1 Loan, 1st Lien
7.115%, LIBOR + 4.000%, 08/27/2025 (A)		382		369
VFH Parent, Initial Term Loan
6.118%, 01/13/2029 (A)		410		392
Virgin Media Bristol LLC, N Facility, 1st Lien
5.318%, LIBOR + 2.500%, 01/31/2028 (A)		1,327		1,264
XPO Logistics, Inc., Term Loan B, 1st Lien
4.383%, 02/24/2025 (A)		550		534
Zayo Group Holdings, Inc., Initial Dollar Term Loan, 1st Lien
6.115%, LIBOR + 3.000%, 03/09/2027 (A)		570		475
Zebra Buyer LLC
6.313%, 11/01/2028 (A)		449		435


Total Loan Participations
(Cost $58,795) ($ Thousands)				55,351

SOVEREIGN DEBT — 1.5%
Abu Dhabi Government International Bond
2.500%, 10/11/2022(D)		1,010		1,009
Airport Authority
3.250%, 01/12/2052(D)		1,360		983


Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Argentine Republic Government International Bond
3.500%, 07/09/2041(C)	$	1,460	$	311
1.500%, 07/09/2035(C)		2,515		455
1.000%, 07/09/2029		203		39
0.500%, 07/09/2030(C)		1,216		243
Bermuda Government International Bond
5.000%, 07/15/2032(D)		339		322
Brazilian Government International Bond
5.000%, 01/27/2045(F)		3,400		2,467
4.750%, 01/14/2050		1,300		884
4.625%, 01/13/2028		2,890		2,682
2.625%, 01/05/2023		200		199
Buenos Aires Government International Bond MTN
5.250%, 09/01/2037(C)(D)		889		275
Chile Government International Bond
4.340%, 03/07/2042(F)		254		201
China Government Bond
3.390%, 05/21/2025	CNY	2,000		288
3.310%, 11/30/2025		11,500		1,656
Colombia Government International Bond
5.625%, 02/26/2044	$	660		436
5.000%, 06/15/2045		830		502
4.125%, 02/22/2042		680		387
3.250%, 04/22/2032		670		453
Export-Import Bank of India
3.375%, 08/05/2026(D)(F)		350		324
Export-Import Bank of Korea
4.500%, 09/15/2032		407		395
Indonesia Government International Bond
4.650%, 09/20/2032(F)		631		592
3.700%, 10/30/2049(F)		970		682
Indonesia Treasury Bond
6.500%, 02/15/2031	IDR	100,717,000		6,251
6.375%, 04/15/2032		58,803,000		3,590
Israel Government International Bond
3.375%, 01/15/2050	$	280		207
2.750%, 07/03/2030		470		416
Kenya Government International Bond
7.250%, 02/28/2028(D)		200		145
6.875%, 06/24/2024		200		169
6.300%, 01/23/2034(D)(F)		960		586
Korea Hydro & Nuclear Power
4.250%, 07/27/2027(D)		635		611


Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Mexico Government International Bond
6.050%, 01/11/2040(F)	$	1,210	$	1,119
4.875%, 05/19/2033		1,292		1,136
4.750%, 03/08/2044		10,080		7,724
4.600%, 02/10/2048		200		146
4.500%, 04/22/2029(F)		764		706
4.400%, 02/12/2052(F)		1,020		702
3.750%, 01/11/2028(F)		390		358
3.500%, 02/12/2034(F)		398		302
2.659%, 05/24/2031(F)		3,760		2,883
Nigeria Government International Bond
7.143%, 02/23/2030(D)		240		156
6.500%, 11/28/2027(D)(F)		220		159
Panama Government International Bond
4.500%, 04/01/2056		540		364
2.252%, 09/29/2032		620		436
Paraguay Government International Bond
5.400%, 03/30/2050(D)		591		435
4.950%, 04/28/2031(D)		234		208
3.849%, 06/28/2033(D)(F)		597		467
Peruvian Government International Bond
5.625%, 11/18/2050(F)		600		565
3.600%, 01/15/2072(F)		173		104
3.000%, 01/15/2034		222		167
2.783%, 01/23/2031		300		238
Province of Quebec Canada
2.625%, 02/13/2023		620		617
Province of Saskatchewan Canada
3.250%, 06/08/2027		444		421
Republic of Italy Government International Bond
3.875%, 05/06/2051		237		160
Russian Federal Bond - OFZ
8.150%, 02/03/2027(H)	RUB	315,940		1,628
7.700%, 03/16/2039(H)		162,070		835
7.650%, 04/10/2030(H)		63,630		328
7.250%, 05/10/2034(H)		24,200		125
7.000%, 01/25/2023(H)		34,160		176
7.000%, 08/16/2023(H)		231,430		1,193
6.900%, 05/23/2029(H)		452,100		2,330
Russian Foreign Bond - Eurobond
7.500%, 03/31/2030(H)	$	206		147
5.625%, 04/04/2042(H)		2,000		1,060
4.875%, 09/16/2023(H)		200		134
Total Sovereign Debt
(Cost $81,554) ($ Thousands)				55,289


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.9%
FHLB
1.610%, 09/04/2024	$	3,355	$	3,174
1.040%, 06/14/2024		13,660		12,893
FHLMC MTN
0.000%, 12/14/2029(B)		1,213		897
FNMA
5.500%, 11/15/2052		6,700		6,644
0.500%, 06/17/2025		4,215		3,809
0.000%, 11/15/2030(B)		3,564		2,526
Resolution Funding Interest
0.000%, 01/15/2030(B)		905		664
Resolution Funding Principal
0.000%, 04/15/2030(B)		1,165		843
Tennessee Valley Authority
0.750%, 05/15/2025		1,055		962
Total U.S. Government Agency Obligations
(Cost $35,024) ($ Thousands)				32,412



MUNICIPAL BONDS — 0.3%
California — 0.0%
California State University, Ser B, RB
2.374%, 11/01/2035		685		499
California State, Health Facilities Financing Authority, RB
3.000%, 08/15/2051		785		543
Regents of the University of California Medical Center Pooled Revenue, Ser N, RB
3.256%, 05/15/2060		790		517
				1,559

Georgia — 0.1%
Georgia State, Municipal Electric Authority, RB
7.055%, 04/01/2057		1,052		1,088

Michigan — 0.0%
University of Michigan, Ser A, RB
3.504%, 04/01/2052		530		406



Nevada — 0.1%
Clark County, Department of Aviation, Ser C, RB
6.820%, 07/01/2045		728		868

New York — 0.1%
Metropolitan New York, Transportation Authority, Ser C2, RB
5.175%, 11/15/2049		260		231


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New York and New Jersey, Port Authority, RB
4.458%, 10/01/2062	$	505	$	441
New York City, Ser D, GO
2.223%, 08/01/2035		1,350		968
1.823%, 08/01/2030		610		479
New York City, Transitional Finance Authority Future Tax Secured Revenue, Sub-Ser B-3, RB
2.000%, 08/01/2035		1,000		684
New York City, Transitional Finance Authority Future Tax Secured Revenue, Sub-Ser D-3, RB
2.400%, 11/01/2032		610		476
New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser, RB
5.508%, 08/01/2037		275		281
New York State, Dormitory Authority, RB
5.289%, 03/15/2033		850		857
				4,417
Ohio — 0.0%
Ohio State University, Ser A, RB
4.800%, 06/01/2111		433		374

Texas — 0.0%
Board of Regents of the University of Texas System, Ser B, RB
2.439%, 08/15/2049		295		182
North Texas, Tollway Authority, Ser B, RB
6.718%, 01/01/2049		632		750
				932
Virginia — 0.0%
University of Virginia, RB
2.256%, 09/01/2050		480		286
Total Municipal Bonds
(Cost $12,212) ($ Thousands)				9,930

Description	Shares		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 7.0%
SEI Liquidity Fund, LP
2.930% **^†(L)		254,742,915	$	254,770
Total Affiliated Partnership
(Cost $254,754) ($ Thousands)				254,770

CASH EQUIVALENT — 3.2%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		113,747,956		113,748
Total Cash Equivalent
(Cost $113,748) ($ Thousands)				113,748

PURCHASED OPTIONS — 0.0%
Total Purchased Options
(Cost $1,116) ($ Thousands)				520
Total Investments in Securities — 117.2%
(Cost $4,710,228) ($ Thousands)			$	4,226,203

WRITTEN OPTIONS — (0.1)%
Total Written Options
(Premiums Received $2,554) ($ Thousands)			$	(5,339	)

A list of the exchange traded option contracts held by the Fund at September 30, 2022, is as follows:

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

A list of the open forward foreign currency contracts held by the Fund at September 30, 2022, is as follows:

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2022, is as follows:

(C)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(D)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2022, the value of these securities amounted to $589,147 ($ Thousands), representing 16.3% of the Net Assets of the Fund.
(E)	No interest rate available.
(F)	Certain securities or partial positions of certain securities are on loan at September 30, 2022 (see Note 12). The total market value of securities on loan at September 30, 2022 was $247,121 ($ Thousands).
(G)	Perpetual security with no stated maturity date.
(H)	Security is in default on interest payment.
(I)	Interest rate represents the security's effective yield at the time of purchase.
(J)	Security, or a portion thereof, has been pledged as collateral on open futures contracts. The total market value of such securities as of September 30, 2022 was $1,455 ($ Thousands).
(K)	Unsettled bank loan. Interest rate may not be available.
(L)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $254,770 ($ Thousands).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Mortgage-Backed Securities

–

1,347,706

–

1,347,706

Corporate Obligations

–

1,156,803

–

1,156,803

U.S. Treasury Obligations

–

868,797

–

868,797

Asset-Backed Securities

–

330,877

–

330,877

Loan Participations

–

55,351

–

55,351

Sovereign Debt

–

55,289

–

55,289

U.S. Government Agency Obligations

–

32,412

–

32,412

Municipal Bonds

–

9,930

–

9,930

Affiliated Partnership

–

254,770

–

254,770

Cash Equivalent

113,748

–

113,748

Purchased Options

520

–

520

Total Investments in Securities

114,268

4,111,935

–

4,226,203

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Written Options		(5,339	)		–			–		(5,339	)
Futures Contracts*
Unrealized Appreciation		17,071			–			–		17,071
Unrealized Depreciation		(35,506	)		–			–		(35,506	)
Forward Contracts*
Unrealized Appreciation		–			2,106			–		2,106
Unrealized Depreciation		–			(4,056	)		–		(4,056	)
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Appreciation		–			22,054			–		22,054
Unrealized Depreciation		–			(9,084	)		–		(9,084	)
Credit Default Swaps*
Unrealized Depreciation		–			(516	)		–		(516	)
Total Other Financial Instruments		(23,774	)		10,504			–		(13,270	)

*	Futures contracts, forward contracts and swaps contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, and swap contracts, if applicable.


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS — 76.5%
Communication Services — 10.1%
Alphabet
2.250%, 08/15/2060	$	2,256	$	1,268
Altice France
8.125%, 02/01/2027 (A)		800		715
5.500%, 10/15/2029 (A)		1,357		1,021
5.125%, 07/15/2029 (A)		1,002		749
Altice France Holding
10.500%, 05/15/2027 (A)		2,705		2,119
6.000%, 02/15/2028 (A)		1,756		1,114
AMC Entertainment Holdings
10.000%, 06/15/2026 (A)		938		640
6.125%, 05/15/2027		420		230
5.750%, 06/15/2025		85		58
ANGI Group
3.875%, 08/15/2028 (A)		1,497		1,056
Audacy Capital
6.750%, 03/31/2029 (A)		3,564		859
6.500%, 05/01/2027 (A)		1,052		258
Beasley Mezzanine Holdings
8.625%, 02/01/2026 (A)		1,980		1,525
Belo
7.250%, 09/15/2027		250		244
CCO Holdings
5.375%, 06/01/2029 (A)		1,008		882
5.125%, 05/01/2027 (A)		3,137		2,831
5.000%, 02/01/2028 (A)		3,027		2,610
4.750%, 03/01/2030 (A)		1,270		1,030
4.750%, 02/01/2032 (A)		110		86
4.500%, 08/15/2030 (A)		7,881		6,233


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.500%, 05/01/2032	$	2,270	$	1,731
4.250%, 02/01/2031 (A)		5,869		4,502
4.250%, 01/15/2034 (A)		880		630
Charter Communications Operating
4.400%, 12/01/2061		235		150
3.950%, 06/30/2062		950		563
3.900%, 06/01/2052		655		406
3.700%, 04/01/2051		720		436
Cinemark USA
8.750%, 05/01/2025 (A)		160		162
5.250%, 07/15/2028 (A)		135		104
Clear Channel International
6.625%, 08/01/2025 (A)		564		524
Clear Channel Outdoor Holdings
7.750%, 04/15/2028 (A)		285		215
7.500%, 06/01/2029 (A)		524		380
5.125%, 08/15/2027 (A)		1,870		1,580
Comcast
2.987%, 11/01/2063		2,485		1,439
2.937%, 11/01/2056		1,785		1,065
Consolidated Communications
6.500%, 10/01/2028 (A)		3,199		2,391
DISH DBS
7.750%, 07/01/2026		3,135		2,405
7.375%, 07/01/2028		6,019		4,053
5.875%, 11/15/2024		3,112		2,778
5.750%, 12/01/2028 (A)		1,878		1,419
5.250%, 12/01/2026 (A)		2,180		1,786
5.125%, 06/01/2029		2,658		1,562
5.000%, 03/15/2023		2,289		2,244
DKT Finance ApS
9.375%, 06/17/2023 (A)		1,205		1,160
Frontier Communications Holdings
8.750%, 05/15/2030 (A)		2,192		2,193
6.750%, 05/01/2029 (A)		269		222
6.000%, 01/15/2030 (A)		968		760
5.875%, 10/15/2027 (A)		206		185
5.875%, 11/01/2029		1,877		1,490
5.000%, 05/01/2028 (A)		662		568
Gannett Holdings
6.000%, 11/01/2026 (A)		158		121
Gray Escrow II
5.375%, 11/15/2031 (A)		1,990		1,561
Gray Television
7.000%, 05/15/2027 (A)		125		118
4.750%, 10/15/2030 (A)		1,744		1,307
iHeartCommunications
8.375%, 05/01/2027		575		484
6.375%, 05/01/2026		399		370
5.250%, 08/15/2027 (A)		1,138		972
4.750%, 01/15/2028 (A)		842		702


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Iliad Holding SASU
7.000%, 10/15/2028 (A)	$	180	$	154
6.500%, 10/15/2026 (A)		900		787
Intelsat Jackson Holdings
6.500%, 03/15/2030 (A)		1,852		1,575
Intelsat Jackson Holdings (Escrow Security)
0.000%, 12/31/2049 (B)(C)		4,165		–
Level 3 Financing
4.625%, 09/15/2027 (A)		2,601		2,153
4.250%, 07/01/2028 (A)		838		654
3.750%, 07/15/2029 (A)		320		234
3.625%, 01/15/2029 (A)		3,080		2,280
Live Nation Entertainment
6.500%, 05/15/2027 (A)		921		886
5.625%, 03/15/2026 (A)		309		295
4.875%, 11/01/2024 (A)		582		563
4.750%, 10/15/2027 (A)		2,780		2,414
3.750%, 01/15/2028 (A)		55		47
Lumen Technologies
5.625%, 04/01/2025		1,367		1,326
5.375%, 06/15/2029 (A)		1,888		1,403
5.125%, 12/15/2026 (A)		3,029		2,606
4.500%, 01/15/2029 (A)		1,980		1,391
4.000%, 02/15/2027 (A)		2,062		1,732
Netflix
5.875%, 11/15/2028		470		459
5.375%, 11/15/2029 (A)		205		193
News
5.125%, 02/15/2032 (A)		765		671
3.875%, 05/15/2029 (A)		174		148
Nexstar Media
5.625%, 07/15/2027 (A)		1,130		1,039
4.750%, 11/01/2028 (A)		1,542		1,311
ROBLOX
3.875%, 05/01/2030 (A)		857		697
Sable International Finance
5.750%, 09/07/2027 (A)		854		746
Salem Media Group
6.750%, 06/01/2024 (A)		746		716
Scripps Escrow
5.875%, 07/15/2027 (A)		115		100
Scripps Escrow II
5.375%, 01/15/2031 (A)		81		61
3.875%, 01/15/2029 (A)		2,547		2,030
Sinclair Television Group
5.125%, 02/15/2027 (A)		215		178
4.125%, 12/01/2030 (A)		4,520		3,401
Sirius XM Radio
5.500%, 07/01/2029 (A)		994		894
5.000%, 08/01/2027 (A)		1,222		1,121
4.125%, 07/01/2030 (A)		1,087		884
4.000%, 07/15/2028 (A)		1,952		1,660


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.875%, 09/01/2031 (A)	$	1,290	$	1,000
SoftBank Group
5.125%, 09/19/2027		527		440
Spanish Broadcasting System
9.750%, 03/01/2026 (A)		2,731		1,721
Stagwell Global
5.625%, 08/15/2029 (A)		328		270
TEGNA
4.625%, 03/15/2028		548		506
Telecom Italia Capital
6.000%, 09/30/2034		285		212
Telesat Canada
6.500%, 10/15/2027 (A)		3,254		1,204
5.625%, 12/06/2026 (A)		1,163		556
T-Mobile USA
3.500%, 04/15/2031		2,135		1,794
3.375%, 04/15/2029		805		696
Twitter
3.875%, 12/15/2027 (A)		547		513
United States Cellular
6.700%, 12/15/2033		1,289		1,160
Urban One
7.375%, 02/01/2028 (A)		5,530		4,700
Verizon Communications
3.000%, 11/20/2060		830		482
2.987%, 10/30/2056		1,440		856
Vmed O2 UK Financing I
4.250%, 01/31/2031 (A)		1,520		1,152
Windstream Escrow
7.750%, 08/15/2028 (A)		2,630		2,179
WMG Acquisition
3.750%, 12/01/2029 (A)		334		277
3.000%, 02/15/2031 (A)		999		758
ZipRecruiter
5.000%, 01/15/2030 (A)		1,616		1,305
				128,856

Consumer Discretionary — 15.7%
1011778 BC ULC
4.375%, 01/15/2028 (A)		1,090		944
4.000%, 10/15/2030 (A)		185		146
3.875%, 01/15/2028 (A)		128		111
3.500%, 02/15/2029 (A)		93		77
Abercrombie & Fitch Management
8.750%, 07/15/2025 (A)		546		532
Adient Global Holdings Ltd
4.875%, 08/15/2026 (A)		2,595		2,274
Adtalem Global Education
5.500%, 03/01/2028 (A)		888		799
Altice Financing
5.750%, 08/15/2029 (A)		2,389		1,828
5.000%, 01/15/2028 (A)		4,178		3,218


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Amazon.com
2.700%, 06/03/2060	$	2,256	$	1,331
American Axle & Manufacturing
6.875%, 07/01/2028		223		192
6.500%, 04/01/2027		570		483
6.250%, 03/15/2026		268		246
5.000%, 10/01/2029		177		134
American Greetings
8.750%, 04/15/2025 (A)		2,940		2,822
Aramark Services
5.000%, 02/01/2028 (A)		277		247
Asbury Automotive Group
4.625%, 11/15/2029 (A)		976		780
4.500%, 03/01/2028		2,076		1,754
Ashton Woods USA
6.625%, 01/15/2028 (A)		3,907		3,274
4.625%, 08/01/2029 (A)		715		519
Aston Martin Capital Holdings
10.500%, 11/30/2025 (A)		777		761
Aventine (Escrow Security)
0.000%, 10/15/2049 (B)(C)(D)(E)		2,750		–
Bath & Body Works
9.375%, 07/01/2025 (A)		19		20
7.600%, 07/15/2037		370		289
7.500%, 06/15/2029		271		248
6.875%, 11/01/2035		539		450
6.750%, 07/01/2036		2,225		1,834
6.694%, 01/15/2027		81		76
6.625%, 10/01/2030 (A)		1,099		956
5.250%, 02/01/2028		1,994		1,728
BCPE Ulysses Intermediate
7.750%cash/8.500% PIK, 04/01/2027 (A)		1,365		929
Bloomin' Brands
5.125%, 04/15/2029 (A)		1,370		1,142
Boyne USA
4.750%, 05/15/2029 (A)		2,140		1,793
Brookfield Residential Properties
4.875%, 02/15/2030 (A)		712		527
Caesars Entertainment
8.125%, 07/01/2027 (A)		1,154		1,102
6.250%, 07/01/2025 (A)		957		922
4.625%, 10/15/2029 (A)		161		123
Carnival
10.500%, 02/01/2026 (A)		501		496
9.875%, 08/01/2027 (A)		1,495		1,465
6.000%, 05/01/2029 (A)		86		56
5.750%, 03/01/2027 (A)		4,431		3,104
4.000%, 08/01/2028 (A)		488		394
Carvana
10.250%, 05/01/2030 (A)		54		36
5.875%, 10/01/2028 (A)		228		116


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.625%, 10/01/2025 (A)	$	486	$	342
5.500%, 04/15/2027 (A)		582		317
4.875%, 09/01/2029 (A)		1,053		513
CD&R Smokey Buyer
6.750%, 07/15/2025 (A)		434		393
Cedar Fair
5.500%, 05/01/2025 (A)		180		173
5.250%, 07/15/2029		295		253
Cengage Learning
9.500%, 06/15/2024 (A)		2,125		1,992
Century Communities
6.750%, 06/01/2027		444		415
3.875%, 08/15/2029 (A)		461		354
Clarios Global
8.500%, 05/15/2027 (A)		2,030		1,938
6.750%, 05/15/2025 (A)		576		564
6.250%, 05/15/2026 (A)		908		867
CMG Media
8.875%, 12/15/2027 (A)		4,629		3,536
Cooper-Standard Automotive
13.000%, 06/01/2024 (A)		440		453
5.625%, 11/15/2026 (A)		885		371
Crocs
4.125%, 08/15/2031 (A)		497		378
CSC Holdings
7.500%, 04/01/2028 (A)		1,645		1,342
6.500%, 02/01/2029 (A)		2,055		1,814
5.750%, 01/15/2030 (A)		3,400		2,417
4.625%, 12/01/2030 (A)		2,093		1,423
4.500%, 11/15/2031 (A)		299		225
3.375%, 02/15/2031 (A)		463		326
Cumulus Media New Holdings
6.750%, 07/01/2026 (A)		916		773
Dana
5.625%, 06/15/2028		634		523
5.375%, 11/15/2027		539		457
Diamond Sports Group
6.625%, 08/15/2027 (A)		3,243		227
5.375%, 08/15/2026 (A)		6,139		1,222
Dick's Sporting Goods
4.100%, 01/15/2052		2,229		1,377
DirecTV Financing
5.875%, 08/15/2027 (A)		4,236		3,652
Dornoch Debt Merger Sub
6.625%, 10/15/2029 (A)		2,695		1,943
eG Global Finance
8.500%, 10/30/2025 (A)		520		455
6.750%, 02/07/2025 (A)		4,132		3,727
Empire Resorts
7.750%, 11/01/2026 (A)		3,175		2,667
Fertitta Entertainment
4.625%, 01/15/2029 (A)		706		584


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Fontainebleau Las Vegas Holdings
11.000%, 06/15/2015 (A)(B)(D)	$	3,108	$	–
Ford Motor
6.100%, 08/19/2032		893		787
4.750%, 01/15/2043		1,750		1,160
Ford Motor Credit
5.125%, 06/16/2025		951		897
5.113%, 05/03/2029		2,590		2,247
4.687%, 06/09/2025		655		608
4.542%, 08/01/2026		730		650
4.271%, 01/09/2027		635		556
4.134%, 08/04/2025		250		227
4.125%, 08/17/2027		1,219		1,049
4.063%, 11/01/2024		1,194		1,121
4.000%, 11/13/2030		1,177		918
3.815%, 11/02/2027		525		441
3.810%, 01/09/2024		43		42
3.625%, 06/17/2031		4,012		2,981
3.375%, 11/13/2025		1,200		1,060
2.900%, 02/16/2028		2,320		1,823
2.900%, 02/10/2029		800		606
2.700%, 08/10/2026		200		166
Ford Motor Credit MTN
4.389%, 01/08/2026		415		376
Gap
3.875%, 10/01/2031 (A)		63		40
3.625%, 10/01/2029 (A)		128		83
GCI
4.750%, 10/15/2028 (A)		599		497
Goodyear Tire & Rubber
5.250%, 04/30/2031		345		277
5.250%, 07/15/2031		81		65
5.000%, 07/15/2029		317		259
Hanesbrands
4.625%, 05/15/2024 (A)		2,293		2,186
Hertz (Escrow Security)
7.125%, 08/01/2026		465		33
6.000%, 01/15/2028		450		32
5.500%, 10/15/2024		559		3
Hilton Domestic Operating
5.750%, 05/01/2028 (A)		246		230
4.875%, 01/15/2030		50		44
4.000%, 05/01/2031 (A)		1,190		962
3.750%, 05/01/2029 (A)		97		80
3.625%, 02/15/2032 (A)		596		456
Hilton Worldwide Finance
4.875%, 04/01/2027		175		161
International Game Technology
6.250%, 01/15/2027 (A)		1,575		1,524
Jacobs Entertainment
6.750%, 02/15/2029 (A)		1,225		1,048


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Jaguar Land Rover Automotive
5.500%, 07/15/2029 (A)	$	2,350	$	1,636
Ken Garff Automotive
4.875%, 09/15/2028 (A)		278		227
Las Vegas Sands
3.200%, 08/08/2024		1,474		1,390
LBM Acquisition
6.250%, 01/15/2029 (A)		1,850		1,253
LCM Investments Holdings II
4.875%, 05/01/2029 (A)		2,174		1,683
LCPR Senior Secured Financing DAC
6.750%, 10/15/2027 (A)		1,997		1,658
Liberty Interactive
8.250%, 02/01/2030		4,717		2,972
Life Time
5.750%, 01/15/2026 (A)		2,200		2,002
Lions Gate Capital Holdings
5.500%, 04/15/2029 (A)		1,431		1,066
Lithia Motors
4.375%, 01/15/2031 (A)		1,082		886
3.875%, 06/01/2029 (A)		838		673
Macy's Retail Holdings
5.125%, 01/15/2042		975		601
MajorDrive Holdings IV
6.375%, 06/01/2029 (A)		3,586		2,472
Marriott Ownership Resorts
6.125%, 09/15/2025 (A)		114		111
4.500%, 06/15/2029 (A)		261		206
Mattamy Group
4.625%, 03/01/2030 (A)		713		545
Mattel
5.875%, 12/15/2027 (A)		190		182
3.750%, 04/01/2029 (A)		48		40
3.375%, 04/01/2026 (A)		1,570		1,401
McGraw-Hill Education
5.750%, 08/01/2028 (A)		2,680		2,238
Meritage Homes
3.875%, 04/15/2029 (A)		997		793
MGM Resorts International
6.750%, 05/01/2025		315		310
6.000%, 03/15/2023		708		708
5.750%, 06/15/2025		674		644
Michaels
7.875%, 05/01/2029 (A)		2,240		1,293
5.250%, 05/01/2028 (A)		1,335		937
Midcontinent Communications
5.375%, 08/15/2027 (A)		552		492
Midwest Gaming Borrower
4.875%, 05/01/2029 (A)		1,227		1,011
Millennium Escrow
6.625%, 08/01/2026 (A)		1,420		1,123


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
National CineMedia
5.875%, 04/15/2028 (A)	$	150	$	86
NCL
5.875%, 02/15/2027 (A)		930		774
Neiman Marcus Group (Escrow Security)
0.000%, 10/15/2022 (B)(C)(D)		1,582		447
NESCO Holdings II
5.500%, 04/15/2029 (A)		271		226
Newell Brands
6.625%, 09/15/2029		50		49
6.375%, 09/15/2027		50		50
Nordstrom
4.375%, 04/01/2030		949		694
Paramount Global
7.875%, 07/30/2030		2,253		2,381
PECF USS Intermediate Holding III
8.000%, 11/15/2029 (A)		2,340		1,706
Peninsula Pacific Entertainment
8.500%, 11/15/2027 (A)		2,046		2,202
PetSmart
7.750%, 02/15/2029 (A)		250		224
4.750%, 02/15/2028 (A)		500		428
Photo Holdings Merger Sub
8.500%, 10/01/2026 (A)		575		368
PM General Purchaser
9.500%, 10/01/2028 (A)		383		320
Radiate Holdco
6.500%, 09/15/2028 (A)		3,175		2,215
4.500%, 09/15/2026 (A)		550		451
Royal Caribbean Cruises
11.625%, 08/15/2027 (A)		1,153		1,049
11.500%, 06/01/2025 (A)		272		289
10.875%, 06/01/2023 (A)		158		162
9.250%, 01/15/2029 (A)		225		222
8.250%, 01/15/2029 (A)		225		219
5.500%, 08/31/2026 (A)		1,370		1,048
Service International
7.500%, 04/01/2027		640		659
4.000%, 05/15/2031		51		41
3.375%, 08/15/2030		24		19
Shea Homes
4.750%, 02/15/2028 (A)		711		579
4.750%, 04/01/2029 (A)		825		639
Six Flags Entertainment
5.500%, 04/15/2027 (A)		185		162
4.875%, 07/31/2024 (A)		3,630		3,458
Six Flags Theme Parks
7.000%, 07/01/2025 (A)		336		336
Sonic Automotive
4.625%, 11/15/2029 (A)		189		148
Sotheby's
5.875%, 06/01/2029 (A)		460		380


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Specialty Building Products Holdings
6.375%, 09/30/2026 (A)	$	2,784	$	2,304
SRS Distribution
6.125%, 07/01/2029 (A)		1,045		839
6.000%, 12/01/2029 (A)		962		767
4.625%, 07/01/2028 (A)		327		281
Staples
10.750%, 04/15/2027 (A)		1,355		1,004
7.500%, 04/15/2026 (A)		1,753		1,472
Starbucks
3.550%, 08/15/2029		542		492
Station Casinos
4.625%, 12/01/2031 (A)		1,622		1,225
4.500%, 02/15/2028 (A)		2,001		1,642
StoneMor
8.500%, 05/15/2029 (A)		1,410		1,188
Studio City Finance
5.000%, 01/15/2029 (A)		2,405		1,067
Sugarhouse HSP Gaming Prop Mezz
5.875%, 05/15/2025 (A)		1,445		1,337
Superior Plus
4.500%, 03/15/2029 (A)		202		167
Telenet Finance Luxembourg Notes Sarl
5.500%, 03/01/2028 (A)		2,800		2,428
Tempur Sealy International
4.000%, 04/15/2029 (A)		525		414
3.875%, 10/15/2031 (A)		1,351		990
Tenneco
7.875%, 01/15/2029 (A)		138		134
5.375%, 12/15/2024		110		107
5.125%, 04/15/2029 (A)		1,535		1,516
5.000%, 07/15/2026		212		206
Thor Industries
4.000%, 10/15/2029 (A)		1,863		1,400
Time Warner Entertainment
8.375%, 07/15/2033		1,028		1,097
Univision Communications
7.375%, 06/30/2030 (A)		211		201
6.625%, 06/01/2027 (A)		40		38
4.500%, 05/01/2029 (A)		1,668		1,360
Vail Resorts
6.250%, 05/15/2025 (A)		437		431
Virgin Media Finance
5.000%, 07/15/2030 (A)		493		362
Virgin Media Secured Finance
5.500%, 05/15/2029 (A)		1,191		1,020
4.500%, 08/15/2030 (A)		480		374
Virgin Media Vendor Financing Notes IV DAC
5.000%, 07/15/2028 (A)		1,934		1,564
Vista Outdoor
4.500%, 03/15/2029 (A)		408		288


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
VOC Escrow
5.000%, 02/15/2028 (A)	$	1,150	$	935
Volkswagen Group of America Finance
1.250%, 11/24/2025 (A)		595		523
VZ Secured Financing BV
5.000%, 01/15/2032 (A)		1,065		796
Walt Disney
1.750%, 01/13/2026		2,505		2,268
Wheel Pros
6.500%, 05/15/2029 (A)		2,450		1,121
White Capital Buyer
6.875%, 10/15/2028 (A)		105		86
White Capital Parent
8.250%cash/9.000% PIK, 03/15/2026 (A)		2,850		2,415
Wolverine World Wide
4.000%, 08/15/2029 (A)		1,544		1,178
WW International
4.500%, 04/15/2029 (A)		1,840		962
Wynn Las Vegas
5.500%, 03/01/2025 (A)		720		674
Wynn Macau
5.625%, 08/26/2028 (A)		50		33
5.500%, 01/15/2026 (A)		545		413
5.500%, 10/01/2027 (A)		595		411
5.125%, 12/15/2029 (A)		45		29
Wynn Resorts Finance
7.750%, 04/15/2025 (A)		160		156
5.125%, 10/01/2029 (A)		379		306
Yum! Brands
6.875%, 11/15/2037		1,065		1,062
5.375%, 04/01/2032		325		288
4.625%, 01/31/2032		217		182
3.625%, 03/15/2031		2,464		1,969
				200,092

Consumer Staples — 3.3%
Albertsons
5.875%, 02/15/2028 (A)		125		115
4.875%, 02/15/2030 (A)		60		51
4.625%, 01/15/2027 (A)		835		746
3.500%, 03/15/2029 (A)		448		361
3.250%, 03/15/2026 (A)		221		194
Altria Group
4.800%, 02/14/2029		418		386
BellRing Brands
7.000%, 03/15/2030 (A)		1,405		1,285
Central Garden & Pet
5.125%, 02/01/2028		350		317
4.125%, 10/15/2030		242		193
4.125%, 04/30/2031 (A)		168		132


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Chobani
7.500%, 04/15/2025 (A)	$	2,848	$	2,605
4.625%, 11/15/2028 (A)		1,118		951
Coca-Cola
2.750%, 06/01/2060		417		257
2.500%, 06/01/2040		880		614
Coty
6.500%, 04/15/2026 (A)		1,165		1,074
5.000%, 04/15/2026 (A)		1,138		1,036
4.750%, 01/15/2029 (A)		2,370		2,005
Edgewell Personal Care
5.500%, 06/01/2028 (A)		305		273
4.125%, 04/01/2029 (A)		117		97
Energizer Holdings
6.500%, 12/31/2027 (A)		133		118
4.750%, 06/15/2028 (A)		469		372
4.375%, 03/31/2029 (A)		1,447		1,073
High Ridge Brands (Escrow Security)
9.772%, 03/15/2025		445		–
HLF Financing Sarl
4.875%, 06/01/2029 (A)		2,040		1,456
JBS USA LUX
5.500%, 01/15/2030 (A)		2,710		2,503
Lamb Weston Holdings
4.375%, 01/31/2032 (A)		63		52
4.125%, 01/31/2030 (A)		1,193		1,010
LSF9 Atlantis Holdings
7.750%, 02/15/2026 (A)		2,865		2,557
New Albertsons
8.700%, 05/01/2030		955		968
8.000%, 05/01/2031		1,535		1,520
Performance Food Group
6.875%, 05/01/2025 (A)		50		50
5.500%, 10/15/2027 (A)		355		323
4.250%, 08/01/2029 (A)		460		383
Pilgrim's Pride
3.500%, 03/01/2032 (A)		835		629
Post Holdings
5.750%, 03/01/2027 (A)		38		36
5.625%, 01/15/2028 (A)		565		516
5.500%, 12/15/2029 (A)		206		178
4.625%, 04/15/2030 (A)		208		171
Rite Aid
8.000%, 11/15/2026 (A)		2,968		2,100
7.700%, 02/15/2027		159		94
7.500%, 07/01/2025 (A)		2,169		1,650
Sigma Holdco BV
7.875%, 05/15/2026 (A)		3,797		2,449
Simmons Foods
4.625%, 03/01/2029 (A)		2,225		1,819
Spectrum Brands
5.500%, 07/15/2030 (A)		617		482


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.000%, 10/01/2029 (A)	$	100	$	80
3.875%, 03/15/2031 (A)		1,404		957
Triton Water Holdings
6.250%, 04/01/2029 (A)		2,904		2,221
US Foods
4.625%, 06/01/2030 (A)		230		190
Vector Group
10.500%, 11/01/2026 (A)		2,450		2,274
5.750%, 02/01/2029 (A)		970		792
				41,715

Energy — 10.6%
Aethon United BR
8.250%, 02/15/2026 (A)		1,216		1,175
Antero Midstream Partners
7.875%, 05/15/2026 (A)		318		320
5.750%, 03/01/2027 (A)		50		46
5.750%, 01/15/2028 (A)		290		264
5.375%, 06/15/2029 (A)		241		213
Antero Resources
8.375%, 07/15/2026 (A)		260		275
7.625%, 02/01/2029 (A)		742		741
Apache
5.100%, 09/01/2040		2,729		2,203
Archrock Partners
6.250%, 04/01/2028 (A)		2,656		2,335
Ascent Resources Utica Holdings
8.250%, 12/31/2028 (A)		1,578		1,516
7.000%, 11/01/2026 (A)		911		878
5.875%, 06/30/2029 (A)		2,491		2,217
Baytex Energy
8.750%, 04/01/2027 (A)		325		327
Blue Racer Midstream
7.625%, 12/15/2025 (A)		2,721		2,612
Buckeye Partners
4.500%, 03/01/2028 (A)		400		340
4.125%, 03/01/2025 (A)		230		210
4.125%, 12/01/2027		135		113
California Resources
7.125%, 02/01/2026 (A)		284		267
Cheniere Energy
4.625%, 10/15/2028		550		505
Cheniere Energy Partners
4.500%, 10/01/2029		4,017		3,537
4.000%, 03/01/2031		389		326
3.250%, 01/31/2032		393		302
Chesapeake Energy
6.750%, 04/15/2029 (A)		582		558
5.500%, 02/01/2026 (A)		82		78
Chesapeake Energy (Escrow Security)
0.000%, 12/31/2049 (B)(C)		3,650		91


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Chord Energy
6.375%, 06/01/2026 (A)	$	264	$	251
Citgo Holding
9.250%, 08/01/2024 (A)		5,271		5,230
CITGO Petroleum
6.375%, 06/15/2026 (A)		525		490
CNX Midstream Partners
4.750%, 04/15/2030 (A)		54		42
CNX Resources
7.375%, 01/15/2031 (A)		147		144
Colgate Energy Partners III
5.875%, 07/01/2029 (A)		1,645		1,468
Comstock Resources
6.750%, 03/01/2029 (A)		1,502		1,385
5.875%, 01/15/2030 (A)		157		137
CQP Holdco
5.500%, 06/15/2031 (A)		906		767
Crestwood Midstream Partners
8.000%, 04/01/2029 (A)		613		590
CrownRock
5.625%, 10/15/2025 (A)		1,112		1,065
DCP Midstream Operating
8.125%, 08/16/2030		985		1,047
3.250%, 02/15/2032		215		170
Delek Logistics Partners
6.750%, 05/15/2025		811		763
DT Midstream
4.375%, 06/15/2031 (A)		103		85
4.125%, 06/15/2029 (A)		1,629		1,376
Earthstone Energy Holdings
8.000%, 04/15/2027 (A)		1,120		1,056
Encino Acquisition Partners Holdings
8.500%, 05/01/2028 (A)		2,269		2,093
Energy Transfer
5.500%, 06/01/2027		1,564		1,520
EnLink Midstream
6.500%, 09/01/2030 (A)		93		91
5.375%, 06/01/2029		4,004		3,664
EnLink Midstream Partners
4.850%, 07/15/2026		190		174
Enviva Partners
6.500%, 01/15/2026 (A)		3,647		3,448
EQM Midstream Partners
7.500%, 06/01/2027 (A)		170		162
7.500%, 06/01/2030 (A)		134		127
6.500%, 07/01/2027 (A)		712		658
6.500%, 07/15/2048		2,980		2,273
6.000%, 07/01/2025 (A)		276		255
4.750%, 01/15/2031 (A)		204		162
4.500%, 01/15/2029 (A)		424		342
EQT
7.000%, 02/01/2030		490		506


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
6.125%, 02/01/2025	$	270	$	270
Exterran Energy Solutions
8.125%, 05/01/2025		–		–
Genesis Energy
8.000%, 01/15/2027		1,377		1,208
7.750%, 02/01/2028		2,453		2,134
6.500%, 10/01/2025		20		18
Gulfport Energy
8.000%, 05/17/2026 (A)		2,230		2,219
Gulfport Energy Operating (Escrow Security)
6.375%, 05/15/2025 (B)		183		–
6.375%, 01/15/2026		585		1
6.000%, 10/15/2024		215		–
Harvest Midstream I
7.500%, 09/01/2028 (A)		1,895		1,771
Hess Midstream Operations
5.625%, 02/15/2026 (A)		325		308
5.500%, 10/15/2030 (A)		415		356
4.250%, 02/15/2030 (A)		1,777		1,435
Hilcorp Energy I
6.250%, 11/01/2028 (A)		10		9
6.250%, 04/15/2032 (A)		85		75
6.000%, 04/15/2030 (A)		101		88
Holly Energy Partners
6.375%, 04/15/2027 (A)		160		153
Howard Midstream Energy Partners
6.750%, 01/15/2027 (A)		3,085		2,749
ITT Holdings
6.500%, 08/01/2029 (A)		3,125		2,424
Kinetik Holdings
5.875%, 06/15/2030 (A)		129		118
Laredo Petroleum
10.125%, 01/15/2028		699		671
Moss Creek Resources Holdings
10.500%, 05/15/2027 (A)		876		815
7.500%, 01/15/2026 (A)		2,177		1,899
Motiva Enterprises
6.850%, 01/15/2040 (A)		967		938
Nabors Industries
7.250%, 01/15/2026 (A)		93		81
5.750%, 02/01/2025		325		294
New Fortress Energy
6.750%, 09/15/2025 (A)		1,403		1,329
6.500%, 09/30/2026 (A)		2,411		2,228
NGL Energy Operating
7.500%, 02/01/2026 (A)		4,943		4,397
NGL Energy Partners
7.500%, 11/01/2023		2,212		2,144
7.500%, 04/15/2026		775		589
6.125%, 03/01/2025		3,673		2,924
Northern Oil and Gas
8.125%, 03/01/2028 (A)		2,039		1,912


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
NuStar Logistics
6.375%, 10/01/2030	$	685	$	586
6.000%, 06/01/2026		255		233
5.750%, 10/01/2025		114		106
5.625%, 04/28/2027		115		100
Occidental Petroleum
8.875%, 07/15/2030		338		376
8.500%, 07/15/2027		1,188		1,271
6.625%, 09/01/2030		515		523
6.600%, 03/15/2046		1,400		1,442
6.450%, 09/15/2036		430		430
6.375%, 09/01/2028		1,215		1,210
6.125%, 01/01/2031		3,122		3,075
4.625%, 06/15/2045		1,165		964
PBF Holding
7.250%, 06/15/2025		1,009		964
6.000%, 02/15/2028		166		144
Peabody Energy
6.375%, 03/31/2025 (A)		179		174
Precision Drilling
7.125%, 01/15/2026 (A)		240		225
6.875%, 01/15/2029 (A)		31		27
Range Resources
8.250%, 01/15/2029		402		409
4.875%, 05/15/2025		280		264
4.750%, 02/15/2030 (A)		83		72
Rockcliff Energy II
5.500%, 10/15/2029 (A)		2,041		1,787
Seventy Seven Operating (Escrow Security)
6.625%, 01/15/2020 (B)(D)		1,869		–
Shelf Drilling Holdings
8.250%, 02/15/2025 (A)		1,800		1,440
SM Energy
6.625%, 01/15/2027		73		70
6.500%, 07/15/2028		573		545
5.625%, 06/01/2025		620		595
Southwestern Energy
7.750%, 10/01/2027		186		189
5.375%, 03/15/2030		284		256
4.750%, 02/01/2032		63		53
Strathcona Resources
6.875%, 08/01/2026 (A)		1,435		1,216
Summit Midstream Holdings
8.500%, 10/15/2026 (A)		176		165
5.750%, 04/15/2025		2,048		1,664
Sunoco
5.875%, 03/15/2028		1,585		1,438
4.500%, 05/15/2029		1,243		1,031
4.500%, 04/30/2030		1,342		1,097
Tallgrass Energy Partners
7.500%, 10/01/2025 (A)		381		374
6.000%, 03/01/2027 (A)		270		245


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
6.000%, 12/31/2030 (A)	$	4,714	$	4,007
6.000%, 09/01/2031 (A)		722		610
5.500%, 01/15/2028 (A)		70		60
Targa Resources Partners
6.875%, 01/15/2029		192		189
6.500%, 07/15/2027		523		517
5.000%, 01/15/2028		310		287
4.875%, 02/01/2031		402		346
4.000%, 01/15/2032		167		138
TerraForm Power Operating
5.000%, 01/31/2028 (A)		2,957		2,605
4.750%, 01/15/2030 (A)		375		318
Transocean
11.500%, 01/30/2027 (A)		1,505		1,392
8.000%, 02/01/2027 (A)		1,425		990
7.500%, 04/15/2031		790		411
Transocean Guardian
5.875%, 01/15/2024 (A)		394		371
Transocean Pontus
6.125%, 08/01/2025 (A)		106		99
USA Compression Partners
6.875%, 09/01/2027		2,425		2,204
Venture Global Calcasieu Pass
4.125%, 08/15/2031 (A)		255		211
3.875%, 08/15/2029 (A)		255		219
3.875%, 11/01/2033 (A)		3,079		2,394
Weatherford International
8.625%, 04/30/2030 (A)		2,027		1,765
Western Midstream Operating
5.500%, 02/01/2050		2,924		2,361

				134,801
Financials — 6.7%
Acrisure
10.125%, 08/01/2026 (A)		1,211		1,166
4.250%, 02/15/2029 (A)		1,702		1,334
AG Issuer
6.250%, 03/01/2028 (A)		1,208		1,045
Alliant Holdings Intermediate
6.750%, 10/15/2027 (A)		1,531		1,319
5.875%, 11/01/2029 (A)		1,445		1,174
Ally Financial
8.000%, 11/01/2031		2,253		2,362
Apollo Commercial Real Estate Finance
4.625%, 06/15/2029 (A)		798		601
Armor Holdco
8.500%, 11/15/2029 (A)		1,560		1,242
AssuredPartners
5.625%, 01/15/2029 (A)		515		400
Blackstone Private Credit Fund
4.700%, 03/24/2025		985		932
2.625%, 12/15/2026		2,532		2,079


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Block
3.500%, 06/01/2031	$	204	$	158
BroadStreet Partners
5.875%, 04/15/2029 (A)		2,805		2,209
Brookfield Property REIT
4.500%, 04/01/2027 (A)		5,035		4,128
Coinbase Global
3.625%, 10/01/2031 (A)		80		44
3.375%, 10/01/2028 (A)		80		50
CPI CG
8.625%, 03/15/2026 (A)		1,148		1,067
Finance of America Funding
7.875%, 11/15/2025 (A)		4,989		3,157
FirstCash
5.625%, 01/01/2030 (A)		2,410		2,061
Freedom Mortgage
8.250%, 04/15/2025 (A)		2,617		2,162
7.625%, 05/01/2026 (A)		1,235		922
6.625%, 01/15/2027 (A)		1,195		852
HAT Holdings I
6.000%, 04/15/2025 (A)		957		900
3.750%, 09/15/2030 (A)		1,667		1,212
3.375%, 06/15/2026 (A)		577		463
Home Point Capital
5.000%, 02/01/2026 (A)		1,670		1,046
HSBC Holdings
4.600%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.649%(F)(G)		783		543
HUB International
5.625%, 12/01/2029 (A)		2,530		2,113
Hunt
5.250%, 04/15/2029 (A)		953		730
Jane Street Group
4.500%, 11/15/2029 (A)		2,099		1,805
JPMorgan Chase
5.000%, U.S. SOFR + 3.380%(F)(G)		856		772
Ladder Capital Finance Holdings LLLP
5.250%, 10/01/2025 (A)		210		193
4.750%, 06/15/2029 (A)		1,750		1,310
4.250%, 02/01/2027 (A)		1,598		1,287
LD Holdings Group
6.500%, 11/01/2025 (A)		615		369
6.125%, 04/01/2028 (A)		2,265		1,178
LPL Holdings
4.625%, 11/15/2027 (A)		1,025		929
4.375%, 05/15/2031 (A)		325		269
Merger Sub II
10.750%, 08/01/2027 (A)		1,515		1,485
Midcap Financial Issuer Trust
6.500%, 05/01/2028 (A)		2,770		2,367
5.625%, 01/15/2030 (A)		1,666		1,276


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
MPH Acquisition Holdings
5.750%, 11/01/2028 (A)	$	1,592	$	1,196
Nationstar Mortgage Holdings
6.000%, 01/15/2027 (A)		903		771
5.750%, 11/15/2031 (A)		270		198
5.500%, 08/15/2028 (A)		1,487		1,168
5.125%, 12/15/2030 (A)		138		100
Navient
5.500%, 03/15/2029		1,860		1,414
5.000%, 03/15/2027		1,916		1,567
4.875%, 03/15/2028		307		234
NFP
6.875%, 08/15/2028 (A)		845		659
4.875%, 08/15/2028 (A)		1,034		882
OneMain Finance
7.125%, 03/15/2026		1,565		1,411
6.625%, 01/15/2028		996		855
5.375%, 11/15/2029		1,412		1,094
4.000%, 09/15/2030		2,317		1,626
3.875%, 09/15/2028		253		186
3.500%, 01/15/2027		355		276
PennyMac Financial Services
5.750%, 09/15/2031 (A)		680		486
5.375%, 10/15/2025 (A)		561		480
4.250%, 02/15/2029 (A)		2,163		1,541
Rithm Capital
6.250%, 10/15/2025 (A)		3,237		2,741
Rocket Mortgage
4.000%, 10/15/2033 (A)		1,902		1,308
3.625%, 03/01/2029 (A)		3,120		2,401
2.875%, 10/15/2026 (A)		180		148
Ryan Specialty Group
4.375%, 02/01/2030 (A)		1,957		1,660
Sabre GLBL
9.250%, 04/15/2025 (A)		98		94
TTMT Escrow Issuer
8.625%, 09/30/2027 (A)		419		394
United Wholesale Mortgage
5.750%, 06/15/2027 (A)		1,400		1,109
Verscend Escrow
9.750%, 08/15/2026 (A)		782		755
VistaJet Malta Finance
6.375%, 02/01/2030 (A)		6,947		5,679
WeWork
7.875%, 05/01/2025 (A)		3,135		2,171
				85,315

Health Care — 6.9%
1375209 B.C. Ltd
9.000%, 01/30/2028 (A)		1,408		1,397
180 Medical Inc
3.875%, 10/15/2029 (A)		200		166


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Acadia Healthcare
5.500%, 07/01/2028 (A)	$	441	$	402
5.000%, 04/15/2029 (A)		1,213		1,074
AHP Health Partners
5.750%, 07/15/2029 (A)		156		121
Air Methods
8.000%, 05/15/2025 (A)		2,689		1,349
Akumin
7.000%, 11/01/2025 (A)		3,280		2,693
Akumin Escrow
7.500%, 08/01/2028 (A)		1,075		821
AthenaHealth Group
6.500%, 02/15/2030 (A)		1,490		1,178
Avantor Funding
4.625%, 07/15/2028 (A)		574		511
3.875%, 11/01/2029 (A)		2,166		1,759
Bausch Health
14.000%, 10/15/2030 (A)		281		153
9.000%, 12/15/2025 (A)		1,765		1,121
5.750%, 08/15/2027 (A)		220		150
5.500%, 11/01/2025 (A)		1,546		1,228
5.250%, 01/30/2030 (A)		4,395		1,641
5.250%, 02/15/2031 (A)		848		319
5.000%, 01/30/2028 (A)		215		79
5.000%, 02/15/2029 (A)		445		173
4.875%, 06/01/2028 (A)		1,255		809
Bausch Health Americas
9.250%, 04/01/2026 (A)		1,210		717
8.500%, 01/31/2027 (A)		444		189
Bristol-Myers Squibb
2.550%, 11/13/2050		1,755		1,081
Centene
4.625%, 12/15/2029		1,107		995
4.250%, 12/15/2027		1,497		1,369
3.375%, 02/15/2030		1,440		1,177
2.625%, 08/01/2031		1,905		1,436
2.500%, 03/01/2031		2,524		1,903
CHS
8.000%, 03/15/2026 (A)		470		407
6.875%, 04/01/2028 (A)		2,055		940
6.875%, 04/15/2029 (A)		480		232
6.125%, 04/01/2030 (A)		709		334
6.000%, 01/15/2029 (A)		250		184
5.625%, 03/15/2027 (A)		165		127
5.250%, 05/15/2030 (A)		1,470		1,024
4.750%, 02/15/2031 (A)		1,150		773
DaVita
4.625%, 06/01/2030 (A)		520		402
3.750%, 02/15/2031 (A)		583		415
Embecta
6.750%, 02/15/2030 (A)		335		309
5.000%, 02/15/2030 (A)		940		807


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Emergent BioSolutions
3.875%, 08/15/2028 (A)	$	307	$	204
Encompass Health
4.750%, 02/01/2030		1,521		1,251
4.500%, 02/01/2028		425		364
Endo DAC
9.500%, 07/31/2027 (A)(D)		1,406		204
6.000%, 06/30/2028 (A)(D)		1,302		72
Endo Luxembourg Finance I Sarl
6.125%, 04/01/2029 (A)(D)		1,035		817
Envision Healthcare
8.750%, 10/15/2026 (A)		1,895		607
Global Medical Response
6.500%, 10/01/2025 (A)		4,110		3,447
Grifols Escrow Issuer
4.750%, 10/15/2028 (A)		200		155
HCA
5.875%, 02/15/2026		1,675		1,652
5.875%, 02/01/2029		780		758
3.500%, 09/01/2030		3,181		2,627
Hologic
3.250%, 02/15/2029 (A)		508		415
IQVIA
5.000%, 10/15/2026 (A)		805		767
Lannett
7.750%, 04/15/2026 (A)		2,520		706
Legacy LifePoint Health
4.375%, 02/15/2027 (A)		3,416		2,823
LifePoint Health
5.375%, 01/15/2029 (A)		1,658		1,156
Mallinckrodt International Finance
11.500%, 12/15/2028 (A)		575		518
10.000%, 06/15/2029 (A)		235		128
Medline Borrower
5.250%, 10/01/2029 (A)		892		673
3.875%, 04/01/2029 (A)		4,456		3,572
ModivCare Escrow Issuer
5.000%, 10/01/2029 (A)		1,290		1,048
Molina Healthcare
4.375%, 06/15/2028 (A)		1,443		1,302
Organon
5.125%, 04/30/2031 (A)		2,821		2,311
4.125%, 04/30/2028 (A)		1,206		1,031
Owens & Minor
6.625%, 04/01/2030 (A)		750		660
4.500%, 03/31/2029 (A)		467		367
Par Pharmaceutical
7.500%, 04/01/2027 (A)(D)		1,353		1,069
Pediatrix Medical Group
5.375%, 02/15/2030 (A)		2,299		1,905
PRA Health Sciences
2.875%, 07/15/2026 (A)		1,331		1,171


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Prestige Brands
5.125%, 01/15/2028 (A)	$	365	$	328
Prime Security Services Borrower
6.250%, 01/15/2028 (A)		1,070		913
3.375%, 08/31/2027 (A)		679		570
Radiology Partners
9.250%, 02/01/2028 (A)		974		635
Royalty Pharma
2.200%, 09/02/2030		691		527
RP Escrow Issuer
5.250%, 12/15/2025 (A)		2,873		2,374
Syneos Health
3.625%, 01/15/2029 (A)		2,653		2,113
Tenet Healthcare
6.250%, 02/01/2027 (A)		733		684
6.125%, 10/01/2028 (A)		1,750		1,533
6.125%, 06/15/2030 (A)		1,441		1,320
5.125%, 11/01/2027 (A)		663		595
4.875%, 01/01/2026 (A)		3,511		3,263
4.625%, 06/15/2028 (A)		2,462		2,152
4.375%, 01/15/2030 (A)		710		593
4.250%, 06/01/2029 (A)		1,476		1,223
US Acute Care Solutions
6.375%, 03/01/2026 (A)		1,928		1,620
US Renal Care
10.625%, 07/15/2027 (A)		2,010		922
Varex Imaging
7.875%, 10/15/2027 (A)		1,081		1,060

				88,170
Industrials — 6.8%
ACCO Brands
4.250%, 03/15/2029 (A)		545		410
ADT Security
4.875%, 07/15/2032 (A)		1,563		1,260
4.125%, 08/01/2029 (A)		271		225
Air Canada
3.875%, 08/15/2026 (A)		1,084		931
Allegiant Travel
7.250%, 08/15/2027 (A)		858		809
Allied Universal Holdco
6.625%, 07/15/2026 (A)		185		165
4.625%, 06/01/2028 (A)		400		305
Allison Transmission
5.875%, 06/01/2029 (A)		210		190
4.750%, 10/01/2027 (A)		545		480
3.750%, 01/30/2031 (A)		1,485		1,138
American Airlines
5.750%, 04/20/2029 (A)		2,891		2,522
5.500%, 04/20/2026 (A)		1,790		1,681
American Airlines Group
3.750%, 03/01/2025 (A)		1,306		1,068


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
American Builders & Contractors Supply
4.000%, 01/15/2028 (A)	$	1,692	$	1,480
APi Group DE
4.750%, 10/15/2029 (A)		135		112
4.125%, 07/15/2029 (A)		214		170
Artera Services
9.033%, 12/04/2025 (A)		2,312		1,861
ATS Automation Tooling Systems
4.125%, 12/15/2028 (A)		270		224
Avianca Midco 2
9.000%, 12/01/2028 (A)		1,763		1,329
Avis Budget Car Rental
5.750%, 07/15/2027 (A)		315		276
5.375%, 03/01/2029 (A)		598		491
Boeing
3.625%, 02/01/2031		824		684
Bombardier
7.875%, 04/15/2027 (A)		3,081		2,835
7.500%, 03/15/2025 (A)		407		396
7.125%, 06/15/2026 (A)		695		637
Builders FirstSource
6.375%, 06/15/2032 (A)		236		210
4.250%, 02/01/2032 (A)		203		156
BWX Technologies
4.125%, 06/30/2028 (A)		762		665
4.125%, 04/15/2029 (A)		969		838
Cargo Aircraft Management
4.750%, 02/01/2028 (A)		633		545
CDW
4.250%, 04/01/2028		370		329
3.250%, 02/15/2029		171		139
CoreCivic
8.250%, 04/15/2026		267		266
CoreLogic
4.500%, 05/01/2028 (A)		471		337
CP Atlas Buyer
7.000%, 12/01/2028 (A)		3,295		2,454
Deluxe
8.000%, 06/01/2029 (A)		2,480		2,014
Dycom Industries
4.500%, 04/15/2029 (A)		333		281
EnerSys
4.375%, 12/15/2027 (A)		559		493
EnPro Industries
5.750%, 10/15/2026		232		223
First Student Bidco
4.000%, 07/31/2029 (A)		15		12
Fortress Transportation and Infrastructure Investors
6.500%, 10/01/2025 (A)		812		763
5.500%, 05/01/2028 (A)		980		784


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Garda World Security
9.500%, 11/01/2027 (A)	$	310	$	272
6.000%, 06/01/2029 (A)		242		177
GFL Environmental
5.125%, 12/15/2026 (A)		335		312
4.750%, 06/15/2029 (A)		177		149
4.375%, 08/15/2029 (A)		1,576		1,314
4.000%, 08/01/2028 (A)		269		224
3.500%, 09/01/2028 (A)		3,013		2,541
Global Infrastructure Solutions
7.500%, 04/15/2032 (A)		175		133
5.625%, 06/01/2029 (A)		332		245
GrafTech Finance
4.625%, 12/15/2028 (A)		2,785		2,082
Granite US Holdings
11.000%, 10/01/2027 (A)		2,060		1,942
Griffon
5.750%, 03/01/2028		500		430
H&E Equipment Services
3.875%, 12/15/2028 (A)		2,810		2,206
Harsco
5.750%, 07/31/2027 (A)		465		291
Hawaiian Brand Intellectual Property
5.750%, 01/20/2026 (A)		1,416		1,249
Hertz
5.000%, 12/01/2029 (A)		479		356
4.625%, 12/01/2026 (A)		465		378
Icahn Enterprises
6.250%, 05/15/2026		1,046		978
4.375%, 02/01/2029		523		421
IEA Energy Services
6.625%, 08/15/2029 (A)		1,225		1,195
JELD-WEN
6.250%, 05/15/2025 (A)		235		221
4.875%, 12/15/2027 (A)		225		161
4.625%, 12/15/2025 (A)		355		288
Korn Ferry
4.625%, 12/15/2027 (A)		2,397		2,117
Madison IAQ
5.875%, 06/30/2029 (A)		493		343
4.125%, 06/30/2028 (A)		170		137
Masonite International
5.375%, 02/01/2028 (A)		298		264
MasTec
4.500%, 08/15/2028 (A)		433		378
Mileage Plus Holdings
6.500%, 06/20/2027 (A)		3,070		3,005
MIWD Holdco II
5.500%, 02/01/2030 (A)		221		164
Monitronics International (Escrow Security)
9.125%, 04/01/2020 (B)(D)		5,936		–


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Nielsen Finance
5.625%, 10/01/2028 (A)	$	280	$	278
4.500%, 07/15/2029 (A)		25		25
PGT Innovations
4.375%, 10/01/2029 (A)		133		109
Prime Security Services Borrower
5.750%, 04/15/2026 (A)		1,189		1,119
Raytheon Technologies
3.030%, 03/15/2052		780		509
2.820%, 09/01/2051		1,115		699
Sensata Technologies
4.375%, 02/15/2030 (A)		788		658
4.000%, 04/15/2029 (A)		816		675
3.750%, 02/15/2031 (A)		109		86
Signature Aviation US Holdings
4.000%, 03/01/2028 (A)		1,133		1,054
Spirit AeroSystems
7.500%, 04/15/2025 (A)		268		253
4.600%, 06/15/2028		2,460		1,778
3.950%, 06/15/2023		1,444		1,384
Standard Industries
5.000%, 02/15/2027 (A)		30		27
4.750%, 01/15/2028 (A)		768		649
3.375%, 01/15/2031 (A)		88		62
Stericycle
3.875%, 01/15/2029 (A)		284		235
Team Health Holdings
6.375%, 02/01/2025 (A)		3,363		2,491
Terex
5.000%, 05/15/2029 (A)		335		287
TK Elevator US Newco
5.250%, 07/15/2027 (A)		1,548		1,316
TransDigm
6.250%, 03/15/2026 (A)		1,495		1,450
5.500%, 11/15/2027		1,982		1,724
4.625%, 01/15/2029		488		393
Triumph Group
7.750%, 08/15/2025		1,395		1,066
6.250%, 09/15/2024 (A)		250		228
Tutor Perini
6.875%, 05/01/2025 (A)		6,576		4,918
Uber Technologies
7.500%, 09/15/2027 (A)		135		132
4.500%, 08/15/2029 (A)		244		205
United Airlines
4.625%, 04/15/2029 (A)		909		752
4.375%, 04/15/2026 (A)		2,517		2,246
United Rentals North America
4.875%, 01/15/2028		875		802
Vertiv Group
4.125%, 11/15/2028 (A)		820		660


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Wabash National
4.500%, 10/15/2028 (A)	$	240	$	186
WESCO Distribution
7.250%, 06/15/2028 (A)		468		458
7.125%, 06/15/2025 (A)		356		356
Western Global Airlines
10.375%, 08/15/2025 (A)		1,135		1,013
Wolverine Escrow
13.125%, 11/15/2027 (A)		100		30
9.000%, 11/15/2026 (A)		608		365

				86,839
Information Technology — 5.4%
ACI Worldwide
5.750%, 08/15/2026 (A)		394		372
Ahead DB Holdings
6.625%, 05/01/2028 (A)		2,330		1,986
ams-OSRAM
7.000%, 07/31/2025 (A)		1,617		1,462
Apple
2.800%, 02/08/2061		2,256		1,404
2.700%, 08/05/2051		245		162
2.650%, 05/11/2050		2,760		1,815
2.650%, 02/08/2051		460		302
2.375%, 02/08/2041		435		301
Arches Buyer
6.125%, 12/01/2028 (A)		1,686		1,306
4.250%, 06/01/2028 (A)		213		166
Avaya
6.125%, 09/15/2028 (A)		3,025		1,505
Black Knight InfoServ
3.625%, 09/01/2028 (A)		196		166
Bread Financial Holdings
4.750%, 12/15/2024 (A)		840		733
Castle US Holding
9.500%, 02/15/2028 (A)		1,205		886
Ciena
4.000%, 01/31/2030 (A)		910		760
Clarivate Science Holdings
4.875%, 07/01/2029 (A)		184		144
3.875%, 07/01/2028 (A)		164		135
Coherent
5.000%, 12/15/2029 (A)		3,042		2,516
CommScope
8.250%, 03/01/2027 (A)		5,580		4,610
7.125%, 07/01/2028 (A)		1,760		1,359
6.000%, 03/01/2026 (A)		845		778
4.750%, 09/01/2029 (A)		359		293
CommScope Technologies
6.000%, 06/15/2025 (A)		1,981		1,760
5.000%, 03/15/2027 (A)		195		147


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Condor Merger Sub
7.375%, 02/15/2030 (A)	$	1,839	$	1,504
Conduent Business Services
6.000%, 11/01/2029 (A)		310		246
Elastic
4.125%, 07/15/2029 (A)		1,401		1,107
Entegris
4.375%, 04/15/2028 (A)		142		120
3.625%, 05/01/2029 (A)		2,014		1,594
Entegris Escrow
5.950%, 06/15/2030 (A)		50		46
4.750%, 04/15/2029 (A)		2,110		1,859
Gartner
4.500%, 07/01/2028 (A)		70		63
3.750%, 10/01/2030 (A)		47		39
3.625%, 06/15/2029 (A)		184		153
Go Daddy Operating
5.250%, 12/01/2027 (A)		1,191		1,097
HP
4.750%, 03/01/2029 (A)		164		165
Imola Merger
4.750%, 05/15/2029 (A)		921		777
Intel
3.200%, 08/12/2061		1,205		751
3.100%, 02/15/2060		360		217
3.050%, 08/12/2051		2,229		1,431
ION Trading Technologies Sarl
5.750%, 05/15/2028 (A)		2,145		1,748
Microsoft
2.525%, 06/01/2050		2,229		1,456
NCR
6.125%, 09/01/2029 (A)		450		387
5.750%, 09/01/2027 (A)		455		412
5.125%, 04/15/2029 (A)		203		152
5.000%, 10/01/2028 (A)		147		116
Northwest Fiber
4.750%, 04/30/2027 (A)		2,100		1,827
NVIDIA
2.850%, 04/01/2030		1,254		1,075
ON Semiconductor
3.875%, 09/01/2028 (A)		471		403
Open Text Holdings
4.125%, 02/15/2030 (A)		1,604		1,281
Oracle
2.500%, 04/01/2025		1,381		1,287
Paysafe Finance
4.000%, 06/15/2029 (A)		3,186		2,226
Picard Midco
6.500%, 03/31/2029 (A)		386		326
Presidio Holdings
4.875%, 02/01/2027 (A)		260		230


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
PTC
4.000%, 02/15/2028 (A)	$	502	$	439
Salesforce
1.500%, 07/15/2028		835		701
Science Applications International
4.875%, 04/01/2028 (A)		1,572		1,399
Seagate HDD Cayman
5.750%, 12/01/2034		1,648		1,309
3.375%, 07/15/2031		1,556		1,086
Sensata Technologies
5.875%, 09/01/2030 (A)		200		187
Sprint
7.625%, 02/15/2025		1,898		1,946
Sprint Capital
8.750%, 03/15/2032		2,188		2,535
SS&C Technologies
5.500%, 09/30/2027 (A)		643		587
Synaptics
4.000%, 06/15/2029 (A)		1,899		1,529
VeriSign
4.750%, 07/15/2027		2,253		2,167
Veritas US
7.500%, 09/01/2025 (A)		4,480		3,431
Viasat
6.500%, 07/15/2028 (A)		2,175		1,446
Virtusa
7.125%, 12/15/2028 (A)		1,327		986
Xerox Holdings
5.500%, 08/15/2028 (A)		278		222
5.000%, 08/15/2025 (A)		278		250

				69,383
Materials — 7.4%
Alcoa Nederland Holding BV
5.500%, 12/15/2027 (A)		600		560
Arconic
6.125%, 02/15/2028 (A)		729		644
6.000%, 05/15/2025 (A)		228		219
ARD Finance
6.500%cash/0% PIK, 06/30/2027 (A)		2,589		1,773
Ardagh Metal Packaging Finance USA
6.000%, 06/15/2027 (A)		200		188
3.250%, 09/01/2028 (A)		840		685
Ardagh Packaging Finance
5.250%, 04/30/2025 (A)		1,834		1,716
5.250%, 08/15/2027 (A)		655		410
4.125%, 08/15/2026 (A)		1,293		1,077
Ashland
6.875%, 05/15/2043		851		815
ASP Unifrax Holdings
5.250%, 09/30/2028 (A)		2,396		1,840


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
ATI
5.875%, 12/01/2027	$	174	$	158
5.125%, 10/01/2031		80		65
4.875%, 10/01/2029		160		133
Avient
7.125%, 08/01/2030 (A)		69		64
Axalta Coating Systems
4.750%, 06/15/2027 (A)		394		351
3.375%, 02/15/2029 (A)		205		161
Baffinland Iron Mines
8.750%, 07/15/2026 (A)		2,595		2,291
Ball
3.125%, 09/15/2031		1,308		986
Big River Steel
6.625%, 01/31/2029 (A)		213		196
Carpenter Technology
7.625%, 03/15/2030		60		58
6.375%, 07/15/2028		184		171
Celanese US Holdings
6.050%, 03/15/2025		2,253		2,201
CEMEX Materials
7.700%, 07/21/2025 (A)		2,320		2,301
CF Industries
5.150%, 03/15/2034		1,309		1,177
Chemours
5.750%, 11/15/2028 (A)		1,554		1,271
4.625%, 11/15/2029 (A)		1,316		977
Cleveland-Cliffs
4.875%, 03/01/2031 (A)		119		98
4.625%, 03/01/2029 (A)		213		179
Cornerstone Chemical
6.750%, 08/15/2024 (A)		6,825		5,753
Crown Americas
4.750%, 02/01/2026		835		778
CVR Partners
6.125%, 06/15/2028 (A)(D)		1,301		1,133
Domtar
6.750%, 10/01/2028 (A)		1,795		1,379
Eldorado
6.250%, 09/01/2029 (A)		793		604
Element Solutions
3.875%, 09/01/2028 (A)		1,192		960
ERO Copper
6.500%, 02/15/2030 (A)		2,690		1,992
First Quantum Minerals
7.500%, 04/01/2025 (A)		258		248
6.500%, 03/01/2024 (A)		1,753		1,718
Freeport-McMoRan
5.450%, 03/15/2043		2,030		1,694
5.400%, 11/14/2034		2,035		1,809
4.625%, 08/01/2030		611		535


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
GCP Applied Technologies
5.500%, 04/15/2026 (A)	$	575	$	583
Glatfelter
4.750%, 11/15/2029 (A)		154		88
Graham Packaging
7.125%, 08/15/2028 (A)		185		149
Hudbay Minerals
4.500%, 04/01/2026 (A)		205		170
INEOS Quattro Finance II
3.375%, 01/15/2026 (A)		390		325
Infrabuild Australia Pty
12.000%, 10/01/2024 (A)		785		726
Innophos Holdings
9.375%, 02/15/2028 (A)		2,550		2,453
LABL
10.500%, 07/15/2027 (A)		290		247
6.750%, 07/15/2026 (A)		390		354
LSB Industries
6.250%, 10/15/2028 (A)		2,190		1,879
Mauser Packaging Solutions Holding
7.250%, 04/15/2025 (A)		4,033		3,548
Methanex
5.125%, 10/15/2027		786		660
Mineral Resources
8.125%, 05/01/2027 (A)		3,205		3,106
Mineral Resources MTN
8.500%, 05/01/2030 (A)		235		227
8.000%, 11/01/2027 (A)		350		337
Mountain Province Diamonds
8.000%, 12/15/2022 (A)(E)		2,470		2,322
NMG Holding
7.125%, 04/01/2026 (A)		2,180		2,003
Northwest Acquisitions ULC
7.125%, 11/01/2022 (A)(B)(D)(E)		2,115		–
NOVA Chemicals
5.250%, 06/01/2027 (A)		590		502
5.000%, 05/01/2025 (A)		889		796
4.875%, 06/01/2024 (A)		300		282
4.250%, 05/15/2029 (A)		213		166
Novelis
4.750%, 01/30/2030 (A)		270		221
3.875%, 08/15/2031 (A)		2,104		1,569
3.250%, 11/15/2026 (A)		166		138
OI European Group BV
4.750%, 02/15/2030 (A)		2,010		1,598
Owens-Brockway Glass Container
6.625%, 05/13/2027 (A)		347		314
5.875%, 08/15/2023 (A)		204		201
Pactiv Evergreen Group Issuer
4.375%, 10/15/2028 (A)		580		480
4.000%, 10/15/2027 (A)		1,688		1,415


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Polar US Borrower
6.750%, 05/15/2026 (A)	$	3,481	$	1,914
Rain CII Carbon
7.250%, 04/01/2025 (A)		3,350		2,947
SCIH Salt Holdings
6.625%, 05/01/2029 (A)		6,329		4,865
4.875%, 05/01/2028 (A)		471		389
Scotts Miracle-Gro
4.500%, 10/15/2029		84		61
4.375%, 02/01/2032		212		151
4.000%, 04/01/2031		470		331
SRM Escrow Issuer
6.000%, 11/01/2028 (A)		790		642
Summit Materials
5.250%, 01/15/2029 (A)		1,704		1,499
Tacora Resources
8.250%, 05/15/2026 (A)		1,685		1,431
Taseko Mines
7.000%, 02/15/2026 (A)		1,659		1,319
Trident TPI Holdings
9.250%, 08/01/2024 (A)		2,428		2,228
TriMas
4.125%, 04/15/2029 (A)		294		248
Trinseo Materials Operating
5.375%, 09/01/2025 (A)		460		373
5.125%, 04/01/2029 (A)		156		92
Trivium Packaging Finance BV
8.500%, 08/15/2027 (A)		200		176
5.500%, 08/15/2026 (A)		599		536
Tronox
4.625%, 03/15/2029 (A)		2,578		1,908
United States Steel
6.875%, 03/01/2029		293		266
Valvoline
3.625%, 06/15/2031 (A)		1,409		1,038
Venator Finance Sarl
9.500%, 07/01/2025 (A)		250		239
5.750%, 07/15/2025 (A)		4,328		2,921
WR Grace Holdings
5.625%, 08/15/2029 (A)		103		77
4.875%, 06/15/2027 (A)		300		258
				94,136

Real Estate — 2.1%
American Tower
3.700%, 10/15/2049		150		103
3.100%, 06/15/2050		565		352
2.950%, 01/15/2051		1,230		738
2.100%, 06/15/2030		1,378		1,056
Brookfield Property REIT
5.750%, 05/15/2026 (A)		239		216


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Crown Castle
3.250%, 01/15/2051	$	225	$	142
2.900%, 04/01/2041		1,310		851
Cushman & Wakefield US Borrower
6.750%, 05/15/2028 (A)		405		376
Diversified Healthcare Trust
9.750%, 06/15/2025		406		367
4.375%, 03/01/2031		1,230		796
Howard Hughes
5.375%, 08/01/2028 (A)		1,071		889
Iron Mountain
5.250%, 03/15/2028 (A)		756		663
5.250%, 07/15/2030 (A)		865		716
5.000%, 07/15/2028 (A)		255		219
4.875%, 09/15/2029 (A)		1,136		933
4.500%, 02/15/2031 (A)		268		207
Outfront Media Capital
4.250%, 01/15/2029 (A)		2,735		2,148
Prologis
3.000%, 04/15/2050		475		317
2.125%, 10/15/2050		920		515
Realogy Group
5.250%, 04/15/2030 (A)		367		249
RHP Hotel Properties
4.750%, 10/15/2027		798		694
4.500%, 02/15/2029 (A)		269		223
SBA Communications
3.125%, 02/01/2029		1,320		1,062
Service Properties Trust
5.500%, 12/15/2027		460		374
4.950%, 02/15/2027		2,260		1,677
4.500%, 06/15/2023		547		534
4.375%, 02/15/2030		3,820		2,506
3.950%, 01/15/2028		1,416		962
Uniti Group
6.000%, 01/15/2030 (A)		1,383		879
VICI Properties
5.750%, 02/01/2027 (A)		204		192
5.625%, 05/01/2024 (A)		185		182
4.625%, 06/15/2025 (A)		261		246
4.625%, 12/01/2029 (A)		598		519
4.500%, 09/01/2026 (A)		125		114
4.500%, 01/15/2028 (A)		95		84
4.250%, 12/01/2026 (A)		429		387
4.125%, 08/15/2030 (A)		2,956		2,469
3.875%, 02/15/2029 (A)		227		191
3.750%, 02/15/2027 (A)		2,040		1,787
				26,935

Utilities — 1.5%
Calpine
5.000%, 02/01/2031 (A)		175		139


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.625%, 02/01/2029 (A)	$	225	$	183
Clearway Energy Operating
3.750%, 02/15/2031 (A)		2,394		1,902
Duke Energy Carolinas
6.050%, 04/15/2038		418		431
Florida Power & Light
2.450%, 02/03/2032		845		686
NRG Energy
6.625%, 01/15/2027		54		53
5.750%, 01/15/2028		155		143
5.250%, 06/15/2029 (A)		335		293
3.875%, 02/15/2032 (A)		1,011		789
3.625%, 02/15/2031 (A)		3,164		2,468
3.375%, 02/15/2029 (A)		145		117
PacifiCorp
5.750%, 04/01/2037		418		397
Pattern Energy Operations
4.500%, 08/15/2028 (A)		1,659		1,438
PG&E
5.250%, 07/01/2030		1,974		1,681
5.000%, 07/01/2028		284		244
Pike
5.500%, 09/01/2028 (A)		2,292		1,857
Solaris Midstream Holdings
7.625%, 04/01/2026 (A)		980		941
Vistra
7.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.740%(A)(F)(G)		1,050		917
Vistra Operations
5.625%, 02/15/2027 (A)		702		657
5.000%, 07/31/2027 (A)		1,826		1,649
4.375%, 05/01/2029 (A)		961		799
4.300%, 07/15/2029 (A)		942		803

				18,587
Total Corporate Obligations
(Cost $1,170,742) ($ Thousands)				974,829



ASSET-BACKED SECURITIES — 9.2%
Other Asset-Backed Securities — 9.2%
Airplanes Pass-Through Trust, Ser 2001-1A, Cl A9(H)
3.368%, ICE LIBOR USD 1 Month + 0.550%, 03/15/2019 (A)(B)(D)(F)		587		19
Ares XXXIV CLO, Ser 2020-2A, Cl FR
11.340%, ICE LIBOR USD 3 Month + 8.600%, 04/17/2033 (A)(B)(F)		1,446		1,012


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
B&M CLO, Ser 2014-1A, Cl E
8.490%, ICE LIBOR USD 3 Month + 5.750%, 04/16/2026 (A)(B)(F)	$	465	$	28
Battalion CLO VII, Ser 2014-7A, Cl SUB
0.000%, 07/17/2028 (A)(B)(C)(F)		4,490		123
Battalion CLO VIII, Ser 2015-8A, Cl SUB
0.000%, 07/18/2030 (A)(B)(C)(F)		3,390		1,492
Battalion CLO X, Ser 2016-10A, Cl SUB
0.000%, 01/25/2035 (A)(B)(C)(F)		4,450		3,627
Battalion CLO XI, Ser 2017-11A, Cl SUB
0.000%, 04/24/2034 (A)(B)(C)(F)		5,857		3,690
Battalion CLO XII, Ser 2018-12A, Cl SUB
0.000%, 05/17/2031 (A)(B)(C)(F)		4,663		2,401
Battalion CLO XIV, Ser 2019-14A
0.000%, 04/20/2032 (B)(C)		3,427		2,622
Battalion CLO XVI, Ser 2019-16A, Cl SUB
0.000%, 12/19/2032 (A)(B)(C)(F)		2,128		1,383
Battalion CLO XX, Ser 2021-20A
0.000%, 07/15/2034 (B)(C)		4,839		3,847
Benefit Street Partners CLO III, Ser 2013-IIIA, Cl SUB
0.000%, 07/20/2029 (A)(B)(C)(F)		2,531		354
Benefit Street Partners CLO IV
0.000%, 07/20/2026 (A)(B)(I)		7		2,729
Benefit Street Partners CLO IX
0.000%, 07/20/2025 (A)(B)(I)		2,293		975
Benefit Street Partners CLO V
0.000%, 10/20/2026 (A)(B)(I)		6,387		–
Benefit Street Partners CLO V-B
0.000%, 04/20/2031 (B)(C)		10,259		3,570
Benefit Street Partners CLO VI, Ser 2015-VIA, Cl SUB
0.000%, 10/18/2029 (A)(B)(C)(F)		7,502		2,720
Benefit Street Partners CLO VII, Ser 2015-VIII, Cl SUB
0.000%, 07/18/2027 (B)(C)(F)		6,715		24
Benefit Street Partners CLO VIII
0.000%, 01/20/2028 (A)(B)(C)		6,720		2,621
Benefit Street Partners CLO X, Ser 2016-10A, Cl SUB
0.000%, 04/20/2034 (A)(B)(C)(F)		7,631		3,739
Benefit Street Partners CLO XIV, Ser 2018-14A, Cl SUB
0.000%, 04/20/2031 (A)(B)(C)(F)		3,809		2,000
Benefit Street Partners CLO XVIII, Ser 2019-18A, Cl SUB
0.000%, 10/15/2034 (A)(B)(C)(F)		3,486		2,330
Benefit Street Partners CLO XX, Ser 2020-20A, Cl SUB
0.000%, 07/15/2034 (A)(B)(C)(F)		2,261		1,802
Benefit Street Partners CLO XXIII, Ser 2021-23A
0.000%, 04/25/2034 (B)(C)		5,130		3,529


