Pacific Select Fund

Vice President, General Counsel and Assistant Secretary of Pacific Select Fund

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

We are pleased to share with you the Pacific Select Fund (Trust) Annual Report for the fiscal year ended December 31, 2020, including performance data, management’s discussion of fund performance, and a complete list of investments as of the close of this reporting period. The Trust is the underlying investment vehicle for variable life insurance policies and variable annuity contracts (variable products) issued or administered by Pacific Life Insurance Company (Pacific Life) and Pacific Life & Annuity Company (PL&A). Pacific Life Fund Advisors LLC (PLFA) is the Adviser to the Trust and supervises the management of all of the Trust’s funds (each individually a Fund and collectively, the Funds). As Adviser to the Trust, PLFA manages the Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth, and Portfolio Optimization Aggressive-Growth Portfolios (together, the Portfolio Optimization Portfolios), each of which is an asset allocation fund-of-funds which invests in certain other Funds of the Trust (Underlying Funds).

In addition, PLFA manages the PSF DFA Balanced Allocation Portfolio, which is an asset allocation fund-of-funds that invests in a variety of eligible third party mutual funds and/or variable insurance trusts (DFA Underlying Funds) which are not Funds of the Trust.

PLFA also manages the Pacific Dynamix-Conservative Growth, Pacific Dynamix-Moderate Growth and Pacific Dynamix-Growth Portfolios (together, the Pacific Dynamix Portfolios), each of which is an asset allocation fund-of-funds and which invests in certain other Funds of the Trust (Pacific Dynamix Underlying Funds) that are only available for investment by the three Pacific Dynamix Portfolios.

For the other Funds of the Trust, the Adviser has retained other firms to serve as sub-advisers under its supervision. The sub-advisers, the Adviser and the Funds of the Trust that they manage as of December 31, 2020 are listed below:

Each of the sub-advisers and the Adviser has prepared a discussion regarding the performance of the Funds of the Trust that they manage, including commentary discussing positive and negative factors affecting performance for the past twelve months.

We appreciate your confidence in Pacific Select Fund and look forward to serving your financial needs in the years to come.

This Annual Report is provided for the general information of investors with beneficial interests in the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus, as supplemented, which contains information about the Trust and each of its Funds, including their investment objectives, risks, charges and expenses. You should read the prospectus carefully before investing. There is no assurance that a Fund will achieve its investment objective. Each Fund is subject to market risk. The value of a Fund changes as its asset values go up or down. The value of a Fund’s shares will fluctuate, and when redeemed, may be worth more or less than their original cost. The total return for each Fund is net of fees and includes reinvestment of all dividends and capital gain distributions, if any. The total returns do not include deductions at the separate account or contract level for cost of insurance charges, premium loads, administrative charges, maintenance fees, premium tax charges, mortality and expense risk charges, or other charges that may be incurred under a contract which, if included, would have resulted in lower returns. Past performance is not predictive of future performance. This report shows you the performance of the Funds compared to its benchmark index. Index performance is provided for illustrative and comparative purposes only and does not predict or depict the performance of the Funds. Indices are unmanaged, do not incur transaction costs, do not include fees and expenses and cannot be purchased directly by investors. Index returns include reinvested dividends.

PLFA supervises the management of all of the Funds (subject to the review of the Trust’s Board). PLFA directly manages the Pacific Dynamix Portfolios, the Portfolio Optimization Portfolios and the PSF DFA Balanced Allocation Portfolio. PLFA has written the general market conditions commentary which expresses PLFA’s opinions and views on how the market generally performed for the fiscal year ended December 31, 2020 as well as separate commentary specific to those Funds that it directly manages that is based on its opinion of how these Funds performed during this reporting period.

For the other Funds, PLFA has retained other firms to serve as sub-advisers under its supervision. Each of these sub-advisers has written a separate commentary specific to the Fund(s) that they manage that is based on their opinions of how their Fund(s) performed during the reporting period. The views expressed in those commentaries reflect those of the respective sub-advisers for the fiscal year ended December 31, 2020.

All views and opinions expressed in the management discussion of fund performance are subject to change at any time based upon market, economic or other conditions, and the Trust, its Adviser and the sub-advisers disclaim any responsibility to update such views. These views and options may not be relied upon as investment advice or recommendations, or as an offer for any particular security. Any references to “we,” “I,” or “ours” are references to the sub-adviser or Adviser, as applicable. The Adviser and sub-advisers may include statements that constitute “forward- looking statements” under the United States (U.S.) securities laws. Forward- looking statements include information concerning possible or assumed future results of the Trust’s investment operations, asset levels, earnings, expenses, industry or market conditions, regulatory developments and other aspects of the Trust’s operations or general economic conditions. In addition, when used in this report, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects” and future or conditional verbs such as “will,” “may,” “could,” “should” and “would,” or any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward- looking statements are not guarantees of performance or economic results. They involve risks, uncertainties and assumptions. Although such statements are based on expectations that the Adviser or a sub-adviser believes to be reasonable, actual results may differ materially from expectations. Investors must not rely on any forward-looking statements. Statements of facts and performance data are from sources considered reliable, but no representation or warranty is made as to their completeness or accuracy.

In connection with any forward-looking statements and any investment in the Trust, investors should carefully consider the investment objectives, policies and risks described in the Trust’s current prospectus, as supplemented, and the Trust’s Statement of Additional Information, as supplemented.

While large tech companies greatly benefitted during the reporting period from the pandemic-generated work-from-home movement, price multiples on some of these “tech darlings” reached extreme levels, causing investors to shift their focus to underappreciated segments such as small-capitalization and value stocks. After lagging the broader equity market for years, domestic small-capitalization value stocks surged over 30% in the final quarter of the reporting period.

Other overlooked segments such as emerging-market equities gained nearly 20% in the fourth quarter of the reporting period. More broadly, international stocks outpaced the U.S. equity market after struggling in the earlier part of the reporting period to keep pace with U.S. tech leaders.

Within fixed income, high-yield bonds and emerging-market debt benefitted from the continued contraction in credit spreads since the spike in the first quarter of the reporting period.

Though investors experienced quite a roller-coaster ride, those who held firm to their positions generally gained over the reporting period as by yearend nearly all markets erased significant losses from the first quarter. We anticipate that governments will remain highly accommodative amid these unprecedented times. Dispensing the COVID-19 vaccine to the masses will likely accelerate the pace of the recovery in 2021 and beyond. These two factors should bode well for further appreciation of risky assets like stocks and credit.

Although new COVID-19 cases surged in the U.S. in the fourth quarter of the reporting period, the approval and implementation of vaccines provided a light at the end of the pandemic tunnel. An inoculated consumer base may unleash pent-up demand that has been suppressed for nearly a year, especially for the services sector – which includes many smaller and cyclical value firms.

The hope of additional fiscal stimulus and a relatively healthy global recovery fueled the strong runup in small-capitalization value. We anticipate the rotation between sectors and styles seen in the fourth quarter of the reporting period will carry momentum throughout 2021. Fundamental factors such as accelerating revenue growth and quickly improving earnings should be a tailwind for small-capitalization companies. Furthermore, the Biden administration may seek to level the playing field for various sectors. Such measures could include regulations that reduce monopolistic practices and/or hinder buyback activity, which would likely be headwinds for larger companies. We believe small capitalization and value stocks may, after over a decade of underperformance (on an annualized basis), be better positioned than their larger growth counterparts.

We continue to expect the Biden administration will take a different approach to China compared to President Trump’s aggressive tactics, which caused China to respond with its own aggressive measures, including a military presence around strategic assets in key regions.

President-elect Biden will have to deal with Chinese President Xi Jinping, whose long-term vision for his country is to be the world’s dominant superpower. Biden will need to maintain a delicate balance of carrot and stick to convince China to play fairly and abide by global standards of trade and business. While Trump may have tried to simply contain China’s growing power and influence, Biden will probably need to take a different approach of being stern yet taking the time to understand China’s true objectives. Biden is also likely to shore up ties with old allies, like the European Union (E.U.), to help pressure China. The specter of military involvement between superpowers may loom if animosity between China and the U.S. rises to untenable levels.

Given the deteriorating relations between the West and China, we could potentially end up with a divided world that is run on two 5G platforms – one based on Western standards and the other driven by Chinese systems. The outcome from a segmented technology will also depend on many factors, including how respective countries treat and regulate their domestic conglomerates like Facebook and Google for the U.S. and Alibaba and Tencent for China.

Cryptocurrencies such as Bitcoin continued to gain momentum during the reporting period, enticing traders to invest in those volatile investments. Many of these cryptocurrencies are neither backed by authoritative entities nor their currencies, but Facebook, for instance, has been preparing to launch Diem (previously called Libra) that would be backed by traditional currencies such the U.S. dollar, euro and yen. Cryptocurrencies such as the Diem have the potential to uproot traditional central banks and their ability to conduct monetary policies. In other words, the Federal Reserve (Fed) may have less control over interest rates, which in turn can impact discount rates and market valuations.

While the likelihood of escalating military conflict has risen in the South China Sea region, many of today’s battles are fought through economic and political measures. Foreign hacks into U.S. government and company computer systems continue to rise with the potential to do tremendous damage to the U.S. economy and erode confidence in security. Information security will likely become an increasingly important area of interest. Investors may now prefer to seek protection amid this environment.

The U.S. network-infrastructure market continues to evolve, as cyber threats affect all sectors and industries. The cybersecurity industry continues to grow with hundreds of new startups being launched every year with venture capitalists investing at a record pace. Some of the companies gaining market share in this cybersecurity industry include CrowdStrike and Fortinet, which are listed in the Russell Midcap Growth Index; some of the larger and established players include Cisco Systems and IBM, both of which are represented in the Russell 1000 Value Index. Developing trends in the network security industry could also remain positive for small- and mid-sized cybersecurity companies, as larger entities may look to consolidate. The positive momentum and necessity for better information protection should boost demand for services offered by cybersecurity providers.

In general, we see economic optimism generated by the COVID-19 vaccines and unleashed pent-up demand caused by the pandemic. We also believe the latest tech revolution, driven by COVID-19 and its related shutdowns, will enhance productivity, which should support risk assets. Other potential investment bright spots in 2021 include small-capitalization and value stocks, which we believe will have tailwinds in 2021, and cybersecurity companies that will likely experience increased demand from governments and firms due to the escalating number of hacks.

But like during the reporting period, 2021 could experience significant headwinds, including the deterioration of U.S.-China relations, the continued foreign hacking of U.S. digital infrastructure, and the lingering effects of the pandemic – especially as there are several remaining hurdles to scaling up COVID-19 vaccine distribution.

As always, we will remain optimistic about carefully considered investment opportunities in 2021 while being mindful of potential pitfalls.

A. For the year ended December 31, 2020, the Core Income Portfolio’s Class I returned 9.58%, compared to a 7.51% return for its benchmark, the Bloomberg Barclays US Aggregate Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception on April 27, 2015 through December 31, 2020. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on April 27, 2015 through December 31, 2020 are also shown in the table below. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

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⁽¹⁾

Pacific Asset Management LLC began managing the Fund effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC, doing business under the name Pacific Asset Management, managed the Fund.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

Since

Inception

(4/27/15)

Fund’s Class I

9.58

5.66

4.32

Fund’s Class P

9.79

5.87

4.53

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.66

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the reporting period, the Fund’s Class I outperformed the benchmark. The Fund seeks a high level of current income using an intermediate term corporate debt focused strategy by investing principally in income producing debt instruments. Using a fundamental approach with a top-down overlay, we the Pacific Asset Management team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.

The Fund’s asset allocation and focus on corporate bonds contributed to performance. Corporate bonds held by the Fund during the reporting period outperformed the asset class in the index given the meaningful move lower in corporate spreads and investor demand following the volatility seen in March of the reporting period. The Fund’s emphasis on A/BBB rated corporate bonds also benefited performance given the outperformance of these credit qualities in the Fund compared to lower credit qualities in the index. Sector overweights to leisure and midstream companies detracted from performance during the reporting period. Security selection in technology and banking sectors contributed to performance. The Fund’s underweight to long maturity government bonds detracted from performance on a relative basis. At the issuer level, the Fund’s overweight to American Airlines EETC (enhanced equipment trust certificates) and EQM Midstream Partners detracted from performance, while the Fund’s overweight to Broadcom and Bank of America contributed to performance.

Diversified Bond Portfolio (managed by Western Asset Management Company, LLC)

A. For the year ended December 31, 2020, the Diversified Bond Portfolio’s Class I returned 10.35%, compared to a 7.51% return for its benchmark, the Bloomberg Barclays US Aggregate Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended December 31, 2020. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on May 2, 2011 through December 31, 2020 are also shown in the table below. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund’s Class I

10.35

6.67

5.48

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.84

1 Year

5 Years

Since
Inception
(5/2/11)

Fund’s Class P

10.57

6.88

5.65

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.79

A. For the reporting period, the Fund’s Class I outperformed the benchmark. The Fund seeks to maximize total return consistent with prudent investment management. We at Western Asset utilize a long-term, fundamental value philosophy in conjunction with a global investment platform to build a diversified portfolio of investment grade bonds with opportunistic allocations to high yield, emerging markets and non-U.S. dollar securities to enhance returns. Value is added through sector rotation, yield curve positioning, issue selection and duration management.

The reporting period was dominated by the COVID-19 pandemic as the virus spread around the globe and COVID-19-induced economic shutdowns caused severe demand destruction, particularly during the first quarter. Throughout the reporting period policymakers implemented containment measures to slow the spread of the virus as well as fiscal and monetary stimulus packages to support both impacted individuals and broad swaths of their national economies. These had the combined impact of stabilizing markets and allowing economies to return to growth. After the extreme sell-off in March, most risk assets ultimately performed well during the rest of the of the reporting period. During the reporting period the Fund’s duration positioning and corporate credit exposures were the two largest contributors to performance.

For most of the reporting period the Fund held a U.S. duration overweight (relative to the benchmark). The Fund’s overweight position was concentrated at the back-end of the yield curve and was intended to serve as a hedge helping to mute downside volatility during periods of time when the market is under stress. At the start of the reporting period, we believed that central banks would continue to offer accommodation and that growth for 2020 would be positive, but slow, while inflation would remain subdued. In that environment, we believed U.S. Treasuries might provide some protection in a risk-off environment. The Fund’s initial outlook for the reporting period was swiftly undone by the COVID-19 crisis, which led to an extreme move in rates in the first quarter as panicked buying of U.S. Treasuries drove yields to all-time lows. Though yields eventually moved back to more reasonable levels, the overall decline in rates for the reporting period was significant, which benefitted the Fund’s duration position.

With regards to the Fund’s yield curve positioning, we believed that once the Federal Reserve cut rates to zero during the first quarter of the reporting period and implemented additional accommodative programs in response to the COVID-19 crisis that it would continue to keep the front to intermediate part of the yield curve anchored. We also believed that the curve would flatten after steepening during the second quarter of the reporting period. Ultimately, the broad swath of the yield curve steepened over the reporting period, and the Fund’s yield curve positioning was a detractor to performance.

Corporate credit exposures, including both non-investment grade and high-yield, were significant positive contributors to performance. The Fund made tactical adds to both sectors at wider spread levels during March and April of the reporting period. This benefitted performance as spreads later tightened meaningfully, ultimately ending the reporting period at spread levels close to where they had begun.

Other detractors to the Fund’s performance during the reporting period included its Emerging Markets (EM) exposures and structured product exposures. EM weighed on the Fund’s performance as U.S. dollar-denominated bond spreads widened on the year and most currencies weakened against the U.S. dollar. EM was particularly impacted by the lower growth effects of the COVID-19 crisis. Structured product, in aggregate, also weighed on performance as the asset class suffered from forced selling from levered participants during the first quarter of the reporting period. Though spreads later tightened as the year wore on, most structured sub-sectors did not quite recover from the March sell-off.

During the reporting period, the Fund primarily used U.S. Treasury futures and options, Eurodollar futures and options, and interest rate swaps to manage its duration and yield curve exposure. We also used non-U.S. Interest Rate Futures to manage exposure to the international bond markets. Credit default swaps on both investment grade and high yield indices were used as an efficient, low cost way of adjusting exposures to these sectors on the margin. The Fund also used Mortgage TBAs (To Be Announced) to gain exposure to the Agency mortgage-backed securities (MBS) market and other stripped MBS derivatives to gain exposure to specific characteristics of agency MBS. Finally, the Fund used foreign exchange futures, forwards, and options to take outright positions in a variety of currencies, including the Canadian dollar (CAD), Mexican peso (MXN), British pound (GBP), and euro (EUR).

A. For the year ended December 31, 2020, the Floating Rate Income Portfolio’s Class I returned 4.71%, compared to a 2.78% return for its benchmark, the Credit Suisse Leveraged Loan Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception on April 30, 2013 through December 31, 2020. For comparison purposes, the performance of Class P shares and its benchmark for the period from inception of Class P on April 30, 2013 through December 31, 2020 are also shown in the table below. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

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⁽¹⁾

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

Since

Inception

(4/30/13)

Fund’s Class I

4.71

4.94

3.67

Fund’s Class P

4.92

5.15

3.87

Credit Suisse Leveraged Loan Index

2.78

5.19

3.97

A. For the reporting period, the Fund’s Class I outperformed the benchmark. The Fund seeks a high level of current income. Using a fundamental approach with a top-down overlay, we the Pacific Asset Management team of portfolio managers and research analysts look for investment opportunities in income producing floating rate loans and floating rate debt securities.

The Fund outperformed the benchmark during the reporting period primarily due to credit quality allocations, sector positioning, and an overweight cash position versus the benchmark in March of the reporting period. The Fund’s underweight (relative to the benchmark) to sectors most exposed to the global pandemic, including energy and retail, contributed to performance during the reporting period. The Fund benefited from an overweight to B vs. BB-rated issuers while the underweight to CCC-rated issuers, in particular distressed CCC-loans, detracted. In contrast to high yield bonds, which saw the outperformance of high-quality BB-rated securities during the reporting period, lower quality bank loans outperformed. The Fund’s emphasis on larger bank loan facility sizes detracted from performance during the reporting period as smaller loan/facility sizes outperformed. For the reporting period, loans/facility sizes over $1 billion returned 2.31% versus loans $200-$300 million returning 4.09%.

A. For the year ended December 31, 2020, the High Yield Bond Portfolio’s Class I returned 5.74%, compared to a 7.05% return for its benchmark, the Bloomberg Barclays US High-Yield 2% Issuer Capped Bond Index.

Performance Comparison

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⁽¹⁾Pacific

Asset Management LLC began managing the Fund effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC, doing business under the name Pacific Asset Management, managed the Fund.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

5.74

7.70

5.90

Bloomberg Barclays US High-Yield 2% Issuer Capped Bond Index

7.05

8.57

6.79

1 Year

5 Years

Since

Inception

(5/1/11)

Fund’s Class P

5.96

7.92

5.74

Bloomberg Barclays US High-Yield 2% Issuer Capped Bond Index

7.05

8.57

6.44

A. For the reporting period, the Fund’s Class I underperformed the benchmark. The Fund seeks a high level of current income by investing in non-investment grade debt instruments. Using a fundamental approach with a top-down overlay, we the Pacific Asset Management team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.

During the reporting period, the Fund underperformed the benchmark primarily due to sector and credit quality allocations. The Fund’s overweight to the metals/mining sector and the home construction sector, as well as an underweight to the oil field services sector contributed to performance. The Fund’s overweight to the airlines sector and leisure sector detracted from performance. During the reporting period, significant volatility was seen with issuers and industries directly impacted by the global pandemic, including airlines and leisure companies. The Fund’s credit quality allocations, which were overweight CCC rated securities while underweighting BB-rated issuers, detracted from performance. During the reporting period, BB-rated issuers outperformed given investor demand and greater sensitivity to the move lower in treasury yields. Top issue level contributors to performance over the reporting period included TMS International (manufacturing), Antero Resources (oil & gas), and Hecla Mining (materials). Top issue detractors from performance over the reporting period were Occidental (oil & gas), SM Energy (utilities), and Sinclair Broadcasting (media).

Inflation Managed Portfolio (managed by Pacific Investment Management Company LLC)

A. For the year ended December 31, 2020, the Inflation Managed Portfolio’s Class I returned 11.42%, compared to a 10.99% return for its benchmark, the Bloomberg Barclays US TIPS Index.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund’s Class I

11.42

5.24

3.74

Bloomberg Barclays US TIPS Index

10.99

5.08

3.81

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

11.64

5.45

3.58

Bloomberg Barclays US TIPS Index

10.99

5.08

3.46

A. For the reporting period, the Fund’s Class I outperformed the benchmark. We at PIMCO implement the Fund’s investment goal of seeking to maximize total return consistent with prudent investment management by investing in bonds and derivative instruments, focusing on exposure to inflation-indexed debt securities. Interest rate strategies, implemented through the use of cash bonds, futures, interest rate swaps, swaptions, and options, were positive for the Fund overall, particularly driven by positive contributions from U.S. interest rate positioning as well as contributions from other developed market interest rate strategies. Within breakeven inflation positioning (the difference between nominal and real interest rates), U.S., Eurozone, and United Kingdom (U.K.), breakeven inflation strategies also added to performance.

Within spread strategies, an allocation to Agency MBS added to the Fund’s performance. Exposure to high yield corporate credit added to performance over the reporting period. Lastly, within currencies, a tactical exposure to a basket of emerging market currencies, including the Russian ruble, Brazilian real, and Argentinian peso, detracted from performance.

The Fund’s use of derivatives during the reporting period included the following; the Fund bought and sold credit protection through credit default swaps to increase or decrease exposure to the credit risk of individual securities and to the broader investment grade, high yield, mortgage, and emerging market sectors, and to take advantage of the basis between the credit default swap and cash bond market. The Fund entered into interest rate swaps to manage nominal and real interest rate exposure in various global markets and as a substitute for cash bond exposure. The Fund purchased and sold total return swaps to adjust exposure to risk-neutral substitutes for owning physical securities (or physical securities that comprise a given index). The Fund entered into futures contracts to manage interest rate exposure, as a substitute for cash bond exposure, and for purposes of liquidity. Interest rate swaps and futures allowed the Fund manager to effectively manage risk and gain or reduce exposure by targeting specific markets and areas of the yield curve that may not otherwise be accessible through the use of cash bonds. The Fund purchased and sold/wrote options and swaptions on futures, bond indices, mortgage pass-throughs, and swaps, as a means of capitalizing on anticipated changes in market volatility, and to generate income. The Fund purchased and sold foreign currency forward contracts to hedge the currency exposure associated with some, or all, of a Fund’s securities, and as a part of a tactical investment strategy. Lastly, the Fund sold/wrote inflation floors to adjust inflation exposure.

Intermediate Bond Portfolio (managed by J.P. Morgan Investment Management Inc.)

A. The Intermediate Bond Portfolio commenced operations on October 23, 2020. For the period from inception through December 31, 2020, the Fund’s Class P returned 1.57%, compared to a 1.13% return for its benchmark, the Bloomberg Barclays US Aggregate Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the period from inception on October 23, 2020 through December 31, 2020. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

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Total Returns for the periods ended December 31, 2020
	Since Inception 10/23/20

*Fund’s Class P*		1.57	%

Bloomberg Barclays US Aggregate Bond Index		1.13	%

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the period, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.

A. For the period from inception through December 31, 2020, the Fund’s Class I outperformed the benchmark. In seeking the Fund’s goal of maximizing total return, we at JP Morgan invest Fund assets in debt securities that focused on investment grade intermediate-term debt securities (five to ten years to maturity) in order for the Fund to maintain a dollar-weighted average maturity between three and ten years. Taking a long-term approach, we look for individual fixed income investments that we believe will perform well over a market cycle. We are value oriented and make decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, legal provisions in offering documents (like term to maturity) of the debt security or instrument and the legal structure (such as priority of payments in a multi-class structure) of the debt security.

During the reporting period, the Treasury yield curve increased by 0.10% between two- and ten-year market indicators. Two-year yields ended 0.03% lower to finish the reporting period at 0.12%, while the ten-year was 0.07% higher to finish at 0.91%.

The Fund’s duration (which was a positive contributor) and yield curve positioning (which was a negative contributor) were net neutral on the reporting period, as the Fund finished overweight the belly of the curve (five-ten years), overweight the twenty-year, underweight the thirty-year, and maintained a marginal duration underweight versus the benchmark (97% vs benchmark duration). The Fund’s underweight Treasury debt was positive as risk assets rallied on the reporting period.

Security selection in agency MBS was a positive contributor, as the Fund’s mortgages outperformed benchmark mortgage pass-throughs. In a period of elevated mortgage prepayments, the portfolio’s prepayment-protected agency MBS did well. From a sector allocation perspective, the Fund’s overweight to the MBS sector was a detractor. Overall, the Bloomberg Barclays MBS index produced excess returns of 0.28% and absolute returns of 0.34% during the reporting period.

According to the Bloomberg Barclays U.S. Corporate Index, the asset class returned 3.00% during the reporting period, largely driven by a grind tighter in spreads. The Fund’s underweight to the sector was a detractor, but this was more than offset by the positive security selection in the Fund. Security selection in corporates was a positive contributor for the Fund.

Managed Bond Portfolio (managed by Pacific Investment Management Company LLC)

A. For the year ended December 31, 2020, the Managed Bond Portfolio’s Class I returned 8.34%, compared to a 7.51% return for its benchmark, the Bloomberg Barclays US Aggregate Bond Index.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund’s Class I

8.34

4.71

4.04

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.84

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

8.56

4.92

4.12

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.79

A. For the reporting period, the Fund’s Class I outperformed the benchmark. We at PIMCO implement the Fund’s investment strategies by investing in bonds and derivative instruments with the characteristics of debt instruments. The Fund seeks to maximize total return consistent with prudent investment management. Duration positioning, implemented through the use of cash bonds, futures, interest rate swaps, swaptions and options, was positive for the Fund’s performance over the reporting period. Tactical U.S. duration positioning and long exposure to German interest rates contributed to performance. Short exposure to United Kingdom interest rates and interest rate strategies within the Eurozone, particularly in Italy, detracted from performance.

Overall, spread strategies in the Fund contributed to performance over the reporting period. Overweight exposure to both Agency and non-Agency MBS contributed to performance relative to the benchmark. Exposure to and selection within corporate credit contributed to returns over the reporting period. Tactical positioning within Treasury Inflation Protected securities (TIPS) detracted from performance over the reporting period. Additionally, currency strategies detracted from performance for the reporting period.

The use of derivatives during the reporting period included the following: the Fund bought and sold credit protection through credit default swaps to increase or decrease exposure to the credit risk of individual securities or to the broader investment grade, high yield, mortgage, or emerging market sectors, and to take advantage of the basis between the credit default swap and cash bond market. The Fund entered into interest rate swaps to manage nominal or real interest rate exposure in various global markets and as a substitute for cash bond exposure. The Fund entered into futures contracts to manage interest rate exposure, as a substitute for cash bond exposure, and for purposes of liquidity. Interest rate swaps and futures allow the portfolio manager to effectively manage risk and gain or reduce exposure by targeting specific markets and areas of the yield curve that may not otherwise be accessible through the use of cash bonds. The Fund purchased and sold/wrote options and swaptions on futures, bond indices, mortgage pass-throughs and swaps, as a means of capitalizing on anticipated changes in market volatility, and to generate income. The Fund purchased and sold foreign currency forward contracts to hedge the currency exposure associated with some or all of a Fund’s securities, and as a part of a tactical investment strategy. Lastly, the Fund also held inflation floors that were previously traded in the Fund to hedge duration, though exposures were not adjusted during the reporting period.

Despite a challenging reporting period, for financial markets the year has been extraordinary – as of the end of the fiscal year, global equities were higher than pre-pandemic COVID-19 levels, developed market yields set at near-zero or negative, credit spreads tightened back to levels at the start of the reporting period, and the U.S. dollar was weaker.

A. For the year ended December 31, 2020, the Short Duration Bond Portfolio’s Class I returned 3.73%, compared to a 3.33% return for its benchmark, the Bloomberg Barclays 1-3 Year US Government/Credit Bond Index.

Performance Comparison

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T. Rowe Price Associates, Inc. began managing the Fund on May 1, 2011, and some investment policies changed at that time. Another firm managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

3.73

2.40

1.74

Bloomberg Barclays 1-3 Year US Government/Credit Bond Index

3.33

2.21

1.60

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

3.94

2.60

1.93

Bloomberg Barclays 1-3 Year US Government/Credit Bond Index

3.33

2.21

1.58

A. For the reporting period, the Fund’s Class I outperformed the benchmark. We at T. Rowe Price manage the Fund’s investment strategy by investing in debt securities (including derivatives on such securities). In our attempt to seek current income, the strategy focuses on high-quality, investment-grade securities, generally expecting to track the duration of the benchmark (plus or minus a half-year). In addition to making active sector allocation and security selection decisions, we also monitor the Fund’s duration as part of our management of the Fund. Duration is often used to measure a bond’s sensitivity to interest rates.

Security selection was the top contributor to the Fund’s relative performance. The Fund’s holdings in lower-rated corporate bonds, such as Ford Motor Credit and Occidental Petroleum, delivered solid results over the reporting period.

Sector allocation also contributed to the Fund’s performance. Our overweight (relative to the benchmark) to crossover corporate bonds and corresponding underweight to U.S. Treasuries benefited relative results. While the arrival of the COVID-19 pandemic caused a deep sell-off in March of 2020, credit markets recovered and spreads tightened amid healthy demand for securities with a yield advantage. Also boosting returns was our inclusion of non-benchmark holdings in asset-backed securities (ABS) and MBS, which benefited from a rebound in risk sentiment.

Interest rate management further supported relative results. Our modestly long duration profile was beneficial as the Federal Reserve cut short-term rates to near zero to address the economic slowdown caused by the pandemic.

The Fund’s overweight allocation to the short-maturity investment-grade corporate sector detracted from Fund performance. Although risk assets rebounded later in the year, the sector underperformed in the first quarter of 2020 as rising COVID-19 concerns and a plunge in oil prices contributed to a sell-off in risk assets. However, this was more than offset by security selection within the sector. An out-of-benchmark allocation to commercial mortgage-backed securities (CMBS) also detracted as the sector was hard hit during the downturn in the first quarter of the reporting period.

As of the end of the reporting period, the Fund held interest rate futures generating gross exposure of approximately 24.90%. The Fund also held index credit default swaps during the reporting period. The estimated return impact from employing futures was 0.25% and 0.01% from swaps for the reporting period.

Emerging Markets Debt Portfolio (managed by Ashmore Investment Management Limited)

A. For the year ended December 31, 2020, the Emerging Markets Debt Portfolio’s Class I returned 1.75%, compared to a 5.26% return for the broad-based, J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index and 3.86% for the sector-specific Emerging Markets Debt Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmarks for the period from inception on April 30, 2012 through December 31, 2020. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on April 30, 2012 through December 31, 2020 are also shown in the table below. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Year

Since

Inception

(4/30/12)

Fund’s Class I

1.75

6.88

3.31

Fund’s Class P

1.96

7.09

3.52

J.P. Morgan EMBI Global Diversified Index

5.26

7.08

5.63

Emerging Markets Debt Composite Benchmark

3.86

6.19

3.13

A. For the reporting period, the Fund’s Class I underperformed both the broad-based J.P. Morgan EMBI Global Diversified Index and the sector-specific Emerging Markets Debt Composite Benchmark. The Fund invests its assets in debt instruments that are economically tied to emerging market countries, which are issued by governments (sovereigns), government-guaranteed or majority government-owned entities (quasi-sovereigns), government agencies and instrumentalities and corporate issuers, and may be denominated in any currency, including the local currency of the issuer. We at Ashmore tactically manage exposure to emerging market sovereign external debt, local currency sovereign debt and corporate debt in seeking to maximize total return consistent with prudent investment management.

Over the reporting period the Fund’s allocation to emerging markets sovereign external debt decreased, starting the reporting period at 61.05% and ending at around 59% of the Fund’s net asset value (NAV). Over the reporting period, the Fund’s exposure to corporate debt increased, starting the reporting period at 6.45% and ending at around 14.10% of NAV. Finally, the Fund’s exposure to emerging market local bonds and net exchange rate positions shifted throughout the period, starting the reporting period at 52.88%, reaching a month end low point of 43.31% as the global economy reacted to the pandemic, and ending at around 55.20% of NAV.

The Fund’s overweight position in hard currency sovereign external debt detracted from the Fund’s relative performance over the reporting period. Overall, the largest detractor over the period was driven by security selection in hard currency sovereign debt. The Fund’s overweight position in local currency sovereign debt and off-benchmark allocation to corporate debt contributed positively to relative returns over the reporting period.

In the emerging markets sovereign external debt space, the top country detractors from performance were Ecuador, Lebanon and Venezuela. Within local currency assets, the allocation to the Brazilian real detracted from performance, while overweight positions in the Mexican peso and the South African rand contributed to performance. Overall, largest country detractors over the reporting period were positions in Ecuador, Lebanon and Venezuela. The largest country contributors to Fund performance over the reporting period were Mexico, China and South Africa.

The Fund’s positions in derivatives are mainly in foreign exchange (FX) forwards – notably to hedge the FX exposure of some local currency bond positions, and some swaps – for efficient portfolio management purposes.

With one of the highest rates of infection from the COVID-19 pandemic and an economy significantly dependent on oil exports, Ecuador faced a major challenge early in the reporting period in balancing domestic needs and maintaining its debt payment schedule. Ecuador undertook a number of challenging steps to remain in compliance with the requirements of the existing $4.2 billion U.S. dollar International Monetary Fund (IMF) financial support package. As the payment date for a March bond maturity approached, there was considerable political pressure to suspend the payment, but the government paid the bond maturity and indicated it would commence discussions with bondholders to “consensually reorganize” its debt obligations while utilizing the grace period on interest payments as a bridge to the anticipated receipt of new financing from the IMF and bilateral lenders. In August, the IMF agreed on a new $6.5 billion U.S. dollar Extended Funding Facility program, of which $4.0 billion U.S. dollars was disbursed in 2020. The new agreement permitted the successful restructuring of Ecuador’s $17 billion U.S. dollar external debt.

Lebanon suspended payments on its external bonds prior to an early-March maturity and subsequently declared a moratorium on its entire debt stock. Early attempts at negotiation with the IMF reached a quick stalemate as the Lebanese government was unable to reach consensus on the magnitude of the problem or the steps required to address it. The government ultimately collapsed following an explosion in Beirut and, despite the appointment of several Prime Minister designates, the country remains without a government as various sectarian factions refuse to agree on the allocation of ministerial responsibilities. International pledges of support remain suspended as those donors require both a functioning government and the initiation of significant reforms.

Bond prices for Venezuela continue to languish as the U.S. looks to tighten sanctions further and as the domestic political environment remains extremely tense between Nicolas Maduro and Juan Guaido and their supporters. Maduro lost a significant court battle in the U.K. over ownership of the country’s gold held in reserve, and with no active oil rigs in the country, oil production has largely ceased. Parliamentary elections were held on December 6, 2020 in Venezuela, with low voter participation; the election was boycotted by the Guaido-led opposition. This resulted in a new National Assembly and a continued worsening of the political crisis, as Guaido’s claim to be the lawful president of the country is questionable as the “old” National Assembly has ceased to exist despite its own vote to extend the body’s life for an additional year. The U.S. government extended the license prohibiting seizure of the collateral supporting the defaulted Petroleos de Venezuela, S.A. (PDVSA) 2020 bond, as the matter continues to be litigated in U.S. courts.

Chinese corporate credit exposure to the Property sector was the primary driver of outperformance over the reporting period. The new “Three Red Lines” policy, an attempt to curb excessive leverage within the corporate sector, should have a positive impact on credit fundamentals within the real estate sector, as companies attempt to de-lever, raise equity and reduce supply of U.S. dollar bonds. Names like Evergrande, which have underperformed in recent months, have announced significant refinancing activity onshore with no new U.S. dollar issuance, resulting in strong price appreciation for the offshore bonds.

Economic data releases confirmed the continuation of a partial economic recovery in Mexico, although depressed year on year tourism revenues highlighted the slow recovery in those sectors most exposed to the pandemic. Rating agency S&P affirmed Mexico’s BBB rating with Negative outlook, noting that the main risk to the rating is the implicit support provided to Pemex. There was much criticism of a Senate-approved proposal to require The Bank of Mexico (Banxico) to buy foreign paper currency from domestic banks due to concerns it would aid the placement process of money laundering and would infringe on central bank autonomy, consideration of the bill was postponed until February.

South Africa lost its last investment grade rating when Moody’s downgraded the sovereign to Ba1 during the second quarter of the reporting period. Already in the first quarter of the reporting period the economy had shown negative growth, continuing the technical recession experienced in the third and fourth quarters of 2019. The government indicated its interest in re-negotiating the public sector wage bill, reopening the 3-year agreement from 2018 in an effort to reduce the 2020/2021 fiscal year expenditures. The government continues to be challenged by its ability to manage the financial challenge of management of Eskom, the state-owned electric utility. South Africa received considerable financial support from multinationals, including a $4.5 billion U.S. dollar Rapid Financing Instrument from the IMF in addition to other sources including the World Bank and the New Development Bank. The Medium Term Budget Policy Statement in October 2020, laid out initial plans to addressing the sizeable fiscal deficit.

A. For the year ended December 31, 2020, the Dividend Growth Portfolio’s Class I returned 13.44%, compared to an 18.40% return for its benchmark, the S&P 500 Index.

Performance Comparison

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T. Rowe Price Associates, Inc. began managing the Fund on May 1, 2010. The Fund changed its name from Diversified Research Portfolio, and some investment policies changed at that time. Another firm managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

13.44

14.19

13.08

S&P 500 Index

18.40

15.22

13.88

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

13.66

14.42

12.78

S&P 500 Index

18.40

15.22

13.38

A. For the reporting period, the Fund’s Class I underperformed the benchmark. For the reporting period, the Fund’s Class I underperformed the benchmark. We at T. Rowe Price manage the Fund’s strategy by investing in equity securities of dividend-paying companies that we expect to increase their dividends over time and also provide long-term appreciation. In selecting investments, we favor companies with one or more of the following: either a track record of, or the potential for, above-average earnings and dividend growth; a competitive current dividend yield; a sound balance sheet and solid cash flow to support future dividend increases; a sustainable competitive advantage and leading market position; and attractive valuations, such as low price/earnings, price/cash flow, or price/sales ratios.

Our underweight allocation (relative to the benchmark) to the information technology sector was the Fund’s largest relative performance detractor for the reporting period. Stock selection within the sector also hurt relative results. The information technology sector is our largest allocation, and it was the best absolute contributor for the Fund and the benchmark. However, the Fund was underweight relative to the benchmark because many of the top-performing benchmark holdings do not pay dividends and lack the fundamental underpinnings we prize. While we view many names in the sector as cyclical, we believe certain information technology companies are poised for strong secular growth. Our largest detractor within the information technology sector was Apple. Although we held a 4.71% position in the stock at the end of the reporting period, and the shares soared more than 80% during the reporting period, the Fund was underweight the benchmark’s 6.70% ending allocation.

Stock selection and an underweight allocation to the consumer discretionary sector, which delivered strong gains, detracted from the Fund’s relative results. We believe that certain companies in the sector have the potential for durable earnings growth and offer favorable risk/reward profiles. However, we have remained selective and underweight relative to the benchmark. The Fund’s largest industry exposure is to hotels, restaurants, and leisure, an area that underperformed during the global pandemic and we think will recover sharply over the intermediate to longer term. The largest detractor in the sector was Amazon.com, which the Fund did not own because that company does not pay a dividend.

Stock selection and our underweight allocation drove a solid relative performance contribution in the energy sector although the sector endured a punishing decline for the reporting period. Avoiding several of the benchmark’s largest decliners that lost approximately half their value during the reporting period contributed to relative performance. The Fund’s best relative performance contributors were TC Energy and Total. Given the uncertainties related to COVID-19, energy-related companies remain hesitant to invest given the lackluster demand at this point in the cycle.

Stock selection in the health care sector generated a strong relative performance contribution, although an overweight allocation to the sector, which underperformed over the reporting period, detracted. The Fund’s strongest relative performance contributor in the sector was Danaher, a diversified medical and industrial conglomerate that benefited from rising sales of COVID-19-related diagnostic tools. We like the company for its diversified business model, exposure to end markets with secular growth or low cyclicality, and seasoned management team. The health care sector offers compelling, relatively stable growth potential and can perform well in multiple economic scenarios. Our largest industry weights are in health care equipment and supplies and pharmaceuticals.

A. For the year ended December 31, 2020, the Equity Index Portfolio’s Class I returned 18.11%, compared to an 18.40% return for its benchmark, the S&P 500 Index.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund’s Class I

18.11

14.87

13.56

S&P 500 Index

18.40

15.22

13.88

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

18.35

15.10

13.27

S&P 500 Index

18.40

15.22

13.38

A. For the reporting period, the Fund’s Class I underperformed the benchmark. We at BlackRock maintain the Fund’s strategy by seeking to track, as closely as possible, the total return of common stocks that are publicly traded in the United States as represented by the benchmark index . In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

U.S. equities, as represented by the benchmark, finished the year with strong positive performance of 18.40% over the reporting period. Top contributors in the benchmark (and subsequently to the Fund’s performance) were the technology sector at 43.88%, the consumer discretionary sector at 33.30% and the communication services sector at 23.61%. The energy sector at -33.67%, the real estate sector at -2.27% and the financials sector at -1.70% were among the lowest performers for the reporting period

The Fund used derivatives, most notably futures contracts, to provide market exposure for cash balances and dividend accruals, as well as to adjust market exposure to extended cash flow needs.

A. For the year ended December 31, 2020, the Focused Growth Portfolio’s Class I returned 38.29%, compared to a 38.49% return for its benchmark, the Russell 1000 Growth Index.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund’s Class I

38.29

21.12

16.72

Russell 1000 Growth Index

38.49

21.00

17.21

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

38.58

21.38

16.91

Russell 1000 Growth Index

38.49

21.00

16.74

A. For the reporting period, the Fund’s Class I underperformed the benchmark. As part of our investment strategy, we at Janus seek companies that have clear, sustainable competitive moats around their businesses that should help them grow market share within their respective industries over time. Important competitive advantages could include a strong brand, network effects from a product or service that would be hard for a competitor to replicate, a lower cost structure than competitors in the industry, a distribution advantage, or patent protection over valuable intellectual property. We think emphasizing such sustainable competitive advantages can be a meaningful driver of outperformance over time because the market often underestimates the duration of growth for these companies and the long-term potential return to shareholders.

Stock selection in the communication services sector and an underweight allocation (as compared to the benchmark) in the consumer staples sector contributed to relative performance during the reporting period. Stock selection in the consumer discretionary sector and an underweight allocation in the information technology sector detracted from relative results.

Owning the social media operator Snap, Inc. contributed to the Fund’s performance. During the reporting period, Snap, Inc reported results that beat estimates, driven by faster average revenue per user growth in North America and Europe and new user growth in the rest of the world. As Snap has introduced new features and the company has matured, we have begun to see its business model evolve into a core digital advertising platform with the potential for significant growth.

Align Technology a medical device company that designs, manufactures and markets dentistry products also contributed to the Fund’s performance. During the reporting period, the company reported results that surpassed estimates, and its strong balance sheet has enabled it to invest significantly. As COVID-19 accelerated the digitization of dental procedures, Align had the ability and the willingness to implement market development initiatives and disproportionately benefit while competitors were struggling. We continue to believe that Align is competitively positioned to capitalize on the long-term trend away from traditional bracket braces to clear aligners.

Another contributor to the Fund’s performance was Twilio, Inc., a cloud-based Platform as a Service (PaaS) company, reported better-than-expected results during the reporting period as it saw increased demand for its customer engagement platform as digital transformation efforts were accelerated amid the COVID-19 pandemic.

Also contributing to the Fund’s performance was Avalara, Inc. This “Software as a Service” company is a provider of tax calculation solutions for medium-size e-commerce businesses. Companies that sell goods online are now required to collect the appropriate sales tax for each state they sell into, even if they do not have a physical presence in that state. This requirement, combined with the complexity of the U.S. tax code, makes Avalara’s software an essential service for many online businesses.

Netflix, Inc., a provider of subscription streaming entertainment service, has been a clear beneficiary of the COVID-19 environment and contributor to the Fund’s performance during the reporting period with a fairly low-priced product that has seen a spike in demand amid social distancing. Netflix’s business model also benefited relative to its competition due to its ad-free structure. As business activity slowed and advertising decreased, competitors more reliant on advertising revenue were impacted.

Tesla, Inc., a leading electric vehicle manufacturer, reported impressive sales during the reporting period that held up meaningfully better than those of its peers. Due to the Fund’s underweight position relative to the benchmark and the stock’s very strong performance, the Fund’s relative results lagged.

Owning a position in Boston Scientific, Corp. detracted from the Fund’s performance, the cardiovascular-focused medical device company, was hurt earlier in the reporting period as medical procedures were canceled or delayed due to the pandemic. Later, the company’s shares suffered as it voluntarily recalled its Lotus Edge transcatheter aortic valve replacement (TAVR) product. We remain constructive on the stock despite this setback. The TAVR market is currently a small portion of the company’s revenue and profitability and, in our view, the company is attractively valued as one of the fastest-growing companies within the medical technology industry.

The Fund’s underweight position in Apple, Inc., an information technology company, detracted from relative performance, as Apple posted strong returns for the reporting period. There has been continued strength in the stock as investors have become more confident in its interconnected ecosystem of products and services, as well as the durability of its revenue model. The company has shifted from a purely hardware-based model to one more reliant on providing both hardware and complementary services, like Apple Music, Apple Cloud and Apple TV+.

Defense contractor L3Harris Technologies, Inc., also detracted from relative performance. Defense stocks in general held up better during the initial COVID-related market sell-off, but struggled later in the reporting period. Fiscal stimulus governmental spending will likely lead to strained government budgets for the foreseeable future. As a result, fears that defense spending will be negatively impacted weighed on the stock.

Also detracting from performance of the Fund was Wabtec, Corp. The company provides technology-based equipment and services for the global rail industry. The company suffered during the onset of the pandemic as rail volumes declined significantly. Long term, we believe that Wabtec can benefit from the modernization of railroads, including technological improvements to enhance safety, logistics and automation that can make rail freight more competitive compared to trucking.

A. For the year ended December 31, 2020, the Growth Portfolio’s Class I returned 31.56%, compared to a 38.49% return for its benchmark, the Russell 1000 Growth Index.

Performance Comparison

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MFS Investment Management began managing the Fund on May 1, 2013, and some investment policies changed at that time. Another firm managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

31.56

20.15

15.88

Russell 1000 Growth Index

38.49

21.00

17.21

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

31.82

20.39

15.87

Russell 1000 Growth Index

38.49

21.00

16.74

A. For the reporting period, the Fund’s Class I underperformed the benchmark. The strategy is an actively managed, research-driven growth fund. We, the MFS investment management team, build the Fund from the bottom up, selecting companies with the best opportunities for growth two to three years into the future. When applying the Fund’s valuation analysis, we consider the magnitude and potential growth rate of a company against what the market has discounted. At the sector level, we typically limit significant over- and under-weights relative to the benchmark, allowing bottom-up stock selection to drive performance results over time.

An underweight position in the communications sector detracted from the Fund’s performance relative to the benchmark. Within this sector, an underweight position in computer and personal electronics maker Apple detracted from relative returns.

Stock selection in the consumer, cyclical sector also detracted from relative results. Not owning shares of electric vehicle manufacturer Tesla and the timing of the Fund’s overweight position in apparel retailer Ross Stores (security was not held in the Fund at reporting period end) detracted from relative performance.

The timing of the Fund’s overweight positions in financial technology services provider Fiserv(security was not held in the Fund at reporting period end), medical devices maker Boston Scientific, electronic payment services company Global Payments, construction materials company Vulcan Materials and global provider of banking and payment technologies Fidelity National Information Services detracted from relative returns. Additionally, the Fund’s position in medical device maker Medtronic (security is not a benchmark constituent and was not held in the Fund at reporting period end) also detracted from relative results.

The Fund’s cash and/or cash equivalents position during the reporting period was also a detractor from relative performance. Under normal market conditions, the Fund strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when equity markets rose, as measured by the Fund’s benchmark, holding cash hurt performance versus the benchmark, which has no cash position.

A combination of an underweight position and stock selection in the industrial sector contributed to relative performance. Within this sector, not holding shares of both aerospace company Boeing and defense contractor Lockheed Martin benefited relative returns.

Stocks in other sectors that contributed to relative returns included overweight positions in credit card payment processing solutions services provider Square, software company Adobe Systems, index data provider MSCI and digital payment technology developer PayPal. Additionally, not owning shares of biotechnology firm Amgen and beverage maker Coca-Cola, holdings of cloud-based e-commerce platform operator Shopify (security is not a benchmark constituent) and the timing of the Fund’s underweight position in pharmaceutical company Merck further contributed to relative performance.

Large-Cap Growth Portfolio (managed by BlackRock Investment Management, LLC)

A. For the year ended December 31, 2020, the Large-Cap Growth Portfolio’s Class I returned 38.35%, compared to a 38.49% return for its benchmark, the Russell 1000 Growth Index.

Performance Comparison

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⁽¹⁾

BlackRock Investment Management, LLC began managing the Fund on May 1, 2013, and some investment policies changed at that time. Other firms managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

38.35

20.18

16.83

Russell 1000 Growth Index

38.49

21.00

17.21

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

38.62

20.42

16.53

Russell 1000 Growth Index

38.49

21.00

16.74

A. For the reporting period, the Fund’s Class I underperformed the benchmark. We, the BlackRock portfolio management team, seek to provide long-term growth of capital. We implement the Fund’s investment strategy by identifying and investing in companies for which the magnitude and/or duration of their future growth prospects are underappreciated by the market. In particular, we seek large-capitalization companies that possess dominant market positions or franchises, a major technological edge, or a unique competitive advantage.

The largest contributor to the Fund’s relative performance was the communication services sector, where stock selection within the interactive media & services and entertainment sub-sectors drove strength during the reporting period. In particular, an out of-benchmark position in Snap Inc, within interactive media & services, and an overweight position in Netflix Inc, within entertainment, were key contributors to relative performance during the reporting period. In consumer discretionary, overweight positions to e-commerce giants, MercadoLibre Inc and Amazon.com, contributed to performance as both benefited from the accelerated push into e-commerce throughout COVID-19 lockdowns and quarantine measures. In addition, an overweight position in Lowes Companies within the specialty retail sub-sector also contributed to relative performance as the company profited from an increase in new home ownership and subsequent home renovations during the reporting period. Lastly, selective positioning in the consumer staples sector drove relative results, as many staples sub-sectors suffered from COVID-19 related headwinds.

The largest detractor from the Fund’s relative performance over the reporting period was the information technology sector, driven by a substantial underweight to the technology hardware, storage & peripherals industry, and security selection amongst semiconductor & semiconductor equipment names. Notably, a large underweight to Apple, a key technology hardware name, and an underweight position in semiconductor company Nvidia detracted from the Fund’s relative results. Another detractor during the reporting period was the health care sector, where stock selection in the health care equipment & supplies industry, specifically an overweight position in Boston Scientific Corporation hurt relative results as the company suffered from COVID-19 related concerns and expectations for nearly all elective procedures. Lastly, positioning in financials weighed on relative results led by an overweight to capital markets which underperformed as the impacts of COVID-19 disrupted businesses including CME Group and S&P Global Inc.

The largest overweight in the Fund at the end of the reporting period was the consumer discretionary sector, followed by the materials and communication services sectors. Consumer staples, health care and energy were the largest underweights in the Fund.

A. For the year ended December 31, 2020, the Large-Cap Value Portfolio’s Class I returned 5.87%, compared to a 2.80% return for its benchmark, the Russell 1000 Value Index.

Performance Comparison

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Effective December 5, 2012, ClearBridge Investments, LLC changed its name from ClearBridge Advisors, LLC.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

5.87

9.66

10.71

Russell 1000 Value Index

2.80

9.74

10.50

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

6.08

9.88

10.16

Russell 1000 Value Index

2.80

9.74

9.87

A. For the reporting period, the Fund’s Class I outperformed the benchmark. We, the ClearBridge large-capitalization value team, use an interactive, research-driven approach to identify large-capitalization companies with strong business franchises and attractive valuations. We look for companies with proven business models and sustainable competitive advantages capable of generating superior returns over time across a range of potential scenarios. We place an emphasis on higher certainty of near- and medium-term cash flows, while discounting earnings from

emerging business models or products. We consider valuations relative to normalized earnings power. There is no change to our disciplined investment approach, which focuses on competitively well-positioned companies with strong business franchises capable of generating superior returns across cycles.

Relative to the benchmark, overall security selection contributed to the Fund’s performance during the reporting period. Specifically, stock selection within the information technology (IT), communication services, financials, industrials and real estate sectors positively impacted the Fund’s relative performance. An overweight (relative to the benchmark) in the IT sector and underweights to the health care and financials sectors also contributed to the Fund’s relative performance. On an individual holding basis, the leading contributors to relative Fund performance for the reporting period included positions in Apple, Microsoft and Lam Research in the IT sector, Charter Communications in the communication services sector and Deere in the industrials sector.

Relative to the benchmark, the Fund’s security selection in the health care, consumer staples and materials sectors detracted from performance during the reporting period. The Fund’s cash position and underweights to the utilities and consumer discretionary sectors also detracted from relative returns during the reporting period. In terms of individual holdings, the leading detractors from relative Fund performance included positions in Suncor Energy in the energy sector, Anheuser-Busch InBev and Philip Morris in the consumer staples sector, Raytheon Technologies in the industrials sector and U.S. Bancorp in the financials sector.

During the reporting period, we established new positions in Capital One Financial, ConocoPhillips, Alphabet, Lam Research, Northrop Grumman, PepsiCo, Qualcomm, Reynolds Consumer, T-Mobile and Vertiv. We closed positions in Anheuser-Busch InBev, CVS Health, Fox, Pfizer, Philip Morris, Royal Dutch Shell, AT&T, Wells Fargo and Exxon Mobil. We received shares of Otis and Carrier from the merger of Raytheon and portfolio holding United Technologies, retaining the shares of Otis while selling the shares of Carrier.

Notwithstanding near-term uncertainty and market volatility, we think the companies held by the Fund should outperform over time. We continue to maintain our disciplined investment approach, focusing on competitively advantaged companies with strong franchise characteristics that we believe are capable of generating superior returns across cycles.

A. For the year ended December 31, 2020, the Main Street Core Portfolio’s Class I returned 13.94%, compared to an 18.40% return for its benchmark, the S&P 500 Index.

Performance Comparison

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During the reporting period Invesco Advisers, Inc. acquired the prior firm managing the Fund and began managing the Fund effective May 24, 2019.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

13.94

12.70

12.43

S&P 500 Index

18.40

15.22

13.88

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

14.16

12.93

12.46

S&P 500 Index

18.40

15.22

13.38

A. For the reporting period, the Fund’s Class I underperformed the benchmark. We, the Invesco Main Street team, strive to keep the Fund in an all-weather orientation. Traditionally, this approach has been favored during periods of economic uncertainty and heightened market volatility as investors favor stocks of higher quality companies – with greater consistency and stability of revenue and earnings – leading to relatively better stock performance of those companies. With a goal of seeking long-term growth of capital and income in mind, we focus on companies with economic advantages and skilled management teams positions us well during most market environments. During times of economic volatility, such companies frequently widen their lead over weaker competitors. We seek to invest in companies, characterized by these qualities, at compelling valuations and believe this disciplined approach is essential to generating superior long-term performance. The Fund principally invests in common stocks of U.S. companies with large market capitalizations.

The biggest detractors to relative performance included stock selection in the information technology, energy, and health care sectors. Underweight to the information technology sector was also a headwind as that sector had the biggest gains during the reporting period. Key individual detractors to relative performance that were owned for the majority of the reporting period included Magellan Midstream Partners, Suncor Energy, and Capital One. Apple (technology) was the largest individual relative detractor by not owning it for the majority of the reporting period because it experienced significant gains while also being the largest position in the benchmark. We initiated a position in Apple during the fourth quarter of the reporting period.

The energy sector was the worst performing sector during the reporting period, which negatively impacted Magellan and Suncor. Magellan is primarily a refined products pipeline company and Suncor is an integrated energy company. We exited the Fund’s position in Suncor during the period as the multi-year lows in oil prices and refining utilization negatively impacted the company’s profitability.

Capital One, a financial company, underperformed relative to the benchmark after the unemployment picture deteriorated due to the COVID-19 crisis. Record unemployment claims due to government ordered business shutdowns and stay-at-home orders drove investors to sell stocks that are closely tied to employment trends and the ability for consumers to make payments on their credit cards and other loans.

The biggest contributors to relative performance included stock selection in the consumer discretionary and real estate sectors. An overweight to the consumer discretionary sector also benefitted performance. Key individual contributors to relative performance included Microsoft, Amazon and Qualcomm.

Microsoft, a technology company, and Amazon, a consumer discretionary company, have been key beneficiaries of the stay-at-home trends driven by the COVID-19 pandemic. Both companies saw particularly strong demand for their cloud offerings driven by the acceleration of digital transformation that took place across companies and sectors during the reporting period. Amazon also continued to experience market share gains in its e-commerce business.

Qualcomm, a technology company, benefitted from the ramp-up in 5G technology. The company particularly benefitted from Apple’s launch of its 5G iPhone, which saw strong initial demand. In addition, the company resolved its licensing dispute with Huawei and the Federal Trade Commission anti-competition ruling against Qualcomm was overturned on appeal.

A. For the year ended December 31, 2020, the Mid-Cap Equity Portfolio’s Class I returned 27.51%, compared to a 17.10% return for its benchmark, the Russell Midcap Index.

Performance Comparison

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Scout Investments, Inc. began managing the Fund on January 1, 2013, and some investment policies changed at that time. Another firm managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

27.51

15.41

11.61

Russell Midcap Index

17.10

13.40

12.41

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

27.77

15.64

11.35

Russell Midcap Index

17.10

13.40

11.67

A. For the reporting period, the Fund’s Class I outperformed the benchmark. We at Scout manage the Fund’s strategy, which is focused on individual stock selection, by investing Fund assets primarily in equity securities of companies with medium market capitalizations. We seek to invest in the securities of companies that we believe are expected to benefit from macroeconomic or company-specific factors, and that are attractively priced relative to their fundamentals. The strategy invests in mid-cap stocks with emphasis on stocks with positive cash flows, strong balance sheets, attractive valuations, and fundamental top down (macroeconomic or political changes) or bottom up (company-specific) catalysts to unlock that value, while selecting away from those stocks that the strategy perceives to be exposed to unnecessary risk factors.

Stock selection overall outperformed for the Fund in nine out of eleven sectors during the reporting period. Stock selection in basic materials and real estate sectors underperformed.

Sector allocation overall positively contributed to the Fund’s relative performance during the reporting period with an underweight (relative to the benchmark) in the real estate sector being the largest contributor, excluding the effect of cash, which was also a significant positive contributor to relative performance since a larger cash position was held during a period of profound market weakness. Sector allocation effect was positive for six out of eleven sectors, with information technology, healthcare, communications, industrials, and financials sectors positioning having a negative effect on relative performance. Positive sector allocation effect was generated from the real estate, energy, consumer discretionary, consumer staples, utilities, and basic materials sectors.

At the individual security level, the top contributor was Crowdstrike Holdings, Inc., a cloud-based security software provider that benefited from the surge in remote workers. Roku Inc. was the second largest overall security-level contributor, as this popular home streaming video service continued to grow, add content, and expand into new countries, including Brazil. Floor and Décor Holdings Inc., a flooring specialist retailer, performed well as it posted strong sales growth following the economic downturn as interest rates remained low and existing homes sales and remodeling activity recovered.

The top detractor for the reporting period was Carnival Corp., in the consumer discretionary sector. The largest cruise line operator was hurt by lingering restrictions on cruising due to the COVID-19 pandemic. Lamar Advertising Company, a leading billboard operator, was hurt by the curtailment of advertising revenue and by a reduction of miles driven. Finally, AGNC Investment Corp., a mortgage Real Estate Investment Trust (REIT) that owns primarily government agency backed mortgages, detracted from performance due to the sharp increase in mortgage backed security volatility near the depths of the recession, as mortgage spreads widened compared to treasury bonds. This had the effect of lowering book value despite the generally high credit quality of their mortgage backed holdings.

In summary, the Fund posted a strong absolute return for shareholders in the reporting period and both stock selection and sector allocation contributed to outperformance compared to the benchmark. We were fortunate to position defensively during the early part of the reporting period when equity markets experienced price weakness as the COVID-19 pandemic emerged, and shifted to a higher beta position with good stock selection near the market lows and for the balance of the reporting period. We are continuing to run the same investment process that focuses on better balance sheets and cash generating businesses.

A. For the year ended December 31, 2020, the Mid-Cap Growth Portfolio’s Class I returned 50.14%, compared to a 35.59% return for its benchmark, the Russell Midcap Growth Index.

Performance Comparison

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Ivy Investment Management Company began managing the Fund on November 1, 2013, and some investment policies changed at that time. Another firm managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

50.14

23.05

14.30

Russell Midcap Growth Index

35.59

18.66

15.04

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

50.44

23.29

13.48

Russell Midcap Growth Index

35.59

18.66

14.28

A. For the reporting period, the Fund’s Class I outperformed the benchmark. In selecting investments, we at Ivy maintain the Fund’s strategy by primarily emphasizing a bottom-up approach with a focus on companies with medium market capitalizations that we believe have the potential for strong growth and increasing profitability, attractive valuations and sound capital structures. Our investment process also includes a review of the macroeconomic environment.

All sectors in the benchmark and Fund posted positive returns during the reporting period, except for the energy sector, which suffered from the shelter-in-place mandates globally due to the COVID-19 pandemic. Sector overweight and underweight allocations compared to the benchmark were an overall detractor to the Fund’s relative performance to the benchmark. However, stock selection – the expected primary driver of returns for the strategy – more than made up for the negative performance, netting out to an overall outperformance for the Fund as compared to its benchmark index.

The strongest contribution to the relative outperformance where the Fund had exposure was in the information technology sector, followed by industrials, consumer discretionary, health care, financials, consumer staples and materials sectors. The Fund’s underexposure to the underperforming real estate sector contributed to relative performance.

The information technology sector was the largest allocation and strongest relative contributor within the Fund for the reporting period. The top relative contributors for the sector were Twilio, Inc., and DocuSign, Inc.

Detractors to performance were generated from the energy and communication services and utilities sectors by way of no holdings in a very small allocation within the benchmark. Equity options detracted from performance by way of exposure throughout the reporting period to portfolio insurance in lieu of raising excess cash. While there was tremendous uncertainty throughout the reporting period due to macro disruptions, the market largely shrugged off the uncertainty and thus, the portfolio insurance was not needed. Cash, as would be expected in a strong market environment, while at the lower range of the Fund’s historical norms, was also a drag on performance.

The top five individual holdings that were relative contributors in the Fund for the reporting period were Twilio, Inc., DocuSign, Inc. Square, Inc., MercadoLibre, Inc. and Monolithic Power Systems, Inc.

The bottom five individual holdings that were relative detractors in the Fund for the reporting period were Noble Energy, Inc. Nordstrom, Inc. Axalta Coating Systems Ltd., BorgWarner, Inc. and Coherent, Inc.

Mid-Cap Value Portfolio (managed by Boston Partners Global Investors, Inc.)

A. For the year ended December 31, 2020, the Mid-Cap Value Portfolio’s Class I returned 5.52%, compared to a 4.96% return for its benchmark, the Russell Midcap Value Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmarks for the ten-year period ended December 31, 2020. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on May 2, 2011 through December 31, 2020 are also shown in the table below. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

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Boston Partners began managing the Fund on April 28, 2015, and some investment policies changed at that time. Another firm managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

5.52

9.23

9.08

Russell Midcap Value Index

4.96

9.73

10.49

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

5.73

9.45

8.57

Russell Midcap Value Index

4.96

9.73

9.78

A. For the reporting period, the Fund’s Class I outperformed the benchmark. We, the management team at Boston Partners, invest primarily in common stocks of U.S. companies that we identify as having value characteristics. In selecting investments for the Fund, we examine various factors in determining the value characteristics of an issuer, including price-to-book-value ratios and price-to-earnings ratios. We also select securities for the Fund based on a continuous study of trends in industries and companies, including the anticipated stability of earnings.

During the reporting period, sector allocation has largely been responsible for outperformance. The Fund’s overweight in the information technology, health care, industrials, and consumer discretionary sectors and underweight in the real estate and utilities sectors contributed to relative returns. Stock selection was strong within the consumer discretionary and communication services sectors and the industrials sector also contributed positively for the reporting period. Within the consumer discretionary sector, e-commerce company eBay outperformed as consumers shifted their shopping online with brick-and-mortar retail stores shutdown. In the communication services sector, gaming companies Activision, NetEase, and Electronic Arts added value due to more demand during stay-at-home orders. Within the industrials sector, electric equipment companies Eaton, Rockwell Automation, and AMETEK are consistent cash generators with strong balance sheets and have contributed positively to relative returns.

Stock selection within the energy, health care, and materials sectors detracted from relative performance during the reporting period. In the energy sector, refiners Marathon Petroleum and Valero Energy underperformed as weak oil prices weighed on future expected cash flows and stock prices due to disappointing demand and oversupply. Within the health care sector, not owning expensive pharma/biotech and life science tools companies with COVID-related business such as Catalent, Agilent, and Bio-Rad detracted from relative performance. In the materials sector, not owning expensive gold companies Newmont, Freeport-McMoRan, and Royal Gold impacted performance as investors sought safety during the sell off earlier in the reporting period. The Fund’s overweight to the financials sector and underweight to the materials and communication services sector reduced relative returns.

We increased the Fund’s exposure to the consumer discretionary and industrials sectors and reduced exposure to the communication services sector as of the end of the reporting period. In the consumer discretionary sector, we added mattress manufacturer Tempur Sealy who has shown strong growth and market share gains and we expect momentum to continue in 2021. We also added Ulta Beauty and eBay positions. Within the industrials sector, we added commercial aerospace companies General Dynamics and Alaska Airlines. We expect recent vaccine approvals to improve air travel more quickly than previously anticipated which should benefit the depressed valuation of these companies. Within the communication services sector, we sold video game company Activision Blizzard, which exceeded our price target after appreciating during the reporting period.

Small-Cap Equity Portfolio (co-sub-advised by BlackRock Investment Management, LLC and Franklin Mutual Advisers, LLC)

A. For the year ended December 31, 2020, the Small-Cap Equity Portfolio’s Class I returned 5.42%, compared to a 4.63% return for its benchmark, the Russell 2000 Value Index.

Performance Comparison

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BlackRock Investment Management, LLC and Franklin Advisory Services, LLC began co-managing the Fund on May 1, 2010, and some investment policies changed at that time. Another firm managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

5.42

10.04

8.66

Russell 2000 Value Index

4.63

9.65

8.66

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

5.63

10.26

8.24

Russell 2000 Value Index

4.63

9.65

8.07

A. For the reporting period, the Fund’s Class I outperformed the benchmark. The Fund is co-sub-advised by BlackRock and Franklin. The following are separate discussions from each co-sub-adviser.

For the reporting period, the BlackRock portion of the Fund underperformed the benchmark. In seeking long-term growth of capital for the Fund, we at BlackRock maintain our portion of the Fund’s strategy by seeking to track the performance of the Fund’s benchmark. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

Small-capitalization value U.S. equities, as represented by the benchmark, finished the reporting period with strong positive performance of 4.63%. Top contributors for the benchmark, which were also contributors to our portion of the Fund’s performance for the reporting period, were the consumer staples sector at 37.43%, consumer discretionary sector at 32.64% and health care sector at 32.13%. Detractors from performance for our portion of the Fund for the reporting period were the energy sector at -36.63%, real estate sector at -9.66% and utilities sector at -9.32%.

The Fund used derivatives, most notably futures contracts, to provide market exposure for cash balances and dividend accruals, as well as to adjust market exposure to extended cash flow needs.

For the reporting period, the Franklin managed portion of the Fund outperformed the benchmark. In seeking long-term growth of capital for the Fund, we at Franklin seek to invest our portion of the Fund in small-capitalization companies that we believe are selling below their underlying

worth and have the potential for capital appreciation. We target investments in historically successful companies, with understandable business models, good corporate governance and low debt, that we view as temporarily trading at depressed levels relative to future earnings power over the long-term. We believe this active management investment approach constitutes our competitive advantage and can offer both meaningful upside potential and a degree of downside protection in periods of financial market turbulence. We select securities without regard to benchmark comparisons, and we aim for long-term results.

Relative to the Fund’s benchmark, overweighting and stock selection in the industrials sector contributed to our portion of the Fund’s performance, as did stock selection within the financials sector. An underweighting within the energy sector contributed to performance as well. Relative results were also helped by stock selection within the information technology and consumer staples sectors and an underweighting to the real estate sector. Our portion of the Fund’s best-performing stocks on a contribution-to-return basis were BJ’s Wholesale Club Holdings, Avient and Boot Barn Holdings.

BJ’s Wholesale Club Holdings, a warehouse club retailer, rose during the reporting period as it benefited from increased consumers spending towards food at home as a result of the pandemic. Furthermore, BJ’s reported strong membership growth and material market share gains as customers consolidated shopping trips and became increasingly focused on value.

Avient, a value-add chemicals company, rose due to stronger than expected earnings results, driven by sequential improvement in demand across all regions and end markets including healthcare, consumer discretionary and autos. The company also completed the acquisition of Clariant’s Masterbatch business on July 1, 2020, which further improves the company’s exposure to specialty applications and business mix. Additionally, the company’s management remains committed to returning cash to shareholders and deleveraging the corporate balance sheet.

Shares of Boot Barn Holdings, a western and work wear retailer, recovered strongly as the economy reopened post-lockdown early in the reporting period. The company reported better-than-expected same-store sales and lower promotional activity. It also benefited from increased consumer discretionary expenditures tied to the U.S. Congress passing the fiscal stimulus package.

In contrast, underweighting and stock selection in the health care sector and stock selection among consumer discretionary and utilities stocks detracted from our portion of the Fund’s performance. Detractors from absolute performance included Retail Properties of America, Toll Brothers and Brandywine Realty Trust.

Shares of Retail Properties of America, a shopping center REIT, declined as stay-at-home and closure guidelines issued to prevent the spread of COVID-19 exacerbated a challenging environment for the shopping center operator’s brick-and-mortar retail tenants. Although mandatory closure orders have largely been rescinded and rent collections started to recover, some watch-list tenants are not expected to reopen. We exited the position during the reporting period.

Shares of luxury homebuilder Toll Brothers declined as the spread of novel COVID-19 contributed to a deterioration in the housing market outlook. Unemployment increased as businesses quickly responded to social distancing directives. We exited our position during the reporting period.

Shares of Brandywine Realty Trust, an office REIT, declined during the reporting period as many tenants responded to COVID-19 with a higher percentage of employees working from home. While workers may begin returning to offices as vaccination levels rise, many firms have found that employee productivity has been strong and are making longer term plans to reduce their office footprint. We exited the position during the reporting period.

A. For the year ended December 31, 2020, the Small-Cap Growth Portfolio’s Class I returned 55.58%, compared to a 34.63% return for its benchmark, the Russell 2000 Growth Index.

Performance Comparison

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MFS began managing the Fund on May 1, 2020 and some investment policies changed at that time. Other firms managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

55.58

22.43

13.99

Russell 2000 Growth Index

34.63

16.36

13.48

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

55.89

22.67

13.14

Russell 2000 Growth Index

34.63

16.36

12.53

MFS assumed management of the Fund on May 1, 2020. During the approximate eight-month period from May 1, 2020 through December 31, 2020 when MFS managed the Fund, the Fund’s Class I outperformed the benchmark. In seeking the Fund’s investment goal of capital appreciation, we at MFS invest the Fund’s assets in small-capitalization equity securities that we believe have above average earnings growth potential compared to other companies (growth companies). We use an active bottom-up investment approach to buying and selling investments for the Fund. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their financial condition, and market, economic, political, and regulatory conditions.

Stock selection in the technology sector contributed to performance relative to the benchmark. Within this sector, the timing of the Fund’s positions in consumer digital health company Livongo Health (Security was not held in the Fund at reporting period end) and video gaming peripherals equipment supplier Corsair Gaming benefited relative returns. Additionally, out of benchmark holdings of digital sports entertainment and gaming company DraftKings) (Security was not held in the Fund at reporting period end), global payment solutions provider Nuveiand digital operations management platform operator PagerDuty contributed to performance. An overweight position in enterprise communication solutions provider 8X8, further contributed to relative results.

Stock selection and, to a lesser extent, an underweight position in the consumer non-cyclical sector contributed to relative performance. Within this sector, the timing of the portfolio’s positions in biopharmaceutical company Immunomedics (Security was not held in the Fund at reporting period end) and cancer drug discovery company Prelude Therapeutics, and an overweight position in synthetic DNA manufacturing process developer Twist Bioscience, contributed to relative results.

Elsewhere, the timing of the Fund’s ownership in shares of power generation equipment manufacturer Generac further contributed to relative performance.

Stock selection in both the financial and consumer cyclical sectors detracted from relative performance. Within the financial sector, overweight positions in data center infrastructure solutions provider QTS Realty Trust and insurance comparison platform SelectQuote as well as out of benchmark holdings of real estate investment trust CoreSite Realty and insurance services provider GoHealth, weighed on relative returns. Within the consumer, cyclical sector, the portfolio’s out of benchmark position in professional football (soccer) club Manchester United (United Kingdom) detracted from relative returns.

Security selection in the industrial sector further held back relative results. Within this sector, not owning shares of alternative energy technology company Plug Power detracted from relative performance.

Elsewhere, the Fund’s out of benchmark position in government intelligence and security information services provider CACI International,not owning clinical-stage biopharmaceutical company MyoKardia and an overweight position in medical device company OrthoPediatrics detracted from relative returns.

The portfolio’s cash and/or cash equivalents position during the period we managed the Fund was also a detractor from relative performance. Under normal market conditions, the portfolio strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when equity markets rose, as measured by the Fund’s benchmark, holding cash hurt performance versus the benchmark, which has no cash position.

Lord Abbett managed the Fund during the period from January 1, 2020 through April 30, 2020. During the approximate four-month period from January 1, 2020 through April 30, 2020 when Lord Abbett managed the Fund, the Fund’s Class I outperformed the benchmark.

During the period that Lord Abbett managed the Fund, in seeking the Fund’s investment goal of capital appreciation, we at Lord Abbett invested the Fund’s assets in small-capitalization growth companies that we believed had above-average long-term growth potential and that were strongly positioned in the “developing growth” phase, which we defined as the period of swift development after a company’s start-up phase when growth occurs at a rate generally not equaled by established companies in their mature years. These types of companies include companies that we believed could transform markets through innovative products and services.

The leading contributor to the Fund’s absolute and relative performance during the reporting period we managed the Fund was security selection and positioning within the health care sector. Within this sector, the Fund’s holdings of Forty Seven, Inc., a clinical-stage immuno-oncology company, contributed as the company was acquired by Gilead Sciences to continue progress of magrolimab and advance Gilead’s work in immuno-oncology. Another contributor within this sector during the reporting period we managed the Fund was the Fund’s position in Teladoc Health, Inc., a global provider of virtual healthcare services through phone and video consultations with doctors. The company connects thousands of doctors and behavior health professionals with its members that result in accessible and affordable medical consultations. The COVID-19 virus outbreak has highlighted the increasing importance of virtual health care visits, and Teladoc has led the way in providing these important innovations to the marketplace. Teladoc’s core app downloads increased substantially as the pandemic put stress on the health care system.

Security selection within the information technology sector also contributed to the Fund’s relative performance during the reporting period we managed the Fund. Within this sector, the Fund’s holdings of Inphi Corp., a provider of analog and mixed signal semiconductor solutions, contributed. Inphi’s acquisition of engineering talent, leading edge silicon expertise, and a next-generation bandwidth roadmap has helped the company execute well, despite facing much larger competitors. Additionally, the significant increase in work-from-home employees, online shopping, and e-learning has increased demand for connectivity within datacenters. The Fund’s holdings of Five9, Inc., a provider of cloud software for call and contact centers, contributed. Shares of Five9 benefited from the firm’s ability to capitalize on its vast and growing addressable market and increased demand due to customers’ work-from-home needs. Additionally, the company cemented two important partnerships, with AT&T and Zoom, during the reporting period we managed the Fund.

Security selection and an underweight within the industrials sector also contributed to the Fund’s performance during the reporting period . Specifically, the Fund’s holding of XPO Logistics, Inc., a provider of supply chain solutions, contributed. Shares of XPO Logistics were resilient given the dramatic impact COVID-19 had on global markets as the company boasted a strong balance sheet, positive free cash flow and reduced expenses.

The leading detractor from the Fund’s performance relative to the benchmark during the reporting period we managed the Fund was positioning within the utilities sector. The Fund’s underweight within the utilities sector detracted as utilities was the best performing sector during the reporting period we managed the Fund amid a historically violent sell-off precipitated by the global spread of COVID-19.

Security selection in the communication services sector also detracted from the Fund’s performance relative to the benchmark during the reporting period we managed the Fund. Within this sector, the Fund’s holdings of Cardlytics, Inc., a developer of marketing solutions, detracted. Shares of Cardlytics fell precipitously as the spread of the coronavirus negatively impacted restaurants, retailers, and the travel and hospitality industries. These businesses make up a significant portion of Cardlytics clients, and were expected to cut advertising budgets as consumer spending and demand in those areas plummeted.

Small-Cap Index Portfolio (managed by BlackRock Investment Management, LLC)

A. For the year ended December 31, 2020, the Small-Cap Index Portfolio’s Class I returned 19.16%, compared to a 19.96% return for its benchmark, the Russell 2000 Index.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund’s Class I

19.16

12.60

10.66

Russell 2000 Index

19.96

13.26

11.20

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

19.39

12.83

10.10

Russell 2000 Index

19.96

13.26

10.43

A. For the reporting period, the Fund’s Class I underperformed the benchmark. We at BlackRock maintain the Fund’s strategy by seeking to track, as closely as possible, the total return of an index of small-capitalization companies as represented by the benchmark. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

U.S. equities, as represented by the Russell 2000 Index finished the year with strong positive performance of 19.96% over the reporting period. Top contributors in the benchmark, which were also contributors to the Fund’s performance for the reporting period, were from the health care sector at 45.98 %, the information technology sector at 38.25%, and the consumer discretionary sector at 32.92%. While the energy sector at -36.02%, the utilities sector at -5.87%, and the real Estate sector at -4.73% were among the lowest performers over the reporting period.

The Fund used derivatives, most notably futures contracts, to provide market exposure for cash balances and dividend accruals, as well as to adjust market exposure to extended cash flow needs.

A. For the year ended December 31, 2020, the Small-Cap Value Portfolio’s Class I returned 3.44%, compared to a 4.63% return for its benchmark, the Russell 2000 Value Index.

Performance Comparison

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AllianceBernstein L.P. (“AB”) became sole sub-adviser of the Fund on October 30, 2015. AB was co-sub-adviser of the Fund from May 1, 2014 through October 29, 2015 and some investment policies changed during that time. Another firm managed the Fund before May 1, 2014.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

3.44

8.37

8.56

Russell 2000 Value Index

4.63

9.65

8.66

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

3.64

8.58

7.90

Russell 2000 Value Index

4.63

9.65

8.07

A. For the reporting period, the Fund’s Class I underperformed the benchmark. We at AllianceBernstein maintain the Fund’s investment objective by seeking long-term growth of capital. The Fund seeks undervalued small-capitalization stocks with attractive long-term earnings prospects. Small-capitalization stocks offer greater opportunity for fundamental stock selection since they are covered by fewer industry analysts. The Fund invests primarily in equity securities of small-capitalization U.S. companies.

Overall security selection detracted from the Fund’s performance, owing mainly to the Fund’s consumer-discretionary, materials and energy sector holdings. Stock selection in the real estate sector contributed during the reporting period.

Overall sector allocation contributed to the Fund’s performance. An overweight position (relative to the benchmark) in consumer discretionary contributed, while an underweight to healthcare detracted from the Fund’s performance.

Detractors from the Fund’s performance included Regis, the operator and franchisor of the largest hair salon chain in the U.S. Regis saw challenging sales and earnings throughout the reporting period due to restrictions related to the COVID-19 pandemic. Carpenter Technology, a specialty alloy manufacturer, also detracted amid soft earnings due to weakness in its key aerospace end market.

Positive contributors to the Fund’s performance included Papa John’s International as the pizza restaurant continued to show strong comparable-store sales growth. Papa John’s, and the pizza market in general, experienced robust demand from consumers who face fewer restaurant options due to restaurant closures and state and locally mandated occupancy restrictions and closures. Packaged-foods company Hain Celestial beat expectations throughout the reporting period, as shares rebounded off March 2020 lows.

A. For the year ended December 31, 2020, the Value Portfolio’s Class I returned -6.94%, compared to a 2.80% return for its benchmark, the Russell 1000 Value Index.

Performance Comparison

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⁽¹⁾

American Century, began managing the Fund on November 2, 2020. Another firm managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

(6.94

7.07

8.55

Russell 1000 Value Index

2.80

9.74

10.50

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

(6.75

7.29

8.04

Russell 1000 Value Index

2.80

9.74

9.87

American Century assumed management of the Fund on November 2, 2020. During the approximate two-month period from November 2, 2020 through December 31, 2020 when American Century managed the Fund, the Fund’s Class I underperformed the benchmark. We at American Century Investments manage the Fund’s goal of seeking long-term growth of capital through a strategy of investing in large-cap U.S. companies selling at a discount to fair value. Our process focuses on higher-quality companies with superior risk/reward potential. Investing in these businesses has resulted in returns with lower volatility over time. Our bottom-up research determines a downside and fair value potential for each security. By focusing on higher-quality companies and understanding their values, we can take advantage of pricing opportunities and avoid value traps. This offers the potential for downside protection.

Our overweight (relative to the benchmark) to the consumer staples sector detracted from performance during the period we managed the Fund. Investors rotated out of companies that benefited from COVID-19-induced lockdowns and into companies that should benefit from economic reopening. Several of our positions in the sector underperformed, including Unilever, Koninklijke Ahold Delhaize and PepsiCo. Additionally, stock selection in the financials sector negatively impacted relative returns, driven by lack of exposure to several of the benchmark’s names in the banking industry that outperformed.

Other stocks that detracted from performance include Pinnacle West Capital, Xcel Energy and Verizon Communications. Pinnacle and Xcel Energy, like other utilities, underperformed as investors rotated out of more defensive names that had held up well in the downturn. Wireless services company Verizon underperformed during the period we managed the Fund as competitors AT&T and T-Mobile announced more aggressive pricing promotions for the new iPhone 12. Verizon was also a major beneficiary of corporate tax reform, so uncertainty over the future of corporate taxes also weighed on performance.

On the other hand, security selection in the health care sector positively impacted returns, driven by our lack of exposure to several of the benchmark’s names in the health care equipment and supplies industry. For example, not holding medical device maker Danaher helped relative performance. Danaher underperformed after Pfizer’s encouraging vaccine data raised concerns that Danaher’s COVID-19 testing business could slow. We have avoided Danaher due to its extended valuation.

Other notable contributors include TOTAL and Emerson Electric. Integrated energy company TOTAL outperformed, due in part to stronger oil prices and more certainty regarding the oil market environment. This led to increased profit expectations for the company. Industrial company Emerson continued to execute on its restructuring actions, driving market expansion through the economic downturn. Additionally, Emerson’s disciplined capital allocation supported free cash flow growth and a dividend increase.

The portfolio buys foreign exchange forward hedge contracts to offset the inherent currency risks of holding foreign securities. This did not have a material effect on performance in the period.

Invesco managed the Fund during the period from January 1, 2020 through November 1, 2020. During the approximate ten-month period from January 1, 2020 through November 1, 2020 when Invesco managed the Fund, the Fund’s Class I underperformed the benchmark. In seeking

long-term growth of capital for the Fund, we at Invesco aimed to exploit market inefficiencies by investing in companies that appeared undervalued relative to the market in general. Ultimately, we at Invesco believed the market would recognize the value in these companies and we sell as the stock prices begin to reflect their intrinsic value. In addition, the Fund took advantage of pricing anomalies by purchasing undervalued stocks, trading at a significant discount to intrinsic value, before there is a recognizable catalyst. We are patient investors, with a long-term investing horizon and holding period of five to seven years. Although we are benchmark agnostic, we feel that stock selection, as opposed to making sector bets, may provide a more consistent opportunity for success.

The Fund’s investable universe included all large-capitalization U.S. dollar denominated equities. The Fund’s construction was bottom up and stock specific, concentrating on individual company fundamental analysis and valuations. Therefore, while we monitored and were aware of our positions relative to the benchmark, it did not play a major role in the construction of the Fund.

On the negative side, the Fund’s stock selection and a material overweight position in the energy sector detracted the most from relative performance during the period we managed the Fund as the sector was the worst performing sector within the benchmark. Oil prices experienced an unprecedented “double black swan event” due to Saudi Arabia and Russia increasing supply to gain market share combined with global demand shocks from the COVID-19 virus.

Within the consumer discretionary sector, Carnival was a notable detractor as the cruise industry was hit particularly hard by the COVID-19 outbreak, with cruises from the U.S. canceled through spring of 2021.

Stock selection in the communication services sector also detracted from relative performance. Viacom CBS and Vodafone were two of the main detractors in the sector. Not owning Activision Blizzard also detracted for the period we managed the Fund.

Stock selection and material overweight hindered relative performance within the financials sector. We have invested in large banks based on sweeping changes such as improved balance sheets, lower leverage and solid capital positions.

Stock selection and an underweight within the healthcare sector also was a detractor for the period we managed the Fund. Johnson & Johnson was a detractor within the sector. Also, not owning Danaher Corp. and Abbot Laboratories detracted from relative performance.

On the positive side, stock selection and an overweight within the information technology sector was the largest contributor to relative performance during the period we managed the Fund. Qualcomm and Microsoft were contributors to the Fund’s performance. Large bellwether software and equipment technology companies benefited from increased demand as employees in most service sectors worked from home.

Strong security selection in the industrials sector was a key contributor to the Fund’s relative return. FedEx, a relatively new holding (purchased in the first quarter of the period we managed the Fund), was a notable individual contributor.

A material underweight to real estate also benefited relative performance during the reporting period we managed the Fund. The real estate sector within the benchmark was the third worst performing sector during the period we managed the Fund.

We used currency forward contracts during the period we managed the Fund for the purpose of hedging currency exposure of non-U.S.-based companies held in the Fund. The use of currency forward contracts had a positive impact on the Fund’s performance relative to the benchmark for the period we managed the Fund.

Value Advantage Portfolio (managed by J.P. Morgan Investment Management Inc.)

A. For the year ended December 31, 2020, the Value Advantage Portfolio’s Class I returned -2.78%, compared to a 2.87% return for its benchmark, the Russell 3000 Value Index.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

Since

Inception

(4/30/13)

Fund’s Class I

(2.78

8.37

8.72

Fund’s Class P

(2.58

8.59

8.94

Russell 3000 Value Index

2.87

9.74

9.49

A. For the reporting period, the Fund’s Class I underperformed the benchmark. The cornerstone of JPMorgan’s investment philosophy for the Fund is the belief that companies possessing the ability to generate significant free cash flow and effectively allocate capital to create growth in value per share may, over the long-term, outperform stock market averages. We at JPMorgan seek to discover companies that offer the greatest potential against their current market value. While many companies may be considered cheap, our research process helps us to eliminate those that we believe do not possess the characteristics of a sound, long-term business and to identify those that we feel have been underrated or overlooked by the market.

We employ a bottom-up approach to stock selection, constructing the Fund based on company fundamentals and proprietary fundamental analysis. Our aim is to identify undervalued companies that have the potential to grow their intrinsic values per share and to purchase these companies at a discount, enabling the Fund to provide long-term total return through a combination of income and capital gains.

The combination of stock selection and an overweight allocation to the financials sector was a headwind to performance during the reporting period. The value rotation in markets that we saw after positive COVID-19 vaccine news in November of 2020 was not enough to offset the pain from earlier in the reporting period when investors were gripped by fears of potential credit losses and the Fed’s signal of a lower for longer interest rate policy. Our position in Wells Fargo & Co (WFC) was amongst the top detractors from relative performance. WFC has suffered from a lack of loan growth and lower net interest margins , along with all banks, but has been under additional pressure due to the asset cap on their balance sheet. CEO Charlie Scharf recently spoke at a conference in December 2020, suggesting that 2021 will be another year of transition.

Stock selection in the industrials sector was also a detractor from performance during the reporting period, mainly due to our position in Delta Air Lines, Inc. (DAL) as travel related names were hit hardest by COVID-19. The Fund exited the position during the second quarter of the reporting period given our concerns that DAL is far from out of the woods given the hefty government assistance package and current state of the virus. That said, for the period that the Fund held the shares, it certainly weighed on stock selection in the group.

Lastly, weak stock selection and overweight allocation to the consumer staples sector also detracted from Fund performance.

Alternatively, our conservative, approach to the energy sector was a tailwind to relative results during the reporting period; despite a rebound in oil prices in the fourth quarter of the reporting period, energy was still the laggard during the reporting period, %. This approach with holdings in natural gas companies (such as EQT, Corp. (EQT), a Fund contributor) aided Fund performance as they held up better than oil sensitive exploration and production (E&P) peers and was not as impacted by the negative volatility in oil prices during the reporting period.

In addition, strong stock selection in the utilities sector, largely thanks to the Fund’s position in NextEra Energy, Inc. (NEE), a Florida based utility. NEE released strong earnings results throughout the reporting period. In our view, NEE is a best in class regulated Florida utility with above average growth and returns potential, a supportive regulatory and political outlook, and a management team with a high degree of credibility. Even though NEE is already the largest renewable energy developer in the U.S., we see NEE as a long term structural winner in the energy transition to renewables.

A. For the year ended December 31, 2020, the Emerging Markets Portfolio’s Class I returned 17.33%, compared to an 18.31% return for its benchmark, the MSCI Emerging Markets Index (Net).

Performance Comparison

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During the reporting period Invesco Advisers, Inc. acquired the prior firm managing the Fund and began managing the Fund effective May 24, 2019.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

17.33

13.18

5.10

MSCI Emerging Markets Index (Net)

18.31

12.81

3.63

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

17.56

13.41

5.21

MSCI Emerging Markets Index (Net)

18.31

12.81

3.21

A. For the reporting period, the Fund’s Class I underperformed the benchmark. We, the Invesco Emerging Markets Equity team, are long-term investors in what we view as extraordinary companies that have massive competitive advantages and real options that manifest themselves over many years. We have exposure to sectors and industries that should benefit from the growth of emerging markets, where we see dynamic change and real value being extracted, including e-commerce, cloud computing, internet services, health care, travel, and education.

From a sector perspective, stock selection in consumer staples was the largest detractor during the reporting period. An underweight allocation (relative to the benchmark) to the information technology sector and stock selection in consumer discretionary also negatively impacted performance. The largest contributors to performance during the reporting period were an overweight in the healthcare and consumer discretionary sectors and stock selection in financials and consumer services sectors.

From a country perspective, the largest contributors to performance were stock selection in China, Brazil and Taiwan. The largest detractors to performance were an overweight allocation and stock selection in Mexico, an underweight allocation to South Korea, and an overweight and stock selection in Peru.

The top absolute contributors for the reporting period were Taiwan Semiconductor Manufacturing, Tencent, and Meituan.

Taiwan Semiconductor Manufacturing Co. (TSMC) is the world’s preeminent semiconductor foundry. For the past 30 years, TSMC has made inhouse design and innovation a priority while placing a large emphasis on client service and trust, allowing them to capture a large majority of the overall market share. While handset sales have been sluggish during the reporting period, there is potential for further upside to 5G demand due to the release of Apple’s iPhone 12 and long-term partner MediaTek’s, a Taiwanese fabless semiconductor company, release of affordable 5G handset models in the market.

Tencent is a Chinese internet company with operations spread across China’s technology infrastructure. Tencent, the largest gaming company in the world, released Moonlight Blade, an in-house developed MMORPG (massive multiplayer online role-playing game), that quickly became China’s most downloaded game. Outside of games, Tencent’s long-term structural growth profile should benefit from enterprises migrating to integrated online platforms and other digitalization initiatives.

Meituan is a Chinese tech company that facilitates delivery, shopping, and booking in several service categories including food delivery, restaurant reservations, beauty services and hotel and travel reservations through its web-based platform. Meituan has improved key operational metrics in its main profit driver- food delivery, through improved economies of scale, an increase in transacting user and active merchants. Meituan is being hailed as an innovative and reliable leader during the crisis for their ingenuity and flexible customer-centric approach.

The largest detractors during the reporting period were FirstRand, Fomento Economico Mexicano, and Credicorp.

FirstRand is one of the largest banks in South Africa. The South African banking sector is an attractive one given its concentration and FirstRand is well positioned with its industry leading return on equity (ROE), conservative provisioning, and culture of entrepreneurship and innovation. Despite the bank’s strong positioning and future optionality, the current economic conditions in South Africa are generating severe macro headwinds impacting the sector and the stock. We have reduced our position and will continue to monitor the economic landscape and the impact of COVID-19.

Fomento Economico Mexicano (FEMSA) has transformed itself over the past several years from one of the largest beverage companies in Latin America to a leading retail operator. While the company has strong expansion and long-term growth opportunities in retail chains and the pharmacy business, the Mexican economy has created a challenging backdrop in the near term and has weighed on the stock along with concerns about the company’s asset allocation.

Credicorp is a Peruvian bank that offers retail and commercial banking services along with brokerage services and asset management. There should be ample room for expansion into the largely unbanked population. Like many lending institutions globally, difficult macroeconomic situations either caused or exacerbated by COVID-19 put profitability under pressure. We will continue to assess the asset quality of the bank.

A. For the year ended December 31, 2020, the International Large-Cap Portfolio’s Class I returned 10.74%, compared to a 7.82% return for its benchmark, the MSCI EAFE Index (Net).

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund’s Class I

10.74

9.76

6.99

MSCI EAFE Index (Net)

7.82

7.45

5.51

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

10.96

9.98

6.32

MSCI EAFE Index (Net)

7.82

7.45

4.71

A. For the reporting period, the Fund’s Class I outperformed the benchmark. We at MFS use a bottom-up investment style, involving the research of the fundamentals of each individual opportunity and analyzing certain aspects of a company such as earnings, cash flows, growth potential and management abilities. In managing the Fund, we invest primarily in the securities of foreign issuers with large market capitalizations.

Stock selection and an underweight position in the financials sector contributed to performance relative to the benchmark. Within this sector, not owning shares of banking and financial services company HSBC (United Kingdom) contributed to relative returns.

Security selection in the consumer non-cyclical sector also contributed to relative results, led by overweight positions in imaging products and medical-related equipment manufacturer HOYA (Japan), precision instruments and machines manufacturer Olympus (Japan) and pharmaceutical company Merck KGaA (Germany).

An overweight position in the technology sector further contributed to relative returns. Within this sector, the Fund having holdings of semiconductor manufacturer Taiwan Semiconductor Manufacturing (Taiwan) (security is not a benchmark constituent) and an overweight position in consulting services provider Capgemini (France) contributed to relative results.

Stocks in other sectors that benefited relative performance included the Fund’s overweight positions in electrical distribution equipment manufacturer Schneider Electric (France) and air conditioning system manufacturer Daikin Industries (Japan). Not owning shares of global energy and petrochemicals company Royal Dutch Shell (United Kingdom) and integrated oil company BP (United Kingdom) further supported relative returns.

Stock selection in the communications sector detracted from relative performance. Within this sector, not owning shares of technology investment firm Softbank (Japan) and an overweight position in advertising and marketing firm WPP Group(United Kingdom) (security was not held in the Fund at reporting period end) detracted from relative results.

Stocks in other sectors that detracted from relative performance included holdings of integrated energy company Suncor Energy (Canada) (security is not a benchmark constituent) and not owning shares of lithography systems manufacturer for the semiconductor industry ASML (Netherlands). Additionally, overweight positions in life sciences company Bayer (Germany), diversified industrial manufacturer Rolls-Royce (United Kingdom), food catering company Compass Group (United Kingdom), food processing company Danone (France), tourism and travel IT solutions provider Amadeus IT (Spain) and oil and gas company Galp Energia (Portugal) further detracted from the relative results.

A. For the year ended December 31, 2020, the International Small-Cap Portfolio’s Class I returned 8.42%, compared to a 14.27% return for its benchmark, the S&P Developed Ex-U.S. SmallCap Index.

Performance Comparison

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Effective April 1, 2016, QS Investors, LLC (“QS Investors”) began managing the Fund. QS Batterymarch Financial Management, Inc., which was named Batterymarch Financial Management, Inc. prior to June 30, 2014 and which came under common management with QS Investors as of May 31, 2014, managed the Fund prior to that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

8.42%

6.69%

6.78%

S&P Developed Ex-U.S. SmallCap Index

14.27%

9.81%

7.64%

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

8.64%

6.91%

6.15%

S&P Developed Ex-U.S. SmallCap Index

14.27%

9.81%

6.84%

A. For the reporting period, the Fund’s Class I underperformed the benchmark. We at QS Investors maintain a well-diversified, style neutral portfolio with modest region and sector allocations versus the benchmark through the combination of bottom-up stock selection based on fundamentals and implemented with quantitative tools, risk controls and cost-efficient trading. The Fund seeks long-term growth of capital by focusing on securities of companies with small market capitalizations that are located in developed, foreign countries. We continue to invest in excess of 200 companies and generally expect to invest in about the same number of non-U.S. countries as the benchmark.

Stock selection results detracted overall from performance relative to the benchmark during the reporting period, most notably within Japan information technology, industrials, and consumer discretionary, as well as Continental Europe healthcare, and United Kingdom consumer discretionary. Stock selection in Continental Europe consumer discretionary and United Kingdom industrials were the top contributors to performance, though not enough to offset the negative effects within other sectors.

At the security level, Mitchells & Butlers plc (the Fund liquidated holding during the reporting period), a United Kingdom based restaurant and pub management firm, was the largest detractor, as they struggled due to the lockdowns enacted in the country. Other detractors included Air New Zealand Limited (the Fund liquidated holding during the reporting period), the flag carrier airline of New Zealand, which suffered as airline travel decreased, Afterpay Limited (a benchmark holding that the Fund did not own), an online payments solutions provider that had positive returns due to an increase in online sales during the COVID-19 pandemic, and Bellway plc, a residential property developer based in the United Kingdom which saw a slowdown in their business among increased lockdown measures.

The Fund’s region and sector allocation results overall contributed to performance relative to the benchmark during the reporting period. In terms of regions, an underweight allocation to the United Kingdom and an overweight allocation to Asia Developed (ex Japan) were the largest contributors, more than offsetting the negative effects of being underweight Australia, New Zealand, and Canada. At the sector level, underweight allocations to United Kingdom real estate and United Kingdom industrials, as well as overweight allocations to Continental Europe information technology and United Kingdom communication services contributed. These more than offset the negative effects of the overweight allocation to United Kingdom consumer discretionary, as well as underweight allocations to Continental Europe healthcare, and Australia, New Zealand, and Canada financials.

At the security level, Seegene, Inc., a South Korean company that provides molecular diagnostic & screening products, was the primary contributor with a return of over 684% as the COVID-19 pandemic continues to spread throughout the world. Evolution Gaming Group AB, a Sweden based online casino solutions provider and Capcom Co., Ltd., a Japanese video game developer and publisher, both saw strong gains as more people stayed home and played video games during lockdowns which contributed to relative performance.

International Value Portfolio (managed by Wellington Management Company LLP)

A. For the year ended December 31, 2020, the International Value Portfolio’s Class I returned -7.17%, compared to a 7.82% return for its benchmark, the MSCI EAFE Index (Net).

Performance Comparison

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Wellington Management Company LLP began managing the Fund on May 1, 2017, and some investment policies changed at that time. Other firms managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

(7.17

2.88

2.28

MSCI EAFE Index (Net)

7.82

7.45

5.51

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

(6.98

3.08

1.52

MSCI EAFE Index (Net)

7.82

7.45

4.71

A. For the reporting period the Fund’s Class I underperformed the benchmark. The Fund seeks long-term capital appreciation by investing primarily in a diversified portfolio of equity securities of large non-U.S. companies that we at Wellington believe to be undervalued. We, the Wellington portfolio management team, use a “contrarian value” approach to selecting securities, applying fundamental analysis to identify securities that we believe are undervalued by the market.

The primary driver of relative underperformance during the reporting period was the Fund’s security selection. Selection within the financials, communication services, and consumer discretionary detracted most from returns. This was partially offset by strong selection within the materials sector. Sector allocation, a result of our fundamental stock-selection process, also detracted from relative performance. Our overweight to the energy and financials sectors, as well as an underweight to the information technology sector detracted most from returns.

Geographically, our holdings in Japan and Italy detracted the most while our holdings in Canada and Norway contributed positively to relative performance.

Top detractors from benchmark-relative returns included Inpex Corp. (“Inpex” Japan; energy) and ABN AMRO Bank NV CVA (“ABN AMRO” Netherlands; financials). Inpex, an oil and natural gas producer, underperformed as it suffered from the decline in global crude oil price and demand. ABN AMRO shares declined due to concerns about lower for longer interest rates and higher costs from a negative credit cycle as a result of the COVID-19 pandemic. We continued to hold both names as of the end of the reporting period.

Top contributors from relative performance included AP Moeller – Maersk AS ‘B’ (“Moeller Maersk” Demark; industrials) and Barrick Gold Corp (“Barrick Gold” Canada; materials). Moeller Maersk outperformed after the Danish shipping company posted multiple strong quarterly earnings benefiting from higher freight rate, lower fuel price and cost cuts helped offset a slump in demand caused by the COVID-19 pandemic. Barrick Gold outperformed as it benefitted from the rising gold price during the reporting period. We continue to hold both names as of the end of the reporting period.

Health Sciences Portfolio (managed by BlackRock Investment Management, LLC)

A. For the year ended December 31, 2020, the Health Sciences Portfolio’s Class I returned 18.79%, compared to an 18.40% return for the broad-based benchmark, the S&P 500 Index and a 19.34% return for the sector-specific benchmark, the Russell 3000 Health Care Index.

table below. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

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BlackRock Investment Management, LLC began managing the Fund on May 1, 2014, and some investment policies changed at that time. Other firms managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

18.79

13.44

18.90

S&P 500 Index

18.40

15.22

13.88

Russell 3000 Health Care Index

19.34

12.87

16.63

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

19.03

13.68

17.85

S&P 500 Index

18.40

15.22

13.38

Russell 3000 Health Care Index

19.34

12.87

15.73

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be

worth more or less than their original cost. Past performance is not predictive of

future performance.

A. For the reporting period, the Fund’s Class I outperformed the broad-based S&P 500 Index and underperformed the sector-specific Russell 3000 Health Care Index. The investment objective of the Fund is to provide long-term growth of capital. The Fund is a diversified, all-weather healthcare portfolio constructed using the fundamental investment process. From an aggregate level, there are two broad themes in the Fund: innovation and value-based healthcare.

The global spread of the COVID-19 pandemic and subsequent lockdown and social distancing measures put pressure on the global economy and caused a sharp decline in equities in late February and March of 2020. Unprecedented levels of monetary and fiscal stimulus led broad markets to recover from the March of 2020 lows and surpass previous highs. Whilst not immune to the broad market volatility created by the pandemic, the healthcare sector displayed relative resilience in February and March of 2020 and went on to post strong relative returns through the end of the reporting period. The healthcare sector remained front and center for investors amidst the COVID-19 pandemic, as society anticipated the development of treatments, vaccines, and diagnostic exams by healthcare companies in order to tackle COVID-19.

In this regard, relative to the Russell 3000 Health Care Index, the Fund was overweight the medical devices and supplies sub-sector at the end of the reporting period, as we at BlackRock expect a demand recovery in 2021 following a halt in elective procedures that negatively impacted many of these companies in 2020. In addition, the Fund finished the reporting period overweight the healthcare providers & services sub-sector. This was largely due to the sizeable overweight to the managed care industry which we believe will continue to execute on their underlying businesses and are well-positioned to leverage their scale and analytical capabilities to lower healthcare costs.

Sub-sector allocation contributed to the Fund’s returns relative to the Russell 3000 Health Care Index during the reporting period, while stock selection detracted. At a sub-sector level, the biotechnology and pharmaceuticals sub-sectors were the largest contributors to relative performance. On the detracting side, stock selection within the medical devices & supplies sub-sector detracted from relative returns during the reporting period.

The largest contributor to the Fund’s relative returns relative to the Russell 3000 Health Care Index during the reporting period was an overweight position in U.S. telemedicine company, Teladoc. The spread of COVID-19 and subsequent social distancing and lockdown measures resulted in unprecedented demand for virtual diagnostics and telemedicine services. The U.S. government amended certain regulatory measures, including covering telehealth related expenses and increasing the breadth of prescriptions available, in an effort to reduce the strain on the medical system.

An out of-benchmark position in Wuxi Biologics was the second largest contributor to the Fund’s relative returns during the reporting period. The China-based company provides laboratory and manufacturing services for pharmaceutical and biotech companies. The company benefitted from increased demand due to the development and manufacturing of COVID-19 vaccines and treatments.

Conversely, not holding a position in U.S.-based healthcare conglomerate, Danaher, was the largest detractor from performance relative to the Russell 3000 Health Care Index during the reporting period as the company benefitted from strong demand for their COVID-19 diagnostic tests.

In addition, an overweight position in medical device maker, Boston Scientific, also negatively impacted relative returns during the reporting period. The company saw decreased demand as elective procedures were cancelled or postponed as a result of COVID-19.

Not holding a position in the American biotechnology company, Moderna, was also among the largest detractors from relative returns during the reporting period. The company released study results showing its COVID-19 vaccine to be 94.1% effective at preventing the virus in a large clinical trial, to which investors responded favourably. Moderna developed one of the first COVID-19 vaccines to obtain Food & Drug Administration (FDA) emergency approval in an accelerated timeframe.

Lastly, an overweight position in a French pharmaceutical company, Sanofi, was also among the largest detractors from relative returns during the reporting period, after the company announced a delay in their COVID-19 vaccine trial that will extend the timeline for approval to the second half of 2021. The stock price subsequently declined as uncertainty arose on whether the company would meet the requirements for approval.

A. For the year ended December 31, 2020, the Real Estate Portfolio’s Class I returned -3.28%, compared to an 18.40% return for the broad-based S&P 500 Index and a -8.70% return for the sector-specific benchmark the MSCI U.S. REITs Index (Net).

Performance Comparison

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⁽¹⁾

Principal Real Estate Investors LLC began managing the Fund on May 1, 2018, and some investment policies changed at that time. Another firm managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

(3.28

5.28

7.96

S&P 500 Index

18.40

15.22

13.88

MSCI U.S. REITs Index (Net)

(8.70

3.51

6.99

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

(3.08

5.49

7.21

S&P 500 Index

18.40

15.22

13.38

MSCI U.S. REITs Index (Net)

(8.70

3.51

5.97

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be

worth more or less than their original cost. Past performance is not predictive of

future performance.

A. For the reporting period, the Fund’s Class I underperformed the broad-based S&P 500 Index and outperformed the sector-specific MSCI U.S. REITs Index. We, the real estate securities team at Principal Real Estate Investors, utilize a fundamental style of investing. We rely on skilled portfolio managers and analysts to provide deep forward-looking perspectives and carry out rigorous, fundamental research on all investment opportunities. Security selection focuses on identifying relative stock mispricing amongst groups of comparable stocks. Excess return generation is bottom-up as we believe security selection is the most reliable and repeatable source of consistent outperformance. We construct portfolios to diversify risk and sources of excess returns, so excess return generation is consistent over the long term. Top-down and quantitative elements are incorporated but represent a minor role in our investment process.

In general, the real estate sector underperformed the domestic equity market (as measured by the broad-based benchmark) during the reporting period, as real estate performance was heavily influenced from the global spread of COVID-19. REITs failed to display their typical defensive characteristics in an environment of government-mandated social distancing, work-from-home trends, and travel restrictions.

Relative to the sector-specific benchmark, the Fund outperformed due to good stock selection during the reporting period. Overweight positions in stocks with structural tailwinds and robust fundamentals (lab office space, data centers, specialized residential, and industrial), was a top contributor to relative performance, as these stocks within the technology and financial sectors performed more defensively throughout the reporting period. The Fund’s positioning (within the financial sector) added to excess returns, due to our underweight to traditional NYC office in favor of lab office stock, Alexandria Real Estate Equities, Inc. REIT (“Alexandria”). Traditional office stocks suffered from social distancing and work from home trends, while Alexandria, which owns and develops lab and biotech office space, experienced a surge in demand as significant dollars were invested in finding a cure for COVID-19. The data center space is one of the few REIT sectors that has seen relatively minimal negative operational impact from COVID-19, while also seeing positive leasing momentum driven by healthy demand. Our overweight to data center stock, Equinix, Inc. REIT, was a top contributor to the Fund’s performance as the company’s interconnection business has particularly benefited from more distributed network traffic and remote working. An underweight to retail stocks (within the financials sector) was also a significant contributor at the end of the reporting period. The sector suffered from COVID-19 social-distancing mandates and forced store closures earlier in the reporting period. Second and third outbreak waves and e-commerce trends continue to pressure retail.

Stock selection within net lease and apartments detracted from relative performance during the reporting period. An overweight to net lease stock Essential Properties Realty Trust, Inc. REIT (“EPR”) properties, detracted from performance, as large exposure to experiential tenants, especially movie theatre operators, caused the stock to underperform due to the social distancing requirements caused by the COVID-19 pandemic. An overweight to apartments stock, Avalon Bay Communities, Inc. REIT, detracted from performance, as the stock suffered from slow leasing activities and poor pricing in coastal gateway markets due to impacts from the work-from-home trend as a result of COVID-19. Regulatory uncertainties, especially in the California markets, also pressured the stock, such as various local governments requiring flat renewal rates and/or the prevention of eviction of COVID-19 impacted tenants, which led to low rent collection/bad debt.

A. For the year ended December 31, 2020, the Technology Portfolio’s Class I returned 47.24%, compared to an 18.40% return for the broad-based S&P 500 Index and a 45.15% return for the sector-specific benchmark, the S&P North American Technology Index.

Performance Comparison

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⁽¹⁾

MFS Investment Management began managing the Fund on November 1, 2016 and some investment policies changed at that time. Other firms managed the Fund before that date.

Average Annual Total Returns for the periods ended December 31, 2020⁽¹⁾

1 Year

5 Years

10 Years

Fund’s Class I

47.24

21.50

13.41

S&P 500 Index

18.40

15.22

13.88

S&P North American Technology Index

45.15

27.23

20.57

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class P

47.54

21.76

13.45

S&P 500 Index

18.40

15.22

13.38

S&P North American Technology Index

45.15

27.23

20.45

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be

worth more or less than their original cost. Past performance is not predictive of

future performance.

A. For the reporting period, the Fund’s Class I outperformed both the broad-based S&P 500 Index and the sector-specific S&P North American Technology Index. We at MFS manage the Fund as an all-cap technology portfolio that historically has sought diversification across high quality durable growth and earlier stage growth companies. The MFS portfolio team leverages a deep bench of investment talent to drive a rigorous bottom-up stock selection process and identify the most attractive technology opportunities for the Fund on a global basis, with emphasis historically on the U.S.

Security selection within both the computer systems and computer software industries was a primary contributor to performance relative to the sector-specific benchmark. Within the computer systems industry, avoiding the underperforming network equipment company Cisco Systems and the diversified technology products and services company International Business Machines both contributed to relative results. An overweight position in marketing and sales software platform provider HubSpot also contributed to relative performance. Within the computer software industry, the Fund’s overweight holdings of computer software company DocuSign and global enterprise cloud communications and collaboration solutions provider RingCentral contributed to relative returns. The Fund’s holdings of cloud and IT services provider Rakus(security is not a benchmark constituent) further contributed to relative performance.

Avoiding semiconductor company Intel contributed to relative results. The Fund’s overweight holdings of e-commerce business services provider Chewy further supported relative results. Additionally, holdings of technology platform services provider Farfetch(security is not a benchmark constituent) and digital health company Livongo Health(security is not a benchmark constituent and was not held in the Fund at reporting period end) contributed to relative performance.

Stock selection in the network & telecom industry was a main driver that detracted from relative performance. However, there were no individual stocks within this sector that were among the Fund’s largest relative detractors during the reporting period.

Stocks in other industries that detracted from relative performance included underweight holdings of computer and personal electronics maker Apple, cloud-based e-commerce platform operator Shopify and computer graphics processor maker NVIDIA. The Fund’s overweight positions in financial technology services provider Fiserv(security was not held in the Fund at reporting period end), semiconductor manufacturer Microchip Technology(security was not held in the Fund at reporting period end), electronic payment services company Global Payments, global provider of banking and payment technologies Fidelity National Information Services and software giant Microsoft all detracted from relative performance. Furthermore, the Fund’s holdings of online and mobile commerce company Alibaba Group Holding(security is not a benchmark constituent)detracted from relative returns.

PSF DFA Balanced Allocation Portfolio (managed by Pacific Life Fund Advisors LLC)

A. For the year ended December 31, 2020, the PSF DFA Balanced Allocation Portfolio’s Class D returned 12.11%, compared to an 18.40% return for the S&P 500 Index, a 7.51% return for the Bloomberg Barclays US Aggregate Bond Index and a 13.17% return for the PSF DFA Balanced Allocation Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class D shares of the Fund to its benchmarks for the period from inception on April 29, 2016 through December 31, 2020. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2020 are also shown in the table below. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020
	1 Year			Since Inception (4/29/16)

*Fund’s Class D*		12.11	%		9.13	%

S&P 500 Index		18.40	%		15.93	%

Bloomberg Barclays US Aggregate Bond Index		7.51	%		4.00	%

PSF DFA Balanced Allocation Composite Benchmark		13.17	%		10.18	%
	1 Year			Since Inception (10/31/19)

*Fund’s Class P*		12.40	%		13.80	%

S&P 500 Index		18.40	%		21.82	%

Bloomberg Barclays US Aggregate Bond Index		7.51	%		6.75	%

PSF DFA Balanced Allocation Composite Benchmark		13.17	%		14.66	%

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period, the Fund’s Class D underperformed the PSF DFA Balanced Allocation Composite Benchmark. The majority of the Fund was allocated to four quantitatively managed domestic equity strategies and two quantitatively driven international equity strategies. The Fund held its remaining allocation in quantitatively managed fixed income strategies during the reporting period.

Among the domestic equity group, the DFA US Large Cap Growth Portfolio contributed to performance over the reporting period. The small capitalization value focus of the DFA VA US Targeted Value Portfolio detracted from performance. The exposure to large cap growth detracted from performance over the fourth quarter of the reporting period. However, small capitalization stocks and value styles gained positive momentum toward the end of the reporting period.

From the fixed income group, the DFA Intermediate-Term Extended Quality Portfolio was the largest contributor to performance over the reporting period. The DFA Short-Term Extended Quality Portfolio dragged on performance.

The Pacific Dynamix-Conservative Growth, Pacific Dynamix-Moderate Growth and Pacific Dynamix-Growth Portfolios each invests its assets in the Pacific Dynamix Underlying Funds to achieve a specified risk target.

Since the performance of each Pacific Dynamix Portfolio is a composite of the performance of each of the Pacific Dynamix Underlying Funds in which it invests (which may include bonds and domestic and/or international equities), there is no one, broad-based industry index to use as a meaningful comparison to a Pacific Dynamix Portfolio’s performance. Therefore, we at PLFA have provided information regarding three broad- based indices to use as a comparison to each Pacific Dynamix Portfolio’s performance. In addition, to assist in performance comparisons, composite benchmarks were constructed for each Pacific Dynamix Portfolio; each is comprised of the three broad-based indices shown below.

The composite benchmarks were constructed with allocations to each asset class that generally correspond to the allocations for the Pacific Dynamix Portfolios that were in effect at that time. However, the actual allocation of any Pacific Dynamix Portfolio will naturally vary as a result of market performance over time as well as intended changes to target allocations. The performance for these broad-based indices for the year ended December 31, 2020 is shown in the following table:

It should be noted that the benchmark indices for the Pacific Dynamix Underlying Funds may differ from the Pacific Dynamix Portfolios’ broad- based indices. The following Funds’ investments comprise the Pacific Dynamix Underlying Funds for the Pacific Dynamix Portfolios. Not all of the Pacific Dynamix Underlying Funds were represented in each of the Pacific Dynamix Portfolio models during the reporting period, and the allocation of each of the Pacific Dynamix Underlying Funds within the Pacific Dynamix Portfolio models did vary.

Pacific Dynamix-Conservative Growth Portfolio (managed by Pacific Life Fund Advisors LLC)

A. For the year ended December 31, 2020, the Pacific Dynamix-Conservative Growth Portfolio’s Class I returned 12.21%, compared to a 7.51% return for the Bloomberg Barclays US Aggregate Bond Index, an 18.40% return for the S&P 500 Index and an 11.49% return for the Pacific Dynamix-Conservative Growth Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmarks for the ten-year period ended December 31, 2020. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2020 are also shown in the table below. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund’s Class I

12.21

7.91

6.52

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.84

S&P 500 Index

18.40

15.22

13.88

Pacific Dynamix-Conservative Growth Composite Benchmark

11.49

8.21

7.15

1 Year

Since
Inception
(10/31/19)

Fund’s Class P

12.44

13.05

Bloomberg Barclays US Aggregate Bond Index

7.51

6.75

S&P 500 Index

18.40

21.82

Pacific Dynamix-Conservative Growth Composite Benchmark

11.49

12.18

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be

worth more or less than their original cost. Past performance is not predictive of

future performance.

A. For the reporting period, the Fund’s Class I outperformed the Pacific Dynamix-Conservative Growth Composite Benchmark. The Fund held just over half of its allocation in passively managed fixed income strategies during the reporting period. The remainder of the Fund was allocated to four passively managed domestic equity strategies and two quantitatively driven international equity strategies.

From the broad asset class level, the fixed income group underperformed the Bloomberg Barclays US Aggregate Bond Index. The domestic group outpaced the S&P 500 Index, while the international group outpaced the MSCI World ex USA Index (Net).

Within the fixed income group, the PD Aggregate Bond Index, PD 1-3 Year Corporate Bond and PD High Yield Bond Market Portfolios seek to match the returns of the Bloomberg Barclays US Aggregate Bond Index, Bloomberg Barclays 1-3 Year US Corporate Bond Index and Bloomberg Barclays US High-Yield 2% Issuer Capped Bond Index, respectively, before taking into account fund costs. Credit spreads tightened over the reporting period, which led the PD High Yield Bond Market Portfolio to support performance within the fixed income group. However, the exposure to short-term bonds detracted from performance.

Among the domestic equity group, the PD Large-Cap Growth Index and PD Large-Cap Value Index Portfolios seek to match the returns of the Russell 1000 Growth Index and Russell 1000 Value Index, respectively, before taking into account fund costs. The PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios seek to replicate the returns of the Russell 2000 Growth Index and Russell 2000 Value Index, respectively. The exposure to large growth supported performance.

Within the international group, the PD Emerging Markets Portfolio helped performance as emerging Asian stocks started to gain momentum.

Pacific Dynamix-Moderate Growth Portfolio (managed by Pacific Life Fund Advisors LLC)

A. For the year ended December 31, 2020, the Pacific Dynamix-Moderate Growth Portfolio’s Class I returned 14.58%, compared to an 18.40% return for the S&P 500 Index, a 7.51% return for the Bloomberg Barclays US Aggregate Bond Index and a 13.14% return for the Pacific Dynamix- Moderate Growth Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmarks for the ten-year period ended December 31, 2020. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2020 are also shown in the table below. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund’s Class I

14.58

9.70

7.82

S&P 500 Index

18.40

15.22

13.88

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.84

Pacific Dynamix-Moderate Growth Composite Benchmark

13.14

10.00

8.69

1 Year

Since
Inception
(10/31/19)

Fund’s Class P

14.81

16.09

S&P 500 Index

18.40

21.82

Bloomberg Barclays US Aggregate Bond Index

7.51

6.75

Pacific Dynamix-Moderate Growth Composite Benchmark

13.14

14.64

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be

worth more or less than their original cost. Past performance is not predictive of

future performance.

A. For the reporting period, the Fund’s Class I outperformed the Pacific Dynamix-Moderate Growth Composite Benchmark. The Fund held just under half of its allocation in passively managed fixed income strategies during the reporting period. The majority of the Fund was allocated to four passively managed domestic equity strategies and two quantitatively driven international equity strategies.

Among the domestic equity group, the PD Large-Cap Growth Index and PD Large-Cap Value Index Portfolios seek to match the returns of the Russell 1000 Growth Index and Russell 1000 Value Index, respectively. The PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios seek to replicate the returns of the Russell 2000 Growth and Russell 2000 Value Indices, respectively, before taking into account fund costs. The exposure to large growth supported performance.

Within the international group, the PD Emerging Markets Portfolio helped performance as emerging Asian stocks started to gain momentum.

Within the fixed income group, the PD Aggregate Bond Index, PD 1-3 Year Corporate Bond and PD High Yield Bond Market Portfolios seek to match the returns of the Bloomberg Barclays US Aggregate Bond Index, Bloomberg Barclays 1-3 Year US Corporate Bond Index and Bloomberg Barclays US High-Yield 2% Issuer Capped Bond Indices, respectively, before taking into account fund costs. Credit spreads tightened over the reporting period, which led the PD High Yield Bond Market Portfolio to support performance within the fixed income group. However, the exposure to short-term bonds detracted from performance.

Pacific Dynamix-Growth Portfolio (managed by Pacific Life Fund Advisors LLC)

A. For the year ended December 31, 2020, the Pacific Dynamix-Growth Portfolio’s Class I returned 15.79%, compared to an 18.40% return for the S&P 500 Index, a 7.51% return for the Bloomberg Barclays US Aggregate Bond Index and a 14.00% return for the Pacific Dynamix-Growth Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmarks for the ten-year period ended December 31, 2020. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2020 are also shown in the table below. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund’s Class I

15.79

11.31

9.03

S&P 500 Index

18.40

15.22

13.88

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.84

Pacific Dynamix-Growth Composite Benchmark

14.00

11.33

9.85

1 Year

Since
Inception
(10/31/19)

Fund’s Class P

16.02

18.12

S&P 500 Index

18.40

21.82

Bloomberg Barclays US Aggregate Bond Index

7.51

6.75

Pacific Dynamix-Growth Composite Benchmark

14.00

16.36

Performance data shown represents past performance. Investment return and
principal value will fluctuate so that shares of the Fund when redeemed may be worth
more or less than their original cost. Past performance is not predictive of future
performance.

A. For the reporting period, the Fund’s Class I outperformed the Pacific Dynamix-Growth Composite Benchmark. For the reporting period, the Fund’s Class I outperformed the Pacific Dynamix-Growth Composite Benchmark. The Fund held most of its allocation in equity, including four passively managed domestic equity strategies and two quantitatively driven international equity strategies. The rest of the Fund was invested in passively managed fixed income strategies.

Among the domestic equity group, the PD Large-Cap Growth Index and PD Large-Cap Value Index Portfolios seek to match the Russell 1000 Growth Index and Russell 1000 Value Index, respectively, before taking into account fund costs. The PD Small-Cap Growth Index and PD

Small-Cap Value Index Portfolios seek to replicate the returns of the Russell 2000 Growth Index and Russell 2000 Value Index, respectively, before taking into account fund costs. The Fund’s exposure to large growth supported performance.

Within the international group, the PD Emerging Markets Portfolio helped performance as emerging Asian stocks started to gain momentum.

The Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth, and Portfolio Optimization Aggressive-Growth Portfolios are allocated amongst the Underlying Funds to achieve a specified risk target.

Since the performance of each Portfolio Optimization Portfolio is a composite of the performance of each of the Underlying Funds in which it invests (which may include bonds and domestic and/or international equities), there is no one, broad-based industry index to use as a meaningful comparison to a Portfolio Optimization Portfolio’s performance. Therefore, we at PLFA have provided information regarding four broad-based indices to use as a comparison to each Portfolio Optimization Portfolio’s performance. In addition, to assist in performance comparisons, composite benchmarks were constructed for each Portfolio Optimization Portfolio each is comprised of the four broad-based indices shown below.

The composite benchmarks were constructed with allocations to each asset class that correspond to the allocations for the Portfolio Optimization Portfolios that were in effect at that time. However, the actual allocation of any Portfolio Optimization Portfolio will naturally vary as a result of market performance over time. The one-year performance for these broad-based indices for the year ended December 31, 2020 is shown in the following table:

It should be noted that the benchmark indices for the Underlying Funds may differ from the Portfolio Optimization Portfolios’ broad-based indices. The following investments comprise the Underlying Funds for the Portfolio Optimization Portfolios. Not all of the Underlying Funds were represented in each of the Portfolio Optimization Portfolio models during the reporting period, and the allocation of each of the Underlying Funds within the Portfolio Optimization Portfolio models did vary.

Portfolio Optimization Conservative Portfolio (managed by Pacific Life Fund Advisors LLC)

A. For the year ended December 31, 2020, the Portfolio Optimization Conservative Portfolio’s Class I returned 7.88%, compared to a 7.51% return for the Bloomberg Barclays US Aggregate Bond Index, an 18.40% return for the S&P 500 Index and a 9.12% return for the Portfolio Optimization Conservative Composite Benchmark.

The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmarks for the period from inception on May 2, 2011 through December 31, 2020. For comparison purposes, the performance of Class P shares and its benchmarks for the period from inception of Class P on October 31, 2019 through December 31, 2020 are also shown in the table below. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

LOGO

Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class I

7.88

5.85

4.64

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.79

S&P 500 Index

18.40

15.22

13.38

Portfolio Optimization Conservative Composite Benchmark

9.12

6.12

5.18

1 Year

Since
Inception
10/31/19

Fund’s Class P

8.10

8.34

Bloomberg Barclays US Aggregate Bond Index

7.51

6.75

S&P 500 Index

18.40

21.82

Portfolio Optimization Conservative Composite Benchmark

9.12

9.11

Performance data shown represents past performance. Investment return and
principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future
performance.

A. For the reporting period, the Fund’s Class I underperformed the Portfolio Optimization Conservative Composite Benchmark. The Fund was primarily comprised of various fixed income strategies, with a small allocation to equity strategies, during the reporting period. Fixed income investments included intermediate-term bond, short duration securities, inflation-protected bond, emerging markets bond, high yield debt and floating rate loan strategies. The equity allocation mainly held domestic and foreign large-capitalization strategies during the reporting period. Alternatives included a multicurrency portfolio.

From the broad asset class perspective, the Fund’s fixed income group was roughly in line with the Bloomberg Barclays US Aggregate Bond Index. The domestic equity group lagged the S&P 500 Index, but the international equity group fared better than the MSCI EAFE Index (Net). Alternatives detracted from returns during the reporting period; however, the Currency Strategies Portfolio was removed during the reporting period.

Over the reporting period, exposures to riskier segments such as bank loans and emerging markets debt detracted from performance. However, exposures to longer duration offset some of the headwinds, as interest rates plunged following the outbreak of COVID-19.

Among the Fund’s domestic equities group, value styles detracted from performance, as growth outperformed over the reporting period. On the other hand, outperformances stemming from the Mid-Cap Growth and Mid-Cap Equity Portfolios provided some buffer, as both mid-capitalization managers outperformed their respective benchmarks by a wide margin. On the other hand, the Dividend Growth and Growth Portfolios underperformed their respective benchmarks, which -detracted from performance.

From the international equity group, exposure to emerging markets contributed to performance, as emerging Asian equities surged over the reporting period. However, the International Value Portfolio underperformed the MSCI EAFE Index (Net) and held back performance.

As mentioned above, the Fund’s allocation to alternatives detracted from performance. Alternative strategies were removed as underlying investment options for the Portfolio Optimization Portfolios so the Fund had no exposure to alternatives by the end of the reporting period.

Portfolio Optimization Moderate-Conservative Portfolio (managed by Pacific Life Fund Advisors LLC)

A. For the year ended December 31, 2020, the Portfolio Optimization Moderate-Conservative Portfolio’s Class I returned 9.97%, compared to a 7.51% return for the Bloomberg Barclays US Aggregate Bond Index, an 18.40% return for the S&P 500 Index and an 11.15% return for the Portfolio Optimization Moderate-Conservative Composite Benchmark.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class I

9.97

7.34

5.80

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.79

S&P 500 Index

18.40

15.22

13.38

Portfolio Optimization Moderate-Conservative Composite Benchmark

11.15

8.03

6.80

1 Year

Since

Inception
10/31/19

Fund’s Class P

10.19

10.99

Bloomberg Barclays US Aggregate Bond Index

7.51

6.75

S&P 500 Index

18.40

21.82

Portfolio Optimization Moderate-Conservative Composite Benchmark

11.15

11.87

A. For the reporting period, the Fund’s Class I underperformed the Portfolio Optimization Moderate-Conservative Composite Benchmark. The Fund had a diversified allocation mix that was modestly tilted to fixed income during the reporting period. Fixed income investments included underlying funds that consisted of intermediate-term bonds as well as short duration securities, inflation-protected bonds, emerging markets bonds, high yield debt and floating rate loans. The equity exposure was diversified across style (growth/value), market capitalization and region (including an allocation to foreign small-capitalization and emerging markets strategies). Alternatives included a multicurrency portfolio.

From the broad asset class perspective, the Fund’s fixed income group modestly outpaced the Bloomberg Barclays US Aggregate Bond Index. The domestic equity group lagged the S&P 500 Index while the international equity group trailed the MSCI EAFE Index (Net). Alternatives detracted from returns during the reporting period; however, the Currency Strategies Portfolio was removed during the reporting period.

Portfolio Optimization Moderate Portfolio (managed by Pacific Life Fund Advisors LLC)

A. For the year ended December 31, 2020, the Portfolio Optimization Moderate Portfolio’s Class I returned 11.83%, compared to an 18.40% return for the S&P 500 Index, a 7.51% return for the Bloomberg Barclays US Aggregate Bond Index and a 12.51% return for the Portfolio Optimization Moderate Composite Benchmark.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class I

11.83

8.66

6.80

S&P 500 Index

18.40

15.22

13.38

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.79

Portfolio Optimization Moderate Composite Benchmark

12.51

9.37

7.89

1 Year

Since

Inception
10/31/19

Fund’s Class P

12.05

13.24

S&P 500 Index

18.40

21.82

Bloomberg Barclays US Aggregate Bond Index

7.51

6.75

Portfolio Optimization Moderate Composite Benchmark

12.51

13.80

Performance data shown represents past performance. Investment return and
principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period, the Fund’s Class I underperformed the Portfolio Optimization Moderate Composite Benchmark. The Fund maintained a mix of equity and fixed income portfolios. The equity exposure was diversified across style (growth/value), market capitalization and region (including allocations to foreign small-capitalization and emerging markets stocks). The Fund also maintained exposure to select market sectors such as publicly traded REITs. Fixed income investments included intermediate-term bonds, short duration securities, inflation-protected bonds, emerging markets bonds, high yield debt and floating rate loans. Alternatives included a multicurrency portfolio.

From the broad asset class perspective, the Fund’s fixed income group outperformed the Bloomberg Barclays US Aggregate Bond Index. The domestic equity group lagged the S&P 500 Index, but the international equity group fared better than the MSCI EAFE Index (Net). Alternatives detracted from returns during the reporting period; however, the Currency Strategies Portfolio was removed during the reporting period.

Portfolio Optimization Growth Portfolio (managed by Pacific Life Fund Advisors LLC)

A. For the year ended December 31, 2020, the Portfolio Optimization Growth Portfolio’s Class I returned 12.72%, compared to an 18.40% return for the S&P 500 Index, a 7.51% return for the Bloomberg Barclays US Aggregate Bond Index and a 14.12% return for the Portfolio Optimization Growth Composite Benchmark.

Performance Comparison

LOGO

Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class I

12.72

9.78

7.67

S&P 500 Index

18.40

15.22

13.38

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.79

Portfolio Optimization Growth Composite Benchmark

14.12

11.16

9.37

1 Year

Since
Inception
10/31/19

Fund’s Class P

12.95

14.86

S&P 500 Index

18.40

21.82

Bloomberg Barclays US Aggregate Bond Index

7.51

6.75

Portfolio Optimization Growth Composite Benchmark

14.12

16.25

A. For the reporting period, the Fund’s Class I underperformed the Portfolio Optimization Growth Composite Benchmark. The Fund maintained a mix of equity and fixed income portfolios. The equity exposure was diversified across style (growth/value), market capitalization and region (including allocations to foreign small-capitalization and emerging markets stocks). The Fund also maintained exposure to select market sectors such as publicly traded REITs. Fixed income investments included intermediate-term bonds, short duration securities, inflation-protected bonds, emerging markets bonds, high yield debt and floating rate loans. Alternatives included a multicurrency portfolio.

Portfolio Optimization Aggressive-Growth Portfolio (managed by Pacific Life Fund Advisors LLC)

A. For the year ended December 31, 2020, the Portfolio Optimization Aggressive-Growth Portfolio’s Class I returned 12.46%, compared to an 18.40% return for the S&P 500 Index, a 7.51% return for the Bloomberg Barclays US Aggregate Bond Index and a 14.93% return for the Portfolio Optimization Aggressive-Growth Composite Benchmark

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

Since

Inception

(5/2/11)

Fund’s Class I

12.46

10.33

8.00

S&P 500 Index

18.40

15.22

13.38

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.79

Portfolio Optimization Aggressive-Growth Composite Benchmark

14.93

12.29

10.28

1 Year

Since
Inception
10/31/19

Fund’s Class P

12.68

15.19

S&P 500 Index

18.40

21.82

Bloomberg Barclays US Aggregate Bond Index

7.51

6.75

Portfolio Optimization Aggressive-Growth Composite Benchmark

14.93

17.73

Performance data shown represents past performance. Investment return and
principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period, the Fund’s Class I underperformed the Portfolio Optimization Aggressive-Growth Composite Benchmark. The Fund allocates primarily to domestic and international equity portfolios which are diversified across style (growth/value), market capitalization and region (which include allocations to foreign small-capitalization and emerging markets stocks). The Fund also maintains exposure to select sectors such as publicly traded REITs as well as a small allocation to intermediate-term fixed income securities. Alternatives included a multicurrency portfolio.

Among the portfolio’s domestic equities group, value styles detracted from performance, as growth outperformed over the reporting period. On the other hand, outperformances stemming from the Mid-Cap Growth and Mid-Cap Equity Portfolios provided some buffer, as both mid-capitalization managers outperformed their respective benchmarks by a wide margin. On the other hand, the Dividend Growth and Growth Portfolios underperformed their respective benchmarks, which dragged performance.

Over the reporting period, exposures to riskier segments such as emerging markets debt mainly detracted from performance. However, exposures to longer duration offset some of the headwinds, as interest rates plunged following the outbreak of COVID-19.

PD 1-3 Year Corporate Bond Portfolio (managed by SSGA Funds Management, Inc.)

A. For the year ended December 31, 2020, the PD 1-3 Year Corporate Bond Portfolio’s Class P returned 2.94%, compared to a 3.79% return for its benchmark, the Bloomberg Barclays US 1-3 Year Corporate Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the period from inception on April 30, 2014 through December 31, 2020. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

Since
Inception
(4/30/14)

Fund's Class P

2.94

2.49

1.97

Bloomberg Barclays US 1-3 Year Corporate Bond Index

3.79

2.96

2.44

A. For the reporting period, the Fund’s Class P underperformed the benchmark. The Fund seeks investment results that closely correspond to the total return of the benchmark that tracks the short-term U.S. corporate bond market. We, the SSGA FM indexed portfolio management team, use a sampling approach to match the Fund’s risk characteristics with those of the benchmark, and do not overweight or underweight sectors or securities with the intention of adding value above the benchmark. There is no attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term period of poor bond market performance.

As this is an indexed fund, primary factors that affected markets also affected the Fund’s performance. The main factors that contributed Fund performance included the decrease in treasury yields, the widening and subsequent tightening of bond spreads, as well as the Federal Reserve’s cut of interest rates to a zero lower bound in March in response to the COVID-19 pandemic. Security mis-weights resulting from our sampling process as well as traditional trading costs, detracted from relative performance. Additionally, a change in asset allocation by the fund of funds during a period of severe market dislocation in March, resulted in additional trading costs that detracted from relative performance.

PD Aggregate Bond Index Portfolio (managed by SSGA Funds Management, Inc.)

A. For the year ended December 31, 2020, the PD Aggregate Bond Index Portfolio’s Class P returned 7.15%, compared to a 7.51% return for its benchmark, the Bloomberg Barclays US Aggregate Bond Index.

The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended December 31, 2020. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund's Class P

7.15

4.18

3.60

Bloomberg Barclays US Aggregate Bond Index

7.51

4.44

3.84

Performance data shown represents past performance. Investment return and
principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period, the Fund’s Class P underperformed the benchmark. The Fund seeks investment results that closely correspond to the total return of an index that tracks the U.S. dollar-denominated investment grade bond market. We, the SSGA FM indexed portfolio management team, use a stratified sampling approach to match the benchmark’s major risk characteristics and do not overweight or underweight sectors or securities with the intention of adding value above the benchmark.

PD High Yield Bond Market Portfolio (managed by SSGA Funds Management, Inc.)

A. For the year ended December 31, 2020, the PD High Yield Bond Market Portfolio’s Class P returned 6.71%, compared to a 7.05% return for its benchmark, the Bloomberg Barclays US High-Yield 2% Issuer Capped Bond Index.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund's Class P

6.71

8.23

6.42

Bloomberg Barclays US High-Yield 2% Issuer Capped Bond Index

7.05

8.57

6.79

A. For the reporting period, the Fund’s Class P underperformed the benchmark. The Fund seeks investment results that closely correspond to the total return of an index that tracks the U.S. high yield corporate bond market. We, the SSGA FM indexed fund management team, use a stratified sampling approach to match the Fund’s major risk characteristics with those of the benchmark, and do not overweight or underweight sectors or securities with the intention of adding value above the benchmark. There is no attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term period of poor bond market performance.

As this is an indexed fund, primary factors that affected markets also affected the Fund’s performance. The main factors that contributed Fund performance included the decrease in treasury yields, the widening and subsequent tightening of bond spreads, as well as the Federal Reserve’s cut of interest rates to a zero lower bound in March in response to the COVID-19 Pandemic. Security mis-weights resulting from our sampling process as well as traditional trading costs, detracted from relative performance. Additionally, a change in asset allocation by the fund of funds during a period of sever market dislocation in March, resulted in additional trading costs that detracted from relative performance.

PD Large-Cap Growth Index Portfolio (managed by BlackRock Investment Management, LLC)

A. For the year ended December 31, 2020, the PD Large-Cap Growth Index Portfolio’s Class P returned 38.22%, compared to a 38.49% return for its benchmark, the Russell 1000 Growth Index.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund's Class P

38.22

20.74

16.96

Russell 1000 Growth Index

38.49

21.00

17.21

A. For the reporting period, the Fund’s Class P underperformed the benchmark. We at BlackRock maintain the Fund’s strategy by seeking to replicate, as closely as possible, the total return of an index of large-capitalization growth companies as represented by the benchmark. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

U.S. equities, as represented by the benchmark finished the year with strong positive performance of 38.49% over the reporting period. All sectors returned positive in the benchmark and were contributors to the Fund’s performance for the reporting period. Top contributors were the consumer discretionary sector at 62.83%, the information technology sector at 53.06% and the communication services sector at 34.98%. While the energy sector at -18.18%, the real estate sector at 2.61% and the industrials sector at 7.86% were among the lowest performers over the reporting period.

The Fund used derivatives, most notably futures contracts, to provide market exposure for cash balances and dividend accruals, as well as to adjust market exposure to extended cash flow needs.

PD Large-Cap Value Index Portfolio (managed by BlackRock Investment Management, LLC)

A. For the year ended December 31, 2020, the PD Large-Cap Value Index Portfolio’s Class P returned 3.10%, compared to a 2.80% return for its benchmark, the Russell 1000 Value Index.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund's Class P

3.10

9.63

10.35

Russell 1000 Value Index

2.80

9.74

10.50

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be

worth more or less than their original cost. Past performance is not predictive of

future performance.

A. For the reporting period, the Fund’s Class P outperformed the benchmark. We at BlackRock maintain the Fund’s strategy by seeking to replicate, as closely as possible, the total return of an index of large-capitalization value companies as represented by the benchmark. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

U.S. equities, as represented by the Russell 1000 Value Index finished the year with strong positive performance of 2.80% over the reporting period. Most sectors returned positive in the Russell 1000 Value Index for 2020. Top contributors in the benchmark and to the Fund’s performance were the materials sector at 18.41%, the health care sector at 12.84% and the industrials sector at 12.13%. Bottom contributors for the reporting period were the energy sector at -33.50%, the real estate sector at -9.31% and the financials sector at -4.58%.

The Fund used derivatives, most notably futures contracts, to provide market exposure for cash balances and dividend accruals, as well as to adjust market exposure to extended cash flow needs.

PD Mid-Cap Index Portfolio (managed by BlackRock Investment Management, LLC)

A. The PD Mid-Cap Index Portfolio commenced operations on October 23, 2020. For the period from inception through December 31, 2020, the Fund’s Class P returned 12.44%, compared to a 13.22% return for its benchmark, the Russell Midcap Index.

Performance Comparison

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Total Returns for the periods ended December 31, 2020
	Since Inception 10/23/20

*Fund’s Class P*		12.44	%

Russell Midcap Index		13.22	%

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance.

A. For the reporting period from Fund inception on October 23, 2020 through December 31, 2020, the Fund’s Class P underperformed the benchmark. We at BlackRock maintain our portion of the Fund’s strategy by seeking to replicate, as closely as possible, the total return of an index of mid-capitalization companies as represented by the benchmark. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

Mid-capitalization U.S. equities, as represented by the benchmark, finished the reporting period with strong positive performance of 12.44%. Top contributors for the benchmark, which were also contributors to the Fund’s performance for reporting period, were the energy sector at 31.31%, communication services sector at 21.72%, and information technology sector at 17.64%. By comparison, the utilities sector at -2.39%, consumer staples sector at 0.66%, and health care sector at 8.44% were the lowest detractors from performance.

The Fund used derivatives, most notably futures contracts, to provide market exposure for cash balances and dividend accruals, as well as to adjust market exposure to extended cash flow needs.

PD Small-Cap Growth Index Portfolio (managed by BlackRock Investment Management, LLC)

A. For the year ended December 31, 2020, the PD Small-Cap Growth Index Portfolio’s Class P returned 34.71%, compared to a 34.63% return for its benchmark, the Russell 2000 Growth Index.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund's Class P

34.71

16.24

13.27

Russell 2000 Growth Index

34.63

16.36

13.48

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be

worth more or less than their original cost. Past performance is not predictive of

future performance.

A. For the reporting period, the Fund’s Class P outperformed the benchmark. We at BlackRock maintain the Fund’s strategy by seeking to replicate, as closely as possible, the total return of an index of small-capitalization growth companies as represented by the benchmark. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

U.S. equities, as represented by the Russell 2000 Growth Index finished the year with strong positive performance of 34.63% over the reporting period. Top contributors in the benchmark, which were also contributors to the Fund’s performance during the reporting period, were the health care sector at 48.25%, the information technology at 44.67% and the industrials sector at 35.67%. While the energy sector at -31.81%, the utilities sector at 5.67% and the materials sector at 7.21% were among the lowest performers for the reporting period.

The Fund used derivatives, most notably futures contracts, to provide market exposure for cash balances and dividend accruals, as well as to adjust market exposure to extended cash flow needs.

PD Small-Cap Value Index Portfolio (managed by BlackRock Investment Management, LLC)

A. For the year ended December 31, 2020, the PD Small-Cap Value Index Portfolio’s Class P returned 4.92%, compared to a 4.63% return for its benchmark, the Russell 2000 Value Index.

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund's Class P

4.92

9.51

8.47

Russell 2000 Value Index

4.63

9.65

8.66

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be

worth more or less than their original cost. Past performance is not predictive of

future performance.

A. For the reporting period, the Fund’s Class P outperformed the benchmark. We at BlackRock maintain the Fund’s strategy by seeking to replicate, as closely as possible, the total return of an index of small-capitalization value companies as represented by the benchmark. In accordance with our passive investment strategy, the Fund was positioned to match the risk characteristics of the benchmark throughout the reporting period.

U.S. equities, as represented by the Russell 2000 Value Index finished the year with strong positive performance of 4.63% over the reporting period. Top contributors in the benchmark, which were also contributors to the Fund’s performance for the reporting period, were the consumer staples sector at 37.43%, the consumer discretionary sector at 32.64% and the health care sector at 32.13%. While the energy sector at -36.63%, the real estate sector at -9.66% and the utilities sector at -9.32% were also among the lowest performers for the reporting period.

The Fund used derivatives, most notably futures contracts, to provide market exposure for cash balances and dividend accruals, as well as to adjust market exposure to extended cash flow needs.

A. For the year ended December 31, 2020, the PD Emerging Markets Portfolio’s Class P returned 13.76%, compared to an 18.31% return for its benchmark, the MSCI Emerging Markets Index (Net).

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund's Class P

13.76

11.65

2.91

MSCI Emerging Markets Index (Net)

18.31

12.81

3.63

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be

worth more or less than their original cost. Past performance is not predictive of

future performance.

A. For the reporting period, the Fund’s Class P underperformed the benchmark. The Fund seeks long-term growth of capital by capturing the returns of large market capitalization equity securities in emerging markets. We at DFA employ a disciplined approach that emphasizes broad diversification and consistent exposure to large market capitalization emerging markets equities but does not attempt to track a specific index. The investment strategy is process driven, with increased exposure to stocks with smaller market capitalizations, lower relative price (value), and higher profitability within the large market capitalization segment of emerging markets. In assessing profitability, DFA may consider such factors as earnings or profits from operations relative to book value or assets. At the end of the reporting period, the Fund held over 1,000 securities invested in 21 eligible emerging markets countries. With the Fund’s diversified approach, performance was generally determined by broad structural trends in emerging country equity markets rather than by the behavior of a limited number of securities.

With low relative price (value) stocks underperforming high relative price (growth) stocks in emerging markets for the reporting period, the Fund’s greater emphasis on value detracted from performance relative to the benchmark. The Fund’s greater emphasis on mid capitalization stocks also detracted from relative performance, as mid capitalization stocks underperformed large capitalization stocks for the reporting period. At the country level, the Fund’s comparatively smaller allocation to China detracted from relative performance, as China outperformed the overall benchmark. The Fund’s comparatively larger allocation to Brazil also detracted from relative performance, as Brazil underperformed the overall benchmark. Conversely, the Fund’s comparatively smaller allocation to Russia and exclusions of issuers based in Qatar and Saudi Arabia contributed positively to relative performance, as these countries underperformed the overall benchmark.

For the reporting period, the Fund used exchange traded index futures to equitize large flows of cash.

PD International Large-Cap Portfolio (managed by Dimensional Fund Advisors LP)

A. For the year ended December 31, 2020, the PD International Large-Cap Portfolio’s Class P returned 8.25%, compared to a 7.59% return for its benchmark, the MSCI World ex USA Index (Net).

Performance Comparison

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Average Annual Total Returns for the periods ended December 31, 2020

1 Year

5 Years

10 Years

Fund's Class P

8.25

7.77

5.14

MSCI World ex USA Index (Net)

7.59

7.64

5.19

Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be

worth more or less than their original cost. Past performance is not predictive of

future performance.

A. For the reporting period, the Fund’s Class P outperformed the benchmark. The Fund seeks long-term growth of capital by capturing the returns of large market capitalization equity securities in developed markets (other than the U.S.). We at DFA employ a disciplined approach that emphasizes broad diversification and consistent exposure to large market capitalization equities within developed ex U.S. markets but does not attempt to track a specific index. The investment strategy is process driven, with increased exposure to stocks with relatively smaller market capitalizations, lower relative price (value), and higher profitability within the large market capitalization segment of developed ex U.S. markets. In assessing profitability, we may consider such factors as earnings or profits from operations relative to book value or assets. At the end of the reporting period, the Fund held over 1,280 securities invested in 22 eligible developed ex U.S. countries. With the Fund’s diversified approach, performance was generally determined by broad structural trends in developed ex U.S. equity markets rather than by the behavior of a limited number of securities.

The Fund’s emphasis on stocks with higher profitability contributed positively to relative performance, as higher-profitability stocks generally outperformed over the reporting period. Conversely, with low relative price (value) stocks underperforming high relative price (growth) stocks, the Fund’s greater emphasis on value stocks detracted from relative performance. At the sector level, the Fund’s exclusion of REITs contributed positively to relative performance over the reporting period, as REITs underperformed the overall benchmark.

For the reporting period, the Fund used exchange traded index futures to equitize large flows of cash.

Bloomberg Barclays 1-3 Year US Government/Credit Bond Index measures the performance of a subset of the Bloomberg Barclays US Aggregate Bond Index and includes investment grade U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities with maturities of one to three years. Results include the reinvestment of all distributions.

Bloomberg Barclays US 1-3 Year Corporate Bond Index measures the performance of the short-term U.S. corporate bond market. The Index includes publicly issued U.S. dollar-denominated corporate issues that are rated investment grade and have a remaining maturity of greater than or equal to one year and less than three years. Results include the reinvestment of all distributions.

Bloomberg Barclays US Aggregate Bond Index measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, which includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. Results include the reinvestment of all distributions.

Bloomberg Barclays US High-Yield 2% Issuer Capped Bond Index is an issuer-constrained version of the Bloomberg Barclays US Corporate High-Yield Bond Index that covers the U.S. dollar-denominated, high yield, fixed-rate corporate bond market and limits issuer exposures to a maximum of 2% and redistributes the excess market value index-wide on a pro-rata basis. Results include the reinvestment of all distributions.

Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index (also known as Bloomberg Barclays US Treasury Inflation-Linked Bond Index) is an index of all outstanding treasury inflation protected securities issued by the U.S. government. Results include the reinvestment of all distributions.

Credit Suisse Leveraged Loan Index tracks the investable market of the U.S. dollar-denominated leveraged loan market. It consists of issues rated “5B” or lower, meaning that the highest rated issues included in this index are Moody’s/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenure of at least one year and are made by issuers domiciled in developed countries. Results include the reinvestment of all distributions.

Emerging Markets Debt Composite Benchmark is a composite benchmark that combines three emerging markets indices as follows: 50% J.P. Morgan EMBI Global Diversified, 25% J.P. Morgan ELMI+ and 25% J.P. Morgan GBI-EM Global Diversified. Results include the reinvestment of all distributions.

ICE BofA U.S. 3-Month Treasury Bill (T-Bill) Index (formerly named ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index) is an index comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. Results include the reinvestment of all distributions.

J.P. Morgan Emerging Local Markets Index Plus (ELMI+) is a performance benchmark for emerging markets money market instruments and tracks total returns for local-currency denominated money market instruments. The index consists of foreign exchange forward contracts laddered with maturities ranging from one to three months. Country weights are based on a trade-weighted allocation, with a maximum weight of 10% per country. Results include the reinvestment of all distributions.

J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified tracks total returns of U.S. dollar-denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities: Brady bonds, loans, and Eurobonds. This diversified index limits the exposure of some of the larger countries. Results include the reinvestment of all distributions.

J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified tracks total returns of emerging markets local currency denominated fixed income instruments. The instruments of the index are regularly traded, fixed-rate local sovereign bonds to which international investors can gain exposure. Country weights are based on a trade-weighted allocation, with a maximum weight of 10% per country. Results include the reinvestment of all distributions.

MSCI EAFE (Europe, Australasia, and Far East) Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. As of December 31, 2020, the MSCI EAFE Index (Net) consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The word “(Net)” in the index name means the net total return for the index, which includes the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of large- and mid-capitalization securities in emerging markets. As of December 31, 2020, the MSCI Emerging Markets Index (Net) consists of the following 27 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. The word “(Net)” in the index name means the net total return for the index, which includes the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

MSCI U.S. Real Estate Investment Trust (“REIT”) Index (Net) is a free float-adjusted market capitalization index that is comprised of equity REITs and represents approximately 99% of the U.S. REIT universe and securities that are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICS^®). The word “(Net)” in the index name means the net total return for the index, which includes the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

MSCI World ex USA Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of large and mid-cap securities in developed markets, excluding the U.S. The word “(Net)” in the index name means the net total return for the index, which includes the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.

Pacific Dynamix-Conservative Growth Composite Benchmark is 60% Bloomberg Barclays US Aggregate Bond; 30% S&P 500; and 10% MSCI World ex USA (Net) Indices. Results include the reinvestment of all distributions.

Pacific Dynamix-Moderate Growth Composite Benchmark is 45% S&P 500; 40% Bloomberg Barclays US Aggregate Bond; and 15% MSCI World ex USA (Net) Indices. Results include the reinvestment of all distributions.

Pacific Dynamix-Growth Composite Benchmark is 55% S&P 500; 25% MSCI World ex USA (Net); and 20% Bloomberg Barclays US Aggregate Bond Indices. Results include the reinvestment of all distributions.

Portfolio Optimization Conservative Composite Benchmark is 73% Bloomberg Barclays US Aggregate Bond; 15% S&P 500; 7% ICE BofA U.S. 3-Month T-Bill; and 5% MSCI EAFE (Net) Indices. Results include the reinvestment of all distributions.

Portfolio Optimization Moderate-Conservative Composite Benchmark is 55% Bloomberg Barclays US Aggregate Bond; 30% S&P 500; 10% MSCI EAFE (Net); and 5% ICE BofA U.S. 3-Month T-Bill Indices. Results include the reinvestment of all distributions.

Portfolio Optimization Moderate Composite Benchmark is 43% Bloomberg Barclays US Aggregate Bond; 40% S&P 500; 15% MSCI EAFE (Net); and 2% ICE BofA U.S. 3-Month T-Bill Indices. Results include the reinvestment of all distributions.

Portfolio Optimization Growth Composite Benchmark is 55% S&P 500; 25% Bloomberg Barclays US Aggregate Bond; and 20% MSCI EAFE (Net) Indices. Results include the reinvestment of all distributions.

Portfolio Optimization Aggressive-Growth Composite Benchmark is 65% S&P 500; 25% MSCI EAFE (Net); and 10% Bloomberg Barclays US Aggregate Bond Indices. Results include the reinvestment of all distributions.

PSF DFA Balanced Allocation Composite Benchmark is 45% S&P 500; 40% Bloomberg Barclays US Aggregate Bond; and 15% MSCI EAFE (Net) indices. Results include the reinvestment of all distributions.

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 growth earning potential as defined by the index provider. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. Results include the reinvestment of all distributions.

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 that are considered more value oriented relative to the overall market as defined by the index provider. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. Results include the reinvestment of all distributions.

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 growth earning potential as defined by the index provider. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Results include the reinvestment of all distributions.

Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. Results include the reinvestment of all distributions.

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 that are considered more value oriented relative to the overall market as defined by the index provider. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. Results include the reinvestment of all distributions.

Russell 3000 Health Care Index measures the performance of companies involved in medical services or health care in the Russell 3000 Index, which represents the 3,000 largest U.S. companies based on total market capitalization. Results include the reinvestment of all distributions.

Russell 3000 Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000 Index companies that are considered more value oriented relative to the overall market as defined by the index provider. The Russell 3000 Value Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad value market. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. Results include the reinvestment of all distributions.

Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher growth earning potential as defined by the index provider. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. Results include the reinvestment of all distributions.

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 represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. Results include the reinvestment of all distributions.

Russell Midcap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies that are considered more value oriented relative to the overall market as defined by the index provider. The Russell Midcap Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. Results include the reinvestment of all distributions.

S&P 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Results include the reinvestment of all distributions.

S&P Developed Ex-U.S. SmallCap Index is an index which is comprised of the stocks representing the lowest 15% of float-adjusted market cap in each developed country, excluding the United States. Results include the reinvestment of all distributions.

S&P North American Technology Index is a modified-capitalization-weighted index that provides investors with a benchmark that represents U.S. securities classified under the GICS technology sector and internet retail sub-industry. Results include the reinvestment of all distributions.

The Russell 1000 Growth Index, Russell 1000 Value Index, Russell 2000 Growth Index, Russell MidCap Index, Russell 2000 Index, and Russell 2000 Value Index (together, the “Index”) are trademarks of Frank Russell Company (“Russell”) and have been licensed for use by Pacific Select Fund. Neither Russell nor the London Stock Exchange Group companies (together the “Licensor Parties”) sponsor, endorse, sell or promote any portfolios of Pacific Select Fund, and none of the Licensor Parties make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Index (upon which the PD Large-Cap Growth Index, PD Large-Cap Value Index, PD Mid-Cap Index, PD Small-Cap Growth Index, PD Small-Cap Value Index, the index-portion of Small-Cap Equity, and the Small-Cap Index Portfolios are based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with Pacific Select Fund. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to Pacific Select Fund or to its clients. Each Index is calculated by Russell or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein. No further distribution of a Russell^® index is permitted without the Licensor Parties’ express written consent. All other third-party trademarks and service marks belong to their respective owners.


	Principal Amount		Value
CORPORATE BONDS & NOTES - 51.8%

Basic Materials - 1.1%

Anglo American Capital PLC (South Africa) 2.625% due 09/10/30 ~		$1,400,000		$1,466,210
3.950% due 09/10/50 ~		1,500,000		1,687,594
5.625% due 04/01/30 ~		2,200,000		2,805,520
Teck Resources Ltd (Canada) 3.900% due 07/15/30		900,000		1,003,375

				6,962,699

Communications - 5.3%

AT&T Inc 2.250% due 02/01/32		500,000		507,894
2.750% due 06/01/31		2,500,000		2,673,131
3.500% due 09/15/53 ~		2,953,000		2,953,162
3.850% due 06/01/60		1,400,000		1,470,620
CCO Holdings LLC 4.750% due 03/01/30 ~		1,500,000		1,620,375
Charter Communications Operating LLC 3.850% due 04/01/61		2,800,000		2,821,741
4.800% due 03/01/50		1,650,000		1,972,036
5.750% due 04/01/48		1,500,000		1,964,242
Cox Communications Inc 1.800% due 10/01/30 ~		1,000,000		999,705
Diamond Sports Group LLC 5.375% due 08/15/26 ~		1,000,000		814,375
eBay Inc 2.700% due 03/11/30		850,000		915,351
Expedia Group Inc 4.625% due 08/01/27 ~		1,500,000		1,677,182
Sprint Communications Inc 6.000% due 11/15/22		2,000,000		2,167,500
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		547,500		553,503
T-Mobile USA Inc 2.250% due 11/15/31 ~		1,000,000		1,028,215
2.550% due 02/15/31 ~		1,500,000		1,576,980
3.600% due 11/15/60 ~		750,000		797,486
3.875% due 04/15/30 ~		1,600,000		1,854,816
Tencent Holdings Ltd (China) 3.240% due 06/03/50 ~		1,500,000		1,555,572
Verizon Communications Inc 1.680% due 10/30/30 ~		1,200,000		1,196,584
3.850% due 11/01/42		1,000,000		1,186,627

				32,307,097

Consumer, Cyclical - 6.7%

Air Canada Pass-Through Trust ‘A’ (Canada) 4.125% due 11/15/26 ~		1,432,200		1,384,238
American Airlines Pass-Through Trust ‘AA’ 3.600% due 03/22/29		1,495,031		1,477,172
American Airlines Pass-Through Trust ‘B’ 4.375% due 04/01/24		462,879		376,528
Beazer Homes USA Inc 7.250% due 10/15/29		1,000,000		1,130,655
British Airways Pass-Through Trust ‘AA’ (United Kingdom) 3.300% due 12/15/32 ~		2,863,418		2,868,899
British Airways Pass-Through Trust ‘A’ (United Kingdom) 3.350% due 12/15/30 ~		1,332,275		1,266,902
4.625% due 12/20/25 ~		906,029		902,654
Choice Hotels International Inc 3.700% due 01/15/31		900,000		998,456
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		1,300,649		1,319,000


	Principal Amount		Value
Delta Air Lines Inc 4.500% due 10/20/25 ~	$	400,000	$	427,682
Delta Air Lines Pass-Through Trust ‘AA’ 3.625% due 01/30/29		313,181		322,746
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		2,000,000		2,037,290
DR Horton Inc 1.400% due 10/15/27		3,000,000		3,012,766
Ferguson Finance PLC 3.250% due 06/02/30 ~		2,400,000		2,680,189
Ford Motor Co 8.500% due 04/21/23		600,000		677,505
Ford Motor Credit Co LLC 3.375% due 11/13/25		600,000		615,186
General Motors Co 5.000% due 10/01/28		3,600,000		4,284,800
Harley-Davidson Financial Services Inc 3.350% due 06/08/25 ~		1,000,000		1,083,859
Hasbro Inc 3.550% due 11/19/26		1,000,000		1,117,279
Lennar Corp 4.500% due 04/30/24		1,000,000		1,106,875
Marriott International Inc 3.500% due 10/15/32		1,750,000		1,918,112
MGM Resorts International 6.000% due 03/15/23		1,200,000		1,290,000
Nordstrom Inc 4.375% due 04/01/30		1,150,000		1,134,957
5.000% due 01/15/44		1,500,000		1,408,416
8.750% due 05/15/25 ~		200,000		224,246
Sands China Ltd (Macau) 3.800% due 01/08/26 ~		450,000		481,707
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		2,000,000		2,009,040
Tractor Supply Co 1.750% due 11/01/30		500,000		503,350
United Airlines Pass-Through Trust ‘A’ 3.650% due 04/07/27		891,667		863,996
United Airlines Pass-Through Trust ‘AA’ 4.150% due 02/25/33		649,280		680,174
United Airlines Pass-Through Trust ‘A’ 2.900% due 05/01/28		392,513		376,793
US Airways Pass-Through Trust ‘A’ 4.625% due 12/03/26		1,052,481		941,687

				40,923,159

Consumer, Non-Cyclical - 7.8%

Alcon Finance Corp (Switzerland) 2.600% due 05/27/30 ~		1,100,000		1,172,967
AmerisourceBergen Corp 2.800% due 05/15/30		1,100,000		1,196,738
Amgen Inc 3.150% due 02/21/40		1,250,000		1,378,065
Anheuser-Busch InBev Finance Inc (Belgium) 4.000% due 01/17/43		2,000,000		2,297,903
Anheuser-Busch InBev Worldwide Inc (Belgium) 5.450% due 01/23/39		2,500,000		3,379,438
Anthem Inc 2.250% due 05/15/30		1,000,000		1,062,856
Block Financial LLC 3.875% due 08/15/30		1,500,000		1,620,847
Cigna Corp 2.400% due 03/15/30		1,000,000		1,066,509
Conagra Brands Inc 1.375% due 11/01/27		600,000		605,785
Constellation Brands Inc 3.500% due 05/09/27		1,000,000		1,129,303
3.750% due 05/01/50		1,000,000		1,180,782


	Principal Amount		Value
CoStar Group Inc 2.800% due 07/15/30 ~		$1,800,000		$1,872,304
CVS Health Corp 1.750% due 08/21/30		3,000,000		3,018,596
Global Payments Inc 3.200% due 08/15/29		3,000,000		3,333,518
Humana Inc 3.950% due 03/15/27		1,000,000		1,151,426
Kraft Heinz Foods Co 3.000% due 06/01/26		4,000,000		4,179,117
Quanta Services Inc 2.900% due 10/01/30		1,550,000		1,662,306
Quest Diagnostics Inc 2.800% due 06/30/31		300,000		329,152
Royalty Pharma PLC 3.300% due 09/02/40 ~		1,500,000		1,579,502
Smith & Nephew PLC (United Kingdom) 2.032% due 10/14/30		2,550,000		2,598,483
Takeda Pharmaceutical Co Ltd (Japan) 3.025% due 07/09/40		2,000,000		2,111,541
Transurban Finance Co Pty Ltd (Australia) 2.450% due 03/16/31 ~		2,000,000		2,101,473
Universal Health Services Inc 2.650% due 10/15/30 ~		3,050,000		3,171,965
Viatris Inc 2.300% due 06/22/27 ~		1,000,000		1,065,751
3.850% due 06/22/40 ~		2,650,000		2,991,087

				47,257,414

Energy - 2.2%

Cheniere Corpus Christi Holdings LLC 3.700% due 11/15/29		800,000		891,799
Energy Transfer Operating LP 4.750% due 01/15/26		4,000,000		4,527,815
Kinder Morgan Energy Partners LP 5.000% due 08/15/42		2,000,000		2,333,472
MPLX LP 5.200% due 12/01/47		1,600,000		1,937,776
5.250% due 01/15/25		1,000,000		1,026,257
6.875% due 02/15/23		750,000		725,625
Petroleos Mexicanos (Mexico) 6.350% due 02/12/48		1,400,000		1,271,550
Sabine Pass Liquefaction LLC 4.200% due 03/15/28		650,000		746,221

				13,460,515

Financial - 17.7%

Air Lease Corp 2.875% due 01/15/26		950,000		1,005,932
3.000% due 02/01/30		1,000,000		1,027,659
3.375% due 07/01/25		1,600,000		1,722,064
3.875% due 04/01/21		500,000		502,526
Ascot Group Ltd (Bermuda) 4.250% due 12/15/30 ~		500,000		510,625
Banco Santander SA (Spain) 2.749% due 12/03/30		1,500,000		1,549,440
Bank of America Corp 1.922% due 10/24/31		2,000,000		2,027,045
2.592% due 04/29/31		2,100,000		2,252,211
4.183% due 11/25/27		1,500,000		1,741,067
4.250% due 10/22/26		3,000,000		3,520,916
Brown & Brown Inc 2.375% due 03/15/31		1,000,000		1,048,317
Citigroup Inc 2.666% due 01/29/31		2,000,000		2,147,044
4.000% due 08/05/24		826,000		920,093
4.400% due 06/10/25		2,250,000		2,573,733
4.600% due 03/09/26		4,400,000		5,160,671


	Principal Amount		Value
Columbia Property Trust Operating Partnership LP REIT 4.150% due 04/01/25	$	500,000	$	527,806
CubeSmart LP REIT 2.000% due 02/15/31		1,500,000		1,505,838
Duke Realty LP REIT 3.250% due 06/30/26		1,000,000		1,121,253
Equinix Inc REIT 1.550% due 03/15/28		1,000,000		1,017,403
1.800% due 07/15/27		700,000		721,356
2.900% due 11/18/26		500,000		547,418
Fidelity National Financial Inc 3.400% due 06/15/30		550,000		604,877
First American Financial Corp 4.000% due 05/15/30		1,350,000		1,549,667
Five Corners Funding Trust II 2.850% due 05/15/30 ~		1,350,000		1,493,789
GE Capital Funding LLC 4.400% due 05/15/30 ~		800,000		943,305
GLP Capital LP REIT 5.250% due 06/01/25		4,500,000		5,074,110
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		1,900,000		1,954,710
3.500% due 09/15/30		500,000		527,551
HSBC Holdings PLC (United Kingdom) 1.645% due 04/18/26		1,000,000		1,023,192
2.099% due 06/04/26		1,750,000		1,820,048
Intercontinental Exchange Inc 1.850% due 09/15/32		1,400,000		1,415,031
2.100% due 06/15/30		2,500,000		2,618,520
JAB Holdings BV (Austria) 2.200% due 11/23/30 ~		500,000		503,049
JPMorgan Chase & Co 2.522% due 04/22/31		4,400,000		4,732,678
2.956% due 05/13/31		3,550,000		3,896,443
3.960% due 01/29/27		1,000,000		1,149,632
KeyCorp 2.550% due 10/01/29		1,500,000		1,625,054
Life Storage LP REIT 2.200% due 10/15/30		1,600,000		1,635,103
Morgan Stanley 4.431% due 01/23/30		1,000,000		1,219,412
5.000% due 11/24/25		1,500,000		1,795,606
OneMain Finance Corp 5.375% due 11/15/29		750,000		845,625
6.125% due 03/15/24		2,600,000		2,843,750
Piedmont Operating Partnership LP REIT 3.150% due 08/15/30		1,050,000		1,076,729
4.450% due 03/15/24		2,200,000		2,358,349
PNC Bank NA 2.700% due 10/22/29		1,250,000		1,368,168
Societe Generale SA (France) 5.375% due 11/18/30 ~		1,500,000		1,594,305
Teachers Insurance & Annuity Association of America 4.270% due 05/15/47 ~		2,000,000		2,505,239
The Goldman Sachs Group Inc 2.600% due 02/07/30		6,000,000		6,461,038
The Howard Hughes Corp 5.375% due 03/15/25 ~		1,000,000		1,033,750
The Northwestern Mutual Life Insurance Co 3.625% due 09/30/59 ~		1,500,000		1,744,857
Truist Bank 2.250% due 03/11/30		1,000,000		1,049,858
Ventas Realty LP REIT 3.000% due 01/15/30		950,000		1,022,453
VICI Properties LP REIT 4.625% due 12/01/29 ~		2,000,000		2,143,380


	Principal Amount		Value
Wells Fargo & Co 2.188% due 04/30/26		$3,350,000		$3,530,115
2.393% due 06/02/28		3,350,000		3,568,194
4.400% due 06/14/46		2,500,000		3,132,809
Willis North America Inc 2.950% due 09/15/29		2,750,000		3,012,978

				108,023,791

Industrial - 4.1%

Allegion US Holding Co Inc 3.550% due 10/01/27		4,039,000		4,422,031
Berry Global Inc 4.875% due 07/15/26 ~		2,000,000		2,150,470
Carrier Global Corp 2.722% due 02/15/30		1,000,000		1,069,283
Flowserve Corp 3.500% due 10/01/30		2,900,000		3,096,411
General Electric Co 4.350% due 05/01/50		750,000		912,153
Jabil Inc 3.600% due 01/15/30		1,350,000		1,503,824
Masco Corp 3.500% due 11/15/27		1,000,000		1,136,186
7.750% due 08/01/29		950,000		1,324,680
Norbord Inc (Canada) 5.750% due 07/15/27 ~		1,200,000		1,294,296
6.250% due 04/15/23 ~		1,500,000		1,632,968
Otis Worldwide Corp 3.112% due 02/15/40		750,000		817,261
Penske Truck Leasing Co LP 1.200% due 11/15/25 ~		1,000,000		1,009,264
Standard Industries Inc 5.000% due 02/15/27 ~		1,000,000		1,046,875
TransDigm Inc 6.250% due 03/15/26 ~		771,000		822,083
Vertical US Newco Inc (Germany) 5.250% due 07/15/27 ~		1,000,000		1,061,875
Westinghouse Air Brake Technologies Corp 3.200% due 06/15/25		400,000		431,900
Xylem Inc 2.250% due 01/30/31		1,050,000		1,106,656

				24,838,216

Technology - 3.5%

Activision Blizzard Inc 2.500% due 09/15/50		1,150,000		1,124,067
Broadcom Inc 4.250% due 04/15/26		3,000,000		3,438,875
5.000% due 04/15/30		1,750,000		2,128,647
Citrix Systems Inc 3.300% due 03/01/30		1,500,000		1,658,913
Dell International LLC 4.900% due 10/01/26 ~		2,000,000		2,362,870
Fiserv Inc 3.500% due 07/01/29		2,100,000		2,401,089
NXP BV (Netherlands) 3.875% due 06/18/26 ~		3,000,000		3,439,385
Oracle Corp 3.600% due 04/01/50		1,750,000		2,043,773
VMware Inc 4.650% due 05/15/27		1,250,000		1,464,142
4.700% due 05/15/30		1,000,000		1,204,250

				21,266,011

Utilities - 3.4%

Appalachian Power Co 3.700% due 05/01/50		1,000,000		1,205,006
DPL Inc 4.125% due 07/01/25 ~		300,000		324,246
4.350% due 04/15/29		1,125,000		1,263,583


	Principal Amount		Value
Duquesne Light Holdings Inc 2.532% due 10/01/30 ~	$	2,000,000	$	2,071,960
Electricite de France SA (France) 4.500% due 09/21/28 ~		1,000,000		1,193,861
IPALCO Enterprises Inc 4.250% due 05/01/30 ~		1,350,000		1,563,667
NextEra Energy Operating Partners LP 4.250% due 07/15/24 ~		850,000		910,562
NRG Energy Inc 2.450% due 12/02/27 ~		1,600,000		1,684,940
Oklahoma Gas & Electric Co 3.300% due 03/15/30		1,250,000		1,430,702
Pacific Gas and Electric Co 2.500% due 02/01/31		1,350,000		1,353,411
Pike Corp 5.500% due 09/01/28 ~		1,000,000		1,058,750
Southern California Edison Co 4.000% due 04/01/47		500,000		587,325
Talen Energy Supply LLC 6.500% due 06/01/25		750,000		613,594
6.625% due 01/15/28 ~		500,000		523,968
The AES Corp 2.450% due 01/15/31 ~		1,750,000		1,774,118
Vistra Operations Co LLC 3.550% due 07/15/24 ~		1,000,000		1,083,418
WEC Energy Group Inc 1.375% due 10/15/27		850,000		865,010
1.800% due 10/15/30		1,000,000		1,004,542

				20,512,663

Total Corporate Bonds & Notes (Cost $295,135,177)				315,551,565


SENIOR LOAN NOTES - 13.6%

Basic Materials - 0.3%

Asplundh Tree Expert LLC Term B 2.647% (USD LIBOR + 2.500%) due 09/04/27 §		1,995,000		2,003,551


Communications - 0.7%

Charter Communications Operating LLC Term B2 1.900% (USD LIBOR + 1.750%) due 02/01/27 §		994,962		991,162
CSC Holdings LLC 2.409% (USD LIBOR + 2.250%) due 01/15/26 §		1,000,000		986,071
CSC Holdings LLC Term B5 2.659% (USD LIBOR + 2.500%) due 04/15/27 §		2,488,750		2,473,818

				4,451,051

Consumer, Cyclical - 3.5%

Bass Pro Group LLC Term B 5.750% (USD LIBOR + 5.000%) due 09/25/24 §		2,467,253		2,478,239
ClubCorp Holdings Inc Term B 3.004% (USD LIBOR + 2.750%) due 09/18/24 §		987,983		927,057
Core & Main LP Term B 3.750% (USD LIBOR + 3.000%) due 08/01/24 §		2,000,000		1,996,666
Marriott Ownership Resorts Inc Term B 1.897% (USD LIBOR + 1.750%) due 08/31/25 §		1,952,772		1,918,599
PetSmart Inc Term B2 4.500% (USD LIBOR + 3.500%) due 03/11/22 §		1,000,000		1,000,000


	Principal Amount		Value
Restaurant Brands Term B (Canada) 1.897% (USD LIBOR + 1.750%) due 11/19/26 §		$3,848,036		$3,793,020
SeaWorld Parks & Entertainment Inc Term B5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		3,389,095		3,301,545
SRS Distribution Inc Term B 3.147% (USD LIBOR + 3.250%) due 05/24/25 §		3,883,973		3,829,527
Stars Group Holdings BV Term B (Canada) 3.754% (USD LIBOR + 3.500%) due 07/10/25 §		2,072,790		2,082,435

				21,327,088

Consumer, Non-Cyclical - 3.4%

Avantor Funding Inc Term B3 3.250% (USD LIBOR + 2.250%) due 11/21/24 § ^µ		3,449,821		3,458,446
Bausch Health Americas Inc Term B 3.148% (USD LIBOR + 3.000%) due 06/01/25 §		4,582,802		4,570,630
Pathway Vet Alliance LLC 4.145% - 4.147% (USD LIBOR + 4.000%) due 03/31/27 §		3,486,593		3,491,823
Refinitiv US Holdings Inc 3.397% (USD LIBOR + 3.250%) due 10/01/25 §		2,982,266		2,981,568
Sunshine Luxembourg VII SARL Term B1 (Luxembourg) 5.000% (USD LIBOR + 4.250%) due 10/02/26 §		1,237,500		1,242,692
US Foods Inc Term B 1.897% (USD LIBOR + 1.750%) due 06/27/23 §		4,128,409		4,078,092
Wand NewCo 3 Inc Term B1 3.147% (USD LIBOR + 3.000%) due 02/05/26 §		886,535		875,453

				20,698,704

Financial - 2.0%

AssuredPartners Inc Term B 3.647% (USD LIBOR + 3.500%) due 02/12/27 §		1,237,500		1,221,515
Hub International Ltd Term B 2.965% (USD LIBOR + 2.750%) due 04/25/25 §		2,952,342		2,903,360
NFP Corp Term B 3.397% (USD LIBOR + 3.250%) due 02/13/27 §		3,478,737		3,409,886
USI Inc Term B 3.254% (USD LIBOR + 3.000%) due 05/16/24 §		4,388,441		4,333,129

				11,867,890

Industrial - 2.4%

Berry Global Inc Term Loan Y due 07/01/26 ^µ		1,595,949		1,590,962
Filtration Group Corp Term B 3.147% (USD LIBOR + 3.000%) due 03/29/25 §		3,378,298		3,350,849
Flex Acquisition Co Inc 4.000% (USD LIBOR + 3.000%) due 12/29/23 §		2,123,318		2,117,252
Pactiv Evergreen Group Holdings Inc 2.897% (USD LIBOR + 2.750%) due 02/05/23 §		1,762,234		1,756,287
The Hillman Group Inc Term B 4.147% (USD LIBOR + 4.000%) due 05/31/25 §		987,342		985,667


	Principal Amount		Value
TransDigm Inc Term E 2.397% (USD LIBOR + 2.250%) due 05/30/25 §	$	944,780	$	928,246
Term F 2.397% (USD LIBOR + 2.250%) due 12/09/25 §		3,864,373		3,796,747

				14,526,010

Technology - 1.1%

Dell International LLC Term B1 2.750% (USD LIBOR + 2.000%) due 09/19/25 §		989,873		991,682
Sophia LP 2020 1st Lien 4.500% (USD LIBOR + 3.750%) due 10/07/27 §		2,750,000		2,758,594
Tempo Acquisition LLC Term B 3.750% (USD LIBOR + 3.250%) due 10/31/26 §		871,415		867,330
The Dun & Bradstreet Corp Term B 3.898% (USD LIBOR + 3.750%) due 02/08/26 §		994,987		996,480
The Ultimate Software Group Inc Term B 4.750% (USD LIBOR + 4.000%) due 05/03/26 §		1,246,875		1,255,759

				6,869,845

Utilities - 0.2%

PG&E Corp Term B 5.500% (USD LIBOR + 4.500%) due 06/23/25 §		1,243,750		1,260,851


Total Senior Loan Notes (Cost $82,917,359)				83,004,990


MORTGAGE-BACKED SECURITIES - 1.6%

Fannie Mae - 1.6%

due 01/01/36 #		9,500,000		9,889,873


Total Mortgage-Backed Securities (Cost $9,851,778)				9,889,873


ASSET-BACKED SECURITIES - 14.8%

AmeriCredit Automobile Receivables Trust 0.760% due 12/18/25		2,400,000		2,408,433
0.970% due 02/18/26		500,000		506,062
2.240% due 06/19/23		214,956		215,364
2.690% due 06/19/23		700,000		709,666
2.710% due 08/18/22		470,950		473,750
3.130% due 02/18/25		950,000		983,664
3.360% due 02/18/25		1,000,000		1,053,691
Apidos CLO XXX (Cayman) 1.818% (USD LIBOR + 1.600%) due 10/18/31 § ~		2,000,000		1,999,025
Benefit Street Partners CLO X Ltd (Cayman) 1.377% (USD LIBOR + 1.140%) due 01/15/29 § ~		550,000		549,979
1.987% (USD LIBOR + 1.750%) due 01/15/29 § ~		250,000		249,981
Buttermilk Park CLO Ltd (Cayman) 1.337% (USD LIBOR + 1.100%) due 10/15/31 § ~		850,000		846,046
Capital Auto Receivables Asset Trust 3.090% due 08/22/22 ~		900,000		912,139
Citibank Credit Card Issuance Trust 0.924% (USD LIBOR + 0.770%) due 05/14/29 §		2,000,000		2,007,287


	Principal Amount		Value
Dryden 43 Senior Loan Fund CLO (Cayman) 1.968% (USD LIBOR + 1.750%) due 07/20/29 § ~		$1,600,000		$1,604,015
Dryden 55 CLO Ltd (Cayman) 2.137% (USD LIBOR + 1.900%) due 04/15/31 § ~		1,000,000		982,114
Dryden 58 CLO Ltd (Cayman) 1.718% (USD LIBOR + 1.500%) due 07/17/31 § ~		1,000,000		996,402
2.018% (USD LIBOR + 1.800%) due 07/17/31 § ~		1,000,000		980,520
Dryden 61 CLO Ltd (Cayman) 1.868% (USD LIBOR + 1.650%) due 01/17/32 § ~		1,250,000		1,256,246
2.268% (USD LIBOR + 2.050%) due 01/17/32 § ~		1,250,000		1,248,130
Dryden 64 CLO Ltd (Cayman) 1.618% (USD LIBOR + 1.400%) due 04/18/31 § ~		800,000		788,731
Dryden 75 CLO Ltd (Cayman) 1.937% (USD LIBOR + 1.700%) due 07/15/30 § ~		1,200,000		1,205,997
Ford Credit Auto Owner Trust 2.040% due 12/15/26		500,000		517,821
2.350% due 04/15/23		1,500,000		1,514,064
3.020% due 10/15/24		2,940,000		3,088,056
3.190% due 07/15/31 ~		3,000,000		3,300,904
Madison Park Funding XXIX CLO Ltd (Cayman) 1.968% (USD LIBOR + 1.750%) due 10/18/30 § ~		1,750,000		1,752,216
Madison Park Funding XXVIII CLO Ltd (Cayman) 1.837% (USD LIBOR + 1.600%) due 07/15/30 § ~		1,400,000		1,406,997
2.087% (USD LIBOR + 1.850%) due 07/15/30 § ~		600,000		592,140
Magnetite XII Ltd (Cayman) 1.337% due 10/15/31 § ~		1,125,000		1,124,733
Magnetite XIV-R Ltd (Cayman) 1.338% (USD LIBOR + 1.120%) due 10/18/31 § ~		2,500,000		2,495,497
MVW LLC 1.740% due 10/20/37 ~		363,204		372,216
Navient Private Education Refi Loan Trust 1.220% due 07/15/69 ~		526,045		531,692
1.310% due 01/15/69 ~		1,450,000		1,465,982
1.690% due 05/15/69 ~		4,342,333		4,436,160
2.460% due 11/15/68 ~		500,000		524,145
2.640% due 05/15/68 ~		1,000,000		1,031,940
Navient Student Loan Trust 0.559% (USD LIBOR + 0.400%) due 12/15/59 § ~		183,915		183,842
0.868% (USD LIBOR + 0.720%) due 03/25/67 § ~		1,000,000		990,290
1.198% (USD LIBOR + 1.050%) due 06/25/69 § ~		977,427		991,731
1.320% due 08/26/69 ~		1,435,193		1,440,240
3.390% due 12/15/59 ~		3,000,000		3,146,995
OCP CLO Ltd (Cayman) 1.035% (USD LIBOR + 0.820%) due 10/26/27 § ~		584,247		583,521
Octagon Investment Partners 25 Ltd CLO (Cayman) 1.418% (USD LIBOR + 1.200%) due 10/20/26 § ~		1,000,000		995,137
OneMain Financial Issuance Trust 2.370% due 09/14/32 ~		450,831		451,488


	Principal Amount		Value
Palmer Square CLO 2020-3 Ltd (Cayman) 1.596% (USD LIBOR + 1.370%) due 11/15/31 § ~		$4,000,000		$4,000,043
Palmer Square CLO Ltd (Cayman) 1.330% (USD LIBOR + 1.100%) due 07/16/31 § ~		1,000,000		998,280
Palmer Square Loan Funding Ltd (Cayman) 1.574% (USD LIBOR + 1.350%) due 02/20/28 § ~		1,350,000		1,337,497
2.124% (USD LIBOR + 1.900%) due 02/20/28 § ~		600,000		591,341
Regatta X Funding Ltd CLO (Cayman) 1.338% (USD LIBOR + 1.120%) due 01/17/31 § ~		2,000,000		1,992,494
Santander Drive Auto Receivables Trust 0.730% due 03/17/25		1,100,000		1,104,163
0.960% due 11/15/24		600,000		603,968
2.960% due 03/15/24		315,381		316,895
3.350% due 07/17/23		1,808,813		1,824,089
3.510% due 08/15/23		1,406,369		1,418,130
SLC Student Loan Trust 0.317% (USD LIBOR + 0.100%) due 09/15/26 §		214,166		214,140
0.327% (USD LIBOR + 0.110%) due 03/15/27 §		306,508		306,527
SLM Student Loan Trust 0.765% (USD LIBOR + 0.550%) due 10/25/64 § ~		772,939		764,521
SMB Private Education Loan Trust 1.290% due 07/15/53 ~		1,413,317		1,420,103
2.230% due 09/15/37 ~		3,500,000		3,638,117
2.340% due 09/15/34 ~		544,607		559,835
2.700% due 05/15/31 ~		696,050		720,050
2.820% due 10/15/35 ~		1,433,050		1,487,423
2.880% due 09/15/34 ~		1,540,747		1,612,895
3.440% due 07/15/36 ~		1,790,634		1,897,382
3.500% due 02/15/36 ~		1,080,010		1,144,551
3.600% due 01/15/37 ~		1,198,387		1,281,565
3.630% due 11/15/35 ~		951,693		1,031,340
SoFi Professional Loan Program Trust 2.540% due 05/15/46 ~		1,100,000		1,137,608
Tiaa CLO III Ltd (Cayman) 1.380% (USD LIBOR + 1.150%) due 01/16/31 § ~		1,834,000		1,829,935
Voya CLO Ltd (Cayman) 1.448% (USD LIBOR + 1.230%) due 07/20/30 § ~		2,000,000		2,001,002


Total Asset-Backed Securities (Cost $88,697,757)				90,148,943


U.S. TREASURY OBLIGATIONS - 13.7%

U.S. Treasury Bonds - 3.6%

1.125% due 05/15/40		5,500,000		5,216,406
2.000% due 02/15/50		500,000		542,051
2.250% due 08/15/46		1,950,000		2,222,086
2.500% due 02/15/46		6,500,000		7,752,519
2.750% due 11/15/47		5,000,000		6,263,867

				21,996,929

U.S. Treasury Notes - 10.1%

0.250% due 05/31/25		9,000,000		8,982,070
0.250% due 06/30/25		12,000,000		11,968,125
0.250% due 10/31/25		3,000,000		2,986,758
0.500% due 06/30/27		10,000,000		9,956,641
0.500% due 10/31/27		3,000,000		2,975,625
0.625% due 05/15/30		2,000,000		1,954,375
1.250% due 07/31/23		7,000,000		7,199,609


	Principal Amount		Value
1.250% due 08/31/24		$6,000,000		$6,224,531
1.500% due 02/15/30		4,700,000		4,970,067
1.625% due 05/15/26		1,000,000		1,064,805
2.000% due 11/30/22		3,000,000		3,107,695

				61,390,301


Total U.S. Treasury Obligations (Cost $79,895,741)				83,387,230


FOREIGN GOVERNMENT BONDS & NOTES - 0.3%

Mexico Government (Mexico) 2.659% due 05/24/31		2,000,000		2,052,100


Total Foreign Government Bonds & Notes (Cost $2,000,000)				2,052,100


SHORT-TERM INVESTMENT - 6.2%

Repurchase Agreement - 6.2%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $37,668,864; collateralized by U.S. Treasury Notes: 0.375% - 2.375% due 12/31/25 - 05/15/27 and value $38,422,267)		37,668,864		37,668,864



Total Short-Term Investment (Cost $37,668,864)				37,668,864


TOTAL INVESTMENTS - 102.0% (Cost $596,166,676)				621,703,565

OTHER ASSETS & LIABILITIES, NET - (2.0%)				(11,964,921	)


NET ASSETS - 100.0%				$609,738,644

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	51.8%
Asset-Backed Securities	14.8%
U.S. Treasury Obligations	13.7%
Senior Loan Notes	13.6%
Short-Term Investment	6.2%
Others (each less than 3.0%)	1.9%

	102.0%
Other Assets & Liabilities, Net	(2.0%	)

	100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 40.6%

Basic Materials - 1.4%

Anglo American Capital PLC (South Africa)
3.625% due 09/11/24 ~		$500,000		$544,408
4.000% due 09/11/27 ~		1,080,000		1,240,411
4.750% due 04/10/27 ~		2,990,000		3,530,713
ArcelorMittal SA (Luxembourg)
3.600% due 07/16/24		2,130,000		2,299,366
4.550% due 03/11/26		1,350,000		1,517,153
7.250% due 10/15/39		740,000		1,039,516
Barrick Gold Corp (Canada) 5.250% due 04/01/42		340,000		468,987
Barrick North America Finance LLC (Canada)
5.700% due 05/30/41		1,983,000		2,873,138
5.750% due 05/01/43		1,500,000		2,191,029
BHP Billiton Finance USA Ltd (Australia) 2.875% due 02/24/22		214,000		220,173
5.000% due 09/30/43		1,220,000		1,794,603
Equate Petrochemical BV (Kuwait) 4.250% due 11/03/26 ~		2,060,000		2,302,122
Freeport-McMoRan Inc 3.875% due 03/15/23		40,000		41,812
4.550% due 11/14/24		120,000		131,325
4.625% due 08/01/30		710,000		780,485
5.400% due 11/14/34		150,000		187,969
5.450% due 03/15/43		4,440,000		5,536,058
Glencore Funding LLC (Australia) 4.000% due 03/27/27 ~		3,440,000		3,895,106
4.125% due 05/30/23 ~		130,000		140,686
4.125% due 03/12/24 ~		6,520,000		7,180,935
4.625% due 04/29/24 ~		2,000,000		2,234,966
OCP SA (Morocco) 4.500% due 10/22/25 ~		1,600,000		1,746,798
Southern Copper Corp (Peru) 5.250% due 11/08/42		6,410,000		8,593,098
6.750% due 04/16/40		600,000		903,137
Suzano Austria GmbH (Brazil) 3.750% due 01/15/31		4,440,000		4,716,390
Syngenta Finance NV (Switzerland) 3.933% due 04/23/21 ~		2,590,000		2,607,533
Teck Resources Ltd (Canada) 6.000% due 08/15/40		90,000		112,838
Vale Overseas Ltd (Brazil) 6.875% due 11/21/36		1,193,000		1,751,479
Yamana Gold Inc (Canada) 4.625% due 12/15/27		1,810,000		1,981,097

				62,563,331

Communications - 3.9%

Alphabet Inc 0.450% due 08/15/25		430,000		431,164
0.800% due 08/15/27		820,000		816,861
1.100% due 08/15/30		980,000		966,346
2.050% due 08/15/50		1,550,000		1,481,072
Altice France SA (France) 7.375% due 05/01/26 ~		4,670,000		4,921,013
Amazon.com Inc 0.800% due 06/03/25		2,100,000		2,132,641
1.200% due 06/03/27		2,570,000		2,624,809
1.500% due 06/03/30		2,430,000		2,469,869
2.500% due 06/03/50		2,080,000		2,158,264
3.150% due 08/22/27		2,710,000		3,089,274
3.875% due 08/22/37		1,310,000		1,634,238
4.050% due 08/22/47		2,720,000		3,591,791
4.250% due 08/22/57		390,000		555,755
4.950% due 12/05/44		190,000		278,950


	Principal Amount		Value
AT&T Inc 1.650% due 02/01/28		$3,200,000		$3,267,717
2.250% due 02/01/32		510,000		518,052
2.300% due 06/01/27		2,850,000		3,041,239
3.100% due 02/01/43		2,370,000		2,404,588
3.550% due 09/15/55 ~		3,014,000		3,003,924
4.350% due 06/15/45		744,000		859,638
CCO Holdings LLC 4.500% due 08/15/30 ~		170,000		180,626
4.500% due 05/01/32 ~		2,520,000		2,693,804
5.000% due 02/01/28 ~		940,000		994,990
5.125% due 05/01/27 ~		1,270,000		1,349,407
Charter Communications Operating LLC 4.200% due 03/15/28		2,890,000		3,335,383
4.800% due 03/01/50		540,000		645,394
4.908% due 07/23/25		4,310,000		5,010,539
5.375% due 04/01/38		2,870,000		3,588,285
5.750% due 04/01/48		2,070,000		2,710,654
6.384% due 10/23/35		270,000		370,416
6.484% due 10/23/45		650,000		922,997
6.834% due 10/23/55		370,000		561,666
Comcast Corp 3.100% due 04/01/25		110,000		121,118
3.150% due 03/01/26		1,270,000		1,418,756
3.250% due 11/01/39		190,000		215,647
3.300% due 04/01/27		1,510,000		1,719,231
3.400% due 04/01/30		1,000,000		1,153,588
3.400% due 07/15/46		170,000		195,665
3.450% due 02/01/50		1,330,000		1,567,945
3.750% due 04/01/40		220,000		265,080
3.950% due 10/15/25		6,050,000		6,953,749
4.000% due 03/01/48		270,000		339,774
4.150% due 10/15/28		3,990,000		4,804,121
4.250% due 10/15/30		2,390,000		2,943,713
4.700% due 10/15/48		320,000		445,891
5.650% due 06/15/35		290,000		416,457
6.500% due 11/15/35		1,530,000		2,368,200
CSC Holdings LLC 4.125% due 12/01/30 ~		5,860,000		6,133,076
DISH DBS Corp 5.875% due 11/15/24		2,011,000		2,111,550
7.750% due 07/01/26		760,000		851,766
FOX Corp 5.476% due 01/25/39		1,450,000		1,988,480
5.576% due 01/25/49		700,000		1,023,259
Netflix Inc 5.375% due 02/01/21		380,000		382,138
Prosus NV (China) 3.832% due 02/08/51 ~		450,000		442,009
4.027% due 08/03/50 ~		2,450,000		2,573,948
4.850% due 07/06/27 ~		2,510,000		2,896,766
Sprint Capital Corp 8.750% due 03/15/32		1,420,000		2,249,813
Sprint Corp 7.625% due 02/15/25		910,000		1,089,916
7.875% due 09/15/23		40,000		46,362
Sprint Spectrum Co LLC 3.360% due 03/20/23 ~		150,000		151,645
T-Mobile USA Inc 2.050% due 02/15/28 ~		380,000		395,736
2.550% due 02/15/31 ~		1,170,000		1,230,044
3.000% due 02/15/41 ~		330,000		342,736
3.300% due 02/15/51 ~		50,000		51,535
3.500% due 04/15/25 ~		6,930,000		7,664,441
3.750% due 04/15/27 ~		330,000		376,134
3.875% due 04/15/30 ~		3,880,000		4,497,929
6.000% due 03/01/23		60,000		60,150
6.000% due 04/15/24		40,000		40,540
Telecom Italia SPA (Italy) 5.303% due 05/30/24 ~		680,000		740,537


	Principal Amount		Value
Telefonica Emisiones SA (Spain) 5.520% due 03/01/49		$1,500,000		$2,024,169
Time Warner Cable LLC 5.500% due 09/01/41		250,000		321,859
6.750% due 06/15/39		1,310,000		1,866,677
7.300% due 07/01/38		1,620,000		2,403,527
Time Warner Entertainment Co LP 8.375% due 07/15/33		990,000		1,532,555
Verizon Communications Inc 0.850% due 11/20/25		510,000		514,130
1.750% due 01/20/31		1,620,000		1,613,878
2.625% due 08/15/26		2,770,000		3,036,051
2.650% due 11/20/40		3,760,000		3,802,799
2.875% due 11/20/50		5,590,000		5,637,667
3.150% due 03/22/30		1,410,000		1,581,657
3.376% due 02/15/25		4,008,000		4,452,357
3.500% due 11/01/24		410,000		452,929
3.850% due 11/01/42		960,000		1,139,162
4.000% due 03/22/50		610,000		740,012
4.125% due 03/16/27		286,000		337,390
4.125% due 08/15/46		980,000		1,205,316
4.329% due 09/21/28		715,000		861,217
4.400% due 11/01/34		1,750,000		2,184,644
4.500% due 08/10/33		6,570,000		8,285,667
4.522% due 09/15/48		1,450,000		1,891,005
4.862% due 08/21/46		630,000		851,441
5.500% due 03/16/47		250,000		364,493
Virgin Media Secured Finance PLC (United Kingdom) 5.500% due 08/15/26 ~		200,000		208,125
Vodafone Group PLC (United Kingdom) 4.375% due 05/30/28		2,640,000		3,162,501

				175,352,039

Consumer, Cyclical - 3.2%

BMW US Capital LLC (Germany) 1.850% due 09/15/21 ~		440,000		444,130
Costco Wholesale Corp 1.375% due 06/20/27		2,890,000		2,979,880
1.600% due 04/20/30		1,650,000		1,691,937
Delta Air Lines Inc 2.900% due 10/28/24		2,160,000		2,132,281
3.400% due 04/19/21		2,910,000		2,929,229
3.625% due 03/15/22		1,200,000		1,234,877
3.800% due 04/19/23		520,000		534,159
4.500% due 10/20/25 ~		1,800,000		1,924,568
4.750% due 10/20/28 ~		1,650,000		1,802,333
7.000% due 05/01/25 ~		8,510,000		9,830,892
7.375% due 01/15/26		2,130,000		2,434,656
Dollar General Corp 3.250% due 04/15/23		170,000		179,920
Ford Motor Co 4.750% due 01/15/43		300,000		306,375
Ford Motor Credit Co LLC 3.336% due 03/18/21		200,000		200,750
3.339% due 03/28/22		200,000		202,250
3.664% due 09/08/24		270,000		277,567
4.000% due 11/13/30		2,090,000		2,201,146
4.125% due 08/17/27		1,590,000		1,667,513
5.125% due 06/16/25		200,000		217,710
5.750% due 02/01/21		1,070,000		1,074,681
5.875% due 08/02/21		1,860,000		1,906,035
General Motors Co 5.150% due 04/01/38		440,000		529,050
5.400% due 10/02/23		700,000		784,271
5.950% due 04/01/49		1,450,000		1,962,611
6.125% due 10/01/25		1,230,000		1,492,892
6.250% due 10/02/43		570,000		768,940
General Motors Financial Co Inc 3.450% due 04/10/22		720,000		740,499
4.250% due 05/15/23		1,250,000		1,348,049


	Principal Amount		Value
4.350% due 01/17/27	$	520,000	$	592,524
4.375% due 09/25/21		180,000		184,886
Hanesbrands Inc 4.625% due 05/15/24 ~		2,170,000		2,277,144
4.875% due 05/15/26 ~		690,000		750,375
5.375% due 05/15/25 ~		1,110,000		1,175,790
Hilton Domestic Operating Co Inc 5.125% due 05/01/26		430,000		445,050
5.375% due 05/01/25 ~		800,000		850,800
5.750% due 05/01/28 ~		530,000		577,369
Hilton Worldwide Finance LLC 4.875% due 06/21/26		2,050,000		2,173,615
Las Vegas Sands Corp 2.900% due 06/25/25		340,000		356,010
3.200% due 08/08/24		4,710,000		4,991,230
Lennar Corp 4.500% due 04/30/24		1,160,000		1,283,975
4.750% due 05/30/25		200,000		228,875
4.750% due 11/29/27		2,150,000		2,543,557
5.000% due 06/15/27		80,000		94,400
Levi Strauss & Co 5.000% due 05/01/25		1,030,000		1,057,038
Lowe’s Cos Inc 4.500% due 04/15/30		710,000		884,011
McDonald’s Corp 1.450% due 09/01/25		260,000		269,803
3.300% due 07/01/25		1,100,000		1,225,947
3.500% due 03/01/27		1,530,000		1,752,853
3.500% due 07/01/27		1,390,000		1,595,711
3.600% due 07/01/30		1,050,000		1,231,964
3.625% due 09/01/49		190,000		223,392
3.700% due 01/30/26		2,270,000		2,586,892
3.800% due 04/01/28		740,000		865,737
4.200% due 04/01/50		1,860,000		2,393,481
MDC Holdings Inc 6.000% due 01/15/43		580,000		778,604
Mileage Plus Holdings LLC 6.500% due 06/20/27 ~		1,890,000		2,035,294
New Red Finance Inc (Canada) 3.500% due 02/15/29 ~		1,540,000		1,540,963
4.250% due 05/15/24 ~		1,684,000		1,719,364
Newell Brands Inc 4.350% due 04/01/23		989,000		1,038,588
4.700% due 04/01/26		10,000		11,029
NIKE Inc 2.400% due 03/27/25		930,000		1,002,659
2.750% due 03/27/27		1,510,000		1,671,610
2.850% due 03/27/30		1,520,000		1,722,421
3.250% due 03/27/40		750,000		873,052
3.375% due 03/27/50		5,190,000		6,391,662
Nissan Motor Co Ltd (Japan) 3.043% due 09/15/23 ~		2,080,000		2,176,097
3.522% due 09/17/25 ~		4,860,000		5,214,638
4.345% due 09/17/27 ~		4,700,000		5,195,163
Sands China Ltd (Macau) 3.800% due 01/08/26 ~		950,000		1,016,937
4.600% due 08/08/23		4,000,000		4,257,960
5.125% due 08/08/25		1,030,000		1,157,859
5.400% due 08/08/28		620,000		727,706
Spirit Loyalty Cayman Ltd 8.000% due 09/20/25 ~		2,350,000		2,643,750
Target Corp 2.250% due 04/15/25		1,690,000		1,813,498
The Home Depot Inc 2.500% due 04/15/27		1,050,000		1,153,438
2.700% due 04/15/30		1,130,000		1,261,547
3.300% due 04/15/40		1,230,000		1,450,780
3.350% due 04/15/50		3,510,000		4,177,372
3.900% due 12/06/28		190,000		228,659
3.900% due 06/15/47		210,000		268,202


	Principal Amount		Value
The TJX Cos Inc 3.500% due 04/15/25	$	1,100,000	$	1,229,118
3.750% due 04/15/27		340,000		393,588
Toll Brothers Finance Corp 4.375% due 04/15/23		770,000		819,088
VOC Escrow Ltd 5.000% due 02/15/28 ~		1,320,000		1,313,156
Walmart Inc 3.400% due 06/26/23		610,000		655,275
3.550% due 06/26/25		530,000		600,274
3.700% due 06/26/28		4,540,000		5,348,603
Wynn Macau Ltd (Macau) 5.125% due 12/15/29 ~		340,000		347,829
5.625% due 08/26/28 ~		2,500,000		2,624,825

				141,272,238

Consumer, Non-Cyclical - 7.6%

Abbott Laboratories 3.750% due 11/30/26		1,845,000		2,162,452
4.750% due 11/30/36		1,700,000		2,342,805
4.900% due 11/30/46		1,560,000		2,310,370
AbbVie Inc 2.300% due 11/21/22		7,590,000		7,871,564
2.600% due 11/21/24		7,360,000		7,894,079
2.950% due 11/21/26		1,590,000		1,760,214
3.200% due 11/21/29		4,960,000		5,564,300
3.450% due 03/15/22		1,420,000		1,464,845
3.600% due 05/14/25		1,600,000		1,783,931
3.750% due 11/14/23		370,000		403,633
3.800% due 03/15/25		5,830,000		6,508,748
4.250% due 11/21/49		200,000		251,568
Aetna Inc 2.800% due 06/15/23		540,000		568,508
Altria Group Inc 2.350% due 05/06/25		3,960,000		4,210,891
3.490% due 02/14/22		850,000		879,126
3.800% due 02/14/24		940,000		1,026,769
3.875% due 09/16/46		820,000		866,192
4.400% due 02/14/26		5,780,000		6,712,410
4.750% due 05/05/21		2,980,000		3,023,036
4.800% due 02/14/29		1,500,000		1,799,878
5.800% due 02/14/39		1,040,000		1,370,319
5.950% due 02/14/49		3,420,000		4,791,476
6.200% due 02/14/59		680,000		956,449
Amgen Inc 3.625% due 05/22/24		590,000		647,818
4.663% due 06/15/51		289,000		394,228
Anheuser-Busch Cos LLC (Belgium) 3.650% due 02/01/26		1,450,000		1,639,231
4.900% due 02/01/46		4,780,000		6,240,368
Anheuser-Busch InBev Worldwide Inc (Belgium)
3.500% due 06/01/30		710,000		822,984
4.000% due 04/13/28		1,160,000		1,367,878
4.150% due 01/23/25		2,710,000		3,086,842
4.350% due 06/01/40		1,540,000		1,892,132
4.500% due 06/01/50		2,870,000		3,617,607
4.750% due 01/23/29		450,000		555,295
5.550% due 01/23/49		1,370,000		1,947,611
Anthem Inc 2.950% due 12/01/22		490,000		513,622
3.125% due 05/15/22		3,300,000		3,424,649
3.350% due 12/01/24		560,000		617,239
3.650% due 12/01/27		1,830,000		2,110,726
3.700% due 08/15/21		220,000		222,688
BAT Capital Corp (United Kingdom) 3.557% due 08/15/27		9,180,000		10,223,699
4.540% due 08/15/47		5,450,000		6,052,210
Bausch Health Americas Inc 9.250% due 06/01/25 ~		670,000		747,921


	Principal Amount		Value
Bausch Health Cos Inc 5.000% due 01/30/28 ~	$	2,560,000	$	2,641,382
5.250% due 01/30/30 ~		8,580,000		8,997,160
5.250% due 02/15/31 ~		1,150,000		1,203,584
5.500% due 11/01/25 ~		60,000		62,237
6.250% due 02/15/29 ~		2,580,000		2,806,240
7.250% due 05/30/29 ~		960,000		1,080,763
9.000% due 12/15/25 ~		880,000		975,000
Becton Dickinson & Co 4.685% due 12/15/44		813,000		1,050,282
Becton Dickinson and Co 3.363% due 06/06/24		4,810,000		5,230,428
3.734% due 12/15/24		993,000		1,101,316
Bristol-Myers Squibb Co 2.250% due 08/15/21		1,680,000		1,698,674
2.600% due 05/16/22		2,260,000		2,332,345
2.900% due 07/26/24		1,950,000		2,118,105
3.200% due 06/15/26		3,290,000		3,703,408
3.400% due 07/26/29		1,530,000		1,781,742
3.550% due 08/15/22		910,000		959,303
3.625% due 05/15/24		500,000		548,344
3.875% due 08/15/25		1,830,000		2,090,044
5.000% due 08/15/45		2,660,000		3,852,593
5.250% due 08/15/43		320,000		459,981
Cargill Inc 1.375% due 07/23/23 ~		1,660,000		1,701,970
Centene Corp 3.375% due 02/15/30		370,000		389,852
4.625% due 12/15/29		380,000		422,372
4.750% due 01/15/25		150,000		154,122
5.375% due 06/01/26 ~		410,000		432,944
Cigna Corp 3.400% due 09/17/21		1,310,000		1,338,339
3.750% due 07/15/23		3,734,000		4,037,414
4.125% due 11/15/25		1,010,000		1,163,672
4.375% due 10/15/28		8,010,000		9,683,707
4.900% due 12/15/48		1,000,000		1,375,197
CommonSpirit Health 4.350% due 11/01/42		420,000		492,838
Constellation Brands Inc 4.250% due 05/01/23		590,000		643,301
CVS Health Corp 2.750% due 12/01/22		2,160,000		2,246,117
3.350% due 03/09/21		643,000		646,537
3.625% due 04/01/27		550,000		626,510
3.700% due 03/09/23		263,000		281,620
3.750% due 04/01/30		1,410,000		1,641,982
3.875% due 07/20/25		1,278,000		1,449,052
4.125% due 04/01/40		580,000		693,416
4.250% due 04/01/50		180,000		225,169
4.300% due 03/25/28		9,007,000		10,727,558
5.050% due 03/25/48		3,580,000		4,852,318
5.125% due 07/20/45		1,440,000		1,938,838
CVS Pass-Through Trust 5.298% due 01/11/27 ~		404,688		433,068
6.036% due 12/10/28		2,146,978		2,494,996
Danone SA (France) 2.077% due 11/02/21 ~		2,540,000		2,571,677
2.589% due 11/02/23 ~		4,030,000		4,244,672
Diageo Investment Corp (United Kingdom)
2.875% due 05/11/22		2,530,000		2,617,004
DP World PLC (United Arab Emirates)
5.625% due 09/25/48 ~		3,360,000		4,294,752
Fresenius Medical Care US Finance II Inc (Germany)
5.875% due 01/31/22 ~		1,160,000		1,221,840
Gilead Sciences Inc 3.650% due 03/01/26		1,660,000		1,886,776
4.750% due 03/01/46		2,400,000		3,181,192
GlaxoSmithKline Capital PLC (United Kingdom)
2.850% due 05/08/22		140,000		144,838


	Principal Amount		Value
HCA Inc 3.500% due 09/01/30	$	730,000	$	775,884
4.500% due 02/15/27		110,000		128,006
4.750% due 05/01/23		720,000		785,427
5.000% due 03/15/24		1,333,000		1,500,046
5.250% due 06/15/26		180,000		213,221
5.375% due 02/01/25		1,287,000		1,449,181
5.375% due 09/01/26		980,000		1,128,250
5.500% due 06/15/47		640,000		854,889
5.625% due 09/01/28		200,000		236,605
5.875% due 02/01/29		630,000		760,224
Humana Inc 3.150% due 12/01/22		970,000		1,013,645
3.950% due 03/15/27		2,781,000		3,202,115
4.500% due 04/01/25		300,000		344,802
4.625% due 12/01/42		1,090,000		1,399,200
4.800% due 03/15/47		130,000		173,942
4.950% due 10/01/44		610,000		822,792
Johnson & Johnson 0.550% due 09/01/25		1,190,000		1,195,670
0.950% due 09/01/27		2,380,000		2,392,287
3.625% due 03/03/37		3,810,000		4,663,921
Kraft Heinz Foods Co 3.000% due 06/01/26		1,910,000		1,995,529
3.950% due 07/15/25		658,000		724,928
4.250% due 03/01/31 ~		420,000		468,452
4.375% due 06/01/46		560,000		605,914
4.625% due 10/01/39 ~		30,000		33,561
4.875% due 10/01/49 ~		980,000		1,143,339
5.000% due 06/04/42		210,000		246,396
5.200% due 07/15/45		770,000		915,607
5.500% due 06/01/50 ~		1,050,000		1,325,974
6.750% due 03/15/32		50,000		66,438
6.875% due 01/26/39		140,000		194,222
7.125% due 08/01/39 ~		30,000		43,034
Lamb Weston Holdings Inc 4.875% due 11/01/26 ~		1,410,000		1,476,517
4.875% due 05/15/28 ~		110,000		122,994
Mars Inc 2.700% due 04/01/25 ~		1,590,000		1,722,450
3.200% due 04/01/30 ~		850,000		977,621
Medtronic Inc 3.500% due 03/15/25		984,000		1,104,483
Merck & Co Inc 0.750% due 02/24/26		1,980,000		2,003,342
1.450% due 06/24/30		1,150,000		1,162,672
Molson Coors Beverage Co 3.500% due 05/01/22		500,000		520,010
Mondelez International Holdings Netherlands BV 2.125% due 09/19/22 ~		1,050,000		1,080,405
Mondelez International Inc 1.500% due 05/04/25		2,580,000		2,670,581
2.125% due 04/13/23		550,000		571,530
PayPal Holdings Inc 1.350% due 06/01/23		1,470,000		1,505,952
1.650% due 06/01/25		1,530,000		1,599,865
PepsiCo Inc 0.750% due 05/01/23		1,930,000		1,958,079
1.625% due 05/01/30		1,590,000		1,633,031
2.250% due 03/19/25		190,000		203,397
2.625% due 03/19/27		190,000		209,140
2.875% due 10/15/49		570,000		638,490
3.625% due 03/19/50		270,000		342,958
3.875% due 03/19/60		460,000		618,652
Pfizer Inc 0.800% due 05/28/25		2,510,000		2,555,906
1.700% due 05/28/30		1,580,000		1,641,573
2.625% due 04/01/30		1,600,000		1,786,174


	Principal Amount		Value
Philip Morris International Inc 1.125% due 05/01/23	$	980,000	$	999,635
2.100% due 05/01/30		1,090,000		1,137,596
2.500% due 08/22/22		2,560,000		2,653,846
2.500% due 11/02/22		2,670,000		2,771,692
2.900% due 11/15/21		1,460,000		1,494,132
Prime Security Services Borrower LLC 5.750% due 04/15/26 ~		1,260,000		1,381,275
Primo Water Holdings Inc (Canada) 5.500% due 04/01/25 ~		1,530,000		1,581,638
Reynolds American Inc (United Kingdom) 5.850% due 08/15/45		1,090,000		1,394,881
Service Corp International 7.500% due 04/01/27		510,000		622,741
Spectrum Brands Inc 5.000% due 10/01/29 ~		100,000		107,640
5.750% due 07/15/25		700,000		723,695
Teva Pharmaceutical Finance Co BV (Israel)
2.950% due 12/18/22		1,020,000		1,019,363
3.650% due 11/10/21		70,000		71,072
Teva Pharmaceutical Finance IV BV (Israel)
3.650% due 11/10/21		1,020,000		1,035,071
Teva Pharmaceutical Finance Netherlands III BV (Israel)
2.200% due 07/21/21		3,990,000		3,987,506
2.800% due 07/21/23		2,630,000		2,608,539
3.150% due 10/01/26		2,660,000		2,561,939
4.100% due 10/01/46		2,080,000		1,856,400
6.000% due 04/15/24		250,000		265,581
7.125% due 01/31/25		2,430,000		2,690,690
The Coca-Cola Co 1.450% due 06/01/27		1,820,000		1,880,265
2.500% due 06/01/40		70,000		74,563
2.500% due 03/15/51		770,000		795,714
2.600% due 06/01/50		780,000		823,109
2.950% due 03/25/25		740,000		816,003
3.375% due 03/25/27		1,600,000		1,835,949
The Hershey Co 0.900% due 06/01/25		490,000		497,808
The Procter & Gamble Co 2.800% due 03/25/27		300,000		334,300
3.000% due 03/25/30		870,000		1,003,519
United Rentals North America Inc 3.875% due 11/15/27		1,390,000		1,457,763
3.875% due 02/15/31		1,850,000		1,944,211
5.500% due 05/15/27		800,000		858,500
UnitedHealth Group Inc 1.250% due 01/15/26		590,000		608,341
2.000% due 05/15/30		560,000		594,206
2.375% due 10/15/22		240,000		249,418
2.875% due 12/15/21		1,130,000		1,157,434
3.125% due 05/15/60		200,000		232,183
3.500% due 06/15/23		540,000		582,954
3.750% due 07/15/25		1,580,000		1,800,924
3.875% due 08/15/59		1,400,000		1,812,665
4.250% due 06/15/48		420,000		560,868
4.450% due 12/15/48		310,000		427,913
5.700% due 10/15/40		10,000		15,108
5.800% due 03/15/36		860,000		1,288,155

				339,123,030

Energy - 6.1%

Apache Corp 3.250% due 04/15/22		387,000		390,870
4.250% due 01/15/44		3,240,000		3,204,781
4.375% due 10/15/28		4,355,000		4,540,000
4.750% due 04/15/43		1,310,000		1,360,749
6.000% due 01/15/37		562,000		622,415


	Principal Amount		Value
BP Capital Markets America Inc 2.937% due 04/06/23	$	160,000	$	168,917
3.000% due 02/24/50		3,670,000		3,761,217
3.119% due 05/04/26		1,990,000		2,203,270
3.216% due 11/28/23		960,000		1,030,145
3.410% due 02/11/26		5,590,000		6,260,969
3.633% due 04/06/30		1,110,000		1,291,722
3.790% due 02/06/24		350,000		382,605
BP Capital Markets PLC (United Kingdom) 3.506% due 03/17/25		520,000		580,171
3.535% due 11/04/24		350,000		387,568
3.561% due 11/01/21		220,000		225,921
Cameron LNG LLC 3.302% due 01/15/35 ~		2,620,000		2,962,632
2.902% due 07/15/31 ~		540,000		591,815
Cheniere Energy Inc 4.625% due 10/15/28 ~		1,020,000		1,072,275
Chevron Corp 1.554% due 05/11/25		1,950,000		2,026,592
1.995% due 05/11/27		720,000		763,911
3.078% due 05/11/50		220,000		244,622
Cimarex Energy Co 3.900% due 05/15/27		4,630,000		5,105,229
4.375% due 06/01/24		240,000		261,996
4.375% due 03/15/29		1,710,000		1,948,266
CNOOC Finance LLC (China) 3.500% due 05/05/25		4,460,000		4,813,195
Concho Resources Inc 3.750% due 10/01/27		650,000		743,038
4.300% due 08/15/28		4,380,000		5,179,306
ConocoPhillips 6.500% due 02/01/39		370,000		572,249
Continental Resources Inc 3.800% due 06/01/24		730,000		753,269
4.375% due 01/15/28		1,750,000		1,788,132
4.500% due 04/15/23		850,000		877,990
DCP Midstream Operating LP 6.450% due 11/03/36 ~		450,000		483,433
Devon Energy Corp 4.750% due 05/15/42		70,000		79,203
5.000% due 06/15/45		6,440,000		7,612,956
5.600% due 07/15/41		1,240,000		1,516,543
Diamondback Energy Inc 3.500% due 12/01/29		1,030,000		1,101,465
5.375% due 05/31/25		1,130,000		1,176,420
Ecopetrol SA (Colombia) 5.875% due 05/28/45		3,980,000		4,824,755
Energy Transfer Operating LP 2.900% due 05/15/25		1,010,000		1,069,412
3.750% due 05/15/30		5,370,000		5,796,113
4.950% due 06/15/28		680,000		783,939
5.250% due 04/15/29		410,000		478,806
6.250% due 04/15/49		510,000		616,898
6.750% due 05/15/25		1,430,000		1,310,237
Energy Transfer Partners LP 4.500% due 11/01/23		520,000		563,140
5.875% due 03/01/22		1,770,000		1,851,043
Enterprise Products Operating LLC 2.800% due 01/31/30		3,620,000		3,927,537
3.700% due 01/31/51		1,100,000		1,213,158
3.950% due 01/31/60		400,000		444,184
4.150% due 10/16/28		4,710,000		5,608,257
4.200% due 01/31/50		2,900,000		3,413,072
4.800% due 02/01/49		1,000,000		1,264,330
4.850% due 03/15/44		420,000		521,824
7.550% due 04/15/38		360,000		549,814
EOG Resources Inc 3.900% due 04/01/35		1,460,000		1,715,631
4.150% due 01/15/26		1,460,000		1,694,865


	Principal Amount		Value
4.375% due 04/15/30	$	460,000	$	559,635
4.950% due 04/15/50		2,150,000		2,916,854
EQT Corp 3.000% due 10/01/22		1,970,000		1,988,469
3.900% due 10/01/27		500,000		497,663
5.000% due 01/15/29		30,000		31,705
7.875% due 02/01/25		120,000		136,817
Exxon Mobil Corp 1.571% due 04/15/23		300,000		308,640
2.992% due 03/19/25		4,550,000		4,982,950
3.043% due 03/01/26		2,840,000		3,148,131
3.482% due 03/19/30		3,590,000		4,184,400
4.114% due 03/01/46		3,750,000		4,652,020
4.327% due 03/19/50		220,000		286,428
Halliburton Co 3.800% due 11/15/25		199,000		223,280
KazMunayGas National Co JSC (Kazakhstan)
5.375% due 04/24/30 ~		310,000		382,952
6.375% due 10/24/48 ~		1,500,000		2,161,431
Kinder Morgan Energy Partners LP 3.500% due 03/01/21		750,000		750,000
3.500% due 09/01/23		1,410,000		1,507,625
Kinder Morgan Inc 4.300% due 03/01/28		820,000		962,447
5.000% due 02/15/21 ~		1,720,000		1,725,107
5.200% due 03/01/48		60,000		76,315
5.550% due 06/01/45		210,000		269,887
MPLX LP 4.500% due 04/15/38		2,070,000		2,367,771
4.700% due 04/15/48		450,000		534,537
4.800% due 02/15/29		2,770,000		3,348,339
4.875% due 12/01/24		1,670,000		1,916,807
5.500% due 02/15/49		2,810,000		3,700,398
Noble Energy Inc 3.850% due 01/15/28		2,770,000		3,222,772
4.950% due 08/15/47		620,000		881,541
5.250% due 11/15/43		770,000		1,106,139
6.000% due 03/01/41		370,000		563,151
Occidental Petroleum Corp 2.900% due 08/15/24		3,260,000		3,142,640
3.000% due 02/15/27		870,000		775,931
3.400% due 04/15/26		1,890,000		1,805,479
4.100% due 02/15/47		2,510,000		2,056,506
4.200% due 03/15/48		1,200,000		978,000
4.400% due 04/15/46		510,000		445,317
4.625% due 06/15/45		1,280,000		1,118,886
5.550% due 03/15/26		2,110,000		2,205,710
6.450% due 09/15/36		1,610,000		1,688,085
6.600% due 03/15/46		5,240,000		5,328,425
7.875% due 09/15/31		2,702,000		3,024,551
Parsley Energy LLC 5.375% due 01/15/25 ~		190,000		195,752
Petrobras Global Finance BV (Brazil) 5.299% due 01/27/25		13,501,000		15,273,141
5.750% due 02/01/29		2,900,000		3,385,025
6.250% due 03/17/24		2,350,000		2,674,652
7.250% due 03/17/44		3,430,000		4,433,275
7.375% due 01/17/27		1,440,000		1,784,563
Petroleos Mexicanos (Mexico) 6.375% due 01/23/45		520,000		477,490
6.625% due 06/15/35		160,000		158,649
6.875% due 08/04/26		4,350,000		4,758,900
Range Resources Corp 4.875% due 05/15/25		920,000		870,748
5.000% due 03/15/23		3,020,000		2,950,162
5.875% due 07/01/22		34,000		34,120
Sabine Pass Liquefaction LLC 5.750% due 05/15/24		1,030,000		1,177,938
Schlumberger Holdings Corp 3.900% due 05/17/28 ~		1,732,000		1,957,795