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Blue Ridge CLO II, Ser 2014-2A, Cl E
6.041%, ICE LIBOR USD 3 Month + 5.800%, 07/18/2026 (A)(B)(F)	$	2,571	$	–
Cathedral Lake CLO III, Ser 2015-3A, Cl SUB
0.000%, 01/15/2026 (A)(B)(C)(F)		2,725		872
Cathedral Lake V, Ser 2018-5A, Cl SUB
0.000%, 10/21/2030 (A)(B)(C)(F)		3,139		973
First Eagle Clarendon Fund CLO, Ser 2015-1A, Cl E
8.833%, ICE LIBOR USD 3 Month + 6.050%, 01/25/2027 (A)(B)(F)		1,946		1,887
Great Lakes CLO, Ser 2015-1A, Cl ER
10.100%, ICE LIBOR USD 3 Month + 7.360%, 01/16/2030 (A)(B)(F)		3,253		2,659
Great Lakes CLO, Ser 2015-1A, Cl FR
12.740%, ICE LIBOR USD 3 Month + 10.000%, 01/16/2030 (A)(B)(F)		1,198		908
Great Lakes CLO, Ser 2015-1A, Cl SUB
0.000%, 01/16/2030 (A)(B)(C)(F)		4,519		2,007
Great Lakes CLO, Ser 2017-1A, Cl ER
10.012%, ICE LIBOR USD 3 Month + 7.500%, 10/15/2029 (A)(B)(F)		3,321		2,757
Ivy Hill Middle Market Credit Fund VII, Ser 2013-7A, Cl SUB
0.000%, 10/20/2029 (A)(B)(C)(F)		2,484		1,242
Ivy Hill Middle Market Credit Fund XII, Ser 2017-12A, Cl SUB
0.000%, 07/20/2029 (A)(B)(C)(F)		651		497
Ivy Hill Middle Market Credit Fund XIV, Ser 2018-14A, Cl D
9.810%, ICE LIBOR USD 3 Month + 7.070%, 04/18/2030 (A)(B)(F)		1,559		1,263
Ivy Hill Middle Market Credit Fund XIV, Ser 2018-14A, Cl SUB
0.000%, 04/18/2030 (A)(B)(C)(F)		1,169		766
LCM CLO, Ser 31A
0.000%, 01/20/2032 (B)(C)		1,115		769
Lockwood Grove CLO, Ser 2014-1A, Cl SUB
0.000%, 01/25/2030 (A)(B)(C)(F)		3,797		1,823
Lockwood Grove CLO, Ser 2018-1A, Cl ERR
8.633%, ICE LIBOR USD 3 Month + 5.850%, 01/25/2030 (A)(B)(F)		2,499		1,999
Neuberger Berman CLO XXII, Ser 2016-22A, Cl SUB
0.000%, 10/17/2027 (A)(B)(C)(F)		3,640		1,347
Neuberger Berman Loan Advisers CLO XLI, Ser 2021-41
0.000%, 04/15/2034 (B)(C)		1,924		1,313
Neuberger Berman Loan Advisers CLO XXXIX, Ser 2020-39
0.000%, 01/20/2032 (B)(C)		3,294		2,090


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Neuberger Berman Loan Advisers CLO XXXVIII
0.000%, 10/20/2032 (B)(C)	$	3,438	$	2,313
Neuberger Berman Loan Advisers CLO, Ser 2020-36A, Cl INC
0.000%, 04/20/2033 (A)(B)(C)(F)		1,095		717
Neuberger Berman Loan Advisers CLO, Ser 2020-36A, Cl SPIN
0.114%, 04/20/2033 (A)(B)(F)		14		9
NewStar Exeter Fund CLO, Ser 2015-1A, Cl E
9.910%, ICE LIBOR USD 3 Month + 7.200%, 01/20/2027 (A)(B)(F)		2,269		2,269
NewStar Fairfield Fund CLO, Ser 2015-2A, Cl SUB
0.000%, 04/20/2030 (A)(B)(C)(F)		7,983		3,217
OCP CLO, Ser 2017-14A, Cl SUB
0.000%, 11/20/2030 (A)(B)(C)(F)		1,655		712
OCP CLO, Ser 2020-19A, Cl SUB
0.000%, 10/20/2034 (A)(B)(C)(F)		1,224		1,077
OCP CLO, Ser 2021-21A
0.000%, 07/20/2034 (B)(C)		4,413		3,353
Shackleton CLO, Ser 2014-6RA
0.000%, 07/17/2028 (B)(C)		6,388		192
Shackleton CLO, Ser 2019-14A, Cl SUB
0.000%, 07/20/2034 (A)(B)(C)(F)		1,999		1,239
TCP Whitney CLO, Ser 2017-1I, Cl SUB
0.000%, 08/20/2029 (B)(C)(F)		9,085		5,953
TCW CLO, Ser 2017-1A, Cl SUB
0.000%, 10/29/2034 (A)(B)(C)(F)		4,194		2,474
TCW CLO, Ser 2018-1A, Cl SUB
0.000%, 04/25/2031 (A)(B)(C)(F)		2,978		1,706
TCW CLO, Ser 2019-2A, Cl SUB
0.000%, 10/20/2032 (A)(B)(C)(F)		3,528		2,152
TCW CLO, Ser 2020-1
0.000%, 04/20/2028 (B)(C)		5,352		3,051
Venture CLO, Ser 2018-35A, Cl SUB
0.000%, 10/22/2031 (A)(B)(C)(F)		11,892		4,281
Venture XXV CLO, Ser 2016-25A, Cl SUB
0.000%, 04/20/2029 (A)(B)(C)(F)		2,030		548
Venture XXVI CLO, Ser 2017-26A, Cl SUB
0.000%, 01/20/2029 (A)(B)(C)(F)		1,609		354
Venture XXVIII CLO, Ser 2017-28A, Cl SUB
0.000%, 07/20/2030 (A)(B)(C)(F)		3,228		1,162
Voya CLO, Ser 2020-2
0.000%, 07/19/2034 (B)(C)		4,915		4,140
Wind River CLO, Ser 2021-3
0.000%, 07/20/2033 (B)(C)		6,577		4,637


Total Asset-Backed Securities
(Cost $73,013) ($ Thousands)				117,365


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS — 9.1%
1236904 B.C. Ltd, Initial Term Loan, 1st Lien
8.615%, LIBOR + 5.500%, 03/04/2027 (F)	$	175	$	168
19th Holdings Golf LLC, Initial Term Loan, 1st Lien
5.696%, CME Term SOFR + 3.000%, 02/07/2029 (B)(F)		1,071		990
AAdvantage Loyality IP Ltd (American Airlines), Initial Term Loan, 1st Lien
7.460%, LIBOR + 4.750%, 04/20/2028 (F)		3,529		3,412
ACProducts Holdings, Initial Term Loan, 1st Lien
7.127%, LIBOR + 4.250%, 05/17/2028 (F)		331		243
Adient U.S. LLC, Term B-1 Loan, 1st Lien
6.365%, LIBOR + 3.500%, 04/10/2028 (F)		279		263
Alchemy US Holdco 1 LLC, Initial Term Loan, 1st Lien
8.615%, LIBOR + 5.500%, 10/10/2025 (F)		984		931
Alvogen Pharma US, January 2020 Loan, 1st Lien
7.500%, LIBOR + 5.250%, 12/31/2023 (F)		1,801		1,561
AP Core Holdings II LLC, Term B1 Loan, 1st Lien
8.615%, LIBOR + 5.500%, 09/01/2027 (F)		307		284
AP Core Holdings II LLC, Term B2 Loan, 1st Lien
8.615%, LIBOR + 5.500%, 09/01/2027 (F)		1,098		1,014
Applied Systems, Term Loan B, 1st Lien
6.674%, LIBOR + 3.000%, 09/19/2024 (F)(J)		2,549		2,482
Arctic Canadian Diamond Company Ltd., Term Loan, 2nd Lien
7.500%, 12/31/2027 (B)		1,199		1,193
Blackhawk Network Cov-Lite, Term Loan, 2nd Lien
8.313%, 06/15/2026		1,412		1,324
Boardriders, Closing Date Tranche A Loan, 1st Lien
12.367%, LIBOR + 6.500%, 10/23/2023 (B)(E)(F)		392		385
Boardriders, Closing Date Tranche B-2 Loan, 1st Lien
12.367%, LIBOR + 6.500%, 04/23/2024 (E)(F)		1,633		1,470


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Bright Bidco, Term Loan B, 1st Lien
6.514%, LIBOR + 3.500%, 06/30/2024 (F)(J)	$	793	$	266
BWay Holding, Initial Term Loan, 1st Lien
5.814%, LIBOR + 3.250%, 04/03/2024 (F)		1,786		1,660
Byju's Cov-Lite, Term Loan, 1st Lien
8.980%, LIBOR + 6.000%, 11/24/2026 (F)(J)		2,919		2,078
Caesars Resort Collection, LLC, Term B Loan, 1st Lien
5.865%, LIBOR + 2.750%, 12/23/2024 (F)		1,563		1,524
Carestream Take Back, 1st Lien
10.634%, CME Term SOFR + 7.500%, 09/30/2027 (B)(F)		1,312		1,312
Cenveo, 1st Lien
9.907%, 12/31/2024 (B)		568		568
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien
7.750%, ICE LIBOR USD 1 Month + 2.500%, 03/01/2024 (F)		2,450		2,440
Claire's Stores, Initial Term Loan, 1st Lien
9.615%, LIBOR + 6.500%, 12/18/2026 (F)		1,110		1,051
ClubCorp Holdings, Term B Loan, 1st Lien
6.424%, LIBOR + 2.750%, 09/18/2024 (F)(J)		2,490		2,283
ConvergeOne Holdings, Initial Term Loan, 1st Lien
8.115%, LIBOR + 5.000%, 01/04/2026 (F)(J)		2,377		1,689
Delivery Hero, 1st Lien
8.493%, CME Term SOFR + 5.750%, 08/12/2027 (F)(J)		1,082		1,024
Delta Topco, Initial Term Loan, 2nd Lien
9.336%, LIBOR + 7.250%, 12/01/2028 (F)		908		794
DexKo Global, Term B Loan, 1st Lien
7.424%, LIBOR + 3.750%, 10/04/2028 (F)		343		314
DirecTV Financing LLC, Closing Date Term Loan, 1st Lien
8.115%, LIBOR + 5.000%, 08/02/2027 (F)		1,205		1,120
DMT Solutions Global, Initial Term Loan
11.237%, LIBOR + 7.500%, 07/02/2024 (B)(F)		585		553
11.065%, LIBOR + 7.500%, 07/02/2024 (B)(F)		542		512


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
East Valley Tourist Development Authority, Term Loan, 1st Lien
11.481%, LIBOR + 8.000%, 11/23/2026 (B)(F)	$	2,770	$	2,687
Envision Healthcare Corporation, 1st Lien
10.531%, CME Term SOFR + 7.875%, 03/31/2027 (F)		584		559
6.825%, CME Term SOFR + 4.250%, 03/31/2027 (F)		4,421		1,923
Envision Healthcare, Subsequent Consenting Term Loan, 1st Lien
6.280%, CME Term SOFR + 3.750%, 03/31/2027 (F)		814		209
Epic Crude Services, LP, Term Loan, 1st Lien
7.080%, LIBOR + 5.000%, 03/02/2026 (F)		916		753
Epic Y-Grade Services, LP, Term Loan, 1st Lien
8.080%, LIBOR + 6.000%, 06/30/2027 (F)(J)		6,296		5,278
First Student Bidco, 1st Lien
7.653%, CME Term SOFR + 4.000%, 07/21/2028 (F)		18		17
First Student Bidco, 2022 Incremental Term B Loan
7.653%, CME Term SOFR + 4.000%, 07/21/2028 (F)		254		240
First Student Bidco, Initial Term B Loan, 1st Lien
6.642%, LIBOR + 3.000%, 07/21/2028 (F)		243		225
First Student Bidco, Initial Term C Loan, 1st Lien
6.642%, LIBOR + 3.000%, 07/21/2028 (F)		90		84
Focus Financial Partnersm LLC, Tranche B-3, Term Loan, 1st Lien
5.115%, LIBOR + 2.000%, 07/03/2024 (F)(J)		281		273
Foresight Energy Operating, LLC, Tranche A Term Loan, 1st Lien
11.674%, LIBOR + 8.000%, 06/30/2027 (F)		223		218
GatesAir, Term Loan
12.190%, 08/01/2027 (B)(E)		1,144		1,144
Geon Performance Solutions LLC, Initial Term Loan, 1st Lien
8.174%, LIBOR + 4.500%, 08/18/2028 (F)(J)		1,283		1,235
Global Medical Response, 2018 New Term Loan, 1st Lien
7.365%, LIBOR + 4.250%, 03/14/2025 (F)		441		381


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Grab Holdings, Initial Term Loan, 1st Lien
7.620%, LIBOR + 4.500%, 01/29/2026 (F)	$	3,274	$	3,059
Graham Packaging, Initial Term Loan (2021), 1st Lien
6.115%, LIBOR + 3.000%, 08/04/2027 (F)		344		326
Greeneden U.S. Holdings I, LLC, Initial Dollar Term Loan (2020), 1st Lien
7.115%, LIBOR + 4.000%, 12/01/2027 (F)		281		267
Gulf Finance, LLC, Term Loan, 1st Lien
9.390%, LIBOR + 6.750%, 08/25/2026 (F)		2,430		1,908
Hercules Achievement (Varsity Brands Holding Co.), Initial Term Loan, 1st Lien
6.615%, LIBOR + 3.500%, 12/16/2024 (F)		302		281
Hudson River Trading, Term Loan, 1st Lien
6.164%, LIBOR + 3.000%, 03/20/2028 (F)		1,913		1,725
Hyland Software, Term Loan 3, 1st Lien
6.615%, LIBOR + 3.500%, 07/01/2024 (F)		1,987		1,920
iHeartCommunications (fka Clear Channel Communications), New Term Loan, 1st Lien
6.115%, LIBOR + 3.000%, 05/01/2026 (F)		426		399
IRB Holding, 2020 Replacement Term B Loan, 1st Lien
5.865%, LIBOR + 2.750%, 02/05/2025 (F)(J)		1,461		1,410
J.C. Penney, Term Loan, 1st Lien
5.250%, LIBOR + 4.250%, 06/23/2023 (B)(D)(F)		2,253		—
Journey Personal Care, Initial Term Loan, 1st Lien
7.924%, LIBOR + 4.250%, 03/01/2028 (F)		2,005		1,260
Jump Financial, Term Loan, 1st Lien
8.315%, CME Term SOFR + 4.500%, 08/07/2028 (F)		2,229		2,067
KNS Acquisition, Initial Term Loan, 1st Lien
10.420%, LIBOR + 6.250%, 04/21/2027 (F)		1,884		1,757
LABL, Initial Dollar Term Loan, 1st Lien
8.115%, LIBOR + 5.000%, 10/29/2028 (F)		285		256
Lifescan Global Corporation, Initial Term Loan, 1st Lien
8.285%, LIBOR + 6.000%, 10/01/2024 (F)		5,496		4,408


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Lightstone Holdco, LLC, Extended Term B Loan
8.051%, SOFR 3 Month + 5.750%, 02/01/2027 (F)	$	1,151	$	1,048
Lightstone Holdco, LLC, Extended Term C Loan
8.051%, SOFR 3 Month + 5.750%, 02/01/2027 (F)		65		60
Lumileds, 1st Lien
10.903%, 02/28/2023 (B)(J)		93		92
Madison IAQ, Initial Term Loan, 1st Lien
6.815%, LIBOR + 3.250%, 06/21/2028 (F)		248		229
Magnite, Initial Term Loan, 1st Lien
8.070%, LIBOR + 5.000%, 04/28/2028 (F)		475		451
Magnite, Initial Term Loan, Initial Term Loan
8.070%, LIBOR + 5.000%, 04/28/2028 (F)		156		148
Mashantucket (Western) Pequot Tribe, Term Loan B, 1st Lien
10.240%, LIBOR + 8.125%, 02/16/2025 (F)		3,579		3,535
Mavenir Systems Inc., 1st Lien
8.487%, CME Term SOFR + 5.750%, 08/18/2028 (B)(F)		532		459
Mavenir Systems, Initial Term Loan, 1st Lien
7.711%, LIBOR + 4.750%, 08/18/2028 (B)(F)		1,090		932
Mitnick Corporate Purchaser, Initial Term Loan
7.393%, CME Term SOFR + 4.750%, 05/02/2029 (F)(J)		820		773
MLN US HoldCo, Term B Loan, 1st Lien
8.252%, LIBOR + 4.500%, 11/30/2025 (F)		647		395
Monitronics International, Term Loan, 1st Lien
10.306%, LIBOR + 6.500%, 03/29/2024 (F)		215		142
Mountaineer Merger, Initial Term Loan, 1st Lien
9.788%, LIBOR + 7.000%, 10/26/2028 (F)(J)		1,466		1,195
Mozart Debt Merger, Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 10/23/2028 (F)(J)		167		153
MPH Acquisition Holdings, Initial Term Loan, 1st Lien
7.320%, LIBOR + 4.250%, 09/01/2028 (F)		793		731


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Naked Juice LLC, Initial Loan, 2nd Lien
9.653%, CME Term SOFR + 6.000%, 01/24/2030 (F)	$	1,145	$	1,036
Nexus Buyer LLC, Initial Term Loan, 2nd Lien
9.365%, LIBOR + 6.250%, 11/05/2029 (F)		667		628
Nouryon Finance B.V., Initial Dollar Term Loan, 1st Lien
5.865%, LIBOR + 2.750%, 10/01/2025 (F)		418		391
OLA Netherlands BV, Initial Term Loan
9.195%, LIBOR + 6.250%, 12/15/2026 (F)		2,263		2,148
Pactiv Evergreen, Tranche B-3 U.S. Term Loan, 1st Lien
6.615%, LIBOR + 3.500%, 09/24/2028 (F)		101		97
Parexel International, Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 11/15/2028 (F)		255		243
Park River Holdings, Initial Term Loan, 1st Lien
5.527%, LIBOR + 3.250%, 12/28/2027 (F)		126		106
Petco Health and Wellness, Initial Term Loan, 1st Lien
6.924%, LIBOR + 3.250%, 03/03/2028 (F)		345		325
Premier Brands Group Holdings, LLC, Term Loan, 1st Lien
11.115%, LIBOR + 8.000%, 03/20/2024 (E)(F)		535		436
11.052%, LIBOR + 8.000%, 03/20/2024 (E)(F)		574		467
Quest Software U.S. Holdings, Initial Loan, 2nd Lien
10.227%, CME Term SOFR + 7.500%, 02/01/2030 (F)		527		302
Revlon Consumer Products, 2016 Term Loan, 1st Lien
5.576%, LIBOR + 3.500%, 09/07/2023 (D)(F)		4,939		1,926
S&S Holdings, LLC, Initial Term Loan, 1st Lien
7.783%, LIBOR + 5.000%, 03/11/2028 (F)(J)		892		858
Serta Simmons Bedding, LLC, Initial Exchange Term Loan, 1st Lien
10.793%, LIBOR + 7.500%, 08/10/2023 (F)		378		197


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Shutterfly, Term Loan, 1st Lien
8.115%, LIBOR + 5.000%, 09/25/2026 (F)(J)	$	188	$	117
Smyrna Ready Mix, Term Loan, 1st Lien
7.384%, CME Term SOFR + 4.250%, 04/02/2029 (F)(J)		1,053		1,003
Solenis Holdings LLC, Term B Loan, 1st Lien
7.438%, LIBOR + 3.750%, 11/09/2028 (F)		86		78
SP PF Buyer, LLC, Closing Date Term Loan, 1st Lien
7.615%, LIBOR + 4.500%, 12/22/2025 (F)		1,486		1,217
Springs Window Fashions LLC, Tranche B Term Loan, 1st Lien
7.602%, LIBOR + 4.000%, 10/06/2028 (F)(J)		1,282		997
SPX Flow, Term Loan, 1st Lien
7.634%, CME Term SOFR + 4.500%, 04/05/2029 (F)		203		187
Staples, 2019 Refinancing New Term B-1 Loan, 1st Lien
7.782%, LIBOR + 5.000%, 04/16/2026 (F)		4,035		3,529
Summer (BC) Bidco B LLC, Additional Facility Term B2 Loan, 1st Lien
8.174%, LIBOR + 4.500%, 12/04/2026 (F)		89		83
Sunshine Luxembourg VII S.a r.l., Facility B3, 1st Lien
7.424%, LIBOR + 3.750%, 10/01/2026 (F)(J)		776		720
Syniverse Holdings, Initial Term Loan, 1st Lien
10.553%, CME Term SOFR + 7.000%, 05/13/2027 (F)		1,665		1,424
Team Health Holdings, Extended Term Loan, 1st Lien
8.284%, CME Term SOFR + 5.250%, 03/02/2027 (F)		1,830		1,554
Team Health Holdings, Inc., Initial Term Loan, 1st Lien
5.865%, LIBOR + 2.750%, 02/06/2024 (F)		255		232
Tibco Software, 2nd Lien
10.653%, 09/20/2029 (B)		422		422
TK Elevator Midco GmbH, Facility Term B1 Loan, 1st Lien
6.871%, LIBOR + 3.500%, 07/30/2027 (F)		273		261
Tortoise Borrower, LLC, Initial Term Loan, 1st Lien
4.500%, 01/31/2025		1,013		621


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Travelport Finance (Luxembourg) S.a.r.l., 2021 Consented Term Loan, 1st Lien
8.674%, LIBOR + 5.000%, 05/29/2026 (F)(J)	$	1,053	$	733
Travelport Finance (Luxembourg) Sarl, Initial Term Loan (Priority), 1st Lien
5.174%, LIBOR + 1.500%, 02/28/2025 (F)(J)		827		817
Traverse Midstream Partners, LLC, Advance, 1st Lien
5.950%, LIBOR + 4.250%, 09/27/2024 (F)		2,424		2,364
Triton Water Holdings, Initial Term Loan, 1st Lien
7.174%, LIBOR + 3.500%, 03/31/2028 (F)		205		183
Tutor Perini Corporation, Term Loan, 1st Lien
7.865%, LIBOR + 4.750%, 08/18/2027 (B)(F)		2,031		1,889
U.S. Renal Care, Initial Term Loan, 1st Lien
8.115%, LIBOR + 5.000%, 06/26/2026 (F)		477		341
USI, 2019 New Term Loan, 1st Lien
6.424%, LIBOR + 3.000%, 05/16/2024 (F)		2,494		2,423
Valeant, Term Loan B, 1st Lien
8.098%, CME Term SOFR + 5.250%, 02/01/2027 (F)		2,084		1,595
Venator Finance S.a.r.l., Initial Term Loan
6.115%, LIBOR + 3.000%, 08/08/2024 (F)		458		397
VeriFone Systems, Initial Term Loan, 1st Lien
6.997%, LIBOR + 4.000%, 08/20/2025 (F)		1,508		1,343
White Cap Buyer, LLC, Initial Closing Date Term Loan, 1st Lien
6.784%, LIBOR + 4.000%, 10/19/2027 (F)		436		407
Wilsonart, LLC, Tranche E Term Loan, 1st Lien
6.930%, LIBOR + 3.500%, 12/31/2026 (F)(J)		1,020		929


Total Loan Participations
(Cost $130,347) ($ Thousands)				116,546

Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 1.3%
21st Century Oncology Private Company *(B)		15,311	$	155
Aquity Holdings *(B)		85,745		964
Arctic Canadian Diamond Company Ltd *(B)		1,054		—
Berry		34,886		262
Carestream Health Holdings Inc *(B)		69,956		1,343
CHC Group LLC *		399		—
Chord Energy		7,342		1,004
Clear Channel Outdoor Holdings, Cl A *		202,317		277
Copper Property Pass-Through Certificates *(B)		118,100		1,577
EP Energy Corp *		15,235		122
Frontier Communications Parent Inc *		14,785		346
Guitar Center *(B)(E)		13,905		2,662
Gulfport Energy *		7,278		642
Gymboree Holding *(B)(E)		40,312		—
iHeartMedia *		37,193		273
Intelsat Emergence *(B)		39,805		1,115
Mallinckrodt PLC *		8,281		141
Medical Card Systems *(B)		284,758		170
Monitronics International *(B)		211,006		1,078
MYT Holding *(B)		274,755		217
Neiman Marcus Group *(B)		6,554		1,148
Nine West FKA Premier Brands *(B)(E)		92,548		71
Noble Corp PLC *		9,452		280
Parker Drilling Co *(B)(E)		79,089		514
Penney Borrower LLC *(B)		19,723		118
Quad/Graphics Inc *		54		—
Rue 21 *		1,835		41
SandRidge Energy Inc *		20		—
VICI Properties Inc ^‡		39,310		1,173
Windstream Services *(B)		10,897		166
Total Common Stock
(Cost $17,389) ($ Thousands)				15,859


PREFERRED STOCK — 0.7%
Boardriders, Ser A, 0.000% *(B)(C)(E)(G)		215,931		250
Bowlero, 0.000% *(B)(C)(G)		1,110		1,110
Claire's Stores, 0.000% *(B)(C)(E)(G)		823		970
Crestwood Equity Partners, 9.250% (G)		113,214		1,016
FHLMC, 0.000% *(C)(F)(G)		16,903		65
FNMA, 0.000% *(C)(F)(G)		24,650		99
Foresight, 0.000% *(B)(C)(G)		32,601		391
Guitar Center, 0.000% *(B)(C)(E)(G)		365		33
Gulfport Energy, 0.000% *(B)(C)(G)		28		177
Ladenburg Thalmann Financial Services, 6.500%, 11/30/2027 *		65,290		898
MPLX, 8.462% *(B)(G)		23,039		833
MYT Holding, 10.000%, 06/07/2029		325,766		353


Description	Shares		Market Value ($ Thousands)
PREFERRED STOCK (continued)
Syniverse, 0.000% *(B)(C)(G)		2,682,813	$	2,575
Total Preferred Stock
(Cost $8,772) ($ Thousands)				8,770


	Face Amount (Thousands)
CONVERTIBLE BONDS — 0.6%
Avaya
8.000% , 12/15/2027		1,995		1,282
Chesapeake Energy (Escrow Security)
5.500% , 12/31/2049		100		2
Coinbase Global
0.500% , 06/01/2026		947		621
DISH Network
3.375% , 08/15/2026		465		320
Liberty Interactive
4.000% , 11/15/2029		79		35
3.750% , 02/15/2030		2,634		1,238
Liberty Latin America
2.000% , 07/15/2024		1,145		1,001
North Sea Natural Resources
0.000%, (B)(C)(G)		570		570
Pebblebrook Hotel Trust
1.750% , 12/15/2026		715		610
Royal Caribbean Cruises
6.000% , 08/15/2025(A)		220		232
Silver Airways LLC
13.000% , 12/31/2027(B)		1,461		1,460
Total Convertible Bonds
(Cost $8,901) ($ Thousands)				7,371



		Number of Warrants
WARRANTS — 0.1%
Chesapeake Energy, Expires 02/12/2026
Strike Price $32.13 *		1,684		133
Chesapeake Energy, Expires 02/12/2026
Strike Price $27.63 *		1,516		121
Chesapeake Energy, Expires 02/12/2026
Strike Price $36.18 *		1,030		74
Guitar Center, Expires 12/22/2070
Strike Price $100.00 *(B)(E)		3,680		343
Guitar Center, Expires 12/22/2070
Strike Price $160.00 *(B)(E)		3,681		206
Intelsat Jackson Holdings
Strike Price *^‡^‡(B)		4		–
Neiman Marcus Group
Strike Price *^‡^‡(B)		3,938		174
Noble Corp, Expires 02/08/2028
Strike Price $19.27 *		11,330		147


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
Noble Corp, Expires 02/08/2028
Strike Price $23.13 *	11,330	$	139
SandRidge Energy Inc, Expires 10/07/2022
Strike Price $41.34 *	7,165		–
SandRidge Energy Inc, Expires 10/07/2022
Strike Price $42.03 *	3,017		–
Windstream
Strike Price $– *^‡^‡(B)	104		1
Windstream Services
Strike Price $– *^‡^‡(B)	12,184		186
Total Warrants
(Cost $578) ($ Thousands)			1,524

	Number of Rights
RIGHTS — 0.0%
Intelsat Jackson Holdings *^‡^‡(B)	8,336	–
Total Rights
(Cost $—) ($ Thousands)		–

Description	Shares		Market Value ($ Thousands)
AFFILIATED PARTNERSHIP — 0.0%
SEI Liquidity Fund, LP
2.930% **^†(K)		1,143	$	1
Total Affiliated Partnership
(Cost $1) ($ Thousands)				1

CASH EQUIVALENT — 1.2%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		15,929,586		15,930
Total Cash Equivalent
(Cost $15,930) ($ Thousands)				15,930
Total Investments in Securities — 98.7%
(Cost $1,425,673) ($ Thousands)			$	1,258,195

A list of the open OTC swap agreements held by the Fund at September 30, 2022, is as follows:

	Percentages are based on Net Assets of $1,274,904 ($ Thousands).
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^‡^‡	Expiration date not available.
^†	Investment in Affiliated Security (see Note 6).
(A)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2022, the value of these securities amounted to $822,259 ($ Thousands), representing 64.5% of the Net Assets of the Fund.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	No interest rate available.
(D)	Security is in default on interest payment.
(E)	Security considered restricted, excluding 144A. The total market value of such securities as of September 30, 2022 was $11,273 ($ Thousands) and represented 0.9% of the Net Assets of the Fund. See table below for acquisition dates and acquisition cost.

(F)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(G)	Perpetual security with no stated maturity date.
(H)	Security, or a portion thereof, is owned through a holding entity, 717 AEP Leasing, LLC.
(I)	Zero coupon security.
(J)	Unsettled bank loan. Interest rate may not be available.
(K)	This security was purchased with cash collateral held from securities on loan (see Note 12). The total market value of such securities as of September 30, 2022 was $1 ($ Thousands).

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):

For the year ended September 30, 2022, transfers in and out of Level 3 were due to the availability of observable inputs to determine fair value.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

A list of the restricted securities, excluding 144a, held by the Fund at September 30, 2022, is as follows:

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Face Amount (Thousands)		Market Value ($ Thousands)
COMMERCIAL PAPER — 46.1%
Banks — 1.7%
Barclays Bank UK
3.102%, 10/04/2022 (A)(B)	$	6,000	$	5,998
Communication Services — 0.8%
Verizon Communications
3.179%, 10/11/2022 (A)(B)		3,000		2,997



Consumer Discretionary — 0.8%
Hyundai Capital America
3.510%, 10/26/2022 (A)(B)		3,000		2,992
Consumer Staples — 1.7%
Clorox
3.264%, 10/05/2022 (A)(B)		3,000		2,998
Reckitt Benckiser Treasury Services
3.294%, 10/05/2022 (A)(B)		3,000		2,999

				5,997
Financials — 34.2%
Alinghi Funding
3.064%, 05/17/2023 (A)(B)		1,000		972
Amcor Flexibles North America
3.227%, 10/11/2022 (A)(B)		2,800		2,797
Antalis
4.424%, 03/16/2023 (A)(B)		1,500		1,471
3.122%, 10/03/2022 (A)(B)		4,000		3,999
Atlantic Asset Securitization
5.845%, 10/17/2022 (A)(B)		10,000		9,985
Australia & New Zealand Banking Group
0.000%, 04/26/2023 (A)(B)		2,500		2,500
Autobahn Funding
3.073%, 10/04/2022 (A)(B)		5,000		4,998
Barton Capital
2.825%, 10/07/2022 (A)(B)		3,000		2,998
Bayerische Landesbank
3.082%, 10/04/2022 (B)		10,000		9,997
Bedford Row Funding
3.082%, 10/05/2022 (A)(B)		8,000		7,997


Description	Face Amount (Thousands)		Market Value ($ Thousands)
COMMERCIAL PAPER (continued)
Bennington Stark Capital
3.102%, 10/05/2022 (A)(B)	$	3,000	$	2,999
BNG Bank
2.916%, 10/31/2022 (A)(B)		5,000		4,987
BPCE
4.250%, 09/01/2023 (A)(B)		1,500		1,437
1.420%, 02/22/2023 (A)(B)		2,000		1,968
Brighthouse Financial Short Term Funding
3.139%, 10/31/2022 (A)(B)		4,000		3,989
Britannia Funding
3.123%, 10/03/2022 (A)(B)		3,000		2,999
Citigroup Global Markets
3.356%, 01/09/2023 (A)(B)		2,000		1,979
Columbia Funding
3.044%, 10/25/2022 (A)(B)		5,000		4,989
Crown Point Capital
0.320%, 10/07/2022 (A)(B)		1,000		1,000
0.300%, 10/04/2022 (A)(B)		2,500		2,499
Federation des Caisses Desjardins du Quebec
3.074%, 10/11/2022 (A)(B)		5,000		4,995
Great Bear Funding
3.082%, 10/03/2022 (A)(B)		3,000		2,999
Lime Funding
3.124%, 10/12/2022 (A)(B)		4,000		3,996
Mackinac Funding
3.138%, 10/14/2022 (A)(B)		2,000		1,998
Macquarie Bank
2.630%, 01/04/2023 (A)(B)		1,500		1,501
Manhattan Asset Funding
3.152%, 11/03/2022 (A)(B)		2,000		1,994
Mitsubishi HC Capital America
3.058%, 10/03/2022 (B)		2,800		2,799
Nordea Bank Abp
0.306%, 10/21/2022 (A)(B)		1,000		998
Prudential
3.032%, 10/03/2022 (A)(B)		6,000		5,999
PSP Capital
4.027%, 08/17/2023 (A)(B)		1,500		1,441
Ridgefield Funding
3.102%, 10/06/2022 (A)(B)		3,000		2,998
3.101%, 10/03/2022 (A)(B)		4,000		3,999
Starbird Funding
3.766%, 02/23/2023 (A)(B)		1,500		1,475
Toronto-Dominion Bank
1.348%, 02/17/2023 (A)(B)		2,000		1,970
Victory Receivables
3.105%, 10/18/2022 (A)(B)		3,000		2,995
VW Credit
3.393%, 10/04/2022 (A)(B)		3,321		3,320


Description	Face Amount (Thousands)		Market Value ($ Thousands)
COMMERCIAL PAPER (continued)
Westpac Banking
0.271%, 10/14/2022 (A)(B)	$	1,000	$	999

				123,036
Government — 2.0%
NRW Bank
3.017%, 10/04/2022 (A)(B)		5,000		4,998
Province of British Columbia Canada
3.066%, 10/14/2022 (B)		2,000		1,998

				6,996
Information Technology — 2.4%
Amphenol
3.457%, 10/17/2022 (A)(B)		3,000		2,995
Fidelity National Information Services
3.506%, 10/07/2022 (A)(B)		3,000		2,998
Fiserv
3.255%, 10/03/2022 (A)(B)		2,800		2,800

				8,793
Materials — 0.6%
Avery Dennison
3.510%, 10/18/2022 (A)(B)		2,200		2,196




Utilities — 1.9%
Hydro-Quebec
3.132%, 11/04/2022 (A)(B)		4,000		3,988
3.131%, 11/03/2022 (A)(B)		3,000		2,991

				6,979
Total Commercial Paper
(Cost $166,070) ($ Thousands)				165,984



CORPORATE OBLIGATIONS — 5.5%
Consumer Discretionary — 1.2%
Jets Stadium Development
3.460%, 04/01/2047 (A)(C)		3,900		3,900
Toyota Motor Credit MTN
3.320%, U.S. SOFR + 0.280%, 12/14/2022 (C)		643		643
				4,543

Financials — 4.3%
Bank of Nova Scotia
3.540%, U.S. SOFR + 0.500%, 05/05/2023 (C)		4,000		4,002
Credit Suisse NY
2.942%, SOFRINDX + 0.280%, 02/10/2023 (C)		2,000		2,000


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Lloyds Bank Corporate Markets NY
3.310%, U.S. SOFR + 0.270%, 01/24/2023 (C)	$	700	$	700
MUFG Bank NY
3.300%, U.S. SOFR + 0.300%, 03/10/2023 (C)		1,500		1,500
Natixis NY
3.320%, U.S. SOFR + 0.280%, 02/07/2023 (C)		2,000		2,000
Nordea Bank Abp NY
3.230%, U.S. SOFR + 0.190%, 10/27/2022 (C)		1,000		1,000
Protective Life Global Funding
3.598%, U.S. SOFR + 0.550%, 03/31/2023 (A)(C)		1,035		1,034
Standard Chartered Bank NY
3.340%, U.S. SOFR + 0.300%, 03/13/2023 (C)		1,000		1,000
Svenska Handelsbanken NY
3.230%, U.S. SOFR + 0.190%, 10/27/2022 (C)		2,000		2,000

				15,236
Total Corporate Obligations
(Cost $19,778) ($ Thousands)				19,779



MUNICIPAL BOND — 0.2%
California — 0.2%
Tender Option Bond Trust Receipts, Ser 2021-XMT0950, RB
3.270%, 11/01/2035 (A)(C)		750		750
Total Municipal Bond

(Cost $750) ($ Thousands)				750



CERTIFICATES OF DEPOSIT — 40.5%
Banco Santander NY
2.672%, 10/28/2022		2,000		2,001
2.580%, 10/07/2022		7,000		7,000
Bank of Montreal IL
2.830%, 06/06/2023		1,000		1,001
2.800%, 05/12/2023		1,000		1,000
2.790%, 05/05/2023		1,000		1,001
0.360%, 01/06/2023		2,000		2,001
Bank of Nova Scotia
2.940%, 08/18/2023 (A)		1,500		1,501
2.780%, 03/16/2023		2,000		2,001
Barclays Bank
2.900%, 04/05/2023		1,500		1,502


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CERTIFICATES OF DEPOSIT (continued)
BNP Paribas
2.680%, 11/04/2022	$	2,000	$	2,001
Canadian Imperial Bank of Commerce NY
3.020%, 07/21/2023		1,000		1,002
2.930%, 07/03/2023		2,000		2,003
2.780%, 03/15/2023		2,000		2,002
2.580%, 01/06/2023		1,000		1,000
Citibank
4.160%, 09/01/2023		1,250		1,250
3.610%, 09/21/2023		1,000		1,000
Commonwealth Bank of Australia
2.730%, 02/21/2023 (A)		2,000		2,002
2.610%, 10/12/2022 (A)		2,000		2,000
Crown Point Capital
2.820%, 12/06/2022 (A)		2,000		2,000
DNB Bank
2.770%, 05/26/2023 (A)		3,000		3,002
DZ Bank
3.060%, 10/04/2022		5,000		5,000
HSBC Bank
2.880%, 06/06/2023 (A)		2,000		2,000
Korea Development Bank NY
2.730%, 12/08/2022		2,000		2,001
Landesbank Baden-Wuerttemberg NY
3.060%, 10/04/2022		6,000		6,000
Macquarie Bank
3.390%, 10/06/2022 (A)		3,000		3,000
2.880%, 03/03/2023 (A)		2,000		2,002
2.880%, 06/22/2023 (A)		3,000		3,003
2.780%, 01/18/2023 (A)		4,000		4,003
Mizuho Bank
2.770%, 03/17/2023		2,000		2,001
MUFG Bank NY
2.840%, 06/20/2023		1,000		1,000
2.750%, 02/24/2023		2,000		2,001
0.330%, 11/01/2022		1,500		1,496
0.300%, 10/31/2022		1,000		998
National Australia Bank
2.770%, 03/14/2023 (A)		2,000		2,001
2.680%, 05/12/2023 (A)		1,500		1,500
2.660%, 11/04/2022 (A)		1,750		1,751
2.650%, 04/13/2023 (A)		2,000		2,000
2.640%, 11/14/2022 (A)		1,000		1,000
2.630%, 10/25/2022 (A)		2,000		2,000
National Bank of Canada
3.290%, 10/27/2022 (A)		6,000		6,000
2.680%, 11/10/2022 (A)		2,000		2,000
2.680%, 01/13/2023 (A)		2,000		2,001
Nordea Bank Abp NY
2.760%, 05/24/2023		1,500		1,500
2.700%, 12/01/2022		3,000		3,001
2.700%, 12/07/2022		2,000		2,001


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CERTIFICATES OF DEPOSIT (continued)
Old Line Funding
2.730%, 10/11/2022 (A)	$	2,000	$	2,000
Royal Bank of Canada
2.800%, 01/04/2023 (A)		1,000		1,001
Standard Chartered Bank NY
2.880%, 01/31/2023		1,000		1,001
2.830%, 05/04/2023		1,500		1,501
Sumitomo Mitsui Banking
2.880%, 05/03/2023		2,000		2,002
2.830%, 01/06/2023		2,500		2,502
2.780%, 12/23/2022		2,000		2,001
2.690%, 03/14/2023		3,000		3,000
2.640%, 10/19/2022		2,000		2,000
2.540%, 01/19/2023		1,500		1,500
Sumitomo Mitsui Trust Bank
2.740%, 02/22/2023		2,000		2,001
Svenska Handelsbanken NY
2.940%, 07/03/2023		2,000		2,003
Swedbank NY
2.760%, 12/15/2022		2,900		2,901
2.630%, 10/13/2022		2,000		2,000
Toronto-Dominion Bank
4.120%, 08/28/2023		1,000		994
2.800%, 05/08/2023		1,500		1,484
1.970%, 03/09/2023		2,000		2,001
0.800%, 03/31/2023 (A)		1,500		1,501
0.550%, 06/02/2023		2,000		2,001
0.300%, 10/25/2022		1,500		1,497
UBS
2.582%, 12/08/2022		1,500		1,500
United Overseas Bank
2.482%, 11/07/2022		2,000		2,000
Wells Fargo Bank
3.340%, 03/23/2023		4,000		4,000
Westpac Banking
2.760%, 03/24/2023 (A)		2,000		2,001
Total Certificates of Deposit
(Cost $145,902) ($ Thousands)				145,922

REPURCHASE AGREEMENTS — 7.5%
Bank of America Securities
3.050%, dated 9/30/2022, to be repurchased on 10/3/2022, repurchase price $7,001,779 (collateralized by GNMA obligation, par value $9,888,123, 5.000%, 10/20/2051; with total market value $7,140,000) (D)		7,000		7,000


Description	Face Amount (Thousands)		Market Value ($ Thousands)
REPURCHASE AGREEMENTS (continued)
Goldman Sachs & Co
3.040%, dated 9/30/2022, to be repurchased on 10/3/2022, repurchase price $2,000,507 (collateralized by GNMA obligations, ranging in par value $73,770 - $10,075,424, 2.740% - 5.500%, 6/20/2029 - 1/15/2060; with total market value $2,040,000) (D)	$	2,000	$	2,000
TD Securities
3.050%, dated 9/30/2022, to be repurchased on 10/3/2022, repurchase price $18,004,575 (collateralized by U.S. Treasury obligations, ranging in par value $7,393,500 - 11,290,700, 1.750% - 3.250%, 5/15/2023 - 6/30/2029; with total market value $18,360,091) (D)		18,000		18,000

Total Repurchase Agreements
(Cost $27,000) ($ Thousands)				27,000
Total Investments in Securities — 99.8%
(Cost $359,500) ($ Thousands)			$	359,435

	Percentages are based on Net Assets of $360,280 ($ Thousands).
(A)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2022, the value of these securities amounted to $208,143 ($ Thousands), representing 57.8% of the Net Assets of the Fund.
(B)	Interest rate represents the security's effective yield at the time of purchase.
(C)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(D)	Tri-Party Repurchase Agreement.

As of September 30, 2022, all of the Fund's investments were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS — 81.2%
Arizona — 0.8%
Yavapai County, Industrial Development Authority, Drake Cement Project, Ser A, RB
2.500%, 09/01/2035 (A)(B)	$	1,500	$	1,500

Colorado — 2.2%
Colorado Springs, Utilities System Revenue, Ser C-REMK, RB
2.550%, 11/01/2040 (A)		4,000		4,000



Connecticut — 1.6%
Connecticut State, Ser C, GO
2.590%, 05/15/2034 (A)		2,870		2,870

District of Columbia — 1.7%
RBC Municipal Products Trust, Ser 2018-G63, GO
2.490%, 12/01/2023 (A)(B)(C)		2,000		2,000
Tender Option Bond Trust Receipts, Ser 2019-XG0267, RB
2.510%, 10/01/2053 (A)(B)(C)		1,035		1,035

				3,035
Florida — 4.4%
Lucie County, Florida Power & Light Project, RB
2.420%, 09/01/2028 (A)		5,150		5,150
Miami-Dade County, Industrial Development Authority, Dave and Mary Alper Jewish Community Center Project, RB
2.550%, 04/01/2032 (A)(B)		2,895		2,895

				8,045
Georgia — 1.1%
Georgia State, Municipal Electric Authority, Project One, Sub-Ser B, RB
2.430%, 01/01/2048 (A)(B)		2,000		2,000



Illinois — 8.2%
Aurora, Fox Valley Counseling Center, RB
2.470%, 05/01/2028 (A)(B)		1,710		1,710
Illinois State, Development Finance Authority, Glenwood School For Boys, RB
2.540%, 02/01/2033 (A)(B)		2,000		2,000


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Illinois State, Development Finance Authority, YMCA Metropolitan Chicago Project, RB
2.550%, 06/01/2029 (A)(B)	$	3,500	$	3,500
Illinois State, Finance Authority, Advocate Health Care Network, Sub-Ser C3A, RB
2.490%, 11/01/2038 (A)		2,400		2,400
Illinois State, Finance Authority, The Care Foundation, RB
2.460%, 08/15/2052 (A)(B)		4,400		4,400
University of Illinois, Hospital & Health Sciences System, Ser B, RB
2.550%, 10/01/2026 (A)(B)		1,100		1,100

				15,110
Indiana — 1.0%
Tender Option Bond Trust Receipts, Ser 2016-XL0019, RB
2.610%, 04/01/2030 (A)(C)		1,770		1,770



Iowa — 3.6%
Iowa State, Finance Authority, Disaster Area Economic Development, CJ Bio America Project, RB
2.630%, 12/01/2041 (A)(B)(C)		2,000		2,000
Iowa State, Finance Authority, Pollution Control Facilities, MidAmerican Energy Project, RB
2.480%, 09/01/2036 (A)		1,500		1,500
Iowa State, Finance Authority, Pollution Control Facilities, MidAmerican Energy Project, Ser B, RB
2.480%, 05/01/2023 (A)		3,000		3,000
				6,500

Louisiana — 2.0%
Louisiana State, Offshore Terminal Authority, RB
2.550%, 09/01/2033 (A)(B)		1,850		1,850
Saint James Parish, Nucor Steel Louisiana LLC Project, Ser 2010A-1, RB
2.800%, 11/01/2040 (A)		1,800		1,800
				3,650

Maryland — 0.6%
Maryland State, Community Development Administration, Department of Housing and Community Development, Crusader Arms Apartments Project, Ser D, RB
2.600%, 02/01/2041 (A)		1,070		1,070


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Michigan — 0.8%
Central Michigan University, Ser A, RB
2.500%, 10/01/2032 (A)(B)	$	1,400	$	1,400


Mississippi — 2.1%
Jackson County, Port Facility, Chevron USA Project, RB
2.500%, 06/01/2023 (A)		1,200		1,200
Mississippi State, Business Finance, Chevron USA Project, Ser F, RB
2.500%, 12/01/2030 (A)		2,500		2,500

				3,700

Missouri — 3.1%
Kansas City, Special Obligation, H Roe Bartle Project, Ser E, RB
2.490%, 04/15/2034 (A)(B)		2,100		2,100
RBC Municipal Products Trust, Ser C-16, RB
2.510%, 09/01/2039 (A)(B)(C)		3,500		3,500

				5,600

Nevada — 0.4%
Tender Option Bond Trust Receipts, Ser 2020-XF2858, RB
2.490%, 07/01/2050 (A)(C)		700		700


New Jersey — 11.5%
Berlin, GO
4.500%, 09/26/2023		4,600		4,626
Deptford, Ser A, GO
4.000%, 07/11/2023		3,000		3,005
Park Ridge, GO
4.500%, 04/28/2023		3,650		3,663
Plainsboro, GO
4.000%, 07/26/2023		3,000		3,000
River Vale, GO
4.000%, 07/14/2023		1,900		1,903
Voorhees, Ser A, GO
4.000%, 09/27/2023		4,572		4,582

				20,779

New York — 5.9%
Metropolitan Transportation Authority, Sub-Ser 2008A-2A, RB
2.330%, 11/01/2026 (A)(B)		200		200
New York City, Transitional Finance Authority, Future Tax Secured Revenue, RB
2.330%, 11/01/2029 (A)		1,000		1,000
New York City, Transitional Finance Authority, Future Tax Secured Revenue, Sub-Ser C-4, RB
2.350%, 11/01/2036 (A)		1,165		1,165


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
New York City, Water & Sewer System, RB
2.350%, 06/15/2050 (A)	$	900	$	900
New York State, Housing Finance Agency, Ser A, RB
2.450%, 11/01/2050 (A)(B)		2,500		2,500
Oneida County, Industrial Development Agency, Mohawk Valley Community College Dormitory Project, Ser A, RB
2.530%, 08/01/2036 (A)(B)		1,100		1,100
RBC Municipal Products Trust, Ser 2018-G5, GO
2.490%, 10/01/2025 (A)(B)(C)		1,900		1,900
Tender Option Bond Trust Receipts, Ser 2017-XF0550, RB
2.500%, 02/15/2042 (A)(C)		2,000		2,000

				10,765

North Carolina — 2.9%
Charlotte, Governmental Facilities Project, RB
2.450%, 06/01/2033 (A)		1,965		1,965
North Carolina State, Medical Care Commission, Moses Cone Health System, Ser A, RB
2.450%, 10/01/2035 (A)		3,275		3,275

				5,240

Ohio — 1.1%
Miami County, GO
3.250%, 07/27/2023		1,950		1,935


Pennsylvania — 2.7%
Butler County, Industrial Development Authority, Concordia Lutheran Ministries, Ser A-R, RB
2.500%, 05/01/2034 (A)(B)		1,340		1,340
Montgomery County, Industrial Development Authority, Acts Retirement Life Communities, RB, AGC
2.500%, 11/15/2029 (A)		175		175
Pennsylvania State, Economic Development Financing Authority, PPL Energy Supply Project, RB
3.420%, 12/01/2037 (A)(B)		3,000		3,000
Pennsylvania State, Turnpike Commission, Ser A, RB
2.540%, 12/01/2050 (A)(B)		300		300

				4,815

South Carolina — 3.1%
South Carolina State, Public Service Authority, Ser A, RB
2.520%, 01/01/2036 (A)(B)		5,000		5,000


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Tender Option Bond Trust Receipts, Ser 2022-XG0398, RB, BAM
2.580%, 12/01/2055 (A)(C)	$	500	$	500

				5,500

South Dakota — 1.6%
South Dakota State, Housing Development Authority, Ser A, RB
2.560%, 11/01/2062 (A)		2,940		2,940


Tennessee — 0.9%
Clarksville, Public Building Authority, Pooled Financing, RB
2.590%, 06/01/2029 (A)(B)		600		600
Johnson City, Health & Educational Facilities Board, Ser 2022B, RB
2.480%, 07/01/2045 (A)(B)		1,020		1,020

				1,620

Texas — 12.2%
Houston, Combined Utility System Revenue, RB
2.480%, 05/15/2034 (A)(B)		1,100		1,100
North Fort Bend, Water Authority, Ser 2019-XF0816, RB
2.560%, 06/15/2027 (A)(C)		1,150		1,150
Pasadena, Independent School District, Ser B, GO, AGM
2.550%, 02/01/2035 (A)		1,150		1,150
Port Arthur, Navigation District, Industrial Development, Petrochemicals USA Project, RB
2.520%, 03/01/2039 (A)		5,300		5,300
Port Arthur, Navigation District, Industrial Development, Petrochemicals USA Project, Ser A, RB
2.520%, 12/01/2040 (A)		2,200		2,200
Red River, Education Finance Corporation, Texas Christian University Project, RB
2.500%, 03/01/2030 (A)		3,400		3,400
Tarrant County, Cultural Education Facilities Finance, Christus Health, RB
2.550%, 07/01/2047 (A)(B)		1,525		1,525
Texas State, Veterans Bonds, GO
2.530%, 12/01/2047 (A)		2,020		2,020
Texas State, Veterans Bonds, Ser B, GO
2.500%, 12/01/2042 (A)		2,500		2,500
Texas State, Veterans Bonds, Ser B-REMK, GO
2.500%, 12/01/2043 (A)		2,000		2,000

				22,345


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
Utah — 0.9%
Utah State, Water Finance Agency, Ser B-2-REMK, RB
2.500%, 10/01/2035 (A)	$	1,705	$	1,705


Virginia — 1.0%
Fairfax County, Industrial Development Authority, Inova Health System Project, RB
2.600%, 05/15/2042 (A)		1,835		1,835


West Virginia — 0.6%
West Virginia State, Hospital Finance Authority, West Virginia University, RB
2.500%, 06/01/2034 (A)(B)		1,165		1,165


Wisconsin — 3.2%
Wisconsin State, Housing & Economic Development Authority, Ser B, RB
2.500%, 03/01/2041 (A)		1,845		1,845
Wisconsin State, Housing & Economic Development Authority, Ser C, RB
2.400%, 05/01/2046 (A)		2,000		2,000
Wisconsin State, Ser A, GO
2.630%, 05/01/2023 (A)		2,000		2,000

				5,845


Total Municipal Bonds
(Cost $147,595) ($ Thousands)				147,439



TAX-EXEMPT COMMERCIAL PAPER — 15.5%
District of Columbia
2.000%, 11/15/2022		2,000		1,998
King County
1.700%, 10/04/2022		6,500		6,500
Michigan State University
1.790%, 11/03/2022		5,500		5,497
Nashville & Davidson County
2.270%, 11/08/2022		3,500		3,498
New York & New Jersey, Port Authority
2.150%, 11/09/2022		2,700		2,699
University of Minnesota
1.980%, 10/19/2022		5,000		4,998


Description	Face Amount (Thousands)		Market Value ($ Thousands)
TAX-EXEMPT COMMERCIAL PAPER (continued)
University of Texas
2.100%, 01/05/2023	$	3,000	$	2,995



Total Tax-Exempt Commercial Paper
(Cost $28,200) ($ Thousands)				28,185


Total Investments in Securities — 96.7%
(Cost $175,795) ($ Thousands)			$	175,624

	Percentages are based on Net Assets of $181,700 ($ Thousands).
(A)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(B)	Securities are held in connection with a letter of credit issued by a major bank.
(C)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2022, the value of these securities amounted to $16,555 ($ Thousands), representing 9.1% of the Net Assets of the Fund.

As of September 30, 2022, all of the Fund's investments were considered Level 2, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

^†	Percentages are based on total investments.


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS — 99.5%
U.S. Treasury Inflation Protected Securities
2.375%, 01/15/2025	$	11,487	$	11,530
2.375%, 01/15/2027		7,372		7,483
2.000%, 01/15/2026		7,367		7,343
0.625%, 01/15/2024		20,390		19,911
0.625%, 01/15/2026		15,596		14,887
0.500%, 04/15/2024		11,391		11,069
0.375%, 07/15/2025		18,550		17,727
0.375%, 01/15/2027		14,738		13,767
0.375%, 07/15/2027		16,235		15,147
0.250%, 01/15/2025		16,904		16,176
0.125%, 07/15/2024		18,499		17,866
0.125%, 10/15/2024		16,487		15,854
0.125%, 04/15/2025		13,480		12,786
0.125%, 10/15/2025		16,429		15,520
0.125%, 04/15/2026		12,661		11,824
0.125%, 07/15/2026		15,542		14,529
0.125%, 10/15/2026		17,568		16,365
0.125%, 04/15/2027		18,226		16,804

Total U.S. Treasury Obligations
(Cost $279,010) ($ Thousands)				256,588

Description	Shares		Market Value ($ Thousands)
CASH EQUIVALENT — 0.5%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†		1,251,410	$	1,251

Total Cash Equivalent
(Cost $1,251) ($ Thousands)				1,251


Total Investments in Securities — 100.0%
(Cost $280,261) ($ Thousands)			$	257,839

	Percentages are based on Net Assets of $257,774 ($ Thousands).
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^†	Investment in Affiliated Security (see Note 6).

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

U.S. Treasury Obligations

–

256,588

–

256,588

Cash Equivalent

1,251

–

1,251

Total Investments in Securities

1,251

256,588

–

257,839

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† — 89.1%

Communication Services — 7.3%
Activision Blizzard Inc		13,366	$	994
Alphabet Inc, Cl A *		112,762		10,786
Alphabet Inc, Cl C *		100,900		9,701
AT&T Inc		134,449		2,062
Charter Communications Inc, Cl A *		2,118		642
Comcast Corp, Cl A		84,028		2,465
DISH Network Corp, Cl A *		5,102		71
Electronic Arts Inc		5,235		606
Fox Corp, Cl A		6,071		186
Fox Corp, Cl B		2,766		79
Interpublic Group of Cos Inc/The		7,327		188
Live Nation Entertainment Inc *		2,607		198
Lumen Technologies Inc		16,783		122
Match Group Inc *		5,506		263
Meta Platforms Inc, Cl A *		43,002		5,834
Netflix Inc *		8,329		1,961
News Corp, Cl A		7,362		111
News Corp, Cl B		2,517		39
Omnicom Group Inc		3,926		248
Paramount Global, Cl B		11,171		213
Take-Two Interactive Software Inc, Cl A *		3,021		329
T-Mobile US Inc *		11,398		1,529
Twitter Inc *		12,652		555
Verizon Communications Inc		79,010		3,000
Walt Disney Co/The *		34,383		3,243
Warner Bros Discovery Inc *		41,113		473

				45,898
Consumer Discretionary — 10.5%
Advance Auto Parts Inc		1,151		180
Amazon.com Inc, Cl A *		167,220		18,896
Aptiv PLC *		5,056		395
AutoZone Inc *		384		823
Bath & Body Works Inc		4,429		144
Best Buy Co Inc		3,830		243
Booking Holdings Inc *		791		1,300


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
BorgWarner Inc		4,537	$	142
Caesars Entertainment Inc *		4,054		131
CarMax Inc *		2,945		194
Carnival Corp *		15,726		111
Chipotle Mexican Grill Inc, Cl A *		541		813
Darden Restaurants Inc		2,347		296
Dollar General Corp		4,314		1,035
Dollar Tree Inc *		4,158		566
Domino's Pizza Inc		670		208
DR Horton Inc		5,965		402
eBay Inc		10,718		395
Etsy Inc *		2,413		242
Expedia Group Inc *		2,912		273
Ford Motor Co		73,982		829
Garmin Ltd		2,900		233
General Motors Co		27,282		876
Genuine Parts Co		2,706		404
Hasbro Inc		2,409		162
Hilton Worldwide Holdings Inc		5,209		628
Home Depot Inc/The		19,329		5,334
Las Vegas Sands Corp *		6,565		246
Lennar Corp, Cl A		4,795		357
LKQ Corp		4,716		222
Lowe's Cos Inc		12,019		2,257
Marriott International Inc/MD, Cl A		5,164		724
McDonald's Corp		13,895		3,206
MGM Resorts International		6,742		200
Mohawk Industries Inc *		1,020		93
Newell Brands Inc, Cl B		7,154		99
NIKE Inc, Cl B		23,859		1,983
Norwegian Cruise Line Holdings Ltd *		8,414		96
NVR Inc *		59		235
O'Reilly Automotive Inc *		1,204		847
Pool Corp		716		228
PulteGroup Inc		4,573		172
Ralph Lauren Corp, Cl A		928		79
Ross Stores Inc		6,507		548
Royal Caribbean Cruises Ltd *		4,256		161
Starbucks Corp		21,505		1,812
Tapestry Inc		4,853		138
Target Corp, Cl A		8,647		1,283
Tesla Inc *		50,141		13,300
TJX Cos Inc/The		22,059		1,370
Tractor Supply Co		2,100		390
Ulta Beauty Inc *		1,014		407
VF Corp		6,219		186
Whirlpool Corp		1,069		144
Wynn Resorts Ltd *		2,145		135
Yum! Brands Inc		5,299		564

				66,737
Consumer Staples — 6.2%
Altria Group Inc		33,920		1,370


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Archer-Daniels-Midland Co		10,558	$	849
Brown-Forman Corp, Cl B		3,560		237
Campbell Soup Co		3,934		185
Church & Dwight Co Inc		4,634		331
Clorox Co/The		2,338		300
Coca-Cola Co/The		73,060		4,093
Colgate-Palmolive Co		15,671		1,101
Conagra Brands Inc		9,063		296
Constellation Brands Inc, Cl A		3,057		702
Costco Wholesale Corp		8,386		3,961
Estee Lauder Cos Inc/The, Cl A		4,385		947
General Mills Inc		11,228		860
Hershey Co/The		2,686		592
Hormel Foods Corp		5,223		237
J M Smucker Co/The		2,030		279
Kellogg Co		4,819		336
Keurig Dr Pepper Inc		16,000		573
Kimberly-Clark Corp		6,246		703
Kraft Heinz Co/The		15,014		501
Kroger Co/The		12,190		533
Lamb Weston Holdings Inc		2,801		217
McCormick & Co Inc/MD		4,793		342
Molson Coors Beverage Co, Cl B		3,595		173
Mondelez International Inc, Cl A		26,002		1,426
Monster Beverage Corp *		7,008		609
PepsiCo Inc		25,992		4,244
Philip Morris International Inc		29,175		2,422
Procter & Gamble Co/The		44,977		5,678
Sysco Corp, Cl A		9,495		671
Tyson Foods Inc, Cl A		5,375		354
Walgreens Boots Alliance Inc		13,316		418
Walmart Inc		26,819		3,478

				39,018
Energy — 4.1%
APA Corp		6,452		221
Baker Hughes Co, Cl A		19,295		404
Chevron Corp		33,872		4,866
ConocoPhillips		24,264		2,483
Coterra Energy Inc		14,941		390
Devon Energy Corp		12,475		750
Diamondback Energy Inc, Cl A		3,183		384
EOG Resources Inc		11,026		1,232
EQT Corp		7,000		285
Exxon Mobil Corp		78,981		6,896
Halliburton Co		16,826		414
Hess Corp		5,185		565
Kinder Morgan Inc		36,378		605
Marathon Oil Corp		13,059		295
Marathon Petroleum Corp		9,353		929
Occidental Petroleum Corp		14,020		862
ONEOK Inc		8,349		428
Phillips 66		9,079		733


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Pioneer Natural Resources Co		4,467	$	967
Schlumberger NV, Cl A		26,476		951
Valero Energy Corp		7,617		814
Williams Cos Inc/The		22,714		650

				26,124
Financials — 9.9%
Aflac Inc		11,107		624
Allstate Corp/The		5,120		638
American Express Co		11,497		1,551
American International Group Inc		14,836		704
Ameriprise Financial Inc		2,090		527
Aon PLC, Cl A		3,962		1,061
Arthur J Gallagher & Co		3,994		684
Assurant Inc		1,043		152
Bank of America Corp		132,799		4,011
Bank of New York Mellon Corp/The		13,836		533
Berkshire Hathaway Inc, Cl B *		34,070		9,097
BlackRock Inc		2,817		1,550
Brown & Brown Inc		4,539		275
Capital One Financial Corp		7,431		685
Cboe Global Markets Inc		2,027		238
Charles Schwab Corp/The		28,905		2,077
Chubb Ltd		7,903		1,437
Cincinnati Financial Corp		2,890		259
Citigroup Inc		36,475		1,520
Citizens Financial Group Inc		9,308		320
CME Group Inc, Cl A		6,702		1,187
Comerica Inc		2,483		177
Discover Financial Services		5,249		477
Everest Re Group Ltd		773		203
Eversource Energy		6,408		500
FactSet Research Systems Inc		674		270
Fifth Third Bancorp		12,683		405
First Republic Bank/CA		3,377		441
Franklin Resources Inc		5,343		115
Globe Life Inc		1,800		179
Goldman Sachs Group Inc/The		6,468		1,896
Hartford Financial Services Group Inc/The		6,032		374
Huntington Bancshares Inc/OH		26,662		351
Intercontinental Exchange Inc		10,395		939
Invesco Ltd		6,678		91
JPMorgan Chase & Co		55,302		5,779
KeyCorp		17,116		274
Lincoln National Corp		3,195		140
Loews Corp		3,555		177
M&T Bank Corp		3,387		597
MarketAxess Holdings Inc		653		145
Marsh & McLennan Cos Inc		9,371		1,399
MetLife Inc		12,831		780
Moody's Corp		2,993		728
Morgan Stanley		25,204		1,991
MSCI Inc, Cl A		1,477		623


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Nasdaq Inc, Cl A		6,621	$	375
Northern Trust Corp		3,829		328
PNC Financial Services Group Inc/The		7,709		1,152
Principal Financial Group Inc, Cl A		4,467		322
Progressive Corp/The		10,921		1,269
Prudential Financial Inc		7,118		611
Raymond James Financial Inc		3,572		353
Regions Financial Corp		17,315		347
S&P Global Inc		6,506		1,987
Signature Bank/New York NY, Cl B		1,157		175
SVB Financial Group, Cl B *		1,093		367
Synchrony Financial		9,544		269
T Rowe Price Group Inc		4,201		441
Travelers Cos Inc/The		4,487		687
Truist Financial Corp		24,968		1,087
US Bancorp		25,377		1,023
W R Berkley Corp		4,057		262
Wells Fargo & Co		71,215		2,864
Willis Towers Watson PLC		2,063		415
Zions Bancorp NA		2,733		139

				62,654
Health Care — 13.5%
Abbott Laboratories		32,913		3,185
AbbVie Inc		33,382		4,480
ABIOMED Inc *		835		205
Agilent Technologies Inc		5,579		678
Align Technology Inc *		1,395		289
AmerisourceBergen Corp, Cl A		2,751		372
Amgen Inc, Cl A		9,977		2,249
Baxter International Inc		9,549		514
Becton Dickinson and Co		5,319		1,185
Biogen Inc *		2,749		734
Bio-Rad Laboratories Inc, Cl A *		433		181
Bio-Techne Corp		673		191
Boston Scientific Corp *		26,816		1,039
Bristol-Myers Squibb Co		40,039		2,846
Cardinal Health Inc		5,213		348
Catalent Inc *		3,277		237
Centene Corp *		10,932		851
Charles River Laboratories International Inc *		965		190
Cigna Corp		5,899		1,637
Cooper Cos Inc/The, Cl A		866		228
CVS Health Corp		24,661		2,352
Danaher Corp, Cl A		12,355		3,191
DaVita Inc *		1,115		92
DENTSPLY SIRONA Inc		4,221		120
Dexcom Inc *		7,472		602
Edwards Lifesciences Corp, Cl A *		11,688		966
Elevance Health Inc		4,472		2,031
Eli Lilly & Co		14,769		4,776
Gilead Sciences Inc		23,554		1,453


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
HCA Healthcare Inc		4,279	$	787
Henry Schein Inc *		2,549		168
Hologic Inc *		4,629		299
Humana Inc		2,357		1,144
IDEXX Laboratories Inc *		1,536		500
Illumina Inc *		2,977		568
Incyte Corp *		3,671		245
Intuitive Surgical Inc *		6,765		1,268
IQVIA Holdings Inc *		3,569		646
Johnson & Johnson		49,647		8,110
Laboratory Corp of America Holdings		1,753		359
McKesson Corp		2,672		908
Medtronic PLC		25,220		2,036
Merck & Co Inc		47,860		4,122
Mettler-Toledo International Inc *		444		481
Moderna Inc *		6,500		769
Molina Healthcare Inc *		1,060		350
Organon & Co		4,792		112
PerkinElmer Inc		2,283		275
Pfizer Inc		105,124		4,600
Quest Diagnostics Inc		2,196		269
Regeneron Pharmaceuticals Inc *		2,037		1,403
ResMed Inc		2,700		589
STERIS PLC		1,874		312
Stryker Corp		6,346		1,285
Teleflex Inc		900		181
Thermo Fisher Scientific Inc		7,340		3,723
UnitedHealth Group Inc		17,637		8,907
Universal Health Services Inc, Cl B		1,292		114
Vertex Pharmaceuticals Inc *		4,784		1,385
Viatris Inc, Cl W *		22,983		196
Waters Corp *		1,078		291
West Pharmaceutical Services Inc		1,349		332
Zimmer Biomet Holdings Inc		4,010		419
Zoetis Inc, Cl A		8,849		1,312

				85,687
Industrials — 7.1%
3M Co		10,361		1,145
A O Smith Corp		2,510		122
Alaska Air Group Inc *		2,514		98
Allegion PLC		1,733		155
American Airlines Group Inc *		12,281		148
AMETEK Inc		4,406		500
Boeing Co/The *		10,434		1,263
Carrier Global Corp		15,821		563
Caterpillar Inc, Cl A		9,974		1,637
CH Robinson Worldwide Inc		2,398		231
Cintas Corp		1,625		631
Copart Inc *		4,054		431
CoStar Group Inc *		7,500		522
CSX Corp		40,745		1,085
Cummins Inc		2,665		542


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Deere & Co		5,176	$	1,728
Delta Air Lines Inc, Cl A *		12,284		345
Dover Corp		2,747		320
Eaton Corp PLC		7,466		996
Emerson Electric Co		11,019		807
Equifax Inc		2,292		393
Expeditors International of Washington Inc		3,092		273
Fastenal Co, Cl A		10,650		490
FedEx Corp		4,502		668
Fortive Corp		6,640		387
Fortune Brands Home & Security Inc		2,507		135
Generac Holdings Inc *		1,183		211
General Dynamics Corp		4,307		914
General Electric Co		20,671		1,280
Honeywell International Inc		12,782		2,134
Howmet Aerospace Inc		7,232		224
Huntington Ingalls Industries Inc, Cl A		773		171
IDEX Corp		1,448		289
Illinois Tool Works Inc		5,335		964
Ingersoll Rand Inc		7,735		335
Jacobs Solutions Inc		2,332		253
JB Hunt Transport Services Inc		1,587		248
Johnson Controls International plc		12,957		638
L3Harris Technologies Inc		3,637		756
Leidos Holdings Inc		2,604		228
Lockheed Martin Corp		4,427		1,710
Masco Corp		4,259		199
Nielsen Holdings PLC		6,834		189
Nordson Corp		963		204
Norfolk Southern Corp		4,438		930
Northrop Grumman Corp		2,763		1,300
Old Dominion Freight Line Inc, Cl A		1,686		419
Otis Worldwide Corp		7,862		502
PACCAR Inc		6,481		542
Parker-Hannifin Corp, Cl A		2,364		573
Pentair PLC		3,064		125
Quanta Services Inc		2,684		342
Raytheon Technologies Corp		27,926		2,286
Republic Services Inc		3,919		533
Robert Half International Inc		2,184		167
Rockwell Automation Inc		2,155		464
Rollins Inc		4,520		157
Snap-on Inc		1,018		205
Southwest Airlines Co, Cl A *		11,327		349
Stanley Black & Decker Inc		2,899		218
Textron Inc		3,986		232
Trane Technologies PLC		4,443		643
TransDigm Group Inc		973		511
Union Pacific Corp		11,806		2,300
United Airlines Holdings Inc *		6,078		198
United Parcel Service Inc, Cl B		13,812		2,231
United Rentals Inc *		1,349		364


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Verisk Analytics Inc, Cl A		2,990	$	510
Waste Management Inc		7,118		1,140
Westinghouse Air Brake Technologies Corp		3,362		274
WW Grainger Inc		817		400
Xylem Inc/NY		3,424		299

				44,776
Information Technology — 23.4%
Accenture PLC, Cl A		11,895		3,061
Adobe Inc *		8,833		2,431
Advanced Micro Devices Inc *		30,415		1,927
Akamai Technologies Inc *		3,063		246
Amphenol Corp, Cl A		11,130		745
Analog Devices Inc		9,832		1,370
ANSYS Inc *		1,640		364
Apple Inc		284,889		39,372
Applied Materials Inc		16,563		1,357
Arista Networks Inc *		4,746		536
Autodesk Inc, Cl A *		4,054		757
Automatic Data Processing Inc		7,854		1,777
Broadcom Inc		7,608		3,378
Broadridge Financial Solutions Inc		2,234		322
Cadence Design Systems Inc *		5,110		835
CDW Corp/DE		2,507		391
Ceridian HCM Holding Inc *		2,606		146
Cisco Systems Inc		78,108		3,124
Citrix Systems Inc		2,241		233
Cognizant Technology Solutions Corp, Cl A		9,717		558
Corning Inc, Cl B		14,059		408
DXC Technology Co *		4,809		118
Enphase Energy Inc *		2,508		696
EPAM Systems Inc *		1,061		384
F5 Inc, Cl A *		1,149		166
Fidelity National Information Services Inc, Cl B		11,436		864
Fiserv Inc, Cl A *		12,057		1,128
FleetCor Technologies Inc *		1,444		254
Fortinet Inc *		12,335		606
Gartner Inc *		1,513		419
Global Payments Inc		5,294		572
Hewlett Packard Enterprise Co		24,724		296
HP Inc		17,168		428
Intel Corp		76,837		1,980
International Business Machines Corp		16,854		2,002
Intuit Inc		5,251		2,034
Jack Henry & Associates Inc		1,350		246
Juniper Networks Inc		6,254		163
Keysight Technologies Inc *		3,375		531
KLA Corp		2,746		831
Lam Research Corp		2,600		952
Mastercard Inc, Cl A		16,136		4,588
Microchip Technology Inc		10,393		634
Micron Technology Inc		20,904		1,047


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Microsoft Corp		140,702	$	32,770
Monolithic Power Systems Inc		770		280
Motorola Solutions Inc		3,086		691
NetApp Inc		4,276		265
NortonLifeLock Inc		11,409		230
NVIDIA Corp		47,229		5,733
ON Semiconductor Corp *		8,300		517
Oracle Corp, Cl B		28,578		1,745
Paychex Inc		5,980		671
Paycom Software Inc *		887		293
PayPal Holdings Inc *		21,781		1,875
PTC Inc *		2,028		212
Qorvo Inc *		2,131		169
QUALCOMM Inc		20,996		2,372
Roper Technologies Inc		1,945		700
Salesforce Inc *		18,603		2,676
Seagate Technology Holdings PLC		3,805		203
ServiceNow Inc *		3,763		1,421
Skyworks Solutions Inc		3,095		264
SolarEdge Technologies Inc *		1,064		246
Synopsys Inc *		2,895		884
Teledyne Technologies Inc *		890		300
Teradyne Inc		2,988		225
Texas Instruments Inc		17,354		2,686
Trimble Inc *		4,828		262
Tyler Technologies Inc *		809		281
VeriSign Inc *		1,812		315
Visa Inc, Cl A		30,863		5,483
Western Digital Corp *		5,724		186
Zebra Technologies Corp, Cl A *		977		256

				148,488
Materials — 1.9%
Air Products and Chemicals Inc		4,157		968
Albemarle Corp		2,140		566
Amcor PLC		27,772		298
Avery Dennison Corp		1,519		247
Ball Corp		5,890		285
Celanese Corp, Cl A		2,126		192
CF Industries Holdings Inc		3,890		374
Corteva Inc		13,493		771
Dow Inc		13,621		598
DuPont de Nemours Inc		9,456		477
Eastman Chemical Co		2,510		178
Ecolab Inc		4,612		666
FMC Corp		2,362		250
Freeport-McMoRan Inc, Cl B		27,056		740
International Flavors & Fragrances Inc		4,788		435
International Paper Co		7,108		225
LyondellBasell Industries NV, Cl A		4,933		371
Martin Marietta Materials Inc, Cl A		1,122		361
Mosaic Co/The		6,956		336
Newmont Corp		14,758		620


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Nucor Corp		4,962	$	531
Packaging Corp of America		1,835		206
PPG Industries Inc		4,507		499
Sealed Air Corp		2,857		127
Sherwin-Williams Co/The, Cl A		4,449		911
Vulcan Materials Co		2,539		400
Westrock Co		4,612		143

				11,775
Real Estate — 2.5%
Alexandria Real Estate Equities Inc ^‡		2,812		394
American Tower Corp, Cl A ^‡		8,680		1,864
AvalonBay Communities Inc ^‡		2,626		484
Boston Properties Inc ^‡		2,611		196
Camden Property Trust ^‡		2,000		239
CBRE Group Inc, Cl A *		6,096		412
Crown Castle International Corp ^‡		8,132		1,175
Digital Realty Trust Inc, Cl A ^‡		5,306		526
Duke Realty Corp ^‡		7,239		349
Equinix Inc ^‡		1,718		977
Equity Residential ^‡		6,499		437
Essex Property Trust Inc ^‡		1,215		294
Extra Space Storage Inc ^‡		2,508		433
Federal Realty Investment trustOP LP ^‡		1,352		122
Healthpeak Properties Inc ^‡		10,261		235
Host Hotels & Resorts Inc ^‡		13,523		215
Invitation Homes Inc ^‡		10,900		368
Iron Mountain Inc ^‡		5,478		241
Kimco Realty Corp ^‡		12,074		222
Mid-America Apartment Communities Inc ^‡		2,221		344
Prologis Inc ^‡		13,862		1,408
Public Storage ^‡		2,895		848
Realty Income Corp ^‡		11,730		683
Regency Centers Corp ^‡		2,994		161
SBA Communications Corp, Cl A ^‡		1,988		566
Simon Property Group Inc ^‡		6,133		550
UDR Inc ^‡		5,695		238
Ventas Inc ^‡		7,437		299
VICI Properties ^‡		18,000		537
Vornado Realty Trust ^‡		3,022		70
Welltower Inc ^‡		8,409		541
Weyerhaeuser Co ^‡		13,848		396

				15,824
Utilities — 2.7%
AES Corp/The		12,555		284
Alliant Energy Corp		4,729		251
Ameren Corp		4,868		392
American Electric Power Co Inc		9,584		829
American Water Works Co Inc		3,476		452
Atmos Energy Corp		2,607		266
CenterPoint Energy Inc		11,886		335
CMS Energy Corp		5,515		321


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Consolidated Edison Inc		6,636	$	569
Constellation Energy Corp		6,072		505
Dominion Energy Inc		15,813		1,093
DTE Energy Co		3,708		427
Duke Energy Corp		14,471		1,346
Edison International		7,104		402
Entergy Corp		3,839		386
Evergy Inc		4,343		258
Exelon Corp		18,219		682
FirstEnergy Corp		10,649		394
NextEra Energy Inc		36,948		2,897
NiSource Inc		7,944		200
NRG Energy Inc		4,596		176
PG&E Corp *		30,300		379
Pinnacle West Capital Corp		2,117		137
PPL Corp		13,625		345
Public Service Enterprise Group Inc		9,311		524
Sempra Energy		5,928		889
Southern Co/The		19,956		1,357
WEC Energy Group Inc		5,921		529
Xcel Energy Inc		10,177		651

				17,276
Total Common Stock
(Cost $313,319) ($ Thousands)				564,257

Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK — 0.6%
China — 0.1%
NXP Semiconductors NV		4,918	$	725
Switzerland — 0.1%
TE Connectivity Ltd		5,980		660
United Kingdom — 0.4%
Linde PLC		9,431		2,543
Total Foreign Common Stock
(Cost $2,913) ($ Thousands)				3,928


CASH EQUIVALENT — 1.1%
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†	6,874,814		6,875
Total Cash Equivalent
(Cost $6,875) ($ Thousands)			6,875
Total Investments in Securities — 90.8%
(Cost $323,107) ($ Thousands)		$	575,060

A list of the open futures contracts held by the Fund at September 30, 2022 is as follows:

A list of the open OTC swap agreements held by the Fund at September 30, 2022, is as follows:

	Percentages are based on Net Assets of $633,458 ($ Thousands).
^	Security is held by the Dynamic Commodity Strategy Subsidiary Ltd. As of September 30, 2022.
*	Non-income producing security.
**	The rate reported is the 7-day effective yield as of September 30, 2022.
^‡	Real Estate Investment Trust.
^†	Investment in Affiliated Security (see Note 6).
^†^†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Common Stock

564,257

–

564,257

Foreign Common Stock

3,928

–

3,928

Cash Equivalent

6,875

–

6,875

Total Investments in Securities

575,060

–

575,060

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Depreciation		(7,996	)		–			–		(7,996	)
OTC Swaps
Total Return Swaps*
Unrealized Appreciation		–			2,865			–		2,865
Unrealized Depreciation		–			(2,938	)		–		(2,938	)
Total Other Financial Instruments		(7,996	)		(73	)		–		(8,069	)

*	Futures contracts and swap contracts are valued at the unrealized appreciation/(depreciation) on the instruments.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 23.1%

Communication Services — 3.4%
Activision Blizzard Inc		10,512	$	782
AMC Networks Inc, Cl A *		1,210		25
Clear Channel Outdoor Holdings Inc, Cl A *		18,171		25
Cogent Communications Holdings Inc		5,760		300
DISH Network Corp, Cl A *		88,371		1,222
IAC Inc *		24,028		1,331
Meta Platforms Inc, Cl A *(A)		12,090		1,640
Pinterest Inc, Cl A *(A)		41,168		959
Spanish Broadcasting System, Cl A		1,741		2
Take-Two Interactive Software Inc, Cl A *(A)		28,249		3,079
TEGNA Inc		126,672		2,620
T-Mobile US Inc *(A)		3,850		517
Twitter Inc *		20,917		917
United States Cellular Corp *		2,408		63
Urban One		5,234		22
Urban One, Cl A		6,818		36
WideOpenWest Inc *		8,589		105
Windstream Services *(B)		5,206		79

				13,724
Consumer Discretionary — 2.0%
ADT Inc		2,139		16
Amazon.com Inc, Cl A *(A)		4,893		553
American Eagle Outfitters Inc		125,278		1,219
AMMO *		103,334		303
Caesars Entertainment Inc *		2,286		74
Everi Holdings Inc *		4,206		68
Full House Resorts *		44,252		249
Guitar Center *(B)(C)		2,167		415


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hanesbrands Inc		34,870	$	243
Monitronics International Inc *(B)		18,437		94
Nordstrom Inc		33,820		566
Peloton Interactive Inc, Cl A *		32,019		222
PlayAGS Inc *		11,158		59
Tenneco Inc, Cl A *		159,945		2,781
Ulta Beauty Inc *		3,057		1,226
Vivint Smart Home Inc *		1,346		9

				8,097
Consumer Staples — 0.3%
Conagra Brands Inc		34,848		1,137


Energy — 1.5%
Halliburton Co (A)		75,672		1,863
Kinetik Holdings, Cl A		7,800		254
Noble Corp PLC *		1,654		49
Parker Drilling Co *(B)(C)		4,414		29
ProPetro Holding Corp *(A)		117,307		944
RPC Inc		61,520		426
Transocean Ltd *		119,316		295
Viper Energy Partners LP (A)		81,327		2,331

				6,191
Financials — 2.8%
Bread Financial Holdings		18,600		585
Citigroup Inc		42,757		1,782
Evercore Inc, Cl A		7,538		620
First Horizon Corp		173,984		3,984
JPMorgan Chase & Co		17,175		1,795
Penney Borrower LLC *(B)		3,070		18
S&P Global Inc (A)		1,413		432
Wintrust Financial Corp		6,943		566
Zions Bancorp NA		30,798		1,566

				11,348
Health Care — 0.7%
2seventy bio Inc *		2,300		33
Adaptimmune Therapeutics ADR *		26,027		28
Alaunos Therapeutics *		33,327		57
Carestream Health Holdings Inc *(B)		5,876		113
Caribou Biosciences *		3,900		41
Century Therapeutics *		5,600		55
ICU Medical Inc *		10,526		1,585
Lyell Immunopharma *		14,700		108
NexImmune *		38,746		22
Nkarta *		2,000		26
Precigen Inc *		16,000		34
Signify Health Inc, Cl A *		8,766		256
Veeva Systems Inc, Cl A *(A)		1,938		320

				2,678
Industrials — 2.7%
Air Transport Services Group Inc *		7,682		185


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
API Group Corp *		5,227	$	69
Atlas Air Worldwide Holdings Inc *		9,925		949
Clean Harbors Inc *		5,523		608
Enovix Corp *		33,670		617
JetBlue Airways Corp *		27,149		180
SkyWest Inc *		28,722		467
Spirit Airlines Inc		204,372		3,846
Stanley Black & Decker Inc		34,110		2,565
TransDigm Group Inc (A)		949		498
Uber Technologies Inc *(A)		9,997		265
United Rentals Inc *		2,297		621

				10,870
Information Technology — 8.5%
Advanced Micro Devices Inc *(A)		6,274		398
Akamai Technologies Inc *		24,614		1,977
Amplitude, Cl A *		17,465		270
Aquity Holdings Inc *(B)		3,945		44
Avalara Inc *		70,732		6,493
Cadence Design Systems Inc *(A)		1,885		308
CDW Corp/DE (A)		2,720		425
Cirrus Logic Inc *		22,120		1,522
Coherent Corp *		4,251		148
Crowdstrike Holdings Inc, Cl A *(A)		1,842		304
Domo Inc, Cl B *		6,863		123
Dynatrace Inc *(A)		6,875		239
Elastic NV *(A)		4,581		329
Enphase Energy Inc *(A)		1,128		313
Everbridge Inc *		58,005		1,791
Flex *		115,826		1,930
Flywire *(A)		11,511		264
Gartner Inc *(A)		1,363		377
HubSpot Inc *(A)		1,108		299
Intuit Inc (A)		1,027		398
Kyndryl Holdings Inc *		28,500		236
Mastercard Inc, Cl A (A)		2,005		570
MicroStrategy Inc, Cl A *		261		55
Momentive Global Inc *		24,465		142
MoneyGram International Inc *		90,302		939
NCR Corp *		1,026		19
New Relic Inc *		17,965		1,031
Oracle Corp, Cl B (A)		8,795		537
Palo Alto Networks Inc *(A)		2,727		447
Rogers Corp *		3,459		837
SMART Global Holdings Inc *		809		13
Smartsheet Inc, Cl A *		41,337		1,420
Sprout Social Inc, Cl A *(A)		4,314		262
Vishay Intertechnology Inc (A)		127,632		2,271
Vontier Corp		58,833		983
Wolfspeed Inc *(A)		4,083		422
Zendesk Inc *		82,160		6,252

				34,388


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Materials — 0.4%
Arctic Canadian Diamond Company Ltd *(B)		228	$	—
ATI Inc *(A)		51,443		1,369
Libbey Glass Inc. *(B)		1,227		17

				1,386
Real Estate — 0.8%
American Tower Corp, Cl A ^‡(A)		1,416		304
Copper Property Pass-Through Certificates *(B)		18,673		249
Hudson Pacific Properties Inc ^‡		6,925		76
iStar Inc ^‡		9,097		84
Kimco Realty Corp ^‡		8,508		157
Park Hotels & Resorts Inc ^‡		220,602		2,484

				3,354
Total Common Stock
(Cost $100,398) ($ Thousands)				93,173


	Face Amount (Thousands)
CORPORATE OBLIGATIONS — 15.1%
Communication Services — 3.4%
Altice France
5.500%, 10/15/2029 (D)	$	120		90
Altice France Holding
10.500%, 05/15/2027 (D)		618		484
6.000%, 02/15/2028 (D)		240		152
AMC Entertainment Holdings
6.125%, 05/15/2027		55		30
5.750%, 06/15/2025		5		3
AMC Networks
4.250%, 02/15/2029		327		242
Audacy Capital
6.750%, 03/31/2029 (D)		245		59
6.500%, 05/01/2027 (D)		130		32
Beasley Mezzanine Holdings
8.625%, 02/01/2026 (D)		315		243
CCO Holdings
6.375%, 09/01/2029 (D)		441		405
5.375%, 06/01/2029 (D)		50		44
4.750%, 03/01/2030 (D)		180		146
4.500%, 08/15/2030 (D)		200		158
4.250%, 02/01/2031 (D)		125		96
4.250%, 01/15/2034 (D)		314		225
Charter Communications Operating
4.400%, 12/01/2061		40		26
3.950%, 06/30/2062		155		92
3.900%, 06/01/2052		100		62
3.700%, 04/01/2051		120		73
Clear Channel International
6.625%, 08/01/2025 (D)		151		140


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Comcast
2.987%, 11/01/2063	$	405	$	235
2.937%, 11/01/2056		295		176
Connect Finco SARL
6.750%, 10/01/2026 (D)		4,797		4,195
DISH DBS
7.750%, 07/01/2026		325		249
7.375%, 07/01/2028		185		125
5.750%, 12/01/2028 (D)		135		102
5.250%, 12/01/2026 (D)		25		21
5.125%, 06/01/2029		145		85
iHeartCommunications
6.375%, 05/01/2026		215		199
Lumen Technologies
5.375%, 06/15/2029 (D)		80		59
4.500%, 01/15/2029 (D)		160		112
4.000%, 02/15/2027 (D)		235		197
Salem Media Group
6.750%, 06/01/2024 (D)		161		155
Scripps Escrow
5.875%, 07/15/2027 (D)		263		229
Sinclair Television Group
4.125%, 12/01/2030 (D)		245		184
Spanish Broadcasting System
9.750%, 03/01/2026 (D)		202		127
Stagwell Global
5.625%, 08/15/2029 (D)		467		384
TEGNA
4.625%, 03/15/2028		3,460		3,194
T-Mobile USA
3.500%, 04/15/2031		210		176
3.375%, 04/15/2029		65		56
Urban One
7.375%, 02/01/2028 (D)		830		705
Verizon Communications
3.000%, 11/20/2060		20		12
2.987%, 10/30/2056		240		143
Windstream Escrow
7.750%, 08/15/2028 (D)		467		387

				14,309

Consumer Discretionary — 2.1%
1011778 BC ULC
3.500%, 02/15/2029 (D)		195		160
Academy
6.000%, 11/15/2027 (D)		120		109
Altice Financing
5.750%, 08/15/2029 (D)		225		172
American Greetings
8.750%, 04/15/2025 (D)		265		254
Aramark Services
6.375%, 05/01/2025 (D)		169		166


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Bath & Body Works
7.600%, 07/15/2037	$	5	$	4
6.750%, 07/01/2036		175		144
6.625%, 10/01/2030 (D)		60		52
Bloomin' Brands
5.125%, 04/15/2029 (D)		444		370
Caesars Entertainment
8.125%, 07/01/2027 (D)		113		108
6.250%, 07/01/2025 (D)		146		141
Caesars Resort Collection
5.750%, 07/01/2025 (D)		429		414
Carnival
10.500%, 02/01/2026 (D)		95		94
9.875%, 08/01/2027 (D)		270		265
5.750%, 03/01/2027 (D)		15		11
4.000%, 08/01/2028 (D)		45		36
Cengage Learning
9.500%, 06/15/2024 (D)		315		295
Clarios Global
6.750%, 05/15/2025 (D)		93		91
4.375%, 05/15/2026	EUR	224		194
CMG Media
8.875%, 12/15/2027 (D)	$	295		225
CSC Holdings
7.500%, 04/01/2028 (D)		368		300
5.750%, 01/15/2030 (D)		472		336
4.625%, 12/01/2030 (D)		178		121
Dave & Buster's
7.625%, 11/01/2025 (D)		241		237
Diamond Sports Group
6.625%, 08/15/2027 (D)		312		22
5.375%, 08/15/2026 (D)		480		96
DirecTV Financing
5.875%, 08/15/2027 (D)		80		69
Empire Resorts
7.750%, 11/01/2026 (D)		510		428
Jacobs Entertainment
6.750%, 02/15/2029 (D)		170		145
Liberty Interactive
8.250%, 02/01/2030		485		306
Macy's Retail Holdings
5.875%, 04/01/2029 (D)		150		120
5.875%, 03/15/2030 (D)		75		59
Maxeda DIY Holding BV
5.875%, 10/01/2026	EUR	128		84
NCL
5.875%, 03/15/2026 (D)	$	100		76
5.875%, 02/15/2027 (D)		137		114
3.625%, 12/15/2024 (D)		299		251
PetSmart
4.750%, 02/15/2028 (D)		189		162


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Radiate Holdco
6.500%, 09/15/2028 (D)	$	183	$	128
Royal Caribbean Cruises
11.625%, 08/15/2027 (D)		105		96
9.250%, 01/15/2029 (D)		75		74
8.250%, 01/15/2029 (D)		151		147
5.500%, 08/31/2026 (D)		160		122
StoneMor
8.500%, 05/15/2029 (D)		300		253
Sugarhouse HSP Gaming Prop Mezz
5.875%, 05/15/2025 (D)		155		143
Tenneco
5.125%, 04/15/2029 (D)		609		601
VOC Escrow
5.000%, 02/15/2028 (D)		155		126
VZ Secured Financing BV
5.000%, 01/15/2032 (D)		145		108
WW International
4.500%, 04/15/2029 (D)		265		139
Wynn Las Vegas
5.500%, 03/01/2025 (D)		50		47
5.250%, 05/15/2027 (D)		60		53
Wynn Macau
5.625%, 08/26/2028 (D)		5		3
5.500%, 01/15/2026 (D)		95		72
5.500%, 10/01/2027 (D)		105		72
5.125%, 12/15/2029 (D)		10		7
Wynn Resorts Finance
7.750%, 04/15/2025 (D)		120		117
Yum! Brands
5.375%, 04/01/2032		160		142

				8,681

Consumer Staples — 0.9%
Albertsons
7.500%, 03/15/2026 (D)		1,452		1,461
BellRing Brands
7.000%, 03/15/2030 (D)		263		241
Coca-Cola
2.750%, 06/01/2060		72		44
2.500%, 06/01/2040		145		101
Dufry One BV
2.000%, 02/15/2027	EUR	233		173
New Albertsons
8.700%, 05/01/2030	$	235		238
8.000%, 05/01/2031		60		60
Rite Aid
8.000%, 11/15/2026 (D)		226		160
7.700%, 02/15/2027		46		27
US Foods
6.250%, 04/15/2025 (D)		898		882


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Vector Group
10.500%, 11/01/2026 (D)	$	225	$	209
5.750%, 02/01/2029 (D)		305		249

				3,845

Energy — 2.5%
Aethon United BR
8.250%, 02/15/2026 (D)		160		155
Ascent Resources Utica Holdings
8.250%, 12/31/2028 (D)		330		317
Athabasca Oil
9.750%, 11/01/2026 (D)		199		211
Blue Racer Midstream
6.625%, 07/15/2026 (D)		155		145
Carrizo Oil & Gas
8.250%, 07/15/2025		200		195
Chesapeake Energy
6.750%, 04/15/2029 (D)		181		174
5.500%, 02/01/2026 (D)		202		193
Chesapeake Energy (Escrow Security)
0.000%, 12/31/2049 (B)(E)		225		5
CITGO Petroleum
7.000%, 06/15/2025 (D)		206		197
Crescent Energy Finance
7.250%, 05/01/2026 (D)		111		100
DCP Midstream Operating
3.250%, 02/15/2032		125		99
Earthstone Energy Holdings
8.000%, 04/15/2027 (D)		185		174
Encino Acquisition Partners Holdings
8.500%, 05/01/2028 (D)		276		255
EnLink Midstream
6.500%, 09/01/2030 (D)		75		73
5.625%, 01/15/2028 (D)		80		75
5.375%, 06/01/2029		110		101
EQT
7.000%, 02/01/2030		115		119
6.125%, 02/01/2025		50		50
Genesis Energy
8.000%, 01/15/2027		245		215
7.750%, 02/01/2028		160		139
Greenfire Resources
12.000%, 08/15/2025 (D)		230		243
Harvest Midstream I
7.500%, 09/01/2028 (D)		467		437
ITT Holdings
6.500%, 08/01/2029 (D)		115		89
Laredo Petroleum
10.125%, 01/15/2028		95		91
9.500%, 01/15/2025		125		124
MEG Energy
7.125%, 02/01/2027 (D)		262		266


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
NGL Energy Operating
7.500%, 02/01/2026 (D)	$	291	$	259
NGL Energy Partners
7.500%, 11/01/2023		290		281
7.500%, 04/15/2026		165		125
6.125%, 03/01/2025		145		115
Northern Oil and Gas
8.125%, 03/01/2028 (D)		225		211
Occidental Petroleum
6.125%, 01/01/2031		40		39
5.500%, 12/01/2025		70		70
4.625%, 06/15/2045		120		99
4.500%, 07/15/2044		10		8
4.400%, 04/15/2046		10		8
PBF Holding
7.250%, 06/15/2025		196		187
6.000%, 02/15/2028		404		350
Petroleos Mexicanos
6.950%, 01/28/2060		53		30
Petroleos Mexicanos MTN
6.750%, 09/21/2047		2,284		1,273
Range Resources
5.000%, 03/15/2023		483		481
Rockcliff Energy II
5.500%, 10/15/2029 (D)		233		204
Shelf Drilling Holdings
8.875%, 11/15/2024 (D)		60		58
8.250%, 02/15/2025 (D)		305		244
SM Energy
5.625%, 06/01/2025		449		431
Strathcona Resources
6.875%, 08/01/2026 (D)		686		581
Summit Midstream Holdings
8.500%, 10/15/2026 (D)		93		87
Targa Resources Partners
4.000%, 01/15/2032		145		120
Transocean
11.500%, 01/30/2027 (D)		185		171
6.800%, 03/15/2038		175		87

				9,761

Financials — 0.9%
AG Issuer
6.250%, 03/01/2028 (D)		180		156
Armor Holdco
8.500%, 11/15/2029 (D)		215		171
Barclays
7.750%, USD Swap Semi 30/360 5 Yr Curr + 4.842%(F)(G)		160		148
Enact Holdings
6.500%, 08/15/2025 (D)		140		134


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Finance of America Funding
7.875%, 11/15/2025 (D)	$	475	$	301
Freedom Mortgage
8.250%, 04/15/2025 (D)		398		329
6.625%, 01/15/2027 (D)		360		256
Home Point Capital
5.000%, 02/01/2026 (D)		270		169
LD Holdings Group
6.500%, 11/01/2025 (D)		250		150
6.125%, 04/01/2028 (D)		200		104
Novo Banco MTN
3.500%, 01/02/2043	EUR	20		17
3.500%, 01/23/2043		280		242
OneMain Finance
5.375%, 11/15/2029	$	70		54
PennyMac Financial Services
5.750%, 09/15/2031 (D)		40		29
4.250%, 02/15/2029 (D)		160		114
Rithm Capital
6.250%, 10/15/2025 (D)		280		237
United Wholesale Mortgage
5.750%, 06/15/2027 (D)		220		174
VistaJet Malta Finance
6.375%, 02/01/2030 (D)		250		205
WeWork
7.875%, 05/01/2025 (D)		485		336

				3,326

Health Care — 0.9%
1375209 B.C. Ltd
9.000%, 01/30/2028 (D)		33		33
Akumin
7.000%, 11/01/2025 (D)		470		386
Akumin Escrow
7.500%, 08/01/2028 (D)		165		126
Bausch Health
14.000%, 10/15/2030 (D)		11		6
11.000%, 09/30/2028		59		48
7.250%, 05/30/2029 (D)		–		–
6.250%, 02/15/2029 (D)		315		118
5.250%, 01/30/2030 (D)		155		58
5.000%, 02/15/2029 (D)		55		21
4.875%, 06/01/2028 (D)		35		23
Bristol-Myers Squibb
2.550%, 11/13/2050		250		154
Cano Health
6.250%, 10/01/2028 (D)		302		285
Centene
4.625%, 12/15/2029		360		323
3.375%, 02/15/2030		228		186
2.625%, 08/01/2031		360		271
2.500%, 03/01/2031		285		215


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Embecta
6.750%, 02/15/2030 (D)	$	165	$	152
Endo DAC
9.500%, 07/31/2027 (D)(H)		194		28
6.000%, 06/30/2028 (D)(H)		193		11
5.875%, 10/15/2024 (D)(H)		85		69
Endo Luxembourg Finance I Sarl
6.125%, 04/01/2029 (D)(H)		25		20
Envision Healthcare
8.750%, 10/15/2026 (D)		155		50
Jazz Securities DAC
4.375%, 01/15/2029 (D)		94		81
Lannett
7.750%, 04/15/2026 (D)		410		115
Medline Borrower
3.875%, 04/01/2029 (D)		225		180
Organon
4.125%, 04/30/2028 (D)		112		96
Par Pharmaceutical
7.500%, 04/01/2027 (D)(H)		80		63
Prime Security Services Borrower
6.250%, 01/15/2028 (D)		225		192
Tenet Healthcare
6.125%, 06/15/2030 (D)		50		46
4.375%, 01/15/2030 (D)		170		142
Varex Imaging
7.875%, 10/15/2027 (D)		183		180

				3,678

Industrials — 0.9%
American Airlines
5.750%, 04/20/2029 (D)		135		118
5.500%, 04/20/2026 (D)		90		84
Avianca Midco 2
9.000%, 12/01/2028 (D)		368		277
Bombardier
7.875%, 04/15/2027 (D)		165		152
Builders FirstSource
4.250%, 02/01/2032 (D)		145		111
Camelot Return Merger Sub
8.750%, 08/01/2028 (D)		114		94
Cornerstone Building Brands
6.125%, 01/15/2029 (D)		93		52
Delta Air Lines
7.000%, 05/01/2025 (D)		674		678
2.900%, 10/28/2024		122		113
Fortress Transportation and Infrastructure Investors
9.750%, 08/01/2027 (D)		240		235
6.500%, 10/01/2025 (D)		38		36
Icahn Enterprises
4.375%, 02/01/2029		205		165


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Monitronics International (Escrow Security)
9.125%, 04/01/2020 (B)(H)	$	495	$	–
Raytheon Technologies
3.030%, 03/15/2052		130		85
2.820%, 09/01/2051		185		116
Spirit Loyalty Cayman
8.000%, 09/20/2025 (D)		352		354
Team Health Holdings
6.375%, 02/01/2025 (D)		120		89
TransDigm
8.000%, 12/15/2025 (D)		324		329
6.250%, 03/15/2026 (D)		311		302
Triumph Group
7.750%, 08/15/2025		190		145
6.250%, 09/15/2024 (D)		20		18
Tutor Perini
6.875%, 05/01/2025 (D)		285		213
Western Global Airlines
10.375%, 08/15/2025 (D)		90		80

				3,846

Information Technology — 0.8%
Apple
2.700%, 08/05/2051		40		27
2.650%, 05/11/2050		455		299
2.650%, 02/08/2051		75		49
2.375%, 02/08/2041		75		52
Arches Buyer
4.250%, 06/01/2028 (D)		190		148
Avaya
6.125%, 09/15/2028 (D)		65		32
Boxer Parent
9.125%, 03/01/2026 (D)		158		152
Castle US Holding
9.500%, 02/15/2028 (D)		170		125
CommScope
8.250%, 03/01/2027 (D)		185		153
7.125%, 07/01/2028 (D)		265		205
6.000%, 03/01/2026 (D)		150		138
CommScope Technologies
6.000%, 06/15/2025 (D)		36		32
5.000%, 03/15/2027 (D)		35		26
Endurance International Group Holdings
6.000%, 02/15/2029 (D)		249		165
Intel
3.200%, 08/12/2061		205		128
3.100%, 02/15/2060		60		36
MoneyGram International
5.375%, 08/01/2026 (D)		412		404
NCR
5.250%, 10/01/2030 (D)		53		40
5.125%, 04/15/2029 (D)		71		53


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Presidio Holdings
8.250%, 02/01/2028 (D)	$	370	$	319
Veritas US
7.500%, 09/01/2025 (D)		350		268
Virtusa
7.125%, 12/15/2028 (D)		248		184

				3,035

Materials — 1.6%
Baffinland Iron Mines
8.750%, 07/15/2026 (D)		465		411
CEMEX Materials
7.700%, 07/21/2025 (D)		265		263
Cornerstone Chemical
6.750%, 08/15/2024 (D)		1,155		974
Domtar
6.750%, 10/01/2028 (D)		285		219
First Quantum Minerals
7.500%, 04/01/2025 (D)		311		299
Freeport-McMoRan
5.450%, 03/15/2043		185		154
Innophos Holdings
9.375%, 02/15/2028 (D)		160		154
LSB Industries
6.250%, 10/15/2028 (D)		230		197
Mauser Packaging Solutions Holding
8.500%, 04/15/2024 (D)		580		551
Mineral Resources
8.125%, 05/01/2027 (D)		105		102
Mineral Resources MTN
8.500%, 05/01/2030 (D)		165		159
8.000%, 11/01/2027 (D)		140		135
Mountain Province Diamonds
8.000%, 12/15/2022 (C)(D)		300		282
NMG Holding
7.125%, 04/01/2026 (D)		190		175
Northwest Acquisitions ULC
7.125%, 11/01/2022 (B)(C)(D)(H)		460		–
NOVA Chemicals
4.875%, 06/01/2024 (D)		114		107
Rain CII Carbon
7.250%, 04/01/2025 (D)		430		378
Rayonier AM Products
7.625%, 01/15/2026 (D)		152		134
Tacora Resources
8.250%, 05/15/2026 (D)		305		259
Trident Merger Sub
6.625%, 11/01/2025 (D)		125		108
Trident TPI Holdings
9.250%, 08/01/2024 (D)		299		274
Trivium Packaging Finance BV
5.500%, 08/15/2026 (D)		167		150


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
3.750%, 08/15/2026	EUR	100	$	88
Tronox
4.625%, 03/15/2029 (D)	$	343		254

				5,827

Real Estate — 0.4%
American Tower
3.700%, 10/15/2049		25		17
3.100%, 06/15/2050		95		59
2.950%, 01/15/2051		200		120
Crown Castle
3.250%, 01/15/2051		35		22
2.900%, 04/01/2041		215		140
Diversified Healthcare Trust
9.750%, 06/15/2025		104		94
4.375%, 03/01/2031		155		100
Park Intermediate Holdings
7.500%, 06/01/2025 (D)		169		168
5.875%, 10/01/2028 (D)		216		185
Prologis
3.000%, 04/15/2050		80		54
2.125%, 10/15/2050		150		84
Service Properties Trust
4.950%, 02/15/2027		80		59
4.750%, 10/01/2026		241		182
4.375%, 02/15/2030		370		243
3.950%, 01/15/2028		138		94

				1,621

Utilities — 0.7%
Eskom Holdings SOC
7.125%, 02/11/2025		1,322		1,171
Eskom Holdings SOC MTN
8.450%, 08/10/2028		1,558		1,323
Pacific Gas and Electric
4.550%, 07/01/2030		340		291
Vistra Operations
5.625%, 02/15/2027 (D)		140		131
5.500%, 09/01/2026 (D)		55		51

				2,967

Total Corporate Obligations
(Cost $71,820) ($ Thousands)				60,896


	Shares
REGISTERED INVESTMENT COMPANIES — 11.7%
Merger Fund , Cl I		2,703,983		46,806
ProShares Ultra VIX Short-Term Futures ETF		23,866		307
Sprott Physical Uranium Trust		19,864		234


Description	Shares		Market Value ($ Thousands)
REGISTERED INVESTMENT COMPANIES (continued)

Total Registered Investment Companies
(Cost $44,005) ($ Thousands)			$	47,347



	Face Amount (Thousands)
U.S. TREASURY OBLIGATIONS — 4.3%
U.S. Treasury Bills
2.893%, 12/01/2022 (I)	$	7,000		6,967
2.688%, 11/25/2022 (I)		10,000		9,958
2.499%, 10/18/2022 (I)		24		24
U.S. Treasury Bonds
3.000%, 08/15/2052		78		67
U.S. Treasury Notes
2.750%, 08/15/2032		189		173

Total U.S. Treasury Obligations
(Cost $17,206) ($ Thousands)				17,189



SOVEREIGN DEBT — 3.9%

Angolan Government International Bond
9.375%, 05/08/2048	$	1,438		971
8.750%, 04/14/2032(D)		313		231
8.000%, 11/26/2029		637		478
Argentine Republic Government International Bond
1.500%, 07/09/2023(J)		6,167		1,116
CBB International Sukuk Programme WLL
3.875%, 05/18/2029(D)		669		586
Dominican Republic International Bond
5.875%, 01/30/2060		877		578
Ecuador Government International Bond
2.500%, 07/31/2023(J)		3,182		1,047
Egypt Government International Bond MTN
7.300%, 09/30/2033		917		528
Iraq Government International Bond
5.800%, 01/15/2028		768		630
Mexican Bonos
8.500%, 11/18/2038	MXN	31,260		1,402
7.750%, 11/13/2042		14,430		595
Mexico Government International Bond MTN
5.750%, 10/12/2110	$	1,208		932
Nigeria Government International Bond
8.375%, 03/24/2029		847		604
7.696%, 02/23/2038		645		376
7.625%, 11/28/2047		760		422
Oman Government International Bond
6.750%, 01/17/2048		810		649
6.250%, 01/25/2031		596		555


Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Republic of South Africa Government Bond
10.500%, 12/21/2026	ZAR	25,923	$	1,486
8.750%, 02/28/2048		22,944		961
Turkey Government International Bond
5.750%, 05/11/2047	$	1,411		845
Ukraine Government International Bond
7.375%, 09/25/2034(H)		2,795		515
0.026%, 08/01/2041(F)(H)		890		248

Total Sovereign Debt
(Cost $21,266) ($ Thousands)				15,755



LOAN PARTICIPATIONS — 3.4%
1236904 B.C. Ltd., Initial Term Loan, 1st Lien
8.615%, LIBOR + 5.500%, 03/04/2027 (F)		258		247
888 Holdings, Term Loan B, 1st Lien
8.282%, 07/08/2028		215		184
ACProducts Holdings, Inc., Initial Term Loan, 1st Lien
7.127%, LIBOR + 4.250%, 05/17/2028 (F)		31		22
ACProducts Holdings, Initial Term Loan, 1st Lien
7.127%, LIBOR + 4.250%, 05/17/2028 (F)		10		8
Aegion, 1st Lien
7.865%, 05/17/2028 (B)(F)		139		126
Agrofresh Inc., Initial Term Loan, 1st Lien
9.365%, 12/31/2024 (F)		198		195
AMC Entertainment Holdings, Inc. (fka AMC Entertainment Inc.), Term B-1 Loan, 1st Lien
5.756%, LIBOR + 3.000%, 04/22/2026 (F)		248		193
American Greetings, Term Loan, 1st Lien
7.610%, 04/06/2024		52		51
American Tire, 1st Lien
9.033%, 10/20/2028 (F)		217		201
Apollo Commercial Real Estate Finance, Inc., Term B-1 Loan, 1st Lien
6.584%, LIBOR + 3.500%, 03/11/2028 (B)(F)		197		184
Aquity Solutions, 1st Lien
8.274%, 09/13/2026 (B)		436		436
Arctic Canadian Diamond Company Ltd., Term Loan, 2nd Lien
7.500%, 12/31/2027 (B)		259		258
Aveanna Healthcare LLC, 2021 Extended Term Loan, 1st Lien
4.250%, 07/17/2028 (K)		62		49


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Aveanna Healthcare LLC, Extended Term Loan, 1st Lien
6.802%, 07/17/2028 (F)(K)	$	265	$	211
Boardriders Inc., Closing Date Tranche A Loan, 1st Lien
12.367%, LIBOR + 6.500%, 10/23/2023 (B)(C)(F)		47		46
Boardriders Inc., Closing Date Tranche B-2 Loan, 1st Lien
12.367%, LIBOR + 6.500%, 04/23/2024 (C)(F)		274		246
Bright Bidco, Term Loan B, 1st Lien
6.514%, LIBOR + 3.500%, 06/30/2024 (F)(K)		147		49
Carestream Take Back, 1st Lien
10.634%, CME Term SOFR + 7.500%, 09/30/2027 (B)(F)		467		467
CBAC Borrower, LLC, Term Loan B, 1st Lien
7.115%, 07/08/2024		159		156
Cenveo, 1st Lien
9.907%, 12/31/2024 (B)		95		95
ConvergeOne Holdings, Corp., Initial Term Loan, 1st Lien
8.115%, LIBOR + 5.000%, 01/04/2026 (F)		312		222
Cooper’s Hawk Intermediate Holding, LLC, Initial Term Loan, 1st Lien
9.615%, 10/31/2026 (B)(F)		235		231
Cooper's Hawk Intermediate Holding, Incremental Term Loan, 1st Lien
9.615%, 10/31/2026 (B)		45		44
Diamond Sports Group LLC, Term Loan, 1st Lien
10.696%, 05/25/2026 (F)(K)		—		—
DirecTV Financing LLC, Closing Date Term Loan, 1st Lien
8.115%, LIBOR + 5.000%, 08/02/2027 (F)		241		224
DMT Solutions Global Corporation, Term B-2 Loan, 1st Lien
10.641%, 07/02/2024 (B)(F)		103		97
DMT Solutions Global Corporation, Term Loan
10.377%, 07/02/2024 (B)(F)		89		84
DMT Solutions Global, Initial Term Loan
11.237%, LIBOR + 7.500%, 07/02/2024 (B)(F)		42		40
11.065%, LIBOR + 7.500%, 07/02/2024 (B)(F)		39		37
Domtar Corporation, Cov-Lite, 1st Lien
8.256%, 11/30/2028		13		12


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Domtar Corporation, Inital Term Loan, 1st Lien
8.256%, 11/30/2028 (F)	$	95	$	91
East Valley Tourist Development Authority, Term Loan, 1st Lien
11.481%, LIBOR + 8.000%, 11/23/2026 (B)(F)		172		167
Eastman Tire, Term Loan B, 1st Lien
8.365%, 11/01/2028 (F)		131		117
ELO Touch Solutions, Term Loan B, 1st Lien
10.174%, 12/14/2025 (F)		153		148
Envision Healthcare Corporation, 1st Lien
10.531%, CME Term SOFR + 7.875%, 03/31/2027 (F)		96		92
6.825%, CME Term SOFR + 4.250%, 03/31/2027 (F)		670		291
Epic Y-Grade Services, LP, Term Loan, 1st Lien
8.080%, LIBOR + 6.000%, 06/30/2027 (F)		1,158		971
Fertitta Enterntainment, LLC, Initial Term Loan B, 1st Lien
7.034%, 01/27/2029 (F)		189		175
Glass Mountain Holdings Pipeline, 1st Lien
7.300%, 10/28/2027 (C)		16		14
Global Medical Response, Inc., 2018 New Term Loan, 1st Lien
7.365%, LIBOR + 4.250%, 03/14/2025 (F)		282		244
Grab Holdings, Inc., Initial Term Loan, 1st Lien
7.620%, LIBOR + 4.500%, 01/29/2026 (F)		218		204
Hexion, 1st Lien
7.413%, 03/15/2029 (F)		269		229
J.C. Penney Corporation Inc., Term Loan, 1st Lien
5.250%, LIBOR + 4.250%, 06/23/2023 (B)(F)(H)		378		—
Jadex Inc., Refinancing Term Loan, 1st Lien
7.865%, 02/18/2028 (B)(F)		153		140
KNS Acquisition Corp., Initial Term Loan, 1st Lien
10.420%, LIBOR + 6.250%, 04/21/2027 (F)		295		275
Libbey, 1st Lien
10.455%, 11/13/2025		118		120
Lifescan Global Corporation, Initial Term Loan, 1st Lien
8.285%, LIBOR + 6.000%, 10/01/2024 (F)		987		791
LifeScan, 2nd Lien
11.287%, 10/01/2025 (F)		85		65


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Lumileds, 1st Lien
10.903%, 02/28/2023 (B)	$	17	$	17
Mashantucket (Western) Pequot Tribe, Term Loan B, 1st Lien
10.240%, LIBOR + 8.125%, 02/16/2025 (F)		494		488
Mavenir Systems Inc., 1st Lien
8.487%, CME Term SOFR + 5.750%, 08/18/2028 (B)(F)		79		68
Mavenir Systems Inc., Initial Term Loan, 1st Lien
7.711%, LIBOR + 4.750%, 08/18/2028 (B)(F)		285		244
Mcgraw-Hill Education Inc., Initial Term Loan, 1st Lien
8.316%, 07/28/2028 (F)		282		260
Mozart Debt Merger, Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 10/23/2028 (F)		197		181
Newport Parent, Inc., Initial Term Loan, 1st Lien
8.750%, 12/10/2027 (F)		226		217
Onex TSG Intermediate Corp., Initial Term Loan, 1st Lien
7.865%, 02/28/2028 (F)		193		169
Peraton Corp., Term B Loan, 1st Lien
6.865%, LIBOR + 3.750%, 02/01/2028 (F)		198		188
PLNTF Holdings Inc., 1st Lien
11.602%, 03/22/2026 (B)		202		192
Pluto Acquistion I, Inc., 1st Lien
6.076%, 06/22/2026 (B)(K)		78		68
Premier Brands Group Holdings, LLC, Term Loan, 1st Lien
11.115%, LIBOR + 8.000%, 03/20/2024 (C)(F)		82		67
11.052%, LIBOR + 8.000%, 03/20/2024 (C)(F)		112		91
Quantum Health, Inc., Amendment No. 1 Refinancing Term Loan, 1st Lien
8.174%, 12/22/2027 (B)(F)		147		137
Radar Bidco SARL, Initial Term Loan, 1st Lien
10.000%, 12/16/2024 (F)		—		—
Revlon Consumer Products Corp., 2016 Term Loan, 1st Lien
5.576%, LIBOR + 3.500%, 09/07/2023 (F)		897		350
RXB Holdings Inc., Initial Term Loan, 1st Lien
6.609%, 12/20/2027 (B)(F)		210		198
S&S Holdings, LLC, Cov-Lite, 1st Lien
7.783%, 03/11/2028 (F)		7		7


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
S&S Holdings, LLC, Initial Term Loan, 1st Lien
7.783%, LIBOR + 5.000%, 03/11/2028 (F)	$	279	$	268
Spencer Gifts LLC (Spirit Halloween Superstores LLC), Term Loan, 1st Lien
8.806%, 06/19/2026		208		202
Springs Window Fashions LLC, Tranche B Term Loan, 1st Lien
7.602%, LIBOR + 4.000%, 10/06/2028 (F)		318		248
Syniverse Holdings, Initial Term Loan, 1st Lien
10.553%, CME Term SOFR + 7.000%, 05/13/2027 (F)		545		466
Team Health Holdings Inc., Extended Term Loan, 1st Lien
8.284%, CME Term SOFR + 5.250%, 03/02/2027 (F)		500		425
Travelport Finance (Luxembourg) S.a.r.l., 2021 Consented Term Loan, 1st Lien
8.674%, LIBOR + 5.000%, 05/29/2026 (F)(K)		269		188
Travelport Finance (Luxembourg) Sarl, Initial Term Loan (Priority), 1st Lien
5.174%, LIBOR + 1.500%, 02/28/2025 (F)(K)		128		126
VC GB Holdings Corp, Initial Term Loan, 1st Lien
6.377%, 07/21/2028 (F)		283		246
Vida Capital, Term Loan
9.115%, 10/01/2026		171		131
WW International, Inc., Intial Term Loan, 1st Lien
6.620%, 04/13/2028		35		24


Total Loan Participations
(Cost $15,415) ($ Thousands)				13,815


	Shares
FOREIGN COMMON STOCK — 2.3%

Australia — 0.3%
South32 Ltd		430,262		1,027



Belgium — 0.1%
X-Fab Silicon Foundries *		45,423		225



Canada — 0.2%
Athabasca Oil *		16,008		25
NexGen Energy *		131,430		482


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Yamana Gold		28,533	$	129

				636

China — 0.4%
Alibaba Group Holding Ltd ADR *		3,776		302
Autohome Inc ADR (A)		9,592		276
JD.com ADR		4,561		229
JD.com, Cl A (A)		13,692		345
Meituan, Cl B *(A)		21,100		444
Trip.com Group ADR *		4,461		122

				1,718

France — 0.0%
Cellectis SA ADR *		10,977		25




Hong Kong — 0.0%
Melco Resorts & Entertainment Ltd ADR *		2,692		18




Israel — 0.9%
Tower Semiconductor Ltd *		78,853		3,465




Japan — 0.1%
Nintendo Co Ltd (A)		12,000		484




Macao — 0.0%
MGM China Holdings Ltd *		29,179		16
Sands China Ltd *		12,870		32
Wynn Macau Ltd *		21,701		14

				62

Netherlands — 0.1%
Adyen NV *(A)		257		320




South Africa — 0.0%
Gold Fields ADR		13,905		113




South Korea — 0.0%
Magnachip Semiconductor *		18,960		194




Spain — 0.0%
Obrascon Huarte Lain *		21,870		11




Taiwan — 0.2%
Silicon Motion Technology Corp ADR		10,756		701




United Kingdom — 0.0%
Achilles Therapeutics ADR		39,027		88


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Autolus Therapeutics ADR *		9,379	$	20

				108

Total Foreign Common Stock
(Cost $11,062) ($ Thousands)				9,107



	Face Amount (Thousands)
ASSET-BACKED SECURITIES — 0.4%
Other Asset-Backed Securities — 0.4%

CFIP CLO, Ser 2021-1A, Cl D
6.250%, ICE LIBOR USD 3 Month + 3.540%, 01/20/2035(D)(F)	$	250		211
Marathon CLO, Ser 2021-17A, Cl C
6.820%, ICE LIBOR USD 3 Month + 4.110%, 01/20/2035(D)(F)		250		207
Octagon Investment Partners 43, Ser 2019-1A, Cl D
6.683%, ICE LIBOR USD 3 Month + 3.900%, 10/25/2032(D)(F)		250		225
Sound Point CLO XXIX, Ser 2021-1A, Cl D
6.283%, ICE LIBOR USD 3 Month + 3.500%, 04/25/2034(D)(F)		250		212
STWD, Ser 2021-FL2, Cl D
5.739%, ICE LIBOR USD 1 Month + 2.800%, 04/18/2038(D)(F)		100		93
STWD, Ser 2021-FL2, Cl E
6.489%, ICE LIBOR USD 1 Month + 3.550%, 04/18/2038(D)(F)		100		95
TRTX, Ser 2021-FL4, Cl D
6.539%, ICE LIBOR USD 1 Month + 3.600%, 03/15/2038(D)(F)		100		94
TRTX, Ser 2021-FL4, Cl E
7.289%, ICE LIBOR USD 1 Month + 4.350%, 03/15/2038(D)(F)		100		93
Venture XVII CLO, Ser 2018-17A, Cl DRR
5.332%, ICE LIBOR USD 3 Month + 2.820%, 04/15/2027(D)(F)		200		181


Total Asset-Backed Securities
(Cost $1,595) ($ Thousands)				1,411


CONVERTIBLE BONDS — 0.2%
Avaya
8.000% , 12/15/2027		330		212
Liberty Interactive
4.000% , 11/15/2029		38		17
3.750% , 02/15/2030		229		108


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CONVERTIBLE BONDS (continued)
Liberty Latin America
2.000% , 07/15/2024	$	265	$	232
North Sea Natural Resources
0.000%, (B)(E)		94		94
Pebblebrook Hotel Trust
1.750% , 12/15/2026		115		98
Silver Airways LLC
13.000% , 12/31/2027(B)		231		231

Total Convertible Bonds
(Cost $1,199) ($ Thousands)				992


	Shares
PREFERRED STOCK — 0.2%

Consumer Discretionary — 0.1%
Boardriders Inc., Ser A *(B)(C)(E)		25,646		30
Bowlero *(B)(E)		290		290
Guitar Center *(B)(C)(E)		39		3

				323
Information Technology — 0.1%
Syniverse *(B)(E)		437,282		420


Materials — 0.0%
Libbey Glass Inc. *(B)(E)		766		88


Total Preferred Stock
(Cost $798) ($ Thousands)				831


		Number of Warrants
WARRANTS — 0.2%
10X Capital Venture Acquisition III, Expires 01/03/2028
Strike Price $11.50 *		1,430		–
Accretion Acquisition, Expires 02/22/2023
Strike Price $11.50 *		46,548		2
Achari Ventures Holdings I, Expires 08/08/2026
Strike Price $11.50 *		48,686		3
Advanced Merger Partners, Expires 07/03/2026
Strike Price $11.50 *		42		–
Aequi Acquisition, Expires 12/03/2027
Strike Price $11.50 *		16,618		1
Aesther Healthcare Acquisition, Expires 01/22/2023
Strike Price $11.50 *		9,269		2
Aetherium Acquisition, Expires 01/24/2028
Strike Price $11.50 *		15,770		2
AF Acquisition, Expires 04/03/2028
Strike Price $11.50 *		13,087		1


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
Agile Growth, Expires 01/03/2028
Strike Price $11.50 *	3,539	$	–
Alpha Partners Technology Merger, Expires 04/03/2028
Strike Price $11.50 *	7,178		1
ALSP Orchid Acquisition I, Expires 12/03/2028
Strike Price $11.50 *	18,864		2
AltEnergy Acquisition, Expires 02/09/2023
Strike Price $11.50 *	197		–
Altimar Acquisition III, Expires 01/03/2029
Strike Price $11.50 *	2,861		–
AMERICAS TECHNOLOGY ACQUISITION CORP, Expires 01/03/2028
Strike Price $11.50 *	3,276		–
Andretti Acquisition, Expires 03/26/2028
Strike Price $11.50 *	4,420		–
Anzu Special Acquisition I, Expires 01/03/2028
Strike Price $11.50 *	23,125		1
AP Acquisition, Expires 12/10/2026
Strike Price $11.50 *	1		–
Apeiron Capital Investment, Expires 06/27/2023
Strike Price $11.50 *	4,384		–
Apollo Strategic Growth Capital II, Expires 01/03/2028
Strike Price $11.50 *	11,383		1
APx Acquisition I, Expires 08/22/2028
Strike Price $11.50 *	21,464		1
Ares Acquisition, Expires 01/03/2028
Strike Price $11.50 *	41		–
Armada Acquisition I, Expires 01/05/2023
Strike Price $11.50 *	6,659		1
Arrowroot Acquisition, Expires 03/05/2026
Strike Price $11.50 *	20,183		1
Artemis Strategic Investment, Expires 02/15/2023
Strike Price $11.50 *	5,458		–
Astrea Acquisition, Expires 01/16/2026
Strike Price $11.50 *	26,958		–
Athena Technology Acquisition II, Expires 10/20/2028
Strike Price $11.50 *	882		–
Athlon Acquisition, Expires 03/08/2026
Strike Price $11.50 *	69,862		3
Atlantic Avenue Acquisition, Expires 10/09/2027
Strike Price $11.50 *	54,602		1
Atlantic Coastal Acquisition II, Expires 06/05/2028
Strike Price $11.50 *	28,860		2


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
Ault Disruptive Technologies, Expires 06/23/2028
Strike Price $11.50 *	9,462	$	–
Aurora Acquisition, Expires 01/03/2029
Strike Price $11.50 *	92		–
Austerlitz Acquisition I, Expires 02/22/2026
Strike Price $11.50 *	31,735		3
Austerlitz Acquisition II, Expires 01/03/2028
Strike Price $11.50 *	130,788		13
Authentic Equity Acquisition, Expires 01/03/2028
Strike Price $11.50 *	46,561		2
Avalon Acquisition, Expires 03/01/2023
Strike Price $11.50 *	52,788		5
Bannix Acquisition, Expires 02/22/2023
Strike Price $11.50 *	53,650		2
Banyan Acquisition, Expires 10/03/2028
Strike Price $11.50 *	1,640		–
Battery Future Acquisition, Expires 05/29/2028
Strike Price $11.50 *	2,625		–
Belong Acquisition, Expires 01/03/2028
Strike Price $11.50 *	2,180		–
Berenson Acquisition I, Expires 08/04/2026
Strike Price $11.50 *	141		–
Big Sky Growth Partners, Expires 03/01/2023
Strike Price $11.50 *	938		–
BioPlus Acquisition, Expires 07/22/2028
Strike Price $11.50 *	23,541		2
Biotech Acquisition, Expires 12/03/2027
Strike Price $11.50 *	74,558		5
Bite Acquisition, Expires 01/03/2028
Strike Price $11.50 *	30,877		2
Black Spade Acquisition, Expires 07/02/2023
Strike Price $11.50 *	2,024		–
Blockchain Coinvestors Acquisition I, Expires 11/04/2028
Strike Price $11.50 *	3,124		–
Blockchain Moon Acquisition, Expires 10/17/2026
Strike Price $11.50 *	4,486		–
Blue Ocean Acquisition, Expires 10/24/2028
Strike Price $11.50 *	31,134		4
BlueRiver Acquisition, Expires 01/07/2026
Strike Price $11.50 *	5,848		–
BOA Acquisition, Expires 02/25/2028
Strike Price $11.50 *	5,127		1
Build Acquisition, Expires 05/02/2023
Strike Price $11.50 *	16,806		1


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
Bullpen Parlay Acquisition, Expires 12/06/2026
Strike Price $11.50 *	10,366	$	1
BurTech Acquisition, Expires 12/21/2026
Strike Price $11.50 *	62,789		4
BYTE Acquisition, Expires 01/03/2029
Strike Price $11.50 *	18,478		1
Capitalworks Emerging Markets Acquisition, Expires 04/30/2028
Strike Price $11.50 *	21,895		2
Carney Technology Acquisition II, Expires 12/03/2027
Strike Price $11.50 *	7,126		–
Catcha Investment, Expires 01/03/2028
Strike Price $11.50 *	11,652		–
CC Neuberger Principal Holdings III, Expires 01/03/2028
Strike Price $11.50 *	100		–
CENAQ Energy, Expires 01/03/2028
Strike Price $11.50 *	74,904		13
CF Acquisition IV, Expires 12/17/2025
Strike Price $11.50 *	925		–
CF Acquisition VIII, Expires 01/03/2028
Strike Price $11.50 *	2,768		–
Churchill Capital V, Expires 11/01/2027
Strike Price $11.50 *	22,583		2
Churchill Capital VI, Expires 01/03/2028
Strike Price $11.50 *	14,796		2
Churchill Capital VII, Expires 03/03/2028
Strike Price $11.50 *	56,400		8
CIIG Capital Partners II, Expires 03/02/2028
Strike Price $11.50 *	82,526		9
Clarim Acquisition, Expires 01/03/2028
Strike Price $11.50 *	28,544		1
Class Acceleration, Expires 04/03/2028
Strike Price $11.50 *	19,629		–
Colicity, Expires 01/03/2028
Strike Price $11.50 *	930		–
Colombier Acquisition, Expires 01/03/2029
Strike Price $11.50 *	1,759		–
Colonnade Acquisition II, Expires 01/03/2028
Strike Price $11.50 *	1,849		–
Consilium Acquisition I, Expires 06/04/2027
Strike Price $11.50 *	39,874		2
Constellation Acquisition I, Expires 01/03/2028
Strike Price $11.50 *	24,013		1
COVA Acquisition, Expires 01/03/2028
Strike Price $11.50 *	77,037		2
Crescera Capital Acquisition, Expires 04/23/2028
Strike Price $11.50 *	3,568		–


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
Crown PropTech Acquisitions, Expires 01/03/2028
Strike Price $11.50 *	2,915	$	–
Crystal Peak Acquisition, Expires 06/25/2026
Strike Price $11.50 *	6,877		4
D & Z Media Acquisition, Expires 01/03/2028
Strike Price $11.50 *	11,388		–
Data Knights Acquisition, Expires 01/03/2029
Strike Price $11.50 *	23,366		1
Deep Lake Capital Acquisition, Expires 01/03/2028
Strike Price $11.50 *	8,691		–
DHB Capital, Expires 03/18/2028
Strike Price $11.50 *	9,027		1
DHC Acquisition, Expires 01/03/2028
Strike Price $11.50 *	19,917		2
Digital Health Acquisition, Expires 10/17/2023
Strike Price $11.50 *	18,267		3
Digital Transformation Opportunities, Expires 04/03/2028
Strike Price $11.50 *	24,294		2
Disruptive Acquisition I, Expires 03/09/2026
Strike Price $11.50 *	82		–
East Resources Acquisition, Expires 07/04/2027
Strike Price $11.50 *	33,264		5
Edify Acquisition, Expires 01/03/2028
Strike Price $11.50 *	22,125		2
EG Acquisition, Expires 05/31/2028
Strike Price $11.50 *	1,261		–
Empowerment & Inclusion Capital I, Expires 01/03/2028
Strike Price $11.50 *	22,282		1
Endurance Acquisition, Expires 03/02/2023
Strike Price $11.50 *	290		–
Energem, Expires 03/13/2023
Strike Price $11.50 *	39,604		4
Enphys Acquisition, Expires 07/18/2024
Strike Price $11.50 *	4,145		–
EQ Health Acquisition, Expires 02/05/2028
Strike Price $11.50 *	11,911		1
EVe Mobility Acquisition, Expires 05/15/2028
Strike Price $11.50 *	1,253		–
Everest Consolidator Acquisition, Expires 07/22/2028
Strike Price $11.50 *	303		–
Evo Acquisition, Expires 01/03/2028
Strike Price $11.50 *	12,855		–


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
Financial Strategies Acquisition, Expires 04/03/2028
Strike Price $11.50 *	137,665	$	6
Finnovate Acquisition, Expires 04/18/2023
Strike Price $11.50 *	32,229		2
FinServ Acquisition II, Expires 02/20/2026
Strike Price $11.50 *	160		–
Fintech Ecosystem Development, Expires 01/03/2029
Strike Price $11.50 *	3,756		–
Fintech Evolution Acquisition Group, Expires 04/03/2028
Strike Price $11.50 *	5,940		1
Forest Road Acquisition II, Expires 01/18/2026
Strike Price $11.50 *	3,241		–
Fortistar Sustainable Solutions, Expires 01/03/2028
Strike Price $11.50 *	28,967		2
Fortress Capital Acquisition, Expires 01/03/2028
Strike Price $11.50 *	798		–
Fortress Value Acquisition III, Expires 01/03/2028
Strike Price $11.50 *	129		–
Fortress Value Acquisition IV, Expires 03/21/2028
Strike Price $11.50 *	5,187		1
Forum Merger IV, Expires 01/03/2028
Strike Price $11.50 *	227		–
FOXO Technologies, Expires 08/04/2027
Strike Price $11.50 *	24,076		3
Freedom Acquisition I, Expires 01/03/2028
Strike Price $11.50 *	14,213		2
FTAC Athena Acquisition, Expires 03/04/2026
Strike Price $11.50 *	5,706		–
FTAC Hera Acquisition, Expires 01/03/2028
Strike Price $11.50 *	5,925		–
Fusion Acquisition II, Expires 01/03/2028
Strike Price $11.50 *	50,684		3
G Squared Ascend II, Expires 01/03/2027
Strike Price $11.50 *	3,633		–
G&P Acquisition, Expires 03/08/2027
Strike Price $11.50 *	25,088		1
Galata Acquisition, Expires 01/03/2029
Strike Price $11.50 *	2,861		1
Games & Esports Experience Acquisition, Expires 10/24/2028
Strike Price $11.50 *	1,312		–
Gaming & Hospitality Acquisition, Expires 02/07/2028
Strike Price $11.50 *	3,738		–


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
Gardiner Healthcare Acquisitions, Expires 08/02/2028
Strike Price $11.50 *	1,251	$	–
GigCapital5, Expires 01/03/2029
Strike Price $11.50 *	86,668		2
Gladstone Acquisition, Expires 01/03/2028
Strike Price $11.50 *	10,821		1
Global Consumer Acquisition, Expires 01/03/2028
Strike Price $11.50 *	50,399		3
Global Partner Acquisition II, Expires 01/03/2028
Strike Price $11.50 *	1,948		–
Globalink Investment, Expires 12/06/2026
Strike Price $11.50 *	121,483		7
Goal Acquisitions, Expires 02/14/2026
Strike Price $11.50 *	99,008		4
GoGreen Investments, Expires 06/07/2023
Strike Price $11.50 *	1,048		–
Golden Arrow Merger, Expires 08/03/2026
Strike Price $11.50 *	7,511		–
Golden Falcon Acquisition, Expires 11/07/2026
Strike Price $11.50 *	10,745		1
Gores Technology Partners II, Expires 01/03/2028
Strike Price $11.50 *	2,708		1
Greenfire Resources, Expires 08/15/2026
Strike Price $– *(B)	272		108
Growth For Good Acquisition, Expires 11/15/2026
Strike Price $11.50 *	4,200		–
GSR II Meteora Acquisition, Expires 07/25/2023
Strike Price $11.50 *	4,835		1
Guitar Center, Expires 12/22/2070
Strike Price $100.00 *(B)(C)	574		54
Guitar Center, Expires 12/22/2070
Strike Price $160.00 *(B)(C)	574		32
GX Acquisition II, Expires 01/03/2029
Strike Price $11.50 *	27,127		2
Hamilton Lane Alliance Holdings I, Expires 01/11/2026
Strike Price $11.50 *	74		–
HCM ACQUISITION CORP, Expires 01/03/2028
Strike Price $11.50 *	11,149		1
Healthcare AI Acquisition, Expires 12/17/2026
Strike Price $11.50 *	2,113		–
Healthcare Services Acquisition, Expires 01/03/2028
Strike Price $11.50 *	15,656		–


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
Healthwell Acquisition I, Expires 08/08/2028
Strike Price $11.50 *	6,557	$	1
Heartland Media Acquisition, Expires 10/24/2027
Strike Price $1.00 *	446		–
Hennessy Capital Investment V, Expires 01/14/2026
Strike Price $11.50 *	3,467		–
HH&L Acquisition, Expires 02/07/2026
Strike Price $11.50 *	27,521		1
HumanCo Acquisition, Expires 01/03/2028
Strike Price $11.50 *	5,242		–
Hunt Acquisition I, Expires 01/03/2029
Strike Price $11.50 *	24		–
Inception Growth Acquisition, Expires 10/18/2026
Strike Price $11.50 *	21,147		1
Industrial Human Capital, Expires 01/03/2029
Strike Price $11.50 *	18,304		–
Industrial Tech Acquisitions II, Expires 01/03/2029
Strike Price $11.50 *	989		–
Innovative International Acquisition, Expires 04/06/2023
Strike Price $11.50 *	14,787		–
INSU Acquisition III, Expires 01/03/2027
Strike Price $11.50 *	7,112		–
International Media Acquisition, Expires 01/03/2029
Strike Price $11.50 *	48,378		2
InterPrivate II Acquisition, Expires 01/03/2029
Strike Price $11.50 *	1,533		–
InterPrivate IV InfraTech Partners, Expires 01/03/2028
Strike Price $11.50 *	1,437		–
Investcorp Europe Acquisition I, Expires 11/26/2028
Strike Price $11.50 *	7,230		–
Itiquira Acquisition, Expires 01/03/2028
Strike Price $11.50 *	2,437		–
Jack Creek Investment, Expires 01/03/2028
Strike Price $11.50 *	10,265		3
Jaws Hurricane Acquisition, Expires 02/26/2023
Strike Price $11.50 *	70		–
Jaws Mustang Acquisition, Expires 02/02/2026
Strike Price $11.50 *	22,188		2


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
JOFF Fintech Acquisition, Expires 01/03/2028
Strike Price $11.50 *	1,782	$	–
Jupiter Acquisition, Expires 08/20/2028
Strike Price $11.50 *	19		–
Kadem Sustainable Impact, Expires 03/19/2026
Strike Price $11.50 *	11,709		–
Kairos Acquisition, Expires 01/03/2028
Strike Price $11.50 *	51,794		2
Kairous Acquisition ltd, Expires 09/18/2026
Strike Price $11.50 *	1,301		–
Kalera, Expires 07/01/2027
Strike Price $11.50 *	36,300		4
Kensington Capital Acquisition V, Expires 07/22/2023
Strike Price $11.50 *	861		–
Kernel Group Holdings, Expires 02/03/2027
Strike Price $11.50 *	35,870		1
Kimbell Tiger Acquisition, Expires 09/18/2028
Strike Price $11.50 *	1,312		–
KINS Technology Group, Expires 01/03/2026
Strike Price $11.50 *	3,480		–
KKR Acquisition Holdings I, Expires 01/03/2028
Strike Price $11.50 *	22,011		3
KL Acquisition, Expires 01/15/2028
Strike Price $11.50 *	1,218		–
KnightSwan Acquisition, Expires 07/24/2028
Strike Price $1.00 *	1,312		–
L Catterton Asia Acquisition, Expires 03/18/2026
Strike Price $11.50 *	17,352		1
LAMF Global Ventures I, Expires 04/07/2023
Strike Price $11.50 *	72		–
LDH Growth I, Expires 01/03/2029
Strike Price $11.50 *	4,517		–
Lead Edge Growth Opportunities, Expires 01/03/2029
Strike Price $11.50 *	1,105		–
Leo Holdings II, Expires 01/10/2028
Strike Price $11.50 *	37,876		1
Levere Holdings, Expires 01/03/2029
Strike Price $11.50 *	4,074		–
LF Capital Acquisition II, Expires 01/10/2026
Strike Price $11.50 *	276		–
Liberty Resources Acquisition, Expires 11/03/2028
Strike Price $11.50 *	35,149		3


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
Live Oak Mobility Acquisition, Expires 03/07/2028
Strike Price $11.50 *	1,206	$	–
LMF Acquisition Opportunities, Expires 01/29/2026
Strike Price $11.50 *	4,850		–
Longview Acquisition II, Expires 05/13/2026
Strike Price $11.50 *	2,713		–
M3-Brigade Acquisition II, Expires 01/03/2028
Strike Price $11.50 *	14,548		1
Macondray Capital Acquisition I, Expires 05/20/2026
Strike Price $11.50 *	7,733		1
Magnum Opus Acquisition, Expires 01/03/2028
Strike Price $11.50 *	4,145		1
Marblegate Acquisition, Expires 12/12/2022
Strike Price $11.50 *	2,152		–
Marlin Technology, Expires 03/08/2026
Strike Price $11.50 *	3,727		–
Mason Industrial Technology, Expires 01/03/2028
Strike Price $11.50 *	12,791		1
Maxpro Capital Acquisition, Expires 01/25/2023
Strike Price $11.50 *	45,043		5
McLaren Technology Acquisition, Expires 03/06/2023
Strike Price $11.50 *	1,312		–
MDH Acquisition, Expires 02/05/2028
Strike Price $11.50 *	5,513		–
Mercato Partners Acquisition, Expires 12/31/2026
Strike Price $11.50 *	780		–
Mercury Ecommerce Acquisition, Expires 03/28/2023
Strike Price $11.50 *	21,457		1
Minority Equality Opportunities Acquisition, Expires 05/02/2023
Strike Price $11.50 *	95,508		8
Mission Advancement, Expires 01/03/2029
Strike Price $11.50 *	140,664		4
Monterey Bio Acquisition, Expires 06/10/2023
Strike Price $11.50 *	30,129		2
Monument Circle Acquisition, Expires 01/03/2028
Strike Price $11.50 *	59,096		2
Motive Capital II, Expires 05/18/2028
Strike Price $11.50 *	263		–


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
Mount Rainier Acquisition, Expires 12/07/2022
Strike Price $11.50 *	55,441	$	8
MSD Acquisition, Expires 05/16/2023
Strike Price $11.50 *	4,246		–
Murphy Canyon Acquisition, Expires 02/06/2027
Strike Price $11.50 *	3,281		–
Music Acquisition, Expires 02/08/2028
Strike Price $11.50 *	17,039		1
New Vista Acquisition, Expires 01/03/2028
Strike Price $11.50 *	13		–
Newbury Street Acquisition, Expires 01/03/2028
Strike Price $11.50 *	836		–
NightDragon Acquisition, Expires 01/03/2028
Strike Price $11.50 *	10,126		1
Noble Corp., Expires 02/08/2028
Strike Price $19.27 *	1,235		16
Noble Corp., Expires 02/08/2028
Strike Price $23.13 *	1,235		15
Noble Rock Acquisition, Expires 01/03/2028
Strike Price $11.50 *	12,133		1
Nogin, Expires 08/29/2027
Strike Price $11.50 *	14,619		1
Northern Star Investment II, Expires 02/03/2028
Strike Price $11.50 *	4,726		–
Northern Star Investment III, Expires 02/28/2028
Strike Price $11.50 *	5,816		–
Northern Star Investment IV, Expires 01/03/2028
Strike Price $11.50 *	2,543		–
Nova Vision Acquisition, Expires 01/03/2029
Strike Price $11.50 *	18,235		–
OCA Acquisition, Expires 01/03/2028
Strike Price $11.50 *	21,124		1
OceanTech Acquisitions I, Expires 05/13/2026
Strike Price $11.50 *	25,157		2
OmniLit Acquisition, Expires 11/11/2026
Strike Price $11.50 *	5,046		–
One Equity Partners Open Water I, Expires 01/03/2028
Strike Price $11.50 *	42,048		2
Orion Acquisition, Expires 02/22/2026
Strike Price $11.50 *	8,749		–
Osiris Acquisition, Expires 05/04/2028
Strike Price $11.50 *	11,293		1
Oxbridge Acquisition, Expires 01/22/2023
Strike Price $11.50 *	46,667		2


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
Oxus Acquisition, Expires 01/30/2023
Strike Price $11.50 *	1,312	$	–
Oyster Enterprises Acquisition, Expires 01/03/2028
Strike Price $11.50 *	43,484		7
Parabellum Acquisition, Expires 03/29/2023
Strike Price $11.50 *	51,450		2
Parsec Capital Acquisitions, Expires 01/08/2023
Strike Price $11.50 *	39,333		1
Pathfinder Acquisition, Expires 01/03/2028
Strike Price $11.50 *	2,000		–
Pearl Holdings Acquisition, Expires 12/18/2026
Strike Price $11.50 *	10,050		1
PepperLime Health Acquisition, Expires 03/31/2023
Strike Price $11.50 *	3,250		–
Perception Capital II, Expires 01/03/2029
Strike Price $11.50 *	4,804		–
Peridot Acquisition II, Expires 05/03/2028
Strike Price $11.50 *	2,184		–
Phoenix Biotech Acquisition, Expires 09/04/2026
Strike Price $11.50 *	1,375		–
Pine Technology Acquisition, Expires 04/03/2028
Strike Price $11.50 *	9,599		–
Pioneer Merger, Expires 01/03/2028
Strike Price $11.50 *	14,036		–
Plum Acquisition I, Expires 01/03/2029
Strike Price $11.50 *	1,134		–
PMV Consumer Acquisition, Expires 09/03/2027
Strike Price $11.50 *	3,027		–
Pono Capital, Expires 12/19/2022
Strike Price $11.50 *	43,850		2
Pontem, Expires 01/03/2028
Strike Price $11.50 *	3,784		–
Powered Brands, Expires 01/03/2028
Strike Price $11.50 *	4,783		–
Prime Impact Acquisition I, Expires 10/04/2030
Strike Price $11.50 *	54,583		3
Priveterra Acquisition, Expires 01/03/2028
Strike Price $11.50 *	11,680		1
Progress Acquisition, Expires 01/03/2028
Strike Price $11.50 *	33,151		3
PROOF Acquisition I, Expires 12/06/2028
Strike Price $11.50 *	2,625		–
Property Solutions Acquisition II, Expires 03/04/2026
Strike Price $11.50 *	11,917		–


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
Prospector Capital, Expires 01/04/2025
Strike Price $11.50 *	8,397	$	–
Provident Acquisition, Expires 01/15/2026
Strike Price $11.50 *	9,924		3
Recharge Acquisition, Expires 10/08/2027
Strike Price $11.50 *	49,703		–
RMG Acquisition III, Expires 01/03/2028
Strike Price $11.50 *	6,388		1
Rosecliff Acquisition I, Expires 01/03/2028
Strike Price $11.50 *	3,937		–
RXR Acquisition, Expires 03/11/2026
Strike Price $11.50 *	963		–
Sanaby Health Acquisition I, Expires 08/02/2028
Strike Price $11.50 *	5,458		–
Sandbridge X2, Expires 01/03/2028
Strike Price $11.50 *	18,760		1
Science Strategic Acquisition Alpha, Expires 01/03/2028
Strike Price $11.50 *	11,858		1
ScION Tech Growth I, Expires 11/04/2025
Strike Price $11.50 *	30,557		1
ScION Tech Growth II, Expires 01/31/2026
Strike Price $11.50 *	9,805		1
SCP & CO Healthcare Acquisition, Expires 01/30/2028
Strike Price $11.50 *	23,962		1
Seaport Global Acquisition II, Expires 11/20/2026
Strike Price $11.50 *	29,322		4
Semper Paratus Acquisition, Expires 11/07/2026
Strike Price $11.50 *	925		–
Senior Connect Acquisition I, Expires 01/03/2028
Strike Price $11.50 *	13,932		–
Shelter Acquisition I, Expires 01/03/2028
Strike Price $11.50 *	6,990		1
Sierra Lake Acquisition, Expires 04/03/2028
Strike Price $11.50 *	17		–
SILVER AIRWAYS WARRANTS
Strike Price $– ^‡^‡	0		–
Silver Spike Acquisition II, Expires 03/01/2026
Strike Price $11.50 *	3,661		–
Sizzle Acquisition, Expires 03/15/2026
Strike Price $11.50 *	4,038		–
Slam, Expires 01/03/2028
Strike Price $11.50 *	13,622		1
Spindletop Health Acquisition, Expires 01/03/2029
Strike Price $11.50 *	235		–


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
SportsTek Acquisition, Expires 01/03/2028
Strike Price $11.50 *	36,919	$	2
Spree Acquisition 1, Expires 12/25/2028
Strike Price $11.50 *	11,933		1
SpringBig Holdings, Expires 06/17/2027
Strike Price $11.50 *	2,210		–
Springwater Special Situations, Expires 04/15/2026
Strike Price $11.50 *	3,030		–
StoneBridge Acquisition, Expires 03/01/2023
Strike Price $11.50 *	25,770		1
Stratim Cloud Acquisition, Expires 03/08/2026
Strike Price $11.50 *	10,006		1
Summit Healthcare Acquisition, Expires 05/06/2023
Strike Price $11.50 *	31		–
Sustainable Development Acquisition I, Expires 01/03/2029
Strike Price $11.50 *	878		–
SVF Investment, Expires 01/03/2028
Strike Price $11.50 *	38		–
Swiftmerge Acquisition, Expires 06/20/2028
Strike Price $11.50 *	3,398		–
Tailwind Acquisition, Expires 09/10/2027
Strike Price $11.50 *	22,553		2
Tailwind International Acquisition, Expires 03/04/2028
Strike Price $11.50 *	108,719		3
Talon 1 Acquisition, Expires 04/21/2023
Strike Price $11.50 *	12,503		1
Target Global Acquisition I, Expires 01/03/2028
Strike Price $1.00 *	961		–
Tastemaker Acquisition, Expires 01/03/2026
Strike Price $11.50 *	3,311		–
TB Acquisition, Expires 03/28/2028
Strike Price $11.50 *	9,183		–
TCW Special Purpose Acquisition
Strike Price $11.50 ^‡^‡	7,800		–
Tech and Energy Transition, Expires 01/03/2028
Strike Price $11.50 *	30,080		2
Technology & Telecommunication Acquisition, Expires 02/18/2027
Strike Price $11.50 *	3,937		–
TG Venture Acquisition, Expires 08/16/2023
Strike Price $11.50 *	21,532		1
Thrive Acquisition, Expires 03/12/2023
Strike Price $11.50 *	3,143		–


Description	Number of Warrants	Market Value ($ Thousands)
WARRANTS (continued)
Thunder Bridge Capital Partners III, Expires 02/18/2028
Strike Price $11.50 *	1,073	$	–
TLG Acquisition One, Expires 01/28/2028
Strike Price $11.50 *	36,511		2
TLGY Acquisition, Expires 01/17/2028
Strike Price $11.50 *	7,284		1
Trine II Acquisition, Expires 01/03/2028
Strike Price $11.50 *	4,586		1
Tristar Acquisition I, Expires 01/03/2029
Strike Price $11.50 *	80		–
Twelve Seas Investment II, Expires 03/05/2028
Strike Price $11.50 *	24,081		1
TZP Strategies Acquisition, Expires 01/03/2028
Strike Price $11.50 *	43,570		4
VectoIQ Acquisition II, Expires 01/03/2028
Strike Price $11.50 *	66		–
VPC Impact Acquisition Holdings II, Expires 01/03/2028
Strike Price $11.50 *	3,842		–
Wag! Group, Expires 08/02/2027
Strike Price $11.50 *	1,991		–
Warburg Pincus Capital I-A, Expires 01/03/2028
Strike Price $11.50 *	263		–
Warburg Pincus Capital I-B, Expires 03/12/2026
Strike Price $11.50 *	1,386		–
Williams Rowland Acquisition, Expires 12/28/2022
Strike Price $11.50 *	68,930		4
Windstream Services
Strike Price $– *^‡^‡(B)	5,809		89
WinVest Acquisition, Expires 02/22/2023
Strike Price $11.50 *	46,640		3
World Quantum Growth Acquisition, Expires 01/03/2029
Strike Price $11.50 *	2,724		–
Worldwide Webb Acquisition, Expires 03/30/2023
Strike Price $11.50 *	80		–
XPAC Acquisition, Expires 05/16/2027
Strike Price $11.50 *	9,469		1
Z-Work Acquisition, Expires 01/07/2026
Strike Price $11.50 *	32,168		1


Total Warrants
(Cost $2,487) ($ Thousands)			636


Description	Face Amount (Thousands)			Market Value ($ Thousands)
MORTGAGE-BACKED SECURITY — 0.1%
Non-Agency Mortgage-Backed Obligations — 0.1%
BX Commercial Mortgage Trust, Ser 2022-CSMO, Cl D
7.183%, TSFR1M + 4.337%, 06/15/2027(D)(F)	$	245		$	240

Total Mortgage-Backed Security

(Cost $244) ($ Thousands)					240



	Shares
CASH EQUIVALENTS — 30.9%
Morgan Stanley Institutional Liquidity Fund Treasury Securities Portfolio, Institutional Share Class
2.510%**		6,512,011			6,512
SEI Daily Income Trust, Government Fund, Cl F
2.600%**^†(A)		117,844,471			117,844


Total Cash Equivalents
(Cost $124,356) ($ Thousands)					124,356



PURCHASED OPTIONS — 0.6%
Total Purchased Options
(Cost $2,661) ($ Thousands)					2,591


Total Investments in Securities — 96.4%
(Cost $414,512) ($ Thousands)				$	388,339




COMMON STOCK SOLD SHORT— (8.6)%
Communication Services — (0.2)%
ROBLOX Corp, Cl A *		(7,133	)		(256	)
Trade Desk Inc/The, Cl A *		(9,876	)		(590	)


					(846	)

Consumer Discretionary — (2.8)%
Airbnb Inc, Cl A *		(2,872	)		(302	)
Brunswick Corp/DE		(5,813	)		(380	)
Crocs Inc *		(8,764	)		(602	)
DR Horton Inc		(7,884	)		(531	)
DraftKings Inc, Cl A *		(18,035	)		(273	)
Duolingo, Cl A *		(1,714	)		(163	)
Floor & Decor Holdings Inc, Cl A *		(8,270	)		(581	)
Fox Factory Holding Corp *		(2,857	)		(226	)
Home Depot Inc/The		(4,498	)		(1,241	)
Lennar Corp, Cl A		(17,104	)		(1,275	)
Lowe's Cos Inc		(6,490	)		(1,219	)
Pool Corp		(1,800	)		(573	)
PulteGroup Inc		(31,570	)		(1,184	)
Red Rock Resorts Inc, Cl A		(4,183	)		(143	)


Description	Shares			Market Value ($ Thousands)
COMMON STOCK SOLD SHORT (continued)
Tenneco Inc, Cl A *		(3,932	)	$	(68	)
Tesla Inc *		(2,068	)		(549	)
Texas Roadhouse Inc, Cl A		(3,586	)		(313	)
Topgolf Callaway Brands Corp *		(14,275	)		(275	)
Williams-Sonoma Inc		(8,937	)		(1,053	)
Wingstop Inc, Cl A		(2,183	)		(274	)


					(11,225	)

Consumer Staples — (1.1)%
Coca-Cola Co/The		(20,622	)		(1,155	)
Estee Lauder Cos Inc/The, Cl A		(1,178	)		(255	)
Hostess Brands Inc, Cl A *		(14,337	)		(333	)
J M Smucker Co/The		(2,200	)		(302	)
Procter & Gamble Co/The		(9,046	)		(1,142	)
SpartanNash Co		(39,749	)		(1,154	)


					(4,341	)

Energy — (0.1)%
EQT Corp		(6,626	)		(270	)
Range Resources Corp		(10,420	)		(263	)


					(533	)

Financials — (0.3)%
Axos Financial Inc *		(7,244	)		(248	)
Goldman Sachs Group Inc/The		(1,918	)		(562	)
MarketAxess Holdings Inc		(668	)		(149	)
Silvergate Capital, Cl A *		(3,096	)		(233	)
TriplePoint Venture Growth BDC		(12,317	)		(134	)


					(1,326	)

Industrials — (1.2)%
Apogee Enterprises Inc		(26,170	)		(1,000	)
ArcBest Corp		(14,933	)		(1,086	)
Covenant Logistics Group Inc, Cl A		(5,368	)		(154	)
Dycom Industries Inc *		(2,803	)		(268	)
Expeditors International of Washington Inc		(6,441	)		(569	)
Landstar System Inc		(4,148	)		(599	)
Saia Inc *		(733	)		(139	)
TPI Composites Inc *		(76,354	)		(861	)
Vicor Corp *		(2,527	)		(150	)


					(4,826	)

Information Technology — (2.6)%
Accenture PLC, Cl A		(1,156	)		(297	)
Affirm Holdings Inc, Cl A *		(30,842	)		(579	)
Analog Devices Inc		(1,534	)		(214	)
Apple Inc		(2,075	)		(287	)
Axcelis Technologies Inc *		(9,142	)		(554	)
Bill.com Holdings Inc *		(1,168	)		(155	)


Description	Shares			Market Value ($ Thousands)
COMMON STOCK SOLD SHORT (continued)
Ceridian HCM Holding Inc *		(9,471	)	$	(529	)
Cloudflare Inc, Cl A *		(5,138	)		(284	)
Corsair Gaming *		(77,306	)		(877	)
Coupa Software Inc *		(4,413	)		(259	)
Datadog Inc, Cl A *		(1,962	)		(174	)
Intel Corp		(8,716	)		(225	)
International Business Machines Corp		(2,567	)		(305	)
Lam Research Corp		(3,435	)		(1,257	)
Mastercard Inc, Cl A		(1,761	)		(501	)
Microchip Technology Inc		(4,822	)		(294	)
MongoDB Inc, Cl A *		(574	)		(114	)
NVIDIA Corp		(6,706	)		(814	)
ON Semiconductor Corp *		(3,451	)		(215	)
Paycom Software Inc *		(864	)		(285	)
Procore Technologies Inc *		(6,155	)		(305	)
ServiceNow Inc *		(670	)		(253	)
Snowflake Inc, Cl A *		(2,094	)		(356	)
Texas Instruments Inc		(1,515	)		(234	)
Xerox Holdings Corp		(75,616	)		(989	)
Zscaler Inc *		(1,717	)		(282	)


					(10,638	)

Real Estate — (0.3)%
Lamar Advertising Co, Cl A		(11,867	)		(979	)




Total Common Stock Sold Short
(Proceeds $38,883) ($ Thousands)					(34,714	)


	Face Amount (Thousands)
CORPORATE OBLIGATIONS SOLD SHORT — (2.0)%
Communication Services — (0.1)%
Front Range BidCo
6.125%, 03/01/2028 (D)	$	(496	)		(348	)
Gannett Holdings
6.000%, 11/01/2026 (D)		(215	)		(165	)
					(513	)
Consumer Discretionary — (0.5)%
At Home Group
7.125%, 07/15/2029 (D)		(250	)		(148	)
B&M European Value Retail
4.000%, 11/15/2028	GBP	(109	)		(93	)
3.625%, 07/15/2025		(54	)		(51	)
Burger King France SAS
5.017%, Euribor 3 Month + 4.750%, 11/01/2026 (F)	EUR	(146	)		(136	)
Carrols Restaurant Group
5.875%, 07/01/2029 (D)	$	(234	)		(156	)
Clarios Global
8.500%, 05/15/2027 (D)		(170	)		(162	)


Description	Face Amount (Thousands)			Market Value ($ Thousands)
CORPORATE OBLIGATIONS SOLD SHORT (continued)
Fertitta Entertainment
4.625%, 01/15/2029 (D)	$	(379	)	$	(314	)
Life Time
8.000%, 04/15/2026 (D)		(153	)		(131	)
Scientific Games Holdings
6.625%, 03/01/2030 (D)		(296	)		(237	)
Univision Communications
7.375%, 06/30/2030 (D)		(510	)		(487	)
Wheel Pros
6.500%, 05/15/2029 (D)		(97	)		(44	)
					(1,959	)
Consumer Staples — (0.0)%
Natura & Luxembourg Holdings SARL
6.000%, 04/19/2029		(169	)		(139	)
Ontex Group
3.500%, 07/15/2026	EUR	(98	)		(75	)
United Natural Foods
6.750%, 10/15/2028 (D)	$	(56	)		(51	)
					(265	)
Energy — (0.2)%
Callon Petroleum
8.000%, 08/01/2028 (D)		(130	)		(120	)
Calumet Specialty Products Partners
8.125%, 01/15/2027 (D)		(146	)		(134	)
Genesis Energy
8.000%, 01/15/2027		(180	)		(158	)
NGL Energy Partners
7.500%, 11/01/2023		(65	)		(63	)
6.125%, 03/01/2025		(240	)		(191	)
Range Resources
4.750%, 02/15/2030 (D)		(195	)		(169	)
Summit Midstream Holdings
5.750%, 04/15/2025		(107	)		(87	)
					(922	)
Health Care — (0.2)%
AthenaHealth Group
6.500%, 02/15/2030 (D)		(282	)		(223	)
Embecta
5.000%, 02/15/2030 (D)		(255	)		(219	)
Medline Borrower
5.250%, 10/01/2029 (D)		(140	)		(106	)
Select Medical
6.250%, 08/15/2026 (D)		(266	)		(250	)
					(798	)
Industrials — (0.2)%
3M MTN
4.000%, 09/14/2048		(107	)		(84	)
3.375%, 03/01/2029		(290	)		(257	)
Artera Services
9.033%, 12/04/2025 (D)		(178	)		(143	)
Madison IAQ
5.875%, 06/30/2029 (D)		(45	)		(31	)


Description	Face Amount (Thousands)			Market Value ($ Thousands)
CORPORATE OBLIGATIONS SOLD SHORT (continued)
4.125%, 06/30/2028 (D)	$	(87	)	$	(70	)
Oscar AcquisitionCo
9.500%, 04/15/2030 (D)		(198	)		(166	)
Waste Pro USA
5.500%, 02/15/2026 (D)		(22	)		(19	)
					(770	)
Information Technology — (0.2)%
ams-OSRAM
7.000%, 07/31/2025 (D)		(156	)		(141	)
Central Parent
7.250%, 06/15/2029 (D)		(392	)		(373	)
HP
4.750%, 03/01/2029 (D)		(170	)		(171	)
Rocket Software
6.500%, 02/15/2029 (D)		(83	)		(61	)
					(746	)
Materials — (0.5)%
Arconic
6.125%, 02/15/2028 (D)		(234	)		(207	)
Baffinland Iron Mines
8.750%, 07/15/2026 (D)		(188	)		(166	)
Constellium
5.625%, 06/15/2028 (D)		(115	)		(94	)
FMG Resources August 2006 Pty
5.875%, 04/15/2030 (D)		(58	)		(51	)
New Gold
7.500%, 07/15/2027 (D)		(173	)		(137	)
SCIH Salt Holdings
6.625%, 05/01/2029 (D)		(153	)		(117	)
4.875%, 05/01/2028 (D)		(217	)		(179	)
SRM Escrow Issuer
6.000%, 11/01/2028 (D)		(23	)		(19	)
Summit Materials
5.250%, 01/15/2029 (D)		(225	)		(198	)
Trivium Packaging Finance BV
8.500%, 08/15/2027 (D)		(240	)		(212	)
United States Steel
6.875%, 03/01/2029		(230	)		(209	)
WEPA Hygieneprodukte GmbH
2.875%, 12/15/2027	EUR	(185	)		(130	)
					(1,719	)
Utilities — (0.1)%
PG&E
5.250%, 07/01/2030	$	(340	)		(290	)

Total Corporate Obligations Sold Short
(Proceeds $8,739) ($ Thousands)					(7,982	)


	Shares
REGISTERED INVESTMENT COMPANIES SOLD SHORT — (1.5)%
ARK Innovation ETF		(14,328	)		(541	)


Description	Shares			Market Value ($ Thousands)
REGISTERED INVESTMENT COMPANIES (continued)
Direxion Daily 20 Year Plus Treasury Bull 3x Shares		(69,988	)	$	(600	)
Invesco QQQ Trust Series 1		(5,465	)		(1,460	)
iShares MSCI Japan ETF		(10,044	)		(491	)
iShares MSCI United Kingdom ETF		(20,112	)		(527	)
iShares Russell 2000 ETF		(7,291	)		(1,202	)
SPDR S&P 500 ETF Trust		(3,323	)		(1,187	)

Total Registered Investment Companies Sold Short
(Cost $(7,097)) ($ Thousands)					(6,008	)



FOREIGN COMMON STOCK SOLD SHORT— (1.1)%

Bermuda — (0.2)%
Triton International Ltd		(16,646	)		(911	)





Canada — (0.0)%
Lightspeed Commerce *		(10,496	)		(185	)





China — (0.1)%
Tencent Music Entertainment Group ADR *		(48,026	)		(195	)





France — (0.1)%
Capgemini SE		(1,357	)		(217	)
Dassault Systemes SE		(8,237	)		(284	)


					(501	)

India — (0.1)%
Infosys ADR		(11,092	)		(188	)
Wipro ADR		(46,029	)		(217	)


					(405	)

Japan — (0.2)%
Renesas Electronics Corp *		(15,900	)		(134	)
SCREEN Holdings Co Ltd		(5,000	)		(271	)
SoftBank Group Corp		(3,900	)		(132	)
Sony Group ADR		(4,560	)		(292	)


					(829	)

Norway — (0.1)%
Nordic Semiconductor *		(14,879	)		(196	)


Description	Shares			Market Value ($ Thousands)
FOREIGN COMMON STOCK SOLD SHORT (continued)
Switzerland — (0.3)%
Logitech International		(26,661	)	$	(1,226	)




Total Foreign Common Stock Sold Short
(Proceeds $5,901) ($ Thousands)					(4,448	)


	Face Amount (Thousands)
U.S. TREASURY OBLIGATION SOLD SHORT — (0.2)%
U.S. Treasury Notes
2.750%, 08/15/32	$	(873	)		(798	)

Total U.S. Treasury Obligation Sold Short
(Proceeds $847) ($ Thousands)					(798	)


Total Investments Sold Short — (13.4)%
(Proceeds $61,467) ($ Thousands)				$	(53,950	)


WRITTEN OPTIONS — (0.1)%
Total Written Options
(Premiums Received $265) ($ Thousands)				$	(597	)

A list of the open exchange traded options contracts for the Fund at September 30, 2022, is as follows:

A list of the open futures contracts held by the Fund at September 30, 2022 is as follows:

A list of the open forward foreign currency contracts held by the Fund at September 30, 2022 is as follows:

A list of the open OTC swap agreements held by the Fund at September 30, 2022 is as follows:

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2022 is as follows:

(A)	Security, or portion thereof, has been pledged as collateral on securities sold short. The total market value of such securities as of September 30, 2022 was $1,712,314 ($ Thousands).
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Security considered restricted, excluding 144A. The total market value of such securities as of September 30, 2022 was $1,309 ($ Thousands) and represented 0.3% of the Net Assets of the Fund. See table below for acquisition dates and acquisition cost.
(D)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2022, the value of these securities amounted to $40,107 ($ Thousands), representing 10.0% of the Net Assets of the Fund.

(E)	No interest rate available.
(F)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(G)	Perpetual security with no stated maturity date.
(H)	Security is in default on interest payment.
(I)	Interest rate represents the security's effective yield at the time of purchase.
(J)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(K)	Unsettled bank loan. Interest rate may not be available.