	Principal Amount		Value
Shell International Finance BV (Netherlands)
2.750% due 04/06/30	$	1,510,000	$	1,667,150
2.875% due 05/10/26		790,000		874,808
3.250% due 04/06/50		5,390,000		6,116,328
4.375% due 05/11/45		2,050,000		2,701,257
4.550% due 08/12/43		1,200,000		1,594,893
Sinopec Group Overseas Development Ltd (China) 4.375% due 04/10/24 ~		2,510,000		2,755,931
Sunoco Logistics Partners Operations LP 5.300% due 04/01/44		160,000		173,072
Targa Resources Partners LP 4.250% due 11/15/23		510,000		513,879
4.875% due 02/01/31 ~		890,000		966,985
5.375% due 02/01/27		180,000		189,483
5.500% due 03/01/30		540,000		586,786
5.875% due 04/15/26		250,000		265,524
6.500% due 07/15/27		530,000		576,375
6.875% due 01/15/29		270,000		304,594
Tennessee Gas Pipeline Co LLC 2.900% due 03/01/30 ~		8,820,000		9,445,216
The Williams Cos Inc 3.750% due 06/15/27		2,810,000		3,206,913
7.500% due 01/15/31		6,475,000		8,807,578
7.750% due 06/15/31		100,000		134,907
Western Midstream Operating LP 2.074% (USD LIBOR + 1.850%) due 01/13/23 §		550,000		539,304
4.100% due 02/01/25		1,580,000		1,630,813
4.500% due 03/01/28		680,000		707,200
4.650% due 07/01/26		990,000		1,041,371
5.050% due 02/01/30		3,924,000		4,370,689
6.250% due 02/01/50		1,190,000		1,311,130
WPX Energy Inc 6.000% due 01/15/22		60,000		61,112
8.250% due 08/01/23		3,290,000		3,756,407

				272,128,528


Financial - 13.0%

ABN AMRO Bank NV (Netherlands) 4.750% due 07/28/25 ~		2,220,000		2,559,939
AerCap Ireland Capital DAC (Ireland) 3.150% due 02/15/24		2,180,000		2,286,182
Air Lease Corp 3.375% due 07/01/25		1,160,000		1,248,497
Ambac Assurance Corp 5.100% due 06/07/21 ~		111,048		154,080
Ambac LSNI LLC (Cayman) 6.000% (USD LIBOR + 5.000%) due 02/12/23 § ~		406,719		405,194
American International Group Inc 2.500% due 06/30/25		4,990,000		5,366,521
3.750% due 07/10/25		2,610,000		2,934,680
Banco Santander SA (Spain) 1.344% (USD LIBOR + 1.120%) due 04/12/23 §		1,000,000		1,010,387
2.746% due 05/28/25		5,200,000		5,555,787
3.848% due 04/12/23		3,200,000		3,439,205
Bank of America Corp 2.592% due 04/29/31		1,930,000		2,069,889
3.004% due 12/20/23		8,404,000		8,852,815
3.300% due 01/11/23		3,190,000		3,382,890
3.419% due 12/20/28		7,274,000		8,229,525
3.500% due 04/19/26		5,410,000		6,134,357
3.550% due 03/05/24		3,370,000		3,601,784
3.593% due 07/21/28		1,290,000		1,465,755
3.974% due 02/07/30		3,230,000		3,805,295
4.000% due 04/01/24		2,280,000		2,531,732
4.083% due 03/20/51		5,320,000		6,726,138
4.125% due 01/22/24		11,745,000		13,046,297


	Principal Amount		Value
4.200% due 08/26/24	$	4,930,000	$	5,533,270
4.250% due 10/22/26		310,000		363,828
4.330% due 03/15/50		3,330,000		4,369,077
4.450% due 03/03/26		660,000		769,514
5.000% due 01/21/44		370,000		519,389
6.100% due 03/17/25		130,000		147,387
Bank of Montreal (Canada) 1.850% due 05/01/25		3,210,000		3,371,372
3.803% due 12/15/32		550,000		623,613
Barclays Bank PLC (United Kingdom) 1.700% due 05/12/22		1,290,000		1,313,028
Barclays PLC (United Kingdom) 4.972% due 05/16/29		6,976,000		8,370,260
5.088% due 06/20/30		3,010,000		3,611,599
Berkshire Hathaway Finance Corp 4.250% due 01/15/49		3,420,000		4,543,337
BNP Paribas SA (France) 2.219% due 06/09/26 ~		2,260,000		2,366,405
3.375% due 01/09/25 ~		910,000		998,429
4.375% due 03/01/33 ~		970,000		1,112,748
4.400% due 08/14/28 ~		6,280,000		7,448,789
4.625% due 03/13/27 ~		1,110,000		1,295,379
4.705% due 01/10/25 ~		4,970,000		5,527,760
5.198% due 01/10/30 ~		920,000		1,141,621
BPCE SA (France) 5.150% due 07/21/24 ~		1,370,000		1,561,390
Canadian Imperial Bank of Commerce (Canada)
0.950% due 06/23/23		1,790,000		1,814,214
Chubb INA Holdings Inc 3.350% due 05/03/26		440,000		496,093
CIT Group Inc 4.750% due 02/16/24		910,000		996,737
5.250% due 03/07/25		930,000		1,057,294
Citigroup Inc 1.678% due 05/15/24		1,910,000		1,968,532
3.106% due 04/08/26		1,310,000		1,432,993
3.500% due 05/15/23		2,380,000		2,550,443
3.980% due 03/20/30		6,000,000		7,057,734
4.075% due 04/23/29		5,400,000		6,334,935
4.400% due 06/10/25		4,900,000		5,605,019
4.412% due 03/31/31		2,270,000		2,752,844
4.450% due 09/29/27		1,330,000		1,569,004
4.650% due 07/30/45		3,761,000		5,042,298
4.650% due 07/23/48		2,210,000		3,046,252
4.750% due 05/18/46		440,000		587,650
5.300% due 05/06/44		240,000		338,643
5.500% due 09/13/25		4,580,000		5,509,956
5.950% due 01/30/23		1,820,000		1,911,015
5.950% due 05/15/25		3,580,000		3,920,100
6.300% due 05/15/24		2,520,000		2,737,980
6.625% due 06/15/32		480,000		680,324
6.675% due 09/13/43		580,000		944,425
8.125% due 07/15/39		200,000		357,518
Cooperatieve Rabobank UA (Netherlands)
1.339% due 06/24/26 ~		250,000		255,509
4.375% due 08/04/25		6,300,000		7,193,116
4.625% due 12/01/23		5,190,000		5,787,285
Credit Agricole SA (France) 1.907% due 06/16/26 ~		1,500,000		1,557,150
Credit Suisse AG (Switzerland) 2.950% due 04/09/25		1,580,000		1,733,959
Credit Suisse Group AG (Switzerland) 2.193% due 06/05/26 ~		8,490,000		8,880,044
2.593% due 09/11/25 ~		250,000		263,163
4.194% due 04/01/31 ~		5,450,000		6,414,613
4.550% due 04/17/26		440,000		517,912
Danske Bank AS (Denmark) 1.226% due 06/22/24 ~		3,400,000		3,449,556
3.001% due 09/20/22 ~		1,750,000		1,778,154
3.244% due 12/20/25 ~		800,000		856,879


	Principal Amount		Value
5.000% due 01/12/22 ~	$	4,450,000	$	4,646,918
5.375% due 01/12/24 ~		4,050,000		4,572,947
GE Capital International Funding Co Unlimited Co
3.373% due 11/15/25		2,577,000		2,869,489
Goldman Sachs Capital II 4.000% (USD LIBOR + 0.768%) due 02/01/21 §		398,000		392,030
Guardian Life Global Funding 1.100% due 06/23/25 ~		690,000		700,160
HSBC Bank USA NA 7.000% due 01/15/39		1,240,000		1,969,834
HSBC Holdings PLC (United Kingdom) 2.099% due 06/04/26		200,000		208,005
3.973% due 05/22/30		3,750,000		4,337,507
4.250% due 03/14/24		2,900,000		3,201,264
4.250% due 08/18/25		4,460,000		5,072,201
4.583% due 06/19/29		1,020,000		1,206,973
4.950% due 03/31/30		220,000		275,460
International Lease Finance Corp 5.875% due 08/15/22		910,000		983,533
Intesa Sanpaolo SPA (Italy) 3.125% due 07/14/22 ~		2,100,000		2,175,401
3.375% due 01/12/23 ~		1,040,000		1,089,629
5.017% due 06/26/24 ~		10,470,000		11,458,697
5.710% due 01/15/26 ~		350,000		400,773
JPMorgan Chase & Co 1.514% due 06/01/24		5,070,000		5,206,862
2.083% due 04/22/26		3,000,000		3,170,363
2.522% due 04/22/31		1,660,000		1,785,510
3.109% due 04/22/51		460,000		512,199
3.875% due 09/10/24		4,840,000		5,421,411
4.023% due 12/05/24		4,730,000		5,212,491
4.203% due 07/23/29		3,010,000		3,600,704
4.250% due 10/01/27		870,000		1,032,627
4.452% due 12/05/29		7,410,000		9,043,043
4.950% due 06/01/45		5,380,000		7,628,183
KKR Group Finance Co II LLC 5.500% due 02/01/43 ~		350,000		462,586
Lloyds Banking Group PLC (United Kingdom) 3.900% due 03/12/24		1,910,000		2,101,378
4.375% due 03/22/28		1,960,000		2,333,218
Mastercard Inc 3.850% due 03/26/50		1,930,000		2,495,179
Mitsubishi UFJ Financial Group Inc (Japan) 2.998% due 02/22/22		2,090,000		2,152,937
Morgan Stanley 2.188% due 04/28/26		4,770,000		5,041,433
2.699% due 01/22/31		6,350,000		6,898,019
3.622% due 04/01/31		5,440,000		6,322,276
3.737% due 04/24/24		2,230,000		2,400,113
3.772% due 01/24/29		200,000		231,906
4.431% due 01/23/30		170,000		207,300
National Securities Clearing Corp 1.200% due 04/23/23 ~		1,470,000		1,499,755
1.500% due 04/23/25 ~		1,000,000		1,035,588
Natwest Group PLC (United Kingdom) 4.519% due 06/25/24		200,000		218,503
4.892% due 05/18/29		780,000		938,155
5.076% due 01/27/30		500,000		614,874
5.125% due 05/28/24		6,260,000		7,078,140
6.000% due 12/19/23		4,240,000		4,847,083
New York Life Global Funding 0.950% due 06/24/25 ~		1,290,000		1,308,288
Nordea Bank Abp (Finland) 4.875% due 05/13/21 ~		7,870,000		7,991,615
Nuveen LLC 4.000% due 11/01/28 ~		1,500,000		1,793,585


	Principal Amount		Value
Park Aerospace Holdings Ltd (Ireland) 4.500% due 03/15/23 ~	$	260,000	$	272,580
5.250% due 08/15/22 ~		101,000		106,036
5.500% due 02/15/24 ~		630,000		687,489
Principal Life Global Funding II 1.250% due 06/23/25 ~		640,000		653,665
Royal Bank of Canada (Canada) 1.150% due 06/10/25		1,730,000		1,768,619
1.600% due 04/17/23		2,760,000		2,839,033
3.200% due 04/30/21		1,740,000		1,756,724
Santander UK Group Holdings PLC (United Kingdom)
5.625% due 09/15/45 ~		408,000		557,486
Standard Chartered PLC (United Kingdom) 1.724% (USD LIBOR + 1.510%) due 01/30/27 § ~		3,900,000		3,597,750
Sumitomo Mitsui Financial Group Inc (Japan) 2.058% due 07/14/21		2,320,000		2,341,281
Svenska Handelsbanken AB (Sweden) 3.350% due 05/24/21		1,830,000		1,852,599
Swedbank AB (Sweden) 1.300% due 06/02/23 ~		2,200,000		2,244,131
Teachers Insurance & Annuity Association of America
6.850% due 12/16/39 ~		132,000		207,899
The Bank of New York Mellon Corp 1.600% due 04/24/25		970,000		1,014,740
The Bank of Nova Scotia (Canada) 1.300% due 06/11/25		1,810,000		1,857,970
The Goldman Sachs Group Inc 3.200% due 02/23/23		1,780,000		1,881,245
3.500% due 04/01/25		2,050,000		2,281,424
3.500% due 11/16/26		2,430,000		2,729,805
3.625% due 02/20/24		3,000,000		3,267,809
3.850% due 07/08/24		1,690,000		1,869,398
4.223% due 05/01/29		1,060,000		1,257,815
4.250% due 10/21/25		4,270,000		4,899,591
4.750% due 10/21/45		1,040,000		1,448,468
5.150% due 05/22/45		3,100,000		4,341,518
5.250% due 07/27/21		2,570,000		2,642,447
5.750% due 01/24/22		400,000		422,855
5.950% due 01/15/27		1,733,000		2,187,006
6.250% due 02/01/41		6,880,000		10,774,855
6.750% due 10/01/37		2,145,000		3,282,333
The Toronto-Dominion Bank (Canada) 0.750% due 06/12/23		3,390,000		3,426,913
1.150% due 06/12/25		1,720,000		1,757,081
3.250% due 06/11/21		2,100,000		2,127,829
UBS AG (Switzerland) 1.750% due 04/21/22 ~		2,320,000		2,361,647
UBS Group AG (Switzerland) 2.859% due 08/15/23 ~		580,000		601,488
3.491% due 05/23/23 ~		5,620,000		5,850,526
4.125% due 09/24/25 ~		2,340,000		2,681,787
7.000% due 01/31/24 ~		9,870,000		10,826,847
UniCredit SPA (Italy) 6.572% due 01/14/22 ~		5,390,000		5,680,812
US Bancorp 1.450% due 05/12/25		3,820,000		3,967,722
US Bank NA 3.150% due 04/26/21		2,220,000		2,234,797
USAA Capital Corp 1.500% due 05/01/23 ~		300,000		307,813
Visa Inc 3.150% due 12/14/25		3,940,000		4,422,052
4.300% due 12/14/45		3,020,000		4,143,662
Wachovia Capital Trust III 5.570% (USD LIBOR + 0.930%) due 02/01/21 §		6,220,000		6,314,109
WEA Finance LLC REIT (France) 3.750% due 09/17/24 ~		6,230,000		6,576,581


	Principal Amount		Value
Wells Fargo & Co 2.188% due 04/30/26	$	3,060,000	$	3,224,523
2.879% due 10/30/30		3,860,000		4,212,326
3.000% due 10/23/26		3,850,000		4,270,018
3.450% due 02/13/23		2,330,000		2,470,625
3.750% due 01/24/24		3,780,000		4,128,360
4.150% due 01/24/29		1,150,000		1,365,362
4.400% due 06/14/46		1,650,000		2,067,654
4.478% due 04/04/31		1,130,000		1,381,844
4.600% due 04/01/21		6,240,000		6,306,046
4.650% due 11/04/44		1,600,000		2,050,061
4.750% due 12/07/46		2,550,000		3,340,761
4.900% due 11/17/45		4,920,000		6,569,763
5.013% due 04/04/51		14,240,000		20,262,859
5.375% due 11/02/43		2,030,000		2,827,138
5.606% due 01/15/44		1,567,000		2,222,727

				578,366,936

Industrial - 2.5%

3M Co 2.375% due 08/26/29		1,550,000		1,677,560
3.050% due 04/15/30		340,000		386,790
3.700% due 04/15/50		3,900,000		4,845,839
Carrier Global Corp 2.700% due 02/15/31		240,000		258,161
3.377% due 04/05/40		770,000		841,882
3.577% due 04/05/50		380,000		422,505
DAE Funding LLC (United Arab Emirates) 5.750% due 11/15/23 ~		500,000		514,375
Deere & Co 3.100% due 04/15/30		370,000		423,765
3.750% due 04/15/50		1,750,000		2,271,976
Eaton Corp 2.750% due 11/02/22		3,849,000		4,017,532
4.150% due 11/02/42		590,000		747,574
General Dynamics Corp 3.250% due 04/01/25		630,000		695,915
3.500% due 05/15/25		240,000		268,486
4.250% due 04/01/40		100,000		130,265
4.250% due 04/01/50		680,000		927,574
General Electric Co 3.450% due 05/01/27		350,000		395,279
3.625% due 05/01/30		720,000		823,417
4.250% due 05/01/40		750,000		886,685
4.350% due 05/01/50		960,000		1,167,556
5.875% due 01/14/38		450,000		610,269
6.150% due 08/07/37		317,000		437,511
6.750% due 03/15/32		400,000		561,210
6.875% due 01/10/39		7,806,000		11,509,203
GFL Environmental Inc (Canada) 4.250% due 05/31/25 ~		930,000		966,619
Honeywell International Inc 1.350% due 06/01/25		1,200,000		1,242,318
L3Harris Technologies Inc 4.854% due 04/27/35		530,000		693,733
5.054% due 04/27/45		1,470,000		2,035,703
Lockheed Martin Corp 3.100% due 01/15/23		300,000		315,343
3.550% due 01/15/26		3,240,000		3,681,994
4.500% due 05/15/36		580,000		765,099
Northrop Grumman Corp 2.930% due 01/15/25		2,560,000		2,785,442
3.250% due 01/15/28		5,430,000		6,141,618
5.250% due 05/01/50		1,270,000		1,887,195
Otis Worldwide Corp 2.056% due 04/05/25		870,000		922,810
Raytheon Technologies Corp 2.250% due 07/01/30		1,600,000		1,700,697
3.150% due 12/15/24		750,000		815,313
3.950% due 08/16/25		1,700,000		1,950,184


	Principal Amount		Value
4.125% due 11/16/28	$	560,000	$	667,761
4.500% due 06/01/42		540,000		704,193
Republic Services Inc 2.500% due 08/15/24		1,430,000		1,527,592
Reynolds Group Issuer Inc 5.125% due 07/15/23 ~		10,000		10,128
The Boeing Co 2.700% due 02/06/22		610,000		634,595
2.800% due 03/01/27		790,000		821,985
3.100% due 05/01/26		630,000		674,903
3.200% due 03/01/29		2,330,000		2,460,203
3.250% due 02/01/35		4,780,000		4,903,736
3.550% due 03/01/38		460,000		469,893
3.750% due 02/01/50		1,380,000		1,451,261
4.875% due 05/01/25		5,450,000		6,216,157
5.150% due 05/01/30		2,660,000		3,223,852
5.705% due 05/01/40		2,190,000		2,837,220
5.805% due 05/01/50		5,090,000		7,031,734
5.930% due 05/01/60		150,000		212,799
TransDigm Inc 6.250% due 03/15/26 ~		1,010,000		1,076,918
8.000% due 12/15/25 ~		440,000		487,340
Union Pacific Corp 2.150% due 02/05/27		1,430,000		1,520,830
2.400% due 02/05/30		2,070,000		2,231,651
3.750% due 07/15/25		1,210,000		1,374,112
3.750% due 02/05/70		1,950,000		2,364,657
3.839% due 03/20/60		365,000		452,832
3.950% due 09/10/28		1,810,000		2,150,708
Waste Management Inc 3.500% due 05/15/24		1,750,000		1,912,391
4.150% due 07/15/49		590,000		786,335
WestRock RKT LLC 4.000% due 03/01/23		1,150,000		1,222,199

				110,153,382

Technology - 1.8%

Apple Inc 1.125% due 05/11/25		4,140,000		4,260,126
2.450% due 08/04/26		3,590,000		3,919,552
Broadcom Inc 2.250% due 11/15/23		2,690,000		2,811,139
3.150% due 11/15/25		3,180,000		3,473,619
4.700% due 04/15/25		3,900,000		4,470,168
Intel Corp 3.700% due 07/29/25		890,000		1,007,476
4.600% due 03/25/40		750,000		992,184
4.750% due 03/25/50		3,960,000		5,526,683
International Business Machines Corp 3.000% due 05/15/24		6,020,000		6,523,489
Micron Technology Inc 2.497% due 04/24/23		1,560,000		1,626,816
Microsoft Corp 2.400% due 08/08/26		9,230,000		10,072,439
2.525% due 06/01/50		841,000		886,920
2.675% due 06/01/60		192,000		208,600
2.700% due 02/12/25		1,080,000		1,173,622
2.875% due 02/06/24		4,410,000		4,738,342
3.300% due 02/06/27		2,650,000		3,024,212
3.450% due 08/08/36		150,000		184,975
3.950% due 08/08/56		908,000		1,248,336
4.100% due 02/06/37		1,419,000		1,864,668
NVIDIA Corp 2.850% due 04/01/30		830,000		933,948
3.500% due 04/01/40		2,240,000		2,692,071
3.500% due 04/01/50		5,820,000		7,074,073
3.700% due 04/01/60		1,590,000		2,047,745
NXP BV (Netherlands) 2.700% due 05/01/25 ~		1,030,000		1,109,267


	Principal Amount		Value
salesforce.com Inc 3.250% due 04/11/23	$	1,720,000	$	1,832,810
3.700% due 04/11/28		1,610,000		1,900,068
Texas Instruments Inc 1.750% due 05/04/30		1,040,000		1,079,771
TSMC Global Ltd (Taiwan) 0.750% due 09/28/25 ~		1,150,000		1,146,079
1.000% due 09/28/27 ~		1,510,000		1,496,682

				79,325,880

Utilities - 1.1%

Berkshire Hathaway Energy Co 6.125% due 04/01/36		586,000		867,353
Consolidated Edison Co of New York Inc 3.350% due 04/01/30		610,000		699,749
3.950% due 04/01/50		470,000		573,335
Duke Energy Corp 3.550% due 09/15/21		1,350,000		1,369,344
Duke Energy Ohio Inc 3.650% due 02/01/29		1,880,000		2,180,106
FirstEnergy Corp 3.900% due 07/15/27		6,750,000		7,446,068
4.250% due 03/15/23		4,980,000		5,260,976
4.850% due 07/15/47		900,000		1,120,092
7.375% due 11/15/31		14,350,000		20,476,468
Pacific Gas and Electric Co 1.750% due 06/16/22		2,610,000		2,617,575
2.100% due 08/01/27		810,000		823,177
2.500% due 02/01/31		1,010,000		1,012,552
3.300% due 08/01/40		210,000		209,845
3.500% due 08/01/50		490,000		488,100
Virginia Electric & Power Co 6.350% due 11/30/37		2,130,000		3,215,309

				48,360,049

Total Corporate Bonds & Notes (Cost $1,614,498,239)				1,806,645,413


SENIOR LOAN NOTES - 4.8%

Basic Materials - 0.0%

Asplundh Tree Expert LLC Term B 2.647% (USD LIBOR + 2.500%) due 09/04/27 §		648,375		651,154


Communications - 0.7%

Altice France SA Term B12 (France) 3.846% (USD LIBOR + 3.688%) due 01/31/26 §		2,198,046		2,184,308
Charter Communications Operating LLC Term B1
1.900% (USD LIBOR + 1.750%) due 04/30/25 §		4,902,103		4,892,078
Term B2
1.900% (USD LIBOR + 1.750%) due 02/01/27 §		497,481		495,581
Delta TopCo Inc Term B 4.500% (USD LIBOR + 3.750%) due 12/01/27 §		3,240,000		3,246,075
Entercom Media Corp Term B2 4.750% (USD LIBOR + 2.500%) due 11/17/24 §		373,306		364,849
Go Daddy Operating Co LLC Term B2 1.897% (USD LIBOR + 1.750%) due 02/15/24 §		228,422		228,136
iHeartCommunications Inc 3.147% (USD LIBOR + 3.000%) due 05/01/26 §		808,305		796,517


	Principal Amount		Value
Level 3 Financing Inc Term B 1.897% (USD LIBOR + 1.750%) due 03/01/27 §	$	2,320,816	$	2,289,320
Nexstar Broadcasting Inc Term B 2.905% (USD LIBOR + 2.750%) due 09/19/26 §		4,386,520		4,365,197
Terrier Media Buyer Inc Term B 4.397% (USD LIBOR + 4.250%) due 12/17/26 §		1,083,194		1,084,849
Univision Communications Inc Term B 4.750% (USD LIBOR + 3.750%) due 03/24/26 §		2,962,318		2,968,666
Virgin Media Bristol LLC
Term N 2.659% (USD LIBOR + 2.500%) due 01/31/28 §		4,871,848		4,832,698
Term Q due 01/31/29 § ^µ		620,000		620,194
Ziggo Financing Partnership Term I (Netherlands) 2.659% (USD LIBOR + 2.500%) due 04/30/28 §		1,296,000		1,287,090

				29,655,558

Consumer, Cyclical - 1.3%

Academy Ltd 5.750% (USD LIBOR + 5.000%) due 11/06/27 §		880,000		881,100
Alterra Mountain Co Term B 2.897% (USD LIBOR + 2.750%) due 07/31/24 §		2,461,052		2,429,006
Aramark Services Inc
Term B3 1.895% (USD LIBOR + 1.750%) due 03/11/25 §		872,268		863,545
Term B4 1.895% (USD LIBOR + 1.750%) due 01/15/27 §		774,150		765,538
BJ’s Wholesale Club Inc Term B due 02/03/24 ^µ		455,511		455,852
Caesars Resort Collection LLC Term B 2.897% (USD LIBOR + 2.750%) due 12/22/24 § ^µ		4,170,632		4,100,540
CityCenter Holdings LLC Term B 3.000% (USD LIBOR + 2.250%) due 04/18/24 §		613,954		607,335
Clarios Global LP Term B 3.647% (USD LIBOR + 3.500%) due 04/30/26 § ±		1,716,268		1,711,977
Delta 2 SARL Term B3 (Luxembourg) 3.500% (USD LIBOR + 2.500%) due 02/01/24 §		160,000		158,783
Delta Air Lines Inc Term B 5.750% (USD LIBOR + 4.750%) due 04/29/23 §		3,840,700		3,909,714
Four Seasons Hotels Ltd Term B (Canada) 2.147% (USD LIBOR + 2.000%) due 11/30/23 §		2,057,236		2,045,183
Golden Nugget Inc Term B 3.250% (USD LIBOR + 2.500%) due 10/04/23 §		2,035,326		1,972,571
Harbor Freight Tools USA Inc Term B 4.000% (USD LIBOR + 3.250%) due 10/19/27 §		2,370,000		2,372,508
Hilton Worldwide Finance LLC Term B2 1.898% (USD LIBOR + 1.750%) due 06/22/26 §		4,393,764		4,351,786
Michaels Stores Inc Term B 4.250% (USD LIBOR + 3.500%) due 10/01/27 §		1,874,672		1,868,814


	Principal Amount		Value
PCI Gaming Authority Term B 2.647% (USD LIBOR + 2.500%) due 05/31/26 §	$	1,897,062	$	1,880,166
PetSmart Inc Term B2 due 03/11/22 ^µ		400,000		400,000
Restaurant Brands Term B (Canada) 1.897% (USD LIBOR + 1.750%) due 11/19/26 §		5,757,579		5,675,262
Scientific Games International Inc Term B5 2.897% (USD LIBOR + 2.750%) due 08/14/24 §		4,414,459		4,323,411
SkyMiles IP Ltd Term B 4.750% (USD LIBOR + 3.750%) due 10/20/27 §		620,000		644,103
Stars Group Holdings BV Term B (Canada) 3.754% (USD LIBOR + 3.500%) due 07/10/25 §		101,358		101,830
TKC Holdings Inc 4.750% (USD LIBOR + 3.750%) due 02/01/23 §		5,363,825		5,273,310
UFC Holdings LLC 4.250% (USD LIBOR + 3.250%) due 04/29/26 §		3,448,671		3,446,515
Wynn Resorts Ltd Term A 1.900% (USD LIBOR + 1.750%) due 09/20/24 § ±		5,437,500		5,274,375

				55,513,224

Consumer, Non-Cyclical - 1.5%

Allied Universal Holdco LLC 4.397% (USD LIBOR + 4.250%) due 07/12/26 §		4,243,624		4,233,774
Bausch Health Cos Inc
Term B 2.898% (USD LIBOR + 2.750%) due 11/27/25 §		703,125		697,895
3.148% (USD LIBOR + 3.000%) due 06/02/25 §		2,298,599		2,292,494
BrightView Landscapes LLC Term B 2.688% (USD LIBOR + 2.500%) due 08/15/25 §		1,686,750		1,676,208
Change Healthcare Holdings LLC Term B 3.500% (USD LIBOR + 2.500%) due 03/01/24 §		4,776,148		4,760,558
Elanco Animal Health Inc Term B 1.905% (USD LIBOR + 1.750%) due 08/01/27 §		1,957,841		1,943,768
EyeCare Partners LLC 3.897% (USD LIBOR + 3.750%) due 02/20/27 §		964,102		942,169
Froneri International ltd Term B (United Kingdom) 2.397% (USD LIBOR + 2.250%) due 01/31/27 §		1,721,350		1,707,579
Garda World Security Corp Term B (Canada) 4.990% (USD LIBOR + 4.750%) due 10/30/26 §		1,071,822		1,075,171
Global Medical Response Inc Term B 5.750% (USD LIBOR + 4.750%) due 10/02/25 §		3,168,120		3,155,447
Grifols Worldwide Operations USA Inc Term B (Spain) 2.102% (USD LIBOR + 2.000%) due 11/15/27 §		5,041,587		4,995,674
HCA Inc Term B12 1.897% (USD LIBOR + 1.750%) due 03/13/25 §		954,912		956,464


	Principal Amount		Value
Jaguar Holding Co II 3.500% (USD LIBOR + 2.500%) due 08/18/22 §	$	2,886,500	$	2,887,583
LifePoint Health Inc Term B 3.897% (USD LIBOR + 3.750%) due 11/16/25 §		4,230,152		4,222,550
Milano Acquisition Corp Term B 4.750% (USD LIBOR + 4.000%) due 10/01/27 §		3,080,000		3,087,700
MPH Acquisition Holdings LLC Term B 3.750% (USD LIBOR + 2.750%) due 06/07/23 §		4,944,162		4,932,315
Option Care Health Inc 4.397% (USD LIBOR + 4.500%) due 08/06/26 §		2,108,700		2,108,261
Phoenix Guarantor Inc Term B 3.402% (USD LIBOR + 3.250%) due 03/05/26 §		3,165,593		3,154,215
Prime Security Services Borrower LLC Term B1 4.250% (USD LIBOR + 3.250%) due 09/23/26 §		4,818,897		4,835,763
Reynolds Consumer Products LLC Term B 1.897% (USD LIBOR + 1.750%) due 02/04/27 §		2,556,912		2,544,925
Sotera Health Holdings LLC 5.500% (USD LIBOR + 4.500%) due 12/13/26 §		4,723,777		4,747,987
Trans Union LLC Term B5 1.897% (USD LIBOR + 1.750%) due 11/13/26 §		3,659,887		3,654,932
US Foods Inc Term B 1.897% (USD LIBOR + 1.750%) due 06/27/23 §		1,180,727		1,166,337
2.147% (USD LIBOR + 2.000%) due 09/13/26 §		1,917,952		1,890,272

				67,670,041

Diversified - 0.1%

First Eagle Holdings Inc Term B 2.754% (USD LIBOR + 2.500%) due 02/02/27 §		2,167,539		2,150,062


Financial - 0.5%

AmWINS Group Inc Term B 3.750% (USD LIBOR + 2.750%) due 01/25/24 §		109,429		109,553
Asurion LLC Term B4 3.397% (USD LIBOR + 3.000%) due 08/04/22 §		3,703,319		3,702,326
Term B6 3.147% (USD LIBOR + 3.000%) due 11/03/23 §		1,003,022		1,000,045
Term B7 3.147% (USD LIBOR + 3.000%) due 11/03/24 §		1,991,598		1,979,772
Term B8 3.377% (USD LIBOR + 3.250%) due 12/23/26 § ^µ		520,000		515,775
Citadel Securities LP Term B 2.897% (USD LIBOR + 2.750%) due 02/27/26 §		1,121,504		1,123,840
Deerfield Dakota Holding LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		3,850,650		3,862,683
Edelman Financial Center LLC 3.147% (USD LIBOR + 3.250%) due 07/19/25 §		1,646,400		1,624,105


	Principal Amount		Value
FinCo I LLC Term B 2.647% (USD LIBOR + 2.500%) due 06/27/25 §	$	1,645,950	$	1,646,537
Focus Financial Partners LLC Term B3 2.147% (USD LIBOR + 2.000%) due 07/03/24 §		1,058,153		1,052,994
Jane Street Group LLC Term B 3.233% (USD LIBOR + 3.000%) due 01/07/25 §		2,185,466		2,185,466
Realogy Group LLC Term B 3.000% (USD LIBOR + 2.250%) due 02/08/25 §		617,767		609,465
VFH Parent LLC 3.153% (USD LIBOR + 3.000%) due 03/01/26 §		1,757,665		1,760,521
VICI Properties 1 LLC Term B 1.894% (USD LIBOR + 1.750%) due 12/22/24 §		2,470,000		2,435,008

				23,608,090

Industrial - 0.3%

APi Group DE Inc Term B 2.647% (USD LIBOR + 2.500%) due 10/01/26 §		2,227,500		2,223,323
Atlantic Aviation FBO Inc Term B 3.900% (USD LIBOR + 3.750%) due 12/06/25 § ±		490,000		490,000
Berry Global Inc Term W 2.149% (USD LIBOR + 2.000%) due 10/01/22 §		1,376,717		1,377,247
Brookfield WEC Holdings Inc Term B 3.750% (USD LIBOR + 3.000%) due 08/01/25 §		66,824		66,777
Genesee & Wyoming Inc 2.254% (USD LIBOR + 2.000%) due 12/30/26 §		4,009,700		4,006,191
GFL Environmental Inc Term B (Canada) 3.500% (USD LIBOR + 3.000%) due 05/31/25 §		289,191		289,842
The Boeing Co 1.467% (USD LIBOR + 1.250%) due 02/07/22 §		4,520,000		4,473,390

				12,926,770

Technology - 0.4%

Athenahealth Inc Term B 4.648% (USD LIBOR + 4.500%) due 02/11/26 §		5,032,276		5,040,665
DCert Buyer Inc Term B 4.147% (USD LIBOR + 4.000%) due 10/16/26 §		4,674,675		4,680,518
Dell International LLC Term B1 2.750% (USD LIBOR + 2.000%) due 09/19/25 §		3,654,745		3,661,422
MA Finance Co LLC Term B3 2.897% (USD LIBOR + 2.500%) due 06/21/24 §		69,183		68,361
McAfee LLC Term B 3.898% (USD LIBOR + 3.750%) due 09/29/24 §		4,739,880		4,746,790
Seattle Spinco Inc Term B 2.897% (USD LIBOR + 2.500%) due 06/21/24 §		467,209		461,661
Western Digital Corp Term B4 1.897% (USD LIBOR + 1.750%) due 04/29/23 §		927,906		928,022

				19,587,439


Total Senior Loan Notes (Cost $212,125,878)				211,762,338


	Principal Amount		Value

MORTGAGE-BACKED SECURITIES - 29.3%

Collateralized Mortgage Obligations - Commercial - 4.1%

Bank 2019-BN17 (IO) 1.033% due 04/15/52 §	$	36,808,055	$	2,619,824
Bank of America Merrill Lynch Large Commercial Mortgage Securities Trust 2.909% (USD LIBOR + 2.750%) due 11/15/30 § ~		13,710,000		13,787,711
BBCCRE Trust 4.563% due 08/10/33 § ~		9,930,000		8,923,821
BENCHMARK Mortgage Trust 3.717% due 03/15/62		10,720,000		12,583,205
4.510% due 05/15/53 §		9,930,000		12,146,808
BHMS 1.409% (USD LIBOR + 1.250%) due 07/15/35 § ~		7,000,000		6,831,162
BX Commercial Mortgage Trust 3.159% (USD LIBOR + 3.000%) due 11/15/35 § ~		8,673,000		8,675,456
CD Mortgage Trust (IO) 1.293% due 05/10/50 §		31,548,633		1,848,819
Commercial Mortgage Trust 4.300% due 10/10/46		510,000		535,127
4.762% due 10/10/46 §		450,000		461,194
4.831% due 08/15/45 § ~		2,390,000		1,745,889
5.072% due 10/10/46 §		220,000		218,394
Commercial Mortgage Trust (IO) 1.846% due 10/15/45 §		24,822,878		583,812
Credit Suisse Commercial Mortgage Trust 5.373% due 12/15/39		3,120,604		602,245
6.424% due 06/15/38 §		2,701		2,577
Credit Suisse Mortgage Capital Certificates 2.809% (USD LIBOR + 2.650%) due 05/15/36 § ~		10,860,000		10,763,893
Credit Suisse Mortgage Trust 3.953% due 09/15/37 ~		6,800,000		6,921,466
4.024% due 12/15/21		18,930,000		18,687,709
4.373% due 09/15/37 ~		1,700,000		1,273,926
5.509% (USD LIBOR + 5.350%) due 07/15/32 § ~		7,500,000		5,306,147
Fannie Mae 2.232% due 02/25/27		6,793,973		7,265,432
2.560% due 09/25/29		2,689,018		2,961,529
2.700% due 11/25/40		500,000		564,323
2.720% due 10/25/31 §		399,865		434,383
3.121% due 04/25/28 §		98,126		110,204
Fannie Mae (IO) 0.592% due 06/25/29 §		9,949,372		414,521
Fannie Mae - Aces 2.500% due 10/25/37		480,956		514,268
3.061% due 05/25/27 §		600,000		675,924
Fannie Mae - Aces (IO) 0.379% due 07/25/22 §		12,512,858		48,172
Freddie Mac (IO) 1.666% due 08/27/28 §		4,000,000		450,195
Freddie Mac Multifamily Structured Pass-Through Certificates (IO) 0.638% due 10/25/26 §		13,977,234		451,774
0.709% due 04/25/29 §		9,983,022		533,965
0.836% due 10/25/29 §		2,395,688		155,812
0.880% due 06/25/29 §		7,266,141		482,864
0.886% due 09/25/29 §		5,169,479		350,950
0.948% due 06/25/29 §		6,484,985		458,872
0.957% due 05/25/26 §		6,161,927		282,333
1.148% due 06/25/29 §		4,850,000		403,108
1.203% due 06/25/27 §		1,576,829		88,490
1.312% due 07/25/26 §		10,295,867		621,782
1.481% due 10/25/21 §		1,152,597		5,933


	Principal Amount		Value
FREMF Mortgage Trust (IO) 0.200% due 05/25/45 ~	$	52,542,263	$	111,994
GMAC Commercial Mortgage Securities Inc Trust 5.349% due 11/10/45 §		3,761		3,660
Government National Mortgage Association 2.694% due 11/16/47 §		2,074,696		2,199,281
Government National Mortgage Association (IO) 0.190% due 10/16/48 §		14,954,316		150,179
0.393% due 01/16/53 §		49,255,961		846,454
0.441% due 11/16/47 §		28,959,899		588,410
0.488% due 11/16/55 §		22,489,926		703,867
0.561% due 12/16/59 §		5,744,577		286,279
0.599% due 04/16/57 §		4,136,931		196,226
0.649% due 08/16/58 §		3,309,404		161,840
0.686% due 02/16/59 §		4,185,692		227,539
0.702% due 07/16/58 §		2,918,993		144,762
1.425% due 10/16/60 §		33,458,164		3,446,689
GS Mortgage Securities Corp II 1.459% (USD LIBOR + 1.300%) due 09/15/31 § ~		8,570,000		7,252,423
GS Mortgage Securities Trust 3.777% due 05/10/50 §		3,880,000		4,229,977
4.033% due 05/10/50 §		550,000		588,221
5.161% due 11/10/46 §		1,070,000		1,136,042
5.622% due 11/10/39		1,117,105		390,987
JP Morgan Chase Commercial Mortgage Securities Trust 5.895% due 02/12/49 §		291,075		146,430
6.496% due 02/15/51 §		19,336		18,101
JPMBB Commercial Mortgage Securities Trust 4.620% due 08/15/48 §		2,470,000		2,732,891
4.888% due 01/15/47 §		510,000		548,627
ML-CFC Commercial Mortgage Trust 5.450% due 08/12/48 §		575,460		328,018
5.450% due 08/12/48 § ~		72,659		41,416
6.193% due 09/12/49 §		87,350		79,052
Morgan Stanley Capital I Trust 5.438% due 03/15/44		16,891		16,883
Rosslyn Portfolio Trust 1.939% (USD LIBOR + 0.950%) due 06/15/33 § ~		2,977,541		2,989,381
Shops at Crystals Trust 3.126% due 07/05/36 ~		15,000,000		15,092,913
Waterfall Commercial Mortgage Trust 4.104% due 09/14/22 § ~		1,805,798		1,830,935
WFRBS Commercial Mortgage Trust 3.973% due 06/15/46 § ~		1,120,000		881,266
4.204% due 11/15/47 §		3,830,000		3,833,061
4.723% due 03/15/47 §		340,000		369,981
WFRBS Commercial Mortgage Trust (IO) 1.016% due 03/15/47 §		8,954,752		207,766
1.306% due 06/15/45 § ~		2,522,210		28,942

				183,604,512

Collateralized Mortgage Obligations - Residential - 6.7%

Adjustable Rate Mortgage Trust 0.648% (USD LIBOR + 0.500%) due 03/25/36 §		410,416		210,179
3.305% due 10/25/35 §		2,382,335		2,206,318
Alternative Loan Trust 6.000% due 03/25/27		19,742		19,895
6.000% due 05/25/36		2,799,398		1,953,638
6.500% due 09/25/36		1,377,342		1,134,928
16.614% (16.940% - USD LIBOR) due 06/25/35 §		3,148,353		3,706,875
28.008% (28.600% - USD LIBOR) due 07/25/36 §		958,313		1,587,850


	Principal Amount		Value
BCAP LLC Trust 0.549% due 03/28/37 § ~	$	4,342,785	$	4,303,066
Chevy Chase Funding LLC Mortgage-Backed Certificates 0.328% (USD LIBOR + 0.180%) due 08/25/47 § ~		248,941		219,540
Citigroup Mortgage Loan Trust 3.551% due 04/25/37 §		423,339		406,081
6.500% due 10/25/36 ~		1,571,589		1,215,151
Connecticut Avenue Securities Trust 2.248% (USD LIBOR + 2.100%) due 10/25/39 § ~		9,063,394		9,061,923
Countrywide Home Loan Mortgage Pass-Through Trust 5.500% due 07/25/35		916,256		774,847
5.750% due 02/25/37		3,890,015		2,930,209
Credit Suisse Mortgage Trust 3.500% due 02/25/48 § ~		18,399,287		18,838,022
2.972% due 01/27/36 § ~		12,450,499		12,203,659
Fannie Mae 0.498% (USD LIBOR + 0.350%) due 05/25/34 §		299,757		300,506
2.000% due 07/25/50		1,515,063		1,535,346
4.000% due 04/25/40 - 07/25/40		12,713,870		13,230,213
5.500% due 04/25/42		2,292,992		2,648,721
6.000% due 05/25/42		761,285		891,467
6.500% due 06/25/39 - 07/25/42		1,707,313		2,047,177
7.000% due 05/25/42		318,488		390,601
Fannie Mae (IO) 0.210% due 12/25/36 §		1,127,066		88,182
2.223% due 10/25/35 §		243,208		13,697
2.232% due 08/25/55 §		826,866		37,219
2.359% due 08/25/44 §		2,194,243		138,751
2.409% due 03/25/36		158,236		10,715
2.500% due 08/25/50		4,126,528		570,590
3.000% due 11/25/26 - 09/25/32		5,081,519		267,979
3.128% due 07/25/36 §		280,597		23,843
3.500% due 07/25/28 - 11/25/41		2,104,999		170,437
4.000% due 11/25/41		2,030,191		277,429
4.500% due 11/25/39		255,549		39,943
5.000% due 01/25/38 - 01/25/39		652,278		105,097
5.000% due 01/25/39 §		173,878		23,831
5.500% due 01/25/39 §		162,099		23,565
6.000% due 01/25/38 - 07/25/38		677,231		126,749
6.002% (6.150% - USD LIBOR) due 09/25/41 - 08/25/45 §		7,701,841		1,435,413
6.332% (6.480% - USD LIBOR) due 04/25/40 §		427,127		98,707
6.452% (6.600% - USD LIBOR) due 07/25/42 §		322,538		65,388
6.502% (6.650% - USD LIBOR) due 02/25/41 - 03/25/42 §		1,243,227		226,232
Fannie Mae (PO) 0.212% due 03/25/42		90,365		86,393
0.215% due 03/25/42		54,219		51,797
Fannie Mae Connecticut Avenue Securities 5.148% (USD LIBOR + 5.000%) due 11/25/24 §		2,137,265		2,197,907
5.398% (USD LIBOR + 5.250%) due 10/25/23 §		1,554,749		1,596,322
Flagstar Mortgage Trust 3.500% due 04/25/48 § ~		2,590,168		2,631,827
Freddie Mac 1.159% (USD LIBOR + 1.000%) due 02/15/32 §		48,279		49,310
1.998% (USD LIBOR + 1.850%) due 02/25/50 § ~		4,470,000		4,466,911
3.000% due 08/15/48		1,058,700		1,094,149
3.500% due 10/15/37		2,700,000		2,828,651


	Principal Amount		Value
3.898% (USD LIBOR + 3.750%) due 08/25/50 § ~	$	5,530,000	$	5,635,710
4.000% due 12/15/39		3,069,467		3,186,872
5.000% due 02/15/30 - 03/15/35		7,399,967		8,410,247
6.000% due 05/15/36		1,455,740		1,729,677
Freddie Mac (IO) 0.250% due 01/15/38 §		78,198		557
2.000% due 10/25/50		2,480,087		324,151
2.372% due 04/15/41 §		1,062,071		64,217
2.500% due 09/25/50 - 11/25/50		7,003,753		974,319
3.000% due 12/15/31		634,998		42,016
3.500% due 06/15/27 - 04/15/43		2,575,366		178,688
4.000% due 04/15/43		374,004		18,496
5.791% (5.950% - USD LIBOR) due 10/15/41 §		1,010,994		182,343
5.841% (6.000% - USD LIBOR) due 05/15/44 §		4,530,538		951,372
5.871% (6.030% - USD LIBOR) due 09/15/37 §		1,015,973		229,883
5.891% (6.050% - USD LIBOR) due 08/15/39 §		919,115		202,578
6.041% (6.200% - USD LIBOR) due 05/15/39 §		409,381		15,107
6.071% (6.230% - USD LIBOR) due 01/15/40 §		183,196		39,693
6.091% (6.250% - USD LIBOR) due 09/15/42 §		737,872		100,982
6.131% (6.290% - USD LIBOR) due 11/15/36 §		345,154		77,609
Freddie Mac Structured Agency Credit Risk Debt Notes 3.398% (USD LIBOR + 3.250%) due 07/25/29 §		12,179,925		12,520,649
4.648% (USD LIBOR + 4.500%) due 02/25/24 §		3,590,000		3,544,876
5.098% (USD LIBOR + 4.950%) due 07/25/29 §		4,410,000		4,674,331
9.498% (USD LIBOR + 9.350%) due 04/25/28 §		2,841,564		3,387,494
Government National Mortgage Association 0.440% (USD LIBOR + 0.300%) due 02/20/68 - 07/20/68 §		5,444,803		5,432,186
0.490% (USD LIBOR + 0.350%) due 08/20/58 §		10,497,926		10,489,752
0.552% (USD LIBOR + 0.400%) due 08/20/70 §		282,765		282,962
0.602% (USD LIBOR + 0.450%) due 07/20/70 §		16,115,598		16,172,147
0.640% (USD LIBOR + 0.500%) due 03/20/61 §		1,384,468		1,387,893
0.652% (USD LIBOR + 0.500%) due 07/20/70 §		1,089,875		1,096,337
1.146% (USD LIBOR + 1.000%) due 05/20/60 §		327,868		332,366
1.302% (USD LIBOR + 1.150%) due 05/20/70 §		3,302,509		3,463,872
2.750% due 03/20/48		1,093,257		1,160,864
3.000% due 07/20/49 - 10/20/49		6,989,754		7,239,077
4.500% due 10/20/39		2,477,421		2,578,647
5.000% due 07/20/39		1,196,463		1,248,236
Government National Mortgage Association (IO) 2.114% due 11/20/42 §		207,604		7,986
2.500% due 08/20/50 - 10/20/50		13,411,186		1,908,092
3.500% due 04/20/27 - 04/20/50		5,872,716		740,310
4.000% due 04/16/45		1,047,177		152,741
5.000% due 10/20/44		5,320,509		947,377
5.448% (5.600% - USD LIBOR) due 08/20/44 §		1,194,874		206,236


	Principal Amount		Value
5.947% (6.100% - USD LIBOR) due 08/16/42 §	$	711,428	$	157,313
5.997% (6.150% - USD LIBOR) due 06/16/43 §		1,067,803		126,919
6.047% (6.200% - USD LIBOR) due 10/16/42 §		957,693		224,163
6.328% (6.480% - USD LIBOR) due 04/20/40 §		105,563		22,170
6.398% (6.550% - USD LIBOR) due 06/20/40 §		1,896,866		492,562
6.447% (6.600% - USD LIBOR) due 04/16/42 §		1,819,552		515,881
6.498% (6.650% - USD LIBOR) due 01/20/40 §		96,917		8,059
GSMSC Resecuritization Trust 0.760% (USD LIBOR + 0.610%) due 11/26/37 § ~		13,880,000		12,266,283
Impac CMB Trust 0.668% (USD LIBOR + 0.520%) due 11/25/35 §		1,841,347		1,695,199
IndyMac INDX Mortgage Loan Trust 0.668% (USD LIBOR + 0.520%) due 06/25/35 §		1,238,582		1,125,722
JP Morgan Mortgage Trust 3.011% due 08/25/35 §		465,147		465,947
3.500% due 09/25/48 § ~		3,023,421		3,119,923
3.500% due 10/25/48 § ~		6,081,469		6,234,095
Lehman Mortgage Trust 0.898% (USD LIBOR + 0.750%) due 12/25/35 §		3,453,806		2,101,769
6.000% due 05/25/37		754,978		765,552
MASTR Reperforming Loan Trust 7.000% due 08/25/34 ~		1,144,922		994,019
Merrill Lynch Mortgage Investors Trust 3.512% due 06/25/35 §		797,870		801,501
Morgan Stanley Mortgage Loan Trust 2.807% due 07/25/35 §		777,747		720,382
2.819% due 07/25/34 §		162,697		163,101
Morgan Stanley Resecuritization Trust 1.454% (US FED + 0.710%) due 12/27/46 § ~		25,493,853		21,119,669
1.514% (US FED + 0.770%) due 04/26/47 § ~		4,379,000		4,317,698
NAAC Reperforming Loan REMIC Trust Certificates 6.500% due 02/25/35 ~		1,468,700		1,472,475
New Residential Mortgage Loan Trust 4.000% due 05/25/57 § ~		3,712,442		4,047,560
4.250% due 12/25/57 § ~		6,962,898		7,532,089
Nomura Resecuritization Trust 1.744% (US FED + 1.000%) due 08/26/46 § ~		5,562,452		5,076,500
PMT Credit Risk Transfer Trust 2.895% (USD LIBOR + 2.750%) due 05/27/23 § ~		7,388,559		7,141,136
RAAC Trust 6.000% due 09/25/34		12,598		12,575
Residential Asset Securitization Trust 0.648% (USD LIBOR + 0.500%) due 07/25/36 §		406,209		323,374
6.000% due 08/25/36		895,920		753,657
Structured Adjustable Rate Mortgage Loan Trust 3.284% due 08/25/36 §		3,770,579		3,015,409
3.303% due 05/25/36 §		1,608,147		1,335,258
WaMu Mortgage Pass-Through Certificates Trust 2.532% due 10/25/36 §		704,764		678,491
2.782% due 09/25/33 §		94,335		94,126
3.299% due 07/25/37 §		2,132,987		2,095,351


	Principal Amount		Value
Washington Mutual Mortgage Pass-Through Certificates Trust 1.309% (US FED + 0.700%) due 01/25/47 §	$	4,202,294	$	3,649,904
6.000% due 07/25/36		480,202		419,859

				296,987,885


Fannie Mae - 11.8%

due 01/01/36 #		27,600,000		28,395,854
due 01/01/51 #		47,600,000		49,844,789
due 02/01/51 #		57,100,000		59,205,488
1.500% due 12/01/35		800,000		826,801
1.950% due 04/01/32		400,000		420,625
2.140% due 04/01/30		100,000		107,947
2.260% due 04/01/30		592,167		644,242
2.500% due 06/01/28 - 02/01/51		21,617,716		22,746,239
2.810% due 04/01/25		130,000		141,170
3.000% due 12/01/36 - 09/01/50		79,842,315		85,944,102
3.040% due 06/01/29		1,000,000		1,140,771
3.160% due 05/01/29		1,019,091		1,156,069
3.500% due 09/01/42 - 03/01/57		110,413,168		119,852,794
4.000% due 10/01/42 - 06/01/57		52,822,053		57,918,450
4.500% due 04/01/23 - 08/01/58		60,082,733		66,635,908
5.000% due 07/01/33 - 03/01/50		22,514,730		25,317,277
5.500% due 04/01/37 - 11/01/38		996,835		1,166,563
6.000% due 04/01/33 - 07/01/41		1,327,846		1,608,666
6.500% due 05/01/40		1,433,948		1,662,335
7.000% due 02/01/39		685,352		793,611

				525,529,701


Freddie Mac - 3.2%

2.000% due 10/01/32		200,542		209,695
2.278% (US FED + 1.285%) due 03/01/47 §		1,457,945		1,513,775
3.000% due 09/01/32 - 07/01/50		41,348,973		44,442,691
3.500% due 10/01/42 - 05/01/50		15,329,724		16,622,307
4.000% due 10/01/42 - 03/01/50		35,201,801		38,208,136
4.500% due 07/01/23 - 05/01/50		21,241,921		23,536,090
5.000% due 12/01/35 - 03/01/50		13,086,992		14,707,992
5.500% due 08/01/37 - 12/01/38		988,898		1,162,938
6.000% due 10/01/36 - 11/01/39		2,587,051		3,080,590
6.500% due 09/01/39		466,166		537,783
7.000% due 03/01/39		215,985		253,048

				144,275,045


Government National Mortgage Association - 3.5%

due 01/01/51 #		24,500,000		25,793,012
due 02/01/51 #		6,600,000		6,890,288
0.766% (USD LIBOR + 0.620%) due 08/20/60 §		571,897		579,257
2.500% due 12/20/50		900,000		970,470
3.000% due 09/15/42 - 10/20/50		16,118,129		17,017,812
3.500% due 06/20/44 - 02/20/50		8,597,967		9,284,772
4.000% due 02/20/33 - 04/20/50		45,967,893		49,651,882
4.500% due 01/20/40 - 01/20/49		24,879,364		27,151,289
5.000% due 01/15/40 - 01/20/49		10,815,996		12,158,116
5.500% due 06/15/36		267,580		312,992
6.000% due 06/20/35 - 03/20/42		3,379,217		3,921,322
6.500% due 10/20/37		429,028		499,591

				154,230,803


Total Mortgage-Backed Securities (Cost $1,269,522,801)				1,304,627,946


	Principal Amount		Value

ASSET-BACKED SECURITIES - 2.7%

Applebee’s Funding LLC 4.194% due 06/07/49 ~	$	2,493,750	$	2,473,340
Asset-Backed Pass-Through Certificates 0.838% (USD LIBOR + 0.690%) due 04/25/34 §		135,321		135,174
Avis Budget Rental Car Funding AESOP LLC 3.350% due 09/22/25 ~		7,250,000		7,758,331
Citigroup Mortgage Loan Trust 0.218% (USD LIBOR + 0.070%) due 05/25/37 §		188,408		148,108
Credit Suisse European Mortgage Capital Ltd (Ireland) 3.114% (USD LIBOR + 2.900%) due 08/09/24 § ~		4,204,200		4,178,185
3.980% due 08/13/24 ±		4,392,764		4,261,196
Credit Suisse Mortgage Trust 3.053% due 07/25/57 § ~		9,880,000		10,585,491
Credit-Based Asset Servicing & Securitization LLC 0.928% (USD LIBOR + 0.780%) due 07/25/33 §		698,525		682,763
Fannie Mae Grantor Trust 2.898% due 06/25/27		897,214		995,078
First Franklin Mortgage Loan Trust 0.268% (USD LIBOR + 0.120%) due 11/25/36 §		5,592,279		5,188,510
Ford Credit Floorplan Master 4.060% due 11/15/30		5,020,000		5,940,805
Freddie Mac Structured Pass-Through Certificates 3.089% due 11/25/27		500,000		543,867
Hertz Vehicle Financing II LP 5.330% due 09/25/21 ~		10,344,000		10,193,199
Hildene Community Funding CDO Ltd (Cayman) 3.250% due 11/01/35 ~		4,880,000		4,880,000
Legacy Mortgage Asset Trust 3.200% due 05/25/59 § ~		9,260,191		9,363,234
Navient Private Education Refi Loan Trust 3.130% due 02/15/68 ~		10,870,000		11,209,370
Oak Street Investment Grade Net Lease Fund 1.850% due 11/20/50 ~		4,423,562		4,472,258
Origen Manufactured Housing Contract Trust 2.026% due 10/15/37 §		4,764,589		4,596,399
2.807% due 04/15/37 §		3,370,394		3,210,175
RAMP Trust 0.418% (USD LIBOR + 0.270%) due 10/25/36 §		1,710,782		1,698,677
RASC Trust 0.368% (USD LIBOR + 0.220%) due 01/25/37 §		6,360,000		5,971,114
SBA Small Business Investment Cos 3.548% due 09/10/28		992,221		1,083,083
SLM Student Loan Trust 0.967% (USD LIBOR + 0.750%) due 03/15/33 § ~		2,602,047		2,501,626

	Shares
SoFi Professional Loan Program LLC 08/25/36 ~		13		819,771


	Principal Amount		Value
Sofi Professional Loan Program Trust 3.340% due 08/25/47 ~	$	3,754,124	$	3,865,407
3.600% due 02/25/48 ~		7,067,773		7,389,695
Structured Asset Investment Loan Trust 1.148% (USD LIBOR + 1.000%) due 10/25/33 §		895,739		895,215
United States Small Business Administration 2.690% due 07/01/44		1,582,721		1,712,578
2.980% due 04/01/39		1,676,755		1,834,032


Total Asset-Backed Securities (Cost $119,579,094)				118,586,681


U.S. GOVERNMENT AGENCY ISSUE - 0.5%

Fannie Mae 6.625% due 11/15/30		15,850,000		24,005,165


Total U.S. Government Agency Issue (Cost $20,082,648)				24,005,165


U.S. TREASURY OBLIGATIONS - 14.8%

U.S. Treasury Bonds - 6.6%

1.125% due 08/15/40		24,350,000		23,022,164
1.250% due 05/15/50		121,770,000		110,249,416
1.375% due 11/15/40		23,480,000		23,180,997
1.375% due 08/15/50		89,570,000		83,719,960
1.625% due 11/15/50		27,450,000		27,293,449
2.000% due 02/15/50		18,130,000		19,654,761
3.625% due 02/15/44		4,510,000		6,376,893

				293,497,640


U.S. Treasury Inflation Protected Securities - 2.4%

0.750% due 02/15/42 ^		7,697,631		9,807,031
0.750% due 02/15/45 ^		4,555,690		5,881,324
1.000% due 02/15/46 ^		9,494,755		12,962,913
1.000% due 02/15/48 ^		12,501,974		17,424,771
1.000% due 02/15/49 ^		1,645,284		2,319,592
1.375% due 02/15/44 ^ ‡		18,870,353		27,200,484
2.125% due 02/15/40 ^		13,119,292		20,335,868
2.125% due 02/15/41 ^		6,848,755		10,749,669

				106,681,652


U.S. Treasury Notes - 5.8%

0.125% due 07/15/23		190,000		189,911
0.125% due 10/15/23		190,000		189,866
0.250% due 11/15/23		420,000		421,181
0.250% due 06/30/25		37,470,000		37,370,470
0.250% due 08/31/25		290,000		289,026
0.250% due 09/30/25		1,090,000		1,085,742
0.250% due 10/31/25		2,250,000		2,240,068
0.375% due 04/30/25		270,000		270,970
0.375% due 11/30/25		5,000,000		5,006,250
0.375% due 07/31/27		21,480,000		21,192,202
0.375% due 09/30/27		18,130,000		17,847,427
0.500% due 04/30/27		15,270,000		15,230,036
0.500% due 06/30/27		34,270,000		34,121,407
0.500% due 08/31/27		5,900,000		5,862,434
0.500% due 10/31/27		15,210,000		15,086,419
0.625% due 12/31/27		32,500,000		32,451,758
0.625% due 05/15/30		5,950,000		5,814,266


	Principal Amount		Value
0.625% due 08/15/30	$	20,670,000	$	20,143,561
0.875% due 11/15/30		43,010,000		42,848,712

				257,661,706


Total U.S. Treasury Obligations (Cost $647,454,556)				657,840,998


FOREIGN GOVERNMENT BONDS & NOTES - 7.9%

Abu Dhabi Government (United Arab Emirates)
2.500% due 10/11/22 ~		3,650,000		3,783,499
3.125% due 09/30/49 ~		9,970,000		10,706,534
Argentina Treasury Bond BONCER (Argentina) 1.000% due 08/05/21 ^ W		ARS 69,271,321		650,973
Argentine Bonos del Tesoro (Argentina) 16.000% due 10/17/23 W		20,030,000		60,207
Argentine Republic Government (Argentina)
0.125% due 07/09/30 §		$5,494,820		2,236,392
0.125% due 07/09/35 §		2,585,277		948,797
0.125% due 07/09/41 §		9,140,000		3,468,630
1.000% due 07/09/29		522,501		227,027
Brazil Notas do Tesouro Nacional Serie F (Brazil)
10.000% due 01/01/23		BRL 51,120,000		10,869,178
10.000% due 01/01/25		32,472,000		7,232,587
10.000% due 01/01/27		9,809,000		2,234,519
Brazilian Government (Brazil)
2.625% due 01/05/23		$660,000		686,070
4.625% due 01/13/28		2,620,000		2,940,151
5.000% due 01/27/45		4,870,000		5,426,617
5.625% due 01/07/41		3,690,000		4,371,727
5.625% due 02/21/47		7,120,000		8,531,860
China Government (China)
3.310% due 11/30/25 ~		CNY 109,500,000		17,281,688
3.380% due 11/21/24 ~		17,000,000		2,673,735
3.390% due 05/21/25 ~		20,500,000		3,229,962
Colombia Government (Colombia) 5.625% due 02/26/44		$2,880,000		3,739,680
Egypt Government (Egypt) 5.577% due 02/21/23 ~		2,250,000		2,381,301
Indonesia Government (Indonesia)
3.500% due 01/11/28		530,000		595,026
3.750% due 04/25/22 ~		1,490,000		1,553,384
3.850% due 07/18/27 ~		1,190,000		1,361,906
4.350% due 01/11/48		2,260,000		2,705,107
4.750% due 02/11/29		5,300,000		6,434,540
4.750% due 07/18/47 ~		400,000		502,488
4.875% due 05/05/21 ~		2,930,000		2,973,833
5.125% due 01/15/45 ~		2,540,000		3,287,497
5.250% due 01/08/47 ~		1,590,000		2,120,297
5.375% due 10/17/23 ~		400,000		452,831
5.875% due 01/15/24 ~		973,000		1,119,670
Israel Government International (Israel)
2.750% due 07/03/30		1,680,000		1,855,384
3.875% due 07/03/50		920,000		1,108,193
Japanese Government CPI Linked (Japan) 0.100% due 03/10/26 ^		JPY 1,904,127,312		18,514,782
Kenya Government (Kenya)
6.875% due 06/24/24 ~		$990,000		1,087,030
7.250% due 02/28/28 ~		1,210,000		1,360,539
Kuwait International Government Bond (Kuwait) 3.500% due 03/20/27 ~		3,530,000		4,019,787
Mexican Bonos (Mexico)
7.750% due 11/23/34		MXN 171,270,000		10,145,119
7.750% due 11/13/42		327,687,500		18,982,146


	Principal Amount		Value
8.000% due 11/07/47		MXN 907,490,000	$	53,865,673
8.500% due 05/31/29		229,220,000		14,051,885
10.000% due 12/05/24		109,240,000		6,571,473
Mexico Government (Mexico)
4.600% due 02/10/48		$1,120,000		1,318,022
5.750% due 10/12/10		1,450,000		1,934,728
Nigeria Government (Nigeria)
6.500% due 11/28/27 ~		1,440,000		1,555,236
7.143% due 02/23/30 ~		1,110,000		1,200,267
Panama Government (Panama)
2.252% due 09/29/32		1,880,000		1,943,450
4.500% due 04/01/56		1,930,000		2,494,525
Peruvian Government (Peru)
2.783% due 01/23/31		2,650,000		2,914,364
5.625% due 11/18/50		2,350,000		3,705,468
Provincia de Buenos Aires (Argentina)
6.500% due 02/15/23 ~		2,060,000		849,750
7.875% due 06/15/27 ~		1,770,000		730,143
Qatar Government (Qatar)
4.000% due 03/14/29 ~		2,980,000		3,538,750
4.400% due 04/16/50 ~		790,000		1,031,661
4.817% due 03/14/49 ~		6,660,000		9,105,485
Republic of Poland Government (Poland) 4.000% due 01/22/24		4,710,000		5,221,110
Russian Federal (Russia)
7.000% due 01/25/23		RUB 198,150,000		2,815,266
6.900% due 05/23/29		1,033,350,000		15,025,908
7.000% due 08/16/23		234,570,000		3,345,243
7.050% due 01/19/28		461,663,000		6,746,365
7.250% due 05/10/34		41,210,000		606,617
7.650% due 04/10/30		1,343,710,000		20,525,552
7.700% due 03/16/39		690,870,000		10,675,347
8.150% due 02/03/27		458,179,000		7,047,622


Total Foreign Government Bonds & Notes (Cost $340,697,826)				352,680,603


SHORT-TERM INVESTMENT - 0.8%

Repurchase Agreement - 0.8%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $36,316,909; collateralized by U.S. Treasury Notes: 0.375% due 12/31/2025 and value $37,043,254)		$36,316,909		36,316,909


Total Short-Term Investment (Cost $36,316,909)				36,316,909


TOTAL INVESTMENTS - 101.4% (Cost $4,260,277,951)				4,512,466,053

DERIVATIVES - 0.7%				27,152,840


OTHER ASSETS & LIABILITIES, NET - (2.1%)				(91,391,695	)


NET ASSETS - 100.0%				$4,448,227,198

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	40.6%
Mortgage-Backed Securities	29.3%
U.S. Treasury Obligations	14.8%
Foreign Government Bonds & Notes	7.9%
Senior Loan Notes	4.8%
Others (each less than 3.0%)	4.0%

	101.4%
Derivatives	0.7%
Other Assets & Liabilities, Net	(2.1%	)

	100.0%

(b)	As of December 31, 2020, an investment with a value of $10,790,009 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts and swap agreements.

(c)

Investments with a total aggregate value of $711,180 or less than 0.1% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
EXCHANGE-TRADED FUNDS - 4.5%

Invesco Senior Loan		414,501		$9,235,082
iShares iBoxx High Yield Corporate Bond		78,475		6,850,867
SPDR Blackstone		113,070		5,161,646

				21,247,595

Total Exchange-Traded Funds (Cost $20,113,505)				21,247,595


	Principal Amount
CORPORATE BONDS & NOTES - 2.5%

Communications - 0.6%

CommScope Inc 5.500% due 03/01/24 ~		$1,200,000		1,238,838
Diamond Sports Group LLC 5.375% due 08/15/26 ~		1,875,000		1,526,953
iHeartCommunications Inc 8.375% due 05/01/27		1		1

				2,765,792

Consumer, Cyclical - 0.9%

Beacon Roofing Supply Inc 4.500% due 11/15/26 ~		1,000,000		1,048,440
eG Global Finance PLC (United Kingdom) 6.750% due 02/07/25 ~		2,500,000		2,578,750
8.500% due 10/30/25 ~		500,000		530,750

				4,157,940

Industrial - 1.0%

TransDigm Inc 6.250% due 03/15/26 ~		4,500,000		4,798,148


Total Corporate Bonds & Notes (Cost $11,351,174)				11,721,880


SENIOR LOAN NOTES - 91.2%

Basic Materials - 3.0%

Allnex & CY SCA Term B2 (Luxembourg) 5.132% (USD LIBOR + 3.250%) due 09/13/23 § ^µ		853,240		848,974
Allnex USA Inc Term B3 (Luxembourg) 5.132% (USD LIBOR + 3.250%) due 09/13/23 § ^µ		642,836		639,622
Aruba Investments Inc (2nd Lien) 8.500% (USD LIBOR + 7.750%) due 11/24/28 §		250,000		252,500
Term B 4.750% (USD LIBOR + 4.000%) due 11/24/27 §		500,000		500,000
ASP Unifrax Holdings Inc Term B 4.004% (USD LIBOR + 3.750%) due 12/14/25 §		4,211,177		3,897,970
Diamond BC BV (Netherlands) 3.147% (USD LIBOR + 3.000%) due 09/06/24 §		977,654		965,281
Messer Industries USA Inc Term B 2.754% (USD LIBOR + 2.500%) due 03/01/26 §		964,483		958,606
Nouryon USA LLC Term B (Netherlands) 5.552% (USD LIBOR + 3.000%) due 10/01/25 §		989,660		980,135
SCIH Salt Holdings Inc Term B 5.500% (USD LIBOR + 4.500%) due 03/16/27 §		995,000		998,731


	Principal Amount		Value
Solenis Holdings LLC 4.233% (USD LIBOR + 4.000%) due 06/26/25 §		$741,709		$741,941
U.S. Silica Co Term B 5.000% (USD LIBOR + 4.000%) due 05/01/25 §		1,994,830		1,756,282
Zep Inc 5.000% (USD LIBOR + 4.000%) due 08/12/24 §		2,002,694		1,958,635

				14,498,677

Communications - 7.8%

Arches Buyer Inc 4.500% (USD LIBOR + 4.000%) due 12/06/27 §		2,250,000		2,255,022
Clear Channel Outdoor Holdings Inc Term B 3.714% (USD LIBOR + 3.500%) due 08/21/26 §		6,894,725		6,651,976
CNT Holdings I Corp (2nd Lien) 7.500% (USD LIBOR + 6.750%) due 10/16/28 § ^µ ±		2,000,000		2,040,000
Term B 4.500% (USD LIBOR + 3.750%) due 11/08/27 §		3,164,026		3,169,392
CommScope Inc Term B2 3.397% (USD LIBOR + 3.250%) due 04/04/26 §		4,074,070		4,055,884
CSC Holdings LLC Term B5 2.659% (USD LIBOR + 2.500%) due 04/15/27 §		4,066,924		4,042,523
MH Sub I LLC 4.750% (USD LIBOR + 3.750%) due 09/15/24 §		1,745,614		1,747,068
MTN Infrastructure TopCo Inc Term B 4.000% - 5.000% (USD LIBOR + 3.000%, 4.000%) due 11/17/24 §		3,484,821		3,491,361
Pug LLC Term B 3.647% (USD LIBOR + 3.500%) due 02/13/27 §		3,339,699		3,197,762
Uber Technologies Inc Term B 5.000% (USD LIBOR + 4.000%) due 04/04/25 §		6,529,555		6,571,722

				37,222,710

Consumer, Cyclical - 12.5%

Alterra Mountain Co Term B 5.500% (USD LIBOR + 4.500%) due 08/01/26 §		3,728,725		3,762,906
Bass Pro Group LLC Term B 5.750% (USD LIBOR + 5.000%) due 09/25/24 §		3,963,545		3,981,195
BCPE Empire Holdings Inc 5.000% (USD LIBOR + 4.250%) due 06/12/26 §		1,250,000		1,250,781
Bombardier Recreational Products Inc Term B2 (Canada) 6.000% (USD LIBOR + 5.000%) due 05/24/27 §		1,620,938		1,657,240
Caesars Resort Collection LLC Term B 2.897% (USD LIBOR + 2.750%) due 12/22/24 §		911,468		896,150
Carnival Corp Term B 8.500% (USD LIBOR + 7.500%) due 06/30/25 §		3,236,555		3,353,071
CityCenter Holdings LLC Term B 3.000% (USD LIBOR + 2.250%) due 04/18/24 §		1,356,063		1,341,443


	Principal Amount		Value
ClubCorp Holdings Inc Term B 3.004% (USD LIBOR + 2.750%) due 09/18/24 §		$3,435,973		$3,224,087
Core & Main LP Term B 3.750% (USD LIBOR + 3.000%) due 08/01/24 §		5,568,821		5,559,538
Curium BidCo SARL Term B (Luxembourg) 5.000% (USD LIBOR + 4.250%) due 10/28/27 § ± ^µ		2,250,000		2,252,813
CWGS Group LLC Term B 3.500% (USD LIBOR + 2.750%) due 11/08/23 §		1,209,710		1,199,787
Golden Nugget Inc Term B 3.250% (USD LIBOR + 2.500%) due 10/04/23 § ^µ		2,119,022		2,053,686
Harbor Freight Tools USA Inc Term B 4.000% (USD LIBOR + 3.250%) due 10/19/27 §		1,750,000		1,751,852
K-MAC Holdings Corp 3.147% (USD LIBOR + 3.250%) due 03/14/25 §		498,657		493,462
(2nd Lien) 6.896% (USD LIBOR + 6.750%) due 03/16/26 §		1,200,000		1,182,000
LBM Acquisition LLC Term B 4.500% (USD LIBOR + 3.750%) due 12/18/27 §		1,022,727		1,024,261
Motion Finco SARL
Term B 3.504% (USD LIBOR + 3.250%) due 11/12/26 §		2,864,729		2,769,477
Term B1 3.558% (USD LIBOR + 3.250%) due 11/12/26 § ^µ		376,523		364,003
PetSmart Inc Term B2 4.000% (USD LIBOR + 3.000%) due 03/11/22 §		3,744,257		3,715,396
Playa Resorts Holding BV Term B 3.750% (USD LIBOR + 2.750%) due 04/27/24 §		1,870,163		1,736,914
SeaWorld Parks & Entertainment Inc Term B5 3.750% (USD LIBOR + 3.000%) due 03/31/24 §		2,457,419		2,393,937
SMG US Midco 2 Inc 2.714% (USD LIBOR + 2.500%) due 01/23/25 § ±		782,118		739,101
SRS Distribution Inc Term B 3.147% - 4.396% (USD LIBOR + 3.250%, 4.500%) due 05/24/25 §		9,317,013		9,217,496
Thor Industries Inc Term B 3.937% (USD LIBOR + 3.750%) due 02/01/26 §		1,237,020		1,238,050
WOOF Holdings Inc 4.500% (USD LIBOR + 3.750%) due 12/16/27 §		2,500,000		2,503,125

				59,661,771

Consumer, Non-Cyclical - 24.1%

Accelerated Health Systems LLC Term B 3.652% (USD LIBOR + 3.500%) due 11/01/25 §		735,000		721,219
ADMI Corp 4.750% (USD LIBOR + 4.000%) due 12/23/27 § ^µ		1,250,000		1,253,437
Aldevron LLC Term B 5.250% (USD LIBOR + 4.250%) due 10/11/26 §		1,246,859		1,253,094


	Principal Amount		Value
AlixPartners LLP Term B 2.647% (USD LIBOR + 2.500%) due 04/04/24 §	$	1,674,247	$	1,660,296
Allied Universal Holdco LLC 4.397% (USD LIBOR + 4.250%) due 07/12/26 §		6,187,500		6,173,139
American Residential Services LLC Term B 4.250% (USD LIBOR + 3.500%) due 10/15/27 §		2,250,000		2,248,594
ATI Holdings Acquisition Inc Term B 4.500% (USD LIBOR + 3.500%) due 05/10/23 §		1,496,084		1,469,902
Bausch Health Cos Inc Term B 3.148% (USD LIBOR + 3.000%) due 06/02/25 §		6,975,346		6,956,819
CHG PPC Parent LLC Term B 2.897% (USD LIBOR + 2.750%) due 03/30/25 §		2,426,907		2,399,605
Da Vinci Purchaser Corp Term B 5.000% (USD LIBOR + 4.000%) due 01/08/27 §		3,931,260		3,948,459
Endo International PLC Term B 5.000% (USD LIBOR + 4.250%) due 04/29/24 § ^µ		5,828,482		5,757,444
Envision Healthcare Corp Term B 3.897% (USD LIBOR + 3.750%) due 10/10/25 § ^µ		1,496,183		1,256,170
Garda World Security Corp Term B (Canada) 4.990% (USD LIBOR + 4.750%) due 10/30/26 §		1,889,430		1,895,334
Global Medical Response Inc Term B 5.750% (USD LIBOR + 4.750%) due 10/02/25 §		750,000		747,000
Guidehouse LLP 4.647% (USD LIBOR + 4.500%) due 05/01/25 §		1,725,342		1,725,342
H-Food Holdings LLC Term B2 4.147% (USD LIBOR + 4.000%) due 05/31/25 §		2,930,101		2,896,877
Heartland Dental LLC 3.647% (USD LIBOR + 3.750%) due 04/30/25 § ^µ		4,269,353		4,168,844
Jaguar Holding Co II 3.500% (USD LIBOR + 2.500%) due 08/18/22 §		7,451,438		7,454,233
Kronos Acquisition Holdings Inc Term B (Canada) 5.250% (USD LIBOR + 4.500%) due 12/22/26 §		750,000		751,875
Mallinckrodt International Finance SA Term B due 09/24/24 § Y ^µ		1,496,114		1,413,828
Mavis Tire Express Services Corp 5.000% (USD LIBOR + 4.000%) due 03/20/25 §		4,000,000		4,015,000
Milano Acquisition Corp Term B 4.750% (USD LIBOR + 4.000%) due 10/01/27 §		3,500,000		3,508,750
Mister Car Wash Holdings Inc 3.402% (USD LIBOR + 3.250%) due 05/14/26 §		3,558,849		3,482,779
Ortho-Clinical Diagnostics SA Term B (Luxembourg) 5.695% (USD LIBOR + 3.250%) due 06/30/25 §		2,883,012		2,847,747
PAREXEL International Corp Term B 2.897% (USD LIBOR + 2.750%) due 09/27/24 §		2,500,000		2,462,052


	Principal Amount		Value
Pathway Vet Alliance LLC 4.000% (USD LIBOR + 4.000%) due 03/31/27 §	$	318,730	$	319,208
4.147% (USD LIBOR + 4.000%) due 03/31/27 §		3,902,139		3,907,992
PetVet Care Centers LLC
(2nd Lien) 6.397% (USD LIBOR + 6.250%) due 02/13/26 § ±		1,750,000		1,741,250
Term B 3.397% (USD LIBOR + 3.250%) due 02/14/25 §		4,651,762		4,561,634
Term B3 5.250% (USD LIBOR + 4.250%) due 02/14/25 § ±		497,481		499,968
Precision Medicine Group LLC Term B 4.500% (USD LIBOR + 3.750%) due 11/20/27 § ±		3,538,462		3,547,308
Refinitiv US Holdings Inc Term B 3.397% (USD LIBOR + 3.250%) due 10/01/25 §		3,989,822		3,988,888
Shearer’s Foods Inc Term B 4.750% (USD LIBOR + 4.000%) due 09/23/27 §		498,750		499,730
Snacking Investments Bidco Property Ltd (Australia) 5.000% (USD LIBOR + 4.000%) due 12/18/26 § ±		1,659,544		1,661,618
Spin Holdco Inc Term B 4.250% (USD LIBOR + 3.250%) due 11/14/22 §		5,431,889		5,412,003
Sunshine Luxembourg VII SARL Term B (Luxembourg) 5.000% (USD LIBOR + 4.250%) due 10/01/26 §		6,330,514		6,357,076
Team Health Holdings Inc Term B 3.750% (USD LIBOR + 2.750%) due 02/06/24 §		1,994,819		1,797,830
VetCor Professional Practices LLC 3.147% (USD LIBOR + 3.000%) due 07/02/25 §		4,873,634		4,791,391
Wand NewCo 3 Inc Term B1 3.147% (USD LIBOR + 3.000%) due 02/05/26 §		3,164,231		3,124,678

				114,678,413

Energy - 0.9%

Brazos Delaware II LLC Term B 4.152% (USD LIBOR + 4.000%) due 05/29/25 § ^µ		1,496,030		1,311,831
Traverse Midstream Partners LLC Term B 6.500% (USD LIBOR + 5.500%) due 09/27/24 § ^µ		3,241,381		3,202,216

				4,514,047

Financial - 10.0%

Acrisure LLC Term B 3.647% (USD LIBOR + 3.500%) due 02/15/27 §		2,711,296		2,669,948
Alliant Holdings Intermediate LLC Term B 3.397% (USD LIBOR + 3.250%) due 05/10/25 §		4,078,052		4,013,765
AssuredPartners Inc Term B 3.647% - 5.500% (USD LIBOR + 3.500%, 4.500%) due 02/13/27 §		5,693,059		5,627,793
Broadstreet Partners Inc Term B 3.397% (USD LIBOR + 3.250%) due 01/27/27 §		1,455,085		1,434,532


	Principal Amount		Value
4.750% (USD LIBOR + 3.750%) due 01/27/27 § ^µ	$	3,236,244	$	3,232,273
Brookfield Property REIT Inc
Term A2 3.147% (USD LIBOR + 3.000%) due 08/28/23 §		2,625,000		2,517,375
Term B 4.565% (USD LIBOR + 2.500%) due 08/27/25 § ^µ		233,777		222,556
Cushman & Wakefield U.S. Borrower LLC Term B 2.897% (USD LIBOR + 2.750%) due 08/21/25 §		2,137,256		2,098,518
Deerfield Dakota Holding LLC
(2nd Lien) 9.000% (USD LIBOR + 8.000%) due 04/07/28 § ±		4,375,000		4,462,500
Term B 4.750% (USD LIBOR + 3.750%) due 04/09/27 §		3,482,500		3,493,383
HUB International Ltd Term B 2.965% (USD LIBOR + 2.750%) due 04/25/25 §		2,961,871		2,912,731
5.000% (USD LIBOR + 4.000%) due 04/25/25 § ^µ		2,236,200		2,245,661
NFP Corp Term B 3.397% (USD LIBOR + 3.250%) due 02/13/27 §		5,076,957		4,976,474
OneDigital Borrower LLC Term B 5.250% (USD LIBOR + 4.500%) due 11/16/27 § ^µ		2,958,008		2,961,101
USI Inc Term B 3.354% (USD LIBOR + 3.000%) due 05/16/24 §		4,558,598		4,501,141

				47,369,751

Industrial - 15.2%

Brand Industrial Services Inc 5.250% (USD LIBOR + 4.250%) due 06/21/24 §		1,840,454		1,800,321
Charter NEX US Inc 5.000% (USD LIBOR + 4.250%) due 12/01/27 §		2,750,000		2,767,474
CP Atlas Buyer Inc 5.250% (USD LIBOR + 4.500%) due 11/23/27 §		2,250,000		2,257,031
DiversiTech Holdings Inc Term B 4.000% (USD LIBOR + 3.000%) due 06/01/24 §		574,860		571,446
Dynasty Acquisition Co Inc 3.754% (USD LIBOR + 3.500%) due 04/08/26 §		3,317,473		3,174,178
Engineered Machinery Holdings Inc 4.000% - 5.250% (USD LIBOR + 3.000%, 4.250%) due 07/19/24 §		4,352,813		4,353,896
Filtration Group Corp Term B 3.147% (USD LIBOR + 3.000%) due 03/29/25 §		5,337,600		5,294,233
Gates Global LLC Term B2 3.750% (USD LIBOR + 2.750%) due 03/31/24 §		3,916,813		3,911,917
GFL Environmental Inc (Canada) 3.500% (USD LIBOR + 3.000%) due 05/30/25 §		2,422,519		2,428,912
Graham Packaging Co Inc 4.500% (USD LIBOR + 3.750%) due 08/04/27 §		5,633,051		5,657,695


	Principal Amount		Value
Granite US Holding Corp Term B 5.504% (USD LIBOR + 5.250%) due 09/30/26 § ±	$	3,225,503	$	3,233,566
Klockner-Pentaplast of America, Inc Term B (Luxembourg) 5.250% (USD LIBOR + 4.250%) due 06/30/22 § ^µ		2,365,674		2,362,963
LTI Holdings Inc 4.897% (USD LIBOR + 4.750%) due 07/24/26 §		372,173		366,746
Term B 3.647% (USD LIBOR + 3.500%) due 09/06/25 §		3,000,701		2,923,004
Mauser Packaging Solutions Holding Co Term B 3.480% (USD LIBOR + 3.250%) due 04/03/24 §		4,573,233		4,436,036
Pregis TopCo Corp 5.000% (USD LIBOR + 4.250%) due 08/01/26 § ±		750,000		750,938
Term B 3.897% (USD LIBOR + 3.750%) due 07/31/26 §		990,000		987,112
Pretium PKG Holdings Inc 4.750% (USD LIBOR + 4.000%) due 11/05/27 §		2,625,000		2,628,281
(2nd Lien) 9.000% (USD LIBOR + 8.250%) due 11/05/28 §		1,250,000		1,246,875
Pro Mach Group Inc Term B 2.897% - 4.500% (USD LIBOR + 2.750%, 3.500%) due 03/07/25 §		4,316,425		4,251,352
Proampac PG Borrower LLC Term B 5.000% (USD LIBOR + 4.000%) due 11/18/25 § ±		1,750,000		1,748,906
Reynolds Group Holdings Inc Term B 2.897% (USD LIBOR + 2.750%) due 02/05/23 §		837,089		834,264
Standard Aero Ltd 3.754% (USD LIBOR + 3.500%) due 04/08/26 §		1,783,588		1,706,548
Tank Holding Corp Term B 5.750% (USD LIBOR + 5.000%) due 03/26/26 §		750,000		751,406
The Hillman Group Inc Term B 4.147% (USD LIBOR + 4.000%) due 05/31/25 §		5,412,370		5,403,191
TransDigm Inc Term G 2.397% (USD LIBOR + 2.250%) due 08/22/24 §		1,434,284		1,410,324
USIC Holdings Inc 4.000% (USD LIBOR + 3.250%) due 12/09/23 § ^µ		2,743,096		2,744,240
WP CPP Holdings LLC Term B 4.750% (USD LIBOR + 3.750%) due 04/30/25 §		2,288,745		2,150,848

				72,153,703

Technology - 16.6%

Applied Systems Inc (2nd Lien) 8.000% (USD LIBOR + 7.000%) due 09/19/25 §		6,536,993		6,590,106
Term B 4.000% (USD LIBOR + 3.000%) due 09/19/24 §		5,286,027		5,292,635
Athenahealth Inc Term B 4.648% (USD LIBOR + 4.500%) due 02/11/26 § ^µ		5,947,084		5,956,998


	Principal Amount		Value
BY Crown Parent LLC Term B 4.000% (USD LIBOR + 3.000%) due 01/30/26 §	$	1,493,789	$	1,493,789
ECI Macola Max Holdings LLC 4.500% (USD LIBOR + 3.750%) due 11/09/27 §		2,500,000		2,496,875
Epicor Software Corp
(2nd Lien) 8.750% (USD LIBOR + 7.750%) due 07/31/28 §		2,125,000		2,220,625
Term B 5.250% (USD LIBOR + 4.250%) due 07/30/27 §		7,034,227		7,084,789
Finastra USA Inc (2nd Lien) 8.566% (USD LIBOR + 7.250%) due 06/13/25 §		1,250,000		1,256,771
Term B 4.500% (USD LIBOR + 3.500%) due 06/13/24 §		6,724,278		6,602,018
Flexera Software LLC due 01/26/28 ^µ ±		1,000,000		1,001,250
Hyland Software Inc 4.250% (USD LIBOR + 3.500%) due 07/01/24 §		1,248,080		1,251,971
Ivanti Software Inc Term B 5.750% (USD LIBOR + 4.750%) due 12/01/27 §		3,875,000		3,876,209
Project Boost Purchaser LLC Term B 5.000% (USD LIBOR + 4.250%) due 05/30/26 §		1,995,000		2,002,481
Rackspace Hosting Inc Term B 4.000% (USD LIBOR + 3.000%) due 11/03/23 §		4,722,642		4,724,611
Sophia LP 4.500% (USD LIBOR + 3.750%) due 10/07/27 §		5,750,000		5,767,969
(2nd Lien) 9.000% (USD LIBOR + 8.000%) due 10/09/28 § ±		3,000,000		2,988,750
Tempo Acquisition LLC Term B 3.750% (USD LIBOR + 3.250%) due 10/31/26 §		5,314,850		5,289,934
The Dun & Bradstreet Corp		1,000,000		1,001,875
Term B 3.898% (USD LIBOR + 3.750%) due 02/08/26 § ^µ		3,443,238		3,448,403
The Ultimate Software Group Inc 3.897% (USD LIBOR + 3.750%) due 05/04/26 §		1,929,204		1,931,133
4.750% (USD LIBOR + 4.000%) due 05/04/26 §		4,738,125		4,771,884
(2nd Lien) 7.500% (USD LIBOR + 6.750%) due 05/03/27 §		2,125,000		2,191,406

				79,242,482

Utilities - 1.1%

PG&E Corp Term B 5.500% (USD LIBOR + 4.500%) due 06/23/25 §		5,105,298		5,175,495


Total Senior Loan Notes (Cost $430,762,702)							434,517,049


	Principal Amount		Value

SHORT-TERM INVESTMENT - 4.5%

Repurchase Agreement - 4.5%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $21,509,008; collateralized by U.S. Treasury Notes: 2.375% due 5/15/2027 and value $21,939,254)		$21,509,008		$21,509,008


Total Short-Term Investment (Cost $21,509,008)				21,509,008


TOTAL INVESTMENTS - 102.7% (Cost $483,736,389)				488,995,532

OTHER ASSETS & LIABILITIES, NET - (2.7%)				(12,821,413	)


NET ASSETS - 100.0%				$476,174,119

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical	24.1%
Technology	16.6%
Industrial	16.2%
Consumer, Cyclical	13.4%
Financial	10.0%
Communications	8.4%
Short-Term Investment	4.5%
Exchange-Traded Funds	4.5%
Basic Materials	3.0%
Others (each less than 3.0%)	2.0%

	102.7%
Other Assets & Liabilities, Net	(2.7%	)

	100.0%

(b)	An investment with a value of $1,413,828 or 0.3% of the Fund’s net assets was in default as of December 31, 2020.

(c)	Pursuant to the terms of the following senior loan agreements, the Fund had unfunded loan commitments, which could be extended at the option of the borrower:


Borrower	Unfunded Loan Commitments		Value		Unrealized Appreciation (Depreciation)
LBM Acquisition LLC ^µ		$225,000		$227,614		$2,614
OneDigital Borrower LLC ^µ		291,852		293,087		1,235
Precision Medicine Group LLC ±		461,539		462,692		1,153
Pro Mach Group Inc ±		309,615		321,613		11,998

		$1,288,006		$1,305,006		$17,000

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the year ended December 31, 2020:


	Shares		Value
COMMON STOCKS - 1.9%

Basic Materials - 0.2%

Constellium SE *		170,643		$2,387,295
Hexion Holdings Corp ‘B’ *		65,539		802,853

				3,190,148

Consumer, Cyclical - 0.3%

Beazer Homes USA Inc *		86,816		1,315,262
Cedar Fair LP		46,111		1,814,007
Las Vegas Sands Corp		16,818		1,002,353

				4,131,622

Consumer, Non-Cyclical - 0.2%

HCA Healthcare Inc		12,524		2,059,697


Financial - 0.4%

Citigroup Inc		35,192		2,169,938
Outfront Media Inc REIT		65,030		1,271,987
The Goldman Sachs Group Inc		9,625		2,538,209

				5,980,134

Industrial - 0.5%

Crown Holdings Inc *		25,159		2,520,932
GFL Environmental Inc (Canada)		89,595		2,614,382
Xylem Inc		16,647		1,694,498

				6,829,812

Utilities - 0.3%

Evoqua Water Technologies Corp *		128,770		3,474,215


Total Common Stocks (Cost $19,624,980)				25,665,628


EXCHANGE-TRADED FUNDS - 1.0%

iShares iBoxx High Yield Corporate Bond		66,953		5,844,997
SPDR Bloomberg Barclays High Yield Bond		73,890		8,049,577

				13,894,574


Total Exchange-Traded Funds (Cost $12,842,068)				13,894,574


	Principal Amount

CORPORATE BONDS & NOTES - 88.8%

Basic Materials - 2.6%

Alcoa Nederland Holding BV 5.500% due 12/15/27 ~		$5,475,000		5,997,972
Constellium SE 5.875% due 02/15/26 ~		500,000		515,938
5.625% due 06/15/28 ~		250,000		269,844
6.625% due 03/01/25 ~		6,235,000		6,379,184
Hecla Mining Co 7.250% due 02/15/28		2,650,000		2,898,437
Hexion Inc 7.875% due 07/15/27 ~		3,950,000		4,233,906
JW Aluminum Continuous Cast Co 10.250% due 06/01/26 ~		4,800,000		5,105,088
Novelis Corp 4.750% due 01/30/30 ~		5,833,000		6,295,207
5.875% due 09/30/26 ~		700,000		732,375
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		3,550,000		3,784,412

				36,212,363


	Principal Amount		Value
Communications - 15.1%

Altice Financing SA (Luxembourg) 7.500% due 05/15/26 ~		$5,875,000		$6,207,231
Altice France SA (France) 7.375% due 05/01/26 ~		7,575,000		7,982,156
Arches Buyer Inc 4.250% due 06/01/28 ~		5,525,000		5,605,527
Avaya Inc 6.125% due 09/15/28 ~		5,525,000		5,912,496
CCO Holdings LLC 4.250% due 02/01/31 ~		600,000		633,066
4.750% due 03/01/30 ~		10,400,000		11,234,600
5.000% due 02/01/28 ~		675,000		714,488
5.375% due 06/01/29 ~		10,700,000		11,742,073
CenturyLink Inc 4.000% due 02/15/27 ~		5,500,000		5,686,285
4.500% due 01/15/29 ~		1,050,000		1,070,344
Clear Channel Worldwide Holdings Inc 5.125% due 08/15/27 ~		4,950,000		5,005,687
9.250% due 02/15/24		6,995,000		7,100,659
CommScope Inc 6.000% due 03/01/26 ~		3,750,000		3,955,931
8.250% due 03/01/27 ~		700,000		748,129
CommScope Technologies LLC 6.000% due 06/15/25 ~		3,271,000		3,349,013
CSC Holdings LLC 3.375% due 02/15/31 ~		1,800,000		1,768,500
4.625% due 12/01/30 ~		2,400,000		2,508,324
5.250% due 06/01/24		2,600,000		2,819,115
5.375% due 02/01/28 ~		650,000		695,500
5.500% due 05/15/26 ~		3,350,000		3,488,188
5.750% due 01/15/30 ~		4,300,000		4,719,271
6.500% due 02/01/29 ~		5,550,000		6,276,634
7.500% due 04/01/28 ~		625,000		703,728
Diamond Sports Group LLC 12.750% due 12/01/26 ~		5,954,000		5,388,370
Frontier Communications Corp 5.000% due 05/01/28 ~		3,750,000		3,916,406
5.875% due 10/15/27 ~		1,175,000		1,272,672
Lamar Media Corp 3.750% due 02/15/28		5,425,000		5,585,444
4.000% due 02/15/30		325,000		337,797
Level 3 Financing Inc 3.625% due 01/15/29 ~		1,925,000		1,923,797
4.625% due 09/15/27 ~		7,900,000		8,265,217
5.250% due 03/15/26		4,390,000		4,541,675
5.375% due 01/15/24		4,040,000		4,086,238
LogMeln Inc 5.500% due 09/01/27 ~		4,850,000		5,086,437
Nexstar Broadcasting Inc 5.625% due 07/15/27 ~		4,450,000		4,774,027
Outfront Media Capital LLC 4.625% due 03/15/30 ~		450,000		460,525
5.000% due 08/15/27 ~		6,225,000		6,344,458
5.625% due 02/15/24		1,250,000		1,268,881
6.250% due 06/15/25 ~		1,825,000		1,928,797
Sprint Capital Corp 8.750% due 03/15/32		3,500,000		5,545,312
Sprint Corp 7.625% due 02/15/25		2,950,000		3,533,245
7.625% due 03/01/26		7,050,000		8,761,105
7.875% due 09/15/23		2,000,000		2,318,100
Uber Technologies Inc 6.250% due 01/15/28 ~		1,200,000		1,306,500
7.500% due 05/15/25 ~		1,300,000		1,405,963
8.000% due 11/01/26 ~		6,075,000		6,625,547
Virgin Media Finance PLC (United Kingdom) 5.000% due 07/15/30 ~		1,000,000		1,038,750


	Principal Amount		Value
Virgin Media Secured Finance PLC (United Kingdom) 5.500% due 08/15/26 ~		$14,350,000		$14,932,969
Zayo Group Holdings Inc 4.000% due 03/01/27 ~		6,400,000		6,424,352
6.125% due 03/01/28 ~		575,000		609,052

				207,608,581

Consumer, Cyclical - 18.0%

99 Escrow Issuer Inc 7.500% due 01/15/26 ~		575,000		572,844
Affinity Gaming 6.875% due 12/15/27 ~		275,000		288,406
Air Canada Pass-Through Trust ‘B’ (Canada) 5.375% due 11/15/22 ~		1,224,889		1,228,120
American Airlines Pass-Through Trust ‘B’ 5.250% due 07/15/25		3,093,510		2,636,299
5.625% due 07/15/22 ~		496,608		495,604
American Airlines Pass-Through Trust ‘B’ 3.850% due 08/15/29		3,957,102		3,343,981
Aramark Services Inc 6.375% due 05/01/25 ~		5,935,000		6,350,450
Ashton Woods USA LLC 6.625% due 01/15/28 ~		5,610,000		5,918,550
Beazer Homes USA Inc 5.875% due 10/15/27		9,275,000		9,779,328
Boyd Gaming Corp 4.750% due 12/01/27		100,000		104,081
6.375% due 04/01/26		2,750,000		2,860,550
8.625% due 06/01/25 ~		4,750,000		5,288,840
Caesars Entertainment Inc 6.250% due 07/01/25 ~		4,050,000		4,318,333
8.125% due 07/01/27 ~		4,525,000		5,015,182
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		7,375,000		7,462,799
Carvana Co 5.625% due 10/01/25 ~		5,425,000		5,574,188
5.875% due 10/01/28 ~		1,200,000		1,247,508
CCM Merger Inc 6.375% due 05/01/26 ~		300,000		315,750
Cedar Fair LP 5.250% due 07/15/29		9,250,000		9,538,970
6.500% due 10/01/28 ~		1,775,000		1,928,138
Clarios Global LP 6.250% due 05/15/26 ~		4,000,000		4,295,000
8.500% due 05/15/27 ~		1,175,000		1,278,470
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		7,200,000		6,722,244
Core & Main Holding LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		2,150,000		2,204,868
Core & Main LP 6.125% due 08/15/25 ~		6,796,000		7,038,107
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		5,750,000		5,857,209
Ford Motor Co 4.346% due 12/08/26		15,967,000		17,027,847
7.450% due 07/16/31		6,000,000		7,706,250
9.000% due 04/22/25		900,000		1,107,122
9.625% due 04/22/30		900,000		1,271,570
Ford Motor Credit Co LLC 3.375% due 11/13/25		600,000		615,186
4.000% due 11/13/30		600,000		631,908
4.125% due 08/17/27		800,000		839,000
Gateway Casinos & Entertainment Ltd (Canada) 8.250% due 03/01/24 ~		4,475,000		4,222,811


	Principal Amount		Value
Golden Nugget Inc 6.750% due 10/15/24 ~		$9,150,000		$9,095,740
Hilton Domestic Operating Co Inc 3.750% due 05/01/29 ~		1,650,000		1,723,532
5.125% due 05/01/26		2,000,000		2,070,000
Hilton Grand Vacations Borrower LLC 6.125% due 12/01/24		6,600,000		6,937,557
IRB Holding Corp 7.000% due 06/15/25 ~		6,075,000		6,647,721
Jacobs Entertainment Inc 7.875% due 02/01/24 ~		6,975,000		7,166,080
Jaguar Land Rover Automotive PLC (United Kingdom) 5.625% due 02/01/23 ~		4,150,000		4,165,521
JetBlue 2020-1 Class B Pass-Through Trust 7.750% due 05/15/30		4,500,000		4,915,319
LBM Acquisition LLC 6.250% due 01/15/29 ~		875,000		911,929
Marriott Ownership Resorts Inc 4.750% due 01/15/28		5,100,000		5,194,656
Mattel Inc 3.150% due 03/15/23		1,050,000		1,064,327
6.750% due 12/31/25 ~		6,425,000		6,787,820
New Red Finance Inc (Canada) 3.500% due 02/15/29 ~		2,200,000		2,201,375
3.875% due 01/15/28 ~		900,000		915,543
4.375% due 01/15/28 ~		2,700,000		2,785,563
Norwegian Air Shuttle Pass-Through Trust ‘B’ (Norway) 7.500% due 05/10/25 ~ y		973,366		725,158
PetSmart Inc 7.125% due 03/15/23 ~		6,800,000		6,806,120
PM General Purchaser LLC 9.500% due 10/01/28 ~		3,075,000		3,409,406
Scientific Games International Inc 7.000% due 05/15/28 ~		1,350,000		1,453,815
7.250% due 11/15/29 ~		1,350,000		1,483,907
8.250% due 03/15/26 ~		3,475,000		3,750,585
SeaWorld Parks & Entertainment Inc 9.500% due 08/01/25 ~		450,000		489,375
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		7,000,000		7,031,640
5.500% due 04/15/27 ~		1,125,000		1,157,344
Six Flags Theme Parks Inc 7.000% due 07/01/25 ~		325,000		351,609
Stars Group Holdings BV (Canada) 7.000% due 07/15/26 ~		2,750,000		2,899,531
STL Holding Co LLC 7.500% due 02/15/26 ~		5,900,000		6,121,250
Tesla Inc 5.300% due 08/15/25 ~		5,575,000		5,818,906
United Airlines Pass-Through Trust ‘B’ 4.625% due 03/03/24		1,017,062		1,024,576
US Airways Pass-Through Trust ‘B’ 5.375% due 05/15/23		3,167,553		3,020,308
Viking Cruises Ltd 6.250% due 05/15/25 ~		2,920,000		2,872,243

				246,083,969

Consumer, Non-Cyclical - 17.6%

Acadia Healthcare Co Inc 5.000% due 04/15/29 ~		575,000		615,250
AdaptHealth LLC due 08/01/29 # ~		1,775,000		1,826,031
6.125% due 08/01/28 ~		1,800,000		1,937,250
Ahern Rentals Inc 7.375% due 05/15/23 ~		26,099,000		19,133,829
Albertsons Cos Inc 3.250% due 03/15/26 ~		900,000		914,625
3.500% due 03/15/29 ~		350,000		354,025


	Principal Amount		Value
4.625% due 01/15/27 ~		$550,000		$585,643
5.875% due 02/15/28 ~		10,875,000		11,852,445
Allied Universal Holdco LLC 6.625% due 07/15/26 ~		250,000		266,888
9.750% due 07/15/27 ~		13,000,000		14,192,620
Avantor Funding Inc 4.625% due 07/15/28 ~		4,150,000		4,393,813
Bausch Health Americas Inc 8.500% due 01/31/27 ~		13,125,000		14,615,803
Bausch Health Cos Inc 5.000% due 01/30/28 ~		1,075,000		1,109,174
5.000% due 02/15/29 ~		525,000		540,789
5.250% due 02/15/31 ~		275,000		287,814
6.125% due 04/15/25 ~		7,125,000		7,350,577
6.250% due 02/15/29 ~		1,375,000		1,495,574
9.000% due 12/15/25 ~		2,600,000		2,880,683
Charles River Laboratories International Inc 4.250% due 05/01/28 ~		5,850,000		6,137,761
5.500% due 04/01/26 ~		2,600,000		2,728,115
CHS 5.625% due 03/15/27 ~		600,000		645,900
6.625% due 02/15/25 ~		11,625,000		12,256,877
Garda World Security Corp (Canada) 9.500% due 11/01/27 ~		4,492,000		4,982,481
HCA Inc 5.250% due 06/15/26		2,450,000		2,902,177
5.625% due 09/01/28		675,000		798,542
5.875% due 02/01/29		21,250,000		25,642,481
Jaguar Holding Co II 5.000% due 06/15/28 ~		6,475,000		6,920,156
JBS Investments II GmbH 5.750% due 01/15/28 ~		800,000		857,508
7.000% due 01/15/26 ~		2,650,000		2,864,518
JBS USA LUX SA 5.500% due 01/15/30 ~		1,425,000		1,639,121
6.500% due 04/15/29 ~		950,000		1,108,270
Kraft Heinz Foods Co 3.875% due 05/15/27 ~		1,825,000		1,968,124
3.950% due 07/15/25		2,254,000		2,483,265
4.375% due 06/01/46		6,750,000		7,303,423
5.000% due 07/15/35		8,850,000		10,732,107
5.200% due 07/15/45		3,600,000		4,280,759
Kronos Acquisition Holdings Inc (Canada) 5.000% due 12/31/26 ~		450,000		470,250
Legacy LifePoint Health LLC 4.375% due 02/15/27 ~		950,000		966,625
6.750% due 04/15/25 ~		550,000		591,971
LifePoint Health Inc 5.375% due 01/15/29 ~		625,000		625,344
MPH Acquisition Holdings LLC 5.750% due 11/01/28 ~		2,900,000		2,838,375
Pilgrim’s Pride Corp 5.875% due 09/30/27 ~		6,525,000		7,085,236
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		4,125,000		4,555,547
Select Medical Corp 6.250% due 08/15/26 ~		6,550,000		7,063,913
Tenet Healthcare Corp 4.625% due 06/15/28 ~		675,000		708,328
4.875% due 01/01/26 ~		1,795,000		1,879,993
5.125% due 05/01/25		3,325,000		3,393,961
6.125% due 10/01/28 ~		2,075,000		2,169,475
6.250% due 02/01/27 ~		1,275,000		1,353,279
6.750% due 06/15/23		5,325,000		5,733,960
7.500% due 04/01/25 ~		375,000		410,218
The ADT Security Corp 3.500% due 07/15/22		2,000,000		2,056,250
The Providence Service Corp 5.875% due 11/15/25 ~		1,750,000		1,853,906


	Principal Amount		Value
Tms International Holding Corp 7.250% due 08/15/25 ~		$10,707,000		$10,921,140
Verscend Escrow Corp 9.750% due 08/15/26 ~		5,275,000		5,726,672

				241,008,861

Energy - 10.0%

Antero Midstream Partners LP 5.750% due 01/15/28 ~		6,000,000		5,775,600
7.875% due 05/15/26 ~		1,050,000		1,086,834
Antero Resources Corp due 07/15/26 # ~		3,375,000		3,453,266
5.625% due 06/01/23		6,595,000		6,471,344
Archrock Partners LP 6.250% due 04/01/28 ~		875,000		913,028
6.875% due 04/01/27 ~		3,450,000		3,721,687
Ascent Resources Utica Holdings LLC 7.000% due 11/01/26 ~		3,025,000		2,900,975
8.250% due 12/31/28 ~		875,000		875,000
Buckeye Partners LP 4.125% due 03/01/25 ~		300,000		304,125
4.500% due 03/01/28 ~		4,800,000		4,953,000
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		3,525,000		4,174,020
7.000% due 06/30/24		1,100,000		1,285,266
Cheniere Energy Partners LP 4.500% due 10/01/29		1,000,000		1,059,270
5.625% due 10/01/26		3,975,000		4,150,695
Comstock Resources Inc 9.750% due 08/15/26		5,965,000		6,406,254
Endeavor Energy Resources LP 5.500% due 01/30/26 ~		2,225,000		2,287,356
5.750% due 01/30/28 ~		5,375,000		5,806,075
6.625% due 07/15/25 ~		600,000		642,936
Energy Transfer Operating LP 6.250% due 02/15/23		7,375,000		5,881,562
EnLink Midstream LLC 5.625% due 01/15/28 ~		275,000		281,596
EnLink Midstream Partners LP 4.150% due 06/01/25		725,000		712,313
Enterprise Products Operating LLC 5.375% (USD LIBOR + 2.570%) due 02/15/78 §		5,400,000		5,463,955
EQM Midstream Partners LP 5.500% due 07/15/28		2,025,000		2,217,335
6.000% due 07/01/25 ~		925,000		1,014,031
6.500% due 07/01/27 ~		2,950,000		3,325,977
Global Partners LP 7.000% due 08/01/27		4,200,000		4,506,327
MPLX LP 6.875% due 02/15/23		5,850,000		5,659,875
Occidental Petroleum Corp 2.900% due 08/15/24		9,600,000		9,254,400
5.500% due 12/01/25		600,000		626,691
5.875% due 09/01/25		4,525,000		4,825,912
6.125% due 01/01/31		600,000		643,620
6.625% due 09/01/30		2,500,000		2,718,125
8.000% due 07/15/25		1,100,000		1,254,963
8.500% due 07/15/27		1,650,000		1,907,276
Range Resources Corp 5.000% due 03/15/23		2,990,000		2,920,856
9.250% due 02/01/26		2,700,000		2,825,550
Tallgrass Energy Partners LP 6.000% due 12/31/30 ~		5,000,000		5,167,175
Targa Resources Partners LP 4.875% due 02/01/31 ~		1,900,000		2,064,350
5.000% due 01/15/28		1,350,000		1,427,537
5.125% due 02/01/25		4,850,000		4,986,358
5.375% due 02/01/27		750,000		789,514


	Principal Amount		Value
5.875% due 04/15/26		$2,275,000		$2,416,266
6.500% due 07/15/27		625,000		679,688
USA Compression Partners LP 6.875% due 04/01/26		2,700,000		2,826,562
6.875% due 09/01/27		4,600,000		4,918,642

				137,583,187

Financial - 6.0%

Air Lease Corp 3.125% due 12/01/30		3,975,000		4,135,728
3.250% due 10/01/29		2,650,000		2,808,861
Ally Financial Inc 5.750% due 11/20/25		4,975,000		5,795,848
Avolon Holdings Funding Ltd (Ireland) 3.250% due 02/15/27 ~		1,500,000		1,534,028
Barclays PLC (United Kingdom) 5.200% due 05/12/26		1,000,000		1,166,970
ESH Hospitality Inc REIT 5.250% due 05/01/25 ~		7,100,000		7,287,972
Iron Mountain Inc REIT 4.500% due 02/15/31 ~		650,000		681,688
4.875% due 09/15/29 ~		3,700,000		3,907,200
5.000% due 07/15/28 ~		925,000		983,858
5.250% due 03/15/28 ~		700,000		740,016
OneMain Finance Corp 4.000% due 09/15/30		1,050,000		1,090,803
5.375% due 11/15/29		3,650,000		4,115,375
5.625% due 03/15/23		2,625,000		2,823,516
6.125% due 03/15/24		1,375,000		1,503,906
6.625% due 01/15/28		2,500,000		2,972,975
6.875% due 03/15/25		3,900,000		4,536,188
7.125% due 03/15/26		4,100,000		4,853,395
8.875% due 06/01/25		450,000		509,895
SBA Communications Corp 3.875% due 02/15/27		5,800,000		6,099,274
The Howard Hughes Corp 5.375% due 03/15/25 ~		16,100,000		16,643,375
5.375% due 08/01/28 ~		1,925,000		2,073,947
VICI Properties LP REIT 3.750% due 02/15/27 ~		1,750,000		1,792,385
4.250% due 12/01/26 ~		1,775,000		1,843,737
4.625% due 12/01/29 ~		1,775,000		1,902,250

				81,803,190

Industrial - 14.6%

Apex Tool Group LLC 9.000% due 02/15/23 ~		5,000,000		4,912,500
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		1,000,000		1,068,750
Ardagh Packaging Finance PLC 5.250% due 08/15/27 ~		3,950,000		4,150,700
Bombardier Inc (Canada) 5.750% due 03/15/22 ~		5,100,000		5,208,477
7.500% due 03/15/25 ~		5,300,000		4,922,375
Brand Industrial Services Inc 8.500% due 07/15/25 ~		5,475,000		5,605,031
BWX Technologies Inc 4.125% due 06/30/28 ~		6,350,000		6,631,781
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		5,300,000		5,475,563
Gates Global LLC 6.250% due 01/15/26 ~		6,325,000		6,651,813
GFL Environmental Inc (Canada) 3.500% due 09/01/28 ~		1,750,000		1,787,555
3.750% due 08/01/25 ~		2,025,000		2,069,297
4.000% due 08/01/28 ~		550,000		555,156
5.125% due 12/15/26 ~		300,000		319,530
Granite US Holdings Corp 11.000% due 10/01/27 ~		6,325,000		7,052,375


	Principal Amount		Value
Husky III Holding Ltd (Canada) 13.000% Cash or 13.75% PIK due 02/15/25 ~		$1,750,000		$1,908,594
Itron Inc 5.000% due 01/15/26 ~		7,675,000		7,857,281
Masco Corp 7.750% due 08/01/29		1,864,000		2,599,162
Mauser Packaging Solutions Holding Co 5.500% due 04/15/24 ~		10,200,000		10,416,138
7.250% due 04/15/25 ~		7,025,000		7,104,031
Mueller Water Products Inc 5.500% due 06/15/26 ~		4,524,000		4,704,100
Owens-Brockway Glass Container Inc 5.875% due 08/15/23 ~		7,500,000		8,048,437
PowerTeam Services LLC 9.033% due 12/04/25 ~		5,075,000		5,659,183
Reynolds Group Issuer Inc 5.125% due 07/15/23 ~		188,000		190,406
Sensata Technologies BV 5.625% due 11/01/24 ~		11,450,000		12,831,614
Sensata Technologies Inc 3.750% due 02/15/31 ~		575,000		596,752
4.375% due 02/15/30 ~		3,800,000		4,096,875
Standard Industries Inc 3.375% due 01/15/31 ~		650,000		654,063
4.375% due 07/15/30 ~		1,825,000		1,955,059
4.750% due 01/15/28 ~		10,875,000		11,459,531
The Boeing Co 3.200% due 03/01/29		4,350,000		4,593,083
5.705% due 05/01/40		9,325,000		12,080,856
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		8,290,000		8,600,875
TransDigm Inc 5.500% due 11/15/27		2,925,000		3,079,440
6.250% due 03/15/26 ~		6,075,000		6,477,499
6.500% due 07/15/24		9,406,000		9,590,311
8.000% due 12/15/25 ~		1,925,000		2,132,111
TransDigm UK Holdings PLC 6.875% due 05/15/26		2,650,000		2,808,139
Vertical Holdco GmbH (Germany) 7.625% due 07/15/28 ~		4,550,000		4,968,031
Vertical US Newco Inc (Germany) 5.250% due 07/15/27 ~		4,150,000		4,406,781
Welbilt Inc 9.500% due 02/15/24		5,300,000		5,487,700

				200,716,955

Technology - 1.8%

BY Crown Parent LLC 4.250% due 01/31/26 ~		4,900,000		5,028,625
Entegris Inc 4.375% due 04/15/28 ~		5,225,000		5,577,687
ON Semiconductor Corp 3.875% due 09/01/28 ~		575,000		594,406
Qorvo Inc 3.375% due 04/01/31 ~		900,000		930,375
Tempo Acquisition LLC 5.750% due 06/01/25 ~		1,375,000		1,466,094
6.750% due 06/01/25 ~		7,475,000		7,735,130
Veritas US Inc 7.500% due 09/01/25 ~		2,925,000		3,005,438

				24,337,755

Utilities - 3.1%

Calpine Corp 5.125% due 03/15/28 ~		5,950,000		6,267,641
NRG Energy Inc 3.625% due 02/15/31 ~		1,475,000		1,520,246
5.250% due 06/15/29 ~		2,700,000		2,976,250
7.250% due 05/15/26		3,510,000		3,708,315


	Principal Amount		Value
PG&E Corp 5.000% due 07/01/28		$5,425,000		$5,784,813
5.250% due 07/01/30		925,000		1,018,656
Pike Corp 5.500% due 09/01/28 ~		5,725,000		6,061,344
Talen Energy Supply LLC 6.500% due 06/01/25		5,000,000		4,090,625
7.250% due 05/15/27 ~		2,350,000		2,506,722
7.625% due 06/01/28 ~		1,225,000		1,322,234
Vistra Operations Co LLC 5.000% due 07/31/27 ~		3,800,000		4,031,800
5.500% due 09/01/26 ~		1,925,000		2,008,641
5.625% due 02/15/27 ~		700,000		745,570

				42,042,857


Total Corporate Bonds & Notes (Cost $1,143,152,090)				1,217,397,718


SENIOR LOAN NOTES - 2.8%

Consumer, Cyclical - 1.6%

18 Fremont Street Acquisition LLC 9.500% (USD LIBOR + 8.000%) due 08/09/25 § ±		2,750,000		2,739,688
Bass Pro Group LLC Term B 5.750% (USD LIBOR + 5.000%) due 09/25/24 §		2,672,379		2,684,279
PetSmart Inc Term B2 4.500% (USD LIBOR + 3.500%) due 03/11/22 §		4,431,588		4,431,588
Spectacle Gary Holdings LLC 11.000% (USD LIBOR + 9.000%) due 12/23/25 §		5,478,041		5,478,041
11.250% (PRIME + 9.000%) due 12/23/25 §		387,016		396,959
SRS Distribution Inc Term B 3.147% (USD LIBOR + 3.250%) due 05/24/25 §		5,358,883		5,283,762
Tacala LLC (2nd Lien) Term B 8.250% (USD LIBOR + 7.750%) due 02/01/26 §		2,250,000		2,228,445

				23,242,762

Energy - 0.3%

Traverse Midstream Partners LLC Term B 6.500% (USD LIBOR + 5.500%) due 09/27/24 §		3,798,815		3,752,914


Industrial - 0.5%

EWT Holdings III Corp 2.647% (USD LIBOR + 2.750%) due 12/20/24 §		5,184,855		5,178,374
North American Lifting Holdings Inc (2nd Lien) due 11/27/21 Y W ±		5,681,929		397,735
Reynolds Group Holdings Inc Term B 2.897% (USD LIBOR + 2.750%) due 02/05/23 §		1,017,026		1,013,594

				6,589,703


	Principal Amount		Value
Technology - 0.4%

The Dun & Bradstreet Corp Term B 3.898% (USD LIBOR + 3.750%) due 02/08/26 §		$5,359,500		$5,367,539
The Ultimate Software Group Inc 4.750% (USD LIBOR + 4.000%) due 05/03/26 §		249,375		251,152

				5,618,691

Total Senior Loan Notes (Cost $40,946,106)				39,204,070


ASSET-BACKED SECURITIES - 1.5%

AIMCO CLO (Cayman) 6.766% (USD LIBOR + 6.550%) due 07/22/32 § ~		2,200,000		2,193,151
Benefit Street Partners CLO Ltd (Cayman) 6.918% (USD LIBOR + 6.700%) due 01/17/32 § ~		4,000,000		3,950,495
Benefit Street Partners CLO V-B Ltd (Cayman) 6.168% (USD LIBOR + 5.950%) due 04/20/31 § ~		1,250,000		1,164,780
Dryden 55 CLO Ltd (Cayman) 5.637% (USD LIBOR + 5.400%) due 04/15/31 § ~		1,000,000		936,654
7.437% (USD LIBOR + 7.200%) due 04/15/31 § ~		250,000		205,367
Dryden 72 CLO Ltd (Cayman) 7.021% (USD LIBOR + 6.800%) due 05/15/32 § ~		4,075,000		4,082,849
Magnetite VIII CLO Ltd (Cayman) 7.677% (USD LIBOR + 7.440%) due 04/15/31 § ~		2,000,000		1,728,080
Neuberger Berman CLO Ltd (Cayman) 6.968% (USD LIBOR + 6.750%) due 01/20/31 § ~		1,700,000		1,704,212
6.968% (USD LIBOR + 6.750%) due 04/20/31 § ~		2,500,000		2,506,860
Voya CLO Ltd (Cayman) 7.717% (USD LIBOR + 7.480%) due 01/15/33 § ~		2,700,000		2,709,500


Total Asset-Backed Securities (Cost $21,379,512)				21,181,948


SHORT-TERM INVESTMENT - 2.8%

Repurchase Agreement - 2.8%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $37,895,346; collateralized by U.S. Treasury Notes: 2.375% due 5/15/27 and value $38,653,326)		37,895,346		37,895,346


Total Short-Term Investment (Cost $37,895,346)				37,895,346


TOTAL INVESTMENTS - 98.8% (Cost $1,275,840,102)				1,355,239,284

OTHER ASSETS & LIABILITIES, NET - 1.2%				15,908,567


NET ASSETS - 100.0%				$1,371,147,851

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Cyclical			19.9%
Consumer, Non-Cyclical			17.8%
Industrial			15.6%
Communications			15.1%
Energy			10.3%
Financial			6.4%
Utilities			3.4%
Others (each less than 3.0%)			10.3%

			98.8%
Other Assets & Liabilities, Net			1.2%

			100.0%

(b)	Investments with a total aggregate value of $1,122,893 or less than 0.1% of the Fund’s net assets were in default as of December 31, 2020.

(c)

An investment with a total aggregate value of $397,735 or less than 0.1% of the Fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or the Board of Trustees.

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 5.9%

Communications - 0.2%

Charter Communications Operating LLC 4.464% due 07/23/22		$500,000		$527,250
Cox Communications Inc 3.250% due 12/15/22 ~		200,000		210,753

				738,003

Consumer, Cyclical - 0.5%

Nissan Motor Acceptance Corp 1.900% due 09/14/21 ~		100,000		100,719
2.650% due 07/13/22 ~		100,000		102,390
Toyota Tsusho Corp (Japan) 3.625% due 09/13/23 ~		500,000		537,218
Volkswagen Group of America Finance LLC (Germany) 1.098% (USD LIBOR + 0.860%) due 09/24/21 § ~		1,600,000		1,608,210

				2,348,537

Consumer, Non-Cyclical - 0.1%

Keurig Dr Pepper Inc 2.530% due 11/15/21		200,000		203,734
3.551% due 05/25/21		100,000		101,257
RELX Capital Inc (United Kingdom) 3.500% due 03/16/23		100,000		106,384

				411,375

Energy - 0.4%

BG Energy Capital PLC (United Kingdom) 4.000% due 10/15/21 ~		1,900,000		1,951,163
Energy Transfer Operating LP 4.250% due 03/15/23		100,000		106,359

				2,057,522

Financial - 4.4%

Aviation Capital Group LLC 6.750% due 04/06/21 ~		1,500,000		1,520,827
Bank of America Corp 5.875% due 03/15/28		410,000		464,291
Cooperatieve Rabobank UA (Netherlands) 6.625% due 06/29/21 ~		EUR 400,000		502,978
Credit Suisse Group Funding Guernsey Ltd (Switzerland) 3.800% due 09/15/22		$1,600,000		1,690,406
JPMorgan Chase & Co 3.684% (USD LIBOR + 3.470%) due 04/30/21 §		836,000		830,257
Jyske Realkredit AS (Denmark) 1.000% due 10/01/50 ~		DKK 26,248,478		4,374,100
2.500% due 10/01/47		1,354		235
Lloyds Banking Group PLC (United Kingdom) 1.039% (USD LIBOR + 0.800%) due 06/21/21 §		$1,000,000		1,003,394
Mitsubishi UFJ Financial Group Inc (Japan) 2.105% (USD LIBOR + 1.880%) due 03/01/21 §		269,000		269,749
Mitsubishi UFJ Lease & Finance Co Ltd (Japan) 2.652% due 09/19/22 ~		200,000		206,252
Natwest Group PLC (United Kingdom) 1.801% (USD LIBOR + 1.550%) due 06/25/24 §		700,000		712,984
4.519% due 06/25/24		500,000		546,258
Nordea Kredit Realkreditaktieselskab (Denmark) 1.000% due 10/01/50 ~		DKK 8,248,566		1,374,896


	Principal Amount		Value
2.500% due 10/01/47		DKK 647		$112
Nykredit Realkredit AS (Denmark) 1.000% due 10/01/50 ~		37,988,734		6,325,844
2.500% due 10/01/47 ~		3,566		619
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		$7,000		7,349
Realkredit Danmark AS (Denmark) 2.500% due 04/01/47 ~		DKK 15,583		2,705
UniCredit SPA (Italy) 7.830% due 12/04/23 ~		$1,750,000		2,077,761


				21,911,017

Industrial - 0.1%

Penske Truck Leasing Co LP 3.300% due 04/01/21 ~		700,000		703,238


Technology - 0.0%

VMware Inc 3.900% due 08/21/27		100,000		112,835


Utilities - 0.2%

Baltimore Gas & Electric Co 3.500% due 11/15/21		300,000		305,845
National Rural Utilities Cooperative Finance Corp 2.300% due 09/15/22		100,000		103,216
Sempra Energy 0.667% (USD LIBOR + 0.450%) due 03/15/21 §		500,000		500,331

				909,392


Total Corporate Bonds & Notes (Cost $27,342,150)				29,191,919


MORTGAGE-BACKED SECURITIES - 18.4%

Collateralized Mortgage Obligation - Commercial - 0.2%

AREIT Trust 2.779% (USD LIBOR + 2.620%) due 04/15/37 § ~		800,000		808,715


Collateralized Mortgage Obligations - Residential - 4.2%

Angel Oak Mortgage Trust 1.469% due 06/25/65 § ~		1,004,473		1,010,750
Bear Stearns Adjustable Rate Mortgage Trust 3.944% due 01/25/35 §		134,710		134,012
Chevy Chase Funding LLC Mortgage-Backed Certificates 0.508% (USD LIBOR + 0.360%) due 03/25/35 § ~		333,713		337,651
Citigroup Mortgage Loan Trust 2.570% (UST + 2.400%) due 05/25/35 §		16,298		16,421
3.538% due 05/25/42 § ~		797,456		790,026
Eurosail PLC (United Kingdom) 0.198% (GBP LIBOR + 0.160%) due 12/10/44 § ~		GBP 49,840		67,682
Eurosail-UK PLC (United Kingdom) 0.991% (GBP LIBOR + 0.950%) due 06/13/45 § ~		703,391		956,858
Fannie Mae 0.191% (USD LIBOR + 0.060%) due 07/25/37 §		$413,364		406,660
0.298% (USD LIBOR + 0.150%) due 08/25/34 §		83,293		82,640


	Principal Amount		Value
0.498% (USD LIBOR + 0.350%) due 07/25/37 §		$4,649		$4,664
2.742% due 05/25/35 §		351,950		358,402
Freddie Mac 0.499% (USD LIBOR + 0.350%) due 07/15/44 §		597,233		600,354
0.609% (USD LIBOR + 0.450%) due 09/15/42 §		1,423,663		1,439,058
Government National Mortgage Association 0.599% (USD LIBOR + 0.150%) due 08/ 20/68 §		993,357		985,663
1.904% (USD LIBOR + 0.750%) due 04/20/67 §		871,975		889,451
Great Hall Mortgages No 1 PLC (United Kingdom) 0.167% (GBP LIBOR + 0.130%) due 03/18/39 § ~		GBP 21,066		28,525
0.187% (GBP LIBOR + 0.150%) due 06/18/38 § ~		25,195		33,967
GSMPS Mortgage Loan Trust 7.000% due 06/25/43 ~		$145,325		165,935
GSR Mortgage Loan Trust 2.636% due 01/25/35 §		115,288		111,268
HarborView Mortgage Loan Trust 0.832% (USD LIBOR + 0.680%) due 06/20/35 §		2,358,049		2,261,741
Hawksmoor Mortgages (United Kingdom) 1.104% (SONIA + 1.150%) due 05/25/53 § ~		GBP 1,606,561		2,204,367
HomeBanc Mortgage Trust 0.808% (USD LIBOR + 0.660%) due 10/25/35 §		$49,608		49,996
Impac CMB Trust 1.148% (USD LIBOR + 1.000%) due 07/25/33 §		66,192		64,174
JP Morgan Mortgage Trust 3.260% due 07/25/35 §		124,993		128,039
Mellon Residential Funding Corp Mortgage Pass-Through Certificate Trust 0.599% (USD LIBOR + 0.440%) due 12/15/30 §		115,599		112,743
0.859% (USD LIBOR + 0.700%) due 11/15/31 §		144,422		144,996
New Residential Mortgage Loan Trust 3.250% due 02/25/59 § ~		654,043		694,069
Residential Mortgage Securities 32 PLC (United Kingdom) 1.304% (SONIA + 1.250%) due 06/20/70 § ~		GBP 661,876		911,608
Sequoia Mortgage Trust 0.852% (USD LIBOR + 0.700%) due 10/19/26 §		$99,347		97,569
Stratton Mortgage Funding PLC (United Kingdom) 1.254% (SONIA + 1.200%) due 05/25/51 § ~		GBP 780,619		1,071,470
Structured Adjustable Rate Mortgage Loan Trust 3.080% due 02/25/34 §		$34,035		33,493
Structured Asset Mortgage Investments II Trust 0.652% (USD LIBOR + 0.500%) due 07/19/35 §		265,858		256,119
0.812% (USD LIBOR + 0.660%) due 10/19/34 §		159,603		160,085
Thornburg Mortgage Securities Trust 0.768% (USD LIBOR + 0.620%) due 06/25/44 §		2,285,062		2,239,419


	Principal Amount		Value
Towd Point Mortgage Funding PLC (United Kingdom) 1.073% (GBP LIBOR + 1.025%) due 10/20/51 § ~		GBP 1,381,292		$1,899,061
WaMu Mortgage Pass-Through Certificates Trust 2.367% due 08/25/35 §		$19,421		18,934

				20,767,870

Fannie Mae - 12.7%

due 03/01/51 #		22,790,000		23,714,428
1.772% (USD LIBOR + 1.272%) due 11/01/35 §		22,974		23,135
1.802% (USD LIBOR + 1.415%) due 12/01/34 §		27,797		28,772
1.944% (US FED + 1.200%) due 11/01/42 - 10/01/44 §		119,323		120,535
2.280% (USD LIBOR + 1.780%) due 11/01/35 §		8,909		8,916
2.285% (USD LIBOR + 1.538%) due 01/01/36 §		34,409		34,724
2.440% (UST + 2.190%) due 12/01/22 §		786		788
2.442% (USD LIBOR + 1.942%) due 09/01/35 §		3,396		3,403
2.675% (USD LIBOR + 0.675%) due 02/01/36 §		66,247		66,336
2.906% (USD LIBOR + 1.672%) due 05/01/35 §		10,139		10,293
3.000% due 02/01/51		9,700,000		10,171,303
3.500% due 02/01/51		3,622,000		3,833,704
3.644% (USD LIBOR + 1.644%) due 03/01/35 §		151,110		151,119
3.759% (USD LIBOR + 2.000%) due 04/01/35 §		218,190		222,951
3.912% (USD LIBOR + 1.912%) due 03/01/36 §		45,885		45,937
4.000% due 02/01/51		23,468,000		25,097,884
5.000% (US FED + 1.250%) due 08/01/24 §		2,694		2,706

				63,536,934

Freddie Mac - 0.0%

2.265% (USD LIBOR + 1.765%) due 10/01/35 §		15,944		15,946
2.429% (USD LIBOR + 1.731%) due 08/01/35 §		1,914		1,966
2.713% (UST + 2.225%) due 01/01/34 §		63,540		66,571
3.786% (USD LIBOR + 1.815%) due 03/01/36 §		26,125		26,138

				110,621

Government National Mortgage Association - 1.3%

due 03/01/51 #		6,300,000		6,643,550
2.250% (UST + 1.500%) due 09/20/22 - 07/20/25 §		13,020		13,328
2.875% (UST + 1.500%) due 05/20/23 - 05/20/26 §		10,849		11,040
3.000% (UST + 1.500%) due 02/20/25 - 01/20/27 §		8,877		9,057
3.125% (UST + 1.500%) due 10/20/24 - 12/20/26 §		11,138		11,378

				6,688,353


Total Mortgage-Backed Securities (Cost $91,136,737)				91,912,493


	Principal Amount		Value
ASSET-BACKED SECURITIES - 6.9%

ABFC Trust 0.748% (USD LIBOR + 0.600%) due 10/25/34 §		$108,613		$107,183
0.848% (USD LIBOR + 0.700%) due 06/25/34 §		1,171,606		1,146,813
ACE Securities Corp Home Equity Loan Trust 0.928% (USD LIBOR + 0.780%) due 04/25/34 §		860,561		845,562
AlbaCore Euro CLO I DAC (Ireland) 1.530% (EUR LIBOR + 1.530%) due 07/18/31 § ~		EUR 250,000		307,270
AMMC CLO XIII Ltd (Cayman) 1.475% (USD LIBOR + 1.260%) due 07/24/29 § ~		$989,188		989,034
Anchorage Capital CLO 16 Ltd (Cayman) 1.601% (USD LIBOR + 1.400%) due 10/20/31 § ~		400,000		400,015
Argent Securities Inc Asset-Backed Pass-Through Certificates 1.188% (USD LIBOR + 1.040%) due 05/25/34 §		145,138		131,588
Atlas Senior Loan Fund CLO Ltd (Cayman) 1.530% (USD LIBOR + 1.300%) due 01/16/30 § ~		600,000		599,318
Atrium CLO XII (Cayman) 1.046% (USD LIBOR + 0.830%) due 04/22/27 § ~		668,654		666,458
Benefit Street Partners CLO VII Ltd (Cayman) 0.998% (USD LIBOR + 0.780%) due 07/18/27 § ~		181,276		180,828
Brookside Mill CLO Ltd (Cayman) 1.038% (USD LIBOR + 0.820%) due 01/17/28 § ~		2,948,430		2,930,822
California Street CLO XII Ltd (Cayman) 1.267% (USD LIBOR + 1.030%) due 10/15/25 § ~		1,288,924		1,289,401
Carlyle Global Market Strategies Euro CLO Ltd 0.730% (EUR LIBOR + 0.730%) due 09/21/29 § ~		EUR 198,204		242,283
Citigroup Mortgage Loan Trust 0.293% (USD LIBOR + 0.145%) due 09/25/36 § ~		$473,273		455,569
CoreVest American Finance Trust 2.968% due 10/15/49 ~		154,553		157,321
Credit-Based Asset Servicing & Securitization LLC 1.198% (USD LIBOR + 1.050%) due 06/25/35 §		1,083,000		1,040,851
Freddie Mac Structured Pass-Through Certificates 0.278% (USD LIBOR + 0.130%) due 08/25/31 §		72,514		69,041
Halcyon Loan Advisors Funding CLO Ltd (Cayman) 1.138% (USD LIBOR + 0.920%) due 04/20/27 § ~		209,052		208,289
Home Equity Asset Trust 1.003% (USD LIBOR + 0.855%) due 08/25/34 §		180,082		179,218
1.348% (USD LIBOR + 1.200%) due 07/25/35 §		1,000,000		1,003,468
ICG US CLO Ltd (Cayman) 1.596% (USD LIBOR + 1.400%) due 10/22/31 § ~		900,000		901,393


	Principal Amount		Value
Jamestown CLO IV Ltd (Cayman) 0.927% (USD LIBOR + 0.690%) due 07/15/26 § ~		$65,045		$65,197
Jamestown CLO V Ltd (Cayman) 1.438% (USD LIBOR + 1.220%) due 01/17/27 § ~		726,070		726,889
Jubilee CLO BV (Netherlands) 0.334% (EUR LIBOR + 0.840%) due 07/12/28 § ~		EUR 294,352		357,146
LoanCore Issuer CDO Ltd (Cayman) 1.289% (USD LIBOR + 1.130%) due 05/15/36 § ~		$700,000		696,763
Mackay Shields Euro CLO-2 DAC (Ireland) 1.550% (EUR LIBOR + 1.550%) due 08/15/33 § ~		EUR 250,000		307,669
Man GLG Euro CLO II DAC (Ireland) 0.870% (EUR LIBOR + 0.870%) due 01/15/30 § ~		250,000		304,418
Marlette Funding Trust 2.690% due 09/17/29 ~		$54,834		55,273
Merrill Lynch Mortgage Investors Trust 0.868% (USD LIBOR + 0.720%) due 10/25/35 §		622,129		571,103
MidOcean Credit CLO VI (Cayman) 1.468% (USD LIBOR + 1.250%) due 01/20/29 § ~		2,400,000		2,398,995
Morgan Stanley ABS Capital I Inc Trust 0.808% (USD LIBOR + 0.660%) due 01/25/35 §		602,187		585,019
1.123% (USD LIBOR + 0.975%) due 07/25/34 §		99,163		97,778
OCP CLO Ltd (Cayman) 1.037% (USD LIBOR + 0.800%) due 07/15/27 § ~		234,324		233,700
1.068% (USD LIBOR + 0.850%) due 04/17/27 § ~		81,783		81,804
OZLM XXIII CLO Ltd (Cayman) 1.707% (USD LIBOR + 1.470%) due 04/15/32 § ~		1,300,000		1,301,016
Palmer Square European Loan Funding DAC (Ireland) 0.870% (EUR LIBOR + 0.870%) due 02/15/30 § ~		EUR 1,000,000		1,221,067
1.150% (EUR LIBOR + 1.150%) due 01/15/30 § ~		1,000,000		1,224,230
Park Place Securities Inc Asset-Backed Pass-Through Certificates 1.138% (USD LIBOR + 0.990%) due 09/25/34 §		$319,535		319,944
RAMP Trust 0.928% (USD LIBOR + 0.780%) due 11/25/35 §		2,295,744		2,293,670
Renaissance Home Equity Loan Trust 0.908% (USD LIBOR + 0.760%) due 12/25/32 §		206,578		197,784
Saxon Asset Securities Trust 0.458% (USD LIBOR + 0.310%) due 09/25/37 §		239,989		233,454
SLM Student Loan Trust 0.000% (EUR LIBOR + 0.180%) due 01/25/24 §		EUR 43,911		53,693
0.000% (EUR LIBOR + 0.270%) due 06/17/24 §		27,255		33,320
0.765% (USD LIBOR + 0.550%) due 10/25/64 § ~		$909,340		899,436
SP-STATIC CLO 1 Ltd (Cayman) 1.616% (USD LIBOR + 1.400%) due 07/22/28 § ~		638,874		639,146


	Principal Amount		Value
Structured Asset Securities Corp Mortgage Loan Trust 1.655% (USD LIBOR + 1.500%) due 04/25/35 §		$359,618		$356,276
Sudbury Mill CLO Ltd (Cayman) 1.368% (USD LIBOR + 1.150%) due 01/17/26 § ~		778,558		779,024
Symphony CLO XIV Ltd (Cayman) 1.179% (USD LIBOR + 0.950%) due 07/14/26 § ~		221,803		221,480
TCW CLO 2020-1 Ltd (Cayman) 1.281% (USD LIBOR +1.050%) due 10/20/31 § ~		1,200,000		1,200,929
THL Credit Wind River CLO Ltd (Cayman) 1.117% (USD LIBOR + 0.880%) due 01/15/26 § ~		34,316		34,398
Tralee CLO III Ltd (Cayman) 1.248% (USD LIBOR + 1.030%) due 10/20/27 § ~		410,065		409,132
United States Small Business Administration 5.290% due 12/01/27		587,332		634,464
Venture 35 CLO Ltd (Cayman) 1.366% (USD LIBOR + 1.650%) due 10/22/31 § ~		1,400,000		1,401,768
Venture XXI CLO Ltd (Cayman) 1.117% (USD LIBOR + 0.880%) due 07/15/27 § ~		511,738		510,023
Wind River 2015-2 CLO Ltd (Cayman) 1.107% (USD LIBOR + 0.870%) due 10/15/27 § ~		143,338		143,045


Total Asset-Backed Securities (Cost $34,242,850)				34,440,778


U.S. TREASURY OBLIGATIONS - 103.0%

U.S. Treasury Bonds - 1.1%

1.625% due 11/15/50 ‡		5,550,000		5,523,953


U.S. Treasury Inflation Protected Securities - 101.8%

0.125% due 04/15/21 ^		13,431,973		13,478,332
0.125% due 01/15/22 ^ ‡		931,856		948,575
0.125% due 04/15/22 ^ ‡		15,930,716		16,265,652
0.125% due 01/15/23 ^ ‡		6,651,101		6,909,849
0.125% due 10/15/24 ^		5,683,384		6,095,050
0.125% due 04/15/25 ^		13,981,931		15,045,311
0.125% due 07/15/26 ^		18,052,976		19,859,015
0.125% due 01/15/30 ^		12,691,107		14,164,716
0.125% due 07/15/30 ^		7,312,104		8,206,425
0.250% due 07/15/29 ^		13,234,476		14,988,211
0.250% due 02/15/50 ^		2,167,371		2,586,866
0.375% due 07/15/23 ^		7,160,832		7,586,644
0.375% due 07/15/25 ^		7,419,186		8,150,726
0.375% due 01/15/27 ^		17,713,588		19,772,042
0.375% due 07/15/27 ^		35,481,732		39,930,851
0.500% due 04/15/24 ^		11,769,588		12,618,191
0.500% due 01/15/28 ^		26,039,748		29,534,988
0.625% due 04/15/23 ^		32,358,534		34,075,197
0.625% due 01/15/24 ^		22,402,341		24,046,996
0.625% due 01/15/26 ^		20,196,137		22,549,234
0.625% due 02/15/43 ^		1,846,040		2,303,458
0.750% due 07/15/28 ^		13,640,758		15,870,829
0.750% due 02/15/42 ^		18,033,026		22,974,596
0.750% due 02/15/45 ^		3,947,528		5,096,196
0.875% due 01/15/29 ^		5,052,978		5,940,792
0.875% due 02/15/47 ^		4,425,824		5,957,185
1.000% due 02/15/46 ^		11,021,466		15,047,209
1.000% due 02/15/48 ^ ‡		1,372,683		1,913,193
1.375% due 02/15/44 ^		16,989,285		24,487,307


	Principal Amount		Value
1.750% due 01/15/28 ^		$2,608,868		$3,201,168
2.000% due 01/15/26 ^		6,499,202		7,729,538
2.125% due 02/15/40 ^		5,264,583		8,160,490
2.125% due 02/15/41 ^		4,411,264		6,923,832
2.375% due 01/15/25 ^		11,465,371		13,400,385
2.375% due 01/15/27 ^ ‡		116,206		144,515
2.500% due 01/15/29 ^		6,667,864		8,762,496
3.625% due 04/15/28 ^		22,456,373		30,884,303
3.875% due 04/15/29 ^		8,494,509		12,244,357

				507,854,720

U.S. Treasury Notes - 0.1%

1.750% due 12/31/24 ‡		550,000		582,656


Total U.S. Treasury Obligations (Cost $497,118,626)				513,961,329


FOREIGN GOVERNMENT BONDS & NOTES - 10.3%

Australia Government (Australia) 1.250% due 02/21/22 ^ ~		AUD 2,590,000		2,386,358
3.000% due 09/20/25 ^ ~		3,090,000		3,596,187
Canadian Government (Canada) 4.250% due 12/01/26 ^		CAD 2,348,070		2,441,392
French Republic Government OAT (France) 0.100% due 03/01/26 ^ ~		EUR 3,486,490		4,601,350
0.250% due 07/25/24 ^ ~		1,698,848		2,212,478
Italy Buoni Poliennali Del Tesoro (Italy) 1.400% due 05/26/25 ^ ~		11,099,667		14,356,798
Japanese Government CPI Linked (Japan) 0.100% due 03/10/28 ^		JPY 351,080,040		3,410,667
0.100% due 03/10/29 ^		280,721,810		2,732,589
New Zealand Government Inflation Linked (New Zealand) 2.000% due 09/20/25 ^ ~		NZD 13,083,840		10,563,251
Qatar Government (Qatar) 3.875% due 04/23/23 ~		$700,000		753,165
Saudi Government (Saudi Arabia) 4.000% due 04/17/25 ~		1,230,000		1,375,847
United Kingdom Gilt Inflation Linked (United Kingdom) 1.250% due 11/22/27 ^ ~		GBP 1,652,974		2,997,677


Total Foreign Government Bonds & Notes (Cost $47,618,459)				51,427,759


SHORT-TERM INVESTMENT - 0.8%

Repurchase Agreement - 0.8%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $4,127,452; collateralized by U.S. Treasury Notes: 2.375% due 11/15/2049 and value $4,210,058)		$4,127,452		4,127,452


Total Short-Term Investment (Cost $4,127,452)				4,127,452


TOTAL INVESTMENTS - 145.3% (Cost $701,586,274)				725,061,730

DERIVATIVES - (0.4%)				(1,618,876	)


OTHER ASSETS & LIABILITIES, NET - (44.9%)				(224,263,035	)


NET ASSETS - 100.0%				$499,179,819

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 30.7%

Basic Materials - 0.8%

Anglo American Capital PLC (South Africa) 3.625% due 09/11/24 ~		$1,200,000		$1,306,579
DuPont de Nemours Inc 5.319% due 11/15/38		685,000		927,798
Glencore Funding LLC (Australia) 2.500% due 09/01/30 ~		760,000		775,624
LYB International Finance III LLC 1.250% due 10/01/25		335,000		341,102
3.375% due 05/01/30		485,000		544,167
Nutrien Ltd (Canada) 5.000% due 04/01/49		375,000		518,638
Nutrition & Biosciences Inc 2.300% due 11/01/30 ~		1,530,000		1,576,386
3.468% due 12/01/50 ~		790,000		858,200
Steel Dynamics Inc 1.650% due 10/15/27		750,000		773,847
Vale Overseas Ltd (Brazil) 3.750% due 07/08/30		530,000		590,160

				8,212,501

Communications - 2.7%

America Movil SAB de CV (Mexico) 2.875% due 05/07/30		945,000		1,025,372
AT&T Inc 2.300% due 06/01/27		1,550,000		1,654,007
2.750% due 06/01/31		2,045,000		2,186,621
3.500% due 06/01/41		1,540,000		1,662,748
Charter Communications Operating LLC 2.800% due 04/01/31		2,050,000		2,168,397
3.700% due 04/01/51		860,000		894,740
Comcast Corp 1.500% due 02/15/31		1,095,000		1,088,342
2.800% due 01/15/51		1,605,000		1,671,747
3.250% due 11/01/39		970,000		1,100,934
Corning Inc 5.750% due 08/15/40		300,000		402,892
Cox Communications Inc 1.800% due 10/01/30 ~		660,000		659,805
2.950% due 10/01/50 ~		555,000		567,471
Discovery Communications LLC 3.625% due 05/15/30		980,000		1,123,334
Rogers Communications Inc (Canada) 3.700% due 11/15/49		770,000		911,154
T-Mobile USA Inc 2.550% due 02/15/31 ~		2,620,000		2,754,458
3.000% due 02/15/41 ~		1,630,000		1,692,910
The Walt Disney Co 2.650% due 01/13/31		1,000,000		1,096,637
3.500% due 05/13/40		945,000		1,110,881
Verizon Communications Inc 2.650% due 11/20/40		546,000		552,215
3.150% due 03/22/30		1,440,000		1,615,310
3.850% due 11/01/42		1,815,000		2,153,727
ViacomCBS Inc 4.000% due 01/15/26		575,000		658,368
4.375% due 03/15/43		620,000		732,491

				29,484,561

Consumer, Cyclical - 1.9%

Alimentation Couche-Tard Inc (Canada) 2.950% due 01/25/30 ~		1,130,000		1,236,655
AutoZone Inc 3.625% due 04/15/25		1,010,000		1,132,263
Dollar General Corp 4.125% due 04/03/50		760,000		963,635


	Principal Amount		Value
General Motors Co 6.125% due 10/01/25		$270,000		$327,708
Hasbro Inc 3.900% due 11/19/29		682,000		773,135
Hyundai Capital America 1.150% due 11/10/22 ~		2,554,000		2,556,959
2.375% due 10/15/27 ~		1,685,000		1,768,637
2.650% due 02/10/25 ~		600,000		636,762
Kia Motors Corp (South Korea) 3.250% due 04/21/26 ~		950,000		1,041,109
Lowe’s Cos Inc 1.300% due 04/15/28		560,000		565,068
3.700% due 04/15/46		1,120,000		1,328,094
Nissan Motor Acceptance Corp 2.800% due 01/13/22 ~		1,056,000		1,074,187
Nissan Motor Co Ltd (Japan) 3.522% due 09/17/25 ~		1,007,000		1,080,482
4.345% due 09/17/27 ~		935,000		1,033,506
O’Reilly Automotive Inc 3.900% due 06/01/29		1,135,000		1,336,002
Starbucks Corp 3.350% due 03/12/50		565,000		633,421
Toyota Motor Credit Corp 0.800% due 10/16/25		880,000		886,519
Tractor Supply Co 1.750% due 11/01/30		1,000,000		1,006,699
Volkswagen Group of America Finance LLC (Germany) 1.250% due 11/24/25 ~		1,500,000		1,513,197

				20,894,038

Consumer, Non-Cyclical - 5.8%

Abbott Laboratories 1.400% due 06/30/30		320,000		325,364
AbbVie Inc 2.950% due 11/21/26		1,135,000		1,256,505
3.200% due 11/21/29		1,175,000		1,318,156
4.050% due 11/21/39		1,120,000		1,354,930
4.250% due 11/21/49		910,000		1,144,636
Amgen Inc 3.150% due 02/21/40		1,125,000		1,240,259
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.500% due 06/01/30		1,805,000		2,092,234
3.750% due 07/15/42		2,870,000		3,265,197
Anthem Inc 2.250% due 05/15/30		1,135,000		1,206,342
AstraZeneca PLC (United Kingdom) 1.375% due 08/06/30		335,000		331,872
2.125% due 08/06/50		765,000		716,351
6.450% due 09/15/37		205,000		316,231
Banner Health 1.897% due 01/01/31		1,210,000		1,233,670
Baptist Healthcare System Obligated Group 3.540% due 08/15/50		540,000		604,123
BAT Capital Corp (United Kingdom) 2.259% due 03/25/28		1,125,000		1,168,818
3.734% due 09/25/40		760,000		794,380
Becton Dickinson and Co 3.794% due 05/20/50		570,000		677,741
4.669% due 06/06/47		265,000		347,975
Biogen Inc 2.250% due 05/01/30		640,000		668,840
3.150% due 05/01/50		550,000		570,883
Bon Secours Mercy Health Inc 3.205% due 06/01/50		700,000		749,218
Boston Scientific Corp 4.000% due 03/01/29		375,000		442,044
4.550% due 03/01/39		340,000		433,868


	Principal Amount		Value

Bristol-Myers Squibb Co 1.125% due 11/13/27		$355,000		$358,766
2.350% due 11/13/40		165,000		169,818
3.400% due 07/26/29		1,330,000		1,548,835
4.125% due 06/15/39		1,115,000		1,423,907
CommonSpirit Health 2.782% due 10/01/30		1,065,000		1,128,697
Conagra Brands Inc 1.375% due 11/01/27		1,085,000		1,095,461
CVS Health Corp 1.875% due 02/28/31		653,000		661,172
2.700% due 08/21/40		505,000		511,667
3.250% due 08/15/29		975,000		1,101,215
4.875% due 07/20/35		850,000		1,103,246
CVS Pass-Through Trust 4.163% due 08/11/36 ~		543,047		601,704
Danaher Corp 2.600% due 10/01/50		720,000		747,613
DH Europe Finance II Sarl 3.250% due 11/15/39		285,000		324,612
Gilead Sciences Inc 1.650% due 10/01/30		1,125,000		1,130,479
2.600% due 10/01/40		675,000		683,044
Global Payments Inc 3.200% due 08/15/29		355,000		394,466
HCA Inc 5.250% due 06/15/26		2,430,000		2,878,486
Keurig Dr Pepper Inc 3.200% due 05/01/30		655,000		742,396
3.800% due 05/01/50		610,000		731,993
Kimberly-Clark Corp 3.700% due 06/01/43		770,000		963,075
MedStar Health Inc 3.626% due 08/15/49		520,000		595,620
Merck & Co Inc 2.350% due 06/24/40		1,130,000		1,170,230
MidMichigan Health 3.409% due 06/01/50		1,000,000		1,117,466
Mondelez International Inc 1.875% due 10/15/32		750,000		763,103
MultiCare Health System 2.803% due 08/15/50		560,000		582,328
PeaceHealth Obligated Group 3.218% due 11/15/50		655,000		711,980
PepsiCo Inc 1.400% due 02/25/31		615,000		619,810
Pfizer Inc 3.900% due 03/15/39		450,000		565,417
Quest Diagnostics Inc 2.800% due 06/30/31		870,000		954,541
Regeneron Pharmaceuticals Inc 1.750% due 09/15/30		1,125,000		1,109,142
Royalty Pharma PLC 1.750% due 09/02/27 ~		225,000		231,703
3.300% due 09/02/40 ~		600,000		631,801
3.550% due 09/02/50 ~		340,000		363,583
Smithfield Foods Inc 3.000% due 10/15/30 ~		1,025,000		1,086,451
Sysco Corp 2.400% due 02/15/30		1,615,000		1,682,977
Takeda Pharmaceutical Co Ltd (Japan) 3.025% due 07/09/40		1,695,000		1,789,531
The Children’s Hospital of Philadelphia 2.704% due 07/01/50		1,000,000		1,049,585
The Kroger Co 3.950% due 01/15/50		565,000		686,832
Tyson Foods Inc 3.550% due 06/02/27		1,095,000		1,252,061
UnitedHealth Group Inc 2.750% due 05/15/40		1,135,000		1,231,037


	Principal Amount		Value
Utah Acquisition Sub Inc 3.950% due 06/15/26		$585,000		$669,640
Viatris Inc 3.850% due 06/22/40 ~		340,000		383,762
4.000% due 06/22/50 ~		770,000		882,221
West Virginia United Health System Obligated Group 3.129% due 06/01/50		1,205,000		1,246,934
Zimmer Biomet Holdings Inc 3.550% due 03/20/30		1,125,000		1,274,756
Zoetis Inc 3.000% due 05/15/50		305,000		337,306

				63,550,106

Diversified - 0.2%

Hutchison Whampoa International 14 Ltd (United Kingdom) 3.625% due 10/31/24 ~		2,000,000		2,197,680


Energy - 3.0%

Baker Hughes a GE Co LLC 3.337% due 12/15/27		765,000		857,197
Boardwalk Pipelines LP 4.450% due 07/15/27		480,000		537,846
BP Capital Markets America Inc 2.772% due 11/10/50		565,000		559,037
3.633% due 04/06/30		1,685,000		1,960,857
Cheniere Corpus Christi Holdings LLC 5.125% due 06/30/27		1,115,000		1,320,293
Chevron Corp 2.978% due 05/11/40		1,135,000		1,257,496
Cimarex Energy Co 3.900% due 05/15/27		495,000		545,808
Concho Resources Inc 3.750% due 10/01/27		760,000		868,782
Diamondback Energy Inc 3.250% due 12/01/26		770,000		822,991
Enterprise Products Operating LLC 4.450% due 02/15/43		1,130,000		1,369,693
Exxon Mobil Corp 2.995% due 08/16/39		1,690,000		1,833,580
Gray Oak Pipeline LLC 2.600% due 10/15/25 ~		1,685,000		1,738,222
HollyFrontier Corp 2.625% due 10/01/23		540,000		552,209
Magellan Midstream Partners LP 3.950% due 03/01/50		565,000		638,026
MPLX LP 2.650% due 08/15/30		1,110,000		1,164,582
4.500% due 04/15/38		580,000		663,433
Noble Energy Inc 3.250% due 10/15/29		875,000		1,005,004
ONEOK Inc 2.200% due 09/15/25		1,125,000		1,174,005
Phillips 66 Partners LP 3.550% due 10/01/26		560,000		614,173
Pioneer Natural Resources Co 1.900% due 08/15/30		760,000		753,396
Plains All American Pipeline LP 4.650% due 10/15/25		1,685,000		1,884,586
Sabine Pass Liquefaction LLC 5.625% due 03/01/25		1,130,000		1,318,423
Saudi Arabian Oil Co (Saudi Arabia) 1.625% due 11/24/25 ~		200,000		205,042
Schlumberger Holdings Corp 4.000% due 12/21/25 ~		770,000		875,919
Shell International Finance BV (Netherlands) 2.375% due 11/07/29		1,135,000		1,221,346
3.125% due 11/07/49		570,000		629,654


	Principal Amount		Value
Suncor Energy Inc (Canada) 4.000% due 11/15/47		$570,000		$638,122
Sunoco Logistics Partners Operations LP 3.900% due 07/15/26		1,700,000		1,863,621
Tennessee Gas Pipeline Co LLC 2.900% due 03/01/30 ~		1,050,000		1,124,431
Total Capital International SA (France) 2.986% due 06/29/41		1,130,000		1,236,892
TransCanada PipeLines Ltd (Canada) 4.100% due 04/15/30		1,120,000		1,324,104

				32,558,770

Financial - 10.2%

AerCap Ireland Capital DAC (Ireland) 3.150% due 02/15/24		1,875,000		1,966,327
4.625% due 10/15/27		1,595,000		1,807,539
AIB Group PLC (Ireland) 4.263% due 04/10/25 ~		600,000		656,528
4.750% due 10/12/23 ~		750,000		825,622
Alexandria Real Estate Equities Inc REIT 3.375% due 08/15/31		1,130,000		1,295,073
American International Group Inc 3.400% due 06/30/30		770,000		882,437
4.375% due 06/30/50		770,000		1,008,261
American Tower Corp REIT 1.500% due 01/31/28		755,000		760,118
1.875% due 10/15/30		2,510,000		2,533,729
2.950% due 01/15/51		580,000		581,413
Athene Global Funding 2.500% due 01/14/25 ~		1,200,000		1,257,534
Australia & New Zealand Banking Group Ltd (Australia) 4.400% due 05/19/26 ~		1,140,000		1,311,957
Avolon Holdings Funding Ltd (Ireland) 4.250% due 04/15/26 ~		765,000		824,772
5.125% due 10/01/23 ~		4,375,000		4,685,822
Banco Santander SA (Spain) 2.749% due 12/03/30		400,000		413,184
Bank of America Corp 1.197% due 10/24/26		1,385,000		1,403,780
2.676% due 06/19/41		2,885,000		3,010,423
3.705% due 04/24/28		3,190,000		3,632,374
4.000% due 01/22/25		3,770,000		4,238,596
Barclays PLC (United Kingdom) 1.007% due 12/10/24		1,341,000		1,350,747
3.650% due 03/16/25		750,000		827,346
4.337% due 01/10/28		1,135,000		1,304,108
Berkshire Hathaway Finance Corp 1.450% due 10/15/30		915,000		927,613
2.850% due 10/15/50		760,000		815,803
BNP Paribas SA (France) 1.904% due 09/30/28 ~		750,000		766,738
BPCE SA (France) 1.652% due 10/06/26 ~		1,670,000		1,710,541
Brookfield Finance Inc (Canada) 3.500% due 03/30/51		1,200,000		1,285,236
Brown & Brown Inc 2.375% due 03/15/31		1,125,000		1,179,356
Capital One Financial Corp 3.800% due 01/31/28		1,130,000		1,306,608
Citigroup Inc 3.520% due 10/27/28		1,140,000		1,289,096
3.875% due 03/26/25		3,390,000		3,785,806
3.878% due 01/24/39		915,000		1,091,836
Credit Agricole SA (France) 4.375% due 03/17/25 ~		1,125,000		1,264,328
Credit Suisse Group AG (Switzerland) 4.282% due 01/09/28 ~		1,135,000		1,312,564
Crown Castle International Corp REIT 3.100% due 11/15/29		1,135,000		1,252,404


	Principal Amount		Value
CubeSmart LP REIT 2.000% due 02/15/31		$1,345,000		$1,350,235
Deutsche Bank AG (Germany) 2.129% due 11/24/26		1,220,000		1,248,316
Digital Realty Trust LP REIT 3.700% due 08/15/27		1,015,000		1,166,843
Discover Bank 3.450% due 07/27/26		940,000		1,051,814
Empower Finance 2020 LP 3.075% due 09/17/51 ~		1,125,000		1,247,017
Equinix Inc REIT 1.550% due 03/15/28		840,000		854,619
Federal Realty Investment Trust REIT 1.250% due 02/15/26		785,000		799,805
GE Capital Funding LLC 4.400% due 05/15/30 ~		915,000		1,078,905
GE Capital International Funding Co Unlimited Co 4.418% due 11/15/35		1,200,000		1,432,543
Healthcare Trust of America Holdings LP REIT 2.000% due 03/15/31		1,125,000		1,126,903
Healthpeak Properties Inc REIT 2.875% due 01/15/31		1,130,000		1,219,266
HSBC Holdings PLC (United Kingdom) 1.589% due 05/24/27		1,735,000		1,764,822
2.013% due 09/22/28		4,175,000		4,277,558
4.041% due 03/13/28		750,000		856,634
MassMutual Global Funding II 1.550% due 10/09/30 ~		1,120,000		1,120,299
Mid-America Apartments LP REIT 3.600% due 06/01/27		1,135,000		1,285,255
Mitsubishi UFJ Financial Group Inc (Japan) 3.741% due 03/07/29		2,065,000		2,430,702
Morgan Stanley 4.457% due 04/22/39		855,000		1,111,766
5.000% due 11/24/25		4,640,000		5,554,408
New York Life Insurance Co 3.750% due 05/15/50 ~		1,140,000		1,365,044
Park Aerospace Holdings Ltd (Ireland) 4.500% due 03/15/23 ~		435,000		456,048
Realty Income Corp REIT 1.800% due 03/15/33		705,000		709,152
Scentre Group Trust REIT (Australia) 3.625% due 01/28/26 ~		1,225,000		1,348,523
Societe Generale SA (France) 1.488% due 12/14/26 ~		1,700,000		1,715,540
Standard Chartered PLC (United Kingdom) 1.319% due 10/14/23 ~		1,830,000		1,850,770
Teachers Insurance & Annuity Association of America 3.300% due 05/15/50 ~		1,140,000		1,242,346
The Charles Schwab Corp 0.900% due 03/11/26		410,000		415,694
4.000% due 12/01/30		540,000		571,050
The Goldman Sachs Group Inc 3.691% due 06/05/28		1,135,000		1,309,070
4.250% due 10/21/25		3,350,000		3,843,942
4.750% due 10/21/45		685,000		954,039
UDR Inc REIT 1.900% due 03/15/33		185,000		185,063
2.100% due 08/01/32		1,130,000		1,152,756
UniCredit SPA (Italy) 6.572% due 01/14/22 ~		1,330,000		1,401,759
Wells Fargo & Co 2.393% due 06/02/28		1,300,000		1,384,672
3.068% due 04/30/41		1,040,000		1,133,016
4.300% due 07/22/27		3,775,000		4,423,846


	Principal Amount		Value
WP Carey Inc REIT 2.400% due 02/01/31		$430,000		$447,293

				111,452,952

Industrial - 2.1%

BAE Systems PLC (United Kingdom) 3.400% due 04/15/30 ~		935,000		1,060,351
Burlington Northern Santa Fe LLC 3.050% due 02/15/51		765,000		868,759
CSX Corp 3.800% due 11/01/46		770,000		925,017
Eaton Corp 4.150% due 11/02/42		760,000		962,976
Emerson Electric Co 2.750% due 10/15/50		750,000		792,338
General Electric Co 3.450% due 05/01/27		1,140,000		1,287,480
L3Harris Technologies Inc 1.800% due 01/15/31		460,000		468,722
Lockheed Martin Corp 2.800% due 06/15/50		970,000		1,049,988
Masco Corp 2.000% due 10/01/30		1,125,000		1,146,214
Norfolk Southern Corp 3.050% due 05/15/50		770,000		844,318
Northrop Grumman Corp 3.850% due 04/15/45		1,120,000		1,367,867
5.150% due 05/01/40		760,000		1,052,587
Otis Worldwide Corp 3.112% due 02/15/40		750,000		817,261
Penske Truck Leasing Co LP 1.200% due 11/15/25 ~		1,365,000		1,377,646
Raytheon Technologies Corp 2.250% due 07/01/30		975,000		1,036,362
3.750% due 11/01/46		530,000		628,979
Roper Technologies Inc 1.750% due 02/15/31		1,125,000		1,121,017
The Boeing Co 1.950% due 02/01/24		565,000		582,127
2.700% due 02/01/27		2,115,000		2,200,277
2.750% due 02/01/26		230,000		241,971
3.100% due 05/01/26		2,537,000		2,717,823
Union Pacific Corp 3.550% due 08/15/39		765,000		885,527

				23,435,607

Technology - 1.6%

Apple Inc 2.550% due 08/20/60		1,080,000		1,110,832
3.450% due 02/09/45		1,370,000		1,665,569
Broadcom Inc 4.150% due 11/15/30		2,875,000		3,330,103
Dell International LLC 6.200% due 07/15/30 ~		1,780,000		2,316,160
International Business Machines Corp 4.000% due 06/20/42		1,785,000		2,215,282
Leidos Inc 2.300% due 02/15/31 ~		185,000		188,714
Microchip Technology Inc 0.972% due 02/15/24 ~		675,000		677,070
Oracle Corp 2.950% due 04/01/30		1,445,000		1,616,139
3.800% due 11/15/37		1,375,000		1,660,845
TSMC Global Ltd (Taiwan) 1.375% due 09/28/30 ~		1,385,000		1,360,690
VMware Inc 4.700% due 05/15/30		915,000		1,101,889

				17,243,293


	Principal Amount		Value
Utilities - 2.4%

Alexander Funding Trust 1.841% due 11/15/23 ~		$800,000		$809,255
Appalachian Power Co 4.500% due 03/01/49		490,000		640,206
Atmos Energy Corp 1.500% due 01/15/31		1,010,000		1,011,002
Baltimore Gas and Electric Co 2.900% due 06/15/50		510,000		549,702
Berkshire Hathaway Energy Co 2.850% due 05/15/51 ~		1,100,000		1,132,742
CenterPoint Energy Resources Corp 1.750% due 10/01/30		560,000		566,305
Consumers Energy Co 3.250% due 08/15/46		265,000		303,166
Duke Energy Corp 3.400% due 06/15/29		1,040,000		1,182,258
Duke Energy Indiana LLC 3.250% due 10/01/49		395,000		447,384
Edison International 5.750% due 06/15/27		535,000		640,858
Emera US Finance LP (Canada) 4.750% due 06/15/46		550,000		704,486
Enel Finance International NV (Italy) 3.625% due 05/25/27 ~		815,000		925,775
Entergy Arkansas LLC 2.650% due 06/15/51		245,000		251,304
Entergy Louisiana LLC 2.900% due 03/15/51		260,000		277,597
4.000% due 03/15/33		430,000		535,564
Evergy Inc 2.900% due 09/15/29		1,160,000		1,273,273
Exelon Generation Co LLC 3.250% due 06/01/25		2,330,000		2,546,371
FirstEnergy Transmission LLC 4.550% due 04/01/49 ~		525,000		613,138
Fortis Inc (Canada) 3.055% due 10/04/26		750,000		826,359
ITC Holdings Corp 2.950% due 05/14/30 ~		360,000		394,071
Jersey Central Power & Light Co 4.300% due 01/15/26 ~		530,000		593,316
Massachusetts Electric Co 4.004% due 08/15/46 ~		265,000		321,913
National Rural Utilities Cooperative Finance Corp 1.350% due 03/15/31		615,000		607,372
New England Power Co (United Kingdom) 2.807% due 10/06/50 ~		750,000		759,641
NRG Energy Inc 2.000% due 12/02/25 ~		430,000		445,883
2.450% due 12/02/27 ~		520,000		547,605
Pacific Gas and Electric Co 1.600% (USD LIBOR + 1.375%) due 11/15/21 §		1,895,000		1,896,283
2.950% due 03/01/26		300,000		317,541
3.450% due 07/01/25		475,000		515,068
3.750% due 08/15/42		191,000		192,473
4.300% due 03/15/45		325,000		346,876
PacifiCorp 4.150% due 02/15/50		450,000		587,644
PPL Capital Funding Inc 4.000% due 09/15/47		545,000		635,976
Southern California Edison Co 1.200% due 02/01/26		540,000		546,967
4.125% due 03/01/48		340,000		406,343
Southern Power Co 5.150% due 09/15/41		395,000		487,308


	Principal Amount		Value
Union Electric Co 2.625% due 03/15/51		$615,000		$644,668
WEC Energy Group Inc 1.375% due 10/15/27		615,000		625,860

				26,109,553

Total Corporate Bonds & Notes (Cost $325,048,865)				335,139,061


MORTGAGE-BACKED SECURITIES - 39.5%

Collateralized Mortgage Obligations - Commercial - 0.6%

Commercial Mortgage Trust 2.321% due 01/10/38 § ~		1,600,000		1,645,688
Freddie Mac (IO) 1.195% due 11/25/30 §		18,945,000		2,032,856
1.211% due 10/25/30 §		15,300,000		1,654,184
1.364% due 12/25/29		8,830,000		837,572

				6,170,300

Collateralized Mortgage Obligations - Residential - 3.4%

CFMT LLC 0.946% due 12/26/30 § ~		2,200,000		2,202,765
Credit Suisse Mortgage Trust 3.023% due 08/25/60 ~		2,450,583		2,461,255
FMC GMSR Issuer Trust 4.450% due 01/25/26 § ~		2,700,000		2,718,824
PRPM LLC 3.104% due 11/25/25 § ~		2,936,355		2,956,590
Seasoned Credit Risk Transfer Trust 2.000% due 05/25/60		7,788,797		8,026,988
3.000% due 05/25/60		17,790,392		19,003,173

				37,369,595

Fannie Mae - 27.8%

due 11/01/29 # ±		4,800,000		4,803,000
due 03/01/30 # ±		3,622,000		3,635,017
due 04/01/30 #		3,763,000		3,765,352
due 01/01/31 #		2,700,000		2,760,100
due 01/01/51 #		233,270,000		242,299,800
0.970% due 07/01/27		5,845,000		5,843,543
1.090% due 04/01/28		2,889,000		2,892,746
1.410% due 12/01/30		10,170,000		10,314,095
1.460% due 12/01/30		5,000,000		5,094,633
2.550% due 10/01/30		905,000		1,006,195
3.000% due 04/01/48 - 10/01/50		9,560,422		9,916,158
3.500% due 03/01/60		3,859,993		4,267,685
3.610% due 01/01/37		2,820,597		3,290,006
4.000% due 10/01/43 - 06/01/47		3,528,693		3,902,542

				303,790,872


Freddie Mac - 0.2%

3.500% due 04/01/37		2,029,439		2,192,856


Government National Mortgage Association - 7.5%

2.500% due 10/20/45 - 10/20/50		3,665,406		3,948,308
2.500% due 12/20/50		50,000,000		52,982,319
2.932% due 10/20/70 §		2,498,529		2,748,172
3.000% due 10/20/50		1,481,070		1,571,104
3.052% due 09/20/70 §		7,017,254		7,673,922
3.500% due 10/20/50 - 11/20/50		11,255,632		12,318,227

				81,242,052


Total Mortgage-Backed Securities (Cost $428,948,365)				430,765,675


	Principal Amount		Value
ASSET-BACKED SECURITIES - 5.3%

American Homes 4 Rent 5.885% due 04/17/52 ~		$1,800,000		$2,008,401
AMSR Trust 2.006% due 11/17/37 ~		2,120,000		2,133,717
Aqua Finance Trust 3.970% due 07/17/46 ~		1,225,000		1,269,702
Bayview Financing Trust 3.152% due 11/10/22 ±		2,830,000		2,830,000
Business Jet Securities LLC 2.981% due 11/15/35 ~		3,397,766		3,452,344
Cars Net Lease Mortgage Notes 3.100% due 12/15/50 ~		430,000		431,891
Carvana Auto Receivables Trust 3.430% due 01/15/26 ~		2,500,000		2,605,341
Continental Finance Credit Card ABS Master Trust 2.240% due 12/15/28 ~		2,170,000		2,179,995
Credit Acceptance Auto Loan Trust 2.730% due 11/15/29 ~		2,500,000		2,568,341
Diamond Resorts Owner Trust 4.530% due 01/21/31 ~		323,633		331,796
Drive Auto Receivables Trust 3.180% due 10/15/26		3,000,000		3,126,683
Flagship Credit Auto Trust 0.530% due 04/15/25 ~		1,196,627		1,197,819
2.180% due 02/16/27 ~		1,762,000		1,796,949
Genesis Sales Finance Master Trust 2.240% due 09/22/25 ~		2,850,000		2,876,132
GLS Auto Receivables Issuer Trust 0.870% due 12/16/24 ~		850,000		851,728
1.140% due 11/17/25 ~		845,000		848,370
1.640% due 10/15/26 ~		425,000		431,900
LendingPoint Asset Securitization Trust 2.731% due 10/15/28 ~		1,000,000		1,011,041
LL ABS Trust 3.790% due 01/17/28 ~		1,900,000		1,933,857
Mariner Finance Issuance Trust 2.960% due 07/20/32 ~		2,500,000		2,557,544
NRZ Excess Spread-Collateralized Notes 3.844% due 12/25/25 ~		2,200,000		2,206,314
Octane Receivables Trust 2.890% due 03/20/26 ~		2,600,000		2,634,652
Oportun Funding LLC 2.200% due 05/15/24 ~		3,113,150		3,121,921
Pretium Mortgage Credit Partners I LLC 3.105% due 06/27/60 § ~		2,732,172		2,742,252
Progress Residential Trust 3.316% due 08/17/34 ~		925,000		937,204
4.261% due 08/17/34 ~		3,685,000		3,750,519
Regional Management Issuance Trust 3.800% due 10/15/30 ~		2,000,000		2,056,555
Towd Point Mortgage Trust 4.000% due 11/25/47 § ~		1,684,765		1,738,471
Vericrest Opportunity Loan Trust 3.672% due 02/25/50 § ~		2,200,000		2,203,303


Total Asset-Backed Securities (Cost $57,468,726)				57,834,742


U.S. TREASURY OBLIGATIONS - 21.3%

U.S. Treasury Bonds - 3.7%

1.125% due 08/15/40		12,600,000		11,912,906
1.375% due 08/15/50		13,900,000		12,992,156
1.625% due 11/15/50		5,000,000		4,971,485
2.875% due 08/15/45		8,500,000		10,797,324

				40,673,871


	Principal Amount		Value
U.S. Treasury Notes - 17.6%

0.125% due 09/30/22		$22,000,000		$22,001,719
0.125% due 10/15/23		72,000,000		71,949,375
0.250% due 09/30/25		65,000,000		64,746,094
0.375% due 09/30/27		33,500,000		32,977,871

				191,675,059

Total U.S. Treasury Obligations (Cost $232,377,618)				232,348,930


FOREIGN GOVERNMENT BONDS & NOTES - 0.9%

Colombia Government (Colombia)
3.125% due 04/15/31		565,000		600,595
4.000% due 02/26/24		550,000		595,548
4.125% due 05/15/51		500,000		557,250
4.500% due 01/28/26		530,000		601,468
5.000% due 06/15/45		490,000		599,637
5.200% due 05/15/49		325,000		413,567
5.625% due 02/26/44		460,000		597,310
Mexico Government (Mexico)
2.659% due 05/24/31		596,000		611,526
3.600% due 01/30/25		550,000		613,893
3.750% due 01/11/28		730,000		821,794
3.771% due 05/24/61		439,000		458,316
4.125% due 01/21/26		530,000		610,327
4.500% due 01/31/50		450,000		528,188
4.600% due 01/23/46		480,000		563,062
Panama Government (Panama)
3.160% due 01/23/30		480,000		532,500
4.500% due 04/16/50		415,000		535,350
Peruvian Government (Peru) 5.625% due 11/18/50		365,000		575,530


Total Foreign Government Bonds & Notes (Cost $9,445,328)				9,815,861


MUNICIPAL BONDS - 0.2%

California State Build America Bonds 7.350% due 11/01/39		1,000,000		1,662,790
University of California 3.706% due 05/15/20		675,000		722,803


Total Municipal Bonds (Cost $2,311,940)				2,385,593


	Principal Amount		Value
SHORT-TERM INVESTMENT - 25.6%

Repurchase Agreement - 25.6%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $279,136,667; collateralized by U.S. Treasury Notes: 0.125% due 12/31/2022 and value $284,719,500)		$279,136,667		$279,136,667


Total Short-Term Investment (Cost $279,136,667)				279,136,667


TOTAL INVESTMENTS - 123.5% (Cost $1,334,737,509)				1,347,426,529

OTHER ASSETS & LIABILITIES, NET - (23.5%)				(256,772,951	)


NET ASSETS - 100.0%				$1,090,653,578

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition as a percentage of net assets was as follows:


Mortgage-Backed Securities	39.5%
Corporate Bonds & Notes	30.7%
Short-Term Investment	25.6%
U.S. Treasury Obligations	21.3%
Asset-Backed Securities	5.3%
Others (each less than 3.0%)	1.1%

	123.5%
Other Assets & Liabilities, Net	(23.5%	)

	100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the year ended December 31, 2020:

Additional information about Level 3 fair value measurements as of December 31, 2020 was as follows:


	Shares		Value
PREFERRED STOCKS - 1.0%

Communications - 1.0%

AT&T Mobility II LLC Series A * ±		1,148,058		$30,829,634


Total Preferred Stocks (Cost $31,052,577)				30,829,634

	Principal Amount
CORPORATE BONDS & NOTES - 39.9%

Basic Materials - 0.6%

Huntsman International LLC 5.125% due 11/15/22		$8,500,000		9,089,924
Reliance Steel & Aluminum Co 1.300% due 08/15/25		5,400,000		5,489,479
Syngenta Finance NV (Switzerland) 4.441% due 04/24/23 ~		4,400,000		4,620,177

				19,199,580

Communications - 2.1%

CenturyLink Inc 4.000% due 02/15/27 ~		2,600,000		2,688,062
Charter Communications Operating LLC 4.464% due 07/23/22		8,350,000		8,805,071
Crown Castle Towers LLC 3.222% due 05/15/42 ~		300,000		303,276
Expedia Group Inc 7.000% due 05/01/25 ~		4,500,000		4,957,340
Level 3 Financing Inc 3.400% due 03/01/27 ~		2,000,000		2,181,870
SES SA (Luxembourg) 3.600% due 04/04/23 ~		800,000		846,800
Sprint Corp 7.875% due 09/15/23		1,200,000		1,390,860
T-Mobile USA Inc
2.050% due 02/15/28 ~		3,000,000		3,124,230
2.550% due 02/15/31 ~		8,400,000		8,831,088
3.875% due 04/15/30 ~		3,100,000		3,593,706
The Walt Disney Co 2.650% due 01/13/31		6,600,000		7,237,807
Verizon Communications Inc 3.376% due 02/15/25		10,679,000		11,862,954
Vodafone Group PLC (United Kingdom) 3.750% due 01/16/24		6,400,000		6,996,716

				62,819,780

Consumer, Cyclical - 4.6%

Air Canada Pass-Through Trust ‘AA’ (Canada) 3.750% due 06/15/29 ~		1,722,609		1,711,270
Alaska Airlines Pass-Through Trust ‘A’ 4.800% due 02/15/29 ~		6,100,000		6,738,121
Alimentation Couche-Tard Inc (Canada) 2.700% due 07/26/22 ~		6,200,000		6,411,756
American Airlines Pass-Through Trust ‘A’
3.250% due 04/15/30		2,464,734		2,242,802
4.000% due 01/15/27		2,663,783		2,265,577
American Airlines Pass-Through Trust ‘AA’ 3.000% due 04/15/30		2,794,312		2,745,765
BMW Finance NV (Germany) 2.250% due 08/12/22 ~		4,800,000		4,952,871
Daimler Finance North America LLC (Germany)
2.000% due 07/06/21 ~		1,400,000		1,411,368
2.850% due 01/06/22 ~		2,300,000		2,355,562
3.350% due 05/04/21 ~		6,300,000		6,360,612
3.700% due 05/04/23 ~		6,200,000		6,647,488
Delta Air Lines Pass-Through Trust ‘A’ 6.821% due 02/10/24		2,726,143		2,795,692


	Principal Amount		Value
DR Horton Inc 5.750% due 08/15/23	$	4,500,000	$	5,053,064
Ford Motor Credit Co LLC
(EUR LIBOR + 0.430%) due 05/14/21 §		EUR 2,400,000		2,921,200
2.748% due 06/14/24		GBP 2,800,000		3,833,789
3.021% due 03/06/24		EUR 5,000,000		6,344,231
3.336% due 03/18/21		$6,200,000		6,223,250
3.375% due 11/13/25		5,400,000		5,536,674
General Motors Financial Co Inc
1.332% (USD LIBOR + 1.100%) due 11/06/21 §		1,600,000		1,605,614
1.779% (USD LIBOR + 1.550%) due 01/14/22 §		1,100,000		1,109,156
JetBlue 2020-1 Class A Pass-Through Trust 4.000% due 05/15/34		8,800,000		9,536,754
Latam Airlines Pass-Through Trust ‘A’ (Chile) 4.200% due 08/15/29		535,619		500,804
Marriott International Inc 2.125% due 10/03/22		6,300,000		6,397,719
Newell Brands Inc 4.350% due 04/01/23		1,121,000		1,177,207
Nissan Motor Acceptance Corp
2.550% due 03/08/21 ~		3,600,000		3,609,874
2.600% due 09/28/22 ~		600,000		615,829
2.650% due 07/13/22 ~		3,000,000		3,071,700
3.150% due 03/15/21 ~		1,300,000		1,305,823
3.875% due 09/21/23 ~		3,400,000		3,630,399
Nissan Motor Co Ltd (Japan) 4.810% due 09/17/30 ~		8,900,000		10,044,008
Panasonic Corp (Japan) 2.536% due 07/19/22 ~		3,500,000		3,598,791
Starbucks Corp 2.550% due 11/15/30		9,700,000		10,496,022
Toyota Tsusho Corp (Japan) 3.625% due 09/13/23 ~		900,000		966,992
Volkswagen Group of America Finance LLC (Germany) 4.625% due 11/13/25 ~		1,000,000		1,166,437
Volkswagen Leasing GmbH (Germany) 1.000% due 02/16/23 ~		EUR 1,300,000		1,622,185

				137,006,406

Consumer, Non-Cyclical - 6.2%

AbbVie Inc
2.600% due 11/21/24		$8,100,000		8,687,777
3.200% due 11/06/22		4,400,000		4,608,044
3.450% due 03/15/22		3,000,000		3,094,743
5.000% due 12/15/21		3,800,000		3,923,675
Amgen Inc 2.600% due 08/19/26		8,100,000		8,847,451
Anthem Inc 2.375% due 01/15/25		3,400,000		3,637,828
Bacardi Ltd (Bermuda) 4.450% due 05/15/25 ~		6,700,000		7,485,419
Bayer US Finance II LLC (Germany)
1.227% (USD LIBOR + 1.010%) due 12/15/23 § ~		700,000		707,576
3.875% due 12/15/23 ~		6,200,000		6,759,761
4.375% due 12/15/28 ~		7,400,000		8,705,941
Block Financial LLC 3.875% due 08/15/30		6,600,000		7,131,728
Cigna Corp 0.879% (USD LIBOR + 0.650%) due 09/17/21 §		800,000		800,129
Conagra Brands Inc 4.300% due 05/01/24		3,900,000		4,366,016
Constellation Brands Inc 3.700% due 12/06/26		4,400,000		5,038,155


	Principal Amount		Value
CVS Pass-Through Trust 6.943% due 01/10/30	$	179,041	$	214,136
Danone SA (France) 2.589% due 11/02/23 ~		2,300,000		2,422,518
Duke University 2.682% due 10/01/44		9,600,000		10,064,985
ERAC USA Finance LLC 2.700% due 11/01/23 ~		5,300,000		5,596,017
Fresenius Medical Care US Finance Inc (Germany) 5.750% due 02/15/21 ~		2,300,000		2,312,837
General Mills Inc 1.228% (USD LIBOR + 1.010%) due 10/17/23 §		1,000,000		1,016,817
HCA Inc
4.750% due 05/01/23		100,000		109,087
5.000% due 03/15/24		5,600,000		6,301,770
Imperial Brands Finance PLC (United Kingdom)
3.125% due 07/26/24 ~		9,000,000		9,648,162
3.875% due 07/26/29 ~		3,300,000		3,700,043
Johnson & Johnson 0.950% due 09/01/27		9,400,000		9,448,530
JT International Financial Services BV (Japan) 3.500% due 09/28/23 ~		4,100,000		4,423,847
Keurig Dr Pepper Inc 4.057% due 05/25/23		5,200,000		5,653,316
Mylan Inc 4.200% due 11/29/23		1,500,000		1,641,693
PayPal Holdings Inc 2.400% due 10/01/24		8,100,000		8,663,581
Reckitt Benckiser Treasury Services PLC (United Kingdom) 2.375% due 06/24/22 ~		4,400,000		4,525,562
Sysco Corp 5.650% due 04/01/25		7,300,000		8,686,338
Takeda Pharmaceutical Co Ltd (Japan)
2.050% due 03/31/30		2,600,000		2,661,982
4.400% due 11/26/23		5,900,000		6,541,792
Utah Acquisition Sub Inc 2.250% due 11/22/24 ~		EUR 6,100,000		8,032,656
Zoetis Inc 2.000% due 05/15/30		$9,700,000		10,049,912

				185,509,824

Energy - 1.5%

ANR Pipeline Co 9.625% due 11/01/21		2,300,000		2,462,829
Baker Hughes a GE Co LLC 2.773% due 12/15/22		1,600,000		1,672,035
Cheniere Corpus Christi Holdings LLC 7.000% due 06/30/24		1,500,000		1,752,635
Chevron Corp 2.236% due 05/11/30		4,000,000		4,283,589
El Paso Natural Gas Co LLC 8.625% due 01/15/22		4,500,000		4,868,646
Enbridge Inc (Canada) 2.900% due 07/15/22		1,000,000		1,037,208
Energy Transfer Operating LP 4.250% due 03/15/23		2,700,000		2,871,691
Midwest Connector Capital Co LLC 3.900% due 04/01/24 ~		4,100,000		4,206,253
MPLX LP 3.500% due 12/01/22		1,400,000		1,470,961
Occidental Petroleum Corp 2.900% due 08/15/24		6,000,000		5,784,000
Odebrecht Drilling Norbe VIII (Brazil)
6.350% due 12/01/21 ~		176,030		168,990
7.350% PIK due 12/01/26 ~		2,075,507		544,821
Odebrecht Oil & Gas Finance Ltd (Brazil) 0.000% due 02/01/21 ~		1,012,000		6,578


	Principal Amount		Value
Phillips 66 0.833% (USD LIBOR + 0.600%) due 02/26/21 §		$1,200,000		$1,200,143
Plains All American Pipeline LP 3.650% due 06/01/22		4,400,000		4,531,753
Rio Oil Finance Trust (Brazil)
9.250% due 07/06/24 ~		1,219,397		1,353,543
9.750% due 01/06/27 ~		4,362,121		5,060,104
Woodside Finance Ltd (Australia) 4.600% due 05/10/21 ~		2,200,000		2,208,732

				45,484,511

Financial - 16.2%

AIB Group PLC (Ireland) 4.750% due 10/12/23 ~		7,400,000		8,146,135
Aircastle Ltd 5.500% due 02/15/22		1,710,000		1,781,499
American Campus Communities Operating Partnership LP REIT 2.850% due 02/01/30		5,000,000		5,238,262
American Tower Corp REIT
3.000% due 06/15/23		900,000		953,859
3.375% due 05/15/24		9,500,000		10,338,695
Assurant Inc 1.501% (USD LIBOR + 1.250%) due 03/26/21 §		1,367,000		1,367,023
AvalonBay Communities Inc REIT 3.500% due 11/15/24		500,000		551,703
Aviation Capital Group LLC
2.875% due 01/20/22 ~		3,680,000		3,726,715
4.125% due 08/01/25 ~		6,620,000		6,945,965
Banco Bilbao Vizcaya Argentaria SA (Spain)
0.875% due 09/18/23		2,100,000		2,115,993
1.125% due 09/18/25		3,400,000		3,427,725
8.875% due 04/14/21 ~		EUR 6,400,000		8,001,398
Banco Espirito Santo SA (Portugal)
2.625% due 05/08/21 * Y ~		1,000,000		189,356
4.750% due 01/15/21 * Y ~		5,600,000		1,060,392
Bank of America Corp
0.981% due 09/25/25		$5,900,000		5,967,493
1.215% (USD LIBOR + 1.000%) due 04/24/23 §		4,900,000		4,951,479
1.486% due 05/19/24		5,500,000		5,631,598
Banque Federative du Credit Mutuel SA (France) 3.750% due 07/20/23 ~		7,400,000		8,000,712
Barclays Bank PLC (United Kingdom) 7.625% due 11/21/22		1,659,000		1,846,089
Barclays PLC (United Kingdom)
3.375% due 04/02/25 ~		EUR 900,000		1,214,015
7.750% due 09/15/23		$1,400,000		1,508,500
BBVA Bancomer SA (Mexico) 6.500% due 03/10/21 ~		361,000		365,332
BNP Paribas SA (France) 1.904% due 09/30/28 ~		9,000,000		9,200,856
Boston Properties LP REIT 3.250% due 01/30/31		3,200,000		3,532,049
BPCE SA (France) 4.000% due 09/12/23 ~		4,850,000		5,279,244
Brixmor Operating Partnership LP REIT 3.250% due 09/15/23		3,400,000		3,602,679
Cantor Fitzgerald LP 6.500% due 06/17/22 ~		8,200,000		8,862,906
CBL & Associates LP REIT 4.600% due 10/15/24 Y		3,760,000		1,498,905
CIT Group Inc 4.125% due 03/09/21		1,914,000		1,920,699
Citigroup Inc 2.572% due 06/03/31		8,100,000		8,635,889


	Principal Amount		Value
Cooperatieve Rabobank UA (Netherlands) 6.625% due 06/29/21 ~		EUR 7,200,000		$9,053,600
CPI Property Group SA (Czech Republic) 4.750% due 03/08/23 ~		$6,000,000		6,437,028
Credit Agricole SA (France) 1.907% due 06/16/26 ~		7,200,000		7,474,322
Credit Suisse AG (Switzerland) 6.500% due 08/08/23 ~		3,200,000		3,611,654
Credit Suisse Group AG (Switzerland)
1.460% (USD LIBOR + 1.240%) due 06/12/24 § ~		6,200,000		6,290,358
3.869% due 01/12/29 ~		2,100,000		2,380,437
7.125% due 07/29/22 ~		500,000		528,370
Crown Castle International Corp REIT 3.700% due 06/15/26		2,277,000		2,567,184
Deutsche Bank AG (Germany)
1.411% (USD LIBOR + 1.190%) due 11/16/22 §		5,800,000		5,813,475
1.750% due 01/17/28 ~		EUR 6,300,000		8,117,904
3.300% due 11/16/22		$5,200,000		5,426,011
Digital Realty Trust LP REIT 3.600% due 07/01/29		4,500,000		5,160,455
EPR Properties REIT 4.500% due 04/01/25		2,200,000		2,232,948
Equinix Inc REIT 1.000% due 09/15/25		5,300,000		5,319,510
Equitable Holdings Inc 3.900% due 04/20/23		3,000,000		3,228,503
Essex Portfolio LP REIT 3.375% due 04/15/26		5,200,000		5,841,931
GE Capital Funding LLC 3.450% due 05/15/25 ~		7,430,000		8,205,532
GE Capital International Funding Co Unlimited Co 4.418% due 11/15/35		7,700,000		9,192,152
GLP Capital LP REIT 4.000% due 01/15/30		1,800,000		1,958,643
Host Hotels & Resorts LP REIT
3.875% due 04/01/24		700,000		740,514
4.000% due 06/15/25		1,350,000		1,451,597
HSBC Holdings PLC (United Kingdom) 6.875% due 06/01/21		500,000		510,000
ING Groep NV (Netherlands) 1.400% due 07/01/26 ~		8,200,000		8,345,128
Intercontinental Exchange Inc 2.100% due 06/15/30		7,100,000		7,436,597
Intesa Sanpaolo SPA (Italy) 3.250% due 09/23/24 ~		7,300,000		7,803,113
JPMorgan Chase & Co
2.182% due 06/01/28		9,600,000		10,198,154
3.797% due 07/23/24		1,500,000		1,628,580
KEB Hana Bank (South Korea) 3.375% due 01/30/22 ~		5,000,000		5,152,185
Kilroy Realty LP REIT
3.450% due 12/15/24		2,200,000		2,387,426
4.375% due 10/01/25		2,600,000		2,919,008
Life Storage LP REIT 3.875% due 12/15/27		2,600,000		2,972,963
Lloyds Banking Group PLC (United Kingdom)
3.500% due 04/01/26 ~		EUR 3,300,000		4,588,696
4.450% due 05/08/25		$4,500,000		5,161,789
4.947% due 06/27/25 ~		EUR 300,000		394,985
Manulife Financial Corp (Canada) 4.150% due 03/04/26		$500,000		582,272
Mid-America Apartments LP REIT 4.200% due 06/15/28		3,000,000		3,531,851
Mitsubishi UFJ Financial Group Inc (Japan) 1.412% due 07/17/25		10,600,000		10,899,404


	Principal Amount		Value
Mitsubishi UFJ Lease & Finance Co Ltd (Japan) 3.406% due 02/28/22 ~		$1,800,000		$1,851,822
Mizuho Financial Group Inc (Japan)
2.201% due 07/10/31		8,700,000		9,061,013
2.555% due 09/13/25		8,600,000		9,090,823
Morgan Stanley 1.433% (USD LIBOR + 1.220%) due 05/08/24 §		2,000,000		2,039,263
MPT Operating Partnership LP REIT 3.692% due 06/05/28		GBP 1,300,000		1,929,727
National Retail Properties Inc REIT
2.500% due 04/15/30		$3,000,000		3,094,087
3.500% due 10/15/27		5,600,000		6,183,297
Natwest Group PLC (United Kingdom)
2.000% due 03/04/25 ~		EUR 4,600,000		5,940,666
8.625% due 08/15/21		$8,400,000		8,737,092
Navient Corp 6.500% due 06/15/22		500,000		530,370
Nomura Holdings Inc (Japan) 2.679% due 07/16/30		6,700,000		7,101,028
Omega Healthcare Investors Inc REIT
4.375% due 08/01/23		2,200,000		2,381,298
4.750% due 01/15/28		590,000		672,898
OneMain Finance Corp 7.750% due 10/01/21		200,000		210,750
Oversea-Chinese Banking Corp Ltd (Singapore) 0.672% (USD LIBOR + 0.450%) due 05/17/21 § ~		5,000,000		5,004,187
Public Storage REIT 3.094% due 09/15/27		1,900,000		2,126,096
Realty Income Corp REIT 3.250% due 10/15/22		2,500,000		2,607,263
Regency Centers LP REIT 4.125% due 03/15/28		3,500,000		3,994,269
Scentre Group Trust REIT (Australia) 3.625% due 01/28/26 ~		9,700,000		10,678,102
Service Properties Trust REIT 4.950% due 10/01/29		8,400,000		8,436,750
Simon Property Group LP REIT 2.750% due 06/01/23		5,000,000		5,258,310
SL Green Realty Corp REIT 4.500% due 12/01/22		2,400,000		2,525,485
Societe Generale SA (France) 4.250% due 09/14/23 ~		7,700,000		8,402,157
Spirit Realty LP REIT 3.200% due 01/15/27		8,100,000		8,612,412
State Bank of India (India) 4.000% due 01/24/22 ~		3,900,000		4,014,101
STORE Capital Corp REIT 4.500% due 03/15/28		7,600,000		8,658,824
Synchrony Financial 5.150% due 03/19/29		4,700,000		5,671,796
Tesco Property Finance PLC (United Kingdom)
5.661% due 10/13/41 ~		GBP 97,867		184,900
5.801% due 10/13/40 ~		194,181		367,363
UBS Group AG (Switzerland)
4.125% due 04/15/26 ~		$7,100,000		8,217,634
7.125% due 08/10/21 ~		800,000		825,000
UniCredit SPA (Italy) 7.830% due 12/04/23 ~		11,800,000		14,010,046
Virgin Money UK PLC (United Kingdom) 4.000% due 09/03/27 ~		GBP 500,000		759,340
Washington Prime Group LP REIT 6.450% due 08/15/24		$6,280,000		3,785,929


	Principal Amount		Value
Wells Fargo & Co
2.393% due 06/02/28		$8,100,000		$8,627,574
3.550% due 09/29/25		9,200,000		10,337,092
3.750% due 01/24/24		300,000		327,648

				483,663,856

Industrial - 3.3%

AP Moller - Maersk AS ‘B’ (Denmark) 4.500% due 06/20/29 ~		8,600,000		10,089,041
Arrow Electronics Inc
3.250% due 09/08/24		6,700,000		7,253,227
3.500% due 04/01/22		4,600,000		4,734,040
Central Japan Railway Co (Japan) 2.800% due 02/23/22 ~		2,200,000		2,257,840
CNH Industrial Capital LLC 4.875% due 04/01/21		3,500,000		3,534,454
Flex Ltd 4.875% due 05/12/30		9,500,000		11,438,139
Fortune Brands Home & Security Inc 3.250% due 09/15/29		8,200,000		9,098,999
GATX Corp 4.000% due 06/30/30		9,700,000		11,480,031
Kansas City Southern 3.125% due 06/01/26		9,800,000		10,750,277
Komatsu Finance America Inc 2.437% due 09/11/22 ~		5,660,000		5,852,579
Penske Truck Leasing Co LP 4.875% due 07/11/22 ~		3,000,000		3,200,115
Platin 1426 GmbH (Germany) 6.875% due 06/15/23 ~		EUR 3,200,000		3,955,496
Raytheon Technologies Corp 3.100% due 11/15/21		$3,150,000		3,207,273
SMBC Aviation Capital Finance DAC (Ireland)
3.000% due 07/15/22 ~		3,800,000		3,902,141
4.125% due 07/15/23 ~		1,800,000		1,923,424
Spirit AeroSystems Inc
1.017% (USD LIBOR + 0.800%) due 06/15/21 §		1,500,000		1,481,104
3.950% due 06/15/23		5,000,000		4,909,375

				99,067,555

Technology - 2.2%

Amdocs Ltd 2.538% due 06/15/30		6,100,000		6,412,124
Broadcom Corp 3.875% due 01/15/27		3,300,000		3,709,915
Broadcom Inc
3.459% due 09/15/26		5,046,000		5,604,561
4.110% due 09/15/28		3,472,000		3,978,395
4.250% due 04/15/26		1,900,000		2,177,954
5.000% due 04/15/30		2,900,000		3,527,473
Dell International LLC
5.850% due 07/15/25 ~		9,200,000		11,058,265
6.100% due 07/15/27 ~		2,400,000		2,984,512
Micron Technology Inc 4.975% due 02/06/26		4,000,000		4,731,100
NetApp Inc 3.250% due 12/15/22		2,400,000		2,500,949
NXP BV (Netherlands)
3.875% due 06/18/26 ~		4,000,000		4,585,847
4.875% due 03/01/24 ~		5,900,000		6,656,687
Seagate HDD Cayman 4.091% due 06/01/29 ~		1,000,000		1,073,295
VMware Inc 2.950% due 08/21/22		6,200,000		6,433,341

				65,434,418

Utilities - 3.2%

Alabama Power Co 1.450% due 09/15/30		3,900,000		3,926,393
American Transmission Systems Inc 5.250% due 01/15/22 ~		1,900,000		1,980,743


	Principal Amount		Value
Baltimore Gas and Electric Co 3.350% due 07/01/23		$5,800,000		$6,188,092
DTE Electric Co 4.050% due 05/15/48		100,000		131,551
Enel Finance International NV (Italy) 4.250% due 09/14/23 ~		6,150,000		6,729,851
Engie SA (France) 2.875% due 10/10/22 ~		4,600,000		4,786,980
Entergy Corp 4.000% due 07/15/22		1,900,000		1,992,737
Evergy Inc 2.450% due 09/15/24		8,800,000		9,339,289
National Rural Utilities Cooperative Finance Corp 2.300% due 09/15/22		4,800,000		4,954,363
NextEra Energy Capital Holdings Inc 2.250% due 06/01/30		9,600,000		10,071,748
Oncor Electric Delivery Co LLC 7.000% due 09/01/22		2,400,000		2,662,259
Pacific Gas and Electric Co
3.150% due 01/01/26		3,300,000		3,519,114
3.300% due 12/01/27		400,000		427,575
3.400% due 08/15/24		5,300,000		5,646,494
3.500% due 06/15/25		2,400,000		2,597,561
4.250% due 08/01/23		2,600,000		2,793,076
4.550% due 07/01/30		1,500,000		1,710,332
Pennsylvania Electric Co 3.600% due 06/01/29 ~		4,100,000		4,494,932
Public Service Co of Colorado 1.900% due 01/15/31		6,300,000		6,582,368
SGSP Australia Assets Pty Ltd (Australia) 3.300% due 04/09/23 ~		1,200,000		1,265,235
The Southern Co 3.250% due 07/01/26		5,700,000		6,397,282
WEC Energy Group Inc 1.800% due 10/15/30		8,400,000		8,438,152

				96,636,127

Total Corporate Bonds & Notes (Cost $1,137,655,891)				1,194,822,057


SENIOR LOAN NOTES - 0.2%

Communications - 0.0%

Entercom Media Corp Term B2 2.645% (USD LIBOR + 2.500%) due 11/18/24 §		843,051		823,951


Industrial - 0.2%

Cornerstone Building Brands Inc Term B 3.904% (USD LIBOR + 3.750%) due 04/12/25 §		3,900,000		3,900,000


Total Senior Loan Notes (Cost $4,734,322)				4,723,951


MORTGAGE-BACKED SECURITIES - 39.0%

Collateralized Mortgage Obligations - Commercial - 3.6%

1211 Avenue of the Americas Trust 3.901% due 08/10/35 ~		9,600,000		10,727,622
Arbor Multifamily Mortgage Securities Trust 2.756% due 05/15/53 ~		4,900,000		5,391,790
Ashford Hospitality Trust 1.159% (USD LIBOR + 1.000%) due 06/15/35 § ~		7,400,000		7,198,095
Bancorp Commercial Mortgage Trust 1.209% (USD LIBOR + 1.050%) due 09/15/36 § ~		4,199,450		4,197,097


	Principal Amount		Value
CFCRE Commercial Mortgage Trust 3.060% due 11/10/49		$5,613,000		$5,964,467
Citigroup Commercial Mortgage Trust
2.984% due 11/15/49		8,000,000		8,540,235
3.778% due 09/10/58		5,900,000		6,648,659
DBGS Mortgage Trust 3.843% due 04/10/37 ~		8,700,000		9,879,092
Freddie Mac Multifamily Structured Pass-Through Certificates (IO) 1.221% due 08/25/22 §		19,692,156		337,594
GS Mortgage Securities Trust 3.602% due 10/10/49 § ~		7,000,000		7,092,877
JP Morgan Chase Commercial Mortgage Securities Trust 1.159% (USD LIBOR + 1.000%) due 06/15/32 § ~		4,512,207		4,457,849
1.609% (USD LIBOR + 1.450%) due 12/15/31 § ~		10,300,000		10,097,212
Manhattan West 2020-1MW Mortgage Trust 2.130% due 09/10/39 ~		8,600,000		9,064,335
Morgan Stanley Bank of America Merrill Lynch Trust 3.150% due 03/15/48		5,935,431		6,231,325
Morgan Stanley Capital I Trust 2.428% due 04/05/42 § ~		4,900,000		5,197,804
Wells Fargo Commercial Mortgage Trust 3.809% due 12/15/48		4,837,000		5,509,870

				106,535,923

Collateralized Mortgage Obligations - Residential - 8.4%

Alternative Loan Trust
0.488% (USD LIBOR + 0.340%) due 07/25/46 §		287,445		378,026
0.768% (USD LIBOR + 0.620%) due 10/25/35 §		36,448		31,058
Alternative Loan Trust (IO) 4.852% (5.000% - USD LIBOR) due 05/25/35 §		1,258,230		150,741
Angel Oak Mortgage Trust 3.628% due 03/25/49 § ~		2,879,812		2,952,321
Banc of America Funding Trust
0.647% due 08/25/47 § ~		4,457,693		3,753,117
2.826% due 02/20/36 §		560,622		549,895
Banc of America Mortgage Trust 6.000% due 05/25/37		2,682,028		2,451,859
BCAP LLC Trust
4.861% due 03/26/37 § ~		304,854		307,442
5.250% due 02/26/36 § ~		1,255,604		826,501
Bear Stearns Adjustable Rate Mortgage Trust 2.929% due 08/25/33 §		758,399		757,458
Bear Stearns ALT-A Trust 2.729% due 01/25/36 §		1,587,141		1,630,347
Bear Stearns Structured Products Inc Trust
2.728% due 12/26/46 §		564,053		500,073
2.984% due 01/26/36 §		650,034		549,288
CHL Mortgage Pass-Through Trust
0.788% (USD LIBOR + 0.640%) due 03/25/35 §		550,266		534,030
2.836% due 05/20/34 §		433,627		432,931
3.090% due 08/25/34 §		42,379		41,668
6.500% due 10/25/37		1,075,997		812,794
Citigroup Mortgage Loan Trust
3.125% due 08/25/35 §		141,874		126,528
3.236% due 08/25/36 §		760,266		712,972
Credit Suisse First Boston Mortgage Securities Corp 0.798% due 03/25/32 § ~		141,710		132,991
DSLA Mortgage Loan Trust 3.007% due 07/19/44 §		445,876		430,212


	Principal Amount		Value
Fannie Mae
0.191% (USD LIBOR + 0.060%) due 07/25/37 §		$86,118		$84,721
0.558% (USD LIBOR + 0.400%) due 04/18/28 §		31,407		31,429
0.608% (USD LIBOR + 0.450%) due 10/18/30 §		253		254
5.000% due 03/25/21		154		154
5.748% due 10/25/42 §		456,999		525,885
Fannie Mae (IO) 6.552% (6.700% - USD LIBOR) due 10/25/35 §		2,514		489
Finsbury Square PLC (United Kingdom) 0.000% (SONIA + 1.300%) due 06/16/70 § ~		GBP 5,212,549		7,179,823
First Horizon Alternative Mortgage Securities Trust
2.226% due 06/25/34 §		$1,872,325		1,869,256
2.921% due 03/25/35 §		483,360		377,265
Freddie Mac
0.499% (USD LIBOR + 0.350%) due 08/15/40 - 10/15/40 §		8,447,447		8,460,487
0.509% (USD LIBOR + 0.350%) due 12/15/29 §		7,519		7,516
7.500% due 01/15/23 - 09/20/26 146,457				158,216
Freddie Mac Structured Pass-Through Certificates
1.809% (US FED + 1.200%) due 10/25/44 §		790,253		805,942
2.009% (US FED + 1.400%) due 07/25/44 §		3,922,850		3,960,922
Government National Mortgage Association
0.510% (USD LIBOR + 0.370%) due 10/20/66 §		14,998		14,997
0.640% (USD LIBOR + 0.500%) due 04/20/64 §		3,761,440		3,770,469
0.690% (USD LIBOR + 0.550%) due 05/20/65 §		1,390,330		1,399,952
0.740% (USD LIBOR + 0.600%) due 07/20/65 - 08/20/65 §		9,163,620		9,222,389
0.790% (USD LIBOR + 0.650%) due 07/20/63 §		289,701		289,899
0.890% (USD LIBOR + 0.750%) due 01/20/66 §		6,400,861		6,477,817
1.904% (USD LIBOR + 0.750%) due 04/20/67 §		7,134,337		7,277,328
Great Hall Mortgages No 1 PLC (United Kingdom) 0.366% (USD LIBOR + 0.130%) due 06/18/39 § ~		3,572,223		3,482,692
GreenPoint Mortgage Funding Trust 0.688% (USD LIBOR + 0.540%) due 11/25/45 §		42,510		37,371
HarborView Mortgage Loan Trust 0.308% (USD LIBOR + 0.160%) due 05/25/38 §		1,144,990		1,027,724
Hawksmoor Mortgages (United Kingdom) 1.104% (SONIA + 1.050%) due 05/25/53 § ~		GBP 28,326,211		38,866,464
Impac CMB Trust 0.688% (USD LIBOR + 0.540%) due 05/25/35 §		$48,242		48,612
IndyMac ARM Trust 1.762% due 01/25/32 §		8,044		7,927
JP Morgan Alternative Loan Trust
0.508% (USD LIBOR + 0.360%) due 05/25/36 §		2,640,086		2,470,852
6.000% due 12/27/36 ~		1,175,749		911,692


	Principal Amount		Value
JP Morgan Mortgage Trust
0.448% (USD LIBOR + 0.300%) due 10/25/35 §		$1,635,092		$1,365,188
3.292% due 12/26/37 § ~		5,143,504		4,739,546
Lehman Mortgage Trust
5.750% due 02/25/37		6,705,300		5,729,877
MASTR Adjustable Rate Mortgages Trust 3.109% due 04/21/34 §		12,918		12,946
MASTR Alternative Loan Trust 0.548% (USD LIBOR + 0.400%) due 03/25/36 §		694,719		38,693
Merrill Lynch Mortgage Investors Trust 3.512% due 06/25/35 §		23,623		23,773
Metlife Securitization Trust 3.750% due 03/25/57 § ~		8,799,178		9,528,530
New Residential Mortgage Loan Trust 3.500% due 12/25/57 § ~		8,584,431		9,106,829
OBX Trust 0.798% (USD LIBOR + 0.650%) due 06/25/57 § ~		8,246,348		8,237,600
PHH Alternative Mortgage Trust 0.308% (USD LIBOR + 0.160%) due 02/25/37 §		10,250,116		8,077,513
RBSSP Resecuritization Trust 6.250% due 12/26/36 § ~		651,056		351,990
Reperforming Loan REMIC Trust 0.488% (USD LIBOR + 0.340%) due 06/25/35 § ~		1,548,978		1,461,679
Residential Asset Securitization Trust (IO) 4.802% (4.950% - USD LIBOR) due 11/25/35 §		2,280,264		520,684
Resloc UK PLC (United Kingdom) 0.126% (EUR LIBOR + 0.160%) due 12/15/43 § ~		EUR 2,409,970		2,859,929
RFMSI Trust 3.338% due 09/25/35 §		$465,649		353,902
Ripon Mortgages PLC (United Kingdom) 0.851% (GBP LIBOR + 0.800%) due 08/20/56 § ~		GBP 8,986,425		12,290,135
Sequoia Mortgage Trust 0.852% (USD LIBOR + 0.700%) due 07/20/33 §		$438,126		427,698
Structured Adjustable Rate Mortgage Loan Trust 2.978% due 01/25/35 §		118,641		119,711
Structured Asset Mortgage Investments II Trust
0.568% (USD LIBOR + 0.420%) due 05/25/36 §		700,722		601,555
0.608% (USD LIBOR + 0.460%) due 02/25/36 §		1,189,689		1,109,258
0.652% (USD LIBOR + 0.500%) due 07/19/35 §		119,591		114,951
0.708% (USD LIBOR + 0.560%) due 02/25/36 §		753,679		712,604
Structured Asset Mortgage Investments Trust
0.812% (USD LIBOR + 0.660%) due 09/19/32 §		31,116		30,641
Structured Asset Securities Corp Trust 5.750% due 04/25/35		3,006,623		2,477,555
Suntrust Alternative Loan Trust (IO) 4.952% (5.100% - USD LIBOR) due 12/25/35 §		3,804,925		446,756
Towd Point Mortgage Funding (United Kingdom) 0.956% (SONIA + 0.900%) due 07/20/45 § ~		GBP 26,691,966		36,527,310


	Principal Amount		Value
Towd Point Mortgage Funding PLC (United Kingdom) 1.073% (GBP LIBOR + 1.025%) due 10/20/51 § ~		GBP 15,266,907		$20,989,619
Tower Bridge Funding No 3 PLC (United Kingdom) 1.234% (GBP LIBOR + 1.200%) due 12/20/61 § ~		1,563,552		2,143,973
Wachovia Mortgage Loan Trust LLC Trust 3.195% due 05/20/36 §		$649,316		653,566
WaMu Mortgage Pass-Through Certificates Trust
0.688% (USD LIBOR + 0.540%) due 12/25/45 §		29,292		29,194
0.728% (USD LIBOR + 0.580%) due 10/25/45 §		33,081		32,502
3.274% due 01/25/36 §		511,593		518,338
Washington Mutual Mortgage Pass-Through Certificates Trust
1.439% (US FED + 0.830%) due 11/25/46 §		1,190,208		1,062,483
6.000% due 07/25/36		1,810,483		1,693,051
Washington Mutual Mortgage Pass-Through Certificates Trust (IO)
4.702% (4.850% - USD LIBOR) due 11/25/35 §		9,851,995		1,528,076
4.802% (4.950% - USD LIBOR) due 11/25/35 §		2,735,811		527,720
Washington Mutual MSC Mortgage Pass-Through Certificates Trust 2.327% due 02/25/33 §		12,045		11,852

				253,288,023

Fannie Mae - 20.2%

due 03/01/51 #		299,300,000		311,585,950
1.719% (USD LIBOR + 1.344%) due 12/01/34 §		733,851		757,537
1.793% (USD LIBOR + 1.418%) due 12/01/34 §		2,691		2,692
1.900% (USD LIBOR + 1.550%) due 09/01/33 §		16,370		16,998
1.903% (US FED + 1.250%) due 03/01/33 §		145,058		146,051
1.944% (US FED + 1.200%) due 08/01/42 - 10/01/44 §		647,850		655,191
2.063% (USD LIBOR + 1.363%) due 08/01/35 §		219,570		221,518
2.069% (USD LIBOR + 1.443%) due 07/01/33 §		10,430		10,555
2.105% (USD LIBOR + 1.605%) due 08/01/36 §		115,779		116,570
2.199% (USD LIBOR + 1.699%) due 11/01/34 §		4,614		4,618
2.248% (USD LIBOR + 1.373%) due 09/01/35 §		95,992		96,946
2.261% (USD LIBOR + 1.245%) due 07/01/35 §		277,785		287,202
2.285% (USD LIBOR + 1.538%) due 01/01/36 §		29,921		30,195
2.288% (USD LIBOR + 1.413%) due 07/01/33 §		8,877		8,926
2.310% due 08/01/22		1,168,155		1,191,420
2.340% (USD LIBOR + 1.840%) due 09/01/35 §		21,503		21,540
2.440% (UST + 2.190%) due 12/01/22 §		1,194		1,196
2.625% (USD LIBOR + 2.250%) due 06/01/34 §		1,980		1,997
2.880% (UST + 2.360%) due 11/01/34 §		1,282,689		1,353,383


	Principal Amount		Value
3.000% due 04/01/27 - 08/01/49		$3,680,793		$3,938,458
3.000% due 01/01/51		58,000,000		60,763,727
3.000% due 02/01/51		118,500,000		124,257,673
3.001% (US FED + 1.250%) due 05/01/36 §		15,234		15,917
3.190% (UST + 1.695%) due 02/01/33 §		163,049		163,341
3.256% (UST + 2.102%) due 01/01/23 §		7,503		7,571
3.320% (USD LIBOR + 1.455%) due 04/01/35 §		136,279		136,950
3.434% (UST + 1.934%) due 03/01/34 §		7,585		7,623
3.500% due 05/01/21 - 01/01/51		20,244,008		21,476,313
3.500% due 02/01/51		47,000,000		49,747,119
3.550% (UST + 1.925%) due 02/01/33 §		4,284		4,272
3.555% (UST + 2.055%) due 04/01/34 §		48,385		48,167
3.595% (UST + 2.095%) due 04/01/27 §		3,475		3,457
3.621% (UST + 2.025%) due 01/01/34 §		5,269		5,545
3.680% (US FED + 1.250%) due 05/01/36 §		12,047		12,390
3.681% (US FED + 1.250%) due 05/01/36 §		512,352		546,024
3.696% (USD LIBOR + 1.696%) due 03/01/33 §		4,509		4,513
4.000% due 04/01/24 - 02/01/48		6,847,279		7,315,255
4.500% due 06/01/23 - 12/01/43		1,977,672		2,174,831
5.000% due 05/01/25 - 02/01/44		3,024,352		3,404,932
5.024% (US FED + 1.727%) due 09/01/34 §		53,920		56,807
5.500% due 05/01/21 - 09/01/41		8,459,039		9,281,675
6.000% due 02/01/24 - 09/01/39		3,407,361		3,938,103
6.500% due 11/01/21 - 09/01/37		536,123		614,465
7.500% due 01/01/33		13,473		15,907
8.000% due 05/01/30		2,765		2,832
8.500% due 07/01/32		603		605

				604,454,957

Freddie Mac - 1.0%

2.008% (USD LIBOR + 1.345%) due 09/01/35 §		115,678		119,708
2.625% (UST + 2.250%) due 07/01/32 §		7,505		7,488
2.750% (UST + 2.250%) due 05/01/32 §		2,590		2,590
2.752% (UST + 2.137%) due 01/01/28 §		4,680		4,678
3.500% due 08/01/27 - 06/01/48		18,272,690		19,313,694
3.737% (UST + 2.238%) due 05/01/23 §		603		607
3.749% (UST + 2.249%) due 03/01/32 §		36,944		37,009
4.000% due 11/01/33 - 04/01/48		4,785,075		5,108,901
5.500% due 03/01/23 - 05/01/40		3,601,317		4,203,608
6.000% due 03/01/21 - 04/01/33		1,734,846		1,948,647
7.000% due 10/01/37		19,325		22,258

				30,769,188

Government National Mortgage Association - 5.8%

2.250% (UST + 1.500%) due 07/20/23 - 09/20/32 §		190,739		196,411
2.750% (UST + 2.000%) due 09/20/22 - 07/20/24 §		20,849		21,033
2.875% (UST + 1.500%) due 05/20/22 - 06/20/32 §		387,880		398,178


	Principal Amount		Value
3.000% (UST + 1.500%) due 01/20/23 - 03/20/33 §		$277,734		$285,829
3.000% due 03/01/51		4,900,000		5,126,767
3.125% (UST + 1.500%) due 10/20/23 - 12/20/32 §		244,638		249,956
3.500% (UST + 2.000%) due 03/20/29 §		24,170		24,523
3.500% due 02/01/51		9,500,000		10,065,620
3.625% (UST + 2.000%) due 11/20/24 §		30,484		30,664
4.000% due 03/15/44 - 09/15/49		4,772,942		5,060,919
4.500% due 06/20/48 - 02/20/51		12,129,735		13,128,285
4.500% due 01/01/51		85,000,000		91,025,832
5.000% due 05/15/33 - 02/01/51		43,642,639		47,812,592
6.000% due 06/15/38 - 09/15/38		10,893		12,568
7.500% due 07/15/31 - 12/15/31		20,005		24,079
8.000% due 12/15/29 - 08/15/32		160,818		175,804
8.500% due 08/15/22 - 12/15/30		186,392		191,211

				173,830,271

Total Mortgage-Backed Securities (Cost $1,146,743,554)				1,168,878,362


ASSET-BACKED SECURITIES - 12.6%

A10 Bridge Asset Financing LLC 2.021% due 08/15/40 ~		6,052,756		6,059,398
ABFC Trust 0.973% (USD LIBOR + 0.825%) due 07/25/35 §		5,600,000		5,489,186
Anchorage Capital CLO 16 Ltd (Cayman) 1.601% (USD LIBOR + 1.400%) due 10/20/31 § ~		7,100,000		7,100,259
Apres Static CLO Ltd (Cayman) 0.000% (USD LIBOR - 1.070%) due 10/15/28 § ~		8,900,000		8,887,805
Argent Securities Inc Asset-Backed Pass-Through Certificates 0.908% (USD LIBOR + 0.760%) due 02/25/36 §		1,997,466		1,825,867
Asset-Backed Securities Corp Home Equity Loan Trust 1.168% (USD LIBOR + 1.020%) due 07/25/35 §		2,000,000		1,970,819
Bear Stearns Asset Backed Securities I Trust 2007-AQ1 0.258% (USD LIBOR + 0.110%) due 04/25/31 §		157,149		317,862
Bear Stearns Asset-Backed Securities Trust 2.248% (USD LIBOR + 2.100%) due 03/25/35 §		637,300		640,624
Catamaran CLO Ltd (Cayman) 1.618% (USD LIBOR + 1.400%) due 10/18/26 § ~		1,065,598		1,065,812
CBAM Ltd (Cayman) 1.458% (USD LIBOR + 1.240%) due 10/17/29 § ~		7,200,000		7,196,500
Cent CLO 24 Ltd (Cayman) 1.307% (USD LIBOR + 1.070%) due 10/15/26 § ~		5,747,552		5,744,202
CIT Mortgage Loan Trust 1.498% (USD LIBOR + 1.350%) due 10/25/37 § ~		2,323,283		2,337,831
Citigroup Mortgage Loan Trust 0.288% (USD LIBOR + 0.140%) due 12/25/36 §		2,205,044		2,189,724
0.298% (USD LIBOR + 0.150%) due 12/25/36 §		10,544,491		5,495,003
0.308% (USD LIBOR + 0.160%) due 12/25/36 § ~		2,381,646		1,663,588


	Principal Amount		Value
CLNC Ltd (Cayman) 1.402% (USD LIBOR + 1.250%) due 08/20/35 § ~		$8,500,000		$8,451,596
Countrywide Asset-Backed Certificates 0.288% (USD LIBOR + 0.140%) due 06/25/47 §		6,254,306		5,819,121
0.298% (USD LIBOR + 0.150%) due 05/25/37 §		504,180		502,545
0.378% (USD LIBOR + 0.230%) due 10/25/47 §		781,442		759,599
0.488% (USD LIBOR + 0.340%) due 09/25/36 §		8,871,377		8,807,231
0.598% (USD LIBOR + 0.450%) due 03/25/47 § ~		1,755,101		1,487,638
Credit Acceptance Auto Loan Trust 3.470% due 05/17/27 ~		2,279,715		2,293,046
CWABS Asset-Backed Certificates Trust 0.288% (USD LIBOR + 0.140%) due 03/25/37 §		3,492,521		3,357,042
Delta Funding Home Equity Loan Trust 7.030% due 08/15/30		16,960		17,176
Dryden XXV Senior Loan Fund (Cayman) 1.137% (USD LIBOR + 0.900%) due 10/15/27 § ~		5,974,048		5,959,026
Evergreen Credit Card Trust (Canada) 1.900% due 09/16/24 ~		10,500,000		10,790,096
FBR Securitization Trust 0.913% (USD LIBOR + 0.765%) due 09/25/35 §		28,530,000		27,511,533
First Franklin Mortgage Loan Trust 0.458% (USD LIBOR + 0.310%) due 10/25/36 §		13,900,000		11,246,309
Flagship Credit Auto Trust 1.490% due 07/15/24 ~		5,350,697		5,391,447
Ford Credit Floorplan Master Owner Trust ‘A’ 2.840% due 03/15/24		8,700,000		8,968,251
Galaxy XV CLO Ltd (Cayman) 1.437% (USD LIBOR + 1.200%) due 10/15/30 § ~		10,800,000		10,800,288
GSAA Home Equity Trust 0.488% (USD LIBOR + 0.340%) due 09/25/36 §		9,741,639		3,429,945
Home Equity Asset Trust 0.928% (USD LIBOR + 0.780%) due 10/25/34 §		2,388,838		2,372,029
Home Equity Mortgage Loan Asset-Backed Trust 0.468% (USD LIBOR + 0.320%) due 04/25/37 §		4,817,941		4,378,876
HSI Asset Securitization Corp Trust 0.478% (USD LIBOR + 0.330%) due 02/25/36 §		813,590		782,523
Hyundai Floorplan Master Owner Trust 2.680% due 04/15/24 ~		6,000,000		6,171,793
Imc Home Equity Loan Trust 5.432% due 08/20/29 §		957		986
IXIS Real Estate Capital Trust 0.248% (USD LIBOR + 0.100%) due 01/25/37 §		9,848,748		4,806,884
JP Morgan Mortgage Acquisition Trust 0.438% (USD LIBOR + 0.290%) due 05/25/36 §		10,000,000		9,446,865
Legacy Mortgage Asset Trust 3.750% due 04/25/59 § ~		7,528,267		7,610,236
Lehman ABS Mortgage Loan Trust 0.238% (USD LIBOR + 0.090%) due 06/25/37 § ~		1,068,276		819,310


	Principal Amount		Value
Mastr Asset-Backed Securities Trust 0.648% (USD LIBOR + 0.500%) due 04/25/36 §		$8,321,518		$3,270,709
Merrill Lynch Mortgage Investors Trust 0.898% (USD LIBOR + 0.750%) due 09/25/35 §		1,131,320		1,100,332
Mid-State Trust 7.791% due 03/15/38		208,243		228,563
MidOcean Credit CLO (Cayman) 1.468% (USD LIBOR + 1.250%) due 01/20/29 § ~		7,100,000		7,097,028
Monarch Grove CLO 18-1 (Cayman) 1.095% (USD LIBOR + 0.880%) due 01/25/28 § ~		4,294,471		4,264,360
Morgan Stanley ABS Capital I Inc Trust 0.208% (USD LIBOR + 0.060%) due 05/25/37 §		200,887		175,395
0.328% (USD LIBOR + 0.180%) due 03/25/37 §		2,789,825		1,457,231
0.328% (USD LIBOR + 0.180%) due 05/25/37 §		8,785,365		7,715,381
0.368% (USD LIBOR + 0.220%) due 11/25/36 §		6,613,748		4,168,724
0.398% (USD LIBOR + 0.250%) due 03/25/37 §		4,671,334		2,466,478
Morgan Stanley Capital I Inc Trust 0.508% (USD LIBOR + 0.360%) due 03/25/36 §		1,885,341		1,649,522
Mountain Hawk III CLO Ltd (Cayman) 1.418% (USD LIBOR + 1.200%) due 04/18/25 § ~		759,172		759,921
Mountain View CLO Ltd (Cayman) 1.037% (USD LIBOR + 0.800%) due 10/15/26 § ~		2,457,275		2,455,764
Nassau Ltd (Cayman) 2.383% (USD LIBOR + 2.150%) due 07/20/29 § ~		5,500,000		5,521,914
Option One Mortgage Loan Trust 0.288% (USD LIBOR + 0.140%) due 02/25/37 §		5,474,405		4,174,598
0.368% (USD LIBOR + 0.220%) due 02/25/37 §		14,259,914		9,309,204
OZLM Funding Ltd (Cayman) 1.446% (USD LIBOR + 1.230%) due 07/22/29 § ~		7,317,883		7,310,267
Palmer Square Loan Funding Ltd (Cayman) 1.918% (USD LIBOR + 1.700%) due 07/20/28 § ~		8,764,168		8,788,099
Park Place Securities Inc Asset-Backed Pass-Through Certificates 0.973% (USD LIBOR + 0.825%) due 07/25/35 §		6,700,000		6,622,560
People’s Choice Home Loan Securities Trust 0.668% (USD LIBOR + 0.520%) due 12/25/35 §		46,595		46,603
RAAC Trust 0.798% (USD LIBOR + 0.650%) due 06/25/47 §		2,828,640		2,800,467
RASC Trust 0.308% (USD LIBOR + 0.160%) due 11/25/36 §		285,087		289,709
0.763% (USD LIBOR + 0.615%) due 01/25/36 §		720,754		720,771
Renaissance Home Equity Loan Trust 1.028% (USD LIBOR + 0.880%) due 08/25/33 §		161,961		156,854


	Principal Amount		Value
Santander Drive Auto Receivables Trust 0.620% due 05/15/23		$2,983,847		$2,986,487
0.670% due 04/15/24		1,200,000		1,204,199
Saxon Asset Securities Trust 0.808% (USD LIBOR + 0.660%) due 10/25/35 §		4,150,143		4,083,923
Securitized Asset-Backed Receivables LLC Trust 0.808% (USD LIBOR + 0.660%) due 08/25/35 §		4,968,944		3,874,374
SLM Student Loan Trust 0.767% (USD LIBOR + 0.550%) due 12/15/25 § ~		2,241,391		2,240,650
Soundview Home Loan Trust 0.258% (USD LIBOR + 0.110%) due 02/25/37 §		1,546,770		576,203
SP-STATIC CLO 1 Ltd (Cayman) 1.616% (USD LIBOR + 1.400%) due 07/22/28 § ~		9,674,381		9,678,497
Structured Asset Investment Loan Trust 0.768% (USD LIBOR + 0.620%) due 01/25/36 §		6,642,463		6,096,817
Structured Asset Securities Corp Mortgage Loan Trust
0.318% (USD LIBOR + 0.170%) due 12/25/36 §		405,719		399,294
0.418% (USD LIBOR + 0.270%) due 03/25/36 §		1,858,898		1,742,834
STWD Ltd (Cayman) 1.239% (USD LIBOR + 1.080%) due 07/15/38 § ~		8,700,000		8,667,786
Telos CLO Ltd (Cayman) 1.488% (USD LIBOR + 1.270%) due 01/17/27 § ~		1,505,387		1,506,220
Terwin Mortgage Trust 0.568% (USD LIBOR + 0.420%) due 04/25/37 § ~		402,526		394,517
TICP CLO I Ltd (Cayman) 1.018% (USD LIBOR + 0.800%) due 07/20/27 § ~		1,417,685		1,413,489
Tralee CLO V Ltd (Cayman) 1.328% (USD LIBOR + 1.110%) due 10/20/28 § ~		7,300,000		7,300,113
TRESTLES CLO Ltd (Cayman) 1.505% (USD LIBOR + 1.290%) due 07/25/29 § ~		10,700,000		10,713,647
TRTX Issuer Ltd (Cayman) 1.303% (USD LIBOR + 1.150%) due 10/15/34 § ~		8,500,000		8,494,756
United States Small Business Administration 6.120% due 09/01/21		20,082		20,274
Venture XII CLO Ltd (Cayman) 1.024% (USD LIBOR + 0.800%) due 02/28/26 § ~		4,187,889		4,179,351
Venture XX CLO Ltd (Cayman) 1.057% (USD LIBOR + 0.820%) due 04/15/27 § ~		3,261,874		3,253,902
Zais CLO 1 Ltd (Cayman) 1.387% (USD LIBOR + 1.150%) due 04/15/28 § ~		5,937,736		5,919,058


Total Asset-Backed Securities (Cost $369,037,999)				377,262,716


	Principal Amount		Value
U.S. GOVERNMENT AGENCY ISSUES - 4.3%

Freddie Mac
0.680% due 08/06/25		$35,600,000		$35,705,677
0.690% due 08/05/25		57,100,000		57,126,821
0.700% due 08/18/25		35,100,000		35,104,340


Total U.S. Government Agency Issues (Cost $127,800,000)				127,936,838


U.S. TREASURY OBLIGATIONS - 16.9%

U.S. Treasury Bonds - 14.7%

1.250% due 05/15/50		16,700,000		15,120,023
1.375% due 11/15/40		14,900,000		14,710,258
1.375% due 08/15/50		6,900,000		6,449,344
1.625% due 11/15/50 ‡		35,700,000		35,496,399
2.000% due 02/15/50		2,900,000		3,143,895
2.500% due 02/15/45		1,300,000		1,547,812
2.750% due 08/15/42		26,200,000		32,478,744
2.875% due 05/15/43		27,500,000		34,764,468
2.875% due 08/15/45		30,100,000		38,289,173
3.125% due 02/15/42		8,000,000		10,476,250
3.125% due 08/15/44		48,400,000		63,734,859
3.375% due 05/15/44		26,300,000		35,968,369
3.625% due 02/15/44		13,500,000		19,088,262
3.750% due 11/15/43		20,900,000		30,038,851
4.250% due 05/15/39		4,900,000		7,263,867
4.375% due 11/15/39		20,700,000		31,269,129
4.375% due 05/15/40		26,400,000		40,019,719
4.500% due 08/15/39		7,700,000		11,768,367
4.625% due 02/15/40		5,500,000		8,564,531

				440,192,320

U.S. Treasury Notes - 2.2%

1.750% due 06/30/24 ‡		7,400,000		7,799,484
2.250% due 01/31/24 ‡		6,700,000		7,128,172
2.250% due 08/15/27 ‡		20,000		22,173
2.500% due 05/15/24 ‡		26,900,000		28,992,106
2.625% due 02/15/29 ‡		18,700,000		21,458,980

				65,400,915

Total U.S. Treasury Obligations (Cost $505,183,163)				505,593,235


FOREIGN GOVERNMENT BONDS & NOTES - 6.9%

Abu Dhabi Government (United Arab Emirates) 3.125% due 04/16/30 ~		6,200,000		7,013,750
Brazil Letras do Tesouro Nacional (Brazil) 1.957% due 04/01/21		BRL 438,800,000		84,071,659
Hydro-Quebec (Canada) 8.625% due 06/15/29		$1,000,000		1,529,985
Israel Government International (Israel) 3.875% due 07/03/50		5,400,000		6,504,613
Japan Finance Organization for Municipalities (Japan)
2.125% due 04/13/21 ~		2,000,000		2,009,586
3.375% due 09/27/23 ~		3,200,000		3,449,279
Kuwait Government (Kuwait) 2.750% due 03/20/22 ~		6,000,000		6,176,820
Peruvian Government (Peru)
5.940% due 02/12/29 ~		PEN 35,300,000		12,185,591
6.350% due 08/12/28 ~		26,000,000		9,134,387
6.950% due 08/12/31 ~		4,000,000		1,438,460
8.200% due 08/12/26 ~		14,800,000		5,553,722
Province of Ontario Canada (Canada)
3.150% due 06/02/22		CAD 11,300,000		9,247,109
4.000% due 06/02/21		16,300,000		13,010,548


	Principal Amount		Value
Province of Quebec Canada (Canada)
2.750% due 08/25/21		$3,600,000		$3,659,211
3.500% due 12/01/22		CAD 1,900,000		1,584,229
4.250% due 12/01/21		7,500,000		6,110,830
Qatar Government (Qatar)
3.875% due 04/23/23 ~		$200,000		215,190
4.000% due 03/14/29 ~		7,100,000		8,431,250
4.500% due 01/20/22 ~		3,600,000		3,756,924
4.500% due 04/23/28 ~		4,400,000		5,338,850
Saudi Government (Saudi Arabia) 2.375% due 10/26/21 ~		6,600,000		6,706,141
State of Israel (Israel) 3.800% due 05/13/60 ~		6,200,000		7,381,410
Tokyo Metropolitan Government (Japan) 2.000% due 05/17/21 ~		3,000,000		3,018,554


Total Foreign Government Bonds & Notes (Cost $204,436,695)				207,528,098


MUNICIPAL BONDS - 0.1%

City of Chicago IL ‘B’ 5.630% due 01/01/22		1,620,000		1,632,118
7.750% due 01/01/42		952,000		1,032,777


Total Municipal Bonds (Cost $2,544,359)				2,664,895


SHORT-TERM INVESTMENTS - 6.9%

Foreign Government Issue - 0.0%

Letras del Tesoro en Pesos Badlar (Argentina) 38.425% (ARS Deposit + 3.000%) due 09/13/21 § ^ W		ARS 3,745,000		27,299


Repurchase Agreements - 6.6%

Bank of America Securities, Inc. 0.100% due 01/05/21 (Dated 12/31/20, repurchase price of $87,800,244; collateralized by U.S. Treasury Bonds: 1.125% due 08/15/40 and value $88,982,986)		$87,800,000		87,800,000
Bank of America Securities, Inc. 0.110% due 01/04/21 (Dated 12/31/20, repurchase price of $80,900,989; collateralized by U.S. Treasury Bonds: 3.000% due 05/15/45 and value $82,362,612)		80,900,000		80,900,000
Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $12,358,150; collateralized by U.S. Treasury Notes: 2.375% due 05/15/27 - 11/15/49 and value $12,605,366)		12,358,150		12,358,150
RBC Capital Markets LLC 0.070% due 01/04/21 (Dated 12/31/20, repurchase price of $17,300,135; collateralized by U.S. Treasury Notes: 0.125% - 2.875% due 11/15/21 - 02/29/24 and value $17,614,191)		17,300,000		17,300,000

				198,358,150


	Principal Amount		Value
U.S. Treasury Bills - 0.3%

0.079% due 01/14/21 ‡		$3,200,000		$3,199,969
0.096% due 02/18/21 ‡		3,100,000		3,099,787
0.104% due 01/26/21 ‡		3,700,000		3,699,915

				9,999,671

Total Short-Term Investments (Cost $208,384,553)				208,385,120


TOTAL INVESTMENTS - 127.8% (Cost $3,737,573,113)				3,828,624,906

TOTAL SECURITIES SOLD SHORT - (0.4%) (Proceeds $13,425,750)				(13,468,483	)


DERIVATIVES - (0.4%)				(11,936,852	)


OTHER ASSETS & LIABILITIES, NET - (27.0%)				(807,861,171	)


NET ASSETS - 100.0%				$2,995,358,400

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition as a percentage of net assets was as follows:


Mortgage-Backed Securities	39.0%
Corporate Bonds & Notes	39.9%
U.S. Treasury Obligations	16.9%
Asset-Backed Securities	12.6%
Short-Term Investments	6.9%
Foreign Government Bonds & Notes	6.9%
U.S. Government Agency Issues	4.3%
Others (each less than 3.0%)	1.3%

	127.8%
Derivatives	(0.4%	)
Securities Sold Short	(0.4%	)
Other Assets & Liabilities, Net	(27.0%	)

	100.0%

(b)	Investments with a total aggregate value of $2,748,653 or 0.1% of the Fund’s net assets were in default as of December 31, 2020.