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):
Investments in Securities	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Common Stock		92,115			–			1,058		93,173
Corporate Obligations		–			60,891			5		60,896
Registered Investment Companies		47,347			–			–		47,347
U.S. Treasury Obligations		–			17,189			–		17,189
Sovereign Debt		–			15,755			–		15,755
Loan Participations		–			10,439			3,376		13,815
Foreign Common Stock		9,107			–			–		9,107
Asset-Backed Securities		–			1,411			–		1,411
Convertible Bonds		–			667			325		992
Preferred Stock		–			–			831		831
Warrants		–			353			283		636
Mortgage-Backed Security		–			240			–		240
Cash Equivalents		117,844			6,512			–		124,356
Purchased Options		2,591			–			–		2,591
Total Investments in Securities		269,004			113,457			5,878		388,339
Securities Sold Short
Common Stock		(34,714	)		–			–		(34,714	)
Corporate Obligations		–			(7,982	)		–		(7,982	)
Registered Investment Companies		(6,008	)		–			–		(6,008	)
Foreign Common Stock		(4,448	)		–			–		(4,448	)
U.S. Treasury Obligation		–			(798	)		–		(798	)
Total Securities Sold Short		(45,170	)		(8,780	)		–		(53,950	)

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Written Options		(597	)		–			–		(597	)
Futures Contracts*
Unrealized Appreciation		93			–			–		93
Forwards Contracts*
Unrealized Appreciation		–			471			–		471
Unrealized Depreciation		–			(267	)		–		(267	)
OTC Swaps
Total Return Swaps*
Unrealized Appreciation		–			257			–		257
Unrealized Depreciation		–			(1,057	)		–		(1,057	)
Centrally Cleared Swaps
Credit Default Swaps*
Unrealized Appreciation		–			187			–		187
Unrealized Depreciation		–			(31	)		–		(31	)
Interest Rate Swaps*
Unrealized Appreciation		–			76			–		76
Unrealized Depreciation		–			(2	)		–		(2	)
Total Other Financial Instruments		(504	)		(366	)		–		(870	)

*	Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value ($ Thousands):

For the year ended September 30, 2022, there were transfers between Level 2 and Level 3 assets and liabilities due to the availability of observable inputs to determine fair value.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

The following is a summary of the Fund’s transactions with affiliates for the year ended September 30, 2022 ($ Thousands):

A list of the restricted securities, excluding 144a, held by the Fund at September 30, 2022, is as follows:

^†	Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS — 36.4%
U.S. Treasury Bills ^
3.927%, 03/30/2023 (A)	$	80,000	$	78,488
3.854%, 03/23/2023 (A)		100,000		98,260
3.527%, 03/16/2023 (A)		140,000		137,646
2.966%, 01/19/2023 (A)(B)		84,000		83,152
1.542%, 11/25/2022 (A)		170,000		169,296
U.S. Treasury Inflation Protected Securities
3.875%, 04/15/2029		3,604		4,037
3.625%, 04/15/2028		1,832		1,991
3.375%, 04/15/2032		5,007		5,708
2.500%, 01/15/2029		2,622		2,713
2.375%, 01/15/2025		1,257		1,262
2.375%, 01/15/2027		1,469		1,491
2.125%, 02/15/2040		1,371		1,427
2.125%, 02/15/2041		1,353		1,395
2.000%, 01/15/2026		1,493		1,488
1.750%, 01/15/2028		670		664
1.375%, 02/15/2044		1,271		1,131
1.000%, 02/15/2046		1,626		1,318
1.000%, 02/15/2049		2,355		1,917
0.875%, 01/15/2029		1,291		1,214
0.750%, 07/15/2028		6,020		5,657
0.750%, 02/15/2042		1,836		1,476
0.750%, 02/15/2045		944		728
0.625%, 01/15/2024		1,270		1,240
0.625%, 01/15/2026		2,494		2,380
0.625%, 07/15/2032		2,141		1,943
0.625%, 02/15/2043		1,933		1,486
0.500%, 01/15/2028		12,011		11,147
0.375%, 07/15/2023		1,273		1,253
0.375%, 07/15/2025		6,247		5,969
0.375%, 01/15/2027		2,453		2,291
0.250%, 01/15/2025		625		599
0.250%, 07/15/2029		11,467		10,339
0.250%, 02/15/2050		346		226


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
0.125%, 01/15/2023	$	6,418	$	6,354
0.125%, 07/15/2024		3,743		3,615
0.125%, 10/15/2024		2,887		2,776
0.125%, 10/15/2025		2,855		2,697
0.125%, 04/15/2026		3,107		2,901
0.125%, 07/15/2026		2,472		2,311
0.125%, 04/15/2027		5,142		4,741
0.125%, 01/15/2030		15,776		13,947
0.125%, 07/15/2030		17,680		15,566
0.125%, 01/15/2031		17,357		15,163
0.125%, 07/15/2031		16,802		14,650
0.125%, 01/15/2032		17,315		14,968

Total U.S. Treasury Obligations
(Cost $764,292) ($ Thousands)				741,021



SOVEREIGN DEBT — 11.4%

Canada Government International Bond
2.000%, 11/15/2022^	$	375		374
Council of Europe Development Bank
2.625%, 02/13/2023^		500		497
Deutsche Bundesrepublik Inflation Linked Bond
0.500%, 04/15/2030	EUR	25,802		26,342
0.100%, 04/15/2023		8,485		8,462
0.100%, 04/15/2026		6,361		6,353
0.100%, 04/15/2033		11,406		11,185
0.100%, 04/15/2046		6,554		6,653
European Bank for Reconstruction & Development MTN
2.750%, 03/07/2023^	$	750		746
European Investment Bank
2.500%, 03/15/2023^		375		373
Export Development Canada
2.750%, 03/15/2023^		750		745
2.500%, 01/24/2023^		750		746
French Republic Government Bond OAT
3.400%, 07/25/2029	EUR	1,414		1,702
3.150%, 07/25/2032		2,887		3,560
2.100%, 07/25/2023(C)		2,357		2,371
1.850%, 07/25/2027		4,554		4,868
1.800%, 07/25/2040(C)		2,005		2,300
0.700%, 07/25/2030(C)		15,976		16,250
0.250%, 07/25/2024		3,795		3,834
0.100%, 03/01/2025		2,601		2,585
0.100%, 03/01/2026(C)		1,611		1,606
0.100%, 03/01/2028		2,258		2,212
0.100%, 03/01/2029		2,391		2,324
0.100%, 07/25/2031(C)		8,904		8,544
0.100%, 03/01/2032		1,831		1,758


Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
0.100%, 03/01/2036(C)	EUR	1,611	$	1,483
0.100%, 07/25/2036(C)		2,379		2,147
0.100%, 07/25/2047(C)		1,340		1,145
Inter-American Development Bank
2.625%, 01/16/2024^	$	375		367
2.500%, 01/18/2023^		750		747
International Bank for Reconstruction & Development
7.625%, 01/19/2023^		750		758
1.875%, 10/07/2022^		875		875
1.750%, 04/19/2023^		1,000		987
International Finance MTN
2.875%, 07/31/2023^		375		370
2.000%, 10/24/2022^		750		750
Italy Buoni Poliennali Del Tesoro
3.100%, 09/15/2026(C)	EUR	3,961		4,168
2.600%, 09/15/2023(C)		1,333		1,360
2.550%, 09/15/2041(C)		2,004		1,996
2.350%, 09/15/2024(C)		2,112		2,163
2.350%, 09/15/2035(C)		3,488		3,387
1.300%, 05/15/2028(C)		1,610		1,524
1.250%, 09/15/2032(C)		1,632		1,429
0.650%, 05/15/2026		1,427		1,361
0.400%, 05/15/2030(C)		1,449		1,235
0.150%, 05/15/2051(C)		1,118		636
0.100%, 05/15/2023		1,021		1,018
Korea International Bond
2.750%, 01/19/2027^	$	1,000		934
North American Development Bank
2.400%, 10/26/2022^		200		200
Province of British Columbia Canada
2.000%, 10/23/2022^		750		750
Province of Ontario Canada
2.200%, 10/03/2022^		500		500
Province of Quebec Canada
2.625%, 02/13/2023^		500		498
United Kingdom Gilt Inflation Linked
4.125%, 07/22/2030	GBP	500		1,830
2.500%, 07/17/2024		340		1,385
2.000%, 01/26/2035		932		2,499
1.875%, 11/22/2022		834		938
1.250%, 11/22/2027		2,653		3,125
1.250%, 11/22/2032		9,958		12,381
1.250%, 11/22/2055		1,429		2,379
1.125%, 11/22/2037		2,376		3,120
0.750%, 03/22/2034		7,241		8,616
0.750%, 11/22/2047		1,487		1,978
0.625%, 03/22/2040		2,378		2,983
0.625%, 11/22/2042		3,877		4,897
0.500%, 03/22/2050		804		1,032
0.375%, 03/22/2062		1,601		2,339
0.250%, 03/22/2052		1,701		2,104


Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
0.125%, 03/22/2024	GBP	1,982	$	2,258
0.125%, 03/22/2026		2,392		2,681
0.125%, 08/10/2028		4,646		5,169
0.125%, 03/22/2029		2,168		2,402
0.125%, 08/10/2031		3,273		3,706
0.125%, 03/22/2044		2,973		3,432
0.125%, 08/10/2048		1,249		1,469
0.125%, 03/22/2058		2,951		3,859
0.125%, 11/22/2065		1,450		2,050
0.125%, 03/22/2068		2,062		2,990

Total Sovereign Debt
(Cost $303,328) ($ Thousands)				230,800


	Shares
FOREIGN COMMON STOCK — 2.9%

Australia — 0.1%
Ampol Ltd		2,048		38
APA Group		9,304		58
Aristocrat Leisure Ltd		3,212		68
ASX Ltd		1,383		64
Aurizon Holdings Ltd		21,309		47
BHP Group Ltd		3,324		83
BlueScope Steel Ltd		3,194		31
Brambles Ltd		4,589		34
Cochlear Ltd		834		104
Coles Group Ltd		12,289		130
Commonwealth Bank of Australia		792		46
Computershare Ltd		8,847		142
CSL Ltd		892		163
Dexus *^‡		7,723		39
Domino's Pizza Enterprises Ltd		1,046		35
Endeavour Group Ltd/Australia		22,375		101
Evolution Mining Ltd		58,565		77
Fortescue Metals Group Ltd		3,424		37
Goodman Group ^‡		3,333		34
IDP Education Ltd		3,370		57
Insurance Australia Group Ltd		20,132		60
Lendlease Corp Ltd ^‡		5,588		32
Lottery Corp Ltd/The *		30,312		82
Medibank Pvt Ltd		28,257		64
Mineral Resources		1,549		65
National Australia Bank Ltd		769		14
Newcrest Mining Ltd		5,302		59
Northern Star Resources Ltd		18,299		92
Orica Ltd		6,944		59
Origin Energy Ltd		9,571		32
Qantas Airways Ltd *		8,953		29
REA Group Ltd		484		35
Rio Tinto Ltd		1,118		68
Rio Tinto PLC		1,750		95
SEEK Ltd		2,052		25


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Sonic Healthcare Ltd		4,379	$	86
South32 Ltd		23,300		56
Suncorp Group Ltd		7,008		45
Telstra Corp Ltd, Cl B		22,809		56
Treasury Wine Estates Ltd		15,968		129
Washington H Soul Pattinson & Co Ltd		2,377		41
Wesfarmers Ltd		2,749		76
Westpac Banking Corp		1,983		26
WiseTech Global Ltd		2,927		96
Woolworths Group Ltd		6,248		136
Xero Ltd *		1,446		67

				3,013

Austria — 0.0%
Erste Group Bank AG		1,198		26




Belgium — 0.1%
Ageas SA/NV		1,537		56
Anheuser-Busch InBev SA/NV		4,659		211
Argenx SE *		392		140
D'ieteren SA/NV		263		37
Elia Group SA/NV		2,997		353
Groupe Bruxelles Lambert SA		357		25
KBC Group NV		780		37
Proximus SADP		10,623		110
Solvay SA		1,000		77
UCB SA, Cl A		2,355		163
Umicore SA		2,797		82

				1,291

Canada — 0.2%
Agnico Eagle Mines Ltd		1,381		59
Air Canada, Cl A *		3,723		45
Alimentation Couche-Tard		1,594		64
Bank of Nova Scotia/The, Cl C		1,239		59
Barrick Gold Corp		5,823		91
Bausch Health Cos Inc *		4,037		28
BCE Inc		920		39
BlackBerry Ltd *		8,664		41
Brookfield Renewable Corp, Cl A		595		20
BRP Inc/CA		914		57
CAE Inc *		3,606		56
Canadian Pacific Railway Ltd		1,666		112
Canadian Tire Corp Ltd, Cl A		894		96
Canadian Utilities Ltd, Cl A		2,438		64
CCL Industries Inc, Cl B		2,082		101
CGI Inc, Cl A *		1,997		151
Constellation Software Inc/Canada		100		140
Dollarama Inc		3,557		205
Emera Inc		1,092		44
Empire Co Ltd, Cl A		4,984		125
Fairfax Financial Holdings Ltd		161		74


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
First Quantum Minerals Ltd (Canada)		2,143	$	37
FirstService Corp ^‡		514		61
Franco-Nevada Corp		892		107
George Weston Ltd		1,417		149
GFL Environmental Inc		3,393		86
Gildan Activewear Inc		3,722		106
iA Financial Corp Inc		1,313		67
Kinross Gold Corp		13,832		52
Lightspeed Commerce Inc *		1,493		26
Loblaw Cos Ltd		2,051		163
Magna International Inc, Cl A		1,520		72
Metro Inc/CN, Cl A		4,352		219
Northland Power Inc		1,799		53
Nutrien Ltd		1,332		112
Nuvei Corp *		1,571		43
Onex Corp		1,334		62
Open Text Corp		2,952		78
Pan American Silver Corp		1,768		28
Quebecor Inc, Cl B		3,150		58
Restaurant Brands International Inc		2,731		146
Ritchie Bros Auctioneers Inc, Cl B		1,487		93
Royal Bank of Canada		1,147		104
Saputo Inc		4,704		113
Shopify Inc, Cl A *		1,129		31
Teck Resources Ltd, Cl B		2,736		84
Thomson Reuters Corp		2,088		215
TMX Group Ltd		1,370		127
Toronto-Dominion Bank/The		1,857		114
Wheaton Precious Metals Corp		2,919		95
WSP Global Inc		1,000		111

				4,483

China — 0.0%
Sands China Ltd *		18,800		47




Denmark — 0.1%
Carlsberg AS, Cl B		2,006		234
Chr Hansen Holding A/S		3,738		184
Coloplast A/S, Cl B		1,741		177
Danske Bank A/S		4,024		50
Demant A/S *		2,583		64
DSV A/S		468		55
Genmab A/S *		435		140
GN Store Nord AS		2,472		43
Novo Nordisk A/S, Cl B		2,301		229
Novozymes A/S, Cl B		2,193		110
Orsted AS		938		75
Pandora A/S		852		40
Tryg A/S		2,801		58
Vestas Wind Systems A/S		1,472		27

				1,486


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Finland — 0.0%
Elisa Oyj		1,161	$	53
Kesko Oyj, Cl B		3,963		74
Kone Oyj, Cl B		1,311		51
Nokia Oyj		10,220		44
Orion Oyj, Cl B		1,076		45
UPM-Kymmene Oyj, Cl V		1,682		53
Wartsila OYJ Abp		4,133		26

				346

France — 0.2%
Accor SA		1,293		27
Aeroports de Paris, Cl A		373		43
Air Liquide SA		872		100
Arkema SA		736		54
BioMerieux		284		22
Bollore SE		19,190		88
Bouygues SA		892		23
Capgemini SE		366		59
Carrefour SA		6,251		87
Cie Generale des Etablissements Michelin SCA		1,173		26
Covivio ^‡		434		21
Danone SA		1,033		49
Dassault Systemes SE		1,640		57
Eiffage SA		687		55
Electricite de France SA		20,994		243
Engie SA		23,170		267
Eurazeo SE		468		24
Euronext NV		536		34
Gecina SA ^‡		323		25
Getlink SE		4,624		72
Hermes International		44		52
Ipsen SA		736		68
Kering SA		119		53
La Francaise des Jeux SAEM		1,007		30
Legrand SA		1,748		113
L'Oreal SA		545		174
LVMH Moet Hennessy Louis Vuitton SE		84		50
Orange SA		5,452		49
Pernod Ricard SA		584		107
Publicis Groupe SA		768		36
Remy Cointreau SA		674		112
Renault SA		1,557		42
Sanofi		904		69
Sartorius Stedim Biotech		137		42
Sodexo SA		477		36
STMicroelectronics NV		1,562		48
Teleperformance		98		25
Thales SA, Cl A		220		24
TotalEnergies SE		16,834		790
Ubisoft Entertainment SA *		1,690		46


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Valeo		1,298	$	20
Veolia Environnement SA		9,043		173
Vinci SA		720		58
Vivendi SE		5,328		41
Wendel SE		480		34
Worldline SA/France *		865		34

				3,702

Germany — 0.2%
adidas AG		399		46
Allianz SE		347		55
Aroundtown SA ^‡		9,569		21
BASF SE		930		36
Bayerische Motoren Werke AG		600		41
Beiersdorf AG		1,765		173
Brenntag SE		810		49
Carl Zeiss Meditec AG		837		87
Commerzbank AG		4,489		32
Continental AG		779		34
Covestro AG		2,090		60
Deutsche Boerse AG		198		32
Deutsche Lufthansa AG *		6,970		40
Deutsche Telekom AG		6,455		110
E.ON SE		54,282		417
GEA Group AG		1,568		51
Hannover Rueck SE		313		47
HeidelbergCement AG		1,561		62
HelloFresh SE *		5,463		114
Henkel AG & Co KGaA		2,041		116
Infineon Technologies AG		2,515		55
Knorr-Bremse AG		603		26
Merck KGaA		510		82
MTU Aero Engines AG		221		33
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		274		66
Puma SE		744		34
QIAGEN NV *		3,375		140
Rational AG		61		30
Rheinmetall		281		43
RWE AG		10,793		397
Scout24 SE		1,602		80
Siemens Healthineers AG		2,595		111
Symrise AG, Cl A		1,058		103
Telefonica Deutschland Holding AG		49,295		100
Uniper SE		72,630		274
United Internet AG		3,471		65
Vonovia SE ^‡		1,664		36
Zalando SE *		1,399		27

				3,325

Hong Kong — 0.2%
AIA Group Ltd		6,600		55


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Budweiser Brewing Co APAC Ltd		17,900	$	47
CK Asset Holdings Ltd ^‡		5,931		36
CK Hutchison Holdings Ltd		18,208		100
CK Infrastructure Holdings Ltd		80,500		410
CLP Holdings Ltd, Cl B		143,838		1,087
ESR Group Ltd ^‡		7,400		19
Galaxy Entertainment Group Ltd		8,000		47
HK Electric Investments & HK Electric Investments Ltd		644,000		451
Hong Kong & China Gas Co Ltd		1,283,999		1,131
Power Assets Holdings Ltd		150,974		757
Sino Land Co Ltd ^‡		28,000		37
Swire Properties Ltd ^‡		18,400		39
Techtronic Industries Co Ltd		4,001		38
WH Group Ltd		85,329		54
Xinyi Glass Holdings Ltd		30,000		43

				4,351

Ireland — 0.0%
CRH PLC		3,263		105
Flutter Entertainment PLC *		818		90
James Hardie Industries PLC		2,747		54
Kerry Group PLC, Cl A		4,887		436

				685

Israel — 0.0%
Azrieli Group Ltd ^‡		746		51
Bank Leumi Le-Israel BM		7,501		64
Elbit Systems Ltd		167		32
Nice Ltd *		443		84
Teva Pharmaceutical Industries Ltd ADR *		63,840		515
Wix.com Ltd *		1,024		80

				826

Italy — 0.1%
Amplifon SpA		2,640		69
Atlantia SpA		3,095		68
CNH Industrial NV		1,935		22
Davide Campari-Milano NV		7,301		65
DiaSorin SpA		523		58
Ferrari NV		737		137
FinecoBank Banca Fineco		2,444		30
Infrastrutture Wireless Italiane SpA		3,110		27
Intesa Sanpaolo SpA		23,072		38
Moncler SpA		2,825		115
Nexi SpA *		17,114		138
Poste Italiane SpA		8,102		61
Prysmian SpA		1,571		45
Recordati Industria Chimica e Farmaceutica SpA		2,099		77
Stellantis NV		6,352		75
Terna - Rete Elettrica Nazionale		14,047		86


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
UniCredit SpA		3,777	$	38

				1,149

Japan — 0.8%
Advantest Corp		600		28
Aeon Co Ltd, Cl H		5,400		101
Aisin Corp		1,500		39
Ajinomoto Co Inc		8,000		219
ANA Holdings Inc		3,500		66
Asahi Group Holdings Ltd		2,400		75
Asahi Intecc Co Ltd		2,900		46
Asahi Kasei Corp		4,200		28
Astellas Pharma Inc		6,600		87
Bandai Namco Holdings Inc		1,500		98
Brother Industries Ltd		3,100		54
Canon Inc		5,200		114
Capcom Co Ltd		4,100		103
Central Japan Railway Co		600		70
Chiba Bank Ltd/The, Cl B		7,300		40
Chubu Electric Power Co Inc		50,000		450
Chugai Pharmaceutical Co Ltd		2,500		62
Concordia Financial Group Ltd		15,100		47
CyberAgent Inc		5,200		44
Dai Nippon Printing Co Ltd		3,300		66
Daifuku Co Ltd		700		33
Dai-ichi Life Holdings Inc		2,300		37
Daiichi Sankyo Co Ltd		2,400		67
Daito Trust Construction Co Ltd		900		84
Daiwa House Industry Co Ltd ^‡		1,300		26
Daiwa House Investment Corp ^‡		42		88
Dentsu Group Inc		1,500		43
Disco Corp		200		44
East Japan Railway Co		1,200		61
Eisai Co Ltd		1,400		75
ENEOS Holdings Inc		332,300		1,072
FUJIFILM Holdings Corp		1,700		78
Fujitsu Ltd		400		44
GLP J-Reit ^‡		44		49
GMO Payment Gateway Inc		400		27
Hakuhodo DY Holdings Inc		5,800		41
Hankyu Hanshin Holdings Inc		3,600		108
Hirose Electric Co Ltd		682		89
Hitachi Construction Machinery Co Ltd		3,100		58
Hitachi Metals Ltd		3,300		50
Hoya Corp		500		48
Ibiden Co Ltd		1,500		41
Idemitsu Kosan Co Ltd		49,898		1,084
Iida Group Holdings Co Ltd		3,400		46
Inpex Corp		96,200		897
Ito En Ltd		2,000		81
ITOCHU Corp		3,700		89
Itochu Techno-Solutions Corp		2,800		66


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Japan Metropolitan Fund Invest, Cl A ^‡		64	$	48
Japan Post Bank Co Ltd		14,500		101
Japan Post Holdings Co Ltd		13,200		87
Japan Real Estate Investment Corp ^‡		12		49
Japan Tobacco Inc		6,700		110
JFE Holdings Inc		5,400		50
JSR Corp		1,900		36
Kakaku.com Inc		2,300		39
Kansai Electric Power Co Inc/The		67,900		568
Kao Corp		1,800		73
KDDI Corp		6,500		190
Keio Corp		2,500		91
Kikkoman Corp		900		51
Kintetsu Group Holdings Co Ltd		4,000		133
Kirin Holdings Co Ltd		4,100		63
Kobayashi Pharmaceutical Co Ltd		1,100		64
Kobe Bussan Co Ltd		2,600		63
Koei Tecmo Holdings Co Ltd		4,360		72
Komatsu Ltd		4,100		75
Konami Group Corp		1,600		74
Kose Corp		1,000		103
Kubota Corp		3,100		43
Kyocera Corp		1,500		76
Kyowa Kirin Co Ltd		4,100		94
Lasertec Corp		200		20
Lixil Corp		2,000		29
M3 Inc		1,900		53
Marubeni Corp		7,100		62
McDonald's Holdings Co Japan Ltd		5,223		182
MEIJI Holdings Co Ltd		2,400		106
Mitsubishi Chemical Group Corp, Cl B		8,100		37
Mitsui Fudosan Co Ltd ^‡		2,500		48
MonotaRO Co Ltd		2,000		31
Murata Manufacturing Co Ltd		700		32
NEC Corp		1,400		45
Nexon Co Ltd		3,800		67
Nintendo Co Ltd		2,040		82
Nippon Building Fund Inc ^‡		13		57
Nippon Paint Holdings Co Ltd		5,400		36
Nippon Prologis Inc ^‡		40		88
Nippon Sanso Holdings Corp		2,600		41
Nippon Shinyaku Co Ltd		1,500		76
Nippon Steel Corp		4,300		60
Nippon Telegraph & Telephone Corp		7,400		200
Nippon Yusen KK		900		15
Nissan Chemical Corp		1,800		80
Nisshin Seifun Group Inc		4,815		49
Nissin Foods Holdings Co Ltd		2,000		139
Nitori Holdings		600		50
Nomura Holdings Inc		12,000		40
Nomura Real Estate Master Fund Inc ^‡		44		49
Nomura Research Institute Ltd		1,434		35


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
NTT Data Corp		3,400	$	44
Obic Co Ltd		400		54
Odakyu Electric Railway Co Ltd		3,500		45
Oji Holdings Corp		14,000		52
Olympus Corp		3,600		69
Omron Corp, Cl JP		700		32
Ono Pharmaceutical Co Ltd		3,700		86
Oracle Corp Japan		1,200		64
Oriental Land Co Ltd/Japan		600		81
ORIX Corp		3,400		48
Osaka Gas Co Ltd		40,900		617
Otsuka Corp		2,000		62
Otsuka Holdings Co Ltd		2,600		82
Pan Pacific International Holdings Corp		12,400		219
Panasonic Holdings Corp		10,200		72
Rakuten Group Inc		7,600		32
Renesas Electronics Corp *		4,800		40
Ricoh Co Ltd		5,000		37
Rohm Co Ltd		700		46
SBI Holdings Inc/Japan		2,400		43
SCSK Corp		3,600		54
Secom Co Ltd		1,100		63
Seiko Epson Corp		2,500		34
Seven & i Holdings Co Ltd		3,600		145
Sharp Corp/Japan		4,700		28
Shimadzu Corp		2,300		60
Shimano Inc		400		63
Shionogi & Co Ltd		1,600		77
Shiseido Co Ltd		1,900		67
Shizuoka Bank Ltd/The		12,000		74
SoftBank Corp		14,200		142
SoftBank Group Corp		900		30
Sompo Holdings Inc		2,100		84
Sony Group Corp		800		51
Square Enix Holdings Co Ltd		1,400		60
Subaru Corp		3,700		56
SUMCO Corp		3,000		35
Sumitomo Chemical Co Ltd		39,700		137
Sumitomo Corp		6,500		80
Sumitomo Metal Mining Co Ltd		1,000		29
Suntory Beverage & Food Ltd		3,500		125
Sysmex Corp		1,000		53
T&D Holdings Inc		4,600		44
Taisei Corp		1,900		53
Takeda Pharmaceutical Co Ltd		4,318		112
TDK Corp		1,500		46
Terumo Corp		2,800		79
TIS Inc		3,300		88
Tobu Railway Co Ltd		5,000		118
Toho Co Ltd/Tokyo		3,600		131
Tokio Marine Holdings Inc		6,900		123
Tokyo Electric Power Co Holdings Inc *		104,000		332


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Tokyo Electron Ltd		100	$	25
Tokyo Gas Co Ltd		61,800		1,043
Tokyu Corp		7,000		80
Toray Industries Inc		10,000		49
Toyota Industries Corp		700		33
Toyota Motor Corp		8,800		115
Trend Micro Inc/Japan		1,000		54
Unicharm Corp		5,000		164
Welcia Holdings Co Ltd		5,700		120
Yakult Honsha Co Ltd		2,100		122
Yamaha Corp		1,100		39
Yamato Holdings Co Ltd		2,500		38
Yaskawa Electric Corp		1,400		40
Yokogawa Electric Corp		3,700		58
Z Holdings Corp		17,700		47
ZOZO Inc		1,800		36

				17,086

Jordan — 0.0%
Hikma Pharmaceuticals PLC		6,315		95




Luxembourg — 0.0%
Eurofins Scientific SE		880		52




Netherlands — 0.1%
ABN AMRO Bank NV		5,808		52
Adyen NV *		65		81
Aegon NV		14,434		57
Akzo Nobel NV		725		41
ArcelorMittal SA		2,187		43
ASM International NV		322		72
ASML Holding NV		209		87
Heineken Holding NV		1,929		132
Heineken NV		1,761		154
ING Groep NV		6,781		58
JDE Peet's NV		6,548		191
Just Eat Takeaway.com NV *		2,362		37
Koninklijke Ahold Delhaize NV		6,728		171
Koninklijke DSM NV		490		56
Koninklijke KPN NV		43,321		117
Koninklijke Philips NV		3,809		59
OCI NV		1,649		60
Prosus NV		898		47
Universal Music Group NV		1,614		30
Wolters Kluwer NV		1,366		133

				1,678

New Zealand — 0.0%
Auckland International Airport Ltd *		12,197		49


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Norway — 0.0%
Aker BP ASA		18,424	$	528




Singapore — 0.1%
Ascendas Real Estate Investment Trust ^‡		17,600		33
Capitaland Investment Ltd/Singapore ^‡		15,100		36
City Developments Ltd ^‡		7,600		40
Jardine Matheson Holdings Ltd		764		39
Oversea-Chinese Banking Corp Ltd		4,100		34
Sea Ltd ADR *		6,566		368
Singapore Airlines Ltd		3,500		12
Singapore Exchange Ltd		7,100		46
Singapore Technologies Engineering Ltd		8,700		22
Singapore Telecommunications Ltd		541,800		1,001

				1,631

South Africa — 0.0%
Anglo American PLC		2,355		71




South Korea — 0.0%
Delivery Hero SE *		1,113		41




Spain — 0.0%
ACS Actividades de Construccion y Servicios SA		1,954		44
Aena SME SA *		513		53
Banco Santander SA		14,314		33
CaixaBank SA		13,416		43
Enagas SA		3,003		47
Ferrovial SA		2,453		56
Grifols SA *		6,579		57
Iberdrola SA		4,859		45
Industria de Diseno Textil SA		6,929		143
Red Electrica Corp SA		1,523		23
Siemens Gamesa Renewable Energy SA		3,174		55

				599

Sweden — 0.2%
Atlas Copco AB, Cl A		1,380		13
Boliden AB		2,335		72
Electrolux AB, Cl B		1,693		18
Embracer Group AB, Cl B *		119,439		708
EQT AB		570		11
Essity AB, Cl B		1,340		26
Getinge AB, Cl B		3,429		59
H & M Hennes & Mauritz AB, Cl B		2,264		21
Hexagon AB, Cl B		6,475		60
Kinnevik AB, Cl B *		1,565		20
Nordea Bank Abp, Cl A		6,982		60
Skandinaviska Enskilda Banken AB, Cl A		5,484		52


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
Svenska Cellulosa AB SCA, Cl B		4,559	$	58
Svenska Handelsbanken AB, Cl A		7,194		59
Swedbank AB, Cl A		3,925		52
Swedish Match AB		5,342		53
Swedish Orphan Biovitrum AB *		5,208		101
Tele2 AB, Cl B		94,018		811
Telia Co AB		328,546		946

				3,200

Switzerland — 0.2%
Adecco Group AG		1,187		33
Alcon Inc		2,354		137
Bachem Holding, Cl B		1,868		118
Baloise Holding AG		496		63
Barry Callebaut AG		104		197
Chocoladefabriken Lindt & Spruengli AG		1		100
Cie Financiere Richemont SA, Cl A		745		70
Clariant AG		2,005		32
Credit Suisse Group		4,390		17
Geberit AG		215		92
Givaudan SA		26		79
Holcim AG		1,540		63
Logitech International SA		1,488		68
Lonza Group AG		296		144
Nestle SA		1,850		201
Novartis AG		1,266		97
Partners Group Holding AG		76		61
Roche Holding AG		484		190
Schindler Holding AG		179		27
SGS SA, Cl B		41		88
Sika AG		195		39
Sonova Holding AG		526		116
Straumann Holding AG		960		88
Swatch Group AG/The, Cl B		251		57
Swiss Life Holding AG		180		80
Swiss Prime Site AG ^‡		588		47
Swisscom AG		2,529		1,187
Temenos AG		836		56
UBS Group AG		4,371		64
Zurich Insurance Group AG		87		35

				3,646

United Kingdom — 0.3%
Admiral Group PLC		2,390		51
Antofagasta PLC		6,096		75
Associated British Foods PLC		7,753		108
AstraZeneca PLC		1,035		114
AVEVA Group PLC		2,005		69
Barratt Developments PLC		6,905		26
Berkeley Group Holdings PLC		1,223		45
BP PLC		166,963		798
British American Tobacco PLC		4,565		164


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
BT Group PLC, Cl A		16,376	$	22
Bunzl PLC		3,000		92
Burberry Group PLC		2,683		54
Coca-Cola Europacific Partners PLC		4,019		171
Coca-Cola HBC AG		4,673		98
Compass Group PLC		3,169		63
DCC PLC		732		38
Diageo PLC		2,888		122
Experian PLC		1,157		34
GSK PLC		4,891		71
Haleon *		18,957		59
Halma PLC		5,482		123
Hargreaves Lansdown PLC		4,638		44
HSBC Holdings PLC		17,725		92
Imperial Brands PLC		5,956		122
Informa PLC		4,973		28
InterContinental Hotels Group PLC		861		41
J Sainsbury PLC		54,025		105
Johnson Matthey PLC		2,742		55
Kingfisher PLC		15,739		38
Kingspan Group PLC		608		27
Land Securities Group PLC		4,420		26
Linde PLC		660		178
London Stock Exchange Group PLC		585		49
Mondi PLC		5,822		89
National Grid PLC		16,672		172
NMC Health PLC *		12,179		—
Ocado Group PLC *		7,660		40
Pearson PLC		4,394		42
Pentair PLC		1,382		56
Persimmon PLC		1,207		16
Phoenix Group Holdings PLC		7,887		46
Prudential PLC		1,980		19
Reckitt Benckiser Group PLC		1,269		84
RELX PLC		3,034		74
Rentokil Initial PLC		12,011		64
Rolls-Royce Holdings PLC *		19,553		15
Sage Group PLC/The		12,410		96
Segro PLC ^‡		3,917		33
Severn Trent PLC		3,984		104
Shell PLC		32,193		798
Smith & Nephew PLC		7,784		90
Smiths Group PLC		3,056		51
Smurfit Kappa Group PLC		3,889		111
SSE PLC		6,499		110
Tesco PLC		17,126		39
Unilever PLC		702		31
United Utilities Group PLC, Cl B		16,150		159
Whitbread PLC		1,289		33

				5,574


Description	Shares		Market Value ($ Thousands)
FOREIGN COMMON STOCK (continued)
United States — 0.0%
Accenture PLC, Cl A		286	$	73
Allegion PLC		654		58
Amcor PLC		16,032		172
Aon PLC, Cl A		234		63
Aptiv PLC *		853		67
Eaton Corp PLC		402		54
Johnson Controls International plc		3,007		148
Medtronic PLC		1,787		144
Trane Technologies PLC		641		93

				872

Total Foreign Common Stock
(Cost $67,880) ($ Thousands)				59,852



COMMON STOCK — 2.7%

Communication Services — 0.3%
Activision Blizzard Inc		2,968		221
Alphabet Inc, Cl A *		2,300		220
AT&T Inc		21,541		331
Charter Communications Inc, Cl A *		386		117
Comcast Corp, Cl A		5,273		155
DISH Network Corp, Cl A *		9,866		136
Electronic Arts Inc		2,309		267
Fox Corp, Cl B		7,570		216
Interpublic Group of Cos Inc/The		7,556		193
Live Nation Entertainment Inc *		2,510		191
Lumen Technologies Inc		36,323		264
Match Group Inc *		3,749		179
Meta Platforms Inc, Cl A *		1,292		175
Netflix Inc *		572		135
News Corp, Cl B		12,829		198
Omnicom Group Inc		3,054		193
Paramount Global, Cl B		10,617		202
Take-Two Interactive Software Inc, Cl A *		2,112		230
T-Mobile US Inc *		2,725		366
Twitter Inc *		6,607		290
Verizon Communications Inc		10,486		398
Walt Disney Co/The *		1,666		157
Warner Bros Discovery Inc *		12,559		144

				4,978
Consumer Discretionary — 0.2%
Advance Auto Parts Inc		554		87
Amazon.com Inc, Cl A *		920		104
AutoZone Inc *		63		135
Bath & Body Works Inc		2,693		88
Best Buy Co Inc		1,132		72
Booking Holdings Inc *		47		77
BorgWarner Inc		2,489		78


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
CarMax Inc *		933	$	62
Chipotle Mexican Grill Inc, Cl A *		60		90
Darden Restaurants Inc		800		101
Dollar General Corp		528		127
Dollar Tree Inc *		910		124
Domino's Pizza Inc		229		71
DR Horton Inc		1,517		102
eBay Inc		2,264		83
Etsy Inc *		824		83
Expedia Group Inc *		847		79
Garmin Ltd		1,316		106
General Motors Co		2,191		70
Hasbro Inc		959		65
Hilton Worldwide Holdings Inc		1,035		125
Home Depot Inc/The		344		95
Las Vegas Sands Corp *		3,108		117
Lennar Corp, Cl A		1,120		84
LKQ Corp		2,394		113
Lowe's Cos Inc		598		112
Marriott International Inc/MD, Cl A		453		63
McDonald's Corp		446		103
MGM Resorts International		2,528		75
Mohawk Industries Inc *		714		65
Newell Brands Inc, Cl B		4,778		66
NIKE Inc, Cl B		913		76
O'Reilly Automotive Inc *		186		131
Penn EntertainmentInc *		2,062		57
PVH Corp		1,266		57
Ralph Lauren Corp, Cl A		835		71
Ross Stores Inc		1,391		117
Royal Caribbean Cruises Ltd *		2,081		79
Starbucks Corp		1,082		91
Tapestry Inc		2,823		80
Target Corp, Cl A		683		101
Tesla Inc *		237		63
TJX Cos Inc/The		1,988		123
Tractor Supply Co		712		132
Ulta Beauty Inc *		252		101
VF Corp		2,239		67
Whirlpool Corp		588		79
Wynn Resorts Ltd *		1,214		77
Yum! Brands Inc		926		98

				4,422
Consumer Staples — 0.4%
Altria Group Inc		5,478		221
Archer-Daniels-Midland Co		2,936		236
Brown-Forman Corp, Cl B		2,289		152
Campbell Soup Co		7,410		349
Church & Dwight Co Inc		2,519		180
Clorox Co/The		1,236		159
Coca-Cola Co/The		3,032		170
Colgate-Palmolive Co		3,689		259


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Conagra Brands Inc		7,947	$	259
Constellation Brands Inc, Cl A		1,139		262
Costco Wholesale Corp		479		226
Estee Lauder Cos Inc/The, Cl A		852		184
General Mills Inc		5,970		457
Hershey Co/The		1,347		297
Hormel Foods Corp		6,752		307
J M Smucker Co/The		2,772		381
Kellogg Co		4,858		339
Kimberly-Clark Corp		2,081		234
Kraft Heinz Co/The		8,225		274
Kroger Co/The		4,435		194
Lamb Weston Holdings Inc		2,378		184
McCormick & Co Inc/MD		3,295		235
Molson Coors Beverage Co, Cl B		3,119		150
Mondelez International Inc, Cl A		3,684		202
Monster Beverage Corp *		3,145		274
PepsiCo Inc		1,095		179
Philip Morris International Inc		2,561		213
Procter & Gamble Co/The		2,075		262
Sysco Corp, Cl A		2,494		176
Tyson Foods Inc, Cl A		2,695		178
Walgreens Boots Alliance Inc		4,466		140
Walmart Inc		1,137		147

				7,480
Energy — 0.2%
Baker Hughes Co, Cl A		6,778		142
Chevron Corp		1,696		244
ConocoPhillips		2,608		267
Coterra Energy Inc		9,055		237
Diamondback Energy Inc, Cl A		1,554		187
EOG Resources Inc		2,103		235
Exxon Mobil Corp		3,328		290
Halliburton Co		5,813		143
Hess Corp		3,016		329
Kinder Morgan Inc		11,252		187
Marathon Petroleum Corp		2,992		297
Occidental Petroleum Corp		5,199		320
ONEOK Inc		3,697		189
Phillips 66		2,119		171
Pioneer Natural Resources Co		950		206
Schlumberger NV, Cl A		4,748		170
Valero Energy Corp		2,323		248
Williams Cos Inc/The		6,562		188

				4,050
Financials — 0.2%
Allstate Corp/The		963		120
Ameriprise Financial Inc		353		89
Arthur J Gallagher & Co		347		59
Assurant Inc		976		142
Bank of America Corp		1,442		43


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Bank of New York Mellon Corp/The		1,593	$	61
BlackRock Inc		75		41
Capital One Financial Corp		280		26
Cboe Global Markets Inc		436		51
Charles Schwab Corp/The		1,056		76
Chubb Ltd		281		51
Cincinnati Financial Corp		502		45
Citigroup Inc		1,014		42
Discover Financial Services		794		72
Eversource Energy		4,311		336
Fifth Third Bancorp		2,376		76
Franklin Resources Inc		2,773		60
Globe Life Inc		870		87
Goldman Sachs Group Inc/The		156		46
Hartford Financial Services Group Inc/The		671		42
Huntington Bancshares Inc/OH		2,954		39
Intercontinental Exchange Inc		482		43
Invesco Ltd		3,850		53
JPMorgan Chase & Co		293		31
KeyCorp		2,956		47
Loews Corp		1,583		79
M&T Bank Corp		1,522		268
MarketAxess Holdings Inc		257		57
Marsh & McLennan Cos Inc		634		95
MetLife Inc		351		21
Morgan Stanley		1,357		107
MSCI Inc, Cl A		231		97
Nasdaq Inc, Cl A		1,104		63
Northern Trust Corp		370		32
PNC Financial Services Group Inc/The		607		91
Principal Financial Group Inc, Cl A		1,498		108
Progressive Corp/The		529		62
Prudential Financial Inc		736		63
Raymond James Financial Inc		1,314		130
Regions Financial Corp		3,285		66
S&P Global Inc		277		85
State Street Corp		770		47
SVB Financial Group, Cl B *		177		59
Synchrony Financial		2,695		76
T Rowe Price Group Inc		327		34
Travelers Cos Inc/The		290		44
US Bancorp		2,336		94
Wells Fargo & Co		1,682		68
Willis Towers Watson PLC		490		99

				3,723
Health Care — 0.3%
Abbott Laboratories		1,268		123
AbbVie Inc		968		130
ABIOMED Inc *		422		104
Agilent Technologies Inc		1,033		126
Align Technology Inc *		294		61
AmerisourceBergen Corp, Cl A		593		80


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Amgen Inc, Cl A		646	$	146
Baxter International Inc		1,597		86
Becton Dickinson and Co		396		88
Biogen Inc *		485		129
Bio-Rad Laboratories Inc, Cl A *		142		59
Boston Scientific Corp *		2,255		87
Bristol-Myers Squibb Co		1,520		108
Cardinal Health Inc		1,236		82
Catalent Inc *		1,309		95
Centene Corp *		1,160		90
Cigna Corp		365		101
Cooper Cos Inc/The, Cl A		391		103
CVS Health Corp		1,342		128
Danaher Corp, Cl A		606		157
DENTSPLY SIRONA Inc		2,914		83
Dexcom Inc *		860		69
Edwards Lifesciences Corp, Cl A *		1,150		95
Elevance Health Inc		269		122
Eli Lilly & Co		431		139
Gilead Sciences Inc		1,887		116
HCA Healthcare Inc		406		75
Henry Schein Inc *		1,495		98
Hologic Inc *		1,195		77
Humana Inc		212		103
IDEXX Laboratories Inc *		289		94
Illumina Inc *		448		85
Incyte Corp *		1,380		92
Intuitive Surgical Inc *		390		73
Johnson & Johnson		1,720		281
Laboratory Corp of America Holdings		675		138
McKesson Corp		525		178
Merck & Co Inc		1,941		167
Mettler-Toledo International Inc *		80		87
Moderna Inc *		589		70
Neogen Corp, Cl B *		7		—
Organon & Co		3,618		85
PerkinElmer Inc		728		88
Pfizer Inc		2,320		102
Quest Diagnostics Inc		658		81
Regeneron Pharmaceuticals Inc *		259		178
ResMed Inc		487		106
Stryker Corp		526		107
Thermo Fisher Scientific Inc		120		61
UnitedHealth Group Inc		200		101
Universal Health Services Inc, Cl B		971		86
Vertex Pharmaceuticals Inc *		617		179
Viatris Inc, Cl W *		12,206		104
Waters Corp *		259		70
West Pharmaceutical Services Inc		276		68
Zimmer Biomet Holdings Inc		1,053		110
Zoetis Inc, Cl A		653		97

				5,948


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Industrials — 0.2%
3M Co		563	$	62
A O Smith Corp		980		48
Alaska Air Group Inc *		1,425		56
AMETEK Inc		926		105
Carrier Global Corp		1,544		55
CH Robinson Worldwide Inc		978		94
Cintas Corp		146		57
Copart Inc *		726		77
CSX Corp		2,961		79
Cummins Inc		289		59
Delta Air Lines Inc, Cl A *		1,919		54
Dover Corp		565		66
Emerson Electric Co		986		72
Equifax Inc		349		60
Expeditors International of Washington Inc		870		77
Fastenal Co, Cl A		1,178		54
FedEx Corp		571		85
Fortive Corp		1,754		102
Generac Holdings Inc *		415		74
General Dynamics Corp		849		180
General Electric Co		646		40
Honeywell International Inc		494		82
Howmet Aerospace Inc		2,374		73
Huntington Ingalls Industries Inc, Cl A		418		93
IDEX Corp		1,267		253
Illinois Tool Works Inc		606		109
Ingersoll Rand Inc		1,458		63
Jacobs Solutions Inc		942		102
JB Hunt Transport Services Inc		390		61
L3Harris Technologies Inc		320		67
Leidos Holdings Inc		1,361		119
Lockheed Martin Corp		186		72
Masco Corp		1,288		60
Nielsen Holdings PLC		10,077		279
Norfolk Southern Corp		347		73
Northrop Grumman Corp		381		179
Otis Worldwide Corp		879		56
PACCAR Inc		956		80
Parker-Hannifin Corp, Cl A		382		93
Quanta Services Inc		797		102
Raytheon Technologies Corp		905		74
Rockwell Automation Inc		289		62
Rollins Inc		4,270		148
Snap-on Inc		986		199
Southwest Airlines Co, Cl A *		1,959		60
TransDigm Group Inc		128		67
Union Pacific Corp		311		61
United Parcel Service Inc, Cl B		363		59
United Rentals Inc *		308		83
Verisk Analytics Inc, Cl A		884		151
Waste Management Inc		830		133


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Xylem Inc/NY		691	$	60

				4,729
Information Technology — 0.2%
Adobe Inc *		192		53
Advanced Micro Devices Inc *		841		53
Akamai Technologies Inc *		831		67
Analog Devices Inc		376		52
ANSYS Inc *		288		64
Applied Materials Inc		1,164		95
Autodesk Inc, Cl A *		366		68
Automatic Data Processing Inc		354		80
Broadcom Inc		192		85
Cadence Design Systems Inc *		1,227		201
Ceridian HCM Holding Inc *		1,787		100
Check Point Software Technologies Ltd *		1,215		136
Cisco Systems Inc		2,109		84
Citrix Systems Inc		1,065		111
Cognizant Technology Solutions Corp, Cl A		1,546		89
Corning Inc, Cl B		2,864		83
CyberArk Software Ltd *		486		73
DXC Technology Co *		2,072		51
Enphase Energy Inc *		541		150
F5 Inc, Cl A *		420		61
Fidelity National Information Services Inc, Cl B		799		60
Fiserv Inc, Cl A *		790		74
FleetCor Technologies Inc *		390		69
Global Payments Inc		738		80
Hewlett Packard Enterprise Co		8,829		106
HP Inc		2,363		59
Intel Corp		1,628		42
International Business Machines Corp		639		76
Intuit Inc		357		138
Jack Henry & Associates Inc		575		105
Juniper Networks Inc		2,925		76
Keysight Technologies Inc *		736		116
KLA Corp		464		141
Mastercard Inc, Cl A		332		94
Microchip Technology Inc		1,142		70
Micron Technology Inc		831		42
Microsoft Corp		768		179
Monolithic Power Systems Inc		286		104
Motorola Solutions Inc		317		71
NetApp Inc		725		45
NortonLifeLock Inc		4,139		83
Oracle Corp, Cl B		2,724		166
Paychex Inc		656		74
Paycom Software Inc *		261		86
PayPal Holdings Inc *		1,101		95
PTC Inc *		987		103
Qorvo Inc *		628		50
QUALCOMM Inc		570		64


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Salesforce Inc *		438	$	63
ServiceNow Inc *		159		60
Skyworks Solutions Inc		656		56
Synopsys Inc *		211		64
Teledyne Technologies Inc *		176		59
Texas Instruments Inc		780		121
Trimble Inc *		1,788		97
Tyler Technologies Inc *		247		86
VeriSign Inc *		681		118
Western Digital Corp *		1,138		37
Zebra Technologies Corp, Cl A *		223		58

				5,043
Materials — 0.2%
Air Products and Chemicals Inc		580		135
Albemarle Corp		1,075		284
Avery Dennison Corp		1,153		187
Ball Corp		1,736		84
Celanese Corp, Cl A		803		72
CF Industries Holdings Inc		2,959		285
Corteva Inc		5,121		293
Dow Inc		2,337		103
DuPont de Nemours Inc		2,736		138
Eastman Chemical Co		1,987		141
Ecolab Inc		1,343		194
FMC Corp		1,834		194
Freeport-McMoRan Inc, Cl B		3,462		95
International Flavors & Fragrances Inc		1,993		181
International Paper Co		6,235		198
LyondellBasell Industries NV, Cl A		1,153		87
Martin Marietta Materials Inc, Cl A		696		224
Mosaic Co/The		4,243		205
Newmont Corp		4,763		200
Packaging Corp of America		1,034		116
PPG Industries Inc		1,382		153
Sealed Air Corp		3,350		149
Sherwin-Williams Co/The, Cl A		828		169
Vulcan Materials Co		1,039		164
Westrock Co		5,436		168

				4,219
Real Estate — 0.1%
Alexandria Real Estate Equities Inc ^‡		628		88
American Tower Corp, Cl A ^‡		353		76
Boston Properties Inc ^‡		379		28
Crown Castle Inc ^‡		437		63
Digital Realty Trust Inc, Cl A ^‡		526		52
Duke Realty Corp ^‡		2,124		102
Equinix Inc ^‡		66		38
Equity Residential ^‡		1,670		112
Essex Property Trust Inc ^‡		198		48
Extra Space Storage Inc ^‡		738		128
Federal Realty Investment Trust ^‡		1,348		122


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Healthpeak Properties Inc ^‡		1,687	$	39
Host Hotels & Resorts Inc ^‡		8,096		129
Iron Mountain Inc ^‡		1,556		68
Mid-America Apartment Communities Inc ^‡		907		141
Prologis Inc ^‡		549		56
Public Storage ^‡		325		95
Realty Income Corp ^‡		2,310		134
Regency Centers Corp ^‡		515		28
SBA Communications Corp, Cl A ^‡		152		43
UDR Inc ^‡		2,549		106
Ventas Inc ^‡		1,594		64
Vornado Realty Trust ^‡		747		17
Welltower Inc ^‡		476		31
Weyerhaeuser Co ^‡		1,020		29

				1,837
Utilities — 0.4%
AES Corp/The		15,573		352
Alliant Energy Corp		6,201		329
Ameren Corp		4,410		355
American Electric Power Co Inc		3,595		311
American Water Works Co Inc		1,287		168
Atmos Energy Corp		1,688		172
CenterPoint Energy Inc		10,623		299
CMS Energy Corp		5,009		292
Consolidated Edison Inc		3,428		294
Constellation Energy Corp		4,283		356
Dominion Energy Inc		3,964		274
DTE Energy Co		2,191		252
Duke Energy Corp		3,471		323
Edison International		5,332		302
Entergy Corp		2,469		248
Evergy Inc		5,347		318
Exelon Corp		5,763		216
FirstEnergy Corp		5,862		217
NextEra Energy Inc		3,133		246
NiSource Inc		10,261		258
NRG Energy Inc		6,095		233
Pinnacle West Capital Corp		4,965		320
PPL Corp		9,644		244
Public Service Enterprise Group Inc		5,156		290
Sempra Energy		2,197		329
Southern Co/The		5,517		375
WEC Energy Group Inc		3,611		323
Xcel Energy Inc		4,952		317

				8,013
Total Common Stock
(Cost $39,740) ($ Thousands)				54,442


Description	Shares		Market Value ($ Thousands)
EXCHANGE TRADED FUND — 0.7%

iShares iBoxx $ Investment Grade Corporate Bond ETF		130,327	$	13,352



Total Exchange Traded Fund
(Cost $14,921) ($ Thousands)				13,352


	Face Amount (Thousands)
CORPORATE OBLIGATIONS — 0.5%
Consumer Discretionary — 0.0%
Toyota Motor
3.419%, 07/20/2023 ^	$	500		496
Toyota Motor Credit MTN
2.625%, 01/10/2023 ^		375		373

				869

Consumer Staples — 0.1%
Colgate-Palmolive MTN
2.250%, 11/15/2022 ^		1,250		1,248



Energy — 0.1%
CNOOC Petroleum North America ULC
5.875%, 03/10/2035 ^		100		98
Equinor ASA
2.450%, 01/17/2023 ^		1,250		1,243

				1,341

Financials — 0.2%
Bank of Montreal MTN
2.550%, 11/06/2022 ^		250		250
Berkshire Hathaway
2.750%, 03/15/2023 ^		1,000		995
FMS Wertmanagement
2.750%, 03/06/2023 ^		375		373
Kreditanstalt fuer Wiederaufbau
2.125%, 01/17/2023 ^		1,250		1,244
Landwirtschaftliche Rentenbank
2.000%, 01/13/2025 ^		250		237
National Australia Bank Ltd
3.000%, 01/20/2023 ^		200		199
Oesterreichische Kontrollbank MTN
2.875%, 03/13/2023 ^		500		498
Svensk Exportkredit MTN
2.875%, 03/14/2023 ^		1,000		994
1.625%, 11/14/2022 ^		125		125
Toronto-Dominion Bank MTN
3.500%, 07/19/2023 ^		250		248

				5,163


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Information Technology — 0.1%
Apple
2.850%, 02/23/2023 ^	$	1,000	$	995
2.400%, 05/03/2023 ^		250		247
Microsoft
2.125%, 11/15/2022 ^		500		499
Visa
2.800%, 12/14/2022 ^		125		125
				1,866
Total Corporate Obligations
(Cost $10,577) ($ Thousands)				10,487

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

A list of the open forward foreign currency contracts held by the Fund at September 30, 2022, is as follows:

A list of the open OTC swap agreements held by the Fund at September 30, 2022 is as follows:

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2022 is as follows:

	Percentages are based on Net Assets of $2,033,087 ($ Thousands).
^	Security, or a portion thereof, is held by the Accumulation Commodity Strategy Subsidiary, Ltd. as of September 30, 2022.
*	Non-income producing security.
^‡	Real Estate Investment Trust.
(A)	Interest rate represents the security's effective yield at the time of purchase.
(B)	Security, or a portion thereof, has been pledged as collateral on open futures contracts. The total market value of such securities as of September 30, 2022 was $83,152.
(C)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2022, the value of these securities amounted to $54,736 ($ Thousands), representing 2.7% of the Net Assets of the Fund.
(D)	No interest rate available.

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

U.S. Treasury Obligations

–

741,021

–

741,021

Sovereign Debt

1,830

228,970

–

230,800

Foreign Common Stock

59,852

–

59,852

Common Stock

54,442

–

54,442

Exchange Traded Fund

13,352

–

13,352

Corporate Obligations

–

10,487

–

10,487

Preferred Stock

–

Total Investments in Securities

129,555

980,478

–

1,110,033

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Futures Contracts*
Unrealized Appreciation		4,378			–			–		4,378
Unrealized Depreciation		(109,610	)		–			–		(109,610	)
Forwards Contracts*
Unrealized Appreciation		–			15,278			–		15,278
Unrealized Depreciation		–			(8,265	)		–		(8,265	)
OTC Swaps
Total Return Swaps*
Unrealized Appreciation		–			37			–		37
Unrealized Depreciation		–			(2,583	)		–		(2,583	)
Centrally Cleared Swaps
Interest Rate Swaps*
Unrealized Depreciation		–			(4,616	)		–		(4,616	)
Total Other Financial Instruments		(105,232	)		(149	)		–		(105,381	)

*	Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

See “Glossary” for abbreviations.

Amounts designated as “—” are either $0 or have been rounded to $0.

^†	Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS — 49.5%
Communication Services — 4.1%
Altice France
5.500%, 10/15/2029 (A)	$	1,666	$	1,254
Altice France Holding
10.500%, 05/15/2027 (A)		2,090		1,637
AMC Entertainment Holdings
10.000%, 06/15/2026 (A)		70		48
AT&T
4.350%, 03/01/2029		700		654
3.500%, 06/01/2041		350		252
2.750%, 06/01/2031		375		300
2.550%, 12/01/2033		1,428		1,057
2.300%, 06/01/2027		1,009		882
1.650%, 02/01/2028		875		719
Bharti Airtel
3.250%, 06/03/2031 (A)		1,360		1,094
CCO Holdings
4.750%, 02/01/2032 (A)		1,625		1,266
4.500%, 05/01/2032		790		603
Charter Communications Operating
5.125%, 07/01/2049		200		147
4.908%, 07/23/2025		3,200		3,121
3.750%, 02/15/2028		650		574
Clear Channel Outdoor Holdings
7.500%, 06/01/2029 (A)		160		116
Digicel Group Holdings
8.000%cash/0% PIK, 04/01/2025 (A)		92		36
DISH DBS
5.875%, 11/15/2024		530		473


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
5.750%, 12/01/2028 (A)	$	480	$	363
5.250%, 12/01/2026 (A)		580		475
5.125%, 06/01/2029		2,025		1,190
Frontier Communications Holdings
5.000%, 05/01/2028 (A)		395		339
Gannett Holdings
6.000%, 11/01/2026 (A)		250		192
iHeartCommunications
8.375%, 05/01/2027		830		698
Intelsat Jackson Holdings (Escrow Security)
0.000%, 12/31/2049 (B)(C)		2,397		–
Mauritius Investments
6.500%, 10/13/2026		2,470		2,376
Millicom International Cellular
6.250%, 03/25/2029 (A)		477		405
4.500%, 04/27/2031 (A)		219		156
Playtika Holding
4.250%, 03/15/2029 (A)		868		694
Scripps Escrow
5.875%, 07/15/2027 (A)		450		392
Scripps Escrow II
5.375%, 01/15/2031 (A)		580		439
Sinclair Television Group
5.125%, 02/15/2027 (A)		495		409
Telecom Argentina
8.500%, 08/06/2025 (A)		28		27
T-Mobile USA
4.500%, 04/15/2050		1,516		1,214
Townsquare Media
6.875%, 02/01/2026 (A)		902		824
Turk Telekomunikasyon
6.875%, 02/28/2025 (A)		530		464
Twitter
5.000%, 03/01/2030 (A)		1,270		1,217
Urban One
7.375%, 02/01/2028 (A)		740		629
Verizon Communications
2.100%, 03/22/2028		515		435
Vmed O2 UK Financing I
4.750%, 07/15/2031 (A)		490		378
VTR Comunicaciones
5.125%, 01/15/2028 (A)		676		456
WarnerMedia Inc
3.755%, 03/15/2027 (A)		970		868
Ziff Davis
4.625%, 10/15/2030 (A)		670		549
ZipRecruiter
5.000%, 01/15/2030 (A)		200		161

				29,583


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Consumer Discretionary — 7.3%
Abercrombie & Fitch Management
8.750%, 07/15/2025 (A)	$	70	$	68
Allen Media
10.500%, 02/15/2028 (A)		1,060		525
Altice Financing
5.000%, 01/15/2028 (A)		735		566
AMC Entertainment Holdings
7.500%, 02/15/2029 (A)		130		100
American Axle & Manufacturing
5.000%, 10/01/2029		190		144
APX Group
5.750%, 07/15/2029 (A)		1,216		961
Asbury Automotive Group
5.000%, 02/15/2032 (A)		280		216
4.625%, 11/15/2029 (A)		505		404
Banijay Entertainment SASU
5.375%, 03/01/2025 (A)		650		611
Bath & Body Works
6.625%, 10/01/2030 (A)		220		191
5.250%, 02/01/2028		710		615
Bed Bath & Beyond
5.165%, 08/01/2044		1,060		159
BorgWarner
5.000%, 10/01/2025 (A)		560		549
Boyne USA
4.750%, 05/15/2029 (A)		1,140		955
CalAtlantic Group
5.250%, 06/01/2026		330		312
Carnival
10.500%, 06/01/2030 (A)		380		304
7.875%, 06/01/2027		1,690		1,625
Carriage Services
4.250%, 05/15/2029 (A)		440		348
Carrols Restaurant Group
5.875%, 07/01/2029 (A)		251		167
Carvana
5.500%, 04/15/2027 (A)		360		196
4.875%, 09/01/2029 (A)		555		271
CD&R Smokey Buyer
6.750%, 07/15/2025 (A)		441		400
Clarios Global
8.500%, 05/15/2027 (A)		640		611
CMG Media
8.875%, 12/15/2027 (A)		850		649
CSC Holdings
6.500%, 02/01/2029 (A)		770		679
5.750%, 01/15/2030 (A)		873		620
5.000%, 11/15/2031 (A)		709		468
4.500%, 11/15/2031 (A)		460		345
Dealer Tire
8.000%, 02/01/2028 (A)		1,734		1,526


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Diamond Sports Group
6.625%, 08/15/2027 (A)	$	500	$	35
5.375%, 08/15/2026 (A)		330		66
DirecTV Financing
5.875%, 08/15/2027 (A)		3,140		2,707
eG Global Finance
6.750%, 02/07/2025 (A)		488		440
Expedia Group
4.625%, 08/01/2027		647		608
Fertitta Entertainment
4.625%, 01/15/2029 (A)		280		232
Foot Locker
4.000%, 10/01/2029 (A)		90		70
Ford Motor
6.100%, 08/19/2032		420		370
3.250%, 02/12/2032		1,391		1,002
Ford Motor Credit
4.950%, 05/28/2027		1,449		1,294
4.000%, 11/13/2030		560		437
3.625%, 06/17/2031		900		669
2.900%, 02/16/2028		290		228
Foundation Building Materials
6.000%, 03/01/2029 (A)		355		259
Full House Resorts
8.250%, 02/15/2028 (A)		280		252
General Motors
5.950%, 04/01/2049		36		30
4.000%, 04/01/2025		250		241
General Motors Financial
5.650%, 01/17/2029		175		165
Getty Images
9.750%, 03/01/2027 (A)		720		715
GrubHub Holdings
5.500%, 07/01/2027 (A)		300		207
Guitar Center
8.500%, 01/15/2026 (A)		1,050		930
Hilton Grand Vacations Borrower Escrow
5.000%, 06/01/2029 (A)		1,010		815
Installed Building Products
5.750%, 02/01/2028 (A)		450		403
KB Home
7.250%, 07/15/2030		545		495
LCM Investments Holdings II
4.875%, 05/01/2029 (A)		1,205		933
Liberty Interactive
8.500%, 07/15/2029		330		216
Marriott Ownership Resorts
4.500%, 06/15/2029 (A)		280		221
Match Group Holdings II
3.625%, 10/01/2031 (A)		385		291
Mclaren Finance
7.500%, 08/01/2026 (A)		740		594


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
MDC Holdings
6.000%, 01/15/2043	$	180	$	135
Melco Resorts Finance
5.375%, 12/04/2029 (A)		920		557
4.875%, 06/06/2025 (A)		200		148
MercadoLibre
3.125%, 01/14/2031		840		609
Metis Merger Sub
6.500%, 05/15/2029 (A)		287		224
Michaels
7.875%, 05/01/2029 (A)		580		335
5.250%, 05/01/2028 (A)		240		168
NCL
5.875%, 03/15/2026 (A)		360		274
5.875%, 02/15/2027 (A)		640		533
3.625%, 12/15/2024 (A)		804		676
NESCO Holdings II
5.500%, 04/15/2029 (A)		284		237
Newell Brands
5.750%, 04/01/2046		536		419
Penn National Gaming
4.125%, 07/01/2029 (A)		1,219		933
Penske Automotive Group
3.750%, 06/15/2029		848		674
PM General Purchaser
9.500%, 10/01/2028 (A)		930		778
Rent-A-Center
6.375%, 02/15/2029 (A)		920		718
Royal Caribbean Cruises
11.625%, 08/15/2027 (A)		350		318
Sally Holdings
5.625%, 12/01/2025		880		834
Sands China
5.900%, 08/08/2028		240		202
5.625%, 08/08/2025		200		181
3.750%, 08/08/2031		200		143
3.350%, 03/08/2029		200		148
2.800%, 03/08/2027		230		183
Scientific Games International
8.625%, 07/01/2025 (A)		320		328
SeaWorld Parks & Entertainment
5.250%, 08/15/2029 (A)		1,765		1,466
Specialty Building Products Holdings
6.375%, 09/30/2026 (A)		1,592		1,317
SRS Distribution
6.125%, 07/01/2029 (A)		1,360		1,092
StoneMor
8.500%, 05/15/2029 (A)		960		809
SWF Escrow Issuer
6.500%, 10/01/2029 (A)		1,165		690
Titan International
7.000%, 04/30/2028		560		508


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
TKC Holdings
6.875%, 05/15/2028 (A)	$	200	$	162
TUI Cruises GmbH
6.500%, 05/15/2026 (A)	EUR	375		277
Viking Ocean Cruises Ship VII
5.625%, 02/15/2029 (A)	$	230		179
VOC Escrow
5.000%, 02/15/2028 (A)		420		342
VZ Secured Financing BV
5.000%, 01/15/2032 (A)		685		512
Wendy's International
7.000%, 12/15/2025		570		570
Wheel Bidco
6.750%, 07/15/2026 (A)	GBP	610		526
Wynn Macau
5.625%, 08/26/2028 (A)	$	390		260
5.500%, 01/15/2026 (A)		600		455
5.125%, 12/15/2029 (A)		470		305
4.875%, 10/01/2024 (A)		220		177
Wynn Resorts Finance
7.750%, 04/15/2025 (A)		600		586
Yum! Brands
4.750%, 01/15/2030 (A)		454		397
ZF North America Capital
4.750%, 04/29/2025 (A)		600		546

				50,441

Consumer Staples — 1.5%
Altria Group
2.350%, 05/06/2025		425		394
Anheuser-Busch InBev Worldwide
4.750%, 01/23/2029		1,650		1,607
Bellis Acquisition
3.250%, 02/16/2026 (A)	GBP	200		168
Constellation Brands
3.150%, 08/01/2029	$	600		515
Darling Ingredients
6.000%, 06/15/2030 (A)		670		638
Energizer Holdings
6.500%, 12/31/2027 (A)		325		289
FAGE International
5.625%, 08/15/2026 (A)		660		586
H-Food Holdings
8.500%, 06/01/2026 (A)		1,090		692
HLF Financing S.A.R.L.
4.875%, 06/01/2029 (A)		2,719		1,940
Kraft Heinz Foods
4.375%, 06/01/2046		1,671		1,299
Lindley
4.625%, 04/12/2023		95		95
Performance Food Group
5.500%, 10/15/2027 (A)		450		409


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Post Holdings
4.625%, 04/15/2030 (A)	$	429	$	352
Prosperous Ray
4.625%, 11/12/2023		300		300
United Rentals North America
4.000%, 07/15/2030		290		240
US Foods
4.750%, 02/15/2029 (A)		1,171		1,002
4.625%, 06/01/2030 (A)		580		480

				11,006

Energy — 7.5%
Berry Petroleum
7.000%, 02/15/2026 (A)		1,200		1,058
Blue Racer Midstream
7.625%, 12/15/2025 (A)		570		547
Cheniere Corpus Christi Holdings
7.000%, 06/30/2024		250		254
5.125%, 06/30/2027		850		823
Cheniere Energy Partners
3.250%, 01/31/2032		300		230
Chord Energy
6.375%, 06/01/2026 (A)		820		779
Civitas Resources
5.000%, 10/15/2026 (A)		475		432
CNX Midstream Partners
4.750%, 04/15/2030 (A)		430		338
Colgate Energy Partners III
5.875%, 07/01/2029 (A)		700		625
Continental Resources
5.750%, 01/15/2031 (A)		400		362
CQP Holdco
5.500%, 06/15/2031 (A)		1,605		1,359
DCP Midstream
7.375%, ICE LIBOR USD 3 Month + 5.148%(D)(E)		560		552
DCP Midstream Operating
6.750%, 09/15/2037 (A)		302		293
Devon Energy
5.850%, 12/15/2025		1,021		1,030
Ecopetrol
6.875%, 04/29/2030		1,010		848
Energy Transfer
7.125%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.306%(D)(E)		220		181
6.250%, ICE LIBOR USD 3 Month + 4.028%(D)(E)		230		189
Energy Transfer Operating
4.200%, 09/15/2023		3,225		3,190
EQM Midstream Partners
7.500%, 06/01/2030 (A)		330		312


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
EQT
7.000%, 02/01/2030	$	360	$	371
6.125%, 02/01/2025		340		340
Gazprom PJSC Via Gaz Capital MTN
7.288%, 08/16/2037		300		147
Global Partners
6.875%, 01/15/2029		545		491
GNL Quintero
4.634%, 07/31/2029		329		303
Hess Midstream Operations
5.500%, 10/15/2030 (A)		325		279
Hilcorp Energy I
6.250%, 04/15/2032 (A)		420		372
Howard Midstream Energy Partners
6.750%, 01/15/2027 (A)		1,000		891
ITT Holdings
6.500%, 08/01/2029 (A)		1,150		892
KazMunayGas National JSC
4.750%, 04/19/2027 (A)		400		334
KazTransGas JSC
4.375%, 09/26/2027 (A)		300		254
Kinetik Holdings
5.875%, 06/15/2030 (A)		775		710
Marathon Petroleum
3.800%, 04/01/2028		325		291
3.625%, 09/15/2024		350		339
MEG Energy
7.125%, 02/01/2027 (A)		1,190		1,208
5.875%, 02/01/2029 (A)		70		63
MPLX
4.800%, 02/15/2029		250		233
4.000%, 03/15/2028		950		865
Nabors Industries
9.000%, 02/01/2025 (A)		1,597		1,589
7.375%, 05/15/2027 (A)		1,390		1,283
Neptune Energy Bondco
6.625%, 05/15/2025 (A)		800		743
New Fortress Energy
6.750%, 09/15/2025 (A)		715		677
NGL Energy Operating
7.500%, 02/01/2026 (A)		1,025		912
NGL Energy Partners
7.500%, 11/01/2023		1,150		1,115
Noble Holdings International
11.000%, 02/15/2028		248		272
Northern Oil and Gas
8.125%, 03/01/2028 (A)		600		562
NuStar Logistics
6.375%, 10/01/2030		670		573
Occidental Petroleum
7.200%, 03/15/2029		150		154
6.625%, 09/01/2030		700		711


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
6.450%, 09/15/2036	$	30	$	30
4.500%, 07/15/2044		210		175
ONEOK
6.350%, 01/15/2031		325		319
Parsley Energy
5.625%, 10/15/2027 (A)		480		493
Penn Virginia Escrow
9.250%, 08/15/2026 (A)		570		536
Petrobras Global Finance BV
5.299%, 01/27/2025		500		496
Petroleos de Venezuela
6.000%, 10/28/2022 (F)		8,860		177
6.000%, 05/16/2024 (F)		3,790		76
6.000%, 11/15/2026 (F)		1,110		22
5.500%, 04/12/2037 (F)		130		3
5.375%, 04/12/2027 (F)		2,570		51
Petroleos Mexicanos
7.690%, 01/23/2050		406		249
6.950%, 01/28/2060		207		114
6.500%, 03/13/2027		430		360
6.490%, 01/23/2027		160		134
5.350%, 02/12/2028		180		137
4.500%, 01/23/2026		40		34
Petroleos Mexicanos MTN
6.750%, 09/21/2047		16		9
Phillips 66
3.900%, 03/15/2028		525		482
Plains All American Pipeline
6.125%, ICE LIBOR USD 3 Month + 4.110%(D)(E)		340		277
3.600%, 11/01/2024		175		168
Range Resources
8.250%, 01/15/2029		700		712
5.000%, 03/15/2023		110		110
4.750%, 02/15/2030 (A)		655		568
Rockies Express Pipeline
7.500%, 07/15/2038 (A)		350		297
Sabine Pass Liquefaction
5.625%, 03/01/2025		800		799
Southwestern Energy
8.375%, 09/15/2028		510		528
7.750%, 10/01/2027		1,400		1,423
4.750%, 02/01/2032		1,020		855
Summit Midstream Holdings
8.500%, 10/15/2026 (A)		1,454		1,365
5.750%, 04/15/2025		925		752
Tallgrass Energy Partners
6.000%, 12/31/2030 (A)		230		196
TechnipFMC
6.500%, 02/01/2026 (A)		1,050		1,007
Total Capital International
2.829%, 01/10/2030		1,350		1,162


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Transocean
11.500%, 01/30/2027 (A)	$	2,088	$	1,931
Transocean Poseidon
6.875%, 02/01/2027 (A)		411		376
Transportadora de Gas del Sur
6.750%, 05/02/2025 (A)		1,250		1,072
USA Compression Partners
6.875%, 04/01/2026		1,175		1,081
Venture Global Calcasieu Pass
4.125%, 08/15/2031 (A)		390		323
3.875%, 11/01/2033 (A)		430		334
Viper Energy Partners
5.375%, 11/01/2027 (A)		500		460
Western Midstream Operating
5.450%, 04/01/2044		1,100		902
5.300%, 03/01/2048		530		436
YPF
9.000%, 02/12/2023 (A)(G)		425		357
8.500%, 07/28/2025 (A)		700		494
6.950%, 07/21/2027 (A)		380		222

				52,480

Financials — 10.8%
ABN AMRO Bank
4.375%(D)(E)	EUR	400		332
Accelerate360 Holdings
8.000%, 03/01/2028 (A)	$	1,154		1,226
Acrisure
6.000%, 08/01/2029 (A)		915		705
4.250%, 02/15/2029 (A)		975		764
AFC Gamma
5.750%, 05/01/2027 (A)		300		241
AG Issuer
6.250%, 03/01/2028 (A)		1,116		965
AIA Group
3.900%, 04/06/2028 (A)		475		445
AIA Group MTN
3.200%, 03/11/2025 (A)		425		408
AIB Group MTN
4.750%, 10/12/2023 (A)		550		543
Alliant Holdings Intermediate
6.750%, 10/15/2027 (A)		760		655
Ally Financial
4.700%, H15T7Y + 3.481%(D)(E)		1,325		944
American International Group
3.900%, 04/01/2026		325		310
3.400%, 06/30/2030		225		196
Apollo Commercial Real Estate Finance
4.625%, 06/15/2029 (A)		440		331
Aviation Capital Group
5.500%, 12/15/2024 (A)		390		378
1.950%, 01/30/2026 (A)		350		294


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Avolon Holdings Funding
5.125%, 10/01/2023 (A)	$	140	$	138
4.250%, 04/15/2026 (A)		430		386
2.875%, 02/15/2025 (A)		1,250		1,131
B3 - Brasil Bolsa Balcao
4.125%, 09/20/2031 (A)		700		548
Banco Bilbao Vizcaya Argentaria
5.875%, EUR Swap Annual 5 Yr + 5.660%(D)(E)	EUR	800		716
Banco de Bogota
6.250%, 05/12/2026 (A)	$	980		916
Banco do Brasil
9.000%, US Treas Yield Curve Rate T Note Const Mat 10 Yr + 6.362%(D)(E)		200		199
6.250%, US Treas Yield Curve Rate T Note Const Mat 10 Yr + 4.398%(D)(E)		1,920		1,651
Banco Mercantil del Norte
7.500%, US Treas Yield Curve Rate T Note Const Mat 10 Yr + 5.470%(A)(D)(E)		970		827
6.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.967%(A)(D)(E)		420		389
5.875%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.643%(A)(D)(E)		1,340		1,095
Banco Santander
4.250%, 04/11/2027		400		368
3.306%, 06/27/2029		400		339
2.749%, 12/03/2030		200		141
2.746%, 05/28/2025		600		549
Bank of America
6.250%, ICE LIBOR USD 3 Month + 3.705%(D)(E)		150		145
3.419%, ICE LIBOR USD 3 Month + 1.040%, 12/20/2028 (D)		2,115		1,878
Bank of America MTN
4.200%, 08/26/2024		225		221
4.000%, 01/22/2025		1,350		1,307
3.824%, ICE LIBOR USD 3 Month + 1.575%, 01/20/2028 (D)		1,525		1,404
Bank of New York Mellon MTN
4.596%, U.S. SOFR + 1.755%, 07/26/2030 (D)		75		71
Banque Ouest Africaine de Developpement
2.750%, 01/22/2033 (A)	EUR	1,870		1,337
Barclays
8.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.672%(D)(E)	$	970		900


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
7.125%, UK Govt Bonds 5 Year Note Generic Bid Yield + 6.579%(D)(E)	GBP	700	$	676
2.852%, U.S. SOFR + 2.714%, 05/07/2026 (D)	$	725		658
BBVA Bancomer
5.125%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.650%, 01/18/2033 (A)(D)		410		339
BNP Paribas
7.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.899%(A)(D)(E)		270		249
3.375%, 01/09/2025 (A)		1,000		951
1.323%, U.S. SOFR + 1.004%, 01/13/2027 (A)(D)		675		575
BPCE
4.625%, 09/12/2028 (A)		500		455
2.277%, U.S. SOFR + 1.312%, 01/20/2032 (A)(D)		375		270
BroadStreet Partners
5.875%, 04/15/2029 (A)		1,195		941
Burford Capital Global Finance
6.875%, 04/15/2030 (A)		380		332
Cellnex Finance MTN
1.250%, 01/15/2029	EUR	400		290
Citigroup
6.300%, ICE LIBOR USD 3 Month + 3.423%(D)(E)	$	1,250		1,164
5.900%, ICE LIBOR USD 3 Month + 4.230%(D)(E)		675		668
4.125%, 07/25/2028		1,450		1,308
3.400%, 05/01/2026		1,675		1,562
Coinbase Global
3.625%, 10/01/2031 (A)		400		222
Cooperatieve Rabobank UA
4.625%, EUR Swap Annual 5 Yr + 4.098%(D)(E)	EUR	1,400		1,197
Credit Agricole
8.125%, USD Swap Semi 30/360 5 Yr Curr + 6.185%(A)(D)(E)	$	710		683
Credit Suisse Group
9.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.383%(A)(D)(E)		1,020		1,001
7.500%, USD Swap Semi 30/360 5 Yr Curr + 4.600%(A)(D)(E)		410		352
7.250%, USD ICE Swap 11:00 NY 5 Yr + 4.332%(A)(D)(E)		200		153
6.537%, U.S. SOFR + 3.920%, 08/12/2033 (A)(D)		540		485
4.550%, 04/17/2026		802		738
3.869%, ICE LIBOR USD 3 Month + 1.410%, 01/12/2029 (A)(D)		600		489


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Deutsche Bank
6.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.524%(D)(E)	$	400	$	300
DP World MTN
5.625%, 09/25/2048		200		174
First Horizon National
4.000%, 05/26/2025		625		603
FirstCash
5.625%, 01/01/2030 (A)		340		291
Freedom Mortgage
7.625%, 05/01/2026 (A)		1,450		1,083
6.625%, 01/15/2027 (A)		1,015		723
Global Aircraft Leasing
6.500%cash/0% PIK, 09/15/2024 (A)		3,189		2,400
Highlands Holdings Bond Issuer
7.625%, 10/15/2025 (A)		930		877
HSBC Holdings
4.950%, 03/31/2030		226		208
3.803%, ICE LIBOR USD 3 Month + 1.211%, 03/11/2025 (D)		700		676
1.645%, U.S. SOFR + 1.538%, 04/18/2026 (D)		1,000		889
Intercontinental Exchange
2.100%, 06/15/2030		800		636
Intesa Sanpaolo MTN
5.710%, 01/15/2026 (A)		1,080		982
Itau Unibanco Holding
4.625%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.222%(A)(D)(E)		1,120		874
Jane Street Group
4.500%, 11/15/2029 (A)		160		138
JPMorgan Chase
4.125%, 12/15/2026		3,400		3,208
2.956%, U.S. SOFR + 2.515%, 05/13/2031 (D)		250		198
Ladder Capital Finance Holdings LLLP
4.750%, 06/15/2029 (A)		270		202
4.250%, 02/01/2027 (A)		240		193
LD Holdings Group
6.500%, 11/01/2025 (A)		860		516
Lloyds Banking Group
4.947%(D)(E)	EUR	290		251
Midcap Financial Issuer Trust
6.500%, 05/01/2028 (A)	$	1,532		1,309
5.625%, 01/15/2030 (A)		305		234
Morgan Stanley
3.625%, 01/20/2027		750		698
Morgan Stanley MTN
3.950%, 04/23/2027		1,100		1,022
1.794%, U.S. SOFR + 1.034%, 02/13/2032 (D)		625		457


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
National Bank of Uzbekistan
4.850%, 10/21/2025	$	200	$	176
Nationstar Mortgage Holdings
5.500%, 08/15/2028 (A)		1,754		1,377
Nationwide Building Society
3.960%, ICE LIBOR USD 3 Month + 1.855%, 07/18/2030 (A)(D)		450		388
NatWest Group
4.500%, UK Govt Bonds 5 Year Note Generic Bid Yield + 3.992%(D)(E)	GBP	1,160		874
3.754%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.100%, 11/01/2029 (D)	$	225		208
Navient
5.500%, 03/15/2029		1,519		1,155
5.000%, 03/15/2027		1,100		900
Navient MTN
5.625%, 08/01/2033		180		121
NFP
6.875%, 08/15/2028 (A)		893		696
NMI Holdings
7.375%, 06/01/2025 (A)		410		398
Oxford Finance
6.375%, 02/01/2027 (A)		465		435
Park Aerospace Holdings
4.500%, 03/15/2023 (A)		170		169
PNC Financial Services Group
6.200%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.238%(D)(E)		1,350		1,276
Raymond James Financial
4.650%, 04/01/2030		400		376
StoneX Group
8.625%, 06/15/2025 (A)		380		384
TTMT Escrow Issuer
8.625%, 09/30/2027 (A)		130		122
Turkiye Vakiflar Bankasi TAO
6.500%, 01/08/2026 (A)		680		588
UBS Group
7.000%, USD Swap Semi 30/360 5 Yr Curr + 4.344%(A)(D)(E)		810		766
2.746%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.100%, 02/11/2033 (A)(D)		340		253
UniCredit MTN
7.296%, USD ICE Swap 11:00 NY 5 Yr + 4.914%, 04/02/2034 (A)(D)		260		221
5.459%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.750%, 06/30/2035 (A)(D)		440		327
United Wholesale Mortgage
5.500%, 04/15/2029 (A)		1,360		1,034


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
VistaJet Malta Finance
7.875%, 05/01/2027 (A)	$	370	$	333
6.375%, 02/01/2030 (A)		1,340		1,095
Wells Fargo
5.875%, ICE LIBOR USD 3 Month + 3.990%(D)(E)		525		500
Wells Fargo MTN
4.897%, U.S. SOFR + 2.100%, 07/25/2033 (D)		660		608
4.100%, 06/03/2026		1,575		1,498
Yapi ve Kredi Bankasi MTN
13.875%, USD Swap Semi 30/360 5 Yr Curr + 11.245%(D)(E)		480		493
8.250%, 10/15/2024 (A)		500		487

				77,551

Health Care — 3.0%
1375209 B.C. Ltd
9.000%, 01/30/2028 (A)		51		50
AbbVie
3.200%, 11/21/2029		1,375		1,204
AdaptHealth
6.125%, 08/01/2028 (A)		670		600
5.125%, 03/01/2030 (A)		370		305
4.625%, 08/01/2029 (A)		605		485
Akumin
7.000%, 11/01/2025 (A)		140		115
Akumin Escrow
7.500%, 08/01/2028 (A)		490		374
AthenaHealth Group
6.500%, 02/15/2030 (A)		2,400		1,897
Bausch Health
14.000%, 10/15/2030 (A)		18		10
11.000%, 09/30/2028		91		73
7.000%, 01/15/2028 (A)		130		50
6.125%, 02/01/2027 (A)		1,040		720
5.500%, 11/01/2025 (A)		310		246
5.000%, 01/30/2028 (A)		60		22
5.000%, 02/15/2029 (A)		390		151
Bayer US Finance II
4.375%, 12/15/2028 (A)		300		274
4.250%, 12/15/2025 (A)		500		479
Becton Dickinson
3.700%, 06/06/2027		690		642
2.823%, 05/20/2030		625		523
CAB SELAS
3.375%, 02/01/2028 (A)	EUR	475		355
Centene
4.250%, 12/15/2027	$	20		18
Chrome Holdco SASU
5.000%, 05/31/2029 (A)	EUR	375		277


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
CHS
6.125%, 04/01/2030 (A)	$	1,270	$	599
Cidron Aida Finco S.A.R.L.
6.250%, 04/01/2028 (A)	GBP	440		387
CVS Health
3.750%, 04/01/2030	$	590		525
DaVita
3.750%, 02/15/2031 (A)		1,760		1,254
DH Europe Finance II S.A.R.L.
2.600%, 11/15/2029		175		150
HealthEquity
4.500%, 10/01/2029 (A)		376		318
Laboratoire Eimer Selas
5.000%, 02/01/2029 (A)	EUR	225		159
LifePoint Health
5.375%, 01/15/2029 (A)	$	1,185		826
Medline Borrower
5.250%, 10/01/2029 (A)		810		612
3.875%, 04/01/2029 (A)		1,980		1,587
Option Care Health
4.375%, 10/31/2029 (A)		740		625
Pediatrix Medical Group
5.375%, 02/15/2030 (A)		250		207
Prestige Brands
3.750%, 04/01/2031 (A)		810		629
Prime Security Services Borrower
6.250%, 01/15/2028 (A)		330		282
Radiology Partners
9.250%, 02/01/2028 (A)		565		368
RegionalCare Hospital Partners Holdings
9.750%, 12/01/2026 (A)		500		447
Stryker
1.950%, 06/15/2030		825		653
Tenet Healthcare
6.250%, 02/01/2027 (A)		200		187
6.125%, 06/15/2030 (A)		446		409
Teva Pharmaceutical Finance LLC
6.150%, 02/01/2036		930		766
US Renal Care
10.625%, 07/15/2027 (A)		430		197
Verisure Holding
3.250%, 02/15/2027 (A)	EUR	475		377
Verisure Midholding
5.250%, 02/15/2029 (A)		500		360
Zoetis
2.000%, 05/15/2030	$	1,100		874

				21,668

Industrials — 7.8%
Advanced Drainage Systems
6.375%, 06/15/2030 (A)		390		378


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
AerCap Ireland Capital DAC
6.500%, 07/15/2025	$	285	$	284
4.875%, 01/16/2024		400		393
3.300%, 01/30/2032		260		195
Aeropuerto Internacional de Tocumen
5.125%, 08/11/2061 (A)		520		371
4.000%, 08/11/2041 (A)		640		474
Aeropuertos Dominicanos Siglo XXI
6.750%, 03/30/2029 (A)		350		323
Air Canada
3.875%, 08/15/2026 (A)		400		343
Air Lease
3.250%, 03/01/2025		850		796
Air Lease MTN
3.750%, 06/01/2026		600		548
Allegiant Travel
7.250%, 08/15/2027 (A)		295		278
Allied Universal Holdco
9.750%, 07/15/2027		649		533
6.625%, 07/15/2026 (A)		330		294
6.000%, 06/01/2029 (A)		1,000		645
Allison Transmission
4.750%, 10/01/2027 (A)		210		185
American Airlines
11.750%, 07/15/2025 (A)		660		689
5.750%, 04/20/2029 (A)		1,071		934
5.500%, 04/20/2026 (A)		582		547
American Airlines Pass-Through Trust
4.950%, 02/15/2025		299		272
American Builders & Contractors Supply
3.875%, 11/15/2029 (A)		1,115		873
American News
8.500%cash/0% PIK, 09/01/2026 (A)		927		1,024
APi Group DE
4.750%, 10/15/2029 (A)		143		119
4.125%, 07/15/2029 (A)		1,778		1,409
Arcosa
4.375%, 04/15/2029 (A)		500		425
Avis Budget Car Rental
5.375%, 03/01/2029 (A)		705		579
BCPE Empire Holdings
7.625%, 05/01/2027 (A)		990		858
Boeing
5.930%, 05/01/2060		410		351
5.805%, 05/01/2050		350		304
5.150%, 05/01/2030		150		139
3.450%, 11/01/2028		375		323
3.250%, 03/01/2028		425		368
Builders FirstSource
4.250%, 02/01/2032 (A)		310		238
Cargo Aircraft Management
4.750%, 02/01/2028 (A)		320		275


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Carriage Purchaser
7.875%, 10/15/2029 (A)	$	240	$	179
Carrier Global
2.493%, 02/15/2027		1,100		975
2.242%, 02/15/2025		1,000		934
CoreCivic
8.250%, 04/15/2026		1,060		1,055
Cornerstone Building Brands
6.125%, 01/15/2029 (A)		567		316
CoStar Group
2.800%, 07/15/2030 (A)		625		493
CP Atlas Buyer
7.000%, 12/01/2028 (A)		955		711
DP World MTN
6.850%, 07/02/2037 (A)		100		102
5.625%, 09/25/2048 (A)		450		393
GEO Group
10.500%, 06/30/2028		742		734
GFL Environmental
5.125%, 12/15/2026 (A)		330		307
4.000%, 08/01/2028 (A)		1,188		990
Global Infrastructure Solutions
7.500%, 04/15/2032 (A)		455		346
5.625%, 06/01/2029 (A)		1,271		940
Granite US Holdings
11.000%, 10/01/2027 (A)		350		330
GYP Holdings III
4.625%, 05/01/2029 (A)		470		358
H&E Equipment Services
3.875%, 12/15/2028 (A)		240		188
Hawaiian Brand Intellectual Property
5.750%, 01/20/2026 (A)		1,330		1,173
Hillenbrand
3.750%, 03/01/2031		589		455
Husky III Holding
13.000%cash/0% PIK, 02/15/2025 (A)		600		563
IHS Holding
6.250%, 11/29/2028 (A)		350		267
5.625%, 11/29/2026 (A)		440		346
Johnson Controls International
4.900%, 12/01/2032		150		142
KOC Holding
6.500%, 03/11/2025		2,170		2,036
5.250%, 03/15/2023		1,330		1,314
Legends Hospitality Holding
5.000%, 02/01/2026 (A)		510		437
Madison IAQ
5.875%, 06/30/2029 (A)		189		132
4.125%, 06/30/2028 (A)		179		144
Mexico City Airport Trust
5.500%, 10/31/2046		400		252
5.500%, 07/31/2047		892		558


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
4.250%, 10/31/2026 (A)	$	210	$	187
3.875%, 04/30/2028 (A)		1,190		982
MHP Lux
6.950%, 04/03/2026 (F)		1,870		910
MV24 Capital BV
6.748%, 06/01/2034		2,391		2,020
Northrop Grumman
3.250%, 01/15/2028		1,950		1,774
Otis Worldwide
2.565%, 02/15/2030		1,425		1,166
Park-Ohio Industries
6.625%, 04/15/2027		1,550		1,163
Spirit AeroSystems
4.600%, 06/15/2028		2,135		1,543
Spirit Loyalty Cayman
8.000%, 09/20/2025 (A)		503		506
Standard Industries
4.375%, 07/15/2030 (A)		645		493
Stanley Black & Decker
4.250%, 11/15/2028		650		612
Swire Pacific Financing MTN
4.500%, 10/09/2023		200		199
Titan Acquisition
7.750%, 04/15/2026 (A)		1,465		1,158
TK Elevator Holdco GmbH
7.625%, 07/15/2028 (A)		1,546		1,295
TransDigm
8.000%, 12/15/2025 (A)		310		314
7.500%, 03/15/2027		260		248
5.500%, 11/15/2027		1,330		1,157
4.875%, 05/01/2029		359		290
4.625%, 01/15/2029		135		109
Triumph Group
8.875%, 06/01/2024 (A)		100		99
7.750%, 08/15/2025		1,821		1,392
Tutor Perini
6.875%, 05/01/2025 (A)		440		329
United Airlines
4.625%, 04/15/2029 (A)		330		273
United Airlines Pass-Through Trust, Ser 2020-1, Cl B
4.875%, 01/15/2026		64		59
United Rentals North America
5.250%, 01/15/2030		530		480
Vertiv Group
4.125%, 11/15/2028 (A)		810		652
XPO CNW
6.700%, 05/01/2034		1,130		1,050

				53,397


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Information Technology — 3.0%
Arches Buyer
6.125%, 12/01/2028 (A)	$	364	$	282
Broadcom
3.500%, 02/15/2041 (A)		525		354
3.469%, 04/15/2034 (A)		175		131
3.419%, 04/15/2033 (A)		1,150		878
3.187%, 11/15/2036 (A)		53		36
Castle US Holding
9.500%, 02/15/2028 (A)		1,334		981
Central Parent
7.250%, 06/15/2029 (A)		880		837
Clarivate Science Holdings
4.875%, 07/01/2029 (A)		1,206		944
Coherent
5.000%, 12/15/2029 (A)		420		348
CommScope
8.250%, 03/01/2027 (A)		120		99
4.750%, 09/01/2029 (A)		410		334
Crowdstrike Holdings
3.000%, 02/15/2029		280		235
Dell International
6.020%, 06/15/2026		1,525		1,531
5.450%, 06/15/2023		141		141
5.300%, 10/01/2029		75		70
Elastic
4.125%, 07/15/2029 (A)		695		549
Endurance International Group Holdings
6.000%, 02/15/2029 (A)		1,260		837
Global Payments
2.650%, 02/15/2025		400		374
Hewlett Packard Enterprise
4.900%, 10/15/2025		1,865		1,849
Imola Merger
4.750%, 05/15/2029 (A)		1,054		889
ION Trading Technologies S.A.R.L.
5.750%, 05/15/2028 (A)		687		560
Lam Research
1.900%, 06/15/2030		300		238
MEGlobal Canada ULC MTN
5.875%, 05/18/2030 (A)		460		455
Meta Platforms
3.850%, 08/15/2032 (A)		950		835
3.500%, 08/15/2027 (A)		950		888
NCR
5.125%, 04/15/2029 (A)		530		398
NortonLifeLock
7.125%, 09/30/2030 (A)		660		638
NXP BV
3.400%, 05/01/2030		225		187
Open Text Holdings
4.125%, 02/15/2030 (A)		3		2


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Oracle
2.875%, 03/25/2031	$	550	$	434
Paysafe Finance
4.000%, 06/15/2029 (A)		400		279
Presidio Holdings
8.250%, 02/01/2028 (A)		110		95
Prosus
3.680%, 01/21/2030 (A)		250		187
Prosus MTN
4.027%, 08/03/2050 (A)		560		312
3.061%, 07/13/2031 (A)		740		508
Saga
5.500%, 07/15/2026	GBP	610		490
SPCM
3.375%, 03/15/2030 (A)	$	310		242
Sprint Capital
8.750%, 03/15/2032		510		591
Sunny Express Enterprises
3.350%(D)(E)		200		200
Switch
4.125%, 06/15/2029 (A)		300		297
TeamSystem
3.500%, 02/15/2028 (A)	EUR	550		444
Uniquify
6.000%, 06/15/2024 (A)	$	158		152
United Group BV
4.625%, 08/15/2028 (A)	EUR	450		311
Vericast
13.000%, 10/15/2027 (A)	$	180		204
11.000%, 09/15/2026 (A)		240		236
Virtusa
7.125%, 12/15/2028 (A)		275		204

				21,086

Materials — 2.4%
Anglo American Capital
5.625%, 04/01/2030 (A)		500		473
AngloGold Ashanti Holdings
3.750%, 10/01/2030		930		721
Ardagh Metal Packaging Finance USA
6.000%, 06/15/2027 (A)		210		198
4.000%, 09/01/2029 (A)		360		264
3.000%, 09/01/2029	EUR	350		244
ASP Unifrax Holdings
5.250%, 09/30/2028 (A)	$	275		211
Avient
7.125%, 08/01/2030 (A)		500		461
Axalta Coating Systems
3.375%, 02/15/2029 (A)		1,405		1,101
Berry Global
1.570%, 01/15/2026		325		283


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Braskem Netherlands Finance BV
4.500%, 01/10/2028 (A)	$	670	$	567
Chemours
4.625%, 11/15/2029 (A)		1,645		1,221
Cleveland-Cliffs
4.875%, 03/01/2031 (A)		715		591
First Quantum Minerals
6.875%, 10/15/2027 (A)		1,000		900
Freeport-McMoRan
5.450%, 03/15/2043		750		626
Glencore Funding
4.125%, 03/12/2024 (A)		400		393
Huntsman International
4.500%, 05/01/2029		375		331
INEOS Quattro Finance II
3.375%, 01/15/2026 (A)		205		171
Ingevity
3.875%, 11/01/2028 (A)		735		608
LABL
6.750%, 07/15/2026 (A)		950		862
Metinvest BV
7.750%, 04/23/2023 (A)		375		188
Newcrest Finance Pty
3.250%, 05/13/2030 (A)		150		125
OCP
3.750%, 06/23/2031 (A)		200		152
Owens-Brockway Glass Container
6.625%, 05/13/2027 (A)		200		181
Pactiv
8.375%, 04/15/2027		1,615		1,441
7.950%, 12/15/2025		130		121
Rayonier AM Products
7.625%, 01/15/2026 (A)		125		110
Samarco Mineracao
5.750%, 10/24/2023 (F)		200		123
4.125%, 11/01/2022 (F)		200		117
Sasol Financing USA
5.500%, 03/18/2031		440		332
4.375%, 09/18/2026		1,360		1,187
Sealed Air
6.875%, 07/15/2033 (A)		411		393
SRM Escrow Issuer
6.000%, 11/01/2028 (A)		710		577
Suzano Austria GmbH
3.125%, 01/15/2032		590		425
Syngenta Finance MTN
1.250%, 09/10/2027	EUR	200		163
Teck Resources
3.900%, 07/15/2030	$	250		213
Vale Overseas
6.250%, 08/10/2026		580		585


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
WR Grace Holdings
5.625%, 08/15/2029 (A)	$	670	$	502

				17,161

Real Estate — 0.9%
Agree
2.900%, 10/01/2030		175		140
Alexandria Real Estate Equities
3.375%, 08/15/2031		375		315
Diversified Healthcare Trust
9.750%, 06/15/2025		234		212
Duke Realty
1.750%, 07/01/2030		300		234
Essex Portfolio
3.000%, 01/15/2030		400		332
Five Point Operating
7.875%, 11/15/2025 (A)		870		692
IIP Operating Partnership
5.500%, 05/25/2026		410		366
Iron Mountain Information Management Services
5.000%, 07/15/2032 (A)		820		635
MPT Operating Partnership
3.692%, 06/05/2028	GBP	544		448
Realty Income
4.875%, 06/01/2026	$	1,000		983
2.850%, 12/15/2032		375		300
Service Properties Trust
7.500%, 09/15/2025		370		346
5.500%, 12/15/2027		370		300
Spirit Realty
3.200%, 01/15/2027		600		526
WP Carey
4.250%, 10/01/2026		700		660

				6,489

Utilities — 1.2%
AES
2.450%, 01/15/2031		340		260
Alliant Energy Finance
4.250%, 06/15/2028 (A)		125		115
American Electric Power
2.300%, 03/01/2030		300		239
Berkshire Hathaway Energy
4.250%, 10/15/2050		175		141
Calpine
3.750%, 03/01/2031 (A)		1,875		1,467
Eskom Holdings SOC MTN
6.750%, 08/06/2023		230		218
6.350%, 08/10/2028		500		435
Greenko Investment
4.875%, 08/16/2023 (A)		410		391


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
InterGen
7.000%, 06/30/2023 (A)	$	470	$	457
NiSource
3.600%, 05/01/2030		50		44
Pike
5.500%, 09/01/2028 (A)		983		796
Sempra Energy
3.400%, 02/01/2028		1,075		972
Southern California Edison
4.200%, 03/01/2029		450		416
Sunnova Energy
5.875%, 09/01/2026 (A)		410		366
TransAlta
6.500%, 03/15/2040		1,020		935
Vistra Operations
3.550%, 07/15/2024 (A)		1,200		1,144

				8,396

Total Corporate Obligations
(Cost $425,186) ($ Thousands)				349,258



LOAN PARTICIPATIONS — 13.5%
19th Holdings Golf LLC, Initial Term Loan, 1st Lien
5.696%, CME Term SOFR + 3.000%, 02/07/2029 (B)(D)		918		849
ABG, Term Loan, 1st Lien
6.634%, 12/21/2028 (D)		337		322
Academy, LTD., Initial Term Loan (2021), 1st Lien
6.314%, LIBOR + 3.750%, 11/05/2027 (D)		215		210
Acrisure, LLC, 2020 Term Loan, 1st Lien
6.615%, LIBOR + 3.500%, 02/15/2027 (D)		361		329
ADS Tactical Inc, Term Loan, 1st Lien
8.802%, 03/19/2026 (D)		1,110		1,014
Adtalem Global, Term Loan, 1st Lien
7.052%, 08/12/2028		351		347
Air Canada, Term Loan, 1st Lien
6.421%, 08/11/2028 (D)		599		568
Allen Media LLC, Initial Term Loan, 1st Lien
9.203%, 02/10/2027		966		832
Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC), Initial U.S. Dollar Term Loan, 1st Lien
6.784%, LIBOR + 3.750%, 05/12/2028 (D)		672		589


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Alterra Moutain Company, Series B-2 Term Loan, 1st Lien
6.615%, 08/17/2028 (D)	$	528	$	511
AMC Entertainment Holdings, Inc. (fka AMC Entertainment Inc.), Term B-1 Loan, 1st Lien
5.756%, LIBOR + 3.000%, 04/22/2026 (D)		364		284
Amentum Goverment Services Holdings LLC, Term Loan, 1st Lien
7.558%, 02/15/2029 (D)		512		488
7.206%, 02/15/2029		455		434
Amentum Government Services Holdings LLC, Initial Term Loan, 1st Lien
7.674%, LIBOR + 3.500%, 01/29/2027 (D)		358		340
Amentum Government Services Holdings LLC, Tranche 1 Term Loan, 1st Lien
7.674%, LIBOR + 3.500%, 01/29/2027 (D)		180		171
Amentum/Aecom Maverick, Term Loan, 2nd Lien
12.920%, 01/31/2028		151		138
Apex Tool Group, Term Loan, 1st Lien
8.098%, 02/08/2029 (D)		898		791
Apollo Commercial Real Estate Finance, Inc., Term B-1 Loan, 1st Lien
6.584%, LIBOR + 3.500%, 03/11/2028 (B)(D)		1,064		995
Apollo Commercial Real Estate Finance, Inc., Term Loan, 1st Lien
5.865%, 05/15/2026 (D)		20		18
AppLovin Corporation, Amendment No. 6 New Term Loan, 1st Lien
6.674%, 10/25/2028 (D)		468		448
Arcis Golf LLC, Initial Term Loan, 1st Lien
7.365%, 11/24/2028		697		676
Arctic Canadian Diamond Company Ltd., Term Loan, 2nd Lien
7.500%, 12/31/2027 (B)		861		830
Asurion, LLC, New B-4 Term Loan, 2nd Lien
6.615%, 01/20/2029 (D)		950		722
Asurion, LLC, New B-9 Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 07/31/2027 (D)		502		423
Athena Helath Group, Initial Term Loan
6.576%, 02/15/2029 (D)		77		69
Atlantic Aviation, Term Loan, 2nd Lien
6.615%, 09/21/2029 (D)		125		119
Autokiniton, Term Loan B, 1st Lien
7.185%, 04/06/2028 (D)		217		200


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Brown Group Holdings, LLC, Initial Term Loan, 1st Lien
5.615%, LIBOR + 2.750%, 06/07/2028 (D)	$	984	$	934
Caesars Resort Collection, LLC, Term B Loan, 1st Lien
5.865%, LIBOR + 2.750%, 12/23/2024 (D)		684		667
Caesars Resort Collection, LLC, Term B-1 Loan, 1st Lien
6.615%, 07/21/2025 (D)		173		170
Cardinal Parent, Inc., Initial Term Loan, 1st Lien
8.174%, LIBOR + 4.500%, 11/12/2027 (D)		615		581
Carnival Corporation, 2021 Incremental Term B Advance, 1st Lien
6.127%, 10/18/2028		485		423
Castle US Holding Corporation, Initial Dollar Term Loan, 1st Lien
6.865%, LIBOR + 3.750%, 01/29/2027 (D)		362		290
Chariot Buyer LLC, Initial Term Loan, 1st Lien
6.615%, 11/03/2028		571		517
Citadel Securities LP, 2021 Term Loan, 1st Lien
5.649%, LIBOR + 2.500%, 02/02/2028 (D)		635		616
City Brewing Company, LLC, Closing Date Term Loan, 1st Lien
6.185%, LIBOR + 3.500%, 04/05/2028 (D)		376		292
CityMD/Summit Health, Term Loan, 1st Lien
6.924%, 12/22/2028		662		632
Clark Equipment Company, Term Loan B, 1st Lien
6.153%, 04/20/2029 (D)		100		97
ClubCorp Holdings, Inc., Term B Loan, 1st Lien
6.424%, LIBOR + 2.750%, 09/18/2024 (D)(H)		705		647
CNT Holdings I Corp, Initial Term Loan, 1st Lien
6.248%, LIBOR + 3.750%, 11/08/2027 (D)		739		702
Commscope, Inc., Initial Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 04/06/2026 (D)		931		858
CPP, Term Loan, 2nd Lien
10.560%, 04/30/2026		370		307


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Crosby US Acquisition Corp., Initial Term Loan, 1st Lien
7.834%, LIBOR + 4.750%, 06/26/2026 (D)	$	992	$	931
CTC Holdings/Chicago Trading Company, Term Loan, 1st Lien
8.357%, 02/20/2029 (D)		567		542
DCert Buyer, Inc., First Amendment Refinancing Loan, 2nd Lien
9.903%, LIBOR + 7.000%, 02/19/2029 (D)		2,190		2,034
DCert Buyer, Inc., Initial Term Loan, 1st Lien
6.903%, LIBOR + 4.000%, 10/16/2026 (D)		874		832
Deerfield Dakota Holding, Llc 4/7/2028 2021 Replacement Term Loan, 2nd Lien
9.865%, 04/07/2028 (B)(D)		300		290
Deerfield Dakota Holding, LLC, Initial Dollar Term Loan, 1st Lien
6.784%, LIBOR + 3.750%, 04/09/2027 (D)		244		230
Del Monte Food, Term Loan, 1st Lien
7.374%, 05/16/2029		650		621
Diamond Sports Group LLC, Term Loan, 1st Lien
10.696%, 05/25/2026 (D)(H)		99		95
DirecTV Financing LLC, Closing Date Term Loan, 1st Lien
8.115%, LIBOR + 5.000%, 08/02/2027 (D)		865		803
Empire Today, Term Loan, 1st Lien
7.685%, 04/03/2028 (D)		482		381
Energize Holdco LLC, Initial Term Loan, 1st Lien
6.865%, 12/08/2028 (D)		796		742
Energize Holdco LLC, Initial Term Loan, 2nd Lien
9.865%, 12/07/2029		425		397
Engineered Machinery Holdings, Inc., Incremental Amendment No. 4 Term Loan, 1st Lien
3.750%, 05/21/2028 (D)		322		284
Engineered Machinery Holdings, Inc., Incremental Amendment No. 5 Term Loan, 1st Lien
7.424%, 05/19/2028		718		689
Equinox Holdings Inc., Incremental Term B-2 Loan, 1st Lien
12.674%, 03/08/2024 (D)		244		196
EyeCare Partners, LLC, Term Loan, 1st Lien
7.424%, LIBOR + 3.750%, 02/18/2027 (D)		752		680


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
EyeCare Partners, Term Loan, 1st Lien
7.424%, 11/15/2028	$	458	$	427
EyeCare Partners, Term Loan, 2nd Lien
10.424%, 11/15/2029		430		391
Fanatics Commercial, Term Loan, 1st Lien
6.056%, 11/24/2028 (H)		715		688
First Brand Group, Term Loan, 2nd Lien
11.871%, 03/30/2028		1,410		1,343
First Brands Group, LLC, 2021 Term Loan, 1st Lien
8.369%, LIBOR + 5.000%, 03/30/2027 (D)		878		842
Focus Financial Partnersm LLC, Tranche B-3, Term Loan, 1st Lien
5.115%, LIBOR + 2.000%, 07/03/2024 (D)(H)		570		555
Focus Financial, Term Loan, 1st Lien
5.615%, 06/30/2028		534		515
Froneri International Limited, Facility B1, 1st Lien
3.006%, Euribor + 2.375%, 01/29/2027 (D)		330		286
Froneri International Limited, Facility B2, 1st Lien
5.365%, LIBOR + 2.250%, 01/29/2027 (D)		137		129
Gainwell Acquisition Corp., Term B Loan, 1st Lien
7.674%, LIBOR + 4.000%, 10/01/2027 (D)		1,965		1,868
Garda Security, Term Loan, 1st Lien
7.050%, 02/01/2029		570		529
Garda World Security Corp
7.240%, LIBOR + 4.250%, 10/30/2026 (D)		679		637
Getty Images, Inc., Initial Dollar Term Loan, 1st Lien
7.625%, LIBOR + 4.500%, 02/19/2026 (D)		381		378
Global Medical Response, Inc., 2020 Refinancing Term Loan, 1st Lien
6.814%, LIBOR + 4.750%, 10/02/2025 (D)		1,171		1,012
Global Tel*Link Corporation, Term Loan, 1st Lien
7.056%, LIBOR + 0.040%, 11/29/2025 (D)		570		509
Great Outdoors Group, LLC, Term B-2 Loan, 1st Lien
6.865%, 03/06/2028 (D)		795		732
Greystone Select, Term Loan, 1st Lien
7.738%, 06/16/2028 (D)		285		265


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Grifols Worldwide Operations Limited, Dollar Tranche B Term Loan, 1st Lien
5.115%, LIBOR + 2.000%, 11/15/2027 (D)	$	318	$	302
Grinding Media, Inc., Term Loan B, 1st Lien
7.702%, 10/12/2028 (D)		941		837
Hexion, 1st Lien
7.413%, 03/15/2029 (D)(H)		708		601
Holley Inc., Initial Term Loan, 1st Lien
7.424%, 08/01/2027		93		85
6.711%, 11/17/2028		976		885
Hornblower, Term Loan, 1st Lien
7.377%, 04/27/2025 (H)		655		451
Hudson River Trading LLC, Term Loan, 1st Lien
6.164%, LIBOR + 3.000%, 03/20/2028 (D)		1,025		925
Hunter Douglas, Term Loan
6.340%, 02/26/2029		236		193
Hunter Douglas, Term Loan, 1st Lien
6.340%, 02/26/2029 (D)		642		526
Icebox Holdco III, Inc., Initial Term Loan, 1st Lien
7.424%, 12/22/2028 (H)		639		597
Icebox Holdco III, Inc., Initial Term Loan, 2nd Lien
10.424%, 12/21/2029 (H)		225		208
Intelsat Jackson, Term Loan, 1st Lien
7.445%, 02/01/2029 (D)		1,077		1,009
Jane Street Group, LLC, Dollar Term Loan, 1st Lien
5.865%, LIBOR + 2.750%, 01/26/2028 (D)		1,029		986
Jazz Pharmaceuticals Public Limited Company, Initial Dollar Term Loan, 1st Lien
6.615%, LIBOR + 3.500%, 05/05/2028 (D)		713		688
Jump Financial LLC, Term Loan, 1st Lien
8.315%, CME Term SOFR + 4.500%, 08/07/2028 (D)		1,892		1,754
Knight Health Holdings, Term Loan, 1st Lien
8.365%, 12/23/2028 (H)		645		467
LABL, Initial Dollar Term Loan, 1st Lien
8.115%, LIBOR + 5.000%, 10/29/2028 (D)		645		580
Lakeshore Learning Materials, Term Loan, 1st Lien
6.133%, 09/29/2028 (D)		1,340		1,273
LaserShip, Inc., Initial Term Loan, 1st Lien
7.377%, LIBOR + 4.500%, 05/07/2028 (D)		965		810


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Lids Holdings, Term Loan
8.990%, 12/14/2026 (B)	$	979	$	992
Loyalty Ventures Inc., Term B Loan, 1st Lien
7.615%, 11/03/2027		897		269
LRS Holdings, LLC, Intial Term Loan, 1st Lien
7.365%, 08/31/2028		665		628
LS Group Opco Acquisition LLC (LS Group PropCo Acquisition LLC), Initial Term Loan, 1st Lien
6.580%, LIBOR + 3.250%, 11/02/2027 (D)		354		337
Madison IAQ, LLC, Initial Term Loan, 1st Lien
6.815%, LIBOR + 3.250%, 06/21/2028 (D)		277		255
Magenta Buyer LLC, Initial Term Loan, 1st Lien
7.870%, LIBOR + 5.000%, 07/27/2028 (D)		802		722
Maverick Purchase, Term Loan, 1st Lien
12.920%, 01/31/2028 (H)		289		263
Mercury Borrower, Inc., Initial Term Loan, 1st Lien
7.188%, 08/02/2028 (D)		736		668
Mileage Plus Holdings, LLC (Mileage Plus Intellectual Property Assets, Ltd.), Initial Term Loan, 1st Lien
8.777%, LIBOR + 5.250%, 06/21/2027 (D)		703		705
Mister Car Wash Holdings, Inc., Initial Term Loan, 1st Lien
6.115%, LIBOR + 3.000%, 05/14/2026 (D)		266		256
Monitronics International Inc, Term Loan, 1st Lien
10.306%, LIBOR + 6.500%, 03/29/2024 (D)		640		423
Mozart Debt Merger, Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 10/23/2028 (D)(H)		945		868
Naked Juice/Tropicana, Term Loan, 1st Lien
6.903%, 01/24/2029 (D)(H)		45		41
New Era Cap, Term Loan, 1st Lien
8.455%, 07/13/2027 (H)		683		648
Newport Parent, Inc., Initial Term Loan, 1st Lien
8.750%, 12/10/2027 (D)		884		852
One Call Corporation, Term B Loan, 1st Lien
8.313%, LIBOR + 5.500%, 04/22/2027 (D)		958		699
Pacific Bells, LLC, Initial Term Loan, 1st Lien
8.315%, 11/10/2028		258		240


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Packers Holdings, LLC, Initial Term Loan, 1st Lien
6.006%, LIBOR + 3.250%, 03/09/2028 (D)	$	1,010	$	925
Parexel International, Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 11/15/2028 (D)		1,045		995
Particle Investment S.A.R.L. (WebPros), Term Loan, 1st Lien
8.924%, 02/18/2027 (B)(D)		367		354
PDS HoldCo Inc., Delayed Draw Term Loan, 1st Lien
7.615%, 08/18/2028		437		391
7.306%, 08/18/2028		39		35
PDS Holdco Inc., Term Loan
7.282%, 08/18/2028		1		1
PECF USS Intermediate Holding III Corporation, Initial Term Loan, 1st Lien
7.365%, 12/15/2028 (H)		566		481
Peraton Corp., Term B Loan, 1st Lien
6.865%, LIBOR + 3.750%, 02/01/2028 (D)(H)		1,128		1,067
Peraton Corp., Term B-1 Loan, 2nd Lien
10.568%, LIBOR + 7.750%, 02/01/2029 (D)		582		549
Phoenix Guarantor Inc., Tranche B-1 Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 03/05/2026 (D)		42		39
Pilot Travel Centers, LLC, Initial Tranche B Term Loan
5.134%, 08/04/2028 (D)		334		319
Polyconcept, Term Loan, 1st Lien
8.534%, 05/18/2029		670		634
Precision Medicine Group, LLC, Amendment No. 1 Refinancing Term Loan, 1st Lien
6.674%, LIBOR + 3.000%, 11/18/2027 (D)		715		660
Project Sky, Term Loan, 1st Lien
9.115%, 10/08/2029 (D)(H)		390		328
6.865%, 10/08/2028 (D)		766		670
Quikrete Holding, Term Loan B1, 1st Lien
6.115%, 06/11/2028 (D)		667		640
Rackspace Technology Global, Inc., 2021 Term B Loan, 1st Lien
5.617%, LIBOR + 2.750%, 02/15/2028 (D)(H)		946		670
Radiology Partners, Inc., Term B Loan, 1st Lien
7.334%, 07/09/2025		296		247
7.302%, 07/09/2025		254		212
RC Buyer, Inc., Initial Term Loan, 2nd Lien
10.174%, 07/30/2029		300		284


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Redstone HoldCo 2 LP, Initial Loan, 2nd Lien
10.519%, LIBOR + 7.750%, 04/27/2029 (D)	$	910	$	719
Redstone Holdco, Term Loan, 1st Lien
7.533%, LIBOR + 4.750%, 04/27/2028 (D)		832		613
Resolute Investment Managers, Inc., Tranche C Term Loan, 1st Lien
7.924%, 04/30/2024		302		268
Rough Country LLC, Term Loan, 1st Lien
7.174%, 07/28/2028 (D)		691		646
Royal Caribbean Cruises, Term Loan, 1st Lien
11.370%, 07/27/2029		900		824
Ryan Specialty Group, LLC, Initial Term Loan, 1st Lien
6.134%, LIBOR + 3.000%, 09/01/2027 (D)		263		254
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), Initial Term Loan, 1st Lien
6.365%, LIBOR + 3.250%, 12/31/2025 (D)		844		797
Sigma Holdco
5.899%, 07/02/2025		250		214
SkyMiles IP Ltd. (Delta Air Lines, Inc.), Initial Term Loan, 1st Lien
6.460%, LIBOR + 3.750%, 10/20/2027 (D)		480		480
Sovos Brands Intermediate, Inc., Initial Term Loan, 1st Lien
6.615%, LIBOR + 4.250%, 06/08/2028 (D)		216		205
Spencer Gifts LLC (Spirit Halloween Superstores LLC), Term Loan, 1st Lien
8.806%, 06/19/2026 (H)		592		576
SPX Flow, Term Loan, 1st Lien
7.634%, CME Term SOFR + 4.500%, 04/05/2029 (D)		880		812
Surf Holdings S.a r.l., Dollar Tranche Term Loan, 1st Lien
6.668%, LIBOR + 3.500%, 03/05/2027 (D)		459		443
Symplr Software, Inc., Initial Term Loan, 1st Lien
7.634%, LIBOR + 4.500%, 12/22/2027 (D)		473		444
Tekni-Plex, Inc., Term Loan, 1st Lien
7.674%, 09/15/2028 (H)		60		57


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Terrier Media Buyer, Inc., 2021 Term B Loan, 1st Lien
6.615%, LIBOR + 3.500%, 12/17/2026 (D)	$	865	$	808
Thermostat Purchaser III, Inc., Initial Term Loan, 1st Lien
7.570%, 08/31/2028		266		247
TKC Holdings, Inc., Closing Date Initial Term Loan, 1st Lien
9.180%, LIBOR + 5.500%, 05/15/2028 (D)		552		469
Travelport Finance (Luxembourg) Sarl, Initial Term Loan (Priority), 1st Lien
5.174%, LIBOR + 1.500%, 02/28/2025 (D)(H)		523		517
Trident TPI Holdings, Inc., Tranche B-3 Initial Term Loan, 1st Lien
7.674%, 09/15/2028		672		635
Triton Water Holdings, Inc., Initial Term Loan, 1st Lien
7.174%, LIBOR + 3.500%, 03/31/2028 (D)		780		698
TruGreen Limited Partnership, Initial Term Loan, 2nd Lien
11.615%, LIBOR + 8.500%, 11/02/2028 (D)		200		176
Tutor Perini Corporation, Term Loan, 1st Lien
7.865%, LIBOR + 4.750%, 08/18/2027 (B)(D)		730		679
U.S. Renal Care, Inc., Initial Term Loan, 1st Lien
8.115%, LIBOR + 5.000%, 06/26/2026 (D)		1,095		784
UFC Holdings, Term Loan, 1st Lien
5.520%, 04/29/2026		346		332
Ultimus Group Midco LLC, The, Initial Term Loan, 1st Lien
6.865%, LIBOR + 3.750%, 05/04/2026 (D)		243		231
United AirLines, Inc., Class B Term Loan, 1st Lien
6.533%, LIBOR + 3.750%, 04/21/2028 (D)		729		694
UST Holdings, Term Loan, 1st Lien
6.834%, 11/20/2028		486		472
Vaco Holdings, Term Loan, 1st Lien
8.703%, 01/21/2029		422		408
Verscend Holding Corp., Term B-1 Loan, 1st Lien
7.115%, LIBOR + 4.000%, 08/27/2025 (D)		1,055		1,021


Description	Face Amount (Thousands)		Market Value ($ Thousands)
LOAN PARTICIPATIONS (continued)
Vertex Aerospace Services Corp., Initial Term Loan, 1st Lien
6.865%, LIBOR + 4.000%, 12/06/2028 (D)	$	1,104	$	1,071
VFH Parent, Initial Term Loan
6.118%, 01/13/2029 (D)		290		277
Virgin Media Bristol LLC, N Facility, 1st Lien
5.318%, LIBOR + 2.500%, 01/31/2028 (D)		935		891
Virgin Media Bristol LLC, N Facility, Term Loan, 1st Lien
6.068%, LIBOR + 3.250%, 01/31/2029 (D)		590		570
Virgin Pulse, Inc., Initial Term Loan, 1st Lien
7.115%, 04/06/2028 (D)		970		843
Virgin Pulse, Inc., Initial Term Loan, 2nd Lien
10.365%, 04/06/2029		320		266
Virtusa, Term Loan
6.865%, 02/11/2028		1,660		1,551
VT Topco, Inc., Delayed Term Loan, 1st Lien
5.973%, 08/01/2025		12		12
VT Topco, Inc., Term Loan, 1st Lien
6.865%, 08/01/2025		375		356
VT Topco, Inc., Term Loan, 2nd Lien
9.865%, 07/31/2026		320		308
WP CPP Holdings, Term B Loan
6.560%, LIBOR + 3.750%, 04/30/2025 (D)		506		450
Wwex Uni TopCo Holdings LLC, Initial Term Loan, 1st Lien
7.674%, 07/26/2028 (D)		774		702


Total Loan Participations
(Cost $104,570) ($ Thousands)				95,667



SOVEREIGN DEBT — 8.9%

Abu Dhabi Government International Bond MTN
3.875%, 04/16/2050(A)	$	1,630		1,329
Angolan Government International Bond
9.375%, 05/08/2048		200		135
9.125%, 11/26/2049(A)		1,170		786
8.750%, 04/14/2032(A)		210		156
8.000%, 11/26/2029(A)		420		315
Argentine Republic Government International Bond
4.875%, 07/09/2029(G)		1,310		279
3.625%, 07/09/2023(G)		1,686		305
1.000%, 07/09/2029		262		50


Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
0.750%, 07/09/2023(G)	$	3,760	$	750
0.500%, 07/09/2029	EUR	6		1
0.125%, 07/09/2030		165		30
Azerbaijan Government International Bond
3.500%, 09/01/2032	$	1,360		1,094
Bahrain Government International Bond
7.375%, 05/14/2030(A)		1,610		1,533
5.625%, 05/18/2034(A)		940		735
Benin Government International Bond
4.875%, 01/19/2032(A)	EUR	1,480		986
Brazil Government International Bond
5.333%, 02/15/2028	$	120		116
Buenos Aires Government International Bond MTN
6.375%, 09/01/2023(A)(G)		7,102		2,202
Bundesrepublik Deutschland Bundesanleihe
0.000%, 08/15/2026(I)	EUR	360		329
CBB International Sukuk Programme SPC
6.250%, 11/14/2024(A)	$	300		304
Ciudad Autonoma De Buenos Aires
7.500%, 06/01/2027		480		416
Colombia Government International Bond
4.125%, 05/15/2051		630		339
3.125%, 04/15/2031		730		506
3.000%, 01/30/2030		730		523
Cordoba Government International Bond
6.990%, 06/01/2027(A)(G)		526		332
Country Garden Holdings
8.000%, 01/27/2024		200		77
Dominican Republic International Bond
7.450%, 04/30/2044		600		503
6.850%, 01/27/2045		660		513
6.500%, 02/15/2048(A)		1,270		935
6.400%, 06/05/2049(A)		660		475
6.000%, 02/22/2033(A)		440		358
5.500%, 02/22/2029(A)		240		207
4.500%, 01/30/2030		550		432
Ecuador Government International Bond
6.000%, 07/31/2023(A)(G)		352		166
2.500%, 07/31/2023(A)(G)		1,128		330
0.000%, 07/31/2030(A)(I)		329		94
Egypt Government International Bond
8.875%, 05/29/2050(A)		710		393
8.700%, 03/01/2049(A)		520		287
8.500%, 01/31/2047		450		250
7.903%, 02/21/2048(A)		360		187
7.625%, 05/29/2032(A)		480		289
6.375%, 04/11/2031(A)	EUR	330		188
5.625%, 04/16/2030		1,560		884
4.750%, 04/16/2026(A)		100		69


Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Gabon Government International Bond
7.000%, 11/24/2031(A)	$	1,120	$	735
Ghana Government International Bond
8.125%, 01/18/2026		500		250
8.125%, 03/26/2032(A)		950		354
Guatemala Government Bond
6.125%, 06/01/2050(A)		530		435
4.900%, 06/01/2030(A)		280		245
4.875%, 02/13/2028		790		713
4.500%, 05/03/2026(A)		770		726
4.375%, 06/05/2027(A)		790		723
Hazine Mustesarligi Varlik Kiralama
5.004%, 04/06/2023(A)		860		852
Indonesia Government International Bond
7.000%, 05/15/2027	IDR	86,448,000		5,674
3.850%, 10/15/2030	$	200		179
3.500%, 01/11/2028		880		799
2.850%, 02/14/2030		900		771
1.100%, 03/12/2033	EUR	400		267
0.900%, 02/14/2027		180		150
Iraq Government International Bond
5.800%, 01/15/2028	$	193		158
Ivory Coast Government International Bond
6.625%, 03/22/2048	EUR	420		241
6.125%, 06/15/2033	$	650		494
5.250%, 03/22/2030	EUR	390		279
4.875%, 01/30/2032(A)		1,660		1,086
Jamaica Government International Bond
7.875%, 07/28/2045	$	740		796
Jordan Government International Bond
7.750%, 01/15/2028(A)		500		472
Kazakhstan Government International Bond MTN
5.125%, 07/21/2025		420		428
Kenya Government International Bond
8.250%, 02/28/2048(A)		260		156
8.000%, 05/22/2032(A)		910		615
7.000%, 05/22/2027(A)		250		192
Lebanon Government International Bond
8.250%, 05/17/2034(F)		30		2
8.200%, 05/17/2033(F)		40		2
7.150%, 11/20/2031(F)		40		2
7.050%, 11/02/2035(F)		100		6
7.000%, 03/20/2028(F)		40		2
6.850%, 03/23/2027(F)		100		6
6.850%, 05/25/2029(F)		721		41
6.750%, 11/29/2027(F)		410		24
6.650%, 04/22/2024(F)		170		10
6.650%, 11/03/2028(F)		80		5
6.650%, 02/26/2030(F)		832		48
6.600%, 11/27/2026(F)		30		2
6.200%, 02/26/2025(F)		860		48


Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Mexico Government International Bond
4.750%, 03/08/2044	$	240	$	184
3.771%, 05/24/2061		520		307
2.659%, 05/24/2031		1,120		858
Mongolia Government International Bond
5.625%, 05/01/2023		200		189
Morocco Government International Bond
3.000%, 12/15/2032(A)		730		511
1.500%, 11/27/2031(A)	EUR	290		187
Mozambique International Bond
9.000%, 09/15/2023(G)	$	220		150
Nigeria Government International Bond
8.747%, 01/21/2031		1,720		1,204
7.696%, 02/23/2038(A)		690		402
Oman Government International Bond
6.750%, 01/17/2048		200		160
6.250%, 01/25/2031(A)		1,600		1,490
Pakistan Government International Bond
6.875%, 12/05/2027		200		75
6.000%, 04/08/2026(A)		540		207
Pakistan Water & Power Development Authority
7.500%, 06/04/2031		420		145
Panama Government International Bond
4.500%, 04/01/2056		300		202
Papua New Guinea Government International Bond
8.375%, 10/04/2028(A)		290		235
Paraguay Government International Bond
6.100%, 08/11/2044		500		414
5.600%, 03/13/2048		760		570
5.400%, 03/30/2050(A)		320		235
Perusahaan Penerbit SBSN Indonesia III
4.550%, 03/29/2026(A)		530		518
4.450%, 02/20/2029(A)		330		316
Peruvian Government International Bond
2.783%, 01/23/2031		380		301
Qatar Government International Bond
5.103%, 04/23/2048(A)		820		794
4.817%, 03/14/2049(A)		930		860
4.625%, 06/02/2046		280		257
4.400%, 04/16/2050(A)		450		395
3.750%, 04/16/2030(A)		200		188
Romanian Government International Bond
5.125%, 06/15/2048(A)		200		139
3.375%, 01/28/2050	EUR	230		116
2.875%, 05/26/2028		650		501
2.875%, 03/11/2029		1,490		1,113
2.124%, 07/16/2031(A)		250		155
2.000%, 12/08/2026(A)		590		497
2.000%, 01/28/2032(A)		110		66
2.000%, 04/14/2033(A)		900		521


Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
Saudi Government International Bond MTN
4.500%, 04/22/2060(A)	$	1,070	$	900
3.750%, 01/21/2055(A)		220		162
3.250%, 10/22/2030(A)		430		387
Senegal Government International Bond
5.375%, 06/08/2037(A)	EUR	930		546
4.750%, 03/13/2028(A)		740		585
Serbia Government International Bond
1.500%, 06/26/2029(A)		500		323
South Africa Government International Bond
5.650%, 09/27/2047	$	950		610
4.850%, 09/27/2027		890		795
4.300%, 10/12/2028		200		166
Sri Lanka Government International Bond
7.550%, 03/28/2030(A)(F)		910		223
6.850%, 03/14/2024(A)(F)		200		49
6.850%, 11/03/2025(F)		570		146
6.825%, 07/18/2026(A)(F)		250		63
6.750%, 04/18/2028(A)(F)		360		88
Turkey Government International Bond
7.625%, 04/26/2029		560		476
6.875%, 03/17/2036		60		44
6.500%, 09/20/2033		900		651
6.000%, 01/14/2041		1,980		1,218
5.200%, 02/16/2026	EUR	260		235
4.250%, 04/14/2026	$	530		436
Ukraine Government International Bond
9.750%, 11/01/2030(A)(F)		640		136
8.994%, 02/01/2026(F)		280		58
7.750%, 09/01/2025(F)		910		213
7.750%, 09/01/2026(F)		230		46
7.750%, 09/01/2029(F)		250		51
7.375%, 09/25/2034(A)(F)		200		37
7.253%, 03/15/2035(A)(F)		420		77
Uzbekistan Government International Bond MTN
4.750%, 02/20/2024(A)		340		319
3.700%, 11/25/2030(A)		660		471
Virgin Money UK
9.250%, UK Govt Bonds 5 Year Note Generic Bid Yield + 8.307%, 06/08/2171(D)(E)	GBP	300		308
Zambia Government International Bond
5.375%, 09/20/2022(F)	$	760		357

Total Sovereign Debt
(Cost $91,982) ($ Thousands)				62,814


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES — 7.7%
Agency Mortgage-Backed Obligations — 1.1%
FHLMC REMIC CMO, Ser 2020-5012, Cl DI, IO
4.000%, 09/25/2050	$	612	$	114
FHLMC REMIC CMO, Ser 2020-5020, Cl IH, IO
3.000%, 08/25/2050		516		80
FHLMC STACR REMIC Trust, Ser 2017-HRP1, Cl B1
7.684%, ICE LIBOR USD 1 Month + 4.600%, 12/25/2042(D)		330		324
FHLMC STACR REMIC Trust, Ser 2020-DNA1, Cl B1
5.384%, ICE LIBOR USD 1 Month + 2.300%, 01/25/2050(A)(D)		660		604
FHLMC STACR REMIC Trust, Ser 2020-DNA3, Cl B1
8.184%, ICE LIBOR USD 1 Month + 5.100%, 06/25/2050(A)(D)		1,350		1,363
FHLMC STACR REMIC Trust, Ser 2020-DNA5, Cl B1
7.081%, SOFR30A + 4.800%, 10/25/2050(A)(D)		210		211
FHLMC STACR REMIC Trust, Ser 2021-DNA1, Cl M2
4.081%, SOFR30A + 1.800%, 01/25/2051(A)(D)		165		158
FHLMC STACR REMIC Trust, Ser 2021-DNA3, Cl B1
5.781%, SOFR30A + 3.500%, 10/25/2033(A)(D)		390		359
FHLMC STACR REMIC Trust, Ser 2021-DNA5, Cl B1
5.331%, SOFR30A + 3.050%, 01/25/2034(A)(D)		250		222
FHLMC STACR REMIC Trust, Ser 2022-DNA4, Cl M1A
4.481%, SOFR30A + 2.200%, 05/25/2042(A)(D)		707		701
FHLMC Structured Agency Credit Risk Debt Notes, Ser 2021-DNA7, Cl B1
5.931%, SOFR30A + 3.650%, 11/25/2041(A)(D)		540		475
FNMA
2.790%, 01/01/2035(D)		346		295
2.680%, 01/01/2035		100		82
FNMA Connecticut Avenue Securities, Ser 2018-C01, Cl 1B1
6.634%, ICE LIBOR USD 1 Month + 3.550%, 07/25/2030(D)		570		568
FNMA REMIC CMO, Ser 2015-30, Cl SJ, IO
2.516%, 05/25/2045(D)		1,452		111


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA REMIC CMO, Ser 2017-104, Cl SB, IO
3.066%, 01/25/2048(D)	$	1,029	$	106
FNMA REMIC CMO, Ser 2020-60, Cl NI, IO
4.000%, 09/25/2050		569		106
FNMA REMIC CMO, Ser 2020-62, Cl GI, IO
4.000%, 06/25/2048		1,101		258
GNMA REMIC CMO, Ser 2010-9, Cl XD, IO
3.661%, 01/16/2040(D)		1,112		132
GNMA REMIC CMO, Ser 2013-124, Cl CS, IO
3.036%, 08/20/2043(D)		117		12
GNMA REMIC CMO, Ser 2015-111, Cl IM, IO
4.000%, 08/20/2045		1,354		204
GNMA REMIC CMO, Ser 2015-168, Cl IP, IO
4.000%, 11/20/2045		460		48
GNMA REMIC CMO, Ser 2016-109, Cl IH, IO
4.000%, 10/20/2045		783		111
GNMA REMIC CMO, Ser 2016-27, Cl IA, IO
4.000%, 06/20/2045		317		40
GNMA REMIC CMO, Ser 2017-112, Cl SJ, IO
2.646%, 07/20/2047(D)		760		55
GNMA REMIC CMO, Ser 2018-122, Cl HS, IO
3.186%, 09/20/2048(D)		331		35
GNMA REMIC CMO, Ser 2018-122, Cl SE, IO
3.186%, 09/20/2048(D)		452		43
GNMA REMIC CMO, Ser 2018-124, Cl SN, IO
3.186%, 09/20/2048(D)		1,503		134
GNMA REMIC CMO, Ser 2018-137, Cl SN, IO
3.136%, 10/20/2048(D)		442		36
GNMA REMIC CMO, Ser 2018-139, Cl SQ, IO
3.136%, 10/20/2048(D)		274		24
GNMA REMIC CMO, Ser 2018-67, Cl PS, IO
3.186%, 05/20/2048(D)		1,428		126
GNMA REMIC CMO, Ser 2018-7, Cl DS, IO
2.686%, 01/20/2048(D)		931		86
GNMA REMIC CMO, Ser 2019-1, Cl SN, IO
3.036%, 01/20/2049(D)		237		20
GNMA REMIC CMO, Ser 2019-110, Cl SE, IO
3.086%, 09/20/2049(D)		665		52
GNMA REMIC CMO, Ser 2019-110, Cl SD, IO
3.086%, 09/20/2049(D)		662		53
GNMA REMIC CMO, Ser 2019-151, Cl NI, IO
3.500%, 10/20/2049		2,145		308
GNMA REMIC CMO, Ser 2019-6, Cl SA, IO
3.036%, 01/20/2049(D)		187		17
GNMA REMIC CMO, Ser 2019-78, Cl SE, IO
3.086%, 06/20/2049(D)		150		13


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GNMA REMIC CMO, Ser 2020-78, Cl DI, IO
4.000%, 06/20/2050	$	791	$	149


				7,835
Non-Agency Mortgage-Backed Obligations — 6.6%
ACE Securities Home Equity Loan Trust, Ser 2004-HE3, Cl M1
4.014%, ICE LIBOR USD 1 Month + 0.930%, 11/25/2034(D)		374		365
Alternative Loan Trust, Ser 2005-81, Cl A1
3.644%, ICE LIBOR USD 1 Month + 0.560%, 02/25/2037(D)		477		393
Barclays Commercial Mortgage Trust, Ser 2019-C5, Cl A4
3.063%, 11/15/2052		870		756
Benchmark Mortgage Trust, Ser 2019-B11, Cl XA, IO
1.176%, 05/15/2052(D)		10,712		503
BIG Commercial Mortgage Trust, Ser BIG, Cl F
8.281%, TSFR1M + 5.436%, 02/15/2039(A)(D)		480		447
BRAVO Residential Funding Trust, Ser 2022-R1, Cl A
3.125%, 01/29/2070(A)(G)		665		588
BX Commercial Mortgage Trust, Ser 2019-IMC, Cl E
4.968%, ICE LIBOR USD 1 Month + 2.150%, 04/15/2034(A)(D)		1,970		1,858
BX Commercial Mortgage Trust, Ser LP2, Cl G
7.028%, TSFR1M + 4.106%, 02/15/2039(A)(D)		691		633
BX Commercial Mortgage Trust, Ser XL2, Cl J
6.708%, ICE LIBOR USD 1 Month + 3.890%, 10/15/2038(A)(D)		467		429
BX Trust, Ser 2018-GWMZ, Cl MC
8.306%, ICE LIBOR USD 1 Month + 5.488%, 05/15/2037(A)(D)		1,100		1,058
BX Trust, Ser SDMF, Cl F
4.755%, ICE LIBOR USD 1 Month + 1.937%, 09/15/2034(A)(D)		310		277
Capmark Military Housing Trust, Ser 2007-AET2, Cl A
6.063%, 10/10/2052(A)		923		820
CFK Trust, Ser 2020-MF2, Cl E
3.573%, 03/15/2039(A)(D)		500		404
Citigroup Mortgage Loan Trust, Ser 2022-A, Cl A1
6.170%, 09/25/2062(A)(G)		608		596


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Connecticut Avenue Securities Trust, Ser 2018-R07, Cl 1B1
6.794%, ICE LIBOR USD 1 Month + 4.350%, 04/25/2031(A)(D)	$	460	$	461
Connecticut Avenue Securities Trust, Ser 2019-R05, Cl 1B1
7.184%, ICE LIBOR USD 1 Month + 4.100%, 07/25/2039(A)(D)		562		557
Connecticut Avenue Securities Trust, Ser 2021-R01, Cl 1B1
5.381%, SOFR30A + 3.100%, 10/25/2041(A)(D)		670		607
Connecticut Avenue Securities Trust, Ser 2021-R03, Cl 1B1
5.031%, SOFR30A + 2.750%, 12/25/2041(A)(D)		680		575
Connecticut Avenue Securities Trust, Ser 2022-R05, Cl 2M2
5.281%, SOFR30A + 3.000%, 04/25/2042(A)(D)		386		356
Connecticut Avenue Securities Trust, Ser 2022-R05, Cl 2B1
6.781%, SOFR30A + 4.500%, 04/25/2042(A)(D)		433		410
Credit Suisse European Mortgage Capital, Ser 2019-1OTF, Cl A
5.682%, ICE LIBOR USD 3 Month + 2.900%, 08/09/2024(A)(D)		945		924
Credit Suisse Mortgage Trust, Ser 2019-RIO, Cl B
9.818%, ICE LIBOR USD 1 Month + 7.000%, 12/15/2022(A)(D)		1,430		1,415
CSMC Trust, Ser 2014-USA, Cl E
4.373%, 09/15/2037(A)		320		236
CSMC Trust, Ser 2017-RPL1, Cl M2
2.958%, 07/25/2057(A)(D)		1,190		955
CSMC Trust, Ser 2019-UVIL, Cl A
3.160%, 12/15/2041(A)		950		786
FHLMC STACR REMIC Trust, Ser 2020-DNA6, Cl B1
5.281%, SOFR30A + 3.000%, 12/25/2050(A)(D)		630		582
First Franklin Mortgage Loan Trust, Ser 2006-FF15, Cl A5
3.244%, ICE LIBOR USD 1 Month + 0.160%, 11/25/2036(D)		541		533
GS Mortgage Securities II, Ser 2018-SRP5, Cl C
7.068%, ICE LIBOR USD 1 Month + 4.250%, 09/15/2031(A)(D)		1,810		706


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust, Ser 2020-DUNE, Cl F
6.068%, ICE LIBOR USD 1 Month + 3.250%, 12/15/2036(A)(D)	$	595	$	560
GS Mortgage Securities Trust, Ser 2020-DUNE, Cl A
3.918%, ICE LIBOR USD 1 Month + 1.100%, 12/15/2036(A)(D)		1,830		1,793
GS Mortgage Securities Trust, Ser LUAU, Cl G
7.268%, ICE LIBOR USD 1 Month + 4.450%, 11/15/2032(A)(D)		500		461
HarborView Mortgage Loan Trust, Ser 2006-10, Cl 2A1B
3.233%, ICE LIBOR USD 1 Month + 0.240%, 11/19/2036(D)		1,621		1,458
Impac CMB Trust, Ser 2005-4, Cl 1M1
3.729%, ICE LIBOR USD 1 Month + 0.430%, 05/25/2035(D)		672		625
J.P. Morgan Chase Commercial Mortgage Securities Trust, Ser NLP, Cl D
5.012%, TSFR1M + 2.166%, 04/15/2037(A)(D)		300		279
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2018-WPT, Cl FFL
5.783%, ICE LIBOR USD 1 Month + 3.150%, 07/05/2033(A)(D)		1,790		1,720
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2019-BKWD, Cl E
5.668%, ICE LIBOR USD 1 Month + 2.600%, 09/15/2029(A)(D)		1,730		1,636
JPMorgan Chase Commercial Mortgage Securities Trust, Ser HTL5, Cl F
7.083%, ICE LIBOR USD 1 Month + 4.265%, 11/15/2038(A)(D)		710		643
Legacy Mortgage Asset Trust, Ser 2021-GS1, Cl A2
3.844%, 10/25/2066(A)(G)		660		582
Morgan Stanley Re-REMIC Trust, Ser 2010-R5, Cl 4B
2.397%, 06/26/2036(A)(G)		209		187
Mortgage Repurchase Agreement Financing Trust II Series, Ser 2022-S1, Cl A1
4.637%, SOFR30A + 2.000%, 03/30/2025(A)(D)		420		420
Multifamily Connecticut Avenue Securities Trust, Ser 2019-01, Cl M10
6.334%, ICE LIBOR USD 1 Month + 3.250%, 10/25/2049(A)(D)		517		490
Multifamily Connecticut Avenue Securities Trust, Ser 2020-01, Cl M10
6.834%, ICE LIBOR USD 1 Month + 3.750%, 03/25/2050(A)(D)		480		448


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
New Residential Mortgage Loan Trust, Ser 2018-4A, Cl B1
3.309%, ICE LIBOR USD 1 Month + 1.050%, 01/25/2048(A)(D)	$	267	$	253
NewRez Warehouse Securitization Trust, Ser 2021-1, Cl F
8.334%, ICE LIBOR USD 1 Month + 5.250%, 05/25/2055(A)(D)		430		426
Nomura Asset Acceptance Alternative Loan Trust, Ser 2003-A1, Cl M
6.657%, 05/25/2033(D)		627		362
Nomura Resecuritization Trust, Ser 2015-4R, Cl 5A1
1.812%, ICE LIBOR USD 1 Month + 0.430%, 03/26/2036(A)(D)		292		260
PMT Credit Risk Transfer Trust, Ser 2019-3R, Cl A
5.193%, ICE LIBOR USD 1 Month + 2.700%, 10/27/2022(A)(D)		196		189
Radnor, Ser 2020-1, Cl M1C
4.834%, ICE LIBOR USD 1 Month + 1.750%, 01/25/2030(A)(D)		1,830		1,738
RALI Series Trust, Ser 2006-QO2, Cl A2
3.624%, ICE LIBOR USD 1 Month + 0.540%, 02/25/2046(D)		1,286		290
RALI Series Trust, Ser 2007-QO2, Cl A1
3.234%, ICE LIBOR USD 1 Month + 0.150%, 02/25/2047(D)		805		319
Seasoned Credit Risk Transfer Trust, Ser 2018-1, Cl M
4.750%, 05/25/2057(D)		1,720		1,566
Seasoned Credit Risk Transfer Trust, Ser 2018-3, Cl M
4.750%, 08/25/2057(A)(D)		1,125		966
Seasoned Credit Risk Transfer Trust, Ser 2019-4, Cl M
4.500%, 02/25/2059(A)(D)		1,720		1,454
Seasoned Credit Risk Transfer Trust, Ser 2020-1, Cl M
4.250%, 08/25/2059(A)(D)		2,230		1,853
Seasoned Credit Risk Transfer Trust, Ser 2020-2, Cl M
4.250%, 11/25/2059(A)(D)		830		711
Seasoned Credit Risk Transfer Trust, Ser 2020-3, Cl M
4.250%, 05/25/2060(A)(D)		640		574
Seasoned Credit Risk Transfer Trust, Ser 2022-1, Cl M
4.500%, 11/25/2061(A)(D)		320		254
Shops at Crystals Trust, Ser 2106-CSTL, Cl D
3.856%, 07/05/2036(A)(D)		885		700


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
SMR Mortgage Trust, Ser IND, Cl F
8.845%, TSFR1M + 6.000%, 02/15/2039(A)(D)	$	820	$	771
Soho Trust, Ser SOHO, Cl D
2.787%, 08/10/2038(A)(D)		440		302
Taubman Centers Commercial Mortgage Trust, Ser DPM, Cl A
5.031%, TSFR1M + 2.186%, 05/15/2037(A)(D)		650		635
Tharaldson Hotel Portfolio Trust, Ser 2018-THL, Cl F
6.896%, ICE LIBOR USD 1 Month + 4.252%, 11/11/2034(A)(D)		583		547
Tharaldson Hotel Portfolio Trust, Ser 2018-THL, Cl E
6.123%, ICE LIBOR USD 1 Month + 3.480%, 11/11/2034(A)(D)		1,742		1,633
Towd Point Mortgage Trust, Ser 2019-4, Cl B1B
3.500%, 10/25/2059(A)(D)		640		476
WaMu Mortgage Pass-Through Certificates Trust, Ser 2006-AR16, Cl 2A2
2.430%, 12/25/2036(D)		530		468
Wells Fargo Mortgage-Backed Securities Trust, Ser 2006-AR5, Cl 2A1
2.755%, 04/25/2036(D)		386		364


				46,643
Total Mortgage-Backed Securities
(Cost $59,963) ($ Thousands)				54,478


	Shares
COMMON STOCK — 6.4%

Communication Services — 0.6%
Activision Blizzard Inc		1,028		76
Alphabet Inc, Cl A *		8,641		827
Alphabet Inc, Cl C *		7,739		744
AT&T Inc		10,215		157
Charter Communications Inc, Cl A *		163		49
Comcast Corp, Cl A		6,392		188
DISH Network Corp, Cl A *		377		5
Electronic Arts Inc		381		44
Fox Corp, Cl A		527		16
Fox Corp, Cl B		207		6
Intelsat Jackson Holdings *(B)		22,512		630
Interpublic Group of Cos Inc/The		661		17
Live Nation Entertainment Inc *		224		17
Lumen Technologies Inc		1,286		9
Match Group Inc *		431		21
Meta Platforms Inc, Cl A *		3,291		446
Netflix Inc *		632		149


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
News Corp, Cl A		509	$	8
News Corp, Cl B		145		2
Omnicom Group Inc		298		19
Paramount Global, Cl B		880		17
Take-Two Interactive Software Inc, Cl A *		215		23
T-Mobile US Inc *		869		117
Twitter Inc *		970		43
Verizon Communications Inc		6,008		228
Walt Disney Co/The *		2,606		246
Warner Bros Discovery Inc *		3,084		35

				4,139
Consumer Discretionary — 0.7%
Advance Auto Parts Inc		103		16
Amazon.com Inc, Cl A *		12,793		1,446
Aptiv PLC *		413		32
AutoZone Inc *		28		60
Bath & Body Works Inc		303		10
Best Buy Co Inc		311		20
Booking Holdings Inc *		58		95
BorgWarner Inc		394		12
Caesars Entertainment Inc *		366		12
CarMax Inc *		215		14
Carnival Corp *		1,370		10
Chipotle Mexican Grill Inc, Cl A *		39		59
Darden Restaurants Inc		188		24
Dollar General Corp		323		77
Dollar Tree Inc *		305		41
Domino's Pizza Inc		48		15
DR Horton Inc		487		33
eBay Inc		775		29
Etsy Inc *		168		17
Expedia Group Inc *		221		21
Ford Motor Co		5,582		63
Garmin Ltd		255		21
General Motors Co		2,056		66
Genuine Parts Co		211		31
Hasbro Inc		183		12
Hilton Worldwide Holdings Inc		396		48
Home Depot Inc/The		1,482		409
Las Vegas Sands Corp *		474		18
Lennar Corp, Cl A		353		26
LKQ Corp		346		16
Lowe's Cos Inc		922		173
Marriott International Inc/MD, Cl A		386		54
McDonald's Corp		1,058		244
MGM Resorts International		463		14
Mohawk Industries Inc *		83		8
Newell Brands Inc, Cl B		593		8
NIKE Inc, Cl B		1,812		151
Norwegian Cruise Line Holdings Ltd *		566		6
NVR Inc *		5		20
O'Reilly Automotive Inc *		92		65


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Pool Corp		67	$	21
PulteGroup Inc		424		16
Ralph Lauren Corp, Cl A		70		6
Ross Stores Inc		540		45
Royal Caribbean Cruises Ltd *		377		14
Starbucks Corp		1,632		138
Tapestry Inc		445		13
Target Corp, Cl A		656		97
Tesla Inc *		3,844		1,020
TJX Cos Inc/The		1,665		103
Tractor Supply Co		153		28
Ulta Beauty Inc *		71		28
VF Corp		542		16
Whirlpool Corp		98		13
Wynn Resorts Ltd *		136		9
Yum! Brands Inc		411		44

				5,107
Consumer Staples — 0.4%
Altria Group Inc		2,570		104
Archer-Daniels-Midland Co		791		64
Brown-Forman Corp, Cl B		260		17
Campbell Soup Co		352		16
Church & Dwight Co Inc		331		24
Clorox Co/The		166		21
Coca-Cola Co/The		5,589		313
Colgate-Palmolive Co		1,186		83
Conagra Brands Inc		645		21
Constellation Brands Inc, Cl A		228		52
Costco Wholesale Corp		635		300
Estee Lauder Cos Inc/The, Cl A		328		71
General Mills Inc		846		65
Hershey Co/The		221		49
Hormel Foods Corp		408		19
J M Smucker Co/The		154		21
Kellogg Co		343		24
Keurig Dr Pepper Inc		1,226		44
Kimberly-Clark Corp		473		53
Kraft Heinz Co/The		1,076		36
Kroger Co/The		911		40
Lamb Weston Holdings Inc		229		18
McCormick & Co Inc/MD		342		24
Molson Coors Beverage Co, Cl B		262		13
Mondelez International Inc, Cl A		1,967		108
Monster Beverage Corp *		572		50
PepsiCo Inc		1,981		323
Philip Morris International Inc		2,214		184
Procter & Gamble Co/The		3,441		434
Sysco Corp, Cl A		715		51
Tyson Foods Inc, Cl A		402		26
Walgreens Boots Alliance Inc		1,095		34


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Walmart Inc		2,057	$	267

				2,969
Energy — 0.4%
APA Corp		471		16
Baker Hughes Co, Cl A		1,383		29
Chevron Corp		2,599		373
ConocoPhillips		1,844		189
Coterra Energy Inc		1,105		29
Devon Energy Corp		945		57
Diamondback Energy Inc, Cl A		256		31
EOG Resources Inc		828		93
EQT Corp		534		22
Exxon Mobil Corp		6,044		528
Halliburton Co		1,373		34
Hess Corp		384		42
Kinder Morgan Inc		2,718		45
Marathon Oil Corp		978		22
Marathon Petroleum Corp		720		72
Noble Corp PLC *		7,982		236
Occidental Petroleum Corp		1,076		66
ONEOK Inc		680		35
Phillips 66		674		54
Pioneer Natural Resources Co		344		75
Schlumberger NV, Cl A		1,990		71
Summit Midstream Partners LP *		28,458		427
Valero Energy Corp		573		61
Williams Cos Inc/The		1,868		53

				2,660
Financials — 0.7%
Aflac Inc		826		46
Allstate Corp/The		382		48
American Express Co		868		117
American International Group Inc		1,109		53
Ameriprise Financial Inc		156		39
Aon PLC, Cl A		300		80
Arthur J Gallagher & Co		319		55
Aspect *(B)		57		—
Assurant Inc		88		13
Bank of America Corp		10,154		307
Bank of New York Mellon Corp/The		1,136		44
Berkshire Hathaway Inc, Cl B *		2,598		694
BlackRock Inc		218		120
Brown & Brown Inc		387		23
Capital One Financial Corp		551		51
Cboe Global Markets Inc		152		18
Charles Schwab Corp/The		2,204		158
Chubb Ltd		601		109
Cincinnati Financial Corp		249		22
Citigroup Inc		2,764		115
Citizens Financial Group Inc		664		23
CME Group Inc, Cl A		509		90


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Comerica Inc		213	$	15
Discover Financial Services		394		36
Everest Re Group Ltd		64		17
Eversource Energy		523		41
FactSet Research Systems Inc		51		20
Fifth Third Bancorp		1,042		33
First Republic Bank/CA		273		36
Franklin Resources Inc		359		8
Globe Life Inc		148		15
Goldman Sachs Group Inc/The		489		143
Hartford Financial Services Group Inc/The		504		31
Huntington Bancshares Inc/OH		1,954		26
Intercontinental Exchange Inc		788		71
Invesco Ltd		456		6
JPMorgan Chase & Co		4,212		440
KeyCorp		1,346		22
Lincoln National Corp		274		12
Loews Corp		335		17
M&T Bank Corp		249		44
MarketAxess Holdings Inc		67		15
Marsh & McLennan Cos Inc		713		106
MetLife Inc		970		59
Moody's Corp		226		55
Morgan Stanley		1,933		153
MSCI Inc, Cl A		114		48
Nasdaq Inc, Cl A		471		27
Northern Trust Corp		284		24
PNC Financial Services Group Inc/The		586		88
Principal Financial Group Inc, Cl A		315		23
Progressive Corp/The		828		96
Prudential Financial Inc		523		45
Raymond James Financial Inc		264		26
Regions Financial Corp		1,271		25
S&P Global Inc		495		151
Signature Bank/New York NY, Cl B		105		16
State Street Corp		559		34
SVB Financial Group, Cl B *		90		30
Synchrony Financial		676		19
T Rowe Price Group Inc		351		37
Travelers Cos Inc/The		335		51
Truist Financial Corp		1,885		82
US Bancorp		1,912		77
W R Berkley Corp		343		22
Wells Fargo & Co		5,418		218
Willis Towers Watson PLC		153		31
Zions Bancorp NA		250		13

				4,829
Health Care — 0.9%
Abbott Laboratories		2,505		242
AbbVie Inc		2,531		340
ABIOMED Inc *		75		18
Agilent Technologies Inc		420		51


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Align Technology Inc *		112	$	23
AmerisourceBergen Corp, Cl A		226		31
Amgen Inc, Cl A		762		172
Baxter International Inc		769		41
Becton Dickinson and Co		404		90
Biogen Inc *		224		60
Bio-Rad Laboratories Inc, Cl A *		35		15
Bio-Techne Corp		66		19
Boston Scientific Corp *		2,019		78
Bristol-Myers Squibb Co		3,042		216
Cardinal Health Inc		366		24
Catalent Inc *		291		21
Centene Corp *		825		64
Charles River Laboratories International Inc *		86		17
Cigna Corp		451		125
Cooper Cos Inc/The, Cl A		71		19
CVS Health Corp		1,871		178
Danaher Corp, Cl A		945		244
DaVita Inc *		98		8
DENTSPLY SIRONA Inc		307		9
Dexcom Inc *		600		48
Edwards Lifesciences Corp, Cl A *		879		73
Elevance Health Inc		344		156
Eli Lilly & Co		1,130		365
Gilead Sciences Inc		1,780		110
HCA Healthcare Inc		320		59
Henry Schein Inc *		227		15
Hologic Inc *		370		24
Humana Inc		179		87
IDEXX Laboratories Inc *		117		38
Illumina Inc *		242		46
Incyte Corp *		274		18
Intuitive Surgical Inc *		510		96
IQVIA Holdings Inc *		266		48
Johnson & Johnson		3,777		617
Laboratory Corp of America Holdings		141		29
McKesson Corp		204		69
Medtronic PLC		1,914		155
Merck & Co Inc		3,621		312
Mettler-Toledo International Inc *		35		38
Moderna Inc *		490		58
Molina Healthcare Inc *		84		28
Organon & Co		346		8
PerkinElmer Inc		171		21
Pfizer Inc		8,041		352
Quest Diagnostics Inc		175		21
Regeneron Pharmaceuticals Inc *		153		105
ResMed Inc		224		49
STERIS PLC		136		23
Stryker Corp		477		97
Teleflex Inc		77		15


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Thermo Fisher Scientific Inc		561	$	285
UnitedHealth Group Inc		1,347		680
Universal Health Services Inc, Cl B		117		10
Vertex Pharmaceuticals Inc *		362		105
Viatris Inc, Cl W *		2,064		18
Waters Corp *		82		22
West Pharmaceutical Services Inc		113		28
Zimmer Biomet Holdings Inc		316		33
Zoetis Inc, Cl A		668		99

				6,565
Industrials — 0.5%
3M Co		787		87
A O Smith Corp		208		10
Alaska Air Group Inc *		188		7
Allegion PLC		146		13
American Airlines Group Inc *		1,042		13
AMETEK Inc		352		40
Boeing Co/The *		791		96
Carrier Global Corp		1,182		42
Caterpillar Inc, Cl A		759		125
CH Robinson Worldwide Inc		169		16
Cintas Corp		121		47
Copart Inc *		323		34
CoStar Group Inc *		571		40
CSX Corp		3,080		82
Cummins Inc		217		44
Deere & Co		397		133
Delta Air Lines Inc, Cl A *		875		25
Dover Corp		196		23
Eaton Corp PLC		564		75
Emerson Electric Co		837		61
Equifax Inc		185		32
Expeditors International of Washington Inc		226		20
Fastenal Co, Cl A		798		37
FedEx Corp		336		50
Fortive Corp		537		31
Fortune Brands Home & Security Inc		219		12
Generac Holdings Inc *		86		15
General Dynamics Corp		325		69
General Electric Co		1,563		97
Honeywell International Inc		971		162
Howmet Aerospace Inc		627		19
Huntington Ingalls Industries Inc, Cl A		70		16
IDEX Corp		102		20
Illinois Tool Works Inc		400		72
Ingersoll Rand Inc		553		24
Jacobs Solutions Inc		191		21
JB Hunt Transport Services Inc		139		22
Johnson Controls International plc		972		48
L3Harris Technologies Inc		271		56
Leidos Holdings Inc		216		19
Lockheed Martin Corp		337		130


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Masco Corp		326	$	15
Nielsen Holdings PLC		477		13
Nordson Corp		71		15
Norfolk Southern Corp		337		71
Northrop Grumman Corp		207		97
Old Dominion Freight Line Inc, Cl A		142		35
Otis Worldwide Corp		649		41
PACCAR Inc		529		44
Parker-Hannifin Corp, Cl A		197		48
Pentair PLC		269		11
Quanta Services Inc		195		25
Raytheon Technologies Corp		2,123		174
Republic Services Inc		316		43
Robert Half International Inc		184		14
Rockwell Automation Inc		177		38
Rollins Inc		285		10
Snap-on Inc		75		15
Southwest Airlines Co, Cl A *		813		25
Stanley Black & Decker Inc		245		18
Textron Inc		286		17
Trane Technologies PLC		334		48
TransDigm Group Inc		72		38
Union Pacific Corp		897		175
United Airlines Holdings Inc *		552		18
United Parcel Service Inc, Cl B		1,049		169
United Rentals Inc *		98		26
Verisk Analytics Inc, Cl A		246		42
Waste Management Inc		540		87
Westinghouse Air Brake Technologies Corp		246		20
WW Grainger Inc		65		32
Xylem Inc/NY		243		21

				3,430
Information Technology — 1.6%
Accenture PLC, Cl A		906		233
Adobe Inc *		676		186
Advanced Micro Devices Inc *		2,316		147
Akamai Technologies Inc *		241		19
Amphenol Corp, Cl A		839		56
Analog Devices Inc		744		104
ANSYS Inc *		120		27
Apple Inc		21,804		3,013
Applied Materials Inc		1,257		103
Arista Networks Inc *		342		39
Autodesk Inc, Cl A *		306		57
Automatic Data Processing Inc		595		135
Broadcom Inc		585		260
Broadridge Financial Solutions Inc		173		25
Cadence Design Systems Inc *		388		63
CDW Corp/DE		204		32
Ceridian HCM Holding Inc *		251		14
Cisco Systems Inc		5,943		238
Citrix Systems Inc		178		19


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Cognizant Technology Solutions Corp, Cl A		727	$	42
Corning Inc, Cl B		1,133		33
DXC Technology Co *		313		8
Enphase Energy Inc *		189		52
EPAM Systems Inc *		78		28
F5 Inc, Cl A *		87		13
Fidelity National Information Services Inc, Cl B		864		65
Fiserv Inc, Cl A *		923		86
FleetCor Technologies Inc *		104		18
Fortinet Inc *		934		46
Gartner Inc *		124		34
Global Payments Inc		393		42
Hewlett Packard Enterprise Co		1,939		23
HP Inc		1,313		33
Intel Corp		5,840		150
International Business Machines Corp		1,282		152
Intuit Inc		404		156
Jack Henry & Associates Inc		123		22
Juniper Networks Inc		521		14
Keysight Technologies Inc *		278		44
KLA Corp		211		64
Lam Research Corp		197		72
Mastercard Inc, Cl A		1,231		350
Microchip Technology Inc		779		48
Micron Technology Inc		1,582		79
Microsoft Corp		10,755		2,505
Monolithic Power Systems Inc		63		23
Motorola Solutions Inc		234		52
NetApp Inc		318		20
NortonLifeLock Inc		981		20
NVIDIA Corp		3,594		436
NXP Semiconductors NV		369		54
ON Semiconductor Corp *		602		38
Oracle Corp, Cl B		2,192		134
Paychex Inc		450		51
Paycom Software Inc *		65		21
PayPal Holdings Inc *		1,650		142
PTC Inc *		170		18
Qlik *(B)		3,600		—
Qlik, Cl A *(B)		56		57
Qlik, Cl B *(B)		13,812		—
Qorvo Inc *		188		15
QUALCOMM Inc		1,601		181
Roper Technologies Inc		149		54
Salesforce Inc *		1,421		204
Seagate Technology Holdings PLC		265		14
ServiceNow Inc *		285		108
Skyworks Solutions Inc		237		20
SolarEdge Technologies Inc *		86		20
Synopsys Inc *		216		66
TE Connectivity Ltd		452		50


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Teledyne Technologies Inc *		68	$	23
Teradyne Inc		234		18
Texas Instruments Inc		1,318		204
Trimble Inc *		337		18
Tyler Technologies Inc *		69		24
VeriSign Inc *		140		24
Visa Inc, Cl A		2,360		419
Western Digital Corp *		524		17
Zebra Technologies Corp, Cl A *		77		20

				11,514
Materials — 0.2%
Air Products and Chemicals Inc		313		73
Albemarle Corp		177		47
Amcor PLC		2,230		24
Arctic Canadian Diamond Company Ltd *(B)		824		—
Avery Dennison Corp		109		18
Ball Corp		492		24
Celanese Corp, Cl A		144		13
CF Industries Holdings Inc		284		27
Corteva Inc		1,013		58
Dow Inc		1,017		45
DuPont de Nemours Inc		788		40
Eastman Chemical Co		219		16
Ecolab Inc		348		50
FMC Corp		209		22
Freeport-McMoRan Inc, Cl B		2,031		55
International Flavors & Fragrances Inc		389		35
International Paper Co		497		16
Linde PLC		719		194
LyondellBasell Industries NV, Cl A		354		27
Martin Marietta Materials Inc, Cl A		85		27
Mosaic Co/The		491		23
Newmont Corp		1,107		46
Nucor Corp		371		40
Packaging Corp of America		138		15
PPG Industries Inc		362		40
Sealed Air Corp		231		10
Sherwin-Williams Co/The, Cl A		338		69
Vulcan Materials Co		182		29
Westrock Co		376		12

				1,095
Real Estate — 0.2%
Alexandria Real Estate Equities Inc ^‡		214		30
American Tower Corp, Cl A ^‡		663		142
AvalonBay Communities Inc ^‡		214		39
Boston Properties Inc ^‡		203		15
Camden Property Trust ^‡		162		19
CBRE Group Inc, Cl A *		464		31
Crown Castle Inc ^‡		614		89
Digital Realty Trust Inc, Cl A ^‡		436		43
Duke Realty Corp ^‡		570		28


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Equinix Inc ^‡		129	$	73
Equity Residential ^‡		521		35
Essex Property Trust Inc ^‡		95		23
Extra Space Storage Inc ^‡		203		35
Federal Realty Investment Trust ^‡		92		8
Healthpeak Properties Inc ^‡		771		18
Host Hotels & Resorts Inc ^‡		1,182		19
Invitation Homes Inc ^‡		837		28
Iron Mountain Inc ^‡		445		20
Kimco Realty Corp ^‡		900		17
Mid-America Apartment Communities Inc ^‡		157		24
Prologis Inc ^‡		1,053		107
Public Storage ^‡		228		67
Realty Income Corp ^‡		844		49
Regency Centers Corp ^‡		251		14
SBA Communications Corp, Cl A ^‡		151		43
Simon Property Group Inc ^‡		507		46
UDR Inc ^‡		495		21
Ventas Inc ^‡		545		22
VICI Properties Inc ^‡		1,340		40
Vornado Realty Trust ^‡		297		7
Welltower Inc ^‡		670		43
Weyerhaeuser Co ^‡		1,135		32