(c)

An Investment with a value of $27,299 or less than 0.1% of the Fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or the Board of Trustees.

(d)

As of December 31, 2020, investments with a total aggregate value of $70,137,217 were fully or partially segregated with the broker(s)/custodian as collateral for reverse repurchase agreements, open futures contracts, forward foreign currency contracts, option contracts, swap agreements and delayed delivery securities (including sale-buyback financing transactions).

(e)

The average amount of borrowings by the Fund on reverse repurchase agreements during the year ended December 31, 2020 was $132,005,720 at a weighted average interest rate of 0.876%. The average amount of borrowings by the Fund on sale-buyback financing transactions during the year ended December 31, 2020 was $137,547,111 at a weighted average interest rate of 1.278%.

(f)	Securities sold short outstanding as of December 31, 2020 were as follows:


Description	Principal Amount		Value
Mortgage-Backed Securities - (0.4%)

Fannie Mae 2.500% due 02/11/51		$12,800,000		($13,468,483	)


Total Securities Sold Short (Proceeds $13,425,750)				($13,468,483	)

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:

The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the year ended December 31, 2020:

Additional information about Level 3 fair value measurements as of December 31, 2020 was as follows:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 50.2%

Basic Materials - 0.7%

LYB International Finance III LLC 1.250% due 10/01/25		$1,675,000		$1,705,508
Newmont Corp 3.625% due 06/09/21		4,600,000		4,641,845
Nucor Corp 2.000% due 06/01/25		670,000		710,139
POSCO (South Korea) 2.375% due 11/12/22 ~		2,080,000		2,140,490
2.375% due 01/17/23 ~		1,055,000		1,088,339
Syngenta Finance NV (Switzerland) 3.933% due 04/23/21 ~		1,115,000		1,122,548

				11,408,869

Communications - 3.2%

Baidu Inc (China) 2.875% due 07/06/22		1,675,000		1,726,466
3.500% due 11/28/22		1,430,000		1,502,822
Booking Holdings Inc 4.100% due 04/13/25		1,565,000		1,776,248
Charter Communications Operating LLC 4.464% due 07/23/22		9,047,000		9,540,057
4.908% due 07/23/25		4,394,000		5,108,193
Comcast Corp 3.100% due 04/01/25		555,000		611,094
3.700% due 04/15/24		1,935,000		2,129,563
3.950% due 10/15/25		250,000		287,345
Cox Communications Inc 2.950% due 06/30/23 ~		1,120,000		1,178,628
3.150% due 08/15/24 ~		3,820,000		4,143,078
Expedia Group Inc 3.600% due 12/15/23 ~		2,535,000		2,703,210
Fox Corp 3.050% due 04/07/25		350,000		383,226
3.666% due 01/25/22		1,880,000		1,946,248
4.030% due 01/25/24		780,000		859,417
JD.com Inc (China) 3.125% due 04/29/21		5,100,000		5,135,378
Sky Ltd (United Kingdom) 3.750% due 09/16/24 ~		710,000		791,131
T-Mobile USA Inc 3.500% due 04/15/25 ~		1,905,000		2,106,892
Verizon Communications Inc 0.850% due 11/20/25		3,120,000		3,145,269
5.150% due 09/15/23		1,350,000		1,522,516
Vodafone Group PLC (United Kingdom) 3.750% due 01/16/24		1,660,000		1,814,773
WPP Finance 2010 (United Kingdom) 3.625% due 09/07/22		565,000		593,859

				49,005,413

Consumer, Cyclical - 4.9%

American Airlines Pass-Through Trust ‘B’ 3.700% due 04/15/27		1,225,465		1,039,940
AutoZone Inc 3.625% due 04/15/25		920,000		1,031,369
BMW US Capital LLC (Germany) 0.714% (USD LIBOR + 0.500%) due 08/13/21 § ~		1,980,000		1,984,815
1.850% due 09/15/21 ~		2,450,000		2,472,998
Daimler Finance North America LLC (Germany) 1.750% due 03/10/23 ~		3,105,000		3,188,665
2.300% due 02/12/21 ~		4,525,000		4,534,196
Ford Motor Credit Co LLC 3.470% due 04/05/21		750,000		752,344
3.813% due 10/12/21		905,000		916,878
5.875% due 08/02/21		525,000		537,994


	Principal Amount		Value
General Motors Co 4.875% due 10/02/23		$1,265,000		$1,404,545
5.400% due 10/02/23		2,160,000		2,420,035
General Motors Financial Co Inc 2.900% due 02/26/25		3,270,000		3,494,813
3.200% due 07/06/21		1,345,000		1,359,575
4.200% due 03/01/21		455,000		456,122
4.200% due 11/06/21		2,435,000		2,510,071
Harley-Davidson Financial Services Inc 1.168% (USD LIBOR + 0.940%) due 03/02/21 § ~		1,550,000		1,550,324
2.550% due 06/09/22 ~		685,000		698,713
3.550% due 05/21/21 ~		500,000		505,520
4.050% due 02/04/22 ~		2,675,000		2,769,262
Hasbro Inc 2.600% due 11/19/22		1,550,000		1,610,186
3.000% due 11/19/24		2,085,000		2,259,690
Hyundai Capital America 1.150% due 11/10/22 ~		1,760,000		1,762,039
2.375% due 02/10/23 ~		3,340,000		3,445,622
2.450% due 06/15/21 ~		1,350,000		1,360,766
2.850% due 11/01/22 ~		893,000		925,910
3.000% due 06/20/22 ~		1,950,000		2,011,736
3.950% due 02/01/22 ~		955,000		986,958
Marriott International Inc 3.125% due 02/15/23		685,000		707,503
3.600% due 04/15/24		357,000		380,707
McDonald’s Corp 1.450% due 09/01/25		1,035,000		1,074,023
Nissan Motor Acceptance Corp 2.600% due 09/28/22 ~		1,685,000		1,729,453
3.650% due 09/21/21 ~		1,365,000		1,389,120
Nissan Motor Co Ltd (Japan) 3.043% due 09/15/23 ~		2,335,000		2,442,879
O’Reilly Automotive Inc 3.800% due 09/01/22		1,760,000		1,843,092
Panasonic Corp (Japan) 2.536% due 07/19/22 ~		1,395,000		1,434,375
QVC Inc 4.375% due 03/15/23		1,825,000		1,920,028
Ralph Lauren Corp 1.700% due 06/15/22		430,000		437,903
Ross Stores Inc 4.600% due 04/15/25		4,315,000		4,981,705
Starbucks Corp 1.300% due 05/07/22		805,000		816,512
The TJX Cos Inc 3.500% due 04/15/25		1,450,000		1,620,201
United Airlines Pass-Through Trust ‘B’ 3.500% due 11/01/29		716,990		671,960
Volkswagen Group of America Finance LLC (Germany) 0.750% due 11/23/22 ~		1,475,000		1,480,051
0.875% due 11/22/23 ~		1,415,000		1,423,672
2.500% due 09/24/21 ~		510,000		517,670
2.700% due 09/26/22 ~		1,190,000		1,234,310
2.900% due 05/13/22 ~		735,000		758,458
3.125% due 05/12/23 ~		680,000		718,575
Walgreen Co 3.100% due 09/15/22		755,000		788,350

				76,361,633

Consumer, Non-Cyclical - 8.3%

AbbVie Inc 2.300% due 05/14/21		1,730,000		1,739,619
2.600% due 11/21/24		7,590,000		8,140,769
2.900% due 11/06/22		3,195,000		3,343,305
3.200% due 11/06/22		260,000		272,294
3.250% due 10/01/22		330,000		343,849
3.450% due 03/15/22		1,100,000		1,134,739


	Principal Amount		Value
Altria Group Inc 3.490% due 02/14/22		$1,300,000		$1,344,546
3.800% due 02/14/24		3,330,000		3,637,382
Anthem Inc 2.375% due 01/15/25		780,000		834,560
Archer-Daniels-Midland Co 2.750% due 03/27/25		545,000		593,339
BAT International Finance PLC (United Kingdom) 1.668% due 03/25/26		2,095,000		2,145,556
Baxalta Inc 3.600% due 06/23/22		675,000		702,558
Bayer US Finance II LLC (Germany) 0.881% (USD LIBOR + 0.630%) due 06/25/21 § ~		2,035,000		2,039,324
3.500% due 06/25/21 ~		2,880,000		2,915,106
3.875% due 12/15/23 ~		3,750,000		4,088,565
Becton Dickinson & Co 2.894% due 06/06/22		6,094,000		6,300,058
Becton Dickinson and Co 3.363% due 06/06/24		2,385,000		2,593,466
3.734% due 12/15/24		675,000		748,629
Bristol-Myers Squibb Co 2.600% due 05/16/22		860,000		887,529
2.750% due 02/15/23		1,320,000		1,385,900
2.900% due 07/26/24		1,780,000		1,933,450
3.250% due 02/20/23		390,000		410,501
3.550% due 08/15/22		3,060,000		3,225,790
3.625% due 05/15/24		345,000		378,357
Bunge Ltd Finance Corp 3.000% due 09/25/22		4,810,000		4,996,296
4.350% due 03/15/24		235,000		259,353
Cardinal Health Inc 2.616% due 06/15/22		210,000		216,247
3.079% due 06/15/24		1,285,000		1,383,640
3.200% due 03/15/23		1,530,000		1,619,360
3.500% due 11/15/24		2,100,000		2,304,568
Cargill Inc 1.375% due 07/23/23 ~		1,175,000		1,204,708
China Mengniu Dairy Co Ltd (China) 1.875% due 06/17/25 ~		3,737,000		3,773,660
Cigna Corp 0.879% (USD LIBOR + 0.650%) due 09/17/21 §		1,060,000		1,060,170
3.000% due 07/15/23		1,245,000		1,318,904
3.750% due 07/15/23		1,300,000		1,405,634
3.900% due 02/15/22		1,040,000		1,080,775
CVS Health Corp 2.625% due 08/15/24		615,000		659,244
3.700% due 03/09/23		705,000		754,913
Diageo Capital PLC (United Kingdom) 1.375% due 09/29/25		1,300,000		1,338,220
EMD Finance LLC (Germany) 2.950% due 03/19/22 ~		800,000		821,612
Equifax Inc 2.300% due 06/01/21		1,025,000		1,030,824
3.600% due 08/15/21		195,000		198,681
3.950% due 06/15/23		425,000		459,447
Gilead Sciences Inc 0.750% due 09/29/23		4,920,000		4,935,268
Global Payments Inc 2.650% due 02/15/25		1,420,000		1,521,250
HPHT Finance 17 Ltd (Hong Kong) 2.750% due 09/11/22 ~		2,535,000		2,600,441
Humana Inc 2.900% due 12/15/22		340,000		355,332
3.150% due 12/01/22		800,000		835,996
3.850% due 10/01/24		1,195,000		1,323,648
4.500% due 04/01/25		2,015,000		2,315,918


	Principal Amount		Value
Imperial Brands Finance PLC (United Kingdom) 3.125% due 07/26/24 ~		$1,630,000		$1,747,389
3.500% due 02/11/23 ~		2,895,000		3,032,489
3.750% due 07/21/22 ~		2,920,000		3,045,907
Moody’s Corp 3.750% due 03/24/25		2,185,000		2,455,655
PayPal Holdings Inc 1.350% due 06/01/23		3,060,000		3,134,839
PeaceHealth Obligated Group 1.375% due 11/15/25		455,000		464,619
PepsiCo Inc 0.750% due 05/01/23		4,080,000		4,139,358
Perrigo Co PLC 4.000% due 11/15/23		1,355,000		1,463,600
Perrigo Finance Unlimited Co 3.900% due 12/15/24		5,705,000		6,278,906
Philip Morris International Inc 1.125% due 05/01/23		1,875,000		1,912,568
Prosperous Ray Ltd (China) 4.625% due 11/12/23 ~		2,900,000		3,154,961
Royalty Pharma PLC 0.750% due 09/02/23 ~		1,865,000		1,875,016
Shire Acquisitions Investments Ireland DAC 2.875% due 09/23/23		290,000		307,656
Stryker Corp 0.600% due 12/01/23		775,000		776,346
Takeda Pharmaceutical Co Ltd (Japan) 4.000% due 11/26/21		3,015,000		3,102,503
Thermo Fisher Scientific Inc 4.133% due 03/25/25		725,000		824,525

				128,629,637

Diversified - 0.2%

CK Hutchison International 17 II Ltd (United Kingdom) 2.750% due 03/29/23 ~		2,200,000		2,294,460


Energy - 6.9%

Aker BP ASA (Norway) 3.000% due 01/15/25 ~		1,725,000		1,813,416
BP Capital Markets America Inc 2.937% due 04/06/23		1,325,000		1,398,847
Canadian Natural Resources Ltd (Canada) 2.050% due 07/15/25		2,725,000		2,860,935
Cenovus Energy Inc (Canada) 3.000% due 08/15/22		4,173,000		4,265,072
3.800% due 09/15/23		505,000		524,769
Cheniere Corpus Christi Holdings LLC 5.875% due 03/31/25		2,805,000		3,266,647
7.000% due 06/30/24		4,035,000		4,714,588
Chevron Corp 1.141% due 05/11/23		1,785,000		1,823,106
Diamondback Energy Inc 2.875% due 12/01/24		4,735,000		4,980,839
4.750% due 05/31/25		2,280,000		2,568,844
Energy Transfer Operating LP 2.900% due 05/15/25		440,000		465,883
3.600% due 02/01/23		675,000		707,300
4.200% due 09/15/23		510,000		550,203
4.250% due 03/15/23		2,395,000		2,547,297
4.900% due 02/01/24		485,000		531,265
5.875% due 01/15/24		4,465,000		5,020,886
Eni SPA (Italy) 4.000% due 09/12/23 ~		1,835,000		1,999,029
Enterprise Products Operating LLC 3.500% due 02/01/22		3,085,000		3,190,120
EOG Resources Inc 2.625% due 03/15/23		520,000		542,937


	Principal Amount		Value
EQT Corp 3.000% due 10/01/22		$3,940,000		$3,976,937
4.875% due 11/15/21		491,000		504,809
Exxon Mobil Corp 1.571% due 04/15/23		3,465,000		3,564,788
1.902% due 08/16/22		645,000		663,747
2.992% due 03/19/25		3,865,000		4,232,770
Gray Oak Pipeline LLC 2.000% due 09/15/23 ~		275,000		279,443
2.600% due 10/15/25 ~		910,000		938,743
Kinder Morgan Energy Partners LP 3.950% due 09/01/22		260,000		272,958
Kinder Morgan Inc 5.000% due 02/15/21 ~		1,265,000		1,268,756
Marathon Oil Corp 2.800% due 11/01/22		1,196,000		1,229,673
MPLX LP 1.330% (USD LIBOR + 1.100%) due 09/09/22 §		1,550,000		1,550,283
Occidental Petroleum Corp 2.600% due 08/13/21		1,795,000		1,814,072
Reliance Industries Ltd (India) 5.400% due 02/14/22 ~		3,300,000		3,456,922
Sabine Pass Liquefaction LLC 5.625% due 04/15/23		3,230,000		3,550,457
6.250% due 03/15/22		5,211,000		5,485,711
Saudi Arabian Oil Co (Saudi Arabia) 2.750% due 04/16/22 ~		3,415,000		3,509,641
Schlumberger Finance Canada Ltd 1.400% due 09/17/25		680,000		700,060
Schlumberger Holdings Corp 3.750% due 05/01/24 ~		3,040,000		3,316,568
4.000% due 12/21/25 ~		750,000		853,168
Spectra Energy Partners LP 4.600% due 06/15/21		1,870,000		1,884,724
Suncor Energy Inc (Canada) 2.800% due 05/15/23		3,055,000		3,216,054
Sunoco Logistics Partners Operations LP 3.450% due 01/15/23		200,000		208,758
4.250% due 04/01/24		135,000		146,218
4.400% due 04/01/21		1,145,000		1,152,192
The Williams Cos Inc 3.350% due 08/15/22		875,000		910,478
3.700% due 01/15/23		3,835,000		4,064,790
4.300% due 03/04/24		565,000		623,798
Valero Energy Corp 1.200% due 03/15/24		1,680,000		1,696,594
2.700% due 04/15/23		3,565,000		3,722,323
3.650% due 03/15/25		480,000		525,362
Western Midstream Operating LP 4.000% due 07/01/22		3,155,000		3,247,678

				106,340,458

Financial - 16.3%

AerCap Ireland Capital DAC (Ireland) 3.950% due 02/01/22		2,875,000		2,957,073
4.125% due 07/03/23		702,000		752,151
4.450% due 12/16/21		2,895,000		2,981,839
4.500% due 09/15/23		2,095,000		2,272,707
AIA Group Ltd (Hong Kong) 0.759% (USD LIBOR + 0.520%) due 09/20/21 § ~		2,060,000		2,059,732
Air Lease Corp 2.250% due 01/15/23		1,480,000		1,520,540
2.500% due 03/01/21		950,000		952,931
3.500% due 01/15/22		900,000		926,321
American Express Co 3.700% due 08/03/23		170,000		184,168


	Principal Amount		Value
American International Group Inc 2.500% due 06/30/25		$2,865,000		$3,081,179
4.875% due 06/01/22		1,420,000		1,506,834
Aon Corp 2.200% due 11/15/22		715,000		739,450
Aon PLC 2.800% due 03/15/21		4,175,000		4,188,644
Avolon Holdings Funding Ltd (Ireland) 2.875% due 02/15/25 ~		1,700,000		1,736,404
3.625% due 05/01/22 ~		2,800,000		2,861,410
3.950% due 07/01/24 ~		560,000		591,839
5.125% due 10/01/23 ~		1,890,000		2,024,275
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.875% due 09/18/23		4,200,000		4,231,986
Banco del Estado de Chile (Chile) 2.704% due 01/09/25 ~		1,010,000		1,068,716
Banco Santander Mexico SA Institucion de Banca (Mexico) 4.125% due 11/09/22 ~		3,500,000		3,696,875
5.375% due 04/17/25 ~		155,000		178,268
Bank of America Corp 0.901% (USD LIBOR + 0.650%) due 06/25/22 §		2,975,000		2,982,681
1.378% (USD LIBOR + 1.160%) due 01/20/23 §		4,085,000		4,127,688
2.503% due 10/21/22		2,000,000		2,036,098
Banque Federative du Credit Mutuel SA (France) 0.650% due 02/27/24 ~		2,045,000		2,051,407
2.125% due 11/21/22 ~		2,480,000		2,561,797
Barclays Bank PLC (United Kingdom) 1.700% due 05/12/22		1,245,000		1,267,225
BDO Unibank Inc (Philippines) 2.950% due 03/06/23 ~		3,700,000		3,850,090
BPCE SA (France) 1.433% (USD LIBOR + 1.220%) due 05/22/22 § ~		815,000		825,216
5.700% due 10/22/23 ~		1,255,000		1,421,291
Brixmor Operating Partnership LP REIT 3.250% due 09/15/23		2,690,000		2,850,354
Capital One Financial Corp 3.200% due 01/30/23		1,335,000		1,407,303
3.500% due 06/15/23		965,000		1,036,210
3.900% due 01/29/24		1,290,000		1,413,646
CC Holdings GS V LLC REIT 3.849% due 04/15/23		5,825,000		6,253,569
Citibank NA 2.844% due 05/20/22		2,610,000		2,635,115
Citigroup Inc 2.312% due 11/04/22		2,255,000		2,291,499
2.900% due 12/08/21		4,145,000		4,235,048
3.106% due 04/08/26		1,845,000		2,018,223
Citizens Bank NA 2.550% due 05/13/21		1,035,000		1,041,417
2.650% due 05/26/22		1,300,000		1,338,547
3.250% due 02/14/22		2,345,000		2,414,957
Cooperatieve Rabobank UA (Netherlands) 3.950% due 11/09/22		3,375,000		3,588,312
Credicorp Ltd (Peru) 2.750% due 06/17/25 ~		665,000		692,598
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		3,030,000		3,076,710
2.100% due 11/12/21		2,520,000		2,559,089
2.800% due 04/08/22		2,420,000		2,498,693
Danske Bank AS (Denmark) 1.226% due 06/22/24 ~		3,065,000		3,109,673
3.001% due 09/20/22 ~		3,275,000		3,327,689
5.000% due 01/12/22 ~		1,835,000		1,916,201
5.375% due 01/12/24 ~		255,000		287,926


	Principal Amount		Value
Deutsche Bank AG (Germany) 1.510% (USD LIBOR + 1.290%) due 02/04/21 §		$2,190,000		$2,191,218
3.150% due 01/22/21		1,875,000		1,877,102
3.375% due 05/12/21		225,000		227,182
4.250% due 10/14/21		2,995,000		3,071,832
Discover Bank 3.200% due 08/09/21		380,000		385,639
Fifth Third Bancorp 1.625% due 05/05/23		1,190,000		1,228,000
First Niagara Financial Group Inc 7.250% due 12/15/21		1,140,000		1,213,141
Highwoods Realty LP REIT 3.625% due 01/15/23		1,305,000		1,359,748
HSBC Holdings PLC (United Kingdom) 1.645% due 04/18/26		1,375,000		1,406,889
2.099% due 06/04/26		3,515,000		3,655,697
ING Groep NV (Netherlands) 1.401% (USD LIBOR + 1.150%) due 03/29/22 §		1,970,000		1,991,221
Intercontinental Exchange Inc 0.700% due 06/15/23		1,320,000		1,332,263
JPMorgan Chase & Co 2.083% due 04/22/26		3,500,000		3,698,757
KeyBank NA 3.300% due 02/01/22		3,200,000		3,303,356
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		935,000		945,547
4.500% due 11/04/24		1,025,000		1,147,781
Marsh & McLennan Cos Inc 3.875% due 03/15/24		1,815,000		2,003,659
Metropolitan Life Global Funding I 0.900% due 06/08/23 ~		2,355,000		2,385,275
Mitsubishi UFJ Financial Group Inc (Japan) 0.865% (USD LIBOR + 0.650%) due 07/26/21 §		655,000		657,054
3.218% due 03/07/22		6,185,000		6,396,120
Morgan Stanley 0.560% due 11/10/23		2,595,000		2,601,633
2.750% due 05/19/22		2,005,000		2,070,974
Nasdaq Inc 0.445% due 12/21/22		1,680,000		1,682,174
Natwest Group PLC (United Kingdom) 3.875% due 09/12/23		2,030,000		2,203,609
NatWest Markets PLC (United Kingdom) 2.375% due 05/21/23 ~		2,970,000		3,090,135
New York Life Global Funding 1.100% due 05/05/23 ~		1,385,000		1,409,549
Park Aerospace Holdings Ltd (Ireland) 5.250% due 08/15/22 ~		1,550,000		1,627,291
PNC Bank NA 2.950% due 01/30/23		1,305,000		1,373,252
QNB Finance Ltd (Qatar) 2.625% due 05/12/25 ~		1,280,000		1,350,571
3.500% due 03/28/24 ~		2,320,000		2,493,668
Reinsurance Group of America Inc 5.000% due 06/01/21		410,000		417,628
Santander UK PLC (United Kingdom) 2.100% due 01/13/23		2,190,000		2,263,446
SBA Tower Trust REIT 1.884% due 07/15/50 ~		725,000		748,438
2.836% due 01/15/50 ~		1,725,000		1,840,789
3.168% due 04/09/47 ~		2,360,000		2,381,063
3.448% due 03/15/48 ~		4,500,000		4,778,212
Simon Property Group LP REIT 2.000% due 09/13/24		899,000		939,821
2.625% due 06/15/22		2,235,000		2,293,935
3.375% due 10/01/24		2,205,000		2,398,566
3.500% due 09/01/25		555,000		616,593


	Principal Amount		Value
Societe Generale SA (France) 2.625% due 10/16/24 ~		$335,000		$355,088
Standard Chartered PLC (United Kingdom) 1.319% due 10/14/23 ~		945,000		955,726
1.368% (USD LIBOR + 1.150%) due 01/20/23 § ~		1,460,000		1,469,816
2.744% due 09/10/22 ~		2,965,000		3,007,585
3.885% due 03/15/24 ~		395,000		420,447
3.950% due 01/11/23 ~		835,000		879,029
State Street Corp 2.825% due 03/30/23		625,000		645,143
Swedbank AB (Sweden) 0.600% due 09/25/23 ~		2,540,000		2,546,883
1.300% due 06/02/23 ~		2,205,000		2,249,232
Synchrony Bank 3.000% due 06/15/22		705,000		728,209
Synchrony Financial 2.850% due 07/25/22		6,027,000		6,225,394
The Bank of Nova Scotia (Canada) 0.550% due 09/15/23		745,000		748,140
The Charles Schwab Corp 4.200% due 03/24/25		2,275,000		2,610,814
The Goldman Sachs Group Inc 1.325% (USD LIBOR + 1.110%) due 04/26/22 §		3,080,000		3,088,621
3.500% due 04/01/25		2,170,000		2,414,971
5.750% due 01/24/22		2,010,000		2,124,846
The Western Union Co 2.850% due 01/10/25		2,440,000		2,622,687
3.600% due 03/15/22		2,815,000		2,908,346
Trinity Acquisition PLC 3.500% due 09/15/21		1,045,000		1,063,912
Truist Bank 1.250% due 03/09/23		4,580,000		4,672,089
2.800% due 05/17/22		2,035,000		2,102,236
UBS AG (Switzerland) 1.750% due 04/21/22 ~		720,000		732,925
UBS Group AG (Switzerland) 1.008% due 07/30/24 ~		2,455,000		2,480,142
1.433% (USD LIBOR + 1.220%) due 05/23/23 § ~		3,105,000		3,141,259
Ventas Realty LP REIT 3.100% due 01/15/23		455,000		477,753
Wells Fargo & Co 1.654% due 06/02/24		1,780,000		1,829,004
2.188% due 04/30/26		1,575,000		1,659,681
3.500% due 03/08/22		1,290,000		1,337,621
4.125% due 08/15/23		765,000		836,128
Wells Fargo Bank NA 2.082% due 09/09/22		2,020,000		2,043,331
Willis Towers Watson PLC 5.750% due 03/15/21		3,592,000		3,628,280

				252,693,780

Industrial - 3.9%

Amphenol Corp 2.050% due 03/01/25		1,580,000		1,670,111
Avnet Inc 3.750% due 12/01/21		1,520,000		1,557,181
Boral Finance Pty Ltd (Australia) 3.000% due 11/01/22 ~		475,000		485,708
Carrier Global Corp 2.242% due 02/15/25		3,225,000		3,417,042
CNH Industrial Capital LLC 3.875% due 10/15/21		3,305,000		3,383,862
DAE Funding LLC (United Arab Emirates) 5.250% due 11/15/21 ~		3,080,000		3,149,300
Eagle Materials Inc 4.500% due 08/01/26		2,175,000		2,259,680


	Principal Amount		Value
Eastern Creation II Investment Holdings Ltd (China) 1.000% due 09/10/23 ~		$3,060,000		$3,050,755
FedEx Corp 3.800% due 05/15/25		1,070,000		1,208,847
General Electric Co 3.450% due 05/15/24		905,000		988,076
Heathrow Funding Ltd (United Kingdom) 4.875% due 07/15/23 ~		3,180,000		3,246,533
Honeywell International Inc 1.350% due 06/01/25		1,860,000		1,925,594
Keysight Technologies Inc 4.550% due 10/30/24		1,038,000		1,174,670
Northrop Grumman Corp 2.550% due 10/15/22		1,445,000		1,501,265
Otis Worldwide Corp 2.056% due 04/05/25		1,870,000		1,983,510
Penske Truck Leasing Co LP 3.300% due 04/01/21 ~		5,780,000		5,806,741
3.375% due 02/01/22 ~		1,467,000		1,506,063
3.650% due 07/29/21 ~		580,000		589,062
Republic Services Inc 2.500% due 08/15/24		1,575,000		1,682,488
Roper Technologies Inc 0.450% due 08/15/22		660,000		661,208
1.000% due 09/15/25		510,000		516,391
2.350% due 09/15/24		670,000		713,638
3.125% due 11/15/22		2,755,000		2,881,874
3.650% due 09/15/23		695,000		754,323
Shanghai Electric Group Global Investment Ltd (China) 2.650% due 11/21/24 ~		3,900,000		4,043,598
SMBC Aviation Capital Finance DAC (Ireland) 2.650% due 07/15/21 ~		500,000		505,309
3.550% due 04/15/24 ~		695,000		738,917
4.125% due 07/15/23 ~		311,000		332,325
Vulcan Materials Co 0.875% (USD LIBOR + 0.650%) due 03/01/21 §		5,380,000		5,382,377
Yongda Investment Ltd (China) 2.250% due 06/16/25 ~		2,730,000		2,789,473

				59,905,921

Technology - 2.7%

Analog Devices Inc 2.950% due 04/01/25		555,000		606,233
Apple Inc 0.750% due 05/11/23		2,865,000		2,900,689
2.400% due 05/03/23		1,340,000		1,406,007
Broadcom Corp 2.200% due 01/15/21		3,210,000		3,211,491
Fiserv Inc 2.750% due 07/01/24		3,345,000		3,593,032
International Business Machines Corp 2.850% due 05/13/22		2,810,000		2,910,311
Microchip Technology Inc 0.972% due 02/15/24 ~		2,770,000		2,778,495
2.670% due 09/01/23 ~		2,125,000		2,223,739
3.922% due 06/01/21		3,815,000		3,869,549
Micron Technology Inc 2.497% due 04/24/23		6,015,000		6,272,625
4.640% due 02/06/24		705,000		785,402
NXP BV (Netherlands) 2.700% due 05/01/25 ~		395,000		425,398
3.875% due 09/01/22 ~		2,790,000		2,941,095
4.625% due 06/01/23 ~		3,390,000		3,707,208


	Principal Amount		Value
Oracle Corp 2.500% due 04/01/25		$2,460,000		$2,643,392
Texas Instruments Inc 1.375% due 03/12/25		940,000		975,242

				41,249,908

Utilities - 3.1%

American Electric Power Co Inc 3.650% due 12/01/21		280,000		288,707
CenterPoint Energy Inc 3.600% due 11/01/21		740,000		759,904
Edison International 2.950% due 03/15/23		1,520,000		1,580,227
3.125% due 11/15/22		1,140,000		1,184,268
Enel Finance International NV (Italy) 2.650% due 09/10/24 ~		520,000		554,304
2.750% due 04/06/23 ~		1,300,000		1,361,031
2.875% due 05/25/22 ~		4,165,000		4,298,678
4.250% due 09/14/23 ~		3,731,000		4,082,776
FirstEnergy Corp 2.850% due 07/15/22		3,135,000		3,187,758
Israel Electric Corp Ltd (Israel) 5.000% due 11/12/24 ~		1,750,000		1,981,359
6.875% due 06/21/23 ~		565,000		642,637
NextEra Energy Capital Holdings Inc 0.774% (USD LIBOR + 0.550%) due 08/28/21 §		2,085,000		2,085,698
NRG Energy Inc 3.750% due 06/15/24 ~		1,125,000		1,232,159
Pacific Gas and Electric Co 1.600% (USD LIBOR + 1.375%) due 11/15/21 §		3,895,000		3,897,638
1.750% due 06/16/22		8,140,000		8,163,625
San Diego Gas & Electric Co 1.914% due 02/01/22		423,227		425,540
Sempra Energy 2.875% due 10/01/22		145,000		150,972
Sinosing Services Pte Ltd (China) 2.250% due 02/20/25 ~		4,005,000		4,128,466
The AES Corp 3.300% due 07/15/25 ~		1,565,000		1,707,806
Vistra Operations Co LLC 3.550% due 07/15/24 ~		6,410,000		6,944,713

				48,658,266



Total Corporate Bonds & Notes (Cost $752,174,143)				776,548,345


MORTGAGE-BACKED SECURITIES - 17.5%

Collateralized Mortgage Obligations - Commercial - 5.1%

280 Park Avenue Mortgage Trust 1.039% (USD LIBOR + 0.880%) due 09/15/34 § ~		1,640,000		1,643,600
Austin Fairmont Hotel Trust 1.209% (USD LIBOR + 1.050%) due 09/15/32 § ~		1,180,000		1,168,092
BAMLL Commercial Mortgage Securities Trust 1.009% (USD LIBOR + 0.850%) due 09/15/34 § ~		4,770,000		4,721,425
3.490% due 04/14/33 ~		1,775,000		1,920,315
Banc of America Commercial Mortgage Trust 1.957% due 02/15/50		199,949		200,966
Bank 2.056% due 11/15/62		809,795		827,204
2.263% due 08/15/61		763,490		783,737


	Principal Amount		Value
BX Commercial Mortgage Trust 1.239% (USD LIBOR + 1.080%) due 10/15/36 § ~		$1,395,468		$1,398,676
1.279% (USD LIBOR + 1.120%) due 12/15/36 § ~		1,363,752		1,362,018
1.409% (USD LIBOR + 1.250%) due 12/15/36 § ~		1,313,798		1,302,599
BX Trust 0.959% (USD LIBOR + 0.800%) due 05/15/35 § ~		4,635,000		4,569,670
CD Mortgage Trust 1.965% due 02/10/50		148,782		149,298
CGDB Commercial Mortgage Trust 1.809% (USD LIBOR + 1.650%) due 11/15/36 § ~		2,615,000		2,551,636
Commercial Mortgage Trust 3.633% due 02/10/37 § ~		2,115,000		2,033,751
3.838% due 09/10/47		2,825,000		3,123,934
3.961% due 03/10/47		2,155,000		2,358,852
4.353% due 08/10/30 ~		1,180,000		1,264,680
4.692% due 02/10/47 §		1,715,000		1,891,810
4.701% due 03/10/47		930,000		1,017,807
4.711% due 08/10/47 § ~		710,000		674,560
Credit Suisse Mortgage Capital Certificates 1.589% (USD LIBOR + 1.430%) due 05/15/36 § ~		2,140,000		2,142,319
1.759% (USD LIBOR + 1.600%) due 05/15/36 § ~		1,575,000		1,563,203
CSAIL Commercial Mortgage Trust 2.360% due 06/15/52		940,352		965,549
Fontainebleau Miami Beach Trust 3.750% due 12/10/36 ~		2,460,000		2,539,832
Great Wolf Trust 1.193% (USD LIBOR + 1.034%) due 12/15/36 § ~		3,830,000		3,754,234
1.792% (USD LIBOR + 1.633%) due 12/15/36 § ~		1,055,000		986,984
GS Mortgage Securities Corp Trust 1.059% (USD LIBOR + 0.900%) due 06/15/36 § ~		3,200,000		3,202,791
InTown Hotel Portfolio Trust 0.859% (USD LIBOR + 0.700%) due 01/15/33 § ~		835,000		829,619
1.409% (USD LIBOR + 1.250%) due 01/15/33 § ~		685,000		669,610
JP Morgan Chase Commercial Mortgage Securities Trust 1.509% (USD LIBOR + 1.350%) due 09/15/29 § ~		3,240,000		3,184,475
1.759% (USD LIBOR + 1.600%) due 09/15/29 § ~		1,025,000		1,000,183
1.929% (USD LIBOR + 1.770%) due 10/15/33 § ~		2,345,000		2,353,459
2.329% (USD LIBOR + 2.170%) due 10/15/33 § ~		1,890,000		1,897,683
4.388% due 07/15/46 ~		333,761		336,244
JPMBB Commercial Mortgage Securities Trust 3.934% due 09/15/47		2,420,000		2,679,620
Merit 1.559% (USD LIBOR + 1.400%) due 08/15/37 § ~		910,000		914,811
1.859% (USD LIBOR + 1.700%) due 08/15/37 § ~		835,000		839,855
2.509% (USD LIBOR + 2.350%) due 08/15/37 § ~		1,100,000		1,107,436
Morgan Stanley Bank of America Merrill Lynch Trust 4.110% due 10/15/47 §		775,000		845,368


	Principal Amount		Value
Morgan Stanley Capital I Trust 3.912% due 09/09/32 ~		$2,700,000		$2,913,696
New Orleans Hotel Trust 1.447% (USD LIBOR + 1.289%) due 04/15/32 § ~		3,355,000		3,142,092
SLIDE 1.059% (USD LIBOR + 0.900%) due 06/15/31 § ~		1,639,376		1,609,421
2.009% (USD LIBOR + 1.850%) due 06/15/31 § ~		1,262,508		1,175,715
WFRBS Commercial Mortgage Trust 4.045% due 03/15/47		1,465,000		1,604,293
4.697% due 04/15/45		1,590,000		1,639,013

				78,862,135

Collateralized Mortgage Obligations - Residential - 8.8%

Angel Oak Mortgage Trust 1.261% due 05/25/65 § ~		1,677,809		1,683,608
1.579% due 05/25/65 § ~		1,317,511		1,322,559
1.691% due 04/25/65 § ~		3,184,556		3,211,059
3.301% due 07/26/49 § ~		1,514,708		1,505,175
3.920% due 11/25/48 § ~		2,780,743		2,854,647
CIM Trust 2.500% due 04/25/50 § ~		3,248,933		3,345,746
COLT Mortgage Loan Trust 1.506% due 04/27/65 § ~		876,404		884,874
2.764% due 08/25/49 § ~		1,295,871		1,313,200
3.337% due 05/25/49 § ~		544,544		548,479
3.705% due 03/25/49 § ~		2,712,755		2,743,994
Connecticut Avenue Securities Trust 0.948% (USD LIBOR + 0.800%) due 01/25/40 § ~		552,015		553,148
Deephaven Residential Mortgage Trust 1.692% due 05/25/65 ~		1,683,087		1,694,525
2.339% due 01/25/60 § ~		1,187,622		1,203,632
2.577% due 10/25/47 § ~		384,028		388,842
2.711% due 10/25/47 § ~		32,647		33,049
2.813% due 10/25/47 § ~		30,499		30,852
2.976% due 12/25/57 § ~		507,409		509,262
3.485% due 12/26/46 § ~		83,874		84,415
3.763% due 04/25/59 § ~		788,269		798,766
3.921% due 04/25/59 § ~		810,000		817,665
3.963% due 08/25/58 § ~		58,331		57,895
Ellington Financial Mortgage Trust 2.006% due 05/25/65 § ~		625,841		636,349
2.739% due 11/25/59 § ~		846,622		869,550
Fannie Mae 3.000% due 11/25/47		3,355,769		3,594,575
4.000% due 06/25/44		290,593		296,663
Fannie Mae Connecticut Avenue Securities 0.998% (USD LIBOR + 0.850%) due 07/25/30 §		1,759,243		1,735,244
1.248% (USD LIBOR + 1.100%) due 11/25/29 §		2,372,330		2,342,383
1.348% (USD LIBOR + 1.200%) due 01/25/30 §		1,008,538		981,376
1.498% (USD LIBOR + 1.350%) due 09/25/29 §		1,021,966		1,015,569
2.248% (USD LIBOR + 2.100%) due 03/25/31 §		1,973,723		1,957,431
4.598% (USD LIBOR + 4.450%) due 01/25/29 §		1,074,191		1,122,677
Flagstar Mortgage Trust 0.998% (USD LIBOR + 0.850%) due 03/25/50 § ~		1,004,486		1,002,353
4.000% due 09/25/48 § ~		1,560,460		1,675,398
Freddie Mac 3.609% due 10/25/46 §		752,215		762,478
3.825% due 05/25/47 § ~		258,689		260,092
7.000% due 09/15/30		190,404		218,278


	Principal Amount		Value
Freddie Mac STACR Trust 0.898% (USD LIBOR + 0.750%) due 10/25/48 - 02/25/50 § ~		$1,248,091		$1,250,457
0.977% (SOFR + 0.900%) due 12/25/50 § ~		855,000		857,808
1.248% (USD LIBOR + 1.100%) due 03/25/50 § ~		1,744,254		1,748,112
1.382% (SOFR + 1.300%) due 10/25/50 § ~		1,230,000		1,234,835
1.448% (USD LIBOR + 1.300%) due 09/25/50 § ~		2,249,725		2,256,558
1.548% (USD LIBOR + 1.400%) due 02/25/49 § ~		1,152,077		1,151,436
1.648% (USD LIBOR + 1.500%) due 06/25/50 - 08/25/50 § ~		2,107,167		2,113,614
1.698% (USD LIBOR + 1.550%) due 07/25/50 § ~		1,740,795		1,743,989
1.998% (USD LIBOR + 1.850%) due 02/25/50 § ~		2,845,000		2,843,034
2.498% (USD LIBOR + 2.350%) due 02/25/49 § ~		2,533,720		2,537,070
3.248% (USD LIBOR + 3.100%) due 03/25/50 § ~		1,565,000		1,585,907
3.298% (USD LIBOR + 3.150%) due 09/25/50 § ~		820,000		831,826
Freddie Mac Structured Agency Credit Risk Debt Notes 1.182% (SOFR + 1.100%) due 11/25/50 § ~		1,260,000		1,265,979
1.348% (USD LIBOR + 1.200%) due 10/25/29 §		323,864		324,101
4.798% (USD LIBOR + 4.650%) due 10/25/28 §		1,425,687		1,489,710
4.848% (USD LIBOR + 4.700%) due 04/25/28 §		1,721,207		1,799,105
FWD Securitization Trust 2.240% due 01/25/50 § ~		2,501,739		2,568,425
Galton Funding Mortgage Trust 2.310% due 01/25/60 § ~		865,739		882,675
2.832% due 01/25/60 § ~		1,085,000		1,084,670
3.339% due 10/25/59 § ~		680,000		679,943
3.500% due 11/25/57 § ~		1,102,685		1,127,978
4.000% due 02/25/59 § ~		1,134,459		1,161,973
GS Mortgage-Backed Securities Trust 2.309% due 07/25/44 § ~		53,630		54,190
Homeward Opportunities Fund I Trust 1.657% due 05/25/65 § ~		2,781,900		2,816,202
2.675% due 11/25/59 § ~		1,207,518		1,231,860
3.606% due 01/25/59 § ~		1,163,947		1,178,523
3.766% due 06/25/48 § ~		606,644		611,356
3.897% due 06/25/48 § ~		599,062		600,943
JP Morgan Mortgage Trust 3.000% due 10/25/50 § ~		1,314,403		1,349,327
3.500% due 06/25/50 § ~		1,901,896		1,919,254
3.500% due 08/25/50 § ~		971,466		1,003,351
New Residential Mortgage Loan Trust 1.650% due 05/24/60 § ~		2,556,649		2,578,284
2.464% due 01/26/60 § ~		1,021,259		1,045,451
2.710% due 11/25/59 § ~		1,655,874		1,704,656
2.802% due 07/25/49 § ~		1,444,713		1,464,436
3.086% due 07/25/49 § ~		710,748		720,004
3.600% due 04/25/49 § ~		774,635		781,723
OBX Trust 0.898% (USD LIBOR + 0.750%) due 02/25/60 § ~		1,323,299		1,331,362
1.048% (USD LIBOR + 0.900%) due 06/25/59 § ~		662,245		663,460
1.048% (USD LIBOR + 0.900%) due 10/25/59 § ~		611,796		612,939


	Principal Amount		Value
1.098% (USD LIBOR + 0.950%) due 02/25/60 § ~		$2,163,858		$2,157,830
1.348% (USD LIBOR + 1.200%) due 06/25/59 § ~		699,046		695,513
3.000% due 01/25/60 § ~		1,607,862		1,655,461
3.000% due 05/25/60 § ~		3,129,126		3,223,602
3.500% due 12/25/49 § ~		605,890		625,417
3.500% due 02/25/60 § ~		1,434,949		1,484,367
Sequoia Mortgage Trust 3.500% due 02/25/48 § ~		896,468		903,273
4.000% due 06/25/48 § ~		1,420,779		1,463,419
4.000% due 08/25/48 § ~		1,321,452		1,363,743
4.000% due 10/25/48 § ~		334,939		343,836
4.500% due 08/25/48 § ~		326,199		338,629
STACR Trust 0.898% (USD LIBOR + 0.750%) due 09/25/48 § ~		4,736		4,738
0.948% (USD LIBOR + 0.800%) due 12/25/30 § ~		382,706		382,980
1.048% (USD LIBOR + 0.900%) due 09/25/48 § ~		1,025,000		1,026,033
1.098% (USD LIBOR + 0.950%) due 12/25/30 § ~		700,000		702,430
1.398% (USD LIBOR + 1.250%) due 02/25/47 § ~		735,836		735,691
Starwood Mortgage Residential Trust 2.408% due 02/25/50 § ~		804,654		822,935
2.610% due 09/27/49 § ~		235,932		240,621
2.916% due 09/27/49 § ~		665,197		678,857
2.941% due 06/25/49 § ~		1,053,320		1,070,558
3.299% due 06/25/49 § ~		979,913		993,725
3.468% due 02/25/49 § ~		500,381		504,288
Verus Securitization Trust 1.977% due 03/25/60 § ~		411,749		418,227
2.226% due 05/25/60 § ~		3,885,983		3,971,630
2.724% due 01/25/60 § ~		1,154,008		1,176,122
2.913% due 07/25/59 § ~		2,149,164		2,213,701
3.100% due 11/25/59 § ~		1,189,810		1,219,619
3.117% due 07/25/59 § ~		1,521,441		1,564,847
3.402% due 12/25/59 § ~		439,586		444,707
3.677% due 06/01/58 § ~		707,121		709,041
3.779% due 06/01/58 § ~		259,028		260,566
3.830% due 06/01/58 § ~		163,253		164,356
4.034% due 12/25/59 § ~		415,000		419,190
4.108% due 10/25/58 § ~		851,748		875,726
Vista Point Securitization Trust 1.763% due 03/25/65 § ~		2,159,986		2,179,927
2.496% due 04/25/65 § ~		797,571		802,361

				136,100,300

Fannie Mae - 2.6%

due 01/01/51 #		2,095,000		2,201,043
1.942% (USD LIBOR + 1.545%) due 01/01/35 §		4,627		4,803
2.000% due 09/01/35		2,331,736		2,460,224
2.500% due 11/01/50		581,592		614,558
2.677% (UST + 2.273%) due 06/01/33 §		375,924		395,831
3.000% due 09/01/28 - 02/01/35		4,003,781		4,256,726
3.466% (USD LIBOR + 1.620%) due 04/01/33 §		29,216		29,271
3.500% (USD LIBOR + 1.750%) due 05/01/33 §		36,729		36,807
3.500% due 01/01/44 - 07/01/50		3,689,506		3,955,911
3.556% (USD LIBOR + 1.542%) due 02/01/33 §		44,734		44,919
3.758% (UST + 2.258%) due 06/01/35 §		99,136		99,712


	Principal Amount		Value
due 05/01/25 #		$4,110,000		$4,454,613
3.784% (UST + 2.215%)
due 02/01/33 §		44,035		43,947
4.000% due 03/01/41 - 01/01/50		2,820,101		3,017,838
4.500% due 05/01/25 - 01/01/51		6,725,267		7,370,099
5.000% due 07/01/24 - 02/01/49		2,881,975		3,316,093
5.500% due 01/01/36 - 06/01/39		1,719,504		2,021,758
6.000% due 03/01/37 - 02/01/49		4,346,253		5,248,975
6.500% due 05/01/33		453,760		535,979
7.000% due 05/01/33 - 06/01/33		263,652		297,357

				40,406,464

Freddie Mac - 0.3%

2.339% (UST + 2.217%) due 09/01/35 §		463,901		488,231
3.254% (UST + 2.250%) due 08/01/35 §		263,449		278,263
3.576% (UST + 1.951%) due 02/01/35 §		95,832		95,953
3.725% (USD LIBOR + 1.725%) due 03/01/35 §		238,939		239,592
4.000% due 12/01/49		511,922		561,398
4.500% due 05/01/50		592,707		642,515
5.000% due 12/01/41		906,473		1,052,806
5.500% due 07/01/38 - 06/01/41		421,623		495,342
7.000% due 03/01/39		275,680		322,015
7.500% due 06/01/38		271,325		318,491

				4,494,606

Government National Mortgage Association - 0.7%

due 01/01/51 #		145,000		154,598
2.250% (UST + 1.500%) due 09/20/34 §		459,053		471,214
3.000% (UST + 1.500%) due 01/20/35 §		612,494		641,216
4.500% due 08/20/47 - 12/20/49		1,590,473		1,720,997
5.000% due 12/20/34 - 05/20/48		3,762,792		4,155,055
5.500% due 09/15/45 - 02/20/49		2,923,767		3,321,925
6.000% due 01/15/22 - 07/15/36		366,126		426,977

				10,891,982

Total Mortgage-Backed Securities (Cost $266,591,437)				270,755,487


ASSET-BACKED SECURITIES - 15.7%

American Express Credit Account Master Trust 3.070% due 10/15/24		6,695,000		6,907,479
AmeriCredit Automobile Receivables Trust 0.970% due 02/18/26		800,000		809,699
1.060% due 08/18/26		980,000		985,293
1.590% due 10/20/25		1,215,000		1,238,522
1.800% due 12/18/25		1,175,000		1,197,883
2.240% due 04/08/22		443,799		443,953
2.240% due 06/19/23		467,942		468,831
2.710% due 08/18/22		417,575		420,058
2.710% due 09/08/22		2,880,000		2,893,679
3.080% due 12/18/23		4,700,000		4,844,474
3.820% due 03/18/24		6,575,000		6,919,685
Applebee’s Funding LLC 4.194% due 06/07/49 ~		2,423,925		2,404,086
Ares LVIII CLO Ltd (Cayman) 1.220% (USD LIBOR + 1.220%) due 01/15/33 § ~		820,000		820,082
ARI Fleet Lease Trust 2.550% due 10/15/26 ~		40,847		40,881
Ascentium Equipment Receivables Trust 2.290% due 06/10/21 ~		31,281		31,296


	Principal Amount		Value
Avis Budget Rental Car Funding AESOP LLC 2.330% due 08/20/26 ~		$930,000		$962,482
2.990% due 06/20/22 ~		995,000		1,000,726
3.350% due 09/22/25 ~		1,355,000		1,450,005
3.410% due 09/20/23 ~		1,135,000		1,161,060
3.700% due 03/20/23 ~		625,000		639,366
4.530% due 03/20/23 ~		850,000		864,930
4.950% due 03/20/25 ~		745,000		786,849
Bayview Mortgage Fund IVc Trust 3.500% due 01/28/58 § ~		3,185,867		3,229,539
Bayview Opportunity Master Fund IVa Trust 3.500% due 06/28/57 § ~		2,731,159		2,828,004
Bayview Opportunity Master Fund IVb Trust 3.500% due 01/28/55 § ~		1,366,808		1,402,772
3.500% due 08/28/57 § ~		2,480,730		2,535,857
BlueMountain CLO Ltd (Cayman) 1.148% (USD LIBOR + 0.930%) due 07/18/27 § ~		1,617,801		1,612,693
BRE Grand Islander Timeshare Issuer LLC 3.280% due 09/26/33 ~		536,572		557,477
Capital Auto Receivables Asset Trust 2.430% due 05/20/22 ~		520,000		522,590
2.700% due 09/20/22 ~		835,000		845,028
3.090% due 08/22/22 ~		1,460,000		1,479,692
3.480% due 10/20/23 ~		585,000		589,461
3.690% due 12/20/23 ~		740,000		752,372
CarMax Auto Owner Trust 1.090% due 03/16/26		2,730,000		2,779,903
Carmax Auto Owner Trust 3.010% due 12/16/24		3,280,000		3,453,582
Cayuga Park CLO Ltd (Cayman) 1.832% (USD LIBOR + 1.600%) due 07/17/31 § ~		2,420,000		2,427,110
CBAM Ltd (Cayman) 1.517% (USD LIBOR + 1.280%) due 02/12/30 § ~		5,835,000		5,840,888
CIFC Funding Ltd (Cayman) 1.265% (USD LIBOR + 1.050%) due 04/24/30 § ~		3,990,000		3,986,093
1.555% (USD LIBOR + 1.350%) due 10/20/31 § ~		4,055,000		4,062,082
1.937% (USD LIBOR + 1.700%) due 07/15/32 § ~		2,810,000		2,818,559
CNH Equipment Trust 1.510% due 04/15/27		1,125,000		1,160,598
2.010% due 12/16/24		3,000,000		3,069,381
3.010% due 04/15/24		1,341,155		1,371,570
3.470% due 10/15/25		795,000		822,039
Cole Park CLO Ltd (Cayman) 1.268% (USD LIBOR + 1.050%) due 10/20/28 § ~		2,030,000		2,030,086
Daimler Trucks Retail Trust 1.370% due 06/15/27		1,940,000		1,955,053
Dryden 86 CLO Ltd (Cayman) 1.884% (USD LIBOR + 1.650%) due 07/17/30 § ~		3,985,000		4,000,274
Elara HGV Timeshare Issuer LLC 2.530% due 02/25/27 ~		130,081		130,312
2.690% due 03/25/30 ~		543,553		559,079
2.730% due 04/25/28 ~		1,071,547		1,093,386
Ford Credit Auto Lease Trust 2.050% due 06/15/23		1,040,000		1,063,005
Ford Credit Auto Owner Trust 1.740% due 04/15/33 ~		1,355,000		1,369,050
3.520% due 07/15/30 ~		4,155,000		4,535,742
Ford Credit Floorplan Master Owner Trust 1.420% due 09/15/25		1,885,000		1,900,716


	Principal Amount		Value
GM Financial Automobile Leasing Trust 1.560% due 07/22/24		$3,280,000		$3,342,729
2.560% due 07/22/24		860,000		889,973
3.560% due 12/20/22		2,140,000		2,175,836
GM Financial Consumer Automobile Receivables Trust 1.050% due 05/18/26		1,005,000		1,010,446
1.490% due 12/16/24		620,000		631,620
GMF Floorplan Owner Revolving Trust 1.030% due 08/15/25 ~		830,000		835,309
2.700% due 04/15/24 ~		1,490,000		1,534,799
Golub Capital Partners CLO Ltd (Cayman) 1.368% (USD LIBOR + 1.150%) due 10/20/28 § ~		1,495,000		1,494,643
Hilton Grand Vacations Trust 2.660% due 12/26/28 ~		526,086		538,567
2.740% due 02/25/39 ~		1,078,240		1,130,649
2.960% due 12/26/28 ~		146,639		148,492
Hyundai Auto Receivables Trust 1.410% due 11/15/24		1,375,000		1,404,707
1.600% due 12/15/26		1,360,000		1,395,442
2.380% due 04/17/23		895,000		899,779
2.940% due 05/15/25		1,340,000		1,403,458
John Deere Owner Trust 0.720% due 06/15/27		1,040,000		1,050,936
Kubota Credit Owner Trust 1.960% due 03/15/24 ~		1,245,000		1,281,288
Madison Park Funding XVIII Ltd (Cayman) 1.399% (USD LIBOR + 1.190%) due 10/21/30 § ~		3,245,000		3,243,256
Madison Park Funding XXXVII Ltd (Cayman) 1.537% (USD LIBOR + 1.300%) due 07/15/32 § ~		370,000		369,734
Mill City Mortgage Loan Trust 2.500% due 04/25/57 § ~		198,696		200,821
MMAF Equipment Finance LLC 3.200% due 09/12/22 ~		1,398,104		1,412,291
MVW LLC 2.730% due 10/20/37 ~		671,927		690,305
MVW Owner Trust 2.250% due 09/22/31 ~		298,638		299,305
2.420% due 12/20/34 ~		278,483		285,591
2.520% due 12/20/32 ~		90,405		90,926
2.750% due 12/20/34 ~		94,835		96,795
2.890% due 11/20/36 ~		2,074,828		2,157,067
2.990% due 12/20/34 ~		255,903		259,258
Navient Private Education Refi Loan Trust 1.170% due 09/16/69 ~		1,339,215		1,349,961
1.220% due 07/15/69 ~		1,085,907		1,097,565
1.310% due 01/15/69 ~		695,000		702,660
1.690% due 05/15/69 ~		1,930,399		1,968,754
2.150% due 11/15/68 ~		4,645,000		4,792,919
2.390% due 05/15/68 ~		150,661		151,275
2.400% due 10/15/68 ~		1,728,309		1,771,384
2.460% due 11/15/68 ~		1,455,000		1,525,261
2.640% due 05/15/68 ~		2,755,000		2,842,994
2.820% due 02/15/68 ~		277,589		278,589
3.420% due 01/15/43 ~		4,853,737		5,079,492
Navient Student Loan Trust 0.418% (USD LIBOR + 0.270%) due 02/27/68 § ~		1,632,001		1,633,652
Navistar Financial Dealer Note Master Trust 1.098% (USD LIBOR + 0.950%) due 07/25/25 § ~		1,599,000		1,610,957
1.498% (USD LIBOR + 1.350%) due 07/25/25 § ~		1,720,000		1,735,572
Neuberger Berman CLO XVI-S Ltd (Cayman) 1.087% (USD LIBOR + 0.850%) due 01/15/28 § ~		2,811,976		2,804,569


	Principal Amount		Value
Neuberger Berman Loan Advisers CLO 38 Ltd (Cayman) 1.530% (USD LIBOR + 1.300%) due 10/20/32 § ~		$2,045,000		$2,049,827
Nissan Auto Receivables Owner Trust 1.380% due 12/16/24		775,000		789,539
Nissan Master Owner Trust Receivables 0.589% (USD LIBOR + 0.430%) due 11/15/23 §		2,095,000		2,100,895
0.719% (USD LIBOR + 0.560%) due 02/15/24 §		2,525,000		2,538,510
OCP CLO Ltd (Cayman) 1.338% (USD LIBOR + 1.120%) due 07/20/29 § ~		4,175,000		4,178,681
OZLM VIII Ltd (Cayman) 1.388% (USD LIBOR + 1.170%) due 10/17/29 § ~		1,597,428		1,593,549
Palmer Square CLO 2020-3 Ltd (Cayman) 1.596% (USD LIBOR + 1.370%) due 11/15/31 § ~		1,760,000		1,760,019
Palmer Square CLO Ltd (Cayman) 1.904% (USD LIBOR + 1.700%) due 07/15/31 § ~		1,705,000		1,707,430
Planet Fitness Master Issuer LLC 4.262% due 09/05/48 ~		1,920,788		1,924,944
Santander Consumer Auto Receivables Trust 1.290% due 04/15/26 ~		1,810,000		1,827,384
Santander Drive Auto Receivables Trust 0.690% due 03/17/25		2,855,000		2,863,577
1.010% due 01/15/26		1,610,000		1,618,486
2.790% due 01/16/24		1,115,000		1,125,977
2.960% due 03/15/24		2,705,265		2,718,252
3.210% due 09/15/23		739,483		742,597
3.350% due 07/17/23		465,442		469,373
Santander Retail Auto Lease Trust 1.860% due 02/21/23 ~		4,965,000		5,058,548
2.520% due 11/20/24 ~		1,245,000		1,277,615
2.880% due 06/20/24 ~		3,130,000		3,225,919
3.300% due 05/22/23 ~		1,240,000		1,277,348
Sierra Timeshare Conduit Receivables Funding LLC 2.910% due 03/20/34 ~		149,042		151,793
Sierra Timeshare Receivables Funding LLC 2.330% due 07/20/33 ~		150,112		150,447
2.430% due 10/20/33 ~		642,265		648,117
3.510% due 07/20/37 ~		1,025,524		1,059,397
SLM Student Loan Trust 0.548% (USD LIBOR + 0.400%) due 03/25/25 §		2,196,394		2,139,263
0.865% (USD LIBOR + 0.650%) due 01/25/22 §		2,224,294		2,152,094
1.715% (USD LIBOR + 1.500%) due 04/25/23 §		264,452		264,530
1.915% (USD LIBOR + 1.700%) due 07/25/23 §		344,053		344,830
SMB Private Education Loan Trust 0.879% (USD LIBOR + 0.720%) due 01/15/37 § ~		3,332,081		3,332,459
1.159% (USD LIBOR + 1.000%) due 06/15/27 § ~		450,527		452,174
1.290% due 07/15/53 ~		2,626,035		2,638,643
1.600% due 09/15/54 ~		6,600,000		6,672,487
1.659% (USD LIBOR + 1.500%) due 04/15/32 § ~		2,250,000		2,276,388
Synchrony Card Funding LLC 2.340% due 06/15/25		3,455,000		3,563,048


	Principal Amount		Value
Towd Point Mortgage Trust 2.750% due 02/25/55 § ~		$158,954		$160,929
2.750% due 08/25/55 § ~		323,558		327,692
3.000% due 02/25/55 § ~		294,099		301,806
3.250% due 07/25/58 § ~		1,992,453		2,087,273
3.750% due 03/25/58 § ~		1,555,867		1,673,912
3.750% due 05/25/58 § ~		862,704		919,640
Verizon Owner Trust 2.530% due 04/20/22 ~		2,075,000		2,077,215
Volkswagen Auto Loan Enhanced Trust 1.260% due 08/20/26		1,045,000		1,070,698
World Omni Auto Receivables Trust 1.640% due 08/17/26		825,000		845,058
World Omni Select Auto Trust 0.840% due 06/15/26		1,200,000		1,204,803
1.250% due 10/15/26		1,375,000		1,387,140


Total Asset-Backed Securities (Cost $238,720,786)				242,445,244


U.S. TREASURY OBLIGATIONS - 15.1%

U.S. Treasury Notes - 15.1%

0.125% due 04/30/22		40,230,000		40,244,143
0.125% due 06/30/22		3,965,000		3,965,775
0.125% due 10/31/22		38,615,000		38,622,542
0.125% due 11/30/22		33,240,000		33,245,194
0.125% due 07/15/23		6,380,000		6,377,009
0.125% due 08/15/23		16,170,000		16,161,157
1.375% due 10/15/22		11,240,000		11,492,022
1.500% due 09/15/22 ‡		5,190,000		5,312,046
1.750% due 06/15/22		61,240,000		62,689,666
1.750% due 07/15/22		1,500,000		1,537,734
2.125% due 05/15/22		13,980,000		14,364,996

				234,012,284


Total U.S. Treasury Obligations (Cost $233,101,386)				234,012,284


MUNICIPAL BONDS - 0.7%

Chicago Transit Authority Sales Tax Receipts Fund 1.708% due 12/01/22		85,000		86,364
1.838% due 12/01/23		80,000		82,071
2.064% due 12/01/24		230,000		238,296
Dallas Fort Worth International Airport 1.329% due 11/01/25		490,000		494,817
Houston TX Airport System Revenue 0.883% due 07/01/22		170,000		170,253
1.054% due 07/01/23		285,000		286,057
1.272% due 07/01/24		950,000		956,831
Long Island Power Authority 0.764% due 03/01/23		720,000		723,341
Port Authority of New York & New Jersey 1.086% due 07/01/23		2,795,000		2,837,344
State Board of Administration Finance Corp 1.258% due 07/01/25		3,260,000		3,336,154
State of Connecticut 1.998% due 07/01/24		550,000		577,060
2.000% due 07/01/23		220,000		228,580
2.098% due 07/01/25		365,000		388,710


Total Municipal Bonds (Cost $10,201,080)				10,405,878


	Principal Amount		Value

SHORT-TERM INVESTMENTS - 2.3%

Commercial Paper - 0.5%

ConAgra Foods Inc 0.917% due 04/08/21		$7,960,000		$7,946,392


Repurchase Agreement - 1.8%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $27,783,465; collateralized by U.S. Treasury Notes: 0.125% due 12/31/2022 and value $28,339,200)		27,783,465		27,783,465


Total Short-Term Investments (Cost $35,724,162)				35,729,857


TOTAL INVESTMENTS - 101.5% (Cost $1,536,512,994)				1,569,897,095

DERIVATIVES - 0.0%				102,212


OTHER ASSETS & LIABILITIES, NET - (1.5%)				(22,633,857	)


NET ASSETS - 100.0%				$1,547,365,450

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition as a percentage of net assets was as follows:


Corporate Bonds & Notes	50.2%
Mortgage-Backed Securities	17.5%
Asset-Backed Securities	15.7%
U.S. Treasury Obligations	15.1%
Others (each less than 3.0%)	3.0%

	101.5%
Derivatives	0.0%
Other Assets & Liabilities, Net	(1.5%	)

	100.0%

(b)	As of December 31, 2020, an investment with a value of $853,612 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts.

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 28.7%

Azerbaijan - 0.8%

Southern Gas Corridor CJSC 6.875% due 03/24/26 ~		$1,296,000		$1,572,216
State Oil Co of the Azerbaijan Republic 4.750% due 03/13/23 ~		226,000		241,914
6.950% due 03/18/30 ~		851,000		1,096,796

				2,910,926

Bahrain - 0.4%

BBK BSC 5.500% due 07/09/24 ~		530,000		551,932
The Oil and Gas Holding Co BSCC
7.625% due 11/07/24 ~		436,000		490,129
8.375% due 11/07/28 ~		542,000		641,240

				1,683,301

Brazil - 4.8%

B2W Digital Lux SARL 4.375% due 12/20/30 ~		200,000		207,250
Braskem Netherlands Finance BV
5.875% due 01/31/50 ~		835,000		864,860
8.500% due 01/23/81 ~		1,410,000		1,571,459
CSN Inova Ventures 6.750% due 01/28/28 ~		540,000		585,360
JSM Global SARL 4.750% due 10/20/30 ~		580,000		625,318
Klabin Austria GmbH 7.000% due 04/03/49 ~		930,000		1,192,734
NBM US Holdings Inc 7.000% due 05/14/26 ~		1,480,000		1,613,585
Petrobras Global Finance BV
5.093% due 01/15/30		915,000		1,023,656
6.850% due 06/05/15		1,295,000		1,617,325
6.875% due 01/20/40		1,180,000		1,481,207
Rede D’or Finance SARL 4.500% due 01/22/30 ~		980,000		1,023,610
Rumo Luxembourg SARL 5.250% due 01/10/28 ~		1,025,000		1,111,613
5.875% due 01/18/25 ~		230,000		243,539
Vale Overseas Ltd
6.875% due 11/21/36		990,000		1,453,449
6.875% due 11/10/39		980,000		1,461,190
Votorantim Cimentos International SA 7.250% due 04/05/41 ~		1,270,000		1,731,181

				17,807,336

Chile - 2.1%

AES Gener SA 7.125% due 03/26/79 ~		260,000		289,250
Banco del Estado de Chile 3.875% due 02/08/22 ~		379,000		393,189
Corp Nacional del Cobre de Chile
3.150% due 01/15/51 ~		334,000		336,722
4.250% due 07/17/42 ~		417,000		489,078
4.375% due 02/05/49 ~		714,000		872,178
4.500% due 08/01/47 ~		509,000		626,474
4.875% due 11/04/44 ~		931,000		1,189,672
5.625% due 10/18/43 ~		656,000		904,150
Empresa de Transporte de Pasajeros Metro SA 4.700% due 05/07/50 ~		701,000		883,351
Empresa Nacional del Petroleo
3.750% due 08/05/26 ~		435,000		476,014
4.500% due 09/14/47 ~		715,000		795,005
VTR Comunicaciones SPA 5.125% due 01/15/28 ~		460,000		490,636

				7,745,719


	Principal Amount		Value
China - 1.1%

Central China Real Estate Ltd 7.650% due 08/27/23 ~	$	450,000	$	464,906
China Evergrande Group 7.500% due 06/28/23 ~		1,060,000		916,900
China Hongqiao Group Ltd 7.125% due 07/22/22 ~		285,000		274,673
Sinopec Group Overseas Development 2012 Ltd 4.875% due 05/17/42 ~		365,000		473,140
Sinopec Group Overseas Development 2018 Ltd
2.700% due 05/13/30 ~		565,000		587,176
3.350% due 05/13/50 ~		204,000		214,938
Sunac China Holdings Ltd 7.500% due 02/01/24 ~		1,085,000		1,145,898

				4,077,631

Colombia - 1.4%

Bancolombia SA 4.625% due 12/18/29		410,000		431,529
Empresas Publicas de Medellin ESP 8.375% due 11/08/27 ~		COP 1,198,000,000		374,605
Grupo Aval Ltd 4.375% due 02/04/30 ~		$635,000		677,228
Millicom International Cellular SA
4.500% due 04/27/31 ~		970,000		1,048,812
5.125% due 01/15/28 ~		965,000		1,029,172
6.625% due 10/15/26 ~		603,000		646,115
Oleoducto Central SA 4.000% due 07/14/27 ~		875,000		950,696

				5,158,157

Congo - 0.1%

HTA Group Ltd 7.000% due 12/18/25 ~		220,000		238,018


Georgia - 0.1%

TBC Bank JSC 5.750% due 06/19/24 ~		270,000		282,150


India - 0.5%

Bharti Airtel Ltd 4.375% due 06/10/25 ~		1,015,000		1,105,309
Greenko Solar Mauritius Ltd 5.550% due 01/29/25 ~		530,000		551,186
India Green Energy Holdings 5.375% due 04/29/24 ~		300,000		317,864

				1,974,359

Indonesia - 2.3%

P.T. Indonesia Asahan Aluminium Persero
4.750% due 05/15/25 ~		237,000		262,122
5.450% due 05/15/30 ~		289,000		348,071
5.710% due 11/15/23 ~		571,000		631,767
5.800% due 05/15/50 ~		366,000		455,426
6.757% due 11/15/48 ~		794,000		1,087,229
P.T. Pertamina Persero
4.175% due 01/21/50 ~		395,000		428,362
6.000% due 05/03/42 ~		1,861,000		2,396,157
6.450% due 05/30/44 ~		200,000		273,017
6.500% due 11/07/48 ~		329,000		463,932
P.T. Sri Rejeki Isman Tbk 7.250% due 01/16/25 ~		275,000		287,033
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
5.250% due 05/15/47 ~		336,000		398,763
5.500% due 11/22/21 ~		786,000		821,861
6.150% due 05/21/48 ~		686,000		898,176

				8,751,916


	Principal Amount		Value
Ireland - 0.7%

C&W Senior Financing DAC
6.875% due 09/15/27 ~	$	1,530,000	$	1,654,496
7.500% due 10/15/26 ~		1,035,000		1,104,112

				2,758,608

Israel - 0.8%

Leviathan Bond Ltd
5.750% due 06/30/23 ~		195,000		208,650
6.125% due 06/30/25 ~		460,000		507,150
6.500% due 06/30/27 ~		312,000		352,560
6.750% due 06/30/30 ~		135,000		154,237
Teva Pharmaceutical Finance Netherlands III BV 2.800% due 07/21/23		1,695,000		1,681,169

				2,903,766

Jamaica - 0.1%

Digicel Holdings Bermuda Ltd
8.000% due 12/31/26 ~		290,023		243,982
8.750% due 05/25/24 ~		256,700		270,498

				514,480

Kazakhstan - 1.2%

Development Bank of Kazakhstan JSC 4.125% due 12/10/22 ~		1,013,000		1,066,689
Halyk Savings Bank of Kazakhstan JSC 5.500% due 12/21/22 ~		143,962		145,089
Kazakhstan Temir Zholy Finance BV 6.950% due 07/10/42 ~		707,000		1,046,332
KazMunayGas National Co JSC
3.500% due 04/14/33 ~		302,000		330,662
5.375% due 04/24/30 ~		742,000		916,614
6.375% due 10/24/48 ~		649,000		935,179

				4,440,565

Luxembourg - 0.6%

Altice Financing SA 7.500% due 05/15/26 ~		1,975,000		2,086,686


Malaysia - 0.6%

Petronas Capital Ltd
4.550% due 04/21/50 ~		1,189,000		1,594,479
4.800% due 04/21/60 ~		476,000		690,283

				2,284,762

Mexico - 4.0%

Alfa SAB de CV 6.875% due 03/25/44 ~		470,000		625,403
Axtel SAB de CV 6.375% due 11/14/24 ~		1,020,000		1,059,780
BBVA Bancomer SA 5.125% due 01/18/33 ~		820,000		884,780
Cemex SAB de CV
5.450% due 11/19/29 ~		1,160,000		1,278,042
7.750% due 04/16/26 ~		390,000		411,743
Comision Federal de Electricidad
4.875% due 01/15/24 ~		667,000		741,140
5.750% due 02/14/42 ~		574,000		685,930
8.180% due 12/23/27 ~		MXN 8,220,000		412,520
Petroleos Mexicanos
5.350% due 02/12/28		$11,000		10,868
6.350% due 02/12/48		778,000		706,618
6.750% due 09/21/47		2,845,000		2,671,754
6.950% due 01/28/60		2,137,000		2,010,596
7.190% due 09/12/24 ~		MXN 13,000,000		592,236
7.690% due 01/23/50		$2,256,000		2,278,560


	Principal Amount		Value
Trust Fibra Uno REIT 6.390% due 01/15/50 ~	$	515,000	$	604,224

				14,974,194

Morocco - 0.3%

OCP SA 6.875% due 04/25/44 ~		830,000		1,089,956


Pakistan - 0.2%

The Third Pakistan International Sukuk Co Ltd
5.500% due 10/13/21 ~		233,000		236,462
5.625% due 12/05/22 ~		630,000		647,325

				883,787

Panama - 0.4%

AES Panama Generation Holdings SRL 4.375% due 05/31/30 ~		1,025,000		1,110,229
Cable Onda SA 4.500% due 01/30/30 ~		305,000		336,834

				1,447,063

Peru - 0.3%

Patrimonio EN Fideicomiso 5.750% due 04/03/28 ~		530,000		572,135
Petroleos del Peru SA 5.625% due 06/19/47 ~		509,000		623,912

				1,196,047

Russia - 0.1%

PJSC Koks via IMH Capital DAC 5.900% due 09/23/25 ~		270,000		291,600
TMK OAO 4.300% due 02/12/27 ~		275,000		275,641

				567,241

Saudi Arabia - 0.3%

Acwa Power Management & Investments One Ltd 5.950% due 12/15/39 ~		465,000		557,321
Arabian Centres Sukuk Ltd 5.375% due 11/26/24 ~		575,000		585,293

				1,142,614

South Africa - 0.3%

Eskom Holdings SOC Ltd 7.125% due 02/11/25 ~		265,000		272,089
Gold Fields Orogen Holdings BVI Ltd 6.125% due 05/15/29 ~		450,000		547,875
Liquid Telecommunications Financing PLC 8.500% due 07/13/22 ~		335,000		343,191

				1,163,155

Ukraine - 0.7%

Metinvest BV
7.750% due 10/17/29 ~		355,000		389,989
8.500% due 04/23/26 ~		335,000		377,712
MHP Lux SA 6.950% due 04/03/26 ~		545,000		601,162
MHP SE 7.750% due 05/10/24 ~		565,000		622,557
VF Ukraine PAT 6.200% due 02/11/25 ~		435,000		458,925

				2,450,345

United Arab Emirates - 0.3%

DP World Crescent Ltd
3.750% due 01/30/30 ~		448,000		488,654
3.875% due 07/18/29 ~		517,000		567,867

				1,056,521


	Principal Amount		Value
United Kingdom - 1.8%

Standard Chartered Bank
6.625% due 05/18/33 ~		IDR 13,600,000,000	$	995,946
7.000% due 05/24/27 ~		34,179,000,000		2,625,619
8.250% due 05/19/36 ~		10,824,000,000		898,080
8.375% due 03/19/24 ~		4,364,000,000		342,197
8.375% due 03/17/34 ~		9,864,000,000		820,195
9.000% due 03/20/29 ~		3,534,000,000		300,704
10.500% due 08/19/30 ~		2,589,000,000		240,945
11.000% due 09/17/25 ~		8,000,000,000		702,258

				6,925,944

United States - 0.7%

JBS Investments II GmbH 5.750% due 01/15/28 ~		$765,000		819,992
JPMorgan Chase Bank NA 7.500% due 08/17/32 ~		IDR 22,645,000,000		1,758,116


				2,578,108

Venezuela - 1.7%

Petroleos de Venezuela SA
5.375% due 04/12/27 * Y ~		$1,432,000		57,280
8.500% due 10/27/49 * Y ~		21,468,500		5,903,838
9.000% due 11/17/21 * Y ~		1,780,581		71,223
9.750% due 05/17/35 * Y ~		2,733,498		106,606
12.750% due 02/17/22 * Y ~		1,152,000		46,080
				6,185,027

Total Corporate Bonds & Notes (Cost $109,882,635)				107,278,382


FOREIGN GOVERNMENT BONDS & NOTES - 65.5%

Angola - 1.1%

Angolan Government
8.000% due 11/26/29 ~		382,000		360,050
8.250% due 05/09/28 ~		698,000		671,423
9.125% due 11/26/49 ~		369,000		341,786
9.375% due 05/08/48 ~		1,627,000		1,538,532
9.500% due 11/12/25 ~		1,215,000		1,265,550

				4,177,341

Argentina - 2.1%

Argentine Republic Government
0.125% due 07/09/30 §		8,702,145		3,541,773
0.125% due 07/09/35 §		6,002,502		2,202,918
0.125% due 01/09/38 §		1,540,916		632,931
0.125% due 07/09/41 §		2,359,197		895,315
1.000% due 07/09/29		1,071,350		465,502

				7,738,439

Bahrain - 0.1%

Bahrain Government (Bahrain) 7.500% due 09/20/47 ~		467,000		550,138


Belarus - 0.2%

Republic of Belarus
6.200% due 02/28/30 ~		372,000		377,885
7.625% due 06/29/27 ~		418,000		461,932

				839,817

Brazil - 6.0%

Brazil Letras do Tesouro Nacional
4.932% due 07/01/23		BRL 34,667,000		5,917,695
5.292% due 01/01/24		17,280,000		2,849,594
Brazil Notas do Tesouro Nacional ‘F’ (Brazil)
10.000% due 01/01/27		22,949,000		5,227,849


	Principal Amount		Value
10.000% due 01/01/29		BRL 10,109,000	$	2,342,400
10.000% due 01/01/31		8,721,000		2,043,881
Brazilian Government
4.625% due 01/13/28		$512,000		574,564
5.000% due 01/27/45		625,000		696,434
5.625% due 01/07/41		335,000		396,891
5.625% due 02/21/47		478,000		572,785
6.000% due 04/07/26		465,000		559,569
7.125% due 01/20/37		455,000		619,617
8.250% due 01/20/34		382,000		558,557

				22,359,836

Chile - 0.1%

Chile Government (Chile) 3.240% due 02/06/28		300,000		340,829


China - 0.3%

China Government (China) 2.680% due 05/21/30		CNY 8,680,000		1,273,782


Colombia - 3.6%

Colombia Government
3.875% due 04/25/27		$781,000		872,033
4.000% due 02/26/24		683,000		739,563
4.125% due 05/15/51		483,000		538,303
5.625% due 02/26/44		890,000		1,155,665
6.125% due 01/18/41		936,000		1,258,920
7.375% due 09/18/37		625,000		914,844
8.125% due 05/21/24		845,000		1,038,205
Colombian TES
4.750% due 02/23/23 ^		COP 2,965,724,953		948,928
5.750% due 11/03/27		6,493,600,000		2,015,426
6.000% due 04/28/28		2,184,400,000		685,082
6.250% due 11/26/25		527,100,000		169,142
7.000% due 06/30/32		759,700,000		245,713
7.500% due 08/26/26		3,994,100,000		1,351,180
10.000% due 07/24/24		4,479,100,000		1,593,100

				13,526,104

Costa Rica - 0.2%

Costa Rica Government
5.625% due 04/30/43 ~		$464,000		392,080
6.125% due 02/19/31 ~		334,000		312,708

				704,788

Croatia - 0.6%

Croatia Government
6.000% due 01/26/24 ~		1,271,000		1,463,378
6.375% due 03/24/21 ~		812,000		822,861

				2,286,239

Czech Republic - 0.0%

Czech Republic Government (Czech Republic) 4.200% due 12/04/36 ~		CZK 1,290,000		83,948


Dominican Republic - 2.7%

Dominican Republic
4.875% due 09/23/32 ~		$2,283,000		2,531,276
5.500% due 01/27/25 ~		455,000		513,581
5.875% due 01/30/60 ~		1,669,000		1,844,245
6.000% due 07/19/28 ~		353,000		423,159
6.500% due 02/15/48 ~		375,000		444,375
6.850% due 01/27/45 ~		1,135,000		1,388,956
6.875% due 01/29/26 ~		1,490,000		1,801,038
7.450% due 04/30/44 ~		616,000		798,490
9.750% due 06/05/26 ~		DOP 24,950,000		462,164

				10,207,284


	Principal Amount		Value
Ecuador - 3.7%

Ecuador Government
0.500% due 07/31/30 § ~		$6,124,954	$	3,942,939
0.500% due 07/31/35 § ~		13,911,422		7,599,253
0.500% due 07/31/40 § ~		3,664,862		1,878,279
7.987% due 07/31/30 ~		599,858		287,182

				13,707,653

Egypt - 2.2%

Egypt Government
6.588% due 02/21/28 ~		300,000		330,750
7.600% due 03/01/29 ~		599,000		690,360
7.625% due 05/29/32 ~		612,000		694,926
7.903% due 02/21/48 ~		1,600,000		1,744,600
8.500% due 01/31/47 ~		1,373,000		1,560,586
8.700% due 03/01/49 ~		690,000		799,969
8.875% due 05/29/50 ~		1,559,000		1,833,821
14.051% due 07/21/22		EGP 2,884,000		185,405
14.138% due 10/20/22		1,764,000		113,448
14.313% due 10/13/23		2,536,000		163,577

				8,117,442

El Salvador - 0.9%

El Salvador Government
6.375% due 01/18/27 ~		$265,000		252,150
7.125% due 01/20/50 ~		539,000		483,753
7.625% due 02/01/41 ~		899,000		838,317
7.650% due 06/15/35 ~		199,000		189,548
8.250% due 04/10/32 ~		491,000		483,635
8.625% due 02/28/29 ~		749,000		752,745
9.500% due 07/15/52 ~		472,000		479,080

				3,479,228

Gabon - 0.5%

Gabon Government
6.375% due 12/12/24 ~		711,222		742,338
6.625% due 02/06/31 ~		1,002,000		1,037,127

				1,779,465

Georgia - 0.2%

Georgia Government (Georgia) 6.875% due 04/12/21 ~		756,000		769,003


Ghana - 0.6%

Ghana Government
7.625% due 05/16/29 ~		473,000		504,225
7.875% due 02/11/35 ~		302,000		311,576
8.125% due 03/26/32 ~		602,000		639,177
8.950% due 03/26/51 ~		766,000		801,274

				2,256,252

Guatemala - 0.2%

Guatemala Government
5.375% due 04/24/32 ~		200,000		244,750
6.125% due 06/01/50 ~		250,000		331,875

				576,625

Hungary - 0.9%

Hungary Government
3.000% due 10/27/27		HUF 67,900,000		250,831
3.000% due 08/21/30		201,370,000		736,552
5.375% due 03/25/24		$752,000		859,196
5.750% due 11/22/23		1,074,000		1,226,216
6.750% due 10/22/28		HUF 80,970,000		373,498

				3,446,293


	Principal Amount		Value
India - 0.3%

Export-Import Bank of India
3.375% due 08/05/26 ~		$307,000		$332,815
4.000% due 01/14/23 ~		629,000		665,138

				997,953

Indonesia - 3.2%

Indonesia Government
4.750% due 07/18/47 ~		472,000		592,936
5.125% due 01/15/45 ~		994,000		1,286,524
5.250% due 01/17/42 ~		478,000		620,982
5.250% due 01/08/47 ~		782,000		1,042,813
5.950% due 01/08/46 ~		572,000		827,203
Indonesia Treasury
6.125% due 05/15/28		IDR 4,411,000,000		318,910
7.000% due 09/15/30		10,062,000,000		776,672
7.500% due 06/15/35		2,804,000,000		222,025
7.500% due 05/15/38		2,751,000,000		214,423
8.250% due 05/15/29		25,336,000,000		2,081,148
8.375% due 03/15/24		13,403,000,000		1,050,976
8.375% due 09/15/26		7,952,000,000		648,955
8.375% due 04/15/39		12,321,000,000		1,037,842
Perusahaan Penerbit SBSN Indonesia III
3.800% due 06/23/50 ~		$200,000		221,384
4.550% due 03/29/26 ~		725,000		840,623

				11,783,416

Iraq - 0.1%

Iraq Government (Iraq) 5.800% due 01/15/28 ~		332,813		313,028


Ivory Coast - 0.9%

Ivory Coast Government
4.875% due 01/30/32 ~		EUR 682,000		858,894
5.875% due 10/17/31 ~		806,000		1,091,254
6.875% due 10/17/40 ~		1,022,000		1,424,029

				3,374,177

Jamaica - 0.2%

Jamaica Government (Jamaica) 7.875% due 07/28/45		$523,000		751,813


Kazakhstan - 0.3%

Kazakhstan Government (Kazakhstan) 6.500% due 07/21/45 ~		799,000		1,292,123


Kenya - 0.2%

Kenya Government (Kenya) 8.000% due 05/22/32 ~		650,000		759,001


Lebanon - 0.6%

Lebanon Government
5.800% due 04/14/20 * Y ~		1,035,000		150,530
6.000% due 01/27/23 Y ~		370,000		54,176
6.100% due 10/04/22 Y ~		2,668,000		399,293
6.150% due 06/19/20 Y		2,172,000		350,235
6.375% due 03/09/20 * Y		1,479,000		207,060
6.600% due 11/27/26 Y ~		589,000		83,325
6.850% due 03/23/27 * Y ~		1,441,000		204,218
7.000% due 03/23/32 * Y ~		966,000		136,660
7.050% due 11/02/35 * Y ~		119,000		17,109
7.250% due 03/23/37 * Y ~		660,000		96,466
8.250% due 04/12/21 Y ~		3,165,000		476,396

				2,175,468


	Principal Amount		Value
Malaysia - 0.9%

Malaysia Government
2.632% due 04/15/31		MYR 4,316,000	$	1,069,297
3.733% due 06/15/28		851,000		230,523
3.757% due 05/22/40		180,000		47,034
3.828% due 07/05/34		986,000		261,199
3.885% due 08/15/29		834,000		228,192
3.899% due 11/16/27		569,000		155,264
4.065% due 06/15/50		1,139,000		294,586
4.181% due 07/15/24		509,000		135,814
4.232% due 06/30/31		706,000		197,535
4.642% due 11/07/33		1,166,000		331,605
4.893% due 06/08/38		1,076,000		315,787
4.921% due 07/06/48		328,000		96,415
4.935% due 09/30/43		353,000		103,827

				3,467,078

Mexico - 2.1%

Mexican Bonos
7.500% due 06/03/27		MXN 8,320,000		476,150
8.500% due 05/31/29		6,270,000		384,370
8.500% due 11/18/38		21,910,000		1,366,139
10.000% due 12/05/24		6,540,000		393,422
Mexico Government
2.659% due 05/24/31		$448,000		459,671
3.600% due 01/30/25		343,000		382,846
3.771% due 05/24/61		2,127,000		2,220,588
4.750% due 03/08/44		398,000		474,832
5.550% due 01/21/45		437,000		574,655
5.750% due 10/12/10		504,000		672,485
6.050% due 01/11/40		320,000		429,890

				7,835,048

Mongolia - 0.2%

Development Bank of Mongolia LLC (Mongolia) 7.250% due 10/23/23 ~		306,000		328,518
Mongolia Government
5.125% due 04/07/26 ~		203,000		218,239
5.625% due 05/01/23 ~		324,000		342,630

				889,387

Morocco - 0.3%

Morocco Government
4.000% due 12/15/50 ~		260,000		268,894
4.250% due 12/11/22 ~		515,000		542,119
5.500% due 12/11/42 ~		309,000		386,819

				1,197,832

Nigeria - 0.5%

Nigeria Government
6.500% due 11/28/27 ~		437,000		471,971
7.625% due 11/28/47 ~		432,000		456,020
7.696% due 02/23/38 ~		576,000		615,960
9.248% due 01/21/49 ~		349,000		411,246

				1,955,197

Oman - 0.8%

Oman Government
4.750% due 06/15/26 ~		350,000		351,060
6.500% due 03/08/47 ~		1,615,000		1,590,072
6.750% due 01/17/48 ~		977,000		970,314

				2,911,446

Pakistan - 1.1%

Pakistan Government
6.875% due 12/05/27 ~		1,990,000		2,084,386
8.250% due 04/15/24 ~		1,606,000		1,755,920
8.250% due 09/30/25 ~		394,000		434,850

				4,275,156


	Principal Amount		Value
Panama - 1.1%

Panama Government
4.000% due 09/22/24	$	317,000	$	351,474
4.300% due 04/29/53		623,000		794,325
4.500% due 05/15/47		380,000		489,932
6.700% due 01/26/36		715,000		1,064,846
7.125% due 01/29/26		216,000		276,439
8.875% due 09/30/27		409,000		591,439
9.375% due 04/01/29		423,000		660,328

				4,228,783


Paraguay - 0.3%

Paraguay Government
4.625% due 01/25/23 ~		485,000		522,587
4.700% due 03/27/27 ~		355,000		416,238

				938,825

Peru - 2.5%

Fondo MIVIVIENDA SA (Peru) 7.000% due 02/14/24 ~		PEN 824,000		261,597
Peru Government
5.350% due 08/12/40		750,000		215,770
5.400% due 08/12/34		2,739,000		835,470
Peruvian Government
2.780% due 12/01/60		$848,000		857,328
3.230% due 07/28/21		351,000		351,000
5.625% due 11/18/50		1,567,000		2,470,838
6.950% due 08/12/31 ~		PEN 2,654,000		954,418
7.350% due 07/21/25		$875,000		1,124,283
8.750% due 11/21/33		1,298,000		2,222,423

				9,293,127

Philippines - 1.7%

Philippine Government
2.650% due 12/10/45		407,000		413,143
2.950% due 05/05/45		341,000		360,815
3.900% due 11/26/22		PHP 19,000,000		404,372
3.950% due 01/20/40		$747,000		890,847
6.250% due 01/14/36		PHP 8,000,000		213,992
6.375% due 10/23/34		$586,000		861,839
7.750% due 01/14/31		769,000		1,187,223
9.500% due 02/02/30		815,000		1,345,032
10.625% due 03/16/25		440,000		625,431

				6,302,694

Qatar - 1.7%

Qatar Government
3.250% due 06/02/26 ~		1,176,000		1,310,182
4.400% due 04/16/50 ~		359,000		468,818
4.817% due 03/14/49 ~		1,937,000		2,648,247
5.103% due 04/23/48 ~		1,248,000		1,758,195

				6,185,442

Romania - 2.0%

Romanian Government
3.000% due 02/14/31 ~		214,000		230,126
3.375% due 01/28/50 ~		EUR 944,000		1,329,967
3.624% due 05/26/30 ~		350,000		511,205
4.000% due 02/14/51 ~		$1,792,000		1,954,726
4.375% due 08/22/23 ~		1,008,000		1,100,736
5.800% due 07/26/27		RON 4,520,000		1,339,411
6.125% due 01/22/44 ~		$168,000		237,827
6.750% due 02/07/22 ~		594,000		634,187

				7,338,185

Russia - 3.1%

Russian Federal
4.250% due 06/23/27 ~		400,000		457,250
4.375% due 03/21/29 ~		800,000		934,963
5.250% due 06/23/47 ~		1,400,000		1,942,588


	Principal Amount		Value
6.900% due 05/23/29		RUB 41,641,000	$	605,500
7.050% due 01/19/28		64,865,000		947,884
7.150% due 11/12/25		46,030,000		673,439
7.250% due 05/10/34		8,501,000		125,136
7.400% due 07/17/24		37,418,000		546,628
7.700% due 03/23/33		74,091,000		1,129,256
7.750% due 09/16/26		93,634,000		1,409,393
7.950% due 10/07/26		19,670,000		298,814
8.500% due 09/17/31		164,707,000		2,675,066

				11,745,917

Saudi Arabia - 1.4%

Saudi Government
3.750% due 01/21/55 ~		$886,000		970,170
4.500% due 04/22/60 ~		656,000		824,756
4.625% due 10/04/47 ~		394,000		488,560
5.000% due 04/17/49 ~		975,000		1,280,931
5.250% due 01/16/50 ~		1,286,000		1,756,901

				5,321,318

South Africa - 3.9%

Republic of South Africa Government
4.300% due 10/12/28		1,193,000		1,246,303
5.000% due 10/12/46		297,000		279,691
5.650% due 09/27/47		965,000		965,801
5.750% due 09/30/49		525,000		527,795
5.875% due 05/30/22		348,000		372,719
5.875% due 06/22/30		331,000		375,840
8.000% due 01/31/30		ZAR 33,749,000		2,193,090
8.250% due 03/31/32		91,816,000		5,632,909
8.750% due 01/31/44		8,500,000		474,524
8.750% due 02/28/48		22,000,000		1,233,474
8.875% due 02/28/35		6,350,000		380,216
9.000% due 01/31/40		8,260,000		479,219
10.500% due 12/21/26		6,700,000		539,949

				14,701,530

Sri Lanka - 0.4%

Sri Lanka Government
6.200% due 05/11/27 ~		$616,000		353,916
6.750% due 04/18/28 ~		200,000		115,376
6.825% due 07/18/26 ~		376,000		218,148
7.550% due 03/28/30 ~		766,000		442,250
7.850% due 03/14/29 ~		897,000		520,933

				1,650,623

Thailand - 0.6%

Thailand Government
2.000% due 06/17/42		THB 16,037,000		561,361
2.875% due 06/17/46		1,724,000		68,939
3.300% due 06/17/38		17,598,000		731,960
3.400% due 06/17/36		11,967,000		499,379
3.600% due 06/17/67		6,561,000		296,277

				2,157,916

Turkey - 1.7%

Turkey Government
3.250% due 03/23/23		$395,000		394,514
4.250% due 03/13/25		240,000		241,274
4.875% due 04/16/43		1,045,000		917,771
5.600% due 11/14/24		291,000		305,579
5.750% due 03/22/24		368,000		388,343
5.750% due 05/11/47		808,000		771,628
6.000% due 03/25/27		400,000		425,536
6.000% due 01/14/41		342,000		338,383
6.125% due 10/24/28		428,000		457,414
6.350% due 08/10/24		278,000		299,003
6.875% due 03/17/36		225,000		245,784
7.250% due 12/23/23		200,000		219,122
7.375% due 02/05/25		293,000		327,597


	Principal Amount		Value
10.500% due 08/11/27		TRY 1,356,000	$	166,832
10.600% due 02/11/26		1,640,000		206,738
10.700% due 08/17/22		3,635,000		462,628

				6,168,146

Ukraine - 2.8%

Ukraine Government
7.253% due 03/15/33 ~		$818,000		895,661
7.375% due 09/25/32 ~		2,929,000		3,227,392
7.750% due 09/01/21 ~		307,000		318,634
7.750% due 09/01/23 ~		870,000		958,415
7.750% due 09/01/24 ~		366,000		407,799
7.750% due 09/01/25 ~		1,529,000		1,718,176
7.750% due 09/01/26 ~		1,263,000		1,429,558
7.750% due 09/01/27 ~		322,000		366,223
8.994% due 02/01/24 ~		521,000		591,027
9.750% due 11/01/28 ~		327,000		403,240
15.840% due 02/26/25 ~		UAH 6,510,000		258,343
17.000% due 05/11/22 ~		4,427,000		167,684

				10,742,152

United Arab Emirates - 0.5%

Abu Dhabi Government
3.125% due 09/30/49 ~		$680,000		730,235
3.875% due 04/16/50 ~		1,033,000		1,262,326

				1,992,561

Uruguay - 2.6%

Uruguay Government
3.875% due 07/02/40 ^		UYU 46,563,576		1,285,911
4.125% due 11/20/45		$531,086		665,185
4.375% due 12/15/28 ^		UYU 10,596,833		287,655
4.975% due 04/20/55		$1,902,770		2,647,229
5.100% due 06/18/50		609,124		855,390
7.625% due 03/21/36		622,000		1,009,534
7.875% due 01/15/33		689,000		1,103,130
8.500% due 03/15/28 ~		UYU 10,545,000		261,928
9.875% due 06/20/22 ~		13,825,000		339,807
Uruguay Monetary Regulation Bill 6.567% due 06/09/21		10,418,000		238,530
6.887% due 07/21/21		9,816,000		222,738
7.112% due 10/15/21		4,656,000		103,833
7.196% due 10/01/21		7,632,000		170,550
7.217% due 03/02/22		8,672,000		188,219
7.345% due 12/08/21		8,914,000		196,380

				9,576,019

Venezuela - 0.8%

Venezuela Government
7.750% due 10/13/21 * Y ~		$913,000		88,561
8.250% due 10/13/24 * Y ~		1,784,900		173,135
9.000% due 05/07/23 * Y ~		816,000		79,152
9.250% due 09/15/27 * Y		2,467,000		240,532
9.250% due 05/07/28 * Y ~		1,282,000		124,354
11.750% due 10/21/26 * Y ~		7,749,400		751,692
11.950% due 08/05/31 * Y ~		13,257,100		1,285,939
12.750% due 08/23/22 * Y ~		1,624,000		157,528

				2,900,893

Vietnam - 0.3%

Vietnam Government (Vietnam) 4.800% due 11/19/24 ~		869,000		977,650


Zambia - 0.2%

Zambia Government
8.500% due 04/14/24 Y ~		327,000		176,787
8.970% due 07/30/27 Y ~		1,215,000		643,968

				820,755

Total Foreign Government Bonds & Notes (Cost $242,413,548)				245,241,165


	Principal Amount		Value

SHORT-TERM INVESTMENTS - 3.6%

Foreign Government Issues - 0.9%

Egypt Treasury Bills
13.190% due 06/01/21		EGP 9,250,000	$	562,336
13.249% due 05/18/21		19,000,000		1,160,486
13.249% due 05/25/21		5,900,000		359,518
13.250% due 08/10/21		19,000,000		1,128,629
Uruguay Monetary Regulation Bill (Uruguay) 7.195% due 12/03/21		UYU 3,801,000		83,817

				3,294,786

Repurchase Agreement - 2.7%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $10,123,876; collateralized by U.S. Treasury Notes: 0.125% due 12/31/2022 and value $10,326,400)		$10,123,876		10,123,876


Total Short-Term Investments (Cost $13,411,337)				13,418,662


TOTAL INVESTMENTS - 97.8% (Cost $365,707,520)				365,938,209

DERIVATIVES - 1.4%				5,123,645


OTHER ASSETS & LIABILITIES, NET - 0.8%				3,074,636


NET ASSETS - 100.0%				$374,136,490

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition as a percentage of net assets was as follows:


Foreign Government Bonds & Notes			65.5%
Corporate Bonds & Notes			28.7%
Short-Term Investments			3.6%

			97.8%
Derivatives			1.4%
Other Assets & Liabilities, Net			0.8%

			100.0%

(b)	As of December 31, 2020, the Fund’s composition by country of risk as a percentage of net assets was as follows:


Brazil			10.8%
Mexico			6.1%
Indonesia			5.5%
Colombia			5.0%
South Africa			4.2%
Ecuador			3.7%
Ukraine			3.5%
United States (Includes Short-Term Investments)			3.4%
Russia			3.2%
Egypt			3.0%
Others (each less than 3.0%)			49.4%

			97.8%
Derivatives			1.4%
Other Assets & Liabilities, Net			0.8%

			100.0%

Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 96.9%

Basic Materials - 3.3%

Air Products & Chemicals Inc		68,552		$18,729,777
Ecolab Inc		11,085		2,398,351
Linde PLC (United Kingdom)		59,026		15,553,941
PPG Industries Inc		36,293		5,234,177
RPM International Inc		112,889		10,248,063
The Sherwin-Williams Co		13,537		9,948,477

				62,112,786

Communications - 3.4%

AT&T Inc		314,400		9,042,144
Comcast Corp ‘A’		543,887		28,499,679
The Walt Disney Co *		141,770		25,685,888

				63,227,711

Consumer, Cyclical - 9.6%

Costco Wholesale Corp		29,962		11,289,082
Cummins Inc		31,700		7,199,070
Dollar General Corp		126,478		26,598,323
Hilton Worldwide Holdings Inc		129,366		14,393,261
Las Vegas Sands Corp		130,339		7,768,204
Marriott International Inc ‘A’		82,449		10,876,672
McDonald’s Corp		86,963		18,660,521
NIKE Inc ‘B’		74,843		10,588,039
PACCAR Inc		85,466		7,374,007
Ross Stores Inc		209,037		25,671,834
The Home Depot Inc		81,954		21,768,622
Tractor Supply Co		51,133		7,188,277
Yum! Brands Inc		105,311		11,432,562

				180,808,474

Consumer, Non-Cyclical - 25.2%

AbbVie Inc		247,307		26,498,945
Automatic Data Processing Inc		64,348		11,338,118
Avery Dennison Corp		94,276		14,623,150
Becton Dickinson and Co		82,433		20,626,385
Cigna Corp		57,719		12,015,941
Cintas Corp		19,197		6,785,372
Colgate-Palmolive Co		112,425		9,613,462
CVS Health Corp		21,721		1,483,544
Danaher Corp		201,527		44,767,208
Diageo PLC (United Kingdom)		148,175		5,863,102
Eli Lilly & Co		67,800		11,447,352
Equifax Inc		71,636		13,814,286
Johnson & Johnson		130,448		20,529,906
Kimberly-Clark Corp		29,453		3,971,148
McCormick & Co Inc		73,164		6,994,478
Medtronic PLC		142,301		16,669,139
Merck & Co Inc		77,125		6,308,825
Mondelez International Inc ‘A’		412,895		24,141,971
Nestle SA (Switzerland)		93,474		11,049,680
PepsiCo Inc		187,429		27,795,721
Pfizer Inc		324,120		11,930,857
Philip Morris International Inc		164,269		13,599,831
S&P Global Inc		37,596		12,358,933
Stryker Corp		97,275		23,836,266
The Coca-Cola Co		394,253		21,620,835
Thermo Fisher Scientific Inc		76,358		35,566,029
UnitedHealth Group Inc		109,883		38,533,770
Zoetis Inc		123,304		20,406,812

				474,191,066

Energy - 1.4%

EOG Resources Inc		244,185		12,177,506
TC Energy Corp (Canada)		100,038		4,073,547
TOTAL SE (France)		250,618		10,817,224

				27,068,277


	Shares		Value
Financial - 17.6%

American Express Co		58,416	$	7,063,079
American Tower Corp REIT		93,344		20,951,994
Aon PLC ‘A’		79,141		16,720,119
Chubb Ltd		174,577		26,870,892
CME Group Inc		59,482		10,828,698
Crown Castle International Corp REIT		93,317		14,855,133
Equity Residential REIT		186,415		11,050,681
JPMorgan Chase & Co		389,274		49,465,047
Marsh & McLennan Cos Inc		235,633		27,569,061
Morgan Stanley		399,510		27,378,420
The Charles Schwab Corp		352,375		18,689,970
The PNC Financial Services Group Inc		69,000		10,281,000
The Progressive Corp		86,085		8,512,085
Visa Inc ‘A’		252,687		55,270,228
Wells Fargo & Co		509,411		15,374,024
Willis Towers Watson PLC		50,446		10,627,963

				331,508,394

Industrial - 14.7%

Agilent Technologies Inc		171,265		20,293,190
Amphenol Corp ‘A’		91,897		12,017,371
Ball Corp		270,989		25,250,755
Deere & Co		29,240		7,867,022
Fortive Corp		139,273		9,863,314
General Electric Co		1,999,435		21,593,898
Honeywell International Inc		128,492		27,330,248
Howmet Aerospace Inc		42,523		1,213,606
Illinois Tool Works Inc		55,545		11,324,515
JB Hunt Transport Services Inc		79,214		10,824,593
Northrop Grumman Corp		39,649		12,081,843
Rockwell Automation Inc		22,901		5,743,800
Roper Technologies Inc		65,706		28,325,200
Sealed Air Corp		222,960		10,209,338
TE Connectivity Ltd		119,973		14,525,131
Union Pacific Corp		105,949		22,060,701
United Parcel Service Inc ‘B’		111,475		18,772,390
Waste Connections Inc		175,507		18,001,753

				277,298,668

Technology - 17.2%

Accenture PLC ‘A’		131,403		34,323,778
Apple Inc		669,815		88,877,752
Applied Materials Inc		205,978		17,775,902
Broadridge Financial Solutions Inc		86,957		13,321,812
Fidelity National Information Services Inc		153,957		21,778,757
Microchip Technology Inc		91,654		12,658,334
Microsoft Corp		444,187		98,796,073
QUALCOMM Inc		58,701		8,942,510
Texas Instruments Inc		170,547		27,991,879

				324,466,797

Utilities - 4.5%

Ameren Corp		65,800		5,136,348
American Electric Power Co Inc		129,153		10,754,570
American Water Works Co Inc		57,634		8,845,090
Atmos Energy Corp		125,111		11,939,343
Eversource Energy		73,099		6,323,795
NextEra Energy Inc		330,212		25,475,856
Sempra Energy		121,757		15,513,059

				83,988,061

Total Common Stocks (Cost $1,235,586,458)				1,824,670,234


	Principal Amount		Value
SHORT-TERM INVESTMENT - 3.1%

Repurchase Agreement - 3.1%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $58,233,072; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $59,397,800)		$58,233,072	$	58,233,072


Total Short-Term Investment (Cost $58,233,072)				58,233,072


TOTAL INVESTMENTS - 100.0% (Cost $1,293,819,530)				1,882,903,306

OTHER ASSETS & LIABILITIES, NET - 0.0%				141,681


NET ASSETS - 100.0%				$1,883,044,987

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			25.2%
Financial			17.6%
Technology			17.2%
Industrial			14.7%
Consumer, Cyclical			9.6%
Utilities			4.5%
Communications			3.4%
Basic Materials			3.3%
Short-Term Investment			3.1%
Others (each less than 3.0%)			1.4%

			100.0%
Other Assets & Liabilities, Net			0.0%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 98.0%

Basic Materials - 2.1%

Air Products & Chemicals Inc		26,863		$7,339,509
Albemarle Corp		12,864		1,897,697
Celanese Corp		14,089		1,830,725
CF Industries Holdings Inc		26,408		1,022,254
Dow Inc		89,118		4,946,049
DuPont de Nemours Inc		88,532		6,295,510
Eastman Chemical Co		16,402		1,644,793
Ecolab Inc		30,172		6,528,014
FMC Corp		15,571		1,789,575
Freeport-McMoRan Inc		175,727		4,572,416
International Flavors & Fragrances Inc		12,717		1,384,118
International Paper Co		48,125		2,392,775
Linde PLC (United Kingdom)		63,482		16,728,142
LyondellBasell Industries NV ‘A’		31,082		2,848,976
Newmont Corp		97,402		5,833,406
Nucor Corp		36,190		1,924,946
PPG Industries Inc		28,553		4,117,914
The Mosaic Co		42,016		966,788
The Sherwin-Williams Co		9,875		7,257,236

				81,320,843

Communications - 16.0%

Alphabet Inc ‘A’ *		36,363		63,731,248
Alphabet Inc ‘C’ *		35,110		61,508,507
Amazon.com Inc *		51,585		168,008,734
Arista Networks Inc *		6,554		1,904,396
AT&T Inc		861,903		24,788,330
Booking Holdings Inc *		4,954		11,033,896
CDW Corp		17,119		2,256,113
CenturyLink Inc		116,884		1,139,619
Charter Communications Inc ‘A’ *		17,648		11,675,034
Cisco Systems Inc		511,084		22,871,009
Comcast Corp ‘A’		552,252		28,938,005
Corning Inc		91,912		3,308,832
Discovery Inc ‘A’ *		20,226		608,600
Discovery Inc ‘C’ *		35,449		928,409
DISH Network Corp ‘A’ *		29,436		951,960
eBay Inc		78,716		3,955,479
Etsy Inc *		15,251		2,713,305
Expedia Group Inc		16,234		2,149,382
F5 Networks Inc *		7,659		1,347,525
Facebook Inc ‘A’ *		290,765		79,425,367
Fox Corp ‘A’		40,826		1,188,853
Fox Corp ‘B’ *		18,352		530,006
Juniper Networks Inc		40,719		916,585
Motorola Solutions Inc		20,421		3,472,795
Netflix Inc *		53,436		28,894,448
News Corp ‘A’		49,097		882,273
News Corp ‘B’		15,851		281,672
NortonLifeLock Inc		73,264		1,522,426
Omnicom Group Inc		26,564		1,656,797
T-Mobile US Inc *		70,476		9,503,689
The Interpublic Group of Cos Inc		45,630		1,073,218
The Walt Disney Co *		218,982		39,675,159
Twitter Inc *		95,596		5,176,523
VeriSign Inc *		12,135		2,626,014
Verizon Communications Inc		500,510		29,404,963
ViacomCBS Inc ‘B’		69,017		2,571,573

				622,620,744

Consumer, Cyclical - 9.5%

Advance Auto Parts Inc		8,399		1,322,926
Alaska Air Group Inc		15,583		810,316
American Airlines Group Inc		73,874		1,164,993
Aptiv PLC		32,660		4,255,271
AutoZone Inc *		2,792		3,309,748


	Shares		Value
Best Buy Co Inc		27,826	$	2,776,757
BorgWarner Inc		30,304		1,170,947
CarMax Inc *		19,987		1,887,972
Carnival Corp		89,953		1,948,382
Chipotle Mexican Grill Inc *		3,372		4,675,986
Copart Inc *		24,852		3,162,417
Costco Wholesale Corp		53,367		20,107,618
Cummins Inc		17,888		4,062,365
Darden Restaurants Inc		15,604		1,858,748
Delta Air Lines Inc		77,135		3,101,598
Dollar General Corp		29,633		6,231,820
Dollar Tree Inc *		28,447		3,073,414
Domino’s Pizza Inc		4,804		1,842,142
DR Horton Inc		39,767		2,740,742
Fastenal Co		69,438		3,390,658
Ford Motor Co		470,977		4,139,888
General Motors Co		152,345		6,343,646
Genuine Parts Co		17,542		1,761,743
Hanesbrands Inc		40,940		596,905
Hasbro Inc		15,102		1,412,641
Hilton Worldwide Holdings Inc		33,303		3,705,292
L Brands Inc		28,936		1,076,130
Las Vegas Sands Corp		39,414		2,349,074
Leggett & Platt Inc		16,756		742,291
Lennar Corp ‘A’		32,944		2,511,321
Live Nation Entertainment Inc *		17,596		1,292,954
LKQ Corp *		34,704		1,222,969
Lowe’s Cos Inc		88,624		14,225,038
Marriott International Inc ‘A’		32,325		4,264,314
McDonald’s Corp		90,123		19,338,593
MGM Resorts International		50,754		1,599,259
Mohawk Industries Inc *		7,278		1,025,834
Newell Brands Inc		44,951		954,310
NIKE Inc ‘B’		151,977		21,500,186
Norwegian Cruise Line Holdings Ltd *		38,177		970,841
NVR Inc *		417		1,701,302
O’Reilly Automotive Inc *		8,763		3,965,871
PACCAR Inc		41,716		3,599,256
Pool Corp		4,750		1,769,375
PulteGroup Inc		33,285		1,435,249
PVH Corp		8,349		783,888
Ralph Lauren Corp		5,833		605,115
Ross Stores Inc		42,898		5,268,303
Royal Caribbean Cruises Ltd		22,195		1,657,745
Southwest Airlines Co		71,395		3,327,721
Starbucks Corp		141,961		15,186,988
Tapestry Inc		34,086		1,059,393
Target Corp		60,569		10,692,246
Tesla Inc *		91,720		64,724,052
The Gap Inc		23,476		473,980
The Home Depot Inc		130,217		34,588,240
The TJX Cos Inc		145,001		9,902,118
Tiffany & Co		12,969		1,704,775
Tractor Supply Co		13,981		1,965,449
Ulta Beauty Inc *		6,876		1,974,512
Under Armour Inc ‘A’ *		24,871		427,035
Under Armour Inc ‘C’ *		23,012		342,419
United Airlines Holdings Inc *		36,072		1,560,114
VF Corp		38,316		3,272,570
Walgreens Boots Alliance Inc		86,929		3,466,729
Walmart Inc		167,682		24,171,360
Whirlpool Corp		7,648		1,380,388
WW Grainger Inc		5,392		2,201,769
Wynn Resorts Ltd		12,045		1,359,037
Yum! Brands Inc		36,323		3,943,225

				372,438,273

Consumer, Non-Cyclical - 20.5%

Abbott Laboratories		214,370		23,471,371
AbbVie Inc		213,537		22,880,489


	Shares		Value
ABIOMED Inc *		5,467	$	1,772,401
Alexion Pharmaceuticals Inc *		26,470		4,135,673
Align Technology Inc *		8,679		4,637,884
Altria Group Inc		224,779		9,215,939
AmerisourceBergen Corp		18,071		1,766,621
Amgen Inc		70,414		16,189,587
Anthem Inc		30,082		9,659,029
Archer-Daniels-Midland Co		67,934		3,424,553
Automatic Data Processing Inc		51,866		9,138,789
Avery Dennison Corp		10,164		1,576,538
Baxter International Inc		62,150		4,986,916
Becton Dickinson and Co		35,080		8,777,718
Bio-Rad Laboratories Inc ‘A’ *		2,554		1,488,829
Biogen Inc *		18,612		4,557,334
Boston Scientific Corp *		172,547		6,203,065
Bristol-Myers Squibb Co		273,321		16,954,102
Brown-Forman Corp ‘B’		22,213		1,764,379
Campbell Soup Co		25,097		1,213,440
Cardinal Health Inc		35,287		1,889,972
Catalent Inc *		19,594		2,039,148
Centene Corp *		70,268		4,218,188
Church & Dwight Co Inc		30,400		2,651,792
Cigna Corp		43,696		9,096,633
Cintas Corp		10,563		3,733,598
Colgate-Palmolive Co		103,676		8,865,335
Conagra Brands Inc		58,527		2,122,189
Constellation Brands Inc ‘A’		20,664		4,526,449
Corteva Inc		89,823		3,477,947
CVS Health Corp		158,316		10,812,983
Danaher Corp		76,470		16,987,046
DaVita Inc *		8,875		1,041,925
Dentsply Sirona Inc		26,477		1,386,336
DexCom Inc *		11,554		4,271,745
Edwards Lifesciences Corp *		75,577		6,894,890
Eli Lilly & Co		96,031		16,213,874
Equifax Inc		14,713		2,837,255
FleetCor Technologies Inc *		9,963		2,718,205
Gartner Inc *		10,875		1,742,066
General Mills Inc		73,741		4,335,971
Gilead Sciences Inc		151,617		8,833,206
Global Payments Inc		36,014		7,758,136
HCA Healthcare Inc		32,120		5,282,455
Henry Schein Inc *		17,496		1,169,783
Hologic Inc *		31,086		2,263,993
Hormel Foods Corp		33,414		1,557,426
Humana Inc		16,070		6,593,039
IDEXX Laboratories Inc *		10,318		5,157,659
IHS Markit Ltd		45,078		4,049,357
Illumina Inc *		17,732		6,560,840
Incyte Corp *		22,745		1,978,360
Intuitive Surgical Inc *		14,203		11,619,474
IQVIA Holdings Inc *		23,190		4,154,952
Johnson & Johnson		318,411		50,111,523
Kellogg Co		30,405		1,892,103
Kimberly-Clark Corp		40,877		5,511,446
Laboratory Corp of America Holdings *		11,929		2,428,148
Lamb Weston Holdings Inc		17,295		1,361,808
MarketAxess Holdings Inc		4,538		2,589,201
McCormick & Co Inc		30,424		2,908,534
McKesson Corp		19,421		3,377,700
Medtronic PLC		162,804		19,070,861
Merck & Co Inc		306,012		25,031,782
Molson Coors Beverage Co ‘B’		22,124		999,784
Mondelez International Inc ‘A’		172,981		10,114,199
Monster Beverage Corp *		45,121		4,172,790
Moody’s Corp		19,522		5,666,065
Nielsen Holdings PLC		41,795		872,262
PayPal Holdings Inc *		141,718		33,190,356
PepsiCo Inc		167,150		24,788,345
Perrigo Co PLC		16,962		758,541


	Shares		Value
Pfizer Inc		672,299	$	24,747,326
Philip Morris International Inc		188,360		15,594,324
Quanta Services Inc		16,696		1,202,446
Quest Diagnostics Inc		16,165		1,926,383
Regeneron Pharmaceuticals Inc *		12,756		6,162,551
ResMed Inc		17,454		3,710,022
Robert Half International Inc		13,839		864,661
Rollins Inc		27,294		1,066,377
S&P Global Inc		29,101		9,566,372
STERIS PLC		10,306		1,953,399
Stryker Corp		39,544		9,689,862
Sysco Corp		61,518		4,568,327
Teleflex Inc		5,574		2,294,091
The Clorox Co		15,124		3,053,838
The Coca-Cola Co		467,805		25,654,426
The Cooper Cos Inc		5,922		2,151,581
The Estee Lauder Cos Inc ‘A’		27,400		7,293,606
The Hershey Co		17,821		2,714,673
The JM Smucker Co		13,694		1,583,026
The Kraft Heinz Co		78,376		2,716,512
The Kroger Co		93,656		2,974,515
The Procter & Gamble Co		299,913		41,729,895
Thermo Fisher Scientific Inc		47,937		22,328,096
Tyson Foods Inc ‘A’		35,394		2,280,789
United Rentals Inc *		8,725		2,023,415
UnitedHealth Group Inc		114,762		40,244,738
Universal Health Services Inc ‘B’		9,372		1,288,650
Varian Medical Systems Inc *		11,160		1,953,112
Verisk Analytics Inc		19,853		4,121,284
Vertex Pharmaceuticals Inc *		31,397		7,420,367
Viatris Inc *		145,441		2,725,564
West Pharmaceutical Services Inc		9,029		2,558,006
Zimmer Biomet Holdings Inc		24,995		3,851,479
Zoetis Inc		57,485		9,513,767

				801,029,812

Energy - 2.2%

Apache Corp		46,073		653,776
Baker Hughes Co		81,900		1,707,615
Cabot Oil & Gas Corp		48,390		787,789
Chevron Corp		232,839		19,663,254
Concho Resources Inc		23,215		1,354,595
ConocoPhillips		129,171		5,165,548
Devon Energy Corp		44,157		698,122
Diamondback Energy Inc		18,402		890,657
EOG Resources Inc		70,631		3,522,368
Exxon Mobil Corp		511,413		21,080,444
Halliburton Co		108,300		2,046,870
Hess Corp		32,803		1,731,670
HollyFrontier Corp		18,466		477,346
Kinder Morgan Inc		233,473		3,191,576
Marathon Oil Corp		90,675		604,802
Marathon Petroleum Corp		78,697		3,254,908
NOV Inc *		48,556		666,674
Occidental Petroleum Corp		99,983		1,730,706
ONEOK Inc		54,318		2,084,725
Phillips 66		52,340		3,660,660
Pioneer Natural Resources Co		19,887		2,264,930
Schlumberger NV		167,221		3,650,435
TechnipFMC PLC (United Kingdom)		50,546		475,132
The Williams Cos Inc		145,442		2,916,112
Valero Energy Corp		49,590		2,805,306

				87,086,020

Financial - 14.2%

Aflac Inc		78,993		3,512,819
Alexandria Real Estate Equities Inc REIT		14,977		2,669,201
American Express Co		78,886		9,538,106
American International Group Inc		103,947		3,935,433
American Tower Corp REIT		53,728		12,059,787


	Shares		Value
Ameriprise Financial Inc		14,270	$	2,773,089
Aon PLC ‘A’		27,652		5,842,038
Arthur J Gallagher & Co		23,127		2,861,041
Assurant Inc		7,276		991,137
AvalonBay Communities Inc REIT		16,869		2,706,294
Bank of America Corp		920,770		27,908,539
Berkshire Hathaway Inc ‘B’ *		235,387		54,579,184
BlackRock Inc		17,156		12,378,740
Boston Properties Inc REIT		16,808		1,588,860
Capital One Financial Corp		55,084		5,445,053
Cboe Global Markets Inc		12,996		1,210,188
CBRE Group Inc ‘A’ *		40,574		2,544,801
Chubb Ltd		54,721		8,422,656
Cincinnati Financial Corp		18,159		1,586,552
Citigroup Inc		251,817		15,527,036
Citizens Financial Group Inc		50,780		1,815,893
CME Group Inc		43,613		7,939,747
Comerica Inc		16,997		949,452
Crown Castle International Corp REIT		52,166		8,304,306
Digital Realty Trust Inc REIT		33,886		4,727,436
Discover Financial Services		37,307		3,377,403
Duke Realty Corp REIT		45,622		1,823,511
Equinix Inc REIT		10,816		7,724,571
Equity Residential REIT		41,182		2,441,269
Essex Property Trust Inc REIT		7,887		1,872,532
Everest Re Group Ltd		4,836		1,132,059
Extra Space Storage Inc REIT		15,577		1,804,751
Federal Realty Investment Trust REIT		8,326		708,709
Fifth Third Bancorp		86,564		2,386,570
First Republic Bank		20,799		3,055,997
Franklin Resources Inc		31,577		789,109
Globe Life Inc		11,710		1,111,982
Healthpeak Properties Inc REIT		65,906		1,992,338
Host Hotels & Resorts Inc REIT		84,556		1,237,054
Huntington Bancshares Inc		120,246		1,518,707
Intercontinental Exchange Inc		67,692		7,804,211
Invesco Ltd		46,752		814,887
Iron Mountain Inc REIT		33,768		995,481
JPMorgan Chase & Co		368,686		46,848,930
KeyCorp		120,337		1,974,730
Kimco Realty Corp REIT		54,080		811,741
Lincoln National Corp		21,880		1,100,783
Loews Corp		28,133		1,266,548
M&T Bank Corp		15,517		1,975,314
Marsh & McLennan Cos Inc		61,226		7,163,442
Mastercard Inc ‘A’		106,406		37,980,558
MetLife Inc		92,523		4,343,955
Mid-America Apartment Communities Inc REIT		13,833		1,752,503
Morgan Stanley		172,441		11,817,382
Nasdaq Inc		13,693		1,817,609
Northern Trust Corp		25,173		2,344,613
People’s United Financial Inc		49,899		645,194
Principal Financial Group Inc		30,724		1,524,218
Prologis Inc REIT		89,410		8,910,601
Prudential Financial Inc		48,146		3,758,758
Public Storage REIT		18,396		4,248,188
Raymond James Financial Inc		14,760		1,412,089
Realty Income Corp REIT		42,453		2,639,303
Regency Centers Corp REIT		19,104		870,951
Regions Financial Corp		116,798		1,882,784
SBA Communications Corp REIT		13,440		3,791,827
Simon Property Group Inc REIT		39,659		3,382,120
SL Green Realty Corp REIT		8,690		517,750
State Street Corp		42,672		3,105,668
SVB Financial Group *		6,250		2,423,938
Synchrony Financial		66,557		2,310,193
T Rowe Price Group Inc		27,387		4,146,118
The Allstate Corp		36,778		4,043,006
The Bank of New York Mellon Corp		97,743		4,148,213


	Shares		Value
The Charles Schwab Corp		180,295	$	9,562,847
The Goldman Sachs Group Inc		41,616		10,974,555
The Hartford Financial Services Group Inc		42,728		2,092,817
The PNC Financial Services Group Inc		51,423		7,662,027
The Progressive Corp		70,772		6,997,935
The Travelers Cos Inc		30,508		4,282,408
The Western Union Co		49,777		1,092,107
Truist Financial Corp		162,754		7,800,799
UDR Inc REIT		34,853		1,339,401
Unum Group		25,919		594,582
US Bancorp		165,170		7,695,270
Ventas Inc REIT		45,778		2,244,953
Visa Inc ‘A’		205,095		44,860,429
Vornado Realty Trust REIT		18,125		676,788
Wells Fargo & Co		500,074		15,092,233
Welltower Inc REIT		50,074		3,235,782
Weyerhaeuser Co REIT		91,180		3,057,265
Willis Towers Watson PLC		15,469		3,259,009
WR Berkley Corp		17,432		1,157,833
Zions Bancorp NA		19,729		857,028

				553,903,624

Industrial - 8.1%

3M Co		69,768		12,194,749
Agilent Technologies Inc		37,011		4,385,433
Allegion PLC		10,996		1,279,714
Amcor PLC		191,827		2,257,804
AMETEK Inc		28,064		3,394,060
Amphenol Corp ‘A’		36,018		4,710,074
AO Smith Corp		16,307		893,950
Ball Corp		39,565		3,686,667
Carrier Global Corp		98,192		3,703,802
Caterpillar Inc		65,708		11,960,170
CH Robinson Worldwide Inc		16,673		1,565,095
CSX Corp		92,417		8,386,843
Deere & Co		37,903		10,197,802
Dover Corp		17,430		2,200,537
Eaton Corp PLC		48,274		5,799,638
Emerson Electric Co		72,334		5,813,484
Expeditors International of Washington Inc		20,701		1,968,872
FedEx Corp		29,344		7,618,289
FLIR Systems Inc		16,360		717,059
Flowserve Corp		16,570		610,605
Fortive Corp		40,701		2,882,445
Fortune Brands Home & Security Inc		17,118		1,467,355
Garmin Ltd		17,859		2,137,008
General Dynamics Corp		28,115		4,184,074
General Electric Co		1,059,523		11,442,848
Honeywell International Inc		84,870		18,051,849
Howmet Aerospace Inc		47,551		1,357,106
Huntington Ingalls Industries Inc		4,736		807,393
IDEX Corp		8,978		1,788,418
Illinois Tool Works Inc		34,774		7,089,723
Ingersoll Rand Inc *		44,333		2,019,811
Jacobs Engineering Group Inc		15,465		1,685,066
JB Hunt Transport Services Inc		10,274		1,403,942
Johnson Controls International PLC		87,558		4,079,327
Kansas City Southern		11,321		2,310,956
Keysight Technologies Inc *		22,412		2,960,401
L3Harris Technologies Inc		25,413		4,803,565
Lockheed Martin Corp		29,780		10,571,304
Martin Marietta Materials Inc		7,411		2,104,502
Masco Corp		31,287		1,718,595
Mettler-Toledo International Inc *		2,856		3,254,926
Norfolk Southern Corp		30,720		7,299,379
Northrop Grumman Corp		18,647		5,682,114
Old Dominion Freight Line Inc		11,450		2,234,811
Otis Worldwide Corp		49,227		3,325,284
Packaging Corp of America		11,389		1,570,657
Parker-Hannifin Corp		15,692		4,274,658


	Shares		Value
Pentair PLC		20,766	$	1,102,467
PerkinElmer Inc		13,502		1,937,537
Raytheon Technologies Corp		183,692		13,135,815
Republic Services Inc		25,276		2,434,079
Rockwell Automation Inc		13,954		3,499,803
Roper Technologies Inc		12,749		5,495,966
Sealed Air Corp		18,013		824,815
Snap-on Inc		6,366		1,089,477
Stanley Black & Decker Inc		19,589		3,497,812
TE Connectivity Ltd		39,834		4,822,702
Teledyne Technologies Inc *		4,412		1,729,416
Textron Inc		27,029		1,306,312
The Boeing Co		64,184		13,739,227
Trane Technologies PLC		29,044		4,216,027
TransDigm Group Inc *		6,594		4,080,697
Union Pacific Corp		81,506		16,971,179
United Parcel Service Inc ‘B’		86,396		14,549,086
Vontier Corp *		16,714		558,248
Vulcan Materials Co		15,871		2,353,828
Waste Management Inc		47,026		5,545,776
Waters Corp *		7,423		1,836,599
Westinghouse Air Brake Technologies Corp		21,894		1,602,641
Westrock Co		32,188		1,401,144
Xylem Inc		21,993		2,238,667

				315,821,484

Technology - 22.7%

Accenture PLC ‘A’		76,631		20,016,783
Activision Blizzard Inc		93,770		8,706,544
Adobe Inc *		58,023		29,018,463
Advanced Micro Devices Inc *		145,470		13,341,054
Akamai Technologies Inc *		19,637		2,061,689
Analog Devices Inc		44,690		6,602,054
ANSYS Inc *		10,341		3,762,056
Apple Inc		1,933,016		256,491,893
Applied Materials Inc		110,411		9,528,469
Autodesk Inc *		26,589		8,118,685
Broadcom Inc		48,925		21,421,811
Broadridge Financial Solutions Inc		14,018		2,147,558
Cadence Design Systems Inc *		33,763		4,606,286
Cerner Corp		37,154		2,915,846
Citrix Systems Inc		14,723		1,915,462
Cognizant Technology Solutions Corp ‘A’		64,666		5,299,379
DXC Technology Co		31,915		821,811
Electronic Arts Inc		35,065		5,035,334
Fidelity National Information Services Inc		75,052		10,616,856
Fiserv Inc *		67,096		7,639,551
Fortinet Inc *		16,204		2,406,780
Hewlett Packard Enterprise Co		155,840		1,846,704
HP Inc		166,127		4,085,063
Intel Corp		495,661		24,693,831
International Business Machines Corp		107,775		13,566,717
Intuit Inc		31,780		12,071,633
IPG Photonics Corp *		4,217		943,722
Jack Henry & Associates Inc		9,181		1,487,230
KLA Corp		18,574		4,808,994
Lam Research Corp		17,418		8,225,999
Leidos Holdings Inc		16,515		1,736,057
Maxim Integrated Products Inc		32,124		2,847,793
Microchip Technology Inc		31,493		4,349,498
Micron Technology Inc *		134,246		10,092,614
Microsoft Corp		914,456		203,393,304
MSCI Inc		10,026		4,476,910
NetApp Inc		27,521		1,822,991
NVIDIA Corp		74,869		39,096,592
Oracle Corp		229,429		14,841,762
Paychex Inc		38,399		3,578,019
Paycom Software Inc *		6,008		2,717,118
Qorvo Inc *		13,795		2,293,695
QUALCOMM Inc		136,797		20,839,655


	Shares		Value
salesforce.com Inc *		110,671	$	24,627,618
Seagate Technology PLC		26,828		1,667,628
ServiceNow Inc *		23,598		12,989,047
Skyworks Solutions Inc		20,044		3,064,327
Synopsys Inc *		18,593		4,820,049
Take-Two Interactive Software Inc *		13,899		2,888,073
Teradyne Inc		19,957		2,392,645
Texas Instruments Inc		111,027		18,222,861
Tyler Technologies Inc *		4,878		2,129,345
Western Digital Corp		37,449		2,074,300
Xerox Holdings Corp		19,485		451,857
Xilinx Inc		29,772		4,220,776
Zebra Technologies Corp ‘A’ *		6,441		2,475,470

				888,314,261

Utilities - 2.7%

AES Corp		81,397		1,912,830
Alliant Energy Corp		30,298		1,561,256
Ameren Corp		29,752		2,322,441
American Electric Power Co Inc		60,138		5,007,691
American Water Works Co Inc		21,757		3,339,047
Atmos Energy Corp		15,135		1,444,333
CenterPoint Energy Inc		64,247		1,390,305
CMS Energy Corp		34,405		2,099,049
Consolidated Edison Inc		41,841		3,023,849
Dominion Energy Inc		98,675		7,420,360
DTE Energy Co		23,563		2,860,784
Duke Energy Corp		88,703		8,121,647
Edison International		45,210		2,840,092
Entergy Corp		23,860		2,382,182
Evergy Inc		27,699		1,537,571
Eversource Energy		41,465		3,587,137
Exelon Corp		118,643		5,009,107
FirstEnergy Corp		66,219		2,026,964
NextEra Energy Inc		236,954		18,281,001
NiSource Inc		47,403		1,087,425
NRG Energy Inc		29,854		1,121,018
Pinnacle West Capital Corp		13,191		1,054,620
PPL Corp		92,040		2,595,528
Public Service Enterprise Group Inc		60,654		3,536,128
Sempra Energy		35,149		4,478,334
The Southern Co		127,754		7,847,928
WEC Energy Group Inc		38,417		3,535,517
Xcel Energy Inc		63,856		4,257,280

				105,681,424


Total Common Stocks (Cost $2,239,891,480)				3,828,216,485

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 96.5%

Basic Materials - 1.9%

The Sherwin-Williams Co		7,711		$5,666,891


Communications - 29.7%

Alphabet Inc ‘C’ *		4,638		8,125,219
Amazon.com Inc *		7,517		24,482,343
Booking Holdings Inc *		4,059		9,040,489
DoorDash Inc ‘A’ *		4,562		651,225
Facebook Inc ‘A’ *		46,907		12,813,116
Match Group Inc *		27,842		4,209,432
Netflix Inc *		12,278		6,639,083
Snap Inc ‘A’ *		146,209		7,320,685
T-Mobile US Inc *		70,042		9,445,164
The Walt Disney Co *		20,160		3,652,589

				86,379,345

Consumer, Cyclical - 5.0%

Caesars Entertainment Inc *		27,157		2,016,950
LVMH Moet Hennessy Louis Vuitton SE (France)		11,742		7,350,503
NIKE Inc ‘B’		37,386		5,288,998

				14,656,451

Consumer, Non-Cyclical - 20.5%

Accolade Inc *		15,201		661,243
Align Technology Inc *		12,871		6,878,005
Ascendis Pharma AS ADR * (Denmark)		12,842		2,141,789
Avalara Inc *		8,516		1,404,203
Boston Scientific Corp *		186,268		6,696,335
CoStar Group Inc *		6,146		5,680,625
Danaher Corp		30,856		6,854,352
Elanco Animal Health Inc *		183,377		5,624,172
Globus Medical Inc ‘A’ *		47,786		3,116,603
Illumina Inc *		12,265		4,538,050
Neurocrine Biosciences Inc *		53,383		5,116,760
Terminix Global Holdings Inc *		96,966		4,946,236
The Cooper Cos Inc		16,587		6,026,389

				59,684,762

Diversified - 0.3%

Altimeter Growth Corp UNIT *		74,607		969,891


Financial - 7.5%

American Tower Corp REIT		22,386		5,024,762
Mastercard Inc ‘A’		47,149		16,829,364

				21,854,126

Industrial - 2.9%

L3Harris Technologies Inc		43,909		8,299,679


Technology - 28.7%

Adobe Inc *		16,038		8,020,924
Apple Inc		115,227		15,289,471
ASML Holding NV (Netherlands)		13,347		6,509,599
Atlassian Corp PLC ‘A’ *		17,040		3,985,145
Microsoft Corp		99,671		22,168,824
NVIDIA Corp		11,489		5,999,556
salesforce.com Inc *		41,634		9,264,814
Texas Instruments Inc		53,673		8,809,349
Twilio Inc ‘A’ *		10,914		3,694,389

				83,742,071


Total Common Stocks (Cost $161,079,233)				281,253,216


	Principal Amount		Value

SHORT-TERM INVESTMENT - 3.2%

Repurchase Agreement - 3.2%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $9,242,933; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $9,427,800)		$9,242,933		$9,242,933


Total Short-Term Investment (Cost $9,242,933)				9,242,933


TOTAL INVESTMENTS - 99.7% (Cost $170,322,166)				290,496,149

OTHER ASSETS & LIABILITIES, NET - 0.3%				835,690


NET ASSETS - 100.0%				$291,331,839

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Communications			29.7%
Technology			28.7%
Consumer, Non-Cyclical			20.5%
Financial			7.5%
Consumer, Cyclical			5.0%
Short-Term Investment			3.2%
Others (each less than 3.0%)			5.1%

			99.7%
Other Assets & Liabilities, Net			0.3%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 99.7%

Basic Materials - 1.4%

The Sherwin-Williams Co		44,299		$32,555,778


Communications - 24.4%

Airbnb Inc ‘A’ *		3,880		569,584
Alibaba Group Holding Ltd ADR * (China)		68,366		15,910,819
Alphabet Inc ‘A’ *		58,412		102,375,208
Alphabet Inc ‘C’ *		17,915		31,384,930
Amazon.com Inc *		62,640		204,014,095
Charter Communications Inc ‘A’ *		57,669		38,150,927
Facebook Inc ‘A’ *		297,965		81,392,119
Match Group Inc *		181,342		27,417,097
Netflix Inc *		68,492		37,035,679
Pinterest Inc ‘A’ *		158,243		10,428,214
Shopify Inc ‘A’ * (Canada)		10,048		11,373,834
Spotify Technology SA *		28,401		8,936,659

				568,989,165

Consumer, Cyclical - 2.9%

Chipotle Mexican Grill Inc *		10,099		14,004,384
Costco Wholesale Corp		7,444		2,804,750
Dollar General Corp		73,799		15,519,930
Lululemon Athletica Inc *		36,622		12,745,555
NIKE Inc ‘B’		140,164		19,829,001
Starbucks Corp		28,399		3,038,125

				67,941,745

Consumer, Non-Cyclical - 22.9%

Abbott Laboratories		303,242		33,201,967
Alnylam Pharmaceuticals Inc *		39,862		5,180,864
Becton Dickinson and Co		48,015		12,014,313
Boston Scientific Corp *		387,139		13,917,647
Colgate-Palmolive Co		347,557		29,719,599
CoStar Group Inc *		24,529		22,671,664
Danaher Corp		208,714		46,363,728
Edwards Lifesciences Corp *		150,909		13,767,428
Equifax Inc		46,242		8,917,307
Global Payments Inc		75,962		16,363,734
IHS Markit Ltd		89,034		7,997,924
Merck & Co Inc		41,400		3,386,520
PayPal Holdings Inc *		258,318		60,498,076
Seagen Inc *		61,400		10,753,596
Square Inc ‘A’ *		158,744		34,549,044
STERIS PLC		36,107		6,843,721
Teladoc Health Inc *		48,722		9,742,451
The Estee Lauder Cos Inc ‘A’		103,331		27,505,679
Thermo Fisher Scientific Inc		106,605		49,654,477
TransUnion		207,183		20,556,697
UnitedHealth Group Inc		26,311		9,226,741
Verisk Analytics Inc		186,862		38,790,683
Vertex Pharmaceuticals Inc *		82,279		19,445,819
Zoetis Inc		197,980		32,765,690

				533,835,369

Financial - 8.3%

American Tower Corp REIT		83,701		18,787,526
Aon PLC ‘A’		78,644		16,615,118
Equinix Inc REIT		23,919		17,082,471
Mastercard Inc ‘A’		214,190		76,452,979
Visa Inc ‘A’		296,135		64,773,609

				193,711,703

Industrial - 3.4%

AMETEK Inc		166,482		20,134,333
Canadian Pacific Railway Ltd (NYSE) (Canada)		46,007		15,950,167


	Shares		Value
Roper Technologies Inc		45,071	$	19,429,657
Vulcan Materials Co		150,707		22,351,355

				77,865,512

Technology - 36.4%

Activision Blizzard Inc		245,055		22,753,357
Adobe Inc *		190,714		95,379,886
Apple Inc		465,429		61,757,774
Applied Materials Inc		202,025		17,434,757
ASML Holding NV (Netherlands)		33,522		16,349,350
Atlassian Corp PLC ‘A’ *		67,879		15,874,862
Autodesk Inc *		93,327		28,496,466
Black Knight Inc *		81,150		7,169,603
Cadence Design Systems Inc *		162,484		22,167,692
Clarivate PLC * (United Kingdom)		632,333		18,786,613
Electronic Arts Inc		215,629		30,964,324
Fidelity National Information Services Inc		46,240		6,541,110
Intuit Inc		117,217		44,524,877
Lam Research Corp		67,334		31,799,828
Microsoft Corp		1,011,190		224,908,880
MSCI Inc		86,624		38,680,215
NVIDIA Corp		88,070		45,990,154
salesforce.com Inc *		171,592		38,184,368
Sea Ltd ADR * (Taiwan)		59,212		11,786,149
ServiceNow Inc *		65,123		35,845,653
Snowflake Inc ‘A’ *		9,389		2,642,065
Synopsys Inc *		57,164		14,819,195
Take-Two Interactive Software Inc *		76,487		15,893,234

				848,750,412


Total Common Stocks (Cost $1,438,281,496)				2,323,649,684


	Principal Amount

SHORT-TERM INVESTMENT - 0.3%

Repurchase Agreement - 0.3%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $6,741,721; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $6,876,600)		$6,741,721		6,741,721


Total Short-Term Investment (Cost $6,741,721)				6,741,721


TOTAL INVESTMENTS - 100.0% (Cost $1,445,023,217)				2,330,391,405

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(923,931	)


NET ASSETS - 100.0%				$2,329,467,474

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Technology	36.4%
Communications	24.4%
Consumer, Non-Cyclical	22.9%
Financial	8.3%
Industrial	3.4%
Others (each less than 3.0%)	4.6%

	100.0%
Other Assets & Liabilities, Net	(0.0%	)

	100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 99.7%

Basic Materials - 2.3%

International Flavors & Fragrances Inc		57,091		$6,213,784
Linde PLC (United Kingdom)		25,172		6,633,074
The Sherwin-Williams Co		30,395		22,337,590

				35,184,448


Communications - 28.5%

Alibaba Group Holding Ltd ADR * (China)		96,823		22,533,617
Alphabet Inc ‘A’ *		32,749		57,397,207
Amazon.com Inc *		45,592		148,489,953
Facebook Inc ‘A’ *		183,177		50,036,629
MercadoLibre Inc * (Argentina)		25,986		43,532,267
Netflix Inc *		91,553		49,505,454
Shopify Inc ‘A’ * (Canada)		14,661		16,595,519
Snap Inc ‘A’ *		770,226		38,565,216
Wix.com Ltd * (Israel)		61,944		15,483,522

				442,139,384


Consumer, Cyclical - 6.0%

Domino’s Pizza Inc		14,275		5,473,891
Ferrari NV (Italy)		23,371		5,364,112
Lowe’s Cos Inc		123,676		19,851,235
LVMH Moet Hennessy Louis Vuitton SE (France)		20,235		12,667,130
NIKE Inc ‘B’		223,165		31,571,152
The TJX Cos Inc		269,593		18,410,506

				93,338,026


Consumer, Non-Cyclical - 17.3%

AstraZeneca PLC ADR (United Kingdom)		272,940		13,644,271
Boston Scientific Corp *		686,173		24,667,919
CoStar Group Inc *		39,426		36,440,663
Humana Inc		54,136		22,210,377
Intuitive Surgical Inc *		21,455		17,552,336
Lonza Group AG (Switzerland)		17,451		11,241,349
PayPal Holdings Inc *		112,537		26,356,165
S&P Global Inc		128,394		42,206,960
TransUnion		162,972		16,170,082
UnitedHealth Group Inc		97,980		34,359,626
Zoetis Inc		146,627		24,266,768

				269,116,516


Financial - 10.3%

Mastercard Inc ‘A’		173,460		61,914,813
Prologis Inc REIT		37,941		3,781,200
SBA Communications Corp REIT		80,995		22,851,119
Visa Inc ‘A’		327,938		71,729,879

				160,277,011


Industrial - 3.1%

Ball Corp		127,315		11,863,212
Keysight Technologies Inc *		123,702		16,339,797
Roper Technologies Inc		46,639		20,105,606

				48,308,615


Technology - 32.2%

Adobe Inc *		82,078		41,048,849
Analog Devices Inc		201,065		29,703,332
Apple Inc		429,667		57,012,514
ASML Holding NV (Netherlands)		89,497		43,649,477
Autodesk Inc *		82,119		25,074,216


	Shares		Value
Coupa Software Inc *		28,347	$	9,607,082
Fidelity National Information Services Inc		118,210		16,721,987
Intuit Inc		98,102		37,264,045
Marvell Technology Group Ltd		498,680		23,707,247
Microsoft Corp		557,997		124,109,693
NVIDIA Corp		31,029		16,203,344
RingCentral Inc ‘A’ *		62,956		23,858,435
ServiceNow Inc *		91,768		50,511,860
Snowflake Inc ‘A’ *		7,030		1,978,242

				500,450,323


Total Common Stocks (Cost $922,770,162)				1,548,814,323


	Principal Amount

SHORT-TERM INVESTMENT - 0.5%

Repurchase Agreement - 0.5%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $8,001,057; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $8,161,100)		$8,001,057		8,001,057


Total Short-Term Investment (Cost $8,001,057)				8,001,057


TOTAL INVESTMENTS - 100.2% (Cost $930,771,219)				1,556,815,380

OTHER ASSETS & LIABILITIES, NET - (0.2%)				(3,428,656	)


NET ASSETS - 100.0%				$1,553,386,724

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Technology	32.2%
Communications	28.5%
Consumer, Non-Cyclical	17.3%
Financial	10.3%
Consumer, Cyclical	6.0%
Industrial	3.1%
Others (each less than 3.0%)	2.8%

	100.2%
Other Assets & Liabilities, Net	(0.2%	)

	100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 99.1%

Basic Materials - 4.0%

Air Products & Chemicals Inc		145,730		$39,816,350
PPG Industries Inc		167,708		24,186,848

				64,003,198


Communications - 15.9%

Alphabet Inc ‘A’ *		12,650		22,170,896
Charter Communications Inc ‘A’ *		84,281		55,756,096
Comcast Corp ‘A’		1,190,971		62,406,880
DISH Network Corp ‘A’ *		1,295,921		41,910,085
Motorola Solutions Inc		193,705		32,941,472
T-Mobile US Inc *		282,988		38,160,932

				253,346,361


Consumer, Cyclical - 2.1%

The Home Depot Inc		126,241		33,532,134


Consumer, Non-Cyclical - 13.5%

AmerisourceBergen Corp		198,224		19,378,378
Amgen Inc		93,528		21,503,958
Anthem Inc		86,568		27,796,119
Johnson & Johnson		212,649		33,466,700
Keurig Dr Pepper Inc		625,158		20,005,056
Merck & Co Inc		215,766		17,649,659
Novartis AG ADR (Switzerland)		147,022		13,883,288
PepsiCo Inc		123,690		18,343,227
Reynolds Consumer Products Inc		666,183		20,012,137
UnitedHealth Group Inc		67,787		23,771,545

				215,810,067


Energy - 4.2%

Chevron Corp		247,870		20,932,621
ConocoPhillips		370,970		14,835,090
Enterprise Products Partners LP		828,739		16,234,997
Suncor Energy Inc (NYSE) (Canada)		896,770		15,047,801

				67,050,509


Financial - 24.0%

American Express Co		389,188		47,056,721
American Tower Corp REIT		143,263		32,156,813
Bank of America Corp		2,128,133		64,503,711
Berkshire Hathaway Inc ‘B’ *		107,019		24,814,495
Capital One Financial Corp		169,570		16,761,994
JPMorgan Chase & Co		527,295		67,003,376
Marsh & McLennan Cos Inc		212,840		24,902,280
The Bank of New York Mellon Corp		495,059		21,010,304
The Charles Schwab Corp		397,074		21,060,805
The Progressive Corp		240,686		23,799,032
The Travelers Cos Inc		155,999		21,897,580
US Bancorp		392,554		18,289,091

				383,256,202


Industrial - 22.5%

Deere & Co		178,182		47,939,867
Honeywell International Inc		251,939		53,587,425
Illinois Tool Works Inc		148,641		30,304,927
Martin Marietta Materials Inc		65,799		18,684,942
Northrop Grumman Corp		89,789		27,360,504
Otis Worldwide Corp		277,477		18,743,571
Raytheon Technologies Corp		703,554		50,311,147
TE Connectivity Ltd		431,059		52,188,313


	Shares		Value
United Parcel Service Inc ‘B’		235,524	$	39,662,242
Vertiv Holdings Co		1,051,105		19,624,131

				358,407,069


Technology - 6.9%

Apple Inc		137,962		18,306,178
Lam Research Corp		73,755		34,832,274
Microsoft Corp		70,321		15,640,797
Oracle Corp		281,576		18,215,151
QUALCOMM Inc		146,980		22,390,933

				109,385,333


Utilities - 6.0%

Edison International		751,758		47,225,438
Sempra Energy		375,466		47,838,123

				95,063,561

Total Common Stocks (Cost $1,113,513,625)				1,579,854,434


	Principal Amount

SHORT-TERM INVESTMENT - 0.8%

Repurchase Agreement - 0.8%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $12,334,772; collateralized by U.S. Treasury Notes: 2.375% due 05/15/27 and value $12,581,528)		$12,334,772		12,334,772


Total Short-Term Investment (Cost $12,334,772)				12,334,772


TOTAL INVESTMENTS - 99.9% (Cost $1,125,848,397)				1,592,189,206

OTHER ASSETS & LIABILITIES, NET - 0.1%				1,068,815


NET ASSETS - 100.0%				$1,593,258,021

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			24.0%
Industrial			22.5%
Communications			15.9%
Consumer, Non-Cyclical			13.5%
Technology			6.9%
Utilities			6.0%
Energy			4.2%
Basic Materials			4.0%
Others (each less than 3.0%)			2.9%

			99.9%
Other Assets & Liabilities, Net			0.1%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 99.3%

Basic Materials - 0.5%

Valvoline Inc		277,114		$6,412,418


Communications - 16.6%

Airbnb Inc ‘A’ *		20,556		3,017,621
Amazon.com Inc *		23,275		75,805,046
Booking Holdings Inc *		8,714		19,408,431
Comcast Corp ‘A’		230,413		12,073,641
Facebook Inc ‘A’ *		147,450		40,277,442
Motorola Solutions Inc		91,048		15,483,623
Snap Inc ‘A’ *		166,677		8,345,517
Verizon Communications Inc		428,781		25,190,884

				199,602,205

Consumer, Cyclical - 6.6%

CarMax Inc *		81,518		7,700,190
DR Horton Inc		130,489		8,993,302
General Motors Co		220,874		9,197,193
Live Nation Entertainment Inc *		41,997		3,085,940
O’Reilly Automotive Inc *		19,148		8,665,810
Target Corp		86,765		15,316,625
The Home Depot Inc		87,253		23,176,142
Warner Music Group Corp ‘A’		88,221		3,351,516

				79,486,718

Consumer, Non-Cyclical - 21.7%

Alcon Inc * (Switzerland)		91,919		6,064,816
AstraZeneca PLC ADR (United Kingdom)		457,349		22,862,876
Avantor Inc *		190,170		5,353,285
Constellation Brands Inc ‘A’		66,774		14,626,845
CVS Health Corp		221,477		15,126,879
Eli Lilly & Co		101,789		17,186,055
HCA Healthcare Inc		170,257		28,000,466
Merck & Co Inc		275,956		22,573,201
Mondelez International Inc ‘A’		227,244		13,286,957
Neurocrine Biosciences Inc *		44,382		4,254,015
Reckitt Benckiser Group PLC (United Kingdom)		56,827		5,072,052
Sysco Corp		165,247		12,271,242
The a2 Milk Co Ltd * (New Zealand)		164,577		1,452,262
The Procter & Gamble Co		219,426		30,530,934
Thermo Fisher Scientific Inc		44,903		20,914,919
UnitedHealth Group Inc		117,743		41,290,115

				260,866,919

Energy - 2.2%

Cabot Oil & Gas Corp		317,916		5,175,672
Magellan Midstream Partners LP		331,345		14,062,282
Valero Energy Corp		132,103		7,473,067

				26,711,021

Financial - 16.1%

Capital One Financial Corp		224,387		22,180,655
Equitable Holdings Inc		909,054		23,262,692
Intercontinental Exchange Inc		210,939		24,319,157
JPMorgan Chase & Co		308,873		39,248,492
Mastercard Inc ‘A’		58,772		20,978,078
Prologis Inc REIT		296,397		29,538,925
Rocket Cos Inc ‘A’ *		614,559		12,426,383
The Progressive Corp		216,794		21,436,591

				193,390,973

Industrial - 10.2%

Caterpillar Inc		55,822		10,160,721
CH Robinson Worldwide Inc		52,624		4,939,815
Honeywell International Inc		66,416		14,126,683
Hubbell Inc		18,959		2,972,582
Lockheed Martin Corp		52,690		18,703,896


	Shares		Value
Otis Worldwide Corp		108,597	$	7,335,727
Rockwell Automation Inc		29,202		7,324,154
Union Pacific Corp		92,170		19,191,637
United Parcel Service Inc ‘B’		101,700		17,126,280
Vulcan Materials Co		65,669		9,739,369
Waste Connections Inc		106,368		10,910,166

				122,531,030

Technology - 24.3%

Accenture PLC ‘A’		75,064		19,607,467
Adobe Inc *		13,365		6,684,104
Amdocs Ltd		111,478		7,907,135
Apple Inc		166,632		22,110,400
Applied Materials Inc		394,233		34,022,308
Fiserv Inc *		157,850		17,972,801
Microsoft Corp		429,389		95,504,701
QUALCOMM Inc		295,510		45,017,993
Snowflake Inc ‘A’ *		6,679		1,879,471
Texas Instruments Inc		133,977		21,989,645
Workday Inc ‘A’ *		38,912		9,323,704
Zynga Inc ‘A’ *		1,046,977		10,333,663

				292,353,392

Utilities - 1.1%

Duke Energy Corp		70,207		6,428,153
FirstEnergy Corp		239,622		7,334,829

				13,762,982


Total Common Stocks (Cost $875,271,193)				1,195,117,658


	Principal Amount

SHORT-TERM INVESTMENT - 0.9%

Repurchase Agreement - 0.9%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $10,651,599; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $10,864,700)		$10,651,599		10,651,599


Total Short-Term Investment (Cost $10,651,599)				10,651,599


TOTAL INVESTMENTS - 100.2% (Cost $885,922,792)				1,205,769,257

OTHER ASSETS & LIABILITIES, NET - (0.2%)				(1,933,095	)


NET ASSETS - 100.0%				$1,203,836,162

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Technology	24.3%
Consumer, Non-Cyclical	21.7%
Communications	16.6%
Financial	16.1%
Industrial	10.2%
Consumer, Cyclical	6.6%
Others (each less than 3.0%)	4.7%

	100.2%
Other Assets & Liabilities, Net	(0.2%	)

	100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 99.8%

Basic Materials - 3.6%

Albemarle Corp		37,517		$5,534,508
CF Industries Holdings Inc		69,169		2,677,532
Freeport-McMoRan Inc		131,632		3,425,065
Hecla Mining Co		512,665		3,322,069
Huntsman Corp		306,412		7,703,198
Kirkland Lake Gold Ltd (Canada)		130,334		5,378,884
Westlake Chemical Corp		18,169		1,482,590

				29,523,846

Communications - 6.6%

Arista Networks Inc *		5,550		1,612,664
Booking Holdings Inc *		1,603		3,570,314
Chewy Inc ‘A’ *		57,107		5,133,348
eBay Inc		89,256		4,485,114
Etsy Inc *		8,602		1,530,382
Expedia Group Inc		33,756		4,469,294
Match Group Inc *		29,121		4,402,804
NortonLifeLock Inc		110,072		2,287,296
Proofpoint Inc *		22,235		3,033,076
Roku Inc *		51,006		16,935,012
Spotify Technology SA *		11,306		3,557,546
The Trade Desk Inc ‘A’ *		1,205		965,205
Twitter Inc *		31,024		1,679,950

				53,662,005

Consumer, Cyclical - 18.8%

Alaska Air Group Inc		100,911		5,247,372
Allison Transmission Holdings Inc		34,958		1,507,739
American Eagle Outfitters Inc		281,094		5,641,557
Aptiv PLC		21,990		2,865,077
Best Buy Co Inc		41,393		4,130,607
Brunswick Corp		85,898		6,548,864
Burlington Stores Inc *		6,634		1,735,123
Carnival Corp		307,169		6,653,281
Casey’s General Stores Inc		29,755		5,314,838
Chipotle Mexican Grill Inc *		1,855		2,572,347
Copart Inc *		32,664		4,156,494
Darden Restaurants Inc		38,767		4,617,925
Delta Air Lines Inc		76,425		3,073,049
Dollar General Corp		27,095		5,698,078
DR Horton Inc		90,989		6,270,962
Floor & Decor Holdings Inc ‘A’ *		101,680		9,440,988
IAA Inc *		34,087		2,214,973
JetBlue Airways Corp *		447,715		6,509,776
Lear Corp		85,635		13,618,534
Live Nation Entertainment Inc *		43,528		3,198,437
Lululemon Athletica Inc *		4,679		1,628,432
O’Reilly Automotive Inc *		5,207		2,356,532
Peloton Interactive Inc ‘A’ *		19,815		3,006,332
PulteGroup Inc		89,479		3,858,334
Royal Caribbean Cruises Ltd		113,479		8,475,747
Southwest Airlines Co		84,917		3,957,981
Texas Roadhouse Inc		61,885		4,836,932
Thor Industries Inc		56,021		5,209,393
Tractor Supply Co		17,823		2,505,557
Ulta Beauty Inc *		13,144		3,774,431
Vail Resorts Inc		11,883		3,314,882
WW Grainger Inc		20,376		8,320,336
YETI Holdings Inc *		28,886		1,977,824


				154,238,734

Consumer, Non-Cyclical - 14.7%

ABIOMED Inc *		14,766		4,787,137
Align Technology Inc *		4,506		2,407,916


	Shares		Value
AMERCO		9,969		$4,525,527
BioMarin Pharmaceutical Inc *		54,493		4,778,491
Booz Allen Hamilton Holding Corp		34,359		2,995,418
CoStar Group Inc *		4,751		4,391,254
Darling Ingredients Inc *		102,255		5,898,069
DexCom Inc *		9,402		3,476,108
Edwards Lifesciences Corp *		46,828		4,272,119
Emergent BioSolutions Inc *		29,717		2,662,643
Euronet Worldwide Inc *		11,243		1,629,336
Exelixis Inc *		204,685		4,108,028
FTI Consulting Inc *		24,169		2,700,161
Henry Schein Inc *		45,353		3,032,302
Horizon Therapeutics Plc *		177,749		13,002,339
IDEXX Laboratories Inc *		3,772		1,885,510
Insulet Corp *		20,796		5,316,082
Lamb Weston Holdings Inc		46,603		3,669,520
MarketAxess Holdings Inc		3,930		2,242,301
Masimo Corp *		11,711		3,142,998
Moody’s Corp		6,818		1,978,856
Neurocrine Biosciences Inc *		42,901		4,112,061
Novocure Ltd *		19,058		3,297,796
NuVasive Inc *		94,476		5,321,833
Omnicell Inc *		14,701		1,764,414
Robert Half International Inc		90,505		5,654,752
Teleflex Inc		8,748		3,600,414
The Boston Beer Co Inc ‘A’ *		2,704		2,688,560
The Hain Celestial Group Inc *		46,329		1,860,109
United Rentals Inc *		21,721		5,037,317
Universal Health Services Inc ‘B’		17,233		2,369,538
Verisk Analytics Inc		7,192		1,492,987

				120,101,896

Energy - 3.1%

Baker Hughes Co		359,383		7,493,135
Enphase Energy Inc *		12,657		2,220,924
EOG Resources Inc		83,234		4,150,880
Marathon Petroleum Corp		180,300		7,457,208
SolarEdge Technologies Inc *		12,885		4,111,861

				25,434,008

Financial - 18.6%

AGNC Investment Corp REIT		298,156		4,651,234
Agree Realty Corp REIT		64,366		4,285,488
Ally Financial Inc		406,535		14,497,038
Americold Realty Trust REIT		115,939		4,328,003
Arch Capital Group Ltd *		163,641		5,902,531
Brown & Brown Inc		75,836		3,595,385
Citizens Financial Group Inc		228,887		8,184,999
Cousins Properties Inc REIT		47,461		1,589,943
Discover Financial Services		67,772		6,135,399
Evercore Inc ‘A’		122,429		13,423,116
Everest Re Group Ltd		29,610		6,931,405
Healthcare Realty Trust Inc REIT		134,713		3,987,505
Host Hotels & Resorts Inc REIT		489,756		7,165,130
LendingTree Inc *		6,588		1,803,729
Lincoln National Corp		243,063		12,228,500
Marsh & McLennan Cos Inc		22,794		2,666,898
Mid-America Apartment Communities Inc REIT		82,296		10,426,080
Prologis Inc REIT		41,602		4,146,055
STAG Industrial Inc REIT		251,354		7,872,407
SVB Financial Group *		26,815		10,399,661
Synovus Financial Corp		144,870		4,689,442
The Hartford Financial Services Group Inc		102,821		5,036,173
Voya Financial Inc		75,968		4,467,678
White Mountains Insurance Group Ltd		2,423		2,424,599
WR Berkley Corp		27,853		1,849,996

				152,688,394


	Shares		Value
Industrial - 13.4%

Aerojet Rocketdyne Holdings Inc *		108,778		$5,748,917
AGCO Corp		53,744		5,540,469
BWX Technologies Inc		88,643		5,343,400
Carlisle Cos Inc		11,377		1,776,860
Carrier Global Corp		44,712		1,686,537
Chart Industries Inc *		33,631		3,961,395
Eagle Materials Inc		67,907		6,882,374
Eaton Corp PLC		16,605		1,994,925
Garmin Ltd		32,198		3,852,813
Generac Holdings Inc *		28,455		6,470,952
Hexcel Corp		79,171		3,839,002
Huntington Ingalls Industries Inc		19,296		3,289,582
Kansas City Southern		33,385		6,814,880
Keysight Technologies Inc *		33,778		4,461,736
Knight-Swift Transportation Holdings Inc		107,912		4,512,880
L3Harris Technologies Inc		21,110		3,990,212
Martin Marietta Materials Inc		19,697		5,593,357
Owens Corning		78,806		5,970,343
Pentair PLC		86,695		4,602,638
Textron Inc		73,562		3,555,251
The Timken Co		60,536		4,683,065
Universal Display Corp		15,190		3,490,662
Vulcan Materials Co		37,698		5,590,990
Xylem Inc		56,452		5,746,249

				109,399,489

Technology - 17.4%

Advanced Micro Devices Inc *		40,930		3,753,690
Analog Devices Inc		11,638		1,719,282
Black Knight Inc *		25,616		2,263,174
C3.ai Inc ‘A’ *		28,320		3,929,400
Cadence Design Systems Inc *		12,920		1,762,676
Crowdstrike Holdings Inc ‘A’ *		91,853		19,456,302
DocuSign Inc *		18,182		4,041,859
DXC Technology Co		191,223		4,923,992
KLA Corp		20,294		5,254,320
Lam Research Corp		4,216		1,991,090
Lumentum Holdings Inc *		75,548		7,161,950
Marvell Technology Group Ltd		86,381		4,106,553
Monolithic Power Systems Inc		14,274		5,227,567
MSCI Inc		9,293		4,149,603
Nuance Communications Inc *		75,910		3,346,872
NXP Semiconductors NV (Netherlands)		10,827		1,721,601
ON Semiconductor Corp *		123,690		4,048,374
Paycom Software Inc *		9,839		4,449,688
Pure Storage Inc ‘A’ *		276,580		6,253,474
ServiceNow Inc *		4,208		2,316,209
Skyworks Solutions Inc		63,400		9,692,592
Splunk Inc *		15,015		2,550,898
Take-Two Interactive Software Inc *		19,356		4,021,983
Twilio Inc ‘A’ *		10,542		3,568,467
Veeva Systems Inc ‘A’ *		13,944		3,796,254
Workday Inc ‘A’ *		19,170		4,593,324
Xilinx Inc		22,481		3,187,131
Zebra Technologies Corp ‘A’ *		16,745		6,435,606


	Shares		Value
Zscaler Inc *		25,705		$5,133,546
Zynga Inc ‘A’ *		751,881		7,421,065

				142,278,542

Utilities - 3.6%

Atmos Energy Corp		31,926		3,046,698
CenterPoint Energy Inc		339,499		7,346,758
CMS Energy Corp		62,921		3,838,810
Evergy Inc		135,897		7,543,643
ONE Gas Inc		39,442		3,027,962
WEC Energy Group Inc		52,492		4,830,839

				29,634,710

Total Common Stocks (Cost $589,489,121)				816,961,624



	Principal Amount
SHORT-TERM INVESTMENT - 0.2%

Repurchase Agreement - 0.2%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $2,004,485; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $2,044,600)		$2,004,485		2,004,485


Total Short-Term Investment (Cost $2,004,485)				2,004,485


TOTAL INVESTMENTS - 100.0% (Cost $591,493,606)				818,966,109

OTHER ASSETS & LIABILITIES, NET - 0.0%				279,371


NET ASSETS - 100.0%				$819,245,480

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Cyclical			18.8%
Financial			18.6%
Technology			17.4%
Consumer, Non-Cyclical			14.7%
Industrial			13.4%
Communications			6.6%
Utilities			3.6%
Basic Materials			3.6%
Energy			3.1%
Others (each less than 3.0%)			0.2%


			100.0%
Other Assets & Liabilities, Net			0.0%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 97.9%

Basic Materials - 1.4%

RPM International Inc		159,971		$14,522,167


Communications - 5.7%

Arista Networks Inc *		54,736		15,904,640
Palo Alto Networks Inc *		39,478		14,030,086
Twitter Inc *		278,442		15,077,634
Zendesk Inc *		91,255		13,060,416

				58,072,776

Consumer, Cyclical - 16.4%

BorgWarner Inc		378,484		14,624,622
Canada Goose Holdings Inc * (Canada)		306,070		9,111,704
Chipotle Mexican Grill Inc *		24,464		33,924,473
Dollar Tree Inc *		120,126		12,978,413
Fastenal Co ‡		455,013		22,218,285
Lululemon Athletica Inc *		33,541		11,673,274
National Vision Holdings Inc *		264,020		11,957,466
Nordstrom Inc		184,281		5,751,410
Ollie’s Bargain Outlet Holdings Inc *		69,045		5,645,810
The Scotts Miracle-Gro Co		88,911		17,705,736
Ulta Beauty Inc *		69,045		19,826,962

				165,418,155

Consumer, Non-Cyclical - 29.9%

10X Genomics Inc ‘A’ *		41,826		5,922,562
ABIOMED Inc *		62,334		20,208,683
Align Technology Inc *		17,185		9,183,320
Bio-Techne Corp		35,281		11,203,482
CoStar Group Inc *		38,081		35,197,507
DexCom Inc *		64,853		23,977,451
Edwards Lifesciences Corp *		173,200		15,801,036
Envista Holdings Corp *		323,035		10,895,971
Genmab AS ADR * (Denmark)		293,432		11,930,945
Glaukos Corp *		119,204		8,971,293
Intuitive Surgical Inc *		20,530		16,795,593
Laboratory Corp of America Holdings *		70,814		14,414,190
Maravai LifeSciences Holdings Inc ‘A’ *		219,101		6,145,783
MarketAxess Holdings Inc		51,697		29,496,240
Masimo Corp *		38,290		10,276,270
Seagen Inc *		88,899		15,569,771
Square Inc ‘A’ * ‡		52,111		11,341,438
Teladoc Health Inc *		52,689		10,535,692
The Hershey Co		81,835		12,465,925
TransUnion		220,264		21,854,594

				302,187,746

Financial - 3.8%

First Republic Bank		128,072		18,817,619
SVB Financial Group *		51,258		19,879,390

				38,697,009

Industrial - 15.3%

Agilent Technologies Inc		107,102		12,690,516
AO Smith Corp		291,219		15,964,626
IDEX Corp		77,716		15,481,027
II-VI Inc *		235,066		17,855,613
Keysight Technologies Inc *		155,078		20,484,253
Novanta Inc *		57,108		6,751,308
The Middleby Corp *		161,536		20,825,221
Trane Technologies PLC		80,360		11,665,058
Trex Co Inc *		215,895		18,074,729
Universal Display Corp		65,464		15,043,627

				154,835,978


	Shares		Value
Technology - 25.4%

Brooks Automation Inc		125,209		$8,495,431
Cerner Corp ‡		214,280		16,816,694
Crowdstrike Holdings Inc ‘A’ *		76,050		16,108,911
DocuSign Inc *		115,592		25,696,102
Electronic Arts Inc ‡		193,828		27,833,701
Guidewire Software Inc *		143,214		18,435,938
Marvell Technology Group Ltd		296,091		14,076,166
Microchip Technology Inc		144,178		19,912,424
Monolithic Power Systems Inc		74,122		27,145,700
Paycom Software Inc *		26,580		12,020,805
Teradyne Inc		211,065		25,304,583
Twilio Inc ‘A’ *		83,885		28,395,072
Tyler Technologies Inc *		38,442		16,780,702

				257,022,229

Total Common Stocks (Cost $561,494,246)				990,756,060


	Principal Amount

SHORT-TERM INVESTMENT - 2.1%

Repurchase Agreement - 2.1%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $21,765,261; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $22,200,600)		$21,765,261		21,765,261


Total Short-Term Investment (Cost $21,765,261)				21,765,261


TOTAL INVESTMENTS - 100.0% (Cost $583,259,507)				1,012,521,321

DERIVATIVES - 0.2%				1,817,428


OTHER ASSETS & LIABILITIES, NET - (0.2%)				(1,827,856	)


NET ASSETS - 100.0%				$1,012,510,893

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical	29.9%
Technology	25.4%
Consumer, Cyclical	16.4%
Industrial	15.3%
Communications	5.7%
Financial	3.8%
Others (each less than 3.0%)	3.5%

	100.0%
Derivatives	0.2%
Other Assets & Liabilities, Net	(0.2%	)

	100.0%

(b)	As of December 31, 2020, investments with a total aggregate value of $30,195,388 was fully or partially segregated with the broker(s)/custodian as collateral for option contracts.

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 98.3%

Basic Materials - 4.3%

DuPont de Nemours Inc		84,497		$6,008,582
FMC Corp		94,000		10,803,420
Ingevity Corp *		50,076		3,792,255
PPG Industries Inc		30,558		4,407,075
Steel Dynamics Inc		183,579		6,768,558
The Mosaic Co		193,816		4,459,706

				36,239,596

Communications - 2.8%

Altice USA Inc ‘A’ *		136,997		5,188,076
eBay Inc		117,677		5,913,269
Expedia Group Inc		45,965		6,085,766
Rackspace Technology Inc *		153,831		2,932,019
Yelp Inc *		108,141		3,532,967

				23,652,097

Consumer, Cyclical - 14.8%

Alaska Air Group Inc		104,451		5,431,452
Allison Transmission Holdings Inc		99,007		4,270,172
AutoZone Inc *		7,345		8,707,057
Best Buy Co Inc		24,797		2,474,493
Cummins Inc		23,369		5,307,100
Darden Restaurants Inc		30,903		3,681,165
Dollar Tree Inc *		26,265		2,837,671
Foot Locker Inc		99,459		4,022,122
Gentex Corp		140,379		4,763,060
Harley-Davidson Inc		198,331		7,278,748
International Game Technology PLC		142,630		2,416,152
Las Vegas Sands Corp		76,410		4,554,036
Lear Corp		31,275		4,973,663
Live Nation Entertainment Inc *		62,430		4,587,357
LKQ Corp *		104,321		3,676,272
Marriott International Inc ‘A’		36,373		4,798,326
Mohawk Industries Inc *		40,700		5,736,665
Norwegian Cruise Line Holdings Ltd *		141,417		3,596,234
PACCAR Inc		51,246		4,421,505
Ross Stores Inc		45,546		5,593,504
Southwest Airlines Co		108,705		5,066,740
Tempur Sealy International Inc *		83,152		2,245,104
Ulta Beauty Inc *		15,565		4,469,645
Whirlpool Corp		40,017		7,222,668
Wyndham Destinations Inc		80,015		3,589,473
Wyndham Hotels & Resorts Inc		82,478		4,902,492
Wynn Resorts Ltd		36,518		4,120,326

				124,743,202

Consumer, Non-Cyclical - 13.4%

AmerisourceBergen Corp		46,567		4,552,390
ASGN Inc *		68,383		5,712,032
Avantor Inc *		234,690		6,606,523
Avery Dennison Corp		22,864		3,546,435
Boston Scientific Corp *		82,767		2,975,474
Centene Corp *		98,234		5,896,987
Coca-Cola European Partners PLC (United Kingdom)		137,721		6,862,637
Corteva Inc		161,883		6,268,110
EVERTEC Inc		115,626		4,546,414
HCA Healthcare Inc		28,643		4,710,628
Humana Inc		20,813		8,538,950
ICON PLC * (Ireland)		27,618		5,384,958
IQVIA Holdings Inc *		24,755		4,435,353
Jazz Pharmaceuticals PLC *		23,564		3,889,238
Laboratory Corp of America Holdings *		16,592		3,377,302
Molina Healthcare Inc *		19,854		4,222,549
Nomad Foods Ltd * (United Kingdom)		131,117		3,332,994
PPD Inc *		101,231		3,464,125


	Shares		Value
Robert Half International Inc		82,565		$5,158,661
Universal Health Services Inc ‘B’		54,296		7,465,700
US Foods Holding Corp *		87,714		2,921,753
Zimmer Biomet Holdings Inc		55,761		8,592,212

				112,461,425

Energy - 4.7%

ChampionX Corp *		258,520		3,955,356
ConocoPhillips		161,722		6,467,263
Halliburton Co		205,821		3,890,017
Helmerich & Payne Inc		139,465		3,230,009
Marathon Petroleum Corp		89,928		3,719,422
Parsley Energy Inc ‘A’		362,803		5,151,803
Schlumberger NV		378,222		8,256,586
Valero Energy Corp		78,900		4,463,373

				39,133,829

Financial - 24.8%

Aflac Inc		71,258		3,168,843
Alleghany Corp		12,735		7,687,992
American Homes 4 Rent ‘A’ REIT		145,283		4,358,490
American International Group Inc		127,834		4,839,795
Ameriprise Financial Inc		76,122		14,792,788
Aon PLC ‘A’		28,061		5,928,447
Cousins Properties Inc REIT		144,428		4,838,338
CyrusOne Inc REIT		61,128		4,471,513
Discover Financial Services		105,321		9,534,710
Duke Realty Corp REIT		176,709		7,063,059
East West Bancorp Inc		148,177		7,514,056
Equity Residential REIT		109,161		6,471,064
Essent Group Ltd		88,364		3,817,325
Essex Property Trust Inc REIT		20,929		4,968,963
Everest Re Group Ltd		30,673		7,180,243
Fifth Third Bancorp		524,120		14,449,988
Globe Life Inc		54,510		5,176,270
Healthpeak Properties Inc REIT		145,867		4,409,559
Huntington Bancshares Inc		1,127,060		14,234,768
KeyCorp		702,035		11,520,394
Kilroy Realty Corp REIT		71,874		4,125,568
Lamar Advertising Co ‘A’ REIT		40,948		3,407,693
Regency Centers Corp REIT		123,982		5,652,339
Reinsurance Group of America Inc		45,645		5,290,256
RenaissanceRe Holdings Ltd (Bermuda)		21,188		3,513,394
SLM Corp		278,347		3,448,719
State Street Corp		46,507		3,384,779
Synchrony Financial		94,989		3,297,068
The Allstate Corp		60,949		6,700,124
The Travelers Cos Inc		25,156		3,531,148
Truist Financial Corp		211,849		10,153,923
Welltower Inc REIT		111,916		7,232,012
Willis Towers Watson PLC		11,951		2,517,837

				208,681,465

Industrial - 19.5%

Altra Industrial Motion Corp		69,813		3,869,735
AMETEK Inc		113,155		13,684,966
BWX Technologies Inc		86,579		5,218,982
Curtiss-Wright Corp		35,842		4,170,217
Dover Corp		95,260		12,026,575
Eagle Materials Inc		38,985		3,951,130
Eaton Corp PLC		91,229		10,960,252
EnerSys		32,738		2,719,218
Expeditors International of Washington Inc		37,348		3,552,168
Flex Ltd *		229,454		4,125,583
General Dynamics Corp		26,431		3,933,461
Hexcel Corp		107,898		5,231,974
Howmet Aerospace Inc		290,292		8,284,934
Hubbell Inc		16,220		2,543,134
Huntington Ingalls Industries Inc		25,295		4,312,292
Ingersoll Rand Inc *		21,442		976,897


	Shares		Value
ITT Inc		93,629		$7,211,306
Kansas City Southern		29,944		6,112,469
L3Harris Technologies Inc		34,402		6,502,666
Masco Corp		102,309		5,619,833
MasTec Inc *		69,968		4,770,418
Oshkosh Corp		67,776		5,833,480
Owens Corning		89,562		6,785,217
Parker-Hannifin Corp		31,699		8,635,125
Regal Beloit Corp		11,263		1,383,209
TE Connectivity Ltd		106,520		12,896,376
Textron Inc		168,258		8,131,909

				163,443,526

Technology - 8.7%

Amdocs Ltd		45,875		3,253,914
Change Healthcare Inc *		280,384		5,229,162
Electronic Arts Inc		23,359		3,354,352
KLA Corp		17,455		4,519,274
Lam Research Corp		4,166		1,967,477
Leidos Holdings Inc		65,045		6,837,530
NXP Semiconductors NV (Netherlands)		50,946		8,100,923
ON Semiconductor Corp *		215,836		7,064,312
Qorvo Inc *		71,924		11,958,804
Science Applications International Corp		69,112		6,540,760
SS&C Technologies Holdings Inc		55,387		4,029,404
Western Digital Corp		107,941		5,978,852
Xerox Holdings Corp		185,558		4,303,090

				73,137,854

Utilities - 5.3%

American Electric Power Co Inc		44,065		3,669,292
CenterPoint Energy Inc		478,468		10,354,047
DTE Energy Co		68,739		8,345,602
Edison International		133,477		8,385,025
Entergy Corp		68,763		6,865,298
PG&E Corp *		236,397		2,945,507
Vistra Corp		193,730		3,808,732

				44,373,503

Total Common Stocks (Cost $669,099,089)				825,866,497


	Principal Amount		Value
SHORT-TERM INVESTMENT - 1.5%

Repurchase Agreement - 1.5%

State Street Bank & Trust Co 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $12,226,668; collateralized by Federal Home Loan Mortgage Corporation: 3.500% due 12/15/2040 and value $12,471,201)		$12,226,668		$12,226,668


Total Short-Term Investment (Cost $12,226,668)				12,226,668


TOTAL INVESTMENTS - 99.8% (Cost $681,325,757)				838,093,165

OTHER ASSETS & LIABILITIES, NET - 0.2%				1,921,314


NET ASSETS - 100.0%				$840,014,479

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			24.8%
Industrial			19.5%
Consumer, Cyclical			14.8%
Consumer, Non-Cyclical			13.4%
Technology			8.7%
Utilities			5.3%
Energy			4.7%
Basic Materials			4.3%
Others (each less than 3.0%)			4.3%

			99.8%
Other Assets & Liabilities, Net			0.2%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
RIGHTS - 0.0%

Consumer, Non-Cyclical - 0.0%

Contra Aduro Biotechnologies Inc - Contingent Value Rights * W ±		154		$462


Total Rights (Cost $0)				462


COMMON STOCKS - 98.6%

Basic Materials - 6.0%

AdvanSix Inc *		2,172		43,418
AgroFresh Solutions Inc *		2,488		5,648
Alcoa Corp *		14,905		343,560
Allegheny Technologies Inc *		10,097		169,327
American Vanguard Corp		1,866		28,960
Amyris Inc *		7,608		46,979
Arconic Corp *		7,932		236,374
Balchem Corp		205		23,620
Cabot Corp		36,706		1,647,365
Caledonia Mining Corp PLC (South Africa)		636		10,100
Carpenter Technology Corp		3,828		111,471
Century Aluminum Co *		4,005		44,175
Clearwater Paper Corp *		1,229		46,395
Cleveland-Cliffs Inc		31,521		458,946
Coeur Mining Inc *		19,294		199,693
Commercial Metals Co		9,418		193,446
Domtar Corp		4,364		138,121
Elementis PLC * (United Kingdom)		133,691		210,246
Energy Fuels Inc *		10,038		42,762
Ferro Corp *		1,650		24,139
Fortitude Gold Corp * ±		1,620		1,701
Gatos Silver Inc *		1,335		17,395
GCP Applied Technologies Inc *		922		21,805
Glatfelter Corp		75,549		1,237,493
Gold Resource Corp		5,671		16,503
Hawkins Inc		338		17,681
HB Fuller Co		1,467		76,108
Hecla Mining Co		41,654		269,918
Innospec Inc		367		33,298
Intrepid Potash Inc *		704		17,002
Kaiser Aluminum Corp		4,149		410,336
Koppers Holdings Inc *		685		21,345
Kraton Corp *		2,475		68,780
Kronos Worldwide Inc		1,772		26,420
Livent Corp *		11,687		220,183
Minerals Technologies Inc		36,310		2,255,577
Neenah Inc		1,328		73,465
Novagold Resources Inc * (Canada)		1,392		13,461
Oil-Dri Corp of America		377		12,848
Orion Engineered Carbons SA (Germany)		2,183		37,417
PQ Group Holdings Inc		2,475		35,293
Rayonier Advanced Materials Inc *		4,680		30,514
Reliance Steel & Aluminum Co		11,135		1,333,416
Rogers Corp *		1,242		192,870
Schnitzer Steel Industries Inc ‘A’		2,055		65,575
Schweitzer-Mauduit International Inc		2,482		99,801
Sensient Technologies Corp		2,011		148,351
Stepan Co		1,577		188,168
Tronox Holdings PLC ‘A’ *		4,769		69,723
United States Lime & Minerals Inc		162		18,468
United States Steel Corp		17,443		292,519
Uranium Energy Corp *		10,076		17,734
Verso Corp ‘A’		2,408		28,944

				11,394,857

Communications - 1.6%

ADTRAN Inc		3,956		58,430
Alaska Communications Systems Group Inc		4,341		16,018


	Shares		Value
AMC Networks Inc ‘A’ *		1,350		$48,290
ATN International Inc		860		35,914
Boston Omaha Corp ‘A’ *		992		27,429
CalAmp Corp *		787		7,807
CarParts.com Inc *		147		1,821
Cars.com Inc *		5,271		59,562
Cincinnati Bell Inc *		2,662		40,675
comScore Inc *		4,820		12,002
Consolidated Communications Holdings Inc *		4,954		24,225
DHI Group Inc *		2,946		6,540
DZS Inc *		875		13,536
Entercom Communications Corp ‘A’		9,402		23,223
Entravision Communications Corp ‘A’		4,352		11,968
ePlus Inc *		188		16,535
Fluent Inc *		3,528		18,734
Gannett Co Inc *		9,980		33,533
Gogo Inc *		171		1,647
Gray Television Inc *		4,767		85,282
Groupon Inc *		1,895		72,001
Harmonic Inc *		7,840		57,938
HealthStream Inc *		2,146		46,869
Hemisphere Media Group Inc *		1,397		14,473
Houghton Mifflin Harcourt Co *		7,895		26,290
IDT Corp ‘B’ *		529		6,538
iHeartMedia Inc ‘A’ *		4,819		62,551
Infinera Corp *		6,430		67,386
InterDigital Inc		1,681		102,003
Iridium Communications Inc *		3,306		130,008
KVH Industries Inc *		1,326		15,050
Lands’ End Inc *		1,000		21,570
Liberty Latin America Ltd ‘A’ * (Chile)		3,847		42,817
Liberty Latin America Ltd ‘C’ * (Chile)		12,141		134,644
Liquidity Services Inc *		2,225		35,400
LiveXLive Media Inc *		3,395		11,136
Loral Space & Communications Inc		829		17,401
Magnite Inc *		3,830		117,619
Maxar Technologies Inc		4,855		187,354
MediaAlpha Inc ‘A’ *		213		8,322
Meredith Corp		1,521		29,203
MSG Networks Inc ‘A’ *		2,375		35,008
National CineMedia Inc		5,389		20,047
NeoPhotonics Corp *		1,351		12,281
NETGEAR Inc *		2,389		97,065
ORBCOMM Inc *		5,408		40,127
Overstock.com Inc *		602		28,878
PCTEL Inc *		1,601		10,519
Plantronics Inc		1,894		51,195
Powerfleet Inc *		2,448		18,189
Preformed Line Products Co		223		15,262
QuinStreet Inc *		2,587		55,465
Quotient Technology Inc *		3,219		30,323
Rackspace Technology Inc *		487		9,282
Ribbon Communications Inc *		5,339		35,024
Saga Communications Inc ‘A’		339		8,143
Scholastic Corp		2,293		57,325
Sinclair Broadcast Group Inc ‘A’		3,506		111,666
Spok Holdings Inc		1,288		14,335
Stitch Fix Inc ‘A’ *		720		42,278
TEGNA Inc		17,573		245,143
The EW Scripps Co ‘A’		4,450		68,040
Tribune Publishing Co		1,309		17,933
TrueCar Inc *		8,337		35,015
Value Line Inc		15		495
VirnetX Holding Corp		2,597		13,089
Vonage Holdings Corp *		8,287		106,695
WideOpenWest Inc *		2,117		22,588
Yelp Inc *		4,655		152,079

				3,103,233


	Shares		Value
Consumer, Cyclical - 17.6%

A-Mark Precious Metals Inc		421		$10,799
Abercrombie & Fitch Co ‘A’		5,016		102,126
Academy Sports & Outdoors Inc *		1,035		21,456
Acushnet Holdings Corp		2,092		84,810
Adient PLC *		7,054		245,268
Albany International Corp ‘A’		419		30,763
Allegiant Travel Co		919		173,912
AMC Entertainment Holdings Inc ‘A’		6,120		12,974
America’s Car-Mart Inc *		107		11,753
American Axle & Manufacturing Holdings Inc *		9,127		76,119
American Eagle Outfitters Inc		12,004		240,920
Asbury Automotive Group Inc *		931		135,684
Aspen Aerogels Inc *		1,457		24,317
At Home Group Inc *		4,249		65,690
Avient Corp		77,998		3,141,759
Beacon Roofing Supply Inc *		4,397		176,715
Beazer Homes USA Inc *		2,284		34,603
Bed Bath & Beyond Inc		10,101		179,394
Big Lots Inc		2,866		123,037
Biglari Holdings Inc ‘A’ *		3		1,755
Biglari Holdings Inc ‘B’ *		75		8,340
BJ’s Restaurants Inc		1,808		69,590
BJ’s Wholesale Club Holdings Inc *		3,754		139,949
Blue Bird Corp *		727		13,275
Bluegreen Vacations Corp		639		5,074
Bluegreen Vacations Holding Corp		1,155		15,627
BMC Stock Holdings Inc *		5,359		287,671
Boot Barn Holdings Inc *		26,841		1,163,826
Boyd Gaming Corp		6,488		278,465
Brinker International Inc		1,171		66,243
BRP Inc		2,604		172,025
Brunswick Corp		23,361		1,781,043
Caesars Entertainment Inc *		5,933		440,644
Caleres Inc		2,880		45,072
Callaway Golf Co		7,545		181,155
Carrols Restaurant Group Inc *		2,868		18,011
Carter’s Inc		13,105		1,232,787
Casper Sleep Inc *		1,718		10,566
Century Casinos Inc *		1,943		12,416
Century Communities Inc *		2,341		102,489
Chico’s FAS Inc		10,578		16,819
Chuy’s Holdings Inc *		1,551		41,086
Cinemark Holdings Inc		8,503		148,037
Citi Trends Inc		823		40,887
Clarus Corp		1,783		27,458
CompX International Inc		170		2,419
Conn’s Inc *		1,302		15,220
Cooper Tire & Rubber Co		4,034		163,377
Cooper-Standard Holdings Inc *		1,298		45,002
Core-Mark Holding Co Inc		237		6,961
Cracker Barrel Old Country Store Inc		1,093		144,189
Daktronics Inc		3,103		14,522
Dalata Hotel Group PLC * (Ireland)		122,696		567,340
Dana Inc		11,554		225,534
Dave & Buster’s Entertainment Inc		2,265		67,995
Del Taco Restaurants Inc *		2,220		20,113
Denny’s Corp *		87,897		1,290,328
Designer Brands Inc ‘A’		4,942		37,806
Dillard’s Inc ‘A’		565		35,623
Dine Brands Global Inc		1,138		66,004
Douglas Dynamics Inc		130		5,560
Dufry AG * (Switzerland)		9,119		574,451
Duluth Holdings Inc ‘B’ *		973		10,275
El Pollo Loco Holdings Inc *		1,493		27,023
Eros STX Global Corp * (United Arab Emirates)		12,944		23,558
Escalade Inc		798		16,894
Ethan Allen Interiors Inc		1,860		37,591


	Shares		Value
Everi Holdings Inc *		4,278		$59,079
Express Inc *		6,284		5,718
Fiesta Restaurant Group Inc *		1,375		15,675
Forestar Group Inc *		1,342		27,082
Fossil Group Inc *		3,486		30,224
Foundation Building Materials Inc *		1,280		24,589
Funko Inc ‘A’ *		1,832		19,016
G-III Apparel Group Ltd *		3,426		81,333
Gaia Inc *		1,052		10,394
GameStop Corp ‘A’ *		4,564		85,986
GAN Ltd * (United Kingdom)		449		9,106
Genesco Inc *		1,113		33,490
GMS Inc *		3,290		100,279
Golden Entertainment Inc *		736		14,639
Green Brick Partners Inc *		1,877		43,096
Group 1 Automotive Inc		18,557		2,433,565
Guess? Inc		3,111		70,371
H&E Equipment Services Inc		2,534		75,539
Hamilton Beach Brands Holding Co ‘A’		396		6,934
Haverty Furniture Cos Inc		1,205		33,342
Hawaiian Holdings Inc		3,561		63,030
Herman Miller Inc		4,700		158,860
Hibbett Sports Inc *		1,354		62,528
HNI Corp		3,412		117,578
Hooker Furniture Corp		863		27,832
IMAX Corp *		3,895		70,188
Interface Inc		3,784		39,732
International Game Technology PLC		7,900		133,826
Jack in the Box Inc		20,606		1,912,237
Johnson Outdoors Inc ‘A’		208		23,427
KAR Auction Services Inc		10,298		191,646
KB Home		6,003		201,221
Kimball International Inc ‘B’		2,598		31,046
Knoll Inc		3,966		58,221
Kontoor Brands Inc *		4,108		166,620
Kura Sushi USA Inc ‘A’ *		298		5,811
La-Z-Boy Inc		3,550		141,432
Lakeland Industries Inc *		688		18,748
LCI Industries		210		27,233
Liberty Media Corp-Liberty Braves ‘A’ *		297		7,386
Liberty Media Corp-Liberty Braves ‘C’ *		1,068		26,572
Liberty TripAdvisor Holdings Inc ‘A’ *		5,627		24,421
Lifetime Brands Inc		922		14,014
Lithia Motors Inc ‘A’		1,059		309,938
Lumber Liquidators Holdings Inc *		2,029		62,371
M/I Homes Inc *		11,994		531,214
Macy’s Inc		25,027		281,554
MarineMax Inc *		1,697		59,446
Marriott Vacations Worldwide Corp		2,810		385,588
MDC Holdings Inc		4,173		202,808
Meritage Homes Corp *		2,794		231,399
Meritor Inc *		35,805		999,318
Mesa Air Group Inc *		2,096		14,022
Methode Electronics Inc		2,423		92,752
Miller Industries Inc		872		33,153
Modine Manufacturing Co *		3,917		49,198
Monarch Casino & Resort Inc *		229		14,019
Motorcar Parts of America Inc *		1,275		25,015
Movado Group Inc		1,287		21,390
National Vision Holdings Inc *		1,133		51,314
Nautilus Inc *		2,449		44,425
Navistar International Corp *		3,975		174,741
Noodles & Co *		1,447		11,431
OneSpaWorld Holdings Ltd (Bahamas)		3,690		37,417
Oxford Industries Inc		1,294		84,770
Papa John’s International Inc		382		32,413
PC Connection Inc		865		40,906
Penn National Gaming Inc *		6,192		534,803
PriceSmart Inc		1,726		157,221
RCI Hospitality Holdings Inc		660		26,030
Red Robin Gourmet Burgers Inc *		1,329		25,557


	Shares		Value
Red Rock Resorts Inc ‘A’		1,394		$34,906
Regis Corp *		1,932		17,755
Resideo Technologies Inc *		11,239		238,941
REV Group Inc		12,532		110,407
Rite Aid Corp *		4,402		69,684
Rocky Brands Inc		479		13,446
Rush Enterprises Inc ‘A’		3,272		135,526
Rush Enterprises Inc ‘B’		523		19,816
Sally Beauty Holdings Inc *		9,136		119,133
ScanSource Inc *		1,902		50,175
Scientific Games Corp ‘A’ *		1,297		53,813
SeaWorld Entertainment Inc *		2,303		72,752
Shoe Carnival Inc		727		28,484
Signet Jewelers Ltd (NYSE)		4,110		112,080
SkyWest Inc		3,903		157,330
Sleep Number Corp *		1,326		108,546
Sonic Automotive Inc ‘A’		1,814		69,966
Spirit Airlines Inc *		7,861		192,201
Standard Motor Products Inc		1,407		56,927
Steelcase Inc ‘A’		7,019		95,107
Steven Madden Ltd		3,722		131,461
Superior Group of Cos Inc		724		16,826
Systemax Inc		310		11,126
Target Hospitality Corp *		2,635		4,163
Taylor Morrison Home Corp *		9,071		232,671
Telenav Inc *		1,741		8,183
Tenneco Inc ‘A’ *		4,117		43,640
The Buckle Inc		2,265		66,138
The Cato Corp ‘A’		1,457		13,973
The Cheesecake Factory Inc		3,374		125,040
The Children’s Place Inc		330		16,533
The Container Store Group Inc *		1,531		14,606
The Goodyear Tire & Rubber Co		18,624		203,188
The Marcus Corp		1,920		25,882
The Michaels Cos Inc *		5,775		75,133
The ODP Corp		4,154		121,712
Thor Industries Inc		17,466		1,624,163
Tilly’s Inc ‘A’		1,911		15,594
Titan Machinery Inc *		1,559		30,478
TRI Pointe Group Inc *		9,884		170,499
Tupperware Brands Corp *		3,884		125,803
Unifi Inc *		1,053		18,680
UniFirst Corp		1,135		240,268
Universal Electronics Inc *		158		8,289
Urban Outfitters Inc *		5,482		140,339
Vera Bradley Inc *		1,716		13,659
Veritiv Corp *		1,000		20,790
Vista Outdoor Inc *		4,701		111,696
VOXX International Corp *		1,670		21,309
VSE Corp		729		28,059
Wabash National Corp		52,297		901,077
WESCO International Inc *		3,904		306,464
Weyco Group Inc		435		6,890
Winmark Corp		179		33,258
Wolverine World Wide Inc		19,889		621,531
Workhorse Group Inc *		7,457		147,499
World Fuel Services Corp		4,947		154,148
Wyndham Hotels & Resorts Inc		1,673		99,443
Zumiez Inc *		1,703		62,636

				33,617,315

Consumer, Non-Cyclical - 9.9%

Abeona Therapeutics Inc *		3,785		5,942
ABM Industries Inc		5,338		201,990
Acacia Research Corp *		4,370		17,218
ACCO Brands Corp		7,265		61,389
Accolade Inc *		178		7,743
AcelRx Pharmaceuticals Inc *		4,391		5,445
Acutus Medical Inc *		169		4,869
ADMA Biologics Inc *		695		1,355
Adtalem Global Education Inc *		4,112		139,602


	Shares		Value
Adverum Biotechnologies Inc *		934		$10,125
Aeglea BioTherapeutics Inc *		615		4,840
Agile Therapeutics Inc *		557		1,599
Akouos Inc *		261		5,176
Albireo Pharma Inc *		366		13,729
Alico Inc		360		11,167
Aligos Therapeutics Inc *		218		6,028
Allovir Inc *		313		12,032
Alphatec Holdings Inc *		546		7,928
Alta Equipment Group Inc *		1,236		12,212
ALX Oncology Holdings Inc *		170		14,654
American Public Education Inc *		1,190		36,271
American Renal Associates Holdings Inc *		752		8,610
AnaptysBio Inc *		1,659		35,669
AngioDynamics Inc *		3,059		46,894
ANI Pharmaceuticals Inc *		402		11,674
Anika Therapeutics Inc *		1,125		50,918
Annexon Inc *		264		6,608
Applied Genetic Technologies Corp *		2,207		9,027
Applied Molecular Transport Inc *		222		6,831
Aptinyx Inc *		2,251		7,788
Apyx Medical Corp *		2,294		16,517
Arena Pharmaceuticals Inc *		4,258		327,142
Arlo Technologies Inc *		6,216		48,423
ASGN Inc *		687		57,385
Aspira Women’s Health Inc *		342		2,295
Assembly Biosciences Inc *		1,145		6,927
Atara Biotherapeutics Inc *		1,540		30,230
Atea Pharmaceuticals Inc *		222		9,275
Athira Pharma Inc *		188		6,439
Atreca Inc ‘A’ *		138		2,229
Avanos Medical Inc *		3,766		172,784
AVEO Pharmaceuticals Inc *		390		2,250
Avid Bioservices Inc *		339		3,912
Avidity Biosciences Inc *		301		7,682
Axcella Health Inc *		292		1,515
Aytu BioScience Inc *		202		1,208
B&G Foods Inc		621		17,220
Barrett Business Services Inc		554		37,788
BellRing Brands Inc ‘A’ *		3,195		77,670
Beyondspring Inc *		109		1,330
BG Staffing Inc		678		9,146
BioCryst Pharmaceuticals Inc *		2,951		21,985
Bridgford Foods Corp *		98		1,786
BrightView Holdings Inc *		3,221		48,702
Brookdale Senior Living Inc *		14,239		63,079
C4 Therapeutics Inc *		160		5,301
Cabaletta Bio Inc *		1,167		14,564
Cadiz Inc *		698		7,434
CAI International Inc		1,089		34,020
Cal-Maine Foods Inc *		1,934		72,602
Calyxt Inc *		280		1,182
Cardtronics PLC ‘A’ *		755		26,652
Carriage Services Inc		1,363		42,689
CASI Pharmaceuticals Inc *		607		1,791
Cassava Sciences Inc *		1,667		11,369
Catabasis Pharmaceuticals Inc *		495		1,059
Catalyst Biosciences Inc *		1,646		10,386
CBIZ Inc *		3,470		92,337
CEL-SCI Corp *		332		3,871
Cellular Biomedicine Group Inc *		334		6,139
Central Garden & Pet Co *		416		16,062
Central Garden & Pet Co ‘A’ *		2,330		84,649
Chimerix Inc *		3,669		17,721
Chinook Therapeutics Inc *		154		2,442
Cidara Therapeutics Inc *		642		1,284
Cimpress PLC * (Ireland)		967		84,845
Collectors Universe Inc		55		4,147
Community Health Systems Inc *		6,796		50,494
Concert Pharmaceuticals Inc *		2,343		29,616
CorMedix Inc *		275		2,043


	Shares		Value
Cortexyme Inc *		90		$2,500
Covetrus Inc *		9,315		267,713
CRA International Inc		166		8,454
Cross Country Healthcare Inc *		2,421		21,474
CryoLife Inc *		547		12,915
Cyclerion Therapeutics Inc *		2,076		6,353
Cymabay Therapeutics Inc *		5,541		31,805
Cytokinetics Inc *		728		15,128
Darling Ingredients Inc *		12,832		740,150
Deluxe Corp		3,286		95,951
Dyadic International Inc *		330		1,775
Dynavax Technologies Corp *		1,238		5,509
Dyne Therapeutics Inc *		244		5,124
Eargo Inc *		122		5,468
Edgewell Personal Care Co		4,400		152,152
Emerald Holding Inc		1,665		9,024
Enanta Pharmaceuticals Inc *		1,357		57,130
Endo International PLC *		10,371		74,464
Ennis Inc		2,121		37,860
Enochian Biosciences Inc *		1,363		4,021
Envista Holdings Corp *		56,987		1,922,172
Enzo Biochem Inc *		3,975		10,017
Epizyme Inc *		2,660		28,888
Evofem Biosciences Inc *		154		371
Evolus Inc *		1,237		4,156
Exicure Inc *		751		1,329
Farmer Brothers Co *		816		3,811
FibroGen Inc *		924		34,271
Five Prime Therapeutics Inc *		2,485		42,270
Five Star Senior Living Inc *		1,778		12,268
FONAR Corp *		557		9,670
Forma Therapeutics Holdings Inc *		291		10,156
Franchise Group Inc		1,542		46,954
Fresh Del Monte Produce Inc		2,416		58,153
G1 Therapeutics Inc *		1,532		27,561
Generation Bio Co *		222		6,294
Geron Corp *		22,980		36,538
Glanbia PLC (Ireland)		153,385		1,945,033
GlycoMimetics Inc *		3,186		11,979
Gossamer Bio Inc *		2,827		27,337
GP Strategies Corp *		1,007		11,943
Graybug Vision Inc *		75		2,177
Green Dot Corp ‘A’ *		3,764		210,031
Gritstone Oncology Inc *		2,338		9,212
Hanger Inc *		2,622		57,658
Harmony Biosciences Holdings Inc *		125		4,519
Harvard Bioscience Inc *		3,357		14,402
Heidrick & Struggles International Inc		1,521		44,687
Herc Holdings Inc *		1,864		123,788
Heska Corp *		350		50,978
HF Foods Group Inc *		2,620		19,702
Hostess Brands Inc *		5,425		79,422
Huron Consulting Group Inc *		4,651		274,176
ICF International Inc		753		55,971
Ideaya Biosciences Inc *		1,096		15,344
Immunic Inc *		152		2,324
ImmunoGen Inc *		8,448		54,490
Inari Medical Inc *		132		11,522
Information Services Group Inc *		2,733		8,964
Ingles Markets Inc ‘A’		1,156		49,315
Inhibrx Inc *		127		4,187
Inogen Inc *		445		19,883
Inozyme Pharma Inc *		142		2,931
Insperity Inc		1,435		116,838
Integer Holdings Corp *		25,000		2,029,750
Intra-Cellular Therapies Inc *		3,233		102,809
Invacare Corp		2,698		24,147
iTeos Therapeutics Inc *		189		6,392
IVERIC bio Inc *		6,375		44,051
J&J Snack Foods Corp		872		135,483
Jounce Therapeutics Inc *		1,389		9,723


	Shares		Value
KalVista Pharmaceuticals Inc *		913		$17,338
Kelly Services Inc ‘A’		2,659		54,696
Keros Therapeutics Inc *		41		2,892
Kezar Life Sciences Inc *		2,424		12,653
Kforce Inc		18,004		757,788
Kindred Biosciences Inc *		612		2,638
Kiniksa Pharmaceuticals Ltd ‘A’ *		169		2,986
Korn Ferry		4,322		188,007
Kronos Bio Inc *		223		6,661
Kymera Therapeutics Inc *		163		10,106
Laird Superfood Inc *		116		5,489
Landec Corp *		1,903		20,648
Lannett Co Inc *		2,423		15,798
Laureate Education Inc ‘A’ *		8,643		125,842
LeMaitre Vascular Inc		279		11,300
Limoneira Co		1,094		18,215
LivaNova PLC *		1,120		74,155
LiveRamp Holdings Inc *		1,007		73,702
MacroGenics Inc *		2,794		63,871
Magellan Health Inc *		1,072		88,804
Magenta Therapeutics Inc *		276		2,164
Maple Leaf Foods Inc (Canada)		3,971		88,036
Marker Therapeutics Inc *		786		1,140
MEDNAX Inc *		5,912		145,080
MEI Pharma Inc *		1,511		3,989
MeiraGTx Holdings PLC *		170		2,574
Meridian Bioscience Inc *		486		9,083
MGP Ingredients Inc		292		13,742
Milestone Scientific Inc *		657		1,393
Mirum Pharmaceuticals Inc *		290		5,063
Misonix Inc *		552		6,900
Mission Produce Inc *		366		5,508
MoneyGram International Inc *		5,165		28,227
Monro Inc		1,317		70,196
Myriad Genetics Inc *		5,680		112,322
NanoString Technologies Inc *		470		31,434
NantKwest Inc *		385		5,132
Natera Inc *		391		38,912
Nathan’s Famous Inc		238		13,142
National HealthCare Corp		997		66,211
Natural Grocers by Vitamin Cottage Inc		279		3,833
Nature’s Sunshine Products Inc *		816		12,199
Natus Medical Inc *		1,852		37,114
Nesco Holdings Inc *		1,239		9,131
NewAge Inc *		4,673		12,290
NextCure Inc *		78		850
NGM Biopharmaceuticals Inc *		130		3,938
Nkarta Inc *		293		18,011
Novavax Inc *		3,592		400,544
Nurix Therapeutics Inc *		200		6,576
Nymox Pharmaceutical Corp *		446		1,106
Oncorus Inc *		79		2,554
OPKO Health Inc *		31,556		124,646
Option Care Health Inc *		186		2,909
OraSure Technologies Inc *		2,380		25,192
Orgenesis Inc *		1,250		5,625
ORIC Pharmaceuticals Inc *		51		1,726
Orthofix Medical Inc *		1,472		63,267
Osmotica Pharmaceuticals PLC *		329		1,355
Owens & Minor Inc		5,832		157,756
Pacific Biosciences of California Inc *		1,765		45,784
Pandion Therapeutics Inc *		169		2,510
Passage Bio Inc *		753		19,254
Patterson Cos Inc		6,775		200,743
Performance Food Group Co *		10,504		500,095
PFSweb Inc *		352		2,369
Phibro Animal Health Corp ‘A’		106		2,059
Pliant Therapeutics Inc *		183		4,158
PMV Pharmaceuticals Inc *		218		13,409
Poseida Therapeutics Inc *		252		2,764
Praxis Precision Medicines Inc *		175		9,629