				1,227
Utilities — 0.2%
AES Corp/The		1,094		25
Alliant Energy Corp		413		22
Ameren Corp		355		29
American Electric Power Co Inc		723		62
American Water Works Co Inc		276		36
Atmos Energy Corp		222		23
CenterPoint Energy Inc		856		24
CMS Energy Corp		431		25
Consolidated Edison Inc		540		46
Constellation Energy Corp		447		37
Dominion Energy Inc		1,202		83
DTE Energy Co		267		31
Duke Energy Corp		1,094		102
Edison International		526		30
Entergy Corp		279		28
Evergy Inc		379		23
Exelon Corp		1,375		51
FirstEnergy Corp		782		29
NextEra Energy Inc		2,808		220
NiSource Inc		636		16
NRG Energy Inc		400		15
PG&E Corp *		2,322		29
Pinnacle West Capital Corp		199		13
PPL Corp		1,005		25
Public Service Enterprise Group Inc		773		43
Sempra Energy		443		66
Southern Co/The		1,509		103


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
WEC Energy Group Inc		480	$	43
Xcel Energy Inc		827		53

				1,332
Total Common Stock
(Cost $23,376) ($ Thousands)				44,867


	Face Amount (Thousands)
ASSET-BACKED SECURITIES — 4.3%
Other Asset-Backed Securities — 4.3%

Aimco CLO 12, Ser 2022-12A, Cl DR
5.381%, TSFR3M + 2.900%, 01/17/2032(A)(D)		360		317
Apidos CLO XXII, Ser 2020-22A, Cl DR
9.460%, ICE LIBOR USD 3 Month + 6.750%, 04/20/2031(A)(D)		1,380		1,161
Benefit Street Partners CLO IV, Ser 2021-IVA, Cl CRRR
6.310%, ICE LIBOR USD 3 Month + 3.600%, 01/20/2032(A)(D)		340		300
BlueMountain CLO XXIX, Ser 2021-29A, Cl ER
9.643%, ICE LIBOR USD 3 Month + 6.860%, 07/25/2034(A)(D)		890		744
Bristol Park CLO, Ser 2020-1A, Cl ER
9.512%, ICE LIBOR USD 3 Month + 7.000%, 04/15/2029(A)(D)		500		432
Canyon Capital CLO, Ser 2021-1A, Cl E
8.922%, ICE LIBOR USD 3 Month + 6.410%, 04/15/2034(A)(D)		280		212
Carlyle Global Market Strategies CLO, Ser 2018-2RA, Cl A1
3.955%, ICE LIBOR USD 3 Month + 1.050%, 05/15/2031(A)(D)		1,045		1,019
Carlyle US CLO, Ser 2021-2A, Cl DR
9.012%, ICE LIBOR USD 3 Month + 6.500%, 07/15/2032(A)(D)		850		719
Cathedral Lake VI, Ser 2021-6A, Cl E
9.993%, ICE LIBOR USD 3 Month + 7.210%, 04/25/2034(A)(D)		300		245
Cathedral Lake VII, Ser 2021-7RA, Cl D
6.792%, ICE LIBOR USD 3 Month + 4.280%, 01/15/2032(A)(D)		700		613
Catskill Park CLO, Ser 2017-1A, Cl D
8.710%, ICE LIBOR USD 3 Month + 6.000%, 04/20/2029(A)(D)		900		733
CIFC Funding, Ser 2017-3A, Cl C
6.360%, ICE LIBOR USD 3 Month + 3.650%, 07/20/2030(A)(D)		690		619


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
CIFC Funding, Ser 2021-4A, Cl D
5.412%, ICE LIBOR USD 3 Month + 2.900%, 07/15/2033(A)(D)	$	490	$	439
Copper River CLO, Ser 2006-1A
0.000%, 01/20/2021(A)(C)		3,000		177
Countrywide Asset-Backed Certificates, Ser 2006-12, Cl 1A
3.344%, ICE LIBOR USD 1 Month + 0.260%, 12/25/2036(D)		1,044		951
CQS US CLO, Ser 2021-1A, Cl D1
6.260%, ICE LIBOR USD 3 Month + 3.550%, 01/20/2035(A)(D)		1,850		1,602
Dryden LXXV CLO, Ser 2021-75A, Cl ER2
9.112%, ICE LIBOR USD 3 Month + 6.600%, 04/15/2034(A)(D)		770		607
Dryden XLIII Senior Loan Fund, Ser 2021-43A, Cl ER3
9.110%, ICE LIBOR USD 3 Month + 6.400%, 04/20/2034(A)(D)		330		274
Eaton Vance CLO, Ser 2021-2A, Cl ER
9.012%, ICE LIBOR USD 3 Month + 6.500%, 01/15/2035(A)(D)		500		410
Educational Funding, Ser 2006-1A, Cl A3
3.133%, ICE LIBOR USD 3 Month + 0.350%, 04/25/2033(A)(D)		678		503
Fortress Credit BSL XII, Ser 2021-4A, Cl E
9.642%, ICE LIBOR USD 3 Month + 7.130%, 10/15/2034(A)(D)		250		206
Golub Capital Partners CLO LIII, Ser 2021-53A, Cl E
9.410%, ICE LIBOR USD 3 Month + 6.700%, 07/20/2034(A)(D)		410		341
GoodLeap Sustainable Home Solutions Trust, Ser 2021-4GS, Cl A
1.930%, 07/20/2048(A)		146		118
GoodLeap Sustainable Home Solutions Trust, Ser 2022-1GS, Cl B
2.940%, 01/20/2049(A)		92		76
Halsey Point CLO I, Ser 2019-1A, Cl F
10.910%, ICE LIBOR USD 3 Month + 8.200%, 01/20/2033(A)(D)		290		230
Hardee's Funding, Ser 2021-1A, Cl A2
2.865%, 06/20/2051(A)		158		125
HGI CRE CLO, Ser 2021-FL1, Cl C
4.639%, ICE LIBOR USD 1 Month + 1.700%, 06/16/2036(A)(D)		330		313
Jay Park CLO, Ser 2018-1A, Cl DR
7.910%, ICE LIBOR USD 3 Month + 5.200%, 10/20/2027(A)(D)		590		512
Marathon CLO II, Ser 2005-2A
0.000%, 12/20/2019(A)(B)(C)		750		–


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Marathon CLO, Ser 2019-2A, Cl BA
6.010%, ICE LIBOR USD 3 Month + 3.300%, 01/20/2033(A)(D)	$	330	$	305
Neuberger Berman Loan Advisers CLO 33, Ser 2021-33A, Cl DR
5.640%, ICE LIBOR USD 3 Month + 2.900%, 10/16/2033(A)(D)		500		436
Neuberger Berman Loan Advisers CLO 44, Ser 2021-44A, Cl E
8.740%, ICE LIBOR USD 3 Month + 6.000%, 10/16/2034(A)(D)		490		401
Neuberger Berman Loan Advisers CLO 49, Ser 2022-49A, Cl D
4.701%, TSFR3M + 3.400%, 07/25/2034(A)(D)		2,975		2,631
Oaktree CLO, Ser 2019-1A, Cl D
6.559%, ICE LIBOR USD 3 Month + 3.800%, 04/22/2030(A)(D)		250		211
Ocean Trails CLO X, Ser 2021-10A, Cl ER
10.082%, ICE LIBOR USD 3 Month + 7.570%, 10/15/2034(A)(D)		590		482
OCP CLO, Ser 2022-24A, Cl D
5.461%, TSFR3M + 3.800%, 07/20/2035(A)(D)		3,200		2,803
OZLM VII, Ser 2018-7RA, Cl CR
5.740%, ICE LIBOR USD 3 Month + 3.000%, 07/17/2029(A)(D)		650		592
OZLM XI, Ser 2017-11A, Cl BR
5.082%, ICE LIBOR USD 3 Month + 2.300%, 10/30/2030(A)(D)		600		562
Palmer Square Loan Funding, Ser 2022-3A, Cl C
0.000%, 04/15/2031(A)(C)(D)		670		639
Parallel, Ser 2020-1A, Cl CR
4.710%, ICE LIBOR USD 3 Month + 2.000%, 07/20/2029(A)(D)		750		698
Peace Park CLO, Ser 2021-1A, Cl E
8.710%, ICE LIBOR USD 3 Month + 6.000%, 10/20/2034(A)(D)		400		328
RR, Ser 2021-18A, Cl D
8.762%, ICE LIBOR USD 3 Month + 6.250%, 10/15/2034(A)(D)		750		636
Sculptor CLO XXVI, Ser 2021-26A, Cl E
9.960%, ICE LIBOR USD 3 Month + 7.250%, 07/20/2034(A)(D)		450		374
SMB Private Education Loan Trust, Ser 2021-A, Cl D1
3.860%, 01/15/2053(A)		690		617
Structured Asset Securities Mortgage Loan Trust, Ser 2006-GEL4, Cl M1
3.654%, ICE LIBOR USD 1 Month + 0.570%, 10/25/2036(A)(D)		1,116		1,088


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Sunnova Helios II, Ser 2019-AA, Cl C
5.320%, 06/20/2046(A)	$	448	$	382
Sunrun Atlas Issuer, Ser 2019-2, Cl A
3.610%, 02/01/2055(A)		397		352
Symphony CLO XIX, Ser 2018-19A, Cl E
7.940%, ICE LIBOR USD 3 Month + 5.200%, 04/16/2031(A)(D)		250		195
TCI-Symphony CLO, Ser 2021-1A, Cl ER2
9.205%, ICE LIBOR USD 3 Month + 6.750%, 10/13/2032(A)(D)		730		621
Tikehau US CLO I, Ser 2021-1A, Cl E
9.650%, ICE LIBOR USD 3 Month + 6.910%, 01/18/2035(A)(D)		1,200		972
Voya CLO, Ser 2018-3A, Cl A1A
3.662%, ICE LIBOR USD 3 Month + 1.150%, 10/15/2031(A)(D)		250		245
Voya CLO, Ser 2021-3A, Cl DR
9.660%, ICE LIBOR USD 3 Month + 6.950%, 04/20/2034(A)(D)		260		219
Whitehorse XII, Ser 2018-12A, Cl D
6.162%, ICE LIBOR USD 3 Month + 3.650%, 10/15/2031(A)(D)		250		218
Z Capital Credit Partners CLO, Ser 2021-1A, Cl D
6.712%, ICE LIBOR USD 3 Month + 4.200%, 07/15/2033(A)(D)		450		390


Total Asset-Backed Securities
(Cost $38,464) ($ Thousands)				30,395

	Shares
PREFERRED STOCK — 0.4%

Energy — 0.4%
MPLX, 8.462% *(B)(E)		70,655		2,556


Financials — 0.0%
B Riley Financial, 5.500%		15,750		356

Total Preferred Stock
(Cost $2,690) ($ Thousands)				2,912


	Face Amount (Thousands)
CONVERTIBLE BONDS — 0.3%
Alarm.com Holdings
0.000%, 01/15/2026(I)		57		47
Apollo Commercial Real Estate Finance
5.375% , 10/15/2023		400		389
Blackstone Mortgage Trust
5.500% , 03/15/2027		200		170


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CONVERTIBLE BONDS (continued)
DISH Network
3.375% , 08/15/2026	$	640	$	440
DraftKings Holdings
0.000%, 03/15/2028(I)		900		581
Gannett
6.000% , 12/01/2027		240		215
Liberty Latin America
2.000% , 07/15/2024		140		122
Liberty TripAdvisor Holdings
0.500% , 06/30/2051(A)		70		50
Spirit Airlines
1.000% , 05/15/2026		40		34

Total Convertible Bonds
(Cost $2,431) ($ Thousands)				2,048



MUNICIPAL BOND — 0.0%
Illinois — 0.0%
Illinois State, Build America Bonds, GO
7.350%, 07/01/2035		209		222


Total Municipal Bond

(Cost $231) ($ Thousands)				222


		Number of Warrants
WARRANTS — 0.0%
Noble Corp., Expires 02/08/2028
Strike Price $19.27 *		2,787		36
Noble Corp., Expires 02/08/2028
Strike Price $23.13 *		2,787		34


Total Warrants
(Cost $12) ($ Thousands)				70


		Number of Rights
RIGHTS — 0.0%
Intelsat Jackson Holdings *^‡^‡(B)		4,712		–
Total Rights
(Cost $—) ($ Thousands)				–


PURCHASED OPTIONS — 0.3%
Total Purchased Options
(Cost $1,413) ($ Thousands)				2,012


Total Investments in Securities — 91.3%
(Cost $750,318) ($ Thousands)			$	644,743

A list of the open exchange traded options contracts held by the Fund at September 30, 2022 is as follows:

A list of the open futures contracts held by the Fund at September 30, 2022 is as follows:

A list of the open forward foreign currency contracts held by the Fund at September 30, 2022 is as follows:

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2022 is as follows:

A list of open OTC swap agreements held by the Fund at September 30, 2022 is as follows:

Percentages are based on Net Assets of $706,164 ($ Thousands).

*	Non-income producing security.

^‡	Real Estate Investment Trust.

^‡‡	Expiration date not available.

(A)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2022, the value of these securities amounted to $303,197 ($ Thousands), representing 42.9% of the Net Assets of the Fund.

(B)	Level 3 security in accordance with fair value hierarchy.

(C)	No interest rate available.

(D)

Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Written Options		(1,526	)		–			–		(1,526	)
Futures Contracts*
Unrealized Appreciation		566			–			–		566
Unrealized Depreciation		(13,683	)		–			–		(13,683	)
Forwards Contracts*
Unrealized Appreciation		–			2,260			–		2,260
Unrealized Depreciation		–			(1,907	)		–		(1,907	)
OTC Swaps
Credit Default Swaps*
Unrealized Depreciation		–			(62	)		–		(62	)
Centrally Cleared Swaps
Credit Default Swaps*
Unrealized Appreciation		–			281			–		281
Unrealized Depreciation		–			(427	)		–		(427	)
Interest Rate Swaps*
Unrealized Appreciation		–			1,731			–		1,731
Unrealized Depreciation		–			(1,289	)		–		(1,289	)
Total Other Financial Instruments		(14,643	)		587			–		(14,056	)

*	Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

	Investments in Corporate Obligation			Investments in Loan Participation			Investments in Common Stock			Investments in Preferred Stock
Balance as of October 1, 2021	$	522		$	760		$	57		$	2,332
Accrued discounts/premiums		–			–			–			–
Realized gain/(loss)		(1	)		254			(408	)		–
Change in unrealized appreciation/(depreciation)		–			98			408			224
Purchases		–			–			–			–
Sales		(521	)		–			–			–
Net transfer into Level 3		–			3,877			630			–
Net transfer out of Level 3		–			–			–			–
Ending Balance as of September 30, 2022	$	(–	)	$	4,989		$	687		$	2,556
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	(–	)	$	(161	)	$	(135	)	$	83

(1)	Of the $8,232 ($ Thousands) in Level 3 securities as of September 30, 2022, $1,822 ($ Thousands) or 0.3% of the Net Assets of the Fund are not valued via third party pricing vendors and broker quotes.

If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs are required for those Level 3 securities that are not valued by third party pricing vendors or broker quotes. The value of these securities is immaterial and no further disclosure is required.

For the year ended September 30, 2022, transfers in or out of Level 3 were due to the availability or lack of availability of observable inputs to determine fair value.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

Amounts designated as “—” are either $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS — 59.7%
U.S. Treasury Bills ^
3.299%, 08/10/2023 (A)	$	400	$	387
3.121%, 06/15/2023 (A)		500		487
2.918%, 12/08/2022 (A)		6,000		5,968
2.742%, 11/25/2022 (A)		10,000		9,958
2.535%, 11/03/2022 (A)		12,000		11,972
2.333%, 10/20/2022 (A)		12,000		11,986
2.300%, 10/13/2022 (A)		11,000		10,992
2.282%, 10/06/2022 (A)		6,000		5,999
U.S. Treasury Inflation Protected Securities
2.375%, 01/15/2027		37,432		37,997
0.625%, 01/15/2026		11,812		11,275
0.375%, 07/15/2025 (H)		56,640		54,126
0.375%, 01/15/2027 (H)		59,417		55,501
0.375%, 07/15/2027		18,873		17,608
0.250%, 01/15/2025 (H)		70,051		67,034
0.125%, 07/15/2024		15,406		14,879
0.125%, 10/15/2024 (J)		53,698		51,637
0.125%, 10/15/2025		34,158		32,268
0.125%, 07/15/2026 (H)		42,540		39,769
U.S. Treasury Note ^
3.405%, US Treasury 3 Month Bill Money Market Yield + 0.037%, 07/31/2024 (B)		800		799
3.250%, 08/31/2024		400		393
U.S. Treasury Notes ^
3.403%, US Treasury 3 Month Bill Money Market Yield + 0.035%, 10/31/2023 (B)		6,000		6,006
3.402%, US Treasury 3 Month Bill Money Market Yield + 0.034%, 04/30/2023 (B)		5,700		5,707


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
3.397%, US Treasury 3 Month Bill Money Market Yield + 0.029%, 07/31/2023 (B)(I)	$	19,400	$	19,422
3.353%, US Treasury 3 Month Bill Money Market Yield + -0.015%, 01/31/2024 (B)		10,600		10,599
3.293%, US Treasury 3 Month Bill Money Market Yield + -0.075%, 04/30/2024 (B)		5,000		4,993
0.125%, 04/30/2023		400		391

Total U.S. Treasury Obligations
(Cost $522,388) ($ Thousands)				488,153


	Shares
COMMON STOCK — 29.5%

Communication Services — 2.3%
Activision Blizzard Inc		7,983		593
Alphabet Inc, Cl A *		28,604		2,736
Alphabet Inc, Cl C *		26,116		2,511
AMC Entertainment Holdings Inc, Cl A		4,023		28
Anterix Inc *		580		21
AT&T Inc (G)		133,073		2,041
Cogent Communications Holdings Inc		792		41
EchoStar Corp, Cl A *		960		16
Electronic Arts Inc		2,816		326
Frontier Communications Parent Inc *		4,634		109
IAC Inc *		300		17
Iridium Communications Inc *		2,474		110
Liberty Media Corp-Liberty Formula One, Cl C *		1,556		91
Live Nation Entertainment Inc *		1,373		104
Lumen Technologies Inc		21,640		158
Match Group Inc *		1,028		49
Meta Platforms Inc, Cl A *		10,234		1,389
Netflix Inc *		4,402		1,036
Pinterest Inc, Cl A *		1,821		42
Radius Global Infrastructure, Cl A *		4,800		45
ROBLOX Corp, Cl A *		4,204		151
Roku Inc, Cl A *		1,123		63
Spotify Technology SA *		1,484		128
Take-Two Interactive Software Inc, Cl A *		1,757		191
Telephone and Data Systems Inc		400		6
T-Mobile US Inc *		11,637		1,561
Trade Desk Inc/The, Cl A *		1,371		82
Twitter Inc *		3,033		133
Verizon Communications Inc		79,423		3,016
Walt Disney Co/The *		18,200		1,717
Warner Bros Discovery Inc (G)*		23,733		273
ZoomInfo Technologies Inc, Cl A *		1,100		46

				18,830


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Consumer Staples — 7.4%
Albertsons Cos Inc, Cl A		4,316	$	107
Altria Group Inc (G)		48,766		1,969
Andersons Inc/The		300		9
Archer-Daniels-Midland Co		15,607		1,256
Beauty Health Co/The *		2,868		34
BellRing Brands Inc *		4,796		99
Beyond Meat Inc *		1,385		20
BJ's Wholesale Club Holdings Inc *		3,322		242
Boston Beer Co Inc/The, Cl A *		245		79
Brown-Forman Corp, Cl A		1,107		75
Brown-Forman Corp, Cl B		4,725		315
Bunge Ltd		3,958		327
Cal-Maine Foods Inc		1,129		63
Campbell Soup Co		5,885		277
Casey's General Stores Inc		978		198
Celsius Holdings Inc *		1,373		124
Chefs' Warehouse Inc/The *		1,682		49
Church & Dwight Co Inc		6,649		475
Clorox Co/The		3,447		443
Coca-Cola Co/The (G)		108,939		6,103
Coca-Cola Consolidated Inc		157		65
Colgate-Palmolive Co		22,583		1,586
Conagra Brands Inc		12,426		405
Constellation Brands Inc, Cl A		4,238		973
Costco Wholesale Corp (G)		12,202		5,763
Coty Inc, Cl A *		10,268		65
Darling Ingredients Inc *		4,048		268
Edgewell Personal Care Co		402		15
elf Beauty Inc *		1,587		60
Energizer Holdings Inc		779		20
Estee Lauder Cos Inc/The, Cl A		6,383		1,378
Flowers Foods Inc		4,913		121
Freshpet Inc *		1,177		59
General Mills Inc		16,579		1,270
Grocery Outlet Holding Corp *		1,963		65
Hain Celestial Group Inc/The *		2,012		34
Herbalife Nutrition Ltd *		2,363		47
Hershey Co/The		4,118		908
Hormel Foods Corp		8,491		386
Hostess Brands Inc, Cl A *		3,699		86
Ingredion Inc		1,247		100
Inter Parfums Inc		400		30
J & J Snack Foods Corp		319		41
J M Smucker Co/The		2,159		297
Kellogg Co		7,076		493
Keurig Dr Pepper Inc		24,989		895
Kimberly-Clark Corp		8,476		954
Kraft Heinz Co/The		19,051		635
Kroger Co/The		17,482		765
Lamb Weston Holdings Inc		4,026		311
Lancaster Colony Corp		540		81


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
McCormick & Co Inc/MD		6,813	$	486
Medifast Inc		350		38
MGP Ingredients Inc		300		32
Molson Coors Beverage Co, Cl B		4,370		210
Mondelez International Inc, Cl A		38,380		2,104
Monster Beverage Corp *		9,928		863
National Beverage Corp, Cl A		1,276		49
Nu Skin Enterprises Inc, Cl A		1,131		38
Olaplex Holdings Inc *		3,561		34
PepsiCo Inc (G)		38,172		6,232
Performance Food Group Co *		4,213		181
Philip Morris International Inc (G)		42,158		3,499
Pilgrim's Pride Corp *		1,264		29
Post Holdings Inc *		1,139		93
Primo Water Corp		4,080		51
Procter & Gamble Co/The (G)		66,341		8,376
Simply Good Foods Co/The *		1,865		60
SpartanNash Co		1,682		49
Spectrum Brands Holdings Inc		146		6
Sprouts Farmers Market Inc *		2,971		82
Sysco Corp, Cl A		14,253		1,008
TreeHouse Foods Inc *		1,208		51
Tyson Foods Inc, Cl A (G)		7,709		508
United Natural Foods Inc *		1,570		54
US Foods Holding Corp *		5,845		155
Vector Group Ltd		1,399		12
Veru Inc *		3,462		40
Walgreens Boots Alliance Inc		17,532		550
Walmart Inc (G)		38,889		5,044
WD-40 Co		354		62
Weis Markets Inc		585		42

				60,478
Energy — 7.4%
Antero Midstream Corp		15,308		140
Antero Resources Corp *		9,811		300
APA Corp		11,997		410
Arch Resources Inc		187		22
Archrock Inc		14,600		94
Baker Hughes Co, Cl A		32,022		671
Brigham Minerals Inc, Cl A		1,642		40
Bristow Group Inc *		1,582		37
Cactus Inc, Cl A		2,356		90
California Resources Corp		1,338		51
Callon Petroleum *		1,766		62
ChampionX Corp		6,975		136
Cheniere Energy Inc		9,345		1,550
Chesapeake Energy Corp		4,002		377
Chevron Corp (G)		71,387		10,256
Chord Energy		1,489		204
Civitas Resources Inc		2,559		147
Clean Energy Fuels Corp *		7,123		38
CNX Resources Corp *		7,418		115


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Comstock Resources Inc *		3,165	$	55
ConocoPhillips (G)		46,752		4,785
CONSOL Energy Inc		981		63
Continental Resources Inc/OK, Cl A		1,161		78
Coterra Energy Inc		27,864		728
Crescent Energy, Cl A		4,000		54
CVR Energy Inc		1,766		51
Delek US Holdings Inc		1,466		40
Denbury *		2,061		178
Devon Energy Corp		23,471		1,411
Diamondback Energy Inc, Cl A		6,448		777
Dril-Quip Inc *		2,441		48
DT Midstream Inc		2,637		137
Energy Fuels Inc/Canada *		7,420		45
Enviva Inc		576		35
EOG Resources Inc		21,363		2,387
EQT Corp		13,204		538
Equitrans Midstream Corp		13,188		99
Expro Group Holdings NV *		2,200		28
Exxon Mobil Corp (G)		151,853		13,258
Green Plains Inc *		1,865		54
Gulfport Energy *		687		61
Halliburton Co		33,108		815
Helix Energy Solutions Group Inc *		20,400		79
Helmerich & Payne Inc		3,055		113
Hess Corp		10,014		1,092
HF Sinclair Corp		5,512		297
International Seaways Inc		48		2
Kinder Morgan Inc		67,068		1,116
Laredo Petroleum *		594		37
Liberty Energy Inc, Cl A *		4,779		61
Magnolia Oil & Gas Corp, Cl A		5,477		108
Marathon Oil Corp		25,539		577
Marathon Petroleum Corp (G)		19,395		1,926
Matador Resources Co		4,217		206
Murphy Oil Corp		5,910		208
Nabors Industries Ltd *		589		60
New Fortress Energy Inc, Cl A		1,668		73
NexTier Oilfield Solutions Inc *		4,550		34
Northern Oil and Gas Inc		2,355		65
NOV Inc		13,824		224
Occidental Petroleum Corp		29,416		1,808
ONEOK Inc		17,014		872
Ovintiv Inc		9,273		427
Par Pacific Holdings Inc *		429		7
Patterson-UTI Energy Inc		7,319		85
PBF Energy Inc, Cl A *		3,455		121
PDC Energy Inc, Cl A		2,843		164
Peabody Energy Corp *		4,121		102
Phillips 66		17,412		1,405
Pioneer Natural Resources Co		8,595		1,861
ProPetro Holding Corp *		2,694		22


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Range Resources Corp		8,443	$	213
SandRidge Energy Inc *		2,600		42
Schlumberger NV, Cl A		51,056		1,833
SM Energy Co		4,907		185
Southwestern Energy Co *		40,840		250
Talos Energy Inc *		3,925		65
Targa Resources Corp		8,196		495
Tellurian *		16,976		41
TETRA Technologies Inc *		16,700		60
Texas Pacific Land Corp		192		341
Tidewater Inc *		2,572		56
Uranium Energy *		15,995		56
US Silica Holdings Inc *		4,317		47
Valaris *		1,754		86
Valero Energy Corp (G)		14,741		1,575
Weatherford International *		1,925		62
Williams Cos Inc/The		43,737		1,252
World Fuel Services Corp		1,303		30

				60,306
Financials — 0.0%
Eversource Energy		3,905		304



Health Care — 6.2%
10X Genomics Inc, Cl A *		922		26
1Life Healthcare *		3,200		55
Abbott Laboratories		17,183		1,663
AbbVie Inc		17,967		2,411
ABIOMED Inc *		418		103
Acadia Healthcare Co Inc, Cl A *		1,145		90
ACADIA Pharmaceuticals Inc *		3,165		52
Agilent Technologies Inc		3,038		369
Align Technology Inc *		727		151
Alkermes PLC *		2,551		57
Alnylam Pharmaceuticals Inc *		1,147		230
AmerisourceBergen Corp, Cl A		908		123
Amgen Inc, Cl A (G)		5,478		1,235
Amicus Therapeutics Inc *		6,300		66
AMN Healthcare Services Inc *		589		62
Apellis Pharmaceuticals Inc *		1,177		80
Arrowhead Pharmaceuticals Inc *		916		30
Arvinas Inc *		1,000		44
Avantor Inc *		4,992		98
Baxter International Inc (G)		4,863		262
Beam Therapeutics *		500		24
Becton Dickinson and Co		2,780		619
Biogen Inc *		1,562		417
Biohaven Pharmaceutical Holding Co Ltd *		491		74
BioMarin Pharmaceutical Inc *		1,801		153
Bio-Rad Laboratories Inc, Cl A *		189		79
Bio-Techne Corp		322		91
Blueprint Medicines Corp *		540		36
Boston Scientific Corp *		15,441		598


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Bristol-Myers Squibb Co		21,561	$	1,533
Bruker Corp		1,103		59
Cardinal Health Inc		3,133		209
Catalent Inc *		1,602		116
Centene Corp *		5,542		431
Change Healthcare Inc *		1,978		54
Charles River Laboratories International Inc *		444		87
Chemed Corp		14		6
ChemoCentryx Inc *		1,200		62
Cigna Corp		3,063		850
CONMED Corp		396		32
Cooper Cos Inc/The, Cl A		463		122
CorVel Corp *		297		41
Covetrus Inc *		1,914		40
CVS Health Corp		12,848		1,225
Cytokinetics Inc *		1,177		57
Danaher Corp, Cl A		6,222		1,607
DaVita Inc *		651		54
Denali Therapeutics Inc *		1,187		36
DENTSPLY SIRONA Inc		1,672		47
Dexcom Inc *		4,229		341
Doximity Inc, Cl A *		1,668		50
Edwards Lifesciences Corp, Cl A *		8,028		663
Elanco Animal Health Inc *		3,925		49
Elevance Health Inc		2,420		1,099
Eli Lilly & Co		8,470		2,739
Enanta Pharmaceuticals Inc *		500		26
Encompass Health Corp		968		44
Ensign Group Inc/The		379		30
Envista Holdings Corp *		1,668		55
Evolent Health Inc, Cl A *		1,800		65
Exact Sciences Corp *		1,805		59
Exelixis Inc *		2,279		36
Gilead Sciences Inc (G)		12,356		762
Global Blood Therapeutics Inc *		1,400		95
Globus Medical Inc, Cl A *		890		53
Haemonetics Corp *		621		46
Halozyme Therapeutics Inc *		1,255		50
HCA Healthcare Inc		2,419		445
HealthEquity Inc *		600		40
Henry Schein Inc *		1,082		71
Hologic Inc *		2,274		147
Horizon Therapeutics Plc *		2,480		153
Humana Inc		1,234		599
ICU Medical Inc *		224		34
IDEXX Laboratories Inc *		832		271
Illumina Inc *		1,564		298
Inari Medical *		594		43
Incyte Corp *		1,809		121
Insmed Inc *		1,300		28
Inspire Medical Systems Inc *		297		53


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Insulet Corp *		696	$	160
Integer Holdings Corp *		500		31
Integra LifeSciences Holdings Corp *		720		31
Intellia Therapeutics *		1,289		72
Intra-Cellular Therapies Inc, Cl A *		1,177		55
Intuitive Surgical Inc *		3,634		681
Ionis Pharmaceuticals Inc *		1,350		60
IQVIA Holdings Inc *		1,844		334
iRhythm Technologies Inc *		400		50
Jazz Pharmaceuticals PLC *		519		69
Johnson & Johnson (G)		25,993		4,246
Karuna Therapeutics Inc *		193		43
Laboratory Corp of America Holdings		1,012		207
Lantheus Holdings Inc *		981		69
LHC Group Inc *		393		64
LivaNova PLC *		557		28
Maravai LifeSciences Holdings Inc, Cl A *		1,978		51
Masimo Corp *		483		68
McKesson Corp		1,212		412
Medpace Holdings Inc *		297		47
Medtronic PLC		13,097		1,058
Merck & Co Inc		25,315		2,180
Merit Medical Systems Inc *		600		34
Mettler-Toledo International Inc *		202		219
Mirati Therapeutics Inc *		366		26
Moderna Inc *		3,648		431
Molina Healthcare Inc *		526		174
Natera Inc *		641		28
National HealthCare Corp		792		50
Neogen Corp, Cl B *		600		8
Neurocrine Biosciences Inc *		911		97
Novocure Ltd *		883		67
NuVasive Inc *		300		13
Oak Street Health Inc *		1,884		46
Omnicell Inc *		346		30
Option Care Health Inc *		2,257		71
Organon & Co		2,197		51
Owens & Minor Inc		1,187		29
Pacira BioSciences Inc *		792		42
Penumbra Inc *		247		47
PerkinElmer Inc		1,101		132
Perrigo Co PLC		1,203		43
Pfizer Inc		56,236		2,461
Progyny Inc *		1,000		37
PTC Therapeutics Inc *		800		40
QIAGEN NV *		2,555		105
Quest Diagnostics Inc		1,006		123
QuidelOrtho Corp *		200		14
R1 RCM *		2,150		40
Regeneron Pharmaceuticals Inc *		1,023		705
Repligen Corp *		577		108
ResMed Inc		1,386		303


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Revance Therapeutics Inc *		2,000	$	54
Royalty Pharma PLC, Cl A		2,654		107
Sage Therapeutics Inc *		897		35
Sarepta Therapeutics Inc *		788		87
Seagen Inc *		1,327		182
Select Medical Holdings Corp		700		15
Shockwave Medical Inc *		295		82
STAAR Surgical Co *		880		62
STERIS PLC		739		123
Stryker Corp		3,769		763
Syneos Health Inc, Cl A *		1,152		54
Tandem Diabetes Care Inc *		900		43
Teladoc Health Inc *		1,446		37
Teleflex Inc		483		97
Tenet Healthcare Corp *		1,079		56
Thermo Fisher Scientific Inc		3,660		1,856
Twist Bioscience Corp *		1,190		42
United Therapeutics Corp *		452		95
UnitedHealth Group Inc (G)		9,272		4,683
Universal Health Services Inc, Cl B		493		43
Veeva Systems Inc, Cl A *		1,249		206
Vertex Pharmaceuticals Inc *		2,681		776
Viatris Inc, Cl W *		10,134		86
Waters Corp *		692		187
West Pharmaceutical Services Inc		756		186
Xencor Inc *		1,592		41
Zimmer Biomet Holdings Inc		2,302		241
Zoetis Inc, Cl A		4,954		735

				51,095
Information Technology — 1.9%
Accenture PLC, Cl A		2,114		544
Adobe Inc *		1,717		473
Akamai Technologies Inc *		589		47
Amdocs Ltd		335		27
ANSYS Inc *		345		77
AppLovin Corp, Cl A *		1,500		29
Aspen Technology Inc *		199		47
Atlassian Corp PLC, Cl A *		491		103
Autodesk Inc, Cl A *		748		140
Automatic Data Processing Inc		1,312		297
Avalara Inc *		600		55
Bentley Systems Inc, Cl B		700		21
Bill.com Holdings Inc *		496		66
Block Inc, Cl A *		2,031		112
Broadridge Financial Solutions Inc		393		57
Cadence Design Systems Inc *		1,062		174
Citrix Systems Inc		687		71
Cloudflare Inc, Cl A *		1,600		89
Cognizant Technology Solutions Corp, Cl A		815		47
Crowdstrike Holdings Inc, Cl A *		687		113
Datadog Inc, Cl A *		761		68
DocuSign Inc, Cl A *		500		27


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Dropbox Inc, Cl A *		400	$	8
Dynatrace Inc *		900		31
EPAM Systems Inc *		139		50
Fair Isaac Corp *		98		40
Fidelity National Information Services Inc, Cl B		2,078		157
Fiserv Inc, Cl A *		2,257		211
Five9 Inc *		500		38
Fortinet Inc *		2,215		109
Gartner Inc *		295		82
Global Payments Inc		846		91
GoDaddy Inc, Cl A *		893		63
Guidewire Software Inc, Cl Z *		500		31
HubSpot Inc *		170		46
International Business Machines Corp		2,201		262
Intuit Inc		982		380
Jack Henry & Associates Inc		144		26
Manhattan Associates Inc *		311		41
Mastercard Inc, Cl A		3,044		866
Microsoft Corp (G)		26,930		6,272
MongoDB Inc, Cl A *		338		67
NortonLifeLock Inc		1,406		28
Okta Inc, Cl A *		300		17
Oracle Corp, Cl B		5,195		317
Palantir Technologies Inc, Cl A *		8,887		72
Palo Alto Networks Inc *		1,041		171
Paychex Inc		1,055		118
Paycom Software Inc *		201		66
Paylocity Holding Corp *		198		48
PayPal Holdings Inc *		3,989		343
PTC Inc *		589		62
Roper Technologies Inc		491		177
Salesforce Inc *		3,335		480
ServiceNow Inc *		738		279
Snowflake Inc, Cl A *		589		100
Splunk Inc *		453		34
SS&C Technologies Holdings Inc		560		27
Synopsys Inc *		152		46
Twilio Inc, Cl A *		395		27
Tyler Technologies Inc *		110		38
VeriSign Inc *		296		51
Visa Inc, Cl A		5,474		973
VMware Inc, Cl A		661		70
Workday Inc, Cl A *		737		112
Zendesk Inc *		693		53
Zoom Video Communications Inc, Cl A *		1,131		83
Zscaler Inc *		397		65

				15,412
Real Estate — 2.9%
Acadia Realty Trust ^‡		4,316		54
Agree Realty Corp ^‡		1,683		114
Alexandria Real Estate Equities Inc ^‡		3,152		442


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
American Assets Trust Inc ^‡		2,300	$	59
American Homes 4 Rent, Cl A ^‡		7,099		233
American Tower Corp, Cl A ^‡		8,862		1,903
Americold Realty Trust Inc ^‡		4,496		111
Anywhere Real Estate *		300		2
Apartment Income Corp ^‡		3,978		154
Apartment Investment and Management Co, Cl A ^‡		6,200		45
Apple Hospitality Inc ^‡		6,586		93
AvalonBay Communities Inc ^‡		2,804		516
Boston Properties Inc ^‡		3,071		230
Brixmor Property Group Inc ^‡		4,891		90
Broadstone Net Lease, Cl A ^‡		3,532		55
Camden Property Trust ^‡		1,866		223
CareTrust Inc ^‡		2,572		47
CBRE Group Inc, Cl A *		6,157		416
Centerspace ^‡		687		46
Compass, Cl A *^‡		15,897		37
Corporate Office Properties Trust ^‡		1,795		42
Cousins Properties Inc ^‡		2,775		65
Crown Castle Inc ^‡		8,247		1,192
CubeSmart ^‡		4,774		191
DiamondRock Hospitality Co ^‡		6,476		49
Digital Realty Trust Inc, Cl A ^‡		5,651		560
DigitalBridge Group ^‡		2,091		26
Douglas Emmett Inc ^‡		2,815		50
Duke Realty Corp ^‡		7,829		377
Easterly Government Properties Inc, Cl A ^‡		4,084		64
EastGroup Properties Inc ^‡		1,005		145
Empire State Realty Trust Inc, Cl A ^‡		5,073		33
EPR Properties, Cl A ^‡		1,033		37
Equinix Inc ^‡		1,815		1,032
Equity Commonwealth ^‡		2,158		53
Equity LifeStyle Properties Inc ^‡		3,327		209
Equity Residential ^‡		7,256		488
Essential Properties Realty Trust Inc ^‡		1,782		35
Essex Property Trust Inc ^‡		1,306		316
Extra Space Storage Inc ^‡		2,531		437
Federal Realty Investment Trust ^‡		1,294		117
First Industrial Realty Trust Inc ^‡		3,096		139
Four Corners Property Trust Inc ^‡		2,256		55
Gaming and Leisure Properties Inc ^‡		3,534		156
Getty Realty Corp ^‡		1,483		40
Global Net Lease Inc ^‡		3,224		34
Healthcare Realty Trust Inc, Cl A ^‡		7,108		148
Healthpeak Properties Inc ^‡		10,222		234
Highwoods Properties Inc ^‡		2,111		57
Host Hotels & Resorts Inc ^‡		13,138		209
Howard Hughes Corp/The *^‡		390		22
Hudson Pacific Properties Inc ^‡		2,482		27
Independence Realty Trust Inc ^‡		3,434		57
Innovative Industrial Properties Inc, Cl A ^‡		500		44


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
InvenTrust Properties ^‡		1,166	$	25
Invitation Homes Inc ^‡		11,272		381
Iron Mountain Inc ^‡		5,950		262
JBG SMITH Properties ^‡		2,077		39
Jones Lang LaSalle Inc *^‡		810		122
Kennedy-Wilson Holdings Inc ^‡		3,200		49
Kilroy Realty Corp ^‡		1,794		76
Kimco Realty Corp ^‡		10,972		202
Kite Realty Group Trust ^‡		4,380		75
Lamar Advertising Co, Cl A ^‡		1,958		162
Life Storage Inc ^‡		1,825		202
LTC Properties Inc ^‡		1,286		48
LXP Industrial Trust, Cl B ^‡		5,876		54
Macerich Co/The ^‡		4,152		33
Medical Properties Trust Inc ^‡		10,360		123
Mid-America Apartment Communities Inc ^‡		2,275		353
National Health Investors Inc ^‡		923		52
National Retail Properties Inc ^‡		3,042		121
National Storage Affiliates Trust ^‡		1,906		79
Newmark Group Inc, Cl A ^‡		200		2
Office Properties Income Trust ^‡		2,246		32
Omega Healthcare Investors Inc ^‡		3,802		112
Opendoor Technologies Inc *^‡		8,310		26
Outfront Media Inc ^‡		2,890		44
Paramount Group Inc ^‡		4,700		29
Park Hotels & Resorts Inc ^‡		4,665		53
Pebblebrook Hotel Trust ^‡		2,945		43
Phillips Edison & Co Inc ^‡		2,944		83
Physicians Realty Trust ^‡		3,510		53
PotlatchDeltic Corp ^‡		1,151		47
Prologis Inc ^‡		14,733		1,497
Public Storage ^‡		3,060		896
Rayonier Inc ^‡		2,952		88
Realty Income Corp ^‡		12,106		705
Regency Centers Corp ^‡		4,070		219
Retail Opportunity Investments Corp ^‡		1,900		26
Rexford Industrial Realty Inc ^‡		3,559		185
RLJ Lodging Trust ^‡		4,512		46
Ryman Hospitality Properties Inc ^‡		954		70
Sabra Health Care Inc ^‡		3,527		46
Saul Centers Inc ^‡		825		31
SBA Communications Corp, Cl A ^‡		2,080		592
Service Properties Trust ^‡		7,900		41
Simon Property Group Inc ^‡		6,711		602
SITE Centers Corp ^‡		3,165		34
SL Green Realty Corp ^‡		941		38
Spirit Realty Capital Inc ^‡		4,204		152
STAG Industrial Inc ^‡		3,217		91
STORE Capital Corp ^‡		4,862		152
Sun Communities Inc ^‡		2,504		339
Sunstone Hotel Investors Inc ^‡		1,187		11
Tanger Factory Outlet Centers Inc ^‡		3,462		47


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Terreno Realty Corp ^‡		1,156	$	61
UDR Inc ^‡		7,178		299
Uniti Group Inc ^‡		4,711		33
Urban Edge Properties ^‡		3,114		42
Ventas Inc ^‡		7,242		291
Veris Residential Inc *^‡		3,288		37
VICI Properties Inc ^‡		19,563		584
Vornado Realty Trust ^‡		3,020		70
Washington Real Estate Investment Trust ^‡		2,546		45
Welltower Inc ^‡		8,994		579
Weyerhaeuser Co ^‡		13,709		392
WP Carey Inc ^‡		3,503		245
Xenia Hotels & Resorts Inc ^‡		2,275		31
Zillow Group Inc, Cl A *^‡		1,187		34
Zillow Group Inc, Cl C *^‡		2,846		81

				23,324
Utilities — 1.4%
AES Corp/The		7,498		169
ALLETE Inc		981		49
Alliant Energy Corp		2,579		137
Ameren Corp		2,898		233
American Electric Power Co Inc		5,963		516
American States Water Co		594		46
American Water Works Co Inc		2,117		276
Atmos Energy Corp		1,543		157
Avangrid Inc		1,177		49
Avista Corp		1,187		44
Black Hills Corp, Cl A		981		66
Brookfield Renewable Corp, Cl A		1,374		45
CenterPoint Energy Inc		6,681		188
Clearway Energy Inc, Cl C		1,305		42
CMS Energy Corp		3,339		195
Consolidated Edison Inc		3,764		323
Constellation Energy Corp		3,518		293
Dominion Energy Inc		8,926		617
DTE Energy Co		2,093		241
Duke Energy Corp		8,851		823
Edison International		3,992		226
Entergy Corp		2,052		207
Essential Utilities Inc		2,162		90
Evergy Inc		2,258		134
Exelon Corp		11,245		421
FirstEnergy Corp		5,796		214
IDACORP Inc, Cl A		489		48
National Fuel Gas Co		1,170		72
New Jersey Resources Corp		1,374		53
NextEra Energy Inc		22,218		1,742
NiSource Inc		4,166		105
NorthWestern Corp		1,000		49
NRG Energy Inc		1,843		71
OGE Energy Corp		1,683		61
ONE Gas Inc		489		34


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Ormat Technologies Inc		78	$	7
PG&E Corp *		18,018		225
Pinnacle West Capital Corp		1,620		105
PNM Resources Inc		752		34
Portland General Electric Co		1,056		46
PPL Corp		9,137		232
Public Service Enterprise Group Inc		5,614		316
Sempra Energy		3,511		526
SJW Group		883		51
South Jersey Industries Inc, Cl A		2,257		75
Southern Co/The		12,191		829
Southwest Gas Holdings Inc		594		41
Spire Inc		792		49
Sunnova Energy International Inc *		2,083		46
UGI Corp		1,812		59
Vistra Corp		4,371		92
WEC Energy Group Inc		3,443		308
Xcel Energy Inc		6,054		388

				11,465
Total Common Stock
(Cost $170,088) ($ Thousands)				241,214


	Face Amount (Thousands)
CORPORATE OBLIGATIONS — 9.0%
Communication Services — 0.5%
Altice France
3.375%, 01/15/2028	EUR	117		87
Baidu
3.425%, 04/07/2030	$	201		174
CCO Holdings
4.750%, 02/01/2032 (C)		535		417
4.500%, 08/15/2030 (C)		63		50
4.500%, 06/01/2033 (C)		219		162
DISH DBS
5.250%, 12/01/2026 (C)		1,007		825
Lorca Telecom Bondco
4.000%, 09/18/2027	EUR	237		202
Netflix
5.875%, 11/15/2028	$	812		792
T-Mobile USA
3.375%, 04/15/2029		73		63
2.875%, 02/15/2031		374		301
2.625%, 02/15/2029		123		101
2.550%, 02/15/2031		883		700
Weibo
3.375%, 07/08/2030		1,395		1,024

				4,898


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Consumer Discretionary — 1.0%
Adient Global Holdings
3.500%, 08/15/2024	EUR	237	$	214
Advance Auto Parts
3.900%, 04/15/2030	$	922		791
Altice Financing
3.000%, 01/15/2028	EUR	237		175
Ashtead Capital
5.500%, 08/11/2032 (C)	$	204		189
Booking Holdings
4.625%, 04/13/2030		1,080		1,015
Carnival
4.000%, 08/01/2028 (C)		605		488
Clarios Global
4.375%, 05/15/2026 (C)	EUR	155		134
Expedia Group
6.250%, 05/01/2025 (C)	$	24		24
4.625%, 08/01/2027		251		236
Ford Motor
6.100%, 08/19/2032		435		383
Globo Comunicacao e Participacoes
4.875%, 01/22/2030 (C)		413		311
Harley-Davidson Financial Services
3.350%, 06/08/2025 (C)		463		434
3.050%, 02/14/2027 (C)		418		359
Las Vegas Sands
3.900%, 08/08/2029		722		597
Marriott International
5.750%, 05/01/2025		68		69
MDC Holdings
6.000%, 01/15/2043		389		292
MercadoLibre
2.375%, 01/14/2026		200		171
NH Hotel Group
4.000%, 07/02/2026	EUR	237		202
Nissan Motor
4.345%, 09/17/2027 (C)	$	1,086		936
Nobel Bidco BV
3.125%, 06/15/2028	EUR	237		155
Ross Stores
4.700%, 04/15/2027	$	842		819
Royal Caribbean Cruises
11.500%, 06/01/2025 (C)		343		364
8.250%, 01/15/2029 (C)		231		225
Summer BC Holdco B SARL
5.750%, 10/31/2026	EUR	237		197
Time Warner Cable
4.500%, 09/15/2042	$	330		228
Wynn Macau
5.625%, 08/26/2028 (C)		348		232

				9,240


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Consumer Staples — 0.5%
Albertsons
3.500%, 03/15/2029 (C)	$	408	$	329
Altria Group
4.800%, 02/14/2029		167		154
3.400%, 05/06/2030		745		603
BAT Capital
4.906%, 04/02/2030		467		412
4.700%, 04/02/2027		475		443
2.259%, 03/25/2028		1,337		1,064
Natura & Luxembourg Holdings SARL
6.000%, 04/19/2029 (C)		392		323
Natura Cosmeticos
4.125%, 05/03/2028 (C)		322		254
Virgolino de Oliveira Finance
10.500%, 01/28/2018 (C)(D)		660		–

				3,582

Corporate Obligation — 0.1%
Barclays
5.304%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.300%, 08/09/2026 (B)		229		220
Credit Suisse Group
6.373%, U.S. SOFR + 3.340%, 07/15/2026 (B)(C)		344		332
Deutsche Bank NY
6.119%, U.S. SOFR + 3.190%, 07/14/2026 (B)		255		248
HSBC Holdings
5.402%, U.S. SOFR + 2.870%, 08/11/2033 (B)		219		195
Mizuho Financial Group
5.414%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.050%, 09/13/2028 (B)		430		420
Morgan Stanley MTN
4.679%, U.S. SOFR + 1.669%, 07/17/2026 (B)		248		242

				1,657

Energy — 0.6%
BP Capital Markets America
2.939%, 06/04/2051		1,261		801
Continental Resources
2.268%, 11/15/2026 (C)		1,050		896
Enbridge Energy Partners
7.375%, 10/15/2045		688		748
Energy Transfer
6.250%, 04/15/2049		413		366
Eni
4.250%, 05/09/2029 (C)		900		811


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Equities
5.700%, 04/01/2028	$	131	$	128
Marathon Petroleum
6.500%, 03/01/2041		175		173
5.125%, 12/15/2026		227		223
Oleoducto Central
4.000%, 07/14/2027 (C)		438		338
ONEOK
6.350%, 01/15/2031		128		126
ONEOK Partners
6.125%, 02/01/2041		63		56
Tengizchevroil Finance International
3.250%, 08/15/2030 (C)		262		186
TransCanada PipeLines
6.200%, 10/15/2037		362		356
6.100%, 06/01/2040		573		555

				5,763

Financials — 3.8%
ABN AMRO Bank
4.750%, 07/28/2025 (C)		269		259
Aircastle
5.250%, 08/11/2025 (C)		456		429
4.250%, 06/15/2026		62		56
4.125%, 05/01/2024		181		174
2.850%, 01/26/2028 (C)		904		702
Alleghany
3.625%, 05/15/2030		931		830
Aviation Capital Group
5.500%, 12/15/2024 (C)		455		441
4.875%, 10/01/2025 (C)		182		169
4.375%, 01/30/2024 (C)		161		156
4.125%, 08/01/2025 (C)		6		6
3.500%, 11/01/2027 (C)		165		137
1.950%, 01/30/2026 (C)		480		403
1.950%, 09/20/2026 (C)		153		124
Banco de Credito del Peru S.A. MTN
3.125%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.000%, 07/01/2030 (B)(C)		755		661
Banco Santander
4.175%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.000%, 03/24/2028 (B)		400		360
Bank of America
1.734%, U.S. SOFR + 0.960%, 07/22/2027 (B)		1,198		1,028
Bank of America MTN
4.376%, U.S. SOFR + 1.580%, 04/27/2028 (B)		931		872


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Bank of Ireland Group
6.253%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.650%, 09/16/2026 (B)(C)	$	210	$	206
BNP Paribas
7.750%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.899%(B)(C)(E)		869		802
2.871%, U.S. SOFR + 1.387%, 04/19/2032 (B)(C)		806		609
Capital One Financial
4.927%, U.S. SOFR + 2.057%, 05/10/2028 (B)		333		317
2.636%, U.S. SOFR + 1.290%, 03/03/2026 (B)		475		441
CDBL Funding 1 MTN
3.500%, 10/24/2027		620		569
Charles Schwab
5.375%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.971%(B)(E)		393		382
4.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.168%(B)(E)		756		620
Citigroup
5.950%, ICE LIBOR USD 3 Month + 4.068%(B)(E)		311		307
4.075%, ICE LIBOR USD 3 Month + 1.192%, 04/23/2029 (B)		334		302
4.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.597%(B)(E)		359		303
3.980%, ICE LIBOR USD 3 Month + 1.338%, 03/20/2030 (B)		227		201
Credit Suisse Group
7.500%, USD Swap Semi 30/360 5 Yr Curr + 4.598%(B)(C)(E)		200		184
7.500%, USD Swap Semi 30/360 5 Yr Curr + 4.600%(B)(E)		440		377
6.375%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.822%(B)(C)(E)		365		266
4.194%, U.S. SOFR + 3.730%, 04/01/2031 (B)(C)		427		336
3.091%, U.S. SOFR + 1.730%, 05/14/2032 (B)(C)		292		205
Danske Bank
4.298%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.750%, 04/01/2028 (B)(C)		245		218
Deutsche Bank NY
3.961%, U.S. SOFR + 2.581%, 11/26/2025 (B)		315		294


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.129%, U.S. SOFR + 1.870%, 11/24/2026 (B)	$	347	$	295
Discover Bank
4.682%, USD Swap Semi 30/360 5 Yr Curr + 1.730%, 08/09/2028 (B)		475		456
Discover Financial Services
6.125%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.783%(B)(E)		1,308		1,276
Federation des Caisses Desjardins du Quebec
4.550%, 08/23/2027 (C)		435		411
Fifth Third Bancorp
4.500%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.215%(B)(E)		247		227
Global Payments
5.300%, 08/15/2029		287		270
Goldman Sachs Group
4.125%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.949%(B)(E)		328		261
2.615%, U.S. SOFR + 1.281%, 04/22/2032 (B)		805		624
2.383%, U.S. SOFR + 1.248%, 07/21/2032 (B)		238		179
Guardian Life Insurance of America
4.850%, 01/24/2077 (C)		145		118
ING Groep
1.726%, U.S. SOFR + 1.005%, 04/01/2027 (B)		1,191		1,021
JPMorgan Chase
7.063%, ICE LIBOR USD 3 Month + 3.320%(B)(E)		12		12
6.276%, ICE LIBOR USD 3 Month + 3.470%(B)(E)		256		256
2.580%, U.S. SOFR + 1.250%, 04/22/2032 (B)		805		624
Morgan Stanley
4.210%, U.S. SOFR + 1.610%, 04/20/2028 (B)		289		270
Nationwide Building Society MTN
2.972%, U.S. SOFR + 1.290%, 02/16/2028 (B)(C)		319		274
OEC Finance
7.125%cash/0% PIK, 12/26/2046 (C)		279		7
S&P Global
4.750%, 08/01/2028 (C)		35		34
4.250%, 05/01/2029 (C)		166		156
Santander Holdings USA
4.400%, 07/13/2027		405		373
4.260%, SOFRINDX + 1.380%, 06/09/2025 (B)		196		189


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
2.490%, U.S. SOFR + 1.249%, 01/06/2028 (B)	$	67	$	56
Societe Generale
2.797%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.300%, 01/19/2028 (B)(C)		623		525
Standard Chartered
7.750%, USD Swap Semi 30/360 5 Yr Curr + 5.723%(B)(C)(E)		200		195
6.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.661%(B)(C)(E)		552		490
4.316%, ICE LIBOR USD 3 Month + 1.510%(B)(C)(E)		400		301
3.971%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.650%, 03/30/2026 (B)(C)		239		225
Svenska Handelsbanken
4.375%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.942%(B)(E)		800		650
Swiss Re Finance Luxembourg
5.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.582%, 04/02/2049 (B)		600		525
Synchrony Financial
4.875%, 06/13/2025		139		134
4.500%, 07/23/2025		120		114
3.950%, 12/01/2027		97		84
2.875%, 10/28/2031		328		233
Truist Financial
5.100%, US Treas Yield Curve Rate T Note Const Mat 10 Yr + 4.349%(B)(E)		829		735
UBS Group
4.488%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.550%, 05/12/2026 (B)(C)		238		229
UniCredit
3.127%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.550%, 06/03/2032 (B)(C)		201		143
2.569%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 2.300%, 09/22/2026 (B)(C)		519		445
1.982%, US Treas Yield Curve Rate T Note Const Mat 1 Yr + 1.200%, 06/03/2027 (B)(C)		231		189
US Bancorp
5.300%, ICE LIBOR USD 3 Month + 2.914%(B)(E)		474		399


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Voya Financial
5.650%, ICE LIBOR USD 3 Month + 3.580%, 05/15/2053 (B)	$	258	$	250
Wells Fargo
3.900%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.453%(B)(E)		327		277
2.188%, U.S. SOFR + 2.000%, 04/30/2026 (B)		433		395

				27,673

Health Care — 0.2%
Amgen
3.000%, 02/22/2029		249		218
Cigna
4.375%, 10/15/2028		382		361
IQVIA
2.250%, 03/15/2029	EUR	200		149
Organon
2.875%, 04/30/2028		200		156
Takeda Pharmaceutical
4.400%, 11/26/2023	$	820		815

				1,699

Industrials — 0.7%
AerCap Ireland Capital DAC
6.500%, 07/15/2025		190		190
4.450%, 04/03/2026		173		161
2.450%, 10/29/2026		671		566
Air Lease
3.625%, 04/01/2027		40		36
2.100%, 09/01/2028		178		139
Air Lease MTN
2.875%, 01/15/2026		85		76
Alfa
5.250%, 03/25/2024 (C)		660		657
APCOA Parking Holdings GmbH
4.625%, 01/15/2027	EUR	237		184
CNH Industrial Capital
3.950%, 05/23/2025	$	723		697
Delta Air Lines
4.750%, 10/20/2028 (C)		475		442
4.500%, 10/20/2025 (C)		409		397
Deutsche Lufthansa MTN
3.000%, 05/29/2026	EUR	100		82
Embraer Netherlands Finance BV
6.950%, 01/17/2028 (C)	$	236		222
5.400%, 02/01/2027		670		614
ENA Master Trust
4.000%, 05/19/2048 (C)		272		202
Flowserve
2.800%, 01/15/2032		246		176


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Lima Metro Line 2 Finance
5.875%, 07/05/2034	$	216	$	204
4.350%, 04/05/2036 (C)		211		180
Odebrecht Holdco Finance
0.000%, 09/10/2058 (C)(F)		294		1
Parker-Hannifin
4.500%, 09/15/2029		546		515
TK Elevator Midco GmbH
4.375%, 07/15/2027	EUR	125		102
TransDigm
6.250%, 03/15/2026 (C)	$	405		393
Westinghouse Air Brake Technologies
3.200%, 06/15/2025		141		131

				6,367

Information Technology — 0.9%
Broadcom
4.926%, 05/15/2037 (C)		535		441
4.150%, 11/15/2030		191		165
4.150%, 04/15/2032 (C)		164		137
4.000%, 04/15/2029 (C)		47		41
3.187%, 11/15/2036 (C)		448		306
3.137%, 11/15/2035 (C)		154		108
Entegris Escrow
4.750%, 04/15/2029 (C)		699		616
Global Payments
2.900%, 11/15/2031		157		120
HP
4.750%, 01/15/2028		572		537
Infor
1.750%, 07/15/2025 (C)		340		306
International Business Machines
4.900%, 07/27/2052		434		380
Kyndryl Holdings
2.050%, 10/15/2026		631		507
Micron Technology
5.327%, 02/06/2029		202		191
4.185%, 02/15/2027		419		391
NXP BV
5.550%, 12/01/2028		317		306
Playtech
4.250%, 03/07/2026	EUR	200		177
Prosus
3.680%, 01/21/2030 (C)	$	569		426
3.257%, 01/19/2027 (C)		264		221
SK Hynix
2.375%, 01/19/2031 (C)		290		214
Tencent Holdings MTN
3.240%, 06/03/2050 (C)		439		267
1.810%, 01/26/2026 (C)		649		582
TSMC Arizona
3.875%, 04/22/2027		406		387


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Western Digital
3.100%, 02/01/2032	$	64	$	43
2.850%, 02/01/2029		132		103
Workday
3.800%, 04/01/2032		176		153
3.700%, 04/01/2029		68		61

				7,186

Materials — 0.3%
Anglo American Capital
3.875%, 03/16/2029 (C)		235		202
Celanese US Holdings
5.900%, 07/05/2024		867		855
Freeport Indonesia MTN
4.763%, 04/14/2027 (C)		243		219
INEOS Quattro Finance 2
2.500%, 01/15/2026 (C)	EUR	333		268
Inversiones CMPC
4.375%, 05/15/2023	$	389		386
Nucor
4.300%, 05/23/2027		335		321
Suzano Austria GmbH
3.750%, 01/15/2031		173		135
Volcan Cia Minera SAA
4.375%, 02/11/2026 (C)		81		67

				2,453

Real Estate — 0.1%
American Tower
4.050%, 03/15/2032		118		102
3.650%, 03/15/2027		235		215
Host Hotels & Resorts
3.500%, 09/15/2030		142		113
2.900%, 12/15/2031		236		173
Vornado Realty
2.150%, 06/01/2026		403		337

				940

Utilities — 0.3%
AES Panama Generation Holdings SRL
4.375%, 05/31/2030 (C)		304		239
Chile Electricity PEC
3.079%, 01/25/2028 (C)		523		366
Comision Federal de Electricidad
4.688%, 05/15/2029 (C)		268		224
3.348%, 02/09/2031 (C)		687		490
Duke Energy Carolinas NC Storm Funding
2.617%, 07/01/2041		403		300
Engie Energia Chile
3.400%, 01/28/2030		390		294
Terraform Global Operating
6.125%, 03/01/2026 (C)		74		69


Description	Face Amount (Thousands)		Market Value ($ Thousands)
CORPORATE OBLIGATIONS (continued)
Vistra
7.000%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.740%(B)(C)(E)	$	286	$	250

				2,232

Total Corporate Obligations
(Cost $87,982) ($ Thousands)				73,690



MORTGAGE-BACKED SECURITIES — 5.3%
Agency Mortgage-Backed Obligations — 3.5%
FHLMC CMO, Ser 2017-4693, Cl SL, IO
3.332%, 06/15/2047(B)		1,144		124
FHLMC CMO, Ser 2020-4981, Cl HS, IO
3.016%, 06/25/2050(B)		2,298		226
FHLMC CMO, Ser 2020-5015, Cl BI, IO
4.000%, 09/25/2050		1,609		305
FHLMC Multifamily Structured Credit Risk, Ser MN1, Cl M1
4.281%, SOFR30A + 2.000%, 01/25/2051(B)(C)		82		79
FHLMC STACR Debt Notes, Ser 2021-DNA7, Cl M2
4.081%, SOFR30A + 1.800%, 11/25/2041(B)(C)		1,042		934
FHLMC STACR Debt Notes, Ser 2022-DNA5, Cl M1A
5.133%, SOFR30A + 2.950%, 06/25/2042(B)(C)		840		840
FHLMC STACR REMIC Trust, Ser 2020-DNA1, Cl M2
4.784%, ICE LIBOR USD 1 Month + 1.700%, 01/25/2050(B)(C)		141		139
FHLMC STACR REMIC Trust, Ser 2020-DNA5, Cl M2
5.081%, SOFR30A + 2.800%, 10/25/2050(B)(C)		321		321
FHLMC STACR REMIC Trust, Ser 2021-DNA5, Cl M2
3.931%, SOFR30A + 1.650%, 01/25/2034(B)(C)		259		252
FHLMC STACR REMIC Trust, Ser 2021-DNA6, Cl M2
3.781%, SOFR30A + 1.500%, 10/25/2041(B)(C)		1,079		979
FHLMC STACR REMIC Trust, Ser 2021-HQA4, Cl M2
4.631%, SOFR30A + 2.350%, 12/25/2041(B)(C)		668		568


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FHLMC STACR REMIC Trust, Ser 2022-DNA1, Cl M1A
3.281%, SOFR30A + 1.000%, 01/25/2042(B)(C)	$	505	$	491
FHLMC STACR REMIC Trust, Ser 2022-DNA1, Cl M1B
4.131%, SOFR30A + 1.850%, 01/25/2042(B)(C)		542		492
FHLMC STACR REMIC Trust, Ser 2022-DNA4, Cl M1A
4.481%, SOFR30A + 2.200%, 05/25/2042(B)(C)		685		679
FHLMC STACR REMIC Trust, Ser 2022-DNA6, Cl M1A
4.435%, SOFR30A + 2.150%, 09/25/2042(B)(C)		479		476
FHLMC STACR REMIC Trust, Ser 2022-DNA7, Cl M1A
4.876%, SOFR30A + 2.500%, 09/25/2042(B)(C)		1,246		1,247
FHLMC STACR Trust, Ser 2019-DNA3, Cl M2
5.134%, ICE LIBOR USD 1 Month + 2.050%, 07/25/2049(B)(C)		34		33
FHLMC STACR Trust, Ser 2019-DNA4, Cl M2
5.034%, ICE LIBOR USD 1 Month + 1.950%, 10/25/2049(B)(C)		57		57
FHLMC STACR Trust, Ser 2019-FTR2, Cl M2
5.234%, ICE LIBOR USD 1 Month + 2.150%, 11/25/2048(B)(C)		363		342
FHLMC STACR Trust, Ser 2019-HQA3, Cl M2
4.934%, ICE LIBOR USD 1 Month + 1.850%, 09/25/2049(B)(C)		310		304
FNMA
3.000%, 02/01/2052		2,291		2,007
FNMA CMO, Ser 2011-131, Cl ST, IO
3.456%, 12/25/2041(B)		588		69
FNMA CMO, Ser 2014-17, Cl SA, IO
2.966%, 04/25/2044(B)		1,500		166
FNMA CMO, Ser 2014-78, Cl SE, IO
3.016%, 12/25/2044(B)		902		88
FNMA CMO, Ser 2016-77, Cl DS, IO
2.916%, 10/25/2046(B)		859		85
FNMA CMO, Ser 2017-62, Cl AS, IO
3.066%, 08/25/2047(B)		972		110
FNMA CMO, Ser 2017-81, Cl SA, IO
3.116%, 10/25/2047(B)		1,150		126
FNMA CMO, Ser 2017-97, Cl LS, IO
3.116%, 12/25/2047(B)		1,381		152
FNMA CMO, Ser 2020-89, Cl KI, IO
4.000%, 12/25/2050		3,441		651


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA Connecticut Avenue Securities Trust, Ser 2018-R07, Cl 1M2
4.844%, ICE LIBOR USD 1 Month + 2.400%, 04/25/2031(B)(C)	$	42	$	42
FNMA Connecticut Avenue Securities Trust, Ser 2019-R02, Cl 1M2
4.744%, ICE LIBOR USD 1 Month + 2.300%, 08/25/2031(B)(C)		18		18
FNMA Connecticut Avenue Securities Trust, Ser 2019-R03, Cl 1M2
4.594%, ICE LIBOR USD 1 Month + 2.150%, 09/25/2031(B)(C)		11		10
FNMA Connecticut Avenue Securities Trust, Ser 2019-R06, Cl 2M2
5.184%, ICE LIBOR USD 1 Month + 2.100%, 09/25/2039(B)(C)		14		14
FNMA Connecticut Avenue Securities Trust, Ser 2019-R07, Cl 1M2
5.184%, ICE LIBOR USD 1 Month + 2.100%, 10/25/2039(B)(C)		75		74
FNMA Connecticut Avenue Securities Trust, Ser 2020-R02, Cl 2M2
5.084%, ICE LIBOR USD 1 Month + 2.000%, 01/25/2040(B)(C)		145		142
FNMA Connecticut Avenue Securities Trust, Ser 2021-R03, Cl 1M2
3.931%, SOFR30A + 1.650%, 12/25/2041(B)(C)		319		291
FNMA Connecticut Avenue Securities Trust, Ser 2022-R01, Cl 1M2
4.181%, SOFR30A + 1.900%, 12/25/2041(B)(C)		1,023		932
FNMA Connecticut Avenue Securities Trust, Ser 2022-R03, Cl 1M2
5.781%, SOFR30A + 3.500%, 03/25/2042(B)(C)		838		796
FNMA Connecticut Avenue Securities Trust, Ser 2022-R04, Cl 1M2
5.381%, SOFR30A + 3.100%, 03/25/2042(B)(C)		211		198
FNMA Connecticut Avenue Securities, Ser 2015-C02, Cl 1M2
7.084%, ICE LIBOR USD 1 Month + 4.000%, 05/25/2025(B)		153		156
FNMA Connecticut Avenue Securities, Ser 2015-C03, Cl 1M2
8.084%, ICE LIBOR USD 1 Month + 5.000%, 07/25/2025(B)		151		154
FNMA Connecticut Avenue Securities, Ser 2015-C04, Cl 1M2
8.144%, ICE LIBOR USD 1 Month + 5.700%, 04/25/2028(B)		104		108


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
FNMA Connecticut Avenue Securities, Ser 2017-C04, Cl 2M2
5.294%, ICE LIBOR USD 1 Month + 2.850%, 11/25/2029(B)	$	473	$	476
FNMA Connecticut Avenue Securities, Ser 2021-R02, Cl 2M2
4.281%, SOFR30A + 2.000%, 11/25/2041(B)(C)		469		419
FNMA TBA
3.000%, 10/15/2052		6,428		5,593
2.500%, 10/01/2042		7,470		6,266
GNMA CMO, Ser 2017-122, Cl SA, IO
3.186%, 08/20/2047(B)		701		80
GNMA CMO, Ser 2017-134, Cl SE, IO
3.186%, 09/20/2047(B)		587		56


				28,167
Non-Agency Mortgage-Backed Obligations — 1.8%
Alternative Loan Trust, Ser 2005-20CB, Cl 3A6
5.500%, 07/25/2035		47		34
Alternative Loan Trust, Ser 2006-24CB, Cl A16
5.750%, 08/25/2036		245		141
Alternative Loan Trust, Ser 2006-28CB, Cl A14
6.250%, 10/25/2036		186		106
Alternative Loan Trust, Ser 2006-J1, Cl 1A13
5.500%, 02/25/2036		106		77
AREIT Trust, Ser 2022-CRE6, Cl A
3.534%, SOFR30A + 1.250%, 01/16/2037(B)(C)		1,359		1,300
Ashford Hospitality Trust, Ser 2018-KEYS, Cl A
3.818%, ICE LIBOR USD 1 Month + 1.000%, 06/15/2035(B)(C)		526		509
BAMLL Commercial Mortgage Securities Trust, Ser 2013-WBRK, Cl D
3.652%, 03/10/2037(B)(C)		365		310
BAMLL Commercial Mortgage Securities Trust, Ser 2017-SCH, Cl AF
3.818%, ICE LIBOR USD 1 Month + 1.000%, 11/15/2033(B)(C)		1,610		1,517
BBCMS Mortgage Trust, Ser 2020-BID, Cl A
4.958%, ICE LIBOR USD 1 Month + 2.140%, 10/15/2037(B)(C)		779		767
Bellemeade Re, Ser 2019-1A, Cl M1B
4.834%, ICE LIBOR USD 1 Month + 1.750%, 03/25/2029(B)(C)		83		83
Bellemeade Re, Ser 2019-3A, Cl M1C
5.034%, ICE LIBOR USD 1 Month + 1.950%, 07/25/2029(B)(C)		340		336


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Bellemeade Re, Ser 2019-3A, Cl M1B
4.684%, ICE LIBOR USD 1 Month + 1.600%, 07/25/2029(B)(C)	$	97	$	97
Bellemeade Re, Ser 2019-4A, Cl M1B
5.084%, ICE LIBOR USD 1 Month + 2.000%, 10/25/2029(B)(C)		3		3
Bellemeade Re, Ser 2021-1A, Cl M1C
5.231%, SOFR30A + 2.950%, 03/25/2031(B)(C)		437		422
Bellemeade Re, Ser 2021-2A, Cl M1B
3.781%, SOFR30A + 1.500%, 06/25/2031(B)(C)		704		681
Bellemeade Re, Ser 2022-2, Cl M1A
6.285%, SOFR30A + 4.000%, 09/27/2032(B)(C)		978		978
BFLD Trust, Ser 2021-FPM, Cl A
4.418%, ICE LIBOR USD 1 Month + 1.600%, 06/15/2038(B)(C)		1,189		1,147
BX Commercial Mortgage Trust, Ser 2019-IMC, Cl E
4.968%, ICE LIBOR USD 1 Month + 2.150%, 04/15/2034(B)(C)		656		618
BX Commercial Mortgage Trust, Ser 2019-IMC, Cl D
4.718%, ICE LIBOR USD 1 Month + 1.900%, 04/15/2034(B)(C)		162		154
Chase Mortgage Finance Trust, Ser 2007-S5, Cl 1A17
6.000%, 07/25/2037		88		43
CHL Mortgage Pass-Through Trust, Ser 2006-10, Cl 1A8
6.000%, 05/25/2036		122		60
CHL Mortgage Pass-Through Trust, Ser 2006-13, Cl 1A19
6.250%, 09/25/2036		60		28
Citigroup Commercial Mortgage Trust, Ser 2013-GC11, Cl D
4.563%, 04/10/2046(B)(C)		343		325
CLNY Trust, Ser 2019-IKPR, Cl D
4.843%, ICE LIBOR USD 1 Month + 2.025%, 11/15/2038(B)(C)		680		634
COMM Mortgage Trust, Ser 2010-C1, Cl D
5.985%, 07/10/2046(B)(C)		696		679
Commercial Mortgage Pass-Through Certificates, Ser 2013-SFS, Cl A1
1.873%, 04/12/2035(C)		32		32
Deutsche Alt-A Securities Mortgage Loan Trust, Ser 2006-AR4, Cl A2
3.464%, ICE LIBOR USD 1 Month + 0.380%, 12/25/2036(B)		340		126
Eagle RE, Ser 2020-1, Cl M1A
3.984%, ICE LIBOR USD 1 Month + 0.900%, 01/25/2030(B)(C)		0		1


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust, Ser 2011-GC5, Cl D
5.302%, 08/10/2044(B)(C)	$	13	$	5
GS Mortgage Securities Trust, Ser 2014-GC18, Cl D
5.225%, 01/10/2047(B)(C)		271		112
GS Mortgage Securities Trust, Ser 2021-1, Cl A-1
2.638%, 08/17/2026		26		24
2.435%, 08/17/2026		769		725
1.433%, 08/17/2026		298		276
HomeBanc Mortgage Trust, Ser 2005-1, Cl A1
3.584%, ICE LIBOR USD 1 Month + 0.500%, 03/25/2035(B)		61		51
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl XA, IO
0.957%, 09/15/2047(B)		16,136		183
JPMorgan Chase Bank, Ser 2019-CL1, Cl M3
5.184%, ICE LIBOR USD 1 Month + 2.100%, 04/25/2047(B)(C)		96		91
LB-UBS Commercial Mortgage Trust, Ser 2006-C6, Cl AJ
5.452%, 09/15/2039(B)		125		55
LSTAR Commercial Mortgage Trust, Ser 2016-4, Cl A2
2.579%, 03/10/2049(C)		283		281
Natixis Commercial Mortgage Securities Trust, Ser 2019-MILE, Cl A
4.318%, ICE LIBOR USD 1 Month + 1.500%, 07/15/2036(B)(C)		313		308
PMT Credit Risk Transfer Trust, Ser 2019-2R, Cl A
5.243%, ICE LIBOR USD 1 Month + 2.750%, 05/27/2023(B)(C)		299		287
PMT Credit Risk Transfer Trust, Ser 2019-3R, Cl A
5.193%, ICE LIBOR USD 1 Month + 2.700%, 10/27/2022(B)(C)		35		34
PMT Credit Risk Transfer Trust, Ser 2020-1R, Cl A
4.843%, ICE LIBOR USD 1 Month + 2.350%, 02/27/2023(B)(C)		120		114
Radnor RE, Ser 2019-1, Cl M1B
5.034%, ICE LIBOR USD 1 Month + 1.950%, 02/25/2029(B)(C)		423		418
Radnor RE, Ser 2019-2, Cl M1B
4.834%, ICE LIBOR USD 1 Month + 1.750%, 06/25/2029(B)(C)		80		80
Radnor RE, Ser 2020-1, Cl M1A
4.034%, ICE LIBOR USD 1 Month + 0.950%, 01/25/2030(B)(C)		113		113


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Commercial Mortgage Trust, Ser 2016-NXS6, Cl C
4.531%, 11/15/2049(B)	$	925	$	824
Wells Fargo Credit Risk Transfer Securities Trust, Ser 2015-WF1, Cl 2M2
8.584%, ICE LIBOR USD 1 Month + 5.500%, 11/25/2025(B)(C)		37		29
Wells Fargo Credit Risk Transfer Securities Trust, Ser 2015-WF1, Cl 1M2
8.334%, ICE LIBOR USD 1 Month + 5.250%, 11/25/2025(B)(C)		156		119


				15,337
Total Mortgage-Backed Securities
(Cost $46,825) ($ Thousands)				43,504



ASSET-BACKED SECURITIES — 3.7%
Automotive — 1.4%

ACM Auto Trust, Ser 2022-1A, Cl A
3.230%, 04/20/2029(C)		667		665
Avis Budget Rental Car Funding AESOP, Ser 2018-1A, Cl A
3.700%, 09/20/2024(C)		930		922
Avis Budget Rental Car Funding AESOP, Ser 2018-2A, Cl A
4.000%, 03/20/2025(C)		1,080		1,061
Avis Budget Rental Car Funding AESOP, Ser 2022-2A, Cl D
4.560%, 03/20/2024(C)		937		933
Carvana Auto Receivables Trust, Ser 2021-N3, Cl C
1.020%, 06/12/2028		358		344
Carvana Auto Receivables Trust, Ser 2021-N4, Cl D
2.300%, 09/11/2028		347		319
Carvana Auto Receivables Trust, Ser 2021-P4, Cl D
2.610%, 09/11/2028		441		362
CPS Auto Receivables Trust, Ser 2022-A, Cl C
2.170%, 04/16/2029(C)		611		566
FHF Trust, Ser 2021-2A, Cl A
0.830%, 12/15/2026(C)		233		221
Ford Credit Auto Owner Trust, Ser 2021-1, Cl D
2.310%, 10/17/2033(C)		605		521
Hertz Vehicle Financing III, Ser 2022-1A, Cl C
2.630%, 06/25/2026(C)		620		554


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
LAD Auto Receivables Trust, Ser 2021-1A, Cl A
1.300%, 08/17/2026(C)	$	373	$	360
LAD Auto Receivables Trust, Ser 2022-1A, Cl A
5.210%, 06/15/2027(C)		795		785
Research-Driven Pagaya Motor Asset Trust VII, Ser 2022-3A, Cl A
5.380%, 11/25/2030(C)		852		841
Santander Bank Auto Credit-Linked Notes, Ser 2022-A, Cl B
5.281%, 05/15/2032(C)		901		885
Santander Bank Auto Credit-Linked Notes, Ser 2022-B, Cl B
5.721%, 08/16/2032(C)		910		911
Santander Consumer Auto Receivables Trust, Ser 2021-CA, Cl B
1.440%, 04/17/2028(C)		57		56
United Auto Credit Securitization Trust, Ser 2022-2, Cl A
4.390%, 04/10/2025(C)		779		775
				11,081

Credit Cards — 0.2%

Brex Commercial Charge Card Master Trust, Ser 2021-1, Cl A
2.090%, 07/15/2024(C)		437		429
Brex Commercial Charge Card Master Trust, Ser 2022-1, Cl A
4.630%, 07/15/2025(C)		1,010		978
Mission Lane Credit Card Master Trust, Ser 2021-A, Cl B
2.240%, 09/15/2026(C)		175		169
				1,576

Other Asset-Backed Securities — 2.1%

AB Issuer, Ser 2021-1, Cl A2
3.734%, 07/30/2051(C)		834		684
Affirm Asset Securitization Trust, Ser 2021-Z1, Cl A
1.070%, 08/15/2025(C)		170		165
Affirm Asset Securitization Trust, Ser 2021-Z2, Cl A
1.170%, 11/16/2026(C)		188		181
Affirm Asset Securitization Trust, Ser 2022-X1, Cl A
1.750%, 02/15/2027(C)		520		507
AGL CLO 12, Ser 2021-12A, Cl A1
3.870%, ICE LIBOR USD 3 Month + 1.160%, 07/20/2034(B)(C)		970		932


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
Amur Equipment Finance Receivables XI, Ser 2022-2A, Cl A2
5.300%, 06/21/2028(C)	$	351	$	349
Atalaya Equipment Leasing Trust, Ser 2021-1A, Cl B
2.080%, 02/15/2027(C)		185		173
Balboa Bay Loan Funding, Ser 2021-1A, Cl A
3.910%, ICE LIBOR USD 3 Month + 1.200%, 07/20/2034(B)(C)		589		566
Ballyrock CLO 15, Ser 2021-1A, Cl C
5.612%, ICE LIBOR USD 3 Month + 3.100%, 04/15/2034(B)(C)		600		528
Ballyrock CLO 16, Ser 2021-16A, Cl A1
3.840%, ICE LIBOR USD 3 Month + 1.130%, 07/20/2034(B)(C)		1,222		1,168
Cajun Global, Ser 2021-1, Cl A2
3.931%, 11/20/2051(C)		183		156
College Ave Student Loans, Ser 2021-C, Cl B
2.720%, 07/26/2055(C)		232		196
Conn's Receivables Funding, Ser 2021-A, Cl A
1.050%, 05/15/2026(C)		232		232
Diamond Issuer, Ser 2021-1A, Cl A
2.305%, 11/20/2051(C)		839		709
Domino's Pizza Master Issuer, Ser 2021-1A, Cl A2I
2.662%, 04/25/2051(C)		458		377
Dryden 78 CLO, Ser 2020-78A, Cl C
4.690%, ICE LIBOR USD 3 Month + 1.950%, 04/17/2033(B)(C)		620		558
Dryden 78 CLO, Ser 2020-78A, Cl D
5.740%, ICE LIBOR USD 3 Month + 3.000%, 04/17/2033(B)(C)		320		279
Elevation CLO, Ser 2020-11A, Cl C
4.712%, ICE LIBOR USD 3 Month + 2.200%, 04/15/2033(B)(C)		550		496
Elmwood CLO IX, Ser 2021-2A, Cl D
5.660%, ICE LIBOR USD 3 Month + 2.950%, 07/20/2034(B)(C)		583		501
Flatiron CLO 21, Ser 2021-1A, Cl D
5.638%, ICE LIBOR USD 3 Month + 2.900%, 07/19/2034(B)(C)		620		535
GCI Funding I, Ser 2021-1, Cl A
2.380%, 06/18/2046(C)		292		249
Goldentree Loan Management US CLO 7, Ser 2021-7A, Cl AR
3.780%, ICE LIBOR USD 3 Month + 1.070%, 04/20/2034(B)(C)		651		620
Hardee's Funding, Ser 2018-1A, Cl A23
5.710%, 06/20/2048(C)		384		351
Hardee's Funding, Ser 2020-1A, Cl A2
3.981%, 12/20/2050(C)		267		229