	Shares		Value
Precigen Inc *		968		$9,874
Precision BioSciences Inc *		268		2,235
Prelude Therapeutics Inc *		149		10,661
Prestige Consumer Healthcare Inc *		2,669		93,068
Primo Water Corp		12,406		194,526
Prothena Corp PLC * (Ireland)		2,383		28,620
Pulmonx Corp *		171		11,802
Quad/Graphics Inc		2,581		9,859
Quanex Building Products Corp		2,707		60,014
Relay Therapeutics Inc *		578		24,022
Rent-A-Center Inc		388		14,857
Resources Connection Inc		2,580		32,431
Revance Therapeutics Inc *		1,127		31,939
Revlon Inc ‘A’ *		402		4,776
Rockwell Medical Inc *		1,089		1,100
Rubius Therapeutics Inc *		2,212		16,789
Sanderson Farms Inc		367		48,517
Savara Inc *		4,353		5,006
SeaSpine Holdings Corp *		2,194		38,285
Selecta Biosciences Inc *		3,209		9,723
Seneca Foods Corp ‘A’ *		574		22,903
ServiceSource International Inc *		7,725		13,596
Shattuck Labs Inc *		209		10,954
Sientra Inc *		330		1,284
Soleno Therapeutics Inc *		871		1,681
Solid Biosciences Inc *		2,012		15,251
SP Plus Corp *		1,796		51,779
SpartanNash Co		2,775		48,313
Spectrum Pharmaceuticals Inc *		11,661		39,764
Spero Therapeutics Inc *		125		2,424
Spruce Biosciences Inc *		86		2,091
Stride Inc *		3,180		67,511
Strongbridge Biopharma PLC *		307		746
Supernus Pharmaceuticals Inc *		3,097		77,921
Surgalign Holdings Inc *		5,249		11,495
Sutro Biopharma Inc *		297		6,448
Tarsus Pharmaceuticals Inc *		139		5,745
Taysha Gene Therapies Inc *		231		6,131
TCR2 Therapeutics Inc *		1,927		59,602
Team Inc *		2,213		24,122
Tejon Ranch Co *		1,552		22,426
Tenet Healthcare Corp *		7,490		299,076
Textainer Group Holdings Ltd * (China)		3,898		74,764
TG Therapeutics Inc *		1,374		71,475
The Aaron’s Co Inc *		2,429		46,054
The Andersons Inc		2,549		62,476
The Chefs’ Warehouse Inc *		2,399		61,630
The Hackett Group Inc		260		3,741
The Simply Good Foods Co *		6,790		212,934
TherapeuticsMD Inc *		2,026		2,451
Theravance Biopharma Inc *		539		9,578
Tivity Health Inc *		1,955		38,298
Tootsie Roll Industries Inc		203		6,029
Triple-S Management Corp ‘B’ *		1,647		35,163
Triton International Ltd (Bermuda)		4,838		234,691
TrueBlue Inc *		2,727		50,968
Turning Point Therapeutics Inc *		197		24,004
United Natural Foods Inc *		4,226		67,489
Universal Corp		1,972		95,859
UroGen Pharma Ltd *		588		10,596
Utah Medical Products Inc		53		4,468
Vanda Pharmaceuticals Inc *		4,382		57,579
Varex Imaging Corp *		3,168		52,842
Vaxart Inc *		593		3,386
Vaxcyte Inc *		326		8,662
VBI Vaccines Inc *		2,960		8,140
Vector Group Ltd		9,744		113,518
Vectrus Inc *		570		28,340
Venus Concept Inc *		721		1,247
Verastem Inc *		8,553		18,218
Vericel Corp *		477		14,730


	Shares		Value
Viad Corp		1,613		$58,342
ViewRay Inc *		5,654		21,598
Viking Therapeutics Inc *		4,571		25,735
Village Super Market Inc ‘A’		628		13,854
Vital Farms Inc *		512		12,959
Vivint Smart Home Inc *		4,985		103,439
VYNE Therapeutics Inc *		10,621		16,781
WD-40 Co		73		19,395
Weis Markets Inc		748		35,762
Willdan Group Inc *		245		10,217
WW International Inc *		2,940		71,736
X4 Pharmaceuticals Inc *		1,461		9,394
XBiotech Inc *		1,143		17,888
Xencor Inc *		268		11,693
Xeris Pharmaceuticals Inc *		460		2,263
XOMA Corp *		90		3,972
Zentalis Pharmaceuticals Inc *		61		3,168
ZIOPHARM Oncology Inc *		5,662		14,268

				18,964,362

Diversified - 0.0%

Professional Holding Corp ‘A’ *		955		14,736


Energy - 3.2%

Adams Resources & Energy Inc		205		4,940
Antero Resources Corp *		19,484		106,188
Arch Resources Inc		1,176		51,473
Archrock Inc		10,174		88,107
Berry Corp		5,695		20,958
Bonanza Creek Energy Inc *		1,435		27,739
Brigham Minerals Inc ‘A’		3,164		34,772
ChampionX Corp *		14,806		226,532
Clean Energy Fuels Corp *		10,347		81,327
CNX Resources Corp *		17,942		193,774
Comstock Resources Inc *		2,084		9,107
CONSOL Energy Inc *		2,286		16,482
Contango Oil & Gas Co *		6,673		15,281
Crescent Point Energy Corp (TSE) (Canada)		692,326		1,615,373
CVR Energy Inc		2,392		35,641
Delek US Holdings Inc		4,952		79,579
DMC Global Inc		642		27,766
Dril-Quip Inc *		2,709		80,241
Earthstone Energy Inc ‘A’ *		1,472		7,846
Evolution Petroleum Corp		2,072		5,905
Exterran Corp *		2,035		8,995
Falcon Minerals Corp		3,080		9,702
Frank’s International NV *		12,167		33,338
FuelCell Energy Inc *		7,761		86,690
FutureFuel Corp		2,042		25,933
Goodrich Petroleum Corp *		288		2,906
Green Plains Inc *		2,796		36,823
Helix Energy Solutions Group Inc *		11,414		47,939
Hunting PLC (United Kingdom)		165,142		503,605
Kosmos Energy Ltd (Ghana)		31,829		74,798
Liberty Oilfield Services Inc ‘A’		5,885		60,674
Magnolia Oil & Gas Corp ‘A’ *		1,017		7,180
Matador Resources Co *		8,919		107,563
Matrix Service Co *		2,167		23,880
Maxeon Solar Technologies Ltd *		269		7,632
MRC Global Inc *		6,369		42,226
Nabors Industries Ltd		578		33,657
NACCO Industries Inc ‘A’		362		9,521
National Energy Services Reunited Corp *		1,545		15,342
Natural Gas Services Group Inc *		17,788		168,630
Newpark Resources Inc *		6,191		11,887
NextDecade Corp *		1,853		3,873
NexTier Oilfield Solutions Inc *		12,997		44,710
NOW Inc *		8,781		63,048
Oceaneering International Inc *		7,982		63,457


	Shares		Value
Oil States International Inc *		4,480		$22,490
Ovintiv Inc		21,014		301,761
Par Pacific Holdings Inc *		3,237		45,253
Patterson-UTI Energy Inc		14,881		78,274
PBF Energy Inc ‘A’		7,338		52,100
PDC Energy Inc *		7,941		163,029
Peabody Energy Corp *		5,061		12,197
Penn Virginia Corp *		1,122		11,388
PrimeEnergy Resources Corp *		46		1,986
ProPetro Holding Corp *		6,452		47,680
Range Resources Corp		17,169		115,032
Renewable Energy Group Inc *		3,050		216,001
REX American Resources Corp *		418		30,710
RPC Inc *		4,663		14,688
Select Energy Services Inc ‘A’ *		4,955		20,315
SM Energy Co		8,786		53,770
Solaris Oilfield Infrastructure Inc ‘A’		2,168		17,648
Southwestern Energy Co *		51,699		154,063
SunCoke Energy Inc		6,833		29,724
Sunnova Energy International Inc *		3,705		167,207
SunPower Corp *		1,821		46,690
Talos Energy Inc *		1,008		8,306
Tellurian Inc *		13,703		17,540
Thermon Group Holdings Inc *		2,495		38,997
Transocean Ltd *		47,136		108,884
Trecora Resources *		2,114		14,777
US Silica Holdings Inc		5,769		40,498
W&T Offshore Inc *		7,009		15,210
Warrior Met Coal Inc		4,188		89,288
Whiting Petroleum Corp *		120		3,000

				6,161,546

Financial - 34.1%

1st Constitution Bancorp		758		12,029
1st Source Corp		1,280		51,584
Acadia Realty Trust REIT		6,720		95,357
ACNB Corp		689		17,225
Agree Realty Corp REIT		4,395		292,619
Alerus Financial Corp		1,183		32,379
Alexander & Baldwin Inc REIT *		5,580		95,864
Alexander’s Inc REIT		12		3,328
Allegiance Bancshares Inc		1,513		51,639
Alpine Income Property Trust Inc REIT		447		6,701
Altabancorp		1,252		34,956
Altisource Portfolio Solutions SA *		430		5,538
Amalgamated Bank ‘A’		1,065		14,633
Ambac Financial Group Inc *		3,498		53,799
Amerant Bancorp Inc *		1,863		28,318
American Assets Trust Inc REIT		3,977		114,856
American Equity Investment Life Holding Co		7,252		200,590
American Finance Trust Inc REIT		8,205		60,963
American National Bankshares Inc		834		21,859
American Realty Investors Inc *		229		2,496
Ameris Bancorp		5,263		200,362
AMERISAFE Inc		1,555		89,304
Ames National Corp		770		18,495
Anworth Mortgage Asset Corp REIT		8,428		22,840
Apollo Commercial Real Estate Finance Inc REIT		11,069		123,641
Arbor Realty Trust Inc REIT		9,213		130,640
Ares Commercial Real Estate Corp REIT		2,591		30,859
Argo Group International Holdings Ltd		2,588		113,096
Arlington Asset Investment Corp ‘A’ REIT		2,579		9,749
Armada Hoffler Properties Inc REIT		4,670		52,397
ARMOUR Residential REIT Inc		5,279		56,960
Arrow Financial Corp		1,124		33,619
Artisan Partners Asset Management Inc ‘A’		2,564		129,072
Assetmark Financial Holdings Inc *		676		16,359
Associated Capital Group Inc ‘A’		144		5,057
Atlantic Capital Bancshares Inc *		1,664		26,491
Atlantic Union Bankshares Corp		42,649		1,404,858


	Shares		Value
Auburn National BanCorp Inc		207		$8,630
Axos Financial Inc *		4,248		159,427
B. Riley Financial Inc		1,523		67,347
Banc of California Inc		3,640		53,544
BancFirst Corp		1,473		86,465
Banco Latinoamericano de Comercio Exterior SA ‘E’ (Panama)		2,488		39,385
BancorpSouth Bank		7,811		214,334
Bank First Corp		34		2,204
Bank of Commerce Holdings		1,371		13,573
Bank of Marin Bancorp		1,032		35,439
Bank7 Corp		155		2,201
BankFinancial Corp		891		7,823
BankUnited Inc		7,355		255,807
Bankwell Financial Group Inc		515		10,068
Banner Corp		2,758		128,495
Bar Harbor Bankshares		1,119		25,278
Baycom Corp *		576		8,738
BCB Bancorp Inc		1,248		13,815
Berkshire Hills Bancorp Inc		3,709		63,498
BGC Partners Inc ‘A’		24,306		97,224
Blackstone Mortgage Trust Inc ‘A’ REIT		10,987		302,472
Blucora Inc *		3,951		62,860
Bluerock Residential Growth REIT Inc		1,425		18,055
Bogota Financial Corp *		599		5,337
Boston Private Financial Holdings Inc		6,197		52,365
Bridge Bancorp Inc		1,373		33,199
Bridgewater Bancshares Inc *		1,596		19,934
Broadmark Realty Capital Inc REIT		10,213		104,173
Broadstone Net Lease Inc ‘A’		2,427		47,521
Brookline Bancorp Inc		6,202		74,672
BRT Apartments Corp REIT		819		12,449
Bryn Mawr Bank Corp		43,295		1,324,611
Business First Bancshares Inc		1,648		33,553
Byline Bancorp Inc		1,848		28,552
C&F Financial Corp		307		11,393
Cadence BanCorp		9,803		160,965
California BanCorp *		625		9,725
Cambridge Bancorp		402		28,040
Camden National Corp		1,238		44,296
Cannae Holdings Inc *		6,908		305,817
Capital Bancorp Inc *		663		9,236
Capital City Bank Group Inc		1,048		25,760
Capitol Federal Financial Inc		10,418		130,225
Capstar Financial Holdings Inc		1,241		18,305
Capstead Mortgage Corp REIT		7,615		44,243
CareTrust REIT Inc		6,606		146,521
Carter Bankshares Inc		1,672		17,924
CatchMark Timber Trust Inc ‘A’ REIT		3,576		33,471
Cathay General Bancorp		6,112		196,745
CB Financial Services Inc		421		8,424
CBTX Inc		1,389		35,433
Centerspace REIT		1,017		71,841
Central Pacific Financial Corp		1,959		37,241
Central Valley Community Bancorp		742		11,048
Century Bancorp Inc ‘A’		209		16,168
Chatham Lodging Trust REIT		3,768		40,694
Chemung Financial Corp		266		9,031
Cherry Hill Mortgage Investment Corp REIT		831		7,595
Chimera Investment Corp REIT		15,497		158,844
ChoiceOne Financial Services Inc		597		18,394
CIT Group Inc		7,839		281,420
Citizens & Northern Corp		1,056		20,951
Citizens Holding Co		392		8,212
Citizens Inc *		3,934		22,542
City Holding Co		1,212		84,295
City Office REIT Inc		3,305		32,290
Civista Bancshares Inc		1,159		20,317
Clipper Realty Inc REIT		292		2,059
CNB Financial Corp		1,220		25,974
CNO Financial Group Inc		117,974		2,622,562


	Shares		Value
Coastal Financial Corp *		732		$15,372
Codorus Valley Bancorp Inc		747		12,669
Colony Bankcorp Inc		620		9,083
Colony Capital Inc REIT		38,294		184,194
Colony Credit Real Estate Inc REIT		6,785		50,888
Columbia Banking System Inc		58,556		2,102,160
Columbia Financial Inc *		2,690		41,856
Columbia Property Trust Inc REIT		9,209		132,057
Community Bank System Inc		4,208		262,200
Community Bankers Trust Corp		1,902		12,839
Community Trust Bancorp Inc		1,122		41,570
ConnectOne Bancorp Inc		3,057		60,498
CoreCivic Inc REIT		9,846		64,491
CorEnergy Infrastructure Trust Inc REIT		1,085		7,432
CorePoint Lodging Inc REIT		3,236		22,264
County Bancorp Inc		411		9,075
Cowen Inc ‘A’		1,302		33,839
Crawford & Co ‘A’		1,339		9,895
CrossFirst Bankshares Inc *		3,957		42,538
CTO Realty Growth Inc		421		17,749
Cushman & Wakefield PLC *		5,720		84,828
Customers Bancorp Inc *		2,072		37,669
CVB Financial Corp		10,289		200,636
Diamond Hill Investment Group Inc		243		36,273
DiamondRock Hospitality Co REIT		15,804		130,383
Dime Community Bancshares Inc		2,286		36,050
Diversified Healthcare Trust REIT		19,111		78,737
Donegal Group Inc ‘A’		935		13,155
Dynex Capital Inc REIT		1,733		30,847
Eagle Bancorp Inc		2,577		106,430
Eagle Bancorp Montana Inc		468		9,931
Eastern Bankshares Inc *		10,993		179,296
EastGroup Properties Inc REIT		147		20,295
Ellington Financial Inc REIT		3,354		49,773
Ellington Residential Mortgage REIT		805		10,497
Employers Holdings Inc		2,271		73,104
Encore Capital Group Inc *		2,442		95,116
Enova International Inc *		2,832		70,149
Enstar Group Ltd *		954		195,465
Enterprise Bancorp Inc		665		16,991
Enterprise Financial Services Corp		1,942		67,873
Equity Bancshares Inc ‘A’ *		1,146		24,742
Esquire Financial Holdings Inc *		410		7,868
ESSA Bancorp Inc		591		8,865
Essent Group Ltd		8,777		379,166
Essential Properties Realty Trust Inc REIT		8,312		176,214
Evans Bancorp Inc		404		11,126
EZCORP Inc ‘A’ *		3,942		18,882
Farmers & Merchants Bancorp Inc		774		17,802
Farmers National Banc Corp		2,239		29,712
Farmland Partners Inc REIT		2,218		19,297
Fathom Holdings Inc *		269		9,695
FB Financial Corp		2,562		88,978
FBL Financial Group Inc ‘A’		726		38,122
Federal Agricultural Mortgage Corp ‘C’		564		41,877
Federated Hermes Inc		5,379		155,399
FedNat Holding Co		1,005		5,950
Fidelity D&D Bancorp Inc		293		18,857
Financial Institutions Inc		1,316		29,610
First BanCorp		17,015		156,878
First Bancorp NC		2,295		77,640
First Bank		1,238		11,612
First Busey Corp		3,947		85,058
First Business Financial Services Inc		703		12,942
First Capital Inc		228		13,808
First Choice Bancorp		842		15,569
First Commonwealth Financial Corp		7,755		84,840
First Community Bankshares Inc		1,331		28,723
First Community Corp		581		9,871
First Financial Bancorp		7,624		133,649
First Financial Corp		1,066		41,414


	Shares		Value
First Foundation Inc		2,446		$48,920
First Guaranty Bancshares Inc		326		5,793
First Horizon Corp		222,153		2,834,672
First Internet Bancorp		741		21,296
First Interstate BancSystem Inc ‘A’		3,231		131,728
First Merchants Corp		4,259		159,329
First Mid Bancshares Inc		1,146		38,574
First Midwest Bancorp Inc		9,205		146,544
First Northwest Bancorp		708		11,045
First Savings Financial Group Inc		160		10,400
First United Corp		590		9,145
First Western Financial Inc *		506		9,902
Flagstar Bancorp Inc		3,858		157,252
Flushing Financial Corp		2,271		37,789
FNCB Bancorp Inc		1,435		9,184
Franklin Financial Services Corp		375		10,136
Franklin Street Properties Corp REIT		8,406		36,734
Front Yard Residential Corp REIT		3,907		63,293
FRP Holdings Inc *		519		23,640
FS Bancorp Inc		258		14,138
Fulton Financial Corp		12,541		159,522
FVCBankcorp Inc *		984		14,465
GAMCO Investors Inc ‘A’		94		1,668
Genworth Financial Inc ‘A’ *		40,192		151,926
German American Bancorp Inc		19,344		640,093
Getty Realty Corp REIT		2,714		74,744
Glacier Bancorp Inc		16,956		780,146
Gladstone Commercial Corp REIT		2,137		38,466
Gladstone Land Corp REIT		832		12,180
Global Medical REIT Inc		3,638		47,512
Global Net Lease Inc REIT		7,217		123,699
Goosehead Insurance Inc ‘A’		904		112,783
Granite Point Mortgage Trust Inc REIT		4,373		43,686
Great Ajax Corp REIT		1,493		15,617
Great Southern Bancorp Inc		854		41,761
Great Western Bancorp Inc		4,371		91,354
Greene County Bancorp Inc		219		5,582
Greenlight Capital Re Ltd ‘A’ *		1,941		14,189
Guaranty Bancshares Inc		552		16,532
Hancock Whitney Corp		6,812		231,744
Hanmi Financial Corp		2,435		27,613
Hannon Armstrong Sustainable Infrastructure Capital Inc REIT		5,565		352,988
Harborone Bancorp Inc *		4,363		47,382
Hawthorn Bancshares Inc		499		10,928
HBT Financial Inc		717		10,863
HCI Group Inc		393		20,554
Healthcare Realty Trust Inc REIT		16,988		502,845
Heartland Financial USA Inc		2,838		114,570
Heritage Commerce Corp		4,538		40,252
Heritage Financial Corp		2,961		69,258
Heritage Insurance Holdings Inc		1,805		18,285
Hersha Hospitality Trust REIT		2,832		22,344
Highwoods Properties Inc REIT		12,978		514,318
Hilltop Holdings Inc		5,800		159,558
Hingham Institution for Savings		107		23,112
Home Bancorp Inc		583		16,318
Home BancShares Inc		12,303		239,662
HomeStreet Inc		1,609		54,304
HomeTrust Bancshares Inc		1,210		23,365
Hope Bancorp Inc		9,587		104,594
Horace Mann Educators Corp		71,008		2,985,176
Horizon Bancorp Inc		3,514		55,732
Houlihan Lokey Inc		7,086		476,392
Howard Bancorp Inc *		1,040		12,282
Independence Holding Co		388		15,908
Independence Realty Trust Inc REIT		7,572		101,692
Independent Bank Corp		2,477		180,920
Independent Bank Corp MI		1,691		31,233
Independent Bank Group Inc		2,987		186,747
Indus Realty Trust Inc *		65		4,063


	Shares		Value
Industrial Logistics Properties Trust REIT		5,210		$121,341
Innovative Industrial Properties Inc REIT		1,015		185,877
International Bancshares Corp		4,241		158,783
Invesco Mortgage Capital Inc REIT		14,704		49,700
Investar Holding Corp		750		12,405
Investors Bancorp Inc		13,058		137,892
Investors Title Co		98		14,994
iStar Inc REIT		5,793		86,026
James River Group Holdings Ltd		320		15,728
Kearny Financial Corp		4,913		51,881
Kennedy-Wilson Holdings Inc		9,640		172,460
Kite Realty Group Trust REIT		6,674		99,843
KKR Real Estate Finance Trust Inc REIT		2,228		39,926
Ladder Capital Corp REIT		8,628		84,382
Lakeland Bancorp Inc		3,836		48,717
Lakeland Financial Corp		25,098		1,344,751
Landmark Bancorp Inc		300		6,855
LCNB Corp		907		13,324
Legacy Housing Corp *		517		7,812
LendingClub Corp *		5,462		57,679
Level One Bancorp Inc		424		8,578
Lexington Realty Trust REIT		21,981		233,438
Limestone Bancorp Inc *		439		5,514
Live Oak Bancshares Inc		2,251		106,832
LTC Properties Inc REIT		1,856		72,217
Luther Burbank Corp		1,402		13,740
Macatawa Bank Corp		1,983		16,598
Mack-Cali Realty Corp REIT		7,048		87,818
Mackinac Financial Corp		762		9,723
MainStreet Bancshares Inc *		565		9,554
Marcus & Millichap Inc *		1,724		64,185
Marlin Business Services Corp		565		6,916
Maui Land & Pineapple Co Inc *		333		3,839
MBIA Inc *		3,878		25,517
McGrath RentCorp		21,168		1,420,373
Mercantile Bank Corp		1,093		29,697
Merchants Bancorp		753		20,805
Meridian Bancorp Inc		3,662		54,600
Meridian Corp		330		6,864
Meta Financial Group Inc		2,685		98,164
Metrocity Bankshares Inc		1,465		21,125
Metropolitan Bank Holding Corp *		579		21,000
MFA Financial Inc REIT		36,134		140,561
Mid Penn Bancorp Inc		608		13,315
Middlefield Banc Corp		385		8,663
Midland States Bancorp Inc		1,721		30,754
MidWestOne Financial Group Inc		1,179		28,886
MMA Capital Holdings Inc *		355		8,733
Monmouth Real Estate Investment Corp REIT		952		16,489
Mr Cooper Group Inc *		6,053		187,825
MVB Financial Corp		718		16,284
National Bank Holdings Corp ‘A’		1,741		57,035
National Bankshares Inc		465		14,559
National General Holdings Corp		2,800		95,704
National Health Investors Inc REIT		2,302		159,229
National Western Life Group Inc ‘A’		207		42,733
Navient Corp		14,542		142,802
NBT Bancorp Inc		3,452		110,809
Nelnet Inc ‘A’		1,386		98,739
NETSTREIT Corp		917		17,872
New Senior Investment Group Inc REIT		6,400		33,152
New York Mortgage Trust Inc REIT		30,579		112,837
Newmark Group Inc ‘A’		11,658		84,987
NexPoint Residential Trust Inc REIT		1,440		60,926
NI Holdings Inc *		711		11,675
Nicolet Bankshares Inc *		680		45,118
NMI Holdings Inc ‘A’ *		6,283		142,310
Northeast Bank *		632		14,233
Northfield Bancorp Inc		3,813		47,014
Northrim BanCorp Inc		521		17,688


	Shares		Value
Northwest Bancshares Inc		9,421		$120,024
Norwood Financial Corp		515		13,478
Oak Valley Bancorp		542		9,008
OceanFirst Financial Corp		4,609		85,866
Oconee Federal Financial Corp		91		2,302
Office Properties Income Trust REIT		3,786		86,018
OFG Bancorp		4,109		76,181
Ohio Valley Banc Corp		347		8,189
Old National Bancorp		12,991		215,131
Old Republic International Corp		149,417		2,945,009
Old Second Bancorp Inc		1,822		18,402
One Liberty Properties Inc REIT		1,228		24,646
OP Bancorp		1,067		8,216
Oportun Financial Corp *		1,555		30,120
Oppenheimer Holdings Inc ‘A’		752		23,635
Orchid Island Capital Inc REIT		5,109		26,669
Origin Bancorp Inc		1,718		47,709
Orrstown Financial Services Inc		896		14,829
Pacific Premier Bancorp Inc		6,479		202,987
Park National Corp		1,135		119,186
Parke Bancorp Inc		802		12,511
Partners Bancorp		678		4,407
PCB Bancorp		971		9,817
PCSB Financial Corp		1,241		19,782
PDL Community Bancorp *		631		6,632
Peapack Gladstone Financial Corp		1,519		34,572
Pebblebrook Hotel Trust REIT		10,414		195,783
Penns Woods Bancorp Inc		615		15,996
PennyMac Financial Services Inc		2,977		195,351
PennyMac Mortgage Investment Trust REIT		7,818		137,519
Peoples Bancorp Inc		33,622		910,820
Peoples Bancorp of North Carolina Inc		299		6,883
Peoples Financial Services Corp		539		19,814
Physicians Realty Trust REIT		16,793		298,915
Piedmont Office Realty Trust Inc ‘A’ REIT		10,013		162,511
Pioneer Bancorp Inc *		964		10,189
Piper Sandler Cos		1,416		142,874
Plumas Bancorp		426		10,011
PotlatchDeltic Corp REIT		5,253		262,755
PRA Group Inc *		3,581		142,022
Preferred Apartment Communities Inc ‘A’ REIT		3,957		29,282
Preferred Bank		1,121		56,577
Premier Financial Bancorp Inc		941		12,506
Premier Financial Corp		2,924		67,252
ProAssurance Corp		4,259		75,768
PROG Holding Inc		4,858		261,700
ProSight Global Inc *		847		10,867
Protective Insurance Corp ‘B’		799		10,954
Provident Bancorp Inc		1,219		14,628
Provident Financial Holdings Inc		545		8,562
Provident Financial Services Inc		5,755		103,360
Prudential Bancorp Inc		719		9,958
QCR Holdings Inc		1,178		46,637
QTS Realty Trust Inc ‘A’ REIT		275		17,017
Radian Group Inc		15,326		310,352
Rafael Holdings Inc ‘B’ *		657		15,321
RBB Bancorp		1,356		20,855
RE/MAX Holdings Inc ‘A’		1,490		54,132
Ready Capital Corp REIT		3,357		41,795
Realogy Holdings Corp *		9,083		119,169
Red River Bancshares Inc		364		18,036
Redwood Trust Inc REIT		8,816		77,404
Regional Management Corp		600		17,916
Reliant Bancorp Inc		1,175		21,879
Renasant Corp		4,289		144,454
Republic Bancorp Inc ‘A’		790		28,495
Republic First Bancorp Inc *		3,912		11,149
Retail Opportunity Investments Corp REIT		9,363		125,371
Retail Properties of America Inc ‘A’ REIT		17,316		148,225
Retail Value Inc REIT		1,385		20,595


	Shares		Value
Richmond Mutual Bancorporation Inc		1,032		$14,097
Riverview Bancorp Inc		1,568		8,248
RLI Corp		390		40,619
RLJ Lodging Trust REIT		13,023		184,275
RPT Realty REIT		6,386		55,239
Ryman Hospitality Properties Inc REIT		505		34,219
S&T Bancorp Inc		2,963		73,601
Sabra Health Care REIT Inc		16,342		283,861
Safeguard Scientifics Inc *		1,576		10,055
Safehold Inc REIT		661		47,916
Safety Insurance Group Inc		1,123		87,482
Salisbury Bancorp Inc		226		8,423
Sandy Spring Bancorp Inc		3,561		114,629
Saul Centers Inc REIT		103		3,263
SB Financial Group Inc		610		11,151
Sculptor Capital Management Inc		1,571		23,879
Seacoast Banking Corp of Florida *		4,036		118,860
Security National Financial Corp ‘A’ *		698		5,828
Select Bancorp Inc *		1,359		12,870
Selective Insurance Group Inc		25,278		1,693,120
Selectquote Inc *		1,823		37,827
Seritage Growth Properties REIT *		2,760		40,517
Service Properties Trust REIT		12,987		149,221
ServisFirst Bancshares Inc		1,005		40,491
Shore Bancshares Inc		1,010		14,746
Sierra Bancorp		1,094		26,168
Silvercrest Asset Management Group Inc ‘A’		445		6,181
Silvergate Capital Corp ‘A’ *		1,237		91,921
Simmons First National Corp ‘A’		8,598		185,631
SITE Centers Corp REIT		12,399		125,478
SmartFinancial Inc		1,187		21,532
South Plains Financial Inc		932		17,661
South State Corp		36,391		2,631,069
Southern First Bancshares Inc *		589		20,821
Southern Missouri Bancorp Inc		662		20,151
Southern National Bancorp of Virginia Inc		1,482		17,947
Southside Bancshares Inc		2,499		77,544
Spirit of Texas Bancshares Inc		1,042		17,506
STAG Industrial Inc REIT		10,982		343,956
Standard AVB Financial Corp		302		9,842
State Auto Financial Corp		1,467		26,025
StepStone Group Inc ‘A’ *		810		32,238
Sterling Bancorp Inc		778		3,532
Stewart Information Services Corp		2,121		102,572
Stifel Financial Corp		7,943		400,804
Stock Yards Bancorp Inc		1,378		55,781
StoneX Group Inc *		1,224		70,870
Stratus Properties Inc *		341		8,696
Summit Financial Group Inc		1,000		22,080
Summit Hotel Properties Inc REIT		8,424		75,900
Sunstone Hotel Investors Inc REIT		22,228		251,843
SWK Holdings Corp *		277		3,986
Tanger Factory Outlet Centers Inc REIT		7,374		73,445
Terreno Realty Corp REIT		3,052		178,573
Territorial Bancorp Inc		651		15,644
Texas Capital Bancshares Inc *		3,999		237,941
The Bancorp Inc *		4,200		57,330
The Bank of NT Butterfield & Son Ltd (Bermuda)		4,099		127,725
The Bank of Princeton		459		10,745
The Community Financial Corp		458		12,128
The First Bancorp Inc		795		20,193
The First Bancshares Inc		1,626		50,211
The First of Long Island Corp		60,974		1,088,386
The GEO Group Inc REIT		9,273		82,159
The Hanover Insurance Group Inc		24,323		2,843,845
The Macerich Co REIT		11,921		127,197
The RMR Group Inc ‘A’		105		4,055
The St Joe Co		1,334		56,628
Third Point Reinsurance Ltd * (Bermuda)		6,656		63,365


	Shares		Value
Timberland Bancorp Inc		645		$15,648
Tiptree Inc		1,724		8,654
Tompkins Financial Corp		1,155		81,543
Towne Bank		5,387		126,487
TPG RE Finance Trust Inc REIT		4,886		51,889
Transcontinental Realty Investors Inc REIT *		142		3,424
Trean Insurance Group Inc *		851		11,148
TriCo Bancshares		14,242		502,458
TriState Capital Holdings Inc *		2,154		37,480
Triumph Bancorp Inc *		1,826		88,652
TrustCo Bank Corp NY		74,476		496,755
Trustmark Corp		4,981		136,031
Two Harbors Investment Corp REIT		21,839		139,114
UMB Financial Corp		3,465		239,050
UMH Properties Inc REIT		763		11,300
United Bankshares Inc		9,937		321,959
United Community Banks Inc		6,191		176,072
United Fire Group Inc		1,668		41,867
United Insurance Holdings Corp		1,785		10,210
United Security Bancshares		792		5,584
Unity Bancorp Inc		525		9,214
Universal Health Realty Income Trust REIT		140		8,998
Universal Insurance Holdings Inc		1,633		24,675
Univest Financial Corp		2,262		46,552
Urban Edge Properties REIT		9,366		121,196
Urstadt Biddle Properties Inc ‘A’ REIT		2,330		32,923
Valley National Bancorp		31,788		309,933
Vericity Inc *		147		1,471
Veritex Holdings Inc		3,777		96,918
Virtus Investment Partners Inc		535		116,095
Waddell & Reed Financial Inc ‘A’		4,945		125,949
Walker & Dunlop Inc		2,069		190,389
Washington Federal Inc		5,971		153,694
Washington Real Estate Investment Trust REIT		6,507		140,746
Washington Trust Bancorp Inc		27,520		1,232,896
Waterstone Financial Inc		1,762		33,161
Watford Holdings Ltd * (Bermuda)		1,389		48,059
WesBanco Inc		5,238		156,930
West Bancorporation Inc		1,186		22,890
Westamerica Bancorporation		1,785		98,693
Western Asset Mortgage Capital Corp REIT		4,337		14,139
Western New England Bancorp Inc		1,566		10,790
Westwood Holdings Group Inc		732		10,614
Whitestone REIT		3,125		24,906
WisdomTree Investments Inc		11,250		60,188
World Acceptance Corp *		340		34,755
WSFS Financial Corp		4,045		181,540
Xenia Hotels & Resorts Inc REIT		9,122		138,654

				65,211,780

Industrial - 19.0%

AAR Corp		2,706		98,011
Advanced Emissions Solutions Inc		1,059		5,825
Aegion Corp *		2,420		45,956
Alamo Group Inc		169		23,314
Allied Motion Technologies Inc		66		3,373
Altra Industrial Motion Corp		5,137		284,744
American Outdoor Brands Inc *		1,192		20,300
American Superconductor Corp *		2,138		50,072
American Woodmark Corp *		1,329		124,727
API Group Corp * ~		11,174		202,808
Apogee Enterprises Inc		21,120		669,082
Applied Industrial Technologies Inc		1,864		145,373
Applied Optoelectronics Inc *		1,848		15,726
ArcBest Corp		2,058		87,815
Arcosa Inc		3,862		212,140
Ardmore Shipping Corp (Ireland)		2,356		7,704
Argan Inc		10,479		466,211
Astec Industries Inc		17,183		994,552


	Shares		Value
Astronics Corp *		1,813		$23,986
Atlas Air Worldwide Holdings Inc *		1,906		103,953
AZZ Inc		2,054		97,442
Barnes Group Inc		3,721		188,617
Bel Fuse Inc ‘B’		813		12,219
Belden Inc		3,484		145,980
Benchmark Electronics Inc		17,374		469,272
Bloom Energy Corp ‘A’ *		328		9,400
Boise Cascade Co		2,594		123,993
Brady Corp ‘A’		933		49,281
Bristow Group Inc *		539		14,186
Builders FirstSource Inc *		851		34,729
Cactus Inc ‘A’		2,012		52,453
Caesarstone Ltd		1,820		23,460
Casella Waste Systems Inc ‘A’ *		474		29,364
CECO Environmental Corp *		2,611		18,173
Chart Industries Inc *		2,879		339,117
CIRCOR International Inc *		1,590		61,120
Coherent Inc *		10,495		1,574,460
Columbus McKinnon Corp		22,585		868,167
Comfort Systems USA Inc		2,049		107,900
Comtech Telecommunications Corp		1,884		38,980
Concrete Pumping Holdings Inc *		2,047		7,840
Construction Partners Inc ‘A’ *		1,113		32,399
Cornerstone Building Brands Inc *		2,091		19,404
Costamare Inc (Monaco)		3,820		31,630
Covanta Holding Corp		5,714		75,025
Covenant Logistics Group Inc ‘A’ *		910		13,477
DHT Holdings Inc		8,909		46,594
Diamond S Shipping Inc *		2,376		15,824
Digimarc Corp *		50		2,362
Dorian LPG Ltd *		2,578		31,426
Ducommun Inc *		870		46,719
DXP Enterprises Inc *		1,278		28,410
Dycom Industries Inc *		708		53,468
Eagle Bulk Shipping Inc *		516		9,804
Eagle Materials Inc		2,468		250,132
Eastman Kodak Co *		1,382		11,249
Echo Global Logistics Inc *		2,050		54,981
EMCOR Group Inc		3,946		360,901
Encore Wire Corp		1,590		96,306
Enerpac Tool Group Corp		2,776		62,765
EnerSys		3,089		256,572
EnPro Industries Inc		1,643		124,079
ESCO Technologies Inc		174		17,960
FARO Technologies Inc *		86		6,074
Federal Signal Corp		403		13,368
Fitbit Inc ‘A’ *		6,279		42,697
Fluidigm Corp *		5,551		33,306
Fluor Corp		11,199		178,848
Forward Air Corp		830		63,777
Franklin Electric Co Inc		265		18,341
Frontline Ltd (Norway)		9,578		59,575
GATX Corp		2,767		230,159
Genco Shipping & Trading Ltd		1,106		8,140
Gencor Industries Inc *		635		7,811
General Finance Corp *		886		7,540
Gibraltar Industries Inc *		2,031		146,110
Golar LNG Ltd * (Bermuda)		7,084		68,290
GoPro Inc ‘A’ *		1,048		8,677
Graham Corp		670		10,171
Granite Construction Inc		3,285		87,742
Great Lakes Dredge & Dock Corp *		8,019		105,610
Greif Inc ‘A’		2,105		98,682
Greif Inc ‘B’		465		22,497
Griffon Corp		3,407		69,435
Harsco Corp *		6,214		111,728
Haynes International Inc		917		21,861
Heartland Express Inc		18,419		333,384
Helios Technologies Inc		1,368		72,901
Heritage-Crystal Clean Inc *		1,235		26,021


	Shares		Value
Hillenbrand Inc		68,026		$2,707,435
Hub Group Inc ‘A’ *		2,639		150,423
Hurco Cos Inc		559		16,770
Hyster-Yale Materials Handling Inc		804		47,878
IES Holdings Inc *		439		20,212
II-VI Inc *		976		74,137
Insteel Industries Inc		36,214		806,486
International Seaways Inc		1,842		30,080
Intevac Inc *		1,601		11,543
IntriCon Corp *		778		14,082
JELD-WEN Holding Inc *		5,381		136,462
Kaman Corp		2,000		114,260
KBR Inc		9,918		306,764
Kennametal Inc		6,647		240,887
Kimball Electronics Inc *		1,978		31,628
Knowles Corp *		7,143		131,645
Lawson Products Inc *		149		7,586
LB Foster Co ‘A’ *		792		11,920
LENSAR Inc *		703		5,097
Louisiana-Pacific Corp		267		9,924
LSI Industries Inc		1,941		16,615
Luxfer Holdings PLC (United Kingdom)		1,991		32,692
Lydall Inc *		1,342		40,300
Marten Transport Ltd		2,321		39,991
Masonite International Corp*		4,402		432,893
MasTec Inc *		4,205		286,697
Materion Corp		1,118		71,239
Matson Inc		3,413		194,439
Matthews International Corp ‘A’		2,471		72,647
Mayville Engineering Co Inc *		644		8,642
Meggitt PLC * (United Kingdom)		107,154		681,405
Mistras Group Inc *		1,117		8,668
Montrose Environmental Group Inc *		580		17,957
Moog Inc ‘A’		2,401		190,399
Mueller Industries Inc		22,416		787,026
Mueller Water Products Inc ‘A’		152,758		1,891,144
Myers Industries Inc		1,776		36,905
MYR Group Inc *		482		28,968
National Presto Industries Inc		372		32,896
NL Industries Inc		761		3,638
NN Inc *		3,488		22,916
Nordic American Tankers Ltd		11,496		33,913
Northwest Pipe Co *		833		23,574
NV5 Global Inc *		74		5,830
NVE Corp		2		112
O-I Glass Inc		2,583		30,738
Olympic Steel Inc		717		9,558
Oshkosh Corp		20,374		1,753,590
Overseas Shipholding Group Inc ‘A’ *		5,587		11,956
Pactiv Evergreen Inc *		2,462		44,661
PAM Transportation Services Inc *		140		6,860
Pangaea Logistics Solutions Ltd		1,014		2,809
Park Aerospace Corp		1,500		20,115
Park-Ohio Holdings Corp		663		20,487
Patrick Industries Inc		81		5,536
PGT Innovations Inc *		2,878		58,539
Plexus Corp *		410		32,066
Powell Industries Inc		755		22,265
Primoris Services Corp		1,692		46,716
Radiant Logistics Inc *		3,200		18,560
Ranpak Holdings Corp *		2,240		30,106
Raven Industries Inc		2,574		85,174
Regal Beloit Corp		6,516		800,230
Rexnord Corp		50,694		2,001,906
Ryerson Holding Corp *		1,158		15,795
Safe Bulkers Inc * (Greece)		4,890		6,357
Sanmina Corp *		5,132		163,659
Scorpio Bulkers Inc		759		12,850
Scorpio Tankers Inc (Monaco)		4,088		45,745
SEACOR Holdings Inc *		1,586		65,740
SFL Corp Ltd (Norway)		7,901		49,618


	Shares		Value
SMART Global Holdings Inc *		63		$2,371
Smith & Wesson Brands Inc		4,392		77,958
SPX Corp *		906		49,413
SPX FLOW Inc *		16,280		943,589
Standex International Corp		1,012		78,450
Sterling Construction Co Inc *		1,799		33,479
Stoneridge Inc *		2,118		64,027
Sturm Ruger & Co Inc		136		8,850
Summit Materials Inc ‘A’ *		9,105		182,828
Terex Corp		5,351		186,696
The Eastern Co		454		10,941
The Gorman-Rupp Co		1,214		39,394
The Greenbrier Cos Inc		56,223		2,045,393
The Manitowoc Co Inc *		2,652		35,298
The Timken Co		28,071		2,171,573
Tidewater Inc *		3,375		29,160
TimkenSteel Corp *		3,375		15,761
Tredegar Corp		1,980		33,066
TriMas Corp *		3,223		102,072
Trinseo SA		2,062		105,595
Triumph Group Inc		4,146		52,074
TTM Technologies Inc *		7,848		108,263
Turtle Beach Corp *		1,110		23,921
Tutor Perini Corp *		3,375		43,706
UFP Industries Inc		20,257		1,125,276
UFP Technologies Inc *		513		23,906
Ultralife Corp *		702		4,542
Universal Logistics Holdings Inc		254		5,230
US Concrete Inc *		1,299		51,921
US Ecology Inc		2,588		94,022
US Xpress Enterprises Inc ‘A’ *		1,928		13,188
Vishay Intertechnology Inc		10,566		218,822
Vishay Precision Group Inc *		1,052		33,117
Watts Water Technologies Inc ‘A’		1,238		150,665
Welbilt Inc *		7,591		100,201
Werner Enterprises Inc		544		21,336
Willis Lease Finance Corp *		270		8,224
WillScot Mobile Mini Holdings Corp *		61,841		1,432,856
Worthington Industries Inc		2,941		150,991

				36,422,593

Technology - 3.6%

3D Systems Corp *		9,808		102,788
ACI Worldwide Inc *		32,738		1,258,121
Allscripts Healthcare Solutions Inc *		11,947		172,515
Alpha & Omega Semiconductor Ltd *		1,652		39,053
Ambarella Inc *		1,840		168,949
Amkor Technology Inc		6,695		100,961
Asure Software Inc *		890		6,319
Axcelis Technologies Inc *		227		6,610
AXT Inc *		3,135		30,002
Cerence Inc *		2,933		294,708
Cloudera Inc *		8,329		115,856
Cohu Inc		3,086		117,823
Computer Programs & Systems Inc		1,031		27,672
Conduent Inc *		13,376		64,205
Corsair Gaming Inc *		533		19,305
CTS Corp		2,518		86,443
Cubic Corp		2,206		136,860
Daily Journal Corp *		19		7,676
Diebold Nixdorf Inc *		3,511		37,427
Digi International Inc *		2,241		42,355
Diodes Inc *		2,815		198,457
Donnelley Financial Solutions Inc *		2,292		38,895
DSP Group Inc *		186		3,086
Ebix Inc		912		34,629
eGain Corp *		1,157		13,664
Evolent Health Inc ‘A’ *		5,226		83,773
GSI Technology Inc *		1,383		10,234
GTY Technology Holding Inc *		3,261		16,892
IBEX Holdings Ltd *		253		4,731


	Shares		Value
Immersion Corp *		348		$3,929
Insight Enterprises Inc *		2,016		153,397
ManTech International Corp ‘A’		1,266		112,598
MaxLinear Inc *		2,179		83,216
MicroStrategy Inc ‘A’ *		220		85,481
MTS Systems Corp		1,540		89,566
NetScout Systems Inc *		67,250		1,843,995
NextGen Healthcare Inc *		4,429		80,785
Onto Innovation Inc *		2,825		134,329
Outset Medical Inc *		142		8,071
Park City Group Inc *		859		4,115
Parsons Corp *		531		19,334
PDF Solutions Inc *		166		3,586
Perspecta Inc		1,931		46,498
Photronics Inc *		5,147		57,441
Pitney Bowes Inc		8,816		54,307
Pixelworks Inc *		473		1,334
PlayAGS Inc *		1,558		11,218
Quantum Corp *		2,252		13,782
Rambus Inc *		9,092		158,746
SeaChange International Inc *		2,083		2,916
SecureWorks Corp ‘A’ *		780		11,092
StarTek Inc *		1,195		8,986
Sumo Logic Inc *		220		6,288
Super Micro Computer Inc *		2,459		77,852
Sykes Enterprises Inc *		2,833		106,719
Synaptics Inc *		130		12,532
Synchronoss Technologies Inc *		2,890		13,583
The ExOne Co *		277		2,629
Unisys Corp *		4,338		85,372
Veeco Instruments Inc *		3,750		65,100
Verint Systems Inc *		2,851		191,530
Xperi Holding Corp		7,828		163,605

				6,953,941

Utilities - 3.6%

ALLETE Inc		4,139		256,370
Artesian Resources Corp ‘A’		627		23,249
Atlantic Power Corp *		6,455		13,556
Avista Corp		5,473		219,686
Black Hills Corp		28,233		1,734,918
Brookfield Infrastructure Corp ‘A’ (Canada)		1,283		92,761
Brookfield Renewable Corp ‘A’		7,498		436,908
California Water Service Group		322		17,398
Chesapeake Utilities Corp		77		8,332
Clearway Energy Inc ‘A’		2,300		67,965
Clearway Energy Inc ‘C’		5,201		166,068
Consolidated Water Co Ltd (Cayman)		1,212		14,605
IDACORP Inc		11,460		1,100,504
MGE Energy Inc		2,115		148,113
New Jersey Resources Corp		7,636		271,460
Northwest Natural Holding Co		2,201		101,224
NorthWestern Corp		4,016		234,173
ONE Gas Inc		3,690		283,281
Otter Tail Corp		2,163		92,165
PICO Holdings Inc *		1,422		13,296
PNM Resources Inc		6,322		306,807
Portland General Electric Co		7,146		305,634
RGC Resources Inc		283		6,730
SJW Group		996		69,083
South Jersey Industries Inc		3,299		71,093
Southwest Gas Holdings Inc *		4,122		250,411
Spire Inc		7,853		502,906
Unitil Corp		1,193		52,814

				6,861,510


Total Common Stocks (Cost $168,434,694)				188,705,873


	Principal Amount		Value

CORPORATE BONDS & NOTES - 0.3%

Industrial - 0.3%

Mueller Industries Inc 6.000% due 03/01/27		$482,000		$492,151


Total Corporate Bonds & Notes (Cost $482,000)				492,151


SHORT-TERM INVESTMENT - 1.3%

Repurchase Agreement - 1.3%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $2,397,108; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $2,445,100)		2,397,108		2,397,108


Total Short-Term Investment (Cost $2,397,108)				2,397,108


TOTAL INVESTMENTS - 100.2% (Cost $171,313,802)				191,595,594

DERIVATIVES - (0.0%)				(7,695	)


OTHER ASSETS & LIABILITIES, NET - (0.2%)				(295,142	)


NET ASSETS - 100.0%				$191,292,757

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial	34.1%
Industrial	19.3%
Consumer, Cyclical	17.6%
Consumer, Non-Cyclical	9.9%
Basic Materials	6.0%
Technology	3.6%
Utilities	3.6%
Energy	3.2%
Others (each less than 3.0%)	2.9%

	100.2%
Derivatives	(0.0%	)
Other Assets & Liabilities, Net	(0.2%	)

	100.0%

(b)

An investment with a value of $462 or less than 0.1% of the Fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or the Board of Trustees.

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 97.2%

Basic Materials - 3.1%

Axalta Coating Systems Ltd *		121,962		$3,482,015
Ferro Corp *		173,035		2,531,502
Ingevity Corp *		48,112		3,643,522

				9,657,039

Communications - 8.0%

Leslie’s Inc *		182,037		5,051,527
MakeMyTrip Ltd * (India)		38,967		1,150,696
Open Lending Corp ‘A’ *		102,018		3,566,549
Proofpoint Inc *		27,009		3,684,298
Q2 Holdings Inc *		42,134		5,331,215
Stamps.com Inc *		17,370		3,407,820
Zendesk Inc *		16,151		2,311,531

				24,503,636

Consumer, Cyclical - 6.4%

Malibu Boats Inc ‘A’ *		47,249		2,950,228
Manchester United PLC ‘A’ (United Kingdom)		188,818		3,160,813
Ollie’s Bargain Outlet Holdings Inc *		30,725		2,512,383
Penn National Gaming Inc *		16,814		1,452,225
Skechers U.S.A. Inc ‘A’ *		115,122		4,137,485
Thule Group AB * ~ (Sweden)		44,488		1,664,485
Visteon Corp *		15,777		1,980,329
Vroom Inc *		42,551		1,743,314

				19,601,262

Consumer, Non-Cyclical - 28.3%

Abcam PLC (United Kingdom)		81,121		1,719,462
Abcam PLC ADR * (United Kingdom)		29,215		629,583
Acutus Medical Inc *		44,971		1,295,614
Adaptive Biotechnologies Corp *		36,642		2,166,641
Allovir Inc *		48,152		1,850,963
Amicus Therapeutics Inc *		88,008		2,032,105
Annexon Inc *		67,740		1,695,532
Avalara Inc *		13,222		2,180,176
Berkeley Lights Inc *		11,433		1,022,224
Bio-Techne Corp		6,056		1,923,083
BioAtla Inc *		37,488		1,274,967
Bioxcel Therapeutics Inc *		22,793		1,053,037
Bluebird Bio Inc *		33,786		1,461,920
Boyd Group Services Inc (Canada)		12,210		2,106,079
Bridgebio Pharma Inc *		32,616		2,319,324
Bright Horizons Family Solutions Inc *		6,455		1,116,650
Certara Inc *		65,819		2,219,417
Charles River Laboratories International Inc *		12,153		3,036,549
Collegium Pharmaceutical Inc *		44,811		897,564
Evo Payments Inc ‘A’ *		87,452		2,362,078
Grocery Outlet Holding Corp *		68,910		2,704,717
Guardant Health Inc *		9,927		1,279,392
GW Pharmaceuticals PLC ADR * (United Kingdom)		17,200		1,985,052
Harmony Biosciences Holdings Inc *		38,478		1,390,980
ICON PLC * (Ireland)		11,514		2,245,000
Laird Superfood Inc *		15,093		714,201
Maravai LifeSciences Holdings Inc ‘A’ *		102,665		2,879,753
Merit Medical Systems Inc *		46,123		2,560,288
MorphoSys AG ADR * (Germany)		50,879		1,441,911
Neurocrine Biosciences Inc *		11,301		1,083,201
Nevro Corp *		10,749		1,860,652
Nuvei Corp * (Canada)		89,892		5,414,195
Optinose Inc *		140,440		581,422
Orchard Therapeutics PLC ADR * (United Kingdom)		39,635		171,223
OrthoPediatrics Corp *		49,580		2,045,175


	Shares		Value
Paylocity Holding Corp *		10,634		$2,189,647
PRA Health Sciences Inc *		54,357		6,818,542
Prelude Therapeutics Inc *		21,368		1,528,880
Ritchie Bros Auctioneers Inc (Canada)		30,421		2,115,781
Seer Inc *		16,352		918,001
Silk Road Medical Inc *		24,443		1,539,420
SpringWorks Therapeutics Inc *		29,884		2,167,188
STERIS PLC		7,234		1,371,132
TriNet Group Inc *		37,525		3,024,515
Turning Point Therapeutics Inc *		14,215		1,732,098
Twist Bioscience Corp *		8,562		1,209,725

				87,335,059

Diversified - 0.9%

dMY Technology Group Inc II ‘A’ *		79,367		1,396,066
Insu Acquisition Corp II ‘A’ *		83,533		1,298,938

				2,695,004

Energy - 1.3%

Array Technologies Inc *		93,054		4,014,349


Financial - 12.9%

Bank OZK		38,843		1,214,620
Big Yellow Group PLC REIT (United Kingdom)		154,488		2,314,636
CoreSite Realty Corp REIT		35,618		4,462,223
Focus Financial Partners Inc ‘A’ *		89,852		3,908,562
GCM Grosvenor Inc ‘A’ *		50,359		670,782
GoHealth Inc ‘A’ *		132,267		1,806,767
Grosvenor Capital Management LP PIPE *		164,974		2,197,454
Hamilton Lane Inc ‘A’		32,909		2,568,547
Industrial Logistics Properties Trust REIT		111,772		2,603,170
Prosperity Bancshares Inc		35,766		2,480,730
QTS Realty Trust Inc ‘A’ REIT		92,577		5,728,665
Selectquote Inc *		63,605		1,319,804
STAG Industrial Inc REIT		130,041		4,072,884
TMX Group Ltd (Canada)		19,680		1,965,681
WisdomTree Investments Inc		450,748		2,411,502

				39,726,027

Industrial - 14.7%

Advanced Drainage Systems Inc		9,321		779,049
Advanced Energy Industries Inc *		50,655		4,912,015
CryoPort Inc *		83,398		3,659,504
Generac Holdings Inc *		16,106		3,662,666
Gerresheimer AG (Germany)		36,038		3,886,284
GFL Environmental Inc (Canada)		120,127		3,505,306
Hydrofarm Holdings Group Inc *		15,042		790,908
Knight-Swift Transportation Holdings Inc		63,587		2,659,208
Kratos Defense & Security Solutions Inc *		135,036		3,704,038
Littelfuse Inc		7,549		1,922,428
PerkinElmer Inc		10,664		1,530,284
Schneider National Inc ‘B’		124,256		2,572,099
Sensata Technologies Holding PLC *		61,708		3,254,480
StealthGas Inc * (Greece)		126,749		297,860
Summit Materials Inc ‘A’ *		131,862		2,647,789
The AZEK Co Inc *		83,613		3,214,920
Trex Co Inc *		29,220		2,446,298

				45,445,136

Technology - 21.6%

8x8 Inc *		138,501		4,774,129
Asana Inc ‘A’ *		77,385		2,286,727
Box Inc ‘A’ *		168,939		3,049,349
CACI International Inc ‘A’ *		24,885		6,204,577
Corsair Gaming Inc *		17,827		645,694
Endava PLC ADR * (United Kingdom)		12,024		922,842
Everbridge Inc *		30,988		4,619,381
ExlService Holdings Inc *		46,145		3,928,324


	Shares		Value
Five9 Inc *		11,804		$2,058,618
Health Catalyst Inc *		37,458		1,630,547
Keywords Studios PLC * (Ireland)		92,171		3,599,276
Outset Medical Inc *		22,624		1,285,948
PagerDuty Inc *		81,908		3,415,564
Ping Identity Holding Corp *		171,189		4,902,853
Rapid7 Inc *		77,158		6,956,565
RealPage Inc *		36,884		3,217,760
Schrodinger Inc *		20,538		1,626,199
Silicon Laboratories Inc *		18,194		2,316,824
Vertex Inc ‘A’ *		136,737		4,765,284
WNS Holdings Ltd ADR * (India)		60,624		4,367,959

				66,574,420


Total Common Stocks (Cost $220,445,265)				299,551,932


	Principal Amount

SHORT-TERM INVESTMENT - 3.1%

Repurchase Agreement - 3.1%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $9,536,907; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $9,727,700)		$9,536,907		9,536,907


Total Short-Term Investment (Cost $9,536,907)				9,536,907


TOTAL INVESTMENTS - 100.3% (Cost $229,982,172)				309,088,839

OTHER ASSETS & LIABILITIES, NET - (0.3%)				(965,057	)


NET ASSETS - 100.0%				$308,123,782

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical	28.3%
Technology	21.6%
Industrial	14.7%
Financial	12.9%
Communications	8.0%
Consumer, Cyclical	6.4%
Basic Materials	3.1%
Short-Term Investment	3.1%
Others (each less than 3.0%)	2.2%

	100.3%
Other Assets & Liabilities, Net	(0.3%	)

	100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
RIGHTS - 0.0%

Consumer, Non-Cyclical - 0.0%

Contra Aduro Biotechnologies Inc - Contingent Value Rights * W ±		3,861		$11,583
Oncternal Therapeutics Inc - Contingent Value Rights *		216		443

				12,026

Total Rights (Cost $443)				12,026


COMMON STOCKS - 98.5%

Basic Materials - 3.3%

AdvanSix Inc *		8,690		173,713
AgroFresh Solutions Inc *		9,673		21,958
Alcoa Corp *		58,790		1,355,109
Allegheny Technologies Inc *		39,439		661,392
American Vanguard Corp		8,926		138,532
Amyris Inc *		35,554		219,546
Arconic Corp *		32,185		959,113
Balchem Corp		10,092		1,162,800
Caledonia Mining Corp PLC (South Africa)		3,683		58,486
Carpenter Technology Corp		15,136		440,760
Century Aluminum Co *		16,145		178,079
Clearwater Paper Corp *		5,166		195,017
Cleveland-Cliffs Inc		124,455		1,812,065
Codexis Inc *		16,889		368,687
Coeur Mining Inc *		78,053		807,849
Commercial Metals Co		38,154		783,683
Compass Minerals International Inc		10,594		653,862
Domtar Corp		17,651		558,654
Energy Fuels Inc *		38,506		164,036
Ferro Corp *		24,810		362,970
Fortitude Gold Corp * ±		6,519		6,845
Gatos Silver Inc *		7,618		99,263
GCP Applied Technologies Inc *		14,947		353,497
Glatfelter Corp		14,123		231,335
Gold Resource Corp		22,818		66,400
Hawkins Inc		3,288		171,995
HB Fuller Co		16,545		858,355
Hecla Mining Co		162,561		1,053,395
Ingevity Corp *		13,334		1,009,784
Innospec Inc		7,851		712,321
Intrepid Potash Inc *		3,242		78,294
Kaiser Aluminum Corp		4,997		494,203
Koppers Holdings Inc *		6,534		203,599
Kraton Corp *		10,031		278,761
Kronos Worldwide Inc		7,226		107,740
Livent Corp *		45,656		860,159
Marrone Bio Innovations Inc *		17,362		21,703
Minerals Technologies Inc		10,319		641,016
Neenah Inc		5,396		298,507
Novagold Resources Inc * (Canada)		76,607		740,790
Oil-Dri Corp of America		1,862		63,457
Orion Engineered Carbons SA (Germany)		20,133		345,080
PQ Group Holdings Inc		10,662		152,040
Quaker Chemical Corp		4,266		1,080,962
Rayonier Advanced Materials Inc *		18,842		122,850
Rogers Corp *		5,808		901,924
Schnitzer Steel Industries Inc ‘A’		8,340		266,129
Schweitzer-Mauduit International Inc		10,034		403,467
Sensient Technologies Corp		13,211		974,575
Stepan Co		6,694		798,728
Tronox Holdings PLC ‘A’ *		28,543		417,299
United States Lime & Minerals Inc		700		79,800
United States Steel Corp		68,917		1,155,738
Uranium Energy Corp *		61,301		107,890
Verso Corp ‘A’		10,357		124,491

				26,358,703


	Shares		Value
Communications - 4.3%

1-800-Flowers.com Inc ‘A’ *		8,120		$211,120
A10 Networks Inc *		18,850		185,861
Acacia Communications Inc *		12,529		914,116
ADTRAN Inc		15,316		226,217
Alaska Communications Systems Group Inc		16,336		60,280
AMC Networks Inc ‘A’ *		9,162		327,725
Anterix Inc *		3,631		136,526
ATN International Inc		3,540		147,830
Boingo Wireless Inc *		13,621		173,259
Boston Omaha Corp ‘A’ *		3,867		106,923
CalAmp Corp *		12,197		120,994
Calix Inc *		16,965		504,878
Cambium Networks Corp *		1,304		32,704
Cargurus Inc *		28,014		888,884
CarParts.com Inc *		11,007		136,377
Cars.com Inc *		21,634		244,464
Casa Systems Inc *		10,697		66,001
ChannelAdvisor Corp *		8,668		138,515
Cincinnati Bell Inc *		16,429		251,035
Clearfield Inc *		3,690		91,217
Cogent Communications Holdings Inc		13,699		820,159
comScore Inc *		21,252		52,917
Consolidated Communications Holdings Inc *		23,735		116,064
DHI Group Inc *		16,492		36,612
DZS Inc *		4,476		69,244
Endurance International Group Holdings Inc *		19,871		187,781
Entercom Communications Corp ‘A’		35,074		86,633
Entravision Communications Corp ‘A’		21,915		60,266
ePlus Inc *		4,339		381,615
Eventbrite Inc ‘A’ *		20,925		378,743
EverQuote Inc ‘A’ *		4,063		151,753
Extreme Networks Inc *		37,179		256,163
Fluent Inc *		13,919		73,910
Gannett Co Inc *		39,559		132,918
Gogo Inc *		18,526		178,405
Gray Television Inc *		27,974		500,455
Groupon Inc *		7,416		281,771
GTT Communications Inc *		10,964		39,141
Harmonic Inc *		30,180		223,030
HC2 Holdings Inc *		12,525		40,832
HealthStream Inc *		8,148		177,952
Hemisphere Media Group Inc *		3,738		38,726
Houghton Mifflin Harcourt Co *		32,539		108,355
IDT Corp ‘B’ *		5,415		66,929
iHeartMedia Inc ‘A’ *		18,713		242,895
Infinera Corp *		52,999		555,430
Inseego Corp *		21,608		334,276
InterDigital Inc		9,358		567,843
Iridium Communications Inc *		36,772		1,446,059
KVH Industries Inc *		5,163		58,600
Lands’ End Inc *		3,388		73,079
Liberty Latin America Ltd ‘A’ * (Chile)		13,504		150,300
Liberty Latin America Ltd ‘C’ * (Chile)		48,972		543,100
Limelight Networks Inc *		37,379		149,142
Liquidity Services Inc *		9,249		147,152
LiveXLive Media Inc *		16,911		55,468
Loral Space & Communications Inc		3,925		82,386
Magnite Inc *		34,287		1,052,954
Maxar Technologies Inc		19,799		764,043
MediaAlpha Inc ‘A’ *		3,461		135,221
Meredith Corp		12,796		245,683
Mimecast Ltd *		18,416		1,046,765
MSG Networks Inc ‘A’ *		9,748		143,686
National CineMedia Inc		18,850		70,122
NeoPhotonics Corp *		16,997		154,503
NETGEAR Inc *		9,663		392,608
NIC Inc		20,976		541,810
Ooma Inc *		7,294		105,034
ORBCOMM Inc *		21,548		159,886


	Shares		Value
Overstock.com Inc *		13,751		$659,635
PCTEL Inc *		6,234		40,957
Perficient Inc *		10,613		505,709
Plantronics Inc		11,818		319,441
Powerfleet Inc *		9,338		69,381
Preformed Line Products Co		1,121		76,721
Q2 Holdings Inc *		15,868		2,007,778
QuinStreet Inc *		15,764		337,980
Quotient Technology Inc *		28,472		268,206
Rackspace Technology Inc *		11,227		213,987
Resonant Inc *		17,706		46,921
Ribbon Communications Inc *		23,998		157,427
Saga Communications Inc ‘A’		1,362		32,715
Scholastic Corp		9,084		227,100
Shenandoah Telecommunications Co		14,984		648,058
Shutterstock Inc		6,904		495,017
Sinclair Broadcast Group Inc ‘A’		13,054		415,770
Spok Holdings Inc		6,400		71,232
Stamps.com Inc *		5,312		1,042,161
Stitch Fix Inc ‘A’ *		18,961		1,113,390
TechTarget Inc *		7,674		453,610
TEGNA Inc		67,842		946,396
The EW Scripps Co ‘A’		18,809		287,590
The RealReal Inc *		19,124		373,683
Tribune Publishing Co		6,006		82,282
TrueCar Inc *		33,692		141,506
Tucows Inc ‘A’ *		3,061		226,177
Upwork Inc *		29,273		1,010,504
Value Line Inc		498		16,419
Viavi Solutions Inc *		70,099		1,049,733
VirnetX Holding Corp		21,785		109,796
Vonage Holdings Corp *		73,239		942,952
WideOpenWest Inc *		16,456		175,586
Yelp Inc *		22,912		748,535
Zix Corp *		15,982		137,925

				34,095,625

Consumer, Cyclical - 14.1%

A-Mark Precious Metals Inc		1,578		40,476
Abercrombie & Fitch Co ‘A’		19,858		404,309
Academy Sports & Outdoors Inc *		5,672		117,581
Accel Entertainment Inc *		13,507		136,421
Acushnet Holdings Corp		10,957		444,197
Adient PLC *		27,527		957,114
Albany International Corp ‘A’		9,426		692,057
Allegiant Travel Co		4,215		797,647
AMC Entertainment Holdings Inc ‘A’		16,005		33,931
America’s Car-Mart Inc *		2,008		220,559
American Axle & Manufacturing Holdings Inc *		37,035		308,872
American Eagle Outfitters Inc		47,136		946,020
Asbury Automotive Group Inc *		6,250		910,875
Aspen Aerogels Inc *		5,470		91,294
At Home Group Inc *		17,525		270,936
Avient Corp		28,532		1,149,269
Bally’s Corp		5,739		288,270
Beacon Roofing Supply Inc *		17,603		707,465
Beazer Homes USA Inc *		8,883		134,577
Bed Bath & Beyond Inc		40,850		725,496
Big Lots Inc		12,743		547,057
Biglari Holdings Inc ‘A’ *		26		15,210
Biglari Holdings Inc ‘B’ *		331		36,807
BJ’s Restaurants Inc		6,814		262,271
BJ’s Wholesale Club Holdings Inc *		43,187		1,610,011
Bloomin’ Brands Inc		28,409		551,703
Blue Bird Corp *		5,541		101,179
Bluegreen Vacations Corp		2,201		17,476
Bluegreen Vacations Holding Corp		4,295		58,111
BMC Stock Holdings Inc *		21,675		1,163,514
Boot Barn Holdings Inc *		8,613		373,460
Boyd Gaming Corp		25,563		1,097,164


	Shares		Value
Brinker International Inc		14,453	$	817,606
Caesars Entertainment Inc *		56,951		4,229,751
Caleres Inc		11,962		187,205
Callaway Golf Co		29,159		700,108
Camping World Holdings Inc ‘A’		9,975		259,849
Carrols Restaurant Group Inc *		10,486		65,852
Casper Sleep Inc *		8,414		51,746
Cavco Industries Inc *		3,027		531,087
Century Casinos Inc *		9,365		59,842
Century Communities Inc *		9,342		408,993
Chico’s FAS Inc		29,435		46,802
Churchill Downs Inc		12,017		2,340,791
Chuy’s Holdings Inc *		6,047		160,185
Cinemark Holdings Inc		34,728		604,614
Citi Trends Inc		3,149		156,442
Clarus Corp		7,501		115,515
CompX International Inc		719		10,231
Conn’s Inc *		6,271		73,308
Cooper Tire & Rubber Co		16,340		661,770
Cooper-Standard Holdings Inc *		4,891		169,571
Core-Mark Holding Co Inc		14,553		427,422
Cracker Barrel Old Country Store Inc		7,654		1,009,716
Crocs Inc *		20,984		1,314,857
Daktronics Inc		10,275		48,087
Dana Inc		44,926		876,956
Dave & Buster’s Entertainment Inc		14,050		421,781
Deckers Outdoor Corp *		8,855		2,539,437
Del Taco Restaurants Inc *		9,590		86,885
Denny’s Corp *		17,985		264,020
Designer Brands Inc ‘A’		20,413		156,159
Dillard’s Inc ‘A’		2,387		150,500
Dine Brands Global Inc		4,883		283,214
Dorman Products Inc *		8,577		744,655
Douglas Dynamics Inc		7,167		306,533
Duluth Holdings Inc ‘B’ *		3,374		35,629
El Pollo Loco Holdings Inc *		6,350		114,935
Envela Corp *		2,710		14,092
Eros STX Global Corp * (United Arab Emirates)		49,567		90,212
Escalade Inc		2,878		60,927
Ethan Allen Interiors Inc		7,592		153,434
Everi Holdings Inc *		26,401		364,598
EVI Industries Inc *		1,572		47,034
Express Inc *		22,751		20,703
Fiesta Restaurant Group Inc *		6,225		70,965
FirstCash Inc		13,113		918,435
Forestar Group Inc *		5,695		114,925
Fossil Group Inc *		15,782		136,830
Foundation Building Materials Inc *		6,284		120,716
Fox Factory Holding Corp *		12,995		1,373,701
Freshpet Inc *		12,212		1,733,982
Funko Inc ‘A’ *		8,037		83,424
G-III Apparel Group Ltd *		14,128		335,399
Gaia Inc *		3,865		38,186
GameStop Corp ‘A’ *		18,854		355,209
GAN Ltd * (United Kingdom)		7,766		157,494
Genesco Inc *		4,498		135,345
Gentherm Inc *		10,557		688,528
GMS Inc *		13,338		406,542
Golden Entertainment Inc *		5,870		116,754
Green Brick Partners Inc *		6,712		154,108
Group 1 Automotive Inc		5,424		711,303
GrowGeneration Corp *		12,052		484,731
Guess? Inc		13,296		300,756
H&E Equipment Services Inc		10,200		304,062
Hamilton Beach Brands Holding Co ‘A’		2,122		37,156
Haverty Furniture Cos Inc		5,683		157,249
Hawaiian Holdings Inc		14,198		251,305
Healthcare Services Group Inc		24,070		676,367
Herman Miller Inc		18,900		638,820


	Shares		Value
Hibbett Sports Inc *		4,761	$	219,863
Hilton Grand Vacations Inc *		27,450		860,557
HNI Corp		13,552		467,002
Hooker Furniture Corp		3,586		115,649
IMAX Corp *		16,293		293,600
Installed Building Products Inc *		7,128		726,557
Interface Inc		18,277		191,909
International Game Technology PLC		30,257		512,554
iRobot Corp *		8,800		706,552
Jack in the Box Inc		7,232		671,130
Johnson Outdoors Inc ‘A’		1,666		187,642
KAR Auction Services Inc		40,262		749,276
KB Home		27,994		938,359
Kimball International Inc ‘B’		10,953		130,888
Knoll Inc		16,470		241,780
Kontoor Brands Inc *		15,833		642,186
Kura Sushi USA Inc ‘A’ *		1,094		21,333
La-Z-Boy Inc		14,363		572,222
Lakeland Industries Inc *		2,628		71,613
LCI Industries		7,944		1,030,178
LGI Homes Inc *		7,158		757,674
Liberty Media Corp-Liberty Braves ‘A’ *		2,808		69,835
Liberty Media Corp-Liberty Braves ‘C’ *		11,620		289,106
Liberty TripAdvisor Holdings Inc ‘A’ *		24,237		105,189
Lifetime Brands Inc		4,323		65,710
Lindblad Expeditions Holdings Inc *		9,144		156,545
Lithia Motors Inc ‘A’		8,206		2,401,650
Lumber Liquidators Holdings Inc *		8,930		274,508
M/I Homes Inc *		8,454		374,428
Macy’s Inc		97,670		1,098,787
Malibu Boats Inc ‘A’ *		6,354		396,744
Marine Products Corp		2,063		29,996
MarineMax Inc *		6,761		236,838
Marriott Vacations Worldwide Corp		12,743		1,748,594
MasterCraft Boat Holdings Inc *		5,310		131,900
MDC Holdings Inc		16,009		778,037
Meritage Homes Corp *		11,986		992,681
Meritor Inc *		21,475		599,367
Mesa Air Group Inc *		10,330		69,108
Methode Electronics Inc		11,683		447,225
Miller Industries Inc		3,386		128,736
Modine Manufacturing Co *		14,759		185,373
Monarch Casino & Resort Inc *		4,035		247,023
Motorcar Parts of America Inc *		5,963		116,994
Movado Group Inc		4,459		74,109
National Vision Holdings Inc *		25,355		1,148,328
Nautilus Inc *		8,714		158,072
Navistar International Corp *		16,091		707,360
Noodles & Co *		11,050		87,295
OneSpaWorld Holdings Ltd (Bahamas)		13,702		138,938
OneWater Marine Inc ‘A’ *		1,754		51,024
OptimizeRx Corp *		5,051		157,389
Oxford Industries Inc		5,178		339,211
Papa John’s International Inc		10,161		862,161
PC Connection Inc		3,267		154,496
Penn National Gaming Inc *		49,028		4,234,548
PetMed Express Inc		6,262		200,760
PriceSmart Inc		7,331		667,781
Purple Innovation Inc *		5,342		175,965
RCI Hospitality Holdings Inc		2,749		108,421
Red Robin Gourmet Burgers Inc *		4,542		87,343
Red Rock Resorts Inc ‘A’		21,218		531,299
Regis Corp *		8,362		76,847
Resideo Technologies Inc *		43,666		928,339
REV Group Inc		9,171		80,797
RH *		4,975		2,226,412
Rite Aid Corp *		17,827		282,201
Rocky Brands Inc		1,966		55,186
Rush Enterprises Inc ‘A’		12,531		519,034
Rush Enterprises Inc ‘B’		1,946		73,734


	Shares		Value
Ruth’s Hospitality Group Inc		10,844	$	192,264
Sally Beauty Holdings Inc *		36,804		479,924
ScanSource Inc *		8,125		214,338
Scientific Games Corp ‘A’ *		18,319		760,055
SeaWorld Entertainment Inc *		15,145		478,431
Shake Shack Inc ‘A’ *		11,310		958,862
Shoe Carnival Inc		2,803		109,822
Signet Jewelers Ltd (NYSE)		16,538		450,991
SiteOne Landscape Supply Inc *		13,866		2,199,564
Skyline Champion Corp *		16,611		513,944
SkyWest Inc		15,851		638,954
Sleep Number Corp *		8,429		689,998
Sonic Automotive Inc ‘A’		7,492		288,966
Sonos Inc *		25,621		599,275
Spirit Airlines Inc *		31,645		773,720
Sportsman’s Warehouse Holdings Inc *		14,105		247,543
Standard Motor Products Inc		6,961		281,642
Steelcase Inc ‘A’		27,810		376,825
Steven Madden Ltd		25,746		909,349
Superior Group of Cos Inc		3,312		76,971
Systemax Inc		3,607		129,455
Target Hospitality Corp *		10,677		16,870
Taylor Morrison Home Corp *		40,690		1,043,698
Telenav Inc *		11,051		51,940
Tenneco Inc ‘A’ *		16,689		176,903
Texas Roadhouse Inc		20,620		1,611,659
The Buckle Inc		8,634		252,113
The Cato Corp ‘A’		6,324		60,647
The Cheesecake Factory Inc		12,874		477,110
The Children’s Place Inc		4,554		228,155
The Container Store Group Inc *		5,394		51,459
The Goodyear Tire & Rubber Co		71,469		779,727
The Lovesac Co *		3,233		139,310
The Marcus Corp		6,988		94,198
The Michaels Cos Inc *		21,890		284,789
The ODP Corp		16,461		482,307
The Shyft Group Inc		10,989		311,868
Tilly’s Inc ‘A’		6,305		51,449
Titan Machinery Inc *		5,393		105,433
TRI Pointe Group Inc *		38,141		657,932
Tupperware Brands Corp *		15,811		512,118
Unifi Inc *		4,126		73,195
UniFirst Corp		4,862		1,029,237
Universal Electronics Inc *		4,240		222,430
Urban Outfitters Inc *		21,195		542,592
Vera Bradley Inc *		6,262		49,846
Veritiv Corp *		4,500		93,555
Vista Outdoor Inc *		17,896		425,209
Visteon Corp *		8,935		1,121,521
VOXX International Corp *		7,030		89,703
VSE Corp		2,703		104,038
Wabash National Corp		16,527		284,760
Waitr Holdings Inc *		26,769		74,418
WESCO International Inc *		15,727		1,234,569
Weyco Group Inc		1,967		31,157
Wingstop Inc		9,465		1,254,586
Winmark Corp		942		175,024
Winnebago Industries Inc		9,756		584,775
Wolverine World Wide Inc		25,749		804,656
Workhorse Group Inc *		30,235		598,048
World Fuel Services Corp		19,895		619,928
XPEL Inc *		5,038		259,759
YETI Holdings Inc *		25,269		1,730,168
Zumiez Inc *		6,890		253,414

				112,493,789

Consumer, Non-Cyclical - 26.0%

89bio Inc *		2,155		52,517
Abeona Therapeutics Inc *		20,008		31,413
ABM Industries Inc		20,698		783,212


	Shares		Value
Acacia Research Corp *		14,527	$	57,236
Accelerate Diagnostics Inc *		9,158		69,418
ACCO Brands Corp		28,952		244,644
Accolade Inc *		3,928		170,868
Accuray Inc *		25,245		105,272
AcelRx Pharmaceuticals Inc *		25,358		31,444
Acutus Medical Inc *		3,300		95,073
AdaptHealth Corp *		8,375		314,565
Addus HomeCare Corp *		4,647		544,117
ADMA Biologics Inc *		21,520		41,964
Adtalem Global Education Inc *		16,021		543,913
Adverum Biotechnologies Inc *		26,915		291,759
Aeglea BioTherapeutics Inc *		14,929		117,491
Aerie Pharmaceuticals Inc *		11,700		158,067
Affimed NV * (Germany)		26,551		154,527
Agenus Inc *		49,435		157,203
Agile Therapeutics Inc *		23,815		68,349
Akebia Therapeutics Inc *		44,682		125,110
Akero Therapeutics Inc *		4,541		117,158
Akouos Inc *		4,855		96,275
Alarm.com Holdings Inc *		14,949		1,546,474
Albireo Pharma Inc *		5,459		204,767
Alector Inc *		14,461		218,795
Alico Inc		1,713		53,137
Aligos Therapeutics Inc *		3,254		89,973
Allakos Inc *		8,206		1,148,840
Allogene Therapeutics Inc *		16,467		415,627
Allovir Inc *		5,994		230,409
Alpha Pro Tech Ltd *		4,331		48,291
Alphatec Holdings Inc *		17,748		257,701
Alta Equipment Group Inc *		6,128		60,545
ALX Oncology Holdings Inc *		3,227		278,167
American Public Education Inc *		4,956		151,059
American Renal Associates Holdings Inc *		4,576		52,395
Amicus Therapeutics Inc *		81,015		1,870,636
AMN Healthcare Services Inc *		15,040		1,026,480
Amneal Pharmaceuticals Inc *		30,614		139,906
Amphastar Pharmaceuticals Inc *		11,636		234,000
AnaptysBio Inc *		6,855		147,382
Anavex Life Sciences Corp *		17,522		94,619
AngioDynamics Inc *		11,259		172,600
ANI Pharmaceuticals Inc *		3,233		93,886
Anika Therapeutics Inc *		4,800		217,248
Annexon Inc *		4,934		123,498
Antares Pharma Inc *		52,781		210,596
Apellis Pharmaceuticals Inc *		19,397		1,109,508
Applied Genetic Technologies Corp *		8,549		34,965
Applied Molecular Transport Inc *		4,165		128,157
Applied Therapeutics Inc *		4,694		103,315
Aprea Therapeutics Inc * (Sweden)		2,388		11,749
Aptinyx Inc *		8,510		29,445
Apyx Medical Corp *		12,453		89,662
Aquestive Therapeutics Inc *		6,868		36,744
Aravive Inc *		4,305		24,280
Arcturus Therapeutics Holdings Inc *		7,094		307,738
Arcus Biosciences Inc *		13,049		338,752
Arcutis Biotherapeutics Inc *		6,076		170,918
Ardelyx Inc *		22,061		142,735
Arena Pharmaceuticals Inc *		18,310		1,406,757
Arlo Technologies Inc *		25,627		199,634
Arrowhead Pharmaceuticals Inc *		31,707		2,432,878
Arvinas Inc *		9,784		830,955
ASGN Inc *		16,050		1,340,656
Aspen Group Inc *		6,315		70,286
Aspira Women’s Health Inc *		25,815		173,219
Assembly Biosciences Inc *		9,698		58,673
Atara Biotherapeutics Inc *		23,134		454,120
Atea Pharmaceuticals Inc *		4,674		195,280
Athenex Inc *		20,941		231,607
Athersys Inc *		60,656		106,148


	Shares		Value
Athira Pharma Inc *		4,141	$	141,829
Atreca Inc ‘A’ *		9,354		151,067
AtriCure Inc *		13,562		754,997
Atrion Corp		470		301,853
Avalon GloboCare Corp *		6,489		7,268
Avanos Medical Inc *		15,348		704,166
Avenue Therapeutics Inc *		2,207		13,132
AVEO Pharmaceuticals Inc *		7,967		45,970
Avid Bioservices Inc *		18,183		209,832
Avidity Biosciences Inc *		5,626		143,576
Avis Budget Group Inc *		16,971		633,018
Avrobio Inc *		9,464		131,928
Axcella Health Inc *		2,556		13,266
Axogen Inc *		11,451		204,973
Axonics Modulation Technologies Inc *		9,892		493,809
Axsome Therapeutics Inc *		8,625		702,679
Aytu BioScience Inc *		849		5,077
B&G Foods Inc		19,978		553,990
Barrett Business Services Inc		2,502		170,661
Beam Therapeutics Inc *		12,465		1,017,643
Bellerophon Therapeutics Inc *		1,303		8,691
BellRing Brands Inc ‘A’ *		13,063		317,562
Beyond Air Inc *		4,423		23,309
Beyondspring Inc *		4,800		58,560
BG Staffing Inc		3,252		43,869
BioCryst Pharmaceuticals Inc *		55,610		414,294
BioDelivery Sciences International Inc *		29,484		123,833
Biohaven Pharmaceutical Holding Co Ltd *		15,154		1,298,849
BioLife Solutions Inc *		4,568		182,218
BioSig Technologies Inc *		7,313		28,521
BioTelemetry Inc *		10,785		777,383
Bioxcel Therapeutics Inc *		3,748		173,158
Black Diamond Therapeutics Inc *		6,087		195,088
Blueprint Medicines Corp *		17,448		1,956,793
BrainStorm Cell Therapeutics Inc *		9,437		42,702
Bridgebio Pharma Inc *		22,939		1,631,192
Bridgford Foods Corp *		535		9,748
BrightView Holdings Inc *		12,711		192,190
Brookdale Senior Living Inc *		58,696		260,023
C4 Therapeutics Inc *		3,440		113,967
Cabaletta Bio Inc *		4,568		57,009
Cadiz Inc *		6,664		70,972
CAI International Inc		5,478		171,133
Cal-Maine Foods Inc *		11,935		448,040
Calavo Growers Inc		5,307		368,465
Calithera Biosciences Inc *		23,277		114,290
Calyxt Inc *		1,335		5,634
Cantel Medical Corp		11,795		930,154
Cara Therapeutics Inc *		13,640		206,373
Cardiovascular Systems Inc *		12,550		549,188
Cardtronics PLC ‘A’ *		11,718		413,645
CareDx Inc *		15,432		1,118,048
Carriage Services Inc		5,125		160,515
CASI Pharmaceuticals Inc *		20,556		60,640
Cass Information Systems Inc		4,473		174,044
Cassava Sciences Inc *		8,206		55,965
Castle Biosciences Inc *		3,598		241,606
Catabasis Pharmaceuticals Inc *		6,550		14,017
Catalyst Biosciences Inc *		6,094		38,453
Catalyst Pharmaceuticals Inc *		33,841		113,029
CBIZ Inc *		16,089		428,128
CEL-SCI Corp *		11,532		134,463
Cellular Biomedicine Group Inc *		3,552		65,286
Celsius Holdings Inc *		11,245		565,736
Centogene NV * (Germany)		3,275		35,305
Central Garden & Pet Co *		3,093		119,421
Central Garden & Pet Co ‘A’ *		12,661		459,974
Cerecor Inc *		10,870		28,697
Cerus Corp *		49,941		345,592
Champions Oncology Inc *		2,379		25,669


	Shares		Value
Checkmate Pharmaceuticals Inc *		1,697	$	24,759
Checkpoint Therapeutics Inc *		14,563		38,592
Chembio Diagnostics Inc *		6,314		29,992
ChemoCentryx Inc *		15,982		989,605
Chiasma Inc *		16,748		72,854
Chimerix Inc *		18,543		89,563
Chinook Therapeutics Inc *		3,861		61,235
ChromaDex Corp *		13,513		64,862
Cidara Therapeutics Inc *		11,649		23,298
Cimpress PLC * (Ireland)		5,423		475,814
Clovis Oncology Inc *		28,449		136,555
Co-Diagnostics Inc *		9,135		84,956
Coca-Cola Consolidated Inc		1,502		399,938
Cohbar Inc *		7,825		10,486
Coherus Biosciences Inc *		19,405		337,259
Collectors Universe Inc		2,780		209,612
Collegium Pharmaceutical Inc *		11,141		223,154
Community Health Systems Inc *		26,566		197,385
Concert Pharmaceuticals Inc *		8,721		110,233
CONMED Corp		8,730		977,760
Constellation Pharmaceuticals Inc *		9,388		270,374
ContraFect Corp *		8,600		43,430
Corbus Pharmaceuticals Holdings Inc *		23,279		29,099
Corcept Therapeutics Inc *		31,371		820,665
CorMedix Inc *		9,645		71,662
Cortexyme Inc *		5,176		143,789
CorVel Corp *		2,890		306,340
Covetrus Inc *		37,458		1,076,543
CRA International Inc		2,564		130,585
Crinetics Pharmaceuticals Inc *		8,197		115,660
Cross Country Healthcare Inc *		12,171		107,957
CryoLife Inc *		12,754		301,122
Cue Biopharma Inc *		9,760		122,098
Cutera Inc *		6,026		145,287
Cyclerion Therapeutics Inc *		7,689		23,528
Cymabay Therapeutics Inc *		22,507		129,190
Cytokinetics Inc *		21,613		449,118
CytomX Therapeutics Inc *		13,484		88,320
CytoSorbents Corp *		12,390		98,748
Darling Ingredients Inc *		50,805		2,930,432
Deciphera Pharmaceuticals Inc *		11,955		682,272
Deluxe Corp		13,321		388,973
Denali Therapeutics Inc *		19,848		1,662,468
DermTech Inc *		2,832		91,870
Dicerna Pharmaceuticals Inc *		20,249		446,085
Durect Corp *		69,119		143,076
Dyadic International Inc *		6,906		37,154
Dynavax Technologies Corp *		35,665		158,709
Dyne Therapeutics Inc *		4,587		96,327
Eagle Pharmaceuticals Inc *		3,346		155,823
Eargo Inc *		2,577		115,501
Edgewell Personal Care Co		17,558		607,156
Editas Medicine Inc *		19,805		1,388,529
Eidos Therapeutics Inc *		3,596		473,162
Eiger BioPharmaceuticals Inc *		8,601		105,706
Electromed Inc *		2,407		23,613
elf Beauty Inc *		13,583		342,156
Eloxx Pharmaceuticals Inc *		10,409		41,428
Emerald Holding Inc		5,195		28,157
Emergent BioSolutions Inc *		14,096		1,263,002
Enanta Pharmaceuticals Inc *		6,334		266,661
Endo International PLC *		74,021		531,471
Ennis Inc		8,063		143,925
Enochian Biosciences Inc *		4,514		13,316
Enzo Biochem Inc *		15,162		38,208
Epizyme Inc *		27,812		302,038
Esperion Therapeutics Inc *		8,105		210,730
Eton Pharmaceuticals Inc *		5,308		43,154
Evelo Biosciences Inc *		4,460		53,921
EVERTEC Inc		18,659		733,672


	Shares		Value
Evo Payments Inc ‘A’ *		13,724	$	370,685
Evofem Biosciences Inc *		25,148		60,607
Evolus Inc *		8,137		27,340
Exagen Inc *		2,015		26,598
Exicure Inc *		20,718		36,671
Farmer Brothers Co *		5,779		26,988
Fate Therapeutics Inc *		22,614		2,056,291
Fennec Pharmaceuticals Inc * (Canada)		7,648		56,978
FibroGen Inc *		26,353		977,433
Five Prime Therapeutics Inc *		9,480		161,255
Five Star Senior Living Inc *		6,487		44,760
Flexion Therapeutics Inc *		14,679		169,396
Foghorn Therapeutics Inc *		2,318		46,986
FONAR Corp *		2,040		35,414
Forma Therapeutics Holdings Inc *		5,426		189,367
Forrester Research Inc *		3,027		126,831
Fortress Biotech Inc *		19,904		63,096
Franchise Group Inc		6,825		207,821
Franklin Covey Co *		4,465		99,436
Frequency Therapeutics Inc *		7,392		260,642
Fresh Del Monte Produce Inc		9,624		231,650
Fulcrum Therapeutics Inc *		4,419		51,746
Fulgent Genetics Inc *		4,369		227,625
G1 Therapeutics Inc *		10,375		186,646
Galectin Therapeutics Inc *		12,373		27,716
Galera Therapeutics Inc *		2,883		29,493
Genasys Inc *		11,233		73,239
Generation Bio Co *		4,107		116,433
GenMark Diagnostics Inc *		22,974		335,420
Genprex Inc *		10,101		41,919
Geron Corp *		95,828		152,367
Glaukos Corp *		13,763		1,035,803
GlycoMimetics Inc *		11,126		41,834
Gossamer Bio Inc *		19,136		185,045
GP Strategies Corp *		3,156		37,430
Graybug Vision Inc *		2,105		61,087
Green Dot Corp ‘A’ *		16,642		928,624
Greenlane Holdings Inc ‘A’ *		4,786		18,953
GreenSky Inc ‘A’ *		14,918		69,070
Gritstone Oncology Inc *		10,596		41,748
Halozyme Therapeutics Inc *		41,908		1,789,891
Hanger Inc *		11,917		262,055
Harmony Biosciences Holdings Inc *		2,002		72,372
Harpoon Therapeutics Inc *		3,598		59,763
Harrow Health Inc *		7,872		54,002
Harvard Bioscience Inc *		13,043		55,954
HealthEquity Inc *		23,800		1,659,098
Heidrick & Struggles International Inc		5,551		163,088
Helen of Troy Ltd *		7,996		1,776,631
Herc Holdings Inc *		7,842		520,787
Heron Therapeutics Inc *		26,918		569,719
Heska Corp *		2,266		330,043
HF Foods Group Inc *		10,129		76,170
HMS Holdings Corp *		27,299		1,003,238
Homology Medicines Inc *		10,280		116,061
Hookipa Pharma Inc *		4,329		48,009
Hostess Brands Inc *		38,226		559,629
Huron Consulting Group Inc *		7,436		438,352
iBio Inc *		58,059		60,962
ICF International Inc		5,836		433,790
Ideaya Biosciences Inc *		4,486		62,804
IGM Biosciences Inc *		2,248		198,476
IMARA Inc *		1,751		38,610
Immunic Inc *		1,344		20,550
ImmunoGen Inc *		59,543		384,052
Immunovant Inc *		12,085		558,206
Inari Medical Inc *		2,600		226,954
Information Services Group Inc *		12,017		39,416
InfuSystem Holdings Inc *		4,899		92,003
Ingles Markets Inc ‘A’		4,234		180,622


	Shares		Value
Inhibrx Inc *		2,620	$	86,381
Innoviva Inc *		20,503		254,032
Inogen Inc *		5,809		259,546
Inovio Pharmaceuticals Inc *		51,445		455,288
Inozyme Pharma Inc *		2,684		55,398
Insmed Inc *		31,883		1,061,385
Insperity Inc		11,164		908,973
Inspire Medical Systems Inc *		8,252		1,552,119
Integer Holdings Corp *		10,188		827,164
Intellia Therapeutics Inc *		15,733		855,875
Inter Parfums Inc		5,594		338,381
Intercept Pharmaceuticals Inc *		8,783		216,940
Intersect ENT Inc *		10,690		244,801
Intra-Cellular Therapies Inc *		21,324		678,103
Invacare Corp		10,122		90,592
Invitae Corp *		36,412		1,522,386
iRadimed Corp *		2,073		47,264
iRhythm Technologies Inc *		9,128		2,165,253
Ironwood Pharmaceuticals Inc *		51,287		584,159
iTeos Therapeutics Inc *		3,593		121,515
IVERIC bio Inc *		26,693		184,449
J&J Snack Foods Corp		4,809		747,174
John B Sanfilippo & Son Inc		2,960		233,426
Jounce Therapeutics Inc *		6,464		45,248
Kadmon Holdings Inc *		56,613		234,944
Kala Pharmaceuticals Inc *		13,777		93,408
Kaleido Biosciences Inc *		3,724		33,888
KalVista Pharmaceuticals Inc *		4,958		94,152
Karuna Therapeutics Inc *		4,974		505,309
Karyopharm Therapeutics Inc *		21,360		330,653
Kelly Services Inc ‘A’		11,005		226,373
Keros Therapeutics Inc *		4,203		296,480
Kezar Life Sciences Inc *		9,434		49,245
Kforce Inc		6,303		265,293
Kindred Biosciences Inc *		9,878		42,574
Kiniksa Pharmaceuticals Ltd ‘A’ *		8,933		157,846
Kodiak Sciences Inc *		10,150		1,491,136
Korn Ferry		16,423		714,400
Kronos Bio Inc *		4,710		140,688
Krystal Biotech Inc *		4,090		245,400
Kura Oncology Inc *		19,190		626,745
Kymera Therapeutics Inc *		3,249		201,438
La Jolla Pharmaceutical Co *		7,104		27,564
Laird Superfood Inc *		1,003		47,462
Lancaster Colony Corp		5,854		1,075,555
Landec Corp *		9,081		98,529
Lannett Co Inc *		8,383		54,657
Lantheus Holdings Inc *		21,976		296,456
Laureate Education Inc ‘A’ *		32,942		479,636
LeMaitre Vascular Inc		5,218		211,329
Lexicon Pharmaceuticals Inc *		14,171		48,465
LHC Group Inc *		9,593		2,046,379
Lifevantage Corp *		4,452		41,493
Ligand Pharmaceuticals Inc *		4,737		471,095
Limoneira Co		5,509		91,725
Liquidia Corp *		7,337		21,644
LivaNova PLC *		15,713		1,040,358
LiveRamp Holdings Inc *		20,224		1,480,195
LogicBio Therapeutics Inc *		4,463		34,053
Luminex Corp		13,328		308,143
Lyra Therapeutics Inc *		1,509		17,203
MacroGenics Inc *		17,056		389,900
Madrigal Pharmaceuticals Inc *		2,629		292,266
Magellan Health Inc *		7,290		603,904
Magenta Therapeutics Inc *		6,353		49,808
MannKind Corp *		75,929		237,658
Marinus Pharmaceuticals Inc *		8,952		109,214
Marker Therapeutics Inc *		8,810		12,775
MediciNova Inc *		11,943		62,820
Medifast Inc		3,500		687,190


	Shares		Value
MEDNAX Inc *		22,547	$	553,303
Medpace Holdings Inc *		8,859		1,233,173
MEI Pharma Inc *		36,728		96,962
MeiraGTx Holdings PLC *		7,208		109,129
Meridian Bioscience Inc *		13,784		257,623
Merit Medical Systems Inc *		16,954		941,117
Mersana Therapeutics Inc *		16,896		449,603
MGP Ingredients Inc		4,156		195,581
Milestone Scientific Inc *		12,815		27,168
Minerva Neurosciences Inc *		11,344		26,545
Mirati Therapeutics Inc *		13,509		2,967,117
Mirum Pharmaceuticals Inc *		1,842		32,161
Misonix Inc *		3,462		43,275
Molecular Templates Inc *		8,557		80,350
MoneyGram International Inc *		17,455		95,392
Monro Inc		10,513		560,343
Morphic Holding Inc *		4,111		137,924
Mustang Bio Inc *		8,994		34,042
Myriad Genetics Inc *		21,732		429,750
NanoString Technologies Inc *		13,726		917,995
NantKwest Inc *		10,182		135,726
Natera Inc *		23,858		2,374,348
Nathan’s Famous Inc		1,050		57,981
National Beverage Corp		3,921		332,893
National HealthCare Corp		3,596		238,810
National Research Corp		3,989		170,530
Natural Grocers by Vitamin Cottage Inc		2,889		39,695
Nature’s Sunshine Products Inc *		3,630		54,269
Natus Medical Inc *		11,008		220,600
Nemaura Medical Inc *		2,586		9,749
Neogen Corp *		16,482		1,307,023
NeoGenomics Inc *		33,036		1,778,658
Neoleukin Therapeutics Inc *		10,510		148,191
Nesco Holdings Inc *		4,575		33,718
Neubase Therapeutics Inc *		6,113		42,730
NeuroBo Pharmaceuticals Inc *		1,463		7,681
Nevro Corp *		10,709		1,853,728
NewAge Inc *		31,349		82,448
NextCure Inc *		5,783		63,035
NGM Biopharmaceuticals Inc *		7,198		218,063
Nkarta Inc *		5,015		308,272
Novavax Inc *		19,464		2,170,431
Nurix Therapeutics Inc *		3,718		122,248
NuVasive Inc *		15,813		890,746
Nymox Pharmaceutical Corp *		13,544		33,589
Ocular Therapeutix Inc *		22,107		457,615
Odonate Therapeutics Inc *		4,654		89,357
Omeros Corp *		18,601		265,715
Omnicell Inc *		13,375		1,605,267
Oncocyte Corp *		15,364		36,720
Oncorus Inc *		2,135		69,025
Ontrak Inc *		2,270		140,263
OPKO Health Inc *		124,390		491,340
Optinose Inc *		10,551		43,681
Option Care Health Inc *		14,675		229,517
OraSure Technologies Inc *		22,501		238,173
Organogenesis Holdings Inc *		7,186		54,111
Orgenesis Inc *		5,974		26,883
ORIC Pharmaceuticals Inc *		7,151		242,061
Orthofix Medical Inc *		6,011		258,353
OrthoPediatrics Corp *		4,138		170,692
Osmotica Pharmaceuticals PLC *		4,815		19,838
Ovid therapeutics Inc *		15,159		35,017
Owens & Minor Inc		23,408		633,186
Oyster Point Pharma Inc *		1,844		34,704
Pacific Biosciences of California Inc *		55,463		1,438,710
Pacira BioSciences Inc *		13,244		792,521
Pandion Therapeutics Inc *		2,436		36,175
Paratek Pharmaceuticals Inc *		14,025		87,797
Passage Bio Inc *		8,021		205,097


	Shares		Value
Patterson Cos Inc		27,173	$	805,136
PAVmed Inc *		12,009		25,459
Perdoceo Education Corp *		22,102		279,148
Performance Food Group Co *		41,312		1,966,864
Personalis Inc *		7,957		291,306
PetIQ Inc *		6,255		240,505
PFSweb Inc *		4,959		33,374
PhaseBio Pharmaceuticals Inc *		6,509		21,870
Phathom Pharmaceuticals Inc *		3,174		105,440
Phibro Animal Health Corp ‘A’		7,183		139,494
Pieris Pharmaceuticals Inc *		17,714		44,285
Pliant Therapeutics Inc *		3,369		76,544
PMV Pharmaceuticals Inc *		4,403		270,829
Poseida Therapeutics Inc *		4,400		48,268
Praxis Precision Medicines Inc *		3,555		195,596
Precigen Inc *		21,260		216,852
Precision BioSciences Inc *		16,390		136,693
Prelude Therapeutics Inc *		2,960		211,788
Prestige Consumer Healthcare Inc *		14,935		520,783
Prevail Therapeutics Inc *		4,934		113,827
Primo Water Corp		50,106		785,662
Priority Technology Holdings Inc *		1,876		13,207
Progyny Inc *		8,628		365,741
Protagonist Therapeutics Inc *		10,201		205,652
Protara Therapeutics Inc *		627		15,180
Prothena Corp PLC * (Ireland)		10,990		131,990
Provention Bio Inc *		15,006		254,202
PTC Therapeutics Inc *		19,325		1,179,405
Pulmonx Corp *		3,742		258,273
Pulse Biosciences Inc *		4,847		115,649
Puma Biotechnology Inc *		10,420		106,909
Quad/Graphics Inc		12,564		47,994
Quanex Building Products Corp		10,741		238,128
Quanterix Corp *		6,775		315,037
Quotient Ltd *		17,902		93,269
R1 RCM Inc *		33,620		807,552
Radius Health Inc *		14,652		261,685
RadNet Inc *		13,951		273,021
RAPT Therapeutics Inc *		3,303		65,234
Recro Pharma Inc *		6,244		17,795
REGENXBIO Inc *		10,376		470,655
Relay Therapeutics Inc *		10,412		432,723
Relmada Therapeutics Inc *		4,967		159,292
Rent-A-Center Inc		15,442		591,274
Repay Holdings Corp *		18,639		507,913
Replimune Group Inc *		7,024		267,966
Repro-Med Systems Inc *		8,392		50,520
Resources Connection Inc		9,575		120,358
Retractable Technologies Inc *		4,733		50,832
Revance Therapeutics Inc *		20,077		568,982
Revlon Inc ‘A’ *		2,081		24,722
REVOLUTION Medicines Inc *		12,496		494,717
Rhythm Pharmaceuticals Inc *		11,169		332,054
Rigel Pharmaceuticals Inc *		53,601		187,603
Rocket Pharmaceuticals Inc *		10,802		592,382
Rockwell Medical Inc *		23,962		24,202
Rubius Therapeutics Inc *		13,088		99,338
Sanderson Farms Inc		6,451		852,822
Sangamo Therapeutics Inc *		35,956		561,093
Satsuma Pharmaceuticals Inc *		3,255		15,006
Savara Inc *		16,912		19,449
Scholar Rock Holding Corp *		8,244		400,081
scPharmaceuticals Inc *		1,757		9,295
SeaSpine Holdings Corp *		7,961		138,919
Select Medical Holdings Corp *		35,010		968,377
Selecta Biosciences Inc *		23,765		72,008
Seneca Foods Corp ‘A’ *		2,188		87,301
Seres Therapeutics Inc *		17,254		422,723
ServiceSource International Inc *		29,962		52,733
Shattuck Labs Inc *		4,224		221,380


	Shares		Value
Shockwave Medical Inc *		9,168	$	950,905
ShotSpotter Inc *		2,409		90,819
SI-BONE Inc *		8,119		242,758
Sientra Inc *		16,899		65,737
SIGA Technologies Inc *		16,628		120,886
Silk Road Medical Inc *		8,597		541,439
Soleno Therapeutics Inc *		21,127		40,775
Solid Biosciences Inc *		9,233		69,986
Soliton Inc *		1,872		14,377
Sorrento Therapeutics Inc *		80,672		550,586
SP Plus Corp *		7,047		203,165
SpartanNash Co		12,011		209,112
Spectrum Pharmaceuticals Inc *		48,124		164,103
Spero Therapeutics Inc *		5,107		99,025
SpringWorks Therapeutics Inc *		7,745		561,667
Spruce Biosciences Inc *		2,245		54,576
STAAR Surgical Co *		14,403		1,141,006
Stereotaxis Inc *		15,709		79,959
Stoke Therapeutics Inc *		3,748		232,114
Strategic Education Inc		7,732		737,092
Stride Inc *		13,081		277,710
Strongbridge Biopharma PLC *		14,046		34,132
Supernus Pharmaceuticals Inc *		15,125		380,545
Surgalign Holdings Inc *		16,334		35,771
Surgery Partners Inc *		7,932		230,107
Surmodics Inc *		4,131		179,781
Sutro Biopharma Inc *		8,641		187,596
Syndax Pharmaceuticals Inc *		8,292		184,414
Syros Pharmaceuticals Inc *		12,370		134,214
Tactile Systems Technology Inc *		5,935		266,719
Tarsus Pharmaceuticals Inc *		1,982		81,916
Taysha Gene Therapies Inc *		2,798		74,259
TCR2 Therapeutics Inc *		8,502		262,967
Team Inc *		9,925		108,183
Tejon Ranch Co *		4,715		68,132
Tela Bio Inc *		1,911		28,741
Tenet Healthcare Corp *		32,800		1,309,704
Textainer Group Holdings Ltd * (China)		15,157		290,711
TG Therapeutics Inc *		36,368		1,891,863
The Aaron’s Co Inc *		10,143		192,311
The Andersons Inc		10,068		246,767
The Brink’s Co		15,469		1,113,768
The Chefs’ Warehouse Inc *		10,079		258,930
The Ensign Group Inc		16,646		1,213,826
The Hackett Group Inc		8,829		127,049
The Joint Corp *		3,868		101,574
The Pennant Group Inc *		8,016		465,409
The Providence Service Corp *		3,851		533,864
The Simply Good Foods Co *		27,649		867,073
TherapeuticsMD Inc *		81,371		98,459
Theravance Biopharma Inc *		15,102		268,363
Tivity Health Inc *		14,162		277,434
Tootsie Roll Industries Inc		5,599		166,290
Translate Bio Inc *		21,770		401,221
TransMedics Group Inc *		8,374		166,643
Travere Therapeutics Inc *		14,997		408,743
Tricida Inc *		10,031		70,719
TriNet Group Inc *		12,800		1,031,680
Triple-S Management Corp ‘B’ *		7,128		152,183
Triton International Ltd (Bermuda)		18,964		919,944
TrueBlue Inc *		11,383		212,748
Turning Point Brands Inc		3,961		176,502
Turning Point Therapeutics Inc *		11,798		1,437,586
Twist Bioscience Corp *		10,307		1,456,276
Tyme Technologies Inc *		21,148		25,801
Ultragenyx Pharmaceutical Inc *		19,759		2,735,238
United Natural Foods Inc *		17,606		281,168
UNITY Biotechnology Inc *		11,842		62,052
Universal Corp		7,806		379,450
Universal Technical Institute Inc *		9,769		63,108


	Shares		Value
UroGen Pharma Ltd *		6,194	$	111,616
US Physical Therapy Inc		4,008		481,962
USANA Health Sciences Inc *		3,490		269,079
Utah Medical Products Inc		1,197		100,907
Vanda Pharmaceuticals Inc *		17,288		227,164
Vapotherm Inc *		5,539		148,778
Varex Imaging Corp *		11,316		188,751
Vaxart Inc *		15,768		90,035
Vaxcyte Inc *		6,140		163,140
VBI Vaccines Inc *		57,641		158,513
Vector Group Ltd		42,503		495,160
Vectrus Inc *		3,579		177,948
Venus Concept Inc *		6,593		11,406
Veracyte Inc *		17,974		879,648
Verastem Inc *		57,315		122,081
Vericel Corp *		14,806		457,209
Verrica Pharmaceuticals Inc *		4,550		52,371
Veru Inc *		16,863		145,865
Viad Corp		6,339		229,282
Viela Bio Inc *		7,045		253,409
Viemed Healthcare Inc *		12,057		93,562
ViewRay Inc *		35,863		136,997
Viking Therapeutics Inc *		20,890		117,611
Village Super Market Inc ‘A’		2,310		50,959
Vir Biotechnology Inc *		17,585		470,926
Vital Farms Inc *		3,405		86,181
Vivint Smart Home Inc *		23,838		494,638
VolitionRX Ltd *		8,363		32,532
Voyager Therapeutics Inc *		9,307		66,545
VYNE Therapeutics Inc *		49,483		78,183
WaVe Life Sciences Ltd *		8,360		65,793
WD-40 Co		4,265		1,133,125
Weis Markets Inc		2,605		124,545
Willdan Group Inc *		2,977		124,141
WW International Inc *		15,190		370,636
X4 Pharmaceuticals Inc *		5,526		35,532
XBiotech Inc *		5,041		78,892
Xencor Inc *		17,247		752,487
Xeris Pharmaceuticals Inc *		16,234		79,871
XOMA Corp *		2,106		92,938
Y-mAbs Therapeutics Inc *		9,584		474,504
Zentalis Pharmaceuticals Inc *		9,265		481,224
ZIOPHARM Oncology Inc *		70,423		177,466
Zogenix Inc *		17,488		349,585
Zynex Inc *		5,903		79,454

				206,822,435

Diversified - 0.0%

Professional Holding Corp ‘A’ *		3,199		49,361


Energy - 3.2%

Adams Resources & Energy Inc		723		17,424
Antero Resources Corp *		78,601		428,375
Arch Resources Inc		4,949		216,618
Archrock Inc		41,826		362,213
Berry Corp		25,004		92,015
Bonanza Creek Energy Inc *		5,833		112,752
Brigham Minerals Inc ‘A’		10,781		118,483
ChampionX Corp *		59,889		916,302
Clean Energy Fuels Corp *		38,334		301,305
CNX Resources Corp *		71,560		772,848
Comstock Resources Inc *		7,185		31,398
CONSOL Energy Inc *		8,959		64,594
Contango Oil & Gas Co *		31,721		72,641
CVR Energy Inc		9,769		145,558
Delek US Holdings Inc		20,637		331,637
DMC Global Inc		4,469		193,284
Dril-Quip Inc *		11,088		328,427
Earthstone Energy Inc ‘A’ *		10,034		53,481


	Shares		Value
Evolution Petroleum Corp		11,986	$	34,160
Exterran Corp *		8,728		38,578
Falcon Minerals Corp		5,573		17,555
Frank’s International NV *		42,373		116,102
FuelCell Energy Inc *		92,797		1,036,542
FutureFuel Corp		9,168		116,434
Goodrich Petroleum Corp *		2,746		27,707
Green Plains Inc *		11,123		146,490
Helix Energy Solutions Group Inc *		45,947		192,977
Kosmos Energy Ltd (Ghana)		125,519		294,970
Liberty Oilfield Services Inc ‘A’		21,396		220,593
Magnolia Oil & Gas Corp ‘A’ *		35,265		248,971
Matador Resources Co *		33,818		407,845
Matrix Service Co *		7,534		83,025
Maxeon Solar Technologies Ltd *		3,446		97,763
MRC Global Inc *		25,039		166,009
Murphy USA Inc		8,433		1,103,627
Nabors Industries Ltd		2,314		134,744
NACCO Industries Inc ‘A’		1,346		35,400
National Energy Services Reunited Corp *		7,365		73,134
Newpark Resources Inc *		29,709		57,041
NextDecade Corp *		8,751		18,290
NexTier Oilfield Solutions Inc *		47,565		163,624
NOW Inc *		35,118		252,147
Oceaneering International Inc *		31,993		254,344
Oil States International Inc *		22,082		110,852
Ovintiv Inc		81,758		1,174,045
Par Pacific Holdings Inc *		11,518		161,022
Patterson-UTI Energy Inc		57,868		304,386
PBF Energy Inc ‘A’		32,326		229,515
PDC Energy Inc *		32,113		659,280
Peabody Energy Corp *		22,586		54,432
Penn Virginia Corp *		4,571		46,396
Plug Power Inc *		118,494		4,018,132
PrimeEnergy Resources Corp *		166		7,166
ProPetro Holding Corp *		25,227		186,427
Range Resources Corp		67,632		453,134
Renewable Energy Group Inc *		11,988		848,990
REX American Resources Corp *		1,666		122,401
RPC Inc *		22,503		70,884
Select Energy Services Inc ‘A’ *		21,616		88,626
SM Energy Co		35,929		219,885
Solaris Oilfield Infrastructure Inc ‘A’		9,264		75,409
Southwestern Energy Co *		202,030		602,049
SunCoke Energy Inc		25,112		109,237
Sunnova Energy International Inc *		16,499		744,600
SunPower Corp *		24,387		625,283
Sunrun Inc *		47,545		3,298,672
Talos Energy Inc *		4,027		33,182
Tellurian Inc *		53,521		68,507
Thermon Group Holdings Inc *		9,759		152,533
TPI Composites Inc *		9,487		500,724
Transocean Ltd *		187,470		433,056
Trecora Resources *		8,443		59,017
US Silica Holdings Inc		20,194		141,762
W&T Offshore Inc *		34,730		75,364
Warrior Met Coal Inc		16,200		345,384
Whiting Petroleum Corp *		399		9,975

				25,927,754

Financial - 21.1%

1st Constitution Bancorp		3,089		49,022
1st Source Corp		4,446		179,174
Acadia Realty Trust REIT		26,576		377,113
ACNB Corp		2,925		73,125
Agree Realty Corp REIT		17,640		1,174,471
Alerus Financial Corp		5,054		138,328
Alexander & Baldwin Inc REIT *		21,048		361,605
Alexander’s Inc REIT		677		187,766
Allegiance Bancshares Inc		6,301		215,053


	Shares		Value
Alpine Income Property Trust Inc REIT		2,432	$	36,456
Altabancorp		5,121		142,978
Altisource Portfolio Solutions SA *		1,360		17,517
Amalgamated Bank ‘A’		4,599		63,190
Ambac Financial Group Inc *		14,196		218,334
Amerant Bancorp Inc *		6,929		105,321
American Assets Trust Inc REIT		15,126		436,839
American Equity Investment Life Holding Co		28,504		788,421
American Finance Trust Inc REIT		30,714		228,205
American National Bankshares Inc		3,137		82,221
American Realty Investors Inc *		944		10,290
Ameris Bancorp		20,535		781,767
AMERISAFE Inc		5,845		335,678
Ames National Corp		2,253		54,117
Anworth Mortgage Asset Corp REIT		26,117		70,777
Apollo Commercial Real Estate Finance Inc REIT		45,441		507,576
Arbor Realty Trust Inc REIT		35,196		499,079
Ares Commercial Real Estate Corp REIT		9,548		113,717
Argo Group International Holdings Ltd		9,611		420,001
Arlington Asset Investment Corp ‘A’ REIT		9,239		34,923
Armada Hoffler Properties Inc REIT		18,714		209,971
ARMOUR Residential REIT Inc		20,888		225,382
Arrow Financial Corp		4,143		123,917
Artisan Partners Asset Management Inc ‘A’		17,682		890,112
Assetmark Financial Holdings Inc *		5,772		139,682
Associated Capital Group Inc ‘A’		507		17,806
Atlantic Capital Bancshares Inc *		6,127		97,542
Atlantic Union Bankshares Corp		23,922		787,991
Atlanticus Holdings Corp *		1,514		37,290
Auburn National BanCorp Inc		811		33,811
Axos Financial Inc *		17,465		655,461
B. Riley Financial Inc		5,951		263,153
Banc of California Inc		14,445		212,486
BancFirst Corp		5,929		348,032
Banco Latinoamericano de Comercio Exterior SA ‘E’ (Panama)		9,696		153,488
BancorpSouth Bank		31,904		875,446
Bank First Corp		1,891		122,575
Bank of Commerce Holdings		4,736		46,886
Bank of Marin Bancorp		4,237		145,499
Bank7 Corp		1,181		16,770
BankFinancial Corp		3,041		26,700
BankUnited Inc		28,780		1,000,968
Bankwell Financial Group Inc		2,214		43,284
Banner Corp		10,764		501,495
Bar Harbor Bankshares		4,731		106,873
Baycom Corp *		3,431		52,048
BCB Bancorp Inc		5,383		59,590
Berkshire Hills Bancorp Inc		14,674		251,219
BGC Partners Inc ‘A’		99,909		399,636
Blackstone Mortgage Trust Inc ‘A’ REIT		43,518		1,198,051
Blucora Inc *		15,404		245,078
Bluerock Residential Growth REIT Inc		6,930		87,803
Bogota Financial Corp *		2,241		19,967
Boston Private Financial Holdings Inc		26,537		224,238
Bridge Bancorp Inc		5,242		126,752
Bridgewater Bancshares Inc *		6,989		87,293
Brightsphere Investment Group Inc		19,586		377,618
Broadmark Realty Capital Inc REIT		41,456		422,851
Broadstone Net Lease Inc ‘A’		11,438		223,956
Brookline Bancorp Inc		25,279		304,359
BRP Group Inc ‘A’ *		12,912		386,973
BRT Apartments Corp REIT		4,091		62,183
Bryn Mawr Bank Corp		5,242		160,379
Business First Bancshares Inc		6,102		124,237
Byline Bancorp Inc		7,395		114,253
C&F Financial Corp		1,185		43,975
Cadence BanCorp		38,477		631,792
California BanCorp *		2,403		37,391


	Shares		Value
Cambridge Bancorp		1,939	$	135,245
Camden National Corp		5,032		180,045
Cannae Holdings Inc *		27,126		1,200,868
Capital Bancorp Inc *		1,069		14,891
Capital City Bank Group Inc		4,322		106,235
Capitol Federal Financial Inc		41,997		524,963
Capstar Financial Holdings Inc		5,761		84,975
Capstead Mortgage Corp REIT		32,421		188,366
CareTrust REIT Inc		29,561		655,663
Carter Bankshares Inc		8,316		89,148
CatchMark Timber Trust Inc ‘A’ REIT		15,295		143,161
Cathay General Bancorp		23,930		770,307
CB Financial Services Inc		1,520		30,415
CBTX Inc		5,628		143,570
Centerspace REIT		4,268		301,492
Central Pacific Financial Corp		8,859		168,410
Central Valley Community Bancorp		3,042		45,295
Century Bancorp Inc ‘A’		1,040		80,454
Chatham Lodging Trust REIT		14,948		161,438
Chemung Financial Corp		903		30,657
Cherry Hill Mortgage Investment Corp REIT		5,328		48,698
Chimera Investment Corp REIT		61,873		634,198
ChoiceOne Financial Services Inc		2,330		71,787
CIM Commercial Trust Corp REIT		2,237		31,855
CIT Group Inc		30,728		1,103,135
Citizens & Northern Corp		3,883		77,039
Citizens Holding Co		1,503		31,488
Citizens Inc *		16,774		96,115
City Holding Co		4,705		327,233
City Office REIT Inc		13,905		135,852
Civista Bancshares Inc		5,667		99,343
Clipper Realty Inc REIT		5,626		39,663
CNB Financial Corp		4,429		94,293
CNO Financial Group Inc		44,701		993,703
Coastal Financial Corp *		3,413		71,673
Codorus Valley Bancorp Inc		3,450		58,512
Cohen & Steers Inc		7,791		578,871
Colony Bankcorp Inc		2,944		43,130
Colony Capital Inc REIT		155,040		745,742
Colony Credit Real Estate Inc REIT		25,932		194,490
Columbia Banking System Inc		23,069		828,177
Columbia Financial Inc *		15,400		239,624
Columbia Property Trust Inc REIT		37,538		538,295
Community Bank System Inc		17,030		1,061,139
Community Bankers Trust Corp		7,572		51,111
Community Healthcare Trust Inc REIT		7,071		333,115
Community Trust Bancorp Inc		5,098		188,881
ConnectOne Bancorp Inc		11,988		237,243
CoreCivic Inc REIT		38,851		254,474
CorEnergy Infrastructure Trust Inc REIT		5,365		36,750
CorePoint Lodging Inc REIT		12,680		87,238
County Bancorp Inc		1,557		34,379
Cowen Inc ‘A’		8,186		212,754
Crawford & Co ‘A’		3,594		26,560
CrossFirst Bankshares Inc *		14,828		159,401
CTO Realty Growth Inc		2,009		84,699
Curo Group Holdings Corp		3,054		43,764
Cushman & Wakefield PLC *		33,962		503,656
Customers Bancorp Inc *		9,368		170,310
CVB Financial Corp		39,642		773,019
Diamond Hill Investment Group Inc		1,055		157,480
DiamondRock Hospitality Co REIT		63,443		523,405
Dime Community Bancshares Inc		9,853		155,382
Diversified Healthcare Trust REIT		70,553		290,678
Donegal Group Inc ‘A’		1,955		27,507
Dynex Capital Inc REIT		6,583		117,177
Eagle Bancorp Inc		10,726		442,984
Eagle Bancorp Montana Inc		1,677		35,586
Easterly Government Properties Inc REIT		26,250		594,563
Eastern Bankshares Inc *		53,479		872,243


	Shares		Value
EastGroup Properties Inc REIT		12,279	$	1,695,239
eHealth Inc *		8,298		585,922
Ellington Financial Inc REIT		13,381		198,574
Ellington Residential Mortgage REIT		3,153		41,115
Employers Holdings Inc		9,581		308,412
Encore Capital Group Inc *		9,855		383,852
Enova International Inc *		11,156		276,334
Enstar Group Ltd *		3,912		801,530
Enterprise Bancorp Inc		3,090		78,950
Enterprise Financial Services Corp		6,762		236,332
Equity Bancshares Inc ‘A’ *		4,923		106,288
Esquire Financial Holdings Inc *		2,195		42,122
ESSA Bancorp Inc		1,999		29,985
Essent Group Ltd		34,922		1,508,630
Essential Properties Realty Trust Inc REIT		33,517		710,560
Evans Bancorp Inc		1,625		44,753
eXp World Holdings Inc *		8,042		507,611
EZCORP Inc ‘A’ *		16,772		80,338
Farmers & Merchants Bancorp Inc		3,492		80,316
Farmers National Banc Corp		8,106		107,567
Farmland Partners Inc REIT		8,355		72,689
Fathom Holdings Inc *		1,503		54,168
FB Financial Corp		10,143		352,266
FBL Financial Group Inc ‘A’		3,157		165,774
Federal Agricultural Mortgage Corp ‘C’		2,883		214,063
Federated Hermes Inc		29,422		850,002
FedNat Holding Co		4,662		27,599
Fidelity D&D Bancorp Inc		1,006		64,746
Financial Institutions Inc		4,884		109,890
First BanCorp		66,326		611,526
First Bancorp NC		9,339		315,938
First Bank		5,405		50,699
First Busey Corp		15,574		335,620
First Business Financial Services Inc		2,685		49,431
First Capital Inc		847		51,294
First Choice Bancorp		3,050		56,395
First Commonwealth Financial Corp		27,588		301,813
First Community Bankshares Inc		5,669		122,337
First Community Corp		2,209		37,531
First Financial Bancorp		31,669		555,158
First Financial Bankshares Inc		40,610		1,469,067
First Financial Corp		4,268		165,812
First Foundation Inc		12,711		254,220
First Guaranty Bancshares Inc		79		1,404
First Internet Bancorp		2,565		73,718
First Interstate BancSystem Inc ‘A’		12,984		529,358
First Merchants Corp		17,242		645,023
First Mid Bancshares Inc		4,761		160,255
First Midwest Bancorp Inc		34,089		542,697
First Northwest Bancorp		3,349		52,244
First Savings Financial Group Inc		642		41,730
First United Corp		2,315		35,883
First Western Financial Inc *		1,921		37,594
Flagstar Bancorp Inc		15,070		614,253
Flushing Financial Corp		9,922		165,102
FNCB Bancorp Inc		5,365		34,336
Focus Financial Partners Inc ‘A’ *		10,111		439,829
Four Corners Property Trust Inc REIT		23,425		697,362
Franklin Financial Services Corp		1,691		45,708
Franklin Street Properties Corp REIT		32,446		141,789
Front Yard Residential Corp REIT		15,529		251,570
FRP Holdings Inc *		1,863		84,860
FS Bancorp Inc		1,372		75,186
Fulton Financial Corp		51,072		649,636
FVCBankcorp Inc *		4,533		66,635
GAMCO Investors Inc ‘A’		2,017		35,782
Genworth Financial Inc ‘A’ *		160,399		606,308
German American Bancorp Inc		7,462		246,918
Getty Realty Corp REIT		10,139		279,228
Glacier Bancorp Inc		30,324		1,395,207


	Shares		Value
Gladstone Commercial Corp REIT		11,213	$	201,834
Gladstone Land Corp REIT		6,224		91,119
Global Medical REIT Inc		14,437		188,547
Global Net Lease Inc REIT		29,063		498,140
Goosehead Insurance Inc ‘A’		4,339		541,334
Granite Point Mortgage Trust Inc REIT		16,333		163,167
Great Ajax Corp REIT		7,189		75,197
Great Southern Bancorp Inc		2,943		143,913
Great Western Bancorp Inc		17,650		368,885
Greene County Bancorp Inc		1,221		31,123
Greenhill & Co Inc		3,810		46,253
Greenlight Capital Re Ltd ‘A’ *		8,495		62,098
Grid Dynamics Holdings Inc *		7,302		92,005
Guaranty Bancshares Inc		2,574		77,091
GWG Holdings Inc *		1,007		7,039
Hamilton Lane Inc ‘A’		10,344		807,349
Hancock Whitney Corp		26,472		900,577
Hanmi Financial Corp		9,728		110,316
Hannon Armstrong Sustainable Infrastructure Capital Inc REIT		23,439		1,486,736
Harborone Bancorp Inc *		16,685		181,199
Hawthorn Bancshares Inc		2,387		52,275
HBT Financial Inc		3,739		56,646
HCI Group Inc		1,842		96,337
Healthcare Realty Trust Inc REIT		42,459		1,256,786
Heartland Financial USA Inc		10,327		416,901
Heritage Commerce Corp		18,631		165,257
Heritage Financial Corp		11,716		274,037
Heritage Insurance Holdings Inc		6,984		70,748
Hersha Hospitality Trust REIT		9,820		77,480
Hilltop Holdings Inc		22,967		631,822
Hingham Institution for Savings		473		102,168
Home Bancorp Inc		2,196		61,466
Home BancShares Inc		47,718		929,547
HomeStreet Inc		6,197		209,149
HomeTrust Bancshares Inc		4,750		91,723
Hope Bancorp Inc		36,602		399,328
Horace Mann Educators Corp		13,293		558,838
Horizon Bancorp Inc		13,757		218,186
Houlihan Lokey Inc		16,567		1,113,799
Howard Bancorp Inc *		4,014		47,405
I3 Verticals Inc ‘A’ *		5,206		172,839
Independence Holding Co		1,280		52,480
Independence Realty Trust Inc REIT		30,499		409,602
Independent Bank Corp		10,461		764,071
Independent Bank Corp MI		6,447		119,076
Independent Bank Group Inc		11,871		742,175
Indus Realty Trust Inc *		832		52,000
Industrial Logistics Properties Trust REIT		20,928		487,413
Innovative Industrial Properties Inc REIT		6,853		1,254,990
International Bancshares Corp		16,952		634,683
International Money Express Inc *		7,677		119,147
Invesco Mortgage Capital Inc REIT		52,713		178,170
Investar Holding Corp		3,665		60,619
Investors Bancorp Inc		74,220		783,763
Investors Title Co		473		72,369
iStar Inc REIT		23,394		347,401
James River Group Holdings Ltd		9,317		457,931
Kearny Financial Corp		26,386		278,636
Kennedy-Wilson Holdings Inc		36,911		660,338
Kinsale Capital Group Inc		6,677		1,336,268
Kite Realty Group Trust REIT		26,815		401,152
KKR Real Estate Finance Trust Inc REIT		8,825		158,144
Ladder Capital Corp REIT		31,446		307,542
Lakeland Bancorp Inc		13,248		168,250
Lakeland Financial Corp		7,455		399,439
Landmark Bancorp Inc		1,118		25,546
LCNB Corp		3,355		49,285
Legacy Housing Corp *		3,029		45,768
LendingClub Corp *		23,782		251,138


	Shares		Value
Level One Bancorp Inc		1,786	$	36,131
Lexington Realty Trust REIT		88,171		936,376
Limestone Bancorp Inc *		1,728		21,704
Live Oak Bancshares Inc		9,067		430,320
LTC Properties Inc REIT		12,102		470,889
Luther Burbank Corp		5,758		56,428
Macatawa Bank Corp		7,514		62,892
Mack-Cali Realty Corp REIT		27,868		347,235
Mackinac Financial Corp		3,536		45,119
MainStreet Bancshares Inc *		1,606		27,157
Marcus & Millichap Inc *		7,410		275,874
Marlin Business Services Corp		2,910		35,618
Maui Land & Pineapple Co Inc *		2,368		27,303
MBIA Inc *		17,470		114,953
McGrath RentCorp		7,619		511,235
Mercantile Bank Corp		4,707		127,889
Merchants Bancorp		3,122		86,261
Meridian Bancorp Inc		15,576		232,238
Meridian Corp		1,588		33,030
Meta Financial Group Inc		10,638		388,925
Metrocity Bankshares Inc		6,057		87,342
Metropolitan Bank Holding Corp *		2,415		87,592
MFA Financial Inc REIT		146,544		570,056
Mid Penn Bancorp Inc		2,254		49,363
Middlefield Banc Corp		2,053		46,193
Midland States Bancorp Inc		6,493		116,030
MidWestOne Financial Group Inc		4,650		113,925
MMA Capital Holdings Inc *		1,532		37,687
Moelis & Co ‘A’		16,968		793,424
Monmouth Real Estate Investment Corp REIT		30,604		530,061
Mr Cooper Group Inc *		24,698		766,379
MVB Financial Corp		3,268		74,118
National Bank Holdings Corp ‘A’		9,720		318,427
National Bankshares Inc		2,257		70,667
National General Holdings Corp		21,939		749,875
National Health Investors Inc REIT		13,871		959,457
National Storage Affiliates Trust REIT		19,998		720,528
National Western Life Group Inc ‘A’		837		172,790
Navient Corp		59,300		582,326
NBT Bancorp Inc		13,617		437,106
Nelnet Inc ‘A’		5,475		390,039
NETSTREIT Corp		3,909		76,186
New Senior Investment Group Inc REIT		26,031		134,841
New York Mortgage Trust Inc REIT		122,101		450,553
Newmark Group Inc ‘A’		44,612		325,221
NexPoint Residential Trust Inc REIT		7,175		303,574
NI Holdings Inc *		3,078		50,541
Nicolet Bankshares Inc *		2,797		185,581
NMI Holdings Inc ‘A’ *		25,277		572,524
Northeast Bank *		2,224		50,084
Northfield Bancorp Inc		15,470		190,745
Northrim BanCorp Inc		1,861		63,181
Northwest Bancshares Inc		38,775		493,994
Norwood Financial Corp		2,007		52,523
Oak Valley Bancorp		2,404		39,954
OceanFirst Financial Corp		19,503		363,341
Oconee Federal Financial Corp		358		9,057
Office Properties Income Trust REIT		15,914		361,566
OFG Bancorp		16,146		299,347
Ohio Valley Banc Corp		1,413		33,347
Old National Bancorp		51,128		846,680
Old Second Bancorp Inc		7,898		79,770
One Liberty Properties Inc REIT		5,139		103,140
OP Bancorp		4,992		38,438
Oportun Financial Corp *		6,778		131,290
Oppenheimer Holdings Inc ‘A’		2,141		67,292
Orchid Island Capital Inc REIT		20,962		109,422
Origin Bancorp Inc		6,689		185,754
Orrstown Financial Services Inc		4,019		66,514
Pacific Premier Bancorp Inc		25,667		804,147


	Shares		Value
Palomar Holdings Inc *		6,441	$	572,218
Park National Corp		4,646		487,876
Parke Bancorp Inc		4,028		62,837
Partners Bancorp		2,428		15,782
Paysign Inc *		11,001		51,045
PCB Bancorp		4,653		47,042
PCSB Financial Corp		4,776		76,129
PDL Community Bancorp *		2,411		25,340
Peapack Gladstone Financial Corp		6,324		143,934
Pebblebrook Hotel Trust REIT		41,700		783,960
Penns Woods Bancorp Inc		1,728		44,945
PennyMac Financial Services Inc		13,148		862,772
PennyMac Mortgage Investment Trust REIT		30,475		536,055
Peoples Bancorp Inc		6,030		163,353
Peoples Bancorp of North Carolina Inc		1,627		37,454
Peoples Financial Services Corp		2,469		90,760
Physicians Realty Trust REIT		65,309		1,162,500
Piedmont Office Realty Trust Inc ‘A’ REIT		40,683		660,285
Pioneer Bancorp Inc *		4,488		47,438
Piper Sandler Cos		5,616		566,654
PJT Partners Inc ‘A’		7,172		539,693
Plumas Bancorp		1,606		37,741
Plymouth Industrial REIT Inc REIT		7,907		118,605
PotlatchDeltic Corp REIT		20,363		1,018,557
PRA Group Inc *		13,887		550,758
Preferred Apartment Communities Inc ‘A’ REIT		14,256		105,494
Preferred Bank		4,654		234,887
Premier Financial Bancorp Inc		3,421		45,465
Premier Financial Corp		12,106		278,438
ProAssurance Corp		16,820		299,228
PROG Holding Inc		22,491		1,211,590
ProSight Global Inc *		2,964		38,028
Protective Insurance Corp ‘B’		3,412		46,779
Provident Bancorp Inc		3,088		37,056
Provident Financial Holdings Inc		2,438		38,301
Provident Financial Services Inc		21,756		390,738
Prudential Bancorp Inc		2,801		38,794
PS Business Parks Inc REIT		6,480		860,998
Pzena Investment Management Inc ‘A’		4,574		33,390
QCR Holdings Inc		4,760		188,448
QTS Realty Trust Inc ‘A’ REIT		20,072		1,242,055
Radian Group Inc		59,960		1,214,190
Rafael Holdings Inc ‘B’ *		3,399		79,265
RBB Bancorp		6,020		92,588
RE/MAX Holdings Inc ‘A’		5,807		210,968
Ready Capital Corp REIT		13,124		163,394
Realogy Holdings Corp *		36,889		483,984
Red River Bancshares Inc		1,395		69,122
Redfin Corp *		31,670		2,173,512
Redwood Trust Inc REIT		34,403		302,058
Regional Management Corp		3,141		93,790
Reliant Bancorp Inc		4,248		79,098
Renasant Corp		17,200		579,296
Republic Bancorp Inc ‘A’		2,670		96,307
Republic First Bancorp Inc *		17,936		51,118
Retail Opportunity Investments Corp REIT		34,624		463,615
Retail Properties of America Inc ‘A’ REIT		68,728		588,312
Retail Value Inc REIT		4,899		72,848
Richmond Mutual Bancorporation Inc		4,274		58,383
Riverview Bancorp Inc		8,620		45,341
RLI Corp		12,442		1,295,834
RLJ Lodging Trust REIT		52,899		748,521
RPT Realty REIT		26,513		229,337
Ryman Hospitality Properties Inc REIT		15,855		1,074,335
S&T Bancorp Inc		12,307		305,706
Sabra Health Care REIT Inc		64,131		1,113,955
Safeguard Scientifics Inc *		6,837		43,620
Safehold Inc REIT		5,308		384,777
Safety Insurance Group Inc		4,606		358,807


	Shares		Value
Salisbury Bancorp Inc		876	$	32,649
Sandy Spring Bancorp Inc		14,848		477,957
Saul Centers Inc REIT		4,200		133,056
SB Financial Group Inc		2,364		43,214
Sculptor Capital Management Inc		5,702		86,670
Seacoast Banking Corp of Florida *		16,947		499,089
Security National Financial Corp ‘A’ *		2,475		20,666
Select Bancorp Inc *		5,514		52,218
Selective Insurance Group Inc		18,634		1,248,105
Selectquote Inc *		9,817		203,703
Seritage Growth Properties REIT *		11,047		162,170
Service Properties Trust REIT		52,823		606,936
ServisFirst Bancshares Inc		15,394		620,224
Shore Bancshares Inc		4,523		66,036
Siebert Financial Corp *		3,512		14,750
Sierra Bancorp		4,016		96,063
Silvercrest Asset Management Group Inc ‘A’		3,407		47,323
Silvergate Capital Corp ‘A’ *		4,602		341,975
Simmons First National Corp ‘A’		33,744		728,533
SITE Centers Corp REIT		46,029		465,813
SmartFinancial Inc		4,953		89,847
South Plains Financial Inc		3,918		74,246
South State Corp		22,074		1,595,950
Southern First Bancshares Inc *		2,115		74,765
Southern Missouri Bancorp Inc		2,065		62,859
Southern National Bancorp of Virginia Inc		7,302		88,427
Southside Bancshares Inc		10,376		321,967
Spirit of Texas Bancshares Inc		3,800		63,840
STAG Industrial Inc REIT		47,482		1,487,136
Standard AVB Financial Corp		1,157		37,707
State Auto Financial Corp		6,167		109,403
StepStone Group Inc ‘A’ *		6,264		249,307
Sterling Bancorp Inc		6,045		27,444
Stewart Information Services Corp		8,845		427,744
Stifel Financial Corp		31,457		1,587,320
Stock Yards Bancorp Inc		6,418		259,801
StoneX Group Inc *		4,838		280,120
Stratus Properties Inc *		1,817		46,334
Summit Financial Group Inc		3,486		76,971
Summit Hotel Properties Inc REIT		34,334		309,349
Sunstone Hotel Investors Inc REIT		66,067		748,539
SWK Holdings Corp *		1,043		15,009
Tanger Factory Outlet Centers Inc REIT		29,015		288,989
Terreno Realty Corp REIT		20,909		1,223,386
Territorial Bancorp Inc		2,583		62,069
Texas Capital Bancshares Inc *		16,176		962,472
The Bancorp Inc *		16,059		219,205
The Bank of NT Butterfield & Son Ltd (Bermuda)		16,413		511,429
The Bank of Princeton		1,835		42,957
The Community Financial Corp		1,833		48,538
The First Bancorp Inc		3,166		80,416
The First Bancshares Inc		6,584		203,314
The First of Long Island Corp		7,453		133,036
The GEO Group Inc REIT		35,869		317,799
The Macerich Co REIT		48,515		517,655
The RMR Group Inc ‘A’		4,874		188,234
The St Joe Co		10,282		436,471
Third Point Reinsurance Ltd * (Bermuda)		26,349		250,842
Timberland Bancorp Inc		2,761		66,982
Tiptree Inc		8,409		42,213
Tompkins Financial Corp		4,514		318,688
Towne Bank		20,124		472,512
TPG RE Finance Trust Inc REIT		19,308		205,051
Transcontinental Realty Investors Inc REIT *		488		11,766
Trean Insurance Group Inc *		3,733		48,902
TriCo Bancshares		8,595		303,232
TriState Capital Holdings Inc *		8,384		145,882
Triumph Bancorp Inc *		7,245		351,745
Trupanion Inc *		9,738		1,165,736


	Shares		Value
TrustCo Bank Corp NY		26,666	$	177,862
Trustmark Corp		18,864		515,176
Two Harbors Investment Corp REIT		90,426		576,014
UMB Financial Corp		13,472		929,433
UMH Properties Inc REIT		12,510		185,273
United Bankshares Inc		38,907		1,260,587
United Community Banks Inc		25,302		719,589
United Fire Group Inc		6,639		166,639
United Insurance Holdings Corp		4,752		27,181
United Security Bancshares		4,531		31,944
Uniti Group Inc REIT		61,606		722,638
Unity Bancorp Inc		2,662		46,718
Universal Health Realty Income Trust REIT		4,230		271,862
Universal Insurance Holdings Inc		8,902		134,509
Univest Financial Corp		9,277		190,921
Urban Edge Properties REIT		37,391		483,840
Urstadt Biddle Properties Inc ‘A’ REIT		9,586		135,450
Valley National Bancorp		128,437		1,252,261
Vericity Inc *		909		9,099
Veritex Holdings Inc		14,946		383,514
Virtus Investment Partners Inc		2,350		509,950
Waddell & Reed Financial Inc ‘A’		19,795		504,179
Walker & Dunlop Inc		9,026		830,573
Washington Federal Inc		24,500		630,630
Washington Real Estate Investment Trust REIT		26,588		575,098
Washington Trust Bancorp Inc		5,327		238,650
Waterstone Financial Inc		7,258		136,596
Watford Holdings Ltd * (Bermuda)		5,694		197,012
WesBanco Inc		20,671		619,303
West Bancorporation Inc		5,139		99,183
Westamerica Bancorporation		8,453		467,366
Western Asset Mortgage Capital Corp REIT		18,348		59,814
Western New England Bancorp Inc		3,725		25,665
Westwood Holdings Group Inc		2,746		39,817
Whitestone REIT		12,262		97,728
WisdomTree Investments Inc		45,614		244,035
World Acceptance Corp *		1,365		139,530
WSFS Financial Corp		16,151		724,857
Xenia Hotels & Resorts Inc REIT		36,671		557,399

				168,011,199


Industrial - 13.0%

AAON Inc		13,236		881,915
AAR Corp		10,901		394,834
Advanced Drainage Systems Inc		17,717		1,480,787
Advanced Emissions Solutions Inc		3,535		19,442
Advanced Energy Industries Inc *		12,243		1,187,204
Aegion Corp *		9,443		179,323
Aerojet Rocketdyne Holdings Inc *		23,122		1,221,998
AeroVironment Inc *		6,711		583,186
Air Transport Services Group Inc *		18,990		595,147
Akoustis Technologies Inc *		10,661		130,384
Alamo Group Inc		3,171		437,439
Allied Motion Technologies Inc		2,145		109,609
Altra Industrial Motion Corp		20,790		1,152,390
American Outdoor Brands Inc *		4,695		79,956
American Superconductor Corp *		8,676		203,192
American Woodmark Corp *		5,550		520,867
API Group Corp * ~		45,623		828,057
Apogee Enterprises Inc		8,474		268,456
Applied Industrial Technologies Inc		11,878		926,365
Applied Optoelectronics Inc *		7,250		61,697
ArcBest Corp		7,928		338,288
Arcosa Inc		15,573		855,425
Ardmore Shipping Corp (Ireland)		10,318		33,740
Argan Inc		4,724		210,171
Astec Industries Inc		7,369		426,518
Astronics Corp *		7,939		105,033


	Shares		Value
Atkore International Group Inc *		15,260	$	627,339
Atlas Air Worldwide Holdings Inc *		8,121		442,919
AZZ Inc		7,727		366,569
Badger Meter Inc		8,943		841,179
Barnes Group Inc		14,326		726,185
Bel Fuse Inc ‘B’		2,212		33,246
Belden Inc		13,238		554,672
Benchmark Electronics Inc		11,510		310,885
Bloom Energy Corp ‘A’ *		28,551		818,272
Boise Cascade Co		12,583		601,467
Brady Corp ‘A’		14,602		771,278
Bristow Group Inc *		2,132		56,114
Builders FirstSource Inc *		36,286		1,480,832
Cactus Inc ‘A’		15,304		398,975
Caesarstone Ltd		6,257		80,653
Casella Waste Systems Inc ‘A’ *		15,715		973,544
CECO Environmental Corp *		11,420		79,483
Chart Industries Inc *		11,354		1,337,388
Chase Corp		2,296		231,919
CIRCOR International Inc *		6,489		249,437
Columbus McKinnon Corp		7,327		281,650
Comfort Systems USA Inc		11,803		621,546
Comtech Telecommunications Corp		7,767		160,699
Concrete Pumping Holdings Inc *		9,456		36,216
Construction Partners Inc ‘A’ *		8,792		255,935
Cornerstone Building Brands Inc *		13,384		124,204
Costamare Inc (Monaco)		14,480		119,894
Covanta Holding Corp		38,318		503,115
Covenant Logistics Group Inc ‘A’ *		3,693		54,693
CryoPort Inc *		10,695		469,297
CSW Industrials Inc		4,412		493,747
CyberOptics Corp *		2,473		56,112
Daseke Inc *		16,273		94,546
DHT Holdings Inc		35,247		184,342
Diamond S Shipping Inc *		9,657		64,316
Digimarc Corp *		3,820		180,457
Dorian LPG Ltd *		11,835		144,269
Ducommun Inc *		3,342		179,465
DXP Enterprises Inc *		4,701		104,503
Dycom Industries Inc *		9,801		740,172
Eagle Bulk Shipping Inc *		2,297		43,643
Eastman Kodak Co *		3,720		30,281
Echo Global Logistics Inc *		7,479		200,587
EMCOR Group Inc		17,168		1,570,185
Encore Wire Corp		6,006		363,783
Energy Recovery Inc *		13,220		180,321
Enerpac Tool Group Corp		18,374		415,436
EnerSys		13,623		1,131,526
EnPro Industries Inc		6,103		460,899
ESCO Technologies Inc		8,364		863,332
Exponent Inc		16,236		1,461,727
Fabrinet * (Thailand)		11,759		912,381
FARO Technologies Inc *		5,684		401,461
Federal Signal Corp		19,061		632,253
Fitbit Inc ‘A’ *		79,175		538,390
Fluidigm Corp *		23,041		138,246
Fluor Corp		44,948		717,820
Forterra Inc *		9,376		161,220
Forward Air Corp		8,817		677,498
Franklin Electric Co Inc		14,853		1,027,976
Frontline Ltd (Norway)		38,829		241,516
GATX Corp		11,225		933,695
Genco Shipping & Trading Ltd		6,381		46,964
Gencor Industries Inc *		3,028		37,244
General Finance Corp *		3,045		25,913
Gibraltar Industries Inc *		10,579		761,053
Golar LNG Ltd * (Bermuda)		30,502		294,039
GoPro Inc ‘A’ *		37,384		309,540
Graham Corp		3,212		48,758
Granite Construction Inc		15,134		404,229


	Shares		Value
Great Lakes Dredge & Dock Corp *		20,479	$	269,708
Greif Inc ‘A’		8,584		402,418
Greif Inc ‘B’		1,468		71,022
Griffon Corp		12,641		257,624
Harsco Corp *		24,763		445,239
Haynes International Inc		4,126		98,364
Heartland Express Inc		15,691		284,007
Helios Technologies Inc		10,289		548,301
Heritage-Crystal Clean Inc *		5,110		107,668
Hillenbrand Inc		22,835		908,833
Hub Group Inc ‘A’ *		10,364		590,748
Hurco Cos Inc		2,351		70,530
Hyster-Yale Materials Handling Inc		3,081		183,474
Ichor Holdings Ltd *		7,113		214,421
IES Holdings Inc *		2,195		101,058
II-VI Inc *		32,412		2,462,016
Insteel Industries Inc		5,781		128,743
International Seaways Inc		6,657		108,709
Intevac Inc *		7,660		55,229
IntriCon Corp *		2,859		51,748
Iteris Inc *		14,413		81,433
Itron Inc *		12,930		1,239,987
JELD-WEN Holding Inc *		21,738		551,276
John Bean Technologies Corp		9,839		1,120,367
Kadant Inc		3,684		519,370
Kaman Corp		8,187		467,723
KBR Inc		44,632		1,380,468
Kennametal Inc		25,834		936,224
Kimball Electronics Inc *		8,043		128,608
Knowles Corp *		28,012		516,261
Kratos Defense & Security Solutions Inc *		39,487		1,083,128
Lawson Products Inc *		1,438		73,209
LB Foster Co ‘A’ *		3,423		51,516
LENSAR Inc *		3,068		22,243
Lindsay Corp		3,286		422,120
Louisiana-Pacific Corp		34,502		1,282,439
LSI Industries Inc		9,003		77,066
Luna Innovations Inc *		9,908		97,891
Luxfer Holdings PLC (United Kingdom)		8,995		147,698
Lydall Inc *		5,290		158,859
Marten Transport Ltd		19,500		335,985
Masonite International Corp *		7,829		769,904
MasTec Inc *		17,750		1,210,195
Materion Corp		6,324		402,965
Matson Inc		13,748		783,224
Matthews International Corp ‘A’		9,954		292,648
Mayville Engineering Co Inc *		2,023		27,149
Mesa Laboratories Inc		1,523		436,553
Mistras Group Inc *		5,593		43,402
Montrose Environmental Group Inc *		3,561		110,249
Moog Inc ‘A’		9,098		721,471
Mueller Industries Inc		16,603		582,931
Mueller Water Products Inc ‘A’		46,282		572,971
Myers Industries Inc		11,565		240,321
MYR Group Inc *		5,251		315,585
Napco Security Technologies Inc *		4,168		109,285
National Presto Industries Inc		1,547		136,801
NL Industries Inc		2,103		10,052
nLight Inc *		11,417		372,765
NN Inc *		12,762		83,846
Nordic American Tankers Ltd		46,658		137,641
Northwest Pipe Co *		3,331		94,267
Novanta Inc *		10,740		1,269,683
NV5 Global Inc *		3,524		277,621
NVE Corp		1,745		98,034
O-I Glass Inc		48,526		577,459
Olympic Steel Inc		2,927		39,017
Omega Flex Inc		902		131,692
Orion Energy Systems Inc *		8,531		84,201
OSI Systems Inc *		5,327		496,583


	Shares		Value
Overseas Shipholding Group Inc ‘A’ *		23,426	$	50,132
Pactiv Evergreen Inc *		12,749		231,267
PAM Transportation Services Inc *		685		33,565
Pangaea Logistics Solutions Ltd		3,906		10,820
Park Aerospace Corp		5,378		72,119
Park-Ohio Holdings Corp		2,326		71,873
Patrick Industries Inc		7,119		486,584
PGT Innovations Inc *		17,875		363,577
Plexus Corp *		8,778		686,527
Powell Industries Inc		2,698		79,564
Primoris Services Corp		15,297		422,350
Proto Labs Inc *		8,565		1,313,871
Pure Cycle Corp *		5,726		64,303
Radiant Logistics Inc *		12,971		75,232
Ranpak Holdings Corp *		9,378		126,040
Raven Industries Inc		11,798		390,396
RBC Bearings Inc *		7,765		1,390,246
Research Frontiers Inc *		9,216		25,897
Rexnord Corp		37,903		1,496,789
Ryerson Holding Corp *		4,918		67,082
Safe Bulkers Inc * (Greece)		16,949		22,034
Saia Inc *		8,265		1,494,312
Sanmina Corp *		19,553		623,545
Scorpio Bulkers Inc		2,117		35,841
Scorpio Tankers Inc (Monaco)		15,445		172,830
SEACOR Holdings Inc *		6,210		257,404
SFL Corp Ltd (Norway)		30,720		192,922
Sharps Compliance Corp *		4,772		45,095
Simpson Manufacturing Co Inc		13,666		1,277,088
SMART Global Holdings Inc *		4,441		167,115
Smith & Wesson Brands Inc		17,623		312,808
SPX Corp *		13,807		753,034
SPX FLOW Inc *		13,116		760,203
Standex International Corp		3,960		306,979
Sterling Construction Co Inc *		8,688		161,684
Stoneridge Inc *		8,249		249,367
Sturm Ruger & Co Inc		5,488		357,104
Summit Materials Inc ‘A’ *		35,726		717,378
Tennant Co		5,814		407,968
Terex Corp		20,707		722,467
Tetra Tech Inc		17,047		1,973,702
The Eastern Co		1,965		47,356
The Gorman-Rupp Co		5,302		172,050
The Greenbrier Cos Inc		10,266		373,477
The Manitowoc Co Inc *		10,464		139,276
Tidewater Inc *		12,502		108,017
TimkenSteel Corp *		15,995		74,697
TopBuild Corp *		10,448		1,923,268
Transcat Inc *		2,471		85,694
Tredegar Corp		7,911		132,114
TriMas Corp *		13,249		419,596
Trinseo SA		12,250		627,322
Triumph Group Inc		16,255		204,163
TTM Technologies Inc *		31,673		436,929
Turtle Beach Corp *		4,878		105,121
Tutor Perini Corp *		13,411		173,672
UFP Industries Inc		18,714		1,039,563
UFP Technologies Inc *		2,005		93,433
Ultralife Corp *		2,546		16,473
Universal Logistics Holdings Inc		2,688		55,346
US Concrete Inc *		5,095		203,647
US Ecology Inc		9,245		335,871
US Xpress Enterprises Inc ‘A’ *		6,043		41,334
Vicor Corp *		6,143		566,507
Vishay Intertechnology Inc		42,225		874,480
Vishay Precision Group Inc *		3,713		116,885
Watts Water Technologies Inc ‘A’		8,530		1,038,101
Welbilt Inc *		39,768		524,938
Werner Enterprises Inc		19,642		770,359
Willis Lease Finance Corp *		973		29,638


	Shares		Value
WillScot Mobile Mini Holdings Corp *		50,136	$	1,161,651
Worthington Industries Inc		11,794		605,504
Wrap Technologies Inc *		4,286		20,701

				103,583,416

Technology - 10.5%

1Life Healthcare Inc *		25,171		1,098,714
3D Systems Corp *		37,443		392,403
8x8 Inc *		33,691		1,161,329
ACI Worldwide Inc *		36,102		1,387,400
Agilysys Inc *		5,741		220,340
Akerna Corp *		3,235		10,481
Allscripts Healthcare Solutions Inc *		50,676		731,761
Alpha & Omega Semiconductor Ltd *		6,115		144,559
Altair Engineering Inc ‘A’ *		13,775		801,430
Ambarella Inc *		10,664		979,168
American Software Inc ‘A’		9,100		156,247
Amkor Technology Inc		32,579		491,291
Apollo Medical Holdings Inc *		6,495		118,664
Appfolio Inc ‘A’ *		5,215		938,909
Appian Corp *		11,238		1,821,567
Asure Software Inc *		3,486		24,751
Atomera Inc *		5,135		82,622
Avaya Holdings Corp *		26,723		511,745
Avid Technology Inc *		8,727		138,497
Axcelis Technologies Inc *		10,676		310,885
AXT Inc *		13,564		129,807
Bandwidth Inc ‘A’ *		6,200		952,754
Benefitfocus Inc *		8,956		129,683
Blackbaud Inc		15,931		916,988
Blackline Inc *		16,075		2,144,083
Bottomline Technologies DE Inc *		13,684		721,694
Box Inc ‘A’ *		45,070		813,514
Brightcove Inc *		12,051		221,738
Brooks Automation Inc		22,910		1,554,444
Cardlytics Inc *		8,195		1,170,000
Cerence Inc *		11,503		1,155,821
CEVA Inc *		7,124		324,142
Cloudera Inc *		63,977		889,920
CMC Materials Inc		9,058		1,370,475
Cohu Inc		13,203		504,091
CommVault Systems Inc *		13,470		745,834
Computer Programs & Systems Inc		3,328		89,324
Conduent Inc *		53,380		256,224
Cornerstone OnDemand Inc *		19,530		860,101
Corsair Gaming Inc *		4,925		178,384
CSG Systems International Inc		10,636		479,365
CTS Corp		10,437		358,302
Cubic Corp		9,986		619,531
Daily Journal Corp *		386		155,944
Diebold Nixdorf Inc *		22,271		237,409
Digi International Inc *		9,188		173,653
Digital Turbine Inc *		26,588		1,503,817
Diodes Inc *		13,284		936,522
Domo Inc ‘B’ *		8,064		514,241
Donnelley Financial Solutions Inc *		9,439		160,180
DSP Group Inc *		7,093		117,673
Ebix Inc		8,727		331,364
eGain Corp *		7,417		87,595
Envestnet Inc *		17,114		1,408,311
Evolent Health Inc ‘A’ *		24,695		395,861
ExlService Holdings Inc *		10,666		907,997
FormFactor Inc *		24,895		1,070,983
Glu Mobile Inc *		46,634		420,172
GSI Technology Inc *		4,773		35,320
GTY Technology Holding Inc *		14,669		75,985
Health Catalyst Inc *		10,679		464,857
IBEX Holdings Ltd *		1,980		37,026
iCAD Inc *		6,937		91,568
Immersion Corp *		6,310		71,240


	Shares		Value
Impinj Inc *		5,263	$	220,362
Inovalon Holdings Inc ‘A’ *		22,573		410,151
Insight Enterprises Inc *		10,685		813,022
Intellicheck Inc *		5,693		64,929
Intelligent Systems Corp *		2,518		100,997
j2 Global Inc *		13,618		1,330,342
Lattice Semiconductor Corp *		42,814		1,961,737
LivePerson Inc *		19,967		1,242,546
MACOM Technology Solutions Holdings Inc ‘H’ *		14,467		796,264
ManTech International Corp ‘A’		8,753		778,492
Mastech Digital Inc *		1,374		21,847
MAXIMUS Inc		19,223		1,406,931
MaxLinear Inc *		22,000		840,180
MicroStrategy Inc ‘A’ *		2,358		916,201
Mitek Systems Inc *		11,561		205,555
Model N Inc *		10,459		373,177
MTS Systems Corp		6,266		364,431
NantHealth Inc *		9,421		30,430
NetScout Systems Inc *		21,765		596,796
NextGen Healthcare Inc *		17,924		326,934
OneSpan Inc *		9,722		201,051
Onto Innovation Inc *		15,284		726,754
Outset Medical Inc *		3,210		182,456
PAE Inc *		19,015		174,558
PAR Technology Corp *		6,139		385,468
Park City Group Inc *		3,696		17,704
Parsons Corp *		7,267		264,591
PDF Solutions Inc *		9,318		201,269
Perspecta Inc		44,881		1,080,734
Photronics Inc *		17,818		198,849
Phreesia Inc *		10,714		581,342
Ping Identity Holding Corp *		11,151		319,365
Pitney Bowes Inc		53,608		330,225
Pixelworks Inc *		13,042		36,778
PlayAGS Inc *		8,680		62,496
Power Integrations Inc		18,605		1,523,005
Progress Software Corp		13,665		617,521
PROS Holdings Inc *		12,174		618,074
QAD Inc ‘A’		4,044		255,500
Qualys Inc *		10,662		1,299,378
Quantum Corp *		10,489		64,193
Rambus Inc *		34,526		602,824
Rapid7 Inc *		16,346		1,473,755
Red Violet Inc *		2,201		57,468
Rimini Street Inc *		6,302		27,918
SailPoint Technologies Holding Inc *		27,708		1,475,174
Sapiens International Corp (Israel)		8,444		258,471
Schrodinger Inc *		9,451		748,330
SeaChange International Inc *		8,162		11,427
SecureWorks Corp ‘A’ *		3,091		43,954
Semtech Corp *		20,256		1,460,255
Silicon Laboratories Inc *		13,613		1,733,479
Simulations Plus Inc		4,480		322,202
SiTime Corp *		3,071		343,737
Smith Micro Software Inc *		11,596		62,850
Sprout Social Inc ‘A’ *		8,544		387,983
SPS Commerce Inc*		11,440		1,242,270
StarTek Inc *		5,184		38,984
Sumo Logic Inc *		4,581		130,925
Super Micro Computer Inc *		14,145		447,831
SVMK Inc *		39,516		1,009,634
Sykes Enterprises Inc *		12,309		463,680
Synaptics Inc *		11,035		1,063,774
Synchronoss Technologies Inc *		14,785		69,490
Tabula Rasa HealthCare Inc *		6,901		295,639
Tenable Holdings Inc *		22,273		1,163,987
The ExOne Co *		3,969		37,666
TTEC Holdings Inc		5,828		425,036
Ultra Clean Holdings Inc *		12,996		404,825
Unisys Corp *		20,293		399,366


	Shares		Value
Upland Software Inc *		8,701	$	399,289
Varonis Systems Inc *		9,807		1,604,523
Veeco Instruments Inc *		15,210		264,046
Verint Systems Inc *		20,713		1,391,499
Veritone Inc *		7,331		208,567
Verra Mobility Corp *		41,171		552,515
Virtusa Corp *		8,872		453,625
Vocera Communications Inc *		10,370		430,666
Workiva Inc *		12,788		1,171,637
Xperi Holding Corp		33,670		703,703
Yext Inc *		33,612		528,381
Zuora Inc ‘A’ *		30,283		421,842

				83,582,562

Utilities - 3.0%

ALLETE Inc		16,876		1,045,299
Ameresco Inc ‘A’ *		8,010		418,442
American States Water Co		11,363		903,472
Artesian Resources Corp ‘A’		2,801		103,861
Atlantic Power Corp *		27,820		58,422
Avista Corp		21,315		855,584
Black Hills Corp		19,782		1,215,604
Brookfield Infrastructure Corp ‘A’ (Canada)		10,229		739,557
Brookfield Renewable Corp ‘A’		32,532		1,895,610
California Water Service Group		15,797		853,512
Chesapeake Utilities Corp		5,371		581,196
Clearway Energy Inc ‘A’		11,137		329,098
Clearway Energy Inc ‘C’		25,456		812,810
Consolidated Water Co Ltd (Cayman)		5,100		61,455
Evoqua Water Technologies Corp *		29,508		796,126
Genie Energy Ltd ‘B’		4,660		33,599
Global Water Resources Inc		4,109		59,211
MGE Energy Inc		11,747		822,642
Middlesex Water Co		5,387		390,396
New Jersey Resources Corp		29,725		1,056,724
Northwest Natural Holding Co		9,815		451,392
NorthWestern Corp		16,492		961,649
ONE Gas Inc		16,436		1,261,792
Ormat Technologies Inc		12,748		1,150,889
Otter Tail Corp		13,143		560,023
PICO Holdings Inc *		6,704		62,682
PNM Resources Inc		25,413		1,233,293
Portland General Electric Co		28,278		1,209,450
RGC Resources Inc		2,592		61,638
SJW Group		8,624		598,161
South Jersey Industries Inc		31,123		670,701
Southwest Gas Holdings Inc *		17,470		1,061,302
Spark Energy Inc ‘A’		3,905		37,371
Spire Inc		15,650		1,002,226
The York Water Co		4,129		192,411
Unitil Corp		4,569		202,270

				23,749,870


Total Common Stocks (Cost $566,116,442)				784,674,714


	Principal Amount		Value

SHORT-TERM INVESTMENT - 1.4%

Repurchase Agreement - 1.4%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $11,240,772; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $11,465,600)		$11,240,772		$11,240,772


Total Short-Term Investment (Cost $11,240,772)				11,240,772


TOTAL INVESTMENTS - 99.9% (Cost $577,357,657)				795,927,512

DERIVATIVES - (0.0%)				(84,348	)


OTHER ASSETS & LIABILITIES, NET - 0.1%				793,597


NET ASSETS - 100.0%				$796,636,761

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical	26.0%
Financial	21.1%
Consumer, Cyclical	14.1%
Industrial	13.0%
Technology	10.5%
Communications	4.3%
Basic Materials	3.3%
Energy	3.2%
Utilities	3.0%
Others (each less than 3.0%)	1.4%

	99.9%
Derivatives	(0.0%	)
Other Assets & Liabilities, Net	0.1%

	100.0%

(b)

An investment with a value of $11,583 or less than 0.1% of the Fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or the Board of Trustees.

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 98.3%

Basic Materials - 5.6%

AdvanSix Inc *		104,950		$2,097,951
Carpenter Technology Corp		114,612		3,337,501
GCP Applied Technologies Inc *		75,803		1,792,741
Innospec Inc		18,192		1,650,560
Orion Engineered Carbons SA (Germany)		254,693		4,365,438
Schnitzer Steel Industries Inc ‘A’		126,760		4,044,912

				17,289,103

Communications - 3.0%

A10 Networks Inc *		172,714		1,702,960
Casa Systems Inc *		320,328		1,976,424
Criteo SA ADR * (France)		203,311		4,169,908
Houghton Mifflin Harcourt Co *		478,678		1,593,998

				9,443,290

Consumer, Cyclical - 24.8%

Blue Bird Corp *		183,200		3,345,232
Citi Trends Inc		65,066		3,232,479
Cooper Tire & Rubber Co		69,255		2,804,827
Dana Inc		232,021		4,529,050
El Pollo Loco Holdings Inc *		184,264		3,335,178
Foot Locker Inc		81,570		3,298,691
Herman Miller Inc		100,320		3,390,816
Hilton Grand Vacations Inc *		109,810		3,442,543
IMAX Corp *		113,730		2,049,415
KB Home		116,200		3,895,024
Kontoor Brands Inc *		81,170		3,292,255
Malibu Boats Inc ‘A’ *		47,998		2,996,995
Oxford Industries Inc		68,892		4,513,115
Papa John’s International Inc		30,861		2,618,556
Regis Corp *		249,293		2,291,003
REV Group Inc		350,460		3,087,553
Ruth’s Hospitality Group Inc		290,315		5,147,285
Skechers U.S.A. Inc ‘A’ *		57,998		2,084,448
SkyWest Inc		106,938		4,310,671
Steven Madden Ltd		88,970		3,142,420
Taylor Morrison Home Corp *		123,498		3,167,724
The Shyft Group Inc		165,390		4,693,768
Williams-Sonoma Inc		17,990		1,832,102

				76,501,150

Consumer, Non-Cyclical - 5.9%

Herc Holdings Inc *		62,600		4,157,266
MEDNAX Inc *		145,160		3,562,227
Molina Healthcare Inc *		8,293		1,763,755
Nomad Foods Ltd * (United Kingdom)		105,645		2,685,496
Primo Water Corp		149,542		2,344,819
The Hain Celestial Group Inc *		89,322		3,586,278

				18,099,841

Energy - 4.0%

Cimarex Energy Co		39,162		1,468,967
Dril-Quip Inc *		103,655		3,070,261
Helix Energy Solutions Group Inc *		610,551		2,564,314
HollyFrontier Corp		120,850		3,123,972
MRC Global Inc *		314,885		2,087,688

				12,315,202

Financial - 33.3%

1st Source Corp		64,773		2,610,352
Armada Hoffler Properties Inc REIT		131,953		1,480,513
Associated Banc-Corp		148,163		2,526,179
Bank of Marin Bancorp		57,498		1,974,481
BankUnited Inc		152,433		5,301,620
Carter Bankshares Inc		193,040		2,069,389
City Office REIT Inc		183,765		1,795,384


	Shares		Value
Cousins Properties Inc REIT		83,101	$	2,783,883
Essent Group Ltd		67,367		2,910,254
First Horizon Corp		155,626		1,985,788
Harborone Bancorp Inc *		343,878		3,734,515
Heritage Financial Corp		132,126		3,090,427
Independence Realty Trust Inc REIT		257,823		3,462,563
Independent Bank Group Inc		59,044		3,691,431
Moelis & Co ‘A’		82,731		3,868,502
National Storage Affiliates Trust REIT		66,823		2,407,633
Pacific Premier Bancorp Inc		99,512		3,117,711
Physicians Realty Trust REIT		159,010		2,830,378
Premier Financial Corp		9,921		228,183
RLJ Lodging Trust REIT		192,950		2,730,243
Sandy Spring Bancorp Inc		80,969		2,606,392
Selective Insurance Group Inc		53,191		3,562,733
STAG Industrial Inc REIT		112,658		3,528,449
Sterling Bancorp		247,686		4,453,394
Stifel Financial Corp		85,240		4,301,210
Synovus Financial Corp		132,273		4,281,677
Texas Capital Bancshares Inc *		78,189		4,652,245
The Hanover Insurance Group Inc		27,680		3,236,346
TriCo Bancshares		100,837		3,557,529
Umpqua Holdings Corp		181,224		2,743,731
Webster Financial Corp		105,959		4,466,172
WSFS Financial Corp		102,087		4,581,665
Zions Bancorp NA		47,632		2,069,134

				102,640,106

Industrial - 15.6%

AAR Corp		106,999		3,875,504
Belden Inc		83,651		3,504,977
Cactus Inc ‘A’		117,800		3,071,046
Crane Co		15,852		1,231,066
EnerSys		17,264		1,433,948
GATX Corp		55,820		4,643,108
Graphic Packaging Holding Co		174,960		2,963,822
Hillenbrand Inc		85,910		3,419,218
Kennametal Inc		127,681		4,627,159
Masonite International Corp *		24,339		2,393,497
Primoris Services Corp		128,192		3,539,381
Regal Beloit Corp		38,898		4,777,063
Terex Corp		125,036		4,362,506
Trinseo SA		68,350		3,500,204
Welbilt Inc *		49,769		656,951

				47,999,450

Technology - 4.7%

CommVault Systems Inc *		51,563		2,855,043
Kulicke & Soffa Industries Inc (Singapore)		69,898		2,223,455
MagnaChip Semiconductor Corp * (South Korea)		150,517		2,034,990
NCR Corp *		75,803		2,847,919
NetScout Systems Inc *		67,857		1,860,639
Unisys Corp *		138,422		2,724,145

				14,546,191

Utilities - 1.4%

PNM Resources Inc		25,953		1,259,499
Southwest Gas Holdings Inc *		52,780		3,206,385

				4,465,884

Total Common Stocks (Cost $261,063,578)				303,300,217


	Principal Amount		Value

SHORT-TERM INVESTMENT - 1.0%

Repurchase Agreement - 1.0%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $3,067,289; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $3,128,700)		$3,067,289		$3,067,289


Total Short-Term Investment (Cost $3,067,289)				3,067,289


TOTAL INVESTMENTS - 99.3% (Cost $264,130,867)				306,367,506

OTHER ASSETS & LIABILITIES, NET - 0.7%				2,033,210


NET ASSETS - 100.0%				$308,400,716

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			33.3%
Consumer, Cyclical			24.8%
Industrial			15.6%
Consumer, Non-Cyclical			5.9%
Basic Materials			5.6%
Technology			4.7%
Energy			4.0%
Communications			3.0%
Others (each less than 3.0%)			2.4%

			99.3%
Other Assets & Liabilities, Net			0.7%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 97.6%

Basic Materials - 0.9%

Mondi PLC (United Kingdom)		288,837		$6,767,986


Communications - 9.1%

Cisco Systems Inc		499,690		22,361,128
F5 Networks Inc *		53,414		9,397,659
The Walt Disney Co *		74,780		13,548,640
Verizon Communications Inc		446,016		26,203,440

				71,510,867

Consumer, Cyclical - 4.9%

Advance Auto Parts Inc		42,495		6,693,387
Dollar Tree Inc *		72,471		7,829,767
Honda Motor Co Ltd ADR (Japan)		203,315		5,743,649
Southwest Airlines Co		128,642		5,996,004
Walmart Inc		86,108		12,412,468

				38,675,275

Consumer, Non-Cyclical - 30.4%

Automatic Data Processing Inc		46,556		8,203,167
Becton Dickinson and Co		45,957		11,499,360
Colgate-Palmolive Co		101,963		8,718,856
Hologic Inc *		67,867		4,942,754
Johnson & Johnson		237,668		37,404,190
Kimberly-Clark Corp		44,682		6,024,474
Koninklijke Ahold Delhaize NV (Netherlands)		220,340		6,216,084
McKesson Corp		45,755		7,957,710
Medtronic PLC		315,570		36,965,870
Merck & Co Inc		129,732		10,612,078
Mondelez International Inc ‘A’		274,258		16,035,865
PepsiCo Inc		109,389		16,222,389
Pfizer Inc		136,173		5,012,528
Quest Diagnostics Inc		55,726		6,640,867
Roche Holding AG (Switzerland)		25,347		8,828,321
The Procter & Gamble Co		58,069		8,079,721
Unilever PLC ADR (United Kingdom)		379,358		22,898,049
Universal Health Services Inc ‘B’		60,773		8,356,287
Zimmer Biomet Holdings Inc		62,929		9,696,730

				240,315,300

Energy - 4.4%

Chevron Corp		185,307		15,649,176
ConocoPhillips		242,494		9,697,335
TOTAL SE ADR (France)		231,222		9,690,514

				35,037,025

Financial - 22.2%

Aflac Inc		260,139		11,568,381
Ameriprise Financial Inc		41,305		8,026,801
Berkshire Hathaway Inc ‘B’ *		154,156		35,744,152
Chubb Ltd		112,293		17,284,138
Healthpeak Properties Inc REIT		223,364		6,752,294
JPMorgan Chase & Co		165,035		20,970,997
MetLife Inc		144,870		6,801,646
Northern Trust Corp		92,455		8,611,259
The Bank of New York Mellon Corp		580,943		24,655,221
The Charles Schwab Corp		73,743		3,911,329
Truist Financial Corp		269,490		12,916,656
US Bancorp		263,418		12,272,645
Weyerhaeuser Co REIT		176,752		5,926,494

				175,442,013

Industrial - 14.5%

Emerson Electric Co		375,349		30,166,799
General Dynamics Corp		56,254		8,371,720


	Shares		Value
Johnson Controls International PLC		311,565	$	14,515,813
Martin Marietta Materials Inc		17,894		5,081,359
Norfolk Southern Corp		40,633		9,654,807
Raytheon Technologies Corp		126,336		9,034,288
Republic Services Inc		86,480		8,328,024
Siemens AG (Germany)		94,913		13,671,876
Sonoco Products Co		111,776		6,622,728
TE Connectivity Ltd		72,722		8,804,453

				114,251,867

Technology - 5.8%

Applied Materials Inc		56,006		4,833,318
Cerner Corp		154,919		12,158,043
Intel Corp		165,646		8,252,483
Oracle Corp		124,019		8,022,789
Texas Instruments Inc		76,098		12,489,965

				45,756,598

Utilities - 5.4%

Duke Energy Corp		110,724		10,137,890
Eversource Energy		110,661		9,573,283
Pinnacle West Capital Corp		144,172		11,526,551
Xcel Energy Inc		169,916		11,328,300

				42,566,024

Total Common Stocks (Cost $696,498,603)				770,322,955


EXCHANGE-TRADED FUND - 1.2%

iShares Russell 1000 Value		72,362		9,894,056


Total Exchange-Traded Fund (Cost $8,844,111)				9,894,056


	Principal Amount

SHORT-TERM INVESTMENT - 0.5%

Repurchase Agreement - 0.5%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $4,018,821; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $4,099,200)		$4,018,821		4,018,821


Total Short-Term Investment (Cost $4,018,821)				4,018,821


TOTAL INVESTMENTS - 99.3% (Cost $709,361,535)				784,235,832

DERIVATIVES - (0.0%)				(342,991	)


OTHER ASSETS & LIABILITIES, NET - 0.7%				5,697,564


NET ASSETS - 100.0%				$789,590,405

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical	30.4%
Financial	22.2%
Industrial	14.5%
Communications	9.1%
Technology	5.8%
Utilities	5.4%
Consumer, Cyclical	4.9%
Energy	4.4%
Others (each less than 3.0%)	2.6%

	99.3%
Derivatives	(0.0%	)
Other Assets & Liabilities, Net	0.7%

	100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 98.5%

Communications - 9.1%

Alphabet Inc ‘C’ *		4,926		$8,629,761
Booking Holdings Inc *		2,585		5,757,493
Charter Communications Inc ‘A’ *		12,608		8,340,822
Cisco Systems Inc		172,532		7,720,807
CommScope Holding Co Inc *		566,096		7,585,686
Discovery Inc ‘C’ *		270,358		7,080,676
DISH Network Corp ‘A’ *		239,908		7,758,625
Liberty Media Corp-Liberty SiriusXM ‘C’ *		123,652		5,380,099
Nexstar Media Group Inc ‘A’		85,550		9,341,204
T-Mobile US Inc *		66,820		9,010,677
Verizon Communications Inc		341,220		20,046,675
ViacomCBS Inc ‘B’		58,454		2,177,996

				98,830,521

Consumer, Cyclical - 7.1%

AutoZone Inc *		12,960		15,363,302
Best Buy Co Inc		95,493		9,529,247
Columbia Sportswear Co		74,088		6,473,809
Kohl’s Corp		109,082		4,438,547
Las Vegas Sands Corp		95,352		5,682,979
Mohawk Industries Inc *		66,446		9,365,564
Newell Brands Inc		339,496		7,207,500
Nordstrom Inc		88,491		2,761,804
Ralph Lauren Corp		85,460		8,865,620
The Gap Inc		48,600		981,234
The Home Depot Inc		25,385		6,742,764

				77,412,370

Consumer, Non-Cyclical - 16.0%

AbbVie Inc		187,309		20,070,159
AmerisourceBergen Corp		73,946		7,228,961
Amgen Inc		14,166		3,257,047
Biogen Inc *		14,106		3,453,995
Bristol-Myers Squibb Co		292,573		18,148,303
Cigna Corp		17,451		3,632,949
Constellation Brands Inc ‘A’		10,486		2,296,958
Coty Inc ‘A’		467,810		3,284,026
CVS Health Corp		76,422		5,219,623
HCA Healthcare Inc		30,335		4,988,894
Johnson & Johnson		119,418		18,794,005
Keurig Dr Pepper Inc		189,452		6,062,464
Medtronic PLC		94,928		11,119,866
Merck & Co Inc		87,228		7,135,251
Pfizer Inc		204,579		7,530,553
Post Holdings Inc *		106,578		10,765,444
Sysco Corp		79,136		5,876,639
The Kraft Heinz Co		159,576		5,530,904
The Procter & Gamble Co		102,273		14,230,265
UnitedHealth Group Inc		32,588		11,427,960
Viatris Inc *		169,297		3,172,626

				173,226,892

Energy - 6.7%

Cabot Oil & Gas Corp		205,181		3,340,347
Chevron Corp		62,072		5,241,980
ConocoPhillips		316,060		12,639,240
Diamondback Energy Inc		70,472		3,410,845
EQT Corp		289,369		3,677,880
Equitrans Midstream Corp		580,476		4,667,027
Kinder Morgan Inc		653,808		8,937,555
Marathon Petroleum Corp		222,487		9,202,062
Murphy USA Inc		49,945		6,536,302
Phillips 66		124,655		8,718,371
The Williams Cos Inc		336,538		6,747,587

				73,119,196


	Shares		Value
Financial - 38.2%

Alleghany Corp		10,878		$6,566,941
American Express Co		83,045		10,040,971
American Homes 4 Rent ‘A’ REIT		251,347		7,540,410
American International Group Inc		156,905		5,940,423
Bank of America Corp		1,360,427		41,234,542
Berkshire Hathaway Inc ‘B’ *		115,806		26,851,937
Brixmor Property Group Inc REIT		411,636		6,812,576
Capital One Financial Corp		237,284		23,455,523
CBRE Group Inc ‘A’ *		155,434		9,748,820
Chubb Ltd		65,909		10,144,713
Citigroup Inc		185,513		11,438,732
Citizens Financial Group Inc		362,088		12,948,267
CNA Financial Corp		76,412		2,977,011
EastGroup Properties Inc REIT		34,032		4,698,458
Fairfax Financial Holdings Ltd (Canada)		18,802		6,410,354
Federal Realty Investment Trust REIT		62,814		5,346,728
Fifth Third Bancorp		97,827		2,697,090
First Republic Bank		16,649		2,446,238
Invesco Ltd		210,806		3,674,349
Kimco Realty Corp REIT		470,000		7,054,700
Lamar Advertising Co ‘A’ REIT		20,552		1,710,337
Loews Corp		504,888		22,730,058
M&T Bank Corp		83,632		10,646,354
Marsh & McLennan Cos Inc		40,755		4,768,335
Mid-America Apartment Communities Inc REIT		72,976		9,245,329
Morgan Stanley		198,218		13,583,880
Northern Trust Corp		80,112		7,461,632
Outfront Media Inc REIT		146,553		2,866,577
Public Storage REIT		45,777		10,571,283
Rayonier Inc REIT		274,305		8,059,081
T Rowe Price Group Inc		52,623		7,966,596
The Charles Schwab Corp		279,649		14,832,583
The Hartford Financial Services Group Inc		172,066		8,427,793
The PNC Financial Services Group Inc		106,560		15,877,440
The Travelers Cos Inc		133,254		18,704,864
Truist Financial Corp		281,070		13,471,685
US Bancorp		213,799		9,960,895
Wells Fargo & Co		648,624		19,575,472
Weyerhaeuser Co REIT		202,378		6,785,734

				415,274,711

Industrial - 13.9%

Arrow Electronics Inc *		73,777		7,178,502
Ball Corp		69,847		6,508,343
Carlisle Cos Inc		44,128		6,891,911
Dover Corp		117,534		14,838,668
Energizer Holdings Inc		191,362		8,071,649
General Dynamics Corp		52,773		7,853,678
Graphic Packaging Holding Co		502,849		8,518,262
Honeywell International Inc		70,899		15,080,217
Illinois Tool Works Inc		24,121		4,917,790
ITT Inc		95,482		7,354,024
Martin Marietta Materials Inc		48,229		13,695,589
Northrop Grumman Corp		15,234		4,642,104
Otis Worldwide Corp		41,383		2,795,422
Packaging Corp of America		73,453		10,129,903
Raytheon Technologies Corp		174,483		12,477,279
Stanley Black & Decker Inc		22,984		4,104,023
The Middleby Corp *		35,205		4,538,629
Trane Technologies PLC		21,639		3,141,117
Westrock Co		175,091		7,621,711

				150,358,821

Technology - 3.0%

Analog Devices Inc		88,715		13,105,867
Microsoft Corp		23,124		5,143,240
Texas Instruments Inc		89,622		14,709,659

				32,958,766


	Shares		Value
Utilities - 4.5%

American Electric Power Co Inc		148,332		$12,351,606
Edison International		92,195		5,791,690
Entergy Corp		53,307		5,322,171
NextEra Energy Inc		180,123		13,896,489
Xcel Energy Inc		171,313		11,421,438

				48,783,394

Total Common Stocks (Cost $823,538,799)				1,069,964,671


	Principal Amount

SHORT-TERM INVESTMENT - 1.5%

Repurchase Agreement - 1.5%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $16,743,290; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $17,078,200)		$16,743,290		16,743,290


Total Short-Term Investment (Cost $16,743,290)				16,743,290


TOTAL INVESTMENTS - 100.0% (Cost $840,282,089)				1,086,707,961

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(515,354	)


NET ASSETS - 100.0%				$1,086,192,607

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial	38.2%
Consumer, Non-Cyclical	16.0%
Industrial	13.9%
Communications	9.1%
Consumer, Cyclical	7.1%
Energy	6.7%
Utilities	4.5%
Technology	3.0%
Others (each less than 3.0%)	1.5%

	100.0%
Other Assets & Liabilities, Net	(0.0%	)

	100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
WARRANTS - 0.0%

Switzerland - 0.0%

Cie Financiere Richemont SA Exercise @ CHF 67.00 Exp 11/22/23 *		535,142		$139,029


Total Warrants (Cost $0)				139,029


PREFERRED STOCKS - 1.5%

Brazil - 1.5%

Lojas Americanas SA		4,787,525		24,233,418


India - 0.0%

Zee Entertainment Enterprises Ltd 6.000% due 03/05/22 *		6,640,063		362,019


Total Preferred Stocks (Cost $25,898,521)				24,595,437


COMMON STOCKS - 97.2%

Belgium - 1.1%

Anheuser-Busch InBev SA/NV		243,257		16,971,236


Brazil - 4.6%

Ambev SA		2,802,751		8,473,096
B3 SA - Brasil Bolsa Balcao		1,208,412		14,468,047
Pagseguro Digital Ltd ‘A’ *		330,039		18,772,618
Vale SA ADR		1,864,744		31,253,110

				72,966,871

Chile - 0.8%

Falabella SA		3,278,767		12,138,128


China - 31.0%

Alibaba Group Holding Ltd *		91,100		2,649,598
Alibaba Group Holding Ltd ADR *		233,277		54,290,556
Blue Moon Group Holdings Ltd * ~		933,835		1,838,170
Budweiser Brewing Co APAC Ltd ~		3,535,100		11,677,617
Hansoh Pharmaceutical Group Co Ltd * ~		1,126,000		5,456,875
Huazhu Group Ltd ADR		1,082,387		48,739,887
Innovent Biologics Inc * ~		952,500		10,058,502
Jiangsu Hengrui Medicine Co Ltd ‘A’		2,106,971		35,897,207
Meituan ‘B’ *		336,900		12,682,080
NetEase Inc ADR		6,307		604,021
New Oriental Education & Technology Group Inc ADR *		45,760		8,502,666
OneConnect Financial Technology Co Ltd ADR *		634,840		12,512,696
Pinduoduo Inc ADR *		174,389		30,983,694
Ping An Insurance Group Co of China Ltd ‘A’		2,684,529		35,720,574
Remegen Co Ltd * ~		174,599		2,139,569
Tencent Holdings Ltd		1,564,625		112,580,666
Wuxi Biologics Cayman Inc * ~		702,000		9,309,455
Yum China Holdings Inc		1,028,254		58,703,021
ZTO Express Cayman Inc *		76,027		2,218,435
ZTO Express Cayman Inc ADR		1,149,258		33,512,363

				490,077,652

Colombia - 0.4%

Grupo Aval Acciones y Valores SA ADR		952,808		6,555,319


	Shares		Value

Egypt - 0.7%

Commercial International Bank Egypt SAE		2,796,289		$10,561,529


France - 5.4%

Kering SA		101,645		73,767,177
LVMH Moet Hennessy Louis Vuitton SE		1,110		694,861
Pernod Ricard SA		56,775		10,903,437

				85,365,475

Hong Kong - 4.7%

AIA Group Ltd		5,190,418		63,251,049
Jardine Strategic Holdings Ltd (XSES)		473,451		11,779,461

				75,030,510

India - 14.7%

HDFC Bank Ltd*		745,531		14,684,337
Housing Development Finance Corp Ltd		2,276,090		79,744,941
Infosys Ltd		1,024,188		17,557,430
Kotak Mahindra Bank Ltd *		2,351,531		64,268,893
Oberoi Realty Ltd *		887,694		7,096,519
Tata Consultancy Services Ltd		1,002,391		39,359,016
Zee Entertainment Enterprises Ltd ~		3,152,389		9,673,828

				232,384,964

Indonesia - 1.3%

P.T. Bank Central Asia Tbk		5,281,700		12,731,694
P.T. Indocement Tunggal Prakarsa Tbk		3,524,081		3,633,481
P.T. Semen Indonesia Persero Tbk		4,054,500		3,588,901

				19,954,076

Italy - 2.1%

Moncler SPA*		88,738		5,455,665
PRADA SPA*		4,148,200		27,411,125

				32,866,790

Mexico - 5.7%

Alsea SAB de CV *		2,534,485		3,297,461
Fomento Economico Mexicano SAB de CV		3,821,657		28,872,480
Fomento Economico Mexicano SAB de CV ADR		108,776		8,241,957
Grupo Aeroportuario del Sureste SAB de CV ‘B’ *		422,977		6,997,788
Grupo Financiero Inbursa SAB de CV ‘O’ *		5,434,379		5,478,210
Grupo Mexico SAB de CV ‘B’		7,833,190		33,112,789
Wal-Mart de Mexico SAB de CV		1,429,200		4,020,534

				90,021,219

Peru - 0.9%

Credicorp Ltd		90,799		14,892,852


Philippines - 2.6%

Ayala Land Inc		16,389,800		13,965,802
SM Investments Corp		962,979		21,046,480
SM Prime Holdings Inc		8,487,987		6,805,966

				41,818,248

Poland - 0.1%

Allegro.eu SA * ~		82,584		1,872,438


Russia - 7.7%

Novatek PJSC GDR (LI) ~		338,236		55,150,748
Polyus PJSC *		21,411		4,393,820
Polyus PJSC GDR ~		44,929		4,624,142


	Shares		Value
Sberbank of Russia PJSC		1,649,233		$6,049,345
Yandex NV ‘A’ *		742,482		51,661,898

				121,879,953

South Africa - 0.6%

FirstRand Ltd		2,874,625		10,016,367


South Korea - 1.7%

AMOREPACIFIC Group *		52,880		2,675,591
Samsung Biologics Co Ltd * ~		31,764		24,184,085

				26,859,676

Switzerland - 1.8%

Cie Financiere Richemont SA		312,231		28,207,561


Taiwan - 8.8%

MediaTek Inc		169,000		4,506,769
Taiwan Semiconductor Manufacturing Co Ltd		7,160,376		135,456,137

				139,962,906

Turkey - 0.5%

Akbank T.A.S. *		8,554,961		7,934,736


Total Common Stocks (Cost $1,035,305,692)				1,538,338,506


	Principal Amount
SHORT-TERM INVESTMENT - 1.3%

Repurchase Agreement - 1.3%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $19,822,642; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $20,219,100)		$19,822,642		19,822,642


Total Short-Term Investment (Cost $19,822,642)				19,822,642


TOTAL INVESTMENTS - 100.0% (Cost $1,081,026,855)				1,582,895,614

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(601,838	)


NET ASSETS - 100.0%				$1,582,293,776

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial	24.8%
Consumer, Cyclical	19.4%
Communications	17.5%
Technology	13.3%
Consumer, Non-Cyclical	12.4%
Basic Materials	4.6%
Energy	3.5%
Industrial	3.2%
Others (each less than 3.0%)	1.3%

	100.0%
Other Assets & Liabilities, Net	(0.0%	)

	100.0%

(b)	As of December 31, 2020, the Fund’s composition by country of risk as a percentage of net assets was as follows:


China	31.0%
India	14.7%
Taiwan	8.8%
Russia	7.7%
Brazil	6.1%
Mexico	5.7%
France	5.4%
Hong Kong	4.7%
Others (each less than 3.0%)	15.9%

	100.0%
Other Assets & Liabilities, Net	(0.0%	)

	100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
WARRANTS - 0.0%

Switzerland - 0.0%

Cie Financiere Richemont SA Exercise @ CHF 67.00 Exp 11/22/23*		432,676		$112,409


Total Warrants (Cost $0)				112,409


COMMON STOCKS - 98.9%

Australia - 1.1%

Rio Tinto PLC		240,677		18,116,503


Belgium - 1.3%

KBC Group NV *		320,626		22,437,778


Brazil - 0.3%

Ambev SA ADR		1,765,036		5,401,010


Canada - 2.4%

Canadian National Railway Co		301,405		33,109,339
Suncor Energy Inc		437,246		7,333,807

				40,443,146

China - 1.9%

NetEase Inc		222,000		4,240,617
Tencent Holdings Ltd		187,400		13,484,136
Yum China Holdings Inc		243,642		13,909,522

				31,634,275

Denmark - 2.7%

Carlsberg AS ‘B’		80,558		12,914,445
Novo Nordisk AS ‘B’		451,329		31,484,322

				44,398,767

France - 18.2%

Air Liquide SA		286,328		46,942,567
Capgemini SE		188,792		29,367,024
Danone SA		323,992		21,320,664
Dassault Systemes SE		55,351		11,226,259
Engie SA *		1,088,643		16,688,906
EssilorLuxottica SA		122,003		19,012,264
L’Oreal SA		57,756		22,036,916
Legrand SA		173,360		15,508,189
LVMH Moet Hennessy Louis Vuitton SE		61,204		38,313,763
Pernod Ricard SA		146,977		28,226,412
Schneider Electric SE		402,628		58,190,785

				306,833,749

Germany - 8.7%

Bayer AG		382,045		22,506,712
Beiersdorf AG		230,708		26,522,099
Deutsche Boerse AG		145,369		24,752,314
Merck KGaA		141,463		24,262,929
MTU Aero Engines AG		39,427		10,277,401
SAP SE		290,955		37,684,107

				146,005,562

Hong Kong - 2.9%

AIA Group Ltd		4,026,951		49,072,902


	Shares		Value

India - 2.7%

HDFC Bank Ltd *		362,357		$7,137,158
Housing Development Finance Corp Ltd		467,691		16,385,991
Tata Consultancy Services Ltd		544,964		21,398,084

				44,921,233

Ireland - 1.2%

Ryanair Holdings PLC ADR *		178,483		19,629,560


Israel - 1.3%

Check Point Software Technologies Ltd *		164,792		21,902,505


Italy - 1.4%

Eni SPA		815,051		8,508,895
Intesa Sanpaolo SPA *		6,475,244		15,305,644

				23,814,539

Japan - 16.6%

Daikin Industries Ltd		179,000		39,821,604
Denso Corp		154,900		9,219,763
FANUC Corp		21,100		5,208,515
Hitachi Ltd		672,000		26,523,368
Hoya Corp		295,800		40,966,763
Japan Tobacco Inc		662,300		13,502,410
Koito Manufacturing Co Ltd		207,700		14,135,209
Kose Corp		72,300		12,354,622
Kubota Corp		1,216,900		26,586,365
Kyocera Corp		313,700		19,254,406
Olympus Corp		1,222,200		26,758,719
Shin-Etsu Chemical Co Ltd		66,800		11,724,450
SMC Corp		10,000		6,107,372
Terumo Corp		665,300		27,840,315

				280,003,881

Netherlands - 5.0%

Akzo Nobel NV		222,268		23,857,048
ING Groep NV *		1,818,967		16,912,463
Koninklijke Philips NV *		507,459		27,335,565
Randstad NV *		252,366		16,336,328

				84,441,404

Portugal - 0.6%

Galp Energia SGPS SA		965,689		10,232,823


Singapore - 1.0%

DBS Group Holdings Ltd		877,814		16,635,215


Spain - 1.6%

Amadeus IT Group SA		372,079		27,465,847


Sweden - 0.8%

Essity AB ‘B’		407,773		13,138,105


Switzerland - 14.3%

Alcon Inc *		57,762		3,835,171
Cie Financiere Richemont SA		213,448		19,283,311
Julius Baer Group Ltd		221,757		12,775,755
Nestle SA		525,483		62,118,011
Novartis AG		289,089		27,220,009
Roche Holding AG		147,968		51,537,027
Sika AG		54,588		14,880,320


	Shares		Value
UBS Group AG (XVTX)		1,832,220		$25,797,347
Zurich Insurance Group AG		55,085		23,213,970

				240,660,921

Taiwan - 1.7%

Taiwan Semiconductor Manufacturing Co Ltd ADR		264,016		28,788,305


United Kingdom - 10.4%

Compass Group PLC		1,021,222		19,047,175
Diageo PLC		635,085		25,129,529
Experian PLC		637,385		24,213,387
Linde PLC		72,960		19,237,833
Reckitt Benckiser Group PLC		204,836		18,282,486
RELX PLC		1,122,490		27,441,085
Rolls-Royce Holdings PLC *		7,918,808		11,984,526
Smiths Group PLC		499,840		10,281,213
Tesco PLC		6,195,376		19,551,160

				175,168,394

United States - 0.8%

QIAGEN NV*		263,736		13,677,097


Total Common Stocks (Cost $1,299,521,336)				1,664,823,521


	Principal Amount

SHORT-TERM INVESTMENT - 0.2%

Repurchase Agreement - 0.2%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $3,102,207; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $3,164,300)		$3,102,207		3,102,207


Total Short-Term Investment (Cost $3,102,207)				3,102,207


TOTAL INVESTMENTS - 99.1% (Cost $1,302,623,543)				1,668,038,137

OTHER ASSETS & LIABILITIES, NET - 0.9%				14,880,939


NET ASSETS - 100.0%				$1,682,919,076

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			38.7%
Industrial			19.0%
Financial			13.7%
Technology			9.2%
Consumer, Cyclical			7.9%
Basic Materials			7.1%
Others (each less than 3.0%)			3.5%

			99.1%
Other Assets & Liabilities, Net			0.9%

			100.0%

(b)	As of December 31, 2020, the Fund’s composition by country of risk as a percentage of net assets was as follows:


France			18.2%
Japan			16.6%
Switzerland			14.3%
United Kingdom			10.4%
Germany			8.7%
Netherlands			5.0%
Others (each less than 3.0%)			25.9%

			99.1%
Other Assets & Liabilities, Net			0.9%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
RIGHTS - 0.0%

Australia - 0.0%

IGO Ltd Exp 01/15/21 * W ±		27,647		$-


Total Rights (Cost $0)				-


PREFERRED STOCKS - 0.2%

Germany - 0.2%

Draegerwerk AG & Co KGaA		7,000		541,827


Total Preferred Stocks (Cost $671,051)				541,827


COMMON STOCKS - 98.9%

Australia - 3.3%

Asaleo Care Ltd		700,000		728,548
Austal Ltd		310,000		639,595
Charter Hall Long Wale REIT		200,000		716,748
Codan Ltd		110,000		949,759
Deterra Royalties Ltd *		125,000		462,570
GrainCorp Ltd ‘A’		224,376		725,035
Growthpoint Properties Australia Ltd REIT		250,000		672,586
IGO Ltd		150,000		739,262
Iluka Resources Ltd		125,000		627,683
IPH Ltd		135,000		668,550
McMillan Shakespeare Ltd		150,000		1,430,143
Nanosonics Ltd *		130,000		804,267

				9,164,746

Austria - 0.9%

BAWAG Group AG *~		18,897		878,954
CA Immobilien Anlagen AG		21,304		811,885
Wienerberger AG		29,215		930,808

				2,621,647

Belgium - 1.2%

AGFA-Gevaert NV *		151,230		721,993
Bekaert SA		28,000		925,972
bpost SA *		39,896		412,381
D’ieteren SA		10,000		826,195
Euronav NV		65,246		527,900

				3,414,441

Canada - 10.1%

Alaris Equity Partners Income		55,300		656,440
AutoCanada Inc		50,000		927,410
B2Gold Corp		265,000		1,484,366
Canadian Solar Inc *		25,000		1,281,000
Capital Power Corp		40,000		1,099,222
Celestica Inc *		100,000		806,819
CI Financial Corp		50,000		619,844
Corus Entertainment Inc ‘B’		184,800		621,372
Crescent Point Energy Corp (TSE)		192,500		449,152
CT REIT		60,800		748,477
Dream Office Real Estate Investment Trust REIT		44,500		692,199
Dundee Precious Metals Inc		168,400		1,210,511
Empire Co Ltd ‘A’		43,900		1,199,844
Finning International Inc		35,000		743,224
Genworth MI Canada Inc		20,000		682,065
Linamar Corp		18,000		953,382
Martinrea International Inc		92,900		1,084,527
Medical Facilities Corp		253,600		1,402,580
New Gold Inc *		708,200		1,557,829
Parex Resources Inc *		69,500		956,587
Polaris Infrastructure Inc		90,800		1,263,311
Precision Drilling Corp (TSE)*		12,410		204,055


	Shares		Value
Real Matters Inc *		79,700		$1,202,794
Ritchie Bros Auctioneers Inc		27,000		1,876,785
Seven Generations Energy Ltd ‘A’ *		115,500		599,776
TFI International Inc		30,000		1,544,426
Torex Gold Resources Inc *		66,800		1,001,816
Uni-Select Inc		106,800		680,452
Westshore Terminals Investment Corp		28,267		346,204

				27,896,469

China - 1.2%

China Overseas Grand Oceans Group Ltd		1,200,000		643,847
Gemdale Properties & Investment Corp Ltd		9,999,646		1,432,171
Greenland Hong Kong Holdings Ltd		2,300,000		691,249
S-Enjoy Service Group Co Ltd *		288,000		660,037

				3,427,304

Denmark - 3.5%

NKT AS *		20,000		890,850
Norden AS		35,642		644,644
Pandora AS		26,000		2,909,862
Royal Unibrew AS		13,925		1,612,499
Scandinavian Tobacco Group AS ‘A’ ~		60,000		1,023,239
SimCorp AS		10,292		1,530,176
Spar Nord Bank AS *		96,488		945,337

				9,556,607

Finland - 1.3%

Tokmanni Group Corp		50,000		991,980
Uponor Oyj		66,176		1,473,082
Valmet OYJ		40,408		1,161,749

				3,626,811

France - 3.5%

Atos SE *		18,609		1,699,292
Criteo SA ADR *		40,000		820,400
Elior Group SA ~		55,000		369,688
Eutelsat Communications SA		34,028		384,940
IPSOS		20,000		674,936
Mercialys SA REIT		91,651		805,789
Metropole Television SA*		42,000		680,362
Natixis SA *		213,301		730,879
Rexel SA *		69,000		1,089,051
SCOR SE *		30,000		973,096
Trigano SA		8,000		1,415,160

				9,643,593

Georgia - 0.2%

Bank of Georgia Group PLC*		26,000		435,485


Germany - 6.1%

Bechtle AG		6,374		1,389,165
Brenntag AG		27,000		2,099,560
Cewe Stiftung & Co KGAA		5,000		565,013
Deutsche Pfandbriefbank AG * ~		68,346		743,473
GEA Group AG		35,000		1,251,852
HelloFresh SE *		31,879		2,465,908
InflaRx NV *		81,600		410,448
JOST Werke AG * ~		21,000		1,102,547
LANXESS AG		18,000		1,368,912
LEG Immobilien AG		7,000		1,086,013
MorphoSys AG *		7,800		911,972
Salzgitter AG *		30,000		795,294
Software AG		15,597		635,263
TAG Immobilien AG *		40,000		1,276,478
Talanx AG *		17,641		685,942

				16,787,840

Hong Kong - 2.1%

Cowell e Holdings Inc		1,500,000		1,131,918
Dah Sing Financial Holdings Ltd		105,200		296,762
Hutchison Port Holdings Trust		2,500,000		495,365
Hysan Development Co Ltd		128,000		468,838
K Wah International Holdings Ltd		1,338,000		643,364


	Shares		Value
Luk Fook Holdings International Ltd		172,000		$415,259
PAX Global Technology Ltd		1,245,000		1,108,140
Stella International Holdings Ltd		255,000		296,158
Swire Pacific Ltd ‘A’		160,000		881,345

				5,737,149


Ireland - 0.8%

Fly Leasing Ltd ADR *		62,000		610,700
Hibernia REIT PLC REIT		530,000		747,186
ICON PLC *		3,928		765,881

				2,123,767

Israel - 0.9%

Bezeq The Israeli Telecommunication Corp Ltd *		800,000		795,244
Gazit-Globe Ltd		68,032		445,152
Plus500 Ltd		61,988		1,228,073


				2,468,469

Italy - 3.0%

Banca Farmafactoring SPA * ~		126,270		761,769
Banca IFIS SPA *		53,387		601,851
Banca Sistema SPA * ~		300,000		621,576
Cerved Group SPA *		90,000		819,259
Enav SPA ~		130,000		571,893
Esprinet SPA *		156,178		2,063,862
Reply SPA		9,804		1,147,822
Sesa SPA *		13,772		1,738,221

				8,326,253

Ivory Coast - 0.3%

Endeavour Mining Corp *		35,550		827,238


Japan - 21.4%

Altech Corp		39,000		794,373
Aozora Bank Ltd		37,400		691,562
ASKUL Corp		20,000		746,301
Capcom Co Ltd		22,000		1,426,759
Cawachi Ltd		37,000		1,053,844
CTS Co Ltd		48,600		451,953
Cybernet Systems Co Ltd		97,600		898,642
Dip Corp		34,400		919,207
Doshisha Co Ltd		38,000		717,661
Enigmo Inc		74,900		897,559
Exedy Corp		30,000		368,473
FCC Co Ltd		34,900		604,231
Financial Products Group Co Ltd		71,600		349,461
Foster Electric Co Ltd		64,700		798,997
FULLCAST Holdings Co Ltd		30,000		467,351
Furyu Corp		68,100		753,674
Fuyo General Lease Co Ltd		15,000		993,677
Glory Ltd		25,200		508,933
H.U. Group Holdings Inc		30,000		808,443
Hanwa Co Ltd		32,900		883,500
Heiwa Real Estate Co Ltd		20,000		723,723
Invincible Investment Corp REIT		1,400		450,705
IR Japan Holdings Ltd		12,000		1,922,569
Itfor Inc		128,100		1,163,655
Itochu Enex Co Ltd		53,100		523,273
Japan Lifeline Co Ltd		53,400		842,736
Kaken Pharmaceutical Co Ltd		13,800		533,277
Kamigumi Co Ltd		31,000		566,320
Kinden Corp		40,000		651,377
Kintetsu World Express Inc		67,000		1,591,231
Kissei Pharmaceutical Co Ltd		22,000		477,701
Kito Corp		42,600		638,125
Kozo Keikaku Engineering Inc		22,200		546,472
Kyoei Steel Ltd		37,800		524,855
KYORIN Holdings Inc		25,500		479,983
Kyudenko Corp		25,700		829,960
Lawson Inc		10,500		488,628
Megachips Corp		32,500		887,423
Meitec Corp		18,400		956,874


	Shares		Value
Mitsubishi Gas Chemical Co Inc		45,000		$1,034,793
Mochida Pharmaceutical Co Ltd		20,000		760,955
Nippon Electric Glass Co Ltd		24,700		541,080
Nippon Gas Co Ltd		20,000		1,073,112
Nishio Rent All Co Ltd		24,000		502,812
Noevir Holdings Co Ltd		15,000		664,832
Obara Group Inc		20,000		763,208
Okamoto Industries Inc		19,000		728,862
Optorun Co Ltd		26,400		540,480
Press Kogyo Co Ltd		160,000		474,410
Pressance Corp		52,000		896,063
Prima Meat Packers Ltd		28,000		887,639
Relia Inc		78,000		968,230
Roland DG Corp		40,000		729,490
Ryosan Co Ltd		27,300		494,286
Sangetsu Corp		40,000		602,007
Sanki Engineering Co Ltd		50,300		591,910
Sankyo Co Ltd		24,900		673,735
Sankyu Inc		17,800		673,092
Sanwa Holdings Corp		81,000		945,892
Seikagaku Corp		55,000		542,452
Seven Bank Ltd		360,900		762,954
Shinoken Group Co Ltd		78,400		846,982
Starts Corp Inc		29,100		809,509
Starts Proceed Investment Corp REIT		321		626,909
Sumitomo Osaka Cement Co Ltd		18,800		550,115
Sumitomo Seika Chemicals Co Ltd		20,000		796,509
T-Gaia Corp		23,700		444,963
Takara Leben Co Ltd		152,800		455,436
Tamron Co Ltd		35,100		621,911
The Okinawa Electric Power Co Inc		57,802		777,309
Toho Zinc Co Ltd *		18,600		421,106
Tokai Rika Co Ltd		36,300		614,367
Tokyo Electron Device Ltd		25,300		776,372
Tokyo Steel Manufacturing Co Ltd		100,000		647,789
Towa Pharmaceutical Co Ltd		32,000		593,910
Toyo Corp		68,500		774,782
Ube Industries Ltd		25,100		456,159
UNITED Inc		47,000		623,626
Warabeya Nichiyo Holdings Co Ltd		35,500		487,835
Will Group Inc		74,200		725,557
Yamaguchi Financial Group Inc		122,200		689,836
Yurtec Corp		85,000		687,185

				59,213,949

Jordan - 0.4%

Hikma Pharmaceuticals PLC		36,367		1,249,956


Luxembourg - 0.5%

APERAM SA		30,637		1,274,973


Malta - 0.4%

Kindred Group PLC SDR *		110,000		1,076,277


Netherlands - 3.9%

ASM International NV		10,767		2,349,586
ASR Nederland NV		46,487		1,859,994
BE Semiconductor Industries NV		26,128		1,569,021
Intertrust NV * ~		25,373		430,237
NSI NV REIT		18,000		718,731
Randstad NV *		22,000		1,424,119
SBM Offshore NV		59,625		1,126,427
Signify NV * ~		33,964		1,426,019

				10,904,134

Norway - 1.3%

Aker Solutions ASA *		477,211		914,494
Europris ASA ~		183,267		1,092,217
SpareBank 1 SMN		92,123		1,048,497
XXL ASA * ~		200,000		448,618

				3,503,826


	Shares		Value
Singapore - 1.3%

AEM Holdings Ltd		396,800		$1,037,139
First Real Estate Investment Trust REIT		800,000		142,372
Hi-P International Ltd		700,000		1,064,835
IGG Inc		600,000		629,110
UMS Holdings Ltd		941,900		770,258

				3,643,714

South Korea - 5.4%

Binggrae Co Ltd *		12,000		631,483
Daesang Corp *		26,222		630,119
Dongkuk Steel Mill Co Ltd *		110,867		830,109
DY POWER Corp *		50,000		549,047
F&F Co Ltd *		7,482		582,266
Huchems Fine Chemical Corp *		33,363		789,073
i-SENS Inc		30,880		854,091
InBody Co Ltd *		28,988		463,324
INTOPS Co Ltd		42,000		1,168,145
JW Life Science Corp *		30,788		589,415
Korea Asset In Trust Co Ltd		193,658		703,149
Korea Petrochemical Ind Co Ltd *		4,081		865,899
Korean Reinsurance Co *		90,000		654,392
Kumho Petrochemical Co Ltd *		6,500		869,644
LG Hausys Ltd *		13,514		971,514
LOTTE Fine Chemical Co Ltd *		17,952		913,692
MagnaChip Semiconductor Corp *		50,000		676,000
Poongsan Corp *		33,426		861,964
Tovis Co Ltd *		80,000		567,005
Value Added Technology Co Ltd *		30,000		620,639

				14,790,970

Spain - 2.9%

Acerinox SA		80,882		895,763
Cia de Distribucion Integral Logista Holdings SA		35,000		680,166
Enagas SA		56,870		1,251,124
Ercros SA		222,807		583,422
Faes Farma SA		175,000		746,147
Lar Espana Real Estate Socimi SA REIT		60,000		342,306
Pharma Mar SA		7,698		672,946
Sacyr SA		284,402		702,781
Tecnicas Reunidas SA *		25,910		343,544
Vidrala SA		5,905		684,594
Viscofan SA		16,000		1,134,669

				8,037,462

Sweden - 3.8%

Axfood AB		30,000		698,860
Betsson AB *		103,414		922,970
Evolution Gaming Group AB ~		15,000		1,508,017
Inwido AB *		89,483		1,312,104
LeoVegas AB ~		143,166		609,259
Resurs Holding AB * ~		120,000		654,116
Sweco AB ‘B’		90,000		1,651,758
Tethys Oil AB		70,000		418,591
Trelleborg AB ‘B’ *		45,000		999,540
Wihlborgs Fastigheter AB		73,057		1,651,307

				10,426,522

Switzerland - 6.8%

Adecco Group AG		27,000		1,798,290
ALSO Holding AG		3,586		1,020,342
BKW AG		11,688		1,317,009
Cembra Money Bank AG		11,323		1,371,452
Emmi AG		800		824,430
Forbo Holding AG		541		931,328
Galenica AG ~		16,776		1,114,101
Helvetia Holding AG		9,880		1,043,570
Interroll Holding AG		350		1,068,152


	Shares		Value
Julius Baer Group Ltd		20,000		$1,152,230
Logitech International SA		27,327		2,653,313
Sonova Holding AG *		7,046		1,832,619
Sulzer AG		7,500		793,174
Swiss Life Holding AG		4,177		1,948,447

				18,868,457

United Kingdom - 11.3%

Aggreko PLC		68,575		587,836
Auto Trader Group PLC ~		168,237		1,369,406
B&M European Value Retail SA		200,000		1,407,952
Balfour Beatty PLC *		268,708		994,578
boohoo Group PLC *		200,000		938,858
Derwent London PLC REIT		24,599		1,045,436
Drax Group PLC		216,457		1,111,217
Empiric Student Property PLC REIT		400,000		409,703
Fevertree Drinks PLC		31,623		1,092,788
G4S PLC *		480,000		1,667,292
Great Portland Estates PLC REIT		95,480		873,348
Halfords Group PLC		199,780		729,442
IG Group Holdings PLC		101,214		1,188,976
IMI PLC		85,000		1,354,510
Inchcape PLC *		121,257		1,067,457
ITV PLC *		800,000		1,165,750
Jupiter Fund Management PLC		180,000		695,128
Keller Group PLC		149,796		1,429,826
Man Group PLC		467,071		881,925
Pagegroup PLC *		126,922		775,712
Paragon Banking Group PLC		185,000		1,239,915
Quilter PLC ~		500,000		1,047,153
Reach PLC *		403,190		796,706
Rightmove PLC *		163,484		1,452,519
Rotork PLC		230,000		1,000,464
Royal Mail PLC *		225,000		1,037,024
Spirent Communications PLC		313,621		1,133,847
Stagecoach Group PLC		350,000		352,837
Tate & Lyle PLC		139,478		1,285,178
Team17 Group PLC *		90,000		974,755

				31,107,538

United States - 1.1%

Argonaut Gold Inc *		432,300		930,554
Caesarstone Ltd		45,000		580,050
Inmode Ltd *		29,400		1,395,912

				2,906,516


Total Common Stocks (Cost $219,216,805)				273,062,113


	Principal Amount

SHORT-TERM INVESTMENT - 0.5%

Repurchase Agreement - 0.5%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $1,371,127; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $1,398,600)		$1,371,127		1,371,127


Total Short-Term Investment (Cost $1,371,127)				1,371,127


TOTAL INVESTMENTS - 99.6% (Cost $221,258,983)				274,975,067

OTHER ASSETS & LIABILITIES, NET - 0.4%				1,085,243


NET ASSETS - 100.0%				$276,060,310

(b)	As of December 31, 2020, the Fund’s composition by country of risk as a percentage of net assets was as follows:


Japan			21.4%
United Kingdom			11.3%
Canada			10.1%
Switzerland			6.8%
Germany			6.3%
South Korea			5.4%
Netherlands			3.9%
Sweden			3.8%
France			3.5%
Denmark			3.5%
Australia			3.3%
Italy			3.0%
Others (each less than 3.0%)			17.3%

			99.6%
Other Assets & Liabilities, Net			0.4%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 97.7%

Argentina - 0.2%

YPF SA ADR *		541,785		$2,546,389


Austria - 0.6%

Erste Group Bank AG *		254,357		7,748,404


Belgium - 1.0%

Ageas SA NV		255,535		13,570,724


Canada - 2.4%

ARC Resources Ltd		523,575		2,467,947
Barrick Gold Corp (TSE)		629,713		14,346,514
Cameco Corp (NYSE)		356,933		4,782,902
Kinross Gold Corp		1,115,103		8,184,856
Tourmaline Oil Corp		182,667		2,462,539

				32,244,758

China - 3.2%

China Mobile Ltd		1,698,441		9,681,875
China Telecom Corp Ltd ‘H’		25,181,753		6,946,600
China Unicom Hong Kong Ltd		15,523,342		8,855,669
Dongfeng Motor Group Co Ltd ‘H’		14,784,229		17,275,822

				42,759,966

Denmark - 1.3%

AP Moller - Maersk AS ‘B’		7,634		16,987,573
The Drilling Co of 1972 A/S *		20,256		634,316

				17,621,889

Finland - 1.1%

Nokia Oyj (OMXH) *		3,968,782		15,328,716


France - 13.5%

AXA SA		871,246		20,894,514
BNP Paribas SA *		416,600		21,993,227
Cie de Saint-Gobain *		667,376		30,694,209
Dassault Aviation SA *		4,573		4,979,645
Engie SA *		1,342,290		20,577,316
Renault SA *		286,187		12,526,954
Rexel SA *		1,158,603		18,286,630
SCOR SE *		196,706		6,380,461
Societe Generale SA *		599,237		12,457,302
TOTAL SE		729,331		31,479,529

				180,269,787

Germany - 3.0%

CECONOMY AG *		858,931		5,944,359
Daimler AG		393,170		27,867,612
METRO AG		278,105		3,123,841
Salzgitter AG *		101,332		2,686,292

				39,622,104

Hong Kong - 0.7%

CK Asset Holdings Ltd		1,728,839		8,846,294


India - 1.1%

Canara Bank *		2,211,228		3,911,435
NTPC Ltd		834,560		1,136,346
Oil & Natural Gas Corp Ltd		3,727,767		4,755,891
Zee Entertainment Enterprises Ltd		1,793,794		5,504,668

				15,308,340


	Shares		Value
Indonesia - 0.3%

P.T. Bank Mandiri Persero Tbk ADR		436,356		$3,883,568


Ireland - 1.3%

AIB Group PLC *		3,653,232		7,502,326
Bank of Ireland Group PLC *		2,612,722		10,547,527

				18,049,853

Italy - 4.2%

Assicurazioni Generali SPA		737,294		12,908,832
BPER Banca *		2,403,727		4,382,223
Eni SPA		1,824,930		19,051,737
Saipem SPA		2,210,175		5,999,524
UniCredit SPA *		1,511,318		14,160,137

				56,502,453

Japan - 26.1%

Benesse Holdings Inc		45,199		883,028
Canon Inc		264,975		5,133,234
Chiyoda Corp *		507,133		1,394,122
Citizen Watch Co Ltd		1,198,316		3,421,597
Dai-ichi Life Holdings Inc		770,467		11,607,390
DeNA Co Ltd		399,108		7,104,499
Eisai Co Ltd		85,136		6,088,343
Fuji Media Holdings Inc		267,196		2,851,749
Fujitsu Ltd		39,035		5,641,940
Gree Inc		1,084,646		6,362,376
Hino Motors Ltd		1,493,540		12,750,028
Honda Motor Co Ltd		1,049,177		29,603,868
Inpex Corp		1,685,877		9,090,769
Isuzu Motors Ltd		1,508,620		14,361,510
Japan Airlines Co Ltd *		635,310		12,251,516
JGC Holdings Corp		921,058		8,626,805
Kamigumi Co Ltd		301,090		5,500,425
Mitsubishi Estate Co Ltd		734,376		11,803,499
Mitsubishi Heavy Industries Ltd		197,610		6,052,020
Mitsubishi Motors Corp *		1,772,259		3,728,746
Mitsubishi UFJ Financial Group Inc		4,546,225		20,128,946
Nikon Corp		806,869		5,097,697
Nippon Television Holdings Inc		490,250		5,344,631
Nissan Motor Co Ltd *		2,086,011		11,307,029
Nitto Denko Corp		91,544		8,200,514
Nomura Holdings Inc		1,872,018		9,897,485
Resona Holdings Inc		3,489,170		12,214,776
Shimamura Co Ltd		148,187		15,570,731
Sumitomo Heavy Industries Ltd		244,030		6,031,677
Sumitomo Mitsui Financial Group Inc		597,112		18,509,366
Sumitomo Mitsui Trust Holdings Inc		432,204		13,335,524
T&D Holdings Inc		1,704,876		20,166,712
Takeda Pharmaceutical Co Ltd		586,975		21,242,247
THK Co Ltd		365,281		11,813,496
Z Holdings Corp		918,028		5,555,203

				348,673,498

Luxembourg - 0.6%

RTL Group SA *		155,265		7,553,768


Malaysia - 0.4%

CIMB Group Holdings Bhd		5,421,140		5,804,197


Netherlands - 5.7%

ABN AMRO Bank NV CVA * ~		1,210,535		11,861,896
ING Groep NV *		2,305,070		21,432,171
PostNL NV *		2,310,453		7,875,719
Royal Dutch Shell PLC ‘B’		2,060,787		34,927,682

				76,097,468


	Shares		Value
Norway - 1.4%

Norsk Hydro ASA		4,038,134		$18,793,778


Russia - 1.9%

Gazprom PJSC ADR (OTC)		393,922		2,205,963
Gazprom PJSC ADR (SEAQ)		1,352,235		7,549,712
LUKOIL PJSC ADR (OTC)		46,216		3,159,326
Sberbank of Russia PJSC ADR (OTC)		122,282		1,773,089
Sberbank of Russia PJSC ADR (SEAQ)		432,332		6,250,750
VEON Ltd ADR		2,690,742		4,063,020

				25,001,860

South Africa - 2.4%

Anglo American PLC		508,430		16,789,496
Gold Fields Ltd ADR		714,666		6,624,954
Impala Platinum Holdings Ltd		271,597		3,738,291
MTN Group Ltd		1,050,697		4,336,410

				31,489,151

South Korea - 4.2%

Hankook Tire & Technology Co Ltd *		268,650		9,760,124
KB Financial Group Inc *		444,345		17,648,056
KT Corp ADR *		1,280,452		14,097,777
Shinhan Financial Group Co Ltd *		503,985		14,954,774

				56,460,731

Spain - 1.2%

CaixaBank SA (SIBE)		6,116,219		15,720,364


Switzerland - 6.6%

Adecco Group AG		387,481		25,807,532
Julius Baer Group Ltd		157,146		9,053,418
LafargeHolcim Ltd (XVTX)		468,289		25,703,337
UBS Group AG (XVTX)		1,994,686		28,084,841

				88,649,128

Taiwan - 1.6%

Catcher Technology Co Ltd		560,920		4,124,449
Hon Hai Precision Industry Co Ltd		3,632,473		11,910,673
Shin Kong Financial Holding Co Ltd		16,057,438		5,049,815

				21,084,937

Thailand - 1.0%

Kasikornbank PCL		2,115,778		8,052,502
Kasikornbank PCL NVDR		1,449,989		5,467,309

				13,519,811

Turkey - 0.3%

Turk Telekomunikasyon AS		4,040,288		4,642,010


United Kingdom - 10.0%

Babcock International Group PLC *		1,759,504		6,723,504
BAE Systems PLC		554,829		3,700,030
BP PLC		6,396,103		22,071,301
BT Group PLC		5,966,040		10,753,543
Centrica PLC *		8,232,003		5,223,362
J Sainsbury PLC		6,071,124		18,660,856
Kingfisher PLC *		3,660,369		13,525,577
Land Securities Group PLC REIT		686,910		6,344,308
Marks & Spencer Group PLC *		3,106,699		5,762,560
Standard Chartered PLC *		2,520,118		16,002,607
The British Land Co PLC REIT		1,026,098		6,872,302
WPP PLC		1,691,618		18,330,354

				133,970,304


	Shares		Value
United States - 0.4%

Ovintiv Inc		326,715		$4,694,491


Total Common Stocks (Cost $1,311,096,754)				1,306,458,741


EXCHANGE-TRADED FUND - 0.4%

iShares Core MSCI EAFE		76,368		5,276,265


Total Exchange-Traded Fund (Cost $5,174,109)				5,276,265


	Principal Amount

SHORT-TERM INVESTMENT - 1.2%

Repurchase Agreement - 1.2%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $15,791,133; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $16,107,000)		$15,791,133		15,791,133




Total Short-Term Investment (Cost $15,791,133)				15,791,133


TOTAL INVESTMENTS - 99.3% (Cost $1,332,061,996)				1,327,526,139

OTHER ASSETS & LIABILITIES, NET - 0.7%				9,891,594


NET ASSETS - 100.0%				$1,337,417,733

(b)	As of December 31, 2020, the Fund’s composition by country of risk as a percentage of net assets was as follows:


Japan			26.1%
France			13.5%
United Kingdom			10.0%
Switzerland			6.6%
Netherlands			5.7%
Italy			4.2%
South Korea			4.2%
China			3.2%
Germany			3.0%
Others (each less than 3.0%)			22.8%

			99.3%
Other Assets & Liabilities, Net			0.7%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
WARRANTS - 0.0%

Consumer, Non-Cyclical – 0.0%

Cerevel Therapeutics Holdings Inc Exercise @ $11.50 Exp 10/27/25 *		3,656		$20,656


Diversified - 0.0%

Deerfield Healthcare Technology Acquisitions Corp Exercise @ $11.50 Exp 07/16/25 *		3,646		14,949
Longview Acquisition Corp Exercise @ $11.50 Exp 06/29/25 *		10,386		68,444
Panacea Acquisition Corp Exercise @ $11.50 Exp 07/07/27 *		3,472		11,110

				94,503


Total Warrants (Cost $55,870)				115,159


COMMON STOCKS - 98.6%

Consumer, Non-Cyclical - 97.4%

Abbott Laboratories		201,534		22,065,958
ABIOMED Inc *		9,188		2,978,750
Acceleron Pharma Inc *		32,755		4,190,675
Agios Pharmaceuticals Inc *		18,111		784,750
Alcon Inc * (Switzerland)		99,213		6,546,074
Alexion Pharmaceuticals Inc *		22,323		3,487,746
Allakos Inc *		21,441		3,001,740
Allogene Therapeutics Inc *		6,829		172,364
Alnylam Pharmaceuticals Inc *		27,007		3,510,100
Amedisys Inc *		15,548		4,560,695
AmerisourceBergen Corp		11,896		1,162,953
Amgen Inc		47,360		10,889,011
Annexon Inc *		4,615		115,513
Anthem Inc		33,388		10,720,553
Apellis Pharmaceuticals Inc *		20,019		1,145,087
Arcutis Biotherapeutics Inc *		9,909		278,740
Arena Pharmaceuticals Inc *		12,564		965,292
Atreca Inc ‘A‘*		17,423		281,381
Avantor Inc *		121,214		3,412,174
Baxter International Inc		80,963		6,496,471
Becton Dickinson and Co		26,591		6,653,600
Biogen Inc *		9,470		2,318,824
BioMarin Pharmaceutical Inc *		29,902		2,622,106
Blueprint Medicines Corp *		8,572		961,350
Boston Scientific Corp *		317,267		11,405,749
Bristol-Myers Squibb Co		139,881		8,676,818
Cardinal Health Inc		21,235		1,137,347
Centene Corp *		83,497		5,012,325
Cerevel Therapeutics Holdings Inc *		10,968		181,849
ChemoCentryx Inc *		7,890		488,549
Cigna Corp		63,136		13,143,652
Cytokinetics Inc *		13,870		288,219
Dicerna Pharmaceuticals Inc *		12,595		277,468
Edwards Lifesciences Corp *		134,980		12,314,225
Eidos Therapeutics Inc *		8,403		1,105,667
Eisai Co Ltd (Japan)		20,400		1,458,868
Eli Lilly & Co		75,627		12,768,863
Encompass Health Corp		33,393		2,761,267
Envista Holdings Corp *		31,973		1,078,449
FibroGen Inc *		5,014		185,969
Forma Therapeutics Holdings Inc *		9,996		348,860
Galapagos NV ADR * (Belgium)		6,142		607,935
Genmab AS * (Denmark)		12,524		5,078,405
Genmab AS ADR * (Denmark)		41,430		1,684,544
Gilead Sciences Inc		65,529		3,817,720
Global Blood Therapeutics Inc *		5,820		252,064


	Shares		Value
Halozyme Therapeutics Inc *		26,791		$1,144,244
Hansoh Pharmaceutical Group Co Ltd * ~ (China)		774,507		3,753,453
Hua Medicine * ~ (China)		334,500		249,825
Humana Inc		30,277		12,421,745
Illumina Inc *		12,352		4,570,240
Immunovant Inc *		25,960		1,199,092
Incyte Corp *		20,808		1,809,880
Intellia Therapeutics Inc *		11,822		643,117
Intuitive Surgical Inc *		12,062		9,867,922
Iovance Biotherapeutics Inc *		26,500		1,229,600
IQVIA Holdings Inc *		31,645		5,669,835
Johnson & Johnson		127,582		20,078,855
Kodiak Sciences Inc *		7,708		1,132,382
Krystal Biotech Inc *		4,326		259,560
LHC Group Inc *		16,858		3,596,149
Masimo Corp *		20,826		5,589,282
McKesson Corp		5,210		906,123
Medtronic PLC		118,599		13,892,687
Merck & Co Inc		89,477		7,319,219
Merck KGaA (Germany)		20,801		3,567,669
Mersana Therapeutics Inc *		49,042		1,305,008
Mirati Therapeutics Inc *		9,246		2,030,791
Molecular Templates Inc *		18,880		177,283
Nektar Therapeutics *		20,913		355,521
Neurocrine Biosciences Inc *		15,608		1,496,027
Nevro Corp *		13,767		2,383,068
Pfizer Inc		277,969		10,232,039
PPD Inc *		68,320		2,337,910
Prothena Corp PLC * (Ireland)		18,100		217,381
Quest Diagnostics Inc		10,887		1,297,404
RAPT Therapeutics Inc *		7,339		144,945
Regeneron Pharmaceuticals Inc *		9,605		4,640,272
Relay Therapeutics Inc *		9,429		391,869
ResMed Inc		21,704		4,613,402
Roche Holding AG (Switzerland)		10,452		3,640,416
Royalty Pharma PLC ‘A’		13,430		672,171
Sanofi (France)		59,100		5,728,150
Sanofi ADR (France)		46,250		2,247,287
Sarepta Therapeutics Inc *		7,480		1,275,265
Seagen Inc *		55,436		9,709,061
Seres Therapeutics Inc *		20,160		493,920
SI-BONE Inc *		4,104		122,710
Silk Road Medical Inc *		8,105		510,453
Stoke Therapeutics Inc *		7,275		450,541
Straumann Holding AG (Switzerland)		2,310		2,705,982
Stryker Corp		52,450		12,852,348
Taysha Gene Therapies Inc *		11,664		309,563
TCR2 Therapeutics Inc *		8,814		272,617
Teladoc Health Inc *		18,740		3,747,250
Teleflex Inc		16,134		6,640,270
Thermo Fisher Scientific Inc		32,221		15,007,897
UnitedHealth Group Inc		102,577		35,971,702
Vertex Pharmaceuticals Inc *		14,902		3,521,939
Viatris Inc *		34,490		646,343
WuXi AppTec Co Ltd ‘H’ ~ (China)		202,722		3,976,840
Wuxi Biologics Cayman Inc * ~ (China)		306,000		4,057,968
Zimmer Biomet Holdings Inc		45,205		6,965,638
Zoetis Inc		47,069		7,789,919

				443,236,768

Diversified - 0.7%

ARYA Sciences Acquisition Corp III ‘A‘*		13,880		150,598
BCTG Acquisition Corp *		8,240		94,265
Deerfield Healthcare Technology Acquisitions Corp ‘A‘*		18,233		284,435
FS Development Corp ‘A‘*		2,554		28,094
Health Assurance Acquisition Corp UNIT *		76,534		843,405
Health Sciences Acquisitions Corp 2 *		11,840		151,670
Helix Acquisition Corp ‘A‘*		10,006		108,365


	Shares		Value
Longview Acquisition Corp ‘A‘*		31,158		$616,617
MedTech Acquisition Corp UNIT *		35,852		376,446
Panacea Acquisition Corp ‘A‘*		10,416		121,867
Therapeutics Acquisition Corp ‘A‘*		23,300		325,035

				3,100,797

Financial - 0.1%

GoHealth Inc ‘A‘*		31,489		430,140
Selectquote Inc *		8,500		176,375

				606,515

Industrial - 0.3%

Agilent Technologies Inc		11,877		1,407,306


Technology - 0.1%

Oak Street Health Inc *		3,809		232,958


Total Common Stocks (Cost $296,305,533)				448,584,344


	Principal Amount

SHORT-TERM INVESTMENT - 1.4%

Repurchase Agreement - 1.4%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $6,193,600; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $6,317,500)		$6,193,600		6,193,600


Total Short-Term Investment (Cost $6,193,600)				6,193,600


TOTAL INVESTMENTS - 100.0% (Cost $302,555,003)				454,893,103

OTHER ASSETS & LIABILITIES, NET - 0.0%				181,852


NET ASSETS - 100.0%				$455,074,955

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by health care sector as a percentage of net assets was as follows:


Medical-Drugs			19.7%
Medical-Biomedical/Gene			17.9%
Medical-HMO			14.1%
Medical Products			13.9%
Medical Instruments			12.0%
Medical Labs & Testing Service			4.7%
Diagnostic Equipment			4.0%
Others (each less than 3.0%)			12.3%

			98.6%
Short-Term Investment			1.4%
Other Assets & Liabilities, Net			0.0%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 99.3%

Consumer, Cyclical - 0.5%

Choice Hotels International Inc		24,075		$2,569,525


Financial - 98.8%

Agree Realty Corp REIT		105,146		7,000,621
Alexandria Real Estate Equities Inc REIT		100,966		17,994,160
American Assets Trust Inc REIT		131,108		3,786,399
American Campus Communities Inc REIT		98,263		4,202,708
American Homes 4 Rent ‘A’ REIT		684,848		20,545,440
American Tower Corp REIT		70,687		15,866,404
Apartment Income Corp REIT *		257,071		9,874,097
Apartment Investment and Management Co ‘A’ REIT		257,071		1,357,335
Apple Hospitality REIT Inc		294,725		3,804,900
AvalonBay Communities Inc REIT		153,093		24,560,710
Boston Properties Inc REIT		41,587		3,931,219
Brandywine Realty Trust REIT		180,856		2,153,995
Broadstone Net Lease Inc ‘A’		64,117		1,255,411
Camden Property Trust REIT		78,472		7,840,922
CoreSite Realty Corp REIT		52,382		6,562,417
Cousins Properties Inc REIT		298,309		9,993,351
CubeSmart REIT		226,934		7,627,252
CyrusOne Inc REIT		67,146		4,911,730
DiamondRock Hospitality Co REIT		307,206		2,534,449
Digital Realty Trust Inc REIT		40,139		5,599,792
Equinix Inc REIT		52,927		37,799,405
Equity LifeStyle Properties Inc REIT		155,136		9,829,417
Equity Residential REIT		69,495		4,119,664
Essex Property Trust Inc REIT		87,594		20,796,567
Extra Space Storage Inc REIT		105,001		12,165,416
First Industrial Realty Trust Inc REIT		135,114		5,692,353
Healthcare Realty Trust Inc REIT		183,455		5,430,268
Healthcare Trust of America Inc ‘A’ REIT		576,160		15,867,446
Invitation Homes Inc REIT		895,394		26,593,202
Kilroy Realty Corp REIT		101,008		5,797,859
Park Hotels & Resorts Inc REIT		227,282		3,897,886
Prologis Inc REIT		436,117		43,463,420
PS Business Parks Inc REIT		67,371		8,951,585
Public Storage REIT		21,846		5,044,897
Regency Centers Corp REIT		195,103		8,894,746
Rexford Industrial Realty Inc REIT		131,649		6,465,282
Sabra Health Care REIT Inc		367,008		6,374,929
Simon Property Group Inc REIT		59,077		5,038,087
STORE Capital Corp REIT		366,108		12,440,350
Sun Communities Inc REIT		116,109		17,642,763
Terreno Realty Corp REIT		166,168		9,722,490


	Shares		Value
VICI Properties Inc REIT		342,577	$	8,735,713
Welltower Inc REIT		419,239		27,091,224
Weyerhaeuser Co REIT		96,445		3,233,801

				472,492,082


Total Common Stocks (Cost $439,134,432)				475,061,607


	Principal Amount

SHORT-TERM INVESTMENT - 0.4%

Repurchase Agreement - 0.4%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $1,686,575; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $1,720,400)		$1,686,575		1,686,575


Total Short-Term Investment (Cost $1,686,575)				1,686,575


TOTAL INVESTMENTS - 99.7% (Cost $440,821,007)				476,748,182

OTHER ASSETS & LIABILITIES, NET - 0.3%				1,574,018


NET ASSETS - 100.0%				$478,322,200

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by real estate sector as a percentage of net assets was as follows:


REITS-Apartments			25.1%
REITS-Diversified			18.4%
REITS-Warehouse/Industrial			14.7%
REITS-Health Care			11.4%
REITS-Office Property			9.1%
REITS-Manufactured Homes			5.7%
REITS-Storage			5.2%
REITS-Single Tenant			4.1%
Others (each less than 3.0%)			5.6%

			99.3%
Short-Term Investment			0.4%
Other Assets & Liabilities, Net			0.3%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 99.2%

Communications - 30.9%

Airbnb Inc ‘A‘*		605		$88,814
Alibaba Group Holding Ltd ADR * (China)		21,850		5,085,150
Allegro.eu SA * ~ (Poland)		35,643		808,138
Alphabet Inc ‘A‘*		5,705		9,998,811
Amazon.com Inc *		8,309		27,061,831
Booking Holdings Inc *		1,219		2,715,042
Charter Communications Inc ‘A‘*		4,932		3,262,765
Chewy Inc ‘A‘*		24,893		2,237,632
ContextLogic Inc ‘A‘*		39,180		714,643
Eventbrite Inc ‘A‘*		40,048		724,869
Facebook Inc ‘A‘*		41,803		11,418,907
Farfetch Ltd ‘A‘* (United Kingdom)		37,869		2,416,421
Match Group Inc *		16,952		2,562,973
MercadoLibre Inc * (Argentina)		1,040		1,742,229
Okta Inc *		9,246		2,350,888
Pinterest Inc ‘A‘*		30,745		2,026,096
Q2 Holdings Inc *		12,832		1,623,633
Shopify Inc ‘A‘* (Canada)		564		638,420
Tencent Holdings Ltd (China)		78,000		5,612,394
Wix.com Ltd * (Israel)		6,927		1,731,473
Wolters Kluwer NV (Netherlands)		19,125		1,613,522
Zendesk Inc *		17,177		2,458,372

				88,893,023

Consumer, Cyclical - 0.5%

DraftKings Inc ‘A‘*		29,104		1,355,082


Consumer, Non-Cyclical - 11.1%

Adaptive Biotechnologies Corp *		17,447		1,031,641
Bio-Techne Corp		4,830		1,533,766
Dun & Bradstreet Holdings Inc *		47,423		1,180,833
Global Payments Inc		35,272		7,598,294
Guardant Health Inc *		13,846		1,784,472
IHS Markit Ltd		6,364		571,678
Maravai LifeSciences Holdings Inc ‘A‘*		20,155		565,348
Nuvei Corp * (Canada)		24,820		1,494,909
PayPal Holdings Inc *		45,567		10,671,791
Square Inc ‘A‘*		9,280		2,019,699
Teladoc Health Inc *		1,107		221,356
TransUnion		16,857		1,672,552
Verisk Analytics Inc		7,461		1,548,829

				31,895,168

Financial - 7.5%

Mastercard Inc ‘A’		32,781		11,700,850
Nasdaq Inc		12,524		1,662,436
Tradeweb Markets Inc ‘A’		11,577		722,984
Visa Inc ‘A’		33,771		7,386,731

				21,473,001

Technology - 49.2%

Activision Blizzard Inc		49,072		4,556,335
Adobe Inc *		20,086		10,045,410
Advanced Micro Devices Inc *		66,130		6,064,782
Allegro MicroSystems Inc * (Japan)		43,558		1,161,256
Apple Inc		71,935		9,545,055
Asana Inc ‘A‘*		40,365		1,192,786
ASML Holding NV (Netherlands)		3,803		1,854,799
Atlassian Corp PLC ‘A‘*		8,855		2,070,919
Autodesk Inc *		11,134		3,399,656
Bentley Systems Inc ‘B’		8,787		355,961
Black Knight Inc *		21,661		1,913,749
CACI International Inc ‘A‘*		4,886		1,218,226
Clarivate PLC * (United Kingdom)		70,757		2,102,190
Constellation Software Inc (Canada)		1,895		2,460,746


	Shares		Value
Coupa Software Inc *		404		$136,920
DocuSign Inc *		9,567		2,126,744
Electronic Arts Inc		22,315		3,204,434
Endava PLC ADR * (United Kingdom)		31,306		2,402,735
EPAM Systems Inc *		6,859		2,457,923
Fidelity National Information Services Inc		28,962		4,096,965
HubSpot Inc *		8,170		3,238,915
KLA Corp		12,770		3,306,281
Lam Research Corp		9,403		4,440,755
Marvell Technology Group Ltd		57,818		2,748,668
Microsoft Corp		118,814		26,426,610
NetEase Inc ADR (China)		28,435		2,723,220
NVIDIA Corp		11,698		6,108,696
Ping Identity Holding Corp *		27,322		782,502
Rakus Co Ltd (Japan)		49,500		1,146,489
RingCentral Inc ‘A‘*		12,709		4,816,330
salesforce.com Inc*		28,893		6,429,559
Sea Ltd ADR * (Taiwan)		5,681		1,130,803
ServiceNow Inc *		10,537		5,799,881
Skyworks Solutions Inc		21,469		3,282,181
Taiwan Semiconductor Manufacturing Co Ltd ADR (Taiwan)		5,327		580,856
Take-Two Interactive Software Inc *		14,442		3,000,903
The Descartes Systems Group Inc * (Canada)		24,688		1,443,964
Topicus.com Inc * ± (Canada)		3,524		13,324
Twilio Inc ‘A‘*		5,576		1,887,476

				141,675,004

Total Common Stocks (Cost $160,263,697)				285,291,278


	Principal Amount

SHORT-TERM INVESTMENT - 0.7%

Repurchase Agreement - 0.7%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $2,147,341; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $2,190,300)		$2,147,341		2,147,341


Total Short-Term Investment (Cost $2,147,341)				2,147,341


TOTAL INVESTMENTS - 99.9% (Cost $162,411,038)				287,438,619

OTHER ASSETS & LIABILITIES, NET - 0.1%				173,263


NET ASSETS - 100.0%				$287,611,882

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by technology sector as a percentage of net assets was as follows:


E-Commerce/Products			13.1%
Applications Software			12.1%
Commercial Services-Finance			8.4%
Finance-Credit Card			6.6%
Enterprise Software/Serv			6.4%
Electronic Components-Semiconductor			6.3%
Entertainment Software			5.1%
Internet Content-Entertainment			4.7%
Semiconductor Equipment			3.7%
Electronic Forms			3.5%
Web Portals/ISP			3.5%
Computers			3.3%
Others (each less than 3.0%)			22.5%

			99.2%
Short-Term Investment			0.7%
Other Assets & Liabilities, Net			0.1%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value

MUTUAL FUNDS - 100.0%

DFA Intermediate Government Fixed Income Portfolio ‘I’		3,128,265		$41,887,465
DFA Intermediate Term Extended Quality Portfolio ‘I’		5,280,198		63,203,970
DFA Large Cap International Portfolio ‘I’		1,915,922		47,955,524
DFA Short-Term Extended Quality Portfolio ‘I’		1,355,815		14,913,968
DFA US Core Equity 1 Portfolio ‘I’		2,660,910		78,975,801
DFA US Large Cap Growth Portfolio ‘I’		333,870		9,264,903
DFA US Large Company Portfolio ‘I’		1,328,785		37,405,303
DFA VA International Small Portfolio ‘I’		370,088		4,888,866
DFA VA US Targeted Value Portfolio ‘I’		650,772		11,980,709


Total Mutual Funds (Cost $263,950,582)				310,476,509


TOTAL INVESTMENTS - 100.0% (Cost $263,950,582)				310,476,509

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(96,727	)


NET ASSETS - 100.0%				$310,379,782

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value

AFFILIATED MUTUAL FUNDS - 100.0%

PD 1-3 Year Corporate Bond Portfolio ‘P’*		5,240,054		$59,703,352
PD Aggregate Bond Index Portfolio ‘P’*		15,988,729		227,234,373
PD High Yield Bond Market Portfolio ‘P’*		5,163,635		93,568,812
PD Large-Cap Growth Index Portfolio ‘P’*		1,175,099		75,866,016
PD Large-Cap Value Index Portfolio ‘P’*		1,991,162		69,080,173
PD Mid Cap Index Portfolio ‘P’*		3,230,696		36,324,939
PD Small-Cap Growth Index Portfolio ‘P’*		73,455		3,377,781
PD Small-Cap Value Index Portfolio ‘P’*		117,940		3,360,409
PD Emerging Markets Portfolio ‘P’*		1,111,632		23,516,998
PD International Large-Cap Portfolio ‘P’*		2,440,447		53,013,195


Total Affiliated Mutual Funds (Cost $507,285,650)				645,046,048


TOTAL INVESTMENTS - 100.0% (Cost $507,285,650)				645,046,048

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(171,614	)


NET ASSETS - 100.0%				$644,874,434

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%

PD 1-3 Year Corporate Bond Portfolio ‘P’*		12,364,044		$140,871,632
PD Aggregate Bond Index Portfolio ‘P’*		43,477,690		617,911,885
PD High Yield Bond Market Portfolio ‘P’*		15,438,410		279,755,179
PD Large-Cap Growth Index Portfolio ‘P’*		7,292,851		470,836,451
PD Large-Cap Value Index Portfolio ‘P’*		13,058,396		453,040,081
PD Mid-Cap Index Portfolio ‘P’*		20,131,871		226,356,499
PD Small-Cap Growth Index Portfolio ‘P’*		658,904		30,299,321
PD Small-Cap Value Index Portfolio ‘P’*		1,062,637		30,277,203
PD Emerging Markets Portfolio ‘P’*		6,822,609		144,334,894
PD International Large-Cap Portfolio ‘P’*		15,772,910		342,630,756


Total Affiliated Mutual Funds (Cost $1,992,161,428)				2,736,313,901


TOTAL INVESTMENTS - 100.0% (Cost $1,992,161,428)				2,736,313,901

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(746,522	)


NET ASSETS - 100.0%				$2,735,567,379

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%

PD 1-3 Year Corporate Bond Portfolio ‘P‘*		1,643,146		$18,721,433
PD Aggregate Bond Index Portfolio ‘P‘*		10,552,309		149,971,101
PD High Yield Bond Market Portfolio ‘P‘*		4,504,626		81,627,085
PD Large-Cap Growth Index Portfolio ‘P‘*		4,420,181		285,372,949
PD Large-Cap Value Index Portfolio ‘P‘*		7,691,442		266,842,219
PD Mid-Cap Index Portfolio ‘P‘*		12,388,685		139,294,527
PD Small-Cap Growth Index Portfolio ‘P‘*		445,535		20,487,670
PD Small-Cap Value Index Portfolio ‘P‘*		481,254		13,712,130
PD Emerging Markets Portfolio ‘P‘*		3,652,666		77,273,542
PD International Large-Cap Portfolio ‘P‘*		10,008,470		217,411,351


Total Affiliated Mutual Funds (Cost $929,792,380)				1,270,714,007


TOTAL INVESTMENTS - 100.0% (Cost $929,792,380)				1,270,714,007

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(346,403	)


NET ASSETS - 100.0%				$1,270,367,604

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%

Core Income Portfolio ‘P‘*		5,343,288		$68,729,398
Diversified Bond Portfolio ‘P‘*		28,509,364		470,040,121
Floating Rate Income Portfolio ‘P‘*		1,877,264		25,121,951
High Yield Bond Portfolio ‘P‘*		9,761,863		100,583,173
Inflation Managed Portfolio ‘P‘*		3,536,298		50,343,089
Intermediate Bond Portfolio ‘P‘*		12,794,944		129,953,152
Managed Bond Portfolio ‘P‘*		15,356,737		253,767,130
Short Duration Bond Portfolio ‘P‘*		22,359,750		250,967,822
Emerging Markets Debt Portfolio ‘P‘*		3,177,722		41,927,637
Dividend Growth Portfolio ‘P‘*		967,347		31,244,215
Equity Index Portfolio ‘P‘*		183,994		17,699,653
Growth Portfolio ‘P‘*		530,624		30,231,463
Large-Cap Growth Portfolio ‘P‘*		936,251		22,668,418
Large-Cap Value Portfolio ‘P‘*		1,041,023		31,279,919
Main Street Core Portfolio ‘P‘*		224,340		13,472,292
Mid-Cap Equity Portfolio ‘P‘*		276,622		10,045,998
Mid-Cap Growth Portfolio ‘P‘*		386,402		11,680,220
Mid-Cap Value Portfolio ‘P‘*		633,498		20,292,524
Value Portfolio ‘P‘*		731,234		13,505,811
Value Advantage Portfolio ‘P‘*		1,314,280		25,348,693
Emerging Markets Portfolio ‘P‘*		1,013,064		25,417,385
International Large-Cap Portfolio ‘P‘*		1,287,982		16,685,807
International Value Portfolio ‘P‘*		1,251,694		16,684,765


Total Affiliated Mutual Funds (Cost $1,407,812,609)				1,677,690,636


TOTAL INVESTMENTS - 100.0% (Cost $1,407,812,609)				1,677,690,636

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(346,960	)


NET ASSETS - 100.0%				$1,677,343,676

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%

Core Income Portfolio ‘P’*		5,813,534		$74,778,060
Diversified Bond Portfolio ‘P’*		31,489,273		519,170,547
Floating Rate Income Portfolio ‘P’*		2,612,420		34,959,953
High Yield Bond Portfolio ‘P’*		17,352,484		178,794,545
Inflation Managed Portfolio ‘P’*		4,744,137		67,538,008
Intermediate Bond Portfolio ‘P’*		13,983,524		142,025,089
Managed Bond Portfolio ‘P’*		16,571,197		273,835,849
Short Duration Bond Portfolio ‘P’*		15,122,026		169,730,971
Emerging Markets Debt Portfolio ‘P’*		3,649,628		48,154,070
Dividend Growth Portfolio ‘P’*		2,525,383		81,566,993
Equity Index Portfolio ‘P’*		481,694		46,337,548
Growth Portfolio ‘P’*		1,356,198		77,267,184
Large-Cap Growth Portfolio ‘P’*		2,460,254		59,567,451
Large-Cap Value Portfolio ‘P’*		2,715,262		81,586,237
Main Street Core Portfolio ‘P’*		583,802		35,059,078
Mid-Cap Equity Portfolio ‘P’*		689,183		25,028,881
Mid-Cap Growth Portfolio ‘P’*		823,552		24,894,435
Mid-Cap Value Portfolio ‘P’*		1,543,447		49,440,478
Small-Cap Growth Portfolio ‘P’*		163,658		6,368,246
Small-Cap Index Portfolio ‘P’*		405,210		12,713,197
Small-Cap Value Portfolio ‘P’*		229,590		6,377,535
Value Portfolio ‘P’*		1,975,299		36,483,578
Value Advantage Portfolio ‘P’*		3,582,768		69,101,307
Emerging Markets Portfolio ‘P’*		2,974,032		74,617,321
International Large-Cap Portfolio ‘P’*		5,680,675		73,593,124
International Small-Cap Portfolio ‘P’*		770,786		12,441,747
International Value Portfolio ‘P’*		5,531,450		73,732,809
Real Estate Portfolio ‘P’*		402,499		11,998,978


Total Affiliated Mutual Funds (Cost $1,852,872,845)				2,367,163,219


TOTAL INVESTMENTS - 100.0% (Cost $1,852,872,845)				2,367,163,219

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(492,506	)


NET ASSETS - 100.0%				$2,366,670,713

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%

Core Income Portfolio ‘P’*		20,501,495		$263,705,687
Diversified Bond Portfolio ‘P’*		112,496,604		1,854,756,141
Floating Rate Income Portfolio ‘P’*		7,024,598		94,004,661
High Yield Bond Portfolio ‘P’*		43,082,082		443,904,246
Inflation Managed Portfolio ‘P’*		6,251,979		89,003,794
Intermediate Bond Portfolio ‘P’*		49,899,588		506,810,256
Managed Bond Portfolio ‘P’*		59,057,741		975,917,831
Short Duration Bond Portfolio ‘P’*		36,376,149		408,289,133
Emerging Markets Debt Portfolio ‘P’*		7,574,394		99,938,382
Dividend Growth Portfolio ‘P’*		15,998,631		516,737,613
Equity Index Portfolio ‘P’*		3,062,144		294,569,386
Growth Portfolio ‘P’*		9,939,632		566,294,458
Large-Cap Growth Portfolio ‘P’*		17,744,437		429,626,691
Large-Cap Value Portfolio ‘P’*		15,366,323		461,716,202
Main Street Core Portfolio ‘P’*		3,683,725		221,218,836
Mid-Cap Equity Portfolio ‘P’*		3,745,469		136,023,144
Mid-Cap Growth Portfolio ‘P’*		6,373,841		192,669,323
Mid-Cap Value Portfolio ‘P’*		7,589,438		243,108,728
Small-Cap Equity Portfolio ‘P’*		1,184,168		37,026,315
Small-Cap Growth Portfolio ‘P’*		548,380		21,338,556
Small-Cap Index Portfolio ‘P’*		2,045,606		64,179,461
Small-Cap Value Portfolio ‘P’*		1,354,142		37,615,219
Value Portfolio ‘P’*		11,241,393		207,627,373
Value Advantage Portfolio ‘P’*		20,320,392		391,921,989
Emerging Markets Portfolio ‘P’*		16,566,409		415,644,774
International Large-Cap Portfolio ‘P’*		27,622,871		357,854,206
International Small-Cap Portfolio ‘P’*		3,221,800		52,005,083
International Value Portfolio ‘P’*		27,015,572		360,110,661
Real Estate Portfolio ‘P’*		3,336,390		99,461,893


Total Affiliated Mutual Funds (Cost $7,427,828,306)				9,843,080,042


TOTAL INVESTMENTS - 100.0% (Cost $7,427,828,306)				9,843,080,042

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(1,963,809	)


NET ASSETS - 100.0%				$9,841,116,233

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%

Core Income Portfolio ‘P’*		10,865,720		$139,763,081
Diversified Bond Portfolio ‘P’*		61,519,335		1,014,282,757
Floating Rate Income Portfolio ‘P’*		5,721,659		76,568,456
High Yield Bond Portfolio ‘P’*		24,216,128		249,515,379
Intermediate Bond Fund Portfolio ‘P’*		27,569,215		280,009,540
Managed Bond Portfolio ‘P’*		32,249,913		532,923,625
Short Duration Bond Portfolio ‘P’*		16,992,104		190,720,888
Emerging Markets Debt Portfolio ‘P’*		6,207,582		81,904,334
Dividend Growth Portfolio ‘P’*		18,118,979		585,222,442
Equity Index Portfolio ‘P’*		3,487,758		335,512,276
Growth Portfolio ‘P’*		11,631,081		662,662,022
Large-Cap Growth Portfolio ‘P’*		20,629,551		499,480,823
Large-Cap Value Portfolio ‘P’*		17,204,724		516,955,152
Main Street Core Portfolio ‘P’*		4,139,411		248,584,159
Mid-Cap Equity Portfolio ‘P’*		4,799,978		174,319,436
Mid-Cap Growth Portfolio ‘P’*		7,701,538		232,803,129
Mid-Cap Value Portfolio ‘P’*		10,051,426		321,972,391
Small-Cap Equity Portfolio ‘P’*		1,643,088		51,375,717
Small-Cap Growth Portfolio ‘P’*		1,327,347		51,649,686
Small-Cap Index Portfolio ‘P’*		2,717,736		85,267,083
Small-Cap Value Portfolio ‘P’*		1,715,655		47,657,315
Value Portfolio ‘P’*		12,630,719		233,288,089
Value Advantage Portfolio ‘P’*		22,687,903		437,584,460
Emerging Markets Portfolio ‘P’*		18,102,696		454,189,616
International Large-Cap Portfolio ‘P’*		36,096,758		467,633,391
International Small-Cap Portfolio ‘P’*		5,634,011		90,942,100
International Value Portfolio ‘P’*		35,523,534		473,519,609
Real Estate Portfolio ‘P’*		2,870,235		85,565,231


Total Affiliated Mutual Funds (Cost $6,300,843,650)				8,621,872,187


TOTAL INVESTMENTS - 100.0% (Cost $6,300,843,650)				8,621,872,187

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(1,704,718	)


NET ASSETS - 100.0%				$8,620,167,469

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
AFFILIATED MUTUAL FUNDS - 100.0%

Core Income Portfolio ‘P’*		1,256,238		$16,158,686
Diversified Bond Portfolio ‘P’*		6,998,652		115,388,304
Floating Rate Income Portfolio ‘P’*		637,246		8,527,764
High Yield Bond Portfolio ‘P’*		5,414,225		55,786,470
Intermediate Bond Portfolio ‘P’*		3,136,751		31,858,733
Managed Bond Portfolio ‘P’*		3,644,094		60,217,955
Short Duration Bond Portfolio ‘P’*		1,388,616		15,585,954
Emerging Markets Debt Portfolio ‘P’*		1,371,031		18,089,720
Dividend Growth Portfolio ‘P’*		4,389,178		141,765,471
Equity Index Portfolio ‘P’*		847,406		81,518,020
Growth Portfolio ‘P’*		2,791,698		159,052,453
Large-Cap Growth Portfolio ‘P’*		4,995,823		120,958,414
Large-Cap Value Portfolio ‘P’*		4,166,957		125,205,733
Main Street Core Portfolio ‘P’*		997,630		59,910,716
Mid-Cap Equity Portfolio ‘P’*		1,471,792		53,450,653
Mid-Cap Growth Portfolio ‘P’*		2,504,449		75,704,831
Mid-Cap Value Portfolio ‘P’*		2,980,746		95,480,788
Small-Cap Equity Portfolio ‘P’*		500,026		15,634,688
Small-Cap Growth Portfolio ‘P’*		512,984		19,961,224
Small-Cap Index Portfolio ‘P’*		740,136		23,221,238
Small-Cap Value Portfolio ‘P’*		534,670		14,852,020
Value Portfolio ‘P’*		3,062,406		56,562,323
Value Advantage Portfolio ‘P’*		5,459,625		105,300,475
Emerging Markets Portfolio ‘P’*		5,681,164		142,538,205
International Large-Cap Portfolio ‘P’*		10,814,121		140,096,911
International Small-Cap Portfolio ‘P’*		1,895,699		30,599,659
International Value Portfolio ‘P’*		10,605,032		141,362,356
Real Estate Portfolio ‘P’*		1,286,473		38,351,351


Total Affiliated Mutual Funds (Cost $1,397,494,270)				1,963,141,115


TOTAL INVESTMENTS - 100.0% (Cost $1,397,494,270)				1,963,141,115

OTHER ASSETS & LIABILITIES, NET - (0.0%)				(399,197	)


NET ASSETS - 100.0%				$1,962,741,918

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 99.0%

Basic Materials - 1.9%

BHP Billiton Finance USA Ltd (Australia) 3.250% due 11/21/21		$350,000		$359,330
Celanese US Holdings LLC 4.625% due 11/15/22		300,000		322,158
DuPont de Nemours Inc 2.169% due 05/01/23		740,000		750,014
4.205% due 11/15/23		405,000		446,899
Eastman Chemical Co 3.600% due 08/15/22		250,000		261,232
Ecolab Inc 2.375% due 08/10/22		200,000		206,251
Huntsman International LLC 5.125% due 11/15/22		200,000		213,881
Linde Inc 2.200% due 08/15/22		450,000		461,544
LYB International Finance BV 4.000% due 07/15/23		200,000		217,102
Nucor Corp 4.125% due 09/15/22		200,000		210,833
Nutrien Ltd (Canada) 1.900% due 05/13/23		370,000		382,387
The Mosaic Co 3.250% due 11/15/22		250,000		261,330

				4,092,961

Communications - 5.1%

Alibaba Group Holding Ltd (China) 2.800% due 06/06/23		250,000		263,162
3.125% due 11/28/21		300,000		305,956
Amazon.com Inc 0.400% due 06/03/23		385,000		387,469
2.400% due 02/22/23		300,000		313,252
3.300% due 12/05/21		200,000		204,629
America Movil SAB de CV (Mexico) 3.125% due 07/16/22		350,000		363,547
AT&T Inc 2.625% due 12/01/22		350,000		363,168
3.000% due 06/30/22		700,000		724,626
Baidu Inc (China) 2.875% due 07/06/22		250,000		257,681
3.500% due 11/28/22		200,000		210,185
3.875% due 09/29/23		250,000		269,841
Charter Communications Operating LLC 4.464% due 07/23/22		800,000		843,600
Cisco Systems Inc 2.200% due 09/20/23		200,000		209,461
2.600% due 02/28/23		250,000		262,849
Comcast Cable Communications Holdings Inc 9.455% due 11/15/22		200,000		234,176
Discovery Communications LLC 2.950% due 03/20/23		200,000		210,835
E*TRADE Financial Corp 2.950% due 08/24/22		200,000		207,843
eBay Inc 2.750% due 01/30/23		200,000		209,531
3.800% due 03/09/22		400,000		415,025
Expedia Group Inc 3.600% due 12/15/23 ~		250,000		266,589
FOX Corp 3.666% due 01/25/22		275,000		284,691
Omnicom Group Inc 3.625% due 05/01/22		300,000		312,987
Rogers Communications Inc (Canada) 4.100% due 10/01/23		350,000		382,917


	Principal Amount		Value
TD Ameritrade Holding Corp 2.950% due 04/01/22	$	250,000	$	257,283
Telefonaktiebolaget LM Ericsson (Sweden) 4.125% due 05/15/22		250,000		260,469
Telefonica Emisiones SA (Spain) 4.570% due 04/27/23		150,000		164,091
The Interpublic Group of Cos Inc 3.750% due 10/01/21		125,000		128,150
The Walt Disney Co 3.000% due 09/15/22		250,000		261,129
Time Warner Entertainment Co LP 8.375% due 03/15/23		350,000		409,336
TWDC Enterprises 18 Corp 2.350% due 12/01/22		200,000		207,734
2.450% due 03/04/22		300,000		307,820
Verizon Communications Inc 2.946% due 03/15/22		550,000		567,398
5.150% due 09/15/23		500,000		563,895
ViacomCBS Inc 4.250% due 09/01/23		200,000		217,848
Vodafone Group PLC (United Kingdom) 2.500% due 09/26/22		200,000		207,156
2.950% due 02/19/23		200,000		210,300

				11,266,629

Consumer, Cyclical - 7.3%

American Honda Finance Corp 0.400% due 10/21/22		200,000		200,329
0.650% due 09/08/23		185,000		186,230
0.875% due 07/07/23		415,000		420,181
1.950% due 05/20/22		125,000		127,750
2.050% due 01/10/23		100,000		103,435
2.200% due 06/27/22		300,000		308,460
2.600% due 11/16/22		200,000		208,581
AutoZone Inc 3.125% due 07/15/23		300,000		317,627
Costco Wholesale Corp 2.300% due 05/18/22		250,000		256,632
Dollar General Corp 3.250% due 04/15/23		200,000		211,670
Dollar Tree Inc 3.700% due 05/15/23		250,000		267,686
General Motors Co 4.875% due 10/02/23		300,000		333,094
5.400% due 10/02/23		750,000		840,290
General Motors Financial Co Inc 1.700% due 08/18/23		320,000		328,429
3.250% due 01/05/23		200,000		209,770
3.450% due 01/14/22		650,000		667,471
3.550% due 07/08/22		450,000		469,459
5.200% due 03/20/23		485,000		531,992
Hasbro Inc 2.600% due 11/19/22		200,000		207,766
Kohl’s Corp 3.250% due 02/01/23		250,000		259,481
Lennar Corp 4.750% due 11/15/22		250,000		264,306
Lowe’s Cos Inc 3.120% due 04/15/22		400,000		411,765
McDonald’s Corp 3.350% due 04/01/23		500,000		532,775
Mohawk Industries Inc 3.850% due 02/01/23		250,000		265,673
NVR Inc 3.950% due 09/15/22		100,000		105,235
O’Reilly Automotive Inc 3.800% due 09/01/22		250,000		261,803
PACCAR Financial Corp 0.350% due 08/11/23		340,000		339,886
0.800% due 06/08/23		30,000		30,330


	Principal Amount		Value
2.650% due 05/10/22	$	150,000	$	154,879
2.650% due 04/06/23		195,000		205,539
Ralph Lauren Corp 1.700% due 06/15/22		10,000		10,184
Southwest Airlines Co 4.750% due 05/04/23		210,000		228,308
Starbucks Corp 1.300% due 05/07/22		240,000		243,432
3.850% due 10/01/23		250,000		271,716
Target Corp 2.900% due 01/15/22		250,000		256,944
The Home Depot Inc 2.625% due 06/01/22		250,000		257,849
3.250% due 03/01/22		350,000		362,052
Toyota Motor Corp (Japan) 2.157% due 07/02/22		55,000		56,487
Toyota Motor Credit Corp 0.350% due 10/14/22		500,000		501,470
0.450% due 07/22/22		200,000		200,592
0.500% due 08/14/23		590,000		593,127
1.150% due 05/26/22		200,000		202,645
1.350% due 08/25/23		250,000		256,748
1.800% due 10/07/21		350,000		353,917
2.650% due 04/12/22		500,000		514,829
2.900% due 03/30/23		680,000		719,563
VF Corp 2.050% due 04/23/22		150,000		153,248
Walgreen Co 3.100% due 09/15/22		400,000		417,669
Walmart Inc 2.350% due 12/15/22		200,000		208,300
2.550% due 04/11/23		500,000		523,925
3.400% due 06/26/23		450,000		483,399
Whirlpool Corp 4.700% due 06/01/22		200,000		211,616

				16,056,544

Consumer, Non-Cyclical - 17.2%

Abbott Laboratories 2.550% due 03/15/22		250,000		256,814
AbbVie Inc 2.300% due 11/21/22		1,235,000		1,280,814
2.850% due 05/14/23		200,000		210,368
2.900% due 11/06/22		350,000		366,246
3.250% due 10/01/22		400,000		416,787
3.450% due 03/15/22		900,000		928,423
3.750% due 11/14/23		385,000		419,996
Aetna Inc 2.750% due 11/15/22		250,000		259,319
2.800% due 06/15/23		200,000		210,559
Altria Group Inc 3.490% due 02/14/22		550,000		568,846
Amgen Inc 2.650% due 05/11/22		800,000		824,813
Anthem Inc 2.950% due 12/01/22		450,000		471,694
3.125% due 05/15/22		100,000		103,777
3.300% due 01/15/23		250,000		264,602
AstraZeneca PLC (United Kingdom) 2.375% due 06/12/22		350,000		359,821
Becton Dickinson & Co 2.894% due 06/06/22		426,000		440,404
Becton Dickinson and Co 3.125% due 11/08/21		200,000		204,457
Biogen Inc 3.625% due 09/15/22		300,000		316,368
Bristol-Myers Squibb Co 0.537% due 11/13/23		230,000		230,428
2.000% due 08/01/22		200,000		205,390
2.600% due 05/16/22		500,000		516,005


	Principal Amount		Value
2.750% due 02/15/23	$	500,000	$	524,962
4.000% due 08/15/23		250,000		273,842
Bunge Ltd Finance Corp 3.000% due 09/25/22		250,000		259,683
Campbell Soup Co 3.650% due 03/15/23		250,000		267,004
Cardinal Health Inc 2.616% due 06/15/22		350,000		360,412
Church & Dwight Co Inc 2.450% due 08/01/22		200,000		206,260
Cigna Corp 3.000% due 07/15/23		150,000		158,904
3.050% due 11/30/22		100,000		104,795
3.750% due 07/15/23		400,000		432,503
3.900% due 02/15/22		300,000		311,762
Colgate-Palmolive Co 2.250% due 11/15/22		300,000		311,244
CommonSpirit Health 2.950% due 11/01/22		250,000		261,196
Conagra Brands Inc 3.200% due 01/25/23		131,000		137,858
Constellation Brands Inc 2.650% due 11/07/22		400,000		415,809
2.700% due 05/09/22		250,000		257,201
CVS Health Corp 2.750% due 12/01/22		1,250,000		1,299,837
3.500% due 07/20/22		150,000		156,618
3.700% due 03/09/23		308,000		329,806
DH Europe Finance II SARL 2.050% due 11/15/22		150,000		154,777
Diageo Capital PLC (United Kingdom) 2.625% due 04/29/23		600,000		628,657
Diageo Investment Corp (United Kingdom) 2.875% due 05/11/22		200,000		206,878
Eli Lilly & Co 2.350% due 05/15/22		300,000		308,169
Equifax Inc 3.300% due 12/15/22		250,000		261,858
General Mills Inc 2.600% due 10/12/22		200,000		207,562
3.700% due 10/17/23		250,000		272,500
Gilead Sciences Inc 0.750% due 09/29/23		585,000		586,815
2.500% due 09/01/23		200,000		210,562
4.400% due 12/01/21		500,000		513,721
GlaxoSmithKline Capital Inc (United Kingdom) 3.375% due 05/15/23		350,000		375,627
GlaxoSmithKline Capital PLC (United Kingdom) 0.534% due 10/01/23		750,000		753,002
2.850% due 05/08/22		100,000		103,456
2.875% due 06/01/22		600,000		620,948
Global Payments Inc 4.000% due 06/01/23		200,000		216,248
HCA Inc 4.750% due 05/01/23		250,000		272,718
Humana Inc 2.900% due 12/15/22		250,000		261,274
Johnson & Johnson 2.250% due 03/03/22		400,000		408,811
Kellogg Co 2.650% due 12/01/23		250,000		267,012
Keurig Dr Pepper Inc 4.057% due 05/25/23		550,000		597,947
Laboratory Corp of America Holdings 3.200% due 02/01/22		350,000		360,467
McCormick & Co Inc 2.700% due 08/15/22		200,000		207,108


	Principal Amount		Value
Merck & Co Inc 2.400% due 09/15/22	$	200,000	$	206,848
2.800% due 05/18/23		750,000		795,583
Molson Coors Beverage Co 2.100% due 07/15/21		300,000		302,544
Mondelez International Inc 0.625% due 07/01/22		170,000		170,796
2.125% due 04/13/23		400,000		415,658
Moody’s Corp 2.625% due 01/15/23		250,000		260,898
Novartis Capital Corp (Switzerland) 2.400% due 05/17/22		300,000		308,369
2.400% due 09/21/22		300,000		311,235
PayPal Holdings Inc 1.350% due 06/01/23		560,000		573,696
PepsiCo Inc 0.400% due 10/07/23		130,000		130,760
0.750% due 05/01/23		345,000		350,019
2.000% due 04/15/21		100,000		100,362
2.750% due 03/01/23		500,000		528,062
3.100% due 07/17/22		250,000		259,796
Pfizer Inc 2.800% due 03/11/22		135,000		139,099
3.000% due 06/15/23		200,000		213,271
3.200% due 09/15/23		600,000		647,460
Philip Morris International Inc 1.125% due 05/01/23		335,000		341,712
2.375% due 08/17/22		200,000		206,426
2.500% due 11/02/22		200,000		207,617
2.625% due 02/18/22		500,000		512,427
RELX Capital Inc (United Kingdom) 3.500% due 03/16/23		200,000		212,768
Reynolds American Inc 4.850% due 09/15/23		750,000		836,848
Royalty Pharma PLC 0.750% due 09/02/23 ~		285,000		286,531
Sanofi (France) 3.375% due 06/19/23		200,000		214,643
Shire Acquisitions Investments Ireland DAC 2.400% due 09/23/21		218,000		220,869
2.875% due 09/23/23		350,000		371,309
Stryker Corp 0.600% due 12/01/23		355,000		355,617
Takeda Pharmaceutical Co Ltd (Japan) 4.400% due 11/26/23		500,000		554,389
The Coca-Cola Co 2.500% due 04/01/23		500,000		525,658
The JM Smucker Co 3.500% due 10/15/21		200,000		204,957
The Kroger Co 3.400% due 04/15/22		200,000		206,312
3.850% due 08/01/23		250,000		269,590
The Procter & Gamble Co 2.150% due 08/11/22		450,000		464,259
2.300% due 02/06/22		250,000		255,865
Thermo Fisher Scientific Inc 3.000% due 04/15/23		200,000		211,131
Tyson Foods Inc 2.250% due 08/23/21		200,000		201,933
Unilever Capital Corp (United Kingdom) 0.375% due 09/14/23		100,000		100,348
2.200% due 05/05/22		200,000		204,857
3.000% due 03/07/22		200,000		206,460
UnitedHealth Group Inc 2.750% due 02/15/23		350,000		366,364
2.875% due 03/15/23		300,000		317,314
3.500% due 06/15/23		450,000		485,795
Viatris Inc 1.125% due 06/22/22 ~		310,000		313,034


	Principal Amount		Value
Zimmer Biomet Holdings Inc 3.150% due 04/01/22	$	250,000	$	257,182
Zoetis Inc 3.250% due 08/20/21		240,000		244,486

				37,592,901

Energy - 6.8%

Baker Hughes a GE Co LLC 2.773% due 12/15/22		235,000		245,580
BP Capital Markets America Inc 2.750% due 05/10/23		200,000		211,033
2.937% due 04/06/23		500,000		527,867
3.245% due 05/06/22		300,000		312,031
BP Capital Markets PLC (United Kingdom) 2.500% due 11/06/22		300,000		311,930
3.062% due 03/17/22		300,000		309,914
Canadian Natural Resources Ltd (Canada) 2.950% due 01/15/23		400,000		418,450
Chevron Corp 1.141% due 05/11/23		785,000		801,758
2.355% due 12/05/22		350,000		362,641
2.498% due 03/03/22		500,000		512,316
Chevron USA Inc 0.333% due 08/12/22		165,000		165,366
0.426% due 08/11/23		75,000		75,400
Enbridge Inc (Canada) 2.900% due 07/15/22		250,000		259,302
Energy Transfer Operating LP 3.600% due 02/01/23		300,000		314,355
4.200% due 09/15/23		250,000		269,708
5.200% due 02/01/22		400,000		414,983
Energy Transfer Partners LP 4.500% due 11/01/23		250,000		270,740
Enterprise Products Operating LLC 2.850% due 04/15/21		200,000		200,984
3.350% due 03/15/23		250,000		264,383
4.875% due 08/16/77		150,000		145,120
EOG Resources Inc 2.625% due 03/15/23		200,000		208,822
Exxon Mobil Corp 1.571% due 04/15/23		250,000		257,200
1.902% due 08/16/22		650,000		668,893
2.397% due 03/06/22		250,000		255,632
Halliburton Co 3.500% due 08/01/23		300,000		320,674
Kinder Morgan Energy Partners LP 3.950% due 09/01/22		500,000		524,920
Kinder Morgan Inc 3.150% due 01/15/23		350,000		368,348
Marathon Oil Corp 2.800% due 11/01/22		85,000		87,393
Marathon Petroleum Corp 4.500% due 05/01/23		350,000		380,222
MPLX LP 3.500% due 12/01/22		200,000		210,137
4.500% due 07/15/23		200,000		217,918
ONEOK Inc 4.250% due 02/01/22		200,000		205,911
7.500% due 09/01/23		250,000		289,469
Phillips 66 4.300% due 04/01/22		481,000		503,814
Sabine Pass Liquefaction LLC 5.625% due 04/15/23		250,000		274,803
6.250% due 03/15/22		300,000		315,815
Shell International Finance BV (Netherlands) 0.375% due 09/15/23		350,000		350,881
2.250% due 01/06/23		400,000		415,714
2.375% due 08/21/22		200,000		207,025
3.500% due 11/13/23		250,000		272,220


	Principal Amount		Value
Suncor Energy Inc (Canada) 2.800% due 05/15/23	$	65,000	$	68,427
Sunoco Logistics Partners Operations LP 4.650% due 02/15/22		200,000		208,634
The Williams Cos Inc 3.600% due 03/15/22		500,000		516,362
7.875% due 09/01/21		250,000		262,158
Total Capital International SA (France) 2.700% due 01/25/23		250,000		262,278
2.750% due 07/15/23		400,000		424,782
TransCanada PipeLines Ltd (Canada) 3.750% due 10/16/23		350,000		378,436
Valero Energy Corp 2.700% due 04/15/23		60,000		62,648

				14,913,397

Financial - 41.6%

AerCap Ireland Capital DAC (Ireland) 3.300% due 01/23/23		300,000		313,084
Aflac Inc 3.625% due 06/15/23		250,000		269,723
Air Lease Corp 2.250% due 01/15/23		250,000		256,848
2.625% due 07/01/22		200,000		205,206
3.500% due 01/15/22		350,000		360,236
Aircastle Ltd 5.125% due 03/15/21		130,000		131,041
Ally Financial Inc 1.450% due 10/02/23		65,000		66,383
3.050% due 06/05/23		135,000		142,416
4.125% due 02/13/22		400,000		415,499
American Express Co 2.500% due 08/01/22		350,000		361,243
2.650% due 12/02/22		400,000		417,637
2.750% due 05/20/22		350,000		360,864
3.400% due 02/27/23		350,000		372,319
3.700% due 08/03/23		750,000		812,505
American International Group Inc 4.875% due 06/01/22		350,000		371,403
American Tower Corp REIT 2.250% due 01/15/22		250,000		254,834
3.000% due 06/15/23		200,000		211,969
3.500% due 01/31/23		250,000		265,268
Ameriprise Financial Inc 3.000% due 03/22/22		35,000		36,153
Ares Capital Corp 3.625% due 01/19/22		200,000		205,745
Australia & New Zealand Banking Group Ltd (Australia) 2.050% due 11/21/22		550,000		569,358
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.875% due 09/18/23		200,000		201,523
Banco Santander SA (Spain) 3.125% due 02/23/23		200,000		210,633
3.500% due 04/11/22		200,000		207,711
3.848% due 04/12/23		200,000		214,950
Bank of America Corp 0.810% due 10/24/24		1,000,000		1,009,689
1.486% due 05/19/24		250,000		255,982
2.816% due 07/21/23		250,000		259,679
3.004% due 12/20/23		500,000		526,702
3.124% due 01/20/23		900,000		925,962
3.300% due 01/11/23		900,000		954,421
3.550% due 03/05/24		750,000		801,584
3.864% due 07/23/24		1,150,000		1,247,209
Bank of America NA 3.335% due 01/25/23		250,000		258,210


	Principal Amount		Value
Bank of Montreal (Canada) 0.450% due 12/08/23	$	180,000	$	180,686
2.050% due 11/01/22		490,000		505,915
2.350% due 09/11/22		200,000		207,152
2.900% due 03/26/22		500,000		516,332
Bank of New York Mellon Corp 0.350% due 12/07/23		415,000		415,928
Barclays Bank PLC (United Kingdom) 1.700% due 05/12/22		500,000		508,926
Barclays PLC (United Kingdom) 1.007% due 12/10/24		345,000		347,508
3.684% due 01/10/23		250,000		257,747
4.338% due 05/16/24		450,000		487,176
4.610% due 02/15/23		300,000		313,225
BBVA USA 3.500% due 06/11/21		250,000		252,841
Berkshire Hathaway Inc 3.000% due 02/11/23		300,000		316,669
3.400% due 01/31/22		200,000		206,858
3.750% due 08/15/21		200,000		204,310
BlackRock Inc 3.375% due 06/01/22		200,000		208,713
Blackstone Secured Lending Fund 3.650% due 07/14/23 ~		100,000		104,043
BNP Paribas SA (France) 3.250% due 03/03/23		200,000		212,675
Boston Properties LP REIT 3.850% due 02/01/23		400,000		425,754
Canadian Imperial Bank of Commerce (Canada) 0.500% due 12/14/23		250,000		250,810
0.950% due 06/23/23		440,000		445,952
2.606% due 07/22/23		250,000		258,684
3.500% due 09/13/23		250,000		271,529
Capital One Bank USA NA 3.375% due 02/15/23		1,050,000		1,110,740
Capital One Financial Corp 2.600% due 05/11/23		342,000		358,700
3.050% due 03/09/22		100,000		103,063
CC Holdings GS V LLC REIT 3.849% due 04/15/23		450,000		483,108
Chubb INA Holdings Inc 2.875% due 11/03/22		300,000		312,893
Citigroup Inc 0.776% due 10/30/24		1,250,000		1,258,717
1.678% due 05/15/24		750,000		772,984
2.700% due 10/27/22		400,000		416,141
2.750% due 04/25/22		800,000		824,039
2.876% due 07/24/23		650,000		675,342
3.500% due 05/15/23		250,000		267,904
4.044% due 06/01/24		200,000		217,551
Citizens Bank NA 3.250% due 02/14/22		250,000		257,458
CME Group Inc 3.000% due 09/15/22		250,000		261,542
Comerica Inc 3.700% due 07/31/23		250,000		269,953
Cooperatieve Rabobank UA (Netherlands) 2.750% due 01/10/22		600,000		615,117
3.875% due 02/08/22		250,000		259,991
3.950% due 11/09/22		500,000		531,602
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		1,100,000		1,116,957
2.800% due 04/08/22		250,000		258,129
Credit Suisse Group Funding Guernsey Ltd (Switzerland) 3.800% due 09/15/22		750,000		792,378
Crown Castle International Corp REIT 3.150% due 07/15/23		200,000		212,868


	Principal Amount		Value
Deutsche Bank AG (Germany) 2.222% due 09/18/24	$	900,000	$	926,408
3.300% due 11/16/22		350,000		365,212
3.950% due 02/27/23		100,000		106,312
Discover Bank 3.350% due 02/06/23		350,000		369,513
4.200% due 08/08/23		300,000		328,131
Fifth Third Bancorp 1.625% due 05/05/23		90,000		92,874
Fifth Third Bank 1.800% due 01/30/23		300,000		308,695
3.350% due 07/26/21		200,000		202,958
First Horizon Corp 3.550% due 05/26/23		100,000		106,301
First Republic Bank 1.912% (SOFR + 0.620%) due 02/12/24		250,000		257,508
FNB Corp 2.200% due 02/24/23		35,000		35,683
HSBC Holdings PLC (United Kingdom) 3.033% due 11/22/23		300,000		315,391
3.262% due 03/13/23		800,000		826,962
3.600% due 05/25/23		400,000		430,368
3.950% due 05/18/24		650,000		701,331
Huntington Bancshares Inc 2.300% due 01/14/22		92,000		93,669
3.150% due 03/14/21		156,000		156,483
ING Groep NV (Netherlands) 3.150% due 03/29/22		350,000		362,023
4.100% due 10/02/23		250,000		274,780
Intercontinental Exchange Inc 0.700% due 06/15/23		570,000		575,295
4.000% due 10/15/23		323,000		355,372
International Lease Finance Corp 5.875% due 08/15/22		500,000		540,403
JPMorgan Chase & Co 0.653% due 09/16/24		400,000		402,197
1.514% due 06/01/24		1,300,000		1,335,093
2.776% due 04/25/23		300,000		309,812
3.200% due 01/25/23		200,000		211,775
3.207% due 04/01/23		890,000		923,073
3.250% due 09/23/22		500,000		526,014
3.559% due 04/23/24		750,000		804,076
3.797% due 07/23/24		600,000		651,432
4.023% due 12/05/24		500,000		551,003
KeyBank NA 0.423% due 01/03/24		250,000		250,350
1.250% due 03/10/23		250,000		254,965
2.300% due 09/14/22		250,000		258,490
2.400% due 06/09/22		250,000		257,370
Kimco Realty Corp REIT 3.400% due 11/01/22		250,000		262,663
Lincoln National Corp 4.000% due 09/01/23		250,000		272,953
Lloyds Banking Group PLC (United Kingdom) 2.858% due 03/17/23		500,000		514,011
2.907% due 11/07/23		350,000		365,812
3.000% due 01/11/22		300,000		307,791
4.050% due 08/16/23		750,000		820,098
Manufacturers & Traders Trust Co 2.500% due 05/18/22		250,000		257,265
Marsh & McLennan Cos Inc 2.750% due 01/30/22		350,000		358,366
MetLife Inc 4.368% due 09/15/23		250,000		277,104
Mitsubishi UFJ Financial Group Inc (Japan) 0.848% due 09/15/24		850,000		855,300
2.623% due 07/18/22		800,000		827,465
2.665% due 07/25/22		500,000		517,607
3.218% due 03/07/22		200,000		206,827


	Principal Amount		Value
3.761% due 07/26/23	$	250,000	$	271,154
Mizuho Financial Group Inc (Japan) 0.849% due 09/08/24		200,000		201,216
1.241% due 07/10/24		400,000		406,709
2.721% due 07/16/23		200,000		206,620
2.273% due 09/13/21		300,000		304,028
3.549% due 03/05/23		400,000		426,135
Morgan Stanley 0.560% due 11/10/23		375,000		375,958
2.750% due 05/19/22		500,000		516,452
3.125% due 01/23/23		350,000		369,471
3.737% due 04/24/24		1,200,000		1,291,541
3.750% due 02/25/23		500,000		536,223
4.100% due 05/22/23		350,000		379,960
4.875% due 11/01/22		350,000		377,288
MUFG Union Bank NA 2.100% due 12/09/22		250,000		258,081
3.150% due 04/01/22		250,000		258,247
Nasdaq Inc 0.445% due 12/21/22		100,000		100,129
National Australia Bank Ltd (Australia) 1.875% due 12/13/22		500,000		516,178
3.625% due 06/20/23		250,000		270,216
National Bank of Canada (Canada) 0.550% due 11/15/24		350,000		351,205
2.100% due 02/01/23		250,000		258,342
Natwest Group PLC (United Kingdom) 2.359% due 05/22/24		200,000		208,216
3.498% due 05/15/23		400,000		415,371
3.875% due 09/12/23		1,220,000		1,324,336
4.519% due 06/25/24		300,000		327,755
Omega Healthcare Investors Inc REIT 4.375% due 08/01/23		250,000		270,602
ORIX Corp (Japan) 2.900% due 07/18/22		200,000		207,406
People’s United Financial Inc 3.650% due 12/06/22		200,000		209,650
Piedmont Operating Partnership LP REIT 3.400% due 06/01/23		190,000		197,887
PNC Bank NA 2.450% due 07/28/22		250,000		258,275
2.700% due 11/01/22		1,000,000		1,042,124
Prudential Financial Inc 5.625% due 06/15/43		200,000		214,586
5.875% due 09/15/42		200,000		214,952
Public Storage REIT 2.370% due 09/15/22		200,000		206,827
Realty Income Corp REIT 3.250% due 10/15/22		250,000		260,726
Royal Bank of Canada (Canada) 0.500% due 10/26/23		520,000		523,052
1.600% due 04/17/23		500,000		514,318
1.950% due 01/17/23		150,000		154,990
2.800% due 04/29/22		200,000		206,798
Santander Holdings USA Inc 3.700% due 03/28/22		500,000		516,410
Santander UK PLC (United Kingdom) 2.100% due 01/13/23		700,000		723,476
3.750% due 11/15/21		200,000		205,864
Simon Property Group LP REIT 2.625% due 06/15/22		100,000		102,637
2.750% due 02/01/23		200,000		208,645
Skandinaviska Enskilda Banken AB (Sweden) 2.800% due 03/11/22		250,000		257,419
SL Green Operating Partnership LP REIT 3.250% due 10/15/22		250,000		258,221
Sumitomo Mitsui Banking Corp (Japan) 3.000% due 01/18/23		250,000		263,259
3.950% due 07/19/23		250,000		272,279


	Principal Amount		Value
Sumitomo Mitsui Financial Group Inc (Japan) 2.846% due 01/11/22	$	500,000	$	512,680
3.102% due 01/17/23		1,000,000		1,055,283
Svenska Handelsbanken AB (Sweden) 3.900% due 11/20/23		300,000		330,548
Synchrony Financial 2.850% due 07/25/22		295,000		304,711
The Allstate Corp 3.150% due 06/15/23		250,000		266,896
The Bank of New York Mellon Corp 1.850% due 01/27/23		480,000		495,105
1.950% due 08/23/22		210,000		216,085
3.450% due 08/11/23		500,000		540,785
3.500% due 04/28/23		250,000		268,267
The Bank of Nova Scotia (Canada) 0.550% due 09/15/23		150,000		150,632
1.625% due 05/01/23		250,000		257,266
1.950% due 02/01/23		500,000		516,499
2.000% due 11/15/22		500,000		516,504
The Charles Schwab Corp 2.650% due 01/25/23		250,000		262,054
The Goldman Sachs Group Inc 0.627% due 11/17/23		285,000		286,248
2.905% due 07/24/23		1,100,000		1,142,816
2.908% due 06/05/23		250,000		258,852
3.000% due 04/26/22		600,000		604,893
3.200% due 02/23/23		1,050,000		1,109,723
3.625% due 01/22/23		500,000		533,697
The PNC Financial Services Group Inc 2.854% due 11/09/22		200,000		209,456
The Toronto-Dominion Bank (Canada) 0.450% due 09/11/23		500,000		501,601
0.750% due 06/12/23		165,000		166,797
1.900% due 12/01/22		500,000		516,067
3.500% due 07/19/23		200,000		216,524
The Western Union Co 3.600% due 03/15/22		300,000		309,948
Truist Bank 1.250% due 03/09/23		750,000		765,080
Truist Financial Corp 2.200% due 03/16/23		400,000		415,285
2.700% due 01/27/22		500,000		511,938
2.750% due 04/01/22		200,000		205,814
3.050% due 06/20/22		350,000		363,330
3.750% due 12/06/23		250,000		274,758
US Bank NA 1.800% due 01/21/22		250,000		253,864
1.950% due 01/09/23		500,000		516,125
2.650% due 05/23/22		250,000		257,945
3.150% due 04/26/21		250,000		251,666
3.400% due 07/24/23		250,000		268,687
Ventas Realty LP REIT 3.100% due 01/15/23		200,000		210,001
Visa Inc 2.150% due 09/15/22		200,000		206,267
2.800% due 12/14/22		350,000		366,269
Wells Fargo & Co 1.654% due 06/02/24		1,010,000		1,037,806
2.625% due 07/22/22		350,000		362,391
3.069% due 01/24/23		500,000		514,337
3.450% due 02/13/23		150,000		159,053
3.500% due 03/08/22		1,000,000		1,036,916
4.125% due 08/15/23		500,000		546,489
Wells Fargo Bank NA 3.550% due 08/14/23		700,000		756,327


	Principal Amount		Value
Westpac Banking Corp (Australia) 2.000% due 01/13/23		$560,000		$579,801
2.500% due 06/28/22		250,000		258,666
2.800% due 01/11/22		300,000		307,851

				91,279,020

Industrial - 6.8%

3M Co 2.750% due 03/01/22		100,000		102,978
ABB Finance USA Inc (Switzerland) 2.875% due 05/08/22		300,000		310,187
Agilent Technologies Inc 3.875% due 07/15/23		250,000		269,148
Burlington Northern Santa Fe LLC 3.050% due 09/01/22		400,000		415,729
3.850% due 09/01/23		200,000		216,872
Caterpillar Financial Services Corp 0.450% due 09/14/23		430,000		431,800
0.650% due 07/07/23		300,000		302,606
0.950% due 05/13/22		200,000		201,832
1.900% due 09/06/22		895,000		920,166
1.950% due 11/18/22		250,000		258,068
CNH Industrial Capital LLC 1.950% due 07/02/23		330,000		339,819
4.375% due 04/05/22		200,000		209,062
Deere & Co 2.600% due 06/08/22		500,000		514,479
Eaton Corp 2.750% due 11/02/22		350,000		365,325
Emerson Electric Co 2.625% due 12/01/21		300,000		305,804
FedEx Corp 2.625% due 08/01/22		200,000		207,041
3.400% due 01/14/22		140,000		144,463
Fortune Brands Home & Security Inc 4.000% due 09/21/23		250,000		272,510
General Dynamics Corp 2.250% due 11/15/22		250,000		258,013
3.375% due 05/15/23		150,000		160,447
General Electric Co 2.700% due 10/09/22		600,000		626,098
Honeywell International Inc 0.483% due 08/19/22		480,000		480,792
2.150% due 08/08/22		445,000		457,064
Jabil Inc 4.700% due 09/15/22		200,000		213,139
John Deere Capital Corp 0.400% due 10/10/23		275,000		276,430
0.550% due 07/05/22		110,000		110,556
0.700% due 07/05/23		700,000		707,629
1.950% due 06/13/22		105,000		107,564
2.150% due 09/08/22		100,000		103,459
2.800% due 03/06/23		200,000		211,209
2.950% due 04/01/22		90,000		93,013
Lockheed Martin Corp 3.350% due 09/15/21		139,000		141,939
Masco Corp 5.950% due 03/15/22		200,000		213,009
Norfolk Southern Corp 3.000% due 04/01/22		200,000		205,387
Northrop Grumman Corp 2.550% due 10/15/22		250,000		259,734
3.250% due 08/01/23		300,000		322,709
Packaging Corp of America 4.500% due 11/01/23		250,000		275,780
Parker-Hannifin Corp 3.500% due 09/15/22		200,000		210,159
Precision Castparts Corp 2.500% due 01/15/23		200,000		207,896


	Principal Amount		Value
Raytheon Technologies Corp 2.500% due 12/15/22		$250,000		$259,193
2.800% due 03/15/22		300,000		308,608
Roper Technologies Inc 0.450% due 08/15/22		450,000		450,823
Ryder System Inc 2.800% due 03/01/22		300,000		307,813
2.875% due 06/01/22		60,000		61,999
3.750% due 06/09/23		100,000		107,660
The Boeing Co 2.300% due 08/01/21		280,000		282,597
2.700% due 05/01/22		85,000		87,405
4.508% due 05/01/23		500,000		540,618
8.750% due 08/15/21		200,000		209,941
Union Pacific Corp 2.950% due 03/01/22		55,000		56,721
3.200% due 06/08/21		135,000		136,679
3.500% due 06/08/23		150,000		160,908
4.163% due 07/15/22		200,000		209,914
United Parcel Service Inc 2.500% due 04/01/23		200,000		209,301

				14,820,095

Technology - 7.6%

Adobe Inc 1.700% due 02/01/23		95,000		97,833
Analog Devices Inc 2.500% due 12/05/21		150,000		152,725
Apple Inc 0.750% due 05/11/23		1,345,000		1,361,754
1.700% due 09/11/22		200,000		205,115
2.100% due 09/12/22		250,000		257,811
2.150% due 02/09/22		300,000		306,262
2.300% due 05/11/22		500,000		514,039
2.400% due 05/03/23		200,000		209,852
2.700% due 05/13/22		300,000		310,661
2.850% due 02/23/23		350,000		367,634
Broadcom Corp 2.650% due 01/15/23		250,000		260,168
Broadcom Inc 2.250% due 11/15/23		250,000		261,258
3.125% due 10/15/22		400,000		418,761
Dell International LLC 5.450% due 06/15/23 ~		850,000		940,369
DXC Technology Co 4.000% due 04/15/23		350,000		372,522
Fidelity National Information Services Inc 3.500% due 04/15/23		200,000		212,364
Fiserv Inc 3.500% due 10/01/22		250,000		261,631
3.800% due 10/01/23		350,000		381,387
Hewlett Packard Enterprise Co 2.250% due 04/01/23		200,000		207,341
3.500% due 10/05/21		125,000		127,655
4.400% due 10/15/22		350,000		371,868
4.450% due 10/02/23		500,000		550,354
HP Inc 4.050% due 09/15/22		300,000		318,295
IBM Credit LLC 3.000% due 02/06/23		250,000		264,815
Intel Corp 2.700% due 12/15/22		400,000		419,023
3.100% due 07/29/22		200,000		209,271
International Business Machines Corp 1.875% due 08/01/22		300,000		308,380
2.500% due 01/27/22		300,000		307,020
2.850% due 05/13/22		500,000		517,849
2.875% due 11/09/22		150,000		157,755
3.375% due 08/01/23		250,000		270,211


	Principal Amount		Value
Intuit Inc 0.650% due 07/15/23	$	65,000	$	65,581
Leidos Inc 2.950% due 05/15/23 ~		35,000		36,911
Microchip Technology Inc 4.333% due 06/01/23		200,000		216,635
Micron Technology Inc 2.497% due 04/24/23		305,000		318,063
Microsoft Corp 2.000% due 08/08/23		1,000,000		1,043,528
2.375% due 05/01/23		250,000		261,341
2.400% due 02/06/22		250,000		255,168
2.650% due 11/03/22		100,000		104,186
Oracle Corp 2.400% due 09/15/23		600,000		631,169
2.500% due 05/15/22		800,000		821,514
2.500% due 10/15/22		300,000		311,917
2.625% due 02/15/23		250,000		261,820
QUALCOMM Inc 2.600% due 01/30/23		350,000		367,169
3.000% due 05/20/22		300,000		311,398
salesforce.com Inc 3.250% due 04/11/23		200,000		213,117
Texas Instruments Inc 1.850% due 05/15/22		250,000		255,087
VMware Inc 2.950% due 08/21/22		350,000		363,173

				16,759,760

Utilities - 4.7%

American Electric Power Co Inc 0.750% due 11/01/23		185,000		185,451
3.650% due 12/01/21		200,000		206,219
Berkshire Hathaway Energy Co 2.800% due 01/15/23		300,000		314,515
CenterPoint Energy Inc 2.500% due 09/01/22		200,000		206,849
Consolidated Edison Inc 0.650% due 12/01/23		200,000		200,438
Consumers Energy Co 0.350% due 06/01/23		125,000		125,204
Dominion Energy Inc 2.000% due 08/15/21		200,000		201,712
2.715% due 08/15/21		420,000		425,283
DTE Energy Co 0.550% due 11/01/22		395,000		396,505
2.250% due 11/01/22		100,000		103,526
2.600% due 06/15/22		105,000		108,307
Duke Energy Carolinas LLC 3.350% due 05/15/22		250,000		260,454
Duke Energy Corp 3.550% due 09/15/21		250,000		253,582
Duke Energy Florida LLC 3.100% due 08/15/21		500,000		505,109
Edison International 3.125% due 11/15/22		35,000		36,359
Entergy Louisiana LLC 0.620% due 11/17/23		250,000		250,857
Exelon Corp 3.497% due 06/01/22		200,000		208,073
Exelon Generation Co LLC 3.400% due 03/15/22		600,000		619,648
ITC Holdings Corp 2.700% due 11/15/22		200,000		208,242
National Rural Utilities Cooperative Finance Corp 1.750% due 01/21/22		45,000		45,747
2.400% due 04/25/22		200,000		205,219
3.050% due 02/15/22		350,000		358,053


	Principal Amount		Value
NextEra Energy Capital Holdings Inc 2.403% due 09/01/21		$500,000		$506,938
2.900% due 04/01/22		100,000		103,205
4.500% due 06/01/21		150,000		150,981
Oncor Electric Delivery Co LLC 4.100% due 06/01/22		250,000		260,604
Pacific Gas and Electric Co 1.750% due 06/16/22		430,000		431,248
4.250% due 08/01/23		250,000		268,565
PPL Capital Funding Inc 4.200% due 06/15/22		350,000		365,550
Public Service Co of New Hampshire 3.500% due 11/01/23		250,000		270,156
Public Service Enterprise Group Inc 2.650% due 11/15/22		250,000		260,716
Sempra Energy 2.900% due 02/01/23		200,000		209,966
Southern California Edison Co 2.900% due 03/01/21		100,000		100,410
3.875% due 06/01/21		250,000		251,384
Southern Power Co 2.500% due 12/15/21		300,000		305,643
The Connecticut Light & Power Co 2.500% due 01/15/23		350,000		363,627
The Southern Co 2.950% due 07/01/23		500,000		529,929
WEC Energy Group Inc 0.550% due 09/15/23		250,000		251,400
Xcel Energy Inc 0.500% due 10/15/23		80,000		80,275
2.400% due 03/15/21		200,000		200,448

				10,336,397


Total Corporate Bonds & Notes (Cost $213,316,510)				217,117,704


	Shares

SHORT-TERM INVESTMENT - 0.7%

Money Market Fund - 0.7%

BlackRock Liquidity Funds T-Fund Institutional 0.000%		1,505,293		1,505,293


Total Short-Term Investment (Cost $1,505,293)				1,505,293


TOTAL INVESTMENTS - 99.7% (Cost $214,821,803)				218,622,997

OTHER ASSETS & LIABILITIES, NET - 0.3%				673,406


NET ASSETS - 100.0%				$219,296,403

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			41.6%
Consumer, Non-Cyclical			17.2%
Technology			7.6%
Consumer, Cyclical			7.3%
Energy			6.8%
Industrial			6.8%
Communications			5.1%
Utilities			4.7%
Others (each less than 3.0%)			2.6%

			99.7%
Other Assets & Liabilities, Net			0.3%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Principal Amount		Value
CORPORATE BONDS & NOTES - 29.3%

Basic Materials - 0.8%

Air Products & Chemicals Inc 3.350% due 07/31/24		$100,000		$109,139
Albemarle Corp 5.450% due 12/01/44		50,000		59,956
Celanese US Holdings LLC 4.625% due 11/15/22		30,000		32,216
DuPont de Nemours Inc 2.169% due 05/01/23		400,000		405,413
4.493% due 11/15/25		100,000		116,786
4.725% due 11/15/28		150,000		184,831
5.319% due 11/15/38		65,000		88,039
5.419% due 11/15/48		75,000		108,991
Eastman Chemical Co 3.800% due 03/15/25		100,000		111,226
4.650% due 10/15/44		50,000		63,298
4.800% due 09/01/42		100,000		128,153
Ecolab Inc 2.375% due 08/10/22		200,000		206,251
Fibria Overseas Finance Ltd (Brazil) 5.500% due 01/17/27		50,000		57,001
FMC Corp 4.100% due 02/01/24		50,000		54,470
Georgia-Pacific LLC 8.875% due 05/15/31		100,000		161,743
Huntsman International LLC 4.500% due 05/01/29		45,000		51,913
International Paper Co 4.350% due 08/15/48		100,000		130,973
6.000% due 11/15/41		200,000		293,346
Kinross Gold Corp (Canada) 5.950% due 03/15/24		100,000		113,842
Linde Inc 1.100% due 08/10/30		50,000		49,515
2.000% due 08/10/50		30,000		28,129
2.200% due 08/15/22		100,000		102,565
LYB International Finance III LLC 1.250% due 10/01/25		20,000		20,364
2.250% due 10/01/30		25,000		25,872
3.375% due 05/01/30		250,000		280,498
3.375% due 10/01/40		30,000		32,126
3.625% due 04/01/51		40,000		43,793
3.800% due 10/01/60		30,000		32,409
4.200% due 05/01/50		300,000		350,234
LyondellBasell Industries NV 4.625% due 02/26/55		75,000		90,484
Newmont Corp 2.250% due 10/01/30		65,000		68,486
5.875% due 04/01/35		100,000		145,700
Nucor Corp 2.000% due 06/01/25		250,000		264,977
2.979% due 12/15/55 ~		25,000		26,097
4.000% due 08/01/23		25,000		27,033
4.125% due 09/15/22		50,000		52,708
Nutrien Ltd (Canada) 1.900% due 05/13/23		15,000		15,502
2.950% due 05/13/30		50,000		55,068
4.200% due 04/01/29		55,000		65,780
5.250% due 01/15/45		145,000		197,796
PPG Industries Inc 2.800% due 08/15/29		50,000		54,852
Reliance Steel & Aluminum Co 1.300% due 08/15/25		40,000		40,663
Rio Tinto Finance USA Ltd (Australia) 7.125% due 07/15/28		50,000		70,422
Rio Tinto Finance USA PLC (Australia) 4.750% due 03/22/42		200,000		278,910


	Principal Amount		Value
RPM International Inc 5.250% due 06/01/45	$	50,000	$	61,373
Southern Copper Corp (Peru) 5.250% due 11/08/42		150,000		201,087
7.500% due 07/27/35		50,000		76,396
Steel Dynamics Inc 1.650% due 10/15/27		10,000		10,318
2.400% due 06/15/25		15,000		15,956
3.250% due 01/15/31		40,000		44,799
3.250% due 10/15/50		20,000		20,929
Suzano Austria GmbH (Brazil) 3.750% due 01/15/31		125,000		132,781
Teck Resources Ltd (Canada) 3.900% due 07/15/30		250,000		278,715
The Dow Chemical Co 2.100% due 11/15/30		250,000		256,588
3.600% due 11/15/50		250,000		280,901
4.250% due 10/01/34		200,000		241,825
4.800% due 05/15/49		65,000		87,584
The Mosaic Co 5.450% due 11/15/33		163,000		203,000
The Sherwin-Williams Co 3.125% due 06/01/24		25,000		27,135
3.450% due 06/01/27		60,000		68,114
3.950% due 01/15/26		150,000		171,747
4.000% due 12/15/42		50,000		58,778
4.500% due 06/01/47		29,000		38,793
Vale Overseas Ltd (Brazil) 6.875% due 11/21/36		150,000		220,220
8.250% due 01/17/34		100,000		154,150
Westlake Chemical Corp 4.375% due 11/15/47		100,000		119,079

				7,667,838

Communications - 2.9%

Alibaba Group Holding Ltd (China) 3.600% due 11/28/24		200,000		220,350
Alphabet Inc 0.800% due 08/15/27		150,000		149,426
1.900% due 08/15/40		150,000		147,226
1.998% due 08/15/26		200,000		214,556
2.250% due 08/15/60		150,000		145,243
Amazon.com Inc 0.800% due 06/03/25		565,000		573,782
1.500% due 06/03/30		85,000		86,395
2.400% due 02/22/23		200,000		208,835
2.500% due 06/03/50		40,000		41,505
2.700% due 06/03/60		300,000		321,217
3.875% due 08/22/37		195,000		243,264
4.050% due 08/22/47		70,000		92,436
4.250% due 08/22/57		100,000		142,501
5.200% due 12/03/25		50,000		60,856
America Movil SAB de CV (Mexico) 2.875% due 05/07/30		200,000		217,010
6.375% due 03/01/35		125,000		188,461
AT&T Inc 1.650% due 02/01/28		300,000		306,348
2.250% due 02/01/32		165,000		167,605
2.300% due 06/01/27		550,000		586,906
2.550% due 12/01/33 ~		250,000		257,626
2.750% due 06/01/31		100,000		106,925
3.500% due 06/01/41		100,000		107,971
3.500% due 09/15/53 ~		197,000		197,011
3.550% due 09/15/55 ~		433,000		431,552
3.650% due 06/01/51		350,000		366,500
3.650% due 09/15/59 ~		121,000		121,603
3.800% due 12/01/57 ~		200,000		208,552
3.850% due 06/01/60		45,000		47,270
4.125% due 02/17/26		300,000		347,339
4.250% due 03/01/27		100,000		116,994


	Principal Amount		Value
4.300% due 12/15/42	$	393,000	$	459,088
4.350% due 03/01/29		150,000		178,897
4.350% due 06/15/45		177,000		204,511
4.500% due 05/15/35		90,000		109,248
4.550% due 03/09/49		100,000		120,592
4.850% due 03/01/39		70,000		87,185
5.350% due 09/01/40		161,000		210,985
Baidu Inc (China) 2.875% due 07/06/22		300,000		309,218
Bell Canada (Canada) 4.464% due 04/01/48		65,000		86,939
Booking Holdings Inc 3.600% due 06/01/26		50,000		56,855
4.625% due 04/13/30		200,000		248,674
British Telecommunications PLC (United Kingdom) 5.125% due 12/04/28		200,000		246,259
9.625% due 12/15/30		50,000		82,965
Charter Communications Operating LLC 3.750% due 02/15/28		100,000		112,249
3.850% due 04/01/61		300,000		302,329
4.200% due 03/15/28		200,000		230,822
4.464% due 07/23/22		100,000		105,450
4.500% due 02/01/24		100,000		110,966
4.908% due 07/23/25		150,000		174,381
5.125% due 07/01/49		100,000		122,057
5.375% due 05/01/47		50,000		62,408
6.384% due 10/23/35		70,000		96,034
6.484% due 10/23/45		165,000		234,299
6.834% due 10/23/55		50,000		75,901
Cisco Systems Inc 2.600% due 02/28/23		50,000		52,570
2.950% due 02/28/26		50,000		55,776
3.000% due 06/15/22		60,000		62,419
Comcast Corp 1.500% due 02/15/31		200,000		198,784
1.950% due 01/15/31		140,000		144,090
2.350% due 01/15/27		40,000		43,072
2.450% due 08/15/52		100,000		97,414
2.800% due 01/15/51		55,000		57,287
3.000% due 02/01/24		100,000		107,694
3.100% due 04/01/25		100,000		110,107
3.300% due 02/01/27		100,000		113,021
3.400% due 07/15/46		55,000		63,304
3.700% due 04/15/24		85,000		93,547
3.750% due 04/01/40		155,000		186,761
3.950% due 10/15/25		100,000		114,938
3.999% due 11/01/49		211,000		266,106
4.000% due 08/15/47		100,000		125,684
4.049% due 11/01/52		97,000		124,187
4.150% due 10/15/28		95,000		114,384
4.250% due 10/15/30		420,000		517,305
4.400% due 08/15/35		77,000		98,566
4.600% due 10/15/38		85,000		112,007
4.600% due 08/15/45		77,000		104,185
4.700% due 10/15/48		325,000		452,858
4.750% due 03/01/44		300,000		411,415
4.950% due 10/15/58		80,000		121,467
Corning Inc 4.375% due 11/15/57		100,000		125,061
4.700% due 03/15/37		50,000		61,233
5.350% due 11/15/48		100,000		141,713
Deutsche Telekom International Finance BV (Germany) 8.750% due 06/15/30		185,000		292,740
Discovery Communications LLC 3.450% due 03/15/25		100,000		109,822
3.800% due 03/13/24		100,000		109,157
3.950% due 03/20/28		60,000		68,881
4.000% due 09/15/55 ~		118,000		132,084


	Principal Amount		Value
5.200% due 09/20/47	$	30,000	$	39,081
E*TRADE Financial Corp 3.800% due 08/24/27		15,000		17,319
4.500% due 06/20/28		50,000		60,161
eBay Inc 1.900% due 03/11/25		50,000		52,606
2.700% due 03/11/30		100,000		107,688
2.750% due 01/30/23		50,000		52,383
3.600% due 06/05/27		50,000		56,721
Expedia Group Inc 3.800% due 02/15/28		50,000		53,747
4.500% due 08/15/24		200,000		218,455
FOX Corp 3.050% due 04/07/25		150,000		164,240
5.576% due 01/25/49		200,000		292,360
JD.com Inc (China) 4.125% due 01/14/50		200,000		223,919
Juniper Networks Inc 3.750% due 08/15/29		100,000		115,410
Motorola Solutions Inc 4.600% due 02/23/28		100,000		120,667
Omnicom Group Inc 3.600% due 04/15/26		50,000		57,082
3.625% due 05/01/22		100,000		104,329
Orange SA (France) 5.375% due 01/13/42		150,000		213,076
9.000% due 03/01/31		50,000		82,266
Rogers Communications Inc (Canada) 4.300% due 02/15/48		85,000		108,782
4.350% due 05/01/49		75,000		97,114
4.500% due 03/15/43		25,000		31,850
5.000% due 03/15/44		100,000		137,315
T-Mobile USA Inc 2.250% due 11/15/31 ~		50,000		51,411
2.550% due 02/15/31 ~		300,000		315,396
3.000% due 02/15/41 ~		20,000		20,772
3.300% due 02/15/51 ~		50,000		51,535
3.500% due 04/15/25 ~		200,000		221,196
3.600% due 11/15/60 ~		220,000		233,929
3.875% due 04/15/30 ~		300,000		347,778
4.500% due 04/15/50 ~		200,000		247,052
TD Ameritrade Holding Corp 2.950% due 04/01/22		100,000		102,913
3.750% due 04/01/24		50,000		54,943
Telefonica Emisiones SA (Spain) 5.213% due 03/08/47		150,000		193,682
7.045% due 06/20/36		150,000		223,983
Telefonica Europe BV (Spain) 8.250% due 09/15/30		250,000		382,082
TELUS Corp (Canada) 4.600% due 11/16/48		100,000		131,476
The Walt Disney Co 1.650% due 09/01/22		20,000		20,462
1.750% due 08/30/24		50,000		52,162
1.750% due 01/13/26		70,000		73,398
2.000% due 09/01/29		35,000		36,590
2.200% due 01/13/28		350,000		375,070
2.650% due 01/13/31		60,000		65,798
2.750% due 09/01/49		45,000		47,611
3.375% due 11/15/26		200,000		226,189
3.600% due 01/13/51		200,000		242,768
4.700% due 03/23/50		200,000		282,505
5.400% due 10/01/43		100,000		146,307
6.400% due 12/15/35		39,000		60,492
6.650% due 11/15/37		150,000		237,111
Thomson Reuters Corp (Canada) 5.650% due 11/23/43		150,000		203,525
5.850% due 04/15/40		25,000		35,017
Time Warner Cable LLC 5.875% due 11/15/40		150,000		200,602


	Principal Amount		Value
6.550% due 05/01/37	$	100,000	$	137,276
6.750% due 06/15/39		50,000		71,247
7.300% due 07/01/38		150,000		222,549
TWDC Enterprises 18 Corp 2.350% due 12/01/22		100,000		103,867
Verizon Communications Inc 0.850% due 11/20/25		100,000		100,810
1.500% due 09/18/30		90,000		88,652
1.750% due 01/20/31		100,000		99,622
2.650% due 11/20/40		100,000		101,138
2.875% due 11/20/50		100,000		100,853
2.987% due 10/30/56 ~		683,000		687,577
3.000% due 11/20/60		90,000		90,625
3.150% due 03/22/30		500,000		560,871
3.376% due 02/15/25		200,000		222,174
4.000% due 03/22/50		250,000		303,284
4.125% due 03/16/27		300,000		353,905
4.272% due 01/15/36		57,000		70,698
4.522% due 09/15/48		309,000		402,980
5.150% due 09/15/23		150,000		169,168
ViacomCBS Inc 2.900% due 01/15/27		50,000		54,922
3.375% due 02/15/28		55,000		61,856
3.875% due 04/01/24		100,000		109,362
4.200% due 05/19/32		300,000		361,985
4.375% due 03/15/43		70,000		82,701
5.900% due 10/15/40		50,000		66,903
6.875% due 04/30/36		100,000		144,824
7.875% due 07/30/30		100,000		149,448
Vodafone Group PLC (United Kingdom) 3.750% due 01/16/24		295,000		322,505
5.000% due 05/30/38		40,000		52,339
5.125% due 06/19/59		100,000		138,019
5.250% due 05/30/48		75,000		104,349
6.150% due 02/27/37		150,000		216,444
7.875% due 02/15/30		50,000		74,254
Weibo Corp (China) 3.375% due 07/08/30		200,000		204,471
WPP Finance 2010 (United Kingdom) 3.625% due 09/07/22		100,000		105,108

				28,868,328

Consumer, Cyclical - 1.6%

Advance Auto Parts Inc 1.750% due 10/01/27		20,000		20,335
American Airlines Pass-Through Trust ‘AA’ 3.200% due 12/15/29		121,425		118,875
American Honda Finance Corp 0.400% due 10/21/22		200,000		200,329
1.200% due 07/08/25		50,000		51,190
2.900% due 02/16/24		250,000		267,569
3.625% due 10/10/23		25,000		27,224
Aptiv Corp 4.150% due 03/15/24		40,000		44,052
Aptiv PLC 4.250% due 01/15/26		50,000		57,696
4.400% due 10/01/46		100,000		107,790
AutoNation Inc 4.500% due 10/01/25		100,000		111,246
AutoZone Inc 1.650% due 01/15/31		85,000		84,560
3.750% due 06/01/27		100,000		114,918
Best Buy Co Inc 4.450% due 10/01/28		50,000		59,836
BorgWarner Inc 2.650% due 07/01/27		25,000		26,895
Choice Hotels International Inc 3.700% due 12/01/29		25,000		27,345
Continental Airlines Pass-Through Trust ‘A’ 4.000% due 04/29/26		19,510		19,785


	Principal Amount		Value
Costco Wholesale Corp 1.375% due 06/20/27	$	200,000	$	206,220
1.750% due 04/20/32		200,000		208,039
Cummins Inc 0.750% due 09/01/25		35,000		35,269
1.500% due 09/01/30		100,000		100,734
2.600% due 09/01/50		100,000		102,163
Daimler Finance North America LLC (Germany) 8.500% due 01/18/31		50,000		79,075
Darden Restaurants Inc 3.850% due 05/01/27		130,000		142,596
Delta Air Lines Pass Through Trust “AA” 2.000% due 12/10/29		48,505		48,581
3.204% due 10/25/25		25,000		25,741
Dollar General Corp 3.250% due 04/15/23		50,000		52,918
3.875% due 04/15/27		50,000		57,924
4.150% due 11/01/25		25,000		28,699
Dollar Tree Inc 3.700% due 05/15/23		45,000		48,184
4.200% due 05/15/28		45,000		53,569
General Motors Co 4.200% due 10/01/27		50,000		56,668
5.400% due 04/01/48		50,000		62,969
6.125% due 10/01/25		250,000		303,433
6.250% due 10/02/43		100,000		134,902
6.750% due 04/01/46		25,000		36,115
General Motors Financial Co Inc 3.500% due 11/07/24		100,000		108,160
3.550% due 07/08/22		350,000		365,134
3.600% due 06/21/30		350,000		390,956
3.700% due 05/09/23		200,000		212,105
3.950% due 04/13/24		100,000		108,954
4.000% due 10/06/26		50,000		56,322
4.150% due 06/19/23		250,000		269,031
Hasbro Inc 3.500% due 09/15/27		30,000		32,696
3.900% due 11/19/29		100,000		113,363
Hyatt Hotels Corp 4.850% due 03/15/26		25,000		28,016
JetBlue 2020-1 Class A Pass-Through Trust 4.000% due 05/15/34		15,000		16,256
Kohl’s Corp 3.250% due 02/01/23		100,000		103,793
4.250% due 07/17/25		50,000		54,313
5.550% due 07/17/45		50,000		53,937
Las Vegas Sands Corp 2.900% due 06/25/25		30,000		31,413
3.200% due 08/08/24		45,000		47,687
3.500% due 08/18/26		30,000		32,119
3.900% due 08/08/29		40,000		43,028
Leggett & Platt Inc 3.800% due 11/15/24		50,000		53,653
Lennar Corp 4.750% due 11/15/22		200,000		211,445
Lowe’s Cos Inc 1.300% due 04/15/28		20,000		20,181
1.700% due 10/15/30		20,000		20,215
3.000% due 10/15/50		15,000		16,053
3.120% due 04/15/22		100,000		102,941
3.650% due 04/05/29		35,000		40,854
3.700% due 04/15/46		250,000		296,450
3.875% due 09/15/23		100,000		108,597
4.500% due 04/15/30		250,000		311,271
Magna International Inc (Canada) 4.150% due 10/01/25		25,000		28,673
Marriott International Inc 3.125% due 06/15/26		200,000		213,496
3.500% due 10/15/32		40,000		43,843


	Principal Amount		Value
McDonald’s Corp 3.350% due 04/01/23	$	25,000	$	26,639
3.375% due 05/26/25		100,000		111,100
3.500% due 03/01/27		50,000		57,283
3.500% due 07/01/27		300,000		344,398
3.600% due 07/01/30		100,000		117,330
3.700% due 02/15/42		200,000		234,916
3.800% due 04/01/28		25,000		29,248
4.200% due 04/01/50		150,000		193,023
4.450% due 09/01/48		10,000		13,091
4.875% due 07/15/40		10,000		13,273
Mohawk Industries Inc 3.625% due 05/15/30		50,000		55,988
NIKE Inc 2.250% due 05/01/23		27,000		28,131
3.375% due 11/01/46		200,000		237,459
3.625% due 05/01/43		25,000		30,541
O’Reilly Automotive Inc 3.800% due 09/01/22		100,000		104,721
4.350% due 06/01/28		100,000		119,049
PACCAR Financial Corp 2.300% due 08/10/22		100,000		103,385
3.400% due 08/09/23		25,000		27,019
PulteGroup Inc 5.500% due 03/01/26		200,000		238,358
Ralph Lauren Corp 3.750% due 09/15/25		50,000		56,223
Ross Stores Inc 0.875% due 04/15/26		100,000		100,063
1.875% due 04/15/31		100,000		100,519
Sands China Ltd (Macau) 3.800% due 01/08/26 ~		350,000		374,661
Southwest Airlines Co 5.250% due 05/04/25		180,000		208,591
Starbucks Corp 2.450% due 06/15/26		50,000		54,054
3.500% due 03/01/28		100,000		114,712
3.500% due 11/15/50		200,000		229,964
3.550% due 08/15/29		100,000		116,399
3.750% due 12/01/47		35,000		40,954
4.300% due 06/15/45		35,000		43,806
4.450% due 08/15/49		100,000		131,921
Tapestry Inc 4.125% due 07/15/27		100,000		107,986
Target Corp 2.250% due 04/15/25		500,000		536,538
2.900% due 01/15/22		100,000		102,777
3.375% due 04/15/29		100,000		117,255
The Home Depot Inc 2.125% due 09/15/26		100,000		107,889
2.700% due 04/01/23		100,000		104,908
2.700% due 04/15/30		300,000		334,924
3.000% due 04/01/26		25,000		27,981
3.250% due 03/01/22		45,000		46,549
3.350% due 09/15/25		45,000		50,696
3.500% due 09/15/56		55,000		68,773
3.900% due 12/06/28		40,000		48,139
4.200% due 04/01/43		300,000		390,839
4.500% due 12/06/48		100,000		140,510
5.875% due 12/16/36		75,000		113,780
Toyota Motor Credit Corp 0.350% due 10/14/22		50,000		50,147
0.450% due 07/22/22		100,000		100,296
0.800% due 10/16/25		50,000		50,370
1.150% due 05/26/22		50,000		50,661
1.150% due 08/13/27		120,000		120,549
1.350% due 08/25/23		50,000		51,350
1.800% due 02/13/25		50,000		52,451
2.150% due 02/13/30		100,000		107,462
2.625% due 01/10/23		100,000		104,808


	Principal Amount		Value
2.650% due 04/12/22	$	250,000	$	257,414
3.200% due 01/11/27		100,000		112,453
3.350% due 01/08/24		100,000		108,633
United Airlines Pass-Through Trust ‘A’ 2.875% due 04/07/30		126,212		127,279
3.100% due 01/07/30		42,085		42,746
4.000% due 10/11/27		74,540		75,600
5.875% due 04/15/29		90,000		97,489
Walgreen Co 3.100% due 09/15/22		75,000		78,313
Walgreens Boots Alliance Inc 3.450% due 06/01/26		30,000		33,196
4.650% due 06/01/46		20,000		22,348
4.800% due 11/18/44		165,000		187,424
Walmart Inc 2.650% due 12/15/24		100,000		108,487
2.850% due 07/08/24		90,000		97,399
2.950% due 09/24/49		500,000		576,523
3.050% due 07/08/26		65,000		73,197
3.250% due 07/08/29		80,000		93,128
3.300% due 04/22/24		300,000		327,163
3.400% due 06/26/23		50,000		53,711
3.700% due 06/26/28		100,000		117,811
3.950% due 06/28/38		25,000		31,891
4.050% due 06/29/48		65,000		88,212
Whirlpool Corp 4.600% due 05/15/50		50,000		64,870
4.750% due 02/26/29		60,000		73,231
WW Grainger Inc 1.850% due 02/15/25		25,000		26,341
3.750% due 05/15/46		50,000		59,097
4.600% due 06/15/45		20,000		26,840

				16,263,652

Consumer, Non-Cyclical - 4.9%

Abbott Laboratories 2.950% due 03/15/25		100,000		109,764
3.400% due 11/30/23		70,000		75,902
3.750% due 11/30/26		227,000		266,058
4.750% due 11/30/36		100,000		137,812
4.900% due 11/30/46		100,000		148,101
6.150% due 11/30/37		25,000		39,340
AbbVie Inc 2.300% due 11/21/22		425,000		440,766
2.600% due 11/21/24		80,000		85,805
2.850% due 05/14/23		50,000		52,592
2.950% due 11/21/26		105,000		116,241
3.200% due 11/06/22		70,000		73,310
3.200% due 05/14/26		100,000		110,897
3.200% due 11/21/29		175,000		196,321
3.250% due 10/01/22		100,000		104,197
3.600% due 05/14/25		175,000		195,118
3.800% due 03/15/25		70,000		78,150
4.050% due 11/21/39		70,000		84,683
4.250% due 11/21/49		300,000		377,352
4.300% due 05/14/36		50,000		61,632
4.400% due 11/06/42		125,000		156,976
4.500% due 05/14/35		160,000		201,102
4.625% due 10/01/42		100,000		127,242
4.700% due 05/14/45		50,000		65,409
4.750% due 03/15/45		330,000		432,272
Adventist Health System 3.630% due 03/01/49		15,000		16,688
Advocate Health & Hospitals Corp 3.387% due 10/15/49		50,000		56,764
Aetna Inc 2.750% due 11/15/22		125,000		129,660
2.800% due 06/15/23		25,000		26,320
3.500% due 11/15/24		100,000		109,851


	Principal Amount		Value
3.875% due 08/15/47	$	30,000	$	35,813
4.125% due 11/15/42		100,000		118,673
Altria Group Inc 2.350% due 05/06/25		75,000		79,752
3.400% due 05/06/30		50,000		56,159
3.800% due 02/14/24		290,000		316,769
4.400% due 02/14/26		25,000		29,033
4.450% due 05/06/50		75,000		88,824
4.500% due 05/02/43		100,000		114,829
4.800% due 02/14/29		300,000		359,976
5.800% due 02/14/39		65,000		85,645
5.950% due 02/14/49		75,000		105,076
6.200% due 02/14/59		30,000		42,196
AmerisourceBergen Corp 3.400% due 05/15/24		100,000		108,663
3.450% due 12/15/27		50,000		57,038
Amgen Inc 1.900% due 02/21/25		35,000		36,853
2.200% due 02/21/27		35,000		37,530
2.300% due 02/25/31		200,000		213,564
2.450% due 02/21/30		50,000		53,598
2.770% due 09/01/53 ~		311,000		312,319
3.200% due 11/02/27		50,000		56,184
3.375% due 02/21/50		250,000		279,594
3.625% due 05/22/24		100,000		109,800
4.400% due 05/01/45		100,000		127,073
5.150% due 11/15/41		174,000		242,580
Anheuser-Busch Cos LLC (Belgium) 3.650% due 02/01/26		500,000		565,252
4.700% due 02/01/36		275,000		349,198
Anheuser-Busch InBev Finance Inc (Belgium) 4.625% due 02/01/44		300,000		372,741
Anheuser-Busch InBev Worldwide Inc (Belgium) 3.500% due 06/01/30		350,000		405,696
3.750% due 07/15/42		100,000		113,770
4.000% due 04/13/28		80,000		94,336
4.150% due 01/23/25		60,000		68,343
4.375% due 04/15/38		35,000		43,338
4.439% due 10/06/48		200,000		248,955
4.500% due 06/01/50		250,000		315,123
4.600% due 04/15/48		50,000		63,273
4.750% due 01/23/29		55,000		67,869
4.750% due 04/15/58		100,000		130,997
4.900% due 01/23/31		65,000		82,818
5.450% due 01/23/39		65,000		87,865
5.550% due 01/23/49		100,000		142,161
5.800% due 01/23/59		45,000		69,342
Anthem Inc 2.950% due 12/01/22		50,000		52,410
3.300% due 01/15/23		75,000		79,381
3.350% due 12/01/24		400,000		440,885
3.650% due 12/01/27		30,000		34,602
4.375% due 12/01/47		30,000		38,669
4.625% due 05/15/42		100,000		130,587
4.650% due 01/15/43		50,000		65,582
Ascension Health 3.945% due 11/15/46		70,000		90,414
AstraZeneca PLC (United Kingdom) 2.375% due 06/12/22		100,000		102,806
3.125% due 06/12/27		100,000		112,619
3.375% due 11/16/25		100,000		112,513
4.000% due 09/18/42		25,000		30,909
4.375% due 11/16/45		25,000		33,563
6.450% due 09/15/37		100,000		154,259
Automatic Data Processing Inc 1.250% due 09/01/30		40,000		39,939
3.375% due 09/15/25		25,000		28,159
Avery Dennison Corp 2.650% due 04/30/30		30,000		32,186


	Principal Amount		Value
Banner Health 1.897% due 01/01/31	$	40,000	$	40,783
2.913% due 01/01/51		50,000		53,221
BAT Capital Corp (United Kingdom) 2.259% due 03/25/28		325,000		337,659
2.726% due 03/25/31		250,000		259,237
2.789% due 09/06/24		35,000		37,448
3.215% due 09/06/26		50,000		55,125
3.222% due 08/15/24		100,000		108,314
3.462% due 09/06/29		50,000		54,613
3.557% due 08/15/27		100,000		111,369
4.390% due 08/15/37		70,000		78,364
4.700% due 04/02/27		200,000		235,403
4.758% due 09/06/49		50,000		58,066
BAT International Finance PLC (United Kingdom) 1.668% due 03/25/26		25,000		25,603
Baxalta Inc 4.000% due 06/23/25		15,000		16,956
5.250% due 06/23/45		9,000		12,351
Baxter International Inc 3.950% due 04/01/30 ~		150,000		179,382
Becton Dickinson and Co 2.823% due 05/20/30		70,000		76,989
3.363% due 06/06/24		50,000		54,370
3.734% due 12/15/24		129,000		143,071
4.669% due 06/06/47		50,000		65,656
Bestfoods 7.250% due 12/15/26		200,000		270,769
Biogen Inc 2.250% due 05/01/30		55,000		57,478
3.150% due 05/01/50		440,000		456,707
Boston Scientific Corp 4.000% due 03/01/29		70,000		82,515
4.550% due 03/01/39		50,000		63,804
4.700% due 03/01/49		70,000		96,042
Bristol-Myers Squibb Co 0.537% due 11/13/23		35,000		35,065
0.750% due 11/13/25		50,000		50,366
1.125% due 11/13/27		50,000		50,531
1.450% due 11/13/30		30,000		30,160
2.350% due 11/13/40		20,000		20,584
2.550% due 11/13/50		30,000		30,721
2.600% due 05/16/22		50,000		51,601
2.900% due 07/26/24		85,000		92,328
3.200% due 06/15/26		50,000		56,283
3.250% due 08/15/22		100,000		104,788
3.250% due 02/20/23		50,000		52,628
3.250% due 02/27/27		100,000		113,153
3.250% due 08/01/42		100,000		116,371
3.400% due 07/26/29		380,000		442,524
3.450% due 11/15/27		50,000		57,692
3.900% due 02/20/28		100,000		118,423
4.000% due 08/15/23		100,000		109,537
4.125% due 06/15/39		35,000		44,697
4.250% due 10/26/49		365,000		494,395
4.350% due 11/15/47		50,000		67,219
Brown-Forman Corp 4.500% due 07/15/45		40,000		53,946
Bunge Ltd Finance Corp 3.000% due 09/25/22		55,000		57,130
3.250% due 08/15/26		20,000		22,238
3.750% due 09/25/27		30,000		34,245
California Institute of Technology 3.650% due 09/01/19		20,000		22,746
Campbell Soup Co 2.500% due 08/02/22		100,000		103,362
3.650% due 03/15/23		15,000		16,020
4.150% due 03/15/28		100,000		117,638
4.800% due 03/15/48		20,000		26,751


	Principal Amount		Value
Cardinal Health Inc 2.616% due 06/15/22	$	50,000	$	51,487
3.079% due 06/15/24		50,000		53,838
3.410% due 06/15/27		100,000		112,937
3.750% due 09/15/25		50,000		56,494
4.368% due 06/15/47		50,000		58,957
4.900% due 09/15/45		50,000		61,700
Church & Dwight Co Inc 2.450% due 08/01/22		100,000		103,130
Cigna Corp 2.400% due 03/15/30		120,000		127,981
3.050% due 10/15/27		30,000		33,646
3.200% due 03/15/40		85,000		93,347
3.400% due 03/15/50		65,000		73,145
3.750% due 07/15/23		74,000		80,013
3.875% due 10/15/47		50,000		59,281
4.125% due 11/15/25		45,000		51,847
4.375% due 10/15/28		80,000		96,716
4.800% due 08/15/38		60,000		78,221
4.900% due 12/15/48		555,000		763,234
Cintas Corp No 2 2.900% due 04/01/22		50,000		51,477
3.700% due 04/01/27		50,000		57,635
Colgate-Palmolive Co 3.700% due 08/01/47		100,000		129,711
CommonSpirit Health 4.350% due 11/01/42		150,000		176,014
Conagra Brands Inc 3.200% due 01/25/23		41,000		43,146
4.300% due 05/01/24		15,000		16,792
4.600% due 11/01/25		35,000		41,254
4.850% due 11/01/28		45,000		55,933
5.300% due 11/01/38		50,000		66,929
5.400% due 11/01/48		40,000		57,134
Constellation Brands Inc 2.700% due 05/09/22		200,000		205,760
3.500% due 05/09/27		15,000		16,940
4.250% due 05/01/23		85,000		92,679
4.400% due 11/15/25		35,000		40,675
4.650% due 11/15/28		30,000		36,585
5.250% due 11/15/48		30,000		42,213
CVS Health Corp 1.300% due 08/21/27		335,000		336,619
1.750% due 08/21/30		200,000		201,240
2.625% due 08/15/24		30,000		32,158
2.700% due 08/21/40		65,000		65,858
2.875% due 06/01/26		100,000		110,052
3.000% due 08/15/26		35,000		38,808
3.250% due 08/15/29		65,000		73,414
3.700% due 03/09/23		28,000		29,982
3.750% due 04/01/30		100,000		116,453
3.875% due 07/20/25		200,000		226,769
4.100% due 03/25/25		37,000		41,909
4.125% due 04/01/40		300,000		358,663
4.250% due 04/01/50		200,000		250,188
4.300% due 03/25/28		185,000		220,340
4.780% due 03/25/38		95,000		120,023
5.125% due 07/20/45		105,000		141,374
5.300% due 12/05/43		200,000		270,916
Danaher Corp 2.600% due 10/01/50		125,000		129,794
3.350% due 09/15/25		30,000		33,600
4.375% due 09/15/45		30,000		39,711
Diageo Capital PLC (United Kingdom) 2.000% due 04/29/30		350,000		365,085
3.875% due 04/29/43		100,000		123,407
Diageo Investment Corp (United Kingdom) 2.875% due 05/11/22		150,000		155,158
Dignity Health 5.267% due 11/01/64		100,000		136,007


	Principal Amount		Value
Eli Lilly and Co 2.250% due 05/15/50	$	200,000	$	196,805
3.375% due 03/15/29		65,000		75,474
3.950% due 03/15/49		100,000		131,197
4.150% due 03/15/59		50,000		69,421
Equifax Inc 2.600% due 12/01/24		25,000		26,801
Fomento Economico Mexicano S.A.B. de C.V. (Mexico) 3.500% due 01/16/50		150,000		166,785
General Mills Inc 3.200% due 02/10/27		100,000		112,095
3.700% due 10/17/23		40,000		43,600
4.200% due 04/17/28		50,000		59,961
4.550% due 04/17/38		15,000		19,315
4.700% due 04/17/48		20,000		28,050
5.400% due 06/15/40		45,000		64,425
Gilead Sciences Inc 0.750% due 09/29/23		45,000		45,140
1.200% due 10/01/27		45,000		45,362
1.650% due 10/01/30		40,000		40,195
1.950% due 03/01/22		230,000		234,410
2.600% due 10/01/40		100,000		101,192
2.800% due 10/01/50		100,000		99,469
2.950% due 03/01/27		100,000		109,919
3.650% due 03/01/26		100,000		113,661
4.150% due 03/01/47		75,000		91,621
4.600% due 09/01/35		45,000		58,194
4.750% due 03/01/46		50,000		66,275
GlaxoSmithKline Capital Inc (United Kingdom) 3.625% due 05/15/25		85,000		95,558
6.375% due 05/15/38		100,000		157,895
GlaxoSmithKline Capital PLC (United Kingdom) 0.534% due 10/01/23		125,000		125,500
2.850% due 05/08/22		200,000		206,912
Global Payments Inc 4.000% due 06/01/23		300,000		324,371
Hackensack Meridian Health Inc 4.500% due 07/01/57		100,000		135,395
HCA Inc 4.125% due 06/15/29		35,000		40,627
4.500% due 02/15/27		60,000		69,821
4.750% due 05/01/23		60,000		65,452
5.125% due 06/15/39		50,000		64,021
5.250% due 04/15/25		70,000		81,770
5.250% due 06/15/26		75,000		88,842
5.250% due 06/15/49		100,000		132,085
5.500% due 06/15/47		75,000		100,182
Humana Inc 3.850% due 10/01/24		100,000		110,766
4.625% due 12/01/42		100,000		128,367
Ingredion Inc 3.200% due 10/01/26		100,000		111,320
Johnson & Johnson 0.550% due 09/01/25		50,000		50,238
1.300% due 09/01/30		70,000		70,329
2.050% due 03/01/23		50,000		51,823
2.100% due 09/01/40		65,000		65,549
2.250% due 09/01/50		100,000		100,596
2.450% due 03/01/26		50,000		54,416
3.400% due 01/15/38		50,000		60,564
3.500% due 01/15/48		65,000		80,542
3.550% due 03/01/36		25,000		30,911
3.625% due 03/03/37		132,000		161,585
3.700% due 03/01/46		25,000		31,884
3.750% due 03/03/47		50,000		64,277
4.850% due 05/15/41		50,000		69,766
5.950% due 08/15/37		100,000		159,109


	Principal Amount		Value
Kaiser Foundation Hospitals 3.150% due 05/01/27	$	225,000	$	254,364
4.150% due 05/01/47		20,000		26,117
Kellogg Co 3.400% due 11/15/27		100,000		113,190
4.300% due 05/15/28		100,000		119,815
Keurig Dr Pepper Inc 2.550% due 09/15/26		50,000		54,622
3.130% due 12/15/23		50,000		53,834
3.430% due 06/15/27		35,000		40,012
4.420% due 12/15/46		250,000		318,897
Kimberly-Clark Corp 1.050% due 09/15/27		25,000		25,345
3.050% due 08/15/25		50,000		55,621
3.950% due 11/01/28		10,000		11,997
6.625% due 08/01/37		100,000		163,189
Laboratory Corp of America Holdings 3.600% due 09/01/27		100,000		114,280
4.700% due 02/01/45		50,000		65,684
Massachusetts Institute of Technology 5.600% due 07/01/11		100,000		175,644
McCormick & Co Inc 3.400% due 08/15/27		50,000		56,248
McKesson Corp 3.796% due 03/15/24		300,000		329,367
Mead Johnson Nutrition Co (United Kingdom) 4.600% due 06/01/44		200,000		266,331
Medtronic Inc 3.500% due 03/15/25		119,000		133,571
4.625% due 03/15/45		65,000		92,224
Memorial Sloan-Kettering Cancer Center 2.955% due 01/01/50		55,000		58,699
Merck & Co Inc 0.750% due 02/24/26		350,000		354,126
2.400% due 09/15/22		100,000		103,424
3.400% due 03/07/29		200,000		232,729
3.600% due 09/15/42		300,000		368,421
4.150% due 05/18/43		100,000		130,071
Molson Coors Beverage Co 4.200% due 07/15/46		40,000		45,900
5.000% due 05/01/42		100,000		125,330
Mondelez International Inc 1.500% due 02/04/31		40,000		39,588
1.875% due 10/15/32		300,000		305,241
2.625% due 09/04/50		25,000		25,209
Moody’s Corp 2.550% due 08/18/60		50,000		46,992
4.875% due 02/15/24		50,000		56,317
4.875% due 12/17/48		50,000		68,843
Mount Sinai Hospitals Group Inc 3.981% due 07/01/48		50,000		56,878
Northwell Healthcare Inc 3.809% due 11/01/49		100,000		114,647
Northwestern University 3.662% due 12/01/57		25,000		31,755
Novartis Capital Corp (Switzerland) 2.400% due 05/17/22		50,000		51,395
2.400% due 09/21/22		75,000		77,809
3.000% due 11/20/25		100,000		110,710
3.100% due 05/17/27		30,000		33,745
3.400% due 05/06/24		150,000		164,683
4.000% due 11/20/45		100,000		131,114
NYU Langone Hospitals 4.368% due 07/01/47		25,000		30,579
Partners Healthcare System Inc 3.342% due 07/01/60		30,000		34,418
PayPal Holdings Inc 1.350% due 06/01/23		35,000		35,856
1.650% due 06/01/25		65,000		67,968
2.300% due 06/01/30		55,000		58,960


	Principal Amount		Value
3.250% due 06/01/50	$	65,000	$	75,132
PeaceHealth Obligated Group 1.375% due 11/15/25		15,000		15,317
PepsiCo Inc 0.750% due 05/01/23		85,000		86,237
1.625% due 05/01/30		60,000		61,624
2.250% due 05/02/22		50,000		51,284
2.375% due 10/06/26		55,000		59,983
2.750% due 03/01/23		100,000		105,612
2.750% due 04/30/25		100,000		108,893
2.750% due 03/19/30		500,000		559,993
3.100% due 07/17/22		50,000		51,959
3.450% due 10/06/46		60,000		72,552
3.500% due 07/17/25		50,000		56,331
3.600% due 03/01/24		71,000		77,523
3.625% due 03/19/50		250,000		317,553
4.000% due 05/02/47		35,000		46,340
4.600% due 07/17/45		35,000		49,116
Pfizer Inc 0.800% due 05/28/25		30,000		30,549
1.700% due 05/28/30		350,000		363,640
2.550% due 05/28/40		25,000		26,737
2.625% due 04/01/30		250,000		279,090
2.700% due 05/28/50		25,000		26,879
3.000% due 12/15/26		100,000		113,052
3.200% due 09/15/23		50,000		53,955
3.400% due 05/15/24		150,000		164,969
3.600% due 09/15/28		100,000		118,457
3.900% due 03/15/39		25,000		31,412
4.100% due 09/15/38		50,000		64,002
4.200% due 09/15/48		35,000		47,099
Philip Morris International Inc 0.875% due 05/01/26		100,000		100,468
1.750% due 11/01/30		100,000		101,317
2.125% due 05/10/23		25,000		25,982
2.625% due 02/18/22		25,000		25,621
3.250% due 11/10/24		125,000		137,718
3.375% due 08/11/25		50,000		55,653
4.250% due 11/10/44		30,000		37,786
4.500% due 03/20/42		200,000		253,542
6.375% due 05/16/38		100,000		152,580
President & Fellows of Harvard College 4.875% due 10/15/40		100,000		142,381
Providence St Joseph Health Obligated Group 3.930% due 10/01/48		35,000		42,423
Quest Diagnostics Inc 2.800% due 06/30/31		70,000		76,802
2.950% due 06/30/30		55,000		60,600
RELX Capital Inc (United Kingdom) 3.500% due 03/16/23		60,000		63,831
4.000% due 03/18/29		100,000		118,779
Reynolds American Inc (United Kingdom) 6.150% due 09/15/43		300,000		388,690
RWJ Barnabas Health Inc 3.477% due 07/01/49		25,000		28,269
S&P Global Inc 4.000% due 06/15/25		50,000		56,951
Sanofi (France) 3.375% due 06/19/23		100,000		107,321
Shire Acquisitions Investments Ireland DAC 3.200% due 09/23/26		250,000		279,815
Smith & Nephew PLC (United Kingdom) 2.032% due 10/14/30		250,000		254,753
SSM Health Care Corp 3.688% due 06/01/23		50,000		53,427
Stryker Corp 1.150% due 06/15/25		250,000		255,194
4.100% due 04/01/43		100,000		123,117


	Principal Amount		Value
Sutter Health 2.294% due 08/15/30	$	55,000	$	57,598
3.361% due 08/15/50		55,000		59,929
Sysco Corp 2.600% due 06/12/22		100,000		103,094
3.250% due 07/15/27		50,000		55,654
3.550% due 03/15/25		50,000		55,693
3.750% due 10/01/25		25,000		28,091
4.450% due 03/15/48		50,000		61,033
4.500% due 04/01/46		25,000		30,401
4.850% due 10/01/45		15,000		19,021
Takeda Pharmaceutical Co Ltd (Japan) 3.175% due 07/09/50		250,000		266,472
4.400% due 11/26/23		100,000		110,878
5.000% due 11/26/28		100,000		124,358
The Children’s Hospital of Philadelphia 2.704% due 07/01/50		250,000		262,396
The Coca-Cola Co 1.375% due 03/15/31		200,000		199,786
2.125% due 09/06/29		100,000		107,037
2.500% due 04/01/23		200,000		210,263
2.550% due 06/01/26		100,000		109,605
2.875% due 10/27/25		50,000		55,492
2.950% due 03/25/25		200,000		220,541
The Estee Lauder Cos Inc 2.000% due 12/01/24		10,000		10,574
2.375% due 12/01/29		10,000		10,855
3.125% due 12/01/49		15,000		17,415
3.150% due 03/15/27		50,000		56,267
4.150% due 03/15/47		30,000		39,401
The George Washington University 4.300% due 09/15/44		50,000		62,835
The Georgetown University 2.943% due 04/01/50		25,000		25,268
The Hershey Co 2.300% due 08/15/26		50,000		54,252
3.375% due 05/15/23		50,000		53,570
The JM Smucker Co 2.375% due 03/15/30		65,000		68,905
3.550% due 03/15/50		50,000		56,586
The Johns Hopkins Health System Corp 3.837% due 05/15/46		50,000		62,523
The Kroger Co 2.800% due 08/01/22		100,000		103,629
3.500% due 02/01/26		50,000		56,192
3.950% due 01/15/50		100,000		121,563
4.650% due 01/15/48		100,000		130,366
5.150% due 08/01/43		25,000		34,299
The Leland Stanford Junior University 3.647% due 05/01/48		125,000		158,525
The New York and Presbyterian Hospital 3.954% due 08/01/19		35,000		40,821
The Procter & Gamble Co 0.550% due 10/29/25		50,000		50,455
1.200% due 10/29/30		50,000		50,082
2.300% due 02/06/22		100,000		102,346
3.000% due 03/25/30		100,000		115,347
The Toledo Hospital 5.750% due 11/15/38		50,000		59,953
6.015% due 11/15/48		50,000		62,790
The Trustees of Princeton University 5.700% due 03/01/39		50,000		76,002
The University of Chicago 2.761% due 04/01/45		10,000		10,441
Thermo Fisher Scientific Inc 2.950% due 09/19/26		30,000		33,460
3.000% due 04/15/23		70,000		73,896
3.650% due 12/15/25		100,000		113,307
4.150% due 02/01/24		100,000		110,357
5.300% due 02/01/44		100,000		145,311


	Principal Amount		Value
Tyson Foods Inc 4.000% due 03/01/26	$	15,000	$	17,262
4.350% due 03/01/29		20,000		24,283
4.500% due 06/15/22		300,000		314,674
5.100% due 09/28/48		10,000		14,397
Unilever Capital Corp (United Kingdom) 2.200% due 05/05/22		100,000		102,428
5.900% due 11/15/32		50,000		73,642
UnitedHealth Group Inc 2.000% due 05/15/30		55,000		58,360
2.375% due 08/15/24		70,000		74,618
2.875% due 08/15/29		75,000		85,273
2.900% due 05/15/50		300,000		332,162
3.500% due 06/15/23		50,000		53,977
3.500% due 02/15/24		20,000		21,891
3.500% due 08/15/39		60,000		71,380
3.700% due 12/15/25		20,000		22,978
3.700% due 08/15/49		65,000		81,494
3.750% due 07/15/25		75,000		85,487
3.850% due 06/15/28		100,000		118,924
3.875% due 12/15/28		25,000		30,008
3.875% due 08/15/59		100,000		129,476
4.250% due 06/15/48		50,000		66,770
4.450% due 12/15/48		25,000		34,509
4.750% due 07/15/45		50,000		70,524
6.875% due 02/15/38		250,000		410,008
University of Notre Dame du Lac 3.394% due 02/15/48		50,000		62,143
University of Southern California 2.805% due 10/01/50		50,000		54,228
3.028% due 10/01/39		50,000		54,505
Utah Acquisition Sub Inc 3.950% due 06/15/26		100,000		114,468
Verisk Analytics Inc 4.125% due 09/12/22		100,000		105,946
Viatris Inc 3.850% due 06/22/40 ~		400,000		451,485
Wyeth LLC 5.950% due 04/01/37		50,000		74,960
6.500% due 02/01/34		100,000		156,420
Zimmer Biomet Holdings Inc 3.550% due 04/01/25		170,000		187,923
Zoetis Inc 3.250% due 02/01/23		300,000		315,748

				49,030,437

Energy - 2.3%

Baker Hughes a GE Co LLC 2.773% due 12/15/22		50,000		52,251
3.337% due 12/15/27		100,000		112,052
4.080% due 12/15/47		50,000		56,499
Baker Hughes Holdings LLC 5.125% due 09/15/40		50,000		66,188
Boardwalk Pipelines LP 4.950% due 12/15/24		100,000		111,704
BP Capital Markets America Inc 1.749% due 08/10/30		130,000		130,534
2.750% due 05/10/23		250,000		263,791
2.772% due 11/10/50		130,000		128,628
3.000% due 02/24/50		150,000		153,728
3.119% due 05/04/26		25,000		27,679
3.224% due 04/14/24		100,000		108,183
3.588% due 04/14/27		100,000		113,694
3.790% due 02/06/24		355,000		388,071
4.234% due 11/06/28		400,000		478,137
Burlington Resources LLC 7.400% due 12/01/31		100,000		149,876
Canadian Natural Resources Ltd (Canada) 2.050% due 07/15/25		300,000		314,965
2.950% due 01/15/23		50,000		52,306


	Principal Amount		Value
3.800% due 04/15/24	$	43,000	$	46,845
3.850% due 06/01/27		50,000		56,159
4.950% due 06/01/47		25,000		31,753
6.750% due 02/01/39		90,000		124,811
Cheniere Corpus Christi Holdings LLC 3.700% due 11/15/29		60,000		66,885
Chevron Corp 1.141% due 05/11/23		200,000		204,270
1.554% due 05/11/25		35,000		36,375
1.995% due 05/11/27		350,000		371,346
2.236% due 05/11/30		25,000		26,772
2.566% due 05/16/23		100,000		105,060
2.954% due 05/16/26		100,000		110,975
2.978% due 05/11/40		15,000		16,619
3.326% due 11/17/25		50,000		56,080
CNOOC Finance Ltd (China) 3.000% due 05/09/23		200,000		208,156
CNOOC Petroleum North America ULC (China) 7.500% due 07/30/39		300,000		467,292
Concho Resources Inc 4.300% due 08/15/28		150,000		177,373
4.850% due 08/15/48		50,000		67,346
ConocoPhillips Co 4.950% due 03/15/26		50,000		60,048
6.950% due 04/15/29		100,000		140,336
Devon Energy Corp 5.000% due 06/15/45		105,000		124,124
5.850% due 12/15/25		50,000		58,792
Diamondback Energy Inc 2.875% due 12/01/24		65,000		68,375
3.500% due 12/01/29		100,000		106,938
Ecopetrol SA (Colombia) 5.375% due 06/26/26		85,000		98,007
5.875% due 09/18/23		50,000		55,888
5.875% due 05/28/45		200,000		242,450
Enable Midstream Partners LP 4.400% due 03/15/27		200,000		202,015
Enbridge Energy Partners LP 7.500% due 04/15/38		50,000		71,014
Enbridge Inc (Canada) 2.500% due 01/15/25		50,000		53,587
2.900% due 07/15/22		100,000		103,721
3.700% due 07/15/27		100,000		114,091
4.500% due 06/10/44		150,000		175,356
Energy Transfer Operating LP 2.900% due 05/15/25		40,000		42,353
3.750% due 05/15/30		310,000		334,599
4.050% due 03/15/25		100,000		109,740
4.200% due 04/15/27		100,000		110,297
4.900% due 02/01/24		100,000		109,539
5.000% due 05/15/50		100,000		108,379
5.250% due 04/15/29		25,000		29,195
5.300% due 04/15/47		100,000		111,680
5.950% due 10/01/43		100,000		113,503
6.125% due 12/15/45		200,000		237,580
6.500% due 02/01/42		100,000		122,231
Enterprise Products Operating LLC 3.125% due 07/31/29		100,000		111,000
3.500% due 02/01/22		25,000		25,852
4.150% due 10/16/28		50,000		59,536
4.200% due 01/31/50		450,000		529,615
4.250% due 02/15/48		25,000		29,362
4.800% due 02/01/49		50,000		63,216
5.375% due 02/15/78		50,000		50,592
6.125% due 10/15/39		115,000		160,071
6.875% due 03/01/33		150,000		210,179
Equinor ASA (Norway) 2.375% due 05/22/30		125,000		133,886
2.450% due 01/17/23		100,000		104,419


	Principal Amount		Value
3.950% due 05/15/43	$	300,000	$	367,090
Exxon Mobil Corp 1.571% due 04/15/23		600,000		617,279
1.902% due 08/16/22		20,000		20,581
2.019% due 08/16/24		50,000		52,666
2.440% due 08/16/29		50,000		54,330
2.610% due 10/15/30		250,000		273,148
2.995% due 08/16/39		50,000		54,248
3.043% due 03/01/26		150,000		166,274
3.176% due 03/15/24		200,000		215,900
3.452% due 04/15/51		200,000		228,591
4.114% due 03/01/46		65,000		80,635
4.327% due 03/19/50		300,000		390,584
Halliburton Co 3.800% due 11/15/25		15,000		16,830
4.850% due 11/15/35		50,000		58,372
5.000% due 11/15/45		42,000		49,930
7.450% due 09/15/39		25,000		35,973
Hess Corp 4.300% due 04/01/27		50,000		55,148
5.600% due 02/15/41		50,000		61,020
5.800% due 04/01/47		50,000		63,621
7.125% due 03/15/33		50,000		65,344
HollyFrontier Corp 2.625% due 10/01/23		45,000		46,017
Husky Energy Inc (Canada) 3.950% due 04/15/22		100,000		103,068
Kinder Morgan Energy Partners LP 3.950% due 09/01/22		100,000		104,984
4.150% due 02/01/24		100,000		109,263
Kinder Morgan Inc 2.000% due 02/15/31		210,000		212,382
3.250% due 08/01/50		220,000		221,405
5.300% due 12/01/34		70,000		86,295
5.550% due 06/01/45		350,000		449,812
Magellan Midstream Partners LP 4.200% due 10/03/47		50,000		57,121
4.250% due 09/15/46		70,000		80,864
5.000% due 03/01/26		50,000		59,655
Marathon Oil Corp 2.800% due 11/01/22		34,000		34,957
3.850% due 06/01/25		50,000		53,641
4.400% due 07/15/27		100,000		111,184
5.200% due 06/01/45		50,000		57,347
Marathon Petroleum Corp 3.800% due 04/01/28		30,000		33,451
4.500% due 04/01/48		25,000		27,714
4.750% due 12/15/23		150,000		166,192
5.125% due 12/15/26		50,000		59,629
6.500% due 03/01/41		100,000		134,264
MPLX LP 2.650% due 08/15/30		45,000		47,213
3.375% due 03/15/23		25,000		26,492
4.250% due 12/01/27		250,000		293,858
4.500% due 04/15/38		30,000		34,316
4.700% due 04/15/48		45,000		53,454
4.875% due 12/01/24		250,000		286,947
4.900% due 04/15/58		15,000		17,862
National Oilwell Varco Inc 3.950% due 12/01/42		100,000		101,953
Noble Energy Inc 3.850% due 01/15/28		50,000		58,173
5.050% due 11/15/44		150,000		211,032
ONEOK Inc 2.200% due 09/15/25		25,000		26,089
3.100% due 03/15/30		25,000		26,660
4.000% due 07/13/27		130,000		145,103
4.350% due 03/15/29		100,000		113,436
4.500% due 03/15/50		25,000		26,280
4.550% due 07/15/28		50,000		57,273


	Principal Amount		Value
4.950% due 07/13/47	$	50,000	$	55,866
5.200% due 07/15/48		25,000		29,181
ONEOK Partners LP 3.375% due 10/01/22		100,000		104,129
Phillips 66 0.900% due 02/15/24		35,000		35,114
1.300% due 02/15/26		20,000		20,355
4.300% due 04/01/22		100,000		104,743
4.650% due 11/15/34		200,000		242,391
Phillips 66 Partners LP 2.450% due 12/15/24		50,000		52,492
3.550% due 10/01/26		50,000		54,837
4.900% due 10/01/46		25,000		28,014
Pioneer Natural Resources Co 4.450% due 01/15/26		50,000		57,846
Plains All American Pipeline LP 4.500% due 12/15/26		150,000		168,098
4.650% due 10/15/25		100,000		111,845
4.700% due 06/15/44		50,000		51,959
Sabine Pass Liquefaction LLC 4.500% due 05/15/30 ~		205,000		243,133
5.625% due 03/01/25		165,000		192,513
Schlumberger Investment SA 2.650% due 06/26/30		100,000		107,123
3.650% due 12/01/23		42,000		45,615
Shell International Finance BV (Netherlands) 0.375% due 09/15/23		100,000		100,252
2.375% due 08/21/22		100,000		103,512
2.375% due 04/06/25		200,000		214,673
2.500% due 09/12/26		50,000		54,929
2.750% due 04/06/30		85,000		93,846
2.875% due 05/10/26		100,000		110,735
3.250% due 05/11/25		100,000		110,889
3.250% due 04/06/50		100,000		113,475
3.625% due 08/21/42		100,000		116,883
3.750% due 09/12/46		50,000		60,553
4.000% due 05/10/46		100,000		126,001
4.125% due 05/11/35		263,000		329,152
Spectra Energy Partners LP 3.375% due 10/15/26		20,000		22,433
Suncor Energy Inc (Canada) 4.000% due 11/15/47		70,000		78,366
6.800% due 05/15/38		200,000		279,575
Sunoco Logistics Partners Operations LP 3.450% due 01/15/23		100,000		104,379
3.900% due 07/15/26		100,000		109,625
TC PipeLines LP 3.900% due 05/25/27		20,000		22,517
The Williams Cos Inc 3.600% due 03/15/22		100,000		103,272
3.700% due 01/15/23		25,000		26,498
3.750% due 06/15/27		50,000		57,063
4.550% due 06/24/24		85,000		95,175
5.100% due 09/15/45		100,000		123,693
5.750% due 06/24/44		35,000		45,425
6.300% due 04/15/40		20,000		26,600
Total Capital International SA (France) 2.434% due 01/10/25		50,000		53,443
2.829% due 01/10/30		50,000		56,043
3.127% due 05/29/50		100,000		108,486
3.461% due 07/12/49		50,000		58,227
3.700% due 01/15/24		200,000		219,242
Total Capital SA (France) 3.883% due 10/11/28		25,000		29,808
TransCanada PipeLines Ltd (Canada) 2.500% due 08/01/22		100,000		103,399
3.750% due 10/16/23		100,000		108,124
4.100% due 04/15/30		200,000		236,447
4.250% due 05/15/28		50,000		59,070


	Principal Amount		Value
5.100% due 03/15/49	$	50,000	$	66,912
7.625% due 01/15/39		50,000		77,971
Transcontinental Gas Pipe Line Co LLC 3.250% due 05/15/30		25,000		28,056
3.950% due 05/15/50		250,000		283,544
4.000% due 03/15/28		50,000		57,747
4.450% due 08/01/42		150,000		174,817
Valero Energy Corp 2.150% due 09/15/27		100,000		102,289
3.400% due 09/15/26		100,000		109,701
6.625% due 06/15/37		150,000		199,534
Valero Energy Partners LP 4.375% due 12/15/26		65,000		75,314

				22,669,868

Financial - 10.2%

AerCap Ireland Capital DAC (Ireland) 3.875% due 01/23/28		150,000		162,131
4.500% due 09/15/23		150,000		162,724
6.500% due 07/15/25		250,000		299,041
Affiliated Managers Group Inc 3.500% due 08/01/25		50,000		55,630
Aflac Inc 3.625% due 06/15/23		200,000		215,779
African Development Bank (Multi-National) 1.625% due 09/16/22		85,000		87,075
Air Lease Corp 2.300% due 02/01/25		100,000		103,598
2.625% due 07/01/22		50,000		51,302
2.750% due 01/15/23		100,000		103,393
3.000% due 02/01/30		100,000		102,766
3.250% due 03/01/25		100,000		107,104
3.875% due 07/03/23		150,000		160,231
Aircastle Ltd 4.125% due 05/01/24		30,000		31,757
5.000% due 04/01/23		30,000		31,996
5.500% due 02/15/22		30,000		31,254
Alexandria Real Estate Equities Inc REIT 2.750% due 12/15/29		50,000		54,691
3.375% due 08/15/31		60,000		68,765
3.950% due 01/15/27		25,000		28,796
4.000% due 02/01/50		100,000		124,368
4.500% due 07/30/29		20,000		24,488
Alleghany Corp 4.950% due 06/27/22		100,000		106,508
Ally Financial Inc 1.450% due 10/02/23		85,000		86,809
3.050% due 06/05/23		65,000		68,571
5.800% due 05/01/25		200,000		237,674
American Campus Communities Operating Partnership LP REIT 4.125% due 07/01/24		100,000		109,230
American Express Co 2.500% due 07/30/24		35,000		37,403
2.650% due 12/02/22		150,000		156,614
3.000% due 10/30/24		50,000		54,629
3.700% due 08/03/23		100,000		108,334
4.050% due 12/03/42		125,000		159,368
American Express Credit Corp 3.300% due 05/03/27		65,000		73,958
American Financial Group Inc 4.500% due 06/15/47		50,000		60,539
American International Group Inc 3.400% due 06/30/30		100,000		114,602
3.750% due 07/10/25		35,000		39,354
3.875% due 01/15/35		100,000		120,162
4.200% due 04/01/28		100,000		118,820
4.375% due 06/30/50		100,000		130,943
4.375% due 01/15/55		100,000		128,680
4.500% due 07/16/44		100,000		128,115


	Principal Amount		Value
4.700% due 07/10/35	$	50,000	$	64,623
4.800% due 07/10/45		50,000		66,179
American Tower Corp REIT 1.875% due 10/15/30		200,000		201,891
2.900% due 01/15/30		50,000		54,580
2.950% due 01/15/25		100,000		108,367
3.100% due 06/15/50		50,000		51,504
3.375% due 10/15/26		100,000		112,417
3.600% due 01/15/28		100,000		113,701
4.700% due 03/15/22		200,000		209,951
Ameriprise Financial Inc 4.000% due 10/15/23		100,000		110,306
Aon Corp 4.500% due 12/15/28		200,000		241,630
Arch Capital Group Ltd 3.635% due 06/30/50		200,000		233,203
Arch Capital Group US Inc 5.144% due 11/01/43		200,000		269,722
Ares Capital Corp 3.250% due 07/15/25		50,000		53,034
3.500% due 02/10/23		50,000		52,703
3.625% due 01/19/22		50,000		51,436
Asian Development Bank (Multi-National) 0.250% due 07/14/23		135,000		135,164
0.625% due 04/07/22		350,000		351,947
0.625% due 04/29/25		500,000		505,083
1.500% due 10/18/24		150,000		156,709
1.750% due 08/14/26		250,000		267,391
2.000% due 02/16/22		400,000		408,192
2.625% due 01/12/27		200,000		223,440
2.750% due 01/19/28		100,000		113,602
3.125% due 09/26/28		200,000		234,604
Assurant Inc 4.900% due 03/27/28		100,000		114,959
Athene Holding Ltd 3.500% due 01/15/31		20,000		21,168
Australia & New Zealand Banking Group Ltd (Australia) 2.625% due 05/19/22		250,000		258,258
AvalonBay Communities Inc REIT 2.450% due 01/15/31		105,000		113,059
2.950% due 09/15/22		35,000		36,335
3.350% due 05/15/27		25,000		28,030
4.150% due 07/01/47		50,000		62,763
AXA SA (France) 8.600% due 12/15/30		75,000		116,890
Banco Santander SA (Spain) 2.706% due 06/27/24		200,000		213,628
2.749% due 12/03/30		200,000		206,592
3.500% due 04/11/22		300,000		311,567
Bank of America Corp 0.810% due 10/24/24		100,000		100,969
1.197% due 10/24/26		100,000		101,356
1.319% due 06/19/26		500,000		511,001
1.486% due 05/19/24		200,000		204,785
1.922% due 10/24/31		100,000		101,352
2.015% due 02/13/26		100,000		104,846
2.456% due 10/22/25		50,000		53,321
2.496% due 02/13/31		100,000		106,236
2.503% due 10/21/22		150,000		152,707
2.592% due 04/29/31		500,000		536,241
2.676% due 06/19/41		350,000		365,216
2.816% due 07/21/23		200,000		207,743
2.831% due 10/24/51		25,000		26,078
2.884% due 10/22/30		50,000		54,920
3.004% due 12/20/23		200,000		210,681
3.248% due 10/21/27		150,000		167,910
3.300% due 01/11/23		350,000		371,164
3.366% due 01/23/26		100,000		110,133
3.419% due 12/20/28		169,000		191,200


	Principal Amount		Value
3.458% due 03/15/25	$	150,000	$	163,369
3.500% due 04/19/26		150,000		170,084
3.550% due 03/05/24		100,000		106,878
3.593% due 07/21/28		100,000		113,624
3.824% due 01/20/28		300,000		344,640
3.875% due 08/01/25		100,000		114,163
3.946% due 01/23/49		100,000		124,999
3.950% due 04/21/25		200,000		225,538
3.970% due 03/05/29		100,000		116,646
4.078% due 04/23/40		200,000		246,261
4.083% due 03/20/51		350,000		442,509
4.183% due 11/25/27		100,000		116,071
4.450% due 03/03/26		85,000		99,104
4.750% due 04/21/45		85,000		117,520
6.110% due 01/29/37		250,000		364,578
7.750% due 05/14/38		200,000		341,221
Bank of Montreal (Canada) 0.450% due 12/08/23		145,000		145,553
2.050% due 11/01/22		60,000		61,949
2.350% due 09/11/22		150,000		155,364
3.300% due 02/05/24		100,000		108,509
Bank of New York Mellon Corp 0.350% due 12/07/23		210,000		210,469
Barclays Bank PLC (United Kingdom) 1.700% due 05/12/22		400,000		407,140
Barclays PLC (United Kingdom) 2.645% due 06/24/31		200,000		208,502
4.337% due 01/10/28		300,000		344,698
4.375% due 01/12/26		200,000		230,732
4.610% due 02/15/23		190,000		198,376
4.950% due 01/10/47		200,000		273,107
Berkshire Hathaway Finance Corp 1.450% due 10/15/30		80,000		81,103
2.850% due 10/15/50		90,000		96,608
4.300% due 05/15/43		200,000		264,987
5.750% due 01/15/40		25,000		38,367
Berkshire Hathaway Inc 3.000% due 02/11/23		50,000		52,778
3.400% due 01/31/22		100,000		103,429
BlackRock Inc 1.900% due 01/28/31		15,000		15,706
2.400% due 04/30/30		45,000		49,333
3.200% due 03/15/27		56,000		63,179
3.250% due 04/30/29		60,000		69,551
Boston Properties LP REIT 3.250% due 01/30/31		150,000		165,565
Brandywine Operating Partnership LP REIT 4.550% due 10/01/29		50,000		56,243
Brighthouse Financial Inc 3.700% due 06/22/27		100,000		108,803
4.700% due 06/22/47		50,000		52,856
Brixmor Operating Partnership LP REIT 3.250% due 09/15/23		100,000		105,961
4.050% due 07/01/30		10,000		11,490
4.125% due 06/15/26		50,000		56,721
Brookfield Finance Inc (Canada) 3.500% due 03/30/51		50,000		53,552
4.000% due 04/01/24		50,000		54,933
4.700% due 09/20/47		50,000		63,275
4.850% due 03/29/29		100,000		122,615
Brown & Brown Inc 4.500% due 03/15/29		50,000		59,241
Camden Property Trust REIT 3.150% due 07/01/29		30,000		33,807
4.100% due 10/15/28		20,000		23,772
Canadian Imperial Bank of Commerce (Canada) 0.500% due 12/14/23		100,000		100,324
0.950% due 10/23/25		20,000		20,296


	Principal Amount		Value
2.606% due 07/22/23	$	50,000	$	51,737
3.100% due 04/02/24		150,000		162,366
Capital One Financial Corp 3.200% due 02/05/25		200,000		218,438
3.300% due 10/30/24		100,000		109,893
3.750% due 07/28/26		250,000		283,572
3.750% due 03/09/27		50,000		57,087
3.800% due 01/31/28		200,000		231,258
CBRE Services Inc 4.875% due 03/01/26		100,000		118,437
CC Holdings GS V LLC REIT 3.849% due 04/15/23		100,000		107,357
Chubb INA Holdings Inc 1.375% due 09/15/30		250,000		249,733
2.700% due 03/13/23		25,000		26,342
3.150% due 03/15/25		100,000		110,421
4.150% due 03/13/43		25,000		32,487
Citigroup Inc
0.776% due 10/30/24		100,000		100,697
2.572% due 06/03/31		600,000		639,695
2.666% due 01/29/31		150,000		161,028
2.700% due 10/27/22		100,000		104,035
2.876% due 07/24/23		200,000		207,798
2.976% due 11/05/30		100,000		110,160
3.106% due 04/08/26		600,000		656,333
3.142% due 01/24/23		375,000		385,660
3.400% due 05/01/26		100,000		112,833
3.520% due 10/27/28		100,000		113,079
3.668% due 07/24/28		100,000		113,393
3.750% due 06/16/24		100,000		110,651
3.875% due 03/26/25		100,000		111,676
3.878% due 01/24/39		100,000		119,326
3.887% due 01/10/28		100,000		114,924
4.000% due 08/05/24		50,000		55,696
4.125% due 07/25/28		100,000		117,012
4.300% due 11/20/26		100,000		116,748
4.500% due 01/14/22		60,000		62,569
4.750% due 05/18/46		50,000		66,778
5.300% due 05/06/44		400,000		564,406
6.125% due 08/25/36		100,000		140,683
CME Group Inc 3.000% due 09/15/22		50,000		52,308
3.000% due 03/15/25		50,000		54,838
3.750% due 06/15/28		100,000		118,507
4.150% due 06/15/48		50,000		67,641
CNA Financial Corp 3.450% due 08/15/27		100,000		113,405
4.500% due 03/01/26		50,000		58,882
Comerica Bank 4.000% due 07/27/25		250,000		282,336
Cooperatieve Rabobank UA (Netherlands) 3.375% due 05/21/25		250,000		280,785
5.250% due 05/24/41		200,000		295,321
Corp Andina de Fomento (Multi-National) 2.750% due 01/06/23		200,000		207,282
Corporate Office Properties LP REIT 2.250% due 03/15/26		35,000		36,523
Council Of Europe Development Bank (France) 0.250% due 10/20/23		250,000		249,559
2.625% due 02/13/23		60,000		63,083
Credit Suisse AG (Switzerland) 1.000% due 05/05/23		500,000		507,708
Credit Suisse Group Funding Guernsey Ltd (Switzerland) 3.750% due 03/26/25		250,000		277,828
3.800% due 09/15/22		250,000		264,126
Crown Castle International Corp REIT 3.150% due 07/15/23		30,000		31,930
3.200% due 09/01/24		35,000		38,057


	Principal Amount		Value
3.250% due 01/15/51	$	200,000	$	211,030
3.650% due 09/01/27		35,000		39,556
3.700% due 06/15/26		35,000		39,460
3.800% due 02/15/28		50,000		57,673
4.000% due 03/01/27		40,000		45,984
4.300% due 02/15/29		60,000		71,275
4.450% due 02/15/26		35,000		40,516
4.750% due 05/15/47		25,000		32,122
CubeSmart LP REIT 2.000% due 02/15/31		15,000		15,058
3.125% due 09/01/26		50,000		55,062
CyrusOne LP REIT 3.450% due 11/15/29		60,000		64,645
Deutsche Bank AG (Germany) 2.222% due 09/18/24		150,000		154,401
3.700% due 05/30/24		285,000		306,877
Digital Realty Trust LP REIT 3.700% due 08/15/27		50,000		57,480
4.450% due 07/15/28		100,000		120,332
Discover Bank 3.350% due 02/06/23		250,000		263,938
3.450% due 07/27/26		250,000		279,738
Duke Realty LP REIT 2.875% due 11/15/29		40,000		44,269
3.375% due 12/15/27		60,000		67,562
Enstar Group Ltd 4.950% due 06/01/29		25,000		28,363
Equinix Inc REIT 2.150% due 07/15/30		350,000		356,551
2.625% due 11/18/24		65,000		69,537
5.375% due 05/15/27		50,000		54,516
Equitable Holdings Inc 4.350% due 04/20/28		300,000		354,756
ERP Operating LP REIT 2.850% due 11/01/26		70,000		77,518
3.500% due 03/01/28		100,000		113,661
4.500% due 06/01/45		75,000		99,201
Essex Portfolio LP REIT 2.650% due 03/15/32		30,000		32,246
3.375% due 04/15/26		50,000		56,172
3.875% due 05/01/24		50,000		54,968
4.000% due 03/01/29		25,000		29,330
European Bank for Reconstruction & Development (United Kingdom) 0.250% due 07/10/23		250,000		250,084
1.875% due 02/23/22		200,000		203,858
2.125% due 03/07/22		200,000		204,470
European Investment Bank (Multi-National) 0.250% due 09/15/23		865,000		866,409
0.625% due 10/21/27		250,000		248,186
1.375% due 05/15/23		125,000		128,551
1.625% due 03/14/25		230,000		242,191
1.625% due 10/09/29		195,000		206,763
2.250% due 03/15/22		200,000		205,038
2.250% due 06/24/24		250,000		267,174
2.375% due 06/15/22		400,000		412,779
2.875% due 08/15/23		450,000		481,757
3.125% due 12/14/23		200,000		217,209
Federal Realty Investment Trust 1.250% due 02/15/26		300,000		305,658
Federal Realty Investment Trust REIT 3.950% due 01/15/24		50,000		54,410
4.500% due 12/01/44		50,000		59,129
Fidelity National Financial Inc 3.400% due 06/15/30		200,000		219,955
4.500% due 08/15/28		50,000		58,516
Fifth Third Bancorp 2.550% due 05/05/27		60,000		65,367
8.250% due 03/01/38		25,000		42,328


	Principal Amount		Value
Franklin Resources Inc 2.800% due 09/15/22	$	25,000	$	26,056
FS KKR Capital Corp 4.125% due 02/01/25		50,000		52,083
GE Capital Funding LLC 4.400% due 05/15/30 ~		200,000		235,826
GE Capital International Funding Co Unlimited Co 4.418% due 11/15/35		413,000		493,034
Globe Life Inc 4.550% due 09/15/28		50,000		60,056
GLP Capital LP REIT 4.000% due 01/15/31		50,000		54,655
5.250% due 06/01/25		25,000		28,190
5.375% due 11/01/23		25,000		27,390
5.375% due 04/15/26		50,000		57,477
5.750% due 06/01/28		25,000		29,684
Healthcare Realty Trust REIT 2.400% due 03/15/30		25,000		26,122
Healthcare Trust of America Holdings LP REIT 2.000% due 03/15/31		25,000		25,042
3.100% due 02/15/30		50,000		54,674
Healthpeak Properties Inc REIT
3.400% due 02/01/25		100,000		110,565
2.875% due 01/15/31		200,000		215,799
3.000% due 01/15/30		100,000		109,479
4.250% due 11/15/23		3,000		3,286
Highwoods Realty LP REIT 4.125% due 03/15/28		20,000		22,514
4.200% due 04/15/29		50,000		57,059
Host Hotels & Resorts LP REIT 3.375% due 12/15/29		25,000		25,720
3.500% due 09/15/30		100,000		105,510
3.750% due 10/15/23		100,000		105,685
HSBC Holdings PLC (United Kingdom) 1.589% due 05/24/27		200,000		203,438
1.645% due 04/18/26		250,000		255,798
2.357% due 08/18/31		250,000		258,612
2.848% due 06/04/31		200,000		215,115
3.803% due 03/11/25		200,000		218,473
3.900% due 05/25/26		200,000		228,403
3.973% due 05/22/30		290,000		335,434
4.250% due 08/18/25		200,000		227,453
4.375% due 11/23/26		200,000		230,901
6.800% due 06/01/38		150,000		227,217
HSBC USA Inc 3.500% due 06/23/24		250,000		274,238
Hudson Pacific Properties LP REIT 4.650% due 04/01/29		50,000		58,420
Huntington Bancshares Inc 2.625% due 08/06/24		300,000		320,699
ING Groep NV (Netherlands) 4.550% due 10/02/28		200,000		243,860
Inter-American Development Bank (Multi-National) 0.625% due 07/15/25		700,000		705,860
1.750% due 04/14/22		300,000		306,069
1.750% due 03/14/25		300,000		316,864
2.000% due 06/02/26		150,000		161,654
2.000% due 07/23/26		100,000		107,636
2.125% due 01/18/22		200,000		203,887
2.500% due 01/18/23		200,000		209,360
2.625% due 01/16/24		150,000		160,619
3.200% due 08/07/42		100,000		125,860
Intercontinental Exchange Inc 0.700% due 06/15/23		45,000		45,418
1.850% due 09/15/32		65,000		65,698
2.350% due 09/15/22		100,000		103,357
2.650% due 09/15/40		65,000		66,912


	Principal Amount		Value
3.000% due 09/15/60	$	65,000	$	68,259
3.100% due 09/15/27		100,000		111,702
4.000% due 10/15/23		100,000		110,022
International Bank for Reconstruction & Development (Multi-National) 1.875% due 06/19/23		300,000		312,260
0.250% due 11/24/23		50,000		50,032
0.375% due 07/28/25		350,000		349,045
0.500% due 10/28/25		200,000		200,424
0.625% due 04/22/25		500,000		504,942
0.750% due 11/24/27		195,000		195,174
0.875% due 05/14/30		350,000		346,511
1.625% due 02/10/22		300,000		304,800
1.625% due 01/15/25		150,000		157,547
1.750% due 10/23/29		100,000		106,687
2.125% due 07/01/22		500,000		514,532
2.125% due 02/13/23		100,000		104,046
2.500% due 03/19/24		200,000		214,263
3.000% due 09/27/23		250,000		268,682
3.125% due 11/20/25		50,000		56,467
7.625% due 01/19/23		100,000		115,027
International Finance Corp 0.750% due 08/27/30		250,000		244,209
1.375% due 10/16/24		90,000		93,654
2.875% due 07/31/23		130,000		138,845
Invesco Finance PLC 5.375% due 11/30/43		200,000		261,500
Jefferies Group LLC 2.750% due 10/15/32		40,000		42,056
5.125% due 01/20/23		150,000		163,953
JPMorgan Chase & Co 1.045% due 11/19/26		100,000		101,155
1.514% due 06/01/24		350,000		359,448
1.764% due 11/19/31		100,000		101,050
2.083% due 04/22/26		250,000		264,197
2.182% due 06/01/28		650,000		690,500
2.301% due 10/15/25		615,000		653,080
2.525% due 11/19/41		100,000		102,945
2.739% due 10/15/30		75,000		81,679
2.776% due 04/25/23		175,000		180,724
2.956% due 05/13/31		65,000		71,343
3.109% due 04/22/51		250,000		278,369
3.200% due 06/15/26		100,000		112,017
3.207% due 04/01/23		115,000		119,273
3.250% due 09/23/22		400,000		420,811
3.509% due 01/23/29		185,000		211,173
3.540% due 05/01/28		100,000		114,387
3.559% due 04/23/24		75,000		80,408
3.625% due 05/13/24		200,000		221,057
3.702% due 05/06/30		150,000		174,048
3.882% due 07/24/38		150,000		182,678
3.964% due 11/15/48		100,000		125,859
4.023% due 12/05/24		200,000		220,401
4.032% due 07/24/48		150,000		190,130
4.452% due 12/05/29		150,000		183,058
5.500% due 10/15/40		100,000		147,253
5.600% due 07/15/41		100,000		151,371
6.400% due 05/15/38		300,000		464,962
KeyCorp 2.250% due 04/06/27		350,000		374,926
4.150% due 10/29/25		30,000		34,852
Kilroy Realty LP REIT 3.800% due 01/15/23		100,000		104,773
Kimco Realty Corp REIT 3.125% due 06/01/23		100,000		105,405
3.700% due 10/01/49		25,000		26,941
4.125% due 12/01/46		50,000		55,894
Kreditanstalt fuer Wiederaufbau (Germany) 0.250% due 10/19/23		400,000		400,469
0.375% due 07/18/25		250,000		249,536


	Principal Amount		Value
1.375% due 08/05/24	$	400,000	$	415,714
1.625% due 02/15/23		250,000		257,639
1.750% due 08/22/22		200,000		205,163
1.750% due 09/14/29		100,000		107,045
2.000% due 10/04/22		250,000		257,979
2.125% due 01/17/23		650,000		675,799
2.500% due 11/20/24		375,000		406,741
Landwirtschaftliche Rentenbank (Germany) 0.875% due 09/03/30		200,000		196,878
1.750% due 07/27/26		100,000		106,608
3.125% due 11/14/23		200,000		216,459
Lazard Group LLC 3.625% due 03/01/27		50,000		55,027
4.375% due 03/11/29		50,000		58,645
Legg Mason Inc 4.750% due 03/15/26		50,000		59,443
Life Storage LP REIT 4.000% due 06/15/29		100,000		117,054
Lincoln National Corp 3.625% due 12/12/26		150,000		173,317
3.800% due 03/01/28		35,000		40,523
4.000% due 09/01/23		15,000		16,377
4.350% due 03/01/48		25,000		31,433
Lloyds Banking Group PLC (United Kingdom) 1.326% due 06/15/23		300,000		303,384
3.870% due 07/09/25		500,000		551,860
4.050% due 08/16/23		200,000		218,693
4.582% due 12/10/25		200,000		228,999
Loews Corp 2.625% due 05/15/23		150,000		157,076
Manufacturers & Traders Trust Co 2.500% due 05/18/22		250,000		257,265
Manulife Financial Corp (Canada) 4.150% due 03/04/26		50,000		58,227
5.375% due 03/04/46		50,000		73,256
Markel Corp 3.500% due 11/01/27		50,000		56,434
5.000% due 05/20/49		30,000		41,418
Marsh & McLennan Cos Inc 3.500% due 03/10/25		75,000		83,263
3.750% due 03/14/26		100,000		113,593
4.200% due 03/01/48		100,000		131,789
4.375% due 03/15/29		70,000		85,246
Mastercard Inc 2.950% due 11/21/26		50,000		55,945
2.950% due 06/01/29		50,000		56,132
3.650% due 06/01/49		50,000		62,120
3.800% due 11/21/46		50,000		63,177
3.950% due 02/26/48		15,000		19,413
MetLife Inc 5.700% due 06/15/35		100,000		147,339
5.875% due 02/06/41		200,000		305,071
6.375% due 06/15/34		100,000		152,316
Mid-America Apartments LP REIT 3.600% due 06/01/27		100,000		113,238
3.950% due 03/15/29		25,000		29,333
Mitsubishi UFJ Financial Group Inc (Japan) 0.848% due 09/15/24		350,000		352,182
2.048% due 07/17/30		200,000		209,313
2.665% due 07/25/22		100,000		103,521
2.998% due 02/22/22		100,000		103,011
3.455% due 03/02/23		50,000		53,305
3.677% due 02/22/27		100,000		114,446
3.761% due 07/26/23		150,000		162,692
3.777% due 03/02/25		50,000		55,967
3.850% due 03/01/26		200,000		230,224
3.961% due 03/02/28		50,000		58,892
4.050% due 09/11/28		150,000		179,714


	Principal Amount		Value
Mizuho Financial Group Inc (Japan) 1.241% due 07/10/24	$	200,000	$	203,354
2.201% due 07/10/31		200,000		208,299
2.601% due 09/11/22		200,000		207,636
3.663% due 02/28/27		200,000		227,144
3.922% due 09/11/24		200,000		217,615
Morgan Stanley 0.560% due 11/10/23		75,000		75,192
0.864% due 10/21/25		70,000		70,602
1.794% due 02/13/32		65,000		65,423
2.188% due 04/28/26		500,000		528,452
2.699% due 01/22/31		445,000		483,405
2.720% due 07/22/25		565,000		604,520
2.750% due 05/19/22		85,000		87,797
3.125% due 07/27/26		70,000		78,447
3.591% due 07/22/28		100,000		114,226
3.622% due 04/01/31		200,000		232,437
3.625% due 01/20/27		300,000		344,495
3.737% due 04/24/24		90,000		96,866
4.300% due 01/27/45		100,000		133,617
4.350% due 09/08/26		90,000		106,209
4.431% due 01/23/30		95,000		115,844
4.457% due 04/22/39		150,000		195,047
4.875% due 11/01/22		100,000		107,797
5.597% due 03/24/51		100,000		161,002
7.250% due 04/01/32		100,000		154,289
Nasdaq Inc 1.650% due 01/15/31		150,000		148,734
2.500% due 12/21/40		150,000		148,693
National Australia Bank Ltd (Australia) 3.000% due 01/20/23		200,000		211,002
National Bank of Canada (Canada) 0.550% due 11/15/24		250,000		250,861
National Retail Properties Inc REIT 3.300% due 04/15/23		100,000		105,657
4.300% due 10/15/28		35,000		40,609
Natwest Group PLC (United Kingdom) 3.032% due 11/28/35		350,000		362,411
3.073% due 05/22/28		200,000		217,303
3.875% due 09/12/23		250,000		271,380
5.125% due 05/28/24		125,000		141,337
6.000% due 12/19/23		115,000		131,466
Nomura Holdings Inc (Japan) 1.851% due 07/16/25		200,000		208,740
Nordic Investment Bank (Multi-National) 0.375% due 05/19/23		250,000		250,930
Northern Trust Corp 1.950% due 05/01/30		75,000		78,230
3.375% due 05/08/32		63,000		69,113
3.650% due 08/03/28		50,000		58,582
Oesterreichische Kontrollbank AG (Austria) 0.375% due 09/17/25		90,000		89,611
1.500% due 02/12/25		300,000		313,296
1.625% due 09/17/22		40,000		40,976
Office Properties Income Trust REIT 4.000% due 07/15/22		100,000		102,268
4.250% due 05/15/24		50,000		52,489
Omega Healthcare Investors Inc REIT 4.500% due 01/15/25		25,000		27,394
4.750% due 01/15/28		50,000		57,025
4.950% due 04/01/24		100,000		108,956
ORIX Corp (Japan) 2.900% due 07/18/22		30,000		31,111
3.700% due 07/18/27		50,000		57,122
4.050% due 01/16/24		25,000		27,413
Owl Rock Capital Corp 3.750% due 07/22/25		100,000		103,856
4.000% due 03/30/25		25,000		26,129


	Principal Amount		Value
PNC Bank NA 2.950% due 02/23/25	$	300,000	$	328,763
4.050% due 07/26/28		350,000		414,830
Principal Financial Group Inc 3.700% due 05/15/29		25,000		29,276
4.625% due 09/15/42		100,000		128,117
Private Export Funding Corp 2.450% due 07/15/24		100,000		106,762
Prologis LP REIT 1.250% due 10/15/30		55,000		54,504
2.125% due 04/15/27		25,000		26,839
2.125% due 10/15/50		40,000		37,171
2.250% due 04/15/30		30,000		32,169
3.000% due 04/15/50		25,000		27,662
4.375% due 02/01/29		15,000		18,433
Prudential Financial Inc 1.500% due 03/10/26		20,000		20,767
2.100% due 03/10/30		15,000		15,776
3.000% due 03/10/40		25,000		27,405
3.700% due 10/01/50		175,000		185,330
3.700% due 03/13/51		150,000		182,010
3.935% due 12/07/49		132,000		160,394
4.350% due 02/25/50		50,000		65,686
5.200% due 03/15/44		100,000		106,356
5.875% due 09/15/42		100,000		107,476
6.625% due 06/21/40		50,000		77,483
Public Storage REIT 3.094% due 09/15/27		30,000		33,570
Raymond James Financial Inc 4.950% due 07/15/46		100,000		137,272
Realty Income Corp 1.800% due 03/15/33		50,000		50,295
Realty Income Corp REIT 3.000% due 01/15/27		50,000		55,378
3.875% due 04/15/25		150,000		169,098
4.650% due 08/01/23		50,000		54,810
Regency Centers LP REIT 3.600% due 02/01/27		30,000		33,005
3.700% due 06/15/30		35,000		39,708
4.400% due 02/01/47		35,000		40,643
Regions Financial Corp 3.800% due 08/14/23		50,000		54,263
Reinsurance Group of America Inc 3.950% due 09/15/26		60,000		68,959
RenaissanceRe Finance Inc (Bermuda) 3.450% due 07/01/27		30,000		32,947
Retail Properties of America Inc REIT 4.750% due 09/15/30		25,000		26,580
Royal Bank of Canada (Canada) 0.500% due 10/26/23		35,000		35,205
1.150% due 06/10/25		490,000		500,938
4.650% due 01/27/26		200,000		236,379
Sabra Health Care LP REIT 4.800% due 06/01/24		50,000		53,676
Santander Holdings USA Inc 3.700% due 03/28/22		220,000		227,220
4.400% due 07/13/27		145,000		165,744
Santander UK Group Holdings PLC (United Kingdom) 1.532% due 08/21/26		200,000		203,198
Santander UK PLC (United Kingdom) 4.000% due 03/13/24		100,000		110,705
Simon Property Group LP REIT 2.000% due 09/13/24		100,000		104,541
2.350% due 01/30/22		50,000		50,784
2.450% due 09/13/29		100,000		105,149
2.650% due 07/15/30		100,000		106,586
3.250% due 11/30/26		50,000		55,436
3.250% due 09/13/49		100,000		102,611


	Principal Amount		Value
3.375% due 06/15/27	$	100,000	$	111,186
4.250% due 11/30/46		50,000		58,161
Spirit Realty LP REIT 3.400% due 01/15/30		50,000		54,240
Stifel Financial Corp 4.250% due 07/18/24		50,000		56,223
STORE Capital Corp REIT 4.500% due 03/15/28		150,000		170,898
Sumitomo Mitsui Financial Group Inc (Japan) 1.474% due 07/08/25		200,000		205,008
2.348% due 01/15/25		200,000		212,303
2.778% due 10/18/22		100,000		104,259
2.784% due 07/12/22		150,000		155,551
3.010% due 10/19/26		200,000		221,709
3.202% due 09/17/29		150,000		164,247
3.364% due 07/12/27		150,000		169,976
3.784% due 03/09/26		100,000		113,952
Svensk Exportkredit AB (Sweden) 0.375% due 07/30/24		250,000		250,146
2.000% due 08/30/22		250,000		257,419
Synchrony Financial 3.700% due 08/04/26		50,000		55,525
3.950% due 12/01/27		100,000		112,185
Tanger Properties LP REIT 3.875% due 07/15/27		50,000		52,396
The Allstate Corp 3.280% due 12/15/26		350,000		399,984
The Asian Infrastructure Investment Bank (China) 0.250% due 09/29/23		135,000		134,818
0.500% due 05/28/25		150,000		150,257
2.250% due 05/16/24		250,000		266,157
The Bank of New York Mellon Corp 1.600% due 04/24/25		300,000		313,837
2.600% due 02/07/22		100,000		102,398
2.800% due 05/04/26		50,000		55,269
3.000% due 10/30/28		55,000		62,244
3.400% due 05/15/24		100,000		109,414
The Bank of Nova Scotia (Canada) 1.300% due 06/11/25		100,000		102,650
1.625% due 05/01/23		300,000		308,719
2.000% due 11/15/22		100,000		103,301
The Charles Schwab Corp 0.900% due 03/11/26		135,000		136,875
3.200% due 03/02/27		100,000		112,033
3.850% due 05/21/25		100,000		113,857
The Goldman Sachs Group Inc 1.093% due 12/09/26		290,000		293,263
3.000% due 04/26/22		300,000		302,446
3.200% due 02/23/23		255,000		269,504
3.272% due 09/29/25		255,000		279,553
3.500% due 01/23/25		150,000		165,669
3.500% due 04/01/25		100,000		111,289
3.500% due 11/16/26		100,000		112,338
3.625% due 02/20/24		180,000		196,069
3.750% due 05/22/25		150,000		168,442
3.750% due 02/25/26		60,000		68,188
3.800% due 03/15/30		250,000		294,240
3.814% due 04/23/29		150,000		173,840
3.850% due 01/26/27		160,000		182,635
4.017% due 10/31/38		100,000		122,038
4.223% due 05/01/29		200,000		237,324
4.411% due 04/23/39		450,000		575,296
4.750% due 10/21/45		100,000		139,276
6.750% due 10/01/37		200,000		306,045
The PNC Financial Services Group Inc 2.550% due 01/22/30		350,000		383,549


	Principal Amount		Value
The Progressive Corp 4.000% due 03/01/29	$	25,000	$	29,922
4.125% due 04/15/47		100,000		131,183
The Toronto-Dominion Bank (Canada) 0.750% due 06/12/23		350,000		353,811
3.250% due 03/11/24		100,000		108,702
The Travelers Cos Inc 6.250% due 06/15/37		125,000		191,362
The Western Union Co 4.250% due 06/09/23		100,000		108,533
Travelers Property Casualty Corp 6.375% due 03/15/33		100,000		150,036
Truist Bank 2.450% due 08/01/22		100,000		103,377
3.689% due 08/02/24		50,000		54,184
Truist Financial Corp 1.125% due 08/03/27		100,000		100,736
1.200% due 08/05/25		135,000		138,692
1.950% due 06/05/30		135,000		140,186
2.700% due 01/27/22		100,000		102,388
3.700% due 06/05/25		100,000		113,112
3.950% due 03/22/22		200,000		208,218
4.000% due 05/01/25		100,000		113,325
UDR Inc REIT 3.100% due 11/01/34		50,000		56,278
3.200% due 01/15/30		50,000		55,599
4.400% due 01/26/29		25,000		29,744
Unum Group 4.000% due 06/15/29		70,000		78,834
US Bancorp 1.375% due 07/22/30		150,000		150,401
1.450% due 05/12/25		150,000		155,801
2.950% due 07/15/22		250,000		259,844
3.600% due 09/11/24		400,000		442,589
Ventas Realty LP REIT 3.000% due 01/15/30		50,000		53,813
3.125% due 06/15/23		90,000		95,117
3.250% due 10/15/26		100,000		110,335
4.000% due 03/01/28		50,000		57,086
4.125% due 01/15/26		31,000		35,676
VEREIT Operating Partnership LP
2.200% due 06/15/28		35,000		35,820
2.850% due 12/15/32		30,000		31,380
VEREIT Operating Partnership LP REIT 4.600% due 02/06/24		25,000		27,517
4.625% due 11/01/25		50,000		57,575
4.875% due 06/01/26		25,000		29,326
Visa Inc 1.100% due 02/15/31		200,000		197,438
VISA Inc 2.050% due 04/15/30		300,000		321,217
Visa Inc 2.150% due 09/15/22		45,000		46,410
2.800% due 12/14/22		50,000		52,324
3.650% due 09/15/47		25,000		31,363
4.150% due 12/14/35		30,000		39,053
4.300% due 12/14/45		100,000		137,207
Voya Financial Inc 3.650% due 06/15/26		50,000		57,244
4.800% due 06/15/46		30,000		38,060
W R Berkley Corp 4.000% due 05/12/50		115,000		140,677
Wachovia Corp 5.500% due 08/01/35		200,000		269,055
Wells Fargo & Co 1.654% due 06/02/24		500,000		513,765
2.188% due 04/30/26		300,000		316,130
2.393% due 06/02/28		500,000		532,566
2.406% due 10/30/25		130,000		137,484
3.000% due 04/22/26		150,000		165,173


	Principal Amount		Value
3.000% due 10/23/26	$	150,000	$	166,364
3.068% due 04/30/41		500,000		544,719
3.196% due 06/17/27		260,000		288,404
3.450% due 02/13/23		300,000		318,106
4.150% due 01/24/29		200,000		237,454
4.478% due 04/04/31		200,000		244,574
5.013% due 04/04/51		250,000		355,738
5.375% due 02/07/35		100,000		137,002
5.606% due 01/15/44		100,000		141,846
Wells Fargo Bank NA 3.550% due 08/14/23		250,000		270,117
6.600% due 01/15/38		100,000		153,003
Welltower Inc REIT 2.750% due 01/15/31		145,000		154,825
4.125% due 03/15/29		100,000		117,167
Westpac Banking Corp (Australia) 2.500% due 06/28/22		150,000		155,200
2.700% due 08/19/26		150,000		165,806
2.894% due 02/04/30		200,000		209,749
2.963% due 11/16/40		200,000		212,983
3.300% due 02/26/24		100,000		108,791
3.400% due 01/25/28		100,000		115,171
4.110% due 07/24/34		65,000		74,464
4.421% due 07/24/39		45,000		57,567
Weyerhaeuser Co REIT 4.000% due 11/15/29		100,000		118,189
7.375% due 03/15/32		100,000		150,065
Willis North America Inc 2.950% due 09/15/29		75,000		82,172
3.875% due 09/15/49		35,000		42,795
WP Carey Inc REIT 4.600% due 04/01/24		100,000		111,084
XLIT Ltd (Bermuda) 5.250% due 12/15/43		50,000		70,885

				101,381,941

Industrial - 2.3%

3M Co 2.375% due 08/26/29		300,000		324,689
2.875% due 10/15/27		100,000		111,523
3.250% due 08/26/49		200,000		231,249
ABB Finance USA Inc (Switzerland) 2.875% due 05/08/22		100,000		103,396
Agilent Technologies Inc 3.200% due 10/01/22		100,000		103,997
Allegion US Holding Co Inc 3.200% due 10/01/24		50,000		53,449
3.550% due 10/01/27		50,000		54,742
Amphenol Corp 2.050% due 03/01/25		25,000		26,426
4.350% due 06/01/29		50,000		61,266
Arrow Electronics Inc 3.250% due 09/08/24		100,000		108,257
3.875% due 01/12/28		25,000		28,197
Avnet Inc 4.625% due 04/15/26		25,000		28,311
Berry Global Inc 1.570% due 01/15/26 ~		200,000		201,982
Burlington Northern Santa Fe LLC 3.000% due 03/15/23		150,000		157,608
3.050% due 02/15/51		200,000		227,127
3.550% due 02/15/50		150,000		185,060
3.650% due 09/01/25		50,000		56,475
4.125% due 06/15/47		50,000		66,092
4.700% due 09/01/45		50,000		70,425
5.750% due 05/01/40		100,000		148,473
Canadian National Railway Co (Canada) 2.950% due 11/21/24		100,000		108,155
6.200% due 06/01/36		50,000		75,330


	Principal Amount		Value
Canadian Pacific Railway Co (Canada) 2.900% due 02/01/25	$	150,000	$	162,538
4.000% due 06/01/28		35,000		41,107
4.800% due 09/15/35		20,000		26,353
6.125% due 09/15/15		30,000		50,232
Carlisle Cos Inc 3.750% due 12/01/27		50,000		56,635
Carrier Global Corp 1.923% due 02/15/23		5,000		5,153
2.242% due 02/15/25		35,000		37,084
2.493% due 02/15/27		35,000		37,794
2.722% due 02/15/30		50,000		53,464
3.377% due 04/05/40		15,000		16,400
3.577% due 04/05/50		450,000		500,335
Caterpillar Financial Services Corp 0.650% due 07/07/23		50,000		50,434
0.800% due 11/13/25		60,000		60,509
3.450% due 05/15/23		100,000		107,256
Caterpillar Inc 2.600% due 04/09/30		500,000		551,548
3.250% due 09/19/49		100,000		117,423
3.803% due 08/15/42		100,000		126,916
CNH Industrial Capital LLC 4.200% due 01/15/24		50,000		54,878
4.375% due 04/05/22		25,000		26,133
CNH Industrial NV (United Kingdom) 3.850% due 11/15/27		35,000		39,473
CSX Corp 3.250% due 06/01/27		250,000		282,870
3.400% due 08/01/24		200,000		218,661
4.500% due 03/15/49		65,000		88,155
5.500% due 04/15/41		75,000		105,027
Deere & Co 2.875% due 09/07/49		15,000		16,690
3.900% due 06/09/42		100,000		127,295
Dover Corp 5.375% due 03/01/41		50,000		63,673
Eaton Corp 4.000% due 11/02/32		100,000		122,246
Emerson Electric Co 0.875% due 10/15/26		35,000		35,247
3.150% due 06/01/25		100,000		110,657
FedEx Corp 3.100% due 08/05/29		50,000		55,911
3.875% due 08/01/42		100,000		116,917
4.000% due 01/15/24		200,000		221,615
4.200% due 10/17/28		100,000		118,879
4.400% due 01/15/47		50,000		63,285
4.750% due 11/15/45		50,000		65,074
5.250% due 05/15/50		350,000		495,773
Flex Ltd 3.750% due 02/01/26		50,000		55,967
4.750% due 06/15/25		50,000		56,796
4.875% due 06/15/29		25,000		29,557
Flowserve Corp 4.000% due 11/15/23		143,000		151,526
Fortive Corp 4.300% due 06/15/46		125,000		154,137
Fortune Brands Home & Security Inc 4.000% due 09/21/23		50,000		54,502
GATX Corp 3.250% due 03/30/25		100,000		109,842
4.350% due 02/15/24		25,000		27,621
4.550% due 11/07/28		25,000		30,206
General Dynamics Corp 3.375% due 05/15/23		50,000		53,482
3.750% due 05/15/28		180,000		210,760
4.250% due 04/01/50		200,000		272,816
General Electric Co 3.450% due 05/01/27		350,000		395,279
4.125% due 10/09/42		8,000		9,385


	Principal Amount		Value
4.250% due 05/01/40	$	300,000	$	354,674
5.875% due 01/14/38		115,000		155,958
6.750% due 03/15/32		101,000		141,706
6.875% due 01/10/39		58,000		85,515
Honeywell International Inc 0.483% due 08/19/22		145,000		145,239
2.150% due 08/08/22		45,000		46,220
2.300% due 08/15/24		100,000		106,654
2.500% due 11/01/26		100,000		110,447
2.700% due 08/15/29		60,000		67,190
Hubbell Inc 3.350% due 03/01/26		50,000		55,015
IDEX Corp 3.000% due 05/01/30		15,000		16,525
Illinois Tool Works Inc 4.875% due 09/15/41		100,000		138,421
Jabil Inc 3.950% due 01/12/28		55,000		62,269
JB Hunt Transport Services Inc 3.300% due 08/15/22		50,000		52,070
John Deere Capital Corp 0.550% due 07/05/22		300,000		301,516
1.750% due 03/09/27		50,000		52,546
2.150% due 09/08/22		50,000		51,730
2.600% due 03/07/24		100,000		107,098
2.650% due 06/10/26		100,000		109,733
2.750% due 03/15/22		100,000		102,992
2.800% due 03/06/23		50,000		52,802
2.800% due 09/08/27		50,000		55,695
3.400% due 09/11/25		50,000		56,363
3.450% due 06/07/23		25,000		26,884
3.450% due 03/13/25		50,000		56,052
Johnson Controls International PLC 1.750% due 09/15/30		15,000		15,315
3.625% due 07/02/24		40,000		43,420
3.900% due 02/14/26		19,000		21,548
4.500% due 02/15/47		40,000		52,664
Kansas City Southern 4.950% due 08/15/45		100,000		127,991
Kennametal Inc 4.625% due 06/15/28		50,000		55,749
Keysight Technologies Inc 4.550% due 10/30/24		100,000		113,167
L3Harris Technologies Inc 2.900% due 12/15/29		30,000		33,194
3.850% due 06/15/23		70,000		75,649
3.850% due 12/15/26		25,000		28,975
4.400% due 06/15/28		100,000		120,647
Lockheed Martin Corp 2.900% due 03/01/25		50,000		54,556
3.550% due 01/15/26		100,000		113,642
3.600% due 03/01/35		25,000		30,235
3.800% due 03/01/45		20,000		25,063
4.500% due 05/15/36		20,000		26,383
4.700% due 05/15/46		44,000		62,022
6.150% due 09/01/36		100,000		152,096
Martin Marietta Materials Inc 2.500% due 03/15/30		65,000		69,630
3.450% due 06/01/27		21,000		23,542
Masco Corp 3.500% due 11/15/27		100,000		113,619
4.375% due 04/01/26		50,000		58,733
Norfolk Southern Corp 2.903% due 02/15/23		100,000		104,737
3.000% due 04/01/22		100,000		102,693
3.155% due 05/15/55		20,000		21,879
3.800% due 08/01/28		30,000		35,192
3.942% due 11/01/47		63,000		77,046
4.650% due 01/15/46		50,000		66,382
4.837% due 10/01/41		50,000		68,306


	Principal Amount		Value
Northrop Grumman Corp 2.550% due 10/15/22	$	100,000	$	103,894
3.250% due 08/01/23		100,000		107,570
3.250% due 01/15/28		350,000		395,869
3.850% due 04/15/45		100,000		122,131
Oshkosh Corp 3.100% due 03/01/30		15,000		16,383
Otis Worldwide Corp 2.056% due 04/05/25		20,000		21,214
2.293% due 04/05/27		20,000		21,389
3.112% due 02/15/40		50,000		54,484
3.362% due 02/15/50		30,000		34,772
Owens Corning 3.875% due 06/01/30		150,000		173,268
Packaging Corp of America 3.400% due 12/15/27		35,000		39,466
3.650% due 09/15/24		100,000		109,661
Parker-Hannifin Corp 3.250% due 06/14/29		20,000		22,710
4.000% due 06/14/49		20,000		25,100
6.250% due 05/15/38		100,000		144,652
PerkinElmer Inc 3.300% due 09/15/29		30,000		33,872
Precision Castparts Corp 2.500% due 01/15/23		100,000		103,948
3.250% due 06/15/25		50,000		55,292
4.375% due 06/15/45		50,000		63,004
Raytheon Technologies Corp 2.250% due 07/01/30		100,000		106,294
2.500% due 12/15/22		125,000		129,597
3.125% due 07/01/50		100,000		110,275
3.200% due 03/15/24		300,000		324,127
3.500% due 03/15/27		200,000		228,495
3.750% due 11/01/46		50,000		59,338
3.950% due 08/16/25		25,000		28,679
4.125% due 11/16/28		60,000		71,546
4.350% due 04/15/47		200,000		263,342
4.450% due 11/16/38		20,000		25,220
4.500% due 06/01/42		300,000		391,218
4.625% due 11/16/48		35,000		47,518
Republic Services Inc 3.200% due 03/15/25		100,000		109,760
3.375% due 11/15/27		120,000		136,112
3.950% due 05/15/28		100,000		117,368
Roper Technologies Inc 1.750% due 02/15/31		200,000		199,292
2.350% due 09/15/24		15,000		15,977
3.800% due 12/15/26		30,000		34,693
4.200% due 09/15/28		95,000		113,370
Ryder System Inc 2.500% due 09/01/22		95,000		98,087
3.400% due 03/01/23		100,000		105,965
Snap-on Inc 3.100% due 05/01/50		35,000		39,532
Sonoco Products Co 5.750% due 11/01/40		200,000		272,059
Stanley Black & Decker Inc 2.750% due 11/15/50		50,000		52,402
4.250% due 11/15/28		100,000		121,935
Textron Inc 3.650% due 03/15/27		100,000		110,495
4.000% due 03/15/26		25,000		28,216
The Boeing Co 1.950% due 02/01/24		30,000		30,909
2.750% due 02/01/26		50,000		52,602
2.800% due 03/01/23		25,000		25,961
2.950% due 02/01/30		100,000		103,523
3.200% due 03/01/29		200,000		211,176
3.250% due 02/01/28		50,000		53,630
3.250% due 03/01/28		25,000		26,479


	Principal Amount		Value
3.550% due 03/01/38	$	15,000	$	15,323
3.625% due 02/01/31		30,000		32,920
3.625% due 03/01/48		10,000		10,100
3.750% due 02/01/50		100,000		105,164
3.825% due 03/01/59		50,000		50,798
3.850% due 11/01/48		35,000		36,164
4.508% due 05/01/23		200,000		216,247
4.875% due 05/01/25		85,000		96,949
5.150% due 05/01/30		150,000		181,796
5.705% due 05/01/40		200,000		259,107
5.805% due 05/01/50		150,000		207,222
5.875% due 02/15/40		50,000		63,697
5.930% due 05/01/60		150,000		212,799
Trane Technologies Global Holding Co Ltd 4.250% due 06/15/23		100,000		109,160
Trane Technologies Luxembourg Finance SA 3.800% due 03/21/29		100,000		117,165
Trimble Inc 4.150% due 06/15/23		50,000		54,195
4.900% due 06/15/28		50,000		59,860
Union Pacific Corp 2.750% due 03/01/26		25,000		27,369
2.973% due 09/16/62 ~		25,000		26,212
3.000% due 04/15/27		100,000		110,713
3.250% due 08/15/25		50,000		55,431
3.350% due 08/15/46		50,000		56,072
3.500% due 06/08/23		50,000		53,636
3.600% due 09/15/37		20,000		23,362
3.646% due 02/15/24		92,000		99,946
3.700% due 03/01/29		65,000		75,470
3.750% due 07/15/25		50,000		56,781
3.839% due 03/20/60		530,000		657,537
3.950% due 09/10/28		60,000		71,294
4.050% due 03/01/46		30,000		36,726
United Parcel Service Inc 2.350% due 05/16/22		50,000		51,349
3.400% due 11/15/46		200,000		241,280
6.200% due 01/15/38		50,000		78,497
Vulcan Materials Co 4.500% due 06/15/47		100,000		124,087
Waste Connections Inc 3.500% due 05/01/29		100,000		114,132
Waste Management Inc 0.750% due 11/15/25		206,000		206,993
3.150% due 11/15/27		100,000		112,959
4.150% due 07/15/49		30,000		39,983
Westinghouse Air Brake Technologies Corp 4.400% due 03/15/24		100,000		109,534
4.950% due 09/15/28		100,000		118,743
WRKCo Inc 3.000% due 09/15/24		100,000		107,769
4.000% due 03/15/28		100,000		116,045
4.200% due 06/01/32		50,000		60,440
Xylem Inc 3.250% due 11/01/26		30,000		33,761
4.375% due 11/01/46		25,000		30,682

				23,198,474

Technology - 2.1%

Activision Blizzard Inc 1.350% due 09/15/30		35,000		34,424
2.500% due 09/15/50		100,000		97,745
3.400% due 09/15/26		50,000		56,928
Adobe Inc 1.700% due 02/01/23		20,000		20,596
1.900% due 02/01/25		230,000		243,319
Analog Devices Inc 3.500% due 12/05/26		100,000		113,796


	Principal Amount		Value
Apple Inc 0.750% due 05/11/23	$	80,000	$	80,997
1.125% due 05/11/25		65,000		66,886
1.650% due 05/11/30		410,000		422,386
1.700% due 09/11/22		60,000		61,534
1.800% due 09/11/24		100,000		105,049
2.050% due 09/11/26		100,000		106,961
2.100% due 09/12/22		100,000		103,124
2.200% due 09/11/29		100,000		108,000
2.400% due 01/13/23		50,000		52,143
2.400% due 05/03/23		600,000		629,555
2.650% due 05/11/50		100,000		106,140
2.950% due 09/11/49		65,000		72,561
3.000% due 11/13/27		100,000		112,854
3.250% due 02/23/26		570,000		639,959
3.350% due 02/09/27		200,000		228,257
3.750% due 09/12/47		75,000		94,186
3.750% due 11/13/47		50,000		63,071
3.850% due 08/04/46		35,000		45,088
4.250% due 02/09/47		100,000		136,481
4.500% due 02/23/36		50,000		67,390
4.650% due 02/23/46		445,000		632,575
Applied Materials Inc 1.750% due 06/01/30		30,000		31,111
3.900% due 10/01/25		35,000		40,159
4.350% due 04/01/47		45,000		62,378
5.100% due 10/01/35		35,000		48,612
Autodesk Inc 2.850% due 01/15/30		55,000		61,160
Broadcom Inc 3.459% due 09/15/26		26,000		28,878
4.110% due 09/15/28		211,000		241,775
4.250% due 04/15/26		100,000		114,629
4.300% due 11/15/32		200,000		237,506
4.700% due 04/15/25		250,000		286,549
4.750% due 04/15/29		150,000		179,420
5.000% due 04/15/30		200,000		243,274
Broadridge Financial Solutions Inc 3.400% due 06/27/26		50,000		56,322
Citrix Systems Inc 3.300% due 03/01/30		50,000		55,297
Dell International LLC 4.000% due 07/15/24 ~		50,000		55,176
4.900% due 10/01/26 ~		100,000		118,144
5.300% due 10/01/29 ~		100,000		122,554
5.450% due 06/15/23 ~		115,000		127,226
5.850% due 07/15/25 ~		200,000		240,397
6.020% due 06/15/26 ~		500,000		610,781
8.100% due 07/15/36 ~		50,000		73,946
8.350% due 07/15/46 ~		50,000		75,643
DXC Technology Co 4.125% due 04/15/25		65,000		71,896
Electronic Arts Inc 4.800% due 03/01/26		50,000		59,532
Fidelity National Information Services Inc 3.000% due 08/15/26		150,000		167,158
3.500% due 04/15/23		57,000		60,524
Fiserv Inc 2.250% due 06/01/27		100,000		106,687
2.650% due 06/01/30		100,000		108,266
2.750% due 07/01/24		100,000		107,415
3.200% due 07/01/26		25,000		28,019
3.500% due 07/01/29		45,000		51,452
3.850% due 06/01/25		100,000		112,904
4.400% due 07/01/49		40,000		53,582
Genpact Luxembourg SARL 3.375% due 12/01/24		25,000		27,245
Hewlett Packard Enterprise Co 4.900% due 10/15/25		250,000		292,848


	Principal Amount		Value
6.200% due 10/15/35	$	50,000	$	64,603
6.350% due 10/15/45		50,000		65,906
HP Inc 4.050% due 09/15/22		200,000		212,197
6.000% due 09/15/41		55,000		71,871
Intel Corp 2.450% due 11/15/29		150,000		162,756
2.600% due 05/19/26		100,000		109,251
3.250% due 11/15/49		300,000		336,110
3.700% due 07/29/25		145,000		164,139
4.600% due 03/25/40		400,000		529,165
International Business Machines Corp 2.850% due 05/13/22		100,000		103,570
2.850% due 05/15/40		100,000		107,792
3.000% due 05/15/24		200,000		216,727
3.300% due 05/15/26		300,000		339,159
3.375% due 08/01/23		300,000		324,253
3.500% due 05/15/29		170,000		196,839
4.150% due 05/15/39		100,000		126,614
4.250% due 05/15/49		300,000		393,959
5.600% due 11/30/39		26,000		38,439
Intuit Inc 1.650% due 07/15/30		15,000		15,420
Lam Research Corp 4.000% due 03/15/29		55,000		65,993
4.875% due 03/15/49		25,000		36,138
Leidos Inc 2.300% due 02/15/31 ~		55,000		56,104
Marvell Technology Group Ltd 4.200% due 06/22/23		50,000		54,129
Maxim Integrated Products Inc 3.450% due 06/15/27		100,000		112,267
Micron Technology Inc 2.497% due 04/24/23		250,000		260,708
Microsoft Corp 2.000% due 08/08/23		50,000		52,176
2.375% due 05/01/23		100,000		104,536
2.400% due 02/06/22		100,000		102,067
2.400% due 08/08/26		750,000		818,454
2.525% due 06/01/50		535,000		564,212
2.675% due 06/01/60		166,000		180,352
2.875% due 02/06/24		35,000		37,606
3.125% due 11/03/25		100,000		111,833
3.450% due 08/08/36		150,000		184,975
3.500% due 11/15/42		100,000		123,442
3.700% due 08/08/46		100,000		126,839
NVIDIA Corp 2.850% due 04/01/30		250,000		281,310
3.500% due 04/01/50		200,000		243,095
NXP BV (Netherlands) 4.300% due 06/18/29 ~		150,000		179,005
Oracle Corp 2.800% due 04/01/27		500,000		551,844
2.950% due 05/15/25		150,000		164,785
3.250% due 11/15/27		350,000		399,216
3.600% due 04/01/40		500,000		586,307
3.850% due 07/15/36		50,000		60,380
3.850% due 04/01/60		300,000		368,935
3.900% due 05/15/35		105,000		129,070
4.000% due 07/15/46		250,000		306,879
4.300% due 07/08/34		100,000		126,606
4.375% due 05/15/55		200,000		262,854
6.125% due 07/08/39		100,000		154,265
6.500% due 04/15/38		100,000		158,972
QUALCOMM Inc 2.600% due 01/30/23		100,000		104,906
2.900% due 05/20/24		50,000		53,862
3.250% due 05/20/27		50,000		56,779
3.450% due 05/20/25		150,000		167,085


	Principal Amount		Value
4.300% due 05/20/47	$	30,000	$	40,678
4.800% due 05/20/45		150,000		213,424
ServiceNow Inc 1.400% due 09/01/30		65,000		63,457
Texas Instruments Inc 4.150% due 05/15/48		100,000		133,803
VMware Inc 2.950% due 08/21/22		35,000		36,317
3.900% due 08/21/27		30,000		33,851
Xilinx Inc 2.950% due 06/01/24		100,000		107,620

				20,416,376

Utilities - 2.2%

AEP Transmission Co LLC 4.250% due 09/15/48		35,000		46,267
Alabama Power Co 2.450% due 03/30/22		100,000		102,508
4.150% due 08/15/44		90,000		114,367
4.300% due 07/15/48		15,000		20,076
Ameren Illinois Co 3.250% due 03/01/25		50,000		54,963
3.800% due 05/15/28		50,000		58,329
4.150% due 03/15/46		50,000		63,566
American Electric Power Co Inc 0.750% due 11/01/23		20,000		20,049
1.000% due 11/01/25		30,000		30,378
American Water Capital Corp 2.950% due 09/01/27		35,000		38,739
3.450% due 06/01/29		100,000		115,151
3.750% due 09/01/47		50,000		61,351
4.300% due 12/01/42		100,000		130,443
Appalachian Power Co 3.700% due 05/01/50		150,000		180,751
7.000% due 04/01/38		150,000		231,207
Arizona Public Service Co 2.950% due 09/15/27		50,000		54,972
4.500% due 04/01/42		100,000		129,094
Atmos Energy Corp 3.000% due 06/15/27		30,000		33,231
4.150% due 01/15/43		64,000		80,199
4.300% due 10/01/48		50,000		66,855
Avangrid Inc 3.150% due 12/01/24		50,000		54,550
Baltimore Gas and Electric Co 2.900% due 06/15/50		30,000		32,335
3.200% due 09/15/49		70,000		78,328
3.750% due 08/15/47		50,000		61,392
Berkshire Hathaway Energy Co
2.800% due 01/15/23		40,000		41,935
3.250% due 04/15/28		30,000		34,325
3.800% due 07/15/48		25,000		29,937
4.450% due 01/15/49		50,000		66,577
6.125% due 04/01/36		99,000		146,532
Black Hills Corp 3.150% due 01/15/27		50,000		54,442
4.350% due 05/01/33		30,000		36,375
CenterPoint Energy Houston Electric LLC 2.250% due 08/01/22		100,000		102,611
2.400% due 09/01/26		50,000		54,118
3.000% due 02/01/27		50,000		55,102
CenterPoint Energy Inc 3.850% due 02/01/24		25,000		27,368
4.250% due 11/01/28		25,000		29,628
CenterPoint Energy Resources Corp 4.000% due 04/01/28		100,000		116,684
Commonwealth Edison Co 3.700% due 08/15/28		20,000		23,611
3.750% due 08/15/47		50,000		60,200
3.800% due 10/01/42		100,000		120,523


	Principal Amount		Value
Consolidated Edison Co of New York Inc 3.950% due 03/01/43	$	100,000	$	118,154
3.950% due 04/01/50		250,000		304,965
4.000% due 12/01/28		100,000		118,113
4.125% due 05/15/49		50,000		61,867
4.300% due 12/01/56		50,000		63,594
4.500% due 12/01/45		100,000		129,621
Consumers Energy Co 3.250% due 08/15/46		50,000		57,201
3.800% due 11/15/28		100,000		118,168
4.350% due 04/15/49		100,000		138,247
Dominion Energy Inc 2.750% due 01/15/22		50,000		51,097
2.850% due 08/15/26		30,000		33,089
3.071% due 08/15/24		70,000		75,594
3.375% due 04/01/30		350,000		398,945
4.250% due 06/01/28		50,000		60,023
4.700% due 12/01/44		100,000		131,109
Dominion Energy South Carolina Inc 4.600% due 06/15/43		100,000		134,667
5.300% due 05/15/33		50,000		67,296
5.450% due 02/01/41		50,000		71,882
DTE Electric Co 2.250% due 03/01/30		50,000		53,675
2.950% due 03/01/50		50,000		55,770
3.375% due 03/01/25		50,000		55,274
3.650% due 03/15/24		51,000		55,587
DTE Energy Co 0.550% due 11/01/22		15,000		15,057
3.300% due 06/15/22		50,000		51,829
3.800% due 03/15/27		100,000		114,930
3.850% due 12/01/23		100,000		108,891
Duke Energy Carolinas LLC 3.050% due 03/15/23		150,000		158,551
3.750% due 06/01/45		200,000		241,658
6.050% due 04/15/38		110,000		165,474
6.100% due 06/01/37		25,000		37,044
Duke Energy Corp 2.400% due 08/15/22		50,000		51,536
2.450% due 06/01/30		160,000		170,503
3.150% due 08/15/27		50,000		55,857
3.950% due 08/15/47		50,000		60,862
4.200% due 06/15/49		65,000		82,906
Duke Energy Florida LLC 1.750% due 06/15/30		250,000		255,806
2.500% due 12/01/29		50,000		54,637
Duke Energy Indiana LLC 2.750% due 04/01/50		60,000		62,519
3.250% due 10/01/49		50,000		56,631
3.750% due 05/15/46		50,000		60,054
4.900% due 07/15/43		100,000		136,697
Duke Energy Ohio Inc 2.125% due 06/01/30		35,000		36,680
Duke Energy Progress LLC 3.700% due 09/01/28		100,000		117,151
Eastern Energy Gas Holdings LLC 2.500% due 11/15/24		40,000		42,833
3.000% due 11/15/29		35,000		38,827
3.550% due 11/01/23		100,000		107,793
3.900% due 11/15/49		30,000		35,474
Edison International 2.400% due 09/15/22		40,000		40,905
2.950% due 03/15/23		100,000		103,962
5.750% due 06/15/27		10,000		11,979
El Paso Electric Co 5.000% due 12/01/44		50,000		59,473
Emera US Finance LP (Canada) 3.550% due 06/15/26		35,000		39,354
4.750% due 06/15/46		200,000		256,177


	Principal Amount		Value
Enel Chile SA (Chile) 4.875% due 06/12/28	$	50,000	$	59,000
Enel Generacion Chile SA (Chile) 4.250% due 04/15/24		50,000		54,440
Entergy Arkansas LLC 3.500% due 04/01/26		50,000		56,535
4.200% due 04/01/49		50,000		64,733
Entergy Corp 0.900% due 09/15/25		150,000		150,088
2.800% due 06/15/30		100,000		108,115
2.950% due 09/01/26		30,000		33,083
Entergy Gulf States Louisiana LLC 5.590% due 10/01/24		50,000		59,029
Entergy Louisiana LLC 0.620% due 11/17/23		25,000		25,086
3.250% due 04/01/28		50,000		56,150
4.200% due 09/01/48		50,000		65,175
4.950% due 01/15/45		40,000		44,159
Evergy Kansas Central Inc 3.100% due 04/01/27		50,000		55,195
4.100% due 04/01/43		100,000		124,947
Evergy Metro Inc 3.650% due 08/15/25		50,000		56,377
Eversource Energy 2.900% due 10/01/24		50,000		54,006
3.300% due 01/15/28		100,000		112,311
3.800% due 12/01/23		15,000		16,435
4.250% due 04/01/29		25,000		29,978
Exelon Corp 3.950% due 06/15/25		100,000		113,208
4.050% due 04/15/30		300,000		355,351
4.450% due 04/15/46		100,000		127,517
4.950% due 06/15/35		35,000		44,146
5.100% due 06/15/45		35,000		47,488
Florida Power & Light Co 2.850% due 04/01/25		350,000		381,417
3.700% due 12/01/47		200,000		247,940
4.950% due 06/01/35		100,000		138,478
5.690% due 03/01/40		35,000		52,107
5.950% due 02/01/38		125,000		187,628
Georgia Power Co 2.850% due 05/15/22		100,000		103,361
4.300% due 03/15/42		100,000		126,992
Indiana Michigan Power Co 4.250% due 08/15/48		25,000		32,346
Interstate Power & Light Co 3.500% due 09/30/49		25,000		28,957
ITC Holdings Corp 3.350% due 11/15/27		50,000		56,348
3.650% due 06/15/24		25,000		27,267
Kentucky Utilities Co 4.375% due 10/01/45		40,000		52,015
Louisville Gas & Electric Co 4.250% due 04/01/49		35,000		45,192
MidAmerican Energy Co 3.650% due 08/01/48		100,000		122,495
6.750% due 12/30/31		100,000		149,629
Mississippi Power Co 3.950% due 03/30/28		25,000		29,164
National Fuel Gas Co 3.750% due 03/01/23		100,000		105,027
3.950% due 09/15/27		50,000		53,152
National Rural Utilities Cooperative Finance Corp 1.350% due 03/15/31		100,000		98,760
4.023% due 11/01/32		100,000		123,235
8.000% due 03/01/32		50,000		78,774
NextEra Energy Capital Holdings Inc 2.250% due 06/01/30		80,000		83,931
4.800% due 12/01/77		100,000		109,923
5.650% due 05/01/79		100,000		117,887


	Principal Amount		Value
NiSource Inc 0.950% due 08/15/25	$	200,000	$	201,299
3.490% due 05/15/27		50,000		56,754
3.950% due 03/30/48		50,000		61,531
4.800% due 02/15/44		100,000		131,172
5.250% due 02/15/43		100,000		136,961
Northern States Power Co 2.150% due 08/15/22		100,000		102,128
2.600% due 06/01/51		50,000		53,024
NSTAR Electric Co 2.375% due 10/15/22		100,000		103,064
Oglethorpe Power Corp 5.050% due 10/01/48		100,000		127,193
Ohio Edison Co 6.875% due 07/15/36		150,000		203,804
Oklahoma Gas & Electric Co 3.850% due 08/15/47		50,000		59,377
Oncor Electric Delivery Co LLC 0.550% due 10/01/25 ~		70,000		69,970
3.700% due 11/15/28		100,000		117,625
3.800% due 09/30/47		50,000		61,507
5.300% due 06/01/42		100,000		143,102
Pacific Gas and Electric Co 1.750% due 06/16/22		50,000		50,145
2.500% due 02/01/31		100,000		100,253
3.450% due 07/01/25		400,000		433,742
3.500% due 08/01/50		45,000		44,826
4.550% due 07/01/30		300,000		342,066
4.950% due 07/01/50		200,000		238,530
PacifiCorp 2.700% due 09/15/30		300,000		330,494
3.300% due 03/15/51		300,000		345,171
3.500% due 06/15/29		35,000		40,384
4.125% due 01/15/49		70,000		90,006
PECO Energy Co 2.800% due 06/15/50		45,000		47,925
3.000% due 09/15/49		55,000		60,789
3.150% due 10/15/25		50,000		55,543
3.900% due 03/01/48		60,000		75,809
Piedmont Natural Gas Co Inc 3.350% due 06/01/50		225,000		251,428
4.650% due 08/01/43		35,000		45,293
Potomac Electric Power Co 3.600% due 03/15/24		100,000		108,602
PPL Electric Utilities Corp 3.000% due 10/01/49		70,000		76,369
4.150% due 10/01/45		25,000		31,329
4.150% due 06/15/48		100,000		128,865
4.750% due 07/15/43		50,000		67,171
Progress Energy Inc 7.750% due 03/01/31		100,000		149,063
PSEG Power LLC 3.850% due 06/01/23		100,000		107,656
Public Service Co of Colorado 2.700% due 01/15/51		100,000		107,164
3.700% due 06/15/28		50,000		58,353
3.800% due 06/15/47		50,000		61,978
Public Service Electric and Gas Co 2.050% due 08/01/50		100,000		94,102
3.200% due 08/01/49		60,000		68,868
4.050% due 05/01/48		25,000		32,253
Public Service Enterprise Group Inc 2.650% due 11/15/22		50,000		52,143
2.875% due 06/15/24		70,000		75,434
Puget Energy Inc 3.650% due 05/15/25		100,000		110,389
Puget Sound Energy Inc 5.795% due 03/15/40		25,000		35,575
San Diego Gas & Electric Co 1.700% due 10/01/30		95,000		96,156
3.750% due 06/01/47		50,000		58,640


	Principal Amount		Value
4.100% due 06/15/49	$	100,000	$	124,941
4.150% due 05/15/48		25,000		31,494
Sempra Energy 3.400% due 02/01/28		65,000		74,176
3.800% due 02/01/38		100,000		115,980
Southern California Edison Co 2.250% due 06/01/30		70,000		72,959
2.850% due 08/01/29		75,000		81,864
3.500% due 10/01/23		100,000		107,383
3.650% due 03/01/28		50,000		56,166
3.650% due 02/01/50		70,000		79,584
3.700% due 08/01/25		30,000		33,671
3.900% due 03/15/43		50,000		56,741
4.125% due 03/01/48		10,000		11,951
4.500% due 09/01/40		50,000		60,326
Southern California Gas Co 2.600% due 06/15/26		50,000		54,382
Southwest Gas Corp 3.800% due 09/29/46		50,000		58,057
Southwestern Electric Power Co 3.900% due 04/01/45		50,000		58,679
4.100% due 09/15/28		50,000		58,809
6.200% due 03/15/40		50,000		73,391
Southwestern Public Service Co 3.300% due 06/15/24		50,000		53,994
3.750% due 06/15/49		100,000		121,970
Tampa Electric Co 4.300% due 06/15/48		50,000		64,419
4.450% due 06/15/49		50,000		65,556
The AES Corp 1.375% due 01/15/26 ~		75,000		75,724
2.450% due 01/15/31 ~		100,000		101,378
The Connecticut Light & Power Co 4.150% due 06/01/45		25,000		32,522
The Connecticut Light and Power Co 0.750% due 12/01/25		150,000		151,777
The Southern Co 2.950% due 07/01/23		25,000		26,496
4.000% due 01/15/51		350,000		371,080
4.250% due 07/01/36		30,000		36,841
4.400% due 07/01/46		450,000		566,554
Tucson Electric Power Co 3.050% due 03/15/25		50,000		54,486
4.850% due 12/01/48		100,000		136,525
Union Electric Co 2.625% due 03/15/51		200,000		209,648
8.450% due 03/15/39		100,000		171,525
Virginia Electric & Power Co 2.950% due 11/15/26		50,000		55,689
3.150% due 01/15/26		35,000		38,849
3.800% due 09/15/47		50,000		61,829
4.000% due 11/15/46		20,000		25,333
8.875% due 11/15/38		25,000		46,382
Washington Gas Light Co 3.650% due 09/15/49		25,000		30,066
WEC Energy Group Inc 3.550% due 06/15/25		84,000		93,707
Wisconsin Electric Power Co 4.300% due 10/15/48		10,000		13,500
Wisconsin Power & Light Co 3.050% due 10/15/27		100,000		110,924
Xcel Energy Inc 0.500% due 10/15/23		40,000		40,138
4.000% due 06/15/28		50,000		58,913

				22,237,038

Total Corporate Bonds & Notes (Cost $262,772,564)				291,733,952


	Principal Amount		Value
MORTGAGE-BACKED SECURITIES - 29.0%

Collateralized Mortgage Obligations - Commercial - 2.2%

Bank 1.844% due 03/15/63		$131,250		$135,097
1.997% due 11/15/53		250,000		260,598
2.649% due 01/15/63		200,000		219,425
2.920% due 12/15/52		200,000		223,675
3.175% due 09/15/60		200,000		222,413
BBCMS Mortgage Trust 2.639% due 02/15/53		200,000		219,435
Benchmark Mortgage Trust 1.850% due 09/15/53		250,000		257,990
1.925% due 07/15/53		197,917		205,352
2.732% due 02/15/53		200,000		220,981
4.121% due 07/15/51 §		200,000		237,438
CD Mortgage Trust 3.456% due 11/13/50		175,000		199,506
Citigroup Commercial Mortgage Trust 3.372% due 10/10/47		350,000		380,413
3.778% due 09/10/58		600,000		676,135
Commercial Mortgage Pass-Through 3.525% due 02/10/49		292,285		312,828
Commercial Mortgage Trust 3.660% due 08/10/50		245,082		255,292
3.819% due 06/10/47		300,000		329,725
4.228% due 05/10/51		400,000		476,765
CSAIL Commercial Mortgage Trust 3.458% due 11/15/50 §		600,000		679,417
Fannie Mae - Aces 1.270% due 07/25/30		200,000		202,127
1.684% due 11/25/32 §		500,000		520,306
1.821% due 02/25/30		48,200		51,006
2.723% due 10/25/24		183,441		196,333
2.902% due 01/25/28 §		500,000		562,741
2.980% due 08/25/29		500,000		570,183
2.985% due 12/25/27 §		190,000		213,399
3.061% due 05/25/27 §		200,000		225,308
3.639% due 08/25/30 §		300,000		360,765
Freddie Mac 1.350% due 05/25/30		575,000		587,342
1.406% due 08/25/30		250,000		256,315
1.477% due 04/25/30		107,143		110,677
1.517% due 03/25/30		222,222		230,366
1.547% due 10/25/30		200,000		207,465
1.558% due 04/25/30		140,000		146,080
1.872% due 01/25/30		166,667		177,239
1.940% due 02/25/35		352,000		368,628
2.946% due 07/25/24		750,000		808,805
Freddie Mac Multifamily Structured Pass Through Certificates 2.524% due 10/25/29		200,000		223,150
2.673% due 03/25/26 - 09/25/29		800,000		886,117
2.745% due 01/25/26		400,000		440,565
3.171% due 10/25/24		850,000		933,997
3.208% due 02/25/26		375,000		418,540
3.310% due 05/25/23 §		500,000		534,577
3.422% due 02/25/29		196,721		232,019
3.926% due 06/25/28		100,000		120,360
3.990% due 08/25/33 §		42,000		52,920
GS Mortgage Securities Trust 2.773% due 11/10/45		195,682		201,675
3.734% due 11/10/48		1,000,000		1,118,572
JPMBB Commercial Mortgage Securities Trust 4.274% due 12/15/48		600,000		649,513


	Principal Amount		Value
JPMDB Commercial Mortgage Securities Trust 2.180% due 05/13/53	$	300,000	$	317,891
JPMorgan Chase Commercial Mortgage Securities Trust 3.143% due 12/15/47		492,248		514,751
5.152% due 05/15/45 §		300,000		265,380
Morgan Stanley Bank of America Merrill Lynch Trust 3.753% due 12/15/47		700,000		786,489
Morgan Stanley Capital I Trust 3.596% due 12/15/49		400,000		452,043
UBS Commercial Mortgage Trust 4.171% due 05/10/45		500,000		516,299
UBS-Barclays Commercial Mortgage Trust 3.525% due 05/10/63		250,000		257,776
Wells Fargo Commercial Mortgage Trust 2.652% due 08/15/49		350,000		379,615
2.925% due 04/15/50		300,000		321,258
4.184% due 06/15/51		200,000		236,668
WFRBS Commercial Mortgage Trust 2.870% due 11/15/45		610,923		627,119

				21,794,864

Fannie Mae - 14.1%

due 01/01/36 - 01/01/51 #		16,625,000		17,301,145
1.500% due 12/01/35 - 12/01/50		3,484,563		3,549,062
2.000% due 11/01/35 - 01/01/51		16,860,110		17,531,103
2.405% (USD LIBOR + 1.690%) due 08/01/39 §		4,278		4,461
2.500% due 10/01/27 - 12/01/50		24,326,958		25,600,270
2.733% (USD LIBOR + 1.695%) due 06/01/38 §		2,382		2,422
3.000% due 05/01/22 - 07/01/50		28,331,082		29,898,361
3.500% due 10/01/25 - 06/01/50		18,543,732		19,882,242
4.000% due 04/01/24 - 02/01/50		14,413,443		15,615,076
4.500% due 05/01/23 - 03/01/50		6,442,857		7,120,857
5.000% due 09/01/23 - 09/01/48		1,968,273		2,259,978
5.500% due 11/01/33 - 07/01/41		998,064		1,170,146
6.000% due 09/01/34 - 06/01/40		420,072		498,145
6.500% due 09/01/36 -07/01/38		81,856		96,190

				140,529,458

Freddie Mac - 6.2%

2.000% due 09/01/35 - 09/01/50		3,875,263		4,038,952
2.500% due 08/01/28 - 10/01/50		10,223,205		10,763,250
3.000% due 09/01/26 - 04/01/50		17,561,321		18,519,918
3.500% due 06/01/21 - 05/01/50		15,307,732		16,331,497
4.000% due 02/01/25 - 01/01/48		6,775,663		7,353,085
4.500% due 08/01/24 - 07/01/48		2,425,994		2,679,020
5.000% due 12/01/31 - 03/01/41		841,663		976,385
5.500% due 04/01/34 - 08/01/40		425,430		498,477
6.000% due 04/01/36 - 05/01/40		526,457		620,509
6.500% due 08/01/37 - 04/01/39		48,908		56,003

				61,837,096

Government National Mortgage Association - 6.5%

due 01/01/51 #		5,175,000		5,435,332
2.000% due 10/20/50		438,571		458,792
2.500% due 01/20/43 - 10/20/50		7,596,884		8,048,814
3.000% due 08/20/42 - 07/20/50		18,182,914		19,215,025
3.500% due 10/15/41 - 07/20/50		16,350,154		17,605,518
4.000% due 06/15/39 - 01/20/50		7,675,588		8,356,978
4.500% due 02/15/39 - 12/20/47		2,941,425		3,263,542
5.000% due 05/15/36 - 01/20/48		1,261,009		1,427,506
5.500% due 04/15/37 - 04/15/40		352,163		410,714
6.000% due 01/15/38 - 06/15/41		112,220		134,371
6.500% due 10/15/38 - 02/15/39		21,987		25,750

				64,382,342

Total Mortgage-Backed Securities (Cost $280,909,249)				288,543,760


	Principal Amount		Value
ASSET-BACKED SECURITIES - 0.2%

American Express Credit Account Master Trust 2.670% due 11/15/24		$595,000		$613,700
AmeriCredit Automobile Receivables Trust 0.530% due 06/18/25		56,000		56,165
Capital One Multi-Asset Execution Trust 1.720% due 08/15/24		331,000		339,104
Citibank Credit Card Issuance Trust 6.150% due 06/15/39		250,000		375,941
Ford Credit Auto Lease Trust 0.620% due 08/15/23		122,000		122,550
Ford Credit Auto Owner Trust 0.560% due 10/15/24		189,000		189,893
Ford Credit Floorplan Master Owner Trust 0.700% due 09/15/25		250,000		252,093
GM Financial Automobile Leasing Trust 0.800% due 07/20/23		54,000		54,420
GM Financial Consumer Automobile Receivables Trust 0.380% due 08/18/25		57,000		57,126
Honda Auto Receivables Owner Trust 1.830% due 01/18/24		200,000		204,315
Hyundai Auto Receivables Trust 1.940% due 02/15/24		55,000		56,016
Santander Drive Auto Receivables Trust 0.520% due 07/15/24		83,000		83,226
0.670% due 04/15/24		49,000		49,172
World Omni Auto Receivables Trust 1.100% due 04/15/25		200,000		202,826


Total Asset-Backed Securities (Cost $2,588,533)				2,656,547


U.S. GOVERNMENT AGENCY ISSUES - 1.6%

Fannie Mae 0.250% due 05/22/23		1,075,000		1,077,726
0.250% due 07/10/23		850,000		852,187
0.250% due 11/27/23		1,125,000		1,126,287
0.375% due 08/25/25		95,000		95,002
0.500% due 11/07/25		115,000		115,510
0.625% due 04/22/25		430,000		435,152
0.750% due 10/08/27		300,000		301,381
0.875% due 08/05/30		500,000		491,220
2.625% due 01/11/22		750,000		769,265
2.625% due 09/06/24		960,000		1,044,263
5.625% due 07/15/37		100,000		158,659
6.625% due 11/15/30		500,000		757,261
7.125% due 01/15/30		525,000		801,865
Federal Farm Credit Banks Funding Corp 0.375% due 04/08/22		350,000		351,175
Federal Home Loan Bank 0.125% due 10/21/22		900,000		900,095
0.250% due 06/03/22		500,000		501,436
0.375% due 09/04/25		25,000		24,997
0.500% due 04/14/25		500,000		503,380
5.500% due 07/15/36		100,000		154,509
Freddie Mac 0.125% due 07/25/22		150,000		150,055
0.250% due 08/24/23		65,000		65,115
0.250% due 09/08/23		145,000		145,299
0.250% due 11/06/23		800,000		800,843
0.250% due 12/04/23		680,000		680,819
0.375% due 05/05/23		500,000		502,653
0.375% due 07/21/25		180,000		180,138
0.375% due 09/23/25		325,000		324,523
1.500% due 02/12/25		250,000		262,312
2.375% due 01/13/22		1,000,000		1,023,183
2.750% due 06/19/23		500,000		531,679
6.250% due 07/15/32		225,000		347,734


	Principal Amount		Value
Tennessee Valley Authority 3.500% due 12/15/42	$	100,000	$	124,737
5.250% due 09/15/39		25,000		37,558
5.375% due 04/01/56		50,000		86,021
6.750% due 11/01/25		150,000		194,982
7.125% due 05/01/30		50,000		76,296


Total U.S. Government Agency Issues (Cost $15,379,203)				15,995,317


U.S. TREASURY OBLIGATIONS - 36.8%

U.S. Treasury Bonds - 8.1%

1.125% due 05/15/40		1,750,000		1,659,766
1.125% due 08/15/40		3,700,000		3,498,234
1.250% due 05/15/50		3,350,000		3,033,059
1.375% due 11/15/40		1,000,000		987,266
1.375% due 08/15/50		2,100,000		1,962,844
1.625% due 11/15/50		2,600,000		2,585,172
2.000% due 02/15/50		1,750,000		1,897,178
2.250% due 08/15/46		2,150,000		2,449,992
2.250% due 08/15/49		1,100,000		1,256,578
2.375% due 11/15/49		1,950,000		2,286,603
2.500% due 02/15/45		2,800,000		3,333,750
2.500% due 02/15/46		2,600,000		3,101,008
2.500% due 05/15/46		1,000,000		1,192,656
2.750% due 08/15/42		450,000		557,139
2.750% due 11/15/42		1,850,000		2,288,869
2.750% due 11/15/47		2,500,000		3,131,934
2.875% due 08/15/45		1,000,000		1,270,273
2.875% due 05/15/49		1,275,000		1,643,256
3.000% due 05/15/42		1,075,000		1,380,745
3.000% due 05/15/45		1,500,000		1,943,086
3.000% due 11/15/45		1,900,000		2,468,590
3.000% due 02/15/47		500,000		652,695
3.000% due 05/15/47		1,700,000		2,222,551
3.000% due 02/15/48		2,000,000		2,621,016
3.000% due 08/15/48		1,500,000		1,969,863
3.000% due 02/15/49		2,000,000		2,633,594
3.125% due 11/15/41		975,000		1,273,518
3.125% due 02/15/43		1,000,000		1,309,726
3.125% due 08/15/44		600,000		790,101
3.125% due 05/15/48		2,700,000		3,618,211
3.625% due 08/15/43		1,525,000		2,150,607
3.625% due 02/15/44		500,000		706,973
3.750% due 08/15/41		1,300,000		1,844,984
3.750% due 11/15/43		1,000,000		1,437,266
4.250% due 11/15/40		750,000		1,125,176
4.375% due 05/15/40		1,025,000		1,553,796
4.375% due 05/15/41		775,000		1,186,628
4.500% due 02/15/36		1,750,000		2,566,416
4.500% due 05/15/38		500,000		754,394
4.500% due 08/15/39		700,000		1,069,851
4.750% due 02/15/41		1,350,000		2,154,094
5.375% due 02/15/31		1,100,000		1,580,777
6.250% due 05/15/30		1,050,000		1,564,418