Description	Face Amount (Thousands)		Market Value ($ Thousands)
ASSET-BACKED SECURITIES (continued)
HFX, Ser 2017-1A
3.647%, 03/15/2035		830	$	762
Magnetite XXVI, Ser 2021-26A, Cl A1R
3.903%, ICE LIBOR USD 3 Month + 1.120%, 07/25/2034(B)(C)		1,127		1,081
MVW, Ser 2021-2A, Cl B
1.830%, 05/20/2039(C)		381		340
Neighborly Issuer, Ser 2021-1A, Cl A2
3.584%, 04/30/2051(C)		325		269
Nelnet Student Loan Trust, Ser 2021-DA, Cl AFX
1.630%, 04/20/2062(C)		242		219
Neuberger Berman Loan Advisers CLO 42, Ser 2021-42A, Cl A
3.840%, ICE LIBOR USD 3 Month + 1.100%, 07/16/2035(B)(C)		1,141		1,091
Neuberger Berman Loan Advisers CLO 43, Ser 2021-43A, Cl A
3.870%, ICE LIBOR USD 3 Month + 1.130%, 07/17/2035(B)(C)		690		660
OCP CLO, Ser 2021-18A, Cl AR
3.800%, ICE LIBOR USD 3 Month + 1.090%, 07/20/2032(B)(C)		849		821
Octane Receivables Trust, Ser 2021-2A, Cl B
2.020%, 09/20/2028(C)		636		568
Rad CLO 7, Ser 2020-7A, Cl C
4.740%, ICE LIBOR USD 3 Month + 2.000%, 04/17/2033(B)(C)		280		254
SMB Private Education Loan Trust, Ser 2021-E, Cl A1A
1.680%, 02/15/2051(C)		546		488
Upstart Securitization Trust, Ser 2020-3, Cl A
1.702%, 11/20/2030(C)		15		15
Upstart Securitization Trust, Ser 2021-3, Cl B
1.660%, 07/20/2031(C)		530		488
Voya CLO, Ser 2020-1A, Cl DR
5.362%, ICE LIBOR USD 3 Month + 2.850%, 04/15/2031(B)(C)		250		215
				18,012

Total Asset-Backed Securities
(Cost $32,906) ($ Thousands)				30,669


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. GOVERNMENT AGENCY OBLIGATIONS — 3.2%
FFCB
3.788%, US Treasury 3 Month Bill Money Market Yield + 0.420%, 11/07/2022(B)	$	1,200	$	1,201
3.420%, U.S. SOFR + 0.380%, 05/08/2023(B)		7,900		7,916
3.350%, U.S. SOFR + 0.310%, 11/07/2022(B)		2,500		2,501
3.175%, U.S. SOFR + 0.135%, 11/06/2023(B)		2,000		2,002
3.100%, U.S. SOFR + 0.060%, 01/13/2023(B)		1,400		1,400
3.080%, U.S. SOFR + 0.040%, 05/15/2024(B)		300		300
3.065%, U.S. SOFR + 0.025%, 09/27/2023(B)		600		600
0.300%, 09/01/2023		300		289
FHLB^
0.620%, 02/26/2026		200		175
FHLMC
4.200%, 08/28/2025		700		692
0.400%, 05/24/2024		400		375
0.375%, 05/05/2023		1,000		978
0.375%, 07/21/2025		1,400		1,256
FNMA
3.875%, 08/28/2024		800		793
0.625%, 04/22/2025		1,300		1,185
0.500%, 06/17/2025		1,500		1,356
0.375%, 06/14/2024		700		652
0.250%, 05/22/2023		1,500		1,464
0.250%, 07/10/2023		1,100		1,067
0.250%, 11/27/2023		100		95



Total U.S. Government Agency Obligations
(Cost $26,895) ($ Thousands)				26,297



MUNICIPAL BONDS — 0.1%
New York — 0.1%
City of New York, Ser D, GO
1.923%, 08/01/2031		535		411
Port Authority of New York & New Jersey, Ser AAA, RB
1.086%, 07/01/2023		515		502

				913


Description	Face Amount (Thousands)		Market Value ($ Thousands)
MUNICIPAL BONDS (continued)
West Virginia — 0.0%
Tobacco Settlement Finance Authority, RB
3.000%, 06/01/2035	$	222	$	211



Total Municipal Bonds
(Cost $1,273) ($ Thousands)				1,124



SOVEREIGN DEBT — 0.1%

Colombia Government International Bond
3.125%, 04/15/2031	$	225		156
Dominican Republic International Bond
4.875%, 09/23/2032(C)		923		694
Egypt Government International Bond MTN
5.875%, 02/16/2031(C)		436		253

Total Sovereign Debt
(Cost $1,581) ($ Thousands)				1,103


	Shares
FOREIGN COMMON STOCK — 0.1%

Cameroon — 0.0%
Golar LNG Ltd *		3,370		84


Canada — 0.1%
AbCellera Biologics Inc *		5,102		51
Brookfield Infrastructure Corp, Cl A		972		40
SunOpta *		6,200		56

				147

Chile — 0.0%
Liberty Latin America Ltd, Cl C *		2,500		15


Ghana — 0.0%
Kosmos Energy Ltd *		17,369		90


Monaco — 0.0%
Scorpio Tankers Inc		1,362		57




Norway — 0.0%
FLEX LNG		1,963		62

Total Foreign Common Stock
(Cost $301) ($ Thousands)				455


Description				Market Value ($ Thousands)
PURCHASED OPTIONS — 0.1%
Total Purchased Options
(Cost $547) ($ Thousands)				$	549


Total Investments in Securities — 110.8%
(Cost $890,786) ($ Thousands)				$	906,758



	Shares
COMMON STOCK SOLD SHORT— (12.5)%
Communication Services — (0.5)%
Altice USA Inc, Cl A *		(5,500	)		(32	)
Cable One Inc		(93	)		(79	)
Charter Communications Inc, Cl A *		(1,765	)		(535	)
Comcast Corp, Cl A		(68,962	)		(2,023	)
DISH Network Corp, Cl A *		(4,079	)		(56	)
Fox Corp, Cl A		(5,233	)		(161	)
Fox Corp, Cl B		(967	)		(28	)
Interpublic Group of Cos Inc/The		(3,486	)		(89	)
John Wiley & Sons Inc, Cl A		(190	)		(7	)
Liberty Broadband Corp, Cl A *		(500	)		(37	)
Liberty Broadband Corp, Cl C *		(2,049	)		(151	)
Liberty Media Corp-Liberty SiriusXM *		(4,160	)		(158	)
New York Times Co/The, Cl A		(2,458	)		(71	)
News Corp, Cl A		(2,410	)		(36	)
Nexstar Media Group Inc, Cl A		(441	)		(74	)
Omnicom Group Inc		(2,087	)		(132	)
Paramount Global, Cl B		(8,280	)		(158	)
TEGNA Inc		(2,770	)		(57	)


					(3,884	)

Consumer Discretionary — (8.6)%
Academy Sports & Outdoors Inc		(1,287	)		(54	)
Acushnet Holdings Corp		(1,967	)		(86	)
Adient PLC *		(5,989	)		(166	)
ADT Inc		(963	)		(7	)
Advance Auto Parts Inc		(816	)		(128	)
Airbnb Inc, Cl A *		(9,037	)		(949	)
Amazon.com Inc, Cl A *		(52,660	)		(5,951	)
American Axle & Manufacturing Holdings Inc *		(5,039	)		(34	)
American Eagle Outfitters Inc		(4,800	)		(47	)
Aptiv PLC *		(16,152	)		(1,263	)
Aramark		(4,866	)		(152	)
Asbury Automotive Group Inc *		(297	)		(45	)
AutoNation Inc *		(495	)		(50	)
AutoZone Inc *		(235	)		(503	)
Bath & Body Works Inc		(2,832	)		(92	)
Best Buy Co Inc		(2,854	)		(181	)
Bloomin' Brands Inc		(2,177	)		(40	)
Booking Holdings Inc *		(946	)		(1,554	)
Boot Barn Holdings Inc *		(594	)		(35	)
BorgWarner Inc		(15,079	)		(473	)


Description	Shares			Market Value ($ Thousands)
COMMON STOCK SOLD SHORT (continued)
Boyd Gaming Corp		(1,752	)	$	(83	)
Bright Horizons Family Solutions Inc *		(1,269	)		(73	)
Brunswick Corp/DE		(3,122	)		(204	)
Burlington Stores Inc *		(648	)		(73	)
Caesars Entertainment Inc *		(4,502	)		(145	)
Canoo *		(8,500	)		(16	)
Capri Holdings Ltd *		(7,334	)		(282	)
CarMax Inc *		(1,781	)		(118	)
Carnival Corp *		(19,028	)		(134	)
Carter's Inc		(1,721	)		(113	)
Carvana Co, Cl A *		(412	)		(8	)
Cavco Industries Inc *		(451	)		(93	)
Century Communities Inc		(1,228	)		(53	)
Cheesecake Factory Inc/The		(1,800	)		(53	)
Chegg Inc *		(2,770	)		(58	)
Chipotle Mexican Grill Inc, Cl A *		(680	)		(1,022	)
Choice Hotels International Inc		(993	)		(109	)
Churchill Downs Inc		(984	)		(181	)
Columbia Sportswear Co		(2,066	)		(139	)
Cracker Barrel Old Country Store Inc		(500	)		(46	)
Crocs Inc *		(2,962	)		(203	)
Dana Inc		(8,738	)		(100	)
Darden Restaurants Inc		(2,910	)		(368	)
Dave & Buster's Entertainment Inc *		(1,100	)		(34	)
Deckers Outdoor Corp *		(1,333	)		(417	)
Dick's Sporting Goods Inc		(594	)		(62	)
Dollar General Corp		(2,538	)		(609	)
Dollar Tree Inc *		(2,419	)		(329	)
Domino's Pizza Inc		(844	)		(262	)
DoorDash Inc, Cl A *		(2,948	)		(146	)
Dorman Products Inc *		(1,815	)		(149	)
DR Horton Inc		(15,405	)		(1,038	)
DraftKings Inc, Cl A *		(9,240	)		(140	)
Duolingo, Cl A *		(193	)		(18	)
eBay Inc		(4,920	)		(181	)
Ethan Allen Interiors Inc		(2,300	)		(49	)
Etsy Inc *		(1,074	)		(108	)
Everi Holdings Inc *		(2,000	)		(32	)
Expedia Group Inc *		(3,605	)		(338	)
Fisker *		(5,542	)		(42	)
Five Below Inc *		(392	)		(54	)
Floor & Decor Holdings Inc, Cl A *		(1,179	)		(83	)
Foot Locker Inc, Cl A		(1,300	)		(40	)
Ford Motor Co		(235,571	)		(2,638	)
Fox Factory Holding Corp *		(2,272	)		(180	)
Frontdoor Inc *		(1,463	)		(30	)
GameStop Corp, Cl A *		(1,574	)		(40	)
Garmin Ltd		(7,277	)		(584	)
General Motors Co		(88,325	)		(2,834	)
Gentex Corp		(13,496	)		(322	)
Gentherm Inc *		(1,655	)		(82	)
Genuine Parts Co		(1,896	)		(283	)


Description	Shares			Market Value ($ Thousands)
COMMON STOCK SOLD SHORT (continued)
G-III Apparel Group Ltd *		(2,800	)	$	(42	)
Goodyear Tire & Rubber Co/The *		(17,138	)		(173	)
GoPro Inc, Cl A *		(5,900	)		(29	)
Graham Holdings Co, Cl B		(198	)		(107	)
Grand Canyon Education Inc *		(549	)		(45	)
Group 1 Automotive Inc		(297	)		(42	)
H&R Block Inc		(3,165	)		(135	)
Hanesbrands Inc		(14,582	)		(101	)
Harley-Davidson Inc, Cl A		(7,728	)		(270	)
Hasbro Inc		(5,811	)		(392	)
Helen of Troy Ltd *		(750	)		(72	)
Hilton Grand Vacations Inc *		(172	)		(6	)
Hilton Worldwide Holdings Inc		(6,493	)		(783	)
Holley *		(5,245	)		(21	)
Home Depot Inc/The		(12,266	)		(3,385	)
Hyatt Hotels Corp, Cl A *		(885	)		(72	)
Installed Building Products Inc		(1,059	)		(86	)
International Game Technology PLC		(1,900	)		(30	)
iRobot *		(924	)		(52	)
Jack in the Box Inc		(613	)		(45	)
KB Home		(2,870	)		(74	)
Kohl's Corp		(1,484	)		(37	)
Kontoor Brands Inc		(2,345	)		(79	)
Las Vegas Sands Corp *		(8,021	)		(301	)
La-Z-Boy Inc, Cl Z		(1,758	)		(40	)
LCI Industries		(1,581	)		(160	)
Lear Corp		(3,393	)		(406	)
Leggett & Platt Inc		(6,955	)		(231	)
Lennar Corp, Cl A		(12,305	)		(917	)
Lennar Corp, Cl B		(693	)		(41	)
LGI Homes Inc *		(754	)		(61	)
Light & Wonder Inc, Cl A *		(3,019	)		(129	)
Lithia Motors Inc, Cl A		(393	)		(84	)
LKQ Corp		(3,034	)		(143	)
Lowe's Cos Inc		(7,855	)		(1,475	)
Lucid Group Inc *		(29,800	)		(416	)
Lululemon Athletica Inc *		(4,997	)		(1,397	)
Luminar Technologies, Cl A *		(14,349	)		(105	)
M/I Homes Inc *		(1,906	)		(69	)
Macy's Inc		(5,015	)		(79	)
Malibu Boats Inc, Cl A *		(1,377	)		(66	)
Marriott International Inc/MD, Cl A		(7,021	)		(984	)
Marriott Vacations Worldwide Corp		(1,151	)		(140	)
Mattel Inc *		(16,191	)		(307	)
McDonald's Corp		(17,783	)		(4,103	)
MDC Holdings Inc		(2,346	)		(64	)
Meritage Homes Corp *		(1,374	)		(97	)
MGM Resorts International		(7,734	)		(230	)
Mohawk Industries Inc *		(2,522	)		(230	)
Movado Group Inc		(1,700	)		(48	)
Murphy USA Inc		(95	)		(26	)
Newell Brands Inc, Cl B		(15,051	)		(209	)


Description	Shares			Market Value ($ Thousands)
COMMON STOCK SOLD SHORT (continued)
NIKE Inc, Cl B		(56,270	)	$	(4,677	)
Norwegian Cruise Line Holdings Ltd *		(7,008	)		(80	)
NVR Inc *		(139	)		(554	)
O'Reilly Automotive Inc *		(719	)		(506	)
Oxford Industries Inc, Cl A		(495	)		(44	)
Papa John's International Inc, Cl A		(533	)		(37	)
Patrick Industries Inc		(990	)		(43	)
Peloton Interactive Inc, Cl A *		(8,332	)		(58	)
Penn EntertainmentInc *		(4,869	)		(134	)
Penske Automotive Group Inc, Cl A		(190	)		(19	)
Planet Fitness Inc, Cl A *		(1,468	)		(85	)
Polaris Inc		(2,669	)		(255	)
Pool Corp		(512	)		(163	)
PulteGroup Inc		(10,456	)		(392	)
PVH Corp		(2,904	)		(130	)
QuantumScape Corp, Cl A *		(15,139	)		(127	)
Ralph Lauren Corp, Cl A		(2,213	)		(188	)
Red Rock Resorts Inc, Cl A		(1,188	)		(41	)
RH *		(158	)		(39	)
Rivian Automotive Inc, Cl A *		(10,108	)		(333	)
Ross Stores Inc		(4,089	)		(345	)
Royal Caribbean Cruises Ltd *		(5,369	)		(203	)
SeaWorld Entertainment Inc *		(891	)		(41	)
Service Corp International/US		(2,058	)		(119	)
Shake Shack Inc, Cl A *		(1,100	)		(49	)
Signet Jewelers Ltd		(693	)		(40	)
Skechers USA Inc, Cl A *		(6,301	)		(200	)
Skyline Champion Corp *		(2,010	)		(106	)
Smith & Wesson Brands Inc		(4,100	)		(43	)
Sonos Inc *		(5,181	)		(72	)
Standard Motor Products Inc		(1,183	)		(38	)
Starbucks Corp		(27,424	)		(2,311	)
Steven Madden Ltd		(3,637	)		(97	)
Stoneridge Inc *		(1,630	)		(28	)
Strategic Education Inc		(100	)		(6	)
Stride Inc *		(100	)		(4	)
Sturm Ruger & Co Inc		(191	)		(10	)
Tapestry Inc		(12,617	)		(359	)
Target Corp, Cl A		(5,230	)		(776	)
Taylor Morrison Home Corp, Cl A *		(5,250	)		(122	)
Tempur Sealy International Inc		(8,007	)		(193	)
Tenneco Inc, Cl A *		(5,936	)		(103	)
Terminix Global Holdings Inc *		(2,599	)		(100	)
Tesla Inc *		(24,659	)		(6,541	)
Texas Roadhouse Inc, Cl A		(1,796	)		(157	)
Thor Industries Inc		(3,261	)		(228	)
TJX Cos Inc/The		(15,024	)		(933	)
Toll Brothers Inc		(5,049	)		(212	)
TopBuild Corp *		(1,355	)		(223	)
Topgolf Callaway Brands Corp *		(5,635	)		(109	)
Tractor Supply Co		(1,296	)		(241	)
Tri Pointe Homes Inc *		(3,726	)		(56	)


Description	Shares			Market Value ($ Thousands)
COMMON STOCK SOLD SHORT (continued)
Ulta Beauty Inc *		(477	)	$	(191	)
Under Armour Inc, Cl A *		(7,830	)		(52	)
Under Armour Inc, Cl C *		(6,936	)		(41	)
Vail Resorts Inc		(1,128	)		(243	)
VF Corp		(15,265	)		(457	)
Vista Outdoor Inc *		(2,300	)		(56	)
Visteon Corp *		(1,690	)		(179	)
Vizio Holding, Cl A *		(5,100	)		(45	)
Wayfair Inc, Cl A *		(576	)		(19	)
Wendy's Co/The		(3,860	)		(72	)
Whirlpool Corp		(2,424	)		(327	)
Williams-Sonoma Inc		(710	)		(84	)
Wingstop Inc, Cl A		(589	)		(74	)
Winnebago Industries		(1,862	)		(99	)
Wolverine World Wide Inc		(4,665	)		(72	)
Wyndham Hotels & Resorts Inc		(1,458	)		(89	)
Wynn Resorts Ltd *		(2,899	)		(183	)
XPEL Inc *		(971	)		(63	)
YETI Holdings Inc *		(4,000	)		(114	)
Yum! Brands Inc		(6,875	)		(731	)


					(70,405	)

Information Technology — (2.2)%
Advanced Micro Devices Inc *		(9,703	)		(615	)
Amphenol Corp, Cl A		(3,313	)		(222	)
Analog Devices Inc		(3,656	)		(509	)
Apple Inc		(42,733	)		(5,906	)
Applied Materials Inc		(5,036	)		(413	)
Arista Networks Inc *		(1,187	)		(134	)
Arrow Electronics Inc, Cl A *		(592	)		(55	)
Avnet Inc		(1,377	)		(50	)
Broadcom Inc		(2,201	)		(977	)
CDW Corp/DE		(694	)		(108	)
Ciena Corp *		(1,089	)		(44	)
Cirrus Logic Inc *		(1,000	)		(69	)
Cisco Systems Inc		(23,726	)		(949	)
Cognex Corp		(1,057	)		(44	)
Coherent Corp *		(747	)		(26	)
Corning Inc, Cl B		(3,836	)		(111	)
Dell Technologies Inc, Cl C		(1,400	)		(48	)
Enphase Energy Inc *		(817	)		(227	)
Entegris Inc		(1,194	)		(99	)
First Solar Inc *		(500	)		(66	)
Hewlett Packard Enterprise Co		(6,641	)		(80	)
HP Inc		(5,936	)		(148	)
Intel Corp		(26,803	)		(691	)
Jabil Inc		(722	)		(42	)
Juniper Networks Inc		(2,752	)		(72	)
Keysight Technologies Inc *		(537	)		(84	)
KLA Corp		(905	)		(274	)
Lam Research Corp		(914	)		(335	)
Lattice Semiconductor Corp *		(891	)		(44	)


Description	Shares			Market Value ($ Thousands)
COMMON STOCK SOLD SHORT (continued)
Littelfuse Inc		(100	)	$	(20	)
Lumentum Holdings Inc *		(495	)		(34	)
Marvell Technology Inc		(5,805	)		(249	)
Microchip Technology Inc		(3,033	)		(185	)
Micron Technology Inc		(6,430	)		(322	)
MKS Instruments Inc		(471	)		(39	)
Monolithic Power Systems Inc		(227	)		(82	)
Motorola Solutions Inc		(638	)		(143	)
National Instruments Corp		(100	)		(4	)
NetApp Inc		(938	)		(58	)
NVIDIA Corp		(14,547	)		(1,766	)
ON Semiconductor Corp *		(2,874	)		(179	)
Pure Storage Inc, Cl A *		(1,188	)		(32	)
Qorvo Inc *		(456	)		(36	)
QUALCOMM Inc		(6,698	)		(757	)
Rogers Corp *		(100	)		(24	)
Silicon Laboratories Inc *		(400	)		(49	)
Skyworks Solutions Inc		(1,189	)		(101	)
Synaptics Inc *		(297	)		(29	)
Teledyne Technologies Inc *		(98	)		(33	)
Teradyne Inc		(717	)		(54	)
Texas Instruments Inc		(5,309	)		(822	)
Trimble Inc *		(1,906	)		(103	)
Universal Display Corp		(495	)		(47	)
Western Digital Corp *		(1,658	)		(54	)
Wolfspeed Inc *		(593	)		(61	)
Zebra Technologies Corp, Cl A *		(257	)		(67	)

					(17,792	)

Materials — (1.2)%
Air Products and Chemicals Inc		(2,767	)		(644	)
Albemarle Corp		(1,438	)		(380	)
Alcoa Corp		(1,753	)		(59	)
Amcor PLC		(17,383	)		(187	)
AptarGroup Inc		(885	)		(84	)
Arconic *		(1,781	)		(30	)
Ashland Inc		(185	)		(18	)
ATI Inc *		(386	)		(10	)
Avery Dennison Corp		(713	)		(116	)
Avient Corp		(1,287	)		(39	)
Axalta Coating Systems Ltd *		(2,484	)		(52	)
Ball Corp		(4,034	)		(195	)
Berry Global Group Inc *		(2,068	)		(96	)
Cabot Corp		(284	)		(18	)
Celanese Corp, Cl A		(1,349	)		(122	)
CF Industries Holdings Inc		(2,499	)		(241	)
Chemours Co/The		(2,262	)		(56	)
Cleveland-Cliffs Inc *		(7,594	)		(102	)
Commercial Metals Co, Cl A		(1,317	)		(47	)
Constellium, Cl A *		(2,968	)		(30	)
Corteva Inc		(8,090	)		(462	)
Crown Holdings Inc		(1,234	)		(100	)


Description	Shares			Market Value ($ Thousands)
COMMON STOCK SOLD SHORT (continued)
Dow Inc		(8,930	)	$	(392	)
DuPont de Nemours Inc		(6,581	)		(332	)
Eagle Materials Inc		(495	)		(53	)
Eastman Chemical Co		(1,467	)		(104	)
Ecolab Inc		(3,068	)		(443	)
Element Solutions Inc		(4,129	)		(67	)
FMC Corp		(1,399	)		(148	)
Freeport-McMoRan Inc, Cl B		(17,889	)		(489	)
Graphic Packaging Holding Co		(2,533	)		(50	)
HB Fuller Co		(990	)		(59	)
Hecla Mining Co		(10,392	)		(41	)
Huntsman Corp		(2,272	)		(56	)
Ingevity Corp *		(800	)		(49	)
International Flavors & Fragrances Inc		(2,454	)		(223	)
International Paper Co		(5,130	)		(163	)
Livent Corp *		(2,078	)		(64	)
Louisiana-Pacific Corp		(1,205	)		(62	)
LyondellBasell Industries NV, Cl A		(3,460	)		(260	)
Martin Marietta Materials Inc, Cl A		(658	)		(212	)
Minerals Technologies Inc		(990	)		(49	)
Mosaic Co/The		(5,157	)		(249	)
MP Materials Corp *		(400	)		(11	)
Newmont Corp		(9,549	)		(401	)
Nucor Corp		(3,508	)		(375	)
O-I Glass Inc, Cl I *		(554	)		(7	)
Olin Corp		(2,066	)		(89	)
Packaging Corp of America		(887	)		(100	)
PPG Industries Inc		(2,813	)		(311	)
Reliance Steel & Aluminum Co		(707	)		(123	)
Royal Gold Inc, Cl A		(795	)		(75	)
RPM International Inc		(1,492	)		(124	)
Scotts Miracle-Gro Co/The, Cl A		(594	)		(25	)
Sealed Air Corp		(1,625	)		(72	)
Sherwin-Williams Co/The, Cl A		(2,762	)		(566	)
Sonoco Products Co		(1,187	)		(67	)
Steel Dynamics Inc		(2,110	)		(150	)
Summit Materials Inc, Cl A *		(1,583	)		(38	)
Sylvamo Corp		(1,200	)		(41	)
Tronox Holdings		(2,473	)		(30	)
United States Steel Corp		(2,947	)		(53	)
Valvoline Inc		(1,781	)		(45	)
Vulcan Materials Co		(1,386	)		(219	)
Warrior Met Coal Inc		(1,700	)		(48	)
Westlake Corp		(594	)		(52	)
Westrock Co		(3,818	)		(118	)

					(9,793	)

Total Common Stock Sold Short
(Proceeds $123,065) ($ Thousands)					(101,874	)


Description	Shares			Market Value ($ Thousands)
FOREIGN COMMON STOCK SOLD SHORT —(0.2)%
United Kingdom — (0.2)%
Linde PLC		(5,895	)	$	(1,589	)

Total Foreign Common Stock Sold Short
(Proceeds $1,606) ($ Thousands)					(1,589	)

Total Investments Sold Short — (12.7)%
(Proceeds $124,671) ($ Thousands)				$	(103,463	)

WRITTEN OPTIONS — (0.1)%
Total Written Options
(Premiums Received $566) ($ Thousands)				$	(586	)

A list of open exchange traded options contracts for the Fund at September 30, 2022, is as follows:

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

A list of the open forward foreign currency contracts held by the Fund at September 30, 2022, is as follows:

A list of the open OTC swap agreements held by the Fund at September 30, 2022 is as follows:

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2022 is as follows:

A list of the open reverse repurchase agreements held by the Fund at September 30, 2022 is as follows:

Principal Amount ($ Thousands)			Counterparty	Rate		Value ($ Thousands)
$	(22,118	)	Chase Securities		3.12 %	$	(22,118	)
	(28,914	)	Chase Securities		3.12 %		(28,914	)
	(31,850	)	Chase Securities		3.12 %		(31,850	)
	(37,761	)	Chase Securities		3.12 %		(37,761	)
						$	(120,643	)

	Percentages are based on Net Assets of $818,127 ($ Thousands).
^	Security, or a portion thereof, is held by the Accumulation Commodity Strategy Subsidiary, Ltd. as of September 30, 2022.
*	Non-income producing security.
^‡	Real Estate Investment Trust.
(A)	Interest rate represents the security's effective yield at the time of purchase.
(B)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(C)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On September 30, 2022, the value of these securities amounted to $80,809 ($ Thousands), representing 9.9% of the Net Assets of the Fund.
(D)	Security is in default on interest payment.
(E)	Perpetual security with no stated maturity date.
(F)	Zero coupon security.
(G)	Security, or portion thereof, has been pledged as collateral on securities sold short. The total market value of such securities as of September 30, 2022 was $89,068
(H)	Security, or portion thereof, has been pledged as collateral on reverse repos. The total market value of such securities as of September 30, 2022 was $216,430.
(I)	Security, or portion thereof, has been pledged as collateral on over the counter swaps. The total market value of such securities as of September 30, 2022 was $14,116.
(J)	Security, or portion thereof, has been pledged as collateral on cleared swaps. The total market value of such securities as of September 30, 2022 was $1,613.

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):
Investments in Securities	Level 1 ($)			Level 2 ($)		Level 3 ($)		Total ($)
U.S. Treasury Obligations		–			488,153		–		488,153
Common Stock		241,214			–		–		241,214
Corporate Obligations		–			73,690		–		73,690
Mortgage-Backed Securities		–			43,504		–		43,504
Asset-Backed Securities		–			30,669		–		30,669
U.S. Government Agency Obligations		–			26,297		–		26,297
Municipal Bonds		–			1,124		–		1,124
Sovereign Debt		–			1,103		–		1,103
Foreign Common Stock		455			–		–		455
Purchased Options		549			–		–		549
Total Investments in Securities		242,218			664,540		–		906,758
Securities Sold Short
Common Stock		(101,874	)		–		–		(101,874	)
Foreign Common Stock		(1,589	)		–		–		(1,589	)
Total Securities Sold Short		(103,463	)		–		–		(103,463	)

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Written Options		(586	)		–			–		(586	)
Futures Contracts*
Unrealized Appreciation		7,040			–			–		7,040
Unrealized Depreciation		(6,060	)		–			–		(6,060	)
Forwards Contracts*
Unrealized Appreciation		–			4			–		4
Unrealized Depreciation		–			(59	)		–		(59	)
OTC Swaps
Credit Default Swaps*
Unrealized Depreciation		–			(398	)		–		(398	)
Total Return Swaps*
Unrealized Appreciation		–			707			–		707
Unrealized Depreciation		–			(3,296	)		–		(3,296	)
Centrally Cleared Swaps
Credit Default Swaps*
Unrealized Appreciation		–			580			–		580
Interest Rate Swaps*
Unrealized Appreciation		–			9,147			–		9,147
Reverse Repurchase Agreements		–			(120,643	)		–		(120,643	)
Total Other Financial Instruments		394			(113,958	)		–		(113,564	)

*	Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

Amounts designated as “—” are either $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

^†	Percentages are based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.


Description	Face Amount (Thousands)		Market Value ($ Thousands)
COMMERCIAL PAPER — 28.9%
Communication Services — 1.1%
Rogers Communications
3.812%, 10/20/2022 (A)	$	7,500	$	7,486




Consumer Discretionary — 0.8%
Harley-Davidson Financial Services
3.060%, 10/07/2022 (A)		5,000		4,997




Energy — 3.3%
ONEOK
3.761%, 10/17/2022 (A)		12,200		12,179
Targa Resources
3.963%, 10/24/2022 (A)		9,350		9,330

				21,509

Financials — 5.6%
General Motors Financial
3.264%, 10/24/2022 (A)		12,300		12,270
Glencore Funding
3.012%, 10/07/2022 (A)		12,500		12,492
Southern California Edison
3.753%, 10/04/2022 (A)		12,100		12,095

				36,857

Industrials — 3.4%
Fortune Brands Home & Security
4.018%, 11/01/2022 (A)		10,200		10,168
Quanta Services
3.511%, 10/17/2022 (A)		12,250		12,228

				22,396

Information Technology — 3.7%
Arrow Electronics
3.505%, 10/04/2022 (A)		12,200		12,195
Jabil
3.854%, 10/07/2022 (A)		12,100		12,091

				24,286

Real Estate — 3.7%
Crown Castle
3.359%, 10/04/2022 (A)		12,300		12,295


Description	Face Amount (Thousands)		Market Value ($ Thousands)
COMMERCIAL PAPER (continued)
Healthpeak Properties
2.962%, 10/18/2022 (A)	$	12,300	$	12,279

				24,574

Utilities — 7.3%
American Electric Power
3.356%, 10/05/2022 (A)		12,000		11,994
Brookfield Infrastructure Holdings Canada
3.315%, 11/01/2022 (A)		12,300		12,261
Constellation Energy Generation
3.853%, 10/03/2022 (A)		12,100		12,096
Entergy
3.360%, 10/18/2022 (A)		11,650		11,631

				47,982

Total Commercial Paper
(Cost $190,106) ($ Thousands)				190,087


	Shares
EXCHANGE TRADED FUNDS — 4.9%

Invesco Nasdaq 100 ETF		36		4
Vanguard Mortgage-Backed Securities ETF		12,025		542
Energy Select Sector SPDR Fund		6		1
Financial Select Sector SPDR Fund		10		—
Industrial Select Sector SPDR Fund		1		—
Invesco QQQ Trust Series 1, Ser 1		9		3
iShares China Large-Cap ETF		20		1
iShares Core S&P 500 ETF		42,145		15,115
iShares Global Energy ETF		12,640		421
Lyxor FTSE MIB UCITS ETF		2		—
SPDR S&P Homebuilders ETF		20		1
Vanguard Health Care ETF		3		1
Vanguard Intermediate-Term Corporate Bond ETF		4,610		349
Vanguard Long-Term Corporate Bond ETF		10,396		761
Vanguard S&P 500 ETF		45,998		15,101
Vanguard Small-Capital ETF		8		1
WisdomTree Japan Hedged Equity Fund		12		1


Total Exchange Traded Funds
(Cost $24,761) ($ Thousands)				32,302


	Face Amount (Thousands)
U.S. TREASURY OBLIGATIONS — 3.3%
U.S. Treasury Inflation Protected Securities
3.875%, 04/15/2029	$	463		519
3.625%, 04/15/2028		256		278
3.375%, 04/15/2032		80		91
2.500%, 01/15/2029		287		297
2.375%, 01/15/2025		522		524


Description	Face Amount (Thousands)		Market Value ($ Thousands)
U.S. TREASURY OBLIGATIONS (continued)
2.375%, 01/15/2027	$	280	$	284
2.125%, 02/15/2040		178		185
2.125%, 02/15/2041		247		255
2.000%, 01/15/2026		138		138
1.750%, 01/15/2028		376		372
1.375%, 02/15/2044		441		393
1.000%, 02/15/2046		229		186
1.000%, 02/15/2048		214		174
1.000%, 02/15/2049		195		159
0.875%, 01/15/2029		488		459
0.875%, 02/15/2047		280		219
0.750%, 07/15/2028		582		546
0.750%, 02/15/2042		325		261
0.750%, 02/15/2045		462		356
0.625%, 01/15/2024		879		859
0.625%, 01/15/2026		574		548
0.625%, 07/15/2032		646		586
0.625%, 02/15/2043		303		233
0.500%, 04/15/2024		480		467
0.500%, 01/15/2028		749		695
0.375%, 07/15/2025		772		738
0.375%, 01/15/2027		660		616
0.375%, 07/15/2027		812		758
0.250%, 01/15/2025		887		849
0.250%, 07/15/2029		645		581
0.250%, 02/15/2050		289		189
0.125%, 07/15/2024		312		301
0.125%, 10/15/2024		1,095		1,053
0.125%, 04/15/2025		800		759
0.125%, 10/15/2025		655		619
0.125%, 10/15/2025		27		25
0.125%, 04/15/2026		560		523
0.125%, 07/15/2026		536		501
0.125%, 10/15/2026		667		622
0.125%, 04/15/2027		656		604
0.125%, 01/15/2030		667		590
0.125%, 07/15/2030		757		666
0.125%, 01/15/2031		869		759
0.125%, 07/15/2031		824		718
0.125%, 01/15/2032		888		768
0.125%, 02/15/2051		299		188
0.125%, 02/15/2052		355		224

Total U.S. Treasury Obligations
(Cost $24,443) ($ Thousands)				21,735



SOVEREIGN DEBT — 2.7%

Japanese Government CPI Linked Bond
0.100%, 03/10/2026	JPY	1,385,201		9,991


Description	Face Amount (Thousands)		Market Value ($ Thousands)
SOVEREIGN DEBT (continued)
0.100%, 03/10/2027	JPY	1,107,422	$	8,098

Total Sovereign Debt
(Cost $23,882) ($ Thousands)				18,089



U.S. GOVERNMENT AGENCY OBLIGATION — 1.9%
FHLB
1.375%, 02/17/2023	$	12,910		12,797

Total U.S. Government Agency Obligation
(Cost $12,965) ($ Thousands)				12,797


	Shares
COMMON STOCK — 0.7%

Communication Services — 0.0%
AT&T Inc		1,767		27
New York Times Co/The, Cl A		759		22
Sirius XM Holdings Inc		11,131		63
Verizon Communications Inc		1,066		41

				153
Consumer Discretionary — 0.0%
BorgWarner Inc		611		19
Chipotle Mexican Grill Inc, Cl A *		14		21
Garmin Ltd		259		21
Hasbro Inc		292		20
Leggett & Platt Inc		616		20
Service Corp International/US		378		22
Texas Roadhouse Inc, Cl A		264		23
Wendy's Co/The		3,367		63
Yum! Brands Inc		205		22

				231
Consumer Staples — 0.1%
Albertsons Cos Inc, Cl A		1,077		27
Campbell Soup Co		633		30
Church & Dwight Co Inc		678		48
Coca-Cola Co/The		876		49
Conagra Brands Inc		1,315		43
General Mills Inc		416		32
Hormel Foods Corp		652		30
J M Smucker Co/The		210		29
Kellogg Co		537		37
Keurig Dr Pepper Inc		787		28
Kraft Heinz Co/The		1,518		51
McCormick & Co Inc/MD		856		61
Mondelez International Inc, Cl A		496		27
PepsiCo Inc		177		29
Philip Morris International Inc		467		39
Sysco Corp, Cl A		286		20
Tyson Foods Inc, Cl A		319		21


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
US Foods Holding Corp *		754	$	20

				621
Energy — 0.0%
Enbridge		561		21
Kinder Morgan Inc		1,690		28
Magellan Midstream Partners		884		42
TC Energy		489		20
Williams Cos Inc/The		878		25

				136
Financials — 0.3%
Aflac Inc		491		28
AGNC Investment Corp ^‡		4,706		40
Annaly Capital Management Inc ^‡		2,623		45
Ares Capital		738		12
Bank of New York Mellon Corp/The		715		28
Bank of Nova Scotia		804		38
Bank OZK		744		29
Berkshire Hathaway Inc, Cl B *		103		28
Blackstone Mortgage Trust Inc, Cl A ^‡		1,879		44
Blue Owl Capital Inc, Cl A		4,787		44
Brookfield Asset Management, Cl A		469		19
Canadian Imperial Bank of Commerce		1,403		61
Chubb Ltd		283		51
Citizens Financial Group Inc		1,426		49
Fidelity National Financial Inc		1,658		60
Fifth Third Bancorp		1,527		49
Franklin Resources Inc		1,704		37
FS KKR Capital Corp		3,219		55
Huntington Bancshares Inc/OH		2,191		29
Jefferies Financial Group Inc		1,639		48
KeyCorp		2,900		46
Manulife Financial		1,757		27
MetLife Inc		462		28
Nasdaq Inc, Cl A		376		21
New York Community Bancorp Inc		2,402		20
Progressive Corp/The		381		44
Regions Financial Corp		1,324		27
Royal Bank of Canada		562		51
S&P Global Inc		80		24
Starwood Property Trust Inc ^‡		2,333		43
Toronto-Dominion Bank		434		27
Travelers Cos Inc/The		180		28
Truist Financial Corp		920		40
US Bancorp		666		27
Willis Towers Watson PLC		138		28
Zions Bancorp NA		97		5

				1,280
Health Care — 0.1%
Abbott Laboratories		281		27
AbbVie Inc		320		43
Agilent Technologies Inc		213		26


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Alcon		345	$	20
Boston Scientific Corp *		342		13
Bristol-Myers Squibb Co		425		30
Cardinal Health Inc		349		23
Elanco Animal Health Inc *		1,527		19
Gilead Sciences Inc		437		27
HCA Healthcare Inc		142		26
Johnson & Johnson		90		15
Merck & Co Inc		337		29
Quest Diagnostics Inc		226		28
Repligen Corp *		104		20
Shockwave Medical Inc *		6		2
Stryker Corp		128		26
Vertex Pharmaceuticals Inc *		101		29

				403
Industrials — 0.0%
A O Smith Corp		694		34
Canadian National Railway		450		48
Canadian Pacific Railway		302		20
Eaton Corp PLC		163		22
Emerson Electric Co		238		17
Fastenal Co, Cl A		898		41
Fortive Corp		222		13
Howmet Aerospace Inc		804		25
Ingersoll Rand Inc		467		20
Johnson Controls International plc		947		47
Leidos Holdings Inc		155		14
Masco Corp		1,058		49
Ryder System Inc		71		5

				355
Information Technology — 0.0%
Check Point Software Technologies Ltd *		195		22
Cisco Systems Inc		519		21
Cognizant Technology Solutions Corp, Cl A		841		48
Corning Inc, Cl B		867		25
Dell Technologies Inc, Cl C		598		21
Fortinet Inc *		431		21
HP Inc		1,043		26
Jabil Inc		515		30
Juniper Networks Inc		506		13
NetApp Inc		328		20
NortonLifeLock Inc		784		16
Paychex Inc		189		21
Synopsys Inc *		10		3

				287
Materials — 0.0%
Berry Global Group Inc *		543		25
Corteva Inc		479		28
Huntsman Corp		530		13
International Paper Co		1,081		34
LyondellBasell Industries NV, Cl A		349		26


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Westrock Co		582	$	18

				144
Real Estate — 0.1%
Boston Properties Inc ^‡		276		21
CBRE Group Inc, Cl A *		388		26
Equinix Inc ^‡		36		20
Invitation Homes Inc ^‡		1,137		38
Kimco Realty Corp ^‡		1,080		20
National Retail Properties Inc ^‡		1,175		47
Omega Healthcare Investors Inc ^‡		904		27
STORE Capital Corp ^‡		1,934		61
VICI Properties Inc ^‡		1,639		49
Weyerhaeuser Co ^‡		1,585		45
WP Carey Inc ^‡		366		25

				379
Utilities — 0.1%
AES Corp/The		539		12
American Electric Power Co Inc		301		26
Atlantica Sustainable Infrastructure		442		11
CenterPoint Energy Inc		1,377		39
Consolidated Edison Inc		537		46
Dominion Energy Inc		365		25
Exelon Corp		687		26
FirstEnergy Corp		1,091		40
PG&E Corp *		2,403		30
Pinnacle West Capital Corp		407		26
PPL Corp		1,817		46
Public Service Enterprise Group Inc		563		32
Sempra Energy		85		13
Southern Co/The		569		39
Vistra Corp		2,125		45
Xcel Energy Inc		192		12

				468
Total Common Stock
(Cost $4,933) ($ Thousands)				4,457


PURCHASED OPTIONS — 0.0%
Total Purchased Options
(Cost $103) ($ Thousands)				61


Total Investments in Securities — 42.4%
(Cost $281,193) ($ Thousands)			$	279,528


WRITTEN OPTIONS — (0.0)%
Total Written Options
(Premiums Received $115) ($ Thousands)			$	(141	)

A list of open exchange traded options held by the Fund at September 30, 2022, is as follows:

A list of the open futures contracts held by the Fund at September 30, 2022, is as follows:

A list of the open forward foreign currency contracts held by the Fund at September 30, 2022, is as follows:

A list of the open OTC swap agreements held by the Fund at September 30, 2022 is as follows:

A list of the open centrally cleared swap agreements held by the Fund at September 30, 2022 is as follows:

	Percentages are based on Net Assets of $658,806 ($ Thousands).
*	Non-income producing security.
^‡	Real Estate Investment Trust.
(A)	Interest rate represents the security's effective yield at the time of purchase.

The following is a summary of the level of inputs used as of September 30, 2022, in valuing the Fund's investments and other financial instruments carried at value ($ Thousands):

Investments in Securities

Level 1
($)

Level 2
($)

Level 3
($)

Total
($)

Commercial Paper

–

190,087

–

190,087

Exchange Traded Funds

32,302

–

32,302

U.S. Treasury Obligations

–

21,735

–

21,735

Sovereign Debt

–

18,089

–

18,089

U.S. Government Agency Obligation

–

12,797

–

12,797

Common Stock

4,457

–

4,457

Purchased Options

–

Total Investments in Securities

36,820

242,708

–

279,528

Other Financial Instruments	Level 1 ($)			Level 2 ($)			Level 3 ($)		Total ($)
Written Options		(141	)		–			–		(141	)
Futures Contracts*
Unrealized Appreciation		2,813			–			–		2,813
Unrealized Depreciation		(5,577	)		–			–		(5,577	)
Forward Contracts*
Unrealized Appreciation		–			2,706			–		2,706
Unrealized Depreciation		–			(2,561	)		–		(2,561	)
OTC Swaps
Total Return Swaps*
Unrealized Appreciation		–			1			–		1
Unrealized Depreciation		–			(36	)		–		(36	)
Centrally Cleared Swaps
Credit Default Swaps*
Unrealized Depreciation		–			(241	)		–		(241	)
Interest Rate Swaps*
Unrealized Depreciation		–			(943	)		–		(943	)
Total Other Financial Instruments		(2,905	)		(1,074	)		–		(3,979	)

*	Futures contracts, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

Amounts designated as “—” are either $0 or have been rounded to $0.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

Portfolio Abbreviations

ADR — American Depositary Receipt

AGC — Assured Guaranty Corporation

AGM— Assured Guaranty Municipal

ARM — Adjustable Rate Mortgage

BAM — Build America Mutual Assurance Corp.

BBSW — Bank Bill Swap Rate

BKBM — Bank Bill Market Rate

BPS — Basis Points

BZDIOVRA — Overnight Brazil CETIP - Interbank Rate

CD — Certificate of Deposit

CDO — Collateralized Debt Obligation

Cl — Class

CLO — Collateralized Loan Obligation

CMO — Collateralized Mortgage Obligation

CPI — Consumer Price Index

DAC — Designated Activity Company

ETF — Exchange-Traded Fund

EURIBOR — Euro London Interbank Offered Rate

FEDEF — U.S. Federal Funds Effective Rate

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GICS — Global Industry Classification Standard

GNMA — Government National Mortgage Association

GO — General Obligation

H15T7Y — Harmonized Index of Consumer Prices

IO — Interest Only — face amount represents notional amount

JSC — Joint-Stock Company

LIBOR— London Interbank Offered Rate

LLLP — Limited Liability Limited Partnership

LP — Limited Partnership

MTN — Medium Term Note

MXN-TIIE — Mexican Interbank TIIE 28-Day

OIS — Overnight Index Swap

OTC — Over The Counter

PIK — Payment-in-Kind

PJSC — Public Joint Stock Company

PO — Principal Only

RB — Revenue Bond

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

Re-REMIC — Resecuritization of Real Estate Mortgage Investment Conduit

Ser — Series

SOFR — Secured Overnight Financing Rate

SOFR30A — Secured Overnight Financing Rate 30-day Average

SOFRINDX — Custom SOFR Index

SPDR — Standard & Poor's Depository Receipt

STACR — Structured Agency Credit Risk

TBA — To Be Announced

Currency Abbreviations

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CNH — Chinese Yuan Offshore

CNY — Chinese Yuan Onshore

COP — Colombian Peso

CZK — Czech Koruna

DKK — Danish Krone

EUR — Euro

GBP — British Pound Sterling

HKD — Hong Kong Dollar

HUF — Hungarian Forint

IDR — Indonesian Rupiah

ILS — Israeli New Sheckels

INR — Indian Rupee

JPY — Japanese Yen

KRW — Korean Won

MYR — Malaysian Ringgit

MXN — Mexican Peso

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Peruvian Nuevo Sol

PHP— Philippine Peso

PLN — Polish Zloty

RUB — Russian Ruble

SEK — Swedish Krona

SGD — Singapore Dollar

THB — Thai Baht

TWD — Taiwan Dollar

USD — U.S. Dollar

ZAR — South African Rand

STATEMENTS OF ASSETS AND LIABILITIES/CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

STATEMENTS OF OPERATIONS/CONSOLIDATED STATEMENTS OF OPERATIONS ($ Thousands)

STATEMENTS OF CHANGES IN NET ASSETS/CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

1. ORGANIZATION

SEI Institutional Managed Trust (the “Trust”) is organized as a Massachusetts business trust under a Declaration of Trust dated October 20, 1986.

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with 27 funds: Large Cap, Large Cap Value, Large Cap Growth, Large Cap Index, Tax-Managed Large Cap, S&P 500 Index, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Mid-Cap, U.S. Managed Volatility, Global Managed Volatility, Tax-Managed Managed Volatility, Tax-Managed International Managed Volatility, Real Estate, Core Fixed Income, High Yield Bond, Conservative Income, Tax-Free Conservative Income, Real Return, Dynamic Asset Allocation, Multi-Strategy Alternative, Multi-Asset Accumulation, Multi-Asset Income, Multi-Asset Inflation Managed, and Multi-Asset Capital Stability (each a “Fund,” collectively the “Funds”) each of which are diversified Funds, with the exception of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds.

The Dynamic Commodity Strategy Subsidiary, Ltd., the Accumulation Commodity Strategy Subsidiary, Ltd. and the Inflation Commodity Strategy Subsidiary, Ltd. are wholly-owned subsidiaries of the Dynamic Asset Allocation, Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds, respectively, (each a “Subsidiary”, collectively the “Subsidiaries”). Each Subsidiary is organized under the laws of the Cayman Islands as an exempt limited company. Information regarding the Dynamic Asset Allocation, Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds and their respective subsidiaries have been consolidated in the Consolidated Schedules of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and Consolidated Statement of Cash Flows.

The Trust is registered to offer: Class F shares of the Funds and Class Y shares of the Funds, except for the Large Cap Index and S&P 500 Index Funds and Class I shares of the Large Cap, Large Cap Value, Large Cap Growth, S&P 500 Index, Small Cap, Small Cap Value, Small Cap Growth, Mid-Cap, U.S. Managed Volatility, Global Managed Volatility, Real Estate, Core Fixed Income, High Yield Bond and Real Return Funds. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund’s prospectus provides a description of its investment goal and its principal investment strategies and risks.

2. SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation —Effective September 8, 2022, and pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as delegated by the Board of Trustees (the “Board”), has the responsibility for the valuation of Fund investments with readily available market quotations in accordance with the Funds’ Valuation and Pricing Policy. The Trust's Board of Trustees has designated SEI Investments Management Corporation (“SIMC”) as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC has appointed a Valuation Committee (the “Committee”) and has established a Valuation and Pricing Policy to implement the Rule and the Funds’ Valuation and Pricing Policy (together the “Policy”). Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust’s Fair Value Procedures established by the Funds’ Board of Trustees and were implemented through a Fair Value Committee designated by the Board.

When valuing portfolio securities, a Fund values securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded, or, if there is no such reported sale, at the most recent quoted bid price. A Fund values securities traded on NASDAQ at the NASDAQ Official Closing Price. If available, debt securities, swaps (which are not centrally cleared), bank loans or debt tranches of

collateralized debt obligations (including collateralized loan obligations), such as those held by the Funds, are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value for such securities. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable NAV per share, with the exception of exchange-traded funds, which are priced as equity securities. These open-end investment companies’ shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company’s NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above or in the case of an equity tranche of a CDO/CLO, a Fund will value the securities using a bid price from at least one independent broker.

On the first day a new debt security purchase is recorded, if a price is not available from a third-party pricing agent or an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Policy until an independent source can be secured. Debt securities held by a Fund with remaining maturities of 60 days or less will be valued by the amortized cost method, which involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by this method, is higher or lower than the price a Fund would receive if it sold the instrument, and the value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer-specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price.

Futures and swaps cleared through a central clearing house (centrally cleared swaps) are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for financial futures and centrally cleared swaps are provided by an independent source. On days when there is excessive volume, market volatility or the future or centrally cleared swap does not end trading by the time a fund calculates its NAV, the settlement price may not be available at the time at which a fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a fund’s futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using forward rates provided by an independent source.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SIMC or a Sub-Adviser, as applicable, reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC or a Sub-Adviser, as applicable, will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify SIMC, as Valuation Designee if it receives such notification from a Sub-Adviser, as applicable, or if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Policy provides that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of the Fund’s existing pricing agent or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Policy. The Valuation Designee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below). When a security is valued in accordance with the Fair Value Procedures, the Valuation Designee will determine the value after taking into consideration relevant information reasonably available to the Valuation Designee. Examples of factors the Valuation Designee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Valuation Designee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding. The determination of a security’s fair value price often involves the consideration of a number of subjective factors and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.

Certain of the Funds use a third-party fair valuation vendor. The vendor provides a fair value for foreign securities held by the Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security). Values from the fair value vendor are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Global Managed Volatility Fund will value the non-U.S. securities in its portfolio that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation vendor.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its NAV. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates NAV if an event that could materially affect the value of those securities (a Significant Event), including substantial fluctuations in domestic or foreign markets or occurrences not

tied directly to the securities markets, such as natural disasters, armed conflicts or significant governmental actions, has occurred between the time of the security’s last close and the time that the Fund calculates NAV. A Fund may invest in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares. As a result, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem Fund shares.

A Significant Event may relate to a single issuer or to an entire market sector. If SIMC or a Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculate NAV, it may request that a Committee meeting be called. In addition, with respect to certain securities, the Funds’ administrator performs price comparisons and price movement review (among other processes), to monitor the pricing data supplied by various sources. Any identified discrepancies are researched and subject to the procedures described above.

In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Debt securities are valued in accordance with the evaluated bid price supplied by the pricing service and generally categorized as Level 2 in the hierarchy. Other securities that are categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, warrants, swaps and forward contracts. The Fund may use a systematic fair valuation model provided by an independent pricing service to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the NYSE. These are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. For certain collateralized debt obligations, corporate obligations, mortgage backed securities, auction rate preferred securities and loan participations where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

The valuation techniques used by the Funds to measure fair value during the year ended September 30, 2022, maximized the use of observable inputs and minimized the use of unobservable inputs. For details of the investment classification, reference the Schedules of Investments.

For the year ended September 30, 2022, there have been no significant changes to the Trust’s fair valuation methodologies.

The unobservable inputs used to determine fair value of reoccurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

Security Transactions and Investment Income — Security transactions are recorded on the trade date. Costs used in determining net realized capital gains

and losses on the sale of securities are on the basis of specific identification. Dividend income is recognized on the ex-dividend date, and interest income is recognized using the accrual basis of accounting. Income from payment-in-kind securities is recorded daily based on the effective interest method of accrual.

Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

Amortization and accretion is calculated using the scientific interest method, which is not materially different from the effective interest method. Amortization of premiums and discounts is included in interest income.

For Treasury Inflation-Protected Securities, the principal amount is adjusted daily to keep pace with inflation. Interest is accrued based on the adjusted principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to interest in the accompanying Statements of Operations. Such adjustments may have a significant impact on a Fund’s distributions.

Cash and Cash Equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash and cash equivalents on the Statement of Assets and Liabilities/Consolidated Statement of Assets and Liabilities and Consolidated Statement of Cash Flows. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

Repurchase Agreements —Securities pledged as collateral for repurchase agreements are held by each Fund’s custodian bank until the repurchase date of the repurchase agreement. The Funds may also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until the repurchase date of the repurchase agreement. Provisions of the repurchase agreements and the Trust’s policies require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. If the counterparty defaults and the value of the collateral declines, or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited.

Reverse Repurchase Agreements —To the extent consistent with its Investment Objective and Strategies,

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

a Fund may issue reverse repurchase agreements. A reverse repurchase agreement involves the sale of portfolio assets together with an agreement to repurchase the same assets later at a fixed price. The segregated assets may consist of cash, U.S. Government securities, or other liquid securities at least equal in value to the obligations under the reverse repurchase agreements. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, a Fund’s use of the proceeds under the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the obligation to repurchase the securities.

Classes — Class-specific expenses are borne by that class of shares. Income, realized and unrealized gains/losses and non class-specific expenses are allocated to the respective class on the basis of relative daily net assets.

Expenses — Expenses that are directly related to a Fund are charged directly to that Fund. Other operating expenses of the Funds are prorated to the Funds on the basis of relative daily net assets.

Commodity-Linked Investments — To the extent consistent with its Investment Objective and Strategies, the Multi-Asset Accumulation Fund, Multi-Asset Inflation Managed and Dynamic Asset Allocation Fund may invest in commodity investments to provide exposure to the investment returns of the commodities markets. Commodity investments include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indices. The Multi-Asset Accumulation, Multi-Asset Inflation Managed and Dynamic Asset Allocation Funds may also invest in equity securities of issuers in commodity-related industries.

The Multi-Asset Accumulation, Multi-Asset Inflation Managed and Dynamic Asset Allocation Funds may also seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned Subsidiary. A Subsidiary, unlike the Fund, may invest to a significant extent directly in commodities and in equity-linked securities and commodity-linked derivative instruments, including options, futures contracts, swaps, options on futures contracts and commodity-linked structured notes. A Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral

for its derivative positions. A Fund may invest up to 25% of its total assets in its Subsidiary.

In order for a Fund to qualify as a regulated investment company under Subchapter M of the Code, the Fund must derive at least 90% of its gross income each taxable year from qualifying income. The status of certain commodity-linked derivative instruments as qualifying income has been addressed in Revenue Ruling 2006-1 and Revenue Ruling 2006-31 which provide that income from certain commodity-linked derivative instruments in which the Fund invests will not be considered qualifying income. To the extent the Multi-Asset Accumulation, Multi-Asset Inflation Managed, and Dynamic Asset Allocation Funds invest in such instruments directly, each Fund will seek to restrict its income from commodity-linked derivative instruments that do not generate qualifying income, such as commodity-linked swaps, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income).

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars on the following basis:

(I) market value of investment securities, assets and liabilities at the current rate of exchange; and

(II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in investment securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of investment securities.

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

Forward Foreign Currency Contracts — To the extent consistent with its Investment Objective and Strategies, a Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. A Fund may also engage in currency transactions to enhance that Fund’s returns. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Funds realize gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are

recognized as ordinary income or loss for Federal income tax purposes.

The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments or Consolidated Schedule of Investments for details regarding open forward foreign currency contracts as of September 30, 2022, if applicable.

Futures Contracts — To the extent consistent with its Investment Objective and Strategies, a Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. In addition, fixed income funds will utilize futures contracts to help manage duration and yield curve exposure. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments or Consolidated Schedule of Investments for details regarding open futures contracts as of September 30, 2022, if applicable.

Inflation-Indexed Bonds — Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities calculated with respect to a larger or

smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included in interest income in the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Master Limited Partnerships — Investments in units of master limited partnerships (“MLPs”) involve risks that differ from an investment in common stock. Holders of the units of master limited partnerships have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of master limited partnerships. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of a master limited partnership, including a conflict arising as a result of incentive distribution payments. The benefit a Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be reduction in the after-tax return to a Fund of distributions from the MLP, likely causing a reduction in the value of a Fund’s shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on a Fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole.

Options/Swaptions Writing/Purchasing —To the extent consistent with its Investment Objective and Strategies, a Fund may invest in financial options/swaptions contracts for the purpose of hedging its existing fund securities or to enhance the Fund’s returns. When a Fund writes or purchases an option/swaption, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option/swaption written or purchased. Premiums received or paid from writing or purchasing options/swaptions which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss on investment transactions.

The risk in writing a call option/swaption is that the Funds give up the opportunity for profit if the market price of the security increases. The risk in writing a put option/swaption is that the Funds may incur a loss if the market price of the security decreases and the option/swaption is exercised. The risk in purchasing an option/swaption is that the Funds pay a premium whether or not the option/swaption is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option/swaption contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Finally, the risk exists that losses on written options could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments or Consolidated Schedule of Investments for details regarding open option/swaption contracts as of September 30, 2022, if applicable.

Securities Sold Short —To the extent consistent with its Investment Objective and Strategies, a Fund may engage in short sales. Short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. A Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by a Fund. Until the security is replaced, a Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. Dividends and interest are shown as an expense for financial reporting purposes. To borrow the security, a Fund also may be required to pay a premium, which would decrease proceeds of the security sold. The proceeds of the short sale are retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A gain, limited to the price at which a Fund sold the security short, or a loss, potentially unlimited in size, will be recognized upon the close of a short sale.

Refer to each Fund’s Schedule of Investments or Consolidated Schedule of Investments for details regarding securities sold short as of September 30, 2022, if applicable.

Swap Agreements — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in swap contracts as an efficient means to synthetically obtain exposure to securities or baskets of securities and to manage a Fund’s interest rate duration and yield curve exposure. Swap contracts may also be used to mitigate a Fund’s overall level of risk and/or a Fund’s risk to particular types of securities, currencies or market segments. Interest rate swaps may further be used to manage a Fund’s yield spread sensitivity. A Fund may buy credit default swaps in an attempt to manage credit risk where a Fund has credit exposure to an issuer, and a Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. A swap agreement is a two-party contract under which an agreement is made to exchange returns from predetermined investments or instruments, including a particular interest rate, foreign currency, or “basket” of securities representing a particular index. Swap agreements are privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“Centrally Cleared swaps”). Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Credit-default swaps involve periodic payments by a Fund or counterparty based on a specified rate multiplied by a notional amount assigned to an underlying debt instrument or group of debt instruments in exchange for the assumption of credit risk on the same instruments. In the event of a credit event, usually in the form of a credit rating downgrade, the party receiving periodic payments (i.e. floating rate payer) must pay the other party (i.e. fixed rate payer) an amount equal to the recovery rate used to settle the contracts. The recovery rate is a function of how many credit default swap investors wish to deliver the security or receive the security. The recovery rate is determined through an auction process. Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR or some other form of indices on the notional amount. Payments received or made are recorded as realized gains or loss. A Fund could be exposed to credit or market risk due to unfavorable

changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the statement of assets and liabilities. Interest rate swap contracts outstanding at year end, if any, are listed after a Fund’s portfolio. In connection with swap agreements securities may be set aside as collateral by a Fund’s custodian.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statement of Operations or Consolidated Statement of Operations. Centrally cleared swaps are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for centrally cleared swaps are provided by an independent source. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities or Consolidated Statement of Assets and Liabilities.

Entering into swap agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest rates. Risks also arise from potential losses from adverse market movements.

This risk is mitigated by having a master netting arrangement between a Fund and the counterparty and by having the counterparty post collateral to cover a Fund’s exposure to the counterparty. See Note 3 for further details. Refer to each Fund’s Schedule of Investments or Consolidated Schedule of Investments for details regarding open swap agreements as of September 30, 2022, if applicable.

Delayed Delivery Transactions — To the extent consistent with its Investment Objective and Strategies, a Fund may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Fund will set aside liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the

security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When the Fund has sold a security on delayed delivery basis, the Fund does not participate in future gains and losses with respect to the security.

Participation Notes (P-Notes) — To the extent consistent with its Investment Objective and Strategies, a Fund may acquire P-Notes issued by participating banks or broker-dealers. P-Notes are participation interest notes that are designed to offer a return linked to a particular underlying equity, debt, currency or market. The P-Notes in which the Fund may invest will typically have a maturity of one year. When purchasing a P-Note, the posting of margin is not required because the full cost of the P-Note (plus commission) is paid at the time of purchase. When the P-Note matures, the issuer will pay to, or receive from, the purchaser the difference between the minimal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. Investments in P-Notes involve the same risks associated with a direct investment in the underlying foreign companies of foreign securities markets that they seek to replicate.

In addition, there can be no assurance that the trading price of P-Notes will equal the underlying value of the foreign companies or foreign securities markets that they seek to replicate. The holder of a participation note that is linked to a particular underlying security is entitled to receive any dividends paid in connection with an underlying security or instrument. However, the holder of a participation note does not receive voting rights as it would if it directly owned the underlying security or instrument. P-Notes are generally traded over-the- counter. P-Notes constitute general unsecured contractual obligations of the banks or broker-dealers that issue them and the counterparty. There is also counterparty risk associated with these investments because the Fund is relying on the creditworthiness of such counterparty and has no rights under a participation note against the issuer of the underlying security. In addition, the Fund will incur transaction costs as a result of investments in P-Notes.

Loan Participations and Brady Bonds — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in Loan Participations. Loan Participations include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. Each Fund may acquire

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

interests in loans directly (by way of assignment from the selling institution) or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, a Fund generally will succeed to all the rights and obligations of an assigning lending institution and becomes a lender under the loan agreement with the relevant borrower in connection with that loan. Under bank loan participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, a Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, a Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund. The interest rate indicated in the Fund’s Schedule of Investments is the rate in effect at September 30, 2022. Pursuant to the terms of certain loan agreements, the Funds may hold unfunded commitments in loan participations which are disclosed on the Statement of Assets and Liabilities. Unfunded commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of Assets and Liabilities. The Funds disclosed consent fees and amendment income in the Statement of Operations as “Interest income”.

Certain debt obligations, customarily referred to as “Brady Bonds,” are created through the exchange of existing commercial bank loans to foreign entities for new obligations in connection with debt restructuring under a plan introduced by former U.S. Secretary of the Treasury Nicholas F. Brady. Brady Bonds have only been issued since 1989, and, accordingly, do not have a long payment history. They are issued by governments that may have previously defaulted on the loans being restructured by the Brady Bonds, so they are subject to the risk of default by the issuer. They may be fully or partially collateralized or uncollateralized and issued in various currencies.

Collateralized Debt Obligations — To the extent consistent with its Investment Objective and Strategies, a Fund may invest in collateralized debt obligations (“CDOs”), which include collateralized loan obligations (“CLOs”) and other similarly structured securities. CLOs are a type of asset-backed securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior

secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses.

For CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CDO trust typically has a higher rating and lower yield than its underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CDO securities as a class.

The risks of an investment in a CDO depend largely on its Class and its collateral securities. Normally, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Funds as illiquid securities; however, an active dealer market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities (e.g., interest rate risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Funds may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid to shareholders quarterly for the Large Cap, Large Cap Value, Large Cap Growth, Large Cap Index, Tax-Managed Large Cap, S&P 500 Index, Small Cap, Small Cap Value, Small Cap Growth, Tax-Managed Small/Mid Cap, Mid-Cap, U.S. Managed Volatility, Tax-Managed Managed Volatility, Real Estate and Real Return Funds; are declared and paid annually for the Global Managed Volatility, Tax-Managed International Managed Volatility, Multi-Strategy Alternative, Multi-Asset Accumulation, Multi-Asset Inflation Managed, Multi-Asset Capital Stability and Dynamic Asset Allocation;

are declared daily and paid monthly for the Core Fixed Income, High Yield Bond, Conservative Income, Tax-Free Conservative Income and Multi-Asset Income. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. Dividends and distributions are recorded on the ex-dividend date.

Restricted Securities — The Funds may invest in private placement investments that were purchased through private offerings or acquired through initial public offerings and cannot be sold without prior registration under the Securities Act of 1933 or pursuant to an exemption therefrom. In addition, the Funds have generally agreed to further restrictions on the disposition of certain holdings as set forth in various agreements entered into in connection with the purchase of these investments. These investments are valued at fair value as determined in accordance with the procedures approved by the Board. Please refer to the Schedule of Investments for Funds that held Restricted Securities.

Investments in Real Estate Investment Trust — With respect to the Real Estate Fund, dividend income is recorded based on the income included in distributions received from the Real Estate Investment Trust (“REIT”) investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

Investment in Subsidiary — Each of the Multi-Asset Accumulation, Multi-Asset Inflation Managed and Dynamic Asset Allocation Funds may invest in its own Subsidiary. By investing in a Subsidiary, each Fund is indirectly exposed to the risks associated with such Subsidiary’s investments. The commodity-related instruments held by a Subsidiary are generally similar to those that are permitted to be held by the applicable Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. A Subsidiary, however, is not registered under the 1940 Act and will not be subject to all of the investor protections of the 1940 Act. Thus, the Multi-Asset Accumulation, Multi-Asset Inflation Managed and Dynamic Asset Allocation Funds, as investors in their respective Subsidiary, will not have all of the protections offered to investors in registered investment companies.

However, each Fund wholly owns and controls its respective Subsidiary, and the Funds and the Subsidiaries are all managed by SIMC, making it unlikely that a Subsidiary will take action contrary to the interests

of the applicable Fund or its shareholders. While a Subsidiary has its own Board of Directors (“Directors”) that is responsible for overseeing the operations of such Subsidiary, the respective Fund’s Directors have oversight responsibility for the investment activities of the Fund, including its investment in the respective Subsidiary, and the Fund’s role as the sole shareholder of such Subsidiary. It is not currently expected that shares of any Subsidiary will be sold or offered to investors other than the respective Fund.

Changes in the laws of the United States and/or the Cayman Islands or governmental interpretation of such laws, under which the Funds and the Subsidiaries, respectively, are organized, could result in the inability of a Fund and/or its respective Subsidiary to operate as intended and could negatively affect the Funds and their shareholders. For example, Cayman Islands law does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiaries. If Cayman Islands law changes such that the Subsidiaries must pay Cayman Islands governmental authority taxes, Fund shareholders would likely suffer decreased investment return.

3. CREDIT DERIVATIVES

A Fund may use credit default swaps to reduce risk where a Fund has exposure to the issuer, or to take an active long or short position with respect to the likelihood of an event of default. The reference obligation of the swap can be a single issuer, a “basket” of issuers, or an index. The underlying referenced assets are corporate debt, sovereign debt and asset backed securities.

The buyer of a credit default swap is generally obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event for corporate or sovereign reference obligations means bankruptcy, failure to pay, obligation acceleration, repudiation/moratorium or restructuring. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down.

If a Fund is a seller of protection, and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will generally either (i) pay to the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations, or underlying securities comprising a referenced index or (ii) pay a net

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising a referenced index.

If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are calculated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit

event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Certain Funds are party to International Swap Dealers Association, Inc. Master Agreements (“ISDA Master Agreements”). These agreements are with select counterparties and they govern transactions, including certain over-the counter derivative and foreign exchange contracts, entered into by the Funds and the counterparty.

The notional amounts of the swaps are not recorded in the financial statements. The notional amounts approximate the maximum potential amount of future payments that the Fund could be required to make if the Fund was the seller of protection and a credit event was to occur.

Those credit default swaps (“CDS”) for which the Fund is providing protection at the balance sheet date are summarized as follows:

The credit spread disclosed above for each reference obligation where the Fund is the seller of protection is a representation of the current payment/performance risk of the swap.

The following tables show the derivatives categorized by underlying risk exposure.

The fair value of derivative instruments as of September 30, 2022 was as follows ($ Thousands):

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

The effect of derivative instruments on the Statements of Operations/Consolidated Statements of Operations for the year ended September 30, 2022:

Amount of realized gain or (loss) on derivatives recognized in income ($ Thousands):

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

Change in unrealized appreciation or (depreciation) on derivatives recognized in income ($ Thousands):

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

The following table discloses the average quarterly balances of the Funds' derivative activity during the year ended September 30, 2022 ($ Thousands):

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

A Fund is subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities as either a component of investments at value (securities) or deposits due from counterparties (cash). Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities as deposits due to counterparties. The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Customer Account Agreements and related addendums govern exchange traded derivatives transactions such as futures, options on futures, and centrally cleared swaps. Exchange traded derivative transactions require posting of initial margin as determined by each relevant clearing agency which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is reduced as placement due to the Fund assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives. Refer to each Funds Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities for market value, variation margin and collateral of exchange-traded or centrally cleared financial derivative instruments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of September 30, 2022 ($ Thousands):

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

Gains and losses attributed to the Funds’ investments in Subsidiaries are as follows:

	Dynamic Commodity Strategy Subsidiary, Ltd. ($ Thousands)			Accumulation Commodity Strategy, Ltd. ($ Thousands)			Inflation Commodity Strategy Subsidiary, Ltd. ($ Thousands)
Net Investment Income:
Investment Income	$	220		$	3,032		$	1,193
Net Realized Gain (Loss) on:
Investments		—			(1,175	)		(50	)
Futures Contracts		(5,550	)		93,896			35,289
Swap Contracts		18,752			6,294			14,009
Purchased Options and Swaptions		—			—			1,939
Written Options and Swaptions		—			—			(1,189	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		—			(3,619	)		(654	)
Futures Contracts		(5,115	)		(24,271	)		(10,856	)
Swap Contracts		(9,934	)		516			(5,858	)
Purchased Options and Swaptions		—			—			(495	)
Written Options and Swaptions		—			—			939
Total gains and losses attributed to the Funds' investment in Subsidiaries	$	(1,627	)	$	74,673		$	34,267

6. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, INVESTMENT SUBADVISORY AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory, Administration and Distribution Agreements — SIMC serves as investment adviser (the “Adviser”) to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each Fund.

SEI Investments Global Funds Services (the “Administrator”) provides administrative and transfer agency services to the Funds for annual fees, based on the average daily net assets of each Fund.

SEI Investments Distribution Co. (“the Distributor”) is the Distributor of the shares of the Funds. The Funds have

adopted a shareholder services plan and agreement (the “Service Plan”) with respect to Class F and Class I Shares that allows such shares to pay service providers a fee, based on average daily net assets of each respective Class of Shares, in connection with the ongoing servicing of shareholder accounts owning such shares. The Funds have also adopted an, administrative services plan and agreement (the “Administrative Service Plan”) with respect to Class I Shares that allows such Shares to pay service providers a fee, based on average daily net assets of the Class I Shares, in connection with ongoing administrative services for shareholder accounts owning such Shares.

The Service Plan and Administrative Service Plan provide that shareholder service fees and administrative service fees, respectively, on Class F and Class I Shares will be paid to the Distributor, which may then be used by the Distributor to compensate financial intermediaries for providing shareholder services and administrative services, as applicable, with respect to the Shares.

The Adviser, Administrator and/or Distributor have voluntarily agreed to waive a portion of their fees in order to keep total direct operating expenses (exclusive of interest from borrowings, brokerage commissions, taxes, Trustee fees, proxy fees, prime broker fees, interest and dividend expenses related to short sales and extraordinary expenses not incurred in the ordinary course of the Funds’ business) at a specified level. The voluntary waivers by the Funds’ Adviser, Administrator and/or Distributor are limited to the Funds’ direct operating expenses and, therefore, do not apply to indirect expenses incurred by the Funds, such as acquired fund fees and expenses. The waivers are voluntarily and the Funds’ Adviser, Administrator and/or Distributor may discontinue all or part of any of these waivers at any time. In addition, some Funds may participate in a commission recapture program where the Funds’ trades may be executed through the Funds’ distributor, and a portion of the commissions paid on those trades are then used to pay the Funds’ expenses.

The Administrator has voluntarily agreed to waive and reduce their fee and/or reimburse certain expenses of the Conservative Income and Tax Free Conservative Funds in order to limit the one-day net income yield of the Funds to not less than 0.01% of the Funds’ average daily net assets.

The following is a summary of annual fees payable to the Adviser and Distributor and the voluntary expense limitations for each fund:

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

As of September 30, 2022, SIMC has entered into investment sub-advisory agreements with the following affiliated and unaffiliated parties:

Investment Sub-Adviser

Large Cap Fund

Brandywine Global Investment Management, LLC

Ceredex Value Advisors, LLC

Coho Partners, Ltd.

Fred Alger Management, LLC

LSV Asset Management*

Mar Vista Investment Partners, LLC

Parametric Portfolio Associates LLC

Large Cap Value Fund

Brandywine Global Investment Management, LLC

Cullen Capital Management, LLC

LSV Asset Management*

Parametric Portfolio Associates LLC

Large Cap Growth Fund

Fiera Capital Inc.

Fred Alger Management, LLC

McKinley Capital Management, LLC

Parametric Portfolio Associates LLC

Large Cap Index Fund

SSGA Funds Management, Inc.

Tax-Managed Large Cap Fund

Brandywine Global Investment Management, LLC

Coho Partners, Ltd.

Cullen Capital Management, LLC (Cullen) (fka

Schafer Cullen Capital Management)

Fiera Capital Inc.

LSV Asset Management*

Mar Vista Investment Partners, LLC

Parametric Portfolio Associates LLC

S&P 500 Index Fund

SSGA Funds Management, Inc.

Small Cap Fund

Copeland Capital Management, LLC

EAM Investors, LLC

Easterly Investment Partners LLC

Hillsdale Investment Management Inc.

Los Angeles Capital Management, LLC

Leeward Investments, LLC

Parametric Portfolio Associates LLC

Small Cap Value Fund

Cardinal Capital Management, LLC

Easterly Investment Partners LLC

LSV Asset Management, LLC*

Parametric Portfolio Associates LLC

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

Small Cap Growth Fund

ArrowMark Colorado Holdings LLC

EAM Investors LLC

Jackson Creek Investment Advisors, LLC

Parametric Portfolio Associates LLC

Tax-Managed Small/Mid Cap Fund

Cardinal Capital Management, LLC

Easterly Investment Partners LLC

Hillsdale Investment Management Inc.

Martingale Asset Management, LP

Parametric Portfolio Associates LLC

Rice Hall James & Associates LLC

Mid-Cap Fund

Leeward Investments, LLC

Los Angeles Capital Management LLC

U.S. Managed Volatility Fund

Allspring Global Investments, LLC

LSV Asset Management*

Global Managed Volatility Fund

Acadian Asset Management LLC

Allspring Global Investments, LLC

Tax-Managed Managed Volatility Fund

Allspring Global Investments, LLC

LSV Asset Management*

Parametric Portfolio Associates LLC

Tax-Managed International Managed Volatility Fund

Acadian Asset Management LLC

Allspring Global Investments, LLC

LSV Asset Management*

Parametric Portfolio Associates LLC

Real Estate Fund

CenterSquare Investment Management LLC

Core Fixed Income Fund

Allspring Global Investments, LLC

Jennison Associates LLC

MetLife Investment Management, LLC

Metropolitan West Asset Management, LLC

Western Asset Management Company, LLC

Western Asset Management Company Limited

High Yield Bond Fund

Ares Capital Management II LLC

Benefit Street Partners, LLC

Brigade Capital Management, LP

J.P. Morgan Investment Management, Inc.

T. Rowe Price Associates, Inc.

Conservative Income Fund

BlackRock Advisors, LLC

Tax-Free Conservative Income Fund

BlackRock Advisors, LLC

Dynamic Asset Allocation Fund

SSGA Funds Management, Inc.

Multi-Strategy Alternative Fund

Brigade Capital Management, LP

Emso Asset Management Limited

Global Credit Advisers, LLC

Kettle Hill Capital Management LLC

Mountaineer Partners Management, LLC

Putnam Investment Management LLC

Ramius Advisors, LLC

Multi-Asset Accumulation Fund

AQR Capital Management, LLC

PanAgora Asset Management Inc.

Multi-Asset Income Fund

Goldman Sachs Asset Management, LP

SSGA Funds Management Inc.

Western Asset Management Company, LLC

Western Asset Management Company Limited

Multi-Asset Inflation Managed Fund

AllianceBernstein, L.P.

Columbia Management Investments Advisers, LLC

Credit Suisse Asset Management, LLC

Franklin Advisers, Inc.

Multi-Asset Capital Stability Fund

AllianceBernstein, L.P.

Janus Henderson Investors US LLC

* Affiliated

Under the investment sub-advisory agreements, each sub-adviser receives a fee paid by SIMC.

Brokerage Commissions Paid to Affiliates — The Distribution Agreement between the Distributor and the Trust provides that the Distributor may receive compensation on fund transactions effected for the Trust in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, it is expected that fund transactions may result in brokerage commissions being paid to the Distributor. SEC rules require that such commissions not exceed usual and customary commissions.

For the year ended September 30, 2022, there were no such commissions.

Payments to/from Affiliates — Certain officers and/or trustees of the Trust are also officers and/or Directors of the Administrator, Adviser and/or Distributor. The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim and committee meetings. Compensation of officers and affiliated Trustees of the Trust is paid by the Administrator or Distributor.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred.

LSV Asset Management (a partially owned indirect subsidiary of SEI Investment Co.) serves as the sub-adviser to the Large Cap, Large Cap Value, Tax-Managed Large Cap, Small Cap Value, U.S. Managed Volatility, Tax-Managed Managed Volatility and Tax-Managed International Managed Volatility Funds. For this service LSV Asset Management is entitled to receive a fee from SIMC. Such fees for the year ended September 30, 2022 were as follows ($ Thousands):

Large Cap Fund	$	323
Large Cap Value Fund		503
Tax-Managed Large Cap Fund		673
Small Cap Value Fund		851
U.S. Managed Volatility Fund		1,335
Tax-Managed Managed Volatility Fund		1,733
Tax-Managed International Managed Volatility Fund		460
	$	5,878

Fees Paid Indirectly — The Funds may direct certain fund trades to the Distributor who pays a portion of the Funds’ expenses. Accordingly, the expenses reduced, which were used to pay third party expenses, and the effect on the Funds’ expense ratio, as a percentage of the Funds’ average daily net assets for the year ended September 30, 2022, can be found on the Statements of Operations or Consolidated Statements of Operations and Financial Highlights or Consolidated Financial Highlights, respectively.

Investment in Affiliated Security — The Funds may invest in the SEI Daily Income Trust Government Fund, an affiliated money market fund, to manage excess cash or to serve as margin or collateral for derivative positions. Additionally, the Funds may invest the cash collateral from the securities lending program in the SEI Liquidity Fund, LP.

Each of the Large Cap Index and S&P 500 Index Funds may purchase companies with which it is affiliated

to the extent these companies are represented in its benchmark index.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds.

Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula annually reviewed by the Board. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate.

For the year ended September 30, 2022, the following Funds borrowed funds from the SEI Multi-Asset Accumulation Fund. The amount borrowed, interest paid on the borrowing and the corresponding interest rate were as follows ($ Thousands):

	Borrowing Date	Maturity Date	Amount Borrowed	Interest Paid	Interest Rate
Mid-Cap Fund	12/21/21	12/22/21	10,498	–		1.08%
Mid-Cap Fund	2/28/22	3/1/22	5,800	–		1.08%
Real Estate Fund	6/2/22	6/3/22	8,000	–		1.83%

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

8. INVESTMENT TRANSACTIONS

The cost of security purchases and proceeds from the sale of securities, other than temporary cash investments, during the year ended September 30, 2022, were as follows:

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Large Cap Fund
Purchases	$	—	$	763,846	$	763,846
Sales		—		1,020,983		1,020,983
Large Cap Value Fund
Purchases		—		353,467		353,467
Sales		—		466,537		466,537
Large Cap Growth Fund
Purchases		—		956,715		956,715
Sales		—		1,013,519		1,013,519
Large Cap Index Fund
Purchases		—		161,131		161,131
Sales		—		140,080		140,080
Tax-Managed Large Cap Fund
Purchases		—		946		946
Sales		—		1,242		1,242
S&P 500 Index Fund
Purchases		—		28,252		28,252
Sales		—		115,815		115,815
Small Cap Fund
Purchases		—		689,666		689,666
Sales		—		755,872		755,872
Small Cap Value Fund
Purchases		—		172,240		172,240
Sales		—		188,958		188,958
Small Cap Growth Fund
Purchases		—		723,886		723,886
Sales		—		896,520		896,520
Tax-Managed Small/Mid Cap Fund
Purchases		—		546,054		546,054
Sales		—		608,853		608,853
Mid-Cap Fund
Purchases		—		76,366		76,366
Sales		—		78,002		78,002
U.S. Managed Volatility Fund
Purchases		—		440,083		440,083
Sales		—		541,022		541,022

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Global Managed Volatility Fund
Purchases		—		846,683		846,683
Sales		—		918,390		918,390
Tax-Managed Managed Volatility Fund
Purchases		—		165,517		165,517
Sales		—		275,866		275,866
Tax-Managed International Managed Volatility Fund
Purchases		—		270,704		270,704
Sales		—		286,008		286,008
Real Estate Fund
Purchases		—		81,522		81,522
Sales		—		90,902		90,902
Core Fixed Income Fund
Purchases		13,686,010		2,659,696		16,345,706
Sales		13,853,432		2,428,279		16,281,711
High Yield Bond Fund
Purchases		1,394		602,354		603,748
Sales		—		643,723		643,723
Conservative Income Fund
Purchases		—		—		—
Sales		—		—		—
Tax-Free Conservative Income Fund
Purchases		—		—		—
Sales		—		—		—
Real Return Fund
Purchases		158,941		—		158,941
Sales		134,461		—		134,461
Dynamic Asset Allocation Fund
Purchases		—		33,580		33,580
Sales		—		154,844		154,844
Multi-Strategy Alternative Fund
Purchases		2,349		1,091,537		1,093,886
Sales		2,535		1,102,789		1,105,324
Multi-Asset Accumulation Fund
Purchases		308,613		216,573		525,186
Sales		538,578		347,942		886,520
Multi-Asset Income Fund
Purchases		10,301		156,011		166,312
Sales		14,822		217,023		231,845
Multi-Asset Inflation Managed Fund
Purchases		503,182		116,443		619,625
Sales		461,590		209,313		670,903

	U.S. Gov't ($ Thousands)		Other ($ Thousands)		Total ($ Thousands)
Multi-Asset Capital Stability Fund
Purchases		57,141		37,947		95,088
Sales		109,406		69,518		178,924

9. FEDERAL TAX INFORMATION

It is each Fund’s intention to continue to qualify as a regulated investment company under Subchapter M of The Internal Revenue Code and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.

The Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds have each requested private letter rulings from the Internal Revenue Service (“IRS”) concluding that the income generated from their investment in their respective Subsidiaries, each of which invests in commodity-linked derivatives, will be “qualifying income” for regulated investment company (“RIC”) qualification purposes, regardless of whether actual distributions are made to the Funds by the respective Subsidiary.

In July 2011, the IRS suspended the issuance of private letter rulings regarding the investment by RICs into controlled foreign corporations which principally invest in commodities, such as the Subsidiaries, indicating that it was reconsidering its policies surrounding the issuance of these rulings. The Dynamic Commodity Strategy, Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds have secured an opinion of counsel based on customary representations that actual distributions made to the Funds should be treated as “qualifying income”. The Treasury released a proposed regulation in October 2016 stating that income inclusion from a controlled foreign corporation is treated as dividends i.e. qualifying income only to the extent that the Funds received cash distributions from the subsidiary. The Treasury released a final regulation in March 2019 reversing its position on the proposed regulation by removing the cash distribution requirement.

The Real Estate Fund has a tax year that ends on December 31. The following tax disclosures are representative as of September 30, 2022, except

for the permanent reclassification and tax character of distributions, which are as of December 31, 2021. Accordingly, the disclosures are for informational use by shareholders and are subject to change attributable to activity through the end of the tax year-ending December 31, 2022.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature.

The permanent differences are primarily attributable to different treatment for gains and losses on paydowns of mortgage and asset backed securities for tax purposes, defaulted bond basis adjustments, reclassification of long term capital gain distributions on REIT securities, reclassification of income and expense from swap transactions, Treasury Inflation-Protected Securities and net operating losses, basis adjustments for investments in partnerships, and gains and losses on passive foreign investment companies, expiration of capital loss carryforwards, collateralized loan obligation basis adjustments, utilization of earnings and profits on shareholder redemptions, certain foreign currency related transactions, payment of excise tax, and non-taxable in-kind redemptions. The permanent differences that is charged or credited to Paid In Capital and Distributable Earnings are primarily related to net operating losses and distribution in excess of net investment income have been reclassified to/from the following accounts as of September 30, 2022:

	Distributable Earnings (Loss) ($ Thousands)			Paid-in- Capital ($ Thousands)
Small Cap Fund	$	16		$	(16	)
Small Cap Growth Fund		1,977			(1,977	)
Tax-Managed Small/Mid Cap Fund		204			(204	)
High Yield Bond Fund		5			(5	)
Multi-Asset Capital Stability Fund		(43	)		43

These reclassifications had no impact on net assets or net asset value per share.

The tax character of dividends and distributions paid during the fiscal years or periods ended September 30, 2022 or September 30, 2021 (unless otherwise indicated) was as follows:

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

As of September 30, 2022, the components of Distributable Earnings/(Accumulated Losses) were as follows:

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

Post October losses represent losses realized on investment transactions from November 1, 2021 through September 30, 2022, that, in accordance with Federal income tax regulations, the Funds may defer and treat as having arisen in the following fiscal year. Deferred Late-Year Losses represent ordinary losses realized on investment transactions from January 1, 2022 through September 30, 2022, and specified losses realized on investment transactions from November 1, 2021 through September 30, 2022, that, in accordance with Federal income tax regulations, the Fund defers and treats as having arisen in the following fiscal year.

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Losses carried forward are as follows:

	Short-Term Loss ($ Thousands)		Long-Term Loss ($ Thousands)		Total * ($ Thousands)
Tax-Managed International Managed Volatility Fund	$	–	$	41,035	$	41,035
Core Fixed Income Fund		–		7,443		7,443
High Yield Bond Fund		–		76,962		76,962
Tax-Free Conservative Income Fund		9		–		9
Multi-Strategy Alternative Fund		3,349		–		3,349
Multi-Asset Inflation Managed Fund		53,174		8,805		61,979

*	This table should be used in conjunction with the capital loss carryforwards table.

During the fiscal year ended September 30, 2022, the following Funds utilized capital loss carryforward to offset capital gains:

	Amount Utilized ($ Thousands)⁽¹⁾
High Yield Bond Fund	$	3,563
Tax-Free Conservative Income Fund		1
Real Return Fund		1,367
Multi-Asset Income Fund		1,161

(1)	The Utilization is subject to a limitation.

For Federal income tax purposes, the cost of investments owned at September 30, 2022, and the net realized gains or losses on investments sold for the period, were different from amounts reported for financial reporting purposes primarily due to

investments in partnerships that captures losses from other securities, and wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at September 30, 2022, were as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Large Cap Fund	$	1,244,839	$	466,121	$	(139,850	)	$	326,271
Large Cap Value Fund		1,077,214		295,216		(115,997	)		179,219
Large Cap Growth Fund		856,496		508,277		(65,527	)		442,750
Large Cap Index Fund		784,472		202,778		(84,811	)		117,967
Tax-Managed Large Cap Fund		1,574,822		2,092,981		(30,356	)		2,062,625
S&P 500 Index Fund		245,462		517,864		(17,487	)		500,377
Small Cap Fund		506,501		76,742		(65,219	)		11,523
Small Cap Value Fund		336,696		61,821		(50,130	)		11,691
Small Cap Growth Fund		331,087		32,937		(50,075	)		(17,138	)
Tax-Managed Small/Mid Cap Fund		546,855		256,329		(21,944	)		234,385
Mid-Cap Fund		76,285		3,726		(11,091	)		(7,365	)
U.S. Managed Volatility Fund		722,845		139,343		(67,633	)		71,710
Global Managed Volatility Fund		869,269		52,064		(100,094	)		(48,030	)
Tax-Managed Managed Volatility Fund		431,743		444,434		(5,867	)		438,567
Tax-Managed International Managed Volatility Fund		312,299		22,505		(33,116	)		(10,611	)
Real Estate Fund		71,221		12,913		(9,045	)		3,868
Core Fixed Income Fund		4,753,287		4,609		(519,344	)		(514,735	)
High Yield Bond Fund		1,621,400		79,357		(442,182	)		(362,825	)
Conservative Income Fund		359,500		56		(121	)		(65	)
Tax-Free Conservative Income Fund		175,795		—		(171	)		(171	)
Real Return Fund		280,641		—		(22,802	)		(22,802	)
Dynamic Asset Allocation Fund		329,724		271,868		(47,776	)		224,092
Multi-Strategy Alternative Fund		421,658		5,963		(32,331	)		(26,368	)

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation (Depreciation) ($ Thousands)
Multi-Asset Accumulation Fund	$	1,241,166	$	69,555	$	(514,155	)	$	(444,600	)
Multi-Asset Income Fund		745,841		24,997		(126,161	)		(101,164	)
Multi-Asset Inflation Managed Fund		1,035,273		80,495		(185,574	)		(105,079	)
Multi-Asset Capital Stability Fund		282,080		2,148		(6,503	)		(4,355	)

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years and has concluded that as of September 30, 2022, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

10. CONCENTRATION/RISKS

In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, Management believes that, based on experience, the risk of loss from such claims is considered remote.

To the extent consistent with its investment strategy a Fund may have one or more of the following principle risks. A more complete description of principal risks is included in each Fund’s prospectus under the heading “Principal Risks.”

Arbitrage Strategies Risk — Arbitrage strategies involve engaging in transactions that attempt to exploit price differences of identical, related or similar securities on different markets or in different forms. The Fund may realize losses or a reduced rate of return if underlying relationships among securities in which it takes investment positions change in an adverse manner or if a transaction is unexpectedly terminated or delayed. Trading to seek short-term capital appreciation can be expected to cause the Fund’s portfolio turnover rate to be substantially higher than that of the average equity-oriented investment company.

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity.

Asset-backed securities may be more illiquid than more conventional types of fixed income securities that the Fund may acquire.

Bank Loans Risk — With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid.

Below Investment Grade Securities (Junk Bonds) Risk — Fixed income securities rated below investment grade ( junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as “high yield bonds,” but there is no guarantee that an investment in these securities will result in a high rate of return.

Call Risk — Issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The Fund may be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Bonds may be called due to falling interest rates or non-economical circumstances.

Collateralized Debt Obligations (CDOs) and Collateralized Loan Obligations (CLOs) Risk — CDOs and CLOs are securities backed by an underlying portfolio of debt and loan obligations, respectively. CDOs and CLOs issue classes or “tranches” that vary in risk and yield and may experience substantial losses due to actual defaults, decrease in market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CDO and CLO securities as a class. The risks of investing in CDOs and CLOs depend largely on the tranche invested in and the type of the underlying debts and loans in the tranche of the CDO or CLO, respectively, in which the Fund invests. CDOs and CLOs also carry risks including, but not limited to, interest rate risk and credit risk, which are described below. For example, a liquidity crisis in the global credit markets could cause substantial fluctuations in prices for leveraged loans and high-yield debt securities and limited liquidity for such instruments. When the Fund invests in CDOs or CLOs, in addition to directly bearing the expenses associated with its own operations, it may bear a pro rata portion of the CDO’s or CLO’s expenses.

Commercial Paper Risk — Commercial paper is a short-term obligation with a maturity generally ranging

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such issuer’s underlying asset portfolio and the issuer’s ability to issue new asset-backed commercial paper.

Commodity Investments and Derivatives Risk — Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity related equity returns can also be affected by the issuer’s financial structure or the performance of unrelated businesses. The value of a commodity investment or a derivative investment in commodities is typically based upon the price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments.

Commodity-Linked Securities Risk — Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer’s financial structure or the performance of unrelated businesses.

Concentration Risk — A downturn in the financial services industry would impact the Fund more than a portfolio that does not concentrate in securities issued by companies in the financial services industry.

Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a

higher risk of failure by the issuer to pay principal and/or interest when due.

Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Currency Risk — As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Due to the Fund’s investments in securities denominated in foreign currencies, it will be subject to the risk that currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

Depositary Receipts Risk — Depositary receipts, such as ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments.

Derivatives Risk — The Funds’ use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is described above, and leverage risk and liquidity risk are described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund’s use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Credit risk is described above. Valuation risk is the risk that the derivative may be difficult to value and/or

valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund’s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-U.S. regulators have adopted and are in the process of implementing regulations governing derivatives markets, the ultimate impact of which remains unclear.

Directional or Tactical Strategies Risk — Directional or tactical strategies usually use long and short positions, which entail predicting the direction that particular securities or sectors or the overall market might move. Directional or tactical strategies may utilize leverage and hedging. There may be a significant risk of loss if the Fund’s judgment is incorrect as to the direction, timing or extent of expected movements of particular securities or sectors or the market as a whole.

Distressed Securities Risk — Distressed securities frequently do not produce income while they are outstanding and may require the Fund to bear certain extraordinary expenses in order to protect and recover its investment. Distressed securities are at high risk for default.

Duration Risk — The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Economic Risks of Global Health Events — Global health events and pandemics, such as COVID-19, have the ability to affect—quickly, drastically and substantially the economies of many nations, states, individual companies and the markets in general and can cause disruptions that cannot necessarily be foreseen. The spread of COVID-19 around the world in 2020 resulted in a substantial number of nations implementing social distancing measures, quarantines, and the shutdown of non-essential businesses and governmental services. Further, it has caused significant volatility in U.S. and international markets. The impact of the outbreak may be short term or may last for an extended period of time.

Event-Driven Strategies Risk — Event-driven strategies involve making evaluations and predictions about both the likelihood that a particular event in the life of a company will occur and the impact such an event will have on the value of the company’s securities. The transaction in which such a company is involved may be unsuccessful, take considerable time (or longer

than anticipated) or may result in a distribution of cash or a new security, the value of which may be less than the purchase price of the company’s security. If an anticipated transaction does not occur, the Fund may be required to sell its securities at a loss.

Exchange-Traded Funds (ETFs) Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. When the Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF’s expenses.

Exchange-Traded Notes (ETNs) Risk — The value of an ETN is subject to the credit risk of the issuer.

There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange.

Extension Risk — The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security’s value.

Financial Services Industry Risk — The Conservative Income Fund’s portfolio is concentrated in investments in securities issued by companies in the financial services industry. The financial services industry is subject to extensive government regulation. Profitability is largely dependent on the availability and cost of capital, and can fluctuate significantly when interest rates change. Financial services companies are highly dependent on short-term interest rates and typically will be adversely affected by economic downturns or changes in banking regulations.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

Foreign Sovereign Debt Securities Risk — The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

Income Risk — An investment in the Fund is subject to income risk, which is the possibility that the Fund’s yield will decline due to falling interest rates.

Inflation Protected Securities Risk — The value of inflation protected securities, including TIPS, generally will fluctuate in response to changes in “real” interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation indexed securities will generally vary up or down along with the rate of inflation.

Interest Rate Risk — The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. A low interest rate environment may present greater interest rate risk because there may be a greater likelihood of rates increasing and rates may increase more rapidly.

Investment Company and Exchange-Traded Funds (ETFs) Risk — When the Fund invests in an investment company, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company’s expenses. In addition, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset

value. As a result, a closed-end fund’s share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund.

Investment in the Subsidiary Risk — A Subsidiary is not registered under the Investment Company Act of 1940 (the 1940 Act) and, unless otherwise noted, is not subject to all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in a Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and a Subsidiary, respectively, are organized, could result in the inability of the Fund and/or a Subsidiary to operate as intended and could negatively affect the Fund and its shareholders.

Investment Style Risk — The risk that large capitalization securities may underperform other segments of the equity markets or the equity markets as a whole.

Large Capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

Leverage Risk — The Fund’s use of derivatives may result in the Fund’s total investment exposure substantially exceeding the value of its portfolio securities and the Fund’s investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund’s use of leverage may result in a heightened risk of investment loss.

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

Market Risk — The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Equity markets may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning

these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income markets. Markets for fixed income securities may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In response to these events, the Fund’s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund’s liquidity or force the Fund to sell securities into a declining or illiquid market.

Master Limited Partnership (MLP) Risk — Investments in units of MLPs involve risks that differ from an investment in common stock. Holders of the units of MLPs have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of MLPs. In addition, conflicts of interest may exist between common unit holders, subordinated unit holders and the general partner of an MLP, including a conflict arising as a result of incentive distribution payments. The benefit the Fund derives from investment in MLP units is largely dependent on the MLPs being treated as partnerships and not as corporations for federal income tax purposes. If an MLP were classified as a corporation for federal income tax purposes, there would be a reduction in the after-tax return to the Fund of distributions from the MLP, likely causing a reduction in the value of the Fund’s shares. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the Fund. At times, the performance of securities of companies in the energy, natural

resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The Internal Revenue Code of 1986, as amended, provides that the Fund is permitted to invest up to 25% of its assets in one or more qualified publicly traded partnerships (QPTPs), which will include certain MLPs, and treat the income allocated by such QPTPs as qualifying income for purposes of the regulated investment company annual qualifying income requirements described in “Taxes” below.

Mortgage Dollar Rolls Risk — Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund’s right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund’s actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund’s expectation. Along with prepayment risk, mortgage-backed securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund.

Municipal Securities Risk — Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer term securities usually respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer’s current or future ability to make principal or interest payments. State and local governments rely on taxes and, to some extent, revenues from private projects financed by municipal securities, to pay interest and principal on municipal debt. Poor statewide or local economic results or changing political sentiments may reduce tax revenues and increase the expenses of municipal issuers, making it more difficult for them to meet their obligations. Actual or perceived erosion of the creditworthiness of municipal issuers may reduce the value of the Fund’s holdings. As a result, the Fund will be more susceptible to factors that adversely affect issuers of municipal obligations than a mutual fund that does not have as great a concentration in municipal obligations. Municipal obligations may be underwritten or guaranteed by a relatively small number of financial services firms, so changes in the municipal securities market that affect those firms may decrease the availability of municipal instruments in the market, thereby making it difficult for the Sub-Adviser to identify and obtain appropriate investments for the Fund’s portfolio. Also, there may be economic or political changes that impact the ability of issuers of municipal securities to repay principal and to make interest payments on securities owned by the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund’s securities.

Non-Diversified Risk — The Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds are non-diversified, which means that they may invest in the securities of relatively few issuers. As a result, these Funds may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Funds intend to satisfy the asset diversification requirements under the Code for classification as a RIC.

Opportunity Risk — The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments.

Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and taxes subject to ordinary income tax rates as opposed to

more favorable capital gains rates, which may affect the Fund’s performance.

Prepayment Risk — The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates.

Private Placements Risk — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

Real Estate Industry Risk — Securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. The Fund’s investments are concentrated in issuers conducting business in the real estate industry, and therefore the Fund is subject to risks associated with legislative or regulatory changes, adverse market conditions and/or increased competition affecting that industry.

Real Estate Investment Trusts (REITs) Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in REITs will be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties.

Repurchase Agreement Risk — Although repurchase agreement transactions must be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund’s recovery of collateral.

Short Sales Risk — A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price.

Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage, which can amplify the effects of market volatility on the Fund’s share price. In addition, shorting a future contract may require posting only a margin that may amount to less than the notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action.

Small and Medium Capitalization Companies Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter or listed on an exchange.

Tax Risk — The Fund may gain most of its exposure to the commodities markets through its investment in a Subsidiary, which invests in commodity investments and derivative instruments. To the extent the Fund invests in such instruments directly, it will seek to restrict its income from commodity-linked derivative instruments that do not generate qualifying income, such as commodity-linked swaps, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to comply with certain qualifying income tests necessary for the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended. The tax treatment of certain commodity-linked derivative instruments may be affected by future regulatory or legislative changes that could affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions. The Fund intends to hold certain commodity-related investments indirectly through a Subsidiary. The Fund believes that income from the Subsidiary will be qualifying income because it expects that the Subsidiary will make annual distributions of its earnings and profits. The Fund intends to secure an opinion of counsel based on customary representations that actual distributions made to the Fund from its Subsidiary should be treated as “qualifying income.” If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would

be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. Failure to comply with the requirements for qualification as a RIC would have significant negative tax consequences to Fund shareholders.

Taxation Risk — The Fund is managed to seek to minimize tax consequences to shareholders, but there is no guarantee that the Fund will be able to operate without incurring taxable income and gains to shareholders.

Tracking Error Risk — The risk that the Fund’s performance may vary substantially from the performance of the benchmark index it tracks as a result of cash flows, Fund expenses, imperfect correlation between the Fund’s investments and the index’s components and other factors.

U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are still subject to the credit risk of the U.S. Government and are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. No assurance can be given that the U.S. Government will provide financial support to its agencies and instrumentalities if it is not obligated by law to do so.

Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date.

The foregoing is not intended to be a complete discussion of the risks associated with investing in a Fund. Please review each Fund’s current prospectus for additional disclosures regarding the principal risks associated with investing in a Fund.

11. CONCENTRATION OF SHAREHOLDERS

SEI Private Trust Company (“SPTC”) and SIMC are subsidiaries of SEI Investments Company. As of September 30, 2022, SPTC held of record the following percentage of outstanding shares of each Fund:

Fund	% Held
Large Cap Fund
Class F		97	%
Class Y		34

Notes to Financial Statements/Consolidated Notes to Financial Statements (Continued)

Fund	% Held
Large Cap Value Fund
Class F		92	%
Class I		–
Class Y		98
Large Cap Growth Fund
Class F		90	%
Class I		–
Class Y		98
Large Cap Index Fund
Class F		99	%
Tax-Managed Large Cap Fund
Class F		83	%
Class Y		55
S&P 500 Index Fund
Class F		46	%
Class I		6
Small Cap Fund
Class F		98	%
Class Y		30
Small Cap Value Fund
Class F		94	%
Class I		–
Class Y		98
Small Cap Growth Fund
Class F		92	%
Class I		–
Class Y		95
Tax-Managed Small/Mid Cap Fund
Class F		91	%
Class Y		55
Mid-Cap Fund
Class F		93	%
Class I		–
Class Y		20
U.S. Managed Volatility Fund
Class F		94	%
Class I		–
Class Y		42
Global Managed Volatility Fund
Class F		97	%
Class I		–
Class Y		47
Tax-Managed Managed Volatility Fund
Class F		87	%
Class Y		62
Tax-Managed International Managed Volatility Fund
Class F		97	%
Class Y		88
Real Estate Fund
Class F		95	%
Class I		–
Class Y		54
Core Fixed Income Fund

Fund	% Held
Class F		97	%
Class I		9
Class Y		59
High Yield Bond Fund
Class F		97	%
Class I		–
Class Y		62
Conservative Income Fund
Class F		99	%
Class Y		33
Tax-Free Conservative Income Fund
Class F		98	%
Class Y		70
Real Return Fund
Class F		98	%
Class Y		38
Dynamic Asset Allocation Fund
Class F		97	%
Class Y		19
Multi-Strategy Alternative Fund
Class F		98	%
Class Y		74
Multi-Asset Accumulation Fund
Class F		98	%
Class Y		20
Multi-Asset Income Fund
Class F		98	%
Class Y		62
Multi-Asset Inflation Managed Fund
Class F		97	%
Class Y		28
Multi-Asset Capital Stability Fund
Class F		99	%
Class Y		26

SPTC is not a direct service provider to the SEI Funds. However, SPTC performs a role in the comprehensive investment solution that SEI provides to investors. SPTC holds shares in the Funds as custodian for shareholders that are clients of independent registered investment advisers, financial planners, bank trust departments and other financial advisers. SPTC maintains omnibus accounts at the Fund’s transfer agent.

12. SECURITIES LENDING

Each Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). No Fund will lend portfolio securities to its Adviser, sub-adviser or their affiliates unless it has applied for and received specific authority to do

so from the SEC. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. Government securities. Collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily, although the borrower will be required to deliver collateral between 102% and 105% of the market value of borrowed securities for domestic and foreign securities, respectively. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Fund may be delayed or restricted from recovering the loomed securities or disposing of the collateral for the loan, which could give rise to loss because at adverse market actions expenses and/ or delays in connection with the disposition of the underlying securities.

Cash collateral received in connection with securities lending is invested in eligible securities by the lending agent. These investments may include the SEI Liquidity Fund LP (“Liquidity Fund”), and the Fund bears its pro rata portion of the Liquidity Fund’s expenses and is subject to the risk of loss in the underlying investments of the Liquidity Fund. There is no guarantee that these investments will not lose value.

The following is a summary of securities lending agreements held by certain Funds which would be subject to offset as of September 30, 2022 ($ Thousands):

	Securities Loaned at Value		Cash Collateral Received (1)		Net Amount
Large Cap Fund	$	1,141	$	1,141	$	–
Large Cap Value Fund		14,981		14,981		–
Large Cap Growth Fund		41		41		–
Large Cap Index Fund		822		822		–
Tax-Managed Large Cap Fund		26,824		26,824		–
Small Cap Fund		2,695		2,695		–
Small Cap Value Fund		664		664		–
Small Cap Growth Fund		3,627		3,627		–
Tax-Managed Small/Mid Cap Fund		149		149		–
U.S. Managed Volatility Fund		7,508		7,508		–
Global Managed Volatility Fund		15,403		15,403		–
Tax-Managed Managed Volatility Fund		3,144		3,144		–
Tax-Managed International Managed Volatility Fund		17,510		17,510		–
Core Fixed Income Fund		247,121		247,121		–

(1)	Excess collateral received in connection with the above securities lending transactions is not shown for financial reporting purposes. See each Fund’s Schedule of Investments for the total collateral received.

13. REGULATORY MATTERS

On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling or inducing banks to submit London Inter Bank Offered Rate (LIBOR) rates after 2021. The publication of LIBOR on a representative basis ceased for the one-week and two-month U.S. dollar LIBOR settings immediately after December 31, 2021, and is expected to cease for the remaining U.S. dollar LIBOR settings immediately after June 30, 2023. The elimination of the LIBOR may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. Such investments may include bank loans, derivatives, floating rate securities, and other assets or liabilities tied to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing a Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR. Alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for a Fund. The effect of any changes to, or discontinuation of, LIBOR on a Fund will vary depending on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop

Notes to Financial Statements/Consolidated Notes to Financial Statements (Concluded)

We have audited the accompanying statements of assets and liabilities of the Large Cap Fund, Large Cap Value Fund, Large Cap Growth Fund, Large Cap Index Fund, Tax-Managed Large Cap Fund, S&P 500 Index Fund, Small Cap Fund, Small Cap Value Fund, Small Cap Growth Fund, Tax- Managed Small/Mid Cap Fund, Mid-Cap Fund, U.S. Managed Volatility Fund, Global Managed Volatility Fund, Tax-Managed Managed Volatility Fund, Tax-Managed International Managed Volatility Fund, Real Estate Fund, Core Fixed Income Fund, High Yield Bond Fund, Conservative Income Fund, Tax-Free Conservative Income Fund, Real Return Fund, Multi-Strategy Alternative Fund, Multi-Asset Income Fund, and Multi-Asset Capital Stability Fund (twenty-four of the twenty-seven funds comprising the SEI Institutional Managed Trust (the Trust)), including the schedules of investments, as of September 30, 2022, 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, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods presented therein. We have also audited the accompanying consolidated statements of assets and liabilities of the Dynamic Asset Allocation Fund, Multi-Asset Accumulation Fund, and Multi-Asset Inflation Managed Fund (three of the twenty-seven funds comprising the Trust) (the twenty-seven funds collectively, the Funds), including the consolidated schedules of investments, as of September 30, 2022, the related consolidated statements of operations for the year then ended, the consolidated statements of changes in net assets for each of the years in the two-year period then ended, the consolidated statement of cash flows for the year then ended for the Multi-Asset Inflation Managed Fund, and the related notes (collectively, the consolidated financial statements) and the consolidated financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and consolidated financial statements and financial highlights and consolidated financial highlights present fairly, in all material respects, the financial position of the Funds as of September 30, 2022, 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, the consolidated cash flows of the Multi-Asset Inflation Managed Fund for the year then ended, and the financial highlights and consolidated financial highlights for each of the years or periods presented therein, in conformity with U.S. generally accepted accounting principles.

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and consolidated financial statements and financial highlights and consolidated financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and consolidated financial statements and financial highlights and consolidated financial highlights, 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 and consolidated financial statements and financial highlights and consolidated financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2022, by correspondence with custodians, transfer agents, agent banks and brokers or by other appropriate auditing procedures when replies 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 and consolidated financial statements and financial highlights and consolidated financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more SEI Funds investment companies since 2005.

Set forth below are the names, addresses, ages, position with the Trust, Term of Office and Length of Time Served, the principal occupations for the last five years, number of positions in fund complex overseen by trustee, and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-800-342-5794.

All mutual funds have operating expenses. As a shareholder of a fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the fund’s average net assets; this percentage is known as the fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

● Actual fund return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

● Hypothetical 5% return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratios			Expenses Paid During Period *
Large Cap Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	806.30		0.89	%	$	4.03
Class Y Shares		1,000.00		807.40		0.64			2.90
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,020.61		0.89	%	$	4.51
Class Y Shares		1,000.00		1,021.86		0.64			3.25
Large Cap Value Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	832.90		0.89	%	$	4.09
Class I Shares		1,000.00		831.90		1.11			5.09
Class Y Shares		1,000.00		834.00		0.64			2.95
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,020.61		0.89	%	$	4.51
Class I Shares		1,000.00		1,019.51		1.11			5.61
Class Y Shares		1,000.00		1,021.85		0.64			3.25

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratios			Expenses Paid During Period *
Large Cap Growth Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	766.70		0.89	%	$	3.94
Class I Shares		1,000.00		765.80		1.11			4.91
Class Y Shares		1,000.00		767.50		0.64			2.84
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,020.61		0.89	%	$	4.51
Class I Shares		1,000.00		1,019.51		1.11			5.61
Class Y Shares		1,000.00		1,021.85		0.64			3.25
Large Cap Index Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	793.90		0.25	%	$	1.12
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,023.82		0.25	%	$	1.27

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratios			Expenses Paid During Period *
Tax-Managed Large Cap Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	817.60		0.89	%	$	4.06
Class Y Shares		1,000.00		818.80		0.64			2.92
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,020.61		0.89	%	$	4.51
Class Y Shares		1,000.00		1,021.86		0.64			3.24
S&P 500 Index Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	796.90		0.25	%	$	1.13
Class I Shares		1,000.00		795.30		0.65			2.93
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,023.82		0.25	%	$	1.28
Class I Shares		1,000.00		1,021.80		0.65			3.30
Small Cap Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	829.90		1.14	%	$	5.23
Class Y Shares		1,000.00		830.90		0.89			4.09
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,025.07		1.14	%	$	5.77
Class Y Shares		1,000.00		1,020.61		0.89			4.51
Small Cap Value Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	810.20		1.14	%	$	5.17
Class I Shares		1,000.00		809.30		1.36			6.16
Class Y Shares		1,000.00		811.00		0.89			4.04
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,019.35		1.14	%	$	5.77
Class I Shares		1,000.00		1,018.26		1.36			6.87
Class Y Shares		1,000.00		1,020.61		0.89			4.51
Small Cap Growth Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	801.50		1.11	%	$	5.01
Class I Shares		1,000.00		800.40		1.36			6.13
Class Y Shares		1,000.00		802.70		0.86			3.89
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,019.50		1.11	%	$	5.62
Class I Shares		1,000.00		1,018.26		1.36			6.87
Class Y Shares		1,000.00		1,020.76		0.86			4.36
Tax-Managed Small/Mid Cap Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	816.00		1.11	%	$	5.05
Class Y Shares		1,000.00		816.90		0.89			4.05
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,019.50		1.11	%	$	5.62
Class Y Shares		1,000.00		1,020.61		0.89			4.50

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratios			Expenses Paid During Period *
Mid-Cap Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	837.20		0.98	%	$	4.51
Class I Shares		1,000.00		836.10		1.20			5.52
Class Y Shares		1,000.00		838.10		0.73			3.36
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,020.16		0.98	%	$	4.96
Class I Shares		1,000.00		1,019.05		1.20			6.07
Class Y Shares		1,000.00		1,021.41		0.73			3.70
U.S. Managed Volatility Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	859.00		0.90	%	$	4.19
Class I Shares		1,000.00		857.60		1.15			5.35
Class Y Shares		1,000.00		860.20		0.65			3.04
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,020.56		0.90	%	$	4.56
Class I Shares		1,000.00		1,019.31		1.15			5.82
Class Y Shares		1,000.00		1,021.81		0.65			3.30
Global Managed Volatility Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	857.30		1.11	%	$	5.17
Class I Shares		1,000.00		856.10		1.36			6.32
Class Y Shares		1,000.00		858.40		0.86			4.01
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,019.50		1.11	%	$	5.62
Class I Shares		1,000.00		1,018.26		1.36			6.87
Class Y Shares		1,000.00		1,020.75		0.86			4.36
Tax-Managed Managed Volatility Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	878.50		1.00	%	$	4.71
Class Y Shares		1,000.00		879.20		0.75			3.54
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,020.06		1.00	%	$	5.06
Class Y Shares		1,000.00		1,021.30		0.75			3.81
Tax-Managed International Managed Volatility Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	800.20		1.11	%	$	5.01
Class Y Shares		1,000.00		801.30		0.86			3.89
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,019.50		1.11	%	$	5.62
Class Y Shares		1,000.00		1,020.75		0.86			4.36
Real Estate Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	741.90		1.14	%	$	4.98
Class I Shares		1,000.00		741.80		1.36			5.94
Class Y Shares		1,000.00		743.10		0.89			3.90
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,019.35		1.14	%	$	5.77
Class I Shares		1,000.00		1,018.25		1.36			6.88
Class Y Shares		1,000.00		1,020.59		0.89			4.52

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratios			Expenses Paid During Period *
Core Fixed Income Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	895.30		0.66	%	$	3.14
Class I Shares		1,000.00		893.30		0.88			4.18
Class Y Shares		1,000.00		895.60		0.41			1.96
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,021.76		0.66	%	$	3.35
Class I Shares		1,000.00		1,020.66		0.88			4.46
Class Y Shares		1,000.00		1,023.00		0.41			2.09
High Yield Bond Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	891.90		0.89	%	$	4.22
Class I Shares		1,000.00		890.30		1.08			5.12
Class Y Shares		1,000.00		893.00		0.64			3.04
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,020.61		0.89	%	$	4.51
Class I Shares		1,000.00		1,019.66		1.08			5.47
Class Y Shares		1,000.00		1,021.85		0.64			3.25
Conservative Income Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	1,007.40		0.30	%	$	1.51
Class Y Shares		1,000.00		1,006.80		0.20			1.01
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,023.56		0.30	%	$	1.52
Class Y Shares		1,000.00		1,024.06		0.20			1.02
Tax-Free Conservative Income Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	1,002.80		0.30	%	$	1.51
Class Y Shares		1,000.00		1,004.30		0.20			1.02
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,023.56		0.30	%	$	1.52
Class Y Shares		1,000.00		1,024.05		0.20			1.03
Real Return Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	950.00		0.45	%	$	2.20
Class Y Shares		1,000.00		950.70		0.35			1.72
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Class Y Shares		1,000.00		1,023.31		0.35			1.78

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratios			Expenses Paid During Period *
Dynamic Asset Allocation Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	801.40		0.75	%	$	3.39
Class Y Shares		1,000.00		802.10		0.50			2.26
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,021.31		0.75	%	$	3.80
Class Y Shares		1,000.00		1,022.56		0.50			2.54
Multi-Strategy Alternative Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	927.50		1.43	%	$	6.91
Class Y Shares		1,000.00		929.40		1.18			5.70
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,017.90		1.43	%	$	7.23
Class Y Shares		1,000.00		1,019.16		1.18			5.97
Multi-Asset Accumulation Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	805.60		1.17	%	$	5.30
Class Y Shares		1,000.00		807.30		0.92			4.17
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,019.20		1.17	%	$	5.92
Class Y Shares		1,000.00		1,020.46		0.92			4.66
Multi-Asset Income Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	879.80		0.80	%	$	3.77
Class Y Shares		1,000.00		880.20		0.70			3.30
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,021.06		0.80	%	$	4.05
Class Y Shares		1,000.00		1,021.56		0.70			3.55
Multi-Asset Inflation Managed Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	965.50		1.18	%	$	5.81
Class Y Shares		1,000.00		966.60		0.93			4.58
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,019.15		1.18	%	$	5.97
Class Y Shares		1,000.00		1,020.41		0.93			4.71
Multi-Asset Capital Stability Fund
Actual Fund Return
Class F Shares	$	1,000.00	$	970.30		0.62	%	$	3.06
Class Y Shares		1,000.00		971.30		0.52			2.57
Hypothetical 5% Return
Class F Shares	$	1,000.00	$	1,021.96		0.62	%	$	3.14
Class Y Shares		1,000.00		1,022.46		0.52			2.64

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

Pursuant to Rule 22e-4 under the 1940 Act, the Trust, on behalf of the Funds, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Program is overseen by the SIMC Liquidity Risk Oversight Committee, and 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.

At a meeting of the Board held on March 22, 2022, the Trustees received a report from the SIMC Liquidity Risk Oversight Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The SIMC Liquidity Risk Oversight Committee determined, and reported to the Board, that the Program remains reasonably designed to assess and manage each Fund’s liquidity risk and that the Program adequately and effectively managed each Fund’s liquidity risk during the 2021 calendar year. The SIMC Liquidity Risk Oversight Committee also reported that with respect to the Trust there were no reportable liquidity events during the period. The SIMC Liquidity Risk Oversight Committee noted that additional monitoring processes have been implemented.

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

Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements (Unaudited)

SEI Institutional Managed Trust (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (each member, a “Trustee” and, collectively, the “Trustees” or the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of a Fund’s Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”) cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In the case of the initial approval of a Sub-Advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required, pursuant to an exemptive order that has been granted to the Trust by the Securities and Exchange Commission. In connection with their consideration of such initial approvals and renewals, the Funds’ Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve an investment advisory agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to the Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, during the course of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges the Funds and the level of the sub-advisory fees that SIMC pays the Sub-Advisers, compared with fees each charge to comparable accounts; (vi) the advisory fees charged by SIMC and the Funds’ overall fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data, who was engaged to prepare an assessment of the Funds in connection with the renewal of the Investment Advisory Agreements (the “Broadridge Report”); (vii) the level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Advisers’ expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indexes.

Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreements (Unaudited)

At the March 21-23, 2022 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement. Also, each Sub-Advisory Agreement was either initially approved or, if the Sub-Advisory Agreement was already in effect (unless operating under an initial two-year term), renewed at meetings of the Board held during the course of the Trust’s fiscal year on December 6-8, 2021, March 21-23, 2022, June 20-22, 2022, and September 6-8, 2022. In each case, the Board’s approval (or renewal) was based on its consideration and evaluation of the factors described above, as discussed at the meetings and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and each Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated to the Funds were sufficient to support the approval or renewal of the Investment Advisory Agreements. In addition to advisory services, the Board considered the nature and quality of certain administrative, transfer agency and other non-investment advisory services provided to the Funds by SIMC and/or its affiliates.

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered the Broadridge Report. The Broadridge Report included metrics on risk analysis, volatility versus total return, net total return and performance consistency for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. In connection with the approval or renewal of Sub-Advisory Agreements, the Board considered the performance of the Sub-Adviser relative to appropriate indexes/benchmarks. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support renewal of SIMC’s Advisory Agreement, and the performance of each Sub-Adviser was sufficient to support approval or renewal of the Sub-Advisory Agreement.

Fees. With respect to the Funds’ expenses under the Investment Advisory Agreements, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements and the Funds’ net operating expense ratios in comparison to those of the Funds’ respective peer groups. In assessing Fund expenses, the Trustees considered the information in the Broadridge Report, which included various metrics related to fund expenses, including, but not limited to, contractual management fees at various asset levels, actual management fees (including transfer agent expenses), and actual total expenses (including, solely with respect to the Multi-Strategy Alternative Fund, underlying fund expenses) for the Funds and a universe of comparable funds. Based on the materials considered and discussion at the meetings, the Trustees further determined that fees were either shown to be below the peer average in the comparative fee analysis, or that there was a reasonable basis for the fee level. The Trustees also considered the effects of SIMC’s and its affiliates’ voluntary waivers of management and other fees to prevent total Fund operating expenses from exceeding any applicable cap and concluded that SIMC, through waivers, has maintained the Funds’ net operating expenses at competitive levels for its distribution channels. In determining the appropriateness of fees, the Board also took into consideration the impact of fees incurred indirectly by the Funds as a result of investments into underlying funds, including funds from which SIMC or its affiliates earn fees. The Board also took into consideration compensation earned from the Funds by SIMC or its affiliates for non-advisory services, such as administration, transfer agency, shareholder services or brokerage, and considered whether SIMC and its affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements. When considering fees paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers are compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported approval or renewal of the Investment Advisory Agreements. The Board also considered whether the Sub-Advisers and their affiliates may have realized other benefits from their relationship with the Funds, such as any research and brokerage services received under soft dollar arrangements.

Profitability. With regard to profitability, the Trustees considered compensation flowing to SIMC and the Sub-Advisers and their affiliates, directly or indirectly. The Trustees considered whether the levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the approval or renewal of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees paid to the Sub-Adviser have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability of each of SIMC and the Sub-Advisers is reasonable and supported approval or renewal of the Investment Advisory Agreements.

Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the approval or renewal, as applicable, of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

For shareholders who do not have a September 30, 2022, taxable year end, this notice is for informational purposes only. For shareholders with a September 30, 2022, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended September 30, 2022, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

The Funds intend to pass through foreign tax credit to shareholders. For the fiscal year ended September 30, 2022, the amount of foreign source income and foreign tax credit are as follows:

Items (A) and (B) are based on the percentage of each Fund’s total distribution.

Items (C), (D) and (E) are based on the percentage of ordinary income distributions of each Fund.

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

Trustees

Robert A. Nesher, Chairman

William M. Doran

Nina Lesavoy

James M. Williams

Mitchell A. Johnson

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

Thomas Melendez

Officers

Robert A. Nesher

President and Chief Executive Officer

Ankit Puri

Controller and Chief Financial Officer

Glenn R. Kurdziel

Assistant Controller

Stephen Panner

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

David F. McCann

Vice President, Assistant Secretary

Katherine Mason

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Bridget Sudall

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

1 800 DIAL SEI

(1 800 342 5734)

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, or persons performing similar functions.

(a) (1) The Registrant’s Board of Trustees has determined that the Registrant has two audit committee financial experts serving on the audit committee.

(a) (2) The audit committee financial experts are Susan C. Cote and Hubert L. Harris, Jr. Ms. Cote and Mr. Harris are independent as defined in Form N-CSR Item 3 (a) (2).

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2022 and 2021 as follows:

(e)(1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules on auditor independence and whether the provision of such services would compromise the auditor’s independence.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.

The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees (or the manner of their determination) to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2022 and 2021 were $332,500 and $331,000, respectively. Non-audit fees consist of a SSAE No. 16 review of fund accounting and administration operations and an attestation report in accordance with Rule 17Ad-13.

(h) During the past fiscal year, the Registrant’s principal accountant provided certain non-audit services to the Registrant’s investment adviser or to entities controlling, controlled by, or under common control with the Registrant’s investment adviser that provide ongoing services to the Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of the Registrant’s Board of Trustees reviewed and considered these non-audit services provided by the Registrant’s principal accountant to the Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

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 Company and Affiliated Purchasers.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the "Committee") currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee's Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the 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 of a date within 90 days of the filing date of this report.

(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.

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Appreciation/ (Depreciation) (Thousands)
Long Contracts
S&P 500 Index E-MINI		40		Dec-2022	$	7,892	$	7,203	$	(689	)
S&P Mid Cap 400 Index E-MINI		2		Dec-2022		448		441		(7	)
					$	8,340	$	7,644	$	(696	)

Security Description	Value 9/30/2021		Purchases at Cost		Proceeds from Sales			Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value 9/30/2022		Shares		Income		Capital Gains
SEI Liquidity Fund, LP	$	16,145	$	84,045	$	(98,923	)	$	—	$	(1	)	$	1,266		1,262,355	$	23	$	—
SEI Daily Income Trust, Government Fund, Cl F		19,853		327,214		(331,815	)		—		—			15,252		15,251,869		113		1
Totals	$	35,998	$	411,259	$	(430,738	)	$	—	$	(1	)	$	16,518			$	136	$	1

Type of Contract	Number of Contracts		Expiration Date		Notional Amount (Thousands)		Value (Thousands)		Unrealized Depreciation (Thousands)
Long Contracts
S&P 500 Index E-MINI		41		Dec-2022	$	7,776	$	7,383	$	(393	)
S&P Mid Cap 400 Index E-MINI		24		Dec-2022		5,577		5,300		(277	)
					$	13,353	$	12,683	$	(670	)

Letter to Shareholders	1
Management’s Discussion and Analysis of Fund Performance	8
Schedules of Investments	58
Glossary	374
Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities	376
Statements of Operations/Consolidated Statements of Operations	388
Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets	394
Consolidated Statement of Cash Flows	402
Financial Highlights/Consolidated Financial Highlights	403
Notes to Financial Statements/Consolidated Notes to Financial Statements	416
Report of Independent Registered Public Accounting Firm	463
Trustees and Officers of the Trust	464
Disclosure of Fund Expenses	467
Review of the Liquidity Risk Management Program	470
Board of Trustees Considerations in Approving the Advisory and Sub-Advisory Agreement	471
Notice to Shareholders	474

Description	Number of Shares		Acquisition Date	Cost ($ Thousands)		Market Value ($ Thousands)
Common Stock
Value Creation Inc		145,600	1/7/2009	$	1,491	$	56
				$	1,491	$	56

Security Description	Value 9/30/2021		Purchases at Cost		Proceeds from Sales			Realized Gain/ (Loss)		Change in Unrealized Appreciation/(Depreciation)		Value 9/30/2022		Shares		Income		Capital Gains
SEI Liquidity Fund, LP	$	—	$	340	$	(340	)	$	—	$	—	$	—		—	$	1	$	—
SEI Daily Income Trust, Government Fund, Cl F		1,223		48,193		(47,255	)		—		—		2,161		2,161,454		11		—
Totals	$	1,223	$	48,533	$	(47,595	)	$	—	$	—	$	2,161			$	12	$	—

Counterparty	Settlement Date		Currency to Deliver (Thousands)			Currency to Receive (Thousands)			Unrealized Appreciation (Depreciation) (Thousands)
Barclays PLC		10/17/22		DKK	39,513		USD	5,318	$	107
Barclays PLC		10/17/22		NOK	89,555		USD	8,868		648
BNP Paribas		10/17/22		SGD	4,842		USD	3,440		66
BNP Paribas		10/17/22		CAD	21,589		USD	16,396		684
BNP Paribas		10/17/22		SEK	113,408		USD	10,625		398
Brown Brothers Harriman		10/17/22		AUD	51		USD	33		—
Brown Brothers Harriman		10/17/22		SGD	33		USD	24		—
Brown Brothers Harriman		10/17/22		SGD	34		USD	24		—
Brown Brothers Harriman		10/17/22		USD	18		AUD	28		—
Brown Brothers Harriman		10/17/22		USD	57		AUD	87		(2	)
Brown Brothers Harriman		10/17/22		USD	139		NZD	240		(3	)
Brown Brothers Harriman		10/17/22		NZD	165		USD	96		2
Brown Brothers Harriman		10/17/22		USD	113		SGD	162		—
Brown Brothers Harriman		10/17/22		USD	96		SGD	136		(1	)
Brown Brothers Harriman		10/17/22		USD	242		NOK	2,547		(9	)
Brown Brothers Harriman		10/17/22		USD	101		DKK	778		1
Brown Brothers Harriman		10/17/22		USD	211		DKK	1,580		(2	)
Brown Brothers Harriman		10/17/22		EUR	109		USD	109		2
Brown Brothers Harriman		10/17/22		EUR	256		USD	249		(2	)
Brown Brothers Harriman		10/17/22		GBP	26		USD	30		1
Brown Brothers Harriman		10/17/22		GBP	372		USD	405		(10	)
Brown Brothers Harriman		10/17/22		CHF	454		USD	465		3
Brown Brothers Harriman		10/17/22		DKK	138		USD	19		—
Brown Brothers Harriman		10/17/22		DKK	324		USD	42		—
Brown Brothers Harriman		10/17/22		CAD	518		USD	380		4
Brown Brothers Harriman		10/17/22		USD	209		SEK	2,356		4
Brown Brothers Harriman		10/17/22		USD	370		SEK	4,075		(3	)
Brown Brothers Harriman		10/17/22		USD	834		CAD	1,134		(9	)
Brown Brothers Harriman		10/17/22		USD	322		GBP	294		6
Brown Brothers Harriman		10/17/22		USD	577		GBP	514		(3	)
Brown Brothers Harriman		10/17/22		USD	195		HKD	1,530		—
Brown Brothers Harriman		10/17/22		USD	1,095		HKD	8,591		—
Brown Brothers Harriman		10/17/22		HKD	316		USD	40		—
Brown Brothers Harriman		10/17/22		HKD	1,161		USD	148		—
Brown Brothers Harriman		10/17/22		USD	307		CHF	304		2
Brown Brothers Harriman		10/17/22		USD	1,336		CHF	1,298		(16	)

Description	Number of Contracts		Notional Amount (Thousands)		Exercise Price		Expiration Date		Value (Thousands)
PURCHASED OPTIONS — 0.0%
Put Options
USD P/CAD C		3,270,000	$	4,153	$	1.27		10/22/2022	$	–
USD P/CAD C		3,263,000		4,138		1.27		10/22/2022		–
USD P/CAD C		1,086,000		1,376		1.27		10/22/2022		–
USD P/CAD C		1,086,000		1,374		1.27		10/22/2022		–
USD P/CAD C		2,237,000		2,834		1.27		10/22/2022		–

Interest Rate Swaps
Fund Pays	Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments/ Receipts (Thousands)			Net Unrealized Appreciation (Depreciation) (Thousands)
.97		USA-CPI-U		Annual		11/18/2023		USD		12,250	$	761		$	(39	)	$	800
3 MONTH USD - LIBOR		1.785%		Semi-Annual		07/24/2053		USD		1,920		530			–			530
1.8075		3 MONTH USD - LIBOR		Semi-Annual		07/24/2053		USD		1,300		353			–			353
.5		SD-SOFR-OIS-COMPOUND		Annual		04/21/2052		USD		5,290		578			9			569
2.62% FIXED		USD-SOFR-OIS COMPOUND		Monthly		02/15/2048		USD		5,315		520			6			514
0.026% FIXED		USD-SOFR-OIS-COMPOUND		Annual		02/15/2048		USD		4,412		437			303			134
2.51% FIXED		USD-SOFR-OIS COMPOUND		Monthly		02/15/2048		USD		4,321		504			29			475
.65		SD-SOFR-OIS-COMPOUND		Annual		08/15/2047		USD		560		146			55			91
.63		USD-SOFR-OIS-COMPOUND		Annual		05/15/2047		USD		7,680		2,030			336			1,694
1.52% FIXED		USD-SOFR-COMPOUND 2/15/47		Annual		02/15/2047		USD		5,559		1,567			(63	)		1,630
1.72875% FIXED		CMENA IR 2/15/47		Annual		02/15/2047		USD		5,240		1,297			62			1,235
0.56%		USD-SOFRRATE		Annual		07/20/2045		USD		8,660		3,709			101			3,608
		SD-SOFR-OIS COMPOUND		Annual		03/18/2032		USD		5,870		739			36			703
1.7334%		USD LIBOR BBA		Annual		10/20/2031		USD		10,870		678			39			639
0.0327% FIXED		USD-SOFR-OIS COMPOUND		Annual		04/30/2029		USD		25,097		624			(307	)		931
LE - 2.85% FIXED		USD-SOFR-OIS COMPOUND		Annual		02/15/2029		USD		10,144		493			(19	)		512
.22% FIXED		SD-SOFR-OIS-COMPOUND		Annual		08/15/2028		USD		9,318		1,230			(1	)		1,231
1.113%		SOFR- COMPOUNDING		Annual		08/15/2028		USD		21,686		2,964			135			2,829
0.71 % FIXED		USD-SOFR-COMPOUND 5/15/2027		Annual		05/15/2027		USD		9,281		1,219			–			1,219
.52		USD-SOFR-OIS-COMPOUND		Annual		11/20/2026		USD		13,910		825			(28	)		853
.37		SA-CPI-U		Annual		11/18/2026		USD		12,250		(506	)		160			(666	)
M LIBOR		.39 FIXED		Semi-Annual		09/28/2025		USD		35,750		(1,820	)		–			(1,820	)
3 MONTH USD - LIBOR		.0725		Semi-Annual		07/24/2025		USD		15,555		(912	)		–			(912	)
3 MONTH USD - LIBOR		.0355%		Semi-Annual		07/24/2025		USD		23,015		(1,365	)		–			(1,365	)
3 MONTH USD - LIBOR		.0255		Semi-Annual		07/24/2025		USD		31,110		(1,850	)		–			(1,850	)
VE - FIXED 1.95%		SECURED ON FINANCING RATE		Annual		06/10/2024		USD		66,350		(2,471	)		–			(2,471	)
3M USD LIBOR		1.7725%		Semi-Annual		07/24/2053		USD		2,600		724			–			724
3MLIBOR		.87% FIXED		Semi-Annual		09/28/2053		USD		3,050		780			–			780
											$	13,784		$	814		$	12,970

Credit Default Swap - Sell Protection
Reference Entity/ Obligation	Receive Rate		Payment Frequency		Termination Date		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments/ Receipts (Thousands)			Net Unrealized Appreciation (Depreciation) (Thousands)
CDS-CDX.NA.HY.39		1.00%		Quarterly		12/20/2027	$	182,199	$	(654	)	$	(138	)	$	(516	)

	Investments in Corporate Obligations			Investments in Loan Participations			Investments in Asset-Backed Securities			Investments in Common Stock			Investments in Convertible Bonds		Investments in Preferred Stock			Investments in Warrants			Investments in Rights
Balance as of October 1, 2021	$	3,147		$	18,534		$	163,469		$	16,305		$	–	$	2,647		$	548		$	–
Accrued discounts/premiums		(59	)		(29	)		(269	)		–			–		–			–			–
Realized gain/(loss)		(811	)		(59	)		6,680			5,444			–		61			–			–
Change in unrealized appreciation/(depreciation)		864			5			(8,158	)		(3,391	)		–		(77	)		221			–
Purchases		–			3,743			229			1,344			613		1,116			–			–
Sales		(33	)		(6,683	)		(44,586	)		(7,520	)		–		(34	)		(45	)		–
Net transfer into Level 3		–			5,301			–			1,399			1,417		2,626			186			–
Net transfer out of Level 3		(2,570	)		(7,674	)		–			(2,283	)		–		–			–			–
Ending Balance as of September 30, 2022⁽¹⁾	$	538		$	13,138		$	117,365		$	11,298		$	2,030	$	6,339		$	910		$	–	^
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	76		$	(451	)	$	(4,964	)	$	(3,436	)	$	6	$	(54	)	$	327		$	–

Category	Market Value at September 30, 2022 ($ Thousands)		Valuation Technique	Unobservable Inputs	Range Input Value(s) (Average Input Value)
Common Stock	$	6,863	This is equity held at the parent level and is priced off of operating company public equity "MYTE" on a monthly basis	None	N/A
			Comparable multiple analysis using an average forward EBITDA multiple of publicly traded peers, discounted to account for smaller scale of operations ownership	None	N/A
			Priced at $0.01 based on the low probability of future payouts	None	N/A
			Priced at $0.01 based on the low probability of future payouts	None	N/A
			Priced based off of broker runs	None	N/A
			Weighted valuation techniques	Guideline transaction valuation	$1,154.2m - $1,298.5m
				Comparable company valuation	$1,082.1m - $1,226.4m
				Valuation case probability weighting	50%
			Discounted cash flow model	Equity Value	$158m - $276m
			Weighted valuation techniques	EBITDA	$216m - $267m
				EBITDA multiple	4.50x - 5.75x
				Weighted Average Cost of Capital	16.50%
				Valuation case probability weighting	0.5
			Estimated recovery Model	Estimated Excess RBC	$52.0m

Category	Market Value at September 30, 2022 ($ Thousands)	Valuation Technique	Unobservable Inputs	Range Input Value(s) (Average Input Value)
			Estimated fees & expenses	$47.1m
			Discount Rate	50%
Convertible Bond	$ 1,973	Milestone Approach	Implied equity valuation per barrel	0.03
			Mean prospective barrels of oil	2,755 - 3,045
		Discounted cash flow model	Implied total yield	15.75% - 16.75%
Convertible Preferred	833	Broker Quotation	None	N/A

Corporate Bond	470	Priced at $0.01 as a placeholder for future disputed claims related to litigation	None	N/A
		Priced at $0.01 as a placeholder for future disputed claims related to litigation	None	N/A
		Priced at $0.01 as a placeholder for future disputed claims related to litigation	None	N/A
		Estimated recovery model	Estimated Total Claims Case	$430.0M
		Estimated recovery model	Estimated Debt Claims	$157.5M
Loans	5,662	Discounted cash flow model	Implied total yield	17.3% - 17.7%
		Estimated recovery model	Enterprise Value	$64.5M
		Discounted cash flow model	Implied total yield	9.56% - 10.56%
		Comparable debt model	Discount rate	0.0075
		Discounted cash flow model	Enterprise Value	$658m - $777m
		Broker Quotation	None	N/A
Preferred Stock	5,141	Priced base off conversion value to the common stock. Details: $1,000 par value per preferred share is convertible into GPOR common stock at $14.00 per share conversion price, therefore each preferred share is convertible into ~71.43 GPOR common shares. Valuation methodology is 1 GPOR preferred share equals 71.43 x GPOR common stock price.	None	N/A
		Use an average bid-side pricing based off of broker runs on a monthly basis	None	N/A
		Use an average bid-side pricing based off of broker runs on a monthly basis	None	N/A
		Market Comparables Approach	EBITDA	$96m - $120m
			EBITDA multiple	7.00x - 9.50x
			Valuation case probability weighting	100%
		Weighted valuation techniques	EBITDA	$216m - $267m
			EBITDA multiple	4.50x - 5.75x
			Weighted Average Cost of Capital	16.50%
			Valuation case probability weighting	50%
		Comparable Yield approach	Implied total yield	5.00% - 6.00%
		Comparable Yield approach	Implied total yield	11.64% - 13.64%
Warrants	751	Use an average mid-pricing based off of available broker runs on a monthly basis	None	N/A
		Weighted valuation techniques	EBITDA	$216m - $267m
		Weighted valuation techniques	EBITDA multiple	4.50x - 5.75x
		Weighted valuation techniques	Weighted Average Cost of Capital	16.50%
			Valuation case probability weighting	0.5
		Discounted cash flow model	EBITDA	$92.4M
			EBITDA multiple	2.50x - 3.00x
			Valuation case probability weighting	0.5
		Average of mid-pricing based off of available broker runs	None	N/A
Total	$ 21,693

Description	Number of Shares/ Face Amount ($ Thousands)/ Number of Warrants		Acquisition Date	Cost ($ Thousands)		Market Value ($ Thousands)
Common Stock
Guitar Center		13,905	1/8/2021	$	1,762	$	2,662
Gymboree Holding		10,471	10/2/2017		131		–
Gymboree Holding		29,841	10/2/2017		541		–
Nine West FKA Premier Brands		92,548	5/20/2019		1,967		71
Parker Drilling Co		76,272	3/26/2019		962		496
Parker Drilling Co		2,817	3/26/2019		38		18
Corporate Obligation
Aventine (Escrow Security)		2,750,000	4/21/2010		–		–
Mountain Province Diamonds		2,470,000	12/6/2017		2,465		2,322
Northwest Acquisitions ULC		2,115,000	10/1/2019		1,493		–
Loan Participation
Boardriders, Closing Date Tranche A Loan, 1st Lien		392,409	9/4/2020		392		385
Boardriders, Closing Date Tranche B-2 Loan, 1st Lien		1,632,831	9/4/2020		1,294		1,470
GatesAir, Term Loan		1,144,000	8/9/2022		1,111		1,144
Premier Brands Group Holdings, LLC, Term Loan, 1st Lien		573,854	3/21/2019		513		467
Premier Brands Group Holdings, LLC, Term Loan, 1st Lien		535,014	3/21/2019		519		436
Preferred Stock
Boardriders		215,931	9/4/2020		–		250
Claire's Stores		351	10/22/2018		105		799
Claire's Stores		472	12/10/2018		871		171
Guitar Center		365	1/8/2021		34		33
Warrant
Guitar Center		3,382	1/8/2021		186		326
Guitar Center		3,681	1/8/2021		132		206
Guitar Center		298	1/8/2021		11		17
				$	14,527	$	11,273

Total Return Swaps
Counterparty	Reference Entity/ Obligation		Fund Pays			Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments/ Receipts (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
BNP Paribas^		Bloomberg Commodity Index TR		0.10	%		INDEX RETURN		Quarterly		12/10/2022		USD		49,436	$	(2,938	)	$	–	$	(2,938	)
Goldman Sachs		Goldman Sachs U.S. Financial Conditions Index		NEGATIVE INDEX RETURN			POSITIVE INDEX RETURN		Quarterly		11/30/2022		USD		35,242		2,865			–		2,865
																$	(73	)	$	–	$	(73	)

Credit Default Swaps - Buy Protection
Reference Entity/ Obligation	Pay Rate		Payment Frequency		Termination Date		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments/ Receipts (Thousands)			Net Unrealized Appreciation (Depreciation) (Thousands)
BASF 100		1.00%		Quarterly		12/20/2027	$	790	$	20		$	17		$	3
BYIF 100		1.00%		Quarterly		12/20/2027		376		9			7			2
CDS_HY38_-1.92		5.00%		Quarterly		06/20/2027		1,287		29			(24	)		53
CDS_HY38_-5.5575		5.00%		Quarterly		06/20/2027		1,604		36			(83	)		119
CDX HY38 500		5.00%		Quarterly		12/20/2027		2,712		88			118			(30	)
CDX IG39 100		1.00%		Quarterly		12/20/2027		1,674		6			(3	)		9
HENKEL 100		1.00%		Quarterly		12/20/2027		376		(5	)		(6	)		1
LXSGR 100		1.00%		Quarterly		12/20/2027		376		30			31			(1	)
									$	213		$	57		$	156

Description	Number of Shares/Face Amount ($ Thousands)/Number of Warrants		Acquisition Date/Right to Acquire Date	Cost ($ Thousands)		Market Value ($ Thousands)
Common Stock
Guitar Center		2,167	1/8/2021	$	275	$	415
Parker Drilling Co		4,414	3/26/2019		56		29
Corporate Obligations
Mountain Province Diamonds	$	300	10/17/2022		293		282
Northwest Acquisitions ULC		460	10/1/2019		419		–
Loan Participations
Boardriders Inc., Closing Date Tranche A Loan, 1st Lien		47	9/4/2020		46		46
Boardriders Inc., Closing Date Tranche B-2 Loan, 1st Lien		274	9/4/2020		227		246
Glass Mountain Holdings Pipeline, 1st Lien		16	11/18/2021		15		14
Premier Brands Group Holdings, LLC, Term Loan, 1st Lien		112	3/21/2019		97		91
Premier Brands Group Holdings, LLC, Term Loan, 1st Lien		82	3/21/2019		73		67
Preferred Stock
Boardriders Inc.		25,646	9/4/2020		–		30
Guitar Center		39	1/8/2021		4		3
Warrant
Guitar Center		574	1/8/2021		31		54
Guitar Center		574	1/8/2021		21		32
				$	1,557	$	1,309

Interest Rate Swap
Fund Pays	Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments/ Receipts (Thousands)			Net Unrealized Appreciation (Depreciation) (Thousands)
1.00 %		USD-SOFR 1D		Annually		12/21/2027		USD		109,150	$	(8,784	)	$	(4,168	)	$	(4,616	)

Credit Default Swaps - Sell Protection
Reference Entity/ Obligation	Receive Rate		Payment Frequency		Termination Date		Notional Amount (Thousands)		Value (Thousands)			Upfront Payments/ Receipts (Thousands)			Net Unrealized Appreciation (Depreciation) (Thousands)
CDS-F@500BPS 4.9Y		5.00%		Quarterly		06/20/2026	$	1,450	$	47		$	157		$	(110	)
CDS-VW@100BP5.1Y		1.00%		Quarterly		12/20/2024		1,290		(10	)		7			(17	)
ICE CD BA 1.00 20JUN24 P		1.00%		Quarterly		06/20/2024		525		(4	)		4			(8	)
ICE CD CDXIG533 1.00 20DE		1.00%		Quarterly		12/20/2024		2,375		6			28			(22	)
ICE CD CDXIG534 1.00 20JU		1.00%		Quarterly		06/20/2025		26,200		23			215			(192	)
ICE CD CHILE 1.00 20DEC27		1.00%		Quarterly		12/20/2027		210		(5	)		(4	)		(1	)
ICE CD CXPHY530 5.00 20JU		5.00%		Quarterly		06/20/2023		15,916		202			175			27
ICE CD CXPHY534 5.00 20JU		5.00%		Quarterly		06/25/2025		6,092		16			(128	)		144
ICE CD GE 1.00 20JUN26 P		1.00%		Quarterly		06/20/2026		1,175		(11	)		14			(25	)
ICE CD KSA 1.00 20DEC26 P		1.00%		Quarterly		12/20/2026		2,180		40			45			(5	)
ICE CD PERU 1.00 20JUN27		1.00%		Quarterly		06/20/2027		980		(23	)		11			(34	)
ICE CD PHILIP 1.00 20DEC2		1.00%		Quarterly		12/20/2027		390		(8	)		(5	)		(3	)
ICE CD US91087BAC46 1.00		1.00%		Quarterly		12/20/2027		1,160		(40	)		(32	)		(8	)
									$	233		$	487		$	(254	)

Credit Default Swaps
Counterparty	Reference Entity/ Obligation	Buy/Sell Protection		(Pays)/Receives Rate		Payment Frequency		Termination Date		Notional Amount (Thousands)		Value (Thousands)		Upfront Payments/ Receipts (Thousands)		Net Unrealized Appreciation (Depreciation) (Thousands)
Morgan Stanley	CDS-NFLX@500BP5.2Y		Sell		5.00%		Quarterly		06/20/2026	$	440	$	50	$	70	$	(20	)
Morgan Stanley	CDS-NFLX@500BP5.2Y		Sell		5.00%		Quarterly		06/20/2026		880		98		140		(42	)
													148	$	210		(62	)

Description	Number of Contracts			Notional Amount (Thousands) ^{^†}			Exercise Price		Expiration Date		Value (Thousands)
PURCHASED OPTIONS — 0.0%
Call Options
QQQ US 12/16/22 C305 Long		72		$	–		$	305.00		12/17/2022	$	25
SPY US 12/16/22 C400 Long		72			2,312			400.00		12/17/2022		23
SPY US 12/16/22 C405 Long		54			–			405.00		12/17/2022		13

					2,312							61


Total Purchased Options				$	2,312						$	61
WRITTEN OPTIONS — (0.0)%
Put Options
QQQ US 12/16/22 P235 Short		(72	)	$	–			235.00		12/17/22	$	(41	)
SPY US 12/16/22 P325 Short		(72	)		(2,312	)		325.00		12/17/22		(53	)
SPY US 12/16/22 P330 Short		(54	)		(1,734	)		330.00		12/17/22		(47	)

				$	(4,046	)						(141	)


Total Written Options				$	(4,046	)					$	(141	)

	Large Cap Fund			Large Cap Value Fund
Assets:
Investments, at value ^†	$	1,554,592	*	$	1,224,663	*
Affiliated investments, at value ^†^†		16,518			31,770
Cash and cash equivalents		–			–
Cash pledged as collateral on OTC swap contracts		–			–
Cash pledged as collateral on futures contracts		464			681
Foreign currency, at value ^†^†^†		–			–
Receivable for fund shares sold		133			1,558
Receivable for investment securities sold		7,363			5,120
Dividends and interest receivable		1,912			2,863
Foreign tax reclaim receivable		51			114
Prepaid expenses		26			19
Total Assets		1,581,059			1,266,788
Liabilities:
Payable for investment securities purchased		7,515			5,106
Payable upon return on securities loaned		1,256			15,773
Payable for fund shares redeemed		903			373
Administration fees payable		375			331
Shareholder servicing fees payable Class F		337			235
Shareholder servicing fees payable Class I		–			–
Payable for Variation Margin on Futures Contracts		115			136
Due to custodian		–			–
Investment advisory fees payable		509			360
Chief Compliance Officer fees payable		3			2
Trustees fees payable		–			–
Accrued expense payable		142			112
Total Liabilities		11,155			22,428
Net Assets	$	1,569,904		$	1,244,360
^† Cost of investments and repurchase agreements	$	1,209,558		$	1,016,862
^†^† Cost of affiliated investments		16,512			31,772
^†^†^† Cost of foreign currency		–			–
* Includes market value of securities on loan		1,141			14,981

	Large Cap Fund			Large Cap Value Fund
Net Assets:
Paid-in capital — (unlimited authorization — no par value)	$	1,098,098		$	964,663
Total distributable earnings/(loss)		471,806			279,697
Net Assets	$	1,569,904		$	1,244,360
Net Asset Value, Offering and Redemption Price Per Share — Class F	$	12.66		$	23.02
		($1,519,963,052 ÷ 120,105,587 shares	)		($1,068,126,126 ÷ 46,400,835 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class I		N/A		$	23.05
					($2,111,387 ÷ 91,587 shares	)
Net Asset Value, Offering and Redemption Price Per Share — Class Y	$	12.66		$	23.02
		($49,940,713 ÷ 3,944,667 shares	)		($174,122,569 ÷ 7,564,665 shares	)

	Real Return Fund			Dynamic Asset Allocation Fund
Investment Income:
Dividends	$	–		$	10,715
Income from affiliated investments⁽¹⁾		10			7
Interest income		20,138			233
Less: foreign taxes withheld		–			(2	)
Total Investment Income		20,148			10,953
Expenses:
Shareholder servicing fees Class F		645			1,887
Investment advisory fees		607			4,786
Administration fees		552			2,393
Trustees' fees		6			18
Chief compliance officer fees		2			5
Printing fees		26			62
Professional fees		16			42
Custodian/Wire agent fees		13			28
Registration fees		9			31
Pricing fees		3			12
Dividend and interest expense on securities sold short		–			–
Interest expense		–			–
Other expenses		5			15
Total Expenses		1,884			9,279
Less:
Waiver of investment advisory fees		(248	)		(3,295	)
Waiver of shareholder servicing fees Class F		(387	)		–
Waiver of administration fees		(19	)		(91	)
Net Expenses		1,230			5,893
Net Investment Income		18,918			5,060
Net Realized Gain (Loss) on:
Investments		(183	)		55,195
Securities sold short		–			–
Futures contracts		–			(8,842	)
Foreign currency translation		–			57
Forward foreign currency contracts		–			(13	)
Purchased options and swaptions		–			13,723
Written options and swaptions		–			340
Swap contracts		–			22,648
Capital gains on Affiliated Investments		–			–
Net Realized Gain (Loss)		(183	)		83,108
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(31,793	)		(165,409	)
Securities sold short		–			–
Futures contracts		–			(5,196	)
Purchased options and swaptions		–			(4,265	)
Written options and swaptions		–			45
Swap contracts		–			(6,785	)
Foreign currency translation of other assets and liabilities denominated in foreign currencies		–			–
Forward foreign currency contracts		–			43
Net Change in Unrealized Appreciation (Depreciation)	$	(31,793	)	$	(181,567	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(13,058	)	$	(93,399	)

Multi-Asset Inflation Managed Fund						Multi-Asset Capital Stability Fund
	2022		2021				2022		2021

$	33,404		$	22,919		$	1,920		$	3
	—			—			—			—
	49,635			28,775			(6,255	)		21,289
	(38,005	)		58,940			(25,351	)		4,450
	45,034			110,634			(29,686	)		25,742

	(58,859	)		(10,636	)		(18,556	)		(7,473	)
	(3,253	)		(776	)		(1,084	)		(530	)
	(62,112	)		(11,412	)		(19,640	)		(8,003	)


	192,810			136,205			145,926			157,770
	53,507			9,692			14,496			6,005
	(250,560	)		(171,680	)		(170,164	)		(230,131	)
	(4,243	)		(25,783	)		(9,742	)		(66,356	)

	4,229			5,966			4,063			8,771
	3,181			761			1,051			519
	(15,746	)		(13,517	)		(8,043	)		(20,602	)
	(8,336	)		(6,790	)		(2,929	)		(11,312	)
	(12,579	)		(32,573	)		(12,671	)		(77,668	)
	(29,657	)		66,649			(61,997	)		(59,929	)

	847,784			781,135			720,803			780,732
$	818,127		$	847,784		$	658,806		$	720,803

Multi-Asset Inflation Managed Fund
Cash Flows Provided By Operating Activities:
Net Increase in Net Assets Resulting from Operations	$	45,034
Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to Net Cash Provided by Operating Activities:
Purchase of Investment Securities		(1,155,901	)
Proceeds from Disposition of Investment Securities		1,166,545
Proceeds from Securities Sold Short		81,177
Purchases to Cover Securities Sold Short		(53,842	)
Purchased Options/Purchases to Cover Written Options		1,853
Amortization (Accretion of Market Discount)		(29,007	)
Net Realized (Gain) Loss on:
Investments and Securities Sold Short		9,935
Net Change in Unrealized (Appreciation) Depreciation on:
Investments and Securities Sold Short		38,429
Changes in Assets:
OTC Swap Contracts, at Value		2,755
OTC Options, at value		1,568
Cash Collateral on Over The Counter Swaps		(570	)
Cash Collateral on Centrally Cleared Swaps		1,051
Cash Collateral on Futures		(2,363	)
Receivable for Investment Securities Sold		(3,947	)
Dividends and Interest Receivable		(434	)
Receivable for Variation Margin on Futures		2,528
Receivable for Variation Margin on Swaps		(298	)
Foreign Tax Reclaim receivable		4
Unrealized Loss on Forward Foreign Currency Contracts		186
Due from Broker		(547	)
Prepaid expenses		1
Changes in Liabilities:
OTC Swap Contracts, at Value		2,027
OTC Options, at value		(909	)
Payable for securities sold short		(2,842	)
Payable for Investment Securities Purchased		(6,736	)
Administration Fees Payable		13
Shareholder Servicing Fees Payable		(164	)
Payable for Variation Margin on Futures		430
Payable for Variation Margin on Swaps		(895	)
Repurchase Agreements Payable		467
Investment Advisory Fees Payable		(17	)
Due to Broker		1,502
Unrealized Gain on Forward Foreign Currency Contracts		(33	)
Accrued Expense Payable		396
Net Cash Provided by Operating Activities		97,396
Cash Flows Used In Financing Activities
Reverse Repurchase Agreements		(64,214	)
Dividends and Distributions		(62,112	)
Proceeds from Shares Issued		197,024
Reinvestment of Dividends and Distributions		56,688
Cost of Shares Redeemed		(266,175	)
Net Cash Used In Financing Activities		(138,789	)
Net Change in Cash, Restricted Cash, and Foreign Currency		(41,393	)
Cash, Restricted Cash, and Foreign Currency at Beginning of Period	$	178,510
Cash, Restricted Cash, and Foreign Currency at End of Period	$	137,117
Supplemental Disclosure of Cash Flow Information Interest paid	$	1,160

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾		Net Realized and Unrealized Gains (Losses) on Investments			Total from Operations			Distributions from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value, End of Period		Total Return^†			Net Assets End of Period ($ Thousands)		Ratio of Net Expenses to Average Net Assets*			Ratio of Expenses to Average Net Assets (Excluding Waivers)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate^†
Large Cap Fund
Class F
2022	$	17.51	$	0.12	$	(2.62	)	$	(2.50	)	$	(0.10	)	$	(2.25	)	$	(2.35	)	$	12.66		(17.25	)%	$	1,519,963		0.89	%		0.95	%		0.75	%		39	%
2021		13.95		0.10		4.00			4.10			(0.12	)		(0.42	)		(0.54	)		17.51		29.93			2,050,558		0.89			0.95			0.63			33
2020		13.94		0.16		0.89			1.05			(0.18	)		(0.86	)		(1.04	)		13.95		7.67			1,944,209		0.89			0.96			1.16			63
2019		15.92		0.19		(0.22	)		(0.03	)		(0.18	)		(1.77	)		(1.95	)		13.94		1.17			2,158,883		0.89			0.95			1.37			72
2018		14.65		0.13		2.22			2.35			(0.12	)		(0.96	)		(1.08	)		15.92		16.80			2,439,320		0.89			0.94			0.87			80
Class Y
2022	$	17.52	$	0.15	$	(2.62	)	$	(2.47	)	$	(0.14	)	$	(2.25	)	$	(2.39	)	$	12.66		(17.08	)%	$	49,941		0.64	%		0.70	%		0.95	%		39	%
2021		13.95		0.15		4.00			4.15			(0.16	)		(0.42	)		(0.58	)		17.52		30.33			109,909		0.64			0.70			0.88			33
2020		13.95		0.19		0.89			1.08			(0.22	)		(0.86	)		(1.08	)		13.95		7.86			103,168		0.64			0.71			1.41			63
2019		15.93		0.22		(0.22	)		—			(0.21	)		(1.77	)		(1.98	)		13.95		1.44			131,736		0.64			0.70			1.62			72
2018		14.66		0.17		2.22			2.39			(0.16	)		(0.96	)		(1.12	)		15.93		17.08			137,136		0.64			0.69			1.11			80
Large Cap Value Fund
Class F
2022	$	27.27	$	0.49	$	(3.07	)	$	(2.58	)	$	(0.48	)	$	(1.19	)	$	(1.67	)	$	23.02		(10.30	)%	$	1,068,126		0.89	%		0.93	%		1.81	%		24	%
2021		20.11		0.46		7.16			7.62			(0.46	)		—			(0.46	)		27.27		38.21			1,322,518		0.89			0.93			1.80			29
2020		23.25		0.45		(2.70	)		(2.25	)		(0.46	)		(0.43	)		(0.89	)		20.11		(9.96	)		1,097,338		0.89			0.93			2.15			65
2019		26.21		0.50		(0.92	)		(0.42	)		(0.48	)		(2.06	)		(2.54	)		23.25		(0.91	)		1,190,700		0.89			0.93			2.17			52
2018		24.70		0.39		2.39			2.78			(0.37	)		(0.90	)		(1.27	)		26.21		11.54			1,285,571		0.89			0.93			1.51			83
Class I
2022	$	27.30	$	0.43	$	(3.07	)	$	(2.64	)	$	(0.42	)	$	(1.19	)	$	(1.61	)	$	23.05		(10.52	)%	$	2,111		1.11	%		1.18	%		1.57	%		24	%
2021		20.13		0.40		7.18			7.58			(0.41	)		—			(0.41	)		27.30		37.93			3,060		1.11			1.18			1.58			29
2020		23.27		0.41		(2.71	)		(2.30	)		(0.41	)		(0.43	)		(0.84	)		20.13		(10.17	)		2,454		1.11			1.18			1.93			65
2019		26.23		0.45		(0.93	)		(0.48	)		(0.42	)		(2.06	)		(2.48	)		23.27		(1.14	)		3,042		1.11			1.18			1.95			52
2018		24.71		0.33		2.40			2.73			(0.31	)		(0.90	)		(1.21	)		26.23		11.30			4,427		1.11			1.18			1.29			83
Class Y
2022	$	27.27	$	0.56	$	(3.07	)	$	(2.51	)	$	(0.55	)	$	(1.19	)	$	(1.74	)	$	23.02		(10.06	)%	$	174,123		0.64	%		0.68	%		2.06	%		24	%
2021		20.11		0.52		7.16			7.68			(0.52	)		—			(0.52	)		27.27		38.55			203,964		0.64			0.68			2.05			29
2020		23.26		0.51		(2.71	)		(2.20	)		(0.52	)		(0.43	)		(0.95	)		20.11		(9.76	)		148,423		0.64			0.68			2.40			65
2019		26.21		0.55		(0.91	)		(0.36	)		(0.53	)		(2.06	)		(2.59	)		23.26		(0.62	)		150,772		0.64			0.69			2.41			52
2018		24.70		0.45		2.40			2.85			(0.44	)		(0.90	)		(1.34	)		26.21		11.82			141,700		0.64			0.68			1.77			83

^†	Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.
*	Includes Fees Paid Indirectly, if applicable. There was no impact to the expense ratios. See Note 6 in Notes to Financial Statements.
(1)	Per share calculated using average shares.

MAXIMUM POTENTIAL AMOUNT OF FUTURE PAYMENTS BY CONTRACT TERM
CORE FIXED INCOME FUND		0-6 MONTHS		6-12 MONTHS		1-5 YEARS		5-10 YEARS		> 10 YEARS	Total
Current credit spread* on underlying (in basis points)
0-100	$	-	$	-	$	-	$	-	$	-	$	-
101-200		-		-		-		182,199,000		-		182,199,000
> than 200		-		-		-		-		-		-
Total	$	-	$	-	$	-	$	182,199,000	$	-	$	182,199,000

	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities/ Consolidated Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities/ Consolidated Statement of Assets and Liabilities Location	Fair Value
Derivatives not accounted for as hedging instruments:
Large Cap Fund
Equity contracts	Unrealized appreciation on futures contracts	$	—	*	Unrealized depreciation on futures contracts	$	696	*
Total Derivatives not accounted for as hedging instruments		$	—			$	696

Core Fixed Income Fund
Interest rate contracts	Unrealized appreciation on future contracts	$	17,071	*	Unrealized depreciation on future contracts	$	35,506	*
	Unrealized appreciation on swap contracts		22,054	^†	Unrealized depreciation on swap contracts		9,084	^†
	Investments purchased, at value		520		Options written, at value		4,774
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		2,106		Unrealized loss on forward foreign currency contracts		4,056
	Investments purchased, at value		—		Options written, at value		565
Credit contracts	Unrealized appreciation on swap contracts		—	^†	Unrealized depreciation on swap contracts		516	^†
Total Derivatives not accounted for as hedging instruments		$	41,751			$	54,501

Multi-Asset Income Fund
Interest rate contracts	Unrealized appreciation on				Unrealized depreciation on
	futures contracts	$	566	*	futures contracts	$	10,060	*
	Unrealized appreciation on swap contracts		1,731	^†	Unrealized depreciation on swap contracts		1,289	^†
Equity contracts	Unrealized appreciation on futures contracts		—	*	Unrealized depreciation on futures contracts		3,623	*
	Investments purchased, at value		1,239		Options and Swaptions written, at value		729
Foreign exchange contracts	Unrealized gain on forward foreign currency contracts		2,260		Unrealized loss on forward foreign currency contracts		1,907
	Investments purchased, at value		773		Options and Swaptions written, at value		797
Credit contracts	Unrealized appreciation on swap contracts		281	^†	Unrealized depreciation on swap contracts		489	^†
Total Derivatives not accounted for as hedging instruments		$	6,850			$	18,894

Multi-Asset Accumulation Fund
Equity contracts	$	—		$	—		$	(124,689	)	$	—	$	(11,758	)	$	(136,447	)
Interest rate contracts		—			—			(300,568	)		—		(36,240	)		(336,808	)
Foreign exchange contracts		—			—			—			87,104		—			87,104
Commodity contracts		—			—			93,182			—		—			93,182
Total	$	—		$	—		$	(332,075	)	$	87,104	$	(47,998	)	$	(292,969	)
Multi-Asset Income Fund
Equity contracts	$	2,111		$	(938	)	$	(1,700	)	$	—	$	—		$	(527	)
Credit contracts		—			—			—			—		1,519			1,519
Interest rate contracts		66			(46	)		(16,815	)		—		5,054			(11,741	)
Foreign exchange contracts		406			(468	)		—			5,455		—			5,393
Total	$	2,583		$	(1,452	)	$	(18,515	)	$	5,455	$	6,573		$	(5,356	)
Multi-Asset Inflation Managed Fund
Credit contracts	$	—		$	—		$	—		$	—	$	593		$	593
Equity contracts		—			—			5,656			—		—			5,656
Interest rate contracts		—			—			1,766			—		758			2,524
Foreign exchange contracts		—			—			—			1,675		—			1,675
Commodity contracts		1,939			(1,189	)		35,289			—		12,768			48,807
Total	$	1,939		$	(1,189	)	$	42,711		$	1,675	$	14,119		$	59,255
Multi-Asset Capital Stability Fund
Credit contracts	$	—		$	—		$	—		$	—	$	(100	)	$	(100	)
Equity contracts		(407	)		217			(6,533	)		—		16			(6,707	)
Interest rate contracts		—			—			(9,860	)		—		(1,280	)		(11,140	)
Foreign exchange contracts		—			—			—			26,496		—			26,496
Commodity contracts		—			—			(100	)		—		—			(100	)
Total	$	(407	)	$	217		$	(16,493	)	$	26,496	$	(1,364	)	$	8,449