				80,714,653

U.S. Treasury Notes - 28.7%

0.125% due 05/31/22		2,600,000		2,600,762
0.125% due 07/31/22		5,000,000		5,000,977
0.125% due 10/31/22		2,000,000		2,000,391
0.125% due 11/30/22		3,500,000		3,500,547
0.125% due 07/15/23		3,000,000		2,998,594
0.250% due 04/15/23		3,000,000		3,007,734
0.250% due 06/15/23		3,000,000		3,007,852
0.250% due 11/15/23		2,000,000		2,005,625
0.250% due 05/31/25		2,750,000		2,744,521
0.250% due 06/30/25		3,500,000		3,490,703
0.250% due 07/31/25		1,500,000		1,495,430
0.250% due 08/31/25		3,500,000		3,488,242


	Principal Amount		Value
0.250% due 09/30/25	$	4,200,000	$	4,183,594
0.250% due 10/31/25		6,000,000		5,973,516
0.250% due 12/31/25		1,500,000		1,500,879
0.375% due 03/31/22		2,000,000		2,006,719
0.375% due 04/30/25		3,000,000		3,010,781
0.375% due 11/30/25		2,500,000		2,503,125
0.500% due 03/31/25		3,000,000		3,027,539
0.500% due 05/31/27		3,500,000		3,487,148
0.500% due 06/30/27		1,000,000		995,664
0.500% due 08/31/27		2,500,000		2,484,082
0.500% due 10/31/27		2,000,000		1,983,750
0.625% due 05/15/30		3,350,000		3,273,578
0.625% due 08/15/30		2,500,000		2,436,328
0.875% due 11/15/30		750,000		747,188
1.125% due 02/28/22		2,500,000		2,529,980
1.125% due 02/28/25		3,500,000		3,623,184
1.125% due 02/28/27		750,000		777,656
1.250% due 08/31/24		4,000,000		4,149,688
1.375% due 01/31/22		6,500,000		6,588,613
1.375% due 10/15/22		2,000,000		2,044,844
1.375% due 02/15/23		1,500,000		1,539,727
1.375% due 06/30/23		4,300,000		4,431,939
1.375% due 01/31/25		5,500,000		5,747,715
1.500% due 03/31/23		1,500,000		1,545,762
1.500% due 09/30/24		3,000,000		3,141,680
1.500% due 10/31/24		2,000,000		2,096,250
1.500% due 08/15/26		3,200,000		3,388,500
1.500% due 02/15/30		3,250,000		3,436,748
1.625% due 08/15/22		2,025,000		2,074,280
1.625% due 11/15/22		4,975,000		5,114,339
1.625% due 05/31/23		1,000,000		1,035,703
1.625% due 10/31/23		3,000,000		3,125,273
1.625% due 02/15/26		1,900,000		2,020,977
1.625% due 05/15/26		1,300,000		1,384,246
1.625% due 10/31/26		5,500,000		5,865,234
1.625% due 08/15/29		2,000,000		2,138,594
1.750% due 05/15/22		1,250,000		1,277,979
1.750% due 06/30/22		2,000,000		2,048,828
1.750% due 05/15/23		4,750,000		4,931,836
1.750% due 06/30/24		3,000,000		3,161,953
1.750% due 12/31/24		1,600,000		1,695,000
1.750% due 12/31/26		2,500,000		2,686,328
1.875% due 01/31/22		500,000		509,551
1.875% due 04/30/22		2,000,000		2,046,797
1.875% due 09/30/22		2,500,000		2,576,074
1.875% due 08/31/24		3,000,000		3,181,172
2.000% due 02/15/22		1,100,000		1,123,203
2.000% due 10/31/22		4,000,000		4,137,031
2.000% due 11/30/22		2,400,000		2,486,156
2.000% due 02/15/23		6,950,000		7,225,285
2.000% due 05/31/24		5,000,000		5,306,641
2.000% due 02/15/25		2,000,000		2,141,641
2.125% due 11/30/23		6,000,000		6,343,828
2.125% due 05/15/25		3,500,000		3,778,086
2.250% due 12/31/23		4,000,000		4,249,688
2.250% due 01/31/24		2,000,000		2,127,812
2.250% due 04/30/24		3,250,000		3,471,660
2.250% due 10/31/24		800,000		861,344
2.250% due 11/15/24		2,000,000		2,154,844
2.250% due 12/31/24		4,000,000		4,317,031
2.250% due 11/15/25		2,200,000		2,402,555
2.250% due 08/15/27		4,200,000		4,656,258
2.250% due 11/15/27		2,300,000		2,553,135
2.375% due 02/29/24		3,000,000		3,207,070
2.375% due 08/15/24		10,300,000		11,103,078
2.375% due 05/15/27		2,750,000		3,067,002
2.375% due 05/15/29		1,000,000		1,129,688
2.500% due 03/31/23		4,000,000		4,212,031
2.500% due 08/15/23		4,450,000		4,724,648
2.500% due 01/31/25		4,000,000		4,362,812
2.625% due 02/15/29		2,750,000		3,155,732


	Principal Amount		Value
2.750% due 04/30/23	$	1,500,000	$	1,590,879
2.750% due 08/31/23		5,000,000		5,344,922
2.750% due 11/15/23		5,350,000		5,748,115
2.750% due 02/15/28		3,500,000		4,012,559
2.875% due 05/31/25		1,200,000		1,335,187
2.875% due 05/15/28		2,500,000		2,895,703
2.875% due 08/15/28		1,750,000		2,032,187
3.125% due 11/15/28		3,000,000		3,550,781

				285,680,311

Total U.S. Treasury Obligations (Cost $342,750,936)				366,394,964


FOREIGN GOVERNMENT BONDS & NOTES - 1.9%

Canada Government (Canada) 1.625% due 01/22/25		150,000		157,768
2.000% due 11/15/22		250,000		258,798
Chile Government (Chile) 3.125% due 01/21/26		75,000		83,400
3.860% due 06/21/47		300,000		366,750
Colombia Government (Colombia) 3.000% due 01/30/30		200,000		209,977
3.125% due 04/15/31		350,000		372,050
4.125% due 05/15/51		300,000		334,350
4.500% due 01/28/26		250,000		283,711
5.000% due 06/15/45		300,000		367,125
Export Development Canada (Canada) 1.375% due 02/24/23		250,000		256,473
2.500% due 01/24/23		200,000		209,669
Export-Import Bank of Korea (South Korea) 2.750% due 01/25/22		200,000		205,101
3.625% due 11/27/23		200,000		218,449
5.000% due 04/11/22		200,000		211,709
Hungary Government (Hungary) 5.375% due 03/25/24		200,000		228,510
Hydro-Quebec (Canada) 8.400% due 01/15/22		100,000		108,048
Indonesia Government (Indonesia) 2.850% due 02/14/30		200,000		216,436
2.950% due 01/11/23		300,000		313,491
4.200% due 10/15/50		300,000		359,336
Iraq Government AID 2.149% due 01/18/22		200,000		204,864
Israel Government AID 5.500% due 04/26/24		25,000		29,194
Israel Government International (Israel) 2.750% due 07/03/30		200,000		220,879
Japan Bank for Cooperation (Japan) 0.625% due 07/15/25		235,000		235,188
1.750% due 01/23/23		200,000		205,901
Japan Bank for International Cooperation (Japan) 1.625% due 10/17/22		200,000		204,791
1.875% due 07/21/26		200,000		212,533
2.500% due 05/23/24		200,000		214,007
3.250% due 07/20/28		200,000		233,058
3.375% due 07/31/23		200,000		215,520
Japan International Cooperation Agency (Japan) 3.375% due 06/12/28		200,000		234,349
Korea International (South Korea) 2.750% due 01/19/27		200,000		219,076
Mexico Government (Mexico) 2.659% due 05/24/31		200,000		205,210
3.900% due 04/27/25		350,000		393,267
4.000% due 10/02/23		150,000		164,489
4.150% due 03/28/27		200,000		231,125
4.500% due 01/31/50		200,000		234,750
4.600% due 01/23/46		250,000		293,261
4.600% due 02/10/48		200,000		235,361
4.750% due 04/27/32		350,000		422,100
4.750% due 03/08/44		264,000		314,964


	Principal Amount		Value
6.750% due 09/27/34	$	225,000	$	316,926
Panama Government (Panama) 3.870% due 07/23/60		200,000		236,500
4.500% due 05/15/47		350,000		451,253
6.700% due 01/26/36		100,000		148,930
8.875% due 09/30/27		100,000		144,606
Peruvian Government (Peru) 2.783% due 01/23/31		300,000		329,928
4.125% due 08/25/27		150,000		176,784
8.750% due 11/21/33		200,000		342,438
Philippine Government (Philippines) 1.648% due 06/10/31		200,000		203,000
2.650% due 12/10/45		200,000		203,019
2.950% due 05/05/45		200,000		211,622
3.000% due 02/01/28		200,000		221,729
6.375% due 10/23/34		250,000		367,679
7.750% due 01/14/31		200,000		308,771
Province of Alberta Canada (Canada) 1.300% due 07/22/30		250,000		249,221
2.200% due 07/26/22		250,000		257,672
3.350% due 11/01/23		100,000		108,453
Province of British Columbia Canada (Canada) 2.000% due 10/23/22		100,000		103,279
Province of Manitoba Canada (Canada) 2.125% due 05/04/22		250,000		256,331
Province of New Brunswick Canada (Canada) 3.625% due 02/24/28		50,000		58,884
Province of Ontario Canada (Canada) 1.050% due 05/21/27		200,000		202,471
1.750% due 01/24/23		300,000		309,079
2.000% due 10/02/29		100,000		107,094
2.300% due 06/15/26		250,000		272,630
2.550% due 04/25/22		300,000		309,041
Province of Quebec Canada (Canada) 0.600% due 07/23/25		100,000		100,471
1.350% due 05/28/30		50,000		50,721
2.500% due 04/09/24		65,000		69,611
2.750% due 04/12/27		350,000		391,735
7.500% due 07/15/23		100,000		117,846
7.500% due 09/15/29		75,000		113,511
Republic of Italy Government (Italy) 2.875% due 10/17/29		200,000		211,066
4.000% due 10/17/49		200,000		221,220
6.875% due 09/27/23		150,000		174,385
Republic of Poland Government (Poland) 3.000% due 03/17/23		150,000		158,768
4.000% due 01/22/24		150,000		166,277
State of Israel (Israel) 3.375% due 01/15/50		200,000		221,880
The Korea Development Bank (South Korea) 2.000% due 09/12/26		200,000		214,391
3.375% due 03/12/23		200,000		213,027
Uruguay Government (Uruguay) 4.125% due 11/20/45		143,467		179,692
4.375% due 10/27/27		200,000		237,212
5.100% due 06/18/50		200,000		280,859


Total Foreign Government Bonds & Notes (Cost $16,941,239)				18,705,050


MUNICIPAL BONDS - 0.7%

American Municipal Power Inc OH ‘B’ 6.449% due 02/15/44		25,000		37,049
8.084% due 02/15/50		300,000		564,030
Bay Area Toll Authority CA 6.263% due 04/01/49		25,000		43,133
7.043% due 04/01/50		50,000		91,675


	Principal Amount		Value
California State University 2.975% due 11/01/51	$	50,000	$	53,498
Central Puget Sound Regional Transit Authority 5.491% due 11/01/39		25,000		36,755
Chicago O’Hare International Airport 4.472% due 01/01/49		50,000		61,838
Chicago Transit Authority IL ‘B’ 6.899% due 12/01/40		100,000		144,731
City of Atlanta GA Water & Wastewater Revenue 2.257% due 11/01/35		100,000		105,102
City of Chicago IL ‘B’ 7.750% due 01/01/42		42,000		53,789
City of Houston TX 3.961% due 03/01/47		50,000		61,857
City of New York NY 5.517% due 10/01/37		40,000		56,468
City of San Antonio TX Electric & Gas Systems Revenue 2.905% due 02/01/48		60,000		63,291
Commonwealth of Massachusetts 4.910% due 05/01/29		100,000		128,494
5.456% due 12/01/39		25,000		36,891
County of Clark Department of Aviation NV ‘C’ 6.820% due 07/01/45		125,000		207,527
Dallas Independent School District TX ‘C’ 6.450% due 02/15/35		50,000		50,691
JobsOhio Beverage System 2.833% due 01/01/38		10,000		10,800
Los Angeles Unified School District CA 6.758% due 07/01/34		100,000		150,551
Massachusetts School Building Authority 2.950% due 05/15/43		50,000		51,969
3.395% due 10/15/40		20,000		21,531
Metropolitan Transportation Authority NY 5.871% due 11/15/39		25,000		30,714
6.668% due 11/15/39		55,000		72,015
Municipal Electric Authority of Georgia 6.637% due 04/01/57		25,000		38,073
6.655% due 04/01/57		98,000		151,688
New Jersey Economic Development Authority ‘A’ 7.425% due 02/15/29		125,000		161,369
New Jersey Turnpike Authority ‘A’ 7.102% due 01/01/41		100,000		163,483
New York City Transitional Finance Authority Future Tax Secured Revenue NY 5.572% due 11/01/38		30,000		40,856
New York City Water & Sewer System 5.952% due 06/15/42		50,000		78,706
6.011% due 06/15/42		10,000		15,913
New York State Urban Development Corp 5.770% due 03/15/39		25,000		32,173
New York State Urban Development Corp ‘B’ 3.900% due 03/15/33		50,000		57,478
Pennsylvania Turnpike Commission ‘B’ 5.511% due 12/01/45		75,000		113,820
Permanent University Fund - University of Texas System 3.376% due 07/01/47		185,000		223,299
Port Authority of New York & New Jersey 4.031% due 09/01/48		50,000		60,974
4.229% due 10/15/57		30,000		38,278
4.458% due 10/01/62		100,000		133,309
5.647% due 11/01/40		150,000		215,392


	Principal Amount		Value
Rutgers The State University of New Jersey 3.915% due 05/01/19	$	15,000	$	17,079
Sales Tax Securitization Corp 4.787% due 01/01/48		50,000		62,647
San Diego County Regional Transportation Commission CA 5.911% due 04/01/48		50,000		80,762
State Board of Administration Finance Corp 2.154% due 07/01/30		100,000		105,312
State Dormitory Authority 3.142% due 07/01/43		100,000		105,472
State of California 3.500% due 04/01/28		100,000		116,755
7.300% due 10/01/39		100,000		165,245
7.500% due 04/01/34		50,000		83,413
7.600% due 11/01/40		270,000		488,997
7.625% due 03/01/40		40,000		69,502
State of California Department of Water Resources Power Supply Revenue 2.000% due 05/01/22		25,000		25,581
State of Connecticut ‘D’ 5.090% due 10/01/30		50,000		60,895
State of Illinois 6.725% due 04/01/35		400,000		462,188
State of Texas 5.517% due 04/01/39		100,000		148,871
State of Utah 4.554% due 07/01/24		10,000		10,812
State of Wisconsin 3.154% due 05/01/27		250,000		283,192
Texas Transportation Commission 2.562% due 04/01/42		350,000		356,828
Texas Transportation Commission State Highway Fund 5.178% due 04/01/30		25,000		32,260
University of California 3.063% due 07/01/25		50,000		55,173
4.767% due 05/15/15		75,000		105,552
4.858% due 05/15/12		100,000		143,924


Total Municipal Bonds (Cost $5,332,540)				6,639,670


	Shares

SHORT-TERM INVESTMENT - 2.7%

Money Market Fund - 2.7%

BlackRock Liquidity Funds T-Fund Portfolio Institutional 0.000%		26,627,779		26,627,779


Total Short-Term Investment (Cost $26,627,779)				26,627,779


TOTAL INVESTMENTS - 102.2% (Cost $953,302,043)				1,017,297,039

OTHER ASSETS & LIABILITIES, NET - (2.2%)				(22,181,967	)


NET ASSETS - 100.0%				$995,115,072

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 0.0%

Energy - 0.0%

EP Energy Corp * (United Kingdom)		1,815		$72,600
Pioneer Energy Services Corp * W ±		164		324

				72,924


Total Common Stocks (Cost $190,121)				72,924


	Principal Amount

CORPORATE BONDS & NOTES - 97.8%

Basic Materials - 5.1%

Alcoa Nederland Holding BV 5.500% due 12/15/27 ~		$215,000		235,537
6.125% due 05/15/28 ~		250,000		273,594
6.750% due 09/30/24 ~		200,000		208,685
Allegheny Technologies Inc 5.875% due 12/01/27		200,000		210,875
7.875% due 08/15/23		150,000		164,542
ArcelorMittal SA (Luxembourg) 4.550% due 03/11/26		200,000		224,763
7.250% due 10/15/39		600,000		842,851
Arconic Corp 6.000% due 05/15/25 ~		190,000		203,181
6.125% due 02/15/28 ~		66,000		71,280
Ashland LLC 4.750% due 08/15/22		34,000		35,679
6.875% due 05/15/43		128,000		170,790
Atotech Alpha 3 BV (United Kingdom) 6.250% due 02/01/25 ~		142,000		145,195
Baffinland Iron Mines Corp (Canada) 8.750% due 07/15/26 ~		125,000		135,602
Big River Steel LLC 6.625% due 01/31/29 ~		130,000		140,644
Blue Cube Spinco LLC 9.750% due 10/15/23		11,000		11,308
10.000% due 10/15/25		235,000		249,100
Carpenter Technology Corp 6.375% due 07/15/28		125,000		138,002
CF Industries Inc 3.450% due 06/01/23		255,000		266,156
4.950% due 06/01/43		39,000		47,946
5.150% due 03/15/34		400,000		492,448
5.375% due 03/15/44		225,000		285,217
Clearwater Paper Corp 4.750% due 08/15/28 ~		250,000		259,219
5.375% due 02/01/25 ~		50,000		54,344
Cleveland-Cliffs Inc 4.875% due 01/15/24 ~		100,000		102,063
5.750% due 03/01/25		100,000		101,688
5.875% due 06/01/27		300,000		306,261
6.250% due 10/01/40		100,000		91,056
6.750% due 03/15/26 ~		137,000		148,131
9.875% due 10/17/25 ~		250,000		294,375
Coeur Mining Inc 5.875% due 06/01/24		50,000		50,557
Commercial Metals Co 4.875% due 05/15/23		100,000		105,614
5.375% due 07/15/27		100,000		105,500
5.750% due 04/15/26		100,000		103,547
Compass Minerals International Inc 4.875% due 07/15/24 ~		50,000		52,057
6.750% due 12/01/27 ~		135,000		146,584
Consolidated Energy Finance SA (Switzerland) 6.500% due 05/15/26 ~		150,000		150,375


	Principal Amount		Value
Constellium SE 5.625% due 06/15/28 ~		$250,000		$269,844
5.750% due 05/15/24 ~		50,000		51,203
6.625% due 03/01/25 ~		250,000		255,781
Cornerstone Chemical Co 6.750% due 08/15/24 ~		150,000		132,547
CVR Partners LP 9.250% due 06/15/23 ~		100,000		100,229
Element Solutions Inc 3.875% due 09/01/28 ~		210,000		216,431
Eurochem Finance DAC (Switzerland) 5.500% due 03/13/24 ~		200,000		220,770
FMG Resources Pty Ltd (Australia) 4.500% due 09/15/27 ~		136,000		151,324
4.750% due 05/15/22 ~		75,000		77,297
5.125% due 03/15/23 ~		415,000		439,381
5.125% due 05/15/24 ~		90,000		97,819
Freeport-McMoRan Inc 4.125% due 03/01/28		250,000		262,656
4.250% due 03/01/30		200,000		215,688
4.375% due 08/01/28		170,000		180,944
4.550% due 11/14/24		100,000		109,437
4.625% due 08/01/30		233,000		256,131
5.000% due 09/01/27		738,000		784,878
5.400% due 11/14/34		170,000		213,031
5.450% due 03/15/43		600,000		748,116
GCP Applied Technologies Inc 5.500% due 04/15/26 ~		100,000		103,356
HB Fuller Co 4.250% due 10/15/28		225,000		231,047
Hecla Mining Co 7.250% due 02/15/28		100,000		109,375
Hexion Inc 7.875% due 07/15/27 ~		150,000		160,781
Illuminate Buyer LLC 9.000% due 07/01/28 ~		200,000		220,250
INEOS Group Holdings SA (Luxembourg) 5.625% due 08/01/24 ~		200,000		203,373
Ingevity Corp 3.875% due 11/01/28 ~		115,000		116,078
4.500% due 02/01/26 ~		100,000		102,231
Innophos Holdings Inc 9.375% due 02/15/28 ~		125,000		137,266
Joseph T Ryerson & Son Inc 8.500% due 08/01/28 ~		108,000		122,512
Kaiser Aluminum Corp 4.625% due 03/01/28 ~		114,000		118,468
Kraton Polymers LLC 4.250% due 12/15/25 ~		200,000		204,270
7.000% due 04/15/25 ~		350,000		368,725
Mercer International Inc (Germany) 5.500% due 01/15/26		150,000		153,000
7.375% due 01/15/25		200,000		208,503
Methanex Corp (Canada) 5.125% due 10/15/27		125,000		136,016
5.250% due 12/15/29		550,000		597,077
5.650% due 12/01/44		50,000		53,719
Mineral Resources Ltd (Australia) 8.125% due 05/01/27 ~		213,000		236,164
Minerals Technologies Inc 5.000% due 07/01/28 ~		200,000		209,780
Neon Holdings Inc 10.125% due 04/01/26 ~		125,000		137,187
New Gold Inc (Canada) 6.375% due 05/15/25 ~		67,000		70,141
7.500% due 07/15/27 ~		165,000		182,841
Nouryon Holding BV (Netherlands) 8.000% due 10/01/26 ~		150,000		159,656
Novelis Corp 4.750% due 01/30/30 ~		510,000		550,412
5.875% due 09/30/26 ~		575,000		601,594
Nufarm Australia Ltd (Australia) 5.750% due 04/30/26 ~		150,000		154,659


	Principal Amount		Value
OCI NV (Netherlands) 4.625% due 10/15/25 ~		$200,000		$207,875
5.250% due 11/01/24 ~		200,000		208,125
Olin Corp 5.000% due 02/01/30		50,000		53,366
5.125% due 09/15/27		410,000		429,430
5.625% due 08/01/29		289,000		314,289
9.500% due 06/01/25 ~		195,000		243,906
Perenti Finance Pty Ltd (Australia) 6.500% due 10/07/25 ~		200,000		213,206
PQ Corp 5.750% due 12/15/25 ~		100,000		102,813
Rain CII Carbon LLC 7.250% due 04/01/25 ~		166,000		169,007
Rayonier AM Products Inc 5.500% due 06/01/24 ~		281,000		245,172
7.625% due 01/15/26 ~		110,000		114,840
Resolute Forest Products Inc 5.875% due 05/15/23		200,000		200,229
Schweitzer-Mauduit International Inc 6.875% due 10/01/26 ~		75,000		79,767
SPCM SA (France) 4.875% due 09/15/25 ~		80,000		82,600
The Chemours Co 5.375% due 05/15/27		94,000		100,286
5.750% due 11/15/28 ~		245,000		250,359
7.000% due 05/15/25		380,000		394,277
TPC Group Inc 10.500% due 08/01/24 ~		273,000		225,766
Trinseo Materials Operating SCA 5.375% due 09/01/25 ~		175,000		179,047
Tronox Finance PLC 5.750% due 10/01/25 ~		150,000		156,000
Tronox Inc 6.500% due 05/01/25 ~		50,000		53,563
6.500% due 04/15/26 ~		150,000		156,375
United States Steel Corp 6.250% due 03/15/26		440,000		403,425
6.875% due 08/15/25		71,000		67,938
12.000% due 06/01/25 ~		300,000		346,953
Valvoline Inc due 06/15/31 # ~		95,000		97,827
4.250% due 02/15/30 ~		120,000		127,380
4.375% due 08/15/25		150,000		154,990
Venator Finance SARL 9.500% due 07/01/25 ~		250,000		273,750
WR Grace & Co-Conn 4.875% due 06/15/27 ~		90,000		95,559
5.625% due 10/01/24 ~		100,000		108,239

				22,913,113


Communications - 16.7%

Advantage Sales & Marketing Inc 6.500% due 11/15/28 ~		233,000		246,834
Altice Financing SA (Luxembourg) 5.000% due 01/15/28 ~		700,000		718,165
7.500% due 05/15/26 ~		500,000		528,275
Altice France Holding SA (Luxembourg) 6.000% due 02/15/28 ~		200,000		202,917
10.500% due 05/15/27 ~		405,000		455,372
Altice France SA (France) 5.125% due 01/15/29 ~		350,000		362,906
5.500% due 01/15/28 ~		700,000		732,732
7.375% due 05/01/26 ~		1,517,000		1,598,539
8.125% due 02/01/27 ~		400,000		441,462
AMC Networks Inc 4.750% due 12/15/22		79,000		79,275
4.750% due 08/01/25		250,000		258,551
5.000% due 04/01/24		400,000		407,000
ANGI Group LLC 3.875% due 08/15/28 ~		83,000		84,628


	Principal Amount		Value
Arches Buyer Inc 4.250% due 06/01/28 ~		$200,000		$202,915
6.125% due 12/01/28 ~		150,000		155,186
Avaya Inc 6.125% due 09/15/28 ~		143,000		153,029
Block Communications Inc 4.875% due 03/01/28 ~		250,000		258,086
C&W Senior Financing DAC (Ireland) 6.875% due 09/15/27 ~		325,000		351,445
7.500% due 10/15/26 ~		200,000		213,355
Cable One Inc 4.000% due 11/15/30 ~		110,000		114,469
Cablevision Lightpath LLC 3.875% due 09/15/27 ~		200,000		201,500
5.625% due 09/15/28 ~		300,000		314,438
Cars.com Inc 6.375% due 11/01/28 ~		350,000		372,389
CCO Holdings LLC 4.000% due 03/01/23 ~		143,000		144,162
4.250% due 02/01/31 ~		845,000		891,568
4.500% due 08/15/30 ~		926,000		983,880
4.500% due 05/01/32 ~		379,000		405,140
4.750% due 03/01/30 ~		1,239,000		1,338,430
5.000% due 02/01/28 ~		766,000		810,811
5.125% due 05/01/27 ~		975,000		1,035,962
5.375% due 06/01/29 ~		289,000		317,146
5.500% due 05/01/26 ~		450,000		466,945
5.750% due 02/15/26 ~		665,000		687,011
5.875% due 05/01/27 ~		100,000		103,975
Cengage Learning Inc 9.500% due 06/15/24 ~		161,000		150,837
CenturyLink Inc 4.000% due 02/15/27 ~		345,000		356,685
4.500% due 01/15/29 ~		150,000		152,906
5.125% due 12/15/26 ~		169,000		178,703
5.800% due 03/15/22		225,000		234,984
7.500% due 04/01/24		950,000		1,077,062
7.600% due 09/15/39		350,000		426,027
7.650% due 03/15/42		100,000		121,313
Cincinnati Bell Inc 7.000% due 07/15/24 ~		250,000		260,779
8.000% due 10/15/25 ~		150,000		160,219
Clear Channel International BV 6.625% due 08/01/25 ~		200,000		211,750
Clear Channel Worldwide Holdings Inc 5.125% due 08/15/27 ~		365,000		369,106
9.250% due 02/15/24		553,000		561,353
CommScope Inc 5.500% due 03/01/24 ~		395,000		407,784
6.000% due 03/01/26 ~		230,000		242,630
7.125% due 07/01/28 ~		69,000		73,603
8.250% due 03/01/27 ~		790,000		844,316
CommScope Technologies LLC 5.000% due 03/15/27 ~		150,000		148,781
6.000% due 06/15/25 ~		313,000		320,465
Connect Finco SARL (United Kingdom) 6.750% due 10/01/26 ~		627,000		676,263
Consolidated Communications Inc 6.500% due 10/01/28 ~		102,000		109,293
CSC Holdings LLC 3.375% due 02/15/31 ~		700,000		687,750
4.125% due 12/01/30 ~		200,000		209,320
4.625% due 12/01/30 ~		475,000		496,439
5.250% due 06/01/24		504,000		546,475
5.375% due 02/01/28 ~		350,000		374,500
5.500% due 05/15/26 ~		1,050,000		1,093,312
5.500% due 04/15/27 ~		200,000		212,200
5.750% due 01/15/30 ~		554,000		608,018
5.875% due 09/15/22		200,000		212,125
6.500% due 02/01/29 ~		300,000		339,277
6.750% due 11/15/21		100,000		104,688
7.500% due 04/01/28 ~		200,000		225,193


	Principal Amount		Value
Cumulus Media New Holdings Inc 6.750% due 07/01/26 ~		$50,000		$51,207
Diamond Sports Group LLC 5.375% due 08/15/26 ~		897,000		730,494
6.625% due 08/15/27 ~		520,000		315,250
DISH DBS Corp 5.000% due 03/15/23		750,000		775,312
5.875% due 07/15/22		300,000		313,800
5.875% due 11/15/24		365,000		383,250
7.375% due 07/01/28		330,000		351,862
7.750% due 07/01/26		618,000		692,620
DKT Finance ApS (Denmark) 9.375% due 06/17/23 ~		250,000		259,360
EIG Investors Corp 10.875% due 02/01/24		50,000		51,881
Embarq Corp 7.995% due 06/01/36		600,000		741,195
Entercom Media Corp 6.500% due 05/01/27 ~		150,000		152,972
7.250% due 11/01/24 ~		100,000		99,938
Frontier Communications Corp 5.000% due 05/01/28 ~		475,000		496,078
5.875% due 10/15/27 ~		360,000		389,925
6.750% due 05/01/29 ~		150,000		160,781
GCI LLC 4.750% due 10/15/28 ~		80,000		85,474
Getty Images Inc 9.750% due 03/01/27 ~		100,000		106,856
Go Daddy Operating Co LLC 5.250% due 12/01/27 ~		197,000		207,712
Gogo Intermediate Holdings LLC 9.875% due 05/01/24 ~		311,000		333,583
Gray Television Inc 4.750% due 10/15/30 ~		230,000		233,881
5.875% due 07/15/26 ~		75,000		78,609
7.000% due 05/15/27 ~		340,000		372,725
Grubhub Holdings Inc 5.500% due 07/01/27 ~		59,000		61,950
GTT Communications Inc 7.875% due 12/31/24 ~		150,000		60,563
Hughes Satellite Systems Corp 5.250% due 08/01/26		275,000		304,510
6.625% due 08/01/26		165,000		187,280
7.625% due 06/15/21		295,000		302,744
iHeartCommunications Inc 4.750% due 01/15/28 ~		82,000		84,599
5.250% due 08/15/27 ~		291,000		305,314
6.375% due 05/01/26		200,000		214,375
8.375% due 05/01/27		400,000		427,670
Intelsat Jackson Holdings SA (Luxembourg) 9.500% due 09/30/22 Y ~		50,000		55,801
Intrado Corp 8.500% due 10/15/25 ~		371,000		359,499
Koninklijke KPN NV (Netherlands) 7.000% due 03/28/73 ~		200,000		210,750
Lamar Media Corp 3.750% due 02/15/28		75,000		77,218
4.000% due 02/15/30		42,000		43,654
4.875% due 01/15/29		200,000		213,000
5.750% due 02/01/26		330,000		340,898
LCPR Senior Secured Financing DAC 6.750% due 10/15/27 ~		350,000		377,125
Level 3 Financing Inc 3.625% due 01/15/29 ~		540,000		539,662
4.250% due 07/01/28 ~		175,000		179,988
4.625% due 09/15/27 ~		400,000		418,492
5.250% due 03/15/26		100,000		103,455
5.375% due 01/15/24		291,000		294,331
5.375% due 05/01/25		80,000		82,426
Liberty Interactive LLC 8.250% due 02/01/30		300,000		336,937
Logan Merger Sub Inc 5.500% due 09/01/27 ~		263,000		275,821


	Principal Amount		Value
Match Group Holdings II LLC 4.125% due 08/01/30 ~		$150,000		$155,883
4.625% due 06/01/28 ~		135,000		141,750
5.000% due 12/15/27 ~		100,000		106,640
5.625% due 02/15/29 ~		100,000		109,250
McGraw-Hill Global Education Holdings LLC 7.875% due 05/15/24 ~		100,000		91,365
MDC Partners Inc 6.500% due 05/01/24 ~		250,000		253,815
Meredith Corp 6.500% due 07/01/25 ~		200,000		212,625
6.875% due 02/01/26		375,000		366,328
Midcontinent Communications 5.375% due 08/15/27 ~		100,000		104,856
Netflix Inc 3.625% due 06/15/25 ~		110,000		117,988
4.375% due 11/15/26		705,000		782,991
4.875% due 04/15/28		200,000		225,866
4.875% due 06/15/30 ~		216,000		248,805
5.375% due 11/15/29 ~		422,000		497,960
5.500% due 02/15/22		350,000		366,844
5.875% due 02/15/25		225,000		259,284
5.875% due 11/15/28		480,000		576,257
6.375% due 05/15/29		80,000		98,900
Nexstar Broadcasting Inc 4.750% due 11/01/28 ~		135,000		141,497
5.625% due 07/15/27 ~		438,000		469,893
Nokia OYJ (Finland) 3.375% due 06/12/22		120,000		124,163
4.375% due 06/12/27		320,000		349,601
6.625% due 05/15/39		50,000		64,120
NortonLifeLock Inc 5.000% due 04/15/25 ~		590,000		603,275
Outfront Media Capital LLC 4.625% due 03/15/30 ~		268,000		274,268
5.000% due 08/15/27 ~		115,000		117,207
6.250% due 06/15/25 ~		100,000		105,688
Photo Holdings Merger Sub Inc 8.500% due 10/01/26 ~		250,000		265,195
Plantronics Inc 5.500% due 05/31/23 ~		176,000		176,988
QualityTech LP 3.875% due 10/01/28 ~		115,000		117,444
Quebecor Media Inc (Canada) 5.750% due 01/15/23		300,000		324,750
Qwest Corp 7.250% due 09/15/25		35,000		41,475
Radiate Holdco LLC 4.500% due 09/15/26 ~		99,000		102,341
6.500% due 09/15/28 ~		210,000		220,894
Scripps Escrow II Inc 3.875% due 01/15/29 ~		175,000		182,765
5.375% due 01/15/31 ~		100,000		105,348
Scripps Escrow Inc 5.875% due 07/15/27 ~		150,000		156,893
Sinclair Television Group Inc 4.125% due 12/01/30 ~		170,000		174,421
5.500% due 03/01/30 ~		200,000		208,838
5.875% due 03/15/26 ~		150,000		154,761
Sirius XM Radio Inc 3.875% due 08/01/22 ~		241,000		244,916
4.125% due 07/01/30 ~		675,000		719,297
4.625% due 07/15/24 ~		120,000		124,500
5.000% due 08/01/27 ~		160,000		170,236
5.375% due 07/15/26 ~		371,000		387,695
5.500% due 07/01/29 ~		560,000		617,225
Sprint Capital Corp 6.875% due 11/15/28		500,000		660,177
8.750% due 03/15/32		600,000		950,625
Sprint Communications Inc 6.000% due 11/15/22		400,000		433,500
11.500% due 11/15/21		200,000		217,375


	Principal Amount		Value
Sprint Corp 7.125% due 06/15/24		$1,700,000		$1,990,105
7.625% due 02/15/25		250,000		299,428
7.625% due 03/01/26		300,000		372,813
7.875% due 09/15/23		805,000		933,035
Switch Ltd 3.750% due 09/15/28 ~		120,000		122,025
T-Mobile USA Inc 4.000% due 04/15/22		100,000		103,437
4.500% due 02/01/26		445,000		455,773
4.750% due 02/01/28		495,000		532,689
5.125% due 04/15/25		30,000		30,811
6.000% due 03/01/23		365,000		365,912
6.000% due 04/15/24		700,000		709,457
6.500% due 01/15/26		280,000		290,150
TEGNA Inc 4.625% due 03/15/28 ~		385,000		394,384
4.750% due 03/15/26 ~		141,000		150,736
5.000% due 09/15/29		504,000		532,908
5.500% due 09/15/24 ~		126,000		128,245
Telecom Italia Capital SA (Italy) 6.000% due 09/30/34		200,000		244,118
6.375% due 11/15/33		700,000		862,620
7.200% due 07/18/36		350,000		473,312
Telecom Italia SPA (Italy) 5.303% due 05/30/24 ~		250,000		272,256
Telenet Finance Luxembourg Notes SARL (Belgium) 5.500% due 03/01/28 ~		200,000		213,950
Telesat Canada (Canada) 4.875% due 06/01/27 ~		150,000		155,719
6.500% due 10/15/27 ~		134,000		140,218
Terrier Media Buyer Inc 8.875% due 12/15/27 ~		244,000		269,468
The EW Scripps Co 5.125% due 05/15/25 ~		250,000		255,653
Townsquare Media Inc due 02/01/26 # ~		200,000		210,055
6.500% due 04/01/23 ~		45,000		45,956
Trilogy International Partners LLC (New Zealand) 8.875% due 05/01/22 ~		100,000		96,727
TripAdvisor Inc 7.000% due 07/15/25 ~		285,000		308,334
Twitter Inc 3.875% due 12/15/27 ~		167,000		178,064
Uber Technologies Inc 6.250% due 01/15/28 ~		75,000		81,656
7.500% due 05/15/25 ~		200,000		216,302
7.500% due 09/15/27 ~		232,000		255,490
8.000% due 11/01/26 ~		700,000		763,437
United States Cellular Corp 6.700% due 12/15/33		100,000		130,041
Univision Communications Inc 5.125% due 02/15/25 ~		499,000		503,678
6.625% due 06/01/27 ~		255,000		274,323
9.500% due 05/01/25 ~		150,000		167,625
UPC Holding BV (Netherlands) 5.500% due 01/15/28 ~		200,000		211,375
Urban One Inc 8.750% due 12/15/22 ~		100,000		97,250
VEON Holdings BV (Netherlands) 3.375% due 11/25/27 ~		471,000		484,475
4.000% due 04/09/25 ~		200,000		212,035
7.250% due 04/26/23 ~		200,000		221,844
VeriSign Inc 4.625% due 05/01/23		75,000		75,797
4.750% due 07/15/27		95,000		102,097
5.250% due 04/01/25		200,000		227,625
ViacomCBS Inc 5.875% due 02/28/57		53,000		55,087
6.250% due 02/28/57		292,000		328,462


	Principal Amount		Value
ViaSat Inc 5.625% due 09/15/25 ~		$148,000		$151,559
5.625% due 04/15/27 ~		220,000		231,413
Videotron Ltd (Canada) 5.000% due 07/15/22		200,000		210,627
5.125% due 04/15/27 ~		200,000		212,750
5.375% due 06/15/24 ~		100,000		110,562
Virgin Media Finance PLC (United Kingdom) 5.000% due 07/15/30 ~		305,000		316,819
Virgin Media Secured Finance PLC (United Kingdom) 4.500% due 08/15/30 ~		200,000		209,200
5.500% due 08/15/26 ~		100,000		104,063
5.500% due 05/15/29 ~		400,000		434,136
Virgin Media Vendor Financing Notes IV DAC (Ireland) 5.000% due 07/15/28 ~		200,000		208,200
Vmed O2 UK Financing I PLC (United Kingdom) 4.250% due 01/31/31 ~		500,000		512,070
Vodafone Group PLC (United Kingdom) 7.000% due 04/04/79		600,000		747,159
Windstream Escrow LLC 7.750% due 08/15/28 ~		396,000		399,514
Zayo Group Holdings Inc 4.000% due 03/01/27 ~		500,000		501,902
6.125% due 03/01/28 ~		165,000		174,771
Ziggo Bond Co BV (Netherlands) 5.125% due 02/28/30 ~		200,000		211,310
6.000% due 01/15/27 ~		200,000		211,729
Ziggo BV (Netherlands) 4.875% due 01/15/30 ~		200,000		210,625
5.500% due 01/15/27 ~		494,000		516,524

				76,022,149


Consumer, Cyclical - 19.9%

99 Escrow Issuer Inc 7.500% due 01/15/26 ~		113,000		112,576
Abercrombie & Fitch Management Co 8.750% due 07/15/25 ~		225,000		250,453
Academy Ltd 6.000% due 11/15/27 ~		200,000		210,000
Adient Global Holdings Ltd 4.875% due 08/15/26 ~		200,000		205,750
Adient US LLC 7.000% due 05/15/26 ~		287,000		312,643
9.000% due 04/15/25 ~		30,000		33,488
Affinity Gaming 6.875% due 12/15/27 ~		265,000		277,919
Air Canada (Canada) 7.750% due 04/15/21 ~		150,000		150,937
Allen Media LLC 10.500% due 02/15/28 ~		200,000		207,969
Allison Transmission Inc 3.750% due 01/30/31 ~		105,000		107,625
4.750% due 10/01/27 ~		250,000		262,500
5.875% due 06/01/29 ~		46,000		51,008
AMC Entertainment Holdings Inc 10.000% Cash or 12.000% PIK (or) 5.000% Cash and 6.000% PIK due 06/15/26 ~		349,030		79,404
10.500% due 04/15/25 ~		160,000		113,900
American Airlines Group Inc 3.750% due 03/01/25 ~		150,000		116,250
5.000% due 06/01/22 ~		264,000		237,834
American Airlines Inc 11.750% due 07/15/25 ~		850,000		981,537
American Airlines Pass-Through Trust ‘A’ 3.375% due 11/01/28		726,940		684,067
4.950% due 07/15/24		223,510		213,257


	Principal Amount		Value
American Axle & Manufacturing Inc 6.250% due 04/01/25		$400,000		$414,500
6.250% due 03/15/26		75,000		77,719
6.500% due 04/01/27		65,000		68,494
6.875% due 07/01/28		150,000		161,913
American Builders & Contractors Supply Co Inc 4.000% due 01/15/28 ~		129,000		133,733
5.875% due 05/15/26 ~		80,000		83,050
Aramark Services Inc 5.000% due 04/01/25 ~		100,000		103,150
5.000% due 02/01/28 ~		600,000		633,000
6.375% due 05/01/25 ~		310,000		331,700
Arrow Bidco LLC 9.500% due 03/15/24 ~		125,000		110,143
Asbury Automotive Group Inc 4.500% due 03/01/28		150,000		157,125
4.750% due 03/01/30		218,000		234,077
Ashton Woods USA LLC 6.625% due 01/15/28 ~		250,000		263,750
Aston Martin Capital Holdings Ltd (United Kingdom) 10.500% due 11/30/25 ~		400,000		440,322
Avient Corp 5.250% due 03/15/23		91,000		97,881
5.750% due 05/15/25 ~		90,000		95,738
Bally’s Corp 6.750% due 06/01/27 ~		70,000		75,206
Banijay Entertainment SASU (France) 5.375% due 03/01/25 ~		200,000		207,924
BCD Acquisition Inc 9.625% due 09/15/23 ~		280,000		287,350
Beacon Roofing Supply Inc 4.500% due 11/15/26 ~		150,000		157,266
4.875% due 11/01/25 ~		227,000		232,803
Beazer Homes USA Inc 6.750% due 03/15/25		250,000		261,211
7.250% due 10/15/29		100,000		113,066
Bed Bath & Beyond Inc 4.915% due 08/01/34		78,000		69,610
5.165% due 08/01/44		79,000		68,088
Boyd Gaming Corp 4.750% due 12/01/27		326,000		339,304
6.000% due 08/15/26		165,000		171,600
6.375% due 04/01/26		400,000		416,080
8.625% due 06/01/25 ~		150,000		167,016
Boyne USA Inc 7.250% due 05/01/25 ~		50,000		52,594
Brinker International Inc 3.875% due 05/15/23		200,000		200,875
5.000% due 10/01/24 ~		100,000		104,615
Brookfield Residential Properties Inc (Canada) 4.875% due 02/15/30 ~		65,000		67,255
6.250% due 09/15/27 ~		263,000		280,259
6.375% due 05/15/25 ~		78,000		80,527
Caesars Entertainment Inc 6.250% due 07/01/25 ~		1,150,000		1,226,193
8.125% due 07/01/27 ~		438,000		485,447
Caesars Resort Collection LLC 5.250% due 10/15/25 ~		524,000		530,238
5.750% due 07/01/25 ~		414,000		439,183
Caleres Inc 6.250% due 08/15/23		59,000		59,443
Carnival Corp 7.625% due 03/01/26 ~		420,000		458,373
9.875% due 08/01/27 ~		280,000		322,525
10.500% due 02/01/26 ~		245,000		285,731
11.500% due 04/01/23 ~		1,075,000		1,244,608
Carvana Co 5.625% due 10/01/25 ~		165,000		169,537
5.875% due 10/01/28 ~		125,000		129,949


	Principal Amount		Value
CD&R Smokey Buyer Inc 6.750% due 07/15/25 ~		$100,000		$107,000
Cedar Fair LP 5.250% due 07/15/29		55,000		56,718
5.375% due 06/01/24		200,000		201,000
5.375% due 04/15/27		80,000		81,950
5.500% due 05/01/25 ~		350,000		365,312
6.500% due 10/01/28 ~		100,000		108,628
Century Communities Inc 5.875% due 07/15/25		150,000		156,547
6.750% due 06/01/27		148,000		158,450
Churchill Downs Inc 4.750% due 01/15/28 ~		81,000		85,440
5.500% due 04/01/27 ~		230,000		244,045
Cinemark USA Inc 4.875% due 06/01/23		425,000		404,547
5.125% due 12/15/22		15,000		14,728
8.750% due 05/01/25 ~		120,000		130,125
Cirsa Finance International SARL (Spain) 7.875% due 12/20/23 ~		200,000		202,000
Clarios Global LP 6.250% due 05/15/26 ~		311,000		333,936
6.750% due 05/15/25 ~		50,000		53,954
8.500% due 05/15/27 ~		562,000		611,489
Constellation Merger Sub Inc 8.500% due 09/15/25 ~		100,000		93,365
Core & Main Holding LP 8.625% Cash or 9.375% PIK due 09/15/24 ~		100,000		102,552
Core & Main LP 6.125% due 08/15/25 ~		185,000		191,591
Dana Financing Luxembourg SARL 5.750% due 04/15/25 ~		100,000		104,063
Dana Inc 5.375% due 11/15/27		188,000		199,632
5.500% due 12/15/24		200,000		204,375
5.625% due 06/15/28		100,000		107,837
Dave & Buster’s Inc 7.625% due 11/01/25 ~		175,000		184,625
Dealer Tire LLC 8.000% due 02/01/28 ~		285,000		300,981
Delphi Technologies PLC 5.000% due 10/01/25 ~		205,000		233,572
Delta Air Lines Inc 2.900% due 10/28/24		250,000		246,792
3.625% due 03/15/22		300,000		308,719
3.750% due 10/28/29		175,000		169,724
3.800% due 04/19/23		150,000		154,084
4.375% due 04/19/28		150,000		151,011
7.375% due 01/15/26		90,000		102,873
Diamond Resorts International Inc 7.750% due 09/01/23 ~		155,000		159,601
10.750% due 09/01/24 ~		125,000		125,793
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500% due 02/15/23 ~		100,000		101,865
eG Global Finance PLC (United Kingdom) 6.750% due 02/07/25 ~		200,000		206,300
8.500% due 10/30/25 ~		200,000		212,300
Empire Communities Corp (Canada) 7.000% due 12/15/25 ~		200,000		211,272
Ferrellgas LP 6.500% due 05/01/21		100,000		97,113
6.750% due 06/15/23		350,000		339,901
10.000% due 04/15/25 ~		195,000		215,820
Fiat Chrysler Automobiles NV (United Kingdom) 5.250% due 04/15/23		450,000		483,187
FirstCash Inc 4.625% due 09/01/28 ~		150,000		154,969


	Principal Amount		Value
Ford Motor Co 4.346% due 12/08/26		$300,000		$319,932
4.750% due 01/15/43		700,000		714,875
7.450% due 07/16/31		500,000		642,187
8.500% due 04/21/23		100,000		112,918
9.000% due 04/22/25		500,000		615,067
9.625% due 04/22/30		90,000		127,157
Ford Motor Credit Co LLC 2.979% due 08/03/22		200,000		203,590
3.087% due 01/09/23		450,000		458,694
3.096% due 05/04/23		200,000		202,312
3.219% due 01/09/22		200,000		202,355
3.339% due 03/28/22		200,000		202,250
3.350% due 11/01/22		200,000		203,772
3.370% due 11/17/23		200,000		204,208
3.375% due 11/13/25		200,000		205,062
3.664% due 09/08/24		225,000		231,306
3.810% due 01/09/24		225,000		230,906
3.815% due 11/02/27		400,000		411,750
4.000% due 11/13/30		200,000		210,636
4.063% due 11/01/24		200,000		210,364
4.125% due 08/17/27		200,000		209,750
4.134% due 08/04/25		200,000		210,125
4.140% due 02/15/23		200,000		206,500
4.250% due 09/20/22		225,000		232,605
4.271% due 01/09/27		200,000		210,000
4.375% due 08/06/23		275,000		286,000
4.389% due 01/08/26		250,000		262,772
4.687% due 06/09/25		350,000		373,844
5.113% due 05/03/29		275,000		306,611
5.584% due 03/18/24		200,000		216,000
5.596% due 01/07/22		200,000		207,236
Forestar Group Inc 5.000% due 03/01/28 ~		150,000		155,227
8.000% due 04/15/24 ~		145,000		153,141
G-III Apparel Group Ltd 7.875% due 08/15/25 ~		300,000		328,125
GC EOS Buyer Inc 9.250% due 08/01/25 ~		400,000		433,000
Golden Nugget Inc 6.750% due 10/15/24 ~		460,000		457,272
8.750% due 10/01/25 ~		110,000		113,988
Group 1 Automotive Inc 4.000% due 08/15/28 ~		140,000		144,484
Guitar Center Inc 8.500% due 01/15/26 ~		200,000		208,375
H&E Equipment Services Inc 3.875% due 12/15/28 ~		135,000		136,185
Hanesbrands Inc 4.625% due 05/15/24 ~		161,000		168,949
4.875% due 05/15/26 ~		380,000		413,250
5.375% due 05/15/25 ~		195,000		206,558
Hilton Domestic Operating Co Inc 3.750% due 05/01/29 ~		190,000		198,467
4.000% due 05/01/31 ~		190,000		200,827
4.875% due 01/15/30		125,000		136,797
5.125% due 05/01/26		665,000		688,275
5.375% due 05/01/25 ~		50,000		53,175
5.750% due 05/01/28 ~		365,000		397,622
Hilton Grand Vacations Borrower LLC 6.125% due 12/01/24		100,000		105,115
Hilton Worldwide Finance LLC 4.875% due 04/01/27		115,000		121,934
IAA Inc 5.500% due 06/15/27 ~		159,000		168,838
IHO Verwaltungs GmbH (Germany) 4.750% Cash or 5.500% PIK due 09/15/26 ~		200,000		207,750
6.375% Cash or 7.125% PIK due 05/15/29 ~		200,000		220,712
Interface Inc 5.500% due 12/01/28 ~		350,000		369,031


	Principal Amount		Value
International Game Technology PLC 5.250% due 01/15/29 ~		$400,000		$431,642
6.250% due 02/15/22 ~		230,000		237,904
6.500% due 02/15/25 ~		600,000		672,312
IRB Holding Corp 7.000% due 06/15/25 ~		250,000		273,569
Jacobs Entertainment Inc 7.875% due 02/01/24 ~		100,000		102,740
Jaguar Land Rover Automotive PLC (United Kingdom) 4.500% due 10/01/27 ~		325,000		303,194
5.875% due 01/15/28 ~		200,000		202,315
7.750% due 10/15/25 ~		200,000		215,875
JB Poindexter & Co Inc 7.125% due 04/15/26 ~		119,000		126,140
KAR Auction Services Inc 5.125% due 06/01/25 ~		330,000		339,992
KB Home 4.800% due 11/15/29		75,000		82,453
6.875% due 06/15/27		75,000		88,125
7.000% due 12/15/21		100,000		103,688
7.500% due 09/15/22		100,000		109,602
7.625% due 05/15/23		215,000		238,112
Ken Garff Automotive LLC 4.875% due 09/15/28 ~		300,000		312,562
KFC Holding Co 4.750% due 06/01/27 ~		100,000		105,892
5.250% due 06/01/26 ~		492,000		511,372
L Brands Inc 5.250% due 02/01/28		270,000		281,981
6.625% due 10/01/30 ~		103,000		114,781
6.694% due 01/15/27		195,000		215,597
6.750% due 07/01/36		90,000		100,440
6.875% due 07/01/25 ~		240,000		260,950
6.875% due 11/01/35		150,000		168,656
6.950% due 03/01/33		265,000		275,653
7.500% due 06/15/29		175,000		194,983
9.375% due 07/01/25 ~		40,000		49,250
LBM Acquisition LLC 6.250% due 01/15/29 ~		65,000		67,743
Levi Strauss & Co 5.000% due 05/01/25		180,000		184,725
LGI Homes Inc 6.875% due 07/15/26 ~		75,000		78,938
Lions Gate Capital Holdings LLC 5.875% due 11/01/24 ~		190,000		193,543
6.375% due 02/01/24 ~		160,000		164,498
Lithia Motors Inc 4.375% due 01/15/31 ~		150,000		161,156
4.625% due 12/15/27 ~		150,000		158,531
Live Nation Entertainment Inc due 01/15/28 # ~		160,000		162,064
4.750% due 10/15/27 ~		317,000		325,917
4.875% due 11/01/24 ~		50,000		50,700
5.625% due 03/15/26 ~		81,000		83,147
6.500% due 05/15/27 ~		225,000		251,955
LTF Merger Sub Inc 8.500% due 06/15/23 ~		150,000		145,125
M/I Homes Inc 4.950% due 02/01/28		150,000		159,251
Macy’s Inc 8.375% due 06/15/25 ~		360,000		400,176
Macy’s Retail Holdings Inc 2.875% due 02/15/23		125,000		120,313
3.625% due 06/01/24		275,000		262,185
3.875% due 01/15/22		200,000		199,500
4.500% due 12/15/34		225,000		173,448
Marriott Ownership Resorts Inc 4.750% due 01/15/28		150,000		152,784
6.125% due 09/15/25 ~		65,000		69,388
6.500% due 09/15/26		245,000		256,446


	Principal Amount		Value
Mattamy Group Corp (Canada) 4.625% due 03/01/30 ~		$170,000		$180,492
5.250% due 12/15/27 ~		82,000		86,971
Mattel Inc 3.150% due 03/15/23		395,000		400,390
5.875% due 12/15/27 ~		116,000		129,122
6.200% due 10/01/40		134,000		157,021
6.750% due 12/31/25 ~		397,000		419,419
MDC Holdings Inc 3.850% due 01/15/30		150,000		167,052
5.500% due 01/15/24		100,000		109,865
6.000% due 01/15/43		150,000		201,363
Melco Resorts Finance Ltd (Hong Kong) 4.875% due 06/06/25 ~		285,000		294,405
5.625% due 07/17/27 ~		600,000		633,015
5.750% due 07/21/28 ~		400,000		426,700
Meritage Homes Corp 5.125% due 06/06/27		200,000		224,212
Meritor Inc 4.500% due 12/15/28 ~		175,000		179,703
6.250% due 02/15/24		39,000		39,898
6.250% due 06/01/25 ~		175,000		189,437
MGM China Holdings Ltd (Macau) 5.375% due 05/15/24 ~		200,000		207,021
5.875% due 05/15/26 ~		200,000		211,856
MGM Resorts International 4.625% due 09/01/26		115,000		121,909
4.750% due 10/15/28		110,000		118,112
5.500% due 04/15/27		335,000		373,828
5.750% due 06/15/25		230,000		254,731
6.000% due 03/15/23		500,000		537,500
6.750% due 05/01/25		230,000		249,314
Michael Kors USA Inc 4.500% due 11/01/24 ~		200,000		208,500
Michaels Stores Inc 4.750% due 10/01/27 ~		200,000		205,300
8.000% due 07/15/27 ~		155,000		166,887
Mohegan Gaming & Entertainment 7.875% due 10/15/24 ~		155,000		162,169
Motion Bondco DAC (United Kingdom) 6.625% due 11/15/27 ~		200,000		209,750
Murphy Oil USA Inc 4.750% due 09/15/29		99,000		105,540
5.625% due 05/01/27		100,000		106,106
Navistar International Corp 6.625% due 11/01/25 ~		326,000		341,941
9.500% due 05/01/25 ~		65,000		73,084
NCL Corp Ltd 3.625% due 12/15/24 ~		193,000		183,712
5.875% due 03/15/26 ~		310,000		327,244
10.250% due 02/01/26 ~		130,000		152,425
12.250% due 05/15/24 ~		50,000		60,063
New Red Finance Inc (Canada) 3.500% due 02/15/29 ~		125,000		125,078
3.875% due 01/15/28 ~		98,000		99,692
4.000% due 10/15/30 ~		1,158,000		1,175,845
4.250% due 05/15/24 ~		266,000		271,586
4.375% due 01/15/28 ~		214,000		220,782
5.750% due 04/15/25 ~		50,000		53,579
Newell Brands Inc 4.350% due 04/01/23		192,000		201,627
4.700% due 04/01/26		685,000		755,507
4.875% due 06/01/25		165,000		181,756
5.875% due 04/01/36		130,000		158,275
6.000% due 04/01/46		200,000		255,750
Nordstrom Inc 4.000% due 10/15/21		175,000		177,051
4.000% due 03/15/27		350,000		347,651
4.375% due 04/01/30		51,000		50,333
5.000% due 01/15/44		350,000		328,630
Peninsula Pacific Entertainment LLC 8.500% due 11/15/27 ~		265,000		284,047


	Principal Amount		Value
Penn National Gaming Inc 5.625% due 01/15/27 ~		$100,000		$104,510
Penske Automotive Group Inc 3.500% due 09/01/25		139,000		141,432
5.500% due 05/15/26		315,000		327,797
Performance Food Group Inc 5.500% due 06/01/24 ~		50,000		50,375
5.500% due 10/15/27 ~		295,000		311,765
PetSmart Inc 5.875% due 06/01/25 ~		618,000		636,154
7.125% due 03/15/23 ~		617,000		617,555
8.875% due 06/01/25 ~		75,000		77,126
Picasso Finance Sub Inc 6.125% due 06/15/25 ~		130,000		139,288
PM General Purchaser LLC 9.500% due 10/01/28 ~		30,000		33,263
Powdr Corp 6.000% due 08/01/25 ~		125,000		132,031
QVC Inc 4.375% due 03/15/23		150,000		157,810
4.375% due 09/01/28		225,000		233,556
4.450% due 02/15/25		125,000		133,787
4.750% due 02/15/27		175,000		188,016
4.850% due 04/01/24		100,000		108,125
5.450% due 08/15/34		300,000		312,750
Resideo Funding Inc 6.125% due 11/01/26 ~		90,000		94,950
Rite Aid Corp 7.500% due 07/01/25 ~		330,000		345,023
8.000% due 11/15/26 ~		248,000		265,556
Royal Caribbean Cruises Ltd 3.700% due 03/15/28		175,000		155,447
5.250% due 11/15/22		219,000		220,281
9.125% due 06/15/23 ~		532,000		577,885
10.875% due 06/01/23 ~		300,000		341,926
11.500% due 06/01/25 ~		560,000		655,368
Sally Holdings LLC 5.625% due 12/01/25		265,000		272,685
Scientific Games International Inc 5.000% due 10/15/25 ~		155,000		160,137
7.000% due 05/15/28 ~		224,000		241,226
7.250% due 11/15/29 ~		156,000		171,474
8.250% due 03/15/26 ~		600,000		647,583
8.625% due 07/01/25 ~		90,000		98,663
SeaWorld Parks & Entertainment Inc 9.500% due 08/01/25 ~		109,000		118,538
Shea Homes LP 4.750% due 02/15/28 ~		200,000		207,375
4.750% due 04/01/29 ~		150,000		154,500
Silversea Cruise Finance Ltd 7.250% due 02/01/25 ~		200,000		207,375
Six Flags Entertainment Corp 4.875% due 07/31/24 ~		400,000		401,808
5.500% due 04/15/27 ~		100,000		102,875
Six Flags Theme Parks Inc 7.000% due 07/01/25 ~		235,000		254,241
Specialty Building Products Holdings LLC 6.375% due 09/30/26 ~		65,000		68,964
Spirit Loyalty Cayman Ltd 8.000% due 09/20/25 ~		50,000		56,250
SRS Distribution Inc 8.250% due 07/01/26 ~		100,000		106,500
Staples Inc 7.500% due 04/15/26 ~		600,000		627,564
10.750% due 04/15/27 ~		297,000		295,886
Stars Group Holdings BV (Canada) 7.000% due 07/15/26 ~		423,000		446,001
Station Casinos LLC 4.500% due 02/15/28 ~		190,000		191,781
5.000% due 10/01/25 ~		134,000		135,799


	Principal Amount		Value
Studio City Finance Ltd (Macau) 6.000% due 07/15/25 ~		$200,000		$211,600
6.500% due 01/15/28 ~		200,000		214,970
7.250% due 02/11/24 ~		200,000		209,329
Suburban Propane Partners LP 5.500% due 06/01/24		50,000		51,218
5.875% due 03/01/27		300,000		314,437
Taylor Morrison Communities Inc 5.125% due 08/01/30 ~		145,000		162,672
5.625% due 03/01/24 ~		100,000		107,625
5.750% due 01/15/28 ~		100,000		113,563
5.875% due 04/15/23 ~		250,000		265,911
5.875% due 06/15/27 ~		144,000		163,526
6.625% due 07/15/27 ~		100,000		108,450
Tempur Sealy International Inc 5.500% due 06/15/26		214,000		222,977
Tenneco Inc 5.000% due 07/15/26		180,000		165,937
5.375% due 12/15/24		25,000		24,202
7.875% due 01/15/29 ~		15,000		16,870
Tesla Inc 5.300% due 08/15/25 ~		544,000		567,800
The Enterprise Development Authority 12.000% due 07/15/24 ~		80,000		90,300
The Gap Inc 8.375% due 05/15/23 ~		65,000		73,775
8.625% due 05/15/25 ~		510,000		569,553
8.875% due 05/15/27 ~		135,000		156,769
The Goodyear Tire & Rubber Co 4.875% due 03/15/27		135,000		138,291
5.000% due 05/31/26		180,000		184,354
5.125% due 11/15/23		615,000		616,537
9.500% due 05/31/25		145,000		164,075
The New Home Co Inc 7.250% due 10/15/25 ~		250,000		257,372
The Scotts Miracle-Gro Co 4.500% due 10/15/29		200,000		216,131
5.250% due 12/15/26		100,000		105,856
The William Carter Co 5.500% due 05/15/25 ~		155,000		164,898
5.625% due 03/15/27 ~		214,000		225,636
Titan International Inc 6.500% due 11/30/23		50,000		46,432
Toll Brothers Finance Corp 3.800% due 11/01/29		100,000		108,250
4.350% due 02/15/28		400,000		445,424
4.375% due 04/15/23		200,000		212,750
5.875% due 02/15/22		100,000		104,250
TRI Pointe Group Inc 5.250% due 06/01/27		100,000		109,106
5.700% due 06/15/28		150,000		169,725
5.875% due 06/15/24		200,000		218,925
Under Armour Inc 3.250% due 06/15/26		200,000		201,625
United Airlines Holdings Inc 4.250% due 10/01/22		100,000		100,625
4.875% due 01/15/25		150,000		147,889
5.000% due 02/01/24		200,000		198,875
Univar Solutions USA Inc 5.125% due 12/01/27 ~		204,000		215,820
Universal Entertainment Corp (Japan) 8.500% due 12/11/24 ~		200,000		212,500
US Airways 2013-1 Class A Pass-Through Trust 3.950% due 05/15/27		116,116		107,808
Vail Resorts Inc 6.250% due 05/15/25 ~		235,000		251,156
Viking Cruises Ltd 5.875% due 09/15/27 ~		434,000		425,257
13.000% due 05/15/25 ~		50,000		59,844
Vista Outdoor Inc 5.875% due 10/01/23		100,000		101,365


	Principal Amount		Value
VOC Escrow Ltd 5.000% due 02/15/28 ~		$160,000		$159,170
Wabash National Corp 5.500% due 10/01/25 ~		75,000		76,773
White Cap Buyer LLC 6.875% due 10/15/28 ~		170,000		181,581
Williams Scotsman International Inc 4.625% due 08/15/28 ~		100,000		103,688
Winnebago Industries Inc 6.250% due 07/15/28 ~		200,000		215,375
WMG Acquisition Corp 3.000% due 02/15/31 ~		221,000		217,347
3.875% due 07/15/30 ~		200,000		212,875
5.500% due 04/15/26 ~		200,000		207,212
Wolverine Escrow LLC 8.500% due 11/15/24 ~		230,000		219,858
9.000% due 11/15/26 ~		225,000		213,396
13.125% due 11/15/27 ~		150,000		121,125
Wolverine World Wide Inc 5.000% due 09/01/26 ~		100,000		102,313
6.375% due 05/15/25 ~		350,000		374,281
Wyndham Destinations Inc 4.250% due 03/01/22		200,000		205,000
4.625% due 03/01/30 ~		150,000		158,883
5.650% due 04/01/24		300,000		325,093
6.000% due 04/01/27		150,000		168,469
6.625% due 07/31/26 ~		217,000		248,736
Wyndham Hotels & Resorts Inc 4.375% due 08/15/28 ~		106,000		110,338
5.375% due 04/15/26 ~		185,000		191,822
Wynn Las Vegas LLC 4.250% due 05/30/23 ~		150,000		152,464
5.250% due 05/15/27 ~		70,000		72,284
5.500% due 03/01/25 ~		700,000		732,669
Wynn Macau Ltd (Macau) 5.125% due 12/15/29 ~		390,000		398,980
5.500% due 10/01/27 ~		400,000		415,920
5.625% due 08/26/28 ~		500,000		524,965
Wynn Resorts Finance LLC 5.125% due 10/01/29 ~		210,000		220,237
7.750% due 04/15/25 ~		70,000		75,948
Yum! Brands Inc 3.625% due 03/15/31		225,000		227,718
3.750% due 11/01/21		200,000		202,725
5.350% due 11/01/43		100,000		114,000
6.875% due 11/15/37		100,000		128,929
7.750% due 04/01/25 ~		50,000		55,438
ZF North America Capital Inc (Germany) 4.500% due 04/29/22 ~		400,000		412,380
4.750% due 04/29/25 ~		150,000		161,829

				90,622,596


Consumer, Non-Cyclical - 16.6%

Acadia Healthcare Co Inc 5.000% due 04/15/29 ~		225,000		240,750
5.500% due 07/01/28 ~		265,000		285,120
5.625% due 02/15/23		215,000		216,075
6.500% due 03/01/24		100,000		102,490
ACCO Brands Corp 5.250% due 12/15/24 ~		200,000		206,229
ACE Cash Express Inc 12.000% due 12/15/22 ~		90,000		76,050
AdaptHealth LLC due 08/01/29 # ~		190,000		195,462
6.125% due 08/01/28 ~		250,000		269,062
Ahern Rentals Inc 7.375% due 05/15/23 ~		175,000		128,297
Air Methods Corp 8.000% due 05/15/25 ~		130,000		110,324
Akumin Inc 7.000% due 11/01/25 ~		175,000		184,406


	Principal Amount		Value
Albertsons Cos Inc 3.250% due 03/15/26 ~		$103,000		$104,674
3.500% due 02/15/23 ~		87,000		89,262
3.500% due 03/15/29 ~		263,000		266,024
4.625% due 01/15/27 ~		375,000		399,302
4.875% due 02/15/30 ~		378,000		416,889
5.750% due 03/15/25		456,000		471,342
5.875% due 02/15/28 ~		177,000		192,909
7.500% due 03/15/26 ~		125,000		140,116
Algeco Global Finance PLC (United Kingdom) 8.000% due 02/15/23 ~		145,000		148,170
Allied Universal Holdco LLC 6.625% due 07/15/26 ~		522,000		557,261
9.750% due 07/15/27 ~		297,000		324,247
AMN Healthcare Inc 4.000% due 04/15/29 ~		150,000		153,750
4.625% due 10/01/27 ~		217,000		227,730
Aptim Corp 7.750% due 06/15/25 ~		150,000		116,609
APX Group Inc 6.750% due 02/15/27 ~		440,000		473,550
7.625% due 09/01/23		100,000		103,938
7.875% due 12/01/22		269,000		270,177
ASGN Inc 4.625% due 05/15/28 ~		79,000		82,294
Avantor Funding Inc 4.625% due 07/15/28 ~		150,000		158,813
Avis Budget Car Rental LLC 5.750% due 07/15/27 ~		425,000		433,421
6.375% due 04/01/24 ~		100,000		102,188
10.500% due 05/15/25 ~		200,000		236,375
Avon Products Inc (United Kingdom) 7.000% due 03/15/23		200,000		216,615
B&G Foods Inc 5.250% due 04/01/25		408,000		421,668
5.250% due 09/15/27		107,000		113,863
Bausch Health Americas Inc 8.500% due 01/31/27 ~		145,000		161,470
9.250% due 04/01/26 ~		385,000		429,775
Bausch Health Cos Inc 5.000% due 01/30/28 ~		240,000		247,630
5.000% due 02/15/29 ~		150,000		154,511
5.250% due 01/30/30 ~		500,000		524,310
5.250% due 02/15/31 ~		75,000		78,495
5.500% due 11/01/25 ~		246,000		255,173
5.750% due 08/15/27 ~		140,000		150,413
6.125% due 04/15/25 ~		800,000		825,328
6.250% due 02/15/29 ~		450,000		489,460
7.000% due 03/15/24 ~		1,355,000		1,395,311
7.000% due 01/15/28 ~		388,000		427,145
7.250% due 05/30/29 ~		98,000		110,328
9.000% due 12/15/25 ~		539,000		597,188
C&S Group Enterprises LLC 5.000% due 12/15/28 ~		300,000		299,604
Capitol Investment Merger Sub 2 LLC 10.000% due 08/01/24 ~		125,000		137,190
Cardtronics Inc 5.500% due 05/01/25 ~		100,000		103,740
Carriage Services Inc 6.625% due 06/01/26 ~		225,000		241,270
Catalent Pharma Solutions Inc 4.875% due 01/15/26 ~		175,000		179,123
5.000% due 07/15/27 ~		115,000		121,650
Centene Corp 3.000% due 10/15/30		305,000		323,651
3.375% due 02/15/30		696,000		733,344
4.250% due 12/15/27		1,065,000		1,131,365
4.625% due 12/15/29		1,106,000		1,229,325
4.750% due 01/15/25		761,000		781,913
5.375% due 06/01/26 ~		300,000		316,788
5.375% due 08/15/26 ~		140,000		148,225


	Principal Amount		Value
Central Garden & Pet Co 4.125% due 10/15/30		$335,000		$349,866
5.125% due 02/01/28		100,000		106,700
Charles River Laboratories International Inc 4.250% due 05/01/28 ~		192,000		201,444
5.500% due 04/01/26 ~		100,000		104,928
Chobani LLC 4.625% due 11/15/28 ~		350,000		356,125
CHS 5.625% due 03/15/27 ~		105,000		113,033
6.000% due 01/15/29 ~		300,000		324,453
6.625% due 02/15/25 ~		1,310,000		1,381,205
6.875% due 02/01/22		100,000		99,813
6.875% due 04/01/28 ~		459,000		369,906
8.000% due 03/15/26 ~		250,000		269,625
8.000% due 12/15/27 ~		189,000		205,537
8.125% due 06/30/24 ~		378,000		392,175
8.625% due 01/15/24 ~		530,000		553,519
9.875% due 06/30/23 ~		300,000		316,468
Cimpress PLC (Ireland) 7.000% due 06/15/26 ~		300,000		316,443
Cooke Omega Investments Inc (Canada) 8.500% due 12/15/22 ~		50,000		51,551
Coty Inc 6.500% due 04/15/26 ~		75,000		73,044
Darling Ingredients Inc 5.250% due 04/15/27 ~		99,000		105,452
DaVita Inc 3.750% due 02/15/31 ~		454,000		461,825
4.625% due 06/01/30 ~		440,000		466,675
Del Monte Foods Inc 11.875% due 05/15/25 ~		210,000		238,744
Dole Food Co Inc 7.250% due 06/15/25 ~		50,000		51,182
Edgewell Personal Care Co 4.700% due 05/24/22		200,000		208,605
5.500% due 06/01/28 ~		100,000		107,609
Elanco Animal Health Inc 4.912% due 08/27/21		35,000		35,853
5.272% due 08/28/23		395,000		432,278
5.900% due 08/28/28		130,000		153,806
Emergent BioSolutions Inc 3.875% due 08/15/28 ~		150,000		155,606
Encompass Health Corp 4.500% due 02/01/28		149,000		155,957
4.625% due 04/01/31		110,000		117,838
4.750% due 02/01/30		156,000		167,379
5.125% due 03/15/23		100,000		100,511
5.750% due 09/15/25		100,000		103,500
Endo Dac 6.000% due 06/30/28 ~		366,000		311,466
9.500% due 07/31/27 ~		275,000		307,484
FAGE International SA (Luxembourg) 5.625% due 08/15/26 ~		100,000		102,856
Garda World Security Corp (Canada) 4.625% due 02/15/27 ~		395,000		399,937
9.500% due 11/01/27 ~		78,000		86,517
Gartner Inc
3.750% due 10/01/30 ~		97,000		101,971
4.500% due 07/01/28 ~		150,000		158,438
Global Medical Response Inc 6.500% due 10/01/25 ~		150,000		156,938
Graham Holdings Co 5.750% due 06/01/26 ~		100,000		105,356
H-Food Holdings LLC 8.500% due 06/01/26 ~		100,000		104,903


	Principal Amount		Value
HCA Inc 3.500% due 09/01/30		$1,050,000		$1,115,998
5.375% due 02/01/25		640,000		720,650
5.375% due 09/01/26		300,000		345,382
5.625% due 09/01/28		425,000		502,786
5.875% due 05/01/23		350,000		385,072
5.875% due 02/15/26		300,000		345,375
5.875% due 02/01/29		275,000		331,844
7.050% due 12/01/27		170,000		206,179
7.690% due 06/15/25		150,000		180,547
8.360% due 04/15/24		100,000		117,500
Herbalife Nutrition Ltd 7.875% due 09/01/25 ~		170,000		185,937
Herc Holdings Inc 5.500% due 07/15/27 ~		330,000		350,419
Hill-Rom Holdings Inc 4.375% due 09/15/27 ~		66,000		69,890
5.000% due 02/15/25 ~		125,000		128,828
HLF Financing SARL LLC 7.250% due 08/15/26 ~		65,000		69,063
Hologic Inc 3.250% due 02/15/29 ~		209,000		213,049
4.625% due 02/01/28 ~		100,000		106,438
Horizon Therapeutics USA Inc 5.500% due 08/01/27 ~		200,000		215,102
Ingles Markets Inc 5.750% due 06/15/23		84,000		85,102
IQVIA Inc 5.000% due 10/15/26 ~		300,000		314,812
5.000% due 05/15/27 ~		200,000		212,998
Jaguar Holding Co II 4.625% due 06/15/25 ~		35,000		36,968
5.000% due 06/15/28 ~		55,000		58,781
JBS Investments II GmbH 5.750% due 01/15/28 ~		200,000		214,377
7.000% due 01/15/26 ~		450,000		486,427
JBS USA LUX SA 5.500% due 01/15/30 ~		421,000		484,259
5.750% due 06/15/25 ~		262,000		271,170
6.500% due 04/15/29 ~		298,000		347,647
6.750% due 02/15/28 ~		285,000		320,559
Korn Ferry 4.625% due 12/15/27 ~		150,000		156,563
Kraft Heinz Foods Co 3.000% due 06/01/26		2,500,000		2,611,948
3.750% due 04/01/30 ~		750,000		801,784
4.250% due 03/01/31 ~		135,000		150,574
4.375% due 06/01/46		3,250,000		3,516,463
4.625% due 01/30/29		25,000		28,612
4.625% due 10/01/39 ~		162,000		181,231
5.500% due 06/01/50 ~		200,000		252,566
6.875% due 01/26/39		150,000		208,095
Kronos Acquisition Holdings Inc (Canada) 5.000% due 12/31/26 ~		25,000		26,125
7.000% due 12/31/27 ~		55,000		57,689
9.000% due 08/15/23 ~		360,000		368,910
Lamb Weston Holdings Inc 4.625% due 11/01/24 ~		230,000		240,350
4.875% due 11/01/26 ~		375,000		392,691
4.875% due 05/15/28 ~		83,000		92,804
Land O’Lakes Capital Trust 7.450% due 03/15/28 ~		43,000		49,074
Laureate Education Inc 8.250% due 05/01/25 ~		170,000		180,519
Legacy LifePoint Health LLC 4.375% due 02/15/27 ~		230,000		234,025
6.750% due 04/15/25 ~		180,000		193,736
LifePoint Health Inc 5.375% due 01/15/29 ~		65,000		65,036
Magellan Health Inc 4.900% due 09/22/24		150,000		158,422


	Principal Amount		Value
Mallinckrodt International Finance SA 5.750% due 08/01/22 Y ~		$110,000		$38,500
10.000% due 04/15/25 Y ~		187,000		164,560
MEDNAX Inc 5.250% due 12/01/23 ~		165,000		167,112
6.250% due 01/15/27 ~		350,000		375,805
Molina Healthcare Inc 3.875% due 11/15/30 ~		120,000		129,000
4.375% due 06/15/28 ~		150,000		158,025
5.375% due 11/15/22		250,000		265,156
MPH Acquisition Holdings LLC 5.750% due 11/01/28 ~		380,000		371,925
Nathan’s Famous Inc 6.625% due 11/01/25 ~		25,000		25,781
Nielsen Finance LLC 5.000% due 04/15/22 ~		240,000		240,871
5.625% due 10/01/28 ~		220,000		239,453
5.875% due 10/01/30 ~		100,000		113,313
Ortho-Clinical Diagnostics Inc 7.375% due 06/01/25 ~		525,000		560,109
P&L Development LLC 7.750% due 11/15/25 ~		150,000		161,625
Par Pharmaceutical Inc 7.500% due 04/01/27 ~		819,000		889,688
Pilgrim’s Pride Corp 5.750% due 03/15/25 ~		496,000		509,814
5.875% due 09/30/27 ~		152,000		165,051
Post Holdings Inc 4.625% due 04/15/30 ~		314,000		330,708
5.000% due 08/15/26 ~		659,000		681,561
5.500% due 12/15/29 ~		325,000		355,071
5.625% due 01/15/28 ~		108,000		115,223
5.750% due 03/01/27 ~		205,000		217,428
Prestige Brands Inc 5.125% due 01/15/28 ~		133,000		142,061
6.375% due 03/01/24 ~		205,000		209,869
Prime Healthcare Services Inc 7.250% due 11/01/25 ~		107,000		113,869
Prime Security Services Borrower LLC 3.375% due 08/31/27 ~		170,000		168,938
5.250% due 04/15/24 ~		226,000		241,537
5.750% due 04/15/26 ~		246,000		269,677
6.250% due 01/15/28 ~		685,000		736,375
Primo Water Holdings Inc (Canada) 5.500% due 04/01/25 ~		220,000		227,425
Quorum Health Corp 11.625% due 04/15/23 * Y W		9,000		830
Radiology Partners Inc 9.250% due 02/01/28 ~		55,000		62,029
Refinitiv US Holdings Inc 6.250% due 05/15/26 ~		215,000		229,916
8.250% due 11/15/26 ~		630,000		688,275
RegionalCare Hospital Partners Holdings Inc 9.750% due 12/01/26 ~		500,000		552,187
Revlon Consumer Products Corp 6.250% due 08/01/24		150,000		52,875
Ritchie Bros Auctioneers Inc (Canada) 5.375% due 01/15/25 ~		220,000		226,847
RP Escrow Issuer LLC 5.250% due 12/15/25 ~		175,000		183,255
Sabre GLBL Inc
5.250% due 11/15/23 ~		280,000		284,200
7.375% due 09/01/25 ~		518,000		562,807
9.250% due 04/15/25 ~		50,000		59,563
Safeway Inc 7.250% due 02/01/31		150,000		176,159
SEG Holding LLC 5.625% due 10/15/28 ~		200,000		211,500
Select Medical Corp 6.250% due 08/15/26 ~		424,000		457,267


	Principal Amount		Value
Service Corp International 3.375% due 08/15/30		$426,000		$443,928
4.625% due 12/15/27		53,000		56,544
5.125% due 06/01/29		206,000		228,493
Shift4 Payments LLC 4.625% due 11/01/26 ~		300,000		312,750
Sigma Holdco BV (Netherlands) 7.875% due 05/15/26 ~		200,000		205,463
Simmons Foods Inc 5.750% due 11/01/24 ~		274,000		280,507
7.750% due 01/15/24 ~		50,000		52,245
Sotheby’s 7.375% due 10/15/27 ~		200,000		214,588
Spectrum Brands Inc 5.000% due 10/01/29 ~		86,000		92,570
5.750% due 07/15/25		449,000		464,199
Surgery Center Holdings Inc 10.000% due 04/15/27 ~		290,000		320,994
Syneos Health Inc 3.625% due 01/15/29 ~		150,000		150,696
Team Health Holdings Inc 6.375% due 02/01/25 ~		200,000		173,000
Teleflex Inc 4.250% due 06/01/28 ~		95,000		100,819
4.625% due 11/15/27		156,000		168,016
4.875% due 06/01/26		150,000		156,728
Tenet Healthcare Corp 4.625% due 07/15/24		590,000		605,352
4.625% due 09/01/24 ~		87,000		89,909
4.625% due 06/15/28 ~		65,000		68,209
4.875% due 01/01/26 ~		545,000		570,806
5.125% due 05/01/25		300,000		306,222
5.125% due 11/01/27 ~		526,000		558,217
6.125% due 10/01/28 ~		655,000		684,822
6.250% due 02/01/27 ~		530,000		562,539
6.750% due 06/15/23		778,000		837,750
7.000% due 08/01/25		395,000		409,032
7.500% due 04/01/25 ~		50,000		54,696
The ADT Security Corp 3.500% due 07/15/22		650,000		668,281
4.875% due 07/15/32 ~		200,000		216,250
The Brink’s Co 4.625% due 10/15/27 ~		197,000		206,234
5.500% due 07/15/25 ~		150,000		160,406
The Fresh Market Inc 9.750% due 05/01/23 ~		200,000		206,419
The Nielsen Co Luxembourg SARL 5.000% due 02/01/25 ~		200,000		205,625
The Providence Service Corp 5.875% due 11/15/25 ~		72,000		76,275
TreeHouse Foods Inc 4.000% due 09/01/28		115,000		119,169
6.000% due 02/15/24 ~		215,000		219,591
United Natural Foods Inc 6.750% due 10/15/28 ~		65,000		68,086
United Rentals North America Inc 3.875% due 11/15/27		127,000		133,191
3.875% due 02/15/31		500,000		525,462
4.000% due 07/15/30		125,000		131,719
4.875% due 01/15/28		715,000		762,369
5.250% due 01/15/30		142,000		157,886
5.500% due 05/15/27		260,000		279,012
5.875% due 09/15/26		170,000		180,169
US Foods Inc 5.875% due 06/15/24 ~		316,000		320,937
6.250% due 04/15/25 ~		120,000		128,410
US Renal Care Inc 10.625% due 07/15/27 ~		175,000		193,812
Vector Group Ltd 6.125% due 02/01/25 ~		210,000		213,915
10.500% due 11/01/26 ~		173,000		186,948
Verscend Escrow Corp 9.750% due 08/15/26 ~		325,000		352,828


	Principal Amount		Value
West Street Merger Sub Inc 6.375% due 09/01/25 ~		$207,000		$212,563
WEX Inc 4.750% due 02/01/23 ~		500,000		502,447
WW International Inc 8.625% due 12/01/25 ~		75,000		78,216

				75,512,628


Diversified - 0.1%

Stena AB (Sweden) 7.000% due 02/01/24 ~		100,000		99,865
Stena International SA (Sweden) 5.750% due 03/01/24 ~		200,000		201,237
6.125% due 02/01/25 ~		146,000		144,540
VistaJet Malta Finance PLC (Switzerland) 10.500% due 06/01/24 ~		139,000		142,822

				588,464


Energy - 12.9%

AI Candelaria Spain SLU (Spain) 7.500% due 12/15/28 ~		250,000		291,877
Aker BP ASA (Norway) 5.875% due 03/31/25 ~		150,000		155,403
Alliance Resource Operating Partners LP 7.500% due 05/01/25 ~		100,000		85,500
American Midstream Partners LP 9.500% due 12/15/21 ~		75,000		74,709
Antero Midstream Partners LP 5.375% due 09/15/24		200,000		195,500
5.750% due 03/01/27 ~		200,000		196,875
5.750% due 01/15/28 ~		197,000		189,632
7.875% due 05/15/26 ~		165,000		170,788
Antero Resources Corp due 07/15/26 # ~		104,000		106,412
5.000% due 03/01/25		150,000		142,781
5.125% due 12/01/22		500,000		499,450
5.625% due 06/01/23		100,000		98,125
Apache Corp 4.250% due 01/15/30		250,000		262,969
4.375% due 10/15/28		208,000		216,836
4.625% due 11/15/25		130,000		136,663
4.750% due 04/15/43		750,000		779,055
4.875% due 11/15/27		215,000		228,222
5.100% due 09/01/40		712,000		764,955
Archrock Partners LP 6.250% due 04/01/28 ~		180,000		187,823
6.875% due 04/01/27 ~		156,000		168,285
Ascent Resources Utica Holdings LLC 7.000% due 11/01/26 ~		80,000		76,720
8.250% due 12/31/28 ~		165,000		165,000
9.000% due 11/01/27 ~		175,000		195,125
Baytex Energy Corp (Canada) 5.625% due 06/01/24 ~		120,000		82,988
8.750% due 04/01/27 ~		185,000		117,938
Berry Petroleum Co LLC 7.000% due 02/15/26 ~		125,000		106,695
Blue Racer Midstream LLC 6.625% due 07/15/26 ~		50,000		50,500
7.625% due 12/15/25 ~		245,000		261,537
Buckeye Partners LP 3.950% due 12/01/26		175,000		177,712
4.125% due 03/01/25 ~		127,000		128,746
4.150% due 07/01/23		150,000		154,594
4.500% due 03/01/28 ~		105,000		108,347
5.850% due 11/15/43		250,000		246,406
6.375% due 01/22/78		200,000		150,859
Callon Petroleum Co 6.125% due 10/01/24		200,000		115,500
6.250% due 04/15/23		187,000		119,213


	Principal Amount		Value
Calumet Specialty Products Partners LP 7.750% due 04/15/23		$250,000		$244,661
9.250% due 07/15/24 ~		162,000		181,440
11.000% due 04/15/25 ~		133,000		134,661
Cenovus Energy Inc (Canada) 3.000% due 08/15/22		200,000		204,413
3.800% due 09/15/23		50,000		51,957
5.375% due 07/15/25		285,000		321,512
6.750% due 11/15/39		875,000		1,156,868
ChampionX Corp 6.375% due 05/01/26		100,000		101,356
Cheniere Energy Inc 4.625% due 10/15/28 ~		265,000		278,581
Cheniere Energy Partners LP 4.500% due 10/01/29		494,000		523,279
5.250% due 10/01/25		467,000		479,726
5.625% due 10/01/26		395,000		412,459
CNX Midstream Partners LP 6.500% due 03/15/26 ~		100,000		102,000
CNX Resources Corp 6.000% due 01/15/29 ~		250,000		256,590
7.250% due 03/14/27 ~		250,000		267,817
Comstock Resources Inc 7.500% due 05/15/25 ~		381,000		386,715
9.750% due 08/15/26		350,000		375,861
CONSOL Energy Inc 11.000% due 11/15/25 ~		100,000		74,125
Continental Resources Inc 3.800% due 06/01/24		350,000		361,156
4.375% due 01/15/28		300,000		306,537
4.500% due 04/15/23		81,000		83,667
4.900% due 06/01/44		225,000		221,484
5.750% due 01/15/31 ~		200,000		222,371
Crestwood Midstream Partners LP 5.625% due 05/01/27 ~		140,000		138,863
5.750% due 04/01/25		85,000		86,700
6.250% due 04/01/23		300,000		301,312
CrownRock LP 5.625% due 10/15/25 ~		344,000		351,525
CSI Compressco LP 7.500% due 04/01/25 ~		200,000		189,729
CVR Energy Inc 5.250% due 02/15/25 ~		210,000		203,044
5.750% due 02/15/28 ~		125,000		118,750
DCP Midstream Operating LP 3.875% due 03/15/23		150,000		154,875
5.125% due 05/15/29		74,000		82,200
5.375% due 07/15/25		200,000		220,139
5.600% due 04/01/44		100,000		103,552
5.625% due 07/15/27		235,000		261,085
5.850% due 05/21/43 ~		100,000		86,430
6.450% due 11/03/36 ~		403,000		432,941
6.750% due 09/15/37 ~		100,000		108,430
Double Eagle III Midco 1 LLC 7.750% due 12/15/25 ~		200,000		212,576
Endeavor Energy Resources LP 5.500% due 01/30/26 ~		92,000		94,578
5.750% due 01/30/28 ~		339,000		366,188
6.625% due 07/15/25 ~		130,000		139,303
EnfraGen Energia Sur SA (Spain) 5.375% due 12/30/30 ~		200,000		208,000
EnLink Midstream LLC 5.375% due 06/01/29		164,000		159,797
5.625% due 01/15/28 ~		75,000		76,799
EnLink Midstream Partners LP 4.150% due 06/01/25		300,000		294,750
4.850% due 07/15/26		400,000		388,500
5.050% due 04/01/45		200,000		159,859
5.450% due 06/01/47		125,000		100,625
Ensign Drilling Inc (Canada) 9.250% due 04/15/24 ~		150,000		90,467
Enviva Partners LP 6.500% due 01/15/26 ~		260,000		276,737


	Principal Amount		Value
EQM Midstream Partners LP 4.000% due 08/01/24		$113,000		$116,592
4.750% due 07/15/23		104,000		109,536
6.000% due 07/01/25 ~		100,000		109,625
6.500% due 07/01/27 ~		140,000		157,843
6.500% due 07/15/48		451,000		468,618
EQT Corp 5.000% due 01/15/29		60,000		63,409
3.000% due 10/01/22		2,000		2,019
3.900% due 10/01/27		275,000		273,714
7.875% due 02/01/25		640,000		729,693
Exterran Energy Solutions LP 8.125% due 05/01/25		200,000		167,729
Genesis Energy LP 5.625% due 06/15/24		300,000		292,312
6.500% due 10/01/25		170,000		165,644
7.750% due 02/01/28		195,000		186,896
8.000% due 01/15/27		170,000		169,575
Global Partners LP 6.875% due 01/15/29 ~		100,000		108,438
7.000% due 08/01/27		150,000		160,940
Harvest Midstream I LP 7.500% due 09/01/28 ~		150,000		159,937
Hess Midstream Operations LP 5.125% due 06/15/28 ~		240,000		251,100
5.625% due 02/15/26 ~		200,000		208,375
HighPoint Operating Corp 8.750% due 06/15/25		150,000		59,250
Hilcorp Energy I LP 5.000% due 12/01/24 ~		77,074		76,777
5.750% due 10/01/25 ~		67,000		67,998
6.250% due 11/01/28 ~		320,000		328,307
Holly Energy Partners LP 5.000% due 02/01/28 ~		59,000		59,553
Indigo Natural Resources LLC 6.875% due 02/15/26 ~		95,000		97,375
Ithaca Energy North Sea PLC (United Kingdom) 9.375% due 07/15/24 ~		200,000		196,326
Jagged Peak Energy LLC 5.875% due 05/01/26		140,000		145,315
KLX Energy Services Holdings Inc 11.500% due 11/01/25 ~		100,000		53,000
Laredo Petroleum Inc 9.500% due 01/15/25		180,000		156,769
10.125% due 01/15/28		125,000		106,500
Magnolia Oil & Gas Operating LLC 6.000% due 08/01/26 ~		80,000		81,800
Matador Resources Co 5.875% due 09/15/26		330,000		323,812
MEG Energy Corp (Canada) 6.500% due 01/15/25 ~		204,000		209,769
7.000% due 03/31/24 ~		240,000		243,000
7.125% due 02/01/27 ~		360,000		372,600
Moss Creek Resources Holdings Inc 7.500% due 01/15/26 ~		150,000		114,375
10.500% due 05/15/27 ~		350,000		280,875
Murphy Oil Corp 5.750% due 08/15/25		652,000		650,438
5.875% due 12/01/27		117,000		115,355
6.875% due 08/15/24		60,000		61,137
Nabors Industries Inc 5.750% due 02/01/25		85,000		44,478
Nabors Industries Ltd 7.250% due 01/15/26 ~		419,000		294,576
7.500% due 01/15/28 ~		150,000		103,174
Natural Resource Partners LP 9.125% due 06/30/25 ~		150,000		137,797
Neptune Energy Bondco PLC (United Kingdom) 6.625% due 05/15/25 ~		250,000		247,942
New Fortress Energy Inc 6.750% due 09/15/25 ~		338,000		358,593


	Principal Amount		Value
NGL Energy Partners LP 6.125% due 03/01/25		$100,000		$63,625
7.500% due 11/01/23		195,000		138,450
7.500% due 04/15/26		150,000		93,281
Nine Energy Service Inc 8.750% due 11/01/23 ~		145,000		65,114
Northern Oil and Gas Inc
8.500% Cash + 1.000% PIK due 05/15/23		52		46
Northriver Midstream Finance LP (Canada) 5.625% due 02/15/26 ~		250,000		258,669
NuStar Logistics LP 4.750% due 02/01/22		100,000		101,750
5.625% due 04/28/27		230,000		245,482
5.750% due 10/01/25		50,000		53,325
6.000% due 06/01/26		171,000		185,231
6.375% due 10/01/30		45,000		51,060
Occidental Petroleum Corp 2.700% due 02/15/23		175,000		175,162
2.900% due 08/15/24		658,000		634,312
3.000% due 02/15/27		150,000		133,781
3.200% due 08/15/26		650,000		608,969
3.400% due 04/15/26		225,000		214,938
3.500% due 06/15/25		150,000		145,082
3.500% due 08/15/29		386,000		353,873
4.100% due 02/15/47		250,000		204,831
4.400% due 04/15/46		1,775,000		1,549,877
5.500% due 12/01/25		115,000		120,116
5.550% due 03/15/26		325,000		339,742
5.875% due 09/01/25		239,000		254,893
6.125% due 01/01/31		465,000		498,805
6.375% due 09/01/28		200,000		211,875
6.450% due 09/15/36		1,050,000		1,100,925
6.625% due 09/01/30		429,000		466,430
6.950% due 07/01/24		150,000		162,375
7.500% due 05/01/31		150,000		167,625
7.875% due 09/15/31		150,000		167,906
8.000% due 07/15/25		105,000		119,792
8.500% due 07/15/27		150,000		173,389
8.875% due 07/15/30		200,000		235,125
Oceaneering International Inc 4.650% due 11/15/24		200,000		182,500
6.000% due 02/01/28		150,000		134,438
Ovintiv Exploration Inc 5.375% due 01/01/26		400,000		429,532
5.625% due 07/01/24		181,000		194,411
5.750% due 01/30/22		455,000		472,700
Ovintiv Inc 3.900% due 11/15/21		175,000		177,214
6.500% due 08/15/34		700,000		810,882
7.375% due 11/01/31		300,000		356,301
Parkland Corp (Canada) 5.875% due 07/15/27 ~		132,000		142,988
6.000% due 04/01/26 ~		175,000		184,078
Parsley Energy LLC 4.125% due 02/15/28 ~		150,000		159,281
5.250% due 08/15/25 ~		100,000		104,400
5.375% due 01/15/25 ~		235,000		242,115
5.625% due 10/15/27 ~		192,000		210,432
PBF Holding Co LLC 6.000% due 02/15/28		195,000		111,759
7.250% due 06/15/25		225,000		146,275
9.250% due 05/15/25 ~		600,000		589,275
PBF Logistics LP 6.875% due 05/15/23		262,000		251,520
PDC Energy Inc 5.750% due 05/15/26		150,000		155,156
6.125% due 09/15/24		200,000		205,897
Precision Drilling Corp (Canada) 5.250% due 11/15/24		50,000		43,406
7.125% due 01/15/26 ~		200,000		174,712
7.750% due 12/15/23		100,000		92,188


	Principal Amount		Value
Puma International Financing SA (Singapore) 5.000% due 01/24/26 ~		$200,000		$194,000
QEP Resources Inc 5.250% due 05/01/23		309,000		325,686
5.625% due 03/01/26		221,000		242,752
Range Resources Corp 4.875% due 05/15/25		88,000		83,289
5.000% due 03/15/23		494,000		482,576
9.250% due 02/01/26		320,000		334,880
Rattler Midstream LP 5.625% due 07/15/25 ~		65,000		68,778
Rockies Express Pipeline LLC 3.600% due 05/15/25 ~		250,000		258,125
6.875% due 04/15/40 ~		200,000		218,670
Ruby Pipeline LLC 7.750% due 04/01/22 ~		188,636		186,770
SESI LLC 7.750% due 09/15/24 Y		220,000		71,500
Seven Generations Energy Ltd (Canada) 5.375% due 09/30/25 ~		346,000		353,133
6.750% due 05/01/23 ~		50,000		50,719
6.875% due 06/30/23 ~		58,000		58,936
SM Energy Co 5.625% due 06/01/25		113,000		91,942
6.625% due 01/15/27		100,000		80,250
6.750% due 09/15/26		60,000		48,750
10.000% due 01/15/25 ~		450,000		484,594
Southwestern Energy Co 6.450% due 01/23/25		100,000		103,938
7.500% due 04/01/26		420,000		441,210
7.750% due 10/01/27		80,000		86,526
8.375% due 09/15/28		150,000		163,031
Summit Midstream Holdings LLC 5.750% due 04/15/25		140,000		90,110
SunCoke Energy Partners LP 7.500% due 06/15/25 ~		183,000		182,007
Suncor Energy Ventures Corp (Canada) 4.500% due 04/01/22 ~		100,000		103,576
Sunoco LP 4.500% due 05/15/29 ~		75,000		78,141
5.500% due 02/15/26		565,000		581,136
6.000% due 04/15/27		109,000		116,005
Tallgrass Energy Partners LP 5.500% due 09/15/24 ~		395,000		402,900
5.500% due 01/15/28 ~		163,000		166,937
6.000% due 12/31/30 ~		215,000		222,189
7.500% due 10/01/25 ~		100,000		108,147
Talos Production Inc due 01/15/26 # ~		108,000		105,351
Targa Resources Partners LP 4.250% due 11/15/23		50,000		50,380
4.875% due 02/01/31 ~		86,000		93,439
5.125% due 02/01/25		150,000		154,217
5.375% due 02/01/27		637,000		670,560
5.500% due 03/01/30		500,000		543,320
5.875% due 04/15/26		490,000		520,427
6.500% due 07/15/27		96,000		104,400
6.875% due 01/15/29		60,000		67,688
Teine Energy Ltd (Canada) 6.875% due 09/30/22 ~		50,000		50,051
TerraForm Power Operating LLC 4.250% due 01/31/23 ~		60,000		62,138
4.750% due 01/15/30 ~		177,000		189,781
5.000% due 01/31/28 ~		141,000		158,699
TransMontaigne Partners LP 6.125% due 02/15/26		50,000		50,428
Transocean Guardian Ltd 5.875% due 01/15/24 ~		487,500		410,719
Transocean Inc 11.500% due 01/30/27 ~		547,000		392,131
Transocean Phoenix 2 Ltd 7.750% due 10/15/24 ~		120,000		117,000


	Principal Amount		Value
Transocean Pontus Ltd 6.125% due 08/01/25 ~		$253,500		$241,615
Transocean Proteus Ltd 6.250% due 12/01/24 ~		78,000		73,613
USA Compression Partners LP 6.875% due 04/01/26		135,000		141,328
6.875% due 09/01/27		305,000		326,127
Vermilion Energy Inc (Canada) 5.625% due 03/15/25 ~		50,000		43,120
Vine Oil & Gas LP 8.750% due 04/15/23 ~		200,000		160,000
Viper Energy Partners LP 5.375% due 11/01/27 ~		40,000		41,868
W&T Offshore Inc 9.750% due 11/01/23 ~		200,000		142,500
Warrior Met Coal Inc 8.000% due 11/01/24 ~		86,000		88,002
Weatherford International Ltd 8.750% due 09/01/24 ~		305,000		306,144
11.000% due 12/01/24 ~		600,000		469,500
Welltec AS (Denmark) 9.500% due 12/01/22 ~		91,000		85,540
Western Midstream Operating LP 4.000% due 07/01/22		325,000		334,547
4.100% due 02/01/25		805,000		830,889
4.650% due 07/01/26		75,000		78,892
5.050% due 02/01/30		50,000		55,692
6.250% due 02/01/50		800,000		881,432
WPX Energy Inc 4.500% due 01/15/30		125,000		132,688
5.250% due 09/15/24		40,000		43,671
5.250% due 10/15/27		56,000		59,433
5.750% due 06/01/26		525,000		552,694
5.875% due 06/15/28		60,000		65,478

				58,499,637


Financial - 9.6%

Acrisure LLC 7.000% due 11/15/25 ~		275,000		286,804
8.125% due 02/15/24 ~		296,000		314,044
10.125% due 08/01/26 ~		100,000		114,984
Advisor Group Holdings Inc 10.750% due 08/01/27 ~		100,000		110,794
AerCap Holdings NV (Ireland) 5.875% due 10/10/79		200,000		205,681
AG Issuer LLC 6.250% due 03/01/28 ~		70,000		70,963
Alliant Holdings Intermediate LLC 4.250% due 10/15/27 ~		155,000		158,778
6.750% due 10/15/27 ~		350,000		375,091
Ally Financial Inc 5.750% due 11/20/25		200,000		232,999
AmWINS Group Inc 7.750% due 07/01/26 ~		381,000		410,512
Assurant Inc 7.000% due 03/27/48		200,000		225,500
AssuredPartners Inc 5.625% due 01/15/29 ~		30,000		31,350
7.000% due 08/15/25 ~		64,000		66,532
Brookfield Property Inc REIT 5.750% due 05/15/26 ~		300,000		296,535
CIT Group Inc 3.929% due 06/19/24		65,000		68,819
4.125% due 03/09/21		45,000		45,158
4.750% due 02/16/24		101,000		110,627
5.000% due 08/15/22		210,000		222,902
5.000% due 08/01/23		371,000		406,013
5.250% due 03/07/25		165,000		187,584
6.125% due 03/09/28		170,000		208,005
Commerzbank AG (Germany) 8.125% due 09/19/23 ~		300,000		350,593


	Principal Amount		Value
Compass Group Diversified Holdings LLC 8.000% due 05/01/26 ~		$385,000		$405,621
CoreCivic Inc REIT 4.625% due 05/01/23		300,000		289,500
4.750% due 10/15/27		60,000		53,475
Credit Acceptance Corp 5.125% due 12/31/24 ~		180,000		187,632
6.625% due 03/15/26		200,000		213,750
CTR Partnership LP REIT 5.250% due 06/01/25		50,000		51,905
Curo Group Holdings Corp 8.250% due 09/01/25 ~		310,000		295,275
Cushman & Wakefield US Borrower LLC 6.750% due 05/15/28 ~		80,000		88,450
Deutsche Bank AG (Germany) 4.296% due 05/24/28		400,000		412,370
4.500% due 04/01/25		500,000		542,623
4.875% due 12/01/32		200,000		209,443
5.882% due 07/08/31		150,000		180,086
Diversified Healthcare Trust REIT 4.750% due 05/01/24		100,000		102,959
4.750% due 02/15/28		200,000		198,500
9.750% due 06/15/25		215,000		244,317
Dresdner Funding Trust I 8.151% due 06/30/31 ~		350,000		517,552
Enova International Inc 8.500% due 09/15/25 ~		200,000		195,000
EPR Properties 3.750% due 08/15/29		300,000		287,878
EPR Properties REIT 4.750% due 12/15/26		500,000		505,704
ESH Hospitality Inc REIT 4.625% due 10/01/27 ~		157,000		161,121
5.250% due 05/01/25 ~		400,000		410,590
Fairstone Financial Inc (Canada) 7.875% due 07/15/24 ~		145,000		154,138
FelCor Lodging LP REIT 6.000% due 06/01/25		175,000		179,138
Finance of America Funding LLC 7.875% due 11/15/25 ~		200,000		198,500
Five Point Operating Co LP 7.875% due 11/15/25 ~		150,000		159,064
Freedom Mortgage Corp 7.625% due 05/01/26 ~		190,000		201,201
8.125% due 11/15/24 ~		150,000		156,937
8.250% due 04/15/25 ~		200,000		209,500
FS Energy & Power Fund 7.500% due 08/15/23 ~		175,000		168,456
Genworth Holdings Inc 4.900% due 08/15/23		316,000		299,607
6.500% due 06/15/34		100,000		97,313
7.625% due 09/24/21		250,000		254,375
Genworth Mortgage Holdings Inc 6.500% due 08/15/25 ~		210,000		227,719
Global Aircraft Leasing Co Ltd (Cayman) 6.500% Cash or 7.250% PIK due 09/15/24 ~		702,581		628,810
Global Net Lease Inc REIT 3.750% due 12/15/27 ~		135,000		139,441
goeasy Ltd (Canada) 5.375% due 12/01/24 ~		82,000		85,442
Greystar Real Estate Partners LLC 5.750% due 12/01/25 ~		103,000		105,833
GTCR AP Finance Inc 8.000% due 05/15/27 ~		150,000		163,268
HAT Holdings I LLC REIT 3.750% due 09/15/30 ~		500,000		521,250
5.250% due 07/15/24 ~		100,000		104,198
HUB International Ltd 7.000% due 05/01/26 ~		495,000		518,164
Hunt Cos Inc 6.250% due 02/15/26 ~		280,000		287,813


	Principal Amount		Value
Icahn Enterprises LP 4.750% due 09/15/24		$326,000		$339,143
5.250% due 05/15/27		327,000		351,361
6.250% due 02/01/22		525,000		527,481
6.250% due 05/15/26		405,000		429,802
6.375% due 12/15/25		50,000		51,850
Intesa Sanpaolo SPA (Italy) 5.017% due 06/26/24 ~		200,000		218,886
5.710% due 01/15/26 ~		900,000		1,030,558
Iron Mountain Inc REIT 4.500% due 02/15/31 ~		615,000		644,981
4.875% due 09/15/27 ~		125,000		130,988
4.875% due 09/15/29 ~		535,000		564,960
5.000% due 07/15/28 ~		65,000		69,136
5.250% due 03/15/28 ~		224,000		236,805
5.250% due 07/15/30 ~		175,000		189,219
5.625% due 07/15/32 ~		65,000		71,751
iStar Inc REIT 4.250% due 08/01/25		139,000		137,610
4.750% due 10/01/24		137,000		138,956
5.500% due 02/15/26		150,000		153,281
Jefferies Finance LLC 6.250% due 06/03/26 ~		150,000		156,047
Kennedy-Wilson Inc 5.875% due 04/01/24		420,000		426,825
Ladder Capital Finance Holdings LLLP REIT 4.250% due 02/01/27 ~		155,000		152,675
5.250% due 03/15/22 ~		65,000		65,447
5.250% due 10/01/25 ~		250,000		249,844
LD Holdings Group LLC 6.500% due 11/01/25 ~		146,000		154,030
LPL Holdings Inc 4.625% due 11/15/27 ~		150,000		155,719
5.750% due 09/15/25 ~		430,000		445,876
Mack-Cali Realty LP REIT 3.150% due 05/15/23		100,000		99,008
MGIC Investment Corp 5.250% due 08/15/28		169,000		181,147
MGM Growth Properties Operating Partnership LP REIT 3.875% due 02/15/29 ~		115,000		117,803
4.500% due 09/01/26		50,000		53,920
4.500% due 01/15/28		100,000		106,744
4.625% due 06/15/25 ~		295,000		316,240
5.750% due 02/01/27		230,000		258,390
Morgan Stanley 5.875% due 09/15/26		100,000		112,250
MPT Operating Partnership LP REIT 3.500% due 03/15/31		190,000		196,531
4.625% due 08/01/29		235,000		253,029
5.000% due 10/15/27		220,000		234,415
5.250% due 08/01/26		500,000		524,750
Nationstar Mortgage Holdings Inc 5.125% due 12/15/30 ~		55,000		57,556
5.500% due 08/15/28 ~		146,000		153,939
6.000% due 01/15/27 ~		295,000		313,576
Navient Corp 5.000% due 03/15/27		90,000		90,912
5.625% due 08/01/33		200,000		192,375
6.125% due 03/25/24		300,000		321,184
6.500% due 06/15/22		121,000		128,350
6.625% due 07/26/21		145,000		148,353
6.750% due 06/25/25		335,000		364,731
6.750% due 06/15/26		100,000		109,188
7.250% due 09/25/23		100,000		109,786
New Residential Investment Corp REIT 6.250% due 10/15/25 ~		214,000		215,471
Newmark Group Inc 6.125% due 11/15/23		175,000		190,445
NFP Corp 6.875% due 08/15/28 ~		480,000		513,086


	Principal Amount		Value
NMI Holdings Inc 7.375% due 06/01/25 ~		$113,000		$126,723
OneMain Finance Corp 4.000% due 09/15/30		60,000		62,332
5.375% due 11/15/29		90,000		101,475
5.625% due 03/15/23		125,000		134,453
6.125% due 05/15/22		190,000		201,875
6.125% due 03/15/24		454,000		496,562
7.750% due 10/01/21		325,000		342,469
8.250% due 10/01/23		102,000		117,417
Oxford Finance LLC 6.375% due 12/15/22 ~		25,000		25,025
Park Intermediate Holdings LLC REIT 5.875% due 10/01/28 ~		85,000		90,684
7.500% due 06/01/25 ~		230,000		248,831
PennyMac Financial Services Inc 5.375% due 10/15/25 ~		225,000		238,219
PRA Group Inc 7.375% due 09/01/25 ~		300,000		326,437
Provident Funding Associates LP 6.375% due 06/15/25 ~		50,000		51,432
Quicken Loans Inc 5.250% due 01/15/28 ~		200,000		213,875
Quicken Loans LLC 3.625% due 03/01/29 ~		145,000		148,172
3.875% due 03/01/31 ~		290,000		301,600
Radian Group Inc 4.500% due 10/01/24		300,000		317,250
4.875% due 03/15/27		150,000		165,105
Realogy Group LLC 4.875% due 06/01/23 ~		150,000		153,281
7.625% due 06/15/25 ~		150,000		163,085
9.375% due 04/01/27 ~		128,000		142,000
RHP Hotel Properties LP REIT 4.750% due 10/15/27		105,000		108,852
5.000% due 04/15/23		100,000		100,500
SBA Communications Corp 3.875% due 02/15/27		439,000		461,652
SBA Communications Corp REIT 4.000% due 10/01/22		300,000		303,562
4.875% due 09/01/24		200,000		205,396
Service Properties Trust 5.500% due 12/15/27		200,000		218,771
Service Properties Trust REIT 4.350% due 10/01/24		250,000		247,187
4.500% due 06/15/23		150,000		151,031
4.500% due 03/15/25		100,000		98,688
4.650% due 03/15/24		100,000		99,188
4.950% due 02/15/27		300,000		302,250
4.950% due 10/01/29		300,000		301,312
5.000% due 08/15/22		150,000		153,000
5.250% due 02/15/26		350,000		352,625
7.500% due 09/15/25		40,000		46,120
SLM Corp 4.200% due 10/29/25		110,000		116,463
Springleaf Finance Corp 6.625% due 01/15/28		366,000		435,244
6.875% due 03/15/25		638,000		742,074
7.125% due 03/15/26		210,000		248,589
8.875% due 06/01/25		20,000		22,662
Standard Chartered PLC (United Kingdom) 7.014% due 07/30/37 ~		100,000		130,000
Starwood Property Trust Inc REIT 4.750% due 03/15/25		138,000		141,881
5.000% due 12/15/21		305,000		310,877
5.500% due 11/01/23 ~		300,000		313,875
Stearns Holdings LLC 9.375% due 08/15/21 * Y W ±		49,000		-
StoneX Group Inc 8.625% due 06/15/25 ~		75,000		81,703
Synovus Financial Corp 5.900% due 02/07/29		100,000		107,861


	Principal Amount		Value
The GEO Group Inc REIT 5.125% due 04/01/23		$300,000		$272,062
5.875% due 10/15/24		150,000		124,969
The Howard Hughes Corp 5.375% due 03/15/25 ~		310,000		320,462
5.375% due 08/01/28 ~		200,000		215,475
TMX Finance LLC 11.125% due 04/01/23 ~		200,000		196,729
UniCredit SPA (Italy) 5.459% due 06/30/35 ~		450,000		495,945
5.861% due 06/19/32 ~		1,000,000		1,127,823
United Shore Financial Services LLC 5.500% due 11/15/25 ~		95,000		100,344
Uniti Group LP REIT 6.000% due 04/15/23 ~		100,000		102,188
7.125% due 12/15/24 ~		150,000		151,781
7.875% due 02/15/25 ~		777,000		835,862
8.250% due 10/15/23		314,000		316,944
USI Inc 6.875% due 05/01/25 ~		105,000		107,952
VICI Properties LP REIT 3.500% due 02/15/25 ~		120,000		122,958
3.750% due 02/15/27 ~		133,000		136,221
4.125% due 08/15/30 ~		372,000		393,159
4.250% due 12/01/26 ~		731,000		759,308
4.625% due 12/01/29 ~		114,000		122,173
Voyager Aviation Holdings LLC 9.000% due 08/15/21 ~		140,000		79,450
Washington Prime Group LP REIT 6.450% due 08/15/24		102,000		61,491
WeWork Cos Inc 7.875% due 05/01/25 ~		300,000		203,066
XHR LP REIT 6.375% due 08/15/25 ~		200,000		211,375

				43,797,998


Industrial - 10.0%

AECOM 5.125% due 03/15/27		165,000		184,204
5.875% due 10/15/24		500,000		558,890
AerCap Global Aviation Trust (Ireland) 6.500% due 06/15/45 ~		200,000		204,500
Altera Infrastructure LP 8.500% due 07/15/23 ~		110,000		93,763
American Woodmark Corp 4.875% due 03/15/26 ~		100,000		102,856
Amsted Industries Inc 4.625% due 05/15/30 ~		250,000		262,344
5.625% due 07/01/27 ~		150,000		159,909
Apex Tool Group LLC 9.000% due 02/15/23 ~		100,000		98,250
ARD Finance SA (Luxembourg) 6.500% Cash or 7.250% PIK due 06/30/27 ~		350,000		374,062
Ardagh Packaging Finance PLC 4.125% due 08/15/26 ~		200,000		209,250
5.250% due 04/30/25 ~		600,000		633,807
5.250% due 08/15/27 ~		200,000		210,162
ATS Automation Tooling Systems Inc (Canada) 4.125% due 12/15/28 ~		200,000		204,000
6.500% due 06/15/23 ~		86,000		87,516
Ball Corp 2.875% due 08/15/30		453,000		452,434
4.000% due 11/15/23		71,000		75,748
4.875% due 03/15/26		265,000		299,760
5.000% due 03/15/22		600,000		629,085
5.250% due 07/01/25		190,000		217,190


	Principal Amount		Value
Berry Global Inc 4.500% due 02/15/26 ~		$150,000		$153,656
4.875% due 07/15/26 ~		317,000		340,849
5.125% due 07/15/23		97,000		98,334
5.625% due 07/15/27 ~		152,000		163,732
BMC East LLC 5.500% due 10/01/24 ~		100,000		102,750
Boise Cascade Co 4.875% due 07/01/30 ~		300,000		325,312
Bombardier Inc (Canada) 5.750% due 03/15/22 ~		100,000		102,127
6.000% due 10/15/22 ~		350,000		344,452
6.125% due 01/15/23 ~		325,000		318,012
7.500% due 12/01/24 ~		264,000		253,909
7.500% due 03/15/25 ~		700,000		650,125
7.875% due 04/15/27 ~		571,000		525,874
8.750% due 12/01/21 ~		300,000		312,499
Brand Industrial Services Inc 8.500% due 07/15/25 ~		317,000		324,529
Brightstar Escrow Corp 9.750% due 10/15/25 ~		120,000		128,550
Builders FirstSource Inc 5.000% due 03/01/30 ~		50,000		53,813
6.750% due 06/01/27 ~		180,000		195,473
BWX Technologies Inc 4.125% due 06/30/28 ~		300,000		313,312
5.375% due 07/15/26 ~		100,000		104,231
Cargo Aircraft Management Inc 4.750% due 02/01/28 ~		125,000		129,141
Cascades Inc (Canada) 5.125% due 01/15/26 ~		250,000		264,844
5.375% due 01/15/28 ~		83,000		88,369
Clean Harbors Inc 4.875% due 07/15/27 ~		60,000		62,700
5.125% due 07/15/29 ~		100,000		109,544
Cleaver-Brooks Inc 7.875% due 03/01/23 ~		140,000		138,760
Colfax Corp 6.000% due 02/15/24 ~		230,000		238,917
6.375% due 02/15/26 ~		100,000		106,907
Cornerstone Building Brands Inc 6.125% due 01/15/29 ~		105,000		111,759
8.000% due 04/15/26 ~		245,000		258,169
Covanta Holding Corp 5.000% due 09/01/30		200,000		214,237
5.875% due 07/01/25		250,000		260,911
6.000% due 01/01/27		225,000		237,129
CP Atlas Buyer Inc 7.000% due 12/01/28 ~		225,000		233,859
Crown Americas LLC 4.250% due 09/30/26		150,000		165,604
4.500% due 01/15/23		112,000		118,455
4.750% due 02/01/26		505,000		525,735
Energizer Holdings Inc 4.375% due 03/31/29 ~		94,000		97,480
4.750% due 06/15/28 ~		100,000		105,380
7.750% due 01/15/27 ~		315,000		350,319
EnerSys 4.375% due 12/15/27 ~		150,000		159,000
EnPro Industries Inc 5.750% due 10/15/26		100,000		106,606
F-Brasile SPA (Italy) 7.375% due 08/15/26 ~		200,000		194,500
Flex Acquisition Co Inc 6.875% due 01/15/25 ~		45,000		45,788
7.875% due 07/15/26 ~		310,000		326,529
Fluor Corp 3.500% due 12/15/24		450,000		445,554
Forterra Finance LLC 6.500% due 07/15/25 ~		185,000		199,222


	Principal Amount		Value
Fortress Transportation & Infrastructure Investors LLC 6.500% due 10/01/25 ~		$170,000		$178,288
6.750% due 03/15/22 ~		100,000		100,473
Fortress Transportation and Infrastructure Investors LLC 9.750% due 08/01/27 ~		200,000		229,625
frontdoor Inc 6.750% due 08/15/26 ~		100,000		106,875
FXI Holdings Inc 7.875% due 11/01/24 ~		271,000		273,710
12.250% due 11/15/26 ~		197,000		224,918
Gates Global LLC 6.250% due 01/15/26 ~		175,000		184,042
GFL Environmental Inc (Canada) 3.500% due 09/01/28 ~		135,000		137,897
3.750% due 08/01/25 ~		206,000		210,506
4.000% due 08/01/28 ~		65,000		65,609
4.250% due 06/01/25 ~		65,000		67,559
5.125% due 12/15/26 ~		346,000		368,525
8.500% due 05/01/27 ~		89,000		98,957
Global Ship Lease Inc (United Kingdom) 9.875% due 11/15/22 ~		200,000		205,703
GrafTech Finance Inc 4.625% due 12/15/28 ~		95,000		96,429
Graham Packaging Co Inc 7.125% due 08/15/28 ~		185,000		204,772
Graphic Packaging International LLC 3.500% due 03/15/28 ~		150,000		155,798
4.125% due 08/15/24		100,000		107,115
4.750% due 07/15/27 ~		200,000		222,212
Great Lakes Dredge & Dock Corp 8.000% due 05/15/22		100,000		102,910
Greif Inc 6.500% due 03/01/27 ~		90,000		95,344
Griffon Corp 5.750% due 03/01/28		125,000		132,399
Grinding Media Inc 7.375% due 12/15/23 ~		240,000		244,200
Harsco Corp 5.750% due 07/31/27 ~		110,000		116,531
Hillenbrand Inc 5.750% due 06/15/25		165,000		178,509
Howmet Aerospace Inc 5.125% due 10/01/24		425,000		468,384
5.950% due 02/01/37		397,000		478,881
6.750% due 01/15/28		257,000		314,591
6.875% due 05/01/25		369,000		435,881
Husky III Holding Ltd (Canada) 13.000% Cash or 13.75% PIK due 02/15/25 ~		200,000		218,125
Ingram Micro Inc 5.450% due 12/15/24		250,000		287,806
Intelligent Packaging Ltd Finco Inc (Canada) 6.000% due 09/15/28 ~		225,000		231,609
International Airport Finance SA (Spain) 12.000% due 03/15/33 ~		199,537		199,249
Intertape Polymer Group Inc (Canada) 7.000% due 10/15/26 ~		60,000		63,844
Itron Inc 5.000% due 01/15/26 ~		25,000		25,594
James Hardie International Finance DAC 4.750% due 01/15/25 ~		200,000		204,729
JELD-WEN Inc 4.625% due 12/15/25 ~		100,000		102,416
4.875% due 12/15/27 ~		100,000		106,000
Koppers Inc 6.000% due 02/15/25 ~		150,000		154,781
Kratos Defense & Security Solutions Inc 6.500% due 11/30/25 ~		50,000		52,182


	Principal Amount		Value
LABL Escrow Issuer LLC 6.750% due 07/15/26 ~		$185,000		$200,696
10.500% due 07/15/27 ~		275,000		310,234
Leonardo US Holdings Inc (Italy) 6.250% due 01/15/40 ~		150,000		178,500
Louisiana-Pacific Corp 4.875% due 09/15/24		45,000		46,209
LSB Industries Inc 9.625% due 05/01/23 ~		250,000		258,411
Masonite International Corp 5.375% due 02/01/28 ~		134,000		144,109
5.750% due 09/15/26 ~		75,000		78,642
MasTec Inc 4.500% due 08/15/28 ~		200,000		210,250
Mauser Packaging Solutions Holding Co 5.500% due 04/15/24 ~		435,000		444,218
7.250% due 04/15/25 ~		405,000		409,556
Michael Baker International LLC 8.750% due 03/01/23 ~		50,000		50,938
Moog Inc 4.250% due 12/15/27 ~		115,000		119,456
Mueller Water Products Inc 5.500% due 06/15/26 ~		100,000		103,981
Navios Maritime Holdings Inc (Greece) 7.375% due 01/15/22 ~		157,000		81,248
New Enterprise Stone & Lime Co Inc 9.750% due 07/15/28 ~		400,000		440,000
Norbord Inc (Canada) 5.750% due 07/15/27 ~		125,000		134,823
6.250% due 04/15/23 ~		100,000		108,865
Owens-Brockway Glass Container Inc 5.375% due 01/15/25 ~		48,000		51,895
5.875% due 08/15/23 ~		160,000		171,700
6.375% due 08/15/25 ~		300,000		333,187
6.625% due 05/13/27 ~		150,000		162,656
Pactiv LLC 7.950% due 12/15/25		100,000		114,865
8.375% due 04/15/27		100,000		116,856
Patrick Industries Inc 7.500% due 10/15/27 ~		100,000		109,250
PGT Innovations Inc 6.750% due 08/01/26 ~		50,000		53,366
Plastipak Holdings Inc 6.250% due 10/15/25 ~		200,000		206,375
PowerTeam Services LLC 9.033% due 12/04/25 ~		290,000		323,382
RBS Global Inc 4.875% due 12/15/25 ~		176,000		179,960
Reynolds Group Issuer Inc 4.000% due 10/15/27 ~		200,000		205,250
5.125% due 07/15/23 ~		21,000		21,269
Rolls-Royce PLC (United Kingdom) 5.750% due 10/15/27 ~		800,000		887,000
Sealed Air Corp 4.000% due 12/01/27 ~		250,000		267,500
4.875% due 12/01/22 ~		100,000		105,063
5.125% due 12/01/24 ~		50,000		54,656
5.250% due 04/01/23 ~		100,000		106,615
5.500% due 09/15/25 ~		290,000		325,344
6.875% due 07/15/33 ~		54,000		71,449
Sensata Technologies BV 4.875% due 10/15/23 ~		150,000		162,187
5.000% due 10/01/25 ~		250,000		278,594
5.625% due 11/01/24 ~		200,000		224,133
Sensata Technologies Inc 3.750% due 02/15/31 ~		210,000		217,944
4.375% due 02/15/30 ~		150,000		161,719
Signature Aviation US Holdings Inc 4.000% due 03/01/28 ~		216,000		217,784
5.375% due 05/01/26 ~		65,000		66,788
Silgan Holdings Inc 4.125% due 02/01/28		140,000		145,775
4.750% due 03/15/25		100,000		101,938


	Principal Amount		Value
Spirit AeroSystems Inc 3.850% due 06/15/26		$350,000		$369,003
4.600% due 06/15/28		55,000		54,484
5.500% due 01/15/25 ~		175,000		184,826
7.500% due 04/15/25 ~		375,000		402,892
SRM Escrow Issuer LLC 6.000% due 11/01/28 ~		145,000		152,063
SSL Robotics LLC 9.750% due 12/31/23 ~		438,000		495,761
Standard Industries Inc 3.375% due 01/15/31 ~		466,000		468,912
4.375% due 07/15/30 ~		150,000		160,690
4.750% due 01/15/28 ~		374,000		394,102
5.000% due 02/15/27 ~		165,000		172,734
Stericycle Inc 3.875% due 01/15/29 ~		65,000		66,869
5.375% due 07/15/24 ~		201,000		209,985
Stevens Holding Co Inc 6.125% due 10/01/26 ~		100,000		108,356
Summit Materials LLC 5.125% due 06/01/25 ~		100,000		102,115
5.250% due 01/15/29 ~		165,000		173,456
6.500% due 03/15/27 ~		175,000		186,560
Tennant Co 5.625% due 05/01/25		100,000		104,375
Terex Corp 5.625% due 02/01/25 ~		180,000		185,760
Tervita Corp (Canada) 11.000% due 12/01/25 ~		150,000		161,896
The Manitowoc Co Inc 9.000% due 04/01/26 ~		125,000		135,234
Titan Acquisition Ltd (Canada) 7.750% due 04/15/26 ~		130,000		134,875
TransDigm Inc 5.500% due 11/15/27		705,000		742,224
6.250% due 03/15/26 ~		1,640,000		1,748,658
6.375% due 06/15/26		151,000		156,568
6.500% due 07/15/24		120,000		122,351
6.500% due 05/15/25		450,000		463,219
8.000% due 12/15/25 ~		140,000		155,063
TransDigm UK Holdings PLC 6.875% due 05/15/26		235,000		249,024
TriMas Corp 4.875% due 10/15/25 ~		100,000		102,735
Trinity Industries Inc 4.550% due 10/01/24		175,000		183,108
Triumph Group Inc 5.250% due 06/01/22		250,000		238,750
6.250% due 09/15/24 ~		46,000		45,713
7.750% due 08/15/25		100,000		91,750
8.875% due 06/01/24 ~		111,000		122,031
Trivium Packaging Finance BV (Netherlands) 5.500% due 08/15/26 ~		300,000		317,812
8.500% due 08/15/27 ~		200,000		219,355
Tutor Perini Corp 6.875% due 05/01/25 ~		150,000		148,313
US Concrete Inc 5.125% due 03/01/29 ~		250,000		257,969
6.375% due 06/01/24		67,000		68,801
Vertical Holdco GmbH (Germany) 7.625% due 07/15/28 ~		200,000		218,375
Vertical US Newco Inc (Germany) 5.250% due 07/15/27 ~		490,000		520,319
Waste Pro USA Inc 5.500% due 02/15/26 ~		190,000		194,827
Watco Cos LLC 6.500% due 06/15/27 ~		200,000		216,875
Weekley Homes LLC 4.875% due 09/15/28 ~		165,000		172,837
Welbilt Inc 9.500% due 02/15/24		100,000		103,542


	Principal Amount		Value
WESCO Distribution Inc 5.375% due 12/15/21		$100,000		$100,110
5.375% due 06/15/24		50,000		51,375
7.125% due 06/15/25 ~		620,000		682,716
7.250% due 06/15/28 ~		390,000		444,091
Western Global Airlines LLC 10.375% due 08/15/25 ~		275,000		307,312
XPO Logistics Inc 6.125% due 09/01/23 ~		60,000		61,163
6.250% due 05/01/25 ~		235,000		253,334
6.500% due 06/15/22 ~		191,000		191,979
6.750% due 08/15/24 ~		575,000		611,656

				45,371,204


Technology - 3.9%

ACI Worldwide Inc 5.750% due 08/15/26 ~		115,000		122,022
Amkor Technology Inc 6.625% due 09/15/27 ~		150,000		162,938
Ascend Learning LLC 6.875% due 08/01/25 ~		245,000		252,818
Austin BidCo Inc 7.125% due 12/15/28 ~		235,000		245,722
Banff Merger Sub Inc 9.750% due 09/01/26 ~		440,000		475,737
Black Knight InfoServ LLC 3.625% due 09/01/28 ~		164,000		168,100
Booz Allen Hamilton Inc 3.875% due 09/01/28 ~		99,000		102,156
Boxer Parent Co Inc 7.125% due 10/02/25 ~		55,000		59,779
BY Crown Parent LLC 4.250% due 01/31/26 ~		120,000		123,150
7.375% due 10/15/24 ~		100,000		102,115
Camelot Finance SA 4.500% due 11/01/26 ~		184,000		192,395
CDK Global Inc 4.875% due 06/01/27		155,000		163,816
5.000% due 10/15/24		50,000		55,063
5.250% due 05/15/29 ~		46,000		51,008
5.875% due 06/15/26		225,000		236,467
CDW LLC 3.250% due 02/15/29		188,000		191,939
4.125% due 05/01/25		151,000		158,256
4.250% due 04/01/28		79,000		83,538
Change Healthcare Holdings LLC 5.750% due 03/01/25 ~		370,000		377,862
Dell Inc 5.400% due 09/10/40		100,000		113,020
Dell International LLC 7.125% due 06/15/24 ~		500,000		519,062
Diebold Nixdorf Inc 8.500% due 04/15/24		100,000		101,375
9.375% due 07/15/25 ~		230,000		258,031
EMC Corp 3.375% due 06/01/23		370,000		388,666
Entegris Inc 4.625% due 02/10/26 ~		202,000		209,828
Exela Intermediate LLC 10.000% due 07/15/23 ~		200,000		61,250
Fair Isaac Corp 4.000% due 06/15/28 ~		200,000		210,875
5.250% due 05/15/26 ~		100,000		114,106
J2 Global Inc 4.625% due 10/15/30 ~		215,000		227,228
Microchip Technology Inc 4.250% due 09/01/25 ~		250,000		264,550


	Principal Amount		Value
MSCI Inc 3.625% due 09/01/30 ~		$150,000		$157,008
3.875% due 02/15/31 ~		100,000		105,875
4.000% due 11/15/29 ~		226,000		241,072
4.750% due 08/01/26 ~		155,000		161,973
5.375% due 05/15/27 ~		150,000		160,500
MTS Systems Corp 5.750% due 08/15/27 ~		100,000		108,833
NCR Corp 5.000% due 10/01/28 ~		175,000		184,953
5.250% due 10/01/30 ~		120,000		128,925
5.750% due 09/01/27 ~		80,000		85,150
6.125% due 09/01/29 ~		80,000		88,735
8.125% due 04/15/25 ~		200,000		222,978
Nuance Communications Inc 5.625% due 12/15/26		180,000		190,799
ON Semiconductor Corp 3.875% due 09/01/28 ~		205,000		211,919
Open Text Corp (Canada) 3.875% due 02/15/28 ~		130,000		135,099
5.875% due 06/01/26 ~		408,000		424,830
Open Text Holdings Inc (Canada) 4.125% due 02/15/30 ~		430,000		458,225
Pitney Bowes Inc 5.950% due 04/01/23		201,000		205,753
Presidio Holdings Inc 4.875% due 02/01/27 ~		315,000		334,687
PTC Inc 3.625% due 02/15/25 ~		77,000		79,303
4.000% due 02/15/28 ~		363,000		381,150
Qorvo Inc 3.375% due 04/01/31 ~		95,000		98,206
4.375% due 10/15/29		340,000		374,660
Rackspace Technology Global Inc 5.375% due 12/01/28 ~		30,000		31,487
Riverbed Technology Inc 8.875% due 03/01/23 ~		45,000		31,050
Science Applications International Corp 4.875% due 04/01/28 ~		160,000		169,875
Seagate HDD Cayman 3.125% due 07/15/29 ~		65,000		65,129
3.375% due 07/15/31 ~		65,000		65,474
4.091% due 06/01/29 ~		500,000		536,647
4.750% due 01/01/25		25,000		27,292
4.875% due 03/01/24		300,000		326,521
5.750% due 12/01/34		400,000		471,906
Sensata Technologies UK Financing Co PLC 6.250% due 02/15/26 ~		250,000		260,312
Solera LLC 10.500% due 03/01/24 ~		570,000		591,375
SS&C Technologies Inc 5.500% due 09/30/27 ~		568,000		607,345
Tempo Acquisition LLC 6.750% due 06/01/25 ~		475,000		491,530
The Dun & Bradstreet Corp 6.875% due 08/15/26 ~		87,000		93,688
10.250% due 02/15/27 ~		150,000		169,472
Unisys Corp 6.875% due 11/01/27 ~		187,000		204,765
Vericast Corp 8.375% due 08/15/22 ~		245,000		249,900
Veritas US Inc 7.500% due 02/01/23 ~		200,000		200,855
7.500% due 09/01/25 ~		558,000		573,345
10.500% due 02/01/24 ~		200,000		204,133
Western Digital Corp 4.750% due 02/15/26		650,000		719,062
Xerox Corp 4.375% due 03/15/23		590,000		620,606
6.750% due 12/15/39		150,000		161,414


	Principal Amount		Value
Xerox Holdings Corp 5.000% due 08/15/25 ~		$307,000		$327,115
5.500% due 08/15/28 ~		285,000		302,962

				17,836,765


Utilities - 3.0%

AmeriGas Partners LP 5.500% due 05/20/25		65,000		72,150
5.625% due 05/20/24		165,000		178,200
5.750% due 05/20/27		100,000		114,060
5.875% due 08/20/26		484,000		545,620
Calpine Corp 3.750% due 03/01/31 ~		265,000		262,934
4.500% due 02/15/28 ~		507,000		528,040
4.625% due 02/01/29 ~		200,000		205,956
5.000% due 02/01/31 ~		185,000		193,602
5.125% due 03/15/28 ~		339,000		357,098
5.250% due 06/01/26 ~		168,000		174,048
Clearway Energy Operating LLC 4.750% due 03/15/28 ~		174,000		186,779
5.750% due 10/15/25		300,000		316,312
DPL Inc 4.125% due 07/01/25 ~		150,000		162,123
4.350% due 04/15/29		150,000		168,478
Drax Finco PLC (United Kingdom) 6.625% due 11/01/25 ~		250,000		262,344
FirstEnergy Corp 1.600% due 01/15/26		100,000		97,831
2.050% due 03/01/25		100,000		99,778
2.250% due 09/01/30		150,000		145,200
2.650% due 03/01/30		150,000		150,634
2.850% due 07/15/22		150,000		152,524
3.400% due 03/01/50		1,000,000		961,362
3.900% due 07/15/27		450,000		496,405
4.250% due 03/15/23		250,000		264,105
4.850% due 07/15/47		1,000,000		1,244,547
7.375% due 11/15/31		450,000		642,119
FirstEnergy Transmission LLC 4.350% due 01/15/25 ~		200,000		218,122
InterGen NV (Netherlands) 7.000% due 06/30/23 ~		50,000		48,688
NextEra Energy Operating Partners LP 3.875% due 10/15/26 ~		300,000		320,812
4.250% due 07/15/24 ~		85,000		91,056
4.250% due 09/15/24 ~		12,000		12,855
4.500% due 09/15/27 ~		158,000		177,240
NRG Energy Inc 3.375% due 02/15/29 ~		90,000		92,311
3.625% due 02/15/31 ~		115,000		118,528
5.250% due 06/15/29 ~		81,000		89,288
5.750% due 01/15/28		197,000		215,592
6.625% due 01/15/27		270,000		285,525
7.250% due 05/15/26		655,000		692,007
Pattern Energy Operations LP 4.500% due 08/15/28 ~		185,000		195,522
PG&E Corp 5.000% due 07/01/28		115,000		122,627
5.250% due 07/01/30		471,000		518,689
Pike Corp 5.500% due 09/01/28 ~		125,000		132,344
Rockpoint Gas Storage Canada Ltd (Canada) 7.000% due 03/31/23 ~		150,000		148,969
Talen Energy Supply LLC
6.500% due 06/01/25		428,000		350,157
6.625% due 01/15/28 ~		150,000		157,190
7.250% due 05/15/27 ~		79,000		84,269
7.625% due 06/01/28 ~		200,000		215,875
10.500% due 01/15/26 ~		100,000		89,203
Terraform Global Operating LLC 6.125% due 03/01/26 ~		100,000		102,606


	Principal Amount		Value
TransAlta Corp (Canada) 6.500% due 03/15/40		$100,000		$110,310
Vistra Operations Co LLC
5.000% due 07/31/27 ~		253,000		268,433
5.500% due 09/01/26 ~		150,000		156,517
5.625% due 02/15/27 ~		750,000		798,825

				13,795,809


Total Corporate Bonds & Notes (Cost $416,004,861)				444,960,363


	Shares

SHORT-TERM INVESTMENT - 1.1%

Money Market Fund - 1.1%

BlackRock Liquidity Funds T-Fund Institutional 0.000%		4,980,250		4,980,250


Total Short-Term Investment (Cost $4,980,250)				4,980,250


TOTAL INVESTMENTS - 98.9% (Cost $421,175,232)				450,013,537

OTHER ASSETS & LIABILITIES, NET - 1.1%				4,936,999


NET ASSETS - 100.0%				$454,950,536

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Cyclical			19.9%
Communications			16.7%
Consumer, Non-Cyclical			16.6%
Energy			12.9%
Industrial			10.0%
Financial			9.6%
Basic Materials			5.1%
Technology			3.9%
Utilities			3.0%
Others (each less than 3.0%)			1.2%

			98.9%
Other Assets & Liabilities, Net			1.1%

			100.0%

(b)

Investments with a total aggregate value of $1,154 or less than 0.1% of the Fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

(c)	Investments with a total aggregate value of $331,191 or less than 0.1% of the Fund’s net assets were in default as of December 31, 2020.

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 97.0%

Basic Materials - 0.5%

Air Products & Chemicals Inc		1,241		$339,066
Ecolab Inc		2,188		473,396
FMC Corp		1,117		128,377
NewMarket Corp		267		106,343
Royal Gold Inc		1,984		211,018
RPM International Inc		4,723		428,754
The Sherwin-Williams Co		3,609		2,652,290
WR Grace & Co		986		54,053

				4,393,297

Communications - 19.9%

Alphabet Inc 'A' *		10,225		17,920,744
Alphabet Inc 'C' *		9,904		17,350,620
Altice USA Inc 'A' *		12,827		485,758
Amazon.com Inc *		18,612		60,617,981
Anaplan Inc *		5,910		424,634
Arista Networks Inc *		2,133		619,786
Booking Holdings Inc *		1,792		3,991,268
Cable One Inc		232		516,831
CDW Corp		6,203		817,493
Charter Communications Inc 'A' *		5,738		3,795,974
CommScope Holding Co Inc *		1,190		15,946
eBay Inc		26,314		1,322,279
Etsy Inc *		5,149		916,059
Expedia Group Inc		616		81,558
Facebook Inc 'A' *		105,398		28,790,518
FactSet Research Systems Inc		1,611		535,658
FireEye Inc *		1,829		42,177
GoDaddy Inc 'A' *		7,377		611,922
Grubhub Inc *		303		22,504
IAC/InterActiveCorp *		3,305		625,802
Leslie's Inc *		755		20,951
Liberty Media Corp-Liberty SiriusXM 'A' *		573		24,748
Liberty Media Corp-Liberty SiriusXM 'C' *		831		36,157
Match Group Inc *		9,812		1,483,476
Motorola Solutions Inc		757		128,735
Netflix Inc *		18,666		10,093,266
Nexstar Media Group Inc 'A'		1,273		138,999
NortonLifeLock Inc		24,194		502,751
Okta Inc *		5,057		1,285,793
Palo Alto Networks Inc *		4,080		1,449,991
Pinterest Inc 'A' *		14,611		962,865
Proofpoint Inc *		2,430		331,476
Roku Inc *		4,773		1,584,731
Sirius XM Holdings Inc		29,969		190,903
Spotify Technology SA *		5,760		1,812,442
Switch Inc 'A'		3,312		54,217
The Trade Desk Inc 'A' *		1,811		1,450,611
Uber Technologies Inc *		46,486		2,370,786
Ubiquiti Inc		279		77,704
VeriSign Inc *		2,622		567,401
Wayfair Inc 'A' *		2,829		638,816
World Wrestling Entertainment Inc 'A'		1,941		93,265
Zendesk Inc *		5,057		723,758
Zillow Group Inc 'A' *		262		35,616
Zillow Group Inc 'C' *		731		94,884

				165,659,854

Consumer, Cyclical - 9.3%

Allison Transmission Holdings Inc		3,202		138,102
AutoZone Inc *		605		717,191
Best Buy Co Inc		1,812		180,820
BorgWarner Inc		1,336		51,623
Burlington Stores Inc *		2,569		671,922
CarMax Inc *		598		56,487
Carvana Co *		2,447		586,154


	Shares		Value
Chipotle Mexican Grill Inc *		1,215		$1,684,853
Copart Inc *		8,934		1,136,852
Costco Wholesale Corp		17,086		6,437,663
Dolby Laboratories Inc 'A'		249		24,185
Dollar General Corp		11,009		2,315,193
Dollar Tree Inc *		4,981		538,147
Domino's Pizza Inc		1,705		653,799
Fastenal Co		20,455		998,818
Five Below Inc *		2,380		416,452
Floor & Decor Holdings Inc 'A' *		4,083		379,107
IAA Inc *		1,315		85,449
Las Vegas Sands Corp		6,130		365,348
Live Nation Entertainment Inc *		6,292		462,336
Lowe's Cos Inc		33,173		5,324,598
Lululemon Athletica Inc *		4,998		1,739,454
Mattel Inc *		8,894		155,200
McDonald's Corp		4,639		995,437
NIKE Inc 'B'		53,800		7,611,086
NVR Inc *		16		65,278
O'Reilly Automotive Inc *		3,131		1,416,997
Ollie's Bargain Outlet Holdings Inc *		2,132		174,334
Peloton Interactive Inc 'A' *		2,706		410,554
Planet Fitness Inc 'A' *		2,026		157,278
Polaris Inc		191		18,198
Pool Corp		1,679		625,428
Ross Stores Inc		12,443		1,528,125
Starbucks Corp		29,657		3,172,706
Tempur Sealy International Inc *		6,100		164,700
Tesla Inc *		33,190		23,421,187
The Home Depot Inc		23,561		6,258,273
The Scotts Miracle-Gro Co		1,637		325,992
The TJX Cos Inc		42,543		2,905,261
The Wendy's Co		8,125		178,100
Tractor Supply Co		5,074		713,303
Ulta Beauty Inc *		2,214		635,772
Vail Resorts Inc		132		36,823
VF Corp		748		63,887
Virgin Galactic Holdings Inc *		2,536		60,179
Vroom Inc *		1,021		41,830
Williams-Sonoma Inc		522		53,160
WW Grainger Inc		1,447		590,868
Wynn Resorts Ltd		1,059		119,487
Yum China Holdings Inc (China)		1,219		69,593
Yum! Brands Inc		955		103,675

				77,037,264

Consumer, Non-Cyclical - 20.6%

10X Genomics Inc 'A' *		2,466		349,186
2U Inc *		1,060		42,411
Abbott Laboratories		29,076		3,183,531
AbbVie Inc		72,741		7,794,198
ABIOMED Inc *		1,926		624,409
ACADIA Pharmaceuticals Inc *		4,957		265,001
Acceleron Pharma Inc *		2,115		270,593
Adaptive Biotechnologies Corp *		3,205		189,512
Agios Pharmaceuticals Inc *		284		12,306
Albertsons Cos Inc 'A' *		1,035		18,195
Alexion Pharmaceuticals Inc *		1,483		231,704
Align Technology Inc *		3,406		1,820,098
Alnylam Pharmaceuticals Inc *		5,106		663,627
Altria Group Inc		35,615		1,460,215
Amedisys Inc *		1,374		403,035
American Well Corp 'A' *		1,378		34,905
AmerisourceBergen Corp		3,007		293,964
Amgen Inc		25,569		5,878,824
Anthem Inc		2,797		898,089
Automatic Data Processing Inc		16,184		2,851,621
Avalara Inc *		3,580		590,306
Avantor Inc *		21,692		610,630
Avery Dennison Corp		1,535		238,094


	Shares		Value
Baxter International Inc		9,367		$751,608
Berkeley Lights Inc *		304		27,181
Beyond Meat Inc *		1,866		233,250
Bio-Techne Corp		1,566		497,283
Biogen Inc *		2,066		505,881
BioMarin Pharmaceutical Inc *		7,267		637,243
Bluebird Bio Inc *		1,207		52,227
Booz Allen Hamilton Holding Corp		5,875		512,182
Bright Horizons Family Solutions Inc *		1,810		313,112
Bristol-Myers Squibb Co		35,967		2,231,033
Brown-Forman Corp 'A'		1,761		129,381
Brown-Forman Corp 'B'		6,813		541,157
Bruker Corp		1,922		104,038
Campbell Soup Co		4,312		208,485
Cardinal Health Inc		12,773		684,122
Centene Corp *		7,530		452,026
Charles River Laboratories International Inc *		1,874		468,238
Chegg Inc *		5,289		477,755
Chemed Corp		684		364,305
Church & Dwight Co Inc		10,817		943,567
Cigna Corp		4,199		874,148
Cintas Corp		3,440		1,215,902
CoreLogic Inc		232		17,938
CoStar Group Inc *		1,716		1,586,064
DaVita Inc *		538		63,161
DexCom Inc *		4,048		1,496,627
Dun & Bradstreet Holdings Inc *		1,845		45,940
Edwards Lifesciences Corp *		26,973		2,460,747
Eli Lilly & Co		36,971		6,242,184
Encompass Health Corp		1,883		155,705
Equifax Inc		3,909		753,812
Exact Sciences Corp *		5,659		749,761
Exelixis Inc *		5,179		103,943
FleetCor Technologies Inc *		3,622		988,190
Gartner Inc *		3,828		613,207
Global Blood Therapeutics Inc *		2,652		114,858
Grocery Outlet Holding Corp *		1,819		71,396
Guardant Health Inc *		3,597		463,581
H&R Block Inc		5,667		89,879
Haemonetics Corp *		2,101		249,494
HCA Healthcare Inc		6,105		1,004,028
Herbalife Nutrition Ltd *		470		22,583
Hill-Rom Holdings Inc		303		29,685
Hologic Inc *		7,928		577,396
Horizon Therapeutics Plc *		7,991		584,542
Humana Inc		2,220		910,799
ICU Medical Inc *		249		53,408
IDEXX Laboratories Inc *		3,696		1,847,520
IHS Markit Ltd		9,493		852,756
Illumina Inc *		6,421		2,375,770
Incyte Corp *		7,987		694,709
Insulet Corp *		2,858		730,591
Intuitive Surgical Inc *		5,079		4,155,130
Ionis Pharmaceuticals Inc *		2,915		164,814
Iovance Biotherapeutics Inc *		6,130		284,432
IQVIA Holdings Inc *		3,134		561,519
Johnson & Johnson		15,509		2,440,806
Kellogg Co		3,758		233,860
Laboratory Corp of America Holdings *		255		51,905
Lamb Weston Holdings Inc		1,365		107,480
MarketAxess Holdings Inc		1,619		923,737
Masimo Corp *		2,158		579,164
McCormick & Co Inc		6,044		577,806
McKesson Corp		5,295		920,906
Merck & Co Inc		96,909		7,927,156
Moderna Inc *		12,540		1,310,054
Molina Healthcare Inc *		1,735		369,000
Monster Beverage Corp *		16,262		1,503,910
Moody's Corp		7,098		2,060,124


	Shares		Value
Morningstar Inc		822		$190,351
Neurocrine Biosciences Inc *		4,107		393,656
Novocure Ltd *		4,413		763,626
Paylocity Holding Corp *		1,675		344,899
PayPal Holdings Inc *		51,546		12,072,073
Penumbra Inc *		1,450		253,750
PepsiCo Inc		44,717		6,631,531
Pilgrim's Pride Corp *		949		18,610
PPD Inc *		5,922		202,651
PRA Health Sciences Inc *		2,296		288,010
Quanta Services Inc		1,237		89,089
Quidel Corp *		1,605		288,338
Reata Pharmaceuticals Inc 'A' *		960		118,675
Regeneron Pharmaceuticals Inc *		4,229		2,043,072
Repligen Corp *		2,281		437,108
ResMed Inc		6,304		1,339,978
Reynolds Consumer Products Inc		415		12,467
Rollins Inc		8,419		328,930
Royalty Pharma PLC 'A'		2,035		101,852
S&P Global Inc		6,223		2,045,687
Sage Therapeutics Inc *		225		19,465
Sarepta Therapeutics Inc *		3,299		562,447
Seagen Inc *		5,553		972,552
Sprouts Farmers Market Inc *		4,322		86,872
Square Inc 'A' *		16,240		3,534,474
STERIS PLC		176		33,359
StoneCo Ltd 'A' * (Brazil)		8,834		741,349
Stryker Corp		4,962		1,215,888
Syneos Health Inc *		398		27,116
Sysco Corp		15,192		1,128,158
Tandem Diabetes Care Inc *		2,361		225,900
Teladoc Health Inc *		4,405		880,824
Teleflex Inc		1,296		533,395
The Boston Beer Co Inc 'A' *		394		391,750
The Clorox Co		3,939		795,363
The Coca-Cola Co		99,601		5,462,119
The Cooper Cos Inc		273		99,186
The Estee Lauder Cos Inc 'A'		8,668		2,307,335
The Hershey Co		5,000		761,650
The Procter & Gamble Co		47,861		6,659,380
Thermo Fisher Scientific Inc		10,175		4,739,311
TransUnion		7,544		748,516
UnitedHealth Group Inc		34,474		12,089,342
Varian Medical Systems Inc *		469		82,080
Verisk Analytics Inc		6,953		1,443,373
Vertex Pharmaceuticals Inc *		11,381		2,689,786
West Pharmaceutical Services Inc		3,222		912,825
WEX Inc *		144		29,308
Zoetis Inc		18,852		3,120,006

				171,328,137

Energy - 0.3%

Array Technologies Inc *		408		17,601
Cheniere Energy Inc *		10,025		601,801
Enphase Energy Inc *		4,628		812,075
Equitrans Midstream Corp		1,302		10,468
SolarEdge Technologies Inc *		2,146		684,832

				2,126,777

Financial - 6.1%

Alleghany Corp		45		27,166
American Tower Corp REIT		19,350		4,343,301
Americold Realty Trust REIT		726		27,102
Aon PLC 'A'		9,943		2,100,658
Apollo Global Management Inc		3,836		187,887
Ares Management Corp 'A'		4,444		209,090
Axis Capital Holdings Ltd		183		9,221
Brookfield Property REIT Inc 'A'		1,110		16,583
Brown & Brown Inc		384		18,205
Cboe Global Markets Inc		1,022		95,169


	Shares		Value
CoreSite Realty Corp REIT		1,223		$153,218
Credit Acceptance Corp *		40		13,846
Crown Castle International Corp REIT		17,050		2,714,190
Equinix Inc REIT		3,897		2,783,160
Equity LifeStyle Properties Inc REIT		3,226		204,399
Erie Indemnity Co 'A'		623		153,009
Extra Space Storage Inc REIT		3,889		450,580
GoHealth Inc 'A' *		1,143		15,613
Intercontinental Exchange Inc		8,553		986,075
Iron Mountain Inc REIT		7,607		224,254
LendingTree Inc *		451		123,479
Lincoln National Corp		1,046		52,624
LPL Financial Holdings Inc		213		22,199
Marsh & McLennan Cos Inc		17,318		2,026,206
Mastercard Inc 'A'		38,722		13,821,431
Primerica Inc		1,072		143,573
Public Storage REIT		4,297		992,306
RenaissanceRe Holdings Ltd (Bermuda)		786		130,335
Rocket Cos Inc 'A' *		1,618		32,716
SBA Communications Corp REIT		675		190,438
Simon Property Group Inc REIT		11,155		951,298
SLM Corp		3,787		46,921
T Rowe Price Group Inc		2,480		375,447
The Carlyle Group Inc		651		20,467
The Progressive Corp		7,374		729,141
The Western Union Co		3,333		73,126
Tradeweb Markets Inc 'A'		3,161		197,405
Virtu Financial Inc 'A'		2,735		68,840
Visa Inc 'A'		74,110		16,210,080

				50,940,758

Industrial - 3.6%

3M Co		16,321		2,852,748
Agilent Technologies Inc		1,131		134,012
Allegion PLC		2,575		299,678
Amcor PLC		10,474		123,279
Amphenol Corp 'A'		7,633		998,167
Armstrong World Industries Inc		864		64,273
Axon Enterprise Inc *		2,685		328,993
Ball Corp		13,053		1,216,279
Berry Global Group Inc *		1,855		104,232
BWX Technologies Inc		2,551		153,774
Carrier Global Corp		13,805		520,725
CH Robinson Worldwide Inc		845		79,320
Cognex Corp		7,340		589,292
Coherent Inc *		878		131,718
Crown Holdings Inc *		655		65,631
Donaldson Co Inc		498		27,828
Energizer Holdings Inc		2,128		89,759
Expeditors International of Washington Inc		4,534		431,229
frontdoor Inc *		540		27,113
Generac Holdings Inc *		2,460		559,429
Graco Inc		3,526		255,106
Graphic Packaging Holding Co		2,573		43,587
HEICO Corp		1,609		213,032
HEICO Corp 'A'		2,739		320,627
Huntington Ingalls Industries Inc		134		22,844
Illinois Tool Works Inc		6,104		1,244,483
Jabil Inc		1,329		56,522
JB Hunt Transport Services Inc		1,014		138,563
Keysight Technologies Inc *		2,721		359,417
Landstar System Inc		1,407		189,467
Lincoln Electric Holdings Inc		1,027		119,389
Lockheed Martin Corp		10,845		3,849,758
Mercury Systems Inc *		1,998		175,944
Mettler-Toledo International Inc *		974		1,110,048
MSA Safety Inc		396		59,158
Nordson Corp		2,070		415,966
Northrop Grumman Corp		6,313		1,923,697
Old Dominion Freight Line Inc		3,684		719,043


	Shares		Value
PerkinElmer Inc		898		$128,863
Rockwell Automation Inc		2,491		624,768
Roper Technologies Inc		615		265,120
The AZEK Co Inc *		498		19,148
The Toro Co		4,194		397,759
TransDigm Group Inc *		500		309,425
Trex Co Inc *		5,126		429,149
Union Pacific Corp		15,194		3,163,695
United Parcel Service Inc 'B'		20,749		3,494,132
Universal Display Corp		1,880		432,024
Vertiv Holdings Co		9,980		186,327
Waste Management Inc		2,389		281,735
Waters Corp *		222		54,927
XPO Logistics Inc *		138		16,450

				29,817,652

Technology - 36.7%

Accenture PLC 'A'		27,948		7,300,297
Activision Blizzard Inc		13,297		1,234,626
Adobe Inc *		21,111		10,558,033
Advanced Micro Devices Inc *		48,872		4,482,051
Akamai Technologies Inc *		5,741		602,748
Allegro MicroSystems Inc * (Japan)		576		15,356
Alteryx Inc 'A' *		2,389		290,956
Analog Devices Inc		1,908		281,869
ANSYS Inc *		3,770		1,371,526
Apple Inc		708,358		93,992,023
Applied Materials Inc		40,207		3,469,864
Aspen Technology Inc *		2,810		366,003
Atlassian Corp PLC 'A' *		5,753		1,345,454
Autodesk Inc *		6,383		1,948,985
BigCommerce Holdings Inc *		540		34,641
Bill.Com Holdings Inc *		3,204		437,346
Black Knight Inc *		6,703		592,210
Broadcom Inc		16,434		7,195,627
Broadridge Financial Solutions Inc		5,004		766,613
CACI International Inc 'A' *		173		43,134
Cadence Design Systems Inc *		12,025		1,640,571
CDK Global Inc		612		31,720
Ceridian HCM Holding Inc *		3,549		378,181
Cerner Corp		13,326		1,045,825
Change Healthcare Inc *		7,599		141,721
Citrix Systems Inc		1,520		197,752
Cloudflare Inc 'A' *		4,754		361,257
Cognizant Technology Solutions Corp 'A'		1,674		137,184
Coupa Software Inc *		3,012		1,020,797
Crowdstrike Holdings Inc 'A' *		4,821		1,021,184
Datadog Inc 'A' *		6,608		650,492
Datto Holding Corp *		598		16,146
Dell Technologies Inc 'C' *		770		56,433
DocuSign Inc *		7,800		1,733,940
Dropbox Inc 'A' *		10,452		231,930
Duck Creek Technologies Inc *		1,019		44,123
Dynatrace Inc *		7,948		343,910
Elastic NV *		2,930		428,161
Electronic Arts Inc		1,688		242,397
Entegris Inc		5,493		527,877
EPAM Systems Inc *		2,329		834,597
Everbridge Inc *		1,554		231,655
Fair Isaac Corp *		1,240		633,690
Fastly Inc 'A' *		3,396		296,709
Fiserv Inc *		7,431		846,094
Five9 Inc *		2,703		471,403
Fortinet Inc *		5,838		867,118
Genpact Ltd		3,211		132,807
Globant SA * (Argentina)		1,720		374,289
Guidewire Software Inc *		648		83,417
HubSpot Inc *		1,829		725,089
Inphi Corp *		2,063		331,050
Intuit Inc		11,058		4,200,381


	Shares		Value
IPG Photonics Corp *		130		$29,093
Jack Henry & Associates Inc		2,649		429,112
Jamf Holding Corp *		819		24,505
JFrog Ltd * (Israel)		485		30,473
KLA Corp		6,830		1,768,355
Lam Research Corp		6,359		3,003,165
Leidos Holdings Inc		640		67,277
Lumentum Holdings Inc *		308		29,198
Manhattan Associates Inc *		2,402		252,642
Maxim Integrated Products Inc		3,863		342,455
McAfee Corp 'A'		1,019		17,007
Medallia Inc *		3,996		132,747
Microchip Technology Inc		8,211		1,134,021
Microsoft Corp		328,690		73,107,230
MKS Instruments Inc		1,760		264,792
MongoDB Inc *		2,231		801,018
Monolithic Power Systems Inc		1,928		706,091
MSCI Inc		3,574		1,595,898
nCino Inc *		554		40,115
NetApp Inc		5,193		343,984
New Relic Inc *		2,277		148,916
Nutanix Inc 'A' *		8,582		273,508
NVIDIA Corp		25,911		13,530,724
Oak Street Health Inc *		640		39,142
Oracle Corp		72,784		4,708,397
PagerDuty Inc *		2,899		120,888
Paychex Inc		11,107		1,034,950
Paycom Software Inc *		2,146		970,529
Pegasystems Inc		1,562		208,152
Pluralsight Inc 'A' *		3,834		80,361
PTC Inc *		4,580		547,814
Pure Storage Inc 'A' *		5,982		135,253
QUALCOMM Inc		49,398		7,525,291
RealPage Inc *		3,245		283,094
RingCentral Inc 'A' *		3,449		1,307,068
salesforce.com Inc *		35,674		7,938,535
Science Applications International Corp		286		27,067
ServiceNow Inc *		8,532		4,696,269
Slack Technologies Inc 'A' *		16,583		700,466
Smartsheet Inc 'A' *		4,787		331,691
Splunk Inc *		6,996		1,188,550
SS&C Technologies Holdings Inc		2,061		149,938
Synopsys Inc *		6,122		1,587,067
Take-Two Interactive Software Inc *		4,649		966,016
Teradata Corp *		3,445		77,409
Teradyne Inc		7,220		865,606
Texas Instruments Inc		20,064		3,293,104
Twilio Inc 'A' *		5,105		1,728,043
Tyler Technologies Inc *		1,737		758,235
Unity Software Inc *		1,049		160,990
Veeva Systems Inc 'A' *		5,939		1,616,893
VMware Inc 'A' *		3,528		494,837
Workday Inc 'A' *		7,719		1,849,550
Xilinx Inc		10,748		1,523,744
Zebra Technologies Corp 'A' *		2,083		800,559
Zoom Video Communications Inc 'A' *		7,320		2,469,182
Zscaler Inc *		3,165		632,082
Zynga Inc 'A' *		31,395		309,869

				305,808,229


	Shares		Value
Utilities - 0.0%

NRG Energy Inc		3,731		$140,099


Total Common Stocks (Cost $410,968,672)				807,252,067


EXCHANGE-TRADED FUND - 2.2%

iShares Russell 1000 Growth		76,922		18,548,971


Total Exchange-Traded Fund (Cost $17,140,805)				18,548,971


	Principal Amount

SHORT-TERM INVESTMENT - 0.7%

Repurchase Agreement - 0.7%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $5,699,035; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $5,813,100)		$5,699,035		5,699,035


Total Short-Term Investment (Cost $5,699,035)				5,699,035


TOTAL INVESTMENTS - 99.9% (Cost $433,808,512)				831,500,073

DERIVATIVES - 0.1%				227,336


OTHER ASSETS & LIABILITIES, NET - 0.0%				348,010


NET ASSETS - 100.0%				$832,075,419

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund's composition by sector as a percentage of net assets was as follows:


Technology			36.7%
Consumer, Non-Cyclical			20.6%
Communications			19.9%
Consumer, Cyclical			9.3%
Financial			6.1%
Industrial			3.6%
Others (each less than 3.0%)			3.7%

			99.9%
Derivatives			0.1%
Other Assets & Liabilities, Net			0.0%

			100.0%

The following is a summary of the Fund's investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund's assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 97.3%

Basic Materials - 3.7%

Air Products & Chemicals Inc		8,680		$2,371,550
Albemarle Corp		4,816		710,456
Ashland Global Holdings Inc		2,468		195,466
Axalta Coating Systems Ltd *		9,263		264,459
Cabot Corp		2,449		109,911
Celanese Corp		5,197		675,298
CF Industries Holdings Inc		9,391		363,526
Dow Inc		33,423		1,854,976
DuPont de Nemours Inc		33,125		2,355,519
Eastman Chemical Co		6,165		618,226
Ecolab Inc		8,993		1,945,725
Element Solutions Inc		9,683		171,680
FMC Corp		4,644		533,735
Freeport-McMoRan Inc		65,349		1,700,381
Huntsman Corp		8,936		224,651
International Flavors & Fragrances Inc		4,764		518,514
International Paper Co		17,547		872,437
Linde PLC (United Kingdom)		23,477		6,186,424
LyondellBasell Industries NV 'A'		11,639		1,066,831
NewMarket Corp		66		26,287
Newmont Corp		36,144		2,164,664
Nucor Corp		13,797		733,862
Olin Corp		6,362		156,251
PPG Industries Inc		10,619		1,531,472
Reliance Steel & Aluminum Co		2,789		333,983
Royal Gold Inc		831		88,385
RPM International Inc		936		84,970
Southern Copper Corp (Peru)		3,682		239,772
Steel Dynamics Inc		9,044		333,452
The Chemours Co		7,288		180,669
The Mosaic Co		15,190		349,522
Valvoline Inc		8,269		191,345
Westlake Chemical Corp		1,513		123,461
WR Grace & Co		1,610		88,260

				29,366,120

Communications - 10.8%

Alphabet Inc 'A' *		3,006		5,268,436
Alphabet Inc 'C' *		2,911		5,099,723
Arista Networks Inc *		466		135,406
AT&T Inc		318,741		9,166,991
CenturyLink Inc		50,331		490,727
Charter Communications Inc 'A' *		640		423,392
Ciena Corp *		6,722		355,258
Cisco Systems Inc		189,807		8,493,863
Comcast Corp 'A'		202,548		10,613,515
CommScope Holding Co Inc *		8,088		108,379
Corning Inc		33,812		1,217,232
Discovery Inc 'A' *		6,964		209,547
Discovery Inc 'C' *		14,322		375,093
DISH Network Corp 'A' *		11,425		369,484
eBay Inc		2,564		128,841
EchoStar Corp 'A' *		2,145		45,453
Expedia Group Inc		5,346		707,810
F5 Networks Inc *		2,801		492,808
FireEye Inc *		7,570		174,564
Fox Corp 'A'		14,918		434,412
Fox Corp 'B' *		7,690		222,087
Grubhub Inc *		3,656		271,531
Juniper Networks Inc		14,460		325,495
Liberty Broadband Corp 'A' *		1,105		174,126
Liberty Broadband Corp 'C' *		7,095		1,123,635
Liberty Media Corp-Liberty Formula One 'A' *		1,093		41,523
Liberty Media Corp-Liberty Formula One 'C' *		8,716		371,302
Liberty Media Corp-Liberty SiriusXM 'A' *		3,273		141,361
Liberty Media Corp-Liberty SiriusXM 'C' *		6,745		293,475


	Shares		Value
Lyft Inc 'A' *		10,967	$	538,809
Madison Square Garden Entertainment Corp *		863		90,650
Motorola Solutions Inc		6,890		1,171,713
News Corp 'A'		17,065		306,658
News Corp 'B'		5,411		96,153
Nexstar Media Group Inc 'A'		649		70,864
Omnicom Group Inc		9,815		612,162
Pinterest Inc 'A' *		3,048		200,863
Sirius XM Holdings Inc		20,945		133,420
T-Mobile US Inc *		24,577		3,314,208
Telephone & Data Systems Inc		4,489		83,361
The Interpublic Group of Cos Inc		17,089		401,933
The New York Times Co 'A'		7,135		369,379
The Walt Disney Co *		80,784		14,636,445
TripAdvisor Inc *		4,486		129,107
Twitter Inc *		34,661		1,876,893
Uber Technologies Inc *		14,378		733,278
Ubiquiti Inc		89		24,787
United States Cellular Corp *		866		26,578
VeriSign Inc *		1,902		411,593
Verizon Communications Inc		185,211		10,881,146
ViacomCBS Inc 'A'		639		24,167
ViacomCBS Inc 'B'		24,737		921,701
ViaSat Inc *		2,571		83,943
Wayfair Inc 'A' *		259		58,485
Zillow Group Inc 'A' *		2,285		310,623
Zillow Group Inc 'C' *		5,633		731,163

				85,515,551

Consumer, Cyclical - 9.6%

Advance Auto Parts Inc		3,018		475,365
Alaska Air Group Inc		5,352		278,304
Allison Transmission Holdings Inc		1,769		76,297
American Airlines Group Inc		23,024		363,088
Aptiv PLC		12,092		1,575,467
Aramark		10,039		386,301
AutoNation Inc *		2,624		183,129
AutoZone Inc *		427		506,183
Best Buy Co Inc		8,442		842,427
BorgWarner Inc		9,103		351,740
Brunswick Corp		3,469		264,477
Burlington Stores Inc *		307		80,296
Capri Holdings Ltd *		6,332		265,944
CarMax Inc *		6,845		646,579
Carnival Corp		21,477		465,192
Carter’s Inc		1,911		179,768
Casey’s General Stores Inc		1,620		289,364
Choice Hotels International Inc		1,553		165,752
Columbia Sportswear Co		1,285		112,283
Copa Holdings SA 'A' (Panama)		1,324		102,253
Costco Wholesale Corp		2,294		864,333
Cummins Inc		6,630		1,505,673
Darden Restaurants Inc		5,808		691,849
Delta Air Lines Inc		28,810		1,158,450
Dick’s Sporting Goods Inc		2,751		154,634
Dolby Laboratories Inc 'A'		2,480		240,882
Dollar Tree Inc *		5,453		589,142
DR Horton Inc		14,881		1,025,599
Extended Stay America Inc		7,896		116,940
Fastenal Co		4,832		235,947
Foot Locker Inc		4,617		186,711
Ford Motor Co		175,834		1,545,581
General Motors Co		55,812		2,324,012
Gentex Corp		10,788		366,037
Genuine Parts Co		6,436		646,367
Hanesbrands Inc		15,472		225,582
Harley-Davidson Inc		6,825		250,477
Hasbro Inc		5,767		539,445
Hilton Worldwide Holdings Inc		12,276		1,365,828
Hyatt Hotels Corp ‘A’		1,560		115,830


	Shares		Value
IAA Inc *		4,566	$	296,699
JetBlue Airways Corp *		12,024		174,829
Kohl’s Corp		6,912		281,249
L Brands Inc		10,235		380,640
Las Vegas Sands Corp		8,372		498,971
Lear Corp		2,635		419,044
Leggett & Platt Inc		5,805		257,161
Lennar Corp ‘A’		12,225		931,912
Lennar Corp ‘B’		700		42,840
Lions Gate Entertainment Corp ‘A’ *		3,318		37,726
Lions Gate Entertainment Corp ‘B’ *		4,958		51,464
LKQ Corp *		13,321		469,432
Marriott International Inc ‘A’		12,074		1,592,802
Mattel Inc *		6,504		113,495
McDonald’s Corp		28,517		6,119,178
MGM Resorts International		21,003		661,805
Mohawk Industries Inc *		2,555		360,127
MSC Industrial Direct Co Inc ‘A’		1,993		168,189
Newell Brands Inc		16,891		358,596
Nordstrom Inc		4,870		151,993
Norwegian Cruise Line Holdings Ltd *		12,454		316,705
Nu Skin Enterprises Inc ‘A’		2,289		125,048
NVR Inc *		135		550,781
Ollie’s Bargain Outlet Holdings Inc *		341		27,884
PACCAR Inc		15,284		1,318,703
Peloton Interactive Inc ‘A’*		8,583		1,302,213
Penske Automotive Group Inc		1,421		84,393
Planet Fitness Inc 'A' *		1,545		119,938
Polaris Inc		2,325		221,526
PulteGroup Inc		12,298		530,290
PVH Corp		3,134		294,251
Qurate Retail Inc 'A'		16,990		186,380
Ralph Lauren Corp		2,131		221,070
Ross Stores Inc		2,937		360,693
Royal Caribbean Cruises Ltd		7,871		587,885
Six Flags Entertainment Corp		3,406		116,145
Skechers U.S.A. Inc 'A' *		6,244		224,409
Southwest Airlines Co		26,557		1,237,822
Starbucks Corp		22,257		2,381,054
Tapestry Inc		12,162		377,995
Target Corp		22,334		3,942,621
Tempur Sealy International Inc *		2,184		58,968
The Gap Inc		8,145		164,448
The Home Depot Inc		24,008		6,377,005
The Madison Square Garden Co 'A' *		825		151,882
The Scotts Miracle-Gro Co		143		28,477
The TJX Cos Inc		10,331		705,504
Thor Industries Inc		2,567		238,705
Tiffany & Co		5,523		725,998
Toll Brothers Inc		5,166		224,566
Ulta Beauty Inc *		169		48,530
Under Armour Inc 'A' *		8,401		144,245
Under Armour Inc 'C' *		8,457		125,840
United Airlines Holdings Inc *		13,186		570,294
Univar Solutions Inc *		7,442		141,472
Vail Resorts Inc		1,663		463,910
VF Corp		13,666		1,167,213
Virgin Galactic Holdings Inc *		471		11,177
Vroom Inc *		402		16,470
Walgreens Boots Alliance Inc		32,577		1,299,171
Walmart Inc		62,287		8,978,671
Watsco Inc		1,433		324,646
Whirlpool Corp		2,722		491,294
Williams-Sonoma Inc		2,828		288,004
WW Grainger Inc		529		216,012
Wyndham Destinations Inc		3,748		168,135
Wyndham Hotels & Resorts Inc		4,032		239,662
Wynn Resorts Ltd		3,242		365,795
Yum China Holdings Inc (China)		16,775		957,685
Yum! Brands Inc		12,609		1,368,833

				75,718,098


	Shares		Value
Consumer, Non-Cyclical - 20.3%

2U Inc *		1,843	$	73,738
Abbott Laboratories		47,593		5,210,958
AbbVie Inc		4,659		499,212
Acadia Healthcare Co Inc *		3,921		197,069
Acceleron Pharma Inc *		154		19,703
ADT Inc		5,313		41,707
Agios Pharmaceuticals Inc *		2,477		107,328
Albertsons Cos Inc 'A' *		1,875		32,963
Alexion Pharmaceuticals Inc *		8,162		1,275,231
Alkermes PLC *		7,042		140,488
Altria Group Inc		47,279		1,938,439
AMERCO		398		180,676
AmerisourceBergen Corp		3,334		325,932
Anthem Inc		8,267		2,654,451
Archer-Daniels-Midland Co		24,962		1,258,334
Automatic Data Processing Inc		2,759		486,136
Avery Dennison Corp		2,152		333,797
Baxter International Inc		13,350		1,071,204
Becton Dickinson and Co		12,409		3,104,980
Berkeley Lights Inc *		346		30,936
Beyond Meat Inc *		465		58,125
Bio-Rad Laboratories Inc 'A' *		957		557,874
Bio-Techne Corp		127		40,329
Biogen Inc *		4,776		1,169,451
BioMarin Pharmaceutical Inc *		750		65,768
Bluebird Bio Inc *		1,593		68,929
Boston Scientific Corp *		64,234		2,309,212
Bright Horizons Family Solutions Inc *		788		136,316
Bristol-Myers Squibb Co		64,462		3,998,578
Brown-Forman Corp 'A'		373		27,404
Brown-Forman Corp 'B'		1,193		94,760
Bruker Corp		2,649		143,390
Bunge Ltd		6,072		398,202
Campbell Soup Co		4,159		201,088
Catalent Inc *		7,382		768,245
Centene Corp *		18,266		1,096,508
Charles River Laboratories International Inc *		248		61,965
Cigna Corp		11,561		2,406,769
Cintas Corp		450		159,057
Colgate-Palmolive Co		37,658		3,220,136
Conagra Brands Inc		22,083		800,730
Constellation Brands Inc 'A'		7,197		1,576,503
CoreLogic Inc		3,305		255,543
Corteva Inc		33,831		1,309,936
Coty Inc 'A'		12,858		90,263
CVS Health Corp		58,427		3,990,564
Danaher Corp		27,982		6,215,921
DaVita Inc *		2,833		332,594
Dentsply Sirona Inc		9,933		520,092
Elanco Animal Health Inc *		20,237		620,669
Encompass Health Corp		2,382		196,968
Envista Holdings Corp *		7,121		240,191
Equifax Inc		1,374		264,962
Euronet Worldwide Inc *		2,210		320,273
Exact Sciences Corp *		870		115,266
Exelixis Inc *		8,511		170,816
Flowers Foods Inc		8,570		193,939
FTI Consulting Inc *		1,630		182,104
General Mills Inc		27,323		1,606,592
Gilead Sciences Inc		56,123		3,269,726
Global Payments Inc		13,300		2,865,086
Globus Medical Inc 'A' *		3,307		215,683
Graham Holdings Co 'B'		184		98,142
Grand Canyon Education Inc *		2,051		190,969
Grocery Outlet Holding Corp *		1,446		56,756
H&R Block Inc		2,557		40,554
Haemonetics Corp *		186		22,088
HCA Healthcare Inc		5,801		954,032


	Shares		Value
Henry Schein Inc *		6,271	$	419,279
Herbalife Nutrition Ltd *		3,578		171,923
Hill-Rom Holdings Inc		2,588		253,546
Hologic Inc *		3,457		251,773
Horizon Therapeutics Plc *		607		44,402
Hormel Foods Corp		12,415		578,663
Humana Inc		3,694		1,515,537
ICU Medical Inc *		635		136,201
IHS Markit Ltd		8,249		741,008
Ingredion Inc		2,952		232,234
Integra LifeSciences Holdings Corp *		3,184		206,705
Ionis Pharmaceuticals Inc *		2,918		164,984
IQVIA Holdings Inc *		5,345		957,664
Jazz Pharmaceuticals PLC *		2,378		392,489
John Wiley & Sons Inc 'A'		1,925		87,896
Johnson & Johnson		102,073		16,064,249
Kellogg Co		7,386		459,631
Keurig Dr Pepper Inc		20,078		642,496
Kimberly-Clark Corp		15,285		2,060,877
Laboratory Corp of America Holdings *		4,169		848,600
Lamb Weston Holdings Inc		4,949		389,684
Macquarie Infrastructure Corp		3,277		123,051
ManpowerGroup Inc		2,584		233,025
McCormick & Co Inc		4,880		466,528
McKesson Corp		1,813		315,317
Medtronic PLC		59,956		7,023,246
Merck & Co Inc		14,368		1,175,302
Molina Healthcare Inc *		867		184,394
Molson Coors Beverage Co 'B'		7,677		346,924
Mondelez International Inc 'A'		63,108		3,689,925
Morningstar Inc		195		45,156
Nektar Therapeutics *		7,733		131,461
Nielsen Holdings PLC		15,671		327,054
PepsiCo Inc		16,585		2,459,555
Perrigo Co PLC		6,008		268,678
Pfizer Inc		248,566		9,149,714
Philip Morris International Inc		69,550		5,758,044
Pilgrim’s Pride Corp *		1,877		36,808
Post Holdings Inc *		2,802		283,030
PPD Inc *		1,174		40,174
PRA Health Sciences Inc *		420		52,685
Premier Inc 'A'		5,424		190,382
QIAGEN NV *		10,164		537,167
Quanta Services Inc		4,869		350,665
Quest Diagnostics Inc		6,100		726,937
Reata Pharmaceuticals Inc 'A' *		139		17,183
Reynolds Consumer Products Inc		1,592		47,824
Robert Half International Inc		4,910		306,777
Rollins Inc		1,240		48,447
Royalty Pharma PLC 'A'		2,367		118,468
S&P Global Inc		4,449		1,462,520
Sabre Corp		12,714		152,822
Sage Therapeutics Inc *		2,114		182,882
Seaboard Corp		11		33,341
Service Corp International		7,649		375,566
Spectrum Brands Holdings Inc		1,892		149,430
Sprouts Farmers Market Inc *		1,034		20,783
STERIS PLC		3,555		673,815
Stryker Corp		10,529		2,580,026
Syneos Health Inc *		2,493		169,848
Sysco Corp		6,345		471,180
Tandem Diabetes Care Inc *		356		34,062
Teladoc Health Inc *		316		63,187
Teleflex Inc		758		311,970
Terminix Global Holdings Inc *		5,817		296,725
The Clorox Co		1,616		326,303
The Coca-Cola Co		71,364		3,913,602
The Cooper Cos Inc		1,960		712,107
The Estee Lauder Cos Inc 'A'		1,050		279,500
The Hain Celestial Group Inc *		3,631		145,785


	Shares		Value
The Hershey Co		1,502	$	228,800
The JM Smucker Co		5,059		584,820
The Kraft Heinz Co		29,191		1,011,760
The Kroger Co		34,880		1,107,789
The Procter & Gamble Co		60,237		8,381,376
Thermo Fisher Scientific Inc		7,338		3,417,894
TransUnion		755		74,911
TreeHouse Foods Inc *		2,508		106,565
Tyson Foods Inc 'A'		13,032		839,782
United Rentals Inc *		3,300		765,303
United Therapeutics Corp *		1,908		289,615
UnitedHealth Group Inc		7,119		2,496,491
Universal Health Services Inc 'B'		3,239		445,362
US Foods Holding Corp *		9,804		326,571
Varian Medical Systems Inc *		3,531		617,960
Viatris Inc *		54,610		1,023,391
WEX Inc *		1,857		377,955
Zimmer Biomet Holdings Inc		9,337		1,438,738
Zoetis Inc		1,989		329,180

				159,975,829

Energy - 4.3%

Antero Midstream Corp		12,797		98,665
Apache Corp		16,606		235,639
Array Technologies Inc *		2,252		97,151
Baker Hughes Co		29,827		621,893
Cabot Oil & Gas Corp		17,244		280,732
Chevron Corp		86,092		7,270,469
Cimarex Energy Co		4,481		168,082
Concho Resources Inc		8,583		500,818
ConocoPhillips		48,402		1,935,596
Continental Resources Inc		3,337		54,393
Devon Energy Corp		16,792		265,482
Diamondback Energy Inc		7,274		352,062
EOG Resources Inc		26,282		1,310,683
EQT Corp		11,377		144,602
Equitrans Midstream Corp		16,533		132,925
Exxon Mobil Corp		189,176		7,797,835
First Solar Inc *		3,710		366,993
Halliburton Co		40,021		756,397
Helmerich & Payne Inc		4,663		107,995
Hess Corp		12,596		664,943
HollyFrontier Corp		6,662		172,213
Kinder Morgan Inc		87,653		1,198,217
Marathon Oil Corp		34,655		231,149
Marathon Petroleum Corp		29,148		1,205,561
Murphy Oil Corp		6,487		78,493
NOV Inc *		17,315		237,735
Occidental Petroleum Corp		37,582		650,544
ONEOK Inc		19,514		748,947
Parsley Energy Inc 'A'		13,430		190,706
Phillips 66		19,659		1,374,951
Pioneer Natural Resources Co		7,453		848,822
Schlumberger NV		62,443		1,363,131
Targa Resources Corp		10,279		271,160
The Williams Cos Inc		54,710		1,096,936
Valero Energy Corp		18,381		1,039,813
WPX Energy Inc *		17,942		146,227

				34,017,960

Financial - 23.2%

Affiliated Managers Group Inc		2,092		212,756
Aflac Inc		31,038		1,380,260
AGNC Investment Corp REIT		24,975		389,610
Air Lease Corp		4,752		211,084
Alexandria Real Estate Equities Inc REIT		5,652		1,007,299
Alleghany Corp		554		334,444
Alliance Data Systems Corp		2,004		148,496
Ally Financial Inc		16,918		603,296
American Campus Communities Inc REIT		6,108		261,239


	Shares		Value
American Express Co		29,223	$	3,533,353
American Financial Group Inc		3,243		284,152
American Homes 4 Rent 'A' REIT		11,417		342,510
American International Group Inc		38,849		1,470,823
American National Group Inc		443		42,581
Americold Realty Trust REIT		8,394		313,348
Ameriprise Financial Inc		5,265		1,023,147
Annaly Capital Management Inc REIT		63,898		539,938
Apartment Income REIT Corp *		6,475		248,705
Apartment Investment and Management Co 'A' REIT		6,475		34,188
Apollo Global Management Inc		3,837		187,936
Apple Hospitality REIT Inc		9,353		120,747
Arch Capital Group Ltd *		18,049		651,027
Arthur J Gallagher & Co		8,513		1,053,143
Associated Banc-Corp		6,665		113,638
Assurant Inc		2,621		357,033
Assured Guaranty Ltd		3,745		117,930
Athene Holding Ltd 'A' *		5,154		222,344
AvalonBay Communities Inc REIT		6,358		1,020,014
Axis Capital Holdings Ltd		3,372		169,915
Bank of America Corp		345,736		10,479,258
Bank of Hawaii Corp		1,733		132,782
Bank OZK		5,448		170,359
Berkshire Hathaway Inc 'B' *		84,086		19,497,021
BlackRock Inc		6,578		4,746,290
BOK Financial Corp		1,400		95,872
Boston Properties Inc REIT		7,115		672,581
Brandywine Realty Trust REIT		7,410		88,253
Brighthouse Financial Inc *		4,387		158,831
Brixmor Property Group Inc REIT		13,218		218,758
Brown & Brown Inc		10,139		480,690
Camden Property Trust REIT		4,393		438,949
Capital One Financial Corp		20,406		2,017,133
Cboe Global Markets Inc		3,766		350,690
CBRE Group Inc 'A' *		14,841		930,827
Chubb Ltd		20,085		3,091,483
Cincinnati Financial Corp		6,662		582,059
Citigroup Inc		93,067		5,738,511
Citizens Financial Group Inc		19,029		680,477
CME Group Inc		15,860		2,887,313
CNA Financial Corp		1,277		49,752
Comerica Inc		6,119		341,807
Commerce Bancshares Inc		4,644		305,111
CoreSite Realty Corp REIT		585		73,289
Corporate Office Properties Trust REIT		5,009		130,635
Cousins Properties Inc REIT		6,605		221,267
Credit Acceptance Corp *		422		146,071
Crown Castle International Corp REIT		1,245		198,192
CubeSmart REIT		8,495		285,517
Cullen/Frost Bankers Inc		2,462		214,760
CyrusOne Inc REIT		5,223		382,062
Digital Realty Trust Inc REIT		12,029		1,678,166
Discover Financial Services		13,930		1,261,083
Douglas Emmett Inc REIT		7,423		216,603
Duke Realty Corp REIT		16,382		654,789
East West Bancorp Inc		6,200		314,402
Eaton Vance Corp		4,870		330,819
Empire State Realty Trust Inc 'A' REIT		6,526		60,822
EPR Properties REIT		3,478		113,035
Equitable Holdings Inc		17,884		457,652
Equity Commonwealth REIT		5,207		142,047
Equity LifeStyle Properties Inc REIT		4,512		285,880
Equity Residential REIT		16,614		984,878
Erie Indemnity Co 'A'		480		117,888
Essex Property Trust Inc REIT		2,978		707,037
Evercore Inc 'A'		1,762		193,186
Everest Re Group Ltd		1,820		426,044
Extra Space Storage Inc REIT		1,665		192,907
Federal Realty Investment Trust REIT		3,310		281,747


	Shares		Value
Fidelity National Financial Inc		11,776	$	460,324
Fifth Third Bancorp		32,436		894,261
First American Financial Corp		4,771		246,327
First Citizens BancShares Inc 'A'		292		167,687
First Hawaiian Inc		5,783		136,363
First Horizon Corp		23,974		305,908
First Industrial Realty Trust Inc REIT		5,632		237,276
First Republic Bank		7,704		1,131,949
FNB Corp		14,388		136,686
Franklin Resources Inc		12,487		312,050
Gaming and Leisure Properties Inc REIT		9,147		387,833
Globe Life Inc		4,758		451,820
GoHealth Inc 'A' *		2,547		34,792
Healthcare Trust of America Inc 'A' REIT		9,559		263,255
Healthpeak Properties Inc REIT		24,575		742,902
Highwoods Properties Inc REIT		4,590		181,902
Host Hotels & Resorts Inc REIT		30,750		449,872
Hudson Pacific Properties Inc REIT		6,701		160,958
Huntington Bancshares Inc		45,883		579,502
Interactive Brokers Group Inc 'A'		3,218		196,041
Intercontinental Exchange Inc		15,752		1,816,048
Invesco Ltd		16,827		293,295
Invitation Homes Inc REIT		25,379		753,756
Iron Mountain Inc REIT		5,284		155,772
JBG SMITH Properties REIT		5,435		169,952
Jefferies Financial Group Inc		10,116		248,854
Jones Lang LaSalle Inc		2,264		335,910
JPMorgan Chase & Co		135,392		17,204,261
Kemper Corp		2,754		211,590
KeyCorp		44,660		732,871
Kilroy Realty Corp REIT		5,275		302,785
Kimco Realty Corp REIT		18,165		272,657
KKR & Co Inc		24,135		977,226
Lamar Advertising Co 'A' REIT		3,780		314,572
Lazard Ltd 'A'		4,500		190,350
Lemonade Inc *		657		80,482
LendingTree Inc *		29		7,940
Life Storage Inc REIT		2,080		248,331
Lincoln National Corp		7,421		373,350
Loews Corp		10,537		474,376
LPL Financial Holdings Inc		3,180		331,420
M&T Bank Corp		5,698		725,355
Markel Corp *		617		637,546
Marsh & McLennan Cos Inc		4,971		581,607
Medical Properties Trust Inc REIT		22,872		498,381
Mercury General Corp		1,219		63,644
MetLife Inc		34,582		1,623,625
MGIC Investment Corp		15,069		189,116
Mid-America Apartment Communities Inc REIT		5,217		660,942
Morgan Stanley		59,569		4,082,264
Nasdaq Inc		5,217		692,505
National Retail Properties Inc REIT		7,531		308,169
New Residential Investment Corp REIT		18,488		183,771
New York Community Bancorp Inc		20,070		211,738
Northern Trust Corp		8,739		813,950
Old Republic International Corp		12,629		248,918
Omega Healthcare Investors Inc REIT		9,894		359,350
OneMain Holdings Inc		2,900		139,664
Outfront Media Inc REIT		6,275		122,739
PacWest Bancorp		5,206		132,232
Paramount Group Inc REIT		8,442		76,316
Park Hotels & Resorts Inc REIT		10,683		183,213
People’s United Financial Inc		19,773		255,665
Pinnacle Financial Partners Inc		3,296		212,262
Popular Inc		3,873		218,127
Primerica Inc		688		92,144
Principal Financial Group Inc		12,075		599,041
Prologis Inc REIT		32,892		3,278,017
Prosperity Bancshares Inc		3,926		272,307


	Shares		Value
Prudential Financial Inc		17,763	$	1,386,757
Public Storage REIT		2,370		547,304
Raymond James Financial Inc		5,571		532,978
Rayonier Inc REIT		6,088		178,865
Realty Income Corp REIT		15,523		965,065
Regency Centers Corp REIT		7,786		354,964
Regions Financial Corp		43,630		703,316
Reinsurance Group of America Inc		2,979		345,266
RenaissanceRe Holdings Ltd (Bermuda)		1,478		245,082
Rexford Industrial Realty Inc REIT		5,678		278,847
Rocket Cos Inc 'A' *		2,512		50,793
Santander Consumer USA Holdings Inc		3,369		74,185
SBA Communications Corp REIT		4,313		1,216,827
SEI Investments Co		5,072		291,488
Signature Bank		2,287		309,408
Simon Property Group Inc REIT		2,893		246,715
SL Green Realty Corp REIT		3,450		205,551
SLM Corp		12,842		159,112
Spirit Realty Capital Inc REIT		4,590		184,380
Starwood Property Trust Inc REIT		12,017		231,928
State Street Corp		15,851		1,153,636
Sterling Bancorp		8,625		155,077
STORE Capital Corp REIT		10,515		357,300
Sun Communities Inc REIT		4,298		653,081
SVB Financial Group *		2,287		886,967
Synchrony Financial		26,586		922,800
Synovus Financial Corp		6,537		211,603
T Rowe Price Group Inc		7,602		1,150,867
TCF Financial Corp		6,635		245,628
TFS Financial Corp		2,566		45,239
The Allstate Corp		13,551		1,489,661
The Bank of New York Mellon Corp		35,994		1,527,585
The Carlyle Group Inc		4,708		148,020
The Charles Schwab Corp		61,548		3,264,506
The Goldman Sachs Group Inc		14,803		3,903,699
The Hanover Insurance Group Inc		1,689		197,478
The Hartford Financial Services Group Inc		16,316		799,158
The Howard Hughes Corp *		1,739		137,259
The Macerich Co REIT		1		11
The PNC Financial Services Group Inc		18,948		2,823,252
The Progressive Corp		18,716		1,850,638
The Travelers Cos Inc		11,411		1,601,762
The Western Union Co		14,537		318,942
Tradeweb Markets Inc 'A'		688		42,966
Truist Financial Corp		60,668		2,907,817
UDR Inc REIT		12,885		495,171
Umpqua Holdings Corp		9,815		148,599
Unum Group		9,072		208,112
US Bancorp		60,729		2,829,364
Ventas Inc REIT		16,989		833,141
VEREIT Inc REIT		9,498		358,929
VICI Properties Inc REIT		24,070		613,785
Virtu Financial Inc 'A'		374		9,414
Vornado Realty Trust REIT		8,078		301,633
Voya Financial Inc		5,526		324,984
Webster Financial Corp		3,994		168,347
Weingarten Realty Investors REIT		5,412		117,278
Wells Fargo & Co		167,829		5,065,079
Welltower Inc REIT		18,838		1,217,312
Western Alliance Bancorp		4,276		256,346
Weyerhaeuser Co REIT		33,653		1,128,385
White Mountains Insurance Group Ltd		135		135,089
Willis Towers Watson PLC		5,797		1,221,312
Wintrust Financial Corp		2,547		155,596
WP Carey Inc REIT		7,864		555,041
WR Berkley Corp		6,124		406,756
Zions Bancorp NA		7,101		308,467

				183,218,578


	Shares		Value
Industrial - 13.1%

3M Co		8,608	$	1,504,592
Acuity Brands Inc		1,755		212,513
AECOM *		6,721		334,571
AGCO Corp		2,716		279,992
Agilent Technologies Inc		12,770		1,513,117
Allegion PLC		1,440		167,587
Amcor PLC		60,390		710,790
AMETEK Inc		10,420		1,260,195
Amphenol Corp 'A'		5,391		704,981
AO Smith Corp		5,836		319,930
AptarGroup Inc		2,825		386,714
Ardagh Group SA		1,357		23,354
Armstrong World Industries Inc		1,340		99,683
Arrow Electronics Inc *		3,429		333,642
Avnet Inc		4,374		153,571
Ball Corp		912		84,980
Berry Global Group Inc *		3,912		219,815
BWX Technologies Inc		1,525		91,927
Carlisle Cos Inc		2,376		371,084
Carrier Global Corp		25,294		954,090
Caterpillar Inc		24,199		4,404,702
CH Robinson Worldwide Inc		4,995		468,881
Clean Harbors Inc *		2,296		174,726
Coherent Inc *		235		35,255
Colfax Corp *		4,421		169,059
Crane Co		2,140		166,192
Crown Holdings Inc *		5,114		512,423
CSX Corp		34,078		3,092,579
Curtiss-Wright Corp		1,851		215,364
Deere & Co		12,599		3,389,761
Donaldson Co Inc		5,007		279,791
Dover Corp		6,550		826,938
Eagle Materials Inc		1,841		186,585
Eaton Corp PLC		18,036		2,166,845
Emerson Electric Co		26,831		2,156,407
Energizer Holdings Inc		714		30,117
Expeditors International of Washington Inc		2,826		268,781
FedEx Corp		10,794		2,802,338
FLIR Systems Inc		5,736		251,409
Flowserve Corp		5,805		213,914
Fortive Corp		13,449		952,458
Fortune Brands Home & Security Inc		6,138		526,149
frontdoor Inc *		3,178		159,567
Garmin Ltd		6,812		815,124
Gates Industrial Corp PLC *		2,357		30,075
Generac Holdings Inc *		240		54,578
General Dynamics Corp		11,434		1,701,608
General Electric Co		388,380		4,194,504
Graco Inc		3,685		266,610
GrafTech International Ltd		3,570		38,056
Graphic Packaging Holding Co		9,700		164,318
HEICO Corp		391		51,768
HEICO Corp 'A'		680		79,601
Hexcel Corp		3,719		180,334
Honeywell International Inc		31,384		6,675,377
Howmet Aerospace Inc		17,362		495,512
Hubbell Inc		2,376		372,533
Huntington Ingalls Industries Inc		1,576		268,677
IDEX Corp		3,414		680,069
Illinois Tool Works Inc		7,907		1,612,079
Ingersoll Rand Inc *		15,622		711,738
ITT Inc		3,802		292,830
Jabil Inc		5,313		225,962
Jacobs Engineering Group Inc		5,670		617,803
JB Hunt Transport Services Inc		2,692		367,862
Johnson Controls International PLC		32,454		1,512,032
Kansas City Southern		4,167		850,610
Keysight Technologies Inc *		5,714		754,762


	Shares		Value
Kirby Corp *		2,658	$	137,764
Knight-Swift Transportation Holdings Inc		5,497		229,885
L3Harris Technologies Inc		9,364		1,769,983
Landstar System Inc		320		43,091
Lennox International Inc		1,522		416,982
Lincoln Electric Holdings Inc		1,462		169,958
Littelfuse Inc		1,036		263,828
Martin Marietta Materials Inc		2,851		809,598
Masco Corp		11,686		641,912
MDU Resources Group Inc		8,895		234,294
Mercury Systems Inc *		454		39,979
Mettler-Toledo International Inc *		63		71,800
MSA Safety Inc		1,264		188,829
National Instruments Corp		5,666		248,964
Nordson Corp		469		94,246
Norfolk Southern Corp		11,436		2,717,308
Northrop Grumman Corp		565		172,167
nVent Electric PLC		6,933		161,470
Old Dominion Freight Line Inc		601		117,303
Oshkosh Corp		3,022		260,104
Otis Worldwide Corp		18,374		1,241,164
Owens Corning		4,892		370,618
Packaging Corp of America		4,263		587,910
Parker-Hannifin Corp		5,766		1,570,716
Pentair PLC		7,259		385,380
PerkinElmer Inc		4,090		586,915
Raytheon Technologies Corp		63,713		4,556,117
Regal Beloit Corp		1,780		218,602
Republic Services Inc		9,500		914,850
Rockwell Automation Inc		2,726		683,708
Roper Technologies Inc		4,045		1,743,759
Ryder System Inc		2,338		144,395
Schneider National Inc 'B'		2,631		54,462
Sealed Air Corp		6,835		312,975
Sensata Technologies Holding PLC *		6,786		357,894
Silgan Holdings Inc		3,509		130,114
Snap-on Inc		2,366		404,917
Sonoco Products Co		4,405		260,996
Spirit AeroSystems Holdings Inc 'A'		4,679		182,902
Stanley Black & Decker Inc		6,954		1,241,706
Stericycle Inc *		4,018		278,568
SYNNEX Corp		1,826		148,709
Teledyne Technologies Inc *		1,671		654,999
Textron Inc		10,319		498,717
The AZEK Co Inc *		1,614		62,058
The Boeing Co		23,867		5,108,970
The Middleby Corp *		2,457		316,756
The Timken Co		2,826		218,619
The Toro Co		472		44,764
Trane Technologies PLC		10,751		1,560,615
TransDigm Group Inc *		1,835		1,135,590
Trimble Inc *		11,436		763,582
Trinity Industries Inc		4,050		106,880
Union Pacific Corp		14,869		3,096,023
United Parcel Service Inc 'B'		10,796		1,818,046
Valmont Industries Inc		935		163,560
Vontier Corp *		5,379		179,659
Vulcan Materials Co		6,011		891,491
Waste Management Inc		16,589		1,956,341
Waters Corp *		2,520		623,498
Westinghouse Air Brake Technologies Corp		8,321		609,097
Westrock Co		11,285		491,236
Woodward Inc		2,482		301,637
XPO Logistics Inc *		3,794		452,245
Xylem Inc		7,963		810,554

				103,223,570

Technology - 7.0%

Activision Blizzard Inc		20,794		1,930,723
Advanced Micro Devices Inc *		3,650		334,742


	Shares		Value
Akamai Technologies Inc *		1,256	$	131,867
Amdocs Ltd		6,072		430,687
Analog Devices Inc		14,606		2,157,744
Aspen Technology Inc *		257		33,474
Autodesk Inc *		3,325		1,015,256
Broadcom Inc		895		391,876
CACI International Inc 'A' *		916		228,386
CDK Global Inc		4,677		242,409
Ceridian HCM Holding Inc *		1,407		149,930
Change Healthcare Inc *		2,866		53,451
Cirrus Logic Inc *		2,606		214,213
Citrix Systems Inc		3,991		519,229
Cognizant Technology Solutions Corp 'A'		22,170		1,816,832
Concentrix Corp *		1,826		180,226
Cree Inc *		4,760		504,084
Crowdstrike Holdings Inc 'A' *		1,878		397,798
Dell Technologies Inc 'C' *		10,601		776,947
DXC Technology Co		11,316		291,387
Electronic Arts Inc		11,057		1,587,785
Entegris Inc		479		46,032
Fidelity National Information Services Inc		27,595		3,903,589
Fiserv Inc *		17,752		2,021,243
Genpact Ltd		5,041		208,496
Guidewire Software Inc *		2,959		380,912
Hewlett Packard Enterprise Co		59,217		701,721
HP Inc		61,368		1,509,039
Intel Corp		183,381		9,136,041
International Business Machines Corp		39,710		4,998,695
IPG Photonics Corp *		1,458		326,286
Jack Henry & Associates Inc		739		119,711
Jamf Holding Corp *		701		20,974
Leidos Holdings Inc		5,418		569,540
Lumentum Holdings Inc *		2,938		278,522
Manhattan Associates Inc *		382		40,179
Marvell Technology Group Ltd		29,726		1,413,174
Maxim Integrated Products Inc		8,070		715,406
Microchip Technology Inc		2,747		379,388
Micron Technology Inc *		49,695		3,736,070
MKS Instruments Inc		602		90,571
NCR Corp *		5,672		213,097
NetApp Inc		4,461		295,497
Nuance Communications Inc *		12,365		545,173
Oak Street Health Inc *		539		32,965
ON Semiconductor Corp *		17,847		584,132
Oracle Corp		10,438		675,234
Paychex Inc		3,009		280,379
Pegasystems Inc		223		29,717
Pure Storage Inc 'A' *		4,603		104,074
Qorvo Inc *		5,138		854,295
RealPage Inc *		619		54,002
salesforce.com Inc *		2,876		639,996
Science Applications International Corp		2,255		213,413
Skyworks Solutions Inc		7,541		1,152,868
SolarWinds Corp *		2,077		31,051
SS&C Technologies Holdings Inc		7,918		576,035
Synopsys Inc *		482		124,954
Take-Two Interactive Software Inc *		376		78,129
Teradata Corp *		1,437		32,289
Texas Instruments Inc		20,597		3,380,586
Twilio Inc 'A' *		1,041		352,379
Western Digital Corp		13,388		741,561
Xerox Holdings Corp		8,071		187,166
Zebra Technologies Corp 'A' *		201		77,250
Zynga Inc 'A' *		7,008		69,169

				55,310,046

Utilities - 5.3%

AES Corp		29,477		692,709
Alliant Energy Corp		11,434		589,194
Ameren Corp		11,142		869,744


	Shares		Value
American Electric Power Co Inc		22,348		$1,860,918
American Water Works Co Inc		8,165		1,253,083
Atmos Energy Corp		5,573		531,831
Avangrid Inc		2,528		114,898
CenterPoint Energy Inc		22,157		479,477
CMS Energy Corp		12,972		791,422
Consolidated Edison Inc		15,085		1,090,193
Dominion Energy Inc		36,424		2,739,085
DTE Energy Co		8,658		1,051,168
Duke Energy Corp		33,060		3,026,974
Edison International		16,202		1,017,810
Entergy Corp		9,083		906,847
Essential Utilities Inc		9,838		465,239
Evergy Inc		10,089		560,040
Eversource Energy		15,470		1,338,310
Exelon Corp		43,799		1,849,194
FirstEnergy Corp		24,124		738,436
Hawaiian Electric Industries Inc		4,774		168,952
IDACORP Inc		2,215		212,706
National Fuel Gas Co		3,691		151,811
NextEra Energy Inc		87,496		6,750,316
NiSource Inc		16,837		386,241
NRG Energy Inc		6,986		262,324
OGE Energy Corp		8,788		279,986
PG&E Corp *		58,312		726,567
Pinnacle West Capital Corp		4,950		395,752
PPL Corp		34,781		980,824
Public Service Enterprise Group Inc		22,730		1,325,159
Sempra Energy		13,044		1,661,936
The Southern Co		47,470		2,916,082
UGI Corp		9,147		319,779
Vistra Corp		21,460		421,904
WEC Energy Group Inc		14,202		1,307,010
Xcel Energy Inc		23,606		1,573,812

				41,807,733

Total Common Stocks (Cost $631,999,743)				768,153,485


EXCHANGE-TRADED FUND - 1.7%

iShares Russell 1000 Value		98,703		13,495,661


Total Exchange-Traded Fund (Cost $12,145,002)				13,495,661


	Principal Amount		Value
SHORT-TERM INVESTMENT - 0.8%

Repurchase Agreement - 0.8%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $5,976,988; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $6,096,600)		$5,976,988		$5,976,988


Total Short-Term Investment (Cost $5,976,988)				5,976,988


TOTAL INVESTMENTS - 99.8% (Cost $650,121,733)				787,626,134

DERIVATIVES - 0.0%				147,874


OTHER ASSETS & LIABILITIES, NET - 0.2%				1,188,467


NET ASSETS - 100.0%				$788,962,475

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			23.2%
Consumer, Non-Cyclical			20.3%
Industrial			13.1%
Communications			10.8%
Consumer, Cyclical			9.6%
Technology			7.0%
Utilities			5.3%
Energy			4.3%
Basic Materials			3.7%
Others (each less than 3.0%)			2.5%

			99.8%
Derivatives			0.0%
Other Assets & Liabilities, Net			0.2%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
COMMON STOCKS - 98.0%

Basic Materials - 3.1%

Albemarle Corp		4,443		$655,431
Ashland Global Holdings Inc		2,301		182,239
Axalta Coating Systems Ltd *		8,837		252,296
Cabot Corp		2,313		103,807
Celanese Corp		4,904		637,226
CF Industries Holdings Inc		9,016		349,009
Eastman Chemical Co		5,709		572,499
Element Solutions Inc		8,735		154,872
FMC Corp		5,451		626,483
Freeport-McMoRan Inc		61,060		1,588,781
Huntsman Corp		8,342		209,718
International Flavors & Fragrances Inc		4,504		490,215
International Paper Co		16,556		823,164
LyondellBasell Industries NV 'A'		10,799		989,836
NewMarket Corp		290		115,504
Nucor Corp		12,687		674,822
Olin Corp		5,946		146,034
PPG Industries Inc		9,936		1,432,970
Reliance Steel & Aluminum Co		2,714		325,002
Royal Gold Inc		2,752		292,703
RPM International Inc		5,357		486,309
Steel Dynamics Inc		8,353		307,975
The Chemours Co		6,819		169,043
The Mosaic Co		14,462		332,771
Valvoline Inc		7,853		181,718
Westlake Chemical Corp		1,440		117,504
WR Grace & Co		2,378		130,362

				12,348,293

Communications - 8.6%

Altice USA Inc 'A' *		12,325		466,748
Anaplan Inc *		5,635		404,875
Arista Networks Inc *		2,471		717,998
Cable One Inc		225		501,237
CDW Corp		5,973		787,182
CenturyLink Inc		45,815		446,696
Ciena Corp *		6,376		336,972
CommScope Holding Co Inc *		7,993		107,106
Corning Inc		31,575		1,136,700
Discovery Inc 'A' *		6,412		192,937
Discovery Inc 'C' *		13,062		342,094
DISH Network Corp 'A' *		10,317		333,652
EchoStar Corp 'A' *		1,910		40,473
Etsy Inc *		4,952		881,010
Expedia Group Inc		5,692		753,621
F5 Networks Inc *		2,563		450,934
FactSet Research Systems Inc		1,561		519,032
FireEye Inc *		9,264		213,628
Fox Corp 'A'		13,927		405,554
Fox Corp 'B' *		6,681		192,947
GoDaddy Inc 'A' *		7,084		587,618
Grubhub Inc *		3,850		285,939
IAC/InterActiveCorp *		3,140		594,559
Juniper Networks Inc		13,579		305,663
Leslie’s Inc *		1,943		53,918
Liberty Broadband Corp 'A' *		1,093		172,235
Liberty Broadband Corp 'C' *		6,714		1,063,296
Liberty Media Corp-Liberty Formula One 'A' *		1,058		40,193
Liberty Media Corp-Liberty Formula One 'C' *		8,241		351,067
Liberty Media Corp-Liberty SiriusXM 'A' *		3,529		152,417
Liberty Media Corp-Liberty SiriusXM 'C' *		7,280		316,753
Lyft Inc 'A' *		10,266		504,369
Madison Square Garden Entertainment Corp *		759		79,725
Match Group Inc *		9,428		1,425,419
Motorola Solutions Inc		7,162		1,217,970
News Corp 'A'		16,299		292,893


	Shares		Value
News Corp 'B'		4,851	$	86,202
Nexstar Media Group Inc 'A'		1,736		189,554
NortonLifeLock Inc		22,940		476,693
Okta Inc *		4,842		1,231,127
Omnicom Group Inc		8,952		558,336
Palo Alto Networks Inc *		3,921		1,393,484
Pinterest Inc 'A' *		16,915		1,114,698
Proofpoint Inc *		2,374		323,837
Roku Inc *		4,587		1,522,976
Sirius XM Holdings Inc		47,846		304,779
Spotify Technology SA *		5,513		1,734,721
Switch Inc 'A'		2,921		47,817
Telephone & Data Systems Inc		4,201		78,013
The Interpublic Group of Cos Inc		16,300		383,376
The New York Times Co 'A'		6,784		351,208
The Trade Desk Inc 'A' *		1,740		1,393,740
TripAdvisor Inc *		4,195		120,732
Twitter Inc *		32,722		1,771,896
Ubiquiti Inc		352		98,035
United States Cellular Corp *		598		18,353
VeriSign Inc *		4,252		920,133
ViacomCBS Inc 'A'		502		18,986
ViacomCBS Inc 'B'		22,845		851,205
ViaSat Inc *		2,446		79,862
Wayfair Inc 'A' *		2,981		673,140
World Wrestling Entertainment Inc 'A'		1,963		94,322
Zendesk Inc *		4,830		691,270
Zillow Group Inc 'A' *		2,466		335,228
Zillow Group Inc 'C' *		6,096		791,261

				34,330,414

Consumer, Cyclical - 13.1%

Advance Auto Parts Inc		2,753		433,625
Alaska Air Group Inc		5,050		262,600
Allison Transmission Holdings Inc		4,696		202,538
American Airlines Group Inc		22,892		361,007
Aptiv PLC		11,280		1,469,671
Aramark		9,593		369,139
AutoNation Inc *		2,555		178,313
AutoZone Inc *		983		1,165,288
Best Buy Co Inc		9,603		958,283
BorgWarner Inc		10,202		394,205
Brunswick Corp		3,284		250,372
Burlington Stores Inc *		2,736		715,601
Capri Holdings Ltd *		5,961		250,362
CarMax Inc *		6,844		646,484
Carnival Corp		19,925		431,575
Carter’s Inc		1,793		168,668
Carvana Co *		2,346		561,961
Casey’s General Stores Inc		1,532		273,646
Chipotle Mexican Grill Inc *		1,173		1,626,611
Choice Hotels International Inc		1,413		150,809
Columbia Sportswear Co		1,208		105,555
Copa Holdings SA 'A' (Panama)		1,284		99,163
Copart Inc *		8,652		1,100,967
Cummins Inc		6,208		1,409,837
Darden Restaurants Inc		5,475		652,182
Delta Air Lines Inc		26,847		1,079,518
Dick’s Sporting Goods Inc		2,577		144,853
Dolby Laboratories Inc 'A'		2,644		256,812
Dollar Tree Inc *		9,883		1,067,759
Domino’s Pizza Inc		1,629		624,656
DR Horton Inc		13,898		957,850
Extended Stay America Inc		7,218		106,899
Fastenal Co		24,078		1,175,729
Five Below Inc *		2,299		402,279
Floor & Decor Holdings Inc 'A' *		3,934		365,272
Foot Locker Inc		4,334		175,267
Ford Motor Co		164,252		1,443,775
Gentex Corp		10,193		345,848


	Shares		Value
Genuine Parts Co		5,915	$	594,043
Hanesbrands Inc		14,452		210,710
Harley-Davidson Inc		6,374		233,926
Hasbro Inc		5,354		500,813
Hilton Worldwide Holdings Inc		11,495		1,278,934
Hyatt Hotels Corp 'A'		1,455		108,034
IAA Inc *		5,600		363,888
JetBlue Airways Corp *		12,991		188,889
Kohl’s Corp		6,637		270,060
L Brands Inc		9,595		356,838
Lear Corp		2,500		397,575
Leggett & Platt Inc		5,509		244,049
Lennar Corp 'A'		11,394		868,565
Lennar Corp 'B'		629		38,495
Lions Gate Entertainment Corp 'A' *		1,903		21,637
Lions Gate Entertainment Corp 'B' *		3,990		41,416
Live Nation Entertainment Inc *		5,968		438,529
LKQ Corp *		12,662		446,209
Lululemon Athletica Inc *		4,785		1,665,324
Mattel Inc *		14,245		248,575
MGM Resorts International		19,815		624,371
Mohawk Industries Inc *		2,518		354,912
MSC Industrial Direct Co Inc 'A'		1,875		158,231
Newell Brands Inc		15,976		339,170
Nordstrom Inc		4,654		145,251
Norwegian Cruise Line Holdings Ltd *		13,383		340,330
Nu Skin Enterprises Inc 'A'		2,153		117,618
NVR Inc *		143		583,420
O’Reilly Automotive Inc *		3,009		1,361,783
Ollie’s Bargain Outlet Holdings Inc *		2,291		187,335
PACCAR Inc		14,285		1,232,510
Peloton Interactive Inc 'A' *		10,699		1,623,252
Penske Automotive Group Inc		1,310		77,801
Planet Fitness Inc 'A' *		3,508		272,326
Polaris Inc		2,432		231,721
Pool Corp		1,619		603,077
PulteGroup Inc		11,165		481,435
PVH Corp		2,944		276,412
Qurate Retail Inc 'A'		15,864		174,028
Ralph Lauren Corp		1,984		205,820
Royal Caribbean Cruises Ltd		7,782		581,238
Six Flags Entertainment Corp		3,243		110,586
Skechers U.S.A. Inc 'A' *		5,613		201,731
Southwest Airlines Co		24,819		1,156,814
Tapestry Inc		11,596		360,404
Tempur Sealy International Inc *		7,912		213,624
The Gap Inc		7,663		154,716
The Madison Square Garden Co 'A' *		773		142,309
The Scotts Miracle-Gro Co		1,691		336,746
The Wendy’s Co		7,479		163,940
Thor Industries Inc		2,185		203,183
Tiffany & Co		5,070		666,451
Toll Brothers Inc		4,808		209,004
Tractor Supply Co		4,850		681,813
Ulta Beauty Inc *		2,267		650,992
Under Armour Inc 'A' *		7,893		135,523
Under Armour Inc 'C' *		8,248		122,730
United Airlines Holdings Inc *		12,215		528,299
Univar Solutions Inc *		7,005		133,165
Vail Resorts Inc		1,708		476,464
VF Corp		13,576		1,159,526
Virgin Galactic Holdings Inc *		2,797		66,373
Vroom Inc *		1,347		55,187
Watsco Inc		1,363		308,788
Whirlpool Corp		2,566		463,137
Williams-Sonoma Inc		3,218		327,721
WW Grainger Inc		1,874		765,229
Wyndham Destinations Inc		3,459		155,171
Wyndham Hotels & Resorts Inc		3,828		227,536


	Shares		Value
Wynn Resorts Ltd		4,054	$	457,413
Yum China Holdings Inc (China)		16,839		961,339

				52,469,443

Consumer, Non-Cyclical - 19.5%

10X Genomics Inc 'A' *		2,473		350,177
2U Inc *		2,827		113,108
ABIOMED Inc *		1,853		600,743
Acadia Healthcare Co Inc *		3,663		184,102
ACADIA Pharmaceuticals Inc *		4,638		247,947
Acceleron Pharma Inc *		2,145		274,431
Adaptive Biotechnologies Corp *		3,188		188,506
ADT Inc		6,416		50,366
Agios Pharmaceuticals Inc *		2,584		111,965
Albertsons Cos Inc 'A' *		1,886		33,156
Alexion Pharmaceuticals Inc *		8,958		1,399,598
Align Technology Inc *		3,287		1,756,507
Alkermes PLC *		6,576		131,191
Alnylam Pharmaceuticals Inc *		4,859		631,524
Amedisys Inc *		1,362		399,515
AMERCO		370		167,965
American Well Corp 'A' *		1,902		48,178
AmerisourceBergen Corp		6,096		595,945
Archer-Daniels-Midland Co		23,331		1,176,116
Avalara Inc *		3,471		572,333
Avantor Inc *		20,601		579,918
Avery Dennison Corp		3,484		540,403
Berkeley Lights Inc *		533		47,656
Beyond Meat Inc *		2,245		280,625
Bio-Rad Laboratories Inc 'A' *		883		514,736
Bio-Techne Corp		1,594		506,175
BioMarin Pharmaceutical Inc *		7,579		664,603
Bluebird Bio Inc *		2,800		121,156
Booz Allen Hamilton Holding Corp		5,661		493,526
Bright Horizons Family Solutions Inc *		2,520		435,935
Brown-Forman Corp 'A'		1,853		136,140
Brown-Forman Corp 'B'		7,638		606,686
Bruker Corp		4,326		234,166
Bunge Ltd		5,651		370,593
Campbell Soup Co		8,216		397,244
Cardinal Health Inc		12,316		659,645
Catalent Inc *		6,826		710,382
Charles River Laboratories International Inc *		2,046		511,214
Chegg Inc *		5,058		456,889
Chemed Corp		650		346,196
Church & Dwight Co Inc		10,448		911,379
Cintas Corp		3,717		1,313,811
Conagra Brands Inc		20,421		740,465
CoreLogic Inc		3,299		255,079
Corteva Inc		31,591		1,223,204
CoStar Group Inc *		1,642		1,517,668
Coty Inc 'A'		12,279		86,199
DaVita Inc *		3,209		376,737
Dentsply Sirona Inc		9,203		481,869
Dun & Bradstreet Holdings Inc *		3,653		90,960
Elanco Animal Health Inc *		18,917		580,184
Encompass Health Corp		4,125		341,096
Envista Holdings Corp *		6,684		225,451
Equifax Inc		5,091		981,748
Euronet Worldwide Inc *		2,120		307,230
Exact Sciences Corp *		6,253		828,460
Exelixis Inc *		12,749		255,872
FleetCor Technologies Inc *		3,472		947,266
Flowers Foods Inc		8,086		182,986
FTI Consulting Inc *		1,500		167,580
Gartner Inc *		3,643		583,572
Global Blood Therapeutics Inc *		2,717		117,673
Globus Medical Inc 'A' *		3,101		202,247
Graham Holdings Co 'B'		169		90,141
Grand Canyon Education Inc *		1,966		183,054


	Shares		Value
Grocery Outlet Holding Corp *		2,945	$	115,591
Guardant Health Inc *		3,439		443,218
H&R Block Inc		8,145		129,180
Haemonetics Corp *		2,083		247,356
Henry Schein Inc *		5,964		398,753
Herbalife Nutrition Ltd *		3,774		181,341
Hill-Rom Holdings Inc		2,904		284,505
Hologic Inc *		10,741		782,267
Horizon Therapeutics Plc *		8,147		595,953
Hormel Foods Corp		11,751		547,714
ICU Medical Inc *		872		187,035
IDEXX Laboratories Inc *		3,539		1,769,040
IHS Markit Ltd		16,717		1,501,688
Incyte Corp *		7,667		666,876
Ingredion Inc		2,838		223,265
Insulet Corp *		2,742		700,937
Integra LifeSciences Holdings Corp *		2,993		194,306
Ionis Pharmaceuticals Inc *		5,522		312,214
Iovance Biotherapeutics Inc *		5,763		267,403
IQVIA Holdings Inc *		8,007		1,434,614
Jazz Pharmaceuticals PLC *		2,263		373,508
John Wiley & Sons Inc 'A'		1,775		81,046
Kellogg Co		10,543		656,091
Laboratory Corp of America Holdings *		4,083		831,095
Lamb Weston Holdings Inc		6,142		483,621
Macquarie Infrastructure Corp		3,084		115,804
ManpowerGroup Inc		2,421		218,326
MarketAxess Holdings Inc		1,549		883,797
Masimo Corp *		2,049		549,911
McCormick & Co Inc		10,422		996,343
McKesson Corp		6,805		1,183,526
Moderna Inc *		12,023		1,256,043
Molina Healthcare Inc *		2,441		519,152
Molson Coors Beverage Co 'B'		7,359		332,553
Morningstar Inc		907		210,034
Nektar Therapeutics *		7,235		122,995
Neurocrine Biosciences Inc *		3,877		371,610
Nielsen Holdings PLC		14,855		310,024
Novocure Ltd *		4,257		736,631
Paylocity Holding Corp *		1,610		331,515
Penumbra Inc *		1,378		241,150
Perrigo Co PLC		5,711		255,396
Pilgrim’s Pride Corp *		2,288		44,868
Post Holdings Inc *		2,664		269,091
PPD Inc *		6,693		229,034
PRA Health Sciences Inc *		2,647		332,040
Premier Inc 'A'		5,118		179,642
QIAGEN NV *		9,392		496,367
Quanta Services Inc		5,847		421,101
Quest Diagnostics Inc		5,628		670,689
Quidel Corp *		1,537		276,122
Reata Pharmaceuticals Inc 'A' *		1,009		124,733
Repligen Corp *		2,243		429,826
ResMed Inc		6,018		1,279,186
Reynolds Consumer Products Inc		2,041		61,312
Robert Half International Inc		4,699		293,594
Rollins Inc		9,566		373,744
Royalty Pharma PLC 'A'		4,652		232,833
Sabre Corp		13,367		160,671
Sage Therapeutics Inc *		2,147		185,737
Sarepta Therapeutics Inc *		3,134		534,316
Seaboard Corp		11		33,341
Seagen Inc *		5,336		934,547
Service Corp International		6,950		341,245
Spectrum Brands Holdings Inc		1,769		139,716
Sprouts Farmers Market Inc *		4,898		98,450
STERIS PLC		3,512		665,664
StoneCo Ltd 'A' * (Brazil)		8,489		712,397
Syneos Health Inc *		3,161		215,359
Tandem Diabetes Care Inc *		2,482		237,478


	Shares		Value
Teladoc Health Inc *		4,531	$	906,019
Teleflex Inc		1,955		804,619
Terminix Global Holdings Inc *		5,504		280,759
The Boston Beer Co Inc 'A' *		372		369,876
The Clorox Co		5,284		1,066,945
The Cooper Cos Inc		2,037		740,083
The Hain Celestial Group Inc *		3,352		134,583
The Hershey Co		6,212		946,274
The JM Smucker Co		4,625		534,650
The Kroger Co		32,530		1,033,153
TransUnion		7,999		793,661
TreeHouse Foods Inc *		2,322		98,662
Tyson Foods Inc 'A'		12,107		780,175
United Rentals Inc *		3,031		702,919
United Therapeutics Corp *		1,881		285,517
Universal Health Services Inc 'B'		3,097		425,837
US Foods Holding Corp *		9,226		307,318
Varian Medical Systems Inc *		3,797		664,513
Verisk Analytics Inc		6,678		1,386,286
Viatris Inc *		50,538		947,082
West Pharmaceutical Services Inc		3,102		878,828
WEX Inc *		1,851		376,734
Zimmer Biomet Holdings Inc		8,724		1,344,281

				78,464,496

Energy - 3.0%

Antero Midstream Corp		12,018		92,659
Apache Corp		15,796		224,145
Array Technologies Inc *		2,307		99,524
Baker Hughes Co		27,635		576,190
Cabot Oil & Gas Corp		16,358		266,308
Cheniere Energy Inc *		9,741		584,752
Cimarex Energy Co		4,156		155,892
Concho Resources Inc		8,322		485,589
Continental Resources Inc		3,153		51,394
Devon Energy Corp		15,849		250,573
Diamondback Energy Inc		6,630		320,892
Enphase Energy Inc *		4,447		780,315
EQT Corp		11,569		147,042
Equitrans Midstream Corp		17,100		137,484
First Solar Inc *		3,832		379,062
Halliburton Co		36,876		696,956
Helmerich & Payne Inc		4,440		102,830
Hess Corp		11,561		610,305
HollyFrontier Corp		6,144		158,822
Marathon Oil Corp		32,967		219,890
Marathon Petroleum Corp		27,256		1,127,308
Murphy Oil Corp		6,115		73,992
NOV Inc *		16,111		221,204
Occidental Petroleum Corp		35,265		610,437
ONEOK Inc		18,580		713,100
Parsley Energy Inc 'A'		12,583		178,679
Pioneer Natural Resources Co		6,913		787,322
SolarEdge Technologies Inc *		2,052		654,834
Targa Resources Corp		9,658		254,778
The Williams Cos Inc		51,208		1,026,720
WPX Energy Inc *		16,820		137,083

				12,126,081

Financial - 17.0%

Affiliated Managers Group Inc		1,895		192,721
AGNC Investment Corp REIT		22,488		350,813
Air Lease Corp		4,489		199,401
Alexandria Real Estate Equities Inc REIT		5,638		1,004,804
Alleghany Corp		568		342,896
Alliance Data Systems Corp		1,966		145,681
Ally Financial Inc		15,727		560,825
American Campus Communities Inc REIT		5,740		245,500
American Financial Group Inc		2,948		258,304
American Homes 4 Rent 'A' REIT		11,482		344,460


	Shares		Value
American National Group Inc		407	$	39,121
Americold Realty Trust REIT		8,501		317,342
Ameriprise Financial Inc		4,968		965,431
Annaly Capital Management Inc REIT		59,094		499,344
Apartment Income REIT Corp REIT *		6,210		238,526
Apartment Investment and Management Co 'A' REIT		6,210		32,789
Apollo Global Management Inc		7,148		350,109
Apple Hospitality REIT Inc		8,809		113,724
Arch Capital Group Ltd *		16,554		597,103
Ares Management Corp 'A'		4,087		192,293
Arthur J Gallagher & Co		8,036		994,134
Associated Banc-Corp		5,871		100,101
Assurant Inc		2,486		338,643
Athene Holding Ltd 'A' *		4,619		199,264
AvalonBay Communities Inc REIT		5,926		950,708
Axis Capital Holdings Ltd		3,453		173,997
Bank of Hawaii Corp		1,639		125,580
Bank OZK		5,073		158,633
BOK Financial Corp		1,313		89,914
Boston Properties Inc REIT		6,549		619,077
Brandywine Realty Trust REIT		6,585		78,427
Brighthouse Financial Inc *		3,868		140,041
Brixmor Property Group Inc REIT		12,442		205,915
Brookfield Property REIT Inc 'A'		1,241		18,541
Brown & Brown Inc		9,921		470,355
Camden Property Trust REIT		4,057		405,375
Cboe Global Markets Inc		4,488		417,923
CBRE Group Inc 'A' *		14,046		880,965
Cincinnati Financial Corp		6,301		550,518
Citizens Financial Group Inc		17,941		641,570
CNA Financial Corp		1,105		43,051
Comerica Inc		5,887		328,848
Commerce Bancshares Inc		4,557		299,395
CoreSite Realty Corp REIT		1,672		209,468
Corporate Office Properties Trust REIT		4,614		120,333
Cousins Properties Inc REIT		6,205		207,867
Credit Acceptance Corp *		412		142,610
CubeSmart REIT		7,965		267,704
Cullen/Frost Bankers Inc		2,356		205,514
CyrusOne Inc REIT		5,059		370,066
Discover Financial Services		12,903		1,168,109
Douglas Emmett Inc REIT		7,013		204,639
Duke Realty Corp REIT		15,381		614,779
East West Bancorp Inc		5,886		298,479
Eaton Vance Corp		4,634		314,788
Empire State Realty Trust Inc 'A' REIT		5,983		55,762
EPR Properties REIT		3,135		101,887
Equitable Holdings Inc		16,643		425,894
Equity Commonwealth REIT		4,806		131,108
Equity LifeStyle Properties Inc REIT		7,319		463,732
Equity Residential REIT		15,478		917,536
Erie Indemnity Co 'A'		1,103		270,897
Essex Property Trust Inc REIT		2,746		651,955
Evercore Inc 'A'		1,661		182,112
Everest Re Group Ltd		1,661		388,823
Extra Space Storage Inc REIT		5,258		609,192
Federal Realty Investment Trust REIT		3,193		271,788
Fidelity National Financial Inc		11,503		449,652
Fifth Third Bancorp		29,944		825,556
First American Financial Corp		4,573		236,104
First Citizens BancShares Inc 'A'		262		150,459
First Hawaiian Inc		5,342		125,964
First Horizon Corp		23,082		294,526
First Industrial Realty Trust Inc REIT		5,477		230,746
First Republic Bank		7,286		1,070,532
FNB Corp		13,485		128,107
Franklin Resources Inc		11,385		284,511
Gaming and Leisure Properties Inc REIT		9,235		391,564
Globe Life Inc		4,381		416,020


	Shares		Value
GoHealth Inc 'A' *		1,999	$	27,306
Healthcare Trust of America Inc 'A' REIT		9,053		249,320
Healthpeak Properties Inc REIT		22,705		686,372
Highwoods Properties Inc REIT		4,315		171,003
Host Hotels & Resorts Inc REIT		29,322		428,981
Hudson Pacific Properties Inc REIT		6,295		151,206
Huntington Bancshares Inc		42,519		537,015
Interactive Brokers Group Inc 'A'		3,062		186,537
Invesco Ltd		15,780		275,045
Invitation Homes Inc REIT		23,622		701,573
Iron Mountain Inc REIT		11,945		352,139
JBG SMITH Properties REIT		5,074		158,664
Jefferies Financial Group Inc		9,066		223,024
Jones Lang LaSalle Inc		2,155		319,737
Kemper Corp		2,578		198,068
KeyCorp		40,899		671,153
Kilroy Realty Corp REIT		4,826		277,012
Kimco Realty Corp REIT		17,369		260,709
KKR & Co Inc		22,758		921,471
Lamar Advertising Co 'A' REIT		3,603		299,842
Lazard Ltd 'A'		4,217		178,379
Lemonade Inc *		568		69,580
LendingTree Inc *		461		126,217
Life Storage Inc REIT		2,033		242,720
Lincoln National Corp		8,123		408,668
Loews Corp		9,848		443,357
LPL Financial Holdings Inc		3,297		343,613
M&T Bank Corp		5,391		686,274
Markel Corp *		569		587,948
Medical Properties Trust Inc REIT		21,861		476,351
Mercury General Corp		1,156		60,355
MGIC Investment Corp		14,108		177,055
Mid-America Apartment Communities Inc REIT		4,795		607,479
Nasdaq Inc		4,791		635,957
National Retail Properties Inc REIT		7,211		295,074
New Residential Investment Corp REIT		17,642		175,361
New York Community Bancorp Inc		18,631		196,557
Northern Trust Corp		8,087		753,223
Old Republic International Corp		11,698		230,568
Omega Healthcare Investors Inc REIT		9,439		342,824
OneMain Holdings Inc		2,714		130,706
Outfront Media Inc REIT		6,101		119,336
PacWest Bancorp		4,900		124,460
Paramount Group Inc REIT		7,721		69,798
Park Hotels & Resorts Inc REIT		9,956		170,745
People’s United Financial Inc		17,647		228,176
Pinnacle Financial Partners Inc		3,080		198,352
Popular Inc		3,466		195,205
Primerica Inc		1,639		219,511
Principal Financial Group Inc		11,401		565,604
Prosperity Bancshares Inc		3,730		258,713
Prudential Financial Inc		16,667		1,301,193
Raymond James Financial Inc		5,167		494,327
Rayonier Inc REIT		5,481		161,032
Realty Income Corp REIT		14,792		919,619
Regency Centers Corp REIT		7,121		324,646
Regions Financial Corp		40,450		652,054
Reinsurance Group of America Inc		2,848		330,083
RenaissanceRe Holdings Ltd (Bermuda)		2,138		354,523
Rexford Industrial Realty Inc REIT		5,105		250,707
Santander Consumer USA Holdings Inc		3,058		67,337
SEI Investments Co		4,679		268,902
Signature Bank		2,190		296,285
Simon Property Group Inc REIT		13,620		1,161,514
SL Green Realty Corp REIT		3,056		182,076
SLM Corp		15,617		193,495
Spirit Realty Capital Inc REIT		4,304		172,892
Starwood Property Trust Inc REIT		11,501		221,969
State Street Corp		14,752		1,073,651


	Shares		Value
Sterling Bancorp		8,107	$	145,764
STORE Capital Corp REIT		10,159		345,203
Sun Communities Inc REIT		4,454		676,785
SVB Financial Group *		2,164		839,264
Synchrony Financial		24,544		851,922
Synovus Financial Corp		6,152		199,140
T Rowe Price Group Inc		9,525		1,441,990
TCF Financial Corp		6,453		238,890
TFS Financial Corp		1,945		34,290
The Carlyle Group Inc		5,262		165,437
The Hanover Insurance Group Inc		1,509		176,432
The Hartford Financial Services Group Inc		15,052		737,247
The Howard Hughes Corp *		1,642		129,603
The Western Union Co		17,119		375,591
Tradeweb Markets Inc 'A'		3,680		229,816
UDR Inc REIT		12,336		474,072
Umpqua Holdings Corp		8,979		135,942
Unum Group		8,583		196,894
Ventas Inc REIT		15,716		770,713
VEREIT Inc REIT		9,035		341,418
VICI Properties Inc REIT		22,505		573,877
Virtu Financial Inc 'A'		2,635		66,323
Vornado Realty Trust REIT		7,455		278,370
Voya Financial Inc		5,328		313,340
Webster Financial Corp		3,758		158,400
Weingarten Realty Investors REIT		5,126		111,080
Welltower Inc REIT		17,609		1,137,894
Western Alliance Bancorp		4,121		247,054
Weyerhaeuser Co REIT		31,455		1,054,686
White Mountains Insurance Group Ltd		138		138,091
Willis Towers Watson PLC		5,413		1,140,411
Wintrust Financial Corp		2,395		146,311
WP Carey Inc REIT		7,327		517,140
WR Berkley Corp		5,861		389,288
Zions Bancorp NA		6,771		294,132

				68,334,403

Industrial - 13.9%

Acuity Brands Inc		1,562		189,143
AECOM *		6,370		317,099
AGCO Corp		2,675		275,766
Agilent Technologies Inc		13,028		1,543,688
Allegion PLC		3,851		448,179
Amcor PLC		66,136		778,421
AMETEK Inc		9,653		1,167,434
Amphenol Corp 'A'		12,317		1,610,694
AO Smith Corp		5,553		304,415
AptarGroup Inc		2,676		366,318
Ardagh Group SA		734		12,632
Armstrong World Industries Inc		1,984		147,590
Arrow Electronics Inc *		3,190		310,387
Avnet Inc		4,047		142,090
Axon Enterprise Inc *		2,613		320,171
Ball Corp		13,464		1,254,576
Berry Global Group Inc *		5,549		311,798
BWX Technologies Inc		3,960		238,709
Carlisle Cos Inc		2,187		341,566
Carrier Global Corp		36,570		1,379,420
CH Robinson Worldwide Inc		5,545		520,509
Clean Harbors Inc *		2,160		164,376
Cognex Corp		7,068		567,454
Coherent Inc *		1,010		151,520
Colfax Corp *		4,122		157,625
Crane Co		2,078		161,377
Crown Holdings Inc *		5,429		543,986
Curtiss-Wright Corp		1,730		201,285
Donaldson Co Inc		5,309		296,667
Dover Corp		6,050		763,812
Eagle Materials Inc		1,728		175,133
Energizer Holdings Inc		2,604		109,837


	Shares		Value
Expeditors International of Washington Inc		7,098	$	675,091
FLIR Systems Inc		5,470		239,750
Flowserve Corp		5,511		203,080
Fortive Corp		12,526		887,091
Fortune Brands Home & Security Inc		5,768		494,433
frontdoor Inc *		3,575		179,501
Garmin Ltd		6,297		753,499
Gates Industrial Corp PLC *		1,746		22,279
Generac Holdings Inc *		2,550		579,895
Graco Inc		7,050		510,067
GrafTech International Ltd		2,952		31,468
Graphic Packaging Holding Co		11,483		194,522
HEICO Corp		1,845		244,278
HEICO Corp 'A'		3,202		374,826
Hexcel Corp		3,516		170,491
Howmet Aerospace Inc		16,466		469,940
Hubbell Inc		2,268		355,600
Huntington Ingalls Industries Inc		1,658		282,656
IDEX Corp		3,171		631,663
Ingersoll Rand Inc *		14,588		664,629
ITT Inc		3,630		279,583
Jabil Inc		6,133		260,836
Jacobs Engineering Group Inc		5,271		574,328
JB Hunt Transport Services Inc		3,530		482,374
Johnson Controls International PLC		30,624		1,426,772
Kansas City Southern		3,932		802,639
Keysight Technologies Inc *		7,874		1,040,077
Kirby Corp *		2,518		130,508
Knight-Swift Transportation Holdings Inc		5,235		218,928
Landstar System Inc		1,682		226,498
Lennox International Inc		1,446		396,161
Lincoln Electric Holdings Inc		2,470		287,137
Littelfuse Inc		990		252,113
Martin Marietta Materials Inc		2,613		742,014
Masco Corp		11,002		604,340
MDU Resources Group Inc		8,363		220,281
Mercury Systems Inc *		2,277		200,513
Mettler-Toledo International Inc *		987		1,124,864
MSA Safety Inc		1,586		236,933
National Instruments Corp		5,441		239,078
Nordson Corp		2,406		483,486
nVent Electric PLC		6,574		153,108
Old Dominion Freight Line Inc		4,092		798,677
Oshkosh Corp		2,830		243,578
Otis Worldwide Corp		17,187		1,160,982
Owens Corning		4,613		349,481
Packaging Corp of America		3,936		542,814
Parker-Hannifin Corp		5,392		1,468,835
Pentair PLC		6,851		363,720
PerkinElmer Inc		4,667		669,714
Regal Beloit Corp		1,733		212,830
Republic Services Inc		8,785		845,995
Rockwell Automation Inc		4,882		1,224,454
Ryder System Inc		2,168		133,896
Schneider National Inc 'B'		2,441		50,529
Sealed Air Corp		6,506		297,910
Sensata Technologies Holding PLC *		6,455		340,437
Silgan Holdings Inc		3,240		120,139
Snap-on Inc		2,263		387,290
Sonoco Products Co		4,185		247,961
Spirit AeroSystems Holdings Inc 'A'		4,454		174,107
Stanley Black & Decker Inc		6,493		1,159,390
Stericycle Inc *		3,921		271,843
SYNNEX Corp		1,743		141,950
Teledyne Technologies Inc *		1,526		598,161
Textron Inc		9,502		459,232
The AZEK Co Inc *		2,990		114,966
The Middleby Corp *		2,307		297,418
The Timken Co		2,635		203,844
The Toro Co		4,479		424,788


	Shares		Value
Trane Technologies PLC		10,056	$	1,459,729
TransDigm Group Inc *		2,199		1,360,851
Trex Co Inc *		4,844		405,540
Trimble Inc *		10,498		700,951
Trinity Industries Inc		3,643		96,139
Universal Display Corp		1,801		413,870
Valmont Industries Inc		935		163,560
Vertiv Holdings Co		9,214		172,025
Vontier Corp *		4,963		165,764
Vulcan Materials Co		5,552		823,417
Waters Corp *		2,563		634,137
Westinghouse Air Brake Technologies Corp		7,618		557,638
Westrock Co		10,787		469,558
Woodward Inc		2,342		284,623
XPO Logistics Inc *		3,799		452,841
Xylem Inc		7,530		766,479

				55,853,070

Technology - 14.9%

Akamai Technologies Inc *		6,685		701,858
Allegro MicroSystems Inc * (Japan)		1,214		32,365
Alteryx Inc 'A' *		2,206		268,669
Amdocs Ltd		5,564		394,655
ANSYS Inc *		3,608		1,312,590
Aspen Technology Inc *		2,828		368,347
BigCommerce Holdings Inc *		373		23,928
Bill.Com Holdings Inc *		3,079		420,284
Black Knight Inc *		6,314		557,842
Broadridge Financial Solutions Inc		4,801		735,513
CACI International Inc 'A' *		1,035		258,057
Cadence Design Systems Inc *		11,608		1,583,679
CDK Global Inc		5,118		265,266
Ceridian HCM Holding Inc *		4,851		516,923
Cerner Corp		12,792		1,003,916
Change Healthcare Inc *		10,143		189,167
Cirrus Logic Inc *		2,439		200,486
Citrix Systems Inc		5,166		672,097
Cloudflare Inc 'A' *		4,555		346,134
Concentrix Corp *		1,743		172,034
Coupa Software Inc *		2,894		980,806
Cree Inc *		4,647		492,117
Crowdstrike Holdings Inc 'A' *		6,379		1,351,200
Datadog Inc 'A' *		6,382		628,244
Datto Holding Corp *		1,004		27,108
DocuSign Inc *		7,508		1,669,028
Dropbox Inc 'A' *		10,347		229,600
Duck Creek Technologies Inc *		957		41,438
DXC Technology Co		10,613		273,285
Dynatrace Inc *		7,638		330,496
Elastic NV *		2,826		412,963
Entegris Inc		5,703		548,058
EPAM Systems Inc *		2,227		798,045
Everbridge Inc *		1,517		226,139
Fair Isaac Corp *		1,178		602,005
Fastly Inc 'A' *		3,294		287,797
Five9 Inc *		2,645		461,288
Fortinet Inc *		5,570		827,312
Genpact Ltd		7,877		325,793
Globant SA * (Argentina)		1,660		361,233
Guidewire Software Inc *		3,587		461,755
Hewlett Packard Enterprise Co		54,314		643,621
HP Inc		57,906		1,423,909
HubSpot Inc *		1,742		690,598
Inphi Corp *		2,062		330,889
IPG Photonics Corp *		1,479		330,985
Jack Henry & Associates Inc		3,191		516,910
Jamf Holding Corp *		1,305		39,046
JFrog Ltd * (Israel)		562		35,310
KLA Corp		6,538		1,692,754
Leidos Holdings Inc		5,664		595,400


	Shares		Value
Lumentum Holdings Inc *		3,123	$	296,060
Manhattan Associates Inc *		2,646		278,306
Marvell Technology Group Ltd		27,974		1,329,884
Maxim Integrated Products Inc		11,138		987,384
McAfee Corp 'A'		1,563		26,086
Medallia Inc *		3,525		117,101
Microchip Technology Inc		10,520		1,452,917
MKS Instruments Inc		2,282		343,327
MongoDB Inc *		2,154		773,372
Monolithic Power Systems Inc		1,816		665,074
MSCI Inc		3,427		1,530,258
nCino Inc *		620		44,894
NCR Corp *		5,339		200,586
NetApp Inc		9,320		617,357
New Relic Inc *		2,157		141,068
Nuance Communications Inc *		11,970		527,757
Nutanix Inc 'A' *		8,127		259,008
Oak Street Health Inc *		964		58,958
ON Semiconductor Corp *		17,080		559,028
PagerDuty Inc *		2,869		119,637
Paychex Inc		13,514		1,259,235
Paycom Software Inc *		2,071		936,610
Pegasystems Inc		1,651		220,012
Pluralsight Inc 'A' *		3,769		78,998
PTC Inc *		4,377		523,533
Pure Storage Inc 'A' *		10,179		230,147
Qorvo Inc *		4,782		795,103
RealPage Inc *		3,726		325,056
RingCentral Inc 'A' *		3,332		1,262,728
Science Applications International Corp		2,427		229,691
Skyworks Solutions Inc		6,985		1,067,867
Slack Technologies Inc 'A' *		16,050		677,952
Smartsheet Inc 'A' *		4,628		320,674
SolarWinds Corp *		1,919		28,689
Splunk Inc *		6,695		1,137,414
SS&C Technologies Holdings Inc		9,459		688,142
Synopsys Inc *		6,353		1,646,952
Take-Two Interactive Software Inc *		4,847		1,007,158
Teradata Corp *		4,493		100,958
Teradyne Inc		6,960		834,434
Twilio Inc 'A' *		5,897		1,996,135
Tyler Technologies Inc *		1,667		727,679
Unity Software Inc *		1,214		186,313
Veeva Systems Inc 'A' *		5,702		1,552,370
Western Digital Corp		12,874		713,091
Xerox Holdings Corp		7,092		164,463
Xilinx Inc		10,287		1,458,388
Zebra Technologies Corp 'A' *		2,207		848,216
Zscaler Inc *		3,088		616,704
Zynga Inc 'A' *		37,061		365,792

				59,987,508

Utilities - 4.9%

AES Corp		27,678		650,433
Alliant Energy Corp		10,516		541,890
Ameren Corp		10,412		812,761
American Water Works Co Inc		7,643		1,172,971
Atmos Energy Corp		5,251		501,103
Avangrid Inc		2,361		107,307
CenterPoint Energy Inc		21,205		458,876
CMS Energy Corp		11,916		726,995
Consolidated Edison Inc		14,074		1,017,128
DTE Energy Co		8,089		982,086
Edison International		15,062		946,195
Entergy Corp		8,459		844,547
Essential Utilities Inc		9,387		443,911
Evergy Inc		9,522		528,566
Eversource Energy		14,440		1,249,204
FirstEnergy Corp		22,699		694,816
Hawaiian Electric Industries Inc		4,455		157,662


	Shares		Value
IDACORP Inc		2,216		$212,802
National Fuel Gas Co		3,620		148,891
NiSource Inc		15,942		365,710
NRG Energy Inc		10,163		381,621
OGE Energy Corp		8,394		267,433
PG&E Corp *		55,388		690,135
Pinnacle West Capital Corp		4,714		376,884
PPL Corp		32,450		915,090
Public Service Enterprise Group Inc		21,278		1,240,507
UGI Corp		8,752		305,970
Vistra Corp		20,470		402,440
WEC Energy Group Inc		13,331		1,226,852
Xcel Energy Inc		22,182		1,478,874

				19,849,660

Total Common Stocks (Cost $351,943,401)				393,763,368


EXCHANGE-TRADED FUND - 1.1%

iShares Russell Mid-Cap ETF		67,755		4,644,605


Total Exchange-Traded Fund (Cost $4,298,521)				4,644,605


	Principal Amount		Value

SHORT-TERM INVESTMENT - 0.7%

Repurchase Agreement - 0.7%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $2,956,808; collateralized by U.S. Treasury Notes: 0.125% due 12/31/2022 and value $3,016,000)		$2,956,808		$2,956,808


Total Short-Term Investment (Cost $2,956,808)				2,956,808


TOTAL INVESTMENTS - 99.8% (Cost $359,198,730)				401,364,781

DERIVATIVES - 0.1%				79,258


OTHER ASSETS & LIABILITIES, NET - 0.1%				531,830


NET ASSETS - 100.0%				$401,975,869

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			19.5%
Financial			17.0%
Technology			14.9%
Industrial			13.9%
Consumer, Cyclical			13.1%
Communications			8.6%
Utilities			4.9%
Basic Materials			3.1%
Energy			3.0%
Others (each less than 3.0%)			1.8%

			99.8%
Derivatives			0.1%
Other Assets & Liabilities, Net			0.1%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
RIGHTS - 0.0%

Consumer, Non-Cyclical - 0.0%

Contra Aduro Biotechnologies Inc - Contingent Value Rights * W ±		758		$2,274
Oncternal Therapeutics Inc - Contingent Value Rights *		33		68


Total Rights (Cost $67)				2,342


COMMON STOCKS - 98.4%

Basic Materials - 1.9%

American Vanguard Corp		234		3,632
Amyris Inc *		193		1,192
Balchem Corp		1,221		140,683
Caledonia Mining Corp PLC (South Africa)		156		2,477
Codexis Inc *		2,188		47,764
Compass Minerals International Inc		1,413		87,210
Ferro Corp *		2,452		35,873
Gatos Silver Inc *		258		3,362
GCP Applied Technologies Inc *		1,545		36,539
Hawkins Inc		222		11,613
HB Fuller Co		1,375		71,335
Ingevity Corp *		1,711		129,574
Innospec Inc		813		73,763
Koppers Holdings Inc *		529		16,484
Marrone Bio Innovations Inc *		2,671		3,339
Novagold Resources Inc * (Canada)		9,169		88,664
Orion Engineered Carbons SA (Germany)		1,422		24,373
PQ Group Holdings Inc		264		3,765
Quaker Chemical Corp		550		139,364
Rogers Corp *		137		21,275
Sensient Technologies Corp		711		52,450
Stepan Co		73		8,710
Tronox Holdings PLC 'A' *		1,322		19,328
United States Lime & Minerals Inc		8		912
Uranium Energy Corp *		2,826		4,974

				1,028,655

Communications - 5.2%

1-800-Flowers.com Inc 'A' *		1,052		27,352
A10 Networks Inc *		2,398		23,644
Acacia Communications Inc *		1,602		116,882
AMC Networks Inc 'A' *		464		16,597
Anterix Inc *		461		17,334
ATN International Inc		18		752
Boingo Wireless Inc *		1,854		23,583
CalAmp Corp *		939		9,315
Calix Inc *		2,171		64,609
Cambium Networks Corp *		237		5,944
Cargurus Inc *		3,600		114,228
CarParts.com Inc *		1,293		16,020
Casa Systems Inc *		1,347		8,311
ChannelAdvisor Corp *		1,170		18,697
Cincinnati Bell Inc *		691		10,558
Clearfield Inc *		474		11,717
Cogent Communications Holdings Inc		1,751		104,832
Consolidated Communications Holdings Inc *		278		1,359
Endurance International Group Holdings Inc *		2,799		26,451
ePlus Inc *		445		39,138
Eventbrite Inc 'A' *		2,687		48,635
EverQuote Inc 'A' *		593		22,149
Extreme Networks Inc *		5,020		34,588
Gogo Inc *		2,198		21,167
Gray Television Inc *		1,114		19,929


	Shares		Value
GTT Communications Inc *		1,354		$4,834
HC2 Holdings Inc *		2,474		8,065
IDT Corp 'B' *		536		6,625
Infinera Corp *		3,367		35,286
Inseego Corp *		2,880		44,554
InterDigital Inc		409		24,818
Iridium Communications Inc *		3,117		122,576
Limelight Networks Inc *		5,005		19,970
LiveXLive Media Inc *		332		1,089
Loral Space & Communications Inc		93		1,952
Magnite Inc *		2,497		76,683
MediaAlpha Inc 'A' *		310		12,112
Meredith Corp		847		16,262
Mimecast Ltd *		2,351		133,631
NeoPhotonics Corp *		1,439		13,081
NIC Inc		2,704		69,844
Ooma Inc *		880		12,672
ORBCOMM Inc *		399		2,961
Overstock.com Inc *		1,440		69,077
Perficient Inc *		1,331		63,422
Plantronics Inc		475		12,839
Q2 Holdings Inc *		2,080		263,182
QuinStreet Inc *		645		13,829
Quotient Technology Inc *		2,040		19,217
Rackspace Technology Inc *		1,187		22,624
Resonant Inc *		2,147		5,690
Shenandoah Telecommunications Co		1,985		85,851
Shutterstock Inc		901		64,602
Stamps.com Inc *		702		137,725
Stitch Fix Inc 'A' *		2,105		123,606
TechTarget Inc *		987		58,342
The RealReal Inc *		2,636		51,507
Tucows Inc 'A' *		396		29,260
Upwork Inc *		3,829		132,177
Value Line Inc		62		2,044
Viavi Solutions Inc *		9,393		140,660
VirnetX Holding Corp		1,392		7,016
Vonage Holdings Corp *		5,384		69,319
WideOpenWest Inc *		1,108		11,822
Yelp Inc *		563		18,393
Zix Corp *		2,315		19,978

				2,832,988

Consumer, Cyclical - 12.4%

Academy Sports & Outdoors Inc *		130		2,695
Accel Entertainment Inc *		2,060		20,806
Acushnet Holdings Corp		338		13,703
Albany International Corp 'A'		1,038		76,210
Allegiant Travel Co		65		12,301
America’s Car-Mart Inc *		203		22,298
Asbury Automotive Group Inc *		308		44,888
Aspen Aerogels Inc *		76		1,268
Bally’s Corp		724		36,367
Big Lots Inc		131		5,624
BJ’s Wholesale Club Holdings Inc *		5,658		210,930
Bloomin’ Brands Inc		3,598		69,873
Blue Bird Corp *		252		4,602
Boot Barn Holdings Inc *		1,068		46,308
Brinker International Inc		1,223		69,185
Caesars Entertainment Inc *		4,365		324,189
Camping World Holdings Inc 'A'		1,334		34,751
Casper Sleep Inc *		191		1,175
Cavco Industries Inc *		378		66,320
Churchill Downs Inc		1,572		306,210
Clarus Corp		45		693
Core-Mark Holding Co Inc		1,705		50,076
Cracker Barrel Old Country Store Inc		414		54,615
Crocs Inc *		2,758		172,816
Dave & Buster’s Entertainment Inc		680		20,414


	Shares		Value
Deckers Outdoor Corp *		1,157		$331,804
Denny’s Corp *		1,717		25,206
Dine Brands Global Inc		42		2,436
Dorman Products Inc *		1,101		95,589
Douglas Dynamics Inc		840		35,927
El Pollo Loco Holdings Inc *		41		742
Envela Corp *		238		1,238
Everi Holdings Inc *		1,231		17,000
EVI Industries Inc *		207		6,193
FirstCash Inc		1,677		117,457
Foundation Building Materials Inc *		187		3,592
Fox Factory Holding Corp *		1,709		180,658
Freshpet Inc *		1,601		227,326
GAN Ltd * (United Kingdom)		789		16,001
Gentherm Inc *		1,350		88,047
Golden Entertainment Inc *		267		5,311
GrowGeneration Corp *		1,514		60,893
Hamilton Beach Brands Holding Co 'A'		97		1,698
Healthcare Services Group Inc		3,073		86,351
Hilton Grand Vacations Inc *		3,476		108,973
Hooker Furniture Corp		7		226
Installed Building Products Inc *		940		95,814
Interface Inc		441		4,631
iRobot Corp *		1,139		91,450
Jack in the Box Inc		107		9,930
Johnson Outdoors Inc 'A'		110		12,389
KB Home		545		18,268
LCI Industries		1,018		132,014
LGI Homes Inc *		919		97,276
Liberty Media Corp-Liberty Braves 'A' *		253		6,292
Liberty Media Corp-Liberty Braves 'C' *		924		22,989
Lindblad Expeditions Holdings Inc *		1,091		18,678
Lithia Motors Inc 'A'		526		153,944
Lumber Liquidators Holdings Inc *		146		4,488
Malibu Boats Inc 'A' *		844		52,699
Marine Products Corp		304		4,420
Marriott Vacations Worldwide Corp		222		30,463
MasterCraft Boat Holdings Inc *		784		19,475
Meritage Homes Corp *		83		6,874
Meritor Inc *		2,189		61,095
Methode Electronics Inc		272		10,412
Monarch Casino & Resort Inc *		381		23,325
Motorcar Parts of America Inc *		92		1,805
National Vision Holdings Inc *		2,751		124,593
Noodles & Co *		646		5,103
OneWater Marine Inc 'A' *		347		10,094
OptimizeRx Corp *		619		19,288
Papa John’s International Inc		1,149		97,493
PC Connection Inc		31		1,466
Penn National Gaming Inc *		3,225		278,543
PetMed Express Inc		827		26,514
PriceSmart Inc		60		5,465
Purple Innovation Inc *		684		22,531
Red Rock Resorts Inc 'A'		2,023		50,656
REV Group Inc		128		1,128
RH *		652		291,783
Ruth’s Hospitality Group Inc		1,372		24,326
Scientific Games Corp 'A' *		1,691		70,160
SeaWorld Entertainment Inc *		941		29,726
Shake Shack Inc 'A' *		1,447		122,677
SiteOne Landscape Supply Inc *		1,815		287,913
Skyline Champion Corp *		2,162		66,892
Sleep Number Corp *		421		34,463
Sonos Inc *		3,324		77,748
Sportsman’s Warehouse Holdings Inc *		1,809		31,748
Standard Motor Products Inc		135		5,462
Steven Madden Ltd		1,484		52,415
Superior Group of Cos Inc		79		1,836
Systemax Inc		350		12,561
Taylor Morrison Home Corp *		538		13,800


	Shares		Value
Telenav Inc *		381		$1,791
Texas Roadhouse Inc		2,713		212,048
The Children’s Place Inc		421		21,092
The Lovesac Co *		416		17,925
The Shyft Group Inc		1,401		39,760
UniFirst Corp		35		7,409
Universal Electronics Inc *		467		24,499
Visteon Corp *		1,144		143,595
Waitr Holdings Inc *		3,541		9,844
Wingstop Inc		1,224		162,241
Winmark Corp		36		6,689
Winnebago Industries Inc		1,283		76,903
XPEL Inc *		705		36,350
YETI Holdings Inc *		3,307		226,430

				6,712,676

Consumer, Non-Cyclical - 38.3%

89bio Inc *		333		8,115
Abeona Therapeutics Inc *		355		557
Accelerate Diagnostics Inc *		1,316		9,975
Accolade Inc *		438		19,053
Accuray Inc *		3,793		15,817
AcelRx Pharmaceuticals Inc *		668		828
Acutus Medical Inc *		331		9,536
AdaptHealth Corp *		1,011		37,973
Addus HomeCare Corp *		609		71,308
ADMA Biologics Inc *		2,217		4,323
Adverum Biotechnologies Inc *		3,160		34,254
Aeglea BioTherapeutics Inc *		1,512		11,899
Aerie Pharmaceuticals Inc *		1,551		20,954
Affimed NV * (Germany)		3,442		20,032
Agenus Inc *		6,411		20,387
Agile Therapeutics Inc *		2,676		7,680
Akebia Therapeutics Inc *		6,058		16,962
Akero Therapeutics Inc *		572		14,758
Akouos Inc *		485		9,618
Alarm.com Holdings Inc *		1,964		203,176
Albireo Pharma Inc *		481		18,042
Alector Inc *		1,957		29,609
Aligos Therapeutics Inc *		322		8,903
Allakos Inc *		1,082		151,480
Allogene Therapeutics Inc *		2,221		56,058
Allovir Inc *		598		22,987
Alpha Pro Tech Ltd *		518		5,776
Alphatec Holdings Inc *		1,953		28,358
ALX Oncology Holdings Inc *		320		27,584
American Renal Associates Holdings Inc *		195		2,233
Amicus Therapeutics Inc *		10,618		245,170
AMN Healthcare Services Inc *		1,924		131,313
Amneal Pharmaceuticals Inc *		4,192		19,157
Amphastar Pharmaceuticals Inc *		1,541		30,990
Anavex Life Sciences Corp *		2,225		12,015
ANI Pharmaceuticals Inc *		210		6,098
Annexon Inc *		493		12,340
Antares Pharma Inc *		6,962		27,778
Apellis Pharmaceuticals Inc *		2,477		141,684
Applied Molecular Transport Inc *		415		12,770
Applied Therapeutics Inc *		577		12,700
Aprea Therapeutics Inc * (Sweden)		304		1,496
Apyx Medical Corp *		61		439
Aquestive Therapeutics Inc *		840		4,494
Aravive Inc *		519		2,927
Arcturus Therapeutics Holdings Inc *		909		39,432
Arcus Biosciences Inc *		1,731		44,937
Arcutis Biotherapeutics Inc *		850		23,910
Ardelyx Inc *		3,089		19,986
Arena Pharmaceuticals Inc *		201		15,443
Arrowhead Pharmaceuticals Inc *		4,145		318,046
Arvinas Inc *		1,429		121,365
ASGN Inc *		1,736		145,008


	Shares		Value
Aspen Group Inc *		937		$10,429
Aspira Women’s Health Inc *		3,180		21,338
Assembly Biosciences Inc *		678		4,102
Atara Biotherapeutics Inc *		2,334		45,816
Atea Pharmaceuticals Inc *		468		19,553
Athenex Inc *		2,893		31,997
Athersys Inc *		7,334		12,835
Athira Pharma Inc *		412		14,111
Atreca Inc 'A' *		1,107		17,878
AtriCure Inc *		1,800		100,206
Atrion Corp		57		36,608
Avalon GloboCare Corp *		1,054		1,180
Avenue Therapeutics Inc *		143		851
AVEO Pharmaceuticals Inc *		550		3,174
Avid Bioservices Inc *		2,148		24,788
Avidity Biosciences Inc *		558		14,240
Avis Budget Group Inc *		2,169		80,904
Avrobio Inc *		1,322		18,429
Axcella Health Inc *		577		2,995
Axogen Inc *		1,540		27,566
Axonics Modulation Technologies Inc *		1,242		62,001
Axsome Therapeutics Inc *		1,142		93,039
B&G Foods Inc		2,311		64,084
Barrett Business Services Inc		20		1,364
Beam Therapeutics Inc *		1,647		134,461
Bellerophon Therapeutics Inc *		123		820
Beyond Air Inc *		598		3,151
Beyondspring Inc *		580		7,076
BioCryst Pharmaceuticals Inc *		5,694		42,420
BioDelivery Sciences International Inc *		3,796		15,943
Biodesix Inc *		111		2,238
Biohaven Pharmaceutical Holding Co Ltd *		1,986		170,220
BioLife Solutions Inc *		582		23,216
BioSig Technologies Inc *		1,021		3,982
BioTelemetry Inc *		1,378		99,326
Bioxcel Therapeutics Inc *		496		22,915
Black Diamond Therapeutics Inc *		764		24,486
Blueprint Medicines Corp *		2,285		256,263
BrainStorm Cell Therapeutics Inc *		1,207		5,462
Bridgebio Pharma Inc *		3,005		213,686
Bridgford Foods Corp *		23		419
C4 Therapeutics Inc *		343		11,364
Cadiz Inc *		435		4,633
CAI International Inc		126		3,936
Cal-Maine Foods Inc *		509		19,108
Calavo Growers Inc		675		46,865
Calithera Biosciences Inc *		2,786		13,679
Calyxt Inc *		415		1,751
Cantel Medical Corp		1,564		123,337
Cara Therapeutics Inc *		1,742		26,356
Cardiovascular Systems Inc *		1,634		71,504
Cardtronics PLC 'A' *		1,062		37,489
CareDx Inc *		1,977		143,234
CASI Pharmaceuticals Inc *		2,446		7,216
Cass Information Systems Inc		606		23,579
Cassava Sciences Inc *		349		2,380
Castle Biosciences Inc *		495		33,239
Catabasis Pharmaceuticals Inc *		585		1,252
Catalyst Pharmaceuticals Inc *		4,106		13,714
CBIZ Inc *		359		9,553
CEL-SCI Corp *		1,218		14,202
Cellular Biomedicine Group Inc *		331		6,084
Celsius Holdings Inc *		1,451		73,000
Centogene NV * (Germany)		362		3,902
Central Garden & Pet Co *		125		4,826
Central Garden & Pet Co 'A' *		500		18,165
Cerecor Inc *		1,525		4,026
Cerus Corp *		6,720		46,502
Champions Oncology Inc *		311		3,356
Checkmate Pharmaceuticals Inc *		133		1,940


	Shares		Value
Checkpoint Therapeutics Inc *		1,911		$5,064
Chembio Diagnostics Inc *		744		3,534
ChemoCentryx Inc *		2,047		126,750
Chiasma Inc *		2,120		9,222
Chinook Therapeutics Inc *		484		7,676
ChromaDex Corp *		1,730		8,304
Cidara Therapeutics Inc *		1,182		2,364
Cimpress PLC * (Ireland)		244		21,409
Clovis Oncology Inc *		3,504		16,819
Co-Diagnostics Inc *		1,122		10,435
Coca-Cola Consolidated Inc		193		51,390
Codiak Biosciences Inc *		167		5,394
Cohbar Inc *		1,640		2,198
Coherus Biosciences Inc *		2,444		42,477
Collectors Universe Inc		350		26,390
Collegium Pharmaceutical Inc *		1,451		29,064
CONMED Corp		1,119		125,328
Constellation Pharmaceuticals Inc *		1,249		35,971
ContraFect Corp *		1,039		5,247
Corbus Pharmaceuticals Holdings Inc *		3,176		3,970
Corcept Therapeutics Inc *		3,994		104,483
CorMedix Inc *		1,217		9,042
Cortexyme Inc *		620		17,224
CorVel Corp *		357		37,842
CRA International Inc		241		12,274
Crinetics Pharmaceuticals Inc *		1,145		16,156
Cross Country Healthcare Inc *		110		976
CryoLife Inc *		1,262		29,796
Cue Biopharma Inc *		1,217		15,225
Cutera Inc *		732		17,649
Cytokinetics Inc *		2,385		49,560
CytomX Therapeutics Inc *		1,910		12,511
CytoSorbents Corp *		1,738		13,852
Deciphera Pharmaceuticals Inc *		1,580		90,171
Denali Therapeutics Inc *		2,597		217,525
DermTech Inc *		345		11,192
Dicerna Pharmaceuticals Inc *		2,746		60,494
Durect Corp *		8,572		17,744
Dyadic International Inc *		676		3,637
Dynavax Technologies Corp *		3,799		16,906
Dyne Therapeutics Inc *		455		9,555
Eagle Pharmaceuticals Inc *		420		19,559
Eargo Inc *		257		11,519
Editas Medicine Inc *		2,592		181,725
Eidos Therapeutics Inc *		448		58,948
Eiger BioPharmaceuticals Inc *		1,164		14,306
Electromed Inc *		295		2,894
elf Beauty Inc *		1,840		46,350
Eloxx Pharmaceuticals Inc *		1,141		4,541
Emergent BioSolutions Inc *		1,863		166,925
Enanta Pharmaceuticals Inc *		69		2,905
Endo International PLC *		4,117		29,560
Epizyme Inc *		2,375		25,792
Esperion Therapeutics Inc *		1,094		28,444
Eton Pharmaceuticals Inc *		751		6,106
Evelo Biosciences Inc *		851		10,289
EVERTEC Inc		2,472		97,199
Evo Payments Inc 'A' *		1,724		46,565
Evofem Biosciences Inc *		3,036		7,317
Evolus Inc *		292		981
Exagen Inc *		206		2,719
Exicure Inc *		2,173		3,846
Fate Therapeutics Inc *		2,958		268,971
Fennec Pharmaceuticals Inc * (Canada)		908		6,765
FibroGen Inc *		2,977		110,417
Flexion Therapeutics Inc *		1,852		21,372
Foghorn Therapeutics Inc *		226		4,581
Forma Therapeutics Holdings Inc *		571		19,928
Forrester Research Inc *		464		19,442
Fortress Biotech Inc *		2,654		8,413


	Shares		Value
Franchise Group Inc		105		$3,197
Franklin Covey Co *		533		11,870
Frequency Therapeutics Inc *		1,020		35,965
Fulcrum Therapeutics Inc *		608		7,120
Fulgent Genetics Inc *		557		29,020
G1 Therapeutics Inc *		676		12,161
Galectin Therapeutics Inc *		1,778		3,983
Galera Therapeutics Inc *		374		3,826
Genasys Inc *		1,413		9,213
Generation Bio Co *		410		11,624
GenMark Diagnostics Inc *		2,823		41,216
Genprex Inc *		1,212		5,030
Glaukos Corp *		1,760		132,458
Gossamer Bio Inc *		1,002		9,689
Graybug Vision Inc *		204		5,920
Green Dot Corp 'A' *		185		10,323
Greenlane Holdings Inc 'A' *		361		1,430
GreenSky Inc 'A' *		2,633		12,191
Gritstone Oncology Inc *		291		1,147
Halozyme Therapeutics Inc *		5,493		234,606
Hanger Inc *		182		4,002
Harmony Biosciences Holdings Inc *		190		6,869
Harpoon Therapeutics Inc *		447		7,425
Harrow Health Inc *		949		6,510
HealthEquity Inc *		3,110		216,798
Helen of Troy Ltd *		1,047		232,633
Herc Holdings Inc *		58		3,852
Heron Therapeutics Inc *		3,594		76,067
Heska Corp *		106		15,439
HMS Holdings Corp *		3,629		133,366
Homology Medicines Inc *		1,438		16,235
Hookipa Pharma Inc *		493		5,467
Hostess Brands Inc *		2,320		33,965
Huron Consulting Group Inc *		87		5,129
iBio Inc *		6,201		6,511
ICF International Inc		383		28,468
Ideaya Biosciences Inc *		164		2,296
IGM Biosciences Inc *		300		26,487
IMARA Inc *		307		6,769
Immunic Inc *		155		2,370
ImmunoGen Inc *		3,339		21,537
Immunovant Inc *		1,549		71,548
Inari Medical Inc *		258		22,521
InfuSystem Holdings Inc *		612		11,493
Inhibrx Inc *		261		8,605
Innoviva Inc *		2,679		33,193
Inogen Inc *		521		23,278
Inovio Pharmaceuticals Inc *		6,621		58,596
Inozyme Pharma Inc *		272		5,614
Insmed Inc *		4,178		139,086
Insperity Inc		736		59,925
Inspire Medical Systems Inc *		1,081		203,325
Integer Holdings Corp *		848		68,849
Intellia Therapeutics Inc *		2,067		112,445
Inter Parfums Inc		726		43,916
Intercept Pharmaceuticals Inc *		1,095		27,046
Intersect ENT Inc *		1,375		31,487
Intra-Cellular Therapies Inc *		1,049		33,358
Invitae Corp *		4,766		199,266
iRadimed Corp *		251		5,723
iRhythm Technologies Inc *		1,193		282,992
Ironwood Pharmaceuticals Inc *		6,551		74,616
iTeos Therapeutics Inc *		357		12,074
J&J Snack Foods Corp		168		26,102
John B Sanfilippo & Son Inc		352		27,759
Kadmon Holdings Inc *		7,290		30,253
Kala Pharmaceuticals Inc *		1,673		11,343
Kaleido Biosciences Inc *		473		4,304
KalVista Pharmaceuticals Inc *		112		2,127
Karuna Therapeutics Inc *		651		66,135


	Shares		Value
Karyopharm Therapeutics Inc *		2,857		$44,226
Keros Therapeutics Inc *		502		35,411
Kforce Inc		799		33,630
Kindred Biosciences Inc *		1,302		5,612
Kiniksa Pharmaceuticals Ltd 'A' *		1,040		18,377
Kodiak Sciences Inc *		1,331		195,537
Kronos Bio Inc *		472		14,099
Krystal Biotech Inc *		571		34,260
Kura Oncology Inc *		2,526		82,499
Kymera Therapeutics Inc *		327		20,274
La Jolla Pharmaceutical Co *		768		2,980
Laird Superfood Inc *		67		3,170
Lancaster Colony Corp		786		144,412
Lantheus Holdings Inc *		2,697		36,383
LeMaitre Vascular Inc		561		22,721
Lexicon Pharmaceuticals Inc *		1,750		5,985
LHC Group Inc *		1,254		267,503
Lifevantage Corp *		580		5,406
Ligand Pharmaceuticals Inc *		592		58,874
Limoneira Co		158		2,631
Liquidia Corp *		1,147		3,384
LivaNova PLC *		1,419		93,952
LiveRamp Holdings Inc *		2,137		156,407
LogicBio Therapeutics Inc *		711		5,425
Luminex Corp		1,751		40,483
Lyra Therapeutics Inc *		165		1,881
MacroGenics Inc *		794		18,151
Madrigal Pharmaceuticals Inc *		357		39,688
Magellan Health Inc *		436		36,118
Magenta Therapeutics Inc *		728		5,708
MannKind Corp *		9,316		29,159
Marinus Pharmaceuticals Inc *		1,058		12,908
Marker Therapeutics Inc *		691		1,002
MediciNova Inc *		1,784		9,384
Medifast Inc		466		91,494
Medpace Holdings Inc *		1,141		158,827
MEI Pharma Inc *		3,718		9,816
MeiraGTx Holdings PLC *		789		11,945
Meridian Bioscience Inc *		1,558		29,119
Merit Medical Systems Inc *		2,236		124,120
Mersana Therapeutics Inc *		2,182		58,063
Metacrine Inc *		192		1,509
MGP Ingredients Inc		408		19,200
Milestone Scientific Inc *		1,618		3,430
Minerva Neurosciences Inc *		1,451		3,395
Mirati Therapeutics Inc *		1,767		388,104
Mirum Pharmaceuticals Inc *		83		1,449
Misonix Inc *		166		2,075
Mission Produce Inc *		147		2,212
Molecular Templates Inc *		1,120		10,517
Monro Inc		656		34,965
Morphic Holding Inc *		579		19,425
Mustang Bio Inc *		1,967		7,445
NanoString Technologies Inc *		1,579		105,604
NantKwest Inc *		1,138		15,170
Natera Inc *		2,933		291,892
National Beverage Corp		480		40,752
National Research Corp		571		24,410
Natural Grocers by Vitamin Cottage Inc		211		2,899
Natus Medical Inc *		458		9,178
Nemaura Medical Inc *		497		1,874
Neogen Corp *		2,179		172,795
NeoGenomics Inc *		4,330		233,127
Neoleukin Therapeutics Inc *		1,362		19,204
Neubase Therapeutics Inc *		712		4,977
NeuroBo Pharmaceuticals Inc *		81		425
Nevro Corp *		1,404		243,032
NewAge Inc *		1,814		4,771
NextCure Inc *		653		7,118
NGM Biopharmaceuticals Inc *		940		28,477


	Shares		Value
Nkarta Inc *		520		$31,964
Novavax Inc *		687		76,607
Nurix Therapeutics Inc *		371		12,198
NuVasive Inc *		2,107		118,687
Nymox Pharmaceutical Corp *		1,552		3,849
Ocular Therapeutix Inc *		2,823		58,436
Odonate Therapeutics Inc *		658		12,634
Omeros Corp *		2,391		34,155
Omnicell Inc *		1,755		210,635
Oncocyte Corp *		2,380		5,688
Oncorus Inc *		209		6,757
Ontrak Inc *		337		20,823
Optinose Inc *		1,481		6,131
Option Care Health Inc *		1,740		27,214
OraSure Technologies Inc *		1,826		19,328
Organogenesis Holdings Inc *		862		6,491
Orgenesis Inc *		265		1,193
ORIC Pharmaceuticals Inc *		851		28,806
OrthoPediatrics Corp *		555		22,894
Osmotica Pharmaceuticals PLC *		388		1,599
Ovid therapeutics Inc *		1,811		4,183
Oyster Point Pharma Inc *		257		4,837
Pacific Biosciences of California Inc *		6,395		165,886
Pacira BioSciences Inc *		1,771		105,977
Pandion Therapeutics Inc *		251		3,727
Paratek Pharmaceuticals Inc *		1,724		10,792
Passage Bio Inc *		625		15,981
PAVmed Inc *		1,321		2,801
Perdoceo Education Corp *		2,807		35,452
Personalis Inc *		1,002		36,683
PetIQ Inc *		890		34,220
PFSweb Inc *		487		3,278
PhaseBio Pharmaceuticals Inc *		654		2,197
Phathom Pharmaceuticals Inc *		454		15,082
Phibro Animal Health Corp 'A'		798		15,497
Pieris Pharmaceuticals Inc *		1,879		4,698
Pliant Therapeutics Inc *		348		7,907
PMV Pharmaceuticals Inc *		442		27,187
Poseida Therapeutics Inc *		451		4,947
Praxis Precision Medicines Inc *		357		19,642
Precigen Inc *		2,234		22,787
Precision BioSciences Inc *		1,857		15,487
Prelude Therapeutics Inc *		298		21,322
Prestige Consumer Healthcare Inc *		748		26,083
Prevail Therapeutics Inc *		605		13,957
Priority Technology Holdings Inc *		362		2,548
Progenity Inc *		108		573
Progyny Inc *		1,091		46,247
Protagonist Therapeutics Inc *		1,280		25,805
Protara Therapeutics Inc *		151		3,656
Provention Bio Inc *		1,929		32,677
PTC Therapeutics Inc *		2,549		155,565
Pulmonx Corp *		377		26,021
Pulse Biosciences Inc *		582		13,887
Puma Biotechnology Inc *		1,291		13,246
Quanterix Corp *		853		39,664
Quotient Ltd *		2,940		15,317
R1 RCM Inc *		4,515		108,450
Radius Health Inc *		1,924		34,363
RadNet Inc *		1,757		34,384
RAPT Therapeutics Inc *		464		9,164
Recro Pharma Inc *		814		2,320
REGENXBIO Inc *		1,391		63,096
Relay Therapeutics Inc *		1,040		43,222
Relmada Therapeutics Inc *		611		19,595
Rent-A-Center Inc		1,772		67,850
Repay Holdings Corp *		2,515		68,534
Replimune Group Inc *		981		37,425
Repro-Med Systems Inc *		1,141		6,869
Retractable Technologies Inc *		525		5,639


	Shares		Value
Revance Therapeutics Inc *		1,983		$56,198
Revlon Inc 'A' *		28		333
REVOLUTION Medicines Inc *		1,591		62,988
Rhythm Pharmaceuticals Inc *		1,366		40,611
Rigel Pharmaceuticals Inc *		7,188		25,158
Rocket Pharmaceuticals Inc *		1,404		76,995
Rockwell Medical Inc *		2,646		2,672
Rubius Therapeutics Inc *		187		1,419
Sanderson Farms Inc		645		85,269
Sangamo Therapeutics Inc *		4,735		73,890
Satsuma Pharmaceuticals Inc *		348		1,604
Scholar Rock Holding Corp *		1,052		51,054
scPharmaceuticals Inc *		249		1,317
Select Medical Holdings Corp *		4,462		123,419
Selecta Biosciences Inc *		1,362		4,127
Seres Therapeutics Inc *		2,243		54,953
Shattuck Labs Inc *		423		22,169
Shockwave Medical Inc *		1,174		121,767
ShotSpotter Inc *		342		12,893
SI-BONE Inc *		1,178		35,222
Sientra Inc *		1,577		6,135
SIGA Technologies Inc *		2,203		16,016
Silk Road Medical Inc *		1,136		71,545
Soleno Therapeutics Inc *		2,206		4,258
Solid Biosciences Inc *		143		1,084
Soliton Inc *		277		2,127
Sorrento Therapeutics Inc *		10,300		70,297
Spero Therapeutics Inc *		741		14,368
SpringWorks Therapeutics Inc *		992		71,940
Spruce Biosciences Inc *		219		5,324
SQZ Biotechnologies Co *		139		4,028
STAAR Surgical Co *		1,892		149,884
Stereotaxis Inc *		1,879		9,564
Stoke Therapeutics Inc *		516		31,956
Strategic Education Inc		993		94,663
Strongbridge Biopharma PLC *		1,403		3,409
Supernus Pharmaceuticals Inc *		459		11,548
Surgery Partners Inc *		951		27,589
Surmodics Inc *		561		24,415
Sutro Biopharma Inc *		1,011		21,949
Syndax Pharmaceuticals Inc *		1,139		25,331
Syros Pharmaceuticals Inc *		1,755		19,042
Tactile Systems Technology Inc *		777		34,918
Tarsus Pharmaceuticals Inc *		195		8,059
Taysha Gene Therapies Inc *		273		7,245
TCR2 Therapeutics Inc *		66		2,041
Tela Bio Inc *		292		4,392
Tenet Healthcare Corp *		441		17,609
TG Therapeutics Inc *		4,065		211,461
The Aaron’s Co Inc *		182		3,451
The Brink’s Co		2,027		145,944
The Ensign Group Inc		2,131		155,393
The Hackett Group Inc		927		13,340
The Joint Corp *		563		14,784
The Pennant Group Inc *		1,049		60,905
The Providence Service Corp *		498		69,038
TherapeuticsMD Inc *		8,515		10,303
Theravance Biopharma Inc *		1,672		29,711
Tivity Health Inc *		859		16,828
Tootsie Roll Industries Inc		569		16,899
Translate Bio Inc *		2,810		51,788
TransMedics Group Inc *		1,064		21,174
Travere Therapeutics Inc *		2,007		54,701
Tricida Inc *		1,197		8,439
TriNet Group Inc *		1,699		136,939
Triple-S Management Corp 'B' *		64		1,366
Turning Point Brands Inc		502		22,369
Turning Point Therapeutics Inc *		1,442		175,708
Twist Bioscience Corp *		1,351		190,883
Tyme Technologies Inc *		2,895		3,532


	Shares		Value
Ultragenyx Pharmaceutical Inc *		2,584		$357,703
UNITY Biotechnology Inc *		1,479		7,750
Universal Technical Institute Inc *		1,153		7,448
UroGen Pharma Ltd *		501		9,028
US Physical Therapy Inc		520		62,530
USANA Health Sciences Inc *		468		36,083
Utah Medical Products Inc		114		9,610
Vapotherm Inc *		829		22,267
Vaxart Inc *		1,880		10,735
Vaxcyte Inc *		608		16,155
VBI Vaccines Inc *		5,899		16,222
Vector Group Ltd		684		7,969
Vectrus Inc *		182		9,049
Venus Concept Inc *		276		477
Veracyte Inc *		2,363		115,645
Verastem Inc *		2,975		6,337
Vericel Corp *		1,677		51,786
Verrica Pharmaceuticals Inc *		529		6,089
Veru Inc *		2,252		19,480
Viela Bio Inc *		876		31,510
Viemed Healthcare Inc *		1,477		11,462
ViewRay Inc *		1,759		6,719
Viking Therapeutics Inc *		118		664
Vir Biotechnology Inc *		2,212		59,237
Vital Farms Inc *		183		4,632
Vivint Smart Home Inc *		646		13,405
VolitionRX Ltd *		1,102		4,287
Voyager Therapeutics Inc *		1,096		7,836
VYNE Therapeutics Inc *		1,051		1,661
WaVe Life Sciences Ltd *		1,323		10,412
WD-40 Co		529		140,545
Willdan Group Inc *		306		12,760
WW International Inc *		480		11,712
Xencor Inc *		2,156		94,066
Xeris Pharmaceuticals Inc *		1,806		8,886
XOMA Corp *		197		8,694
Y-mAbs Therapeutics Inc *		1,265		62,630
Zentalis Pharmaceuticals Inc *		1,107		57,498
ZIOPHARM Oncology Inc *		6,078		15,317
Zogenix Inc *		2,273		45,437
Zynex Inc *		788		10,606

				20,747,219

Energy - 2.6%

Contango Oil & Gas Co *		265		607
DMC Global Inc		285		12,326
FuelCell Energy Inc *		7,866		87,863
Goodrich Petroleum Corp *		181		1,826
Magnolia Oil & Gas Corp 'A' *		4,624		32,646
Maxeon Solar Technologies Ltd *		282		8,000
Murphy USA Inc		1,117		146,182
NextDecade Corp *		69		144
Plug Power Inc *		15,478		524,859
Sunnova Energy International Inc *		271		12,230
SunPower Corp *		2,180		55,895
Sunrun Inc *		6,212		430,989
TPI Composites Inc *		1,282		67,664

				1,381,231

Financial - 7.4%

Alexander’s Inc REIT		85		23,575
Altabancorp		22		614
Altisource Portfolio Solutions SA *		31		399
Artisan Partners Asset Management Inc 'A'		934		47,018
Assetmark Financial Holdings Inc *		295		7,139
Atlanticus Holdings Corp *		216		5,320
Axos Financial Inc *		203		7,619
Bank First Corp		247		16,011
Baycom Corp *		96		1,456
Bluerock Residential Growth REIT Inc		365		4,625


	Shares		Value
Brightsphere Investment Group Inc		2,509		$48,374
Broadstone Net Lease Inc 'A'		174		3,407
BRP Group Inc 'A' *		1,739		52,118
Cambridge Bancorp		58		4,045
CareTrust REIT Inc		558		12,376
CatchMark Timber Trust Inc 'A' REIT		219		2,050
Century Bancorp Inc 'A'		8		619
CIM Commercial Trust Corp REIT		478		6,807
Clipper Realty Inc REIT		516		3,638
Coastal Financial Corp *		7		147
Cohen & Steers Inc		1,008		74,894
Columbia Financial Inc *		598		9,305
Community Healthcare Trust Inc REIT		914		43,059
Cowen Inc 'A'		401		10,422
Crawford & Co 'A'		161		1,190
Curo Group Holdings Corp		778		11,149
Cushman & Wakefield PLC *		1,592		23,609
Customers Bancorp Inc *		52		945
Easterly Government Properties Inc REIT		3,380		76,557
Eastern Bankshares Inc *		1,112		18,137
EastGroup Properties Inc REIT		1,535		211,922
eHealth Inc *		1,055		74,494
Esquire Financial Holdings Inc *		58		1,113
eXp World Holdings Inc *		1,029		64,950
Fathom Holdings Inc *		71		2,559
Federal Agricultural Mortgage Corp 'C'		85		6,311
Federated Hermes Inc		1,135		32,790
FedNat Holding Co		82		485
First Financial Bankshares Inc		5,312		192,162
First Foundation Inc		397		7,940
Focus Financial Partners Inc 'A' *		1,292		56,202
Four Corners Property Trust Inc REIT		3,028		90,144
FS Bancorp Inc		4		219
GAMCO Investors Inc 'A'		162		2,874
Glacier Bancorp Inc		425		19,554
Gladstone Commercial Corp REIT		309		5,562
Gladstone Land Corp REIT		391		5,724
Goosehead Insurance Inc 'A'		70		8,733
Greene County Bancorp Inc		33		841
Greenhill & Co Inc		601		7,296
Grid Dynamics Holdings Inc *		1,078		13,583
GWG Holdings Inc *		99		692
Hamilton Lane Inc 'A'		1,323		103,260
Hanmi Financial Corp		142		1,610
Hannon Armstrong Sustainable Infrastructure Capital Inc REIT		159		10,085
HCI Group Inc		55		2,876
Heritage Insurance Holdings Inc		128		1,297
Hingham Institution for Savings		6		1,296
Houlihan Lokey Inc		2,138		143,738
I3 Verticals Inc 'A' *		748		24,834
Independent Bank Corp		95		6,939
Indus Realty Trust Inc *		93		5,812
Innovative Industrial Properties Inc REIT		372		68,124
International Money Express Inc *		1,164		18,065
Investors Bancorp Inc		2,753		29,072
Investors Title Co		3		459
James River Group Holdings Ltd		1,073		52,738
Kearny Financial Corp		883		9,324
Kinsale Capital Group Inc		875		175,114
Lakeland Financial Corp		63		3,376
Legacy Housing Corp *		43		650
LTC Properties Inc REIT		620		24,124
Marcus & Millichap Inc *		91		3,388
Maui Land & Pineapple Co Inc *		163		1,879
McGrath RentCorp		554		37,173
Meridian Corp		27		562
Moelis & Co 'A'		2,181		101,984
Monmouth Real Estate Investment Corp REIT		3,401		58,905


	Shares		Value
National Bank Holdings Corp 'A'		307		$10,057
National General Holdings Corp		1,319		45,083
National Health Investors Inc REIT		570		39,427
National Storage Affiliates Trust REIT		2,571		92,633
NexPoint Residential Trust Inc REIT		140		5,923
NMI Holdings Inc 'A' *		193		4,371
Northeast Bank *		41		923
Palomar Holdings Inc *		836		74,270
Paysign Inc *		1,308		6,069
PennyMac Financial Services Inc		217		14,240
PJT Partners Inc 'A'		959		72,165
Plymouth Industrial REIT Inc REIT		954		14,310
PROG Holding Inc		365		19,663
PS Business Parks Inc REIT		827		109,883
Pzena Investment Management Inc 'A'		729		5,322
QTS Realty Trust Inc 'A' REIT		2,500		154,700
Redfin Corp *		4,117		282,550
Reliant Bancorp Inc		29		540
RLI Corp		1,431		149,039
Ryman Hospitality Properties Inc REIT		1,798		121,832
Safehold Inc REIT		399		28,923
Saul Centers Inc REIT		442		14,003
Selectquote Inc *		368		7,636
ServisFirst Bancshares Inc		1,464		58,985
Siebert Financial Corp *		411		1,726
Silvercrest Asset Management Group Inc 'A'		213		2,959
STAG Industrial Inc REIT		510		15,973
StepStone Group Inc 'A' *		358		14,248
Stock Yards Bancorp Inc		127		5,141
StoneX Group Inc *		51		2,953
Terreno Realty Corp REIT		1,169		68,398
The RMR Group Inc 'A'		584		22,554
The St Joe Co		686		29,121
Trupanion Inc *		1,241		148,560
UMH Properties Inc REIT		1,207		17,876
Uniti Group Inc REIT		7,972		93,512
Unity Bancorp Inc		54		948
Universal Health Realty Income Trust REIT		451		28,986
Universal Insurance Holdings Inc		293		4,427
Virtus Investment Partners Inc		29		6,293
Walker & Dunlop Inc		104		9,570
Waterstone Financial Inc		34		640
West Bancorporation Inc		111		2,142
Westamerica Bancorporation		147		8,128

				4,026,160

Industrial - 12.5%

AAON Inc		1,696		113,004
Advanced Drainage Systems Inc		2,327		194,491
Advanced Energy Industries Inc *		1,567		151,952
Aerojet Rocketdyne Holdings Inc *		2,977		157,334
AeroVironment Inc *		893		77,602
Air Transport Services Group Inc *		2,424		75,968
Akoustis Technologies Inc *		1,314		16,070
Alamo Group Inc		327		45,110
Allied Motion Technologies Inc		278		14,206
Apogee Enterprises Inc		165		5,227
Applied Industrial Technologies Inc		622		48,510
Ardmore Shipping Corp (Ireland)		359		1,174
Atkore International Group Inc *		1,949		80,123
Atlas Air Worldwide Holdings Inc *		70		3,818
Badger Meter Inc		1,202		113,060
Bloom Energy Corp 'A' *		3,442		98,648
Boise Cascade Co		282		13,480
Brady Corp 'A'		1,442		76,166
Builders FirstSource Inc *		4,325		176,503
Cactus Inc 'A'		888		23,150
Casella Waste Systems Inc 'A' *		1,735		107,483
Chase Corp		298		30,101


	Shares		Value
Comfort Systems USA Inc		441		$23,223
Construction Partners Inc 'A' *		502		14,613
Cornerstone Building Brands Inc *		755		7,006
Covanta Holding Corp		1,975		25,932
CryoPort Inc *		1,442		63,275
CSW Industrials Inc		565		63,229
CyberOptics Corp *		301		6,830
Daseke Inc *		1,928		11,202
Digimarc Corp *		470		22,203
Dorian LPG Ltd *		164		1,999
Dycom Industries Inc *		909		68,648
EMCOR Group Inc		194		17,743
Energy Recovery Inc *		1,709		23,311
Enerpac Tool Group Corp		858		19,399
EnerSys		164		13,622
ESCO Technologies Inc		966		99,710
Exponent Inc		2,121		190,954
Fabrinet * (Thailand)		1,511		117,238
FARO Technologies Inc *		673		47,534
Federal Signal Corp		2,267		75,196
Fitbit Inc 'A' *		6,917		47,036
Fluidigm Corp *		243		1,458
Forterra Inc *		1,190		20,462
Forward Air Corp		690		53,020
Franklin Electric Co Inc		1,767		122,294
Gencor Industries Inc *		41		504
Gibraltar Industries Inc *		311		22,373
GoPro Inc 'A' *		4,477		37,070
Granite Construction Inc		215		5,743
Helios Technologies Inc		582		31,015
Ichor Holdings Ltd *		936		28,216
IES Holdings Inc *		122		5,617
II-VI Inc *		3,730		283,331
Intevac Inc *		174		1,254
Iteris Inc *		1,727		9,757
Itron Inc *		1,651		158,331
John Bean Technologies Corp		1,292		147,120
Kadant Inc		468		65,979
Kaman Corp		120		6,856
KBR Inc		745		23,043
Kratos Defense & Security Solutions Inc *		5,001		137,177
Lawson Products Inc *		114		5,804
Lindsay Corp		445		57,165
Louisiana-Pacific Corp		4,535		168,566
Luna Innovations Inc *		1,243		12,281
Luxfer Holdings PLC (United Kingdom)		20		328
Marten Transport Ltd		1,216		20,952
Masonite International Corp *		1,003		98,635
MasTec Inc *		163		11,113
Materion Corp		262		16,695
Mesa Laboratories Inc		194		55,608
Montrose Environmental Group Inc *		180		5,573
Mueller Water Products Inc 'A'		393		4,865
Myers Industries Inc		559		11,616
MYR Group Inc *		439		26,384
Napco Security Technologies Inc *		494		12,953
National Presto Industries Inc		7		619
nLight Inc *		1,472		48,061
Novanta Inc *		1,414		167,163
NV5 Global Inc *		426		33,560
NVE Corp		183		10,281
O-I Glass Inc		4,971		59,155
Omega Flex Inc		123		17,958
Orion Energy Systems Inc *		1,143		11,281
OSI Systems Inc *		690		64,322
Pactiv Evergreen Inc *		307		5,569
PAM Transportation Services Inc *		19		931
Patrick Industries Inc		867		59,259
PGT Innovations Inc *		902		18,347
Plexus Corp *		957		74,847


	Shares		Value
Primoris Services Corp		1,148		$31,696
Proto Labs Inc *		1,104		169,354
Pure Cycle Corp *		834		9,366
Raven Industries Inc		121		4,004
RBC Bearings Inc *		1,016		181,905
Research Frontiers Inc *		995		2,796
Rexnord Corp		394		15,559
Saia Inc *		1,087		196,530
Sharps Compliance Corp *		636		6,010
Simpson Manufacturing Co Inc		1,800		168,210
SMART Global Holdings Inc *		566		21,299
SPX Corp *		1,310		71,447
Sterling Construction Co Inc *		188		3,499
Sturm Ruger & Co Inc		603		39,237
Tennant Co		743		52,136
Tetra Tech Inc		2,226		257,726
The Gorman-Rupp Co		114		3,699
TopBuild Corp *		1,366		251,453
Transcat Inc *		295		10,231
Trinseo SA		507		25,963
UFP Industries Inc		2,079		115,488
UFP Technologies Inc *		8		373
Universal Logistics Holdings Inc		225		4,633
Vicor Corp *		796		73,407
Watts Water Technologies Inc 'A'		500		60,850
Welbilt Inc *		1,552		20,486
Werner Enterprises Inc		2,231		87,500
WillScot Mobile Mini Holdings Corp *		2,300		53,291
Wrap Technologies Inc *		487		2,352

				6,764,094

Technology - 16.3%

1Life Healthcare Inc *		3,244		141,601
8x8 Inc *		4,370		150,634
ACI Worldwide Inc *		4,727		181,659
Agilysys Inc *		770		29,553
Akerna Corp *		732		2,372
Allscripts Healthcare Solutions Inc *		344		4,967
Altair Engineering Inc 'A' *		1,792		104,259
Ambarella Inc *		404		37,095
American Software Inc 'A'		1,271		21,823
Amkor Technology Inc		699		10,541
Apollo Medical Holdings Inc *		839		15,329
Appfolio Inc 'A' *		674		121,347
Appian Corp *		1,470		238,272
Atomera Inc *		679		10,925
Avaya Holdings Corp *		3,407		65,244
Avid Technology Inc *		1,321		20,964
Axcelis Technologies Inc *		1,239		36,080
Bandwidth Inc 'A' *		793		121,860
Benefitfocus Inc *		1,234		17,868
Blackbaud Inc		2,033		117,020
Blackline Inc *		2,106		280,898
Bottomline Technologies DE Inc *		1,832		96,620
Box Inc 'A' *		5,863		105,827
Brightcove Inc *		1,672		30,765
Brooks Automation Inc		2,999		203,482
Cardlytics Inc *		1,080		154,192
CEVA Inc *		919		41,815
Cloudera Inc *		4,089		56,878
CMC Materials Inc		1,198		181,257
Cohu Inc		112		4,276
CommVault Systems Inc *		1,738		96,233
Cornerstone OnDemand Inc *		2,521		111,025
Corsair Gaming Inc *		347		12,568
CSG Systems International Inc		1,338		60,304
Cubic Corp		150		9,306
Daily Journal Corp *		38		15,352
Diebold Nixdorf Inc *		1,186		12,643
Digital Turbine Inc *		3,480		196,829


	Shares		Value
Diodes Inc *		311		$21,926
Domo Inc 'B' *		1,078		68,744
DSP Group Inc *		860		14,267
Ebix Inc		621		23,579
eGain Corp *		325		3,838
Envestnet Inc *		2,191		180,297
Evolent Health Inc 'A' *		514		8,239
ExlService Holdings Inc *		1,361		115,862
FormFactor Inc *		3,186		137,062
Glu Mobile Inc *		6,016		54,204
Health Catalyst Inc *		1,380		60,071
IBEX Holdings Ltd *		80		1,496
iCAD Inc *		852		11,246
Immersion Corp *		546		6,164
Impinj Inc *		713		29,853
Inovalon Holdings Inc 'A' *		3,120		56,690
Insight Enterprises Inc *		400		30,436
Intellicheck Inc *		769		8,770
Intelligent Systems Corp *		318		12,755
j2 Global Inc *		1,788		174,670
Lattice Semiconductor Corp *		5,620		257,508
LivePerson Inc *		2,574		160,180
MACOM Technology Solutions Holdings Inc ’H’ *		1,933		106,392
ManTech International Corp 'A'		468		41,624
Mastech Digital Inc *		169		2,687
MAXIMUS Inc		2,522		184,585
MaxLinear Inc *		1,707		65,190
MicroStrategy Inc 'A' *		190		73,825
Mitek Systems Inc *		1,691		30,066
Model N Inc *		1,398		49,881
NantHealth Inc *		1,151		3,718
OneSpan Inc *		1,411		29,179
Onto Innovation Inc *		497		23,632
Outset Medical Inc *		321		18,246
PAE Inc *		2,500		22,950
PAR Technology Corp *		784		49,227
Park City Group Inc *		67		321
Parsons Corp *		685		24,941
PDF Solutions Inc *		1,132		24,451
Perspecta Inc		4,732		113,947
Phreesia Inc *		1,370		74,336
Ping Identity Holding Corp *		1,549		44,363
Pitney Bowes Inc		2,814		17,334
Pixelworks Inc *		1,460		4,117
PlayAGS Inc *		202		1,454
Power Integrations Inc		2,438		199,575
Progress Software Corp		1,842		83,240
PROS Holdings Inc *		1,613		81,892
QAD Inc 'A'		494		31,211
Qualys Inc *		1,405		171,227
Quantum Corp *		174		1,065
Rapid7 Inc *		2,130		192,041
Red Violet Inc *		290		7,572
Rimini Street Inc *		967		4,284
SailPoint Technologies Holding Inc *		3,634		193,474
Sapiens International Corp (Israel)		1,142		34,957
Schrodinger Inc *		1,234		97,708
SecureWorks Corp 'A' *		86		1,223
Semtech Corp *		2,665		192,120
Silicon Laboratories Inc *		1,789		227,811
Simulations Plus Inc		569		40,922
SiTime Corp *		386		43,205
Smith Micro Software Inc *		1,463		7,929
Sprout Social Inc 'A' *		1,152		52,312
SPS Commerce Inc *		1,467		159,302
Sumo Logic Inc *		458		13,090
Super Micro Computer Inc *		549		17,381
SVMK Inc *		5,054		129,130
Sykes Enterprises Inc *		91		3,428


	Shares		Value
Synaptics Inc *		1,339		$129,080
Tabula Rasa HealthCare Inc *		865		37,057
Tenable Holdings Inc *		2,948		154,063
The ExOne Co *		374		3,549
TTEC Holdings Inc		747		54,479
Ultra Clean Holdings Inc *		1,646		51,273
Unisys Corp *		229		4,507
Upland Software Inc *		1,104		50,663
Varonis Systems Inc *		1,287		210,566
Verint Systems Inc *		1,213		81,489
Veritone Inc *		991		28,194
Verra Mobility Corp *		5,494		73,730
Virtusa Corp *		1,199		61,305
Vocera Communications Inc *		1,313		54,529
Workiva Inc *		1,635		149,799
Xperi Holding Corp		313		6,542
Yext Inc *		4,281		67,297
Zuora Inc 'A' *		4,099		57,099

				8,825,326

Utilities - 1.8%

Ameresco Inc 'A' *		1,032		53,912
American States Water Co		1,522		121,014
Artesian Resources Corp 'A'		13		482
Atlantic Power Corp *		16		34
Brookfield Infrastructure Corp 'A' (Canada)		648		46,850
Brookfield Renewable Corp 'A'		369		21,502
California Water Service Group		1,880		101,576
Chesapeake Utilities Corp		665		71,960
Clearway Energy Inc 'A'		315		9,308
Clearway Energy Inc 'C'		662		21,138
Evoqua Water Technologies Corp *		3,761		101,472
Genie Energy Ltd 'B'		528		3,807
Global Water Resources Inc		521		7,508
MGE Energy Inc		413		28,922
Middlesex Water Co		699		50,656
Northwest Natural Holding Co		137		6,301
ONE Gas Inc		252		19,346
Ormat Technologies Inc		1,653		149,233
Otter Tail Corp		574		24,458
RGC Resources Inc		162		3,852
SJW Group		569		39,466
South Jersey Industries Inc		2,407		51,871
Southwest Gas Holdings Inc *		194		11,785
Spark Energy Inc 'A'		512		4,900
The York Water Co		552		25,723

				977,076

Total Common Stocks (Cost $35,673,484)				53,295,425


EXCHANGE-TRADED FUND - 1.0%

iShares Russell 2000 Growth		1,904		545,877


Total Exchange-Traded Fund (Cost $490,182)				545,877


	Principal Amount		Value
SHORT-TERM INVESTMENT - 0.6%

Repurchase Agreement - 0.6%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $306,052; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $312,200)		$306,052		$306,052


Total Short-Term Investment (Cost $306,052)				306,052


TOTAL INVESTMENTS - 100.0% (Cost $36,469,785)				54,149,696

DERIVATIVES - 0.0%				10,734


OTHER ASSETS & LIABILITIES, NET - 0.0%				4,258


NET ASSETS - 100.0%				$54,164,688

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			38.3%
Technology			16.3%
Industrial			12.5%
Consumer, Cyclical			12.4%
Financial			7.4%
Communications			5.2%
Others (each less than 3.0%)			7.9%

			100.0%
Derivatives			0.0%
Other Assets & Liabilities, Net			0.0%

			100.0%

(b)

An investment with a value of $2,274 or less than 0.1% of the Fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees.

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
RIGHTS - 0.0%

Consumer, Non-Cyclical - 0.0%

Contra Aduro Biotechnologies Inc - Contingent Value Rights * W ±		123		$369


Total Rights (Cost $0)				369


COMMON STOCKS - 99.1%

Basic Materials - 4.9%

AdvanSix Inc *		1,083		21,649
AgroFresh Solutions Inc *		1,153		2,617
Alcoa Corp *		7,397		170,501
Allegheny Technologies Inc *		4,970		83,347
American Vanguard Corp		927		14,387
Amyris Inc *		3,873		23,916
Arconic Corp *		3,921		116,846
Balchem Corp		105		12,098
Caledonia Mining Corp PLC (South Africa)		297		4,716
Carpenter Technology Corp		1,906		55,503
Century Aluminum Co *		1,995		22,005
Clearwater Paper Corp *		631		23,820
Cleveland-Cliffs Inc		15,621		227,442
Coeur Mining Inc *		9,497		98,294
Commercial Metals Co		4,680		96,127
Domtar Corp		2,143		67,826
Energy Fuels Inc *		4,945		21,066
Ferro Corp *		841		12,304
Fortitude Gold Corp * ±		743		781
Gatos Silver Inc *		681		8,873
GCP Applied Technologies Inc *		427		10,098
Glatfelter Corp		1,729		28,321
Gold Resource Corp		2,602		7,572
Hawkins Inc		174		9,102
HB Fuller Co		726		37,665
Hecla Mining Co		20,566		133,268
Innospec Inc		190		17,239
Intrepid Potash Inc *		382		9,225
Kaiser Aluminum Corp		626		61,911
Koppers Holdings Inc *		323		10,065
Kraton Corp *		1,231		34,209
Kronos Worldwide Inc		876		13,061
Livent Corp *		5,763		108,575
Minerals Technologies Inc		1,341		83,303
Neenah Inc		671		37,120
Novagold Resources Inc * (Canada)		637		6,160
Oil-Dri Corp of America		197		6,714
Orion Engineered Carbons SA (Germany)		1,061		18,185
PQ Group Holdings Inc		1,265		18,039
Rayonier Advanced Materials Inc *		2,447		15,954
Rogers Corp *		604		93,795
Schnitzer Steel Industries Inc 'A'		1,027		32,771
Schweitzer-Mauduit International Inc		1,227		49,338
Sensient Technologies Corp		980		72,295
Stepan Co		793		94,621
Tronox Holdings PLC 'A' *		2,340		34,211
United States Lime & Minerals Inc		76		8,664
United States Steel Corp		8,659		145,211
Uranium Energy Corp *		4,647		8,179
Verso Corp 'A'		1,237		14,869

				2,303,858

Communications - 3.2%

ADTRAN Inc		1,890		27,915
Alaska Communications Systems Group Inc		1,977		7,295
AMC Networks Inc 'A' *		660		23,608
ATN International Inc		416		17,372


	Shares		Value
Boston Omaha Corp 'A' *		518		$14,323
CalAmp Corp *		454		4,504
CarParts.com Inc *		42		520
Cars.com Inc *		2,706		30,578
Cincinnati Bell Inc *		1,333		20,368
comScore Inc *		2,325		5,789
Consolidated Communications Holdings Inc *		2,588		12,655
DHI Group Inc *		1,917		4,256
DZS Inc *		481		7,441
Entercom Communications Corp 'A'		4,582		11,318
Entravision Communications Corp 'A'		2,269		6,240
ePlus Inc *		86		7,564
Fluent Inc *		1,644		8,730
Gannett Co Inc *		5,211		17,509
Gogo Inc *		132		1,271
Gray Television Inc *		2,418		43,258
Groupon Inc *		918		34,879
Harmonic Inc *		3,717		27,469
HealthStream Inc *		1,018		22,233
Hemisphere Media Group Inc *		633		6,558
Houghton Mifflin Harcourt Co *		4,152		13,826
IDT Corp 'B' *		207		2,559
iHeartMedia Inc 'A' *		2,413		31,321
Infinera Corp *		3,206		33,599
InterDigital Inc		850		51,578
Iridium Communications Inc *		1,691		66,499
KVH Industries Inc *		670		7,604
Lands’ End Inc *		434		9,361
Liberty Latin America Ltd 'A' * (Chile)		1,823		20,290
Liberty Latin America Ltd 'C' * (Chile)		6,066		67,272
Liquidity Services Inc *		1,096		17,437
LiveXLive Media Inc *		1,643		5,389
Loral Space & Communications Inc		402		8,438
Magnite Inc *		1,861		57,151
Maxar Technologies Inc		2,397		92,500
MediaAlpha Inc 'A' *		127		4,962
Meredith Corp		768		14,746
MSG Networks Inc 'A' *		1,159		17,084
National CineMedia Inc		2,455		9,133
NeoPhotonics Corp *		595		5,409
NETGEAR Inc *		1,168		47,456
ORBCOMM Inc *		2,543		18,869
Overstock.com Inc *		306		14,679
PCTEL Inc *		695		4,566
Plantronics Inc		912		24,651
Powerfleet Inc *		1,137		8,448
Preformed Line Products Co		118		8,076
QuinStreet Inc *		1,277		27,379
Quotient Technology Inc *		1,497		14,102
Rackspace Technology Inc *		227		4,327
Ribbon Communications Inc *		2,703		17,732
Saga Communications Inc 'A'		142		3,411
Scholastic Corp		1,123		28,075
Sinclair Broadcast Group Inc 'A'		1,778		56,629
Spok Holdings Inc		680		7,568
Stitch Fix Inc 'A' *		374		21,961
TEGNA Inc		8,672		120,974
The EW Scripps Co 'A'		2,246		34,341
Tribune Publishing Co		598		8,193
TrueCar Inc *		4,133		17,359
Value Line Inc		17		560
VirnetX Holding Corp		1,204		6,068
Vonage Holdings Corp *		4,079		52,517
WideOpenWest Inc *		1,024		10,926
Yelp Inc *		2,329		76,088

				1,534,766

Consumer, Cyclical - 16.1%

A-Mark Precious Metals Inc		190		4,873
Abercrombie & Fitch Co 'A'		2,432		49,516


	Shares		Value
Academy Sports & Outdoors Inc *		568		$11,775
Acushnet Holdings Corp		1,077		43,662
Adient PLC *		3,473		120,756
Albany International Corp 'A'		216		15,859
Allegiant Travel Co		460		87,050
AMC Entertainment Holdings Inc 'A'		2,941		6,235
America’s Car-Mart Inc *		61		6,700
American Axle & Manufacturing Holdings Inc *		4,468		37,263
American Eagle Outfitters Inc		5,962		119,657
Asbury Automotive Group Inc *		461		67,186
Aspen Aerogels Inc *		742		12,384
At Home Group Inc *		2,076		32,095
Avient Corp		3,601		145,048
Beacon Roofing Supply Inc *		2,143		86,127
Beazer Homes USA Inc *		1,124		17,029
Bed Bath & Beyond Inc		4,991		88,640
Big Lots Inc		1,446		62,077
Biglari Holdings Inc 'A' *		3		1,755
Biglari Holdings Inc 'B' *		36		4,003
BJ’s Restaurants Inc		878		33,794
Blue Bird Corp *		379		6,921
Bluegreen Vacations Corp		173		1,374
Bluegreen Vacations Holding Corp		909		12,299
BMC Stock Holdings Inc *		2,654		142,467
Boot Barn Holdings Inc *		93		4,032
Boyd Gaming Corp		3,204		137,516
Brinker International Inc		596		33,716
Caesars Entertainment Inc *		2,936		218,057
Caleres Inc		1,458		22,818
Callaway Golf Co		3,675		88,237
Carrols Restaurant Group Inc *		1,388		8,717
Casper Sleep Inc *		805		4,951
Century Casinos Inc *		1,079		6,895
Century Communities Inc *		1,166		51,047
Chico’s FAS Inc		4,338		6,897
Chuy’s Holdings Inc *		771		20,424
Cinemark Holdings Inc		4,226		73,575
Citi Trends Inc		375		18,630
Clarus Corp		845		13,013
CompX International Inc		21		299
Conn’s Inc *		658		7,692
Cooper Tire & Rubber Co		1,981		80,230
Cooper-Standard Holdings Inc *		662		22,952
Core-Mark Holding Co Inc		100		2,937
Cracker Barrel Old Country Store Inc		532		70,181
Daktronics Inc		1,418		6,636
Dana Inc		5,715		111,557
Dave & Buster’s Entertainment Inc		1,131		33,953
Del Taco Restaurants Inc *		1,136		10,292
Denny’s Corp *		854		12,537
Designer Brands Inc 'A'		2,453		18,765
Dillard’s Inc 'A'		291		18,348
Dine Brands Global Inc		578		33,524
Douglas Dynamics Inc		72		3,079
Duluth Holdings Inc 'B' *		436		4,604
El Pollo Loco Holdings Inc *		650		11,765
Eros STX Global Corp * (United Arab Emirates)		5,954		10,836
Escalade Inc		403		8,531
Ethan Allen Interiors Inc		880		17,785
Everi Holdings Inc *		2,123		29,319
Express Inc *		2,059		1,874
Fiesta Restaurant Group Inc *		701		7,991
Forestar Group Inc *		668		13,480
Fossil Group Inc *		1,837		15,927
Foundation Building Materials Inc *		631		12,121
Funko Inc 'A' *		961		9,975
G-III Apparel Group Ltd *		1,770		42,020
Gaia Inc *		478		4,723
GameStop Corp 'A' *		2,343		44,142


	Shares		Value
GAN Ltd * (United Kingdom)		198		$4,015
Genesco Inc *		543		16,339
GMS Inc *		1,663		50,688
Golden Entertainment Inc *		413		8,215
Green Brick Partners Inc *		937		21,514
Group 1 Automotive Inc		682		89,437
Guess? Inc		1,561		35,310
H&E Equipment Services Inc		1,279		38,127
Hamilton Beach Brands Holding Co 'A'		166		2,907
Haverty Furniture Cos Inc		642		17,764
Hawaiian Holdings Inc		1,818		32,179
Herman Miller Inc		2,313		78,179
Hibbett Sports Inc *		639		29,509
HNI Corp		1,708		58,858
Hooker Furniture Corp		430		13,867
IMAX Corp *		1,957		35,265
Interface Inc		1,886		19,803
International Game Technology PLC		3,963		67,133
Jack in the Box Inc		786		72,941
Johnson Outdoors Inc 'A'		102		11,488
KAR Auction Services Inc		5,077		94,483
KB Home		2,964		99,353
Kimball International Inc 'B'		1,418		16,945
Knoll Inc		1,997		29,316
Kontoor Brands Inc *		2,021		81,972
Kura Sushi USA Inc 'A' *		132		2,574
La-Z-Boy Inc		1,770		70,517
Lakeland Industries Inc *		300		8,175
Liberty Media Corp-Liberty Braves 'A' *		156		3,880
Liberty Media Corp-Liberty Braves 'C' *		561		13,958
Liberty TripAdvisor Holdings Inc 'A' *		2,855		12,391
Lifetime Brands Inc		468		7,114
Lithia Motors Inc 'A'		522		152,774
Lumber Liquidators Holdings Inc *		975		29,971
M/I Homes Inc *		1,118		49,516
Macy’s Inc		12,220		137,475
MarineMax Inc *		822		28,795
Marriott Vacations Worldwide Corp		1,384		189,912
MDC Holdings Inc		2,047		99,484
Meritage Homes Corp *		1,390		115,120
Meritor Inc *		636		17,751
Mesa Air Group Inc *		1,157		7,740
Methode Electronics Inc		1,206		46,166
Miller Industries Inc		432		16,425
Modine Manufacturing Co *		1,951		24,505
Monarch Casino & Resort Inc *		142		8,693
Motorcar Parts of America Inc *		644		12,635
Movado Group Inc		607		10,088
National Vision Holdings Inc *		548		24,819
Nautilus Inc *		1,231		22,330
Navistar International Corp *		1,954		85,898
Noodles & Co *		622		4,914
OneSpaWorld Holdings Ltd (Bahamas)		1,778		18,029
Oxford Industries Inc		642		42,057
Papa John’s International Inc		192		16,291
PC Connection Inc		404		19,105
Penn National Gaming Inc *		3,067		264,897
PriceSmart Inc		843		76,789
RCI Hospitality Holdings Inc		332		13,094
Red Robin Gourmet Burgers Inc *		608		11,692
Red Rock Resorts Inc 'A'		651		16,301
Regis Corp *		932		8,565
Resideo Technologies Inc *		5,544		117,865
REV Group Inc		949		8,361
Rite Aid Corp *		2,193		34,715
Rocky Brands Inc		263		7,382
Rush Enterprises Inc 'A'		1,654		68,509
Rush Enterprises Inc 'B'		243		9,207
Sally Beauty Holdings Inc *		4,435		57,832
ScanSource Inc *		1,011		26,670


	Shares		Value
Scientific Games Corp 'A' *		643		$26,678
SeaWorld Entertainment Inc *		1,137		35,918
Shoe Carnival Inc		365		14,301
Signet Jewelers Ltd (NYSE)		2,078		56,667
SkyWest Inc		1,926		77,637
Sleep Number Corp *		662		54,191
Sonic Automotive Inc 'A'		926		35,716
Spirit Airlines Inc *		3,858		94,328
Standard Motor Products Inc		705		28,524
Steelcase Inc 'A'		3,403		46,111
Steven Madden Ltd		1,847		65,236
Superior Group of Cos Inc		350		8,134
Systemax Inc		158		5,671
Target Hospitality Corp *		1,080		1,706
Taylor Morrison Home Corp *		4,484		115,015
Telenav Inc *		801		3,765
Tenneco Inc 'A' *		2,018		21,391
The Buckle Inc		1,181		34,485
The Cato Corp 'A'		763		7,317
The Cheesecake Factory Inc		1,693		62,743
The Children’s Place Inc		164		8,216
The Container Store Group Inc *		729		6,955
The Goodyear Tire & Rubber Co		9,107		99,357
The Marcus Corp		870		11,728
The Michaels Cos Inc *		2,933		38,158
The ODP Corp		2,087		61,149
Tilly’s Inc 'A'		813		6,634
Titan Machinery Inc *		747		14,604
TRI Pointe Group Inc *		4,995		86,164
Tupperware Brands Corp *		1,968		63,744
Unifi Inc *		529		9,384
UniFirst Corp		558		118,123
Universal Electronics Inc *		64		3,357
Urban Outfitters Inc *		2,757		70,579
Vera Bradley Inc *		799		6,360
Veritiv Corp *		508		10,561
Vista Outdoor Inc *		2,317		55,052
VOXX International Corp *		749		9,557
VSE Corp		350		13,471
Wabash National Corp		2,084		35,907
WESCO International Inc *		1,936		151,976
Weyco Group Inc		227		3,596
Winmark Corp		81		15,050
Wolverine World Wide Inc		3,210		100,312
Workhorse Group Inc *		3,694		73,067
World Fuel Services Corp		2,448		76,280
Zumiez Inc *		811		29,829

				7,614,437

Consumer, Non-Cyclical - 12.7%

Abeona Therapeutics Inc *		1,602		2,515
ABM Industries Inc		2,642		99,973
Acacia Research Corp *		1,887		7,435
ACCO Brands Corp		3,692		31,197
Accolade Inc *		87		3,785
AcelRx Pharmaceuticals Inc *		2,402		2,978
Acutus Medical Inc *		84		2,420
ADMA Biologics Inc *		381		743
Adtalem Global Education Inc *		2,031		68,952
Adverum Biotechnologies Inc *		480		5,203
Aeglea BioTherapeutics Inc *		255		2,007
Agile Therapeutics Inc *		53		152
Akouos Inc *		122		2,419
Albireo Pharma Inc *		207		7,765
Alico Inc		208		6,452
Aligos Therapeutics Inc *		84		2,323
Allovir Inc *		150		5,766
Alphatec Holdings Inc *		243		3,528
Alta Equipment Group Inc *		682		6,738
ALX Oncology Holdings Inc *		81		6,982


	Shares		Value
American Public Education Inc *		569		$17,343
American Renal Associates Holdings Inc *		388		4,443
AnaptysBio Inc *		849		18,253
AngioDynamics Inc *		1,448		22,198
ANI Pharmaceuticals Inc *		176		5,111
Anika Therapeutics Inc *		558		25,255
Annexon Inc *		123		3,079
Applied Genetic Technologies Corp *		965		3,947
Applied Molecular Transport Inc *		103		3,169
Aptinyx Inc *		1,528		5,287
Apyx Medical Corp *		1,209		8,705
Arena Pharmaceuticals Inc *		2,113		162,342
Arlo Technologies Inc *		3,133		24,406
ASGN Inc *		350		29,235
Aspira Women’s Health Inc *		268		1,798
Assembly Biosciences Inc *		583		3,527
Atara Biotherapeutics Inc *		744		14,605
Atea Pharmaceuticals Inc *		119		4,972
Athira Pharma Inc *		108		3,699
Atreca Inc 'A' *		107		1,728
Avanos Medical Inc *		1,872		85,887
AVEO Pharmaceuticals Inc *		356		2,054
Avid Bioservices Inc *		283		3,266
Avidity Biosciences Inc *		140		3,573
Axcella Health Inc *		229		1,189
Aytu BioScience Inc *		43		257
B&G Foods Inc		305		8,458
Barrett Business Services Inc		281		19,167
BellRing Brands Inc 'A' *		1,574		38,264
Beyondspring Inc *		50		610
BG Staffing Inc		365		4,924
BioCryst Pharmaceuticals Inc *		1,497		11,153
Bridgford Foods Corp *		14		255
BrightView Holdings Inc *		1,624		24,555
Brookdale Senior Living Inc *		7,371		32,654
C4 Therapeutics Inc *		89		2,949
Cabaletta Bio Inc *		514		6,415
Cadiz Inc *		357		3,802
CAI International Inc		531		16,588
Cal-Maine Foods Inc *		972		36,489
Calyxt Inc *		219		924
Cardtronics PLC 'A' *		389		13,732
Carriage Services Inc		649		20,327
CASI Pharmaceuticals Inc *		20		59
Cassava Sciences Inc *		832		5,674
Catabasis Pharmaceuticals Inc *		179		383
Catalyst Biosciences Inc *		878		5,540
CBIZ Inc *		1,691		44,998
CEL-SCI Corp *		198		2,309
Cellular Biomedicine Group Inc *		176		3,235
Central Garden & Pet Co *		269		10,386
Central Garden & Pet Co 'A' *		1,093		39,709
Chimerix Inc *		1,910		9,225
Chinook Therapeutics Inc *		50		793
Cidara Therapeutics Inc *		120		240
Cimpress PLC * (Ireland)		478		41,940
Collectors Universe Inc		34		2,564
Community Health Systems Inc *		3,367		25,017
Concert Pharmaceuticals Inc *		1,132		14,308
CorMedix Inc *		21		156
Cortexyme Inc *		42		1,167
Covetrus Inc *		4,595		132,060
CRA International Inc		72		3,667
Cross Country Healthcare Inc *		1,265		11,221
CryoLife Inc *		278		6,564
Cyclerion Therapeutics Inc *		900		2,754
Cymabay Therapeutics Inc *		2,662		15,280
Cytokinetics Inc *		321		6,670
Darling Ingredients Inc *		6,374		367,652
Deluxe Corp		1,660		48,472


	Shares		Value
Dyadic International Inc *		107		$576
Dynavax Technologies Corp *		662		2,946
Dyne Therapeutics Inc *		118		2,478
Eargo Inc *		63		2,824
Edgewell Personal Care Co		2,134		73,794
Emerald Holding Inc		948		5,138
Enanta Pharmaceuticals Inc *		692		29,133
Endo International PLC *		5,093		36,568
Ennis Inc		998		17,814
Enochian Biosciences Inc *		546		1,611
Enzo Biochem Inc *		1,774		4,470
Epizyme Inc *		1,301		14,129
Evofem Biosciences Inc *		102		246
Evolus Inc *		520		1,747
Exicure Inc *		579		1,025
Farmer Brothers Co *		629		2,937
FibroGen Inc *		471		17,469
Five Prime Therapeutics Inc *		1,228		20,888
Five Star Senior Living Inc *		741		5,113
Foghorn Therapeutics Inc *		88		1,784
FONAR Corp *		251		4,357
Forma Therapeutics Holdings Inc *		134		4,677
Franchise Group Inc		772		23,507
Fresh Del Monte Produce Inc		1,228		29,558
G1 Therapeutics Inc *		722		12,989
Generation Bio Co *		102		2,892
Geron Corp *		11,367		18,074
GlycoMimetics Inc *		1,473		5,538
Gossamer Bio Inc *		1,309		12,658
GP Strategies Corp *		519		6,155
Graybug Vision Inc *		73		2,118
Green Dot Corp 'A' *		1,841		102,728
Gritstone Oncology Inc *		1,013		3,991
Hanger Inc *		1,316		28,939
Harmony Biosciences Holdings Inc *		59		2,133
Harvard Bioscience Inc *		1,522		6,529
Heidrick & Struggles International Inc		756		22,211
Herc Holdings Inc *		893		59,304
Heska Corp *		178		25,926
HF Foods Group Inc *		1,405		10,566
Hostess Brands Inc *		2,782		40,728
Huron Consulting Group Inc *		820		48,339
iBio Inc *		839		881
ICF International Inc		364		27,056
Ideaya Biosciences Inc *		515		7,210
Immunic Inc *		121		1,850
ImmunoGen Inc *		4,163		26,851
Inari Medical Inc *		63		5,499
Information Services Group Inc *		1,413		4,635
Ingles Markets Inc 'A'		555		23,676
Inhibrx Inc *		66		2,176
Inogen Inc *		243		10,857
Inozyme Pharma Inc *		68		1,404
Insperity Inc		721		58,704
Integer Holdings Corp *		479		38,890
Intra-Cellular Therapies Inc *		1,614		51,325
Invacare Corp		1,331		11,912
iTeos Therapeutics Inc *		90		3,044
IVERIC bio Inc *		3,178		21,960
J&J Snack Foods Corp		439		68,207
Jounce Therapeutics Inc *		681		4,767
KalVista Pharmaceuticals Inc *		439		8,337
Kelly Services Inc 'A'		1,314		27,029
Keros Therapeutics Inc *		10		705
Kezar Life Sciences Inc *		1,245		6,499
Kindred Biosciences Inc *		192		828
Kiniksa Pharmaceuticals Ltd 'A' *		112		1,979
Korn Ferry		2,142		93,177
Kronos Bio Inc *		122		3,644
Kymera Therapeutics Inc *		84		5,208


	Shares		Value
Laird Superfood Inc *		55		$2,603
Landec Corp *		1,018		11,045
Lannett Co Inc *		1,254		8,176
Laureate Education Inc 'A' *		4,311		62,768
LeMaitre Vascular Inc		133		5,387
Limoneira Co		504		8,392
LivaNova PLC *		569		37,673
LiveRamp Holdings Inc *		487		35,644
MacroGenics Inc *		1,421		32,484
Magellan Health Inc *		526		43,574
Magenta Therapeutics Inc *		218		1,709
Marker Therapeutics Inc *		610		885
MEDNAX Inc *		2,923		71,730
MEI Pharma Inc *		625		1,650
MeiraGTx Holdings PLC *		42		636
Meridian Bioscience Inc *		218		4,074
MGP Ingredients Inc		130		6,118
Milestone Scientific Inc *		515		1,092
Mirum Pharmaceuticals Inc *		128		2,235
Misonix Inc *		292		3,650
Mission Produce Inc *		138		2,077
MoneyGram International Inc *		2,453		13,406
Monro Inc		679		36,191
Myriad Genetics Inc *		2,847		56,299
NanoString Technologies Inc *		234		15,650
NantKwest Inc *		152		2,026
Natera Inc *		191		19,008
Nathan’s Famous Inc		107		5,909
National HealthCare Corp		495		32,873
Natural Grocers by Vitamin Cottage Inc		124		1,704
Nature’s Sunshine Products Inc *		342		5,113
Natus Medical Inc *		918		18,397
Nesco Holdings Inc *		535		3,943
NewAge Inc *		2,093		5,505
NextCure Inc *		67		730
NGM Biopharmaceuticals Inc *		37		1,121
Nkarta Inc *		137		8,421
Novavax Inc *		1,782		198,711
Nurix Therapeutics Inc *		92		3,025
Nymox Pharmaceutical Corp *		351		870
Oncorus Inc *		66		2,134
OPKO Health Inc *		15,960		63,042
Option Care Health Inc *		138		2,158
OraSure Technologies Inc *		1,105		11,696
Orgenesis Inc *		584		2,628
ORIC Pharmaceuticals Inc *		40		1,354
Orthofix Medical Inc *		747		32,106
Osmotica Pharmaceuticals PLC *		65		268
Owens & Minor Inc		2,879		77,877
Pacific Biosciences of California Inc *		911		23,631
Pandion Therapeutics Inc *		66		980
Passage Bio Inc *		374		9,563
Patterson Cos Inc		3,342		99,023
Performance Food Group Co *		5,174		246,334
PFSweb Inc *		105		707
Phibro Animal Health Corp 'A'		44		854
Pliant Therapeutics Inc *		90		2,045
PMV Pharmaceuticals Inc *		113		6,951
Poseida Therapeutics Inc *		118		1,294
Praxis Precision Medicines Inc *		93		5,117
Precigen Inc *		532		5,426
Precision BioSciences Inc *		38		317
Prelude Therapeutics Inc *		77		5,509
Prestige Consumer Healthcare Inc *		1,280		44,634
Primo Water Corp		6,146		96,369
Prothena Corp PLC * (Ireland)		1,212		14,556
Pulmonx Corp *		94		6,488
Quad/Graphics Inc		1,302		4,974
Quanex Building Products Corp		1,304		28,910
Relay Therapeutics Inc *		267		11,097


	Shares		Value
Rent-A-Center Inc		236		$9,036
Resources Connection Inc		1,182		14,858
Revance Therapeutics Inc *		579		16,409
Revlon Inc 'A' *		268		3,184
Rockwell Medical Inc *		825		833
Rubius Therapeutics Inc *		1,178		8,941
Sanderson Farms Inc		179		23,664
Savara Inc *		1,915		2,202
SeaSpine Holdings Corp *		1,050		18,322
Selecta Biosciences Inc *		1,423		4,312
Seneca Foods Corp 'A' *		255		10,174
ServiceSource International Inc *		3,443		6,060
Shattuck Labs Inc *		109		5,713
Sientra Inc *		399		1,552
Soleno Therapeutics Inc *		73		141
Solid Biosciences Inc *		871		6,602
SP Plus Corp *		914		26,351
SpartanNash Co		1,392		24,235
Spectrum Pharmaceuticals Inc *		5,844		19,928
Spero Therapeutics Inc *		96		1,861
Spruce Biosciences Inc *		83		2,018
SQZ Biotechnologies Co *		72		2,087
Stride Inc *		1,575		33,437
Strongbridge Biopharma PLC *		243		590
Supernus Pharmaceuticals Inc *		1,512		38,042
Surgalign Holdings Inc *		2,342		5,129
Sutro Biopharma Inc *		176		3,821
Tarsus Pharmaceuticals Inc *		52		2,149
Taysha Gene Therapies Inc *		87		2,309
TCR2 Therapeutics Inc *		962		29,755
Team Inc *		1,185		12,916
Tejon Ranch Co *		824		11,907
Tenet Healthcare Corp *		3,711		148,180
Textainer Group Holdings Ltd * (China)		1,958		37,554
TG Therapeutics Inc *		649		33,761
The Aaron’s Co Inc *		1,210		22,942
The Andersons Inc		1,229		30,123
The Chefs’ Warehouse Inc *		1,217		31,265
The Hackett Group Inc		125		1,799
The Simply Good Foods Co *		3,340		104,742
TherapeuticsMD Inc *		1,429		1,729
Theravance Biopharma Inc *		262		4,656
Tivity Health Inc *		916		17,944
Tootsie Roll Industries Inc		94		2,792
Triple-S Management Corp 'B' *		828		17,678
Triton International Ltd (Bermuda)		2,385		115,696
TrueBlue Inc *		1,421		26,558
Turning Point Therapeutics Inc *		105		12,794
United Natural Foods Inc *		2,162		34,527
Universal Corp		991		48,173
UroGen Pharma Ltd *		300		5,406
Utah Medical Products Inc		27		2,276
Vanda Pharmaceuticals Inc *		2,157		28,343
Varex Imaging Corp *		1,529		25,504
Vaxart Inc *		246		1,405
Vaxcyte Inc *		151		4,012
VBI Vaccines Inc *		1,284		3,531
Vector Group Ltd		4,908		57,178
Vectrus Inc *		285		14,170
Venus Concept Inc *		87		151
Verastem Inc *		4,011		8,543
Vericel Corp *		210		6,485
Viad Corp		814		29,442
ViewRay Inc *		2,798		10,688
Viking Therapeutics Inc *		2,456		13,827
Village Super Market Inc 'A'		327		7,214
Vital Farms Inc *		233		5,897
Vivint Smart Home Inc *		2,438		50,588
VYNE Therapeutics Inc *		4,974		7,859
WD-40 Co		34		9,033


	Shares		Value
Weis Markets Inc		400		$19,124
Willdan Group Inc *		125		5,213
WW International Inc *		1,431		34,916
X4 Pharmaceuticals Inc *		643		4,134
XBiotech Inc *		568		8,889
Xencor Inc *		122		5,323
Xeris Pharmaceuticals Inc *		88		433
XOMA Corp *		36		1,589
Zentalis Pharmaceuticals Inc *		74		3,844
ZIOPHARM Oncology Inc *		2,776		6,996

				6,010,897

Diversified - 0.0%

Professional Holding Corp 'A' *		459		7,082


Energy - 4.0%

Adams Resources & Energy Inc		82		1,976
Antero Resources Corp *		9,621		52,434
Arch Resources Inc		598		26,174
Archrock Inc		5,193		44,971
Berry Corp		2,670		9,826
Bonanza Creek Energy Inc *		735		14,208
Brigham Minerals Inc 'A'		1,680		18,463
ChampionX Corp *		7,317		111,950
Clean Energy Fuels Corp *		5,116		40,212
CNX Resources Corp *		8,763		94,640
Comstock Resources Inc *		969		4,235
CONSOL Energy Inc *		1,023		7,376
Contango Oil & Gas Co *		3,030		6,939
CVR Energy Inc		1,190		17,731
Delek US Holdings Inc		2,507		40,288
DMC Global Inc		314		13,581
Dril-Quip Inc *		1,391		41,201
Earthstone Energy Inc 'A' *		926		4,936
Evolution Petroleum Corp		1,111		3,166
Exterran Corp *		1,027		4,539
Falcon Minerals Corp		1,535		4,835
Frank’s International NV *		6,114		16,752
FuelCell Energy Inc *		3,824		42,714
FutureFuel Corp		1,016		12,903
Goodrich Petroleum Corp *		168		1,695
Green Plains Inc *		1,349		17,766
Helix Energy Solutions Group Inc *		5,645		23,709
Kosmos Energy Ltd (Ghana)		16,319		38,350
Liberty Oilfield Services Inc 'A'		2,908		29,981
Magnolia Oil & Gas Corp 'A' *		423		2,986
Matador Resources Co *		4,417		53,269
Matrix Service Co *		1,020		11,240
Maxeon Solar Technologies Ltd *		117		3,319
MRC Global Inc *		3,114		20,646
Nabors Industries Ltd		275		16,013
NACCO Industries Inc 'A'		144		3,787
National Energy Services Reunited Corp *		812		8,063
Newpark Resources Inc *		3,504		6,728
NextDecade Corp *		774		1,618
NexTier Oilfield Solutions Inc *		6,391		21,985
NOW Inc *		4,373		31,398
Oceaneering International Inc *		3,837		30,504
Oil States International Inc *		2,373		11,912
Ovintiv Inc		10,328		148,310
Par Pacific Holdings Inc *		1,600		22,368
Patterson-UTI Energy Inc		7,104		37,367
PBF Energy Inc 'A'		3,810		27,051
PDC Energy Inc *		3,903		80,129
Peabody Energy Corp *		2,458		5,924
Penn Virginia Corp *		547		5,552
PrimeEnergy Resources Corp *		16		691
ProPetro Holding Corp *		3,177		23,478
Range Resources Corp		8,594		57,580
Renewable Energy Group Inc *		1,511		107,009
REX American Resources Corp *		219		16,090


	Shares		Value
RPC Inc *		2,224		$7,006
Select Energy Services Inc 'A' *		2,325		9,533
SM Energy Co		4,506		27,577
Solaris Oilfield Infrastructure Inc 'A'		1,136		9,247
Southwestern Energy Co *		25,663		76,476
SunCoke Energy Inc		3,270		14,225
Sunnova Energy International Inc *		1,871		84,438
SunPower Corp *		928		23,794
Talos Energy Inc *		491		4,046
Tellurian Inc *		6,664		8,530
Thermon Group Holdings Inc *		1,299		20,303
Transocean Ltd *		22,819		52,712
Trecora Resources *		950		6,641
US Silica Holdings Inc		2,905		20,393
W&T Offshore Inc *		3,780		8,203
Warrior Met Coal Inc		2,057		43,855
Whiting Petroleum Corp *		95		2,375

				1,921,922

Financial - 36.1%

1st Constitution Bancorp		359		5,697
1st Source Corp		653		26,316
Acadia Realty Trust REIT		3,355		47,607
ACNB Corp		337		8,425
Agree Realty Corp REIT		2,169		144,412
Alerus Financial Corp		582		15,929
Alexander & Baldwin Inc REIT *		2,885		49,564
Alexander’s Inc REIT		4		1,109
Allegiance Bancshares Inc		771		26,314
Alpine Income Property Trust Inc REIT		268		4,017
Altabancorp		601		16,780
Altisource Portfolio Solutions SA *		171		2,202
Amalgamated Bank 'A'		544		7,475
Ambac Financial Group Inc *		1,812		27,869
Amerant Bancorp Inc *		907		13,786
American Assets Trust Inc REIT		2,017		58,251
American Equity Investment Life Holding Co		3,588		99,244
American Finance Trust Inc REIT		4,375		32,506
American National Bankshares Inc		427		11,192
American Realty Investors Inc *		32		349
Ameris Bancorp		2,604		99,134
AMERISAFE Inc		761		43,704
Ames National Corp		341		8,191
Anworth Mortgage Asset Corp REIT		3,845		10,420
Apollo Commercial Real Estate Finance Inc REIT		5,538		61,859
Arbor Realty Trust Inc REIT		4,562		64,689
Ares Commercial Real Estate Corp REIT		1,214		14,459
Argo Group International Holdings Ltd		1,265		55,280
Arlington Asset Investment Corp 'A' REIT		1,351		5,107
Armada Hoffler Properties Inc REIT		2,314		25,963
ARMOUR Residential REIT Inc		2,475		26,705
Arrow Financial Corp		532		15,912
Artisan Partners Asset Management Inc 'A'		1,282		64,536
Assetmark Financial Holdings Inc *		373		9,027
Associated Capital Group Inc 'A'		73		2,564
Atlantic Capital Bancshares Inc *		829		13,198
Atlantic Union Bankshares Corp		3,067		101,027
Auburn National BanCorp Inc		93		3,877
Axos Financial Inc *		2,071		77,725
B. Riley Financial Inc		771		34,094
Banc of California Inc		1,779		26,169
BancFirst Corp		752		44,142
Banco Latinoamericano de Comercio Exterior SA 'E' (Panama)		1,226		19,408
BancorpSouth Bank		3,897		106,934
Bank First Corp		21		1,361
Bank of Commerce Holdings		626		6,197
Bank of Marin Bancorp		536		18,406
Bank7 Corp		13		185


	Shares		Value
BankFinancial Corp		511		$4,487
BankUnited Inc		3,616		125,764
Bankwell Financial Group Inc		262		5,122
Banner Corp		1,370		63,828
Bar Harbor Bankshares		591		13,351
Baycom Corp *		343		5,203
BCB Bancorp Inc		559		6,188
Berkshire Hills Bancorp Inc		1,768		30,268
BGC Partners Inc 'A'		12,223		48,892
Blackstone Mortgage Trust Inc 'A' REIT		5,441		149,791
Blucora Inc *		1,909		30,372
Bluerock Residential Growth REIT Inc		630		7,982
Bogota Financial Corp *		236		2,103
Boston Private Financial Holdings Inc		3,212		27,141
Bridge Bancorp Inc		660		15,959
Bridgewater Bancshares Inc *		887		11,079
Broadmark Realty Capital Inc REIT		5,140		52,428
Broadstone Net Lease Inc 'A'		1,216		23,809
Brookline Bancorp Inc		3,052		36,746
BRT Apartments Corp REIT		412		6,262
Bryn Mawr Bank Corp		761		23,283
Business First Bancshares Inc		772		15,718
Byline Bancorp Inc		978		15,110
C&F Financial Corp		135		5,010
Cadence BanCorp		4,858		79,768
California BanCorp *		304		4,730
Cambridge Bancorp		201		14,020
Camden National Corp		594		21,253
Cannae Holdings Inc *		3,411		151,005
Capital Bancorp Inc *		319		4,444
Capital City Bank Group Inc		540		13,273
Capitol Federal Financial Inc		5,138		64,225
Capstar Financial Holdings Inc		646		9,529
Capstead Mortgage Corp REIT		3,686		21,416
CareTrust REIT Inc		3,296		73,105
Carter Bankshares Inc		899		9,637
CatchMark Timber Trust Inc 'A' REIT		1,754		16,417
Cathay General Bancorp		2,931		94,349
CB Financial Services Inc		193		3,862
CBTX Inc		700		17,857
Centerspace REIT		508		35,885
Central Pacific Financial Corp		1,083		20,588
Central Valley Community Bancorp		416		6,194
Century Bancorp Inc 'A'		99		7,659
Chatham Lodging Trust REIT		1,834		19,807
Chemung Financial Corp		142		4,821
Cherry Hill Mortgage Investment Corp REIT		588		5,374
Chimera Investment Corp REIT		7,651		78,423
ChoiceOne Financial Services Inc		292		8,997
CIT Group Inc		3,895		139,830
Citizens & Northern Corp		531		10,535
Citizens Holding Co		184		3,855
Citizens Inc *		1,959		11,225
City Holding Co		598		41,591
City Office REIT Inc		1,682		16,433
Civista Bancshares Inc		630		11,044
Clipper Realty Inc REIT		42		296
CNB Financial Corp		584		12,433
CNO Financial Group Inc		5,513		122,554
Coastal Financial Corp *		337		7,077
Codorus Valley Bancorp Inc		368		6,241
Colony Bankcorp Inc		297		4,351
Colony Capital Inc REIT		18,856		90,697
Colony Credit Real Estate Inc REIT		3,394		25,455
Columbia Banking System Inc		2,817		101,130
Columbia Financial Inc *		1,407		21,893
Columbia Property Trust Inc REIT		4,474		64,157
Community Bank System Inc		2,081		129,667
Community Bankers Trust Corp		859		5,798
Community Trust Bancorp Inc		595		22,045


	Shares		Value
ConnectOne Bancorp Inc		1,482		$29,329
CoreCivic Inc REIT		4,749		31,106
CorEnergy Infrastructure Trust Inc REIT		532		3,644
CorePoint Lodging Inc REIT		1,536		10,568
County Bancorp Inc		194		4,284
Cowen Inc 'A'		633		16,452
Crawford & Co 'A'		574		4,242
CrossFirst Bankshares Inc *		1,914		20,575
CTO Realty Growth Inc		231		9,739
Cushman & Wakefield PLC *		2,916		43,244
Customers Bancorp Inc *		1,053		19,144
CVB Financial Corp		5,165		100,717
Diamond Hill Investment Group Inc		123		18,360
DiamondRock Hospitality Co REIT		7,784		64,218
Dime Community Bancshares Inc		1,145		18,057
Diversified Healthcare Trust REIT		9,521		39,227
Donegal Group Inc 'A'		418		5,881
Dynex Capital Inc REIT		862		15,344
Eagle Bancorp Inc		1,268		52,368
Eagle Bancorp Montana Inc		250		5,305
Eastern Bankshares Inc *		5,401		88,090
EastGroup Properties Inc REIT		79		10,907
Ellington Financial Inc REIT		1,647		24,441
Ellington Residential Mortgage REIT		348		4,538
Employers Holdings Inc		1,135		36,536
Encore Capital Group Inc *		1,236		48,142
Enova International Inc *		1,393		34,505
Enstar Group Ltd *		473		96,913
Enterprise Bancorp Inc		356		9,096
Enterprise Financial Services Corp		971		33,936
Equity Bancshares Inc 'A' *		578		12,479
Esquire Financial Holdings Inc *		204		3,915
ESSA Bancorp Inc		354		5,310
Essent Group Ltd		4,348		187,834
Essential Properties Realty Trust Inc REIT		4,093		86,772
Evans Bancorp Inc		187		5,150
EZCORP Inc 'A' *		1,879		9,000
Farmers & Merchants Bancorp Inc		401		9,223
Farmers National Banc Corp		1,043		13,841
Farmland Partners Inc REIT		1,021		8,883
Fathom Holdings Inc *		128		4,613
FB Financial Corp		1,245		43,239
FBL Financial Group Inc 'A'		379		19,901
Federal Agricultural Mortgage Corp 'C'		285		21,161
Federated Hermes Inc		2,651		76,587
FedNat Holding Co		450		2,664
Fidelity D&D Bancorp Inc		158		10,169
Financial Institutions Inc		625		14,062
First BanCorp		8,476		78,149
First Bancorp NC		1,109		37,517
First Bank		635		5,956
First Busey Corp		2,035		43,854
First Business Financial Services Inc		314		5,781
First Capital Inc		129		7,812
First Choice Bancorp		410		7,581
First Commonwealth Financial Corp		3,848		42,097
First Community Bankshares Inc		698		15,063
First Community Corp		277		4,706
First Financial Bancorp		3,777		66,211
First Financial Corp		542		21,057
First Foundation Inc		1,218		24,360
First Guaranty Bancshares Inc		141		2,506
First Internet Bancorp		388		11,151
First Interstate BancSystem Inc 'A'		1,607		65,517
First Merchants Corp		2,117		79,197
First Mid Bancshares Inc		592		19,927
First Midwest Bancorp Inc		4,408		70,175
First Northwest Bancorp		338		5,273
First Savings Financial Group Inc		75		4,875
First United Corp		266		4,123


	Shares		Value
First Western Financial Inc *		245		$4,795
Flagstar Bancorp Inc		1,891		77,077
Flushing Financial Corp		1,184		19,702
FNCB Bancorp Inc		684		4,378
Franklin Financial Services Corp		159		4,298
Franklin Street Properties Corp REIT		4,075		17,808
Front Yard Residential Corp REIT		1,978		32,044
FRP Holdings Inc *		261		11,889
FS Bancorp Inc		133		7,288
Fulton Financial Corp		6,228		79,220
FVCBankcorp Inc *		473		6,953
GAMCO Investors Inc 'A'		76		1,348
Genworth Financial Inc 'A' *		19,770		74,731
German American Bancorp Inc		965		31,932
Getty Realty Corp REIT		1,406		38,721
Glacier Bancorp Inc		3,384		155,698
Gladstone Commercial Corp REIT		1,059		19,062
Gladstone Land Corp REIT		412		6,032
Global Medical REIT Inc		1,681		21,954
Global Net Lease Inc REIT		3,519		60,316
Goosehead Insurance Inc 'A'		449		56,017
Granite Point Mortgage Trust Inc REIT		2,158		21,558
Great Ajax Corp REIT		823		8,609
Great Southern Bancorp Inc		412		20,147
Great Western Bancorp Inc		2,185		45,666
Greene County Bancorp Inc		108		2,753
Greenlight Capital Re Ltd 'A' *		1,138		8,319
Guaranty Bancshares Inc		272		8,146
Hancock Whitney Corp		3,370		114,647
Hanmi Financial Corp		1,109		12,576
Hannon Armstrong Sustainable Infrastructure Capital Inc REIT		2,754		174,686
Harborone Bancorp Inc *		2,124		23,067
Hawthorn Bancshares Inc		232		5,081
HBT Financial Inc		385		5,833
HCI Group Inc		187		9,780
Healthcare Realty Trust Inc REIT		5,335		157,916
Heartland Financial USA Inc		1,342		54,177
Heritage Commerce Corp		2,180		19,337
Heritage Financial Corp		1,424		33,307
Heritage Insurance Holdings Inc		902		9,137
Hersha Hospitality Trust REIT		1,344		10,604
Hilltop Holdings Inc		2,815		77,441
Hingham Institution for Savings		53		11,448
Home Bancorp Inc		302		8,453
Home BancShares Inc		6,025		117,367
HomeStreet Inc		859		28,991
HomeTrust Bancshares Inc		617		11,914
Hope Bancorp Inc		4,491		48,997
Horace Mann Educators Corp		1,656		69,618
Horizon Bancorp Inc		1,719		27,263
Howard Bancorp Inc *		526		6,212
Independence Holding Co		184		7,544
Independence Realty Trust Inc REIT		3,742		50,255
Independent Bank Corp		1,201		87,721
Independent Bank Corp MI		854		15,773
Independent Bank Group Inc		1,452		90,779
Indus Realty Trust Inc *		43		2,688
Industrial Logistics Properties Trust REIT		2,568		59,809
Innovative Industrial Properties Inc REIT		499		91,382
International Bancshares Corp		2,087		78,137
Invesco Mortgage Capital Inc REIT		7,328		24,769
Investar Holding Corp		409		6,765
Investors Bancorp Inc		6,632		70,034
Investors Title Co		45		6,885
iStar Inc REIT		2,893		42,961
James River Group Holdings Ltd		144		7,078
Kearny Financial Corp		2,333		24,636
Kennedy-Wilson Holdings Inc		4,769		85,317
Kite Realty Group Trust REIT		3,313		49,562


	Shares		Value
KKR Real Estate Finance Trust Inc REIT		1,135		$20,339
Ladder Capital Corp REIT		4,178		40,861
Lakeland Bancorp Inc		1,873		23,787
Lakeland Financial Corp		928		49,722
Landmark Bancorp Inc		156		3,565
LCNB Corp		482		7,081
Legacy Housing Corp *		248		3,747
LendingClub Corp *		2,780		29,357
Level One Bancorp Inc		205		4,147
Lexington Realty Trust REIT		10,943		116,215
Limestone Bancorp Inc *		210		2,638
Live Oak Bancshares Inc		1,126		53,440
LTC Properties Inc REIT		960		37,354
Luther Burbank Corp		675		6,615
Macatawa Bank Corp		1,073		8,981
Mack-Cali Realty Corp REIT		3,452		43,012
Mackinac Financial Corp		349		4,453
MainStreet Bancshares Inc *		287		4,853
Marcus & Millichap Inc *		844		31,422
Marlin Business Services Corp		291		3,562
Maui Land & Pineapple Co Inc *		157		1,810
MBIA Inc *		1,861		12,245
McGrath RentCorp		414		27,779
Mercantile Bank Corp		610		16,574
Merchants Bancorp		348		9,615
Meridian Bancorp Inc		1,868		27,852
Meridian Corp		170		3,536
Meta Financial Group Inc		1,321		48,296
Metrocity Bankshares Inc		692		9,979
Metropolitan Bank Holding Corp *		283		10,264
MFA Financial Inc REIT		18,167		70,670
Mid Penn Bancorp Inc		275		6,023
Middlefield Banc Corp		235		5,288
Midland States Bancorp Inc		862		15,404
MidWestOne Financial Group Inc		591		14,479
MMA Capital Holdings Inc *		186		4,576
Monmouth Real Estate Investment Corp REIT		425		7,361
Mr Cooper Group Inc *		2,996		92,966
MVB Financial Corp		396		8,981
National Bank Holdings Corp 'A'		896		29,353
National Bankshares Inc		251		7,859
National General Holdings Corp		1,428		48,809
National Health Investors Inc REIT		1,133		78,370
National Western Life Group Inc 'A'		102		21,057
Navient Corp		7,233		71,028
NBT Bancorp Inc		1,693		54,345
Nelnet Inc 'A'		677		48,229
NETSTREIT Corp		428		8,342
New Senior Investment Group Inc REIT		3,231		16,737
New York Mortgage Trust Inc REIT		15,133		55,841
Newmark Group Inc 'A'		5,745		41,881
NexPoint Residential Trust Inc REIT		732		30,971
NI Holdings Inc *		366		6,010
Nicolet Bankshares Inc *		348		23,090
NMI Holdings Inc 'A' *		3,034		68,720
Northeast Bank *		284		6,396
Northfield Bancorp Inc		1,886		23,254
Northrim BanCorp Inc		249		8,454
Northwest Bancshares Inc		4,633		59,024
Norwood Financial Corp		231		6,045
Oak Valley Bancorp		271		4,504
OceanFirst Financial Corp		2,364		44,041
Oconee Federal Financial Corp		33		835
Office Properties Income Trust REIT		1,901		43,191
OFG Bancorp		2,001		37,099
Ohio Valley Banc Corp		170		4,012
Old National Bancorp		6,465		107,060
Old Second Bancorp Inc		1,165		11,767
One Liberty Properties Inc REIT		633		12,704


	Shares		Value
OP Bancorp		472		$3,634
Oportun Financial Corp *		771		14,934
Oppenheimer Holdings Inc 'A'		356		11,189
Orchid Island Capital Inc REIT		2,596		13,551
Origin Bancorp Inc		880		24,438
Orrstown Financial Services Inc		451		7,464
Pacific Premier Bancorp Inc		3,150		98,689
Park National Corp		574		60,276
Parke Bancorp Inc		430		6,708
Partners Bancorp		339		2,204
PCB Bancorp		505		5,106
PCSB Financial Corp		597		9,516
PDL Community Bancorp *		305		3,206
Peapack Gladstone Financial Corp		726		16,524
Pebblebrook Hotel Trust REIT		5,115		96,162
Penns Woods Bancorp Inc		267		6,945
PennyMac Financial Services Inc		1,462		95,936
PennyMac Mortgage Investment Trust REIT		3,866		68,003
Peoples Bancorp Inc		707		19,153
Peoples Bancorp of North Carolina Inc		176		4,052
Peoples Financial Services Corp		275		10,109
Physicians Realty Trust REIT		8,252		146,886
Piedmont Office Realty Trust Inc 'A' REIT		4,944		80,241
Pioneer Bancorp Inc *		469		4,957
Piper Sandler Cos		684		69,016
Plumas Bancorp		184		4,324
PotlatchDeltic Corp REIT		2,585		129,302
PRA Group Inc *		1,765		70,000
Preferred Apartment Communities Inc 'A' REIT		1,860		13,764
Preferred Bank		550		27,758
Premier Financial Bancorp Inc		516		6,858
Premier Financial Corp		1,481		34,063
ProAssurance Corp		2,118		37,679
PROG Holding Inc		2,421		130,419
ProSight Global Inc *		368		4,721
Protective Insurance Corp 'B'		344		4,716
Provident Bancorp Inc		633		7,596
Provident Financial Holdings Inc		230		3,613
Provident Financial Services Inc		2,871		51,563
Prudential Bancorp Inc		320		4,432
QCR Holdings Inc		604		23,912
QTS Realty Trust Inc 'A' REIT		136		8,416
Radian Group Inc		7,535		152,584
Rafael Holdings Inc 'B' *		369		8,605
RBB Bancorp		664		10,212
RE/MAX Holdings Inc 'A'		704		25,576
Ready Capital Corp REIT		1,674		20,841
Realogy Holdings Corp *		4,575		60,024
Red River Bancshares Inc		197		9,761
Redwood Trust Inc REIT		4,349		38,184
Regional Management Corp		339		10,123
Reliant Bancorp Inc		572		10,651
Renasant Corp		2,146		72,277
Republic Bancorp Inc 'A'		386		13,923
Republic First Bancorp Inc *		1,818		5,181
Retail Opportunity Investments Corp REIT		4,516		60,469
Retail Properties of America Inc 'A' REIT		8,401		71,913
Retail Value Inc REIT		642		9,547
Richmond Mutual Bancorporation Inc		483		6,598
Riverview Bancorp Inc		829		4,361
RLI Corp		197		20,518
RLJ Lodging Trust REIT		6,443		91,168
RPT Realty REIT		3,270		28,285
Ryman Hospitality Properties Inc REIT		271		18,363
S&T Bancorp Inc		1,519		37,732
Sabra Health Care REIT Inc		8,099		140,680
Safeguard Scientifics Inc *		761		4,855
Safehold Inc REIT		310		22,472
Safety Insurance Group Inc		572		44,559


	Shares		Value
Salisbury Bancorp Inc		100		$3,727
Sandy Spring Bancorp Inc		1,810		58,264
Saul Centers Inc REIT		64		2,028
SB Financial Group Inc		278		5,082
Sculptor Capital Management Inc		735		11,172
Seacoast Banking Corp of Florida *		2,010		59,194
Security National Financial Corp 'A' *		373		3,115
Select Bancorp Inc *		655		6,203
Selective Insurance Group Inc		2,336		156,465
Selectquote Inc *		924		19,173
Seritage Growth Properties REIT *		1,354		19,877
Service Properties Trust REIT		6,411		73,662
ServisFirst Bancshares Inc		498		20,064
Shore Bancshares Inc		492		7,183
Sierra Bancorp		550		13,156
Silvercrest Asset Management Group Inc 'A'		186		2,584
Silvergate Capital Corp 'A' *		621		46,147
Simmons First National Corp 'A'		4,245		91,650
SITE Centers Corp REIT		5,974		60,457
SmartFinancial Inc		574		10,412
South Plains Financial Inc		422		7,997
South State Corp		2,766		199,982
Southern First Bancshares Inc *		302		10,676
Southern Missouri Bancorp Inc		308		9,376
Southern National Bancorp of Virginia Inc		802		9,712
Southside Bancshares Inc		1,244		38,601
Spirit of Texas Bancshares Inc		534		8,971
STAG Industrial Inc REIT		5,446		170,569
Standard AVB Financial Corp		152		4,954
State Auto Financial Corp		694		12,312
StepStone Group Inc 'A' *		409		16,278
Sterling Bancorp Inc		656		2,978
Stewart Information Services Corp		1,043		50,439
Stifel Financial Corp		4,002		201,941
Stock Yards Bancorp Inc		695		28,134
StoneX Group Inc *		600		34,740
Stratus Properties Inc *		238		6,069
Summit Financial Group Inc		446		9,848
Summit Hotel Properties Inc REIT		4,091		36,860
Sunstone Hotel Investors Inc REIT		8,445		95,682
SWK Holdings Corp *		139		2,000
Tanger Factory Outlet Centers Inc REIT		3,649		36,344
Terreno Realty Corp REIT		1,530		89,520
Territorial Bancorp Inc		308		7,401
Texas Capital Bancshares Inc *		1,992		118,524
The Bancorp Inc *		2,076		28,337
The Bank of NT Butterfield & Son Ltd (Bermuda)		1,989		61,977
The Bank of Princeton		224		5,244
The Community Financial Corp		204		5,402
The First Bancorp Inc		403		10,236
The First Bancshares Inc		833		25,723
The First of Long Island Corp		901		16,083
The GEO Group Inc REIT		4,625		40,977
The Macerich Co REIT		6,003		64,052
The RMR Group Inc 'A'		61		2,356
The St Joe Co		656		27,847
Third Point Reinsurance Ltd * (Bermuda)		3,205		30,512
Timberland Bancorp Inc		297		7,205
Tiptree Inc		933		4,684
Tompkins Financial Corp		570		40,242
Towne Bank		2,599		61,025
TPG RE Finance Trust Inc REIT		2,414		25,637
Transcontinental Realty Investors Inc REIT *		54		1,302
Trean Insurance Group Inc *		408		5,345
TriCo Bancshares		1,050		37,044
TriState Capital Holdings Inc *		1,097		19,088
Triumph Bancorp Inc *		899		43,646
TrustCo Bank Corp NY		3,702		24,692


	Shares		Value
Trustmark Corp		2,519		$68,794
Two Harbors Investment Corp REIT		10,959		69,809
UMB Financial Corp		1,716		118,387
UMH Properties Inc REIT		333		4,932
United Bankshares Inc		4,885		158,274
United Community Banks Inc		3,083		87,681
United Fire Group Inc		810		20,331
United Insurance Holdings Corp		793		4,536
United Security Bancshares		540		3,807
Unity Bancorp Inc		291		5,107
Universal Health Realty Income Trust REIT		68		4,370
Universal Insurance Holdings Inc		813		12,284
Univest Financial Corp		1,093		22,494
Urban Edge Properties REIT		4,652		60,197
Urstadt Biddle Properties Inc 'A' REIT		1,179		16,659
Valley National Bancorp		15,780		153,855
Vericity Inc *		115		1,151
Veritex Holdings Inc		1,884		48,343
Virtus Investment Partners Inc		268		58,156
Waddell & Reed Financial Inc 'A'		2,430		61,892
Walker & Dunlop Inc		1,012		93,124
Washington Federal Inc		3,018		77,683
Washington Real Estate Investment Trust REIT		3,300		71,379
Washington Trust Bancorp Inc		685		30,688
Waterstone Financial Inc		842		15,846
Watford Holdings Ltd * (Bermuda)		677		23,424
WesBanco Inc		2,548		76,338
West Bancorporation Inc		528		10,190
Westamerica Bancorporation		894		49,429
Western Asset Mortgage Capital Corp REIT		2,359		7,690
Western New England Bancorp Inc		901		6,208
Westwood Holdings Group Inc		308		4,466
Whitestone REIT		1,563		12,457
WisdomTree Investments Inc		5,562		29,757
World Acceptance Corp *		168		17,173
WSFS Financial Corp		1,964		88,144
Xenia Hotels & Resorts Inc REIT		4,423		67,230

				17,103,003

Industrial - 13.6%

AAR Corp		1,349		48,861
Advanced Emissions Solutions Inc		621		3,416
Aegion Corp *		1,208		22,940
Alamo Group Inc		74		10,208
Allied Motion Technologies Inc		21		1,073
Altra Industrial Motion Corp		2,549		141,291
American Outdoor Brands Inc *		536		9,128
American Superconductor Corp *		1,072		25,106
American Woodmark Corp *		659		61,847
API Group Corp * ~		5,515		100,097
Apogee Enterprises Inc		866		27,435
Applied Industrial Technologies Inc		911		71,049
Applied Optoelectronics Inc *		860		7,319
ArcBest Corp		1,005		42,883
Arcosa Inc		1,912		105,026
Ardmore Shipping Corp (Ireland)		1,121		3,666
Argan Inc		583		25,938
Astec Industries Inc		895		51,803
Astronics Corp *		928		12,277
Atlas Air Worldwide Holdings Inc *		960		52,358
AZZ Inc		1,041		49,385
Barnes Group Inc		1,835		93,016
Bel Fuse Inc 'B'		398		5,982
Belden Inc		1,722		72,152
Benchmark Electronics Inc		1,446		39,056
Bloom Energy Corp 'A' *		211		6,047
Boise Cascade Co		1,297		61,997
Brady Corp 'A'		467		24,667


	Shares		Value
Bristow Group Inc *		262		$6,896
Builders FirstSource Inc *		424		17,303
Cactus Inc 'A'		1,038		27,061
Caesarstone Ltd		864		11,137
Casella Waste Systems Inc 'A' *		247		15,302
CECO Environmental Corp *		1,224		8,519
Chart Industries Inc *		1,427		168,086
CIRCOR International Inc *		800		30,752
Columbus McKinnon Corp		903		34,711
Comfort Systems USA Inc		1,013		53,345
Comtech Telecommunications Corp		963		19,924
Concrete Pumping Holdings Inc *		1,067		4,087
Construction Partners Inc 'A' *		576		16,767
Cornerstone Building Brands Inc *		1,023		9,493
Costamare Inc (Monaco)		1,950		16,146
Covanta Holding Corp		2,819		37,013
Covenant Logistics Group Inc 'A' *		460		6,813
DHT Holdings Inc		4,412		23,075
Diamond S Shipping Inc *		1,075		7,160
Digimarc Corp *		38		1,795
Dorian LPG Ltd *		1,266		15,433
Ducommun Inc *		426		22,876
DXP Enterprises Inc *		652		14,494
Dycom Industries Inc *		340		25,677
Eagle Bulk Shipping Inc *		251		4,769
Eastman Kodak Co *		615		5,006
Echo Global Logistics Inc *		1,021		27,383
EMCOR Group Inc		1,960		179,262
Encore Wire Corp		809		49,001
Enerpac Tool Group Corp		1,347		30,456
EnerSys		1,522		126,417
EnPro Industries Inc		807		60,945
ESCO Technologies Inc		80		8,258
FARO Technologies Inc *		48		3,390
Federal Signal Corp		183		6,070
Fitbit Inc 'A' *		3,155		21,454
Fluidigm Corp *		2,575		15,450
Fluor Corp		5,533		88,362
Forward Air Corp		427		32,811
Franklin Electric Co Inc		128		8,859
Frontline Ltd (Norway)		4,668		29,035
GATX Corp		1,373		114,206
Genco Shipping & Trading Ltd		676		4,975
Gencor Industries Inc *		327		4,022
General Finance Corp *		416		3,540
Gibraltar Industries Inc *		1,011		72,731
Golar LNG Ltd * (Bermuda)		3,591		34,617
GoPro Inc 'A' *		564		4,670
Graham Corp		385		5,844
Granite Construction Inc		1,671		44,632
Great Lakes Dredge & Dock Corp *		2,491		32,806
Greif Inc 'A'		1,034		48,474
Greif Inc 'B'		234		11,321
Griffon Corp		1,696		34,564
Harsco Corp *		3,132		56,313
Haynes International Inc		489		11,658
Heartland Express Inc		1,940		35,114
Helios Technologies Inc		690		36,770
Heritage-Crystal Clean Inc *		603		12,705
Hillenbrand Inc		2,922		116,296
Hub Group Inc 'A' *		1,310		74,670
Hurco Cos Inc		247		7,410
Hyster-Yale Materials Handling Inc		389		23,165
IES Holdings Inc *		208		9,576
II-VI Inc *		482		36,613
Insteel Industries Inc		740		16,480
International Seaways Inc		946		15,448
Intevac Inc *		707		5,097
IntriCon Corp *		340		6,154
JELD-WEN Holding Inc *		2,723		69,055


	Shares		Value
Kaman Corp		993		$56,730
KBR Inc		4,921		152,207
Kennametal Inc		3,276		118,722
Kimball Electronics Inc *		946		15,127
Knowles Corp *		3,547		65,371
Lawson Products Inc *		69		3,513
LB Foster Co 'A' *		397		5,975
LENSAR Inc *		340		2,465
LSI Industries Inc		1,010		8,646
Luxfer Holdings PLC (United Kingdom)		1,081		17,750
Lydall Inc *		678		20,360
Marten Transport Ltd		1,203		20,728
MasTec Inc *		2,084		142,087
Materion Corp		563		35,874
Matson Inc		1,681		95,767
Matthews International Corp 'A'		1,212		35,633
Mayville Engineering Co Inc *		286		3,838
Mistras Group Inc *		693		5,378
Montrose Environmental Group Inc *		273		8,452
Moog Inc 'A'		1,166		92,464
Mueller Industries Inc		2,188		76,821
Mueller Water Products Inc 'A'		5,800		71,804
Myers Industries Inc		913		18,972
MYR Group Inc *		234		14,063
National Presto Industries Inc		188		16,625
NL Industries Inc		332		1,587
NN Inc *		1,664		10,932
Nordic American Tankers Ltd		5,722		16,880
Northwest Pipe Co *		383		10,839
NV5 Global Inc *		35		2,757
NVE Corp		24		1,348
O-I Glass Inc		1,407		16,743
Olympic Steel Inc		358		4,772
Overseas Shipholding Group Inc 'A' *		2,556		5,470
Pactiv Evergreen Inc *		1,244		22,566
PAM Transportation Services Inc *		62		3,038
Pangaea Logistics Solutions Ltd		410		1,136
Park Aerospace Corp		777		10,420
Park-Ohio Holdings Corp		344		10,630
Patrick Industries Inc		49		3,349
PGT Innovations Inc *		1,422		28,923
Plexus Corp *		210		16,424
Powell Industries Inc		351		10,351
Primoris Services Corp		823		22,723
Radiant Logistics Inc *		1,541		8,938
Ranpak Holdings Corp *		1,154		15,510
Raven Industries Inc		1,307		43,249
Rexnord Corp		4,401		173,795
Ryerson Holding Corp *		633		8,634
Safe Bulkers Inc * (Greece)		2,045		2,659
Sanmina Corp *		2,525		80,522
Scorpio Bulkers Inc		356		6,027
Scorpio Tankers Inc (Monaco)		2,040		22,828
SEACOR Holdings Inc *		762		31,585
SFL Corp Ltd (Norway)		3,781		23,745
SMART Global Holdings Inc *		48		1,806
Smith & Wesson Brands Inc		2,153		38,216
SPX Corp *		443		24,161
SPX FLOW Inc *		1,677		97,199
Standex International Corp		493		38,217
Sterling Construction Co Inc *		920		17,121
Stoneridge Inc *		1,038		31,379
Sturm Ruger & Co Inc		78		5,075
Summit Materials Inc 'A' *		4,490		90,159
Terex Corp		2,653		92,563
The Eastern Co		215		5,182
The Gorman-Rupp Co		580		18,821
The Greenbrier Cos Inc		1,281		46,603
The Manitowoc Co Inc *		1,334		17,756
Tidewater Inc *		1,601		13,833


	Shares		Value
TimkenSteel Corp *		1,776		$8,294
Tredegar Corp		1,038		17,335
TriMas Corp *		1,615		51,147
Trinseo SA		1,046		53,566
Triumph Group Inc		2,045		25,685
TTM Technologies Inc *		3,978		54,877
Turtle Beach Corp *		535		11,529
Tutor Perini Corp *		1,612		20,875
UFP Industries Inc		370		20,553
UFP Technologies Inc *		256		11,930
Ultralife Corp *		352		2,277
Universal Logistics Holdings Inc		89		1,833
US Concrete Inc *		641		25,621
US Ecology Inc		1,210		43,959
US Xpress Enterprises Inc 'A' *		875		5,985
Vishay Intertechnology Inc		5,226		108,230
Vishay Precision Group Inc *		507		15,960
Watts Water Technologies Inc 'A'		608		73,994
Welbilt Inc *		3,763		49,672
Werner Enterprises Inc		273		10,707
Willis Lease Finance Corp *		117		3,564
WillScot Mobile Mini Holdings Corp *		4,094		94,858
Worthington Industries Inc		1,464		75,162

				6,465,198

Technology - 4.2%

3D Systems Corp *		4,691		49,162
Allscripts Healthcare Solutions Inc *		5,887		85,008
Alpha & Omega Semiconductor Ltd *		812		19,196
Ambarella Inc *		906		83,189
Amkor Technology Inc		3,309		49,900
Asure Software Inc *		533		3,784
Axcelis Technologies Inc *		110		3,203
AXT Inc *		1,549		14,824
Cerence Inc *		1,451		145,797
Cloudera Inc *		4,211		58,575
Cohu Inc		1,502		57,346
Computer Programs & Systems Inc		509		13,662
Conduent Inc *		6,593		31,646
Corsair Gaming Inc *		270		9,779
CTS Corp		1,271		43,633
Cubic Corp		1,115		69,175
Daily Journal Corp *		9		3,636
Diebold Nixdorf Inc *		1,676		17,866
Digi International Inc *		1,150		21,735
Diodes Inc *		1,402		98,841
Donnelley Financial Solutions Inc *		1,186		20,126
DSP Group Inc *		81		1,344
Ebix Inc		475		18,036
eGain Corp *		525		6,200
Evolent Health Inc 'A' *		2,550		40,877
GSI Technology Inc *		656		4,854
GTY Technology Holding Inc *		1,781		9,226
IBEX Holdings Ltd *		120		2,244
Immersion Corp *		115		1,298
Insight Enterprises Inc *		987		75,101
ManTech International Corp 'A'		621		55,232
MaxLinear Inc *		1,078		41,169
MicroStrategy Inc 'A' *		108		41,963
MTS Systems Corp		778		45,249
NetScout Systems Inc *		2,787		76,420
NextGen Healthcare Inc *		2,229		40,657
Onto Innovation Inc *		1,395		66,332
Outset Medical Inc *		78		4,434
Park City Group Inc *		397		1,902
Parsons Corp *		246		8,957
PDF Solutions Inc *		82		1,771
Perspecta Inc		953		22,948
Photronics Inc *		2,504		27,945
Pitney Bowes Inc		4,214		25,958
Pixelworks Inc *		371		1,046


	Shares		Value
PlayAGS Inc *		781		$5,623
Quantum Corp *		959		5,869
Rambus Inc *		4,460		77,872
SeaChange International Inc *		1,693		2,370
SecureWorks Corp 'A' *		330		4,693
StarTek Inc *		691		5,196
Sumo Logic Inc *		109		3,115
Super Micro Computer Inc *		1,270		40,208
Sykes Enterprises Inc *		1,409		53,077
Synaptics Inc *		74		7,134
Synchronoss Technologies Inc *		1,609		7,562
The ExOne Co *		111		1,053
Unisys Corp *		2,240		44,083
Veeco Instruments Inc *		1,959		34,008
Verint Systems Inc *		1,422		95,530
Xperi Holding Corp		3,839		80,235

				1,988,874

Utilities - 4.3%

ALLETE Inc		2,050		126,977
Artesian Resources Corp 'A'		301		11,161
Atlantic Power Corp *		3,141		6,596
Avista Corp		2,693		108,097
Black Hills Corp		2,479		152,335
Brookfield Infrastructure Corp 'A' (Canada)		658		47,573
Brookfield Renewable Corp 'A'		3,715		216,444
California Water Service Group		151		8,159
Chesapeake Utilities Corp		40		4,328
Clearway Energy Inc 'A'		1,153		34,071
Clearway Energy Inc 'C'		2,577		82,284
Consolidated Water Co Ltd (Cayman)		581		7,001
MGE Energy Inc		1,067		74,722
New Jersey Resources Corp		3,759		133,632
Northwest Natural Holding Co		1,088		50,037
NorthWestern Corp		2,003		116,795
ONE Gas Inc		1,830		140,489
Otter Tail Corp		1,071		45,635
PICO Holdings Inc *		597		5,582
PNM Resources Inc		3,141		152,433
Portland General Electric Co		3,546		151,662
RGC Resources Inc		157		3,733
SJW Group		496		34,403
South Jersey Industries Inc		1,661		35,795
Southwest Gas Holdings Inc *		2,026		123,080
Spire Inc		1,978		126,671
Unitil Corp		592		26,208

				2,025,903


Total Common Stocks (Cost $34,825,562)				46,975,940


EXCHANGE-TRADED FUND - 0.1%

iShares Russell 2000 Value		246		32,411


Total Exchange-Traded Fund (Cost $32,083)				32,411


	Principal Amount		Value

SHORT-TERM INVESTMENT - 0.6%

Repurchase Agreement - 0.6%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $261,929; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $267,200)		$261,929		$261,929
Total Short-Term Investment (Cost $261,929)				261,929


TOTAL INVESTMENTS - 99.8% (Cost $35,119,574)				47,270,649

DERIVATIVES - 0.1%				10,124


OTHER ASSETS & LIABILITIES, NET - 0.1%				68,945


NET ASSETS - 100.0%				$47,349,718

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial			36.1%
Consumer, Cyclical			16.1%
Industrial			13.6%
Consumer, Non-Cyclical			12.7%
Basic Materials			4.9%
Utilities			4.3%
Technology			4.2%
Energy			4.0%
Communications			3.2%
Others (each less than 3.0%)			0.7%

			99.8%
Derivatives			0.1%
Other Assets & Liabilities, Net			0.1%

			100.0%

(b)

An investment with a value of $369 or less than 0.1% of the Fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or the Board of Trustees.

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
RIGHTS - 0.0%

South Korea - 0.0%

POSCO Chemical Co Ltd Exp 01/14/21 *		131		$3,672


Total Rights (Cost $0)				3,672


WARRANTS - 0.0%

Thailand - 0.0%

Srisawad Corp PCL Exercise @ THB 100.00 Exp 08/29/25 *		2,206		744


Total Warrants (Cost $0)				744


PREFERRED STOCKS - 1.2%

Brazil - 1.1%

Alpargatas SA		6,800		55,136
Banco Bradesco SA		52,636		276,845
Braskem SA ‘A’ *		3,100		14,128
Centrais Eletricas Brasileiras SA ‘B’		6,322		45,367
Cia de Transmissao de Energia Eletrica Paulista		7,100		38,093
Cia Energetica de Minas Gerais		33,966		95,770
Cia Paranaense de Energia ‘B’		4,256		61,864
Gerdau SA		42,376		199,948
Itau Unibanco Holding SA		79,904		489,020
Lojas Americanas SA		21,112		106,864
Petroleo Brasileiro SA		217,605		1,181,347

				2,564,382

Chile - 0.1%

Embotelladora Andina SA ‘B’		30,313		78,033
Sociedad Quimica y Minera de Chile SA ‘B’		4,075		198,490

				276,523

Colombia - 0.0%

Grupo Argos SA		6,850		21,132
Grupo Aval Acciones y Valores SA		133,651		46,862
Grupo de Inversiones Suramericana SA		4,367		28,214

				96,208

South Korea - 0.0%

AMOREPACIFIC Group *		34		1,122


Total Preferred Stocks (Cost $2,591,350)				2,938,235


COMMON STOCKS - 98.7%

Brazil - 3.9%

Ambev SA		99,260		300,076
Atacadao SA		6,605		24,628
B2W Cia Digital *		1,981		28,848
B3 SA - Brasil Bolsa Balcao		33,433		400,286
Banco Bradesco SA		23,447		109,910
Banco BTG Pactual SA		8,234		148,820
Banco do Brasil SA		15,828		118,990
Banco Santander Brasil SA		3,880		33,693
BB Seguridade Participacoes SA		23,009		131,683
Braskem SA ADR *		3,433		30,931
BRF SA *		19,432		82,690
CCR SA		95,117		247,447


	Shares		Value
Centrais Eletricas Brasileiras SA		5,500		$39,155
Cia Brasileira de Distribuicao		11,198		161,908
Cia de Saneamento Basico do Estado de Sao Paulo		10,802		93,120
Cia Energetica de Minas Gerais		7,328		23,308
Cosan SA		7,769		113,467
CPFL Energia SA		3,100		19,496
Energisa SA		11,181		113,342
Engie Brasil Energia SA		3,650		31,005
Equatorial Energia SA		49,605		222,252
Hapvida Participacoes e Investimentos SA ~		14,650		43,221
Hypera SA		14,067		93,030
Itau Unibanco Holding SA		8,569		46,276
Klabin SA		67,852		344,888
Localiza Rent a Car SA		18,865		251,421
Lojas Americanas SA		10,376		40,896
Lojas Renner SA		34,123		286,924
Magazine Luiza SA		67,858		325,390
Natura & Co Holding SA *		26,140		265,364
Notre Dame Intermedica Participacoes SA		12,490		189,331
Petrobras Distribuidora SA		24,759		105,659
Petroleo Brasileiro SA		170,170		940,065
Porto Seguro SA		10,623		100,433
Raia Drogasil SA		33,345		160,292
Rumo SA *		51,165		189,226
Sul America SA		9,979		85,458
Suzano SA *		15,543		174,549
Telefonica Brasil SA		9,600		86,313
TIM SA		22,431		63,566
Ultrapar Participacoes SA		26,776		122,576
Vale SA		163,185		2,746,606
WEG SA		19,948		291,337

				9,427,876

Chile - 0.5%

Aguas Andinas SA ‘A’		151,453		48,812
Banco de Chile		559,354		57,092
Banco de Chile ADR		3,272		66,683
Banco de Credito e Inversiones SA		2,251		88,361
Banco Santander Chile		450,617		21,620
Banco Santander Chile ADR		3,297		62,610
Cencosud SA		75,771		135,014
Cia Cervecerias Unidas SA		3,038		22,435
Cia Cervecerias Unidas SA ADR		2,871		42,204
Colbun SA		337,804		59,668
Empresa Nacional de Telecomunicaciones SA		13,075		81,137
Empresas CMPC SA		27,432		72,200
Empresas COPEC SA		7,097		71,886
Enel Americas SA		942,058		153,618
Enel Americas SA ADR		10,585		87,009
Enel Chile SA ADR		25,110		97,678
Falabella SA		13,577		50,263
Itau CorpBanca		8,062,895		27,122
Plaza SA		8,397		13,079

				1,258,491

China - 35.9%

A-Living Smart City Services Co Ltd ‘H’ ~		2,000		8,877
AAC Technologies Holdings Inc		58,500		324,259
AECC Aviation Power Co Ltd ‘A’		2,600		23,632
Agile Group Holdings Ltd		126,000		167,708
Agricultural Bank of China Ltd ‘H’		861,000		315,334
Aier Eye Hospital Group Co Ltd ‘A’		5,400		61,876
Air China Ltd ‘H’		148,000		116,678
Airtac International Group		3,484		111,978
Alibaba Group Holding Ltd *		42,700		1,241,908
Alibaba Group Holding Ltd ADR *		34,889		8,119,717
Alibaba Health Information Technology Ltd *		50,000		148,001


	Shares		Value
Aluminum Corp of China Ltd ‘H’ *		206,000		$72,524
Angel Yeast Co Ltd ‘A’		3,000		23,442
Anhui Conch Cement Co Ltd ‘H’		93,000		582,837
Anhui Gujing Distillery Co Ltd ‘A’		500		20,814
ANTA Sports Products Ltd		33,000		523,614
Baidu Inc ADR *		10,149		2,194,620
Bank of China Ltd ‘H’		1,793,400		606,983
Bank of Communications Co Ltd ‘H’		427,925		226,356
Bank of Hangzhou Co Ltd ‘A’		9,600		21,922
Bank of Jiangsu Co Ltd ‘A’		29,380		24,543
Bank of Nanjing Co Ltd ‘A’		17,200		21,257
Bank of Ningbo Co Ltd ‘A’		7,300		39,467
Baoshan Iron & Steel Co Ltd ‘A’		21,300		19,395
BeiGene Ltd *		4,500		91,168
BeiGene Ltd ADR *		638		164,853
Beijing New Building Materials PLC ‘A’		3,500		21,475
Beijing Oriental Yuhong Waterproof Technology Co Ltd ‘A’		7,500		44,527
BGI Genomics Co Ltd ‘A’		600		11,783
BOE Technology Group Co Ltd ‘A’		48,700		44,766
BYD Co Ltd ‘H’		25,500		671,370
BYD Electronic International Co Ltd		53,500		280,676
CGN Power Co Ltd ‘H’ ~		171,000		36,876
Changchun High & New Technology Industry Group Inc ‘A’		500		34,325
China Cinda Asset Management Co Ltd ‘H’		524,000		99,426
China CITIC Bank Corp Ltd ‘H’		395,000		167,790
China Coal Energy Co Ltd ‘H’		86,000		25,886
China Common Rich Renewable Energy Investments Ltd * W ±		122,000		14,753
China Communications Construction Co Ltd ‘H’		36,000		15,569
China Conch Venture Holdings Ltd		78,000		379,553
China Construction Bank Corp ‘H’		3,442,340		2,596,484
China Eastern Airlines Corp Ltd ‘H’		158,000		68,475
China Everbright Bank Co Ltd ‘H’		169,000		64,453
China Evergrande Group		127,000		244,103
China Fortune Land Development Co Ltd ‘A’		9,900		19,583
China Galaxy Securities Co Ltd ‘H’		208,500		130,810
China Gas Holdings Ltd		195,200		773,519
China Hongqiao Group Ltd		86,500		79,304
China Huarong Asset Management Co Ltd ‘H’ ~		124,000		13,766
China International Capital Corp Ltd ‘H’ * ~		98,400		266,787
China Jushi Co Ltd ‘A’		8,400		25,644
China Life Insurance Co Ltd ‘H’		149,000		328,020
China Literature Ltd * ~		9,800		77,043
China Longyuan Power Group Corp Ltd ‘H’		83,000		83,457
China Mengniu Dairy Co Ltd *		203,000		1,223,917
China Merchants Bank Co Ltd ‘H’		144,800		916,011
China Merchants Securities Co Ltd ‘H’ ~		17,680		26,481
China Minsheng Banking Corp Ltd ‘H’		271,500		154,768
China Mobile Ltd		98,000		558,644
China Mobile Ltd ADR		27,889		795,952
China Molybdenum Co Ltd ‘H’		198,000		129,551
China National Building Material Co Ltd ‘H’		380,000		457,402
China National Nuclear Power Co Ltd ‘A’		30,100		22,653
China Oilfield Services Ltd ‘H’		150,000		127,146
China Overseas Land & Investment Ltd		307,000		666,956
China Pacific Insurance Group Co Ltd ‘H’		206,000		805,455
China Petroleum & Chemical Corp ‘H’		946,400		421,470
China Railway Construction Corp Ltd ‘H’		49,000		26,853
China Railway Group Ltd ‘H’		266,000		117,387
China Railway Signal & Communication Corp Ltd ‘H’ ~		52,000		17,456
China Resources Beer Holdings Co Ltd		51,333		472,048
China Resources Cement Holdings Ltd		244,000		272,532
China Resources Gas Group Ltd		78,000		414,604
China Resources Land Ltd		258,444		1,065,019
China Resources Power Holdings Co Ltd		64,000		68,894


	Shares		Value
China Shenhua Energy Co Ltd ‘H’		232,000		$437,317
China Southern Airlines Co Ltd ‘H’ *		200,000		119,543
China State Construction Engineering Corp Ltd ‘A’		46,900		35,664
China Taiping Insurance Holdings Co Ltd		112,834		203,602
China Telecom Corp Ltd ‘H’		152,000		41,930
China Telecom Corp Ltd ADR		1,454		40,058
China Tourism Group Duty Free Corp Ltd ‘A’		3,200		138,504
China Tower Corp Ltd ‘H’ ~		2,912,000		428,475
China Unicom Hong Kong Ltd		308,000		175,706
China Unicom Hong Kong Ltd ADR		13,729		77,981
China United Network Communications Ltd ‘A’		11,726		8,005
China Vanke Co Ltd ‘H’		114,300		394,588
China Yangtze Power Co Ltd ‘A’		22,100		64,735
China Zheshang Bank Co Ltd		85,000		41,579
Chongqing Rural Commercial Bank Co Ltd ‘H’		181,000		73,824
Chongqing Zhifei Biological Products Co Ltd ‘A’		2,500		56,507
CIFI Holdings Group Co Ltd		207,378		175,734
CITIC Ltd		280,000		198,248
CITIC Securities Co Ltd ‘H’		69,500		156,826
CNOOC Ltd		1,275,000		1,169,712
CNOOC Ltd ADR		185		16,955
Contemporary Amperex Technology Co Ltd ‘A’		2,800		150,711
COSCO SHIPPING Holdings Co Ltd ‘H’ *		203,500		243,973
Country Garden Holdings Co Ltd		643,373		888,031
Country Garden Services Holdings Co Ltd		63,710		431,034
CSC Financial Co Ltd ‘H’ ~		33,000		43,905
CSPC Pharmaceutical Group Ltd		713,920		726,870
Dali Foods Group Co Ltd ~		201,500		115,169
Datang International Power Generation Co Ltd ‘H’		78,000		10,077
Dongfeng Motor Group Co Ltd ‘H’		162,000		189,302
East Money Information Co Ltd ‘A’		5,800		27,481
ENN Energy Holdings Ltd		28,100		412,500
ENN Natural Gas Co Ltd ‘A’		10,700		22,254
Everbright Securities Co Ltd ‘H’ ~		11,000		9,846
Flat Glass Group Co Ltd		16,000		67,493
Focus Media Information Technology Co Ltd ‘A’		15,600		23,571
Foshan Haitian Flavouring & Food Co Ltd ‘A’		4,800		147,385
Fosun International Ltd		142,292		223,477
Founder Securities Co Ltd ‘A’ *		15,100		23,958
Fujian Sunner Development Co Ltd ‘A’		5,500		22,348
Fuyao Glass Industry Group Co Ltd ‘H’ ~		46,800		257,601
Ganfeng Lithium Co Ltd ~		2,000		23,954
GDS Holdings Ltd ADR *		1,814		169,863
Geely Automobile Holdings Ltd		361,000		1,236,101
GF Securities Co Ltd ‘H’		70,600		99,820
GoerTek Inc ‘A’		5,800		33,147
Great Wall Motor Co Ltd ‘H’		162,500		559,096
Gree Electric Appliances Inc of Zhuhai ‘A’		4,300		40,757
GSX Techedu Inc ADR *		1,404		72,601
Guangdong Haid Group Co Ltd ‘A’		1,200		12,020
Guangdong Investment Ltd		98,000		176,663
Guangzhou Automobile Group Co Ltd ‘H’		140,400		156,583
Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd ‘H’		12,000		29,360
Guangzhou R&F Properties Co Ltd ‘H’		34,000		43,790
Guangzhou Shiyuan Electronic Technology Co Ltd ‘A’		1,400		24,648
Guotai Junan Securities Co Ltd ‘H’ ~		17,800		25,938
Haier Smart Home Co Ltd *		161,600		585,745
Haier Smart Home Co Ltd ‘A’		7,500		33,578
Haitong Securities Co Ltd ‘H’		125,600		112,244


	Shares		Value
Henan Shuanghui Investment & Development Co Ltd ‘A’		6,270		$45,062
Hengan International Group Co Ltd		63,000		446,077
Hengli Petrochemical Co Ltd ‘A’		13,100		56,056
Huadian Power International Corp Ltd ‘H’		56,000		14,094
Huadong Medicine Co Ltd ‘A’		2,400		9,751
Hualan Biological Engineering Inc ‘A’		3,500		22,629
Huaneng Power International Inc ‘H’		184,000		67,166
Huatai Securities Co Ltd ‘H’ ~		41,600		65,498
Huaxin Cement Co Ltd ‘A’		5,700		18,019
Huayu Automotive Systems Co Ltd ‘A’		4,900		21,638
Huazhu Group Ltd ADR		3,943		177,553
Hunan Valin Steel Co Ltd ‘A’		24,200		17,702
Iflytek Co Ltd ‘A’		3,800		23,774
Industrial & Commercial Bank of China Ltd ‘H’		2,249,045		1,444,987
Industrial Bank Co Ltd ‘A’		32,861		104,951
Inner Mongolia Yili Industrial Group Co Ltd ‘A’		11,300		76,681
Innovent Biologics Inc * ~		19,000		200,642
JD.com Inc ADR *		12,261		1,077,742
Jiangsu Expressway Co Ltd ‘H’		58,000		64,873
Jiangsu Hengli Hydraulic Co Ltd ‘A’		1,600		27,683
Jiangsu Hengrui Medicine Co Ltd ‘A’		7,300		124,373
Jiangsu King’s Luck Brewery JSC Ltd ‘A’		2,500		21,952
Jiangsu Yanghe Brewery Joint-Stock Co Ltd ‘A’		2,900		104,716
Jiangsu Yangnong Chemical Co Ltd ‘A’		1,200		24,242
Jiangxi Copper Co Ltd ‘H’		78,000		122,782
Jiangxi Zhengbang Technology Co Ltd ‘A’		7,700		20,083
JOYY Inc ADR		1,980		158,360
Kingdee International Software Group Co Ltd *		69,000		281,697
Kingsoft Corp Ltd		24,000		155,178
Kunlun Energy Co Ltd		284,000		246,138
Kweichow Moutai Co Ltd ‘A’		2,300		702,877
KWG Group Holdings Ltd		105,500		144,142
KWG Living Group Holdings Ltd *		52,750		42,867
Lenovo Group Ltd		708,000		669,336
Lens Technology Co Ltd ‘A’		7,100		33,210
Lepu Medical Technology Beijing Co Ltd ‘A’		4,600		19,120
Li Ning Co Ltd		131,000		901,431
Lingyi iTech Guangdong Co ‘A’		9,300		17,081
Livzon Pharmaceutical Group Inc ‘H’		2,900		11,237
Logan Group Co Ltd		132,000		216,240
Lomon Billions Group Co Ltd ‘A’		2,100		9,882
Longfor Group Holdings Ltd ~		116,500		681,464
LONGi Green Energy Technology Co Ltd ‘A’		6,183		87,298
Luxshare Precision Industry Co Ltd ‘A’		12,900		110,866
Luzhou Laojiao Co Ltd ‘A’		2,500		86,493
Mango Excellent Media Co Ltd ‘A’		2,000		22,195
Meituan ‘B’ *		50,400		1,897,230
Metallurgical Corp of China Ltd ‘H’		128,000		22,637
Muyuan Foods Co Ltd ‘A’		9,200		108,495
NARI Technology Co Ltd ‘A’		6,300		25,642
NetEase Inc ADR		20,320		1,946,046
New China Life Insurance Co Ltd ‘H’		39,300		153,299
New Hope Liuhe Co Ltd ‘A’		6,300		21,609
New Oriental Education & Technology Group Inc ADR *		4,407		818,865
Ninestar Corp ‘A’		3,300		13,502
NIO Inc ADR *		12,663		617,195
Oppein Home Group Inc ‘A’		1,200		24,702
Orient Securities Co Ltd ~		36,000		25,408
PetroChina Co Ltd ‘H’		742,000		229,755
PICC Property & Casualty Co Ltd ‘H’		396,341		299,838
Pinduoduo Inc ADR *		4,355		773,753
Ping An Bank Co Ltd ‘A’		28,400		84,039
Ping An Healthcare and Technology Co Ltd * ~		11,900		144,528


	Shares		Value
Ping An Insurance Group Co of China Ltd ‘H’		236,500		$2,878,113
Poly Developments and Holdings Group Co Ltd ‘A’		8,800		21,259
Postal Savings Bank of China Co Ltd ‘H’ ~		454,000		256,537
Red Star Macalline Group Corp Ltd ‘H” ~		13,860		8,424
RiseSun Real Estate Development Co Ltd ‘A’		9,900		9,895
Rongsheng Petro Chemical Co Ltd ‘A’		9,000		38,064
SAIC Motor Corp Ltd ‘A’		5,600		20,955
Sany Heavy Industry Co Ltd ‘A’		21,500		115,240
Seazen Group Ltd *		208,000		173,747
Seazen Holdings Co Ltd ‘A’		6,514		34,673
SF Holding Co Ltd ‘A’		8,500		114,691
Shaanxi Coal Industry Co Ltd ‘A’		13,000		18,588
Shandong Gold Mining Co Ltd ~		36,500		84,303
Shandong Hualu Hengsheng Chemical Co Ltd ‘A’		3,900		22,284
Shandong Linglong Tyre Co Ltd ‘A’		4,200		22,626
Shandong Sun Paper Industry JSC Ltd ‘A’		5,800		12,818
Shandong Weigao Group Medical Polymer Co Ltd ‘H’		172,000		389,135
Shanghai Electric Group Co Ltd ‘H’ *		92,000		28,277
Shanghai Fosun Pharmaceutical Group Co Ltd ‘H’		21,500		102,770
Shanghai Pharmaceuticals Holding Co Ltd ‘H’		50,700		89,198
Shanghai Pudong Development Bank Co Ltd ‘A’		30,836		45,658
Shanxi Xinghuacun Fen Wine Factory Co Ltd ‘A’		1,600		91,916
Shengyi Technology Co Ltd ‘A’		4,900		21,144
Shenwan Hongyuan Group Co Ltd ~		42,400		12,157
Shenzhen Goodix Technology Co Ltd ‘A’		700		16,675
Shenzhen Inovance Technology Co Ltd ‘A’		1,200		17,137
Shenzhen Mindray Bio-Medical Electronics Co Ltd ‘A’		1,900		123,599
Shenzhen Overseas Chinese Town Co Ltd ‘A’		11,400		12,368
Shenzhou International Group Holdings Ltd		44,100		864,282
Shimao Group Holdings Ltd		110,926		353,334
Silergy Corp		2,000		172,123
Sinoma Science & Technology Co Ltd ‘A’		5,000		18,538
Sinopharm Group Co Ltd ‘H’		119,600		290,129
Sinotruk Hong Kong Ltd		68,500		175,466
Sunac China Holdings Ltd		213,000		787,347
Sunac Services Holdings Ltd * ~		6,724		14,884
Suning.com Co Ltd ‘A’		9,600		11,332
Sunny Optical Technology Group Co Ltd		28,900		631,421
Tencent Holdings Ltd		152,300		10,958,559
Tencent Music Entertainment Group ADR *		10,665		205,195
The People’s Insurance Co Group of China Ltd ‘H’		248,000		78,708
Tianjin Zhonghuan Semiconductor Co Ltd ‘A’		4,900		19,127
Tingyi Cayman Islands Holding Corp		166,000		283,945
TongFu Microelectronics Co Ltd ‘A’ *		4,700		18,160
Tongwei Co Ltd ‘A’		6,500		38,227
TravelSky Technology Ltd ‘H’		51,000		123,211
Trip.com Group Ltd ADR *		19,111		644,614
Tsingtao Brewery Co Ltd ‘H’		30,000		314,307
Unigroup Guoxin Microelectronics Co Ltd ‘A’		1,300		26,592
Vipshop Holdings Ltd ADR *		34,522		970,413
Wanhua Chemical Group Co Ltd ‘A’		6,500		90,570
Want Want China Holdings Ltd		476,000		344,140
Weibo Corp ADR *		5,311		217,698
Weichai Power Co Ltd ‘H’		167,800		337,398
Wens Foodstuffs Group Co Ltd ‘A’		12,400		34,602
Will Semiconductor Co Ltd Shanghai ‘A’		1,400		49,560
Wingtech Technology Co Ltd ‘A’		1,100		16,676


	Shares		Value
Wuhu Sanqi Interactive Entertainment Network Technology Group Co Ltd ‘A’		3,000		$14,339
Wuliangye Yibin Co Ltd ‘A’		7,900		352,817
WUS Printed Circuit Kunshan Co Ltd ‘A’		4,600		13,240
WuXi AppTec Co Ltd ‘H’ ~		5,000		98,086
Wuxi Biologics Cayman Inc * ~		34,500		457,516
Xiaomi Corp ‘B’ * ~		377,000		1,602,355
Xinjiang Goldwind Science & Technology Co Ltd ‘H’		34,034		68,582
Xinyi Solar Holdings Ltd		304,970		799,694
Yanzhou Coal Mining Co Ltd ‘H’		162,000		129,833
Yihai International Holding Ltd *		26,000		386,121
Yonghui Superstores Co Ltd ‘A’		8,900		9,778
Yum China Holdings Inc		17,863		1,019,799
Yunda Holding Co Ltd ‘A’		3,900		9,377
Yunnan Baiyao Group Co Ltd ‘A’		700		12,166
Zhangzhou Pientzehuang Pharmaceutical Co Ltd ‘A’		700		28,657
Zhejiang Chint Electrics Co Ltd ‘A’		6,500		38,959
Zhejiang Dahua Technology Co Ltd ‘A’		4,600		13,997
Zhejiang Huahai Pharmaceutical Co Ltd ‘A’		4,400		22,772
Zhejiang NHU Co Ltd ‘A’		3,200		16,506
Zhejiang Weixing New Building Materials Co Ltd ‘A’		3,800		10,882
ZhongAn Online P&C Insurance Co Ltd * ~		10,600		49,399
Zhongsheng Group Holdings Ltd		52,500		375,025
Zhuzhou Kibing Group Co Ltd ‘A’		11,100		21,789
Zijin Mining Group Co Ltd ‘H’		294,000		333,094
Zoomlion Heavy Industry Science & Technology Co Ltd ‘H’		77,600		93,114
ZTE Corp ‘H’		38,800		97,723
ZTO Express Cayman Inc ADR		23,769		693,104

				88,029,486

Colombia - 0.2%

Banco de Bogota SA		2,127		47,153
Bancolombia SA		5,998		61,684
Bancolombia SA ADR		2,132		85,664
Ecopetrol SA		131,284		86,671
Ecopetrol SA ADR		1,932		24,942
Grupo Argos SA		12,614		51,522
Grupo de Inversiones Suramericana SA		7,236		53,787
Grupo Energia Bogota SA ESP		26,592		20,658
Grupo Nutresa SA		5,542		39,018
Interconexion Electrica SA ESP		12,924		97,437

				568,536

Czech Republic - 0.1%

CEZ AS		5,535		132,752
Komercni banka AS *		1,591		48,646
O2 Czech Republic AS *		2,533		29,602

				211,000

Egypt - 0.1%

Commercial International Bank Egypt SAE GDR		41,959		157,394


Greece - 0.2%

Alpha Bank AE *		8,350		9,670
Eurobank Ergasias Services and Holdings SA *		26,377		18,531
Hellenic Petroleum SA		3,272		21,547
Hellenic Telecommunications Organization SA		7,706		123,917
JUMBO SA		2,834		48,872
LAMDA Development SA *		2,987		25,915
Motor Oil Hellas Corinth Refineries SA		3,113		44,758
Mytilineos SA		2,904		42,156
National Bank of Greece SA *		11,426		31,281


	Shares		Value
OPAP SA		11,102		$148,433
Terna Energy SA		1,519		24,495

				539,575

Hong Kong - 0.4%

Nine Dragons Paper Holdings Ltd *		133,000		189,066
Sino Biopharmaceutical Ltd		697,500		672,662
United Energy Group Ltd *		236,000		46,610

				908,338

Hungary - 0.3%

MOL Hungarian Oil & Gas PLC *		47,726		351,866
OTP Bank Nyrt *		8,146		367,096
Richter Gedeon Nyrt		2,148		53,905

				772,867

India - 11.2%

3M India Ltd *		145		41,347
ABB Power Products & Systems India Ltd *		234		4,143
ACC Ltd		3,461		76,746
Adani Green Energy Ltd *		4,014		57,981
Adani Ports & Special Economic Zone Ltd		35,882		238,021
Adani Power Ltd *		50,365		34,312
Adani Transmission Ltd *		23,355		139,845
Ambuja Cements Ltd		30,799		105,035
Apollo Hospitals Enterprise Ltd		3,769		124,365
Ashok Leyland Ltd		66,489		87,012
Asian Paints Ltd		10,882		412,192
Aurobindo Pharma Ltd		26,305		331,250
Avenue Supermarts Ltd * ~		2,528		95,776
Axis Bank Ltd *		50,494		429,801
Bajaj Auto Ltd		3,386		159,813
Bajaj Finance Ltd		6,136		445,506
Bajaj Finserv Ltd		1,017		124,170
Bajaj Holdings & Investment Ltd		2,066		87,070
Balkrishna Industries Ltd		6,204		140,031
Bank of Baroda *		51,876		43,666
Berger Paints India Ltd		12,181		126,864
Bharat Electronics Ltd		50,663		83,393
Bharat Forge Ltd		13,636		98,178
Bharat Petroleum Corp Ltd		17,731		92,597
Bharti Airtel Ltd		61,486		429,394
Biocon Ltd *		17,412		110,862
Bosch Ltd		421		73,799
Britannia Industries Ltd		1,928		94,542
Cadila Healthcare Ltd		17,878		116,623
Cholamandalam Investment and Finance Co Ltd		25,411		134,972
Cipla Ltd		18,899		212,266
Coal India Ltd		36,400		67,663
Colgate-Palmolive India Ltd		4,137		88,740
Container Corp Of India Ltd		11,900		65,073
Dabur India Ltd		17,235		126,140
Divi’s Laboratories Ltd		2,892		152,097
DLF Ltd		30,731		98,009
Dr Reddy’s Laboratories Ltd		4,162		296,324
Eicher Motors Ltd		8,630		299,376
GAIL India Ltd		112,130		189,619
GAIL India Ltd GDR ~		994		9,860
GlaxoSmithKline Pharmaceuticals Ltd		1,324		29,434
Godrej Consumer Products Ltd		14,455		146,613
Godrej Properties Ltd *		1,161		22,780
Grasim Industries Ltd		14,605		185,601
Havells India Ltd		12,105		151,931
HCL Technologies Ltd		44,054		571,772
HDFC Asset Management Co Ltd ~		1,042		41,641
HDFC Bank Ltd *		88,341		1,740,007
HDFC Life Insurance Co Ltd * ~		11,515		106,894
Hero MotoCorp Ltd		7,294		310,843
Hindalco Industries Ltd		94,390		311,834


	Shares		Value
Hindustan Petroleum Corp Ltd		33,928		$101,250
Hindustan Unilever Ltd		25,998		853,489
Honeywell Automation India Ltd		96		48,755
Housing Development Finance Corp Ltd		28,169		986,927
ICICI Bank Ltd *		44,363		326,218
ICICI Bank Ltd ADR *		22,216		330,130
ICICI Lombard General Insurance Co Ltd * ~		3,478		72,504
ICICI Prudential Life Insurance Co Ltd * ~		10,771		73,602
IIFL Securities Ltd		6,089		4,019
Indian Oil Corp Ltd		61,284		76,371
Indraprastha Gas Ltd		10,382		71,364
Indus Towers Ltd		36,689		115,761
IndusInd Bank Ltd *		8,004		98,221
Info Edge India Ltd		1,799		117,353
Infosys Ltd		128,267		2,198,853
InterGlobe Aviation Ltd * ~		1,852		43,771
ITC Ltd		113,232		324,277
JSW Steel Ltd		84,688		450,113
Jubilant Foodworks Ltd		4,184		160,135
Kansai Nerolac Paints Ltd		6,155		51,259
Kotak Mahindra Bank Ltd *		19,256		526,279
Larsen & Toubro Infotech Ltd ~		2,793		140,076
Larsen & Toubro Ltd		14,779		261,050
Lupin Ltd		16,819		225,063
Mahindra & Mahindra Ltd		39,852		394,105
Marico Ltd		23,626		130,299
Maruti Suzuki India Ltd		2,355		247,083
Motherson Sumi Systems Ltd		100,583		228,225
Mphasis Ltd		5,625		118,766
MRF Ltd		99		102,806
Muthoot Finance Ltd		11,489		190,442
Nestle India Ltd		866		218,254
NMDC Ltd		27,394		43,025
NTPC Ltd		41,680		56,752
Oil & Natural Gas Corp Ltd		80,259		102,395
Oracle Financial Services Software Ltd		1,647		72,526
Page Industries Ltd		399		150,959
Petronet LNG Ltd		60,231		204,244
Pfizer Ltd		213		14,869
PI Industries Ltd		2,367		71,175
Pidilite Industries Ltd		4,354		105,334
Piramal Enterprises Ltd		4,643		90,807
Power Finance Corp Ltd		69,377		108,593
Power Grid Corp of India Ltd		49,725		129,272
Procter & Gamble Hygiene & Health Care Ltd		445		67,513
Punjab National Bank *		69,686		31,573
REC Ltd		63,809		117,072
Reliance Industries Ltd		70,997		1,931,751
SBI Life Insurance Co Ltd * ~		5,146		63,720
Shree Cement Ltd		367		120,695
Shriram Transport Finance Co Ltd		7,295		104,598
Siemens Ltd		2,517		54,366
SRF Ltd		795		60,747
State Bank of India *		36,578		137,926
Sun Pharmaceutical Industries Ltd		34,276		278,285
Sundaram Finance Holdings Ltd		415		436
Tata Consultancy Services Ltd		31,600		1,240,778
Tata Consumer Products Ltd		20,394		165,042
Tata Motors Ltd *		172,790		435,948
Tata Steel Ltd		23,689		209,289
Tech Mahindra Ltd		23,745		317,364
Titan Co Ltd		11,928		256,243
Torrent Pharmaceuticals Ltd		3,726		142,973
UltraTech Cement Ltd		4,461		323,435
United Breweries Ltd		3,792		61,609
United Spirits Ltd *		13,844		109,715
UPL Ltd		44,730		285,998
Varun Beverages Ltd		1,192		14,972


	Shares		Value
Vedanta Ltd		140,592		$311,449
Vodafone Idea Ltd *		365,134		53,367
Whirlpool of India Ltd		1,680		60,522
Wipro Ltd		59,477		315,046
Yes Bank Ltd *		79,442		19,505

				27,492,531

Indonesia - 1.7%

P.T. Ace Hardware Indonesia Tbk		499,900		61,099
P.T. Adaro Energy Tbk		1,093,500		111,439
P.T. Astra International Tbk		584,500		251,230
P.T. Bank Central Asia Tbk		256,300		617,819
P.T. Bank Danamon Indonesia Tbk		181,800		40,659
P.T. Bank Mandiri Persero Tbk		456,358		205,931
P.T. Bank Negara Indonesia Persero Tbk		309,000		136,064
P.T. Bank Rakyat Indonesia Persero Tbk		1,514,600		450,295
P.T. Barito Pacific Tbk *		953,400		74,719
P.T. Bukit Asam Tbk		345,700		69,249
P.T. Charoen Pokphand Indonesia Tbk		287,100		133,520
P.T. Gudang Garam Tbk *		36,200		105,666
P.T. Indah Kiat Pulp & Paper Corp Tbk		213,600		158,716
P.T. Indocement Tunggal Prakarsa Tbk		58,000		59,800
P.T. Indofood CBP Sukses Makmur Tbk		91,400		62,314
P.T. Indofood Sukses Makmur Tbk		340,300		165,979
P.T. Jasa Marga Persero Tbk		103,744		34,206
P.T. Kalbe Farma Tbk		968,700		102,059
P.T. Mayora Indah Tbk		297,475		57,391
P.T. Merdeka Copper Gold Tbk *		525,500		90,957
P.T. Mitra Keluarga Karyasehat Tbk		244,600		47,551
P.T. Perusahaan Gas Negara Tbk		517,400		61,030
P.T. Sarana Menara Nusantara Tbk		1,750,400		119,669
P.T. Semen Indonesia Persero Tbk		134,500		119,055
P.T. Sumber Alfaria Trijaya Tbk		956,100		54,440
P.T. Telekomunikasi Indonesia Persero Tbk		785,600		185,217
P.T. Telekomunikasi Indonesia Persero Tbk ADR		4,673		109,909
P.T. Tower Bersama Infrastructure Tbk		284,500		33,068
P.T. Unilever Indonesia Tbk		288,000		150,741
P.T. United Tractors Tbk		174,296		330,343
P.T. Vale Indonesia Tbk *		156,800		57,025

				4,257,160

Malaysia - 2.0%

AMMB Holdings Bhd		108,400		98,514
Axiata Group Bhd		155,867		145,053
Batu Kawan Bhd		4,200		18,703
BIMB Holdings Bhd		35,300		37,429
Carlsberg Brewery Malaysia Bhd ‘B’		6,300		36,438
CIMB Group Holdings Bhd		130,347		139,557
Dialog Group Bhd		125,552		107,807
DiGi.Com Bhd		111,800		115,143
Fraser & Neave Holdings Bhd		10,400		83,064
Gamuda Bhd		96,995		94,016
Genting Bhd		105,900		117,625
Genting Malaysia Bhd		164,400		110,220
Genting Plantations Bhd		16,200		39,708
HAP Seng Consolidated Bhd		26,700		57,139
Hartalega Holdings Bhd		56,800		171,919
Heineken Malaysia Bhd		10,800		61,794
Hong Leong Bank Bhd		17,172		77,781
Hong Leong Financial Group Bhd		9,536		42,907
IHH Healthcare Bhd		25,000		34,229
IJM Corp Bhd		153,400		66,145
Inari Amertron Bhd		27,000		18,592
IOI Corp Bhd		64,646		70,242
IOI Properties Group Bhd		95,406		36,769
Kossan Rubber Industries		54,500		61,272
Kuala Lumpur Kepong Bhd		10,951		64,506
Malayan Banking Bhd		119,103		250,735
Malaysia Airports Holdings Bhd		72,400		106,755


	Shares		Value
Maxis Bhd		97,200		$122,128
MISC Bhd		38,960		66,645
Nestle Malaysia Bhd		2,400		82,980
Petronas Chemicals Group Bhd		75,000		138,906
Petronas Dagangan Bhd		16,500		87,905
Petronas Gas Bhd		24,000		102,582
PPB Group Bhd		27,460		126,497
Press Metal Aluminium Holdings Bhd		70,420		147,122
Public Bank Bhd		117,770		603,877
QL Resources Bhd		77,820		112,236
RHB Bank Bhd		100,162		135,922
Sime Darby Bhd		233,687		134,506
Sime Darby Plantation Bhd		50,187		62,382
Sunway Bhd		124,554		49,887
Telekom Malaysia Bhd		49,792		67,053
Tenaga Nasional Bhd		61,200		158,757
TIME dotCom Bhd		23,100		76,189
Top Glove Corp Bhd		142,300		217,422
Westports Holdings Bhd		60,500		64,791
Yinson Holdings Bhd		18,200		26,060
YTL Corp Bhd *		242,132		46,117

				4,894,026

Mexico - 2.0%

Alfa SAB de CV ‘A’		315,220		227,788
America Movil SAB de CV ‘L’		1,200,922		874,462
Arca Continental SAB de CV		12,908		62,064
Becle SAB de CV		10,969		27,528
Cemex SAB de CV *		701,117		361,842
Coca-Cola Femsa S.A.B. de C.V.		21,583		99,252
Controladora Nemak S.A.B. de C.V. *		315,220		41,502
El Puerto de Liverpool SAB de CV ‘C1’ *		8,902		31,265
Fomento Economico Mexicano SAB de CV		28,991		219,026
Gruma SAB de CV ‘B’		16,433		195,657
Grupo Aeroportuario del Pacifico SAB de CV ‘B’ *		18,694		208,683
Grupo Aeroportuario del Pacifico SAB de CV ADR *		169		18,808
Grupo Aeroportuario del Sureste SAB de CV ‘B’ *		4,341		71,818
Grupo Bimbo SAB de CV ‘A’		78,937		171,524
Grupo Carso SAB de CV ‘A1’ *		19,341		64,517
Grupo Elektra SAB de CV		2,780		184,362
Grupo Financiero Banorte SAB de CV ‘O’ *		80,743		446,045
Grupo Financiero Inbursa SAB de CV ‘O’ *		104,549		105,392
Grupo Mexico SAB de CV ‘B’		83,643		353,579
Grupo Televisa SAB *		181,139		298,022
Industrias Penoles SAB de CV *		5,930		100,359
Infraestructura Energetica Nova SAB de CV *		15,369		59,910
Kimberly-Clark de Mexico SAB de CV ‘A’		53,504		91,389
Orbia Advance Corp SAB. de CV		124,363		292,167
Wal-Mart de Mexico SAB de CV		137,957		388,092

				4,995,053

Peru - 0.1%

Aenza SAA ADR *		1,724		4,103
Cementos Pacasmayo SAA ADR		575		4,327
Cia de Minas Buenaventura SAA ADR *		3,780		46,078
Credicorp Ltd		1,617		265,221

				319,729

Philippines - 0.8%

Aboitiz Equity Ventures Inc		41,270		40,573
Aboitiz Power Corp		50,900		28,182
Ayala Corp		4,790		82,417
Ayala Land Inc		253,700		216,179
Bank of the Philippine Islands		41,039		69,449
BDO Unibank Inc		73,663		164,008
Emperador Inc		61,300		12,892


	Shares		Value
Globe Telecom Inc		940		$39,777
Golden Bria Holdings Inc *		3,290		30,212
International Container Terminal Services Inc		34,160		87,859
JG Summit Holdings Inc		97,692		145,865
Jollibee Foods Corp		25,120		102,198
Manila Electric Co		6,820		41,513
Megaworld Corp		724,200		61,508
Metro Pacific Investments Corp		596,700		53,265
Metropolitan Bank & Trust Co		110,470		112,861
PLDT Inc		4,570		127,605
San Miguel Corp		35,320		94,214
San Miguel Food and Beverage Inc		12,140		16,919
SM Investments Corp		3,472		75,883
SM Prime Holdings Inc		323,600		259,474
Universal Robina Corp		32,380		102,769

				1,965,622

Poland - 0.7%

Asseco Poland SA		1,437		26,211
Bank Polska Kasa Opieki SA *		7,608		124,965
CD Projekt SA *		1,621		119,533
Cyfrowy Polsat SA		12,570		102,487
Dino Polska SA * ~		1,690		131,066
Grupa Lotos SA		6,198		68,808
ING Bank Slaski SA *		626		28,655
KGHM Polska Miedz SA *		5,526		272,214
LPP SA *		62		138,025
mBank SA *		1,010		48,724
Orange Polska SA *		39,020		69,170
PGE Polska Grupa Energetyczna SA *		32,517		56,827
Polski Koncern Naftowy ORLEN SA		15,876		245,782
Polskie Gornictwo Naftowe i Gazownictwo SA		41,236		61,573
Powszechna Kasa Oszczednosci Bank Polski SA *		15,168		117,088
Powszechny Zaklad Ubezpieczen SA *		13,226		114,905
Santander Bank Polska SA *		1,443		71,773

				1,797,806

Romania - 0.0%

NEPI Rockcastle PLC		15,602		99,271


Russia - 1.1%

Gazprom PJSC ADR (SEAQ)		43,332		241,928
LUKOIL PJSC ADR (SEAQ)		7,314		497,447
Magnitogorsk Iron & Steel Works PJSC GDR		7,310		71,265
Mail.Ru Group Ltd GDR *		950		24,897
MMC Norilsk Nickel PJSC ADR		14,223		443,311
Mobile TeleSystems PJSC ADR		17,291		154,754
Novatek PJSC GDR (LI) ~		287		46,737
Novolipetskiy Metallurgicheskiy Kombinat PAO GDR		2,105		58,242
PhosAgro PJSC GDR ~		3,651		49,790
Polyus PJSC GDR ~		1,053		106,134
Rosneft Oil Co PJSC GDR		17,624		99,376
Rostelecom PJSC ADR		2,200		17,217
Sberbank of Russia PJSC ADR (SEAQ)		35,746		516,823
Severstal PJSC GDR ~		3,088		54,274
Tatneft PJSC ADR		3,907		159,106
VTB Bank PJSC GDR ~		77,033		73,502
X5 Retail Group NV GDR		2,979		107,569

				2,722,372

South Africa - 4.1%

Absa Group Ltd		42,920		350,877
African Rainbow Minerals Ltd		2,987		53,229
Anglo American Platinum Ltd		1,650		162,363


	Shares		Value
Aspen Pharmacare Holdings Ltd *		30,219		$258,392
Bid Corp Ltd		16,208		291,265
Capitec Bank Holdings Ltd *		2,203		215,443
Clicks Group Ltd		15,496		266,443
Discovery Ltd		33,509		350,312
Exxaro Resources Ltd		21,552		203,714
FirstRand Ltd		141,766		493,971
Gold Fields Ltd ADR		65,005		602,596
Impala Platinum Holdings Ltd		59,723		822,034
Investec Ltd		18,992		47,350
Kumba Iron Ore Ltd		2,344		99,344
Mr Price Group Ltd		12,555		145,702
MTN Group Ltd		130,245		537,544
MultiChoice Group Ltd		34,866		318,268
Naspers Ltd ‘N’		5,940		1,216,361
Nedbank Group Ltd		30,114		265,937
Ninety One Ltd		2,633		7,918
Northam Platinum Ltd *		16,923		242,087
Old Mutual Ltd		356,143		289,029
Pepkor Holdings Ltd ~		66,489		61,670
PSG Group Ltd		9,532		39,110
Sanlam Ltd		81,371		324,781
Sasol Ltd *		7,829		71,206
Sasol Ltd ADR *		12,973		114,941
Shoprite Holdings Ltd		34,570		329,350
Sibanye Stillwater Ltd		134,709		542,920
Standard Bank Group Ltd		62,076		537,637
The Bidvest Group Ltd		23,227		248,699
Tiger Brands Ltd		11,585		164,122
Vodacom Group Ltd		27,600		233,628
Woolworths Holdings Ltd		60,483		162,851

				10,071,094

South Korea - 15.3%

Amorepacific Corp *		731		138,803
AMOREPACIFIC Group *		495		25,046
BGF retail Co Ltd *		623		77,825
BNK Financial Group Inc *		13,115		68,705
Bukwang Pharmaceutical Co Ltd		1,426		36,967
Celltrion Inc *		1,790		592,485
Celltrion Pharm Inc *		447		98,340
Cheil Worldwide Inc *		5,055		96,040
CJ CheilJedang Corp *		584		205,113
CJ Corp *		2,144		182,011
CJ ENM Co Ltd *		768		98,903
CJ Logistics Corp *		513		78,250
Com2uSCorp		422		61,997
Coway Co Ltd *		2,308		154,671
Daelim Industrial Co Ltd *		2,208		170,196
Daewoo Shipbuilding & Marine Engineering Co Ltd *		2,790		70,567
DB HiTek Co Ltd *		1,325		62,242
DB Insurance Co Ltd *		5,858		236,082
Doosan Bobcat Inc *		2,413		66,069
Doosan Fuel Cell Co Ltd *		1,540		76,030
Doosan Heavy Industries & Construction Co Ltd *		10,172		126,975
Doosan Infracore Co Ltd *		10,741		78,476
Douzone Bizon Co Ltd *		1,471		140,937
E-MART Inc *		1,149		160,448
Fila Holdings Corp *		2,574		103,804
Genexine Inc *		382		43,850
Green Cross Corp *		147		55,036
GS Engineering & Construction Corp *		4,613		160,771
GS Holdings Corp *		3,828		132,446
GS Retail Co Ltd *		3,329		105,703
Hana Financial Group Inc		17,193		547,620
Hanall Biopharma Co Ltd *		656		22,702
Hanjin Kal Corp *		306		17,789
Hankook Tire & Technology Co Ltd *		6,189		224,848


	Shares		Value
Hanmi Pharm Co Ltd *		301		$101,714
Hanmi Science Co Ltd *		368		25,819
Hanon Systems		7,557		113,139
Hanssem Co Ltd *		358		34,490
Hanwha Aerospace Co Ltd *		1,985		52,166
Hanwha Corp *		2,378		62,102
Hanwha Life Insurance Co Ltd *		20,359		45,846
Hanwha Solutions Corp *		6,892		304,681
Hite Jinro Co Ltd *		1,761		51,712
HLB Inc *		599		51,083
HMM Co Ltd *		9,418		121,097
Hotel Shilla Co Ltd *		1,815		137,694
Hugel Inc *		228		39,445
Hyosung Corp *		430		30,293
Hyundai Department Store Co Ltd *		747		49,214
Hyundai Elevator Co Ltd *		784		28,690
Hyundai Engineering & Construction Co Ltd *		4,036		139,366
Hyundai Glovis Co Ltd *		1,470		249,432
Hyundai Heavy Industries Holdings Co Ltd *		474		123,934
Hyundai Marine & Fire Insurance Co Ltd *		10,480		219,734
Hyundai Mobis Co Ltd		1,857		437,075
Hyundai Motor Co *		2,996		531,050
Hyundai Rotem Co Ltd *		1,349		21,406
Hyundai Steel Co *		4,602		168,195
Iljin Materials Co Ltd *		622		29,212
Industrial Bank of Korea *		14,985		122,197
Kakao Corp *		743		266,604
Kangwon Land Inc *		3,755		81,362
KB Financial Group Inc *		11,088		440,382
KCC Glass Corp *		320		10,863
Kia Motors Corp *		8,058		464,276
KIWOOM Securities Co Ltd *		1,047		122,310
KMW Co Ltd *		1,659		123,340
Korea Aerospace Industries Ltd *		2,070		49,235
Korea Electric Power Corp *		5,891		148,690
Korea Gas Corp *		1,256		35,780
Korea Investment Holdings Co Ltd *		3,302		240,611
Korea Shipbuilding & Offshore Engineering Co Ltd *		1,686		168,856
Korea Zinc Co Ltd *		526		194,788
Korean Air Lines Co Ltd *		10,692		268,365
KT Corp ADR *		3,094		34,065
KT&G Corp *		3,824		292,787
Kumho Petrochemical Co Ltd *		959		128,306
LEENO Industrial Inc		301		37,434
LG Chem Ltd *		893		679,052
LG Corp *		3,799		306,552
LG Display Co Ltd *		16,966		290,002
LG Display Co Ltd ADR *		2,409		20,332
LG Electronics Inc *		12,050		1,500,486
LG Household & Health Care Ltd *		306		456,712
LG Innotek Co Ltd *		1,292		217,625
LG Uplus Corp *		25,430		275,365
Lotte Chemical Corp *		678		172,634
Lotte Corp		1,461		47,528
LOTTE Fine Chemical Co Ltd *		336		17,101
Lotte Shopping Co Ltd *		706		66,770
LS Corp *		781		51,459
LS Electric Co Ltd *		1,247		72,591
Macquarie Korea Infrastructure Fund		9,495		93,160
Mando Corp *		2,945		159,758
Meritz Fire & Marine Insurance Co Ltd *		7,248		97,532
Meritz Securities Co Ltd *		19,742		66,747
Mirae Asset Daewoo Co Ltd *		27,042		235,468
NAVER Corp *		2,201		593,321
NCSoft Corp *		401		344,279
Netmarble Corp * ~		375		45,462
NH Investment & Securities Co Ltd *		6,621		68,998
NHN Corp *		501		34,461


	Shares		Value
NongShim Co Ltd *		164		$45,336
OCI Co Ltd *		965		82,744
Orion Corp *		307		35,060
Ottogi Corp *		58		30,842
Pan Ocean Co Ltd *		15,228		70,475
Pearl Abyss Corp *		453		108,623
POSCO		1,596		398,808
POSCO ADR		4,035		251,421
POSCO Chemical Co Ltd *		553		53,099
Posco International Corp *		4,065		54,534
S-1 Corp *		975		76,343
S-Oil Corp		1,089		69,430
Samsung Biologics Co Ltd * ~		213		162,171
Samsung C&T Corp *		2,409		306,652
Samsung Card Co Ltd *		1,454		43,514
Samsung Electro-Mechanics Co Ltd *		2,415		396,599
Samsung Electronics Co Ltd		163,461		12,206,527
Samsung Engineering Co Ltd *		14,250		174,228
Samsung Fire & Marine Insurance Co Ltd *		1,878		324,420
Samsung Heavy Industries Co Ltd *		22,554		146,498
Samsung Life Insurance Co Ltd *		2,846		207,677
Samsung SDI Co Ltd *		761		441,036
Samsung SDS Co Ltd *		861		141,715
Samsung Securities Co Ltd *		3,570		133,194
Seegene Inc		602		107,136
Shinhan Financial Group Co Ltd *		14,089		418,064
Shinsegae Inc *		542		119,715
SK Holdings Co Ltd		1,139		252,698
SK Hynix Inc *		22,245		2,429,787
SK Innovation Co Ltd		2,325		407,806
SK Materials Co Ltd *		361		118,998
SK Telecom Co Ltd		561		123,288
SKC Co Ltd *		729		63,212
Solus Advanced Materials Co Ltd *		751		34,312
Soulbrain Co Ltd *		223		56,025
Ssangyong Cement Industrial Co Ltd		5,177		31,887
WONIK IPS Co Ltd *		1,402		57,211
Woori Financial Group Inc *		34,097		305,924
Yuhan Corp *		2,147		148,665

				37,465,656

Taiwan - 15.0%

Accton Technology Corp		25,000		281,867
Acer Inc *		171,789		144,947
Advantech Co Ltd		6,931		86,522
ASE Technology Holding Co Ltd		206,449		598,872
Asia Cement Corp		139,784		215,291
Asustek Computer Inc		29,667		264,947
AU Optronics Corp *		484,000		242,167
Catcher Technology Co Ltd		46,000		338,238
Cathay Financial Holding Co Ltd		166,152		250,188
Chailease Holding Co Ltd		66,122		395,775
Chang Hwa Commercial Bank Ltd		307,335		196,430
Cheng Shin Rubber Industry Co Ltd		104,178		163,569
Chicony Electronics Co Ltd		38,959		119,729
China Airlines Ltd *		356,436		153,252
China Development Financial Holding Corp		694,834		230,084
China Life Insurance Co Ltd		152,176		120,444
China Steel Corp		545,007		480,466
Chipbond Technology Corp		48,000		113,642
Chroma ATE Inc		19,000		113,896
Chunghwa Telecom Co Ltd		81,000		314,227
Chunghwa Telecom Co Ltd ADR		971		37,500
Compal Electronics Inc		230,092		169,800
Compeq Manufacturing Co Ltd		69,000		107,207
CTBC Financial Holding Co Ltd		638,094		447,860
Delta Electronics Inc		55,150		517,193
E Ink Holdings Inc		40,000		65,406
E.Sun Financial Holding Co Ltd		571,248		519,938
Eclat Textile Co Ltd		10,663		160,607


	Shares		Value
Eva Airways Corp		233,900		$109,781
Evergreen Marine Corp Taiwan Ltd *		193,287		280,646
Far Eastern International Bank		129,731		50,133
Far Eastern New Century Corp		167,965		173,354
Far EasTone Telecommunications Co Ltd		130,000		283,414
Feng TAY Enterprise Co Ltd		15,282		108,710
First Financial Holding Co Ltd		419,053		318,886
Formosa Chemicals & Fibre Corp		70,446		212,560
Formosa Petrochemical Corp		19,000		67,575
Formosa Plastics Corp		72,292		248,304
Formosa Sumco Technology Corp		7,000		33,708
Formosa Taffeta Co Ltd		48,000		53,113
Foxconn Technology Co Ltd		52,144		99,333
Fubon Financial Holding Co Ltd		199,343		331,977
Genius Electronic Optical Co Ltd		2,158		43,679
Giant Manufacturing Co Ltd		16,000		156,779
Globalwafers Co Ltd		14,000		353,665
Highwealth Construction Corp		40,370		65,912
Hiwin Technologies Corp		18,329		251,630
Hon Hai Precision Industry Co Ltd		258,256		846,807
Hotai Motor Co Ltd		11,000		252,432
Hua Nan Financial Holdings Co Ltd		351,352		228,402
Innolux Corp *		461,390		232,206
Inventec Corp		203,000		173,645
ITEQ Corp		14,000		68,930
King’s Town Bank Co Ltd		23,000		31,795
Largan Precision Co Ltd		3,000		341,886
Lien Hwa Industrial Holdings Corp		37,120		56,307
Lite-On Technology Corp		148,855		264,103
Macronix International		144,500		218,326
MediaTek Inc		28,020		747,217
Mega Financial Holding Co Ltd		252,725		268,239
Merida Industry Co Ltd		5,000		42,017
Micro-Star International Co Ltd		50,000		236,339
momo.com Inc		3,000		68,080
Nan Ya Plastics Corp		93,394		239,266
Nanya Technology Corp		68,162		211,322
Nien Made Enterprise Co Ltd		13,000		151,157
Novatek Microelectronics Corp		21,000		276,324
Parade Technologies Ltd		3,000		118,774
Pegatron Corp		122,090		293,111
Phison Electronics Corp		9,000		106,776
Pou Chen Corp		120,000		134,245
Powertech Technology Inc		89,300		302,499
Poya International Co Ltd		2,080		42,682
President Chain Store Corp		22,000		208,782
Quanta Computer Inc		150,000		432,813
Radiant Opto-Electronics Corp		25,000		101,822
Realtek Semiconductor Corp		9,300		129,562
Ruentex Development Co Ltd		24,192		35,237
Ruentex Industries Ltd		11,141		27,662
Shin Kong Financial Holding Co Ltd		626,416		196,998
Simplo Technology Co Ltd		13,000		162,319
Sino-American Silicon Products Inc		60,000		379,938
SinoPac Financial Holdings Co Ltd		413,641		168,731
Standard Foods Corp		21,884		47,768
Synnex Technology International Corp		76,850		128,762
Taichung Commercial Bank Co Ltd		118,746		45,883
Taishin Financial Holding Co Ltd		444,534		209,961
Taiwan Business Bank		333,967		115,809
Taiwan Cement Corp		327,046		503,518
Taiwan Cooperative Financial Holding Co Ltd		402,325		291,718
Taiwan FamilyMart Co Ltd		3,000		27,986
Taiwan Fertilizer Co Ltd		21,000		40,569
Taiwan High Speed Rail Corp		55,000		62,158
Taiwan Mobile Co Ltd		70,400		247,802
Taiwan Secom Co Ltd		20,000		63,174
Taiwan Semiconductor Manufacturing Co Ltd		694,779		13,143,455


	Shares		Value
Tatung Co Ltd *		93,000		$87,782
Teco Electric and Machinery Co Ltd		98,000		96,577
Tripod Technology Corp		32,000		135,329
Uni-President Enterprises Corp		174,994		420,891
Unimicron Technology Corp		86,000		268,679
United Microelectronics Corp		339,000		570,117
Vanguard International Semiconductor Corp		28,000		115,851
Voltronic Power Technology Corp		4,410		176,213
Walsin Lihwa Corp		89,000		61,278
Walsin Technology Corp		21,000		172,794
Wan Hai Lines Ltd		46,000		86,804
Win Semiconductors Corp		15,202		187,644
Winbond Electronics Corp		269,178		279,210
Wistron Corp		232,833		257,619
WPG Holdings Ltd		137,080		209,581
Yageo Corp		11,465		212,215
Yuanta Financial Holding Co Ltd		490,015		358,980
Zhen Ding Technology Holding Ltd		41,000		166,843

				36,682,944

Tanzania - 0.2%

AngloGold Ashanti Ltd		15,147		349,115


Thailand - 2.2%

Advanced Info Service PCL		42,700		250,981
Airports of Thailand PCL		86,100		179,615
B Grimm Power PCL		26,400		42,659
Bangkok Bank PCL NVDR		19,600		77,501
Bangkok Dusit Medical Services PCL ‘F’		347,500		240,095
Bangkok Expressway & Metro PCL		350,500		98,271
Banpu PCL		118,350		43,482
Banpu Power PCL		27,800		13,984
Berli Jucker PCL		80,600		93,366
BTS Group Holdings PCL		188,400		58,495
Bumrungrad Hospital PCL		24,200		96,874
Carabao Group PCL ‘F’		19,700		75,348
Central Pattana PCL		57,100		90,914
Central Retail Corp PCL *		9,341		9,599
Charoen Pokphand Foods PCL		168,300		150,261
CP ALL PCL *		212,200		412,405
Delta Electronics Thailand PCL		8,600		139,324
Electricity Generating PCL		5,900		37,870
Energy Absolute PCL		48,000		78,532
Global Power Synergy PCL ‘F’		13,413		32,937
Home Product Center PCL		209,659		95,508
Indorama Ventures PCL		82,700		102,108
Intouch Holdings PCL ‘F’		51,600		96,824
IRPC PCL		585,100		72,677
Kasikornbank PCL		6,400		24,358
Kasikornbank PCL NVDR		33,200		125,184
Krung Thai Bank PCL		178,875		66,220
Krungthai Card PCL		60,200		119,206
Land & Houses PCL		497,080		131,989
Minor International PCL *		92,206		79,141
MK Restaurants Group PCL		19,000		31,228
Muangthai Capital PCL *		48,000		94,270
Osotspa PCL		29,400		34,829
PTT Exploration & Production PCL		67,641		221,825
PTT Global Chemical PCL		72,800		142,206
PTT PCL		317,000		450,050
Ratch Group PCL		33,900		59,870
Siam City Cement PCL		4,648		21,012
Siam Global House PCL		123,382		69,905
Srisawad Corp PCL		55,158		120,811
Thai Oil PCL		70,200		121,739
Thai President Foods PCL ‘F’		2,000		12,850
Thai Union Group PCL ‘F’		261,400		118,751
The Siam Cement PCL		18,900		237,567
The Siam Commercial Bank PCL		32,000		93,385


	Shares		Value
Tisco Financial Group PCL		21,000		$61,942
TMB Bank PCL		1,321,860		47,209
TOA Paint Thailand PCL		33,300		37,261
Total Access Communication PCL		70,100		77,737
True Corp PCL		1,309,732		150,329
TTW PCL		48,400		20,039
VGI PCL		102,100		22,683
WHA Corp PCL		421,200		42,665

				5,425,891

Turkey - 0.5%

Akbank T.A.S. *		53,059		49,212
Anadolu Efes Biracilik Ve Malt Sanayii AS		8,124		25,308
Arcelik AS *		8,479		34,736
Aselsan Elektronik Sanayi Ve Ticaret AS		26,426		64,883
BIM Birlesik Magazalar AS		15,587		157,655
Coca-Cola Icecek AS *		5,966		52,813
Enka Insaat ve Sanayi AS		39,179		38,890
Eregli Demir ve Celik Fabrikalari TAS		21,435		43,017
Ford Otomotiv Sanayi AS		3,164		53,686
KOC Holding AS		7,836		22,238
Koza Altin Isletmeleri AS *		2,903		37,744
Petkim Petrokimya Holding AS *		68,474		45,813
Tofas Turk Otomobil Fabrikasi AS		6,770		30,909
Turk Hava Yollari AO *		50,366		87,507
Turk Telekomunikasyon AS		16,833		19,340
Turkcell Iletisim Hizmetleri AS		35,943		77,647
Turkiye Garanti Bankasi AS *		105,113		146,580
Turkiye Is Bankasi AS ‘C’ *		61,772		58,105
Turkiye Petrol Rafinerileri AS *		2,007		29,131
Turkiye Sise ve Cam Fabrikalari AS		34,015		33,469
Turkiye Vakiflar Bankasi TAO ‘D’ *		72,681		45,981
Yapi ve Kredi Bankasi AS *		123,827		51,310

				1,205,974

United States - 0.2%

JBS SA		73,140		333,348
Titan Cement International SA *		1,910		32,089

				365,437


Total Common Stocks (Cost $177,778,154)				241,983,244


	Principal Amount

SHORT-TERM INVESTMENT - 0.3%

Repurchase Agreement - 0.3%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $690,996; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $704,900)		$690,996		690,996


Total Short-Term Investment (Cost $690,996)				690,996


TOTAL INVESTMENTS - 100.2% (Cost $181,060,500)				245,616,891

OTHER ASSETS & LIABILITIES, NET - (0.2%)				(498,231	)


NET ASSETS - 100.0%				$245,118,660

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Financial	20.0%
Technology	17.9%
Communications	17.2%
Consumer, Non-Cyclical	11.1%
Consumer, Cyclical	10.4%
Industrial	8.5%
Basic Materials	6.9%
Energy	5.5%
Others (each less than 3.0%)	2.7%

	100.2%
Other Assets & Liabilities, Net	(0.2%	)

	100.0%

(b)	As of December 31, 2020, the Fund’s composition by country of risk as a percentage of net assets was as follows:


China	35.9%
South Korea	15.3%
Taiwan	15.0%
India	11.2%
Brazil	5.0%
South Africa	4.1%
Others (each less than 3.0%)	13.7%

	100.2%
Other Assets & Liabilities, Net	(0.2%	)

	100.0%

(c)

An investment with a value of $14,753 or less than 0.1% of the Fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or the Board of Trustees.

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


	Shares		Value
RIGHTS - 0.0%

Spain - 0.0%

Repsol SA Exp 01/26/21 *		64,556		$22,137


Total Rights (Cost $22,656)				22,137


WARRANTS - 0.0%

Switzerland - 0.0%

Cie Financiere Richemont SA Exercise @ CHF 67.00 Exp 11/22/23 *		24,428		6,346


Total Warrants (Cost $0)				6,346


PREFERRED STOCKS - 0.5%

Germany - 0.5%

Bayerische Motoren Werke AG		2,606		175,553
Henkel AG & Co KGaA		4,786		539,643
Porsche Automobil Holding SE		6,318		436,428
Sartorius AG		1,533		645,668
Volkswagen AG		6,572		1,228,200

				3,025,492


Total Preferred Stocks (Cost $2,730,847)				3,025,492


COMMON STOCKS - 98.8%

Australia - 7.1%

Afterpay Ltd *		3,476		315,988
AGL Energy Ltd		15,175		140,071
ALS Ltd		12,087		89,223
Altium Ltd		6,656		174,790
Alumina Ltd		100,690		142,762
AMP Ltd		233,425		280,512
Ampol Ltd		20,047		439,603
Ansell Ltd		7,483		200,036
APA Group ^>>		29,912		222,559
Aristocrat Leisure Ltd		18,442		442,810
ASX Ltd		4,137		229,591
Atlas Arteria Ltd ^>>		37,295		187,535
Aurizon Holdings Ltd		112,508		338,022
AusNet Services		52,447		71,080
Australia & New Zealand Banking Group Ltd		64,528		1,132,346
BHP Group Ltd		92,267		3,014,782
BHP Group Ltd ADR		7,678		501,680
BHP Group PLC		22,625		597,399
BHP Group PLC ADR		29,063		1,541,211
BlueScope Steel Ltd		29,834		402,901
Boral Ltd		65,423		250,485
Brambles Ltd		52,335		429,267
carsales.com Ltd		11,407		176,192
CIMIC Group Ltd *		4,087		76,877
Cleanaway Waste Management Ltd		89,068		161,222
Coca-Cola Amatil Ltd		34,503		343,792
Cochlear Ltd		1,740		253,893
Coles Group Ltd		38,910		543,628
Commonwealth Bank of Australia		48,310		3,070,680
Computershare Ltd		27,320		307,435
Crown Resorts Ltd		23,430		174,377
CSL Ltd		14,477		3,163,116
Deterra Royalties Ltd *		18,272		67,617
Domino’s Pizza Enterprises Ltd		3,047		203,991
Evolution Mining Ltd		86,203		331,740


	Shares		Value
Flight Centre Travel Group Ltd *		5,443		$66,792
Fortescue Metals Group Ltd		79,604		1,437,839
Glencore PLC *		339,194		1,077,210
Harvey Norman Holdings Ltd		37,718		136,305
IDP Education Ltd		7,153		109,639
Iluka Resources Ltd		9,338		46,890
Incitec Pivot Ltd *		99,851		175,636
Insurance Australia Group Ltd		91,564		332,292
JB Hi-Fi Ltd		7,888		296,155
Lendlease Corp Ltd ^>>		25,570		258,534
Macquarie Group Ltd		10,030		1,070,596
Magellan Financial Group Ltd		5,481		227,014
Medibank Pvt Ltd		145,141		336,167
Mineral Resources Ltd		10,470		302,719
National Australia Bank Ltd		82,930		1,445,788
Newcrest Mining Ltd		19,200		383,189
NEXTDC Ltd *		12,123		114,397
Northern Star Resources Ltd		32,836		320,938
Oil Search Ltd		95,890		274,815
Orica Ltd		20,343		237,928
Origin Energy Ltd		70,744		259,727
OZ Minerals Ltd		9,244		135,041
Qantas Airways Ltd *		32,441		121,646
QBE Insurance Group Ltd		57,140		372,463
Qube Holdings Ltd		79,759		180,580
Ramsay Health Care Ltd		6,158		295,897
REA Group Ltd		2,211		253,264
Reece Ltd		8,061		91,600
Rio Tinto Ltd		13,129		1,154,584
Rio Tinto PLC		309		23,259
Rio Tinto PLC ADR		39,222		2,950,279
Santos Ltd		129,048		624,942
Saracen Mineral Holdings Ltd *		67,871		249,033
SEEK Ltd		10,573		231,812
Seven Group Holdings Ltd		6,815		123,069
Sonic Healthcare Ltd		13,528		335,181
South32 Ltd		173,975		332,495
South32 Ltd ADR		10,383		98,846
Suncorp Group Ltd		51,030		384,025
Sydney Airport * ^>>		27,890		138,050
Tabcorp Holdings Ltd		105,633		318,033
Telstra Corp Ltd		133,066		305,600
TPG Telecom Ltd *		24,421		135,633
Transurban Group ^>>		61,679		649,961
Treasury Wine Estates Ltd		34,154		247,065
Wesfarmers Ltd		35,061		1,362,720
Westpac Banking Corp		81,233		1,208,854
Westpac Banking Corp ADR		3,748		55,845
WiseTech Global Ltd		3,438		81,705
Woodside Petroleum Ltd		31,495		552,600
Woolworths Group Ltd		38,796		1,175,924
Worley Ltd		17,392		153,617

				43,273,406


Austria - 0.2%

Erste Group Bank AG *		14,092		429,281
OMV AG		11,104		443,528
Verbund AG		2,114		179,599

				1,052,408

Belgium - 0.9%

Ageas SA NV		10,837		575,522
Anheuser-Busch InBev SA/NV		26,316		1,835,980
Anheuser-Busch InBev SA/NV ADR		1,610		112,555
Elia Group SA		864		103,127
Etablissements Franz Colruyt NV		3,732		220,984
KBC Group NV *		11,811		826,548
Proximus SADP		12,587		248,635
Solvay SA		7,679		905,619
UCB SA		3,142		324,560
Umicore SA		9,544		458,733

				5,612,263


	Shares		Value
Brazil - 0.1%

Wheaton Precious Metals Corp		9,988		$417,075
Yara International ASA		7,349		304,877

				721,952

Cambodia - 0.0%

NagaCorp Ltd		122,000		160,240


Canada - 8.3%

Agnico Eagle Mines Ltd		7,968		561,621
Air Canada *		2,300		41,143
Algonquin Power & Utilities Corp		21,695		357,067
Alimentation Couche-Tard Inc ‘B’		28,416		968,408
B2Gold Corp		66,553		372,789
Bank of Montreal		22,172		1,685,740
Barrick Gold Corp		17,364		403,568
Barrick Gold Corp (TSE)		23,395		532,999
BCE Inc		5,405		231,121
Brookfield Asset Management Inc ‘A’		23,315		963,743
CAE Inc		13,616		377,552
Canadian Imperial Bank of Commerce		14,647		1,251,291
Canadian National Railway Co		23,658		2,599,377
Canadian Natural Resources Ltd		65,289		1,570,200
Canadian Natural Resources Ltd (TSE)		974		23,407
Canadian Pacific Railway Ltd		1,116		387,106
Canadian Pacific Railway Ltd (NYSE)		3,515		1,218,615
Canadian Tire Corp Ltd ‘A’		2,933		385,560
Canadian Utilities Ltd ‘A’		4,732		115,577
Canopy Growth Corp *		10,070		248,014
CCL Industries Inc ‘B’		9,606		436,115
Cenovus Energy Inc		43,514		263,330
CGI Inc *		8,426		668,338
Constellation Software Inc		684		888,206
Dollarama Inc		9,069		369,628
Emera Inc		4,200		178,506
Empire Co Ltd ‘A’		11,644		318,246
Enbridge Inc		39,057		1,249,318
Fairfax Financial Holdings Ltd		1,457		496,598
FirstService Corp		2,200		301,111
Fortis Inc		10,969		448,101
Franco-Nevada Corp		2,943		368,864
George Weston Ltd		5,156		385,130
Great-West Lifeco Inc		11,973		285,475
Hydro One Ltd ~		8,700		195,817
IGM Financial Inc		7,189		194,903
Imperial Oil Ltd		13,790		261,981
Intact Financial Corp		3,550		420,344
Inter Pipeline Ltd		21,652		201,908
Ivanhoe Mines Ltd ‘A’ *		15,800		85,150
Kinross Gold Corp		119,054		873,609
Kirkland Lake Gold Ltd		9,143		377,816
Lightspeed POS Inc *		1,000		70,579
Loblaw Cos Ltd		11,115		548,459
Magna International Inc		26,072		1,845,872
Manulife Financial Corp		41,684		742,299
Metro Inc		8,845		394,686
National Bank of Canada		21,077		1,186,233
Northland Power Inc		8,900		319,320
Nutrien Ltd		20,066		965,649
Onex Corp		4,277		245,485
Open Text Corp		10,233		465,175
Pan American Silver Corp		12,483		430,621
Pembina Pipeline Corp		21,226		502,052
Quebecor Inc ‘B’		9,687		249,310
Restaurant Brands International Inc		7,428		454,176
Restaurant Brands International Inc (NYSE)		756		46,199
Ritchie Bros Auctioneers Inc		6,036		419,636
Rogers Communications Inc ‘B’ (NYSE)		10,051		468,276
Rogers Communications Inc ‘B’ (TSE)		3,531		164,386


	Shares		Value
Royal Bank of Canada		54,964		$4,512,997
Saputo Inc		11,131		311,570
Shaw Communications Inc ‘B’ (NYSE)		18,569		326,072
Shaw Communications Inc ‘B’ (TSE)		15,948		279,895
Shopify Inc ‘A’ *		1,654		1,871,967
Sun Life Financial Inc		12,643		562,117
Suncor Energy Inc		39,931		669,752
Suncor Energy Inc (NYSE)		51,707		867,643
TC Energy Corp		30,111		1,225,831
Teck Resources Ltd ‘B’ (NYSE)		25,893		469,958
TELUS Corp		9,600		190,130
The Bank of Nova Scotia		33,671		1,819,720
The Descartes Systems Group Inc *		3,016		176,394
The Toronto-Dominion Bank		49,531		2,795,797
Thomson Reuters Corp		3,453		282,633
TMX Group Ltd		2,613		260,992
Topicus.com Inc * ±		1,272		4,809
Toromont Industries Ltd		5,213		365,307
WSP Global Inc		6,438		609,913
Yamana Gold Inc		57,290		327,159

				51,012,461

Chile - 0.1%

Antofagasta PLC		19,132		375,354
Lundin Mining Corp		42,490		377,199

				752,553

China - 0.3%

BOC Hong Kong Holdings Ltd		107,000		324,341
Chow Tai Fook Jewellery Group Ltd		51,600		64,878
Microport Scientific Corp		12,000		64,778
Prosus NV *		10,613		1,145,978
Wilmar International Ltd		49,000		172,520

				1,772,495

Colombia - 0.1%

Millicom International Cellular SA SDR *		8,536		335,771


Denmark - 2.4%

Ambu AS ‘B’		4,705		202,124
AP Moller - Maersk AS ‘B’		62		137,966
AP Moller - Maersk AS ‘A’		124		256,157
Bakkafrost P/F *		1,171		83,604
Carlsberg AS ‘B’		4,805		770,301
Chr Hansen Holding AS *		4,090		422,585
Coloplast AS ‘B’		3,854		589,388
Danske Bank AS *		35,361		584,426
Demant A/S *		5,869		231,976
DSV Panalpina AS		4,795		805,856
Genmab AS *		2,778		1,126,462
GN Store Nord AS		9,771		778,886
H Lundbeck AS		3,975		136,080
Novo Nordisk AS ‘B’		48,370		3,374,249
Novo Nordisk AS ADR		9,411		657,358
Novozymes AS ‘B’		11,131		634,021
Orsted AS ~		4,522		925,225
Pandora AS		7,642		855,276
Rockwool International AS ‘A’		251		84,228
Rockwool International AS ‘B’		530		198,356
Tryg AS		5,318		167,257
Vestas Wind Systems AS		7,287		1,721,403

				14,743,184

Finland - 1.3%

Elisa OYJ		8,037		440,582
Fortum OYJ		21,654		523,163
Kesko OYJ ‘A’		6,880		168,208
Kesko OYJ ‘B’		15,603		400,476
Kone OYJ ‘B’		11,444		932,459
Neste OYJ		17,115		1,242,613


	Shares		Value
Nokia OYJ ADR *		55,180		$215,754
Nokia Oyj (OMXH) *		196,370		758,444
Nordea Bank Abp *		80,860		660,435
Orion OYJ ‘A’		758		34,633
Orion OYJ ‘B’		5,111		234,774
Sampo OYJ ‘A’		13,342		570,418
Stora Enso OYJ ‘R’		35,292		675,761
UPM-Kymmene OYJ		23,848		889,331

				7,747,051

France - 9.3%

Accor SA *		7,915		287,162
Adevinta ASA ‘B’ *		3,818		64,181
Aeroports de Paris *		1,553		200,922
Air Liquide SA		14,009		2,296,731
Airbus SE *		17,215		1,889,245
Alstom SA *		10,592		603,310
Amundi SA * ~		2,366		192,833
Arkema SA		7,114		813,997
Atos SE *		6,447		588,712
AXA SA		45,490		1,090,956
BioMerieux		804		113,159
BNP Paribas SA *		26,526		1,400,366
Bollore SA		56,751		234,958
Bouygues SA		16,957		697,407
Bureau Veritas SA *		15,187		405,413
Capgemini SE		9,604		1,493,924
Carrefour SA		45,644		781,627
Cie de Saint-Gobain *		26,705		1,228,226
Cie Generale des Etablissements Michelin SCA		12,253		1,577,657
CNP Assurances *		8,514		138,327
Credit Agricole SA *		30,989		391,761
Danone SA		18,205		1,198,001
Dassault Aviation SA *		86		93,647
Dassault Systemes SE		2,619		531,184
Edenred		7,998		454,216
Eiffage SA *		8,287		801,037
Electricite de France SA *		22,484		355,794
Engie SA *		43,649		669,140
EssilorLuxottica SA		6,307		982,848
Faurecia SE *		815		41,758
Getlink SE *		18,949		327,841
Hermes International		904		972,051
Iliad SA		1,291		264,996
Ipsen SA		2,425		200,519
Kering SA		2,253		1,635,078
L’Oreal SA		5,239		1,998,951
Legrand SA		9,664		864,508
LVMH Moet Hennessy Louis Vuitton SE		9,044		5,661,553
Natixis SA *		41,769		143,122
Orange SA		127,970		1,523,486
Orange SA ADR		1,500		17,790
Orpea SA *		2,853		374,120
Pernod Ricard SA		4,206		807,747
Peugeot SA *		50,132		1,372,897
Publicis Groupe SA		21,355		1,061,372
Remy Cointreau SA		858		160,151
Renault SA *		10,376		454,177
Safran SA *		10,129		1,435,621
Sanofi		24,233		2,348,735
Sartorius Stedim Biotech		1,140		405,549
Schneider Electric SE		14,755		2,132,502
SEB SA		1,577		286,752
Societe Generale SA *		40,288		837,531
Sodexo SA		7,366		622,970
Suez SA		13,842		274,338
Teleperformance		2,209		733,346
Thales SA		5,241		479,513
TOTAL SE		83,275		3,594,332
Ubisoft Entertainment SA *		5,000		481,843


	Shares		Value
Valeo SA		22,233		$876,964
Veolia Environnement SA		13,766		339,433
Vinci SA		19,818		1,974,058
Vivendi SA		18,056		582,387
Worldline SA * ~		4,003		388,884

				57,253,616

Germany - 7.3%

adidas AG *		5,461		1,986,738
Allianz SE		9,635		2,367,058
Aroundtown SA		38,895		289,998
BASF SE		22,114		1,747,949
Bayer AG		29,864		1,759,323
Bayerische Motoren Werke AG		13,663		1,205,849
Bechtle AG		1,156		251,941
Beiersdorf AG		2,328		267,626
Brenntag AG		13,521		1,051,413
Carl Zeiss Meditec AG		1,316		174,525
Commerzbank AG *		33,302		215,213
Continental AG		6,889		1,025,326
Covestro AG ~		13,924		857,905
Daimler AG		31,115		2,205,409
Delivery Hero SE * ~		2,006		313,716
Deutsche Bank AG *		85,345		936,122
Deutsche Boerse AG		6,535		1,112,729
Deutsche Post AG		33,350		1,652,017
Deutsche Telekom AG		136,175		2,485,546
Deutsche Wohnen SE		8,559		456,664
E.ON SE		84,618		936,995
Evonik Industries AG		11,409		372,898
Fielmann AG *		1,320		107,156
Fresenius Medical Care AG & Co KGaA		12,655		1,055,267
Fresenius SE & Co KGaA		23,276		1,076,324
Hannover Rueck SE		2,300		366,519
Hapag-Lloyd AG ~		940		105,533
HeidelbergCement AG		8,087		602,121
HelloFresh SE *		7,197		556,703
Henkel AG & Co KGaA		2,890		278,482
Infineon Technologies AG		26,275		1,003,406
Just Eat Takeaway * ~		2,252		253,343
Just Eat Takeaway.com * ~		2,955		333,185
KION Group AG		7,045		610,957
Knorr-Bremse AG		1,065		145,302
LEG Immobilien AG		2,758		427,889
Merck KGaA		3,118		534,782
MTU Aero Engines AG		2,738		713,712
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,166		940,702
Nemetschek SE		3,313		246,217
Puma SE *		2,270		255,436
Rational AG		228		212,105
RWE AG		27,591		1,167,299
SAP SE		26,454		3,426,287
SAP SE ADR		1,291		168,333
Scout24 AG ~		4,551		371,880
Siemens AG		14,854		2,139,665
Siemens Energy AG *		7,427		272,196
Siemens Healthineers AG ~		5,632		289,830
Symrise AG		4,116		547,195
Talanx AG *		3,304		128,471
Telefonica Deutschland Holding AG		97,849		269,503
Uniper SE		8,956		310,324
United Internet AG ~		9,653		406,344
Volkswagen AG		1,609		335,482
Vonovia SE		11,114		811,701
Zalando SE * ~		3,751		417,229

				44,559,840

Hong Kong - 2.3%

AIA Group Ltd		360,600		4,394,314
ASM Pacific Technology Ltd		17,000		224,513


	Shares		Value
CK Asset Holdings Ltd		110,780		$566,850
CK Infrastructure Holdings Ltd		27,000		145,001
CLP Holdings Ltd		44,000		406,852
Dairy Farm International Holdings Ltd		14,900		62,190
Guoco Group Ltd		1,000		11,897
Hang Lung Properties Ltd		106,000		279,337
Hang Seng Bank Ltd		20,800		358,967
Henderson Land Development Co Ltd		56,977		221,336
HK Electric Investments & HK Electric Investments Ltd ^>>		96,000		94,483
HKT Trust & HKT Ltd ^>>		319,000		413,721
Hong Kong & China Gas Co Ltd		238,530		356,866
Hong Kong Exchanges & Clearing Ltd		40,365		2,214,089
Hongkong Land Holdings Ltd		47,400		195,770
Man Wah Holdings Ltd		46,800		101,518
Melco Resorts & Entertainment Ltd ADR		5,670		105,179
MTR Corp Ltd		34,279		191,710
New World Development Co Ltd		76,419		355,532
PCCW Ltd		422,154		254,220
Power Assets Holdings Ltd		34,000		184,131
Sino Land Co Ltd		148,942		193,821
Sun Hung Kai Properties Ltd		30,492		389,961
Swire Pacific Ltd ‘A’		21,000		115,677
Swire Pacific Ltd ‘B’		62,500		58,445
Swire Properties Ltd		35,000		101,760
Techtronic Industries Co Ltd		54,000		771,845
The Bank of East Asia Ltd		72,363		154,804
The Wharf Holdings Ltd		32,000		85,954
WH Group Ltd ~		640,500		537,093
Wharf Real Estate Investment Co Ltd		42,000		218,279
Xinyi Glass Holdings Ltd		170,000		475,497

				14,241,612

Ireland - 0.9%

CRH PLC *		2,416		102,744
CRH PLC ADR		47,638		2,028,426
Flutter Entertainment PLC *		6,080		1,243,106
Kerry Group PLC ‘A’		3,166		459,841
Kingspan Group PLC *		6,691		469,191
Smurfit Kappa Group PLC		21,276		988,729

				5,292,037

Israel - 0.4%

Alony Hetz Properties & Investments Ltd		7,561		105,844
Amot Investments Ltd		3,378		18,932
Azrieli Group Ltd		1,181		75,061
Bank Hapoalim BM *		25,723		176,672
Bank Leumi Le-Israel BM		45,620		269,284
Bezeq The Israeli Telecommunication Corp Ltd *		114,407		113,727
Delek Group Ltd * l		-		4
Elbit Systems Ltd		906		119,432
First International Bank Of Israel Ltd		4,124		109,588
ICL Group Ltd		27,171		138,700
Isracard Ltd l		-		-
Israel Discount Bank Ltd ‘A’		71,927		277,714
Melisron Ltd		708		38,491
Mizrahi Tefahot Bank Ltd		6,754		156,676
Nice Ltd ADR *		1,765		500,448
Shapir Engineering and Industry Ltd		7,679		58,394
Shikun & Binui Ltd *		9,580		56,023
Shufersal Ltd		5,329		41,166
Strauss Group Ltd		2,446		73,372
Teva Pharmaceutical Industries Ltd *		920		8,888
Teva Pharmaceutical Industries Ltd ADR *		17,921		172,938
Tower Semiconductor Ltd *		5,847		151,766

				2,663,120

Italy - 1.9%

Amplifon SPA *		5,383		223,751
Assicurazioni Generali SPA		38,930		681,602


	Shares		Value
Atlantia SPA *		23,207		$419,071
Davide Campari-Milano NV		16,147		185,082
DiaSorin SPA		1,207		252,010
Enel SPA		230,165		2,341,866
Eni SPA		82,912		865,577
Ferrari NV		4,043		937,739
FinecoBank Banca Fineco SPA *		25,902		427,176
Infrastrutture Wireless Italiane SPA ~		17,268		209,331
Intesa Sanpaolo SPA *		372,089		879,513
Mediobanca Banca di Credito Finanziario SPA *		26,362		244,029
Moncler SPA *		10,186		626,241
Nexi SPA * ~		11,337		225,596
Poste Italiane SPA ~		28,968		296,307
PRADA SPA *		20,800		137,445
Prysmian SPA		8,548		304,246
Recordati Industria Chimica e Farmaceutica SpA		5,230		290,834
Snam SPA		130,784		738,615
Telecom Italia SPA		987,402		479,755
Telecom Italia SPA ADR		2,600		11,882
Terna Rete Elettrica Nazionale SPA		43,405		333,532
UniCredit SPA *		85,214		798,404
UnipolSai Assicurazioni SPA		25,749		68,278

				11,977,882

Japan - 23.6%

ABC-Mart Inc		1,200		66,723
Acom Co Ltd		21,700		92,654
Advantest Corp		7,800		584,234
Aeon Co Ltd		25,000		820,159
AEON Financial Service Co Ltd		10,100		121,135
Aeon Mall Co Ltd		2,370		39,142
AGC Inc		12,700		444,107
Aica Kogyo Co Ltd		3,400		117,693
Ain Holdings Inc		2,100		129,738
Air Water Inc		15,500		275,795
Aisin Seiki Co Ltd		8,000		239,914
Ajinomoto Co Inc		26,200		593,685
Alfresa Holdings Corp		6,900		126,472
Alps Alpine Co Ltd		13,000		171,534
Amada Co Ltd		17,900		196,975
Amano Corp		2,500		59,883
ANA Holdings Inc *		3,300		72,915
Anritsu Corp		9,900		221,005
Aozora Bank Ltd		6,000		110,946
Ariake Japan Co Ltd		700		50,377
AS One Corp		600		102,623
Asahi Group Holdings Ltd		15,200		625,969
Asahi Intecc Co Ltd		6,800		248,372
Asahi Kasei Corp		74,400		762,610
Asics Corp		6,400		123,082
Astellas Pharma Inc		64,300		995,606
Azbil Corp		4,300		235,219
Bandai Namco Holdings Inc		7,400		640,846
BayCurrent Consulting Inc		200		35,099
Benefit One Inc		3,600		106,566
Benesse Holdings Inc		7,000		136,755
Bic Camera Inc		4,900		54,454
Bridgestone Corp		20,300		665,756
Brother Industries Ltd		18,900		390,161
Calbee Inc		3,700		111,535
Canon Inc		22,600		437,819
Canon Inc ADR		1,708		33,152
Canon Marketing Japan Inc		2,600		59,418
Capcom Co Ltd		3,200		207,529
Casio Computer Co Ltd		7,500		137,254
Central Japan Railway Co		3,500		494,912
Change Inc *		1,200		41,015
Chubu Electric Power Co Inc		13,600		164,124


	Shares		Value
Chugai Pharmaceutical Co Ltd		18,300		$976,399
Coca-Cola Bottlers Japan Holdings Inc		6,375		99,579
COMSYS Holdings Corp		4,900		152,360
Concordia Financial Group Ltd		55,000		194,017
Cosmos Pharmaceutical Corp		800		129,182
Create SD Holdings Co Ltd		700		26,279
Credit Saison Co Ltd		13,700		157,725
CyberAgent Inc		4,200		289,735
Dai Nippon Printing Co Ltd		10,800		194,266
Dai-ichi Life Holdings Inc		24,800		373,622
Daicel Corp		15,400		112,563
Daifuku Co Ltd		3,400		420,735
Daiichi Sankyo Co Ltd		26,900		921,868
Daiichikosho Co Ltd		2,600		89,961
Daikin Industries Ltd		7,300		1,624,010
Daio Paper Corp		5,500		106,783
Daito Trust Construction Co Ltd		3,700		345,782
Daiwa House Industry Co Ltd		23,200		689,798
Daiwa Securities Group Inc		66,700		303,807
DeNA Co Ltd		4,600		81,884
Denka Co Ltd		7,700		301,084
Denso Corp		9,800		583,303
Dentsu Group Inc		9,000		267,857
DIC Corp		7,600		192,179
Disco Corp		600		202,220
Dowa Holdings Co Ltd		3,200		116,002
East Japan Railway Co		7,100		473,679
Ebara Corp		7,200		235,642
Eisai Co Ltd		5,400		386,171
Elecom Co Ltd		1,000		51,642
Electric Power Development Co Ltd		4,800		66,241
ENEOS Holdings Inc		119,350		428,670
Ezaki Glico Co Ltd		2,600		114,322
Fancl Corp		3,200		127,745
FANUC Corp		3,200		789,917
Fast Retailing Co Ltd		1,700		1,524,355
FP Corp		3,600		151,306
Fuji Electric Co Ltd		6,200		223,795
Fuji Kyuko Co Ltd		500		23,342
Fuji Oil Holdings Inc		4,100		117,268
FUJIFILM Holdings Corp		7,900		416,741
Fujitsu General Ltd		2,600		70,510
Fujitsu Ltd		8,000		1,156,283
Fukuoka Financial Group Inc		7,700		137,252
Fukuyama Transporting Co Ltd		1,500		63,226
GMO internet Inc		4,600		132,089
GMO Payment Gateway Inc		1,400		188,137
Goldwin Inc		800		52,846
GungHo Online Entertainment Inc *		1,570		35,151
Hakuhodo DY Holdings Inc		13,000		178,630
Hamamatsu Photonics KK		3,000		171,641
Hankyu Hanshin Holdings Inc		10,400		345,926
Harmonic Drive Systems Inc		600		53,692
Haseko Corp		24,000		275,465
Hikari Tsushin Inc		700		164,244
Hino Motors Ltd		14,000		119,515
Hirose Electric Co Ltd		756		114,739
Hisamitsu Pharmaceutical Co Inc		2,300		136,714
Hitachi Capital Corp		5,600		135,493
Hitachi Construction Machinery Co Ltd		5,300		150,698
Hitachi Ltd		27,200		1,073,565
Hitachi Ltd ADR		424		33,666
Hitachi Metals Ltd		10,900		165,723
Hitachi Transport System Ltd		3,700		110,247
Honda Motor Co Ltd		38,999		1,100,407
Horiba Ltd		2,300		135,090
Hoshizaki Corp		1,100		101,007
House Foods Group Inc		2,500		95,027
Hoya Corp		12,150		1,682,712
Hulic Co Ltd		18,500		203,503


	Shares		Value
Ibiden Co Ltd		3,700		$172,965
Idemitsu Kosan Co Ltd		9,180		202,115
IHI Corp		18,800		374,300
Iida Group Holdings Co Ltd		8,000		161,745
Infomart Corp		5,600		53,481
Inpex Corp		69,400		374,226
Isetan Mitsukoshi Holdings Ltd		20,000		118,590
Isuzu Motors Ltd		38,400		365,554
Ito En Ltd		2,500		158,305
ITOCHU Corp		40,600		1,167,661
Itochu Techno-Solutions Corp		3,900		139,261
Itoham Yonekyu Holdings Inc		7,400		48,299
Iwatani Corp		2,900		178,666
Izumi Co Ltd		3,700		134,073
J Front Retailing Co Ltd		11,700		92,794
Japan Airlines Co Ltd *		4,500		86,779
Japan Airport Terminal Co Ltd		1,300		78,893
Japan Exchange Group Inc		19,000		485,484
Japan Post Holdings Co Ltd *		32,100		250,031
Japan Post Insurance Co Ltd		8,600		176,335
Japan Tobacco Inc		42,300		862,376
JCR Pharmaceuticals Co Ltd		800		18,923
JFE Holdings Inc *		21,800		209,308
JGC Holdings Corp		12,100		113,331
JSR Corp		8,000		223,061
JTEKT Corp		16,500		128,132
Justsystems Corp		1,200		83,361
K’s Holdings Corp		11,600		161,632
Kagome Co Ltd		3,600		127,052
Kajima Corp		26,266		352,358
Kakaku.com Inc		4,800		131,392
Kamigumi Co Ltd		6,300		115,091
Kaneka Corp		3,800		133,129
Kansai Paint Co Ltd		5,300		163,374
Kao Corp		15,800		1,220,647
Katitas Co Ltd		700		22,587
Kawasaki Heavy Industries Ltd *		12,000		270,981
KDDI Corp		74,300		2,203,013
Keihan Holdings Co Ltd		3,800		182,184
Keikyu Corp		5,800		99,502
Keio Corp		3,000		232,755
Keisei Electric Railway Co Ltd		4,100		138,785
Kewpie Corp		6,100		134,303
Keyence Corp		3,760		2,115,062
Kikkoman Corp		3,400		236,630
Kinden Corp		7,700		125,390
Kintetsu Group Holdings Co Ltd		4,100		179,684
Kirin Holdings Co Ltd		25,600		604,493
Kobayashi Pharmaceutical Co Ltd		1,000		122,226
Kobe Bussan Co Ltd		4,000		122,900
Koei Tecmo Holdings Co Ltd		1,500		91,573
Koito Manufacturing Co Ltd		5,100		347,085
Komatsu Ltd		26,400		728,594
Konami Holdings Corp		4,900		275,704
Kose Corp		700		119,616
Kubota Corp		27,800		607,364
Kuraray Co Ltd		27,400		291,732
Kurita Water Industries Ltd		6,300		240,816
Kusuri no Aoki Holdings Co Ltd		500		43,485
Kyocera Corp		7,200		441,925
Kyowa Exeo Corp		5,700		160,911
Kyowa Kirin Co Ltd		4,600		125,617
Kyudenko Corp		3,400		109,800
Kyushu Electric Power Co Inc		13,900		119,913
Kyushu Financial Group Inc		16,500		67,763
Kyushu Railway Co		4,700		101,393
Lasertec Corp		3,200		375,593
Lawson Inc		3,100		144,262
Lion Corp		6,700		162,306
LIXIL Group Corp		14,300		310,119


	Shares		Value
M3 Inc		16,000		$1,511,477
Mabuchi Motor Co Ltd		2,100		91,601
Makita Corp		4,400		220,691
Mani Inc		2,000		54,555
Marubeni Corp		73,800		491,686
Marui Group Co Ltd		10,200		179,622
Maruichi Steel Tube Ltd		3,200		70,887
Maruwa Unyu Kikan Co Ltd		1,800		38,416
Matsumotokiyoshi Holdings Co Ltd		3,700		157,815
Mazda Motor Corp		25,200		168,686
McDonald’s Holdings Co Japan Ltd		2,200		106,615
Mebuki Financial Group Inc		43,360		85,434
Medipal Holdings Corp		6,500		122,234
MEIJI Holdings Co Ltd		7,300		513,772
Menicon Co Ltd		1,500		90,978
MINEBEA MITSUMI Inc		21,800		433,706
MISUMI Group Inc		6,800		223,226
Mitsubishi Chemical Holdings Corp		81,800		495,573
Mitsubishi Corp		29,600		729,694
Mitsubishi Electric Corp		53,600		810,091
Mitsubishi Estate Co Ltd		30,200		485,399
Mitsubishi Gas Chemical Co Inc		7,900		181,664
Mitsubishi Heavy Industries Ltd		21,600		661,523
Mitsubishi Logistics Corp		3,500		104,986
Mitsubishi Materials Corp		6,200		130,610
Mitsubishi Motors Corp *		43,000		90,470
Mitsubishi UFJ Financial Group Inc		262,700		1,163,135
Mitsubishi UFJ Financial Group Inc ADR		11,059		48,991
Mitsubishi UFJ Lease & Finance Co Ltd		42,600		204,560
Mitsui & Co Ltd		30,800		564,696
Mitsui & Co Ltd ADR		300		110,631
Mitsui Chemicals Inc		12,100		355,441
Mitsui Fudosan Co Ltd		19,500		408,321
Mitsui OSK Lines Ltd		7,900		241,768
Miura Co Ltd		2,100		117,239
Mizuho Financial Group Inc		43,400		550,841
Mizuho Financial Group Inc ADR		59,032		150,532
MonotaRO Co Ltd		5,400		274,260
Morinaga & Co Ltd		2,100		78,995
Morinaga Milk Industry Co Ltd		3,000		147,819
MS&AD Insurance Group Holdings Inc		11,300		343,803
Murata Manufacturing Co Ltd		16,000		1,448,472
Nabtesco Corp		7,100		311,638
Nagase & Co Ltd		5,100		74,544
Nagoya Railroad Co Ltd		5,000		131,929
Nankai Electric Railway Co Ltd		4,200		106,624
NEC Corp		8,400		451,161
NEC Networks & System Integration Corp		3,000		51,872
NET One Systems Co Ltd		5,500		194,068
Nexon Co Ltd		8,400		259,181
NGK Insulators Ltd		13,600		210,143
NGK Spark Plug Co Ltd		12,800		218,585
NH Foods Ltd		3,800		167,369
Nichirei Corp		10,300		289,428
Nidec Corp		7,600		961,460
Nidec Corp ADR		4,142		131,301
Nifco Inc		6,800		266,678
Nihon Kohden Corp		2,500		93,108
Nihon M&A Center Inc		4,200		280,868
Nihon Unisys Ltd		3,800		148,944
Nikon Corp		15,300		96,663
Nintendo Co Ltd		3,300		2,118,406
Nippo Corp		3,000		82,198
Nippon Electric Glass Co Ltd		3,800		83,243
Nippon Express Co Ltd		5,000		336,333
Nippon Paint Holdings Co Ltd		3,300		362,612
Nippon Sanso Holdings Corp		10,100		187,875
Nippon Shinyaku Co Ltd		1,100		72,204
Nippon Shokubai Co Ltd		1,600		89,722
Nippon Steel Corp *		33,163		427,709


	Shares		Value
Nippon Telegraph & Telephone Corp		36,800		$944,250
Nippon Yusen KK		12,000		279,969
Nipro Corp		14,300		168,394
Nishi-Nippon Railroad Co Ltd		2,000		59,041
Nissan Chemical Corp		4,000		250,818
Nissan Motor Co Ltd *		75,000		406,531
Nisshin Seifun Group Inc		7,240		115,331
Nissin Foods Holdings Co Ltd		1,800		154,288
Nitori Holdings Co Ltd		2,400		501,843
Nitto Denko Corp		5,300		474,774
NOF Corp		3,300		167,433
NOK Corp		6,700		72,055
Nomura Holdings Inc		55,600		293,961
Nomura Holdings Inc ADR		14,971		79,795
Nomura Real Estate Holdings Inc		7,900		175,172
Nomura Research Institute Ltd		12,546		448,815
NS Solutions Corp		2,800		82,476
NSK Ltd		19,000		165,350
NTT Data Corp		26,600		364,109
Obayashi Corp		46,900		404,961
Obic Co Ltd		1,600		321,564
Odakyu Electric Railway Co Ltd		7,500		235,561
Oji Holdings Corp		64,300		366,066
Olympus Corp		42,400		928,301
Omron Corp		4,800		428,502
Ono Pharmaceutical Co Ltd		8,200		247,105
Open House Co Ltd		3,200		117,721
Oracle Corp Japan		1,100		143,390
Orient Corp		20,800		23,402
Oriental Land Co Ltd		3,300		545,263
ORIX Corp		42,800		658,440
Osaka Gas Co Ltd		8,900		182,428
Otsuka Corp		3,600		189,889
Otsuka Holdings Co Ltd		8,300		355,625
PALTAC Corp		1,300		70,761
Pan Pacific International Holdings Corp		11,600		268,003
Panasonic Corp		75,700		882,452
Panasonic Corp ADR		13,000		152,230
Park24 Co Ltd *		7,600		132,243
Penta-Ocean Construction Co Ltd		11,300		97,278
PeptiDream Inc *		1,800		91,561
Persol Holdings Co Ltd		12,800		231,254
Pigeon Corp		4,400		181,600
Pola Orbis Holdings Inc		3,100		62,950
Rakus Co Ltd		2,100		48,639
Rakuten Inc *		16,300		156,852
Recruit Holdings Co Ltd		39,200		1,646,515
Relo Group Inc		6,900		167,243
Renesas Electronics Corp *		33,100		346,457
Rengo Co Ltd		12,800		107,287
Resona Holdings Inc		87,000		304,567
Ricoh Co Ltd		35,000		230,156
Rinnai Corp		1,400		162,739
Rohm Co Ltd		3,200		310,210
Rohto Pharmaceutical Co Ltd		5,900		174,875
Ryohin Keikaku Co Ltd		13,600		278,318
Sankyo Co Ltd		1,700		45,998
Sankyu Inc		4,900		185,289
Santen Pharmaceutical Co Ltd		12,400		201,391
Sanwa Holdings Corp		14,100		164,655
Sawai Pharmaceutical Co Ltd		2,700		122,535
SBI Holdings Inc		9,620		228,852
SCREEN Holdings Co Ltd		2,000		147,489
SCSK Corp		2,100		120,089
Secom Co Ltd		4,800		442,808
Sega Sammy Holdings Inc		9,100		143,651
Seibu Holdings Inc		13,200		129,485
Seiko Epson Corp		23,800		353,671
Seino Holdings Co Ltd		7,600		107,248
Sekisui Chemical Co Ltd		20,600		390,603


	Shares		Value
Sekisui House Ltd		21,000		$427,808
Seria Co Ltd		3,200		117,473
Seven & i Holdings Co Ltd		28,300		1,002,119
Seven Bank Ltd		53,700		113,524
SG Holdings Co Ltd		7,800		212,677
Sharp Corp		5,700		86,609
SHIFT Inc *		500		69,287
Shimadzu Corp		4,200		163,254
Shimamura Co Ltd		1,100		115,582
Shimano Inc		1,600		374,526
Shimizu Corp		35,200		256,231
Shin-Etsu Chemical Co Ltd		9,000		1,579,642
Shinko Electric Industries Co Ltd		3,400		77,829
Shinsei Bank Ltd		8,500		105,008
Shionogi & Co Ltd		6,300		344,431
Ship Healthcare Holdings Inc		2,200		122,530
Shiseido Co Ltd		9,700		671,475
SHO-BOND Holdings Co Ltd		1,000		48,592
Showa Denko KK		10,800		230,447
Skylark Holdings Co Ltd *		11,800		182,839
SMC Corp		1,000		610,737
SMS Co Ltd		2,700		103,539
Softbank Corp		79,400		996,628
SoftBank Group Corp		39,000		3,027,765
Sohgo Security Services Co Ltd		4,000		207,501
Sojitz Corp		63,300		141,355
Sompo Holdings Inc		8,650		350,695
Sony Corp		28,100		2,831,581
Sony Corp ADR		12,142		1,227,556
Sotetsu Holdings Inc		4,300		103,117
Square Enix Holdings Co Ltd		3,400		206,144
Stanley Electric Co Ltd		6,200		200,009
Subaru Corp		19,100		382,170
Sugi Holdings Co Ltd		1,700		113,558
SUMCO Corp		19,200		421,600
Sumitomo Chemical Co Ltd		105,400		424,844
Sumitomo Corp		25,500		337,950
Sumitomo Dainippon Pharma Co Ltd		8,700		128,581
Sumitomo Electric Industries Ltd		36,100		478,354
Sumitomo Forestry Co Ltd		9,500		198,744
Sumitomo Heavy Industries Ltd		9,500		234,811
Sumitomo Metal Mining Co Ltd		9,500		422,569
Sumitomo Mitsui Financial Group Inc		28,800		892,747
Sumitomo Mitsui Trust Holdings Inc		12,900		398,026
Sumitomo Realty & Development Co Ltd		11,000		339,601
Sumitomo Rubber Industries Ltd		15,100		129,924
Sundrug Co Ltd		4,300		171,858
Suntory Beverage & Food Ltd		7,400		262,103
Sushiro Global Holdings Ltd		3,600		138,103
Suzuken Co Ltd		3,700		133,844
Suzuki Motor Corp		11,500		533,088
Sysmex Corp		5,100		613,665
T&D Holdings Inc		28,500		337,122
Taiheiyo Cement Corp		10,000		250,491
Taisei Corp		13,100		451,931
Taisho Pharmaceutical Holdings Co Ltd		1,200		80,918
Taiyo Yuden Co Ltd		7,100		333,353
Takara Holdings Inc		2,000		25,029
Takeda Pharmaceutical Co Ltd		33,627		1,216,939
Takeda Pharmaceutical Co Ltd ADR		5,060		92,092
TDK Corp		5,500		829,859
TechnoPro Holdings Inc		2,000		166,152
Teijin Ltd		19,100		359,426
Terumo Corp		16,200		677,909
The Bank of Kyoto Ltd		3,300		172,057
The Chiba Bank Ltd		31,000		171,066
The Chugoku Bank Ltd		5,100		40,928
The Chugoku Electric Power Co Inc		6,300		73,934
The Hachijuni Bank Ltd		19,000		63,295
The Iyo Bank Ltd		14,100		88,581
The Kansai Electric Power Co Inc		19,000		179,703


	Shares		Value
The Shizuoka Bank Ltd		25,000		$183,508
The Yokohama Rubber Co Ltd		13,100		195,151
THK Co Ltd		6,800		219,918
TIS Inc		9,900		202,945
Tobu Railway Co Ltd		5,400		161,008
Toda Corp		13,200		87,440
Toei Animation Co Ltd		700		54,924
Toei Co Ltd		400		65,479
Toho Co Ltd		3,200		134,972
Toho Gas Co Ltd		2,200		145,751
Tohoku Electric Power Co Inc		15,100		124,623
Tokai Carbon Co Ltd		15,300		191,551
Tokio Marine Holdings Inc		14,700		757,367
Tokyo Broadcasting System Holdings Inc		2,400		42,210
Tokyo Century Corp		3,300		261,885
Tokyo Electric Power Co Holdings Inc *		42,500		112,259
Tokyo Electron Ltd		5,000		1,867,814
Tokyo Gas Co Ltd		8,600		199,049
Tokyo Ohka Kogyo Co Ltd		1,000		70,249
Tokyo Tatemono Co Ltd		13,400		183,975
Tokyu Corp		11,200		139,159
Tokyu Fudosan Holdings Corp		37,900		202,447
Toppan Printing Co Ltd		11,500		162,398
Toray Industries Inc		86,900		515,439
Toshiba Corp		13,600		380,914
Toshiba TEC Corp		1,300		46,961
Tosoh Corp		18,600		290,609
TOTO Ltd		4,000		240,754
Toyo Seikan Group Holdings Ltd		6,800		74,470
Toyo Suisan Kaisha Ltd		2,600		126,534
Toyo Tire Corp		11,100		168,920
Toyoda Gosei Co Ltd		5,200		150,874
Toyota Boshoku Corp		7,000		113,685
Toyota Industries Corp		3,300		262,188
Toyota Motor Corp		78,432		6,052,603
Toyota Motor Corp ADR		1,628		251,640
Toyota Tsusho Corp		13,000		526,065
Trend Micro Inc *		4,600		264,836
TS Tech Co Ltd		3,200		98,831
Tsumura & Co		3,400		102,261
Tsuruha Holdings Inc		1,300		184,865
TV Asahi Holdings Corp		2,100		34,477
Ube Industries Ltd		10,500		190,824
Unicharm Corp		9,900		469,517
USS Co Ltd		8,500		171,878
Welcia Holdings Co Ltd		3,200		120,712
West Japan Railway Co		4,400		230,384
Workman Co Ltd		700		59,724
Yakult Honsha Co Ltd		2,800		141,209
Yamada Holdings Co Ltd		32,600		173,204
Yamaha Corp		3,400		200,343
Yamaha Motor Co Ltd		19,600		400,056
Yamato Holdings Co Ltd		13,200		337,032
Yamazaki Baking Co Ltd		5,600		93,528
Yaoko Co Ltd		1,200		83,575
Yaskawa Electric Corp		4,700		234,320
Yokogawa Electric Corp		11,900		237,348
Z Holdings Corp		80,900		489,545
Zenkoku Hosho Co Ltd		4,200		192,397
Zensho Holdings Co Ltd		6,200		161,697
Zeon Corp		10,700		153,707
ZOZO Inc		2,800		68,976

				144,776,563

Jordan - 0.1%

Hikma Pharmaceuticals PLC		9,691		333,086


Luxembourg - 0.2%

ArcelorMittal SA *		25,458		582,223
ArcelorMittal SA ‘NY’ *		5,534		126,729
Eurofins Scientific SE *		6,430		539,103

				1,248,055


	Shares		Value
Macau - 0.2%

Galaxy Entertainment Group Ltd		40,000		$311,381
Sands China Ltd		77,600		338,910
SJM Holdings Ltd		133,000		149,117
Wynn Macau Ltd *		87,600		147,384

				946,792

Mexico - 0.0%

Fresnillo PLC		9,041		139,644


Netherlands - 3.8%

ABN AMRO Bank NV CVA * ~		22,583		221,288
Adyen NV * ~		441		1,024,681
Aegon NV		6,057		24,161
Aegon NV ‘NY’		54,589		215,627
Akzo Nobel NV		7,873		845,045
Argenx SE ADR *		795		233,801
ASM International NV		1,940		423,349
ASML Holding NV		11,452		5,574,372
Euronext NV ~		2,633		290,024
GrandVision NV * ~		2,742		85,419
Heineken NV		8,212		915,136
ING Groep NV *		104,566		972,238
Koninklijke Ahold Delhaize NV		76,903		2,169,536
Koninklijke DSM NV		7,956		1,368,203
Koninklijke KPN NV		335,039		1,018,281
Koninklijke Philips NV *		12,118		652,767
Koninklijke Philips NV ‘NY’ *		16,077		870,891
Koninklijke Vopak NV		3,121		163,911
NN Group NV		14,143		611,405
Randstad NV *		7,958		515,143
Royal Dutch Shell PLC ‘B’		41,221		698,643
Royal Dutch Shell PLC ‘B’ ADR		90,590		3,044,730
Wolters Kluwer NV		17,569		1,482,246

				23,420,897

New Zealand - 0.5%

a2 Milk Co Ltd *		25,011		217,532
Auckland International Airport Ltd *		31,816		173,989
Chorus Ltd		37,436		212,960
Contact Energy Ltd		21,314		137,187
EBOS Group Ltd		6,688		138,293
Fisher & Paykel Healthcare Corp Ltd		18,508		439,541
Fletcher Building Ltd *		48,194		205,033
Genesis Energy Ltd		17,697		46,262
Infratil Ltd		21,398		112,515
Mainfreight Ltd		3,612		181,018
Mercury NZ Ltd		13,101		61,656
Meridian Energy Ltd		31,288		167,566
Port of Tauranga Ltd		17,167		91,593
Ryman Healthcare Ltd		19,182		210,447
Spark New Zealand Ltd		117,242		397,124
Vector Ltd		20,849		63,834
Xero Ltd *		1,385		157,196

				3,013,746

Norway - 0.7%

Aker ASA ‘A’		1,077		70,329
Aker BP ASA		7,123		179,742
DNB ASA *		22,674		444,311
Entra ASA ~		7,574		171,779
Equinor ASA		43,525		734,549
Gjensidige Forsikring ASA		5,515		123,091
Kongsberg Gruppen ASA *		5,109		105,103
Leroy Seafood Group ASA		15,000		105,832
Mowi ASA		11,787		262,567
NEL ASA *		42,654		144,328
Norsk Hydro ASA		74,389		346,212
Orkla ASA		21,051		213,719
Salmar ASA		2,511		147,121
Scatec ASA ~		2,661		105,973


	Shares		Value
Schibsted ASA ‘A’ *		2,695		$114,860
Schibsted ASA ‘B’ *		2,209		81,999
SpareBank 1 SR-Bank ASA *		8,749		92,896
Storebrand ASA *		27,558		206,441
Telenor ASA		24,394		414,082
Tomra Systems ASA		4,331		213,065

				4,277,999

Portugal - 0.1%

EDP - Energias de Portugal SA		61,475		385,848
Galp Energia SGPS SA		29,506		312,657
Jeronimo Martins SGPS SA		11,557		194,270

				892,775

Russia - 0.0%

Evraz PLC		32,938		210,504


Singapore - 0.8%

BOC Aviation Ltd ~		21,100		182,631
CapitaLand Ltd		71,500		177,411
City Developments Ltd		25,300		152,512
DBS Group Holdings Ltd		49,876		945,187
Genting Singapore Ltd		98,100		63,180
Great Eastern Holdings Ltd		2,000		30,290
Jardine Cycle & Carriage Ltd		6,922		102,549
Keppel Corp Ltd		70,000		285,067
Olam International Ltd		32,100		37,191
Oversea-Chinese Banking Corp Ltd		86,819		661,603
SATS Ltd *		40,200		121,294
Singapore Airlines Ltd *		96,050		311,656
Singapore Exchange Ltd		32,200		226,173
Singapore Technologies Engineering Ltd		60,500		175,091
Singapore Telecommunications Ltd		251,200		438,630
United Overseas Bank Ltd		33,381		568,959
UOL Group Ltd		28,700		167,352
Venture Corp Ltd		14,700		216,146

				4,862,922

South Africa - 0.2%

Anglo American PLC		35,836		1,183,385
Investec PLC		36,544		93,916

				1,277,301

Spain - 2.1%

Acciona SA		1,689		241,682
ACS Actividades de Construccion y Servicios SA		21,821		724,962
Aena SME SA * ~		2,461		427,843
Amadeus IT Group SA		11,533		851,334
Banco Bilbao Vizcaya Argentaria SA		130,656		647,610
Banco Bilbao Vizcaya Argentaria SA ADR		121,184		598,649
Banco Santander SA *		433,076		1,350,478
CaixaBank SA (SIBE)		134,289		345,160
Cellnex Telecom SA ~		5,296		318,040
EDP Renovaveis SA		6,804		189,516
Endesa SA		12,082		331,396
Ferrovial SA		11,705		323,649
Grifols SA		11,199		326,971
Iberdrola SA		207,401		2,980,412
Industria de Diseno Textil SA		30,142		956,701
Naturgy Energy Group SA		19,159		445,526
Red Electrica Corp SA		15,380		315,768
Repsol SA		64,556		650,345
Siemens Gamesa Renewable Energy SA		5,557		225,649
Telefonica SA *		9,205		36,614
Telefonica SA		165,689		659,049
Telefonica SA ADR *		26,692		107,836

				13,055,190

Sweden - 3.2%

AAK AB		3,419		69,133
AddTech AB ‘B’		10,766		143,075


	Shares		Value
AF Poyry AB *		3,516		$107,348
Alfa Laval AB *		17,913		494,694
Annehem Fastigheter AB ‘B’ *		3,913		15,053
Assa Abloy AB ‘B’		21,338		527,305
Atlas Copco AB ‘A’		20,922		1,075,316
Atlas Copco AB ‘B’		14,220		638,300
Avanza Bank Holding AB		2,058		58,281
Axfood AB		5,116		119,179
Beijer Ref AB		2,291		104,826
BillerudKorsnas AB		8,746		153,920
Boliden AB		18,559		658,424
Castellum AB		5,615		143,131
Dometic Group AB * ~		13,438		178,208
Electrolux AB ‘B’		13,363		310,916
Elekta AB ‘B’		18,518		248,086
Epiroc AB ‘A’		24,470		444,735
Epiroc AB ‘B’		14,220		240,058
Essity AB ‘A’		303		9,962
Essity AB ‘B’		16,012		515,893
Evolution Gaming Group AB ~		3,464		348,251
Fabege AB		8,974		141,780
Fastighets AB Balder ‘B’ *		2,974		155,285
Getinge AB ‘B’		10,882		254,657
Hennes & Mauritz AB ‘B’ *		24,853		521,716
Hexagon AB ‘B’		5,181		475,004
Hexpol AB		13,173		141,039
Holmen AB ‘B’		4,260		204,290
Hufvudstaden AB ‘A’		4,025		66,584
Husqvarna AB ‘B’		27,988		363,226
ICA Gruppen AB		4,983		249,253
Indutrade AB *		12,393		265,289
Intrum AB		3,771		98,332
Lifco AB ‘B’		1,898		181,585
Lundin Energy AB		4,805		130,228
Nibe Industrier AB ‘B’		7,469		244,937
Peab AB ‘B’ *		19,566		213,137
Saab AB ‘B’ *		5,831		169,660
Sagax AB ‘B’		2,049		42,328
Sandvik AB *		24,515		604,627
Securitas AB ‘B’		26,197		422,652
Sinch AB * ~		832		135,304
Skandinaviska Enskilda Banken AB ‘A’ *		38,309		394,486
Skanska AB ‘B’		19,402		494,441
SKF AB ‘B’		21,991		572,189
SSAB AB ‘A’ *		13,264		47,019
SSAB AB ‘B’ *		35,856		113,653
Svenska Cellulosa AB SCA ‘A’ *		303		5,458
Svenska Cellulosa AB SCA ‘B’ *		29,158		509,802
Svenska Handelsbanken AB ‘A’ *		38,037		383,414
Sweco AB ‘B’		9,744		178,830
Swedbank AB ‘A’ *		23,129		405,692
Swedish Match AB		4,817		374,862
Swedish Orphan Biovitrum AB *		8,548		172,023
Tele2 AB ‘B’		27,247		360,423
Telefonaktiebolaget LM Ericsson ‘A’		2,470		31,595
Telefonaktiebolaget LM Ericsson ‘B’		76,720		912,619
Telefonaktiebolaget LM Ericsson ADR		4,153		49,628
Telia Co AB		82,328		340,003
Thule Group AB * ~		1,858		69,516
Trelleborg AB ‘B’ *		14,599		324,273
Volvo AB ‘A’ *		10,757		256,364
Volvo AB ‘B’ *		64,281		1,521,730
Wallenstam AB ‘B’		4,592		72,979
Wihlborgs Fastigheter AB		3,864		87,338

				19,363,344

Switzerland - 8.1%

ABB Ltd		43,306		1,214,698
Adecco Group AG		9,538		635,263
Alcon Inc *		20,734		1,372,365


	Shares		Value
Baloise Holding AG		2,613		$464,257
Banque Cantonale Vaudoise		1,580		171,981
Barry Callebaut AG		166		395,599
Chocoladefabriken Lindt & Spruengli AG		3		301,322
Cie Financiere Richemont SA		12,214		1,103,437
Clariant AG		6,501		137,925
Coca-Cola HBC AG		11,211		363,046
Credit Suisse Group AG		59,172		763,962
Credit Suisse Group AG ADR		34,332		439,450
EMS-Chemie Holding AG		231		222,213
Geberit AG		1,262		789,975
Givaudan SA		212		896,934
Julius Baer Group Ltd		11,939		687,824
Kuehne + Nagel International AG		2,355		534,393
LafargeHolcim Ltd (XVTX)		21,995		1,207,257
Logitech International SA		6,641		645,141
Lonza Group AG		1,901		1,224,561
Nestle SA		89,053		10,527,068
Novartis AG		55,762		5,250,432
Novartis AG ADR		3,503		330,788
Partners Group Holding AG		612		719,125
Roche Holding AG		22,441		7,817,933
Schindler Holding AG		791		213,802
SGS SA		184		554,644
Sika AG		4,771		1,300,542
Sonova Holding AG *		2,181		567,264
STMicroelectronics NV		26,077		964,738
Straumann Holding AG		210		245,998
Swiss Life Holding AG		1,558		726,761
Swiss Prime Site AG		2,584		253,314
Swiss Re AG		11,630		1,095,699
Swisscom AG		2,148		1,156,778
Temenos AG		3,495		486,957
The Swatch Group AG		1,593		433,046
The Swatch Group AG - Registered		2,678		141,324
UBS Group AG *		48,296		682,423
UBS Group AG (XVTX)		37,929		534,034
Vifor Pharma AG		2,306		362,440
Zurich Insurance Group AG		3,536		1,490,144

				49,426,857

United Arab Emirates - 0.0%

NMC Health PLC *		4,009		832


United Kingdom - 11.7%

3i Group PLC		40,784		645,077
Admiral Group PLC		8,715		344,607
Ashtead Group PLC		20,765		978,052
ASOS PLC *		3,759		244,971
Associated British Foods PLC *		14,706		454,043
AstraZeneca PLC ADR		82,313		4,114,827
Auto Trader Group PLC ~		52,445		426,889
Avast PLC ~		35,052		257,379
AVEVA Group PLC		2,760		120,498
Aviva PLC		177,712		790,469
B&M European Value Retail SA		54,855		386,166
BAE Systems PLC		158,652		1,058,014
Barclays PLC *		75,996		152,455
Barclays PLC ADR *		149,740		1,196,423
Barratt Developments PLC *		44,315		405,132
Bellway PLC		6,587		265,935
Berkeley Group Holdings PLC		6,523		421,957
boohoo Group PLC *		39,756		186,626
BP PLC		45,205		155,991
BP PLC ADR		103,390		2,121,563
British American Tobacco PLC		25,810		958,503
British American Tobacco PLC ADR		22,180		831,528
BT Group PLC		662,651		1,194,401
Bunzl PLC		11,064		369,404


	Shares		Value
Burberry Group PLC *		23,491		$573,653
CK Hutchison Holdings Ltd		95,280		665,229
CNH Industrial NV *		90,923		1,142,939
Coca-Cola European Partners PLC		12,348		597,123
Compass Group PLC		69,477		1,295,840
ConvaTec Group PLC ~		74,959		204,193
Croda International PLC		4,647		417,904
DCC PLC		5,107		361,384
Diageo PLC ADR		18,726		2,973,876
Direct Line Insurance Group PLC		80,400		351,646
DS Smith PLC *		93,992		480,461
Entain PLC *		29,518		457,848
Experian PLC		30,254		1,149,308
Fiat Chrysler Automobiles NV *		82,069		1,482,891
G4S PLC *		17,490		60,752
Games Workshop Group PLC		304		46,549
GlaxoSmithKline PLC		15,059		275,549
GlaxoSmithKline PLC ADR		65,129		2,396,747
Halma PLC		13,000		435,373
Hargreaves Lansdown PLC		11,352		236,372
Hiscox Ltd *		4,986		67,898
HomeServe PLC		16,751		234,547
Howden Joinery Group PLC *		38,751		365,051
HSBC Holdings PLC *		24,082		124,389
HSBC Holdings PLC ADR *		82,391		2,134,751
Imperial Brands PLC		59,997		1,258,412
Informa PLC *		50,274		375,917
InterContinental Hotels Group PLC *		2,022		131,056
InterContinental Hotels Group PLC ADR *		2,767		180,187
Intermediate Capital Group PLC		12,074		284,102
International Consolidated Airlines Group SA		40,150		87,366
Intertek Group PLC		5,159		398,482
ITV PLC *		219,113		319,289
J Sainsbury PLC		122,143		375,432
JD Sports Fashion PLC *		20,733		243,577
Johnson Matthey PLC		11,914		394,719
Kingfisher PLC *		111,306		411,291
Legal & General Group PLC		229,704		837,137
Lloyds Banking Group PLC *		1,484,114		739,917
Lloyds Banking Group PLC ADR *		75,365		147,715
London Stock Exchange Group PLC		7,301		901,210
M&G PLC		136,660		368,869
Melrose Industries PLC *		227,376		553,977
Mondi PLC		26,745		626,685
National Grid PLC		27,031		319,437
National Grid PLC ADR		11,106		655,587
Natwest Group PLC *		86,104		196,832
Natwest Group PLC ADR *		42,754		193,248
Next PLC *		4,473		431,314
Ninety One PLC		18,272		57,892
Ocado Group PLC *		7,669		239,811
Pearson PLC		16,763		153,855
Pearson PLC ADR		24,554		225,406
Pennon Group PLC		16,981		219,785
Persimmon PLC		16,034		605,168
Phoenix Group Holdings PLC		29,822		285,784
Prudential PLC		10,345		190,224
Prudential PLC ADR		20,981		774,828
Reckitt Benckiser Group PLC		19,594		1,748,848
RELX PLC		37,392		913,883
RELX PLC ADR		21,073		519,660
Renishaw PLC *		1,071		84,455
Rentokil Initial PLC *		72,858		507,978
Rightmove PLC *		48,028		426,718
Rolls-Royce Holdings PLC *		228,275		345,477
RSA Insurance Group PLC		44,280		410,425
Schroders PLC		5,647		257,481
Schroders PLC - Non-Voting		1,879		58,714
Severn Trent PLC		8,933		278,871


	Shares		Value
Smith & Nephew PLC		20,482		$425,462
Smith & Nephew PLC ADR		590		24,880
Smiths Group PLC		15,414		317,051
Spectris PLC		4,422		170,319
Spirax-Sarco Engineering PLC		2,764		426,662
SSE PLC		60,986		1,249,187
St James’s Place PLC		31,726		490,931
Standard Chartered PLC *		119,846		761,015
Standard Life Aberdeen PLC		187,278		717,837
Subsea 7 SA *		14,359		147,536
Tate & Lyle PLC		32,467		299,157
Taylor Wimpey PLC *		213,731		483,451
Tesco PLC		569,002		1,795,638
The Sage Group PLC		36,903		293,018
The Weir Group PLC *		11,618		315,888
Travis Perkins PLC *		11,434		210,508
Unilever PLC		15,605		943,361
Unilever PLC ADR		67,514		4,075,145
United Utilities Group PLC		25,027		306,104
Vodafone Group PLC		619,626		1,017,728
Vodafone Group PLC ADR		17,315		285,351
Whitbread PLC *		10,263		434,706
Wm Morrison Supermarkets PLC		136,004		329,090
WPP PLC		53,083		575,207
WPP PLC ADR		2,647		143,150

				71,588,586

United States - 0.5%

Bausch Health Cos Inc *		12,459		259,019
BRP Inc		1,277		84,361
Carnival PLC		2,990		56,870
Carnival PLC ADR		4,044		75,785
Ferguson PLC		8,703		1,057,418
James Hardie Industries PLC		15,537		460,470
Ovintiv Inc		9,427		135,372
QIAGEN NV *		6,766		350,878
Tenaris SA		10,919		88,485
Tenaris SA ADR		2,149		34,277
Waste Connections Inc		6,527		669,448

				3,272,383

Zambia - 0.1%

First Quantum Minerals Ltd		28,822		517,388


Total Common Stocks (Cost $492,922,652)				605,796,755


	Principal Amount

SHORT-TERM INVESTMENT - 0.0%

Repurchase Agreement - 0.0%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $104,610; collateralized by U.S. Treasury Notes: 0.125% due 12/31/22 and value $106,800)		$104,610		104,610


Total Short-Term Investment (Cost $104,610)				104,610


TOTAL INVESTMENTS - 99.3% (Cost $495,780,765)				608,955,340

OTHER ASSETS & LIABILITIES, NET - 0.7%				4,099,945


NET ASSETS - 100.0%				$613,055,285

Notes to Schedule of Investments

(a)	As of December 31, 2020, the Fund’s composition by sector as a percentage of net assets was as follows:


Consumer, Non-Cyclical			22.9%
Financial			17.3%
Consumer, Cyclical			14.9%
Industrial			14.8%
Basic Materials			9.1%
Communications			6.8%
Technology			5.3%
Energy			4.4%
Utilities			3.6%
Others (each less than 3.0%)			0.2%

			99.3%
Other Assets & Liabilities, Net			0.7%

			100.0%

The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of December 31, 2020:


Explanation of Symbols:
*		Non-income producing investments.
^		Investments with their principal amount adjusted for inflation.
§		Variable rate investments. The rate shown is based on the latest available information as of December 31, 2020. Interest rates for certain securities are subject to interest rate caps and floors, which would result in a period end rate being more, less, or equal to the referenced rate plus spread. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
Y		Issuer filed bankruptcy and/or is in default as of December 31, 2020.
^µ		All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.
#		Securities purchased on a when-issued basis. Rates do not take effect until settlement date.
~		Securities are not registered under the Securities Act of 1933 (1933 Act). These securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale.
‡		Investments were fully or partially segregated with the broker(s)/custodian as collateral for reverse repurchase agreements, delayed delivery securities, futures contracts, forward foreign currency contracts, option contracts and/or swap agreements as of December 31, 2020.
W		The values of these investments were determined by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees (the ‘Board”). Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940.
l		Total shares owned by the Fund as of December 31, 2020 were less than one share.
>>		Stapled security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
±		Investments categorized as a significant unobservable input (Level 3).

Counterparty and Exchange Abbreviations:
ANZ		Australia and New Zealand Banking Group
BNP		BNP Paribas
BOA		Bank of America
BRC		Barclays
BSC		Banco Santander Central Hispanico
CIB		Canadian Imperial Bank of Commerce
CIT		Citigroup
CME		Chicago Mercantile Exchange
CSF		Credit Suisse
DUB		Deutsche Bank
GSC		Goldman Sachs
HSB		HSBC
ICE		Intercontinental Exchange Inc
JPM		JPMorgan Chase
LCH		London Clearing House
MER		Merrill Lynch
MSC		Morgan Stanley
OCC		Options Clearing Corporation
RBC		Royal Bank of Canada
SCB		Standard Chartered Bank
SGN		Societe Generale


TDB		Toronto Dominion Bank
UBS		UBS

Reference Rate Abbreviations:
ARS Deposit		Argentina Deposit Rate
LIBOR		London Interbank Offered Rate
SOFR		Secured Overnight Financing Rate
SONIA		Sterling Overnight Index Average
US FED		United States Federal Reserve Bank Rate
UST		United State Treasury Rate

Payment Frequency Abbreviations:
A		Annual
L		Lunar
M		Monthly
Q		Quarterly
S		Semiannual
Z		At Maturity

Currency Abbreviations:
ARS		Argentine Peso
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CLP		Chilean Peso
CNH		Renminbi Offshore (Hong Kong)
CNY		Chinese Renminbi
COP		Colombian Peso
CZK		Czech Koruna
DKK		Danish Krone
DOP		Dominican Peso
EGP		Egyptian Pound
EUR		Euro
GBP		British Pound
HUF		Hungarian Forint
IDR		Indonesian Rupiah
ILS		Israeli Shekel
INR		Indian Rupee
JPY		Japanese Yen
KRW		Korean Won
MXN		Mexican Peso
MYR		Malaysian Ringgit
NZD		New Zealand Dollar
PEN		Peruvian Nuevo Sol
PHP		Philippine Peso
PLN		Polish Zloty
RON		Romanian Leu
RUB		Russian Ruble
SGD		Singapore Dollar
THB		Thai Baht
TRY		Turkish Lira
TWD		Taiwan Dollar
UAH		Ukrainian Hryvnia
USD		United States Dollar
UYU		Uruguayan Peso
ZAR		South African Rand

Other Abbreviations:
ADR		American Depositary Receipt
GDR		Global Depositary Receipt
IO		Interest Only
NVDR		Non-Voting Depositary Receipt
NY		New York Shares
PIK		Payment In Kind
PIPE		Private Investment in Public Equity
PO		Principal Only
REIT		Real Estate Investment Trust
SDR		Swedish Depositary Receipt

Selected per share, ratios and supplemental data for each year or period ended December 31, were as follows:

Pacific Select Fund (the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as a diversified, open-end, investment management company. The Trust was organized on May 4, 1987 as a Massachusetts business trust (and was reorganized as a Delaware statutory trust on June 30, 2016).

Pacific Life Fund Advisors LLC (“PLFA” or the “Investment Adviser”) serves as investment adviser to the Trust. As of December 31, 2020, the Trust was comprised of fifty-one separate funds, (each individually a “Fund”, and collectively the “Funds”):

The Trust offers three separate share classes: Class D, Class I, and Class P. Each Fund presented in these financial statements — except for the PSF DFA Balanced Allocation Portfolio and the Pacific Dynamix Underlying Funds — offers both Class I and Class P shares. The PSF DFA Balanced Allocation Portfolio offers Class D and Class P shares. The Pacific Dynamix Underlying Funds offer Class P shares only.

The Portfolio Optimization Portfolios, Pacific Dynamix Portfolios, and the PSF DFA Balanced Allocation Portfolio are known as the “Funds of Funds.”

The Portfolio Optimization Portfolios invest their assets in Class P shares of certain Underlying Funds of the Trust.

The Pacific Dynamix Portfolios invest their assets in Class P shares of the Pacific Dynamix Underlying Funds.

The PSF DFA Balanced Allocation Portfolio invests its assets in a variety of eligible third-party mutual funds and/or variable insurance trusts (the “DFA Underlying Funds”) which, in turn, invest in U.S. and foreign equity and debt instruments. The DFA Underlying Funds are offered by Dimensional Investment Group Inc. and/or DFA Investment Dimensions Group Inc., as managed by Dimensional Fund Advisors LP, and are not funds of the Trust. Dimensional Investment Group Inc. and DFA Investment Dimensions Group, Inc. are not affiliated with the Trust, the Distributor or the Investment Adviser.

Class D, Class I, and Class P shares of the Funds of the Trust in this report are offered to certain separate accounts of Pacific Life Insurance Company (“Pacific Life”) and Pacific Life & Annuity Company (“PL&A”), a wholly-owned subsidiary of Pacific Life. Pacific Life and PL&A determine which Funds (and share classes) of the Trust to make available.

Main Street is a registered trademark of Invesco Advisers, Inc., or one of its affiliates.

On March 20, 2020, the Small-Cap Growth Portfolio of the Trust was liquidated pursuant to a plan of liquidation approved by the Trust’s Board of Trustees. Because the Small-Cap Growth Portfolio was liquidated prior to December 31, 2020, no financial information is presented in this report except for the Transactions with Affiliates disclosure under Investments in Affiliated Mutual Funds (see note 7C).

Effective May 1, 2020, the Developing Growth Portfolio was renamed the Small-Cap Growth Portfolio.

On April 30, 2020, the Inflation Strategy and Currency Strategies Portfolios of the Trust were liquidated pursuant to a plan of liquidation approved by the Trust’s Board of Trustees and the shareholders of record. Because the Inflation Strategy and Currency Strategies Portfolios were liquidated prior to December 31, 2020, no financial information is presented in this report except for the Transactions with Affiliates disclosure under Investments in Affiliated Mutual Funds (see Note 7C).

On October 30, 2020, the International Equity Income Portfolio of the Trust was liquidated pursuant to a plan of liquidation approved by the Trust’s Board of Trustees. Because the International Equity Income Portfolio was liquidated prior to December 31, 2020, no financial information is presented in this report except for the Transactions with Affiliates disclosure under Investments in Affiliated Mutual Funds (see Note 7C).

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to

make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.

Investment transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities, which are recorded as soon as a Fund is informed of the ex-dividend date or upon receipt of the dividend. A Fund’s estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income, adjusted for amortization of premium and accretion of discount, is recorded daily on an accrual basis. Investment income is recorded net of foreign taxes withheld, if any. A Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. A Fund will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which that Fund invests. Facility fees and other fees (such as origination fees) received from floating rate senior loan notes purchased by a Fund are amortized over the expected term of each applicable senior loan. Commitment fees received by a Fund relating to unfunded senior loan commitments are amortized to income over the period of the commitment. Consent fees, which are compensation for agreeing to changes in the terms of debt instruments, are recorded as interest income when received. Realized gains and losses from investment transactions are recorded on the basis of identified cost. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income. Litigation settlements on securities that were previously held are recorded as realized gains on investment securities.

Each Fund of the Trust is treated as a partnership for Federal income tax purposes. As partnerships, none of these Funds are required to distribute taxable income and capital gains. No dividend and capital gain distributions have been paid by any Fund during the fiscal year ended December 31, 2020.

The Trust’s accounting records are maintained in U.S. dollars. The market value of investments and other assets and liabilities, which are denominated in non-U.S. currencies, are translated into U.S. dollars based on the applicable exchange rates at the end of each business day. Purchases and sales of investments and income and expenses, denominated in foreign currencies, are translated into U.S. dollars at the exchange rates in effect on the transaction date.

None of the Funds separately report the effect of changes in foreign exchange rates from changes in market prices of investments held. Such changes are included with the net realized gain or loss and change in net unrealized appreciation or depreciation on investments. Other foreign currency transactions resulting in realized and unrealized gain or loss, if any, are reported separately as net realized gain or loss on foreign currency transactions and change in net unrealized appreciation or depreciation on foreign currencies.

Income, non-class specific expenses, and realized and unrealized gains and losses, are allocated on a daily basis to each class of shares based upon the relative portion of net assets of each class. Certain Trust expenses directly attributable to a particular Fund are charged to that Fund (such as fund-specific transactional fees, proxies, liquidations, litigation, and organizational/start-up costs) and class-specific fees and expenses are charged directly to the respective share class within each Fund. Generally, other Trust expenses are allocated proportionately among all the Funds in relation to the net assets of each Fund.

A new Fund bears all costs (or the applicable pro-rata share if there is more than one new Fund) associated with the offering expenses of the Fund, including legal, printing, and support services. All such costs are amortized as an expense of the new Fund on a straight-line basis over twelve months from commencement of operations.

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

In October 2020, FASB issued ASU 2020-08, Receivables — Nonrefundable Fees and Other Costs (Codification Improvements Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. ASU 2020-08 is an update of ASU No. 2017-08, which amends the amortization period of certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU 2020-08 updates the amortization period for callable debt securities to be amortized to the next call date. For purposes of this update, the next call date is the first date when a call option at a specified price becomes exercisable. Once that date has passed, the next call date is when the next call option at a specified price becomes exercisable, if applicable. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of this guidance did not have a material impact on the financial statements.

The Trust’s Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of the Trust’s investments each business day. Under the Valuation Policy, the Board has delegated certain functions to the Trustee Valuation Committee (“TVC”) and/or the Valuation Oversight Committee (“VOC”) or its delegate to determine the fair value of certain investments, which includes using third party pricing services. Each valuation committee that values the Funds’ investments does so in accordance with the Valuation Policy. Notes 3B and 3C below describe in greater detail the methodologies used to value each Fund’s investments.

Each Fund presented in these financial statements is divided into shares and share classes, if applicable. The price per share of each class of a Fund’s shares is called its NAV, which is determined by taking the total value its investments and other assets, subtracting any liabilities, and dividing by the total number of shares outstanding.

The NAVs are calculated once per day on each day that the New York Stock Exchange (“NYSE”) is open, including days when foreign markets and/or bond markets are closed. Each NAV is generally determined as of 4:00 p.m. Eastern Time on days that the NYSE is open. Information that becomes known to the Trust or its agents after the determination of an NAV on a particular day will not normally be used to retroactively adjust the price of a Fund’s investment or the NAV determined earlier that day. Such information may include late dividend notifications, legal or regulatory matters, corporate actions, and corrected/adjusted last sales prices or official closing prices from an exchange. NAVs will not be calculated on days when the NYSE is closed. There may be a delay in calculating the NAV if: (i) the NYSE is closed on a day other than a NYSE scheduled holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the U.S. Securities and Exchange Commission “SEC”), making the sale of investments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders. Based on information obtained from the NYSE, it is anticipated that the NYSE will be closed when the following annual holidays are observed: New Year’s Day; Martin Luther King, Jr. Day; Washington’s Birthday; Good Friday; Memorial Day; Independence Day; Labor Day; Thanksgiving Day; and Christmas Day. The NYSE is normally closed on the preceding Friday or subsequent Monday when one of these holidays falls on a Saturday or Sunday, respectively. In addition, the NYSE typically closes early (usually 1:00 p.m. Eastern Time) on the day after Thanksgiving and the day before Christmas Day. Although the Trust expects the same holidays to be observed in the future, the NYSE may modify its holiday schedule or hours of operation at any time.

Certain Funds may hold investments that are primarily listed on foreign exchanges which may trade on weekends and other days when the Funds do not calculate their NAVs. The value of those investments may change on days when a shareholder will not be able to purchase or redeem shares of those Funds.

In the event the NYSE closes prior to 4:00 p.m. Eastern Time, whether due to a scheduled or unscheduled early close, certain other markets or exchanges may remain open. Generally, the valuation of the securities in those markets or exchanges will follow the valuation procedures described below, which may be after the official closing time of the NYSE.

The value of each security or other investment is the amount which a Fund might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each Fund is based primarily on pricing data obtained from various sources approved by the Board.

For domestic equity investments (including exchange-traded funds), the Trust generally uses the official closing price or last reported sale price from an exchange and does not normally take into account trading, clearances or settlements that take place after the close of the NYSE. Investments for which no official closing price or last reported sales price are reported are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

For foreign equity investments, the Trust generally uses the official closing price or the last reported sale price from the principal foreign exchanges. The Trust may adjust for market events occurring between the close of certain foreign exchanges and the close of the NYSE. The Trust has retained an independent statistical analysis service approved by the Board to assist in determining the value of certain foreign equity investments. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine adjustments for market events. Quotations of foreign investments in foreign currencies and those valued using forward currency rates are converted into U.S. dollar equivalents using a foreign exchange quotation from an approved source.

Exchange traded futures contracts, option contracts, and swap agreements are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers. Exchange traded futures contracts, option contracts, and swap agreements for which no approved pricing services are available, are generally valued using the settlement price determined by the relevant exchange.

OTC investments (including forward commitments, swap agreements and option contracts) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are valued using industry pricing models, broker quotes or other methodologies pursuant to the Trust’s Valuation Policy. Forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates are gathered from approved pricing services.

Debt investments, including short-term debt, are generally valued using the mean between bid and ask prices provided by approved pricing and quotation services, which are based upon evaluated prices determined from various observable market and other factors. Certain debt investments are valued by using a benchmark, matrix, or other pricing methodology approved pursuant to the Valuation Policy. Generally, the prices are obtained from approved pricing sources or services as of 4:00 p.m. Eastern Time.

Fund investments in affiliated or unaffiliated mutual funds (and/or variable insurance trusts) are valued at their respective published NAVs.

The Trust’s Valuation Policy includes methodologies approved for valuing investments in circumstances where market quotations are not readily available, if there is a trading halt for individual holdings, or if there is an unscheduled market closure (e.g., in the event of a natural disaster, strikes, news of significant governmental actions, regulatory trading halts, system failures, terrorist threats or activities, or armed conflict, etc.). In such circumstances, the Valuation Policy provides that the value of such investments may be determined in accordance with Board approved formulas and methodologies (“Alternate Valuation Methodologies”). Under the Valuation Policy these Alternate Valuation Methodologies may include, among others, amortized cost, the use of broker quotes, the use of purchase prices, last reported sale/trade prices, and benchmark, proxy, and matrix pricing. In the event market quotations or Alternate Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the TVC, or determined by the VOC or its delegate pursuant to the Valuation Policy and then subsequently submitted for approval or ratification to either the TVC or the Board. Valuations determined by the TVC or the VOC or its delegate may require subjective inputs about the value of such investments. While these valuations are intended to estimate the value, a Fund might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a Fund would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.

Market quotations are considered not readily available if: (i) the market quotations received are deemed unreliable or inaccurate, (ii) approved pricing services do not provide a valuation for a particular investment, or (iii) material events occur after the close of the principal market for a particular investment but prior to the scheduled close of the NYSE.

The Trust characterizes its investments as Level 1, Level 2, or Level 3 based upon the various inputs or methodologies used to value the investments. Under the Valuation Policy, the VOC determines the level in which each investment is characterized. The VOC includes investment, legal, and compliance members of the Trust’s Investment Adviser, accounting members of Pacific Life, and the Trust’s Chief Compliance Officer (“CCO”). The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

The VOC reviews the Valuation Policy periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value each Fund’s investments. The VOC also periodically evaluates how the Trust’s investments are characterized within the three-tier hierarchy and the appropriateness of third party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the value of various Level 2 and Level 3 investments to evaluate the effectiveness of the pricing methodologies including the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange- traded prices, transaction prices, and/or observable vendor prices. All changes to the Valuation Policy are reported to the Board on a quarterly basis with material changes, as determined by the Trust’s CCO, requiring approval by the Board.

The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are valued with the assistance of a statistical research service approved by the Board (as described in Note 3C) and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. A summary of each Fund’s investments as of December 31, 2020, as categorized under the three-tier hierarchy of inputs, can be found in the Notes to Schedule of Investments section of each Fund’s Schedule of Investments.

The following is a description of valuation inputs and techniques that the Trust currently utilizes to fair value each major category of assets and liabilities:

Equity securities (foreign or domestic) that are actively traded on a securities exchange are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Equity securities traded on inactive markets and certain foreign equity securities are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Investments in registered mutual funds, including affiliated registered mutual funds, are valued at their respective published NAV and are categorized as Level 1.

U.S. Treasuries are fair valued based on pricing models that evaluate the mean between the most recently published bid and ask price from market data sources. The models also take into consideration yield curves and data received from active market makers and inter-dealer brokers. Yield curves change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Mortgage-backed securities, including government sponsored enterprises, are fair valued using pricing models based on inputs that include issuer type, coupon, and cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond. To the extent that these inputs are observable and timely, the fair values of mortgage-backed securities would be categorized as Level 2; otherwise the fair value would be categorized as Level 3.

Asset-backed securities and collateralized mortgage obligations are fair valued using pricing models based on a security’s average life volatility. The models also take into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type, underlying collateral and performance of the collateral, and discount margin for certain floating rate issues. To the extent that these inputs are observable and timely, the fair values of asset-backed securities and collateralized mortgage obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Foreign government bonds and notes are fair valued based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored daily for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable and timely, the fair values of foreign government bonds and notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Corporate bonds held by a Fund are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, issuer credit information, and option-adjusted spread models where applicable. Fair values for high yield bonds are based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds, and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

U.S. Government Agency Issues are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer, issuer credit information, and option-adjusted spread models where applicable. To the extent that these inputs are observable and timely, the fair values of U.S. Government Agency Issues would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Futures contracts and options on futures contracts that are actively traded on commodity exchanges are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Exchange listed option contracts that are traded on securities exchanges are categorized as Level 2 if they are fair valued based on quoted prices from the applicable exchange, or when valuation adjustments are applied to option contracts, or such valuation adjustments are observable and timely, otherwise the fair values would be categorized as Level 3. OTC option contracts are fair valued based on either broker- dealer quotations or pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC option contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Forward foreign currency contracts are fair valued using the mean between broker-dealer bid and ask quotations, and forward foreign currency exchange rates gathered from leading market makers. To the extent that these inputs are observable and timely, the fair values of forward foreign currency contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Interest Rate Swaps – Interest rate swaps are fair valued using pricing models that are based on real-time snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Credit Default Swaps – Credit default swaps are fair valued using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Total Return Swaps – Total return swaps are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Floating rate senior loan notes (“Senior Loans”) are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.

Unfunded loan commitments on senior loan participations and assignments, if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any outstanding unfunded loan commitments are presented in the Notes to Schedules of Investments section of each applicable Fund’s Schedule of Investments. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset (unfunded loan commitment appreciation) or a liability (unfunded loan commitment depreciation) and any change in net unrealized appreciation or depreciation for the reporting period is recorded as a change in net unrealized appreciation or depreciation on unfunded loan commitment. As of December 31, 2020, the Floating Rate Income Portfolio had unfunded loan commitments of $1,288,006 (see details in the Notes to Schedules of Investments).

An investment in each Fund represents an indirect investment in the assets owned by that Fund. As with any mutual fund, the value of the assets owned by each Fund may move up or down, and as a result, an investment in a Fund at any point in time may be worth more or less than the original amount invested.

A Fund’s transactions in listed securities are settled/paid for upon delivery to or from their counterparties; therefore, the risk of counterparty default for listed securities is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligations.

Events in the financial markets and economy may cause volatility and uncertainty and affect Fund performance. Such adverse effects on performance could include a decline in the value and liquidity of securities held by a Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in NAV, and an increase in Fund expenses. It may also be unusually difficult to identify investment risks and opportunities, in which case investment goals may not be met. Market events may affect a single issuer, industry, sector, or the market as a whole. In addition, because of interdependencies between markets, events in one market may adversely impact other markets or issuers in which a Fund invests in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. It is impossible to predict whether or for how long such market events will continue, particularly if they are unprecedented, unforeseen or widespread events or conditions. Therefore, it is important to understand that the value of your investment may fall, sometimes sharply and for extended periods, and you could lose money. Governmental and regulatory actions, including tax law changes, may also impair Fund management and have unexpected or adverse consequences on particular markets, strategies, or investments. Future market or regulatory events may impact a Fund in unforeseen ways, such as causing the Fund to alter its existing strategies or potentially, to liquidate and close.

Natural disasters occur throughout the world and include events such as blizzards and ice storms, earthquakes, floods, hurricanes, pandemics, tidal waves, tornadoes, tsunamis, typhoons, volcanic eruptions, and wildfires. Although specific types of natural disasters may occur more frequently in certain geographic locations, such events are by their nature unpredictable and may cause sudden, severe and widespread damage that negatively impacts issuers, regions and economies in which a Fund invests. Should a Fund hold significant investments in, or have significant exposure to, an issuer, region or economy affected by a natural disaster, the Fund may lose money. Due to the interconnectedness of the global economy, natural disasters in one location may negatively impact issuers in other locations.

An outbreak of infectious respiratory illness caused by the novel coronavirus known as COVID-19 was declared a global pandemic by the World Health Organization in March 2020. COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings, disruption and delays in healthcare services, prolonged quarantines, cancellations, temporary store closures, social distancing, government ordered curfews and business closures, disruptions to supply chains and consumer activity, shortages, highly volatile financial

markets, and general concern and uncertainty. The impact of COVID-19 could adversely affect the economies and capital markets of many nations or the entire global economy, as well as individual companies, entire sectors, and securities and commodities markets (including liquidity), in ways that may not necessarily be foreseen at the present time, which could result in losses to a Fund.

In 2017, the United Kingdom’s Financial Conduct Authority, which regulates London Interbank Offered Rate (“LIBOR”), announced that it will no longer compel the banks to continue to submit the daily rates for the calculation of LIBOR after 2021 and warned that LIBOR may cease to be available or appropriate for use beyond 2021. After the global financial crisis, regulators globally determined that existing interest rate benchmarks should be reformed based on concerns that LIBOR and other Interbank Offered Rates (“IBOR”) were susceptible to manipulation. Replacement rates for various IBORs have been identified and include the Secured Overnight Financing Rate (“SOFR”), which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities.

There remains uncertainty regarding the transition to, and nature of, any selected replacement rates for LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value, liquidity or return on certain of the Fund’s investments. The transition process away from LIBOR may also result in increased volatility or illiquidity in markets for the Fund’s investments that currently rely on LIBOR as well as a reduction in the value of these investments. The potential risk of reduction in value of these investments may be heightened for those investments that do not include fallback provisions that address the cessation of LIBOR. For investments that do not have appropriate fallback provisions addressing the cessation of LIBOR, the Fund could incur additional costs in connection with closing out positions that reference LIBOR and entering into new trades referencing an alternative rate.

The Portfolio Optimization Portfolios are exposed to the same risks as the Underlying Funds in direct proportion to the allocation of their assets among those Underlying Funds. Allocations among the Underlying Funds are determined using an asset allocation process, which seeks to optimize returns by allocating among different asset classes given the various levels of risk tolerance. The allocations of the Portfolio Optimization Portfolios may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or Underlying Funds may cause them to underperform other mutual funds with a similar investment objective. Although the Portfolio Optimization Portfolios seek to provide diversification across major asset classes, they may invest a significant portion of their assets in any single Underlying Fund.

The Pacific Dynamix Portfolios are exposed to the same risks as the Pacific Dynamix Underlying Funds in direct proportion to the allocation of their assets among those Pacific Dynamix Underlying Funds. Allocations among the Pacific Dynamix Underlying Funds are determined using an asset allocation process, which seeks to optimize returns by allocating among different asset classes given various levels of risk tolerance. The allocations of the Pacific Dynamix Portfolios may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or Pacific Dynamix Underlying Funds may cause them to underperform other mutual funds with a similar investment objective. Although the Pacific Dynamix Portfolios seek to provide diversification across major asset classes, they may invest a significant portion of their assets in any single Pacific Dynamix Underlying Fund.

The PSF DFA Balanced Allocation Portfolio is exposed to the same risks as the DFA Underlying Funds in direct proportion to the allocation of its assets among the DFA Underlying Funds. Allocations among the DFA Underlying Funds are determined using an asset allocation process and may be adjusted based on PLFA’s views of market conditions, its outlook for various asset classes or other factors. The allocations of the PSF DFA Balanced Allocation Portfolio may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or DFA Underlying Funds may cause it to underperform other mutual funds with a similar investment objective. The PSF DFA Balanced Allocation Portfolio may invest in any or all of the DFA Underlying Funds, but will not necessarily be invested in every DFA Underlying Fund at any particular time.

Stock markets are volatile. Equity investments tend to go up or down in value, sometimes rapidly and unpredictably, in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors.

Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk and liquidity risk, which may affect their value. Many debt securities give the issuer the right to redeem (“call”) the security prior to maturity. If an issuer calls a security in which a Fund has invested, the Fund may not recoup the full amount of its initial investment in the security and may be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the called security. There is a risk that an issuer or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due (“default”). Defaults may potentially reduce a Fund’s income or ability to recover amounts due and may reduce the value of the debt investment, sometimes dramatically. High yield/high risk or “junk” securities may be more volatile than higher rated securities. High yield/high risk securities (including loans) are typically issued by companies that are highly leveraged, less creditworthy, or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk, and subject to a greater risk of default than higher rated securities, especially during periods of economic uncertainty or during economic downturns. Debt investments, including bonds, fixed rate loans, and short- term instruments may be affected by changes in interest rates. Debt investments

with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise. Certain debt investments may be difficult to value, purchase, and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.

Given the historically low interest rate environment in the U.S., risks associated with rising interest rates are heightened. The negative impact on debt investments from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, regulations applicable to and changing business practices of broker-dealers that make markets in debt investments may result in those broker-dealers restricting their market making activities for certain debt investments, which may reduce the liquidity and increase the volatility of such debt investments.

Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations, and other mortgage-related securities, structured investment vehicles, and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.

Exposure to foreign markets can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country, or region. Investments in or exposure to investments in emerging market countries may be riskier than investments in or exposure to investments in U.S. and certain developed markets. Risk may be more enhanced for investments in or exposure to investments in frontier market countries.

The governments of emerging market countries, some with histories of instability and upheaval, may act in an adverse or hostile manner toward private enterprise or foreign investment. Specific actions and effects have included limiting the ability to conduct due diligence on issuers located in emerging market countries; a lack of access by the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers for PCAOB-registered accounting firms located in certain emerging market countries (including China); restricting the ability of U.S. authorities (such as the SEC) to bring and enforce actions against companies and persons located in emerging market countries; and the difficulty or inability of shareholders to seek legal remedies (such as class action lawsuits) against issuers in emerging market countries.

The Funds may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit,” whose transition formally began on January 31, 2020 and was finalized on December 31, 2020. There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit may also increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU, and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of the Funds’ investments.

The countries listed in the Schedules of Investments for individual investment holdings (each a “Holding”) are each considered the country of risk to which a Holding, and therefore the Fund, is exposed. Each Holding’s country of risk is obtained from a third-party source that uses factors such as reporting currency, sales/revenue, and location of management of the Holding’s issuer to determine country of risk. The country of risk may not be exclusive, however, as there may be other countries of risk to which a Holding is exposed that are not disclosed, although the country identified is expected to be the primary country of risk for that Holding. A Holding is generally subject to greater country risk based on where it conducts business or is economically tied to rather than where it is formed or incorporated. Foreign markets risks may include currency risk, market and regulatory risk, liquidity risk, emerging markets risk, frontier markets risk and geographic focus risk, among other risks.

Certain Funds may invest in Senior Loans of domestic or foreign corporations, partnerships, and other entities (“Borrowers”), the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates. Senior Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, LIBOR or certificates of deposit rates. Senior Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Senior Loans are exempt from registration under the Securities Act of 1933, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in Senior Loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.

A significant portion of the floating rate loans held by a Fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer less protections for investors than covenant loans. As compared to a loan instrument that contains numerous covenants that allow lenders the option to force the borrowers to negotiate terms if risks became elevated, the majority of new floating rate loans that are issued are “covenant lite” loans which tend to have fewer or no financial maintenance covenants and restrictions. A covenant lite loan typically contains fewer clauses which allow an investor to proactively enforce financial covenants or prevent undesired actions by the borrower/issuer, including the ability to make an acquisition, pay dividends or issue additional debt if they have met certain loan terms. Covenant lite loans also generally provide fewer investor protections if certain criteria are breached, such as permitting an investor to declare a default (and therefore receive collateral), or to force restructurings and other capital changes on struggling borrowers/ issuers. A Fund may experience losses or delays in enforcing its rights on its holdings of covenant lite loans.

When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender.

When a Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest, and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. As of December 31, 2020, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.

Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are debt securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will result in an adjustment to interest income.

Certain Funds may invest in mortgage-related and other asset-backed securities. These securities could include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”), mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans secured by real property. Mortgage-related and other asset-backed securities are debt securities issued by a corporation, trust, or custodian, or by a U.S. Government agency or instrumentality, that are collateralized by a pool of mortgages, mortgage pass-through securities, U.S. Government securities or other assets. The value of some mortgage-related and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose a Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgage and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or issuers will meet their obligations.

SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (“IOs”), which receive all of the interest, and principal-only securities (“POs”), which receive the entire principal. The cash flows and yields on IOs are extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage loans. If the underlying mortgages experience higher than anticipated prepayments, an investor in IOs of SMBS may fail to recoup fully its initial investment, even if the IOs are highly rated or are derived from securities guaranteed by the U.S. Government. Unlike other debt and other mortgage-backed securities, the market value of IOs tends to move in the same direction as interest rates. As prepayments on the underlying mortgages of POs increase, the yields on POs increase. Payments received from IOs are recorded as interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on the coupon date until maturity. These adjustments are included in interest income. Payments received from POs are treated as reductions to the cost and par value of the securities. Any excess principal paydown gains or losses associated with the payments received are recorded as interest income.

Certain Funds may invest in securities issued by U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by the U.S. Government, its agencies, or instrumentalities. Some U.S. Government securities, such as Treasury Bills, Treasury Notes, Treasury Bonds, and securities guaranteed by GNMA (or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. Securities not backed by the full faith and credit of the U.S. Government may be subject to a greater risk of default. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA and FHLMC are government-sponsored corporations, the common stocks of which are owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions, and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

Certain Funds may purchase and sell securities on a when-issued basis, including To Be Announced (“TBA”) securities. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Risk may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.

Certain Funds may purchase or sell securities on a delayed-delivery basis, including TBA securities. Payment and delivery may take place after the customary settlement period for that security. The price or yield of the underlying securities is fixed at the time the transaction is negotiated. When delayed-delivery purchases are outstanding, a Fund will set aside, and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a 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 NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed- delivery basis, the Fund does not participate in future gains and losses with respect to the security.

Certain Funds may enter into repurchase agreements with institutions that the Investment Adviser or sub-adviser has determined are creditworthy. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying security (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell the security at an agreed upon price and time. Repurchase agreements permit a Fund to maintain liquidity and potentially earn income over periods of time that may be as short as overnight. The collateral for all repurchase agreements are held in safekeeping for the benefit of the Funds at the Trust’s custodian, or broker-dealer, or a designated sub-custodian under a tri-party repurchase agreement. All repurchase agreements entered into by a Fund are collateralized with cash or securities of a type that the Fund is permitted to hold. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements, including accrued interest, except in the case of a repurchase agreement entered into for the purposes of selling a security short, where the value of the collateral delivered to a Fund must equal or exceed 95% of the value of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered into for the purposes of selling a security short may provide that the cash purchase price paid by a Fund is more than the value of the collateral received that it is obligated to return to the counterparty under the repurchase agreement. Since in such a transaction, a Fund normally will have used the collateral received to settle the short sale, a Fund will segregate liquid assets equal to the marked to market value of the collateral received that it is obligated to return to the counterparty under the repurchase agreement.

In the event of default on the obligation to repurchase a security held by a Fund as collateral, the Fund has the right to liquidate the security and apply the proceeds to the counterparty’s obligations to the Fund under the repurchase agreement. Upon an event of default under the repurchase agreement, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited, or wholly denied.

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the 1940 Act, which may be viewed as borrowing or financing transactions by a Fund. For a detailed description of credit and counterparty risks that can be associated with borrowings and other financing transactions see Note 5.

Reverse Repurchase Agreements – Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security that it holds to a financial institution with an agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are recorded as a liability. Interest payments made are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the manager or otherwise cover its obligations under reverse repurchase agreements.

Sale-Buybacks Financing Transactions – Certain Funds may enter into transactions referred to as sale-buybacks. A sale-buyback transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. Such transactions are recorded as secured borrowings. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are recorded as a liability. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the price drop. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to a Fund. A Fund will segregate assets determined to be liquid or otherwise cover its obligations under sale-buyback transactions.

Short Sales – Certain Funds may enter into short sales. A short sale is a transaction in which a Fund sells securities it does not own. A Fund’s use of short sales involves the risk that the price of the security in the open market may be higher when purchased to close out the Fund’s short position, resulting in a loss to the Fund. Such a loss is theoretically unlimited because there is no limit on the potential increase in the price of a security or guarantee as to the price at which the manager would be able to purchase the security in the open market.

When a Fund sells securities short, it must borrow those securities to make delivery to the buyer. The Fund incurs an expense for such borrowing. The Fund may be required to pledge a portion of its assets to the broker as collateral for the borrowed securities. The Fund may not be able to purchase a security that it needs to deliver to close out a short position at an acceptable price. This may result in losses and/or require the Fund to sell long positions before the manager had intended. A Fund may not be able to successfully implement its short sale strategy, which may limit its ability to achieve its investment goal, due to limited availability of desired or eligible securities, the cost of borrowing securities, regulatory changes limiting or barring short sales, or for other reasons. Securities sold in short sale transactions and the interest and dividends payable on such securities, if any, are recorded as a liability.

The use of proceeds received from selling short to purchase additional securities (long positions) results in leverage, which may increase a Fund’s exposure to long positions. Leverage could magnify gains and losses and, therefore, increase a Fund’s volatility.

If a Fund engages in certain transactions, such as derivative investments, repurchase agreements, or repurchase-to-maturity transactions accounted for as secured borrowings, it may require collateral in the form of cash or investments to be held in segregated accounts at the Trust’s custodian, with an exchange or clearing member firm, or segregated on the Fund’s books and records maintained by the custodian and/ or the manager of the Fund. In each instance that segregation of collateral is required, it is done so in accordance with the 1940 Act and/or any interpretive guidance issued by the SEC. In the event of the counterparty default on the transaction, a Fund has the right to liquidate the collateral and apply the proceeds to the counterparty’s obligations to that Fund. Upon an event of default, if the seller defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited or wholly denied. There is also a possibility that a Fund could experience a delay in selling investments that are segregated as collateral.

5. DERIVATIVE INVESTMENTS AND RISKS, AND ENFORCEABLE MASTER NETTING ARRANGEMENTS

Derivative instruments are investments whose values are tied to the value of an underlying security or asset, a group of assets, interest rates, exchange rates, currency or an index. Certain Funds are permitted to invest in derivative instruments, including, but not limited to, futures contracts, option contracts, forward foreign currency contracts, and swap agreements. Derivatives may have little or no initial cash investment value relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This is sometimes referred to as leverage. Leverage can magnify a Fund’s gains and losses and therefore increase its volatility. A Fund’s investments in derivatives may increase, decrease or change the level or types of exposure to certain risk factors. The primary risks a Fund may attempt to manage through investing in derivative instruments include, but are not limited to, interest rate, foreign investments and currency, price volatility, and credit (including counterparty) risks.

Interest Rate Risk – A Fund may be exposed to interest rate risk through investments in debt securities. Interest rate risk is the risk that debt securities will decline in value as a result of changes in interest rates. For example, the value of bonds, fixed rate loans and short-term money market instruments may decline in value when interest rates rise. In a low interest rate environment, the risks associated with rising interest rates are heightened. Debt securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt securities with shorter durations or money market instruments. Therefore, duration is a potentially useful tool to measure the sensitivity of a debt security’s yield (market price to interest rate movement). To manage these risks, certain Funds may invest in derivative instruments tied to interest rates.

Foreign Investments and Currency Risk – A Fund may be exposed to foreign investments and/or currency risk through direct investment in securities or through options, futures or currency transactions. The prices of foreign securities that are denominated in foreign currencies are affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar rises, the U.S. dollar price of a foreign security will fall. As the value of the U.S. dollar falls, the U.S. dollar value of the foreign security will rise. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons. Foreign investments may be riskier than U.S. investments for many reasons, including changes in currency exchange rates, unstable political and economic conditions, a lack of adequate and timely company information, differences in the way securities markets operate, relatively lower market liquidity, less stringent financial reporting and accounting guidance and controls, less secure foreign banks or securities depositories than those in the U.S., foreign taxation issues, and foreign controls on investments. As a result, a Fund’s investments in foreign currency-denominated securities and other foreign investments may reduce the returns of the Fund. To manage these risks, certain Funds may invest in derivative instruments tied to foreign investments and/or currencies.

Price Volatility Risk – Derivatives tied to equity and debt securities are exposed to potential price volatility. Debt securities are affected by many factors, including prevailing interest rates, market conditions, and market liquidity. Volatility of below investment grade debt securities (including loans) may be relatively greater than for investment grade debt securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors. To manage these risks, certain Funds may invest in various derivative instruments. Derivative instruments may be used to manage a Fund’s exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by

changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.

Credit and Counterparty Risk – Credit risk is the risk that a debt security’s issuer (or borrower or counterparty) will be unable or unwilling to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk. A Fund may lose money if the issuer or guarantor of debt security, or counterparty of a derivative contract, repurchase or reverse repurchase agreement, or a loan of Fund securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. A Fund may attempt to minimize concentrations of credit risk by undertaking transactions with a large number of borrowers or counterparties on recognized and reputable exchanges. A Fund’s investments in debt investments may range in quality from those rated in the lowest category in which it is permitted to invest to those rated in the highest category by a rating agency, or if unrated, determined by the manager to be of comparable quality.

Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. Financial assets of counterparties, which potentially expose a Fund to counterparty risk, consist mainly of cash due from counterparties and investments. Certain managers may attempt to minimize credit risks to the Funds by performing extensive reviews of each counterparty, entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction and requiring the posting of collateral in applicable transactions. To manage these risks, certain Funds may invest in derivative instruments tied to a security issuers’ financial strength.

In addition to managing the market risks described above, certain Funds, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to enhance returns, or to otherwise help achieve a Fund’s investment goal. Each derivative instrument and the reasons a Fund invested in derivatives during the reporting period are discussed in further detail below.

Futures Contracts – A futures contract is a commitment to buy or sell a specific amount of a financial instrument or commodity at a negotiated price on a specified future date. Futures contracts are subject to the possibility of illiquid markets, and the possibility of an imperfect correlation between the value of the instruments and the underlying securities. Initial margin is deposited with a futures broker upon entering into futures contracts and can be funded with either cash or securities, in accordance with the initial margin requirements of the broker or the exchange.

During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking-to-market on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s cost of the contract. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

During the reporting period, the following Funds entered into futures contracts for the following reasons: The Diversified Bond Portfolio used futures to manage duration and yield curve exposure. The Inflation Managed and Managed Bond Portfolios entered into futures contracts to manage interest rate exposure, to provide liquidity, and as a substitute for cash bond exposure. The Short Duration Bond Portfolio used interest rate futures contracts to manage duration and interest rate risk. The Emerging Markets Debt Portfolio used futures for market access, portfolio management and hedging purposes. The Equity Index, Small-Cap Equity, Small-Cap Index, PD Large-Cap Growth Index, PD Large-Cap Value Index, PD Mid-Cap Index, PD Small-Cap Growth Index and PD Small-Cap Value Index Portfolios utilized futures contracts to provide market exposure for cash balances and dividend accruals, as well as to adjust market exposure to extended cash flow needs. The Emerging Markets and International Value Portfolios utilized futures to gain market exposure with the cash generated during PLFA’s reallocation of assets for the funds-of-funds. The PD Emerging Markets Portfolio and PD International Large-Cap Portfolio utilized futures to equitize large flows of cash.

Option Contracts – An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying reference asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying reference asset at a specific price on or before a specified future date. A swaption is an option contract granting the owner the right to enter into an underlying swap. Inflation-capped options are options on U.S. inflation rates at a stated strike price. The seller of an inflation-capped option receives an upfront premium and in return the buyer receives the right to receive a payment at the expiration of the option if the cumulative annualized inflation rate over the life of the option is above (for caps) or below (for floors) the stated strike price. The purpose of inflation-capped options is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products below a certain rate on a given notional exposure. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call, put, or inflation-capped option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an investment, respectively, and subsequently adjusted to the current market value, based on the quoted daily settlement price of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or realized is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying

instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the underlying written option. In addition, an illiquid market may make it difficult for a Fund to close out an option contract.

The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.

During the reporting period, the following Funds entered into option contracts for the following reasons: The Diversified Bond Portfolio used options to manage duration and yield curve exposure. The Managed Bond Portfolio purchased and sold/wrote options and swaptions on futures, currencies, bond indices, and swaps, and also purchased options on futures, bond indices, currencies and TBAs as a means of capitalizing on anticipated changes in market volatility and to generate income. The Inflation Managed Portfolio sold/wrote and purchased options and swaptions on futures, currencies, bond indices, and swaps as a means of capitalizing on anticipated changes in market volatility and to generate income. The Managed Bond and Inflation Managed Portfolios closed positions in inflation floors that were previously held to hedge duration. The Mid-Cap Growth Portfolio purchased and wrote option contracts on individual equity securities to gain exposure to certain companies, liquidity enhancement for entering and exiting equity positions, generate income and to hedge market risk on equity securities.

Forward Foreign Currency Contracts – A forward foreign currency contract (“Forward Contract”) is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a Fund manage the risk of changes in currency exchange rates. The market value of a Forward Contract fluctuates with changes in foreign currency rates. These contracts are marked-to-market daily at the applicable forward currency translation rates. A Fund records realized gains or losses at the time the Forward Contract is closed. A Forward Contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. A Fund’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

During the reporting period, the following Funds entered into forward foreign currency contracts for the following reasons: The Diversified Bond Portfolio used Forward Contracts to take outright positions in a variety of currencies. The Inflation Managed and Managed Bond Portfolios purchased and sold Forward Contracts in connection with settling planned purchases or sales of securities, to hedge against currency exposure associated with some or all of these investments, and as a part the investment strategy for these Funds. The Emerging Markets Debt Portfolio used Forward Contracts to gain market exposure, for hedging purposes to help protect the Fund’s returns against adverse currency movements, and as a part of the Fund’s investment strategy. The Value Portfolio (formerly named Comstock Portfolio) used Forward Contracts for hedging purpose to help protect the Fund’s returns against adverse currency movement and to isolate stock selection as the primary driver of performance. The Health Sciences Portfolio used Forward Contracts to manage exposure to foreign currencies and as an economic hedge against specific transactions and Fund investments.

Swap Agreements – Swap agreements are bilaterally negotiated agreements between the Funds and their counterparties to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market or are executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. Market values greater than zero are recorded as an asset and market values less than zero are recorded as a liability. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable. OTC swap payments received or made at the beginning of the measurement period are recorded as an asset or liability and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gain or loss when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments received by a Fund are recorded as realized gain.

Interest Rate Swaps – Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets.

A Fund investing in interest rate swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. A Fund’s maximum risk of loss from counterparty credit risk related to interest rate swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

During the reporting period, the following Funds entered into interest rate swap agreements for the following reasons: The Diversified Bond Portfolio entered into interest rate swaps in order to manage duration and yield curve exposure. The Inflation Managed and Managed Bond Portfolios entered into interest rate swaps to manage nominal or real interest rate risk in various global markets and as a substitute for cash bond exposure. The Emerging Markets Debt Portfolio entered into interest rate swaps to gain market exposure, for hedging purposes, and as a part of the Fund’s investment strategy.

Credit Default Swaps – Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. A Fund investing in credit default swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates.

As a seller of protection, a Fund generally receives an upfront payment and/or a fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a Fund would effectively add leverage to the Fund because, in addition to the total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

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 either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index, or (ii) pay 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. 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 assumed 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.

Credit default swap agreements on corporate and sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate and sovereign issues, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other write-downs or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. Credit default swap agreements on indices are benchmarks for protecting investors owning bonds against default. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.

An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Wider credit spreads, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate and sovereign issues or U.S. Treasury obligation issues as of period end, are disclosed in the Notes to Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset- backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/ performance risk.

A Fund may use pair trades of credit default swaps. Pair trades attempt to match a long position with a short position of two securities in the same market sector for hedging purposes. Pair trades of credit default swaps attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. For example, a Fund may purchase protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer with the intent to realize gains from the pricing differences of the two issuers who are expected to have similar market risks.

A Fund may use spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curves attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.

A Fund’s maximum risk of loss from counterparty credit risk related to credit default swaps, either as the buyer or seller of protection, is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation and is disclosed in the Notes to Schedules of Investments. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement is an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2020 for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts are partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

During the reporting period, the following Funds entered into credit default swap agreements for the following reasons: The Diversified Bond Portfolio utilized credit default swaps on investment grade indices to adjust credit exposure to certain international bond markets on the margin. The Managed Bond Portfolio sold credit protection through credit default swaps to obtain exposure to the credit risk of individual securities or to the broader investment grade, high yield, mortgage, emerging markets or other sectors through the use of credit default swaps and credit default swaps on credit indices. The Inflation Managed and Managed Bond Portfolios purchased credit protection to reduce credit exposure to individual issuers, reduce broader credit risk, or to take advantage of the basis between the credit default swap and cash bond market. The Short Duration Bond Portfolio utilized credit default swaps to gain broad exposure to the market or specific credit risk of an issuer, and to hedge credit risk by buying protection.

Total Return Swaps – A Fund investing in total return swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or that there may be unfavorable changes in the value of the underlying index or reference instrument (generally caused by changes in interest rates or declines in credit quality). A total return swap agreement is one in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying index or reference instrument, which includes both the income it generates and any capital gains. To the extent the total return of the index or reference instrument underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund’s maximum risk of loss from counterparty credit risk related to total return swaps is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover a Fund’s exposure to the counterparty.

A Fund may enter into fully funded total return swaps which involves one party making an initial payment equal to the estimated value of the reference instrument. The parties to the swap then exchange respective commitments to pay or receive a net amount based on the change in the fair value of a reference instrument and a specified notional amount.

During the reporting period, the Inflation Managed Portfolio entered into total return swaps to hedge duration.

The following is a summary of the location of fair value amounts of derivative investments, if any, disclosed in the Trust’s Statements of Assets and Liabilities. An exchange traded investment’s value reflects the cumulative value. Only the current day’s variation margin is reported on the Statements of Assets and Liabilities.

The following is a summary of fair values of derivative investments disclosed in the Trust’s Statements of Assets and Liabilities, categorized by primary risk exposure as of December 31, 2020:

The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments, if any, disclosed in the Trust’s Statements of Operations:

The following is a summary of each Fund’s net realized gain and/or loss and change in net unrealized appreciation and/or depreciation on derivative investments recognized in the Trust’s Statements of Operations categorized by primary risk exposure for the fiscal year ended December 31, 2020:

For financial reporting purposes, the Trust does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.

For applicable Funds, the following is a summary of the average number of positions and values of derivative investments by derivative type, which serve as indicators of volume of derivative activity, for the fiscal year ended December 31, 2020:

In addition to the table above, the amounts of net realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments as disclosed in the Statements of Operations serve as indicators of volume of derivative activity for each applicable Fund for the fiscal year ended December 31, 2020.

Master Agreements and Netting Arrangements – Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions (“netting arrangements”). The netting arrangements are generally tied to credit related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

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 under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, which typically ranges from $0 to $250,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Trust, the Trust’s custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.

The following is a summary of financial and derivative instruments that are subject to enforceable master agreements with netting arrangements (or similar arrangements) and collateral received and pledged in connection with the master agreements with netting arrangements (or similar arrangements) as of December 31, 2020:

During the reporting period, certain Funds may have had investments in repurchase agreements. The gross value and related collateral received for these investments, if any, are presented in each applicable Fund’s Schedule of Investments and the value of these investments is also presented in the Statements of Assets and Liabilities. The value of the related collateral, if any, held by each applicable Fund presented in these financial statements, exceeded the value of the repurchase agreements as of December 31, 2020.

6. INVESTMENT ADVISORY, ADMINISTRATION AND SUPPORT SERVICES, AGENCY, AND DISTRIBUTION AGREEMENTS

Pursuant to an Investment Advisory Agreement, PLFA, a wholly-owned subsidiary of Pacific Life, serves as Investment Adviser to each Fund of the Trust. PLFA receives investment advisory fees from each Fund which are based on annual percentages of the average daily net assets of each Fund. Pursuant to Sub-Advisory Agreements, the Trust and PLFA engage various investment management firms under PLFA’s supervision to sub-advise for certain Funds presented in these financial statements. PLFA manages the Pacific Dynamix, Portfolio Optimization, and PSF DFA Balanced Allocation Portfolios directly. PLFA, as Investment Adviser to each Fund of the Trust, pays related management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. As of December 31, 2020, the investment advisory fees that PLFA receives from each Fund based upon an annual percentage of the average daily net assets of each Fund, and the sub-adviser of each Fund, are as follows:

Pursuant to an Agreement for Administration and Support Services (the “Administration Agreement”), Pacific Life and PLFA provide support services to the Trust that are outside the scope of the Investment Adviser’s responsibilities under the Advisory Agreement. Under the Administration Agreement, the Trust compensates Pacific Life and PLFA for their expenses in providing support services to the Trust in connection with various matters, including the expense of registering and qualifying the Trust on state and Federal levels, providing legal, compliance, accounting, tax, chief compliance officer services, and on-going compliance, maintaining the Trust’s legal existence, shareholders’ meetings and expenses associated with preparing, printing and distributing reports, proxies and prospectuses to existing shareholders. The Trust reimburses Pacific Life and PLFA for these support services on an approximate cost basis.

Pursuant to a Transfer Agency Agreement, Pacific Life serves as transfer agent and dividend disbursing agent for Class I, Class D and those Class P shares of the Trust that are offered to certain separate accounts, without remuneration from the Trust. Pursuant to a Transfer Agency and Service Agreement, State Street Bank and Trust Company serves as transfer agent for those Class P shares of the Trust that are utilized by the Fund of Funds and is compensated by the Trust for these services.

Pursuant to a Distribution Agreement, Pacific Select Distributors, LLC (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Trust. The Trust adopted a service plan (the “Service Plan”) for Class I shares of each applicable Fund, under which each applicable Fund pays the Distributor an amount at an annual rate of 0.20% of the average daily net assets of each Fund for shareholder servicing activities. Class P shares do not incur a service fee. Under the Service Plan, the service fee may be used by the Distributor for services rendered to or procured for shareholders of the Trust, or the variable annuity and variable life insurance contract owners who use the Trust as the underlying investment vehicle for their contracts. These services may include, but are not limited to: providing electronic, telephonic, and technological servicing support in connection with existing investments in the Trust; answering shareholder questions regarding the Trust, the Funds, its managers and/or other service providers; payment of compensation to broker-dealers, including the Distributor itself, and other financial institutions and organizations which assist in providing any of these services; and other services as described in the Service Plan. The Service Plan was not adopted in accordance with Rule 12b-1 under the 1940 Act.

The Trust has also adopted a distribution and service plan (the “12b-1 Plan”) for Class D shares of each applicable Fund in accordance with Rule 12b-1 under the 1940 Act, pursuant to which Class D shares of each applicable Fund pay a service fee at an annual rate of 0.20% and a distribution fee at an annual rate of 0.05% of the average daily net assets attributed to that share class. The service fees may be used by the Distributor for the types of services provided under the Service Plan discussed above. The distribution fees may be used by the Distributor for any activities or expenses primarily intended to result in the sale of Class D shares or variable contracts offering Class D shares, which may include, but are not limited to: compensation to, and expenses (including overhead expenses) of, financial consultants or other employees of the Distributor or of selling group members who engage in distribution of Class D shares; printing of prospectuses and reports other than for existing contract owners; advertising; and the preparation, printing and distribution of sales literature.

The Service Plan and 12b-1 Plan will each remain in effect as long as their continuance is specifically approved at least annually.

A. ADVISORY FEES, DISTRIBUTION AND/OR SERVICE FEES AND EXPENSES FOR SUPPORT SERVICES

The Investment Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Investment Adviser, including any advisory fee waiver, distribution and/or service fees earned by the Distributor, and expenses for support services recovered by PLFA and Pacific Life from each Fund presented in these financial statements for the fiscal year ended December 31, 2020 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of December 31, 2020 are presented in the Statements of Assets and Liabilities.

To help limit the Trust’s expenses, PLFA has contractually agreed to reimburse each Fund (other than the Pacific Dynamix Portfolios, Portfolio Optimization Portfolios and Pacific Dynamix Underlying Funds) presented in these financial statements for certain operating expenses that exceed an annual rate of 0.10% of a Fund’s average daily net assets through April 30, 2021 (“expense cap”). These operating expenses include, but are not limited to: organizational expenses; domestic custody expenses; expenses for accounting, audit, tax, and certain legal services; preparation, printing, filing, and distribution to existing shareholders of proxies, prospectuses and shareholder reports, and other regulatory documents, as applicable; independent trustees’ fees and expenses; and establishing, overseeing, and administering the Trust’s compliance program. These operating expenses do not include: investment advisory fees; distribution and/or service fees; additional costs associated with foreign investing (including foreign taxes on dividends, interest or gains); interest (including commitment fees); taxes; brokerage commissions and other transactional expenses; dividends on securities sold short; acquired fund fees and expenses; extraordinary expenses such as litigation expenses, liquidation expenses, reorganization expenses and other expenses not incurred in the ordinary course of each Fund’s business; and expenses of counsel or other persons or services retained by the independent trustees. In the case of the Pacific Dynamix Portfolios, PLFA has contractually agreed to reimburse each Fund for its operating expenses (excluding extraordinary expenses) of each Pacific Dynamix Portfolio and its proportionate share of fees and expenses of the Pacific Dynamix Underlying Funds that exceed an annual rate of 0.59% of a Fund’s average net assets for Class I shares and 0.39% for Class P shares through April 30, 2021. There are no expense caps for the Portfolio Optimization Portfolios and the Pacific Dynamix Underlying Funds.

There is no guarantee that PLFA will continue to cap expenses for a Fund upon the expiration of the expense cap. In addition, any expense reimbursements made by PLFA to a Fund are subject to recoupment by PLFA from such Fund in future periods, not to exceed three years from the date on which the reimbursement took place, provided that the recoupment would be limited to the lesser of: (i) the expense cap in effect at the time of the reimbursement or (ii) the expense cap in effect at the time of recoupment. Any amounts repaid to PLFA will have the effect of increasing such expenses of the applicable Fund, but not above the expense cap. The amounts of adviser reimbursement to each applicable

Fund presented in these financial statements for the fiscal year ended December 31, 2020 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of December 31, 2020 are presented in the Statements of Assets and Liabilities.

The cumulative expense reimbursement amounts, if any, as of December 31, 2020 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:

There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements for the fiscal year ended December 31, 2020.

A summary of holdings and transactions with affiliated mutual fund investments as of and for the fiscal year ended December 31, 2020 is as follows:

The Trust pays each independent trustee of the Board retainer fees and specified amounts as compensation for various Board and committee services and for chairing those committees. The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations. Each independent trustee of the Board is eligible to participate in the Trust’s Deferred Compensation Plan (the “Plan”). The Plan allows each independent trustee to voluntarily defer receipt of all or a percentage of fees, which otherwise would be payable for services performed.

Amounts in the deferral account are obligations of certain Funds of the Trust at the time of such deferral and are payable in accordance with the Plan. An independent trustee who defers compensation has the option to select one or more credit rate options for their deferred account that track the total return of certain Funds and share classes of the Trust or Pacific Funds Series Trust (without a sales load). Pacific Funds Series Trust is a Delaware statutory trust and is registered under the 1940 Act as an open-end management investment company. PLFA is the Investment Adviser to Pacific Funds Series Trust. The obligation of certain Funds of the Trust under the Plan (the “DCP Liability”) is recorded as a liability (accrued trustees’ fees and expenses and deferred compensation). Accordingly, the market value appreciation or depreciation on a Fund’s DCP Liability account will cause the expenses of certain Funds of the Trust to increase or decrease due to market fluctuation. The change in net unrealized appreciation or depreciation due to the DCP Liability is recorded as an increase or decrease to expenses (trustees’ fees and expenses). For the fiscal year ended December 31, 2020, such expenses increased by $265,646 for the applicable Funds of the Trust presented in these financial statements as a result of the market value appreciation on such accounts. As of December 31, 2020, the total amount in the DCP Liability accounts was $2,131,978 for all applicable Funds of the Trust presented in these financial statements.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Trust. In addition, the Trust entered into an agreement with each of the trustees which provides that the Trust will indemnify and hold harmless each trustee against any expenses actually and reasonably incurred by any trustee in any proceeding arising out of or in connection with the trustee’s services to the Trust, to the fullest extent permitted by the Trust’s Declaration of Trust and By-Laws, the general trust law of the State of Delaware, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. In the normal course of business, the Trust enters into contracts with service providers and others that contain general indemnification clauses. The Trust’s maximum

exposure under these arrangements and agreements is dependent on future claims that may be made against the Trust and/or the trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

In accordance with Rule 17a-7 under the 1940 Act and applicable Trust policies and procedures, purchase and sale transactions may be conducted between a Fund of the Trust and another Fund of the Trust, affiliated funds outside of the Trust or certain affiliates of the Trust if conducted at the independent “current market price” (the last sales price, intra-day price, or average of highest bid/lowest offer, as applicable) on a commission-free basis with no remuneration paid in connection with the transaction (other than cash payment against prompt delivery). At the quarterly Board meeting subsequent to the purchase and sale transactions taking place, the Board receives a written representation from the Trust’s Chief Compliance Officer that the transactions were conducted in compliance with applicable Trust policies and procedures.

For the fiscal year ended December 31, 2020, the purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act are summarized in the following table:

The Trust has an unsecured $75,000,000 committed revolving line of credit agreement with State Street Bank and Trust Company (the “Bank”), which is renewed annually. The interest rate on borrowing under the line of credit agreement is Applicable Rate (0.10% plus (the higher of the Federal Funds Effective Rate or the Overnight Bank Funding Rate)) plus Applicable Margin (1.25%). Prior to October 13, 2020 the interest rate on borrowing under the line of credit agreement was the higher of the Federal Funds Effective Rate or the One-Month LIBOR rate, plus 1.25%.The Trust pays the Bank a commitment fee equal to 0.25% per annum on the daily unused portion of the committed line of credit, up to an annual maximum of $187,500. As of December 31, 2020, the actual interest rate on borrowing by the Trust was 1.35%. The committed line of credit will expire on October 12, 2021, unless renewed, and is available to all Funds presented in these financial statements except the PSF DFA Balanced Allocation, Pacific Dynamix, Portfolio Optimization, PD 1-3 Year Corporate Bond, PD Aggregate Bond Index, and PD High Yield Bond Market Portfolios. The commitment fees and interest incurred by each applicable Fund presented in these financial statements are recorded as an expense. The commitment fees are allocated to each applicable Fund in proportion to its relative average daily net assets and the interest expenses are charged directly to the applicable Fund. During the reporting period, the weighted average interest rate and the average dollar amount of borrowings on the days that each applicable Fund had a loan outstanding were as follows:

No Fund presented in these financial statements had a loan outstanding in connection with this revolving line of credit agreement as of December 31, 2020.

The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the fiscal year ended December 31, 2020, are summarized in the following table:


	Other Securities
Portfolio	Purchases		Sales
Core Income		$417,344,453		$402,004,403
Diversified Bond		869,345,375		600,870,984
Floating Rate Income		519,274,515		670,736,467
High Yield Bond		846,026,354		701,720,513
Inflation Managed		66,626,627		71,472,059
Intermediate Bond		704,902,176		45,496,153
Managed Bond		1,311,179,280		1,991,198,545
Short Duration Bond		706,040,614		543,070,141
Emerging Markets Debt		549,218,629		916,614,132
Dividend Growth		569,907,221		437,873,315
Equity Index		248,482,426		341,591,605
Focused Growth		100,342,972		133,439,449
Growth		826,993,196		1,093,445,113
Large-Cap Growth		585,331,640		894,652,559
Large-Cap Value		637,832,648		452,018,345
Main Street Core		601,932,284		660,190,479
Mid-Cap Equity		800,065,757		1,132,808,869
Mid-Cap Growth		187,031,138		499,794,894
Mid-Cap Value		385,634,716		563,736,703
Small-Cap Equity		81,288,272		127,009,109
Small-Cap Growth		412,137,831		439,186,653
Small-Cap Index		128,706,979		174,085,586
Small-Cap Value		136,800,008		188,112,693
Value		940,612,807		1,049,019,704
Value Advantage		398,672,959		306,986,650
Emerging Markets		487,998,537		614,751,991


	Other Securities
Portfolio	Purchases		Sales
International Large-Cap		$274,558,914		$380,181,938
International Small-Cap		120,122,963		144,225,536
International Value		650,970,744		846,488,632
Health Sciences		85,305,755		127,482,245
Real Estate		190,674,431		308,936,591
Technology		107,664,541		99,365,750
PSF DFA Balanced Allocation		69,228,163		29,483,284
Pacific Dynamix — Conservative Growth		138,731,224		139,533,571
Pacific Dynamix — Moderate Growth		515,787,133		671,905,591
Pacific Dynamix — Growth		408,030,323		191,370,286
Portfolio Optimization Conservative		762,554,234		773,712,413
Portfolio Optimization Moderate-Conservative		660,528,040		955,348,235
Portfolio Optimization Moderate		2,111,120,044		3,334,708,455
Portfolio Optimization Growth		1,601,201,521		2,612,083,741
Portfolio Optimization Aggressive-Growth		348,082,731		579,331,613
PD 1-3 Year Corporate Bond		159,674,431		176,409,794
PD Aggregate Bond Index		130,655,862		80,662,497
PD High Yield Bond Market		197,861,429		124,080,814
PD Large-Cap Growth Index		228,774,871		466,684,476
PD Large-Cap Value Index		360,822,293		401,470,593
PD Mid-Cap Index		363,539,141		8,056,874
PD Small-Cap Growth Index		35,837,399		64,114,306
PD Small-Cap Value Index		43,359,969		62,670,034
PD Emerging Markets		57,041,344		51,867,323
PD International Large-Cap		74,710,484		59,739,007

The contractual maturity of secured borrowings and type of collateral pledged as of December 31, 2020, are summarized in the following table:

Each Fund presented in these financial statements is treated as a partnership for Federal income tax purposes. A Fund that is treated as a partnership for Federal income tax purposes is not subject to income tax; and any income, gains, losses, deductions, and credits of the Fund are instead “passed through” pro rata to the insurance companies whose separate accounts invest in the Fund and retain the same character for Federal income tax purposes. An insurance company may benefit from this tax treatment. No dividends and capital gains distributions have been made by the Funds under the current dividend and distribution policy since partnerships are not required to distribute taxable income and capital gains for Federal income tax purposes. The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments on a tax basis is not applicable to Funds that are treated as partnerships for Federal income tax purposes.

Each Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions and has determined that no provision for income tax is required in the financial statements. Each Fund remains subject to examination by Federal and State tax authorities for the returns filed for tax years ended as of and after December 31, 2016.

On March 15, 2019, the Floating Rate Income Portfolio (“Surviving Portfolio”) acquired all of the assets and liabilities of the Floating Rate Loan Portfolio (“Acquired Portfolio”), in a tax-free exchange for Federal tax purposes, pursuant to the plan of reorganization (“Reorganization”) approved by the Board and shareholders of record of the Floating Rate Loan Portfolio as of the applicable record date. PLFA, the Surviving Portfolio and Acquired Portfolio shared the costs of the Reorganization. The value of shares issued by the Surviving Portfolio is presented in the Statements of Changes in Net Assets. The number of shares acquired and issued by the Surviving Portfolio, the net assets and unrealized

appreciation or depreciation of the Acquired Portfolio as of the reorganization date immediately prior to the Reorganization, and the net assets of the Surviving Portfolio as of the reorganization date immediately prior to and after the Reorganization, were as follows:

Assuming the acquisition had been completed on January 1, 2019, the beginning of the annual reporting period of the Surviving Portfolio, the pro forma results of operations for the fiscal year ended December 31, 2019 were as follows:

Because the Surviving Portfolio has been managed as single integrated portfolios since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Portfolio that has been included in the Surviving Portfolio’s statements of operation since March 15, 2019.

Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value unless otherwise determined by the trustees of the Board. Changes in shares of beneficial interest of each Fund for the year or period ended December 31, 2020 and 2019 were as follows:

We have audited the accompanying statements of assets and liabilities of Pacific Select Fund (the “Trust”) comprising the Core Income, Diversified Bond, Floating Rate Income, High Yield Bond, Inflation Managed, Intermediate Bond, Managed Bond, Short Duration Bond, Emerging Markets Debt, Dividend Growth, Equity Index, Focused Growth, Growth, Large-Cap Growth, Large-Cap Value, Main Street^® Core, Mid-Cap Equity, Mid-Cap Growth, Mid-Cap Value, Small-Cap Equity, Small-Cap Growth (formerly named Developing Growth), Small-Cap Index, Small-Cap Value, Value (formerly named Comstock), Value Advantage, Emerging Markets, International Large-Cap, International Small-Cap, International Value, Health Sciences, Real Estate, Technology, PSF DFA Balanced Allocation, Pacific Dynamix-Conservative Growth, Pacific Dynamix-Moderate Growth, Pacific Dynamix-Growth, Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth, Portfolio Optimization Aggressive-Growth, PD 1-3 Year Corporate Bond, PD Aggregate Bond Index, PD High Yield Bond Market, PD Large-Cap Growth Index, PD Large-Cap Value Index, PD Mid-Cap Index, PD Small-Cap Growth Index, PD Small-Cap Value Index, PD Emerging Markets, and PD International Large-Cap Portfolios (the “Portfolios”), including the schedules of investments, as of December 31, 2020; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the statements of cash flows for the year then ended for the Inflation Managed Portfolio, and the financial highlights for each of the five years in the period then ended for the Portfolios, except Intermediate Bond, PSF DFA Balanced Allocation, and PD Mid-Cap Index Portfolios; the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below for Intermediate Bond, PSF DFA Balanced Allocation, and PD Mid-Cap Index Portfolios; and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the portfolios listed above constituting the Trust as of December 31, 2020, and the results of their operations for the year then ended (or for the period listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the period listed in the table below), the cash flows for the Inflation Managed Portfolio for the year then ended, and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Trust’s financial statements and 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 Trust 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 financial highlights are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and 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 financial highlights. 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 financial highlights. Our procedures included confirmation of investments owned as of December 31, 2020, by correspondence with the custodian, agent banks, transfer agent, and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more affiliated investment companies of Pacific Select Fund since 1988.

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include advisory fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire six-month period from July 1, 2020 to December 31, 2020.

The first line of the table below for each Fund provides information about actual account values and actual expenses based on each Fund’s actual performance and each Fund’s actual expenses, after any applicable advisory fee waivers and adviser expense reimbursements (see Notes 6 and 7B in Notes to Financial Statements). The “Ending Account Value at 12/31/20” column shown is derived from the Fund’s actual performance; the “Annualized Expense Ratio” column shows the Fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 07/01/20-12/31/20” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past six-month period from July 1, 2020 to December 31, 2020.

You may use the information in the first line, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each Fund in your account, simply divide that Fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply this result by the number given for your fund(s) in the first line under the heading entitled “Expenses Paid During the Period 07/01/20-12/31/20.”

The second line of the table for each Fund provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and the actual Fund’s expenses, after any applicable advisory fee waivers and adviser expense reimbursements (see Notes 6 and 7B in Notes to Financial Statements). It assumes that the Fund had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.

You may use the hypothetical example information to compare the ongoing costs of investing in the Fund to other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

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


Portfolio	Beginning Account Value at 07/01/20		Ending Account Value at 12/31/20		Annualized Expense Ratio		Expenses Paid During the Period 07/01/20- 12/31/20 (1)
Core Income
Actual

Class I		$1,000.00		$1,046.10		0.73%		$3.75

Class P		1,000.00		1,047.10		0.53%		2.73
Hypothetical

Class I		$1,000.00		$1,021.47		0.73%		$3.71

Class P		1,000.00		1,022.47		0.53%		2.69

Diversified Bond
Actual

Class I		$1,000.00		$1,050.90		0.65%		$3.35

Class P		1,000.00		1,051.90		0.45%		2.32
Hypothetical

Class I		$1,000.00		$1,021.87		0.65%		$3.30

Class P		1,000.00		1,022.87		0.45%		2.29

Floating Rate Income
Actual

Class I		$1,000.00		$1,059.40		0.83%		$4.30

Class P		1,000.00		1,060.50		0.63%		3.26
Hypothetical

Class I		$1,000.00		$1,020.96		0.83%		$4.22

Class P		1,000.00		1,021.97		0.63%		3.20

High Yield Bond
Actual

Class I		$1,000.00		$1,122.20		0.63%		$3.36

Class P		1,000.00		1,123.30		0.43%		2.30
Hypothetical

Class I		$1,000.00		$1,021.97		0.63%		$3.20

Class P		1,000.00		1,022.97		0.43%		2.19


Portfolio	Beginning Account Value at 07/01/20		Ending Account Value at 12/31/20		Annualized Expense Ratio		Expenses Paid During the Period 07/01/20- 12/31/20 (1)
Inflation Managed
Actual

Class I		$1,000.00		$1,053.80		0.73%		$3.77

Class P		1,000.00		1,054.80		0.55%		2.84
Hypothetical

Class I		$1,000.00		$1,021.47		0.73%		$3.71

Class P		1,000.00		1,022.37		0.55%		2.80

Intermediate Bond (2)
Actual

Class P		$1,000.00		$1,015.70		0.45%		$0.87
Hypothetical

Class P		$1,000.00		$1,022.87		0.45%		$2.29

Managed Bond
Actual

Class I		$1,000.00		$1,024.30		0.62%		$3.15

Class P		1,000.00		1,025.40		0.42%		2.14
Hypothetical

Class I		$1,000.00		$1,022.02		0.62%		$3.15

Class P		1,000.00		1,023.03		0.42%		2.14

Short Duration Bond
Actual

Class I		$1,000.00		$1,015.90		0.63%		$3.19

Class P		1,000.00		1,016.90		0.43%		2.18
Hypothetical

Class I		$1,000.00		$1,021.97		0.63%		$3.20

Class P		1,000.00		1,022.97		0.43%		2.19


Portfolio	Beginning Account Value at 07/01/20		Ending Account Value at 12/31/20		Annualized Expense Ratio		Expenses Paid During the Period 07/01/20- 12/31/20 (1)
Emerging Markets Debt
Actual

Class I		$1,000.00		$1,122.80		1.11%		$5.92

Class P		1,000.00		1,123.90		0.86%		4.59
Hypothetical

Class I		$1,000.00		$1,019.56		1.11%		$5.63

Class P		1,000.00		1,020.81		0.86%		4.37

Dividend Growth
Actual

Class I		$1,000.00		$1,207.30		0.88%		$4.88

Class P		1,000.00		1,208.50		0.68%		3.77
Hypothetical

Class I		$1,000.00		$1,020.71		0.88%		$4.47

Class P		1,000.00		1,021.72		0.68%		3.46

Equity Index
Actual

Class I		$1,000.00		$1,220.10		0.28%		$1.56

Class P		1,000.00		1,221.30		0.08%		0.45
Hypothetical

Class I		$1,000.00		$1,023.73		0.28%		$1.42

Class P		1,000.00		1,024.73		0.08%		0.41

Focused Growth
Actual

Class I		$1,000.00		$1,259.40		0.96%		$5.45

Class P		1,000.00		1,260.70		0.75%		4.26
Hypothetical

Class I		$1,000.00		$1,020.31		0.96%		$4.88

Class P		1,000.00		1,021.37		0.75%		3.81

Growth
Actual

Class I		$1,000.00		$1,198.60		0.78%		$4.31

Class P		1,000.00		1,199.90		0.58%		3.21
Hypothetical

Class I		$1,000.00		$1,021.22		0.78%		$3.96

Class P		1,000.00		1,022.22		0.58%		2.95

Large-Cap Growth
Actual

Class I		$1,000.00		$1,217.50		0.88%		$4.91

Class P		1,000.00		1,218.70		0.68%		3.79
Hypothetical

Class I		$1,000.00		$1,020.71		0.88%		$4.47

Class P		1,000.00		1,021.72		0.68%		3.46

Large-Cap Value
Actual

Class I		$1,000.00		$1,209.90		0.83%		$4.61

Class P		1,000.00		1,211.10		0.63%		3.50
Hypothetical

Class I		$1,000.00		$1,020.96		0.83%		$4.22

Class P		1,000.00		1,021.97		0.63%		3.20

Main Street Core
Actual

Class I		$1,000.00		$1,207.80		0.68%		$3.77

Class P		1,000.00		1,209.00		0.48%		2.67
Hypothetical

Class I		$1,000.00		$1,021.72		0.68%		$3.46

Class P		1,000.00		1,022.72		0.48%		2.44


Portfolio	Beginning Account Value at 07/01/20		Ending Account Value at 12/31/20		Annualized Expense Ratio		Expenses Paid During the Period 07/01/20- 12/31/20 (1)
Mid-Cap Equity
Actual

Class I		$1,000.00		$1,329.70		0.87%		$5.09

Class P		1,000.00		1,331.10		0.67%		3.93
Hypothetical

Class I		$1,000.00		$1,020.76		0.87%		$4.42

Class P		1,000.00		1,021.77		0.67%		3.40

Mid-Cap Growth
Actual

Class I		$1,000.00		$1,334.90		0.90%		$5.28

Class P		1,000.00		1,336.20		0.70%		4.11
Hypothetical

Class I		$1,000.00		$1,020.61		0.90%		$4.57

Class P		1,000.00		1,021.62		0.70%		3.56

Mid-Cap Value
Actual

Class I		$1,000.00		$1,285.90		0.92%		$5.29

Class P		1,000.00		1,287.20		0.72%		4.14
Hypothetical

Class I		$1,000.00		$1,020.51		0.92%		$4.67

Class P		1,000.00		1,021.52		0.72%		3.66

Small-Cap Equity
Actual

Class I		$1,000.00		$1,322.60		0.90%		$5.25

Class P		1,000.00		1,323.90		0.71%		4.15
Hypothetical

Class I		$1,000.00		$1,020.61		0.90%		$4.57

Class P		1,000.00		1,021.57		0.71%		3.61

Small-Cap Growth
Actual

Class I		$1,000.00		$1,388.20		0.84%		$5.04

Class P		1,000.00		1,389.60		0.64%		3.84
Hypothetical

Class I		$1,000.00		$1,020.91		0.84%		$4.27

Class P		1,000.00		1,021.92		0.64%		3.25

Small-Cap Index
Actual

Class I		$1,000.00		$1,375.00		0.54%		$3.22

Class P		1,000.00		1,376.30		0.34%		2.03
Hypothetical

Class I		$1,000.00		$1,022.42		0.54%		$2.75

Class P		1,000.00		1,023.43		0.34%		1.73

Small-Cap Value
Actual

Class I		$1,000.00		$1,372.60		0.98%		$5.84

Class P		1,000.00		1,374.00		0.78%		4.65
Hypothetical

Class I		$1,000.00		$1,020.21		0.98%		$4.98

Class P		1,000.00		1,021.22		0.78%		3.96

Value
Actual

Class I		$1,000.00		$1,168.30		0.90%		$4.91

Class P		1,000.00		1,169.50		0.70%		3.82
Hypothetical

Class I		$1,000.00		$1,020.61		0.90%		$4.57

Class P		1,000.00		1,021.62		0.70%		3.56


Portfolio	Beginning Account Value at 07/01/20		Ending Account Value at 12/31/20		Annualized Expense Ratio		Expenses Paid During the Period 07/01/20- 12/31/20 (1)
Value Advantage
Actual

Class I		$1,000.00		$1,233.00		0.89%		$5.00

Class P		1,000.00		1,234.20		0.69%		3.88
Hypothetical

Class I		$1,000.00		$1,020.66		0.89%		$4.52

Class P		1,000.00		1,021.67		0.69%		3.51

Emerging Markets
Actual

Class I		$1,000.00		$1,293.40		1.02%		$5.88

Class P		1,000.00		1,294.70		0.83%		4.79
Hypothetical

Class I		$1,000.00		$1,020.01		1.02%		$5.18

Class P		1,000.00		1,020.96		0.83%		4.22

International Large-Cap
Actual

Class I		$1,000.00		$1,205.10		1.01%		$5.60

Class P		1,000.00		1,206.30		0.81%		4.49
Hypothetical

Class I		$1,000.00		$1,020.06		1.01%		$5.13

Class P		1,000.00		1,021.06		0.81%		4.12

International Small-Cap
Actual

Class I		$1,000.00		$1,276.20		1.08%		$6.18

Class P		1,000.00		1,277.50		0.88%		5.04
Hypothetical

Class I		$1,000.00		$1,019.71		1.08%		$5.48

Class P		1,000.00		1,020.71		0.88%		4.47

International Value
Actual

Class I		$1,000.00		$1,233.50		0.88%		$4.94

Class P		1,000.00		1,234.80		0.68%		3.82
Hypothetical

Class I		$1,000.00		$1,020.71		0.88%		$4.47

Class P		1,000.00		1,021.72		0.68%		3.46

Health Sciences
Actual

Class I		$1,000.00		$1,144.80		1.13%		$6.09

Class P		1,000.00		1,146.00		0.93%		5.02
Hypothetical

Class I		$1,000.00		$1,019.46		1.13%		$5.74

Class P		1,000.00		1,020.46		0.93%		4.72

Real Estate
Actual

Class I		$1,000.00		$1,120.40		0.97%		$5.17

Class P		1,000.00		1,121.50		0.77%		4.11
Hypothetical

Class I		$1,000.00		$1,020.26		0.97%		$4.93

Class P		1,000.00		1,021.27		0.77%		3.91

Technology
Actual

Class I		$1,000.00		$1,247.70		1.14%		$6.44

Class P		1,000.00		1,249.00		0.94%		5.31
Hypothetical

Class I		$1,000.00		$1,019.41		1.14%		$5.79

Class P		1,000.00		1,020.41		0.94%		4.77


Portfolio	Beginning Account Value at 07/01/20		Ending Account Value at 12/31/20		Annualized Expense Ratio		Expenses Paid During the Period 07/01/20- 12/31/20 (1)
PSF DFA Balanced Allocation (3)
Actual

Class D		$1,000.00		$1,151.50		0.49%		$2.65

Class P		1,000.00		1,152.90		0.23%		1.24
Hypothetical

Class D		$1,000.00		$1,022.67		0.49%		$2.49

Class P		1,000.00		1,023.98		0.23%		1.17

Pacific Dynamix-Conservative Growth (3)
Actual

Class I		$1,000.00		$1,117.60		0.38%		$2.02

Class P		1,000.00		1,118.70		0.18%		0.96
Hypothetical

Class I		$1,000.00		$1,023.23		0.38%		$1.93

Class P		1,000.00		1,024.23		0.18%		0.92

Pacific Dynamix-Moderate Growth (3)
Actual

Class I		$1,000.00		$1,163.00		0.38%		$2.07

Class P		1,000.00		1,164.20		0.18%		0.98
Hypothetical

Class I		$1,000.00		$1,023.23		0.38%		$1.93

Class P		1,000.00		1,024.23		0.18%		0.92

Pacific Dynamix-Growth (3)
Actual

Class I		$1,000.00		$1,206.70		0.38%		$2.11

Class P		1,000.00		1,207.90		0.18%		1.00
Hypothetical

Class I		$1,000.00		$1,023.23		0.38%		$1.93

Class P		1,000.00		1,024.23		0.18%		0.92

Portfolio Optimization Conservative (3)
Actual

Class I		$1,000.00		$1,073.10		0.32%		$1.67

Class P		1,000.00		1,074.10		0.12%		0.63
Hypothetical

Class I		$1,000.00		$1,023.53		0.32%		$1.63

Class P		1,000.00		1,024.53		0.12%		0.61

Portfolio Optimization Moderate-Conservative (3)
Actual

Class I		$1,000.00		$1,112.70		0.32%		$1.70

Class P		1,000.00		1,113.80		0.12%		0.64
Hypothetical

Class I		$1,000.00		$1,023.53		0.32%		$1.63

Class P		1,000.00		1,024.53		0.12%		0.61

Portfolio Optimization Moderate (3)
Actual

Class I		$1,000.00		$1,138.80		0.31%		$1.67

Class P		1,000.00		1,140.00		0.11%		0.59
Hypothetical

Class I		$1,000.00		$1,023.58		0.31%		$1.58

Class P		1,000.00		1,024.58		0.11%		0.56

Portfolio Optimization Growth (3)
Actual

Class I		$1,000.00		$1,173.80		0.31%		$1.69

Class P		1,000.00		1,175.00		0.11%		0.60
Hypothetical

Class I		$1,000.00		$1,023.58		0.31%		$1.58

Class P		1,000.00		1,024.58		0.11%		0.56


Portfolio	Beginning Account Value at 07/01/20		Ending Account Value at 12/31/20		Annualized Expense Ratio		Expenses Paid During the Period 07/01/20- 12/31/20 (1)
Portfolio Optimization Aggressive-Growth (3)
Actual

Class I		$1,000.00		$1,204.40		0.32%		$1.77

Class P		1,000.00		1,205.60		0.12%		0.67
Hypothetical

Class I		$1,000.00		$1,023.53		0.32%		$1.63

Class P		1,000.00		1,024.53		0.12%		0.61

PD 1-3 Year Corporate Bond
Actual

Class P		$1,000.00		$1,010.30		0.21%		$1.06
Hypothetical

Class P		$1,000.00		$1,024.08		0.21%		$1.07

PD Aggregate Bond Index
Actual

Class P		$1,000.00		$1,011.70		0.18%		$0.91
Hypothetical

Class P		$1,000.00		$1,024.23		0.18%		$0.92

PD High Yield Bond Market
Actual

Class P		$1,000.00		$1,113.60		0.22%		$1.17
Hypothetical

Class P		$1,000.00		$1,024.03		0.22%		$1.12

PD Large-Cap Growth Index
Actual

Class P		$1,000.00		$1,260.10		0.16%		$0.91
Hypothetical

Class P		$1,000.00		$1,024.33		0.16%		$0.81

PD Large-Cap Value Index
Actual

Class P		$1,000.00		$1,226.90		0.17%		$0.95
Hypothetical

Class P		$1,000.00		$1,024.28		0.17%		$0.87


Portfolio	Beginning Account Value at 07/01/20		Ending Account Value at 12/31/20		Annualized Expense Ratio		Expenses Paid During the Period 07/01/20- 12/31/20 (1)
PD Mid-Cap Index (2)
Actual

Class P		$1,000.00		$1,124.40		0.21%		$0.43
Hypothetical

Class P		$1,000.00		$1,024.08		0.21%		$1.07

PD Small-Cap Growth Index
Actual

Class P		$1,000.00		$1,388.00		0.24%		$1.44
Hypothetical

Class P		$1,000.00		$1,023.93		0.24%		$1.22

PD Small-Cap Value Index
Actual

Class P		$1,000.00		$1,366.50		0.26%		$1.55
Hypothetical

Class P		$1,000.00		$1,023.83		0.26%		$1.32

PD Emerging Markets
Actual

Class P		$1,000.00		$1,307.80		0.51%		$2.96
Hypothetical

Class P		$1,000.00		$1,022.57		0.51%		$2.59

PD International Large-Cap
Actual

Class P		$1,000.00		$1,220.90		0.25%		$1.40
Hypothetical

Class P		$1,000.00		$1,023.88		0.25%		$1.27

The business and affairs of the Trust are managed under the direction of the Board of Trustees under the Trust’s Agreement and Declaration of Trust. Information pertaining to the trustees and officers of the Trust is set forth below, as of January 1, 2021. Trustees who are not deemed to be “interested persons” of the Trust, as defined in the 1940 Act, are referred to as “Independent Trustees.” Certain trustees and officers are deemed to be “interested persons” of the Trust and thus are referred to as “Interested Persons”, because of their positions with Pacific Life Insurance Company (“Pacific Life”) and Pacific Life Fund Advisors LLC, a wholly-owned subsidiary of Pacific Life. The Trust’s Statement of Additional Information includes additional information about the trustees. For information on availability of the Trust’s Statement of Additional Information, refer to the WHERE TO GO FOR MORE INFORMATION section of this report.

The address of each trustee and officer is c/o Pacific Select Fund, 700 Newport Center Drive, Newport Beach, CA 92660.

The Board of Trustees (the “Trustees” or “Board”) of Pacific Select Fund (the “Trust”) oversees the management of each of the separate funds of the Trust (each a “Fund” and collectively, the “Funds”) and, as required by Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), initially approves and, after the initial period, determines annually whether to renew the investment advisory agreement (the “Advisory Agreement”) with Pacific Life Fund Advisors LLC (“PLFA”) and each sub-advisory agreement (the “Sub-Advisory Agreements,” together with the Advisory Agreement, as may be amended from time to time, the “Agreements”) between the Trust, PLFA and the various sub-advisers, including affiliated sub-advisers, if any (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). PLFA serves as the investment adviser for all of the Funds. PLFA also currently directly manages the Portfolio Optimization Conservative, Portfolio Optimization Moderate-Conservative, Portfolio Optimization Moderate, Portfolio Optimization Growth and Portfolio Optimization Aggressive-Growth Portfolios (the “Portfolio Optimization Funds”); the Pacific Dynamix – Conservative Growth, Pacific Dynamix – Moderate Growth and Pacific Dynamix – Growth Portfolios (the “Pacific Dynamix Funds”); and the PSF DFA Balanced Allocation Portfolio (together with the Portfolio Optimization Funds and Pacific Dynamix Funds, the “Directly Managed Funds”). For all other Funds, PLFA has retained affiliated or unaffiliated firms to serve as Sub-Advisers under PLFA’s oversight. The Board, including all of the Trustees who are not “interested persons” of the Trust, PLFA, the Sub-Advisers, or the distributor, as that term is defined in the 1940 Act (“Independent Trustees”), last renewed the Agreements at a meeting of the Trustees held on December 8, 2020.¹ Although the 1940 Act requires that continuances of the Agreements be approved by the in-person vote of a majority of the Independent Trustees, the December 8, 2020 meeting, which was attended by all of the Trustees, was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The December 8, 2020 meeting was held in reliance on an order issued by the Securities and Exchange Commission on March 13, 2020, as extended on March 25, 2020, which provided registered investment companies temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a fund’s advisory agreement in response to the challenges arising in connection with the COVID-19 pandemic.

At this meeting and other meetings, the Board considered information (both written and oral) provided to assist it in its review of the Agreements and made assessments with respect to each Agreement. The Board requested, received and reviewed written materials from PLFA and each Sub-Adviser that were submitted in response to requests from the Independent Trustees and supporting materials relating to those questions and responses. In addition, the Board received virtual presentations about the Funds throughout the year, and the Independent Trustees were advised by independent legal counsel with respect to these and other relevant matters. The Board reviewed a variety of factors and considered a significant amount of information, including information received on an ongoing basis at Board and committee meetings, which included reports on Fund performance, expenses, fee comparisons, investment advisory, compliance, and other services provided to the Funds by PLFA and the Sub-Advisers. The Board also reviewed financial and profitability information regarding PLFA and the Sub-Advisers and information regarding the organization and operations of each entity, such as their compliance monitoring, portfolio trading and brokerage practices, risk management, business continuity plan, cybersecurity and the personnel providing investment management and administrative services to each Fund. The Board considered the services provided to the Funds under the Agreements and the fees and expenses incurred by and charged to (or expected to be incurred by and charged to) the Funds under the Agreements.

The Board noted that as the investment adviser, PLFA provides a broad range of services to the Trust, including among others: overseeing and coordinating the activities of Sub-Advisers and other third-party service providers, evaluating Sub-Advisers in connection with its recommendations to the Board to hire or terminate Sub-Advisers, making regulatory filings (including disclosure and financial filings) on behalf of the Trust, monitoring fund performance, performing risk oversight of the Funds, providing the Board with information and reports as may be requested, providing valuation support, administering the Trust’s liquidity risk management program, providing compliance-related services and providing personnel and office space to the Trust. These responsibilities are described in more detail below. The Trustees also considered that PLFA incurs substantial reputational, financial, litigation, regulatory and business risks by serving as investment adviser. The Board took into account that PLFA and its affiliates provide additional services to the Funds under other affiliated service agreements that are essential for the operation of the Funds and that although PLFA and its affiliates are separately compensated under those affiliated service agreements, these additional services are provided in connection with PLFA’s advisory relationship with the Funds. The Board also received information on the overall profitability to Pacific Life Insurance Company (“Pacific Life”) of the variable insurance products, which are supported by the Trust.

The Board reviewed data provided by PLFA that was gathered from various independent providers of investment company data to provide the Board with information regarding the Funds’ investment performance, advisory fees and expense information (both on an absolute basis and compared to peers). Additionally, the Independent Trustees retained an independent consultant (“Independent Consultant”) with substantial industry experience in providing investment company boards with analysis to assist directors and trustees with their annual 15(c) review process, to assist the Trustees with certain of their analyses and to provide other relevant information. In connection with the analysis, the Independent Consultant utilized and provided the Independent Trustees with information obtained from independent service providers as well as from other sources.

The Trustees’ determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. In reviewing the materials presented and in considering the information in the management presentations, the Trustees did not identify any single issue or particular information that, in isolation, would be a controlling factor in making a final decision regarding the proposed Agreements. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. The following summary describes the most important, but not all, of the factors considered by the Trustees in approving the Agreements. In the case of the Independent Trustees, certain factors were considered in light of the legal advice

furnished to them by independent legal counsel and information from the Independent Consultant that they had retained. This discussion is not intended to be all-inclusive.

II. Annual Consideration and Approval of Investment Advisory and Sub-Advisory Agreements

In evaluating the Advisory Agreement and each Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:

PLFA – The Trustees considered the depth and quality of PLFA’s investment management process, including its process to evaluate Sub-Advisers in connection with its recommendations to the Board to hire or terminate Sub-Advisers, its monitoring and oversight of the Sub-Advisers, and the benefits to shareholders of retaining PLFA and continuing the Advisory Agreement in light of the nature, extent, and quality of the services that have been provided by PLFA since the Advisory Agreement was last renewed. The Trustees considered the overall financial strength and stability of PLFA and its ability to continue to provide a high level and quality of services to the Funds. They also considered PLFA’s responsiveness to questions or concerns raised by the Trustees throughout the year, including PLFA’s willingness to consider and implement investment and operational changes designed to improve investment results and the services provided to the Funds and their shareholders.

The Trustees noted that officers and employees of PLFA regularly consult with, and report to, the Board regarding the investment management services provided to the Funds. The Trustees considered the experience, capability and integrity of PLFA’s senior management and other personnel and the low turnover rates of its key personnel. The Trustees noted that the investment, legal, compliance, risk management and accounting professionals of PLFA and its affiliates have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance and risk analysis, security valuation and fund accounting. The Trustees took into account the scope of services provided by PLFA under the Advisory Agreement. The Trustees considered that although PLFA is separately compensated at approximate cost for time spent on Fund matters by certain legal, compliance and accounting professionals of PLFA and its affiliates for services outside of the scope of the Advisory Agreement, these services are being provided as a result of PLFA’s advisory relationship with the Funds. The Trustees further considered PLFA’s continuing need and ability to attract and retain qualified personnel and to maintain and enhance its resources and systems to provide appropriate investment management, compliance, risk management and monitoring services for the Funds. The Trustees also considered the additional resources that PLFA has continued to invest in so as to enhance its management and oversight of the Funds, including additional tools designed to ensure the Funds’ compliance with new laws and regulations. The Trustees considered that PLFA employs a well-defined method of comparing and evaluating the performance of the Directly Managed Funds and continues to employ resources to refine that method. In addition, the Trustees considered PLFA’s sub-adviser research process and the role of PLFA’s internal conflicts review committee in considering and evaluating potential conflicts of interest with regard to Sub-Adviser selection and monitoring.

Directly Managed Funds – The Trustees considered the services provided by PLFA in rendering investment management services for those Funds for which the day-to-day investment management is provided by PLFA. The Trustees considered that PLFA is responsible for identifying investments for each Directly Managed Fund and determining when and what securities, cash and/or other investments to purchase, retain, or sell for each Directly Managed Fund. The Trustees also considered that PLFA is responsible for the valuation of portfolio securities, including, but not limited to, the review of custodian pricing files, research and analysis related to fair valued securities and due diligence oversight of pricing vendors. The Trustees additionally noted that PLFA is responsible for evaluating and voting proxies for portfolio holdings of the Directly Managed Funds. The Trustees also considered, among other things, PLFA’s experience, resources and expertise in analyzing the composition of the various Funds that serve as investment options for the Directly Managed Funds (collectively, the “Underlying Funds”) and in developing an asset allocation that is appropriate for each Directly Managed Fund’s investment objectives and risk profile. The Trustees considered, in this regard, the tools and resources used by PLFA in constructing its asset allocation models. The Trustees considered that PLFA had engaged a third-party consulting firm to review PLFA’s asset allocation process in 2016, and that the firm had reported favorably on PLFA’s asset allocation capabilities.

The Trustees also considered that PLFA provides certain additional services to the Funds outside of the scope of the Advisory Agreement at approximate cost and that such services are essential for the administration and operation of the Funds, including administration of the Funds’ compliance program. In this regard, the Trustees considered PLFA’s policies, procedures and systems to ensure compliance with applicable laws and regulations with respect to the Directly Managed Funds, its attention to matters that may involve conflicts of interest between itself and a Fund, and that all material rebalancing of PLFA’s asset allocation models are presented to an internal conflicts review committee that considers and evaluates potential conflicts of interest in the allocation among the Underlying Funds. The Trustees considered the report of PLFA’s internal conflicts review committee and also reviewed information provided throughout the year on PLFA’s compliance policies and procedures, its compliance history, and received reports from the Trust’s Chief Compliance Officer (“CCO”) on compliance by PLFA with applicable laws and regulations. The Trustees also reviewed information on any responses by PLFA to regulatory and compliance developments throughout the year. The Trustees further noted the compliance monitoring conducted by PLFA on an ongoing basis and noted the development of additional procedures and systems necessary to maintain compliance with applicable laws and regulations as well as the resources that PLFA dedicates to these programs. The Trustees considered that the CCO has in place a systematic process for periodically reviewing PLFA’s written compliance policies and procedures, including the assessment of PLFA’s compliance program as required by Rule 38a-1 under the 1940 Act and PLFA’s code of ethics. The Trustees also considered that PLFA continues to cooperate with the CCO in reviewing its compliance operations.

Sub-Advised Funds – The Trustees considered that PLFA recommends to the Board the hiring and termination of Sub-Advisers and performs the associated due diligence relating to such recommendations, the risk and performance oversight of the Sub-Advisers performed by PLFA and the fact that PLFA provides valuation support for Sub-Advised Funds. The Trustees noted PLFA’s responsibilities in rendering services to the Sub-Advised Funds and the fact that PLFA monitors and evaluates the performance of the Sub-Advisers in comparison to each Fund’s

investment objective as well as to appropriate benchmark indices and groups of peer funds. The Trustees also considered that PLFA monitors each Sub-Advised Fund’s adherence to its investment objectives and policies. The Trustees noted that PLFA provides the Board with periodic and special reports related to each Sub-Advised Fund’s performance and PLFA’s investment monitoring and evaluation. The Trustees also considered PLFA’s process in continuously analyzing and, from time to time as necessary and appropriate, recommending for consideration by the Board, the termination of a Sub-Advisory Agreement with a Sub-Adviser and the replacement of a Sub-Adviser.

For both the Directly Managed Funds and Sub-Advised Funds, the Trustees considered the high quality of the products, information, analysis and services provided by PLFA to the Funds, including return analysis, attribution analysis, risk analysis and/or stress testing, preparation of periodic performance and other reports, assessment of liquidity, analysis of derivatives, and coordination and oversight of other service providers to the Trust. The Trustees also noted that PLFA regularly informs the Trustees about matters relevant to the Trust and its shareholders, including relationships with financial intermediaries. Additionally, the Board considered how the Adviser’s business continuity plan has operated during the current COVID-19 pandemic and the updates it provided to the Board on how the business continuity plans of Sub-Advisers and other third-party service providers were operating.

The Trustees considered the analyses conducted by PLFA of the Underlying Funds and a Sub-Adviser’s management of an Underlying Fund in the broader context of asset allocation strategies intended to target certain return and risk characteristics. The Trustees noted that PLFA has historically recommended new Underlying Funds or changes to existing Underlying Funds that PLFA believed would contribute to the Directly Managed Funds’ targeted return and risk objectives. The Trustees also took into account PLFA’s continuing analysis of the Underlying Funds and each Sub-Adviser’s investment performance for the impact on broader asset allocation strategies for the Directly Managed Funds.

The Trustees considered the depth and quality of PLFA’s monitoring and oversight of the Sub-Advisers. The Board noted that PLFA monitors numerous investment, performance, and risk metrics for the Funds. The Trustees considered PLFA’s continued investment in, and development of, its research and analytical capabilities, including investments in personnel and enhanced analytical tools for assessing Fund performance and the performance of the Sub-Advisers, including analytical tools relating to return analysis, risk analysis, and Fund performance attribution and reporting on such matters to the Trustees. The Trustees noted that PLFA uses these tools to analyze a Fund’s performance and risk profile and identify Funds that are underperforming as well as those that are performing well, and to analyze the Funds’ performance records against various measures. The Board considered that PLFA also conducts various analyses to assess the sources of and reasons for performance. The Trustees noted that PLFA has developed, and continues to enhance, processes to oversee and monitor the performance of Sub-Advisers, including the use of analytical methods to review Fund performance and execution of investment strategies. The Board noted that PLFA provides the Board with analyses of these data over rolling periods to assist the Board in identifying trends in Fund performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance. The Trustees also noted that PLFA has developed effective methods for tracking the Sub-Advisers’ investment style consistency, for analyzing the use of derivatives by Sub-Advisers and for monitoring Fund liquidity.

In making their assessments, the Trustees considered that PLFA has historically exercised diligence in monitoring the performance of the Sub-Advisers and has recommended and taken measures to attempt to remedy relative underperformance by a Fund when PLFA and the Trustees believed it to be appropriate. The Trustees also considered the significant work performed by PLFA in conducting searches for new Sub-Advisers to replace existing Sub-Advisers where appropriate or to manage new Funds in the Trust.

The Board also noted that PLFA conducts regular due diligence on Sub-Advisers involving onsite visits, in-person meetings, video meetings and telephonic meetings to gather information that PLFA uses to gain an in-depth understanding of a Sub-Adviser’s investment process and to seek to identify issues that may be relevant to a Sub-Adviser’s services to a Fund or a Fund’s performance, including, but not limited to, a Sub-Adviser’s investment process, investment capabilities, resources and personnel, the financial strength of a Sub-Adviser, significant staffing changes that could affect a Fund, material changes in a Sub-Adviser’s assets under management, compliance and regulatory concerns, best execution review and portfolio security valuation support.

The Trustees considered the time and attention paid by PLFA to matters involving the valuation of Fund securities for the Sub-Advised Funds. The Trustees considered that PLFA has established a Valuation Oversight Committee that is responsible for, among other things, researching and evaluating information regarding securities that are not actively or publicly traded, valuing securities subject to a trading halt or for which a market quotation is not readily available, the valuation of equity securities traded in foreign markets, oversight of and due diligence on pricing vendors and the development of alternate valuation methodologies. The Trustees also considered the information and support provided by PLFA in connection with the Trustees’ fair valuation responsibilities.

The Trustees considered PLFA’s oversight, review and analysis of trade execution reports and trends in trade execution for the Sub-Advised Funds. The Trustees noted that PLFA works with a third-party transaction cost analysis consultant that provides statistical analysis on portfolio trading, and that PLFA presents information about the Funds’ portfolio trading costs to the Board annually and, where warranted, engages in a dialogue with personnel of a Sub-Adviser on trading costs and the quality of execution. The Board also noted that PLFA conducts regular review and analysis of each Sub-Adviser’s use of research obtained with commissions paid to broker-dealers for executing portfolio transactions (“soft dollars”) and presents information about the Sub-Advisers’ use of soft dollars to the Board annually and, where deemed necessary, discusses such soft dollar use with Sub-Advisers.

The Trustees also considered PLFA’s implementation of transition management programs when handling significant changes in the Funds, such as cash movements between the Funds arising from reallocations by the Portfolio Optimization Funds and Pacific Dynamix Funds and the transition of Fund assets from one Sub-Adviser to another, including steps taken by PLFA to reduce transaction costs associated with a Fund transition. The Trustees considered that PLFA coordinates the onboarding process for new Sub-Advisers and oversees the establishment of necessary accounts and documentation for the Sub-Advisers to begin managing Fund assets.

In addition to the services described above, the Trustees also considered the compliance monitoring that PLFA and its affiliates conduct on the Sub-Advisers and the commitment of PLFA and its affiliates to those programs and PLFA’s efforts to keep the Trustees informed about the compliance programs of Sub-Advisers. In this regard, the Trustees reviewed information and reports from the Trust’s CCO on compliance by the

Sub-Advisers with applicable laws and regulations. The Trustees considered that the CCO has in place a systematic process for periodically reviewing each Sub-Adviser’s written compliance policies and procedures, including the assessment of each Sub-Adviser’s compliance program as required by Rule 38a-1 under the 1940 Act, and each Sub-Adviser’s code of ethics. The Trustees considered that PLFA is compensated at approximate cost for the administration of the Funds’ compliance program. The Trustees also considered that each Sub-Adviser continues to cooperate with the CCO in reviewing its compliance operations.

Sub-Advisers. The Trustees considered the benefits to shareholders of retaining each Sub-Adviser and continuing the Sub-Advisory Agreements for the unaffiliated Sub-Advisers, particularly in light of the nature, extent, and quality of the services that have been provided by the Sub-Advisers. The Trustees considered the services provided by each Sub-Adviser in rendering investment management services to a Sub-Advised Fund. The Trustees considered that each Sub-Adviser is responsible for identifying investments for a Sub-Advised Fund and determining when and what securities, cash and/or other investments to purchase, retain, or sell for a Sub-Advised Fund. The Trustees also considered that each Sub-Adviser is responsible for evaluating and voting proxies for portfolio holdings of a Sub-Advised Fund. The Trustees considered the quality of the portfolio management services which have benefited and should continue to benefit the Sub-Advised Funds and their shareholders, the organizational depth and resources of the Sub-Advisers, including the background and experience of each Sub-Adviser’s management personnel, and the expertise of each Sub-Adviser’s portfolio management team, as well as the investment methodology used by the Sub-Adviser. The Trustees also considered that each Sub-Adviser provides PLFA with information that assists PLFA in performing its oversight role, including information about the Sub-Adviser’s compliance program.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PLFA and each Sub-Adviser.

The Trustees considered the investment results of each Fund in light of its objective, strategies and market conditions. The Trustees compared each Fund’s total returns with the total returns of a group of appropriate peer funds (each a “Selected Performance Peer Group”), which were selected by an Independent Consultant using data from third-party data vendor Morningstar, and the Trustees reviewed a description of the Independent Consultant’s methodology for selecting the peer funds in each Selected Performance Peer Group. In addition, with respect to Funds other than the Pacific Dynamix Funds and Portfolio Optimization Funds, the Trustees compared each Fund’s total returns with the total returns of the Fund’s broad-based market index, sector index, composite index or an alternative index selected by the Independent Consultant, as applicable (each, a “primary benchmark”). With respect to the Pacific Dynamix Funds and Portfolio Optimization Funds, the Trustees compared each Fund’s total returns with the total returns of a custom benchmark that is comprised of certain broad-based market indices based on the broad asset class target allocations for the Fund. The Trustees took into account the views of the Independent Consultant that the custom benchmarks appeared to be reasonable benchmarks for performance reporting purposes.

The information provided to the Trustees included each Fund’s performance record for the one-, three-, five- and ten-year or since inception periods ended September 30, 2020, as available, compared to the applicable benchmark and Selected Performance Peer Group. With respect to the actively-managed Funds, the Trustees placed greater emphasis on a Fund’s performance against peers as opposed to the unmanaged benchmark index. With respect to those Funds that pursue an index strategy, the Trustees placed greater emphasis on the tracking error of a Fund against its target index as opposed to performance against peers.

The Trustees considered the performance of each Fund on a case-by-case basis and noted that some Funds had outperformed their Selected Performance Peer Group over certain periods and/or exceeded the return of their respective benchmark while others underperformed their Selected Performance Peer Group over certain periods and/or trailed the return of their respective benchmark. In considering each Fund’s investment results, the Board placed greater emphasis on each Fund’s longer-term performance track record rather than shorter-term performance. The Board also took into account that each Fund’s track record is measured as of a specific date, and that track records can vary as of different measurement dates. When reviewing a Fund’s performance against its Selected Performance Peer Group, the Board took into account that the investment objective and strategies of the Fund, as well as its level of risk tolerance, may differ significantly from funds in the Selected Performance Peer Group. With respect to actively managed Funds, when reviewing a Fund’s performance against its benchmark, the Board took into account the differences in portfolio construction between the Fund and such benchmark as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks.

Therefore, in reviewing a Fund that is currently underperforming, the Trustees also considered the broader perspective of the Fund’s performance over varying time periods, the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected future market conditions. In the case of the Underlying Funds, the Board also took into account the views of PLFA about the role of a particular Fund within a broader asset allocation strategy for the Directly Managed Funds. Where there had been a change in Sub-Adviser for a Fund, the Board took into account that the current Sub-Adviser was only responsible for certain portions of the Fund’s performance record. The Trustees discussed with PLFA the fact that certain periods of underperformance may be transitory while other periods of underperformance may be reflective of broader issues that may warrant consideration of corrective action. The Trustees discussed these Funds with representatives of PLFA, including an assessment of the approach used by the Sub-Advisers, and the approach used by PLFA with respect to the Directly Managed Funds, as well as the oversight and monitoring by PLFA as the investment adviser, to gain an understanding of any recurring or material underperformance and to assess whether any actions would be appropriate. In addition, the Board considered any specific actions that PLFA or a Sub-Adviser has taken, or agreed to take, to enhance the investment performance of a Fund, and the results of those actions. In reviewing the performance of each Fund, the Board took into account, among other things, each Fund’s performance track record. The following summary highlights certain, but not all, relevant facts considered by the Board with respect to the Fund’s performance track record.

The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five- and ten-year periods and ranked in the fifth quintile of its Peer Group for the one-year period and the second quintile for the three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative

performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has highlighted the Fund for its short-term performance and will closely monitor it for improved performance.

The Fund had a lower tracking error than the median tracking error of its Selected Performance Peer Group.

The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five- and ten-year periods and ranked in the third quintile of its Peer Group for the one-year period and the second quintile for the three-, five- and ten-year periods.

The Fund underperformed its Selected Performance Peer Group median for the one-year period, outperformed for the three- and five-year periods and performed in line for the ten-year period and ranked in the fourth quintile of its Peer Group for the one-year period, the second quintile for the three- and five-year periods and the third quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2013.

The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the second quintile of its Selected Performance Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2013.

The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the first or second quintile of its Selected Performance Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that it had recently approved a new Sub-Advisory Agreement for the Fund effective July 2020 in connection with a change in control of the Sub-Adviser and, therefore, the Sub-Advisory Agreement was not up for renewal at this time.

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the third quintile of its Selected Performance Peer Group for the one- and ten-year periods and the fourth quintile for the three- and five-year periods. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has highlighted the Fund and will closely monitor it for improved performance.

The Fund underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the fifth quintile of its Peer Group for the one-, three- and five-year periods. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has added the Fund to its “watch list” and will closely monitor it for improved performance.

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and underperformed for the ten-year period and ranked in the first or second quintile of its Peer Group for the one-, three- and five-year periods and the third quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2013.

The Fund underperformed its Selected Performance Peer Group median for the one-year period, outperformed for the three- and five-year periods and performed in line for the ten-year period and ranked in the third quintile of its Peer Group for the one-, three- and ten-year periods and the second quintile for the five-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2015.

The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the first or second quintile of its Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that one Sub-Adviser manages a sleeve of the Fund using an active management style, while the other Sub-Adviser manages a sleeve of the Fund using an index management (or passive) style. The Board considered the performance of each sleeve separately in evaluating the Sub-Advisers.

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the fourth or fifth quintile of its Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser co-managed the Fund with another firm from May 2014 to October 2015 and since October 2015 has been the sole Sub-Adviser, and that prior to May 2014 another firm managed the Fund. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has highlighted the Fund and will closely monitor it for improved performance.

The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the first or second quintile of its Peer Group for the one-, three- and five-year periods and the third quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that it had recently approved a new Sub-Advisory Agreement for a new Sub-Adviser to the Fund effective May 2020 and, therefore, the Sub-Advisory Agreement was not up for renewal at this time.

The Fund had a lower tracking error than the median tracking error of its Selected Performance Peer Group.

The Fund underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the fourth or fifth quintile of its Peer Group for the one-, three- and five-year periods. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that performance has recently improved and PLFA will continue to closely monitor it for improved performance.

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the fifth quintile of its Peer Group for the one-year period and the fourth quintile for the three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has added the Fund to its “watch list” and will closely monitor it for improved performance.

The Fund underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and outperformed for the ten-year period and ranked in the fourth quintile of its Peer Group for the one-year period, the fifth quintile for the three- and five-year periods and the second quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that it had recently approved a new Sub-Advisory Agreement for the Fund effective July 2020 in connection with a change in control of the Sub-Adviser and, therefore, the Sub-Advisory Agreement was not up for renewal at this time.

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the fifth quintile of its Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2017. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has added the Fund to its “watch list” and will closely monitor it for improved performance.

The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five- and ten-year periods and ranked in the fourth quintile of its Peer Group for the one-year period and the first or second quintile for the three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2014.

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and performed in line for the ten-year period and ranked in the first or second quintile of its Peer Group for the one-, three- and five-year periods and third quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2018.

The Fund outperformed its Selected Performance Peer Group median for the one- and three-year periods and underperformed for the five- and ten-year periods and ranked in the second quintile of its Peer Group for the one- and three-year periods and the fifth quintile for the five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2016.

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the first or second quintile of its Peer Group for the one-, three- and five-year periods.

The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the first quintile of its Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that it had recently approved a new Sub-Advisory Agreement for the Fund effective July 2020 in connection with a change in control of the Sub-Adviser and, therefore, the Sub-Advisory Agreement was not up for renewal at this time.

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the first quintile of its Peer Group for the one-, three- and five-year periods.

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the fourth quintile of its Peer Group for the one-, three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has highlighted the Fund and will closely monitor it for improved performance.

The Fund outperformed its Selected Performance Peer Group median for the one-year period, underperformed for the three-year period and performed in line for the five- and ten-year periods and ranked in the second quintile of its Peer Group for the one- and ten-year periods and the third quintile for the three- and five-year periods.

The Fund outperformed its Selected Performance Peer Group median for the one- and five-year periods, underperformed for the three-year period and performed in line for the ten-year period and ranked in the third quintile of its Peer Group for the one- and ten-year periods, the fourth quintile for the three-year period and the second quintile for the five-year period.

The Fund had a lower tracking error than the median tracking error of its Selected Performance Peer Group.

The Fund underperformed its Selected Performance Peer Group for the one-, five- and ten-year periods and performed in line for the three-year period and ranked in the third quintile of its Peer Group for the one-, three- and ten-year periods and the fourth quintile for the five-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2011. The Board also considered that PLFA would closely monitor the Fund for improved performance.

The Fund had a lower tracking error than the median tracking error of its Selected Performance Peer Group.

The Fund underperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the fourth or fifth quintile of its Peer Group for the one-, three- and five-year periods and the third quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has added the Fund to its “watch list” and will closely monitor it for improved performance.

The Fund performed in line with its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five- and ten-year periods and ranked in the third quintile of its Peer Group for the one- and ten-year periods and the first or second quintile for the three- and five-year periods.

The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the second quintile of its Peer Group for the one-, five- and ten-year periods and the third quintile for the three-year period.

The Fund had a lower tracking error than the median tracking error of its Selected Performance Peer Group.

The Fund outperformed its index which resulted in a higher tracking error than the median tracking error of its Selected Performance Peer Group. The primary contributors to the outperformance/higher tracking error include imperfect correlation between index futures implemented within the Portfolio and the target index, as well as un-invested cash resulting from net inflows during a period when there was a significant market selloff.

The Fund had a lower tracking error than the median tracking error of its Selected Performance Peer Group.

The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and underperformed for the ten-year period and ranked in the second quintile of its Peer Group for the one-, three- and five-year periods and the third quintile for the ten-year period.

The Fund outperformed its Selected Performance Peer Group median for the one- and three-year periods and ranked in the third quintile of its Peer Group for the one- and three-year periods.

The Fund underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the fourth quintile of its Peer Group for the one- and three-year periods and the third quintile for the five-year period. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund.

The Fund underperformed its Selected Performance Peer Group median for the one- and three-year periods and outperformed for the five-year period and ranked in the fourth quintile of its Peer Group for the one- and three-year periods and the second quintile for the five-year period. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund.

The Fund outperformed its Selected Performance Peer Group median for the one-year period, underperformed for the three-year period and performed in line for the five-year period and ranked in the third quintile of its Peer Group for the one-, three- and five-year periods.

The Fund outperformed its Selected Performance Peer Group median for the one-year period and underperformed for the three- and five-year periods and ranked in the third quintile of its Peer Group for the one-, three- and five-year periods.

The Fund performed in line with its Selected Performance Peer Group median for the one-year period, underperformed for the three-year period and outperformed for the five-year period and ranked in the third quintile of its Peer Group for the one-year period, the fourth quintile for the three-year period and the second quintile for the five-year period.

The Trustees reviewed the monitoring of each Sub-Advisers’ investment results by PLFA, including PLFA’s historical practice of recommending to the Trustees a change in Sub-Adviser when circumstances warrant. Generally, the Trustees noted that there continues to be a record of well-managed Funds that are appropriate to serve as Underlying Funds for the Directly Managed Funds and that the Directly Managed Funds provide a range of professionally managed asset allocation investment options. The Trustees considered the steps PLFA has taken to seek to improve performance of the Directly Managed Funds, including ongoing assessment of asset allocation determinations, diversifying asset class investment options by adding additional Underlying Funds, and adding or changing Sub-Advisers to the Underlying Funds. The Trustees also noted that the Funds continue to deliver the investment style as disclosed to shareholders. The Trustees also noted the use by investors of the Directly Managed Funds and the benefits the Directly Managed Funds provide for shareholders generally. The Trustees also noted that certain of the Underlying Funds are also available as investment options outside of the Directly Managed Funds.

The Board concluded that PLFA continues to have a long record of effectively managing a multi-manager fund group and asset allocation funds designed to give shareholders a reasonable array of choices through which to implement their investment programs. The Board further concluded that PLFA was appropriately implementing each Fund’s investment objective either directly or through the selection of Sub-Advisers and that PLFA’s record in managing each Fund indicates that PLFA’s continued management, as well as the continuation of the respective Sub-Advisory Agreements, will benefit each Fund and its shareholders.

The Trustees requested, received and reviewed information from PLFA relating to the advisory fees paid by the Funds and the sub-advisory fees paid by PLFA, including the portion of the advisory fees paid to each Sub-Adviser as compared to the portion retained by PLFA. The Trustees considered the nature and quality of the services provided by PLFA and also considered the nature and quality of services provided by

each Sub-Adviser. The Independent Trustees also requested and reviewed information from the Independent Consultant along with the Independent Consultant’s analysis of advisory fees, sub-advisory fees and certain Fund net expenses, excluding any applicable service or distribution fees, which were selected by the Independent Consultant for purposes of the peer group expense comparisons (“Operating Expenses”). The Trustees reviewed the advisory fees, sub-advisory fees and Operating Expenses of each Fund and compared advisory fees and expenses with the fees and expense levels of a group of appropriate peer funds identified by the Independent Consultant (each a “Selected Expense Peer Group”). The Trustees reviewed a description of the Independent Consultant’s methodology for constructing the Selected Expense Peer Groups, noting that each Selected Expense Peer Group includes a group of similarly-sized funds with comparable strategies from a universe of funds that (i) included both sub-advised and directly managed funds; (ii) excluded funds that are managed with non-standard business models and expense structures; and (iii) excluded index funds (except in the case of the Trust’s index Funds). With respect to the Portfolio Optimization Funds, the Selected Expense Peer Group information is used to review the Funds expenses, excluding acquired fund fees and expenses, to the peer group. The Trustees also compared the net expense ratio (including acquired fund fees and expenses) with the average net expense ratio of funds in the Morningstar Category determined to be similar to the relevant Portfolio Optimization Fund (“Comparable Peer Fund Average”).

A summary of certain comparative fee and expense information considered by the Trustees for each Fund is provided below.

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund (after waivers) is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.045% of its advisory fee.

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund (after waivers) is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fifth quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.075% of its advisory fee.

The Trustees considered that (a) the advisory fee for the Fund is in line with the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund (before and after waivers) is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.025% of its advisory fee.

The Trustees considered that (a) the advisory fee for the Fund (before and after waivers) is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.10% of its advisory fee.

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund (after waivers) is greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fifth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.02% of its advisory fee.

The Trustees considered that (a) the advisory fee for the Fund is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund is greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund (before and after waivers) is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.09% of its advisory fee.

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly greater than with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund is slightly less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund (after waivers) is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.05% of its advisory fee.

The Trustees considered that (a) the advisory fee for the Fund (after waivers) is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.015% of its advisory fee.

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group.

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (c) the net expense ratio was less than the Comparable Peer Fund Average.

The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (c) the net expense ratio was in line with the Comparable Peer Fund Average.

During their review, the Trustees considered that all of the Funds, except for the Portfolio Optimization Funds and Underlying Funds of the Pacific Dynamix Funds, were subject to contractual expense limitations on certain operating expenses agreed to by PLFA.

The Trustees also considered information from the Sub-Advisers regarding the comparative sub-advisory fees charged under other investment advisory contracts for similarly managed accounts, such as contracts of each Sub-Adviser with other similarly managed registered investment companies or other types of clients. The Trustees noted that in many cases there were differences in the level of services provided to the Funds by the Sub-Advisers and that the level of services provided by these Sub-Advisers on these other accounts differed due to the nature of the accounts or because there were other reasons to support the difference in fees, such as an affiliation between the Sub-Adviser and the account. These differences often explained variations in fee schedules. The Trustees were mindful that, with the exception of the affiliated Sub-Adviser, the Sub-Advised Funds’ fee rates were the result of arms’-length negotiations between PLFA and the Sub-Advisers. For the affiliated Sub-Adviser, the Trustees took into account the fact that the Sub-Advised Funds’ fees rates were not the subject of an arms’-length negotiation with PLFA, but considered information relating to competitive fees charged by similarly managed funds. In all cases, the Trustees considered that all sub-advisory fees are paid by PLFA and are not paid directly by a Fund.

The Board concluded that the advisory fees, sub-advisory fees and total expenses of each Fund were fair and reasonable.

The Trustees reviewed information provided by PLFA regarding PLFA’s costs of sponsoring and operating the Funds and information regarding the profitability of PLFA from each Fund. For the Sub-Advised Funds, the Trustees also reviewed information provided by the Sub-Advisers regarding their costs in managing the Sub-Advised Funds and their profitability from the Funds.

PLFA and the Sub-Advisers’ Costs and Profitability. The Trustees noted that, based on the data available, PLFA appears to be providing and operating products that are competitively priced with other funds, especially other multi-manager and asset allocation funds and funds that support variable annuity and variable life insurance products. The Trustees noted PLFA’s willingness to build its investment capabilities and to sponsor new funds that PLFA believed would improve the menu of offerings for contract owners or that would benefit the Directly Managed Funds, despite the potential subsidies required by PLFA during a new Fund’s start-up phase. Based on information received, the Trustees further noted that Pacific Life’s overall profitability on variable annuity insurance products, which are supported by the Trust, appeared reasonable at the current time. The Trustees also noted that the analysis of the Trust’s profitability to PLFA supported a conclusion that PLFA’s costs and profitability are reasonable, whether considered inclusive or exclusive of distribution costs.

The Trustees also reviewed information provided regarding the structure and manner in which PLFA’s investment professionals were compensated and their respective views of the relationship of such compensation to the attraction and retention of quality personnel. The Trustees considered PLFA’s willingness to invest in technology, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements. The Trustees also considered the organizational strengths of the Sub-Advisers and their ability to attract and retain investment personnel over time and to sustain the staffing of investment teams that provide services to the Sub-Advised Funds.

With respect to the Sub-Advisers, the Trustees noted that it was difficult in many cases to accurately determine or evaluate the Sub-Advisers’ costs and the profitability of the Sub-Advisory Agreements to the Sub-Advisers because of, among other things, the differences in the types and content of information provided by the Sub-Advisers, the fact that many Sub-Advisers manage substantial assets other than the Funds and, further, that any such assessment would involve assumptions regarding the Sub-Advisers’ expense allocation policies, capital structure, cost of capital, business mix and other factors.

Accordingly, in the case of the unaffiliated Sub-Advisers, the Trustees considered the data described above in light of the arms’-length nature of the relationship between PLFA and such Sub-Advisers with respect to the negotiation of fund sub-advisory fees and the fact that such fees are paid by PLFA.

Economies of Scale. The Trustees noted and considered the extent to which economies of scale are realized by PLFA and the Sub-Advisers as each Fund grows, and whether advisory fee levels reflect economies of scale as the Funds grow in size. The Trustees noted PLFA’s commitment to competitive total expenses of certain Funds through expense limitation agreements and/or advisory fee waivers. The Trustees also noted PLFA’s and its affiliates’ consistent reinvestment in the business in the form of adding to investment capabilities and resources, improvements in technology, product innovations and customer service. The Trustees considered information relating to economies of scale provided by PLFA, and PLFA’s willingness to discuss and evaluate the topic of economies of scale with the Trustees. The Independent Trustees requested and reviewed an analysis provided by the Independent Consultant of the asset-based breakpoint schedule for each Fund, as applicable. The Independent Trustees noted that the breakpoints offer potential savings to shareholders of many of the Funds.

The Trustees considered that the advisory fee schedules contained one or more breakpoints reducing the rate of the advisory fee as Fund assets grow for all Funds except the Directly Managed Funds. The Independent Trustees noted that the Portfolio Optimization Funds and Pacific Dynamix Funds are funds-of-funds that invest in other Funds of the Trust that have advisory fee schedules containing one or more breakpoints that reduce the total advisory fees paid by shareholders of these Directly Managed Funds as assets grow. With respect to the Portfolio Optimization Funds, the Trustees noted that the advisory fee was initially priced to scale, whereby the fee was set at an amount that takes into account the projected size of the Funds. The Independent Trustees considered that PLFA seeks to price Funds to scale from inception by considering the size of the initial investment in a Fund rather than implementing breakpoints at lower asset levels. The Trustees also considered PLFA’s willingness to reduce its own fees through certain advisory fee waivers and expense limitation agreements, whereby PLFA will reimburse the Funds for certain expenses that exceed stated expense caps.

The Trustees noted that PLFA and its affiliates had consistently reinvested in the business in the form of improvements in technology, product innovations, personnel and resources. The Trustees further noted that Pacific Life had also consistently reinvested in the business with respect to the variable products to which the Trust serves as the underlying investment vehicle.

The Trustees additionally noted that economies of scale were difficult to measure with precision, particularly on a Fund by Fund basis. This analysis is complicated by the additional services and content provided by PLFA and its affiliates through reinvestment in the business, as discussed above. The Trustees considered that the Funds are well managed, and provide shareholders with sophisticated asset allocation investment options at reasonable fee levels. The Board noted that PLFA had taken steps to ensure that shareholders benefit by negotiating favorable terms with service providers, and to provide certain support services, including, but not limited to, legal, compliance and accounting services, to the Funds on an approximate cost basis as opposed to an asset-based charge.

The Board determined that PLFA and its affiliates are sharing economies of scale given its commitment to competitive total expenses of the Funds, the use of breakpoints in certain of the Funds, and the consistent reinvestment in the business in the form of improvements in technology and other resources and investments in personnel. The Board further considered that it will continue to review whether there are additional economies of scale that will be realized as the Funds grow that can be shared with shareholders. The Board concluded that the Funds’ cost structures were reasonable and that overall profitability appeared reasonable at the current time. The Board further concluded that PLFA was sharing economies of scale with each Fund and its shareholders to their benefit.

The Trustees requested and received from PLFA and the Sub-Advisers information regarding other benefits received by PLFA, Pacific Life, the Sub-Advisers, and their affiliates as a result of their respective relationship with the Funds, including various service arrangements with PLFA affiliates and reimbursement at an approximate cost basis for support services in the case of PLFA, as well as commissions paid to broker-dealers affiliated with certain Sub-Advisers and the use of soft-dollars by certain of the Sub-Advisers. The Trustees also considered ancillary benefits received by Pacific Life and its affiliates from the Funds. The Trustees considered information regarding other significant economic relations between the Sub-Advisers and their affiliates and with PLFA and its affiliates and noted PLFA’s processes and procedures to identify and disclose such relationships and any potential conflicts of interest to the Board. The Trustees also considered PLFA’s and each Sub-Adviser’s strong practices and procedures with regard to managing conflicts of interest and ensuring that such conflicts do not prevent PLFA or the Sub-Advisers from acting in the best interests of the Funds and their shareholders.

The Board concluded that such benefits were consistent with those generally derived by mutual fund investment organizations or were otherwise not unusual.

Based on their review, including their consideration of each of the factors referred to above, and assisted by the advice of the Independent Consultant and independent counsel to the Independent Trustees, the Board, including all of the Independent Trustees, concluded that: (i) the

Advisory Agreement and each applicable Sub-Advisory Agreement are fair and reasonable with respect to each applicable Fund and its shareholders; (ii) that the renewal of the Advisory Agreement and each applicable Sub-Advisory Agreement would be in the best interests of each Fund and its shareholders; and (iii) the recommendation by PLFA to the Board to enter into each Sub-Advisory Agreement with respect to each unaffiliated Sub-Adviser was not inappropriately influenced by conflicts of interest. The Board did not indicate that any single factor was determinative of its decision to approve the Advisory Agreement and each applicable Sub-Advisory Agreement, but indicated that the Board based its determination on the total mix of information available to it.

In accordance with Rule 30e-1(b), under the Investment Company Act of 1940, Pacific Select Fund (the “Trust”) is required to furnish certain information regarding any matters submitted to a vote of the Trust’s shareholders. Shareholders of record on February 26, 2020 representing 16,715,409 shares of the Inflation Strategy Portfolio were notified that a Special Meeting of Shareholders (the “Meeting”) of that Portfolio would be held at the offices of the Trust on April 17, 2020. 100% of the outstanding shares of the Trust were voted at the Meeting. A brief description of the matter voted upon as well as the voting results of the aforementioned Meeting are outlined as follows:

To approve a Plan of Liquidation providing for the liquidation and dissolution of the Inflation Strategy Portfolio.

In accordance with Rule 30e-1(b), under the Investment Company Act of 1940, the Trust is required to furnish certain information regarding any matters submitted to a vote of the Trust’s shareholders. Shareholders of record on February 26, 2020 representing 70,972,991 shares of the Currency Strategies Portfolio were notified that a Special Meeting of Shareholders (the “Meeting”) of that Portfolio would be held at the offices of the Trust on April 17, 2020. 100% of the outstanding shares of the Trust were voted at the Meeting. A brief description of the matter voted upon as well as the voting results of the aforementioned Meeting are outlined as follows:

To approve a Plan of Liquidation providing for the liquidation and dissolution of the Currency Strategies Portfolio.

In accordance with Rule 30e-1(b), under the Investment Company Act of 1940, the Trust is required to furnish certain information regarding any matters submitted to a vote of the Trust’s shareholders. Shareholders of record on September 18, 2020 representing 50,166,448 shares of the International Equity Income Portfolio were notified that a Special Meeting of Shareholders (the “Meeting”) of that Portfolio would be held at the offices of the Trust on October 23, 2020. 100% of the outstanding shares of the Trust were voted at the Meeting. A brief description of the matter voted upon as well as the voting results of the aforementioned Meeting are outlined as follows:

To approve a Plan of Liquidation providing for the liquidation and dissolution of the International Equity Income Portfolio.

The Trust files Part F of Form N-PORT (complete schedules of Fund holdings) with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Trust’s Part F of Form N-PORT, (when required) is filed pursuant to applicable regulations and is available after filing on the SEC’s website at http://www.sec.gov.

By August 31 of each year, the Trust files information regarding how the Trust’s managers voted proxies relating to Fund securities during the most recent twelve-month period ended June 30. Such information is available after filing on the Trust’s website and on the SEC’s website noted below.

For complete descriptions of the various securities and other instruments held by the Trust and their risks, please see the Trust’s prospectuses and Statement of Additional Information (“SAI”). The prospectuses and SAI are available as noted below.

A description of the Proxy Voting Policies and Procedures that the Trust uses to determine how to vote proxies relating to Fund securities is described in the Trust’s SAI.

The Trust’s prospectus, SAI (including Proxy Voting Policies), Information Statements, and shareholder reports are available:

As of the end of the period covered by this report, 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. There were no waivers to the Code of Ethics during the period covered by this report.

The Registrant’s Board has determined that Paul A. Keller, a member of the Registrant’s Audit Committee, is an “audit committee financial expert” and “independent,” as such terms are defined in this Item. This designation does not increase the designee’s duties, obligations or liability as compared to his duties, obligations and liability as a member of the Audit Committee and of the Board; nor does it reduce the responsibility of the other Audit Committee members. There may be other individuals who, through education or experience, would qualify as “audit committee financial experts” if the Board had designated them as such. Most importantly, the Board believes each member of the Audit Committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition. Mr. Keller is a retired partner of PricewaterhouseCoopers LLP.

(a) The aggregate audit fees billed to the Registrant by the principal accountant for the fiscal years ended

(b) For the fiscal years ended December 31, 2020 and December 31, 2019 there were no audit-related fees.

(c) The aggregate tax fees billed to the Registrant by the principal accountant for the fiscal years ended December 31, 2020 and 2019 were $82,000 and $0, respectively.

(d) There were no other fee billed to the Registrant by the principal accountant for the fiscal years ending December 31, 2019 and 2020.

(e)(2) No services included in (b)-(c) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. There were no service rendered included in (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(g) The aggregate fees billed for the years ended December 31, 2020 and 2019 by the Registrant’s principal accountant for non- audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were $2,545,818 and $1,296,562, respectively.

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence.

(a) The schedule of investments of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

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

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

(a) The Chief Executive Officer and the Treasurer of the Registrant have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing 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 Investment Company Act) that occurred during the period covered by this report that has materially affected, or is 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.



Letter to Shareholders		A-1

Performance Discussion		A-3

Schedules of Investments		B-1

Financial Statements:

Statements of Assets and Liabilities		C-1

Statements of Operations		C-10

Statements of Changes in Net Assets		C-19

Statements of Cash Flows		C-28

Financial Highlights		C-29

Notes to Financial Statements		D-1

Report of Independent Registered Public Accounting Firm		E-1

Disclosure of Fund Expenses		F-1

Trustees and Officers Information		F-5

Approval of Investment Advisory and Sub-Advisory Agreements		F-8

Special Meetings of Shareholders		F-23

Where to Go for More Information		F-24



Sub-Adviser or Adviser	Fund	Page Number

Pacific Asset Management LLC (Pacific Asset Management)	Core Income Portfolio	A-4

Western Asset Management Company, LLC (Western Asset)	Diversified Bond Portfolio	A-5

Pacific Asset Management LLC (Pacific Asset Management)	Floating Rate Income Portfolio	A-7

Pacific Asset Management LLC (Pacific Asset Management)	High Yield Bond Portfolio	A-7

Pacific Investment Management Company LLC (PIMCO)	Inflation Managed Portfolio	A-8

J.P. Morgan Investment Management Inc. (JPMorgan)	Intermediate Bond Portfolio	A-9

Pacific Investment Management Company LLC (PIMCO)	Managed Bond Portfolio	A-10

T. Rowe Price Associates, Inc. (T. Rowe Price)	Short Duration Bond Portfolio	A-11

Ashmore Investment Management Limited (Ashmore)	Emerging Markets Debt Portfolio	A-12

T. Rowe Price Associates, Inc. (T. Rowe Price)	Dividend Growth Portfolio	A-14

BlackRock Investment Management, LLC (BlackRock)	Equity Index Portfolio	A-15

Janus Capital Management LLC (Janus)	Focused Growth Portfolio	A-16

MFS Investment Management (MFS)	Growth Portfolio	A-17

BlackRock Investment Management, LLC (BlackRock)	Large-Cap Growth Portfolio	A-18

ClearBridge Investments, LLC (ClearBridge)	Large-Cap Value Portfolio	A-19

Invesco Advisers, Inc. (Invesco)	Main Street^® Core Portfolio	A-20

Scout Investments, Inc. (Scout)	Mid-Cap Equity Portfolio	A-21

Ivy Investment Management Company (Ivy)	Mid-Cap Growth Portfolio	A-22

Boston Partners Global Investors, Inc. (Boston Partners)	Mid-Cap Value Portfolio	A-23

BlackRock Investment Management, LLC (BlackRock)/ Franklin Mutual Advisers, LLC (Franklin)	Small-Cap Equity Portfolio	A-24

MFS Investment Management (MFS)	Small-Cap Growth Portfolio (formerly named Developing Growth Portfolio)	A-25

BlackRock Investment Management, LLC (BlackRock)	Small-Cap Index Portfolio	A-27

AllianceBernstein L.P. (AB)	Small-Cap Value Portfolio	A-28

American Century Investment Management, Inc. (American Century)	Value Portfolio (formerly named Comstock Portfolio)	A-28

J.P. Morgan Investment Management Inc. (JPMorgan)	Value Advantage Portfolio	A-30

Invesco Advisers, Inc. (Invesco)	Emerging Markets Portfolio	A-31

MFS Investment Management (MFS)	International Large-Cap Portfolio	A-32

QS Investors, LLC (QS Investors)	International Small-Cap Portfolio	A-33

Wellington Management Company LLP (Wellington)	International Value Portfolio	A-34

BlackRock Investment Management, LLC (BlackRock)	Health Sciences Portfolio	A-35



Sub-Adviser or Adviser	Fund	Page Number

Principal Real Estate Investors, LLC (Principal REI)	Real Estate Portfolio	A-37

MFS Investment Management (MFS)	Technology Portfolio	A-38

Pacific Life Fund Advisors LLC (PLFA)	PSF DFA Balanced Allocation Portfolio	A-39
	Pacific Dynamix-Conservative Growth Portfolio	A-40
	Pacific Dynamix-Moderate Growth Portfolio	A-41
	Pacific Dynamix-Growth Portfolio	A-42
	Portfolio Optimization Conservative Portfolio	A-43
	Portfolio Optimization Moderate-Conservative Portfolio	A-44
	Portfolio Optimization Moderate Portfolio	A-45
	Portfolio Optimization Growth Portfolio	A-46

	Portfolio Optimization Aggressive-Growth Portfolio	A-47

SSGA Funds Management, Inc. (SSGA FM)	PD 1-3 Year Corporate Bond Portfolio PD Aggregate Bond Index Portfolio PD High Yield Bond Market Portfolio	A-48 A-49 A-50

BlackRock Investment Management, LLC (BlackRock)	PD Large-Cap Growth Index Portfolio PD Large-Cap Value Index Portfolio PD Mid-Cap Index Portfolio PD Small-Cap Growth Index Portfolio PD Small-Cap Value Index Portfolio	A-50 A-51 A-52 A-52 A-53

Dimensional Fund Advisors LP (DFA)	PD Emerging Markets Portfolio PD International Large-Cap Portfolio	A-54 A-55



Broad-Based Indices
S&P 500 Index (U.S. Stocks)			18.40%
MSCI World ex USA Index (Net) (International Stocks)			7.59%
Bloomberg Barclays US Aggregate Bond Index (Fixed Income)			7.51%


See Notes to Financial Statements		See explanation of symbols and terms, if any, on B-292 and B-293


		Total Value at December 31, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Corporate Bonds & Notes		$315,551,565		$-		$315,551,565		$-
	Senior Loan Notes		83,004,990		-		83,004,990		-
	Mortgage-Backed Securities		9,889,873		-		9,889,873		-
	Asset-Backed Securities		90,148,943		-		90,148,943		-
	U.S. Treasury Obligations		83,387,230		-		83,387,230		-
	Foreign Government Bonds & Notes		2,052,100		-		2,052,100		-
	Short-Term Investment		37,668,864		-		37,668,864		-

	Total		$621,703,565		$-		$621,703,565		$-


Long Futures Outstanding	Expiration Month	Number of Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
AUD FX	03/21		1,018		$75,882,145		$78,386,000		$2,503,855
CAD FX	03/21		892		69,739,630		69,879,280		139,650
CHF FX	03/21		51		7,197,184		7,217,775		20,591
EUR FX	03/21		382		58,235,318		58,474,650		239,332
Euro-Bobl	03/21		53		8,743,574		8,752,561		8,987
Euro-BTP	03/21		961		177,232,808		178,460,611		1,227,803
Euro-OAT	03/21		165		33,805,950		33,835,920		29,970
Eurodollar	03/22		7,830		1,952,426,943		1,953,976,500		1,549,557
GBP FX	03/21		437		36,497,943		37,306,144		808,201
JPY FX	03/21		272		32,720,027		32,942,600		222,573
MXN FX	03/21		1,072		26,758,780		26,660,640		(98,140	)
RUB FX	03/21		136		4,580,053		4,554,300		(25,753	)
U.S. Treasury 5-Year Notes	03/21		7,567		952,765,945		954,683,465		1,917,520
U.S. Treasury 30-Year Bonds	03/21		1,609		279,505,254		278,658,687		(846,567	)
U.S. Treasury Ultra Long Bonds	03/21		2,410		518,269,885		514,685,625		(3,584,260	)

									4,113,319


Short Futures Outstanding
Australia 10-Year Notes	03/21		55		6,213,980		6,242,887		(28,907	)
Euro-Bund	01/21		31		5,507,958		5,518,000		(10,042	)
Euro-Bund	03/21		2,032		440,471,274		440,972,287		(501,013	)
Euro-Buxl	03/21		122		33,085,502		33,570,065		(484,563	)
Eurodollar	03/21		2,524		629,009,949		629,927,300		(917,351	)
Eurodollar	06/21		8,138		2,025,513,023		2,031,143,075		(5,630,052	)
Eurodollar	12/21		2,656		658,422,597		662,605,600		(4,183,003	)
Japan 10-Year Bonds	03/21		68		100,101,163		100,049,005		52,158
U.S. Treasury 2-Year Notes	03/21		803		177,357,544		177,444,179		(86,635	)
U.S. Treasury 10-Year Notes	03/21		3,852		531,312,145		531,876,937		(564,792	)
U.S. Treasury Ultra 10-Year Notes	03/21		780		122,434,228		121,960,312		473,916

									(11,880,284	)


Total Futures Contracts									($7,766,965	)


Currency Purchased		Currency Sold		Settlement Month		Counterparty	Unrealized Appreciation		Unrealized Depreciation
BRL	29,860,000	USD	5,266,035		01/21	CIT		$482,729		$-
BRL	15,292,986	USD	2,688,384		01/21	GSC		255,881		-
CAD	63,117,890	USD	48,045,248		01/21	CIT		1,544,286		-
EUR	5,000,000	USD	5,885,635		01/21	GSC		224,828		-
GBP	14,402,011	USD	18,631,774		01/21	GSC		1,065,496		-
IDR	1,107,727,875,147	USD	74,529,225		01/21	JPM		5,012,737		-
INR	764,390,530	USD	10,312,530		01/21	JPM		138,875		-
JPY	4,585,144,103	USD	44,029,093		01/21	CIT		384,883		-
MXN	500,000,000	USD	24,704,168		01/21	CIT		381,143		-
RUB	465,726,300	USD	6,062,756		01/21	BNP		229,293		-
RUB	1,244,782,298	USD	16,197,180		01/21	CIT		620,060		-
RUB	1,257,178,174	USD	15,713,745		01/21	GSC		1,270,966		-
USD	18,912,363	AUD	26,318,162		01/21	JPM		-		(1,381,188	)
USD	6,947,744	CHF	6,375,000		01/21	CIT		-		(256,409	)
USD	25,442,142	CNH	172,194,963		01/21	BNP		-		(1,013,218	)
USD	36,225,167	EUR	30,660,000		01/21	BNP		-		(1,244,189	)
USD	68,290,781	EUR	58,002,593		01/21	CIT		-		(2,593,753	)
USD	45,914,922	EUR	38,866,774		01/21	GSC		-		(1,583,871	)
USD	21,348,158	EUR	17,507,100		03/21	CIT		-		(69,881	)
USD	19,677,910	JPY	2,073,235,101		01/21	GSC		-		(404,472	)
USD	39,770,240	MXN	904,804,766		01/21	BNP		-		(5,624,378	)
USD	42,675,419	MXN	878,836,250		01/21	MSC		-		(1,416,342	)
ZAR	107,540,000	USD	6,201,130		01/21	GSC		1,101,281		-


Total Forward Foreign Currency Contracts								$12,712,458		($15,587,701	)


Description	Exercise Price		Expiration Date		Exchange		Number of Contracts		Notional Amount		Cost		Value
Call - AUD FX (01/21)		$76.50		01/08/21		CME		18		$1,377,000		$10,305		$14,760
Call - U.S. Treasury 10-Year Notes (02/21)		138.00		01/22/21		CME		40		5,520,000		17,569		21,250
Call - U.S. Treasury 30-Year Bonds (02/21)		172.00		01/22/21		CME		35		6,020,000		52,092		77,656
Call - U.S. Treasury 30-Year Bonds (02/21)		173.00		01/22/21		CME		81		14,013,000		110,218		131,625
Call - CAD FX (02/21)		78.00		02/05/21		CME		34		2,652,000		19,125		29,240

												209,309		274,531

Put - EUR FX (01/21)		1.21		01/08/21		CME		54		8,167,500		47,885		7,425
Put - EUR FX (01/21)		1.22		01/08/21		CME		32		4,880,000		30,480		13,200
Put - EUR FX (01/21)		1.23		01/08/21		CME		121		18,528,125		103,228		83,188
Put - AUD FX (01/21)		76.00		01/08/21		CME		35		2,660,000		18,288		6,650
Put - CAD FX (01/21)		78.50		01/08/21		CME		47		3,689,500		24,088		21,150
Put - U.S. Treasury 10-Year Notes (02/21)		137.50		01/22/21		CME		46		6,325,000		19,126		12,938
Put - U.S. Treasury 10-Year Notes (02/21)		138.00		01/22/21		CME		24		3,312,000		14,666		10,875
Put - U.S. Treasury 30-Year Bonds (02/21)		172.50		01/22/21		CME		23		3,967,500		31,664		28,030

												289,425		183,456


Total Options on Futures												$498,734		$457,987


Total Purchased Options												$1,716,958		$1,504,730


Referenced Obligation	Payment Frequency		Fixed Deal Receive Rate		Expiration Date		Exchange		Notional Amount (2)		Value (3)		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX IG34 5Y		Q		1.000%		06/20/25		ICE		$303,388,000		$5,046,412		($983,626	)		$6,030,038
CDX IG35 5Y		Q		1.000%		12/20/25		ICE		248,227,000		6,157,726		5,822,665			335,061
CDX HY35 5Y		Q		5.000%		12/20/25		ICE		87,690,000		8,311,860		3,944,682			4,367,178

												$19,515,998		$8,783,721			$10,732,277


Total Credit Default Swaps												$19,515,998		$8,783,721			$10,732,277


Interest Rate Swaps – Long
Receive	Pay	Payment Frequency Receive Rate/ Pay Rate	Counter- party	Expiration Date	Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
7.024%	Brazil CETIP Interbank	Z/Z	CIT	01/04/27		BRL 159,667,000		$1,812,879			$64,849			$1,748,030
7.044%	Brazil CETIP Interbank	Z/Z	JPM	01/04/27		38,100,000		439,241			-			439,241

								2,252,120			64,849			2,187,271


			Exchange
0.190%	3-Month USD-LIBOR	S/Q	CME	06/15/22		$158,541,000		7,015			(715	)		7,730
0.100%	1-Day U.S. Fed Funds	A/A	CME	11/30/24		115,878,000		(304,205	)		72,773			(376,978	)
0.380%	3-Month USD-LIBOR	S/Q	CME	02/28/25		147,331,000		238,888			30,327			208,561
0.840%	3-Month USD-LIBOR	S/Q	CME	11/27/25		222,629,000		25,362			(97,246	)		122,608
7.450%	28-Day MXN TIIE	L/L	CME	07/18/29		MXN 571,270,000		4,554,949			240,738			4,314,211
7.440%	28-Day MXN TIIE	L/L	CME	07/20/29		594,730,000		4,715,692			303,480			4,412,212

								9,237,701			549,357			8,688,344


Total Interest Rate Swaps – Long								$11,489,821			$614,206			$10,875,615


Interest Rate Swaps – Short
Pay	Receive	Payment Frequency Receive Rate/ Pay Rate	Exchange	Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
0.260%	1-Day U.S. Fed Funds	A/A	CME		05/15/27		$157,386,000		$1,462,262			($528,301	)		$1,990,563
0.450%	3-Month USD-LIBOR	S/Q	CME		05/15/27		210,476,000		1,829,662			(519,055	)		2,348,717
0.560%	1-Day SOFR	A/A	CME		07/20/45		43,710,000		5,371,828			379,274			4,992,554
0.740%	1-Day SOFR	A/A	CME		08/19/45		19,420,000		1,615,092			-			1,615,092
0.800%	3-Month USD-LIBOR	S/Q	CME		11/15/45		260,000		33,075			11,906			21,169
0.641%	6-Month JPY-LIBOR	S/S	CME		05/09/46		JPY 2,649,800,000		(1,904,521	)		-			(1,904,521	)
1.000%	3-Month USD-LIBOR	S/Q	CME		02/15/47		$43,601,000		3,900,479			528,418			3,372,061
1.200%	3-Month USD-LIBOR	S/Q	CME		02/15/47		8,648,000		374,854			47,635			327,219
1.225%	3-Month USD-LIBOR	S/Q	CME		02/15/47		4,163,000		156,457			4,050			152,407
0.900%	3-Month USD-LIBOR	S/Q	CME		03/17/50		15,714,000		1,981,463			266,579			1,714,884
1.200%	3-Month USD-LIBOR	S/Q	CME		10/07/50		22,220,000		1,154,029			112,662			1,041,367


Total Interest Rate Swaps – Short									$15,974,680			$303,168			$15,671,512


Total Interest Rate Swaps									$27,464,501			$917,374			$26,547,127


Total Swap Agreements									$46,980,499			$9,701,095			$37,279,404


	Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
OTC Swap Agreements
Assets		$64,849			$2,187,271
Liabilities		-			-
Centrally Cleared Swap Agreements (1)
Assets		11,765,189			37,373,632
Liabilities		(2,128,943	)		(2,281,499	)

		$9,701,095			$37,279,404


	Senior Loan Notes
Value, Beginning of Year		$2,181,153
Purchases		25,890,858
Sales (Includes Paydowns)		(4,617,067	)
Accrued Discounts (Premiums)		28,682
Net Realized Gains (Losses)		(825,569	)
Change in Net Unrealized Appreciation (Depreciation)		1,391,347
Transfers In		3,402,869
Transfers Out		-

Value, End of Year		$27,452,273

Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Year, if Applicable		$618,769


		Total Value at December 31, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$25,665,628		$25,665,628		$-		$-
	Exchange-Traded Funds		13,894,574		13,894,574		-		-
	Corporate Bonds & Notes		1,217,397,718		-		1,217,397,718		-
	Senior Loan Notes		39,204,070		-		36,066,647		3,137,423
	Asset-Backed Securities		21,181,948		-		21,181,948		-
	Short-Term Investment		37,895,346		-		37,895,346		-

	Total		$1,355,239,284		$39,560,202		$1,312,541,659		$3,137,423


U.S. Treasury Obligations	103.0%
Mortgage-Backed Securities	18.4%
Foreign Government Bonds & Notes	10.3%
Asset-Backed Securities	6.9%
Corporate Bonds & Notes	5.9%
Others (each less than 3.0%)	0.8%

	145.3%
Derivatives	(0.4%	)
Other Assets & Liabilities, Net	(44.9%	)

	100.0%



Description	Exercise Rate		Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - iTraxx Main 34 5Y		0.450%		01/20/21		BOA		EUR 2,800,000		$2,466		($1,912	)
Call - iTraxx Main 34 5Y		0.400%		03/17/21		BNP		3,200,000		2,519		(1,834	)
Call - iTraxx Main 34 5Y		0.400%		03/17/21		GSC		2,200,000		1,459		(1,261	)
Call - iTraxx Main 34 5Y		0.425%		03/17/21		BNP		100,000		84		(100	)
Call - iTraxx Main 34 5Y		0.375%		04/21/21		BNP		1,000,000		605		(486	)

										7,133		(5,593	)


Credit Default Swaptions on Credit Indices – Sell Protection
Put - iTraxx Main 34 5Y		0.850%		01/20/21		BOA		2,800,000		4,184		(416	)
Put - iTraxx Main 34 5Y		0.700%		02/17/21		BNP		700,000		850		(550	)
Put - iTraxx Main 34 5Y		0.700%		03/17/21		BNP		800,000		1,063		(1,061	)
Put - iTraxx Main 34 5Y		0.700%		03/17/21		BRC		1,400,000		1,949		(1,858	)
Put - iTraxx Main 34 5Y		0.750%		03/17/21		BNP		3,200,000		3,135		(3,583	)
Put - iTraxx Main 34 5Y		0.750%		03/17/21		GSC		2,200,000		2,415		(2,463	)
Put - iTraxx Main 34 5Y		0.800%		03/17/21		BNP		100,000		119		(96	)
Put - CDX IG33 5Y		2.500%		03/17/21		GSC		$1,400,000		980		(161	)
Put - iTraxx Main 32 5Y		2.500%		03/17/21		GSC		EUR 1,100,000		846		(4	)
Put - iTraxx Main 34 5Y		0.750%		04/21/21		BNP		1,000,000		1,465		(1,698	)

										17,006		(11,890	)


Total Credit Default Swaptions on Credit Indices										$24,139		($17,483	)


Description	Initial Index	Floating Rate	Expiration Date	Counter- party		Notional Amount		Premium		Value
Cap - U.S. CPI Urban Consumers	233.92	Maximum of [0, Final Index/Initial Index - (1.000+ 4.000%)^10]	04/22/24		JPM		$13,800,000		$100,395		($1	)
Cap - U.S. CPI Urban Consumers	234.78	Maximum of [0, Final Index/Initial Index - (1+4.000%)^10 ]	05/16/24		JPM		1,300,000		9,035		(19	)
Cap - Eurostat Eurozone HICP	117.20	Maximum of [0, (Final Index/Initial Index) - (1+3.000%)^20)]	06/22/35		GSC		EUR 2,200,000		100,087		(1,844	)

									$209,517		($1,864	)


Description	Pay/Receive Floating Rate		Floating Rate Index		Exercise Rate			Expiration Date		Counter- party		Notional Amount		Premium		Value
Call - 1-Year Interest Rate Swap		Receive		3-Month EUR-LIBOR		(0.526%	)		11/17/22		GSC		EUR 32,000,000		$49,740		($42,494	)


Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%			11/02/22		BNP		4,700,000		-		(98,777	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%			11/02/22		MSC		4,500,000		109,159		(94,573	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%			11/04/22		BNP		5,490,000		136,171		(115,998	)
Put - 10-Year Interest Rate Swap		Pay		6-Month EUR-LIBOR		0.000%			11/04/22		BRC		2,810,000		68,840		(59,373	)

															314,170		(368,721	)


Total Interest Rate Swaptions															$363,910		($411,215	)


Referenced Obligation	Payment Frequency		Fixed Deal Pay Rate		Expiration Date	Exchange	Notional Amount (3)		Value (5)			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX IG34 5Y		Q		1.000%	06/20/25	ICE		$12,900,000		($214,900	)		($169,786	)		($45,114	)


Total Credit Default Swaps										($197,141	)		($172,299	)		($24,842	)


Total Return Swaps – Long
Receive	Pay		Payment Frequency		Counter- party		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
U.S. Treasury Inflation Protected Securities 0.125% due 01/11/21		0.180%		Z		BNP		01/11/21		$20,000,000		$213,708			$-			$213,708

Total Swap Agreements												($255,874	)		($163,284	)		($92,590	)


Counter- party	Collateral Pledged	Interest Rate		Settlement Date		Maturity Date		Repurchase Amount			Principal Amount		Value
JPM	U.S. Treasury Bonds 1.625% due 11/15/50		0.090%		12/18/20		01/11/21		($10,274,866	)		$10,274,250		($10,274,250	)
BOA	U.S. Treasury Bonds 1.625% due 11/15/50		0.060%		12/10/20		01/15/21		(25,052,253	)		25,050,750		(25,050,750	)


Total Reverse Repurchase Agreements														($35,325,000	)


Interest Rate Swaps – Short
Pay	Receive	Payment Frequency Pay Rate/ Receive Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
0.300%	6-Month JPY-LIBOR		S/S		CME		03/18/26		JPY 10,140,000,000		($1,815,618	)		($347,978	)		($1,467,640	)
0.300%	6-Month JPY-LIBOR		S/S		LCH		03/18/26		6,760,000,000		(1,210,412	)		(748,986	)		(461,426	)
0.300%	6-Month JPY-LIBOR		S/S		LCH		09/20/27		3,480,000,000		(752,279	)		(126,555	)		(625,724	)
0.300%	6-Month JPY-LIBOR		S/S		LCH		03/20/28		1,770,000,000		(399,621	)		95,394			(495,015	)
0.399%	6-Month JPY-LIBOR		S/S		LCH		06/18/28		500,000,000		(147,844	)		(346	)		(147,498	)
0.450%	6-Month JPY-LIBOR		S/S		LCH		03/20/29		1,250,000,000		(457,104	)		(77,468	)		(379,636	)
0.750%	6-Month JPY-LIBOR		S/S		LCH		03/20/38		3,760,000,000		(3,382,469	)		106,825			(3,489,294	)
0.800%	6-Month JPY-LIBOR		S/S		LCH		10/22/38		220,000,000		(217,831	)		-			(217,831	)
0.705%	6-Month JPY-LIBOR		S/S		LCH		10/31/38		630,000,000		(519,242	)		36,836			(556,078	)
0.785%	6-Month JPY-LIBOR		S/S		LCH		11/12/38		310,000,000		(297,822	)		970			(298,792	)
0.750%	6-Month JPY-LIBOR		S/S		LCH		12/20/38		2,052,800,000		(1,833,437	)		(967,099	)		(866,338	)
0.500%	12-Month GBP-SONIA		A/A		LCH		06/16/51		GBP 38,800,000		(2,948,262	)		(2,857,884	)		(90,378	)

											($13,981,941	)		($4,886,291	)		($9,095,650	)


Total Interest Rate Swaps											($5,095,224	)		($4,064,355	)		($1,030,869	)


Total Swap Agreements											($4,464,051	)		($4,540,005	)		$ 75,954


		Total Value at December 31, 2020			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Assets	Preferred Stocks		$30,829,634			$-			$-			$30,829,634
	Corporate Bonds & Notes		1,194,822,057			-			1,194,822,057			-
	Senior Loan Notes		4,723,951			-			4,723,951			-
	Mortgage-Backed Securities		1,168,878,362			-			1,168,878,362			-
	Asset-Backed Securities		377,262,716			-			377,262,716			-
	U.S. Government Agency Issues		127,936,838			-			127,936,838			-
	U.S. Treasury Obligations		505,593,235			-			505,593,235			-
	Foreign Government Bonds & Notes		207,528,098			-			207,528,098			-
	Municipal Bonds		2,664,895			-			2,664,895			-
	Short-Term Investments		208,385,120			-			208,385,120			-
	Derivatives:
	Credit Contracts
	Swaps		1,276,487			-			1,276,487			-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		2,152,190			-			2,152,190			-
	Interest Rate Contracts
	Futures		165,285			165,285			-			-
	Swaps		9,524,329			-			9,524,329			-

	Total Interest Rate Contracts		9,689,614			165,285			9,524,329			-

	Total Asset - Derivatives		13,118,291			165,285			12,953,006			-

	Total Assets		3,841,743,197			165,285			3,810,748,278			30,829,634

Liabilities	Sale-buyback Financial Transactions		(140,393,288	)		-			(140,393,288	)		-
	Securities Sold Short
	Mortgage-Backed Securities		(13,468,483	)		-			(13,468,483	)		-
	Reverse Repurchase Agreements		(35,325,000	)		-			(35,325,000	)		-
	Derivatives:
	Credit Contracts
	Swaps		(169,664	)		-			(169,664	)		-
	Foreign Currency Contracts
	Forward Foreign Currency Contracts		(13,706,913	)		-			(13,706,913	)		-
	Interest Rate Contracts
	Futures		(536,329	)		(536,329	)		-			-
	Written Options		(87,039	)		-			(87,039	)		-
	Swaps		(10,555,198	)		-			(10,555,198	)		-

	Total Interest Rate Contracts		(11,178,566	)		(536,329	)		(10,642,237	)		-

	Total Liabilities - Derivatives		(25,055,143	)		(536,329	)		(24,518,814	)		-

	Total Liabilities		(214,241,914	)		(536,329	)		(213,705,585	)		-

	Total		$3,627,501,283			($371,044	)		$3,597,042,693			$30,829,634


	Preferred Stocks
Value, Beginning of Year		$ -
Purchases		31,052,577
Sales (Includes Paydowns)		-
Accrued Discounts (Premiums)		-
Net Realized Gains (Losses)		-
Change in Net Unrealized Appreciation (Depreciation)		(222,943	)
Transfers In		-
Transfers Out		-

Value, End of Year		$30,829,634

Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Year, if Applicable		($222,943	)


Receive	Pay	Payment Frequency Receive Rate/ Pay Rate		Exchange		Expiration Date		Notional Amount		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
4.575%	Brazil CETIP Interbank		Z/Z		CME		01/02/23		BRL 22,885,584		$58,885			$-		$58,885
6.570%	Brazil CETIP Interbank		Z/Z		CME		01/02/25		14,730,530		112,817			-		112,817
6.680%	Brazil CETIP Interbank		Z/Z		CME		01/02/25		24,721,348		232,407			-		232,407
2.535%	3-Month CNY-RRR		Q/Q		LCH		03/18/25		CNY 14,541,000		(8,246	)		-		(8,246	)
2.575%	3-Month CNY-RRR		Q/Q		LCH		03/18/25		16,822,000		(5,404	)		-		(5,404	)
2.580%	3-Month CNY-RRR		Q/Q		LCH		03/18/25		16,101,000		(4,677	)		-		(4,677	)
2.582%	3-Month CNY-RRR		Q/Q		LCH		03/18/25		8,446,000		(2,371	)		-		(2,371	)


											$383,411			$-		$383,411


Total Swap Agreements											$383,411			$-		$383,411


	Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Centrally Cleared Swap Agreements (1)
Assets		$-		$404,109
Liabilities		-		(20,698	)

		$-		$383,411


	Principal Amount		Value
SHORT-TERM INVESTMENT - 1.8%

Repurchase Agreement - 1.8%

Fixed Income Clearing Corp 0.000% due 01/04/21 (Dated 12/31/20, repurchase price of $72,123,568; collateralized by U.S. Treasury Notes: 0.125% due 12/31/2022 and value $73,566,100)		$72,123,568		$72,123,568


Total Short-Term Investment (Cost $72,123,568)				72,123,568


TOTAL INVESTMENTS - 99.8% (Cost $2,312,015,048)				3,900,340,053

DERIVATIVES - 0.0%				1,345,013


OTHER ASSETS & LIABILITIES, NET - 0.2%				5,943,425


NET ASSETS - 100.0%				$3,907,628,491


Technology			22.7%
Consumer, Non-Cyclical			20.5%
Communications			16.0%
Financial			14.2%
Consumer, Cyclical			9.5%
Industrial			8.1%
Others (each less than 3.0%)			8.8%

			99.8%
Derivatives			0.0%
Other Assets & Liabilities, Net			0.2%

			100.0%


		Total Value at December 31, 2020		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets	Common Stocks		$303,300,217		$303,300,217		$-		$-
	Short-Term Investment		3,067,289		-		3,067,289		-

	Total		$306,367,506		$303,300,217		$3,067,289		$-


Financial			33.4%
Consumer, Cyclical			16.0%
Energy			11.4%
Industrial			11.3%
Communications			9.3%
Basic Materials			6.3%
Consumer, Non-Cyclical			6.2%
Others (each less than 3.0%)			5.4%

			99.3%
Other Assets & Liabilities, Net			0.7%

			100.0%


Equity Funds	61.3%
Fixed Income Funds	38.7%

	100.0%
Other Assets & Liabilities, Net	(0.0%	)

	100.0%


Affiliated Fixed Income Funds	59.0%
Affiliated Equity Funds	41.0%

	100.0%
Other Assets & Liabilities, Net	(0.0%	)

	100.0%


Affiliated Equity Funds	62.0%
Affiliated Fixed Income Funds	38.0%

	100.0%
Other Assets & Liabilities, Net	(0.0%	)

	100.0